For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
DJIA 24575.90 À 369.04 1.5%
What’s
News
Business & Finance
.S. authorities arrested
U a former Green Beret
and his son, alleging they
helped smuggle Ghosn out of
Japan, where the ex-Nissan
chairman had been charged
with financial crimes. A1
 Ford stopped assembly
lines at key factories in Chi-
cago and Michigan, the lat-
est sign of the risks posed
by Covid-19 amid efforts by
firms to resume work. B1
 Target said quarterly sales
surged, driven initially by on-
line shoppers stockpiling es-
sentials and more recently
by demand for items like
electronics and apparel. B1
 Chinese companies could
be forced to give up their
listings on American stock
exchanges under legislation
approved by the Senate. B1
 Fannie and Freddie
should hold $240 billion in
capital after they are re-
turned to private owner-
ship, a top regulator said. A2
 Fed officials began con-
templating in April how to
provide more monetary
stimulus for the economy,
meeting minutes show. A2
 Major U.S. stock indexes
rose, with the Dow indus-
trials, S&P 500 and Nas-
daq advancing 1.5%, 1.7%
and 2.1%, respectively. B11
 Apple and Alphabet’s
Google released technol-
ogy to help governments
track the spread of the
coronavirus through con-
tact-notification apps. B3
 BlackRock is proposing
that a key group of Argen-
tina’s creditors accept greater
losses in a restructuring of
the country’s debt. B10
World-Wide
 The Supreme Court
blocked Congress from re-
ceiving grand-jury materials
from Mueller’s investigation
of Russia’s interference in
the 2016 election, likely ex-
tending review of the case
past November’s election. A1
 The U.S. hit a milestone
in the coronavirus pandemic
as all 50 states have now be-
gun reopening, working to
revive their economies af-
ter lengthy shutdowns. A7
 A Chinese political con-
clave that had been delayed
by the coronavirus will give
Xi an opportunity to lay out
his economic goals and re-
turn to sidelined priorities. A18
 Pompeo lashed out at
critics and press leaks, saying
he advised Trump to termi-
nate the State Department’s
inspector general while deny-
ing he did so as retaliation. A4
 Trump stepped up his
criticism of voting by mail,
threatening to withhold fed-
eral funds from Michigan
and Nevada over their efforts
to expand the practice. A3
 A Senate panel autho-
rized a subpoena in its probe
of the work that Joe Biden’s
son Hunter did for a Ukrai-
nian natural-gas company. A4
 NASA’s top human-ex-
ploration official resigned
abruptly over what a per-
son familiar with the details
described as alleged con-
tracting improprieties. A4
 Palestinian officials
vowed to press ahead with
canceling all agreements with
Israel in response to a poten-
tial move by Israel to annex
parts of the West Bank. A9
CONTENTS
Banking & Finance B10
Business News.. B3,6
Crossword.............. A14
Equities....................... B7
Heard on Street. B12
Life & Arts...... A12-13
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * THURSDAY, MAY 21, 2020 ~ VOL. CCLXXV NO. 119 WSJ.com HHHH $4.00
NASDAQ 9375.78 À 2.1% STOXX 600 342.82 À 1.0% 10-YR. TREAS. À 10/32 , yield 0.679% OIL $33.49 À $1.53 GOLD $1,750.60 À $6.40 EURO $1.0980 YEN 107.52
Floodwaters Hit Michigan After Two Dams Are Breached Justices
Halt Full
Mueller
Release
For Now
Supreme Court action
dims House’s hope of
getting Russia-probe
details before election
BY BRENT KENDALL
WASHINGTON—The Su-
NICK HAGEN FOR THE WALL STREET JOURNAL
preme Court blocked Congress
from receiving grand-jury ma-
terials from Robert Mueller’s
investigation of Russia’s inter-
ference in the 2016 election,
likely extending review of the
case past November’s election.
The court, in a written order
Wednesday, granted an emer-
gency request by the Trump
administration to keep the ma-
SUBMERGED: Parts of Midland, Mich., were several feet underwater Wednesday after floodwaters overtook two terials secret while it mounts a
dams. Residents from several cities in central Michigan were ordered to evacuate after the breaching. A3 full high court appeal against
.
their release.
The justices’ action in-
ly
creases the likelihood that the
Ex-Green Beret, Son Arrested
information will remain
shielded through Election Day,
on unless the court decides to
make special accommodations
to speed up the case this sum-
In Ghosn Escape From Japan
mer or backtracks from
Wednesday’s order and decides
us ,
not to give the case a full re-
l
view. The justices didn’t explain
e
al a
their reasoning in the short an-
A former Green Beret and Motor Co., had been charged in Osaka airport by hiding him in nouncement.
his son helped smuggle auto ti- By Mark Maremont Japan with financial crimes and a large box normally used for House Speaker Nancy Pelosi
ci on
in Boston and
tan Carlos Ghosn out of Japan was living in a court-monitored musical equipment, The Wall (D., Calif.) said her chamber
Nick Kostov in Paris
inside a musical-equipment Tokyo house when he suddenly Street Journal reported shortly had a longstanding right to
box late last year, U.S. authori- disappeared from the country after the escape. Mr. Ghosn seek grand-jury information,
ties alleged in arresting the Mr. Ghosn escape from Japan. in late December. He turned up changed planes in Turkey and which was requested by the
two men early Wednesday in An attorney for the men in Lebanon and said he had fled remains in Lebanon. Democratic-led House Judiciary
er s
Massachusetts. didn’t respond to requests to Japan because he didn’t feel Mr. Ghosn has refused to Committee. “The Justice De-
In complaints filed with the comment. At an initial court that he would be able to get a discuss the details of his es- partment’s continued delay is
m er
arrests, federal prosecutors hearing Wednesday afternoon, fair trial there. cape, saying he doesn’t want to part of a pattern of the admin-
said they were acting on a re- the attorney said he needed to The arrests are the latest get the people who helped him istration hiding the truth from
quest from Japanese authori- speak to his clients before de- twist in a cinema-worthy plot. into legal trouble. His spokes- Please turn to page A4
ties to extradite Michael Taylor ciding how to proceed. Michael Taylor, 59 years old, woman declined to comment
and his son, Peter Taylor, for Mr. Ghosn, a former chief ex- allegedly helped Mr. Ghosn on the arrests.  GOP senators revive scrutiny
m rp
their alleged roles in helping ecutive and chairman of Nissan sneak onto a private jet at an Please turn to page A7 of Hunter Biden....................... A4
The Day the Coronavirus
All 50 States Begin Reopening
co Fo
Nearly Broke the Markets
Few realize how close to collapse financial system came on March 16
BY JUSTIN BAER cut from the Federal Reserve.
Now, they had their answer. In his 34
An urgent call reached Ronald O’Hanley, years in finance, Mr. O’Hanley had weath-
n-
State Street Corp.’s chief executive, as he sat ered plenty of meltdowns, but never one like
in his office in downtown Boston. It was 8 this.
a.m. on Monday, March 16. “The market is fearing the worst,” Mr.
A senior deputy told him corporate trea- O’Hanley told him.
no
surers and pension managers, panicked by March 16 was the day a microscopic virus
PETER FOLEY/EPA/SHUTTERSTOCK
the growing economic damage from the brought the financial system to the brink.
Covid-19 pandemic, were pulling billions of Few realized how close it came to going over
dollars from certain money-market funds. the edge entirely.
This was forcing the funds to try to sell The Dow Jones Industrial Average
some of the bonds they held. plunged nearly 13% that day, the second-big-
But there were almost no buyers. Every- gest one-day fall in history. Stock-market
body was suddenly desperate for cash. volatility spiked to a record high. Investors
He and the deputy, asset-management ex- struggled to unload even safe bonds, like
ecutive Cyrus Taraporevala, had spoken the Treasurys. Companies and government offi- Patrons lunched outdoors in Greenwich, Conn., on Wednesday.
night before, wrestling with how investors cials were losing access to the lending mar- All 50 states have now begun reopening, after months of
would respond to an emergency interest-rate Please turn to page A10 shutdowns designed to curb the spread of the virus. A7
INSIDE Berlin’s New Airport Is Set to Open
Just When No One’s Flying
Scientists Back Ban
On Mass Gatherings
i i i
RINGO CHIU/ZUMA PRESS
‘Phantom’ airport took decades to build
BY BOJAN PANCEVSKI The study of superspread-
and was prepared for a traffic surge ing events could help scien-
Some scientists looking for tists better understand how
ways to prevent a return to ex- the virus can propagate in
BY RUTH BENDER “I’ve received eight or nine ponential growth in coronavi- crowded conditions—in of-
SPORTS invitations for openings” rus infections after lockdowns fices, schools, churches, gyms
Basketball, invented to BERLIN—The coronavirus through the years, said Mr. are lifted are zeroing in on a and public transportation—
pandemic is wreaking havoc on Haase, who spent a good part new approach: Focus on avoid- and guide governments in reg-
be played indoors, has international travel, but Berlin of his three decades in office ing superspreading events. ulating such public occasions
never looked so Brandenburg Airport, Ger- fighting for the airport to hap- The theory is that banning as weddings, trade confer-
risky. A14 many’s most notori- pen—from relocating mass public events where hun- ences and sporting events.
ous white elephant, entire villages to dreds of attendees can infect There is little doubt about
is finally set to building infrastruc- themselves in the space of a the mechanisms involved in
open—nine years ture to cope with an few hours, along with other superspreading events. A
Markets..................... B11 behind schedule expected surge in measures such as wearing face study published by the Na-
Opinion.............. A15-17 and three times traffic. masks, might slow the pace of tional Academy of Sciences in
DPA/ZUMA PRESS
Sports....................... A14 over budget. Late last year, he the new coronavirus’s progres- the U.S. last week found that
Technology............... B4
U.S. News............. A2-4
Udo Haase, for- retired with a heavy sion to a manageable level even one minute of loud speech was
Weather................... A14 mer mayor of heart after failing to as shops and factories reopen. enough to produce thousands
World News...... A9,18 Schönefeld, the mu- accomplish a life Researchers believe the ex- of droplets that remain air-
nicipality where the Ready for takeoff goal: cutting the rib- plosive growth of coronavirus borne for about 12 minutes,
> BUSINESS & FINANCE airport’s buildings bon on an opera- infections that overwhelmed potentially able to infect any-
As its factories reopen, have been sitting empty for tional terminal. His leaving hospitals in some countries one in the area. Similar stud-
nearly a decade, said the tim- party was held in the airport’s was primarily driven by such ies have shown that virus-
Harley-Davidson plans ing of the launch, now sched- empty halls. events this year—horse races laden aerosols, particles
to make fewer uled for the fall, is a fitting But the airport’s chief exec- in Britain, carnival festivities smaller than droplets, can lev-
models. B2 coda to the “tragicomedy” of utive says the health crisis in the U.S. and Germany, or a itate for hours after being re-
its history. Please turn to page A2 soccer match in Italy. Please turn to page A8
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Thursday, May 21, 2020 * * THE WALL STREET JOURNAL.

U.S. NEWS
Fannie, Freddie Urged to Hold $240 Billion
BY ANDREW ACKERMAN 2008-09 financial crisis. isn’t calendar-dependent. can help all Americans in would hire their own advisers. But the current deep eco-
Fannie and Freddie currently The proposal represents one times of stress,” FHFA Direc- While high capital levels nomic downturn will preoc-
A top federal regulator said hold about $23.5 billion of capi- of several key steps in long-de- tor Mark Calabria said in a provide a buffer against losses cupy the FHFA and adminis-
mortgage giants Fannie Mae tal between them. In 2018, layed efforts to resolve the fu- statement. “More capital and ensure the companies op- tration officials for the
and Freddie Mac should hold when the FHFA was still run by ture of Fannie and Freddie. In means a stronger foundation erate safely, they also could foreseeable future, Donald
$240 billion in capital after they an Obama appointee, the agency September the FHFA and the on which to weather crises.” reduce investor interest be- Layton, a former head of Fred-
return to private ownership. estimated that they would need Treasury Department allowed Since taking over the FHFA cause their return on equity, a die, told The Wall Street Jour-
The figure the Federal to hold about $180 billion in Fannie and Freddie to retain as a year ago, Mr. Calabria has fo- measure of profitability, will nal in April. And with credit
Housing Finance Agency pro- loss-absorbing capital after exit- much as $45 billion of their cused on preparing Fannie and be lower, said Isaac Boltansky, losses rising, investors aren’t
posed on Wednesday sets a ing government control. earnings—pausing a require- Freddie to exit government a policy analyst at Compass likely to provide the tens of
high hurdle for the companies, FHFA officials believe ment that they turn over most control. His agency hired in- Point. “The size of the capital billions of dollars of capital
which together insure half of Wednesday’s proposal puts the of their profits to the Treasury. vestment bank Houlihan Lokey requirement being proposed is the companies will need. “It is
the $11 trillion mortgage mar- companies on track to begin “We must chart a course in February to help advise on going to weigh on investor inevitable the first major capi-
ket and were taken over by raising capital next year, for the [companies] toward a recapitalizing the companies. sentiment and could ultimately tal raises by the companies
the government during the though they say the timing sound capital footing so they Both companies have said they complicate the timeline.” won’t be anytime soon.”

U.S. WATCH
Minutes
NEW YORK
Trump Ex-Lawyer Show Fed
Cohen to Be Released
President Trump’s former law-
Focus on
yer Michael Cohen will be re-
leased from prison due to coro-
navirus concerns and is expected
Guidance
to serve the rest of his three-
year sentence from home, a per- BY NICK TIMIRAOS
son familiar with the matter said.
Mr. Cohen will be leaving the Federal Reserve officials be-
facility in Otisville, N.Y., on Thurs- gan contemplating last month
day, pending processing to home how to provide more monetary
confinement, the person said. He stimulus for an economy fac-
is among more than 2,900 fed- ing its greatest shock since
MARTHA ASENCIO RHINE/TAMPA BAY TIMES/ZUMA PRESS

eral inmates placed on home World War II.

confinement in recent weeks as Officials cut interest rates
prison officials try to identify to near zero in March as the
those who are at high risk for coronavirus pandemic deep-

.
the disease and low risk for re- ened, and they affirmed plans
offending. in April to hold rates there un-

ly
Mr. Cohen, 53 years old, re- til they are confident the econ-
ported to Otisville in May 2019 omy is on track for inflation to
following a conviction on cam- reach their 2% target and for
paign-finance charges stemming
from his involvement in the pay-
ment of hush money to women
who alleged they had affairs
on unemployment to return to
low levels of recent years.
The Fed’s coming discus-
sions for monetary policy are
with Mr. Trump. Mr. Cohen also turning on how to signal its
us ,

pleaded guilty to tax crimes and plans to keep interest rates

l

making false statements. BACK ON TRACK: Greyhound racing resumed Wednesday, with new precautions in place, at Derby Lane in St. Petersburg, Fla. low, according to minutes re-
e
al a

Prison officials have said they leased Wednesday of its April

are giving priority to those who be felled again by a later resur- MISSISSIPPI ances and household furnishings CALIFORNIA 28-29 policy meeting. One
have served at least half of their gence of the coronavirus. for Mr. Cain’s home on prison strategy would tie future plans
ci on

sentences, or who have 18 When it comes to managing
months or less left and have risks around the pandemic, “so
served 25% of their terms. Mr. much has been said about this
Cohen has served about a year already, that I think as soon as
of his three-year term. He quali- something would pop up we’d
er s
New Head of Troubled
Prison System Picked
Mississippi Gov. Tate Reeves
said Wednesday that he is nomi-
grounds. It also said Mr. Cain’s rel-
atives stayed overnight in state-
owned homes at the prison
nearly 200 times. “Those allega-
tions were unfounded,” Mr. Cain
Ex-WWE Performer
Dies in Rough Surf
The body of former World
Wrestling Entertainment pro
to achieving specific economic
outcomes, such as saying the
central bank wouldn’t raise
rates until inflation reached
2%. Another option would be

fies, however, because he has be all over that as a society, nating a former warden of Louisi- said in response to questions Shad Gaspard was found early to provide calendar-based
earned 162 days of good-con- pounce on it at that point and ana’s Angola prison to take Wednesday. “There were no Wednesday on Los Angeles’s guidance, such as saying the
m er

duct credit, moving up his re- keep it under control,” Mr. Bull-
lease date to Nov. 22, 2021, the ard said Wednesday, in remarks
person familiar with the matter at a Missouri Growth Associa-
previously said. tion virtual event.
—Sadie Gurman A number of central-bank of-
m rp
charge of the Mississippi prison
system, which is under federal in-
vestigation and has struggled for
years with tight budgets, short
staffing and poor living conditions.
crimes committed.”
Mr. Reeves said he and mem-
bers of the search committee
knew about the accusations
against Mr. Cain in Louisiana and
Venice Beach. He was caught in
a rip current last weekend.
Patrol officers were flagged
down around 1:25 a.m. by some-
one reporting a body had washed
Fed would hold rates low until
some date in the future.
A complementary idea dis-
cussed last month would rein-
force that guidance by pur-

ficials have cast a cautious eye
FEDERAL RESERVE toward the economic reopening
in some parts of the nation,
Bullard Not Worried given that the pandemic hasn’t
About a Second Wave yet been contained. They
co Fo
During his 21-year tenure at
Angola, Burl Cain was credited
with improving conditions and de-
creasing violence. But ethical and
legal questions arose during his
he has “zero reservations” about
choosing him.
Mississippi has one of the na-
tion’s highest incarceration rates.
The U.S. Justice Department said
ashore, police said. He had gone
missing Sunday after he went
swimming with his 10-year-old
son, Aryeh. The boy was rescued
and several others made it out.
chasing Treasury securities as
needed to cap yields on short-
and medium-term Treasurys, a
policy sometimes called yield-
curve control that has been

warned that reopening the econ-
St. Louis Federal Reserve omy and having to shut it down
leader James Bullard broke from again because of a resurgence in
some of his central-bank col- illness and death would be dev-
leagues and said he isn’t that astating.
worried that the economy will —Michael S. Derby
final years there.
After his 2016 resignation, a
state Legislative Auditor’s Office
report said nearly $28,000 in
public money was used for the
unauthorized purchase of appli-
FROM PAGE ONE
in February it was investigating
the state prison system after sev-
eral inmates were killed or injured
in outbursts of violence in late
December and early January.
—Associated Press
Mr. Gaspard, 39, was about 50
yards from shore when he was
last spotted by a lifeguard, police
said. A wave crashed over him
and he was swept out to sea.
—Associated Press
employed by central banks in
Japan and Australia.
The minutes indicated offi-
cials would begin clarifying
during the course of several
meetings this summer their
intentions about future mone-
tary-policy decisions. Their
next scheduled meeting is
June 9-10.
The U.S. Treasury is set to

Berlin’s said a spokesman for the

chancellor.
issue trillions of dollars in ad-
ditional securities during the
n-

Mr. Lütke Daldrup describes next year to finance coronavi-

Airport Set his work, mopping up prob-

lems one at a time, as that of
a “crime-scene cleaner.” His
rus-related spending.

CORRECTIONS 
To Open
no

approach when he took

charge, he said, was to first
thoroughly analyze all that
was left to do and then con-
Continued from Page One stantly check on progress.
might even work in its favor. That style had earned him the
“We won’t have to open at full moniker of Drängelbert—“pes-
load, that’s actually going to tering Bert”—among staff,
help us,” said Engelbert Lütke even before he took the BER
Daldrup, who was picked three job.
years ago to finish a project He decided to focus on es-
whose buildings have been sentials, such as passing
GÜNTER WICKER
AMPLIFICATIONS
Notice to readers
Wall Street Journal staff
members are working remotely
during the pandemic. For the
foreseeable future, please send
reader comments only by
email or phone, using the con-

void of passengers for so long safety tests, rather than up- tacts below, not via U.S. Mail.
that it is often referred to as dates with the latest techno-
the “phantom” airport. logical evolutions. Readers can alert The Wall Street
Journal to any errors in news articles
The idea of giving Berlin a As a result, BER has some- by emailing wsjcontact@wsj.com or
new air-travel hub was born Trial operations have started at Berlin’s airport, including a baggage-handling simulation in May. thing of a retro feel to it. The by calling 888-410-2667.
shortly after Germany’s reuni- rows of chairs in waiting ar-
fication in 1990, when the for- tional tests—full-dress re- what went wrong. When the Further inspections found eas, recently freed of their
mer capital was still an eco- hearsals that 20,000 volun- main building’s shell already thousands of defects that plastic coverings, don’t have THE WALL STREET JOURNAL
nomic backwater. Since then, teers have signed up for—will stood in 2009, plans were still would take eight years to re- smartphone charging stations. (USPS 664-880) (Eastern Edition ISSN 0099-
9660) (Central Edition ISSN 1092-0935)
the airport’s planning and con- be needed before the launch. changing and construction solve. The building’s electrical There are no self-check-in ma- (Western Edition ISSN 0193-2241)
struction was riddled with so After years of scrutiny, Mr. continued without finalized wiring was so shoddy that chines yet in the departure Editorial and publication headquarters: 1211
many mishaps, delays and Lütke Daldrup is confident the blueprints. German tabloid Bild dubbed it hall. Avenue of the Americas, New York, N.Y. 10036

false starts that it has become airport’s technology will stand “At that point, management “Spaghetti Berlinese.” The But elevators are now the Published daily except Sundays and general legal
holidays. Periodicals postage paid at New York,
a study in how not to build an the test. “There’s hardly an- should have halted construc- smoke-extraction system, nick- right size, sprinklers emit wa- N.Y., and other mailing offices.
airport—and a big stain on other building in the world tion,” he said. “They might not named “the monster” by BER ter and the airport is coming Postmaster: Send address changes to
Germany’s reputation for engi- that has been tested and in- have encountered all the prob- insiders, wasn’t working, ele- to life even before it opens The Wall Street Journal, 200 Burnett Rd.,
Chicopee, MA 01020.
neering excellence. spected as intensively,” he lems that followed as a conse- vator cabins were too short with dozens of coronavirus-
All Advertising published in The Wall Street
Now, the last screws are be- said. quence and that took years to for the shafts leading out of grounded airplanes parked on Journal is subject to the applicable rate card,
ing tightened, the main regula- Other public projects in Ger- repair.” the underground train station, the tarmac. And given that no copies of which are available from the Advertising
Services Department, Dow Jones & Co. Inc., 1211
tory clearances have been ob- many have run into trouble, The airport was initially and automatic doors refused other airport has opened in Avenue of the Americas, New York, N.Y. 10036.
tained, and Mr. Lütke Daldrup but few have come close to scheduled to open in 2011. In to open automatically. the country in the past 30 The Journal reserves the right not to accept an
advertiser’s order. Only publication of an
is welcoming what should be a matching the saga of the air- 2012, after a modest eight- One former technical man- years, BER will still be Ger- advertisement shall constitute final acceptance of
gentle start. While airlines are port, known by its code, BER. month delay, preparations ager was sentenced to 3½ many’s most modern air hub, the advertiser’s order.

trying to figure out ways to get Germany’s transport minis- were in full swing to open the years in jail for accepting a says the airport chief. Letters to the Editor:
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
customers back on planes, ex- ter Andreas Scheuer said in gleaming, glass-fronted main bribe from a contractor that As a bonus, a lingering con-
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navigating the main terminal the project from its early days, printed invitations, coffee with two runways.” be finished as planned in Octo-
with its 4,500 rooms and 5,000 said Martin Delius, who from mugs, and billboards plastered Ms. Merkel is now looking ber, might not even be needed GOT A TIP FOR US?
doors, he said. A slow start 2012 to 2016 led the first of all around the city, was can- forward to the planned open- for a few years, Mr. Lütke SUBMIT IT AT WSJ.COM/TIPS
may mean that fewer opera- two parliamentary probes into celed. ing of the airport in October, Daldrup said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Trump
Threatens
Aid Over
Mail Votes
BY CATHERINE LUCEY
President Trump stepped
up his criticism of voting by
mail, threatening to withhold
federal funds from Michigan
and Nevada for their efforts to
expand mail-in voting to ad-
dress health concerns over the
coronavirus pandemic.
Addressing Michigan, Mr.
Trump tweeted Wednesday:
“This was done illegally and
without authorization by a
rogue Secretary of State. I will
ask to hold up funding to
Michigan if they want to go
down this Voter Fraud path!”
He also inaccurately said
the state was sending out ab-
sentee ballots, rather than ap-
plications, before later on
Wednesday deleting that
tweet and correcting the error
in another one.
“President Donald Trump’s
updated statement is also
false,’’ said Jake Rollow, a
spokesman for the Michigan
Department of State. “Absent-
voter applications are mailed
nearly every election cycle by
both major parties and count-
less advocacy and nonpartisan
organizations. Just like them,
we have full authority to mail
applications to ensure voters
know they have the right to
vote safely by mail.”
Later in the day, Mr. Trump
appeared to suggest that with-
holding funds might not be
needed, telling reporters:
“They’ll be finding out very
soon if it’s necessary. I don’t
think it’s going to be neces-
sary.”
The president didn’t pro-
vide details on the funding he
was referring to and the White
House didn’t respond to a re-
quest to comment. Mr. Trump
issued a similar threat against
Nevada, which plans to hold its
June primary mostly by mail.
Nevada Gov. Steve Sisolak, a
Democrat, tweeted: “For the
President to threaten federal
funding in the midst of a pan-
demic over a state exercising
its authority to run elections
in a safe and legal manner is
inappropriate and outrageous.”
Mr. Trump has previously
claimed voting by mail allows
for fraud. While researchers
have found rare instances of
absentee-voter fraud, studies
show it isn’t widespread.
At Least
Two Shot
At Suburban
Phoenix Mall
BY ZUSHA ELINSON
AND ALICIA A. CALDWELL
no
At least two people were
shot at a shopping center in
suburban Phoenix on Wednes-
day evening, police said, in one
of the first shootings at a pub-
lic space in the U.S. since the
coronavirus pandemic began.
The suspected shooter, who
has been taken into custody by
police, used an AR-15 at the
Westgate Entertainment Dis-
trict, according to Arizona state
Sen. Martin Quezada, who said
on Twitter that he had wit-
nessed the event.
“I saw 2 victims with my
own eyes,” Mr. Quezada said.
“Not sure how many others.”
No deaths have been re-
ported by police.
Police said they were looking
into a video a young man
posted on Snapchat. In a video
shared online, a young man
wearing a camouflage mask
said he was “going to be the
shooter of Westgate 2020” and
that the attack was to get back
at “mean society.”
The video shows the man
pulling what appears to be an
AR-15 style rifle out of his car
and then walking through an
outdoor shopping center firing
shots.
Glendale police said they
shut down the Westgate com-
plex, a sprawling outdoor shop-
ping and restaurant district ad-
jacent to the Arizona Cardinals
football and Phoenix Coyotes
hockey stadiums.
The center was shut down
under the state’s stay-at-home
order, but restaurants were al-
lowed to reopen for dine-in ser-
vice starting May 8.
* * * * * *
Floodwaters from the Tittabawassee River overwhelmed parts of downtown Midland, Mich., on Wednesday. The river appeared to crest at just over 35 feet, a record.
Failed Dam Lost License in 2018
BY ERIN AILWORTH
AND JOHN D. STOLL
MIDLAND, Mich.—A central
Michigan dam failure Tuesday
requiring mass evacuations left
the state and residents strug-
gling to juggle a natural disas-
ter amid a global pandemic.
Michigan Gov. Gretchen
onand that floodwaters would
Whitmer urged residents
us ,
Wednesday in Midland County,
l
where floodwaters over-
e
al a
whelmed two dams, to con-
tinue abiding by social-dis-
tancing guidelines.
ci on
Residents said it was near
impossible.
“Social distancing went out
the window today,” said Karen
Hitchcock, one of several
er s
dozen people to congregate
near Midland County Court-
m er
house on Main Street, where
parking lots, carports and a
farmers market were com-
pletely submerged by water.
One of the breached dams
m rp
had its license revoked in 2018
by federal regulators, who
cited the dam owner’s failure
to address safety issues.
The Edenville dam, located in
co Fo
Gladwin and Midland counties,
is one of two operated by Boyce
Hydro Power LLC that were
In Upstate New York, Pollution Worries Mount
BY KRIS MAHER
A small city in upstate New
York has become the latest
n-
place to contend with the dis-
posal of toxic “forever chemi-
cals” that the U.S. military has
been trying to destroy, as con-
cerns grow that such chemi-
cals contribute to air pollution.
The mayor of Cohoes, a city
of 16,000 about 10 miles from
Albany, learned in April that
more than 2 million pounds of
material containing perfluoro-
alkyl and polyfluoroalkyl
chemicals—collectively known
as PFAS—had been shipped
from 25 states to an incinera-
tor owned by Norlite LLC
there in 2018 and 2019.
The forever chemicals, which
can persist for decades or more
in the environment and can ac-
cumulate in the human body,
came from more than 60 mili-
tary sites, according to a list of
previously unreported ship-
ments reviewed by The Wall
Street Journal. The New York
State Department of Environ-
mental Conservation said the
material, mostly wastewater
from firefighting foam, was
burned at the facility.
Water contamination from
PFAS is a growing concern na-
tionwide. The situation in Co-
hoes, and in communities in
several other states, is raising
fears that the chemicals could
also be in their air.
The Norlite facility is just a
few hundred yards from the
Saratoga Sites apartments, a
public-housing complex, where
residents say they have lived
for years with harsh smells,
black soot on windowsills and a
sticky residue on cars that they
attributed to the stacks of the
hazardous-waste incinerator.
“It seems to me that Co-
hoes is at the epicenter of a
national and maybe interna-
tional question of what to do
with these PFAS and forever
U.S. NEWS
overwhelmed Tuesday by rising
floodwaters from the nearby
Tittabawassee River. Local offi-
cials said the river appeared to
crest late Wednesday afternoon
at just over 35 feet, a record,
take several days to recede.
An attorney representing Lee
Mueller, a manager of Boyce
Hydro, said that the “dam’s
owners are deeply distressed by
recent events, and they have re-
mained in ongoing contact with
their dedicated personnel and
apprised of the situation. Their
primary concern all along has
been the safety and welfare of
the many residents of the Glad-
win and Midland County, Michi-
gan communities.”
Residents from several cit-
ies in central Michigan were
ordered to evacuate after the
breaching of the Edenville
dam that also overwhelmed
the Boyce-owned Sanford dam.
Ms. Whitmer declared a
state of emergency Tuesday
night and called on thousands
of people in affected areas to
make their way to the homes
of friends, relatives or emer-
gency shelters.
“It’s hard to believe that
we’re in the midst of a 100-year
The Norlite incineration facility in Cohoes, N.Y., is a few hundred yards from a public-housing complex.
chemicals,” said Cohoes Mayor
Bill Keeler. “It’s scary to think
about it. The folks that live in
Saratoga Sites are afraid to
live with it.”
Last month, the Cohoes city
council passed a one-year
moratorium on burning aque-
ous film-forming foam, known
as AFFF, which often contains
various PFAS chemicals. The
mayor is accelerating efforts
to relocate the 70 families at
the Saratoga Sites apartments
to other housing.
Mr. Keeler has asked state
and federal regulators to test
for the chemicals in the area’s
water, soil and residents’ blood.
The city said that it has received
health complaints from resi-
dents, but that it isn’t known if
any conditions are linked to the
incinerator. The city is in discus-
sions with state and federal offi-
cials about testing, the mayor’s
spokeswoman said.
Prince Knight, environmen-
tal and regulatory compliance
manager for Tradebe Environ-
mental Services LLC, the par-
crisis, a global pandemic, and
that we’re also dealing with a
flooding event that looks to be
the worst in 500 years,” said
Ms. Whitmer. She said the state
would ask for federal disaster
aid, as well as “review every
potential legal recourse” re-
lated to the dams’ failures.
“This incredible damage re-
quires that we hold people re-
sponsible,” she said.
In a September 2018 filing,
Federal regulators
cited the dam
owner’s failure to
tackle safety issues.
the Federal Energy Regulatory
Commission said it was revok-
ing the Edenville dam’s license
because of Boyce’s “longstand-
ing failure to increase the
project’s spillway capacity to
safely pass flood flows, as well
as its failure to comply with
its license, the Commission’s
regulations, and a June 15,
2017 compliance order.”
After its license was re-
ent company of Norlite, declined
to comment, citing a lawsuit
brought by Earthjustice, an en-
vironmental group, arguing that
burning the chemicals is illegal
and unsafe. The group is asking
a judge to stop companies from
burning the chemicals.
“We understand and are
sensitive to public questions
and concerns about AFFF and
are committed to complying
with direction from federal
and state agencies to ensure
the protection of public health
and the environment,” Norlite
said earlier this year in re-
sponse to questions from the
mayor about the incineration.
A spokesman for the De-
fense Department and Defense
Logistics Agency declined to
comment on shipments to
Norlite, citing the lawsuit.
In February, the Earthjus-
tice lawsuit disclosed that the
Defense Department had been
shipping PFAS chemicals to a
handful of incinerators around
the country beginning in 2018.
The department has five-year
Thursday, May 21, 2020 | A3
GREGORY SHAMUS/GETTY IMAGES
voked by FERC, regulation of the Covid-19 virus,” he said.
.
the Edenville dam was taken “Understandable, but certainly
over by the Michigan Depart- not the type of ongoing living
ly
ment of Environment, Great arrangement or accommodation
Lakes and Energy in 2018. that we prefer people to have.”
Spokesman Nick Assendelft On Wednesday, FERC—
said the agency inspected the
dam in October 2018 and found
it structurally sound, but had
concerns about its spillway ca-
which still regulates the San-
ford dam and two others
owned by Boyce—directed the
company to form an indepen-
pacity. He said the recent rain- dent investigative team to an-
fall and flooding, combined alyze the cause of the damage
with deferred maintenance on to the Sanford facility.
dams in the state over decades, It also ordered the company
had likely contributed to the to fully lower the reservoirs of
structure’s failure Tuesday. its three FERC-regulated dams
Midland City Manager Brad- and to immediately perform
ley Kaye said that the Edenville safety inspections.
dam had “outright eroded” and Other areas and assets af-
that water from its reservoir, fected included the village of
known as Wixom Lake, would Sanford and a Dow Inc. plant.
continue to inundate the city. Midland County is about two
Officials were less clear hours northwest of Detroit.
about the extent of the damage Dow confirmed that flood-
to Sanford dam, which had wa- waters were commingling with
ter running over its top. The containment ponds at its 1,900-
resulting flooding had sub- acre site south of Midland and
merged several of the city’s said it was working with the
sanitary sewer pumping sta- U.S. Coast Guard to implement
tions, leaving some sections of emergency plans. It also said
the city, including one with a that there were no reported
hospital, without that service. product releases and that the
Mr. Kaye said some who materials mixing with floodwa-
went to shelters ended up sleep- ters weren’t a threat to resi-
ing in their cars. “The reason dents and wouldn’t damage the
was largely the concerns about environment.
which was reviewed by the
Journal.
The military shipments to
Norlite came from as far away
as Florida, North Dakota and
Texas. In January 2018, Joint
Base McGuire-Dix-Lakehurst in
New Jersey, where the military
has been investigating PFAS
CHRISTOPHER CAPOZZIELLO FOR THE WALL STREET JOURNAL
groundwater pollution, shipped
more than 100,000 pounds of
materials containing AFFF to
Norlite, according to the docu-
ments prepared by Norlite.
“You don’t want to take it
out of one community and
spew it out in another commu-
nity, which is what appears to
be happening,” said Erik Ol-
son, senior director for health
and food at the Natural Re-
sources Defense Council, an
environmental group.
In early March, David Bond,
a professor of environmental
studies at Bennington College
contracts with two hazardous- in Vermont, said he found con-
waste companies to ship AFFF centrations of certain PFAS
to incinerators in several chemicals in water and soil
states, often in low-income samples near the Norlite incin-
neighborhoods. erator and housing complex
Tradebe asked the Defense downwind of the facility that
Department earlier this month were twice as high as those
for an extension in connection upwind. Moreover, he said the
with removing AFFF from mil- types of PFAS detected were a
itary sites, saying that no haz- “partial fingerprint” matching
ardous-waste incinerators au- those contained in AFFF.
thorized by the military have The New York environmen-
been willing to accept the ma- tal agency said the results ap-
terial, according to a May 15 pear consistent with PFAS lev-
letter reviewed by the Journal. els in urban areas. The agency
A Defense Department official said that out of an abundance
previously denied an April re- of caution, it plans to sample
quest for an extension, saying municipal water in Cohoes and
there were seven facilities in a nearby town for PFAS levels.
addition to Norlite approved Meanwhile, the state has
to accept AFFF, in a separate banned the use of AFFF and is
letter reviewed by the Journal. suing manufacturers of PFAS-
Tradebe referred questions containing foam for allegedly
about the letters to the De- causing widespread contami-
fense Department, which de- nation of the state’s drinking
clined to comment. water and environment.
The Norlite facility in Cohoes The Norlite incinerator,
was asked by the New York which has stopped burning
State Department of Environ- AFFF, has been shut down re-
mental Conservation to provide cently as the company adds
information on the shipments, new pollution controls.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Thursday, May 21, 2020
Pompeo Denies Firing Was Retaliation
BY COURTNEY MCBRIDE
AND WARREN P. STROBEL
WASHINGTON—Secretary of
State Mike Pompeo lashed out
at critics and press leaks on
Wednesday, saying he advised
President Trump to terminate
the department’s inspector
general while denying he did
so as retaliation for inquiries
by the agency watchdog.
He defended his recommen-
dation to terminate the inspec-
tor, Steve Linick, saying he
should have done so sooner.
Mr. Pompeo called allegations
that have surfaced against him
in the days after Mr. Trump
took the action “crazy stuff.”
Mr. Linick’s office has been
investigating an unorthodox
$8 billion arms sale to Saudi
JOE RAEDLE/GETTY IMAGES
Workers retouch the NASA logo on a building at Florida’s Kennedy Space Center before astronauts Bob Behnken and Doug Hurley arrive.
Top Space Official Resigns Amid Probe
BY ANDY PASZTOR
NASA’s top human-explora-
tion official resigned abruptly,
about a week before the
agency’s most important as-
tronaut launch in a decade,
over what a person familiar
with the details described as
alleged contracting impropri-
eties on a separate program.
Doug Loverro, selected by
the National Aeronautics and
Space Administration chief,
James Bridenstine, and White
House aides six months ago to
reassess and revamp plans for
sending U.S. crews to the moon
by 2024, stepped down Monday.
The decision, according to
the person familiar with the
details, was prompted by an
internal agency inquiry into
his alleged involvement in
sharing data among certain
firms vying for lunar-lander
no
contracts as part of the moon
program, known as Artemis.
Mr. Loverro circulated an
email to colleagues announcing
his immediate departure, in-
cluding vague comments about
taking responsibility for an un-
specified risk he took and a
mistake he had made. Without
elaborating or mentioning any
investigation of his actions,
Mr. Loverro wrote: “I judged
[the actions] necessary to ful-
fill our mission” and “I alone
must bear the consequences.”
Mr. Loverro couldn’t be
reached for comment.
After his resignation be-
came public, he told the Wash-
ington Post that his departure
“had to do with moving fast
Court Halts
Release of
Testimony
Continued from Page One
the public,” she said.
The Justice Department de-
clined to comment. The White
House didn’t respond to a re-
quest for comment.
The Mueller report found
Russian interference in the
2016 campaign and contacts
between Russia-linked entities
and Trump campaign officials.
It didn’t establish that anyone
from the campaign conspired
with Russia’s efforts.
Mr. Mueller also declined to
reach a conclusion on whether
Arabia and the United Arab
Emirates. Mr. Pompeo declined
to sit for an interview with the
State Department inspector
general’s office in that inquiry,
a congressional official famil-
iar with the matter said.
Mr. Linick was also investi-
gating Mr. Pompeo’s use of a
political appointee at the de-
partment to fetch dry clean-
ing, walk his dog, make dinner
reservations for him and his
wife, Susan Pompeo, and other
personal tasks, people familiar
with the matter have said.
Senate Democrats said
Wednesday they are also de-
manding information and doc-
uments about a series of pri-
vate dinners hosted by the
Pompeos at the State Depart-
ment. Critics said the dinners
on
us ,
l
e
al a
ci on
er s
m er
on Artemis.” He added: “I
don’t want to characterize it
in any more detail than that.”
A spokeswoman for NASA
m rp
confirmed the resignation but
declined to elaborate, saying,
“it would be inappropriate to
discuss personnel matters.”
A spokeswoman for the
co Fo
NASA inspector general de-
clined to comment. That office
earlier launched an inquiry
into the suspected contracting
issues, according to the person
familiar with the details.
The personnel shift isn’t ex-
pected to affect Wednesday’s
scheduled launch of the first
NASA crew to head for orbit
on board a U.S.-built rocket
and spacecraft for the first
time in nearly a decade.
n-
The move blindsided many
agency officials and roiled
NASA’s ranks at a time when
the agency’s leadership had
hoped to focus public atten-
tion on accomplishing the his-
toric milestone of transporting
a crew to orbit from American
soil on domestic hardware.
More broadly, Mr. Loverro’s
exit could become a distrac-
tion from President Trump’s
drive to accelerate human-ex-
ploration efforts. A longtime
manager of military and intel-
ligence space programs, Mr.
Loverro was brought in to
shake up the civilian agency’s
initiatives to quickly return
U.S. astronauts to the lunar
surface—and ultimately trans-
port them deeper into the so-
lar system—by increasingly re-
lying on commercial ventures
to lead the way.
Mr. Trump unlawfully inter-
fered with the investigation.
Attorney General William Barr
has said Mr. Trump’s actions
didn’t amount to obstruction of
justice, and the president has
denied any wrongdoing.
The Judiciary Committee re-
quested access to material that
was redacted from the special
counsel’s March 2019 report, as
well as some of the exhibits and
transcripts referenced in its
pages. After the Justice Depart-
ment declined to produce the in-
formation, the committee went
to court seeking to compel its re-
lease, saying it needed the mate-
rial to determine whether Mr.
Trump committed an impeach-
able offense in the course of the
Mueller investigation.
In a brief filed with the Su-
preme Court, the Judiciary Com-
mittee said it needed the Mueller
grand jury material for a con-
P W L C 10 11 12
serve political rather than for-
eign policy objectives, al-
though it isn’t known whether
Mr. Linick’s office was examin-
ing the events. State Depart-
ment officials didn’t respond
Secretary of state
calls allegations that
have surfaced against
him ‘all crazy stuff.’
to a request for comment on
the dinners.
The decision by Mr. Trump
to fire the inspector general
has drawn criticism from both
Republicans and Democrats
His aim was to craft more
realistic budgets and time-
lines, particularly for some es-
tablished programs targeting
lunar exploration that have
been plagued by delays and
cost overruns.
Mr. Loverro, who will be re-
placed by his deputy and for-
mer astronaut, Kenneth Bow-
ersox, was scheduled to
conduct the final flight-readi-
ness review Thursday for next
week’s astronaut mission to
the international space sta-
tion. He participated as usual
in various agency meetings
last week, which added to the
surprise among NASA employ-
ees when word of his resigna-
tion began circulating.
Some of Mr. Loverro’s pol-
icy and budget decisions—in-
tended to meet the White
Doug Loverro quit abruptly.
tinuing impeachment investiga-
tion into the president’s conduct
in relation to the Russia probe. It
told the court that it had proce-
dures in place to protect the
confidentiality of the material.
Delaying the release would
“seriously endanger the commit-
tee’s ability to complete its im-
peachment investigation during
the current Congress,” the Judi-
ciary Committee said, adding
that its probe had “further devel-
oped” recently to explore
whether the White House influ-
enced recent decisions related to
the prosecutions of Roger Stone
and Michael Flynn, both of which
were initiated by Mr. Mueller.
The Justice Department has
moved to drop its case against
Mr. Flynn, the former national
security adviser who previously
pleaded guilty to lying to the
FBI. In the case of Mr. Stone, a
longtime Trump confidant, Mr.
H T G K R F A M 1 2 3 4 5 6 7 8
U.S. NEWS
and put a spotlight on Mr.
Pompeo’s actions.
Mr. Pompeo said he had
read news coverage concern-
ing investigations Mr. Linick
was conducting into the top
U.S. diplomat’s policy deci-
sions and use of a political ap-
pointee for personal errands
but said he was unaware of
the nature or status of those
inquiries.
“I’ve seen the various sto-
ries that someone was walking
my dog to sell arms to my dry
cleaner,” Mr. Pompeo said, ap-
parently intentionally conflat-
ing separate lines of inquiry.
“It’s all just crazy,” he said.
“It’s all crazy stuff.”
He said he answered a se-
ries of questions in writing
earlier this year as part of “a
House’s ambitious timeline of
a lunar landing before the end
of 2024—already had gener-
ated criticism in some corners
of NASA and on Capitol Hill.
Three weeks ago, NASA
awarded lunar-lander contracts
totaling nearly $1 billion to
three separate teams led by
Elon Musk’s Space Exploration
Technologies Corp., the Dynet-
ics unit of longtime agency con-
tractor Leidos Holdings Inc.
and Blue Origin LLC, founded
and run by Amazon.com Inc.
Chairman Jeff Bezos.
A Dynetics spokeswoman
declined to comment. Repre-
sentatives of the two other
companies couldn’t be reached
for comment.
Mr. Loverro didn’t make the
final decision on those awards
or sign the official memo
granting the contracts and as-
sessing the relative strengths
of the winners. But in his role
overseeing all of NASA’s hu-
man-exploration programs,
Mr. Loverro was active in the
discussions leading up to
those contracts, according to
agency and industry officials.
Mr. Loverro, according to
BILL INGALLS/NASA/PLANET PIX/ZUMA PRESS
the person familiar with the de-
tails of his departure, was un-
der scrutiny for allegedly shar-
ing certain company data with
one or more of the bidding
teams, which initially included
Boeing Co., one of NASA’s most
prominent contractors. Boeing
was eliminated from the com-
petition before specifics of the
three awards were decided. A
Boeing spokesman declined to
comment.
Barr and other top Justice offi-
cials sought a lighter sentence
than prosecutors originally rec-
ommended over his conviction
for lying to Congress and wit-
ness tampering, saying their rec-
ommendation was excessive. Mr.
Barr has said the White House
didn’t influence those decisions.
The Justice Department ar-
gued that disclosure of the
grand-jury materials would
bring irretrievable conse-
quences. For the grand-jury pro-
cess to work, secrecy must be
assured for witnesses to come
forward and testify fully, the de-
partment said in court papers. It
also said the Judiciary Commit-
tee hadn’t shown that the mate-
rial was urgently needed “for a
hypothetical second impeach-
ment.”
The Supreme Court’s one-
paragraph order for now blunts
rulings by two lower courts that
9 O I X X **** THE WALL STREET JOURNAL.
particular investigation,” but
his only knowledge of the
scope and nature of the in-
quiry is based on the ques-
tions he was asked.
In his remarks to reporters
Wednesday, Mr. Pompeo said
Mr. Trump “has the unilateral
right to choose” inspectors
general and that they serve at
the pleasure of the president
and that he recommended Mr.
Linick’s termination.
“Frankly, should have done
it some time ago,” he said,
without elaborating. The sec-
retary said previously that Mr.
Linick was undermining the
department’s mission.
He disputed characteriza-
tions of Mr. Linick’s termina-
tion as “retaliation for some
investigation,” calling such ac-
GOP Senators
Revive Scrutiny
Of Hunter Biden
A Senate panel authorized a
subpoena in its probe of the
work that Joe Biden’s son did
for a Ukrainian natural-gas
company, reviving Republican
scrutiny into business connec-
tions of the family of the pre-
ly
sumptive presidential nominee.
By Andrew Duehren
in Washington
and Thomas Grove
in Moscow
The Senate Homeland Secu-
rity Committee voted along
party lines to approve the sub-
poena compelling testimony
and documents from Blue Star
Strategies, a Washington-based
consulting firm. Blue Star rep-
resented Burisma Holdings, the
Ukrainian natural-gas company
where Hunter Biden served on
the board while his father was
tasked with leading interna-
tional anticorruption efforts in
Ukraine as vice president.
The subpoena renews GOP
efforts to investigate Hunter
Biden’s work for Burisma, as
the campaign between Mr. Bi-
den and President Trump be-
gins to ramp up. Democrats
have castigated the probe as a
partisan attempt to smear Mr.
Biden and have raised concerns
that it could dovetail with for-
eign disinformation efforts.
Sen. Ron Johnson (R., Wis.),
the chairman of the Senate
Homeland Security Committee,
abruptly canceled the panel’s
last scheduled subpoena vote
in March before the coronavi-
rus pandemic overtook much
of the Senate’s business.
Mr. Trump and other Re-
publican allies have ques-
tioned Hunter Biden’s service
on the board of the natural-
gas company, which Ukrainian
officials probed without bring-
ing charges. Mr. Trump’s ef-
forts to press Ukraine to open
new investigations into the Bi-
dens were at the center of his
impeachment last year in the
Democratic-controlled House;
Mr. Trump was later acquitted
in the Senate. He denied the
Democratic charge that he had
abused his power and ob-
structed Congress.
Several witnesses involved
in the U.S.-Ukraine relation-
ship testified during the im-
peachment inquiry that they
were aware of no evidence
that Joe Biden acted improp-
erly to help his son while vice
president. The Bidens have de-
nied wrongdoing. Hunter Bi-
den has said serving on the
Burisma board while his father
the material must be handed
over. There is an exception to
grand-jury secrecy for records
needed in connection with a ju-
dicial proceeding; the lower
courts said an impeachment
probe qualifies for the exception.
The court’s action on the
grand-jury materials isn’t a fi-
nal ruling and came without
full briefing or oral argument.
The justices said the adminis-
tration must file its full petition
for Supreme Court review by
June 1. There were no dissents
noted in Wednesday’s order.
The court’s announcement was
unsigned, as is its custom for
emergency orders.
The Democratic-controlled
House impeached Mr. Trump in
December for his dealings with
Ukraine, an issue that is sepa-
rate from the conduct investi-
gated by the Mueller probe. The
Republican-controlled Senate
counts false.
At issue in the arms investi-
gation is the Trump adminis-
tration’s invocation of an emer-
gency last year to force
through the sale of arms to the
Saudis and Emiratis, bypassing
Congress. Both Republican and
Democratic lawmakers ex-
pressed opposition to the
move. Democrats said the claim
of an emergency involving Iran
was a ruse and last June asked
Mr. Linick to investigate.
Lawmakers also want to
know more about the role in
the arms sale of a State De-
partment official who had
worked for defense contractor
Raytheon Co., which stood to
benefit from billions in arms
sales. That official has since
left the department.
was involved in Ukraine policy
showed poor judgment.
The subpoena seeks docu-
ments from Blue Star and in-
terviews with two top officials
.
at the firm, which has turned
over documents to the commit-
tee. Blue Star mentioned
Hunter Biden’s name in emails
to secure a meeting with a
State Department official in
2016 as part of a broader effort
to burnish its image in Wash-
ington. It isn’t clear if Hunter
Biden knew that Blue Star was
using his name in the contacts
with the State Department.
In a letter to Mr. Johnson,
Karen Tramontano, the chief
executive of Blue Star who is
one of the officials targeted by
the subpoena, wrote that the
firm had turned over docu-
ments this week in response to
additional requests from the
committee. “We are puzzled,
despite our willingness to co-
operate, why the Committee is
proceeding to a vote on a sub-
poena,” Ms. Tramontano wrote.
Mr. Johnson said he was
seeking more documents from
the firm and that the subpoena
is necessary.
An attorney for Hunter Bi-
den didn’t respond to a re-
quest to comment.
Separately, Ukrainian Presi-
dent Volodymyr Zelensky said
his prosecutor’s office would
look into recordings of Mr. Biden
and a former Ukrainian presi-
dent released earlier this week.
The recordings were released by
Andriy Derkach, a lawmaker
with no party affiliation who has
links to Russian intelligence. The
recordings, which were choppy
and appeared to miss words in
conversations, didn’t reveal any
information not already made
public. They focused in part on
conversations from 2015 be-
tween Mr. Biden and then-Ukrai-
nian President Petro Poroshenko
in which they discussed the fir-
ing of then-prosecutor general,
Viktor Shokin. Mr. Derkach said
they showed that Mr. Porosh-
enko had given Mr. Biden room
to control Ukrainian policy.
In 2018, Mr. Biden publicly
boasted of having threatened to
withhold $1 billion in loan guar-
antees for international financ-
ing if Mr. Shokin wasn’t fired.
Mr. Shokin had been widely crit-
icized for failing to crack down
on corruption, and Mr. Biden’s
actions had the support of the
Obama administration and the
international community. Mr.
Shokin has denied any wrongdo-
ing and says he was leading sev-
eral important investigations.
acquitted him in February.
Under the court’s normal cal-
endar, the justices aren’t sched-
uled to hear arguments in any
new cases until October, and
their decisions can take several
more weeks after that. For the
Democrats to have any chance at
getting the records before the
November election, the court
would have to hold a special
summer session. If the court de-
cides in June that it doesn’t
want to hear the case at all, Con-
gress would get the records.
The case is separate from
three other cases in which the
justices are considering whether
Mr. Trump’s bankers and ac-
countants must turn over an ar-
ray of his financial records. In
those cases, the Supreme Court
is reviewing subpoenas for
Trump-related records issued
by three House committees and
by a New York state prosecutor.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Big news
for certain people newly diagnosed with
advanced non-small cell lung cancer
THE 1ST + ONLY
CHEMO-FREE COMBO
OF 2 IMMUNOTHERAPIES
The chemo-free combo OPDIVO® + YERVOY® is now FDA approved to be your first treatment if you are an adult with advanced
non-small cell lung cancer that tests positive for PD-L1 and does not include an abnormal EGFR or ALK gene.
OPDIVO + YERVOY is the first-and-only combination of two immunotherapies. OPDIVO + YERVOY is not chemotherapy
—it’s immunotherapy. That means it can activate your immune system.
Ask your doctor if the chemo-free combo OPDIVO + YERVOY is right for you.
on
Learn more at lungcancerhope.com or call 1-833-OPDIVOYERVOY
us ,
l
e
al a
Indication & Important Safety Information for
ci on
OPDIVO (nivolumab) + YERVOY (ipilimumab)
Indication
OPDIVO® is a prescription medicine used in combination with
YERVOY® (ipilimumab) as a first treatment for adults with a type of
er s
advanced stage lung cancer (called non-small cell lung cancer) when your lung
cancer has spread to other parts of your body (metastatic) and your tumors
are positive for PD-L1, but do not have an abnormal EGFR or ALK gene.
m er
It is not known if OPDIVO is safe and effective in children younger than
18 years of age.
m rp
Important Safety Information for
OPDIVO® (nivolumab) + YERVOY® (ipilimumab)
OPDIVO is a medicine that may treat certain cancers by working with your
immune system. OPDIVO can cause your immune system to attack normal
organs and tissues in any area of your body and can affect the way they
co Fo
work. These problems can sometimes become serious or life-threatening and
can lead to death. These problems may happen anytime during treatment or
even after your treatment has ended. Some of these problems may happen
more often when OPDIVO is used in combination with YERVOY.
YERVOY can cause serious side effects in many parts of your body which can
lead to death. These problems may happen anytime during treatment with
YERVOY or after you have completed treatment.
Serious side effects may include:
• Lung problems (pneumonitis). Symptoms of pneumonitis may include:
new or worsening cough; chest pain; and shortness of breath.
• Intestinal problems (colitis) that can lead to tears or holes in your
n-
intestine. Signs and symptoms of colitis may include: diarrhea (loose stools)
or more bowel movements than usual; blood in your stools or dark, tarry,
sticky stools; and severe stomach area (abdomen) pain or tenderness.
no
• Liver problems (hepatitis). Signs and symptoms of hepatitis may include:
yellowing of your skin or the whites of your eyes; severe nausea or vomiting;
pain on the right side of your stomach area (abdomen); drowsiness; dark
urine (tea colored); bleeding or bruising more easily than normal; feeling less
hungry than usual; and decreased energy.
• Hormone gland problems (especially the thyroid, pituitary, adrenal
glands, and pancreas). Signs and symptoms that your hormone glands
are not working properly may include: headaches that will not go away or
unusual headaches; extreme tiredness; weight gain or weight loss; dizziness
or fainting; changes in mood or behavior, such as decreased sex drive,
irritability, or forgetfulness; hair loss; feeling cold; constipation; voice gets
deeper; and excessive thirst or lots of urine.
• Kidney problems, including nephritis and kidney failure. Signs of kidney
problems may include: decrease in the amount of urine; blood in your urine;
swelling in your ankles; and loss of appetite.
• Skin problems. Signs of these problems may include: rash; itching; skin
blistering; and ulcers in the mouth or other mucous membranes.
• Inflammation of the brain (encephalitis). Signs and symptoms of
encephalitis may include: headache; fever; tiredness or weakness; confusion;
memory problems; sleepiness; seeing or hearing things that are not really
there (hallucinations); seizures; and stiff neck.
• Problems in other organs. Signs of these problems may include: changes
in eyesight; severe or persistent muscle or joint pains; severe muscle
weakness; and chest pain.
Additional serious side effects observed during a separate study of
YERVOY alone include:
• Nerve problems that can lead to paralysis. Symptoms of nerve problems
may include: unusual weakness of legs, arms, or face; and numbness or
tingling in hands or feet.
©2020 Bristol-Myers Squibb Company. All rights reserved. OPDIVO®, YERVOY®,
and the related logos are trademarks of Bristol-Myers Squibb Company.
7356US1904019-04-01 05/20
Thursday, May 21, 2020 | A5
NOW FDA
APPROVED
.
ly
• Eye problems. Symptoms may include: blurry vision, double vision, or other
vision problems; and eye pain or redness.
Get medical help immediately if you develop any of these symptoms or
they get worse. It may keep these problems from becoming more serious.
Your healthcare team will check you for side effects during treatment and
may treat you with corticosteroid or hormone replacement medicines. If you
have a serious side effect, your healthcare team may also need to delay or
completely stop your treatment.
OPDIVO and OPDIVO + YERVOY can cause serious side effects, including:
• Severe infusion-related reactions. Tell your doctor or nurse right away if
you get these symptoms during an infusion: chills or shaking; itching or rash;
flushing; difficulty breathing; dizziness; fever; and feeling like passing out.
Pregnancy and Nursing:
• Tell your healthcare provider if you are pregnant or plan to become pregnant.
OPDIVO and YERVOY can harm your unborn baby. If you are a female who
is able to become pregnant, your healthcare provider should do a pregnancy
test before you start receiving OPDIVO. Females who are able to become
pregnant should use an effective method of birth control during and for at
least 5 months after the last dose. Talk to your healthcare provider about
birth control methods that you can use during this time. Tell your healthcare
provider right away if you become pregnant or think you are pregnant during
treatment. You or your healthcare provider should contact Bristol Myers Squibb
at 1-800-721-5072 as soon as you become aware of the pregnancy.
• Pregnancy Safety Surveillance Study: Females who become pregnant during
treatment with YERVOY are encouraged to enroll in a Pregnancy Safety
Surveillance Study. The purpose of this study is to collect information about
the health of you and your baby. You or your healthcare provider can enroll in
the Pregnancy Safety Surveillance Study by calling 1-844-593-7869.
• Before receiving treatment, tell your healthcare provider if you are
breastfeeding or plan to breastfeed. It is not known if either treatment
passes into your breast milk. Do not breastfeed during treatment and for
5 months after the last dose.
Tell your healthcare provider about:
• Your health problems or concerns if you: have immune system problems
such as autoimmune disease, Crohn’s disease, ulcerative colitis, lupus, or
sarcoidosis; have had an organ transplant; have lung or breathing problems;
have liver problems; or have any other medical conditions.
• All the medicines you take, including prescription and over-the-counter
medicines, vitamins, and herbal supplements.
The most common side effects of OPDIVO, when used in combination with
YERVOY, include: feeling tired; diarrhea; rash; itching; nausea; pain in muscles,
bones, and joints; fever; cough; decreased appetite; vomiting; stomach-area
(abdominal) pain; shortness of breath; upper respiratory tract infection;
headache; low thyroid hormone levels (hypothyroidism); decreased weight;
and dizziness.
These are not all the possible side effects. For more information, ask
your healthcare provider or pharmacist. Call your doctor for medical advice
about side effects. You are encouraged to report negative side effects
of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call
1-800-FDA-1088.
Please see Important Facts for OPDIVO and YERVOY, including Boxed
WARNING for YERVOY regarding immune-mediated side effects, on the
bottom of the following page.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Thursday, May 21, 2020 * **** THE WALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

House Is Income Loss Pervasive,

Slated to New U.S. Study Shows
To Vote BY DAVID HARRISON
AND PAUL OVERBERG
some employment income, the
survey found, and 37% expect

Remotely Nearly half of adults live in

households that have lost in-
BY NATALIE ANDREWS come in the two months since
the coronavirus pandemic led
WA S H I N G T O N — H o u s e to a nationwide economic
Speaker Nancy Pelosi trig- shutdown, and more than a
to see income loss in their
households over the next
month.
Among the hardest hit were
states heavily reliant on tour-
ism or the energy industry,
which have seen sharp declines

JOE RAEDLE/GETTY IMAGES

gered a provision that will al-
low House lawmakers to vote
remotely, a first in the cham-
ber’s history.
The House changed its rules
in a party-line vote last week
to allow proxy voting for 45
days if nonpartisan officials
declared a public-health emer-
gency. On Wednesday, Mrs.
Pelosi (D., Calif.) attached a let-
ter from the sergeant-at-arms
declaring such an emergency
due to the new coronavirus.
Many lawmakers have been
wary of traveling to Washing-
ton and meeting in large groups
over concerns about getting
sick, or bringing the illness
back to their families and con-
stituents. The House has con-
vened a handful of times since
mid-March to pass legislation.
Under the new rules, a law-
maker will be able to authorize
another member who is pres-
ent in the chamber to cast a
vote on his or her behalf fol-
lowing written instructions. A
member could cast proxy votes
on behalf of no more than 10
People lined up last month to get unemployment applications in Hialeah, Fla.
Some GOP Senators Seek
Quicker Action on Crisis Aid
BY LINDSAY WISE
AND SIOBHAN HUGHES
WASHINGTON—Some vul-
nerable Senate Republicans ex-
pressed frustration over the
party’s go-slow approach on
the next round of coronavirus
relief, urging quicker action to
counter the pandemic as re-
election concerns start to play
a more prominent role on Cap-
itol Hill.
In tweets and comments to
dress needs at nursing homes
and assisted-living centers.
“Anyone who thinks now is
the time to go on recess hasn’t
been listening,” he tweeted,
one day before the Senate was
scheduled to adjourn for a
weeklong Memorial Day break.
Spokesmen for Senate Ma-
jority Leader Mitch McConnell
(R., Ky.) didn’t respond to a re-
quest for comment.
Mr. Trump has already
signed into law nearly $3 tril-
third expect to lose income
over the next four weeks, the
Census Bureau said.
The results reported
Wednesday come from the ini-
tial release of a new weekly
survey sponsored by several
federal statistical agencies in-
tended to show the changes in
the well-being of American
households over time. It in-
cludes questions about health,
employment, income, education
and housing and food security.
The most recent survey was
conducted May 7 to May 12.
The first round of results
weeks, the Senate has focused showed the breadth of the eco-
much of its business on nomi- nomic dislocations attributable
nations, especially for federal to efforts to slow the spread of
judges. the pandemic. They also show
Other Republicans in com- an expectation that the pan-
petitive races said they shared demic will continue to hurt
some of Mr. Gardner’s concerns. households despite the steady
Asked about Mr. Gardner’s re- reopening of economic activity
marks, Sen. Susan Collins (R., in states across the country.
Maine) said: “I agree with that. About 47.5% of adults live
That’s my only comment.” in households that have lost
Sen. Steve Daines of Mon-
tana said he would like to see Census Takes Pulse of the Nation
some action before the recess,
as a result of the pandemic.
In Hawaii, for instance,
nearly six in 10 adults live in
households that have lost in-
come. That figure is almost
57% in New Jersey and almost
56% in Louisiana and Nevada.
Younger households and
those with lower incomes or
education levels were also
more likely to report they lost
income, the data showed.
The data suggest that eco-
nomic difficulties have af-
fected people’s ability to make
their payments or get enough
to eat.
Among those who reported
losing income, 15% of home-
owners and 26% of renters said
they couldn’t pay their mort-
gage or rent last month or had
it deferred. And in that group,
10% of homeowners and 20% of
renters said they had little con-
fidence in their ability to make
their payment next month or
said it would be deferred.

.
members at the same time. reporters, Sen. Cory Gardner lion in aid approved by Con- pointing to the PPP as a prior- Have you or anyone in your Percentage who are expecting
The rule will likely be put to (R., Colo.) said the Republican- gress. Last week, the Demo- ity. “I think we got some good household experienced a loss a loss of employment income

use next week when the House
convenes to vote on the Free-
dom Reauthorization Act of
2020, known as FISA, and a bill
to change elements of the Pay-
check Protection Program that
was created to help small busi-
ly
controlled Senate shouldn’t go cratic-controlled House passed agreement on that and I’d like of employment income since in their household in the next
on recess until it passed more legislation to spend about $3 to see that when we get done,” March 13? four weeks, by state
legislation related to the coro- trillion more, much of it ear- he told reporters. Did experience Did not Nationally
navirus response. He said he
planned to block a unanimous
consent motion to adjourn for
the planned Memorial Day re-
on marked for state and local gov-
ernments.
Democrats say new pay-
ments to households and ex-
Sen. Thom Tillis (R., N.C.)
said he agreed with Mr. Gard-
ner that PPP should be ad-
dressed before the Senate
All education levels
47% 52%
Top states
Hawaii
New Jersey
37%

49
54%

nesses during the pandemic. cess, a move that could delay panded unemployment bene- leaves town. “I think we gotta
us ,

Less than high school

Nevada 47
Committees will be able to the break. fits are critical to keeping try to get it done,” Mr. Tillis 56%
l

44%
operate remotely, with com- “This is no time to go Americans afloat until the pan- said. New York 46
e
al a

mittee members able to par- home,” Mr. Gardner said demic recedes. Sen. Joni Ernst (R., Iowa), a High school degree Louisiana 44
ticipate in public hearings on a Wednesday as he pointed to a Republicans rejected the member of party leadership
remote basis and to cast votes. letter he planned to deliver to House plan and have taken a who also faces a tough re-elec- 51% 49% Bottom states
ci on

Remote meetings won’t be Republican leaders. wait-and-see approach on fur- tion fight in the fall, said she Wyoming 26
Some college
permitted for closed hearings. He said Congress must pass ther aid. wasn’t concerned about delays. Kansas 25
The resolution also autho- a new package that includes Mr. McConnell said his top She said lawmakers needed to 51% 49%
rized a study on remote-voting $500 billion in funding for agenda item was liability “evaluate where we are right Montana 24
technology, with Democrats states and cities, make changes shields for companies open now with the expenditures that Bachelor’s or higher D.C. 23
er s

saying that remote voting that to a program aimed at small during the pandemic, while Mr. have been approved, and if 38% 62% Idaho 22
incorporates advanced technol- businesses called the Paycheck Trump and his aides also were those programs are doing what
m er

ogy may become a necessity. Protection Program and ad- seeking tax cuts. In recent we want them to do.” Note: Nonresponses not shown Source: Census Bureau

I M P O RTA N T
FACTS
The information below does not take the place of talking with your healthcare professional. Only your healthcare professional knows the specifics
m rp

of your condition and how OPDIVO® (nivolumab) in combination with YERVOY® (ipilimumab) may fit into your overall therapy. Talk to your
healthcare professional if you have any questions about OPDIVO (pronounced op-DEE-voh) and YERVOY (pronounced yur-voi).

What is the most important information I should know about • skin blistering or peeling Your healthcare provider should do a pregnancy test before you start
co Fo

OPDIVO (nivolumab) and YERVOY (ipilimumab)?
OPDIVO and YERVOY are medicines that may treat certain cancers by working
with your immune system. OPDIVO and YERVOY can cause your immune
system to attack normal organs and tissues in any area of your body and can
affect the way they work. These problems can sometimes become serious
or life-threatening and can lead to death and may happen anytime during
treatment or even after your treatment has ended. Some of these problems
may happen more often when OPDIVO is used in combination with YERVOY.
YERVOY can cause serious side effects in many parts of your body which can lead
to death. These problems may happen anytime during treatment with YERVOY
or after you have completed treatment.
Call or see your healthcare provider right away if you develop any symptoms
n-
• sores or ulcers in mouth or other mucous membranes receiving OPDIVO (nivolumab) and YERVOY (ipilimumab).
Inflammation of the brain (encephalitis). Signs and symptoms of encephalitis ◦ You should use an effective method of birth control during and for at
least 5 months after the last dose. Talk to your healthcare provider
may include: about birth control methods that you can use during this time.
• headache • sleepiness ◦ Tell your healthcare provider right away if you become pregnant or think
• fever • seeing or hearing things that are you are pregnant during treatment. You or your healthcare provider
• tiredness or weakness not really there (hallucinations) should contact Bristol Myers Squibb at 1-800-721-5072 as soon as
• confusion • seizures you become aware of the pregnancy.
• memory problems • stiff neck ◦ Pregnancy Safety Surveillance Study: Females who become
pregnant during treatment with YERVOY are encouraged to enroll in
Problems in other organs. Signs of these problems may include: a Pregnancy Safety Surveillance Study. The purpose of this study is to
• changes in eyesight collect information about the health of you and your baby. You or your
healthcare provider can enroll in the Pregnancy Safety Surveillance Study

of the following problems or these symptoms get worse. Do not try to treat • severe or persistent muscle or joint pains
symptoms yourself. • severe muscle weakness by calling 1-844-593-7869.
Lung problems (pneumonitis). Symptoms of pneumonitis may include: • are breastfeeding or plan to breastfeed. It is not known if OPDIVO or YERVOY
• chest pain passes into your breast milk. Do not breastfeed during treatment and
• new or worsening cough Additional serious side effects observed during a separate study of for 5 months after the last dose.
no

• chest pain YERVOY (ipilimumab) alone include: Tell your healthcare provider about all the medicines you take, including
• shortness of breath prescription and over-the-counter medicines, vitamins, and herbal
Nerve problems that can lead to paralysis. Symptoms of nerve problems
Intestinal problems (colitis) that can lead to tears or holes in your intestine. may include: supplements.
Signs and symptoms of colitis may include:
• unusual weakness of legs, arms, or face Know the medicines you take. Keep a list of them to show your healthcare
• diarrhea (loose stools) or more bowel movements than usual providers and pharmacist when you get a new medicine.
• mucus or blood in your stools or dark, tarry, sticky stools • numbness or tingling in hands or feet
• stomach-area (abdomen) pain or tenderness Eye problems. Symptoms may include:
What are the possible side effects of OPDIVO and YERVOY?
• you may or may not have fever • blurry vision, double vision, or other vision problems
Liver problems (hepatitis) that can lead to liver failure. Signs and symptoms OPDIVO and YERVOY can cause serious side effects, including:
• eye pain or redness • See “What is the most important information I should know about
of hepatitis may include:
• yellowing of your skin or the whites of your eyes Get medical help immediately if you develop any of these symptoms or OPDIVO and YERVOY?”
• nausea or vomiting they get worse. It may keep these problems from becoming more serious. • Severe infusion reactions. Tell your doctor or nurse right away if you get
Your healthcare team will check you for side effects during treatment and may these symptoms during an infusion of OPDIVO or YERVOY:
• pain on the right side of your stomach area (abdomen)
• drowsiness treat you with corticosteroid or hormone replacement medicines. If you have a ◦ chills or shaking ◦ dizziness
serious side effect, your healthcare team may also need to delay or completely ◦ itching or rash ◦ fever
• dark urine (tea colored)
stop your treatment with OPDIVO (nivolumab) and YERVOY.
• bleeding or bruising more easily than normal ◦ flushing ◦ feeling like passing out
• feeling less hungry than usual ◦ difficulty breathing
• decreased energy What are OPDIVO and YERVOY?
The most common side effects of OPDIVO when used in combination with
Hormone gland problems (especially the thyroid, pituitary, and adrenal OPDIVO and YERVOY are prescription medicines used to treat adults with a type YERVOY include:
glands; and pancreas). Signs and symptoms that your hormone glands are of advanced stage lung cancer called non-small cell lung cancer (NSCLC). OPDIVO
not working properly may include: • feeling tired • vomiting
may be used in combination with YERVOY as your first treatment for NSCLC:
• headaches that will not go away or unusual headaches • diarrhea • stomach-area (abdominal) pain
• when your lung cancer has spread to other parts of your body (metastatic), • rash • shortness of breath
• extreme tiredness or unusual sluggishness
and • itching • upper respiratory tract infection
• weight gain or weight loss
• dizziness or fainting • your tumors are positive for PD-L1, but do not have an abnormal EGFR or • nausea • headache
ALK gene. • pain in muscles, bones,and joints • low thyroid hormone levels
• changes in mood or behavior, such as decreased sex drive, irritability,
or forgetfulness It is not known if OPDIVO and YERVOY are safe and effective when used in • fever (hypothyroidism)
• hair loss children younger than 18 years of age. • cough • decreased weight
• feeling cold • decreased appetite • dizziness
• constipation What should I tell my healthcare provider before receiving OPDIVO and These are not all the possible side effects of OPDIVO and YERVOY. Call your
• voice gets deeper YERVOY? doctor for medical advice about side effects. You may report side effects to FDA
• excessive thirst or lots of urine at 1-800-FDA-1088.
Before you receive OPDIVO and YERVOY, tell your healthcare provider if you:
Kidney problems, including nephritis and kidney failure. Signs of kidney
problems may include: • have immune system problems (autoimmune disease) such as Crohn’s This is a brief summary of the most important information about OPDIVO
disease, ulcerative colitis, lupus, or sarcoidosis and YERVOY. For more information, talk with your healthcare provider, call
• decrease in the amount of urine 1-855-673-4861, or go to www.OPDIVO.com.
• blood in your urine • have had an organ transplant
• swelling in your ankles • have lung or breathing problems
• loss of appetite • have liver problems Manufactured by:
Bristol-Myers Squibb Company
Skin Problems. Signs of these problems may include: • have any other medical conditions Princeton, New Jersey 08543 USA
• skin rash with or without itching • are pregnant or plan to become pregnant. OPDIVO and YERVOY can harm
• itching your unborn baby. Females who are able to become pregnant:

© 2020 Bristol-Myers Squibb Company May 2020

OPDIVO and YERVOY are trademarks of Bristol-Myers Squibb Company. 7356US2001322-03-01 05/20
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
All 50 States Now Taking Steps to Reopen
The U.S. hit a milestone in
the coronavirus pandemic as
all 50 states have now begun
reopening, working to revive
their economies after months
of shutdowns designed to curb
the contagion.
By Talal Ansari,
Betsy McKay
and Jennifer Calfas
Slight declines in new con-
firmed cases in some states
have prompted governors from
New York to Ohio to restart
some services, with rules vary-
ing from place to place, includ-
ing restaurants, churches and
schools. On Wednesday, Con-
necticut became one of the last
states to loosen restrictions.
Washington, D.C., remains
under stay-at-home orders,
and large parts of states, in-
cluding major metropolitan ar-
eas, are still mostly shut. In
most states, the reopenings
are happening in phases.
Absent mandated federal
guidelines, local leaders looking
to reopen have weighed the po-
tential costs to the economy and
public health, relying on sources
including virus data, task forces,
public-health leaders and their
own constituencies.
A big question remaining is
whether cases will go up as
people re-emerge.
Most states are moving to
reopen before they have met
criteria set by the Trump ad-
ministration such as a two-
week decline in the number of
new cases or in the percentage
of Covid-19 tests that are posi-
tive. The administration’s plan
leaves the decision about when
to reopen up to governors.
Two states—Michigan and
New Mexico—had met the cri-
teria as of May 18, according
to Covidexitstrategy.org, a
tracking system run by a group
of public-health and crisis ex-
perts. A few other states met
the criteria in previous days
but dropped back due to rising
cases or declines in testing.
The daily number of positive
tests for Covid-19, the disease
caused by the virus, has risen
or remained flat over the past
two weeks in 24 states, accord-
ing to Covidexitstrategy.org, a
worrying sign for a disease that
is highly transmissible and can
cause deadly complications.
More than 1.55 million peo-
no
TRIDENT SEAFOODS
Joe Bundrant, chief executive of Trident Seafoods
Arrests Add
A Twist to
Ghosn Case
Continued from Page One
For weeks after the escape,
Michael Taylor steered clear of
the U.S., which has an extradi-
tion treaty with Japan, and re-
mained in Beirut. In January, a
Japanese court issued arrest
warrants for Mr. Taylor, his son
and Lebanese-born U.S. citizen
George Zayek on suspicion they
violated Japan’s immigration-
control laws by allegedly help-
ing Mr. Ghosn escape. Mr.
Zayek didn’t respond to a re-
quest to comment.
* * * *
Motorists lined up Wednesday at a drive-through coronavirus test site in Leesburg, Va. Public-health officials fear a new wave of illnesses if states reopen too broadly.
ple in the U.S. have confirmed
cases of the coronavirus, and
over 93,000 deaths have been
recorded, according to data
compiled by Johns Hopkins
University.
Public-health officials fear a
new wave of illnesses if states
reopen too broadly, a move
that could overwhelm hospital
intensive-care units. The Cen-
ters for Disease Control and
on
Prevention released recom-
us ,
mendations last weekend in-
l
tended to help restaurants and
e
al a
bars, mass transit, and other
sectors of the economy pre-
vent transmission.
ci on
Other public health experts
are weighing in. Resolve to
Save Lives, a nonprofit initia-
tive of the global health organi-
zation Vital Strategies, released
er s
a color-coded alert system for
local and state governments, as
m er
well as other countries. The
system is based on seven indi-
cators that rate a country or re-
gion’s risk from red (“very high
risk”) to green (“new normal”).
m rp
“It holds governments ac-
countable for what they’re do-
co Fo
n-
In February, Michael Taylor
flew to Boston, according to
court documents, where he
owns a house in a distant sub-
urb. His son flew from Dubai to
Boston on March 22, the court
documents said, after coun-
tries around the world started
going into lockdown to slow
the spread of coronavirus.
Prosecutors said both Tay-
lors were arrested early
Wednesday. Peter Taylor had
been planning a trip to Beirut
later in the day, prosecutors
said in court documents.
At a hearing Wednesday af-
ternoon, conducted by video,
the Taylors sat side by side in
a small cinderblock room,
wearing orange jumpsuits and
tan masks. Michael Taylor
briefly crossed himself shortly
before the hearing began.
Judge Donald Cabell said
THE CORONAVIRUS PANDEMIC
Coronavirus Daily Update
As of 9:32 p.m. EDT May 20
1,551,668
U.S. cases
4,995,712
World-wide cases
Source: Johns Hopkins University Center for Systems Science and Engineering
ing and what they’re report-
ing, and it accelerates
progress toward a new normal
where we’re safer,” said Tom
Frieden, president and CEO of
Resolve to Save Lives.
Public health officials say
measures including more in-
creased testing capabilities
and robust contact-tracing
programs are necessary for
safely easing restrictions. But
changing and often inconsis-
tent information has ham-
pered efforts to create a clear
snapshot of how the U.S. is do-
Seafood Boss Demands Strict Quarantine
To Chart a Safe Alaska Fishing Season
As the new
coronavirus
forces big
changes in
how we
work, The Wall Street Journal
is looking at how different
people are coping with the
stresses and risks. For earlier
articles in the series, visit
wsj.com/makingitwork.
BY JULIE WERNAU
Joe Bundrant runs one of
the world’s largest seafood
companies. He knows that
without healthy fishermen
there will be no catch in the
bountiful waters off Alaska’s
coast.
Mr. Bundrant, the 54-year-
old chief executive of Trident
Seafoods, has enforced a
strict quarantine to protect
people and keep business go-
ing during the critical sum-
mer fishing season. The pan-
demic could wreak havoc on
FROM PAGE ONE
formal hearings on continued
detention for the pair would be
held later. Japan has yet to is-
sue a formal extradition re-
quest and has 45 days to do so,
a federal prosecutor said.
Michael Taylor is a longtime
security operative and former
Army special forces soldier
who has made a career out of
arranging complicated, some-
times hair-raising overseas
missions.
Prosecutors asked a federal
judge to detain both Taylors
pending extradition hearings.
They said Michael Taylor
“presents an enormous risk of
flight,” arguing that his alleged
involvement in the Ghosn plot
“demonstrates his aptitude for
hatching escape plans on a
grand scale and his blatant dis-
respect for bond conditions.”
“The plot to spirit Ghosn
93,431
U.S. deaths
328,095
World-wide deaths
ing as a whole in its fight
against the pandemic.
The patchwork of state
rules and regulations has fur-
ther complicated the picture.
Utah never issued a blanket
stay-at-home order but placed
different levels of restrictions
on different counties. Califor-
nia was one of the earliest
states to issue a stay-at-home
order and only recently began
relaxing restrictions, though
curbs in Los Angeles and the
San Francisco Bay Area are ex-
pected to remain in place for
the Last Frontier, and Mr.
Bundrant wants to avoid a re-
peat of the 1918 pandemic
that decimated Alaska’s re-
mote communities.
“If I’m going to put 145
people on a ship, including
my son, and ask them not to
get off the ship for six
months, this is my only
choice,” Mr. Bundrant said.
The $10 million effort in-
cludes isolating hundreds of
workers for two weeks before
sending them to sea and re-
mote fishing villages, their
rooms monitored by quaran-
tined guards. On day 15, if
they have tested negative for
the virus, they are ushered by
quarantined drivers to ships
or private airplanes to begin
a six-month fishing season in
some of the world’s most re-
mote waters. There are con-
sequences for those who re-
fuse to play along. The six
workers who tried to leave
quarantine were fired.
out of Japan was one of the
most brazen and well-orches-
trated escape acts in recent
history, involving a dizzying
array of hotel meetups, bullet
train travel, fake personas, and
the chartering of a private jet,”
prosecutors said, in arguing for
Mr. Taylor’s detention.
In the complaints and ac-
companying court filings, fed-
eral prosecutors provided fresh
details of the alleged escape,
based on the Japanese govern-
ment investigation.
According to those court
documents, Peter Taylor, now
27, traveled to Japan three
times in the months leading up
to Mr. Ghosn’s escape. During
the visits, Peter Taylor met
seven times with Mr. Ghosn,
according to meeting records
Mr. Ghosn was required to
maintain as part of his bail
Thursday, May 21, 2020 | A7
294,312
ly
U.S. recoveries
1,897,639
World-wide recoveries
some time. Georgia Gov. Brian
Kemp’s order late last month to
allow nonessential businesses
such as hair salons and gyms to
open was one of the nation’s
most aggressive reopenings.
As states begin to reopen,
governors and other leaders
are having to navigate a host of
new issues. They are thinking
about the safety of reopened
plants, open-plan offices and
public transportation, con-
fronting state budgets hit by
sudden revenue shortages and
figuring how to conduct elec-
Trident is the largest U.S.
seafood company, employing
5,000 during the peak fishing
season in Alaska. The state’s
fishing industry catches 60%
of the seafood in the U.S., in-
cluding salmon, cod, halibut,
rock fish and herring.
Mr. Bundrant is hardly an
outsider in these parts. He
lived in a trailer in Kodiak
with his parents until the
family moved to Seattle when
he was 4. As a teenager, he
spent summers in Alaska,
working as a fisherman or a
processor, 16 hours a day,
seven days a week.
His now-wife told him she
didn’t want to marry a fisher-
man, so he stopped working
on the boats. But his yearly
travels to the region make
the fishing communities of
Alaska an extended family.
When the virus struck, he
could hear the fear in the
voices of community leaders,
many of whom are friends.
conditions.
On his final trip, in late De-
cember, Peter Taylor allegedly
checked into a Tokyo hotel
where he met for an hour with
Mr. Ghosn. The next day, the
younger Mr. Taylor allegedly
received Mr. Ghosn’s luggage
at the hotel. Mr. Ghosn arrived
separately and allegedly went
to Peter Taylor’s room to
change clothes.
Michael Taylor and Mr.
Zayek, meanwhile, arrived in
Osaka, bringing two large
boxes that looked like they
were for musical equipment.
The pair then made their way
to Tokyo by train. Surveillance
videos show them meeting up
with Mr. Ghosn and Peter Tay-
lor at the younger Mr. Taylor’s
hotel room. All four men were
spotted on video leaving to-
gether.
KEVIN LAMARQUE/REUTERS
tions with social-distancing.
State governments estimate
the collective expense of fight-
.
ing the pandemic at some $45
billion; most want the federal
government to repay in full,
rather than be reimbursed at
the 75% rate allowed under the
law, the Federal Emergency
Management Agency said.
Organizations representing
state, territorial and local gov-
ernments asked Congress on
Wednesday to approve an aid
package that would help fund
services and essential jobs as
states, cities and counties face
budget shortfalls.
Texas Gov. Greg Abbott on
Wednesday asked state agen-
cies and universities to reduce
their budgets by 5%. New
York’s state government is
holding back more than $1 bil-
lion of planned spending. Cali-
fornia Gov. Gavin Newsom,
who months ago announced a
$5.6 billion budget surplus,
has outlined a revised budget
plan as the state anticipated a
$54.3 billion hole in the cur-
rent and coming fiscal years.
“There are certain communi-
ties in Alaska who don’t want
us or our competitors to
come,” he said.
Mr. Bundrant says by lock-
ing down his employees, he
can prevent them from im-
porting a deadly contagion.
He has also instructed engi-
neers to coach front-line
workers on how to fix boats
and equipment themselves.
Last week, Mr. Bundrant
put on a button-down shirt
for only the second time in
two months to meet the first
fish to arrive from the start
of Copper River salmon sea-
son at Seattle’s airport.
“Usually, the captain hands
it to us. This year he set it up
on a table, and we picked it
up. Everyone had gloves and
masks. Usually, a group of
chefs have a cook-off. That
didn’t happen this year,” he
said.
—Jesse Newman
contributed to this article.
Later that evening, Michael
Taylor and Mr. Zayek arrived
at the Osaka airport, with Mr.
Ghosn “hiding in one of the
two large black boxes.” Once in
Turkey, Mr. Ghosn boarded a
second jet for Lebanon, while
Michael Taylor and Mr. Zayek
took a commercial flight to
Lebanon, the Journal previ-
ously reported.
It isn’t clear what, if any-
thing, Michael Taylor and his
associates were paid for their
alleged roles in the escape
plan. The Lebanese-born Mr.
Zayek previously worked with
Mr. Taylor’s Boston-based se-
curity company and worked in
private security with U.S.
forces in Afghanistan and Iraq,
according to his relatives.
—David Gauthier-Villars
in Istanbul
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Thursday, May 21, 2020
Big Events
Seen as Key
To Spread
Continued from Page One
leased in indoor spaces.
A more surprising finding is
that mass infections tend to
be more serious than those
contracted in other circum-
stances, perhaps because of
sustained exposure to a larger
amount of virus.
“Most cases globally, and
especially most deaths, hap-
pened after superspreading
events,” said Hendrik Streeck,
a virologist with the Univer-
sity Hospital Bonn, Germany,
who published the world-wide
first study of a novel coronavi-
rus superspreading event.
His research into the out-
break in the western county of
Heinsberg, which in March be-
came a center of the epidemic
in Germany, established that
the infection spread across the
region like wildfire after
around 400 people took part
in a traditional carnival party.
They drank, sang, kissed and
danced for several hours in a
large hall on Feb. 15.
The people who attended
not only got infected and then
spread the virus across the
county, but also showed stron-
ger symptoms and a compara-
tively severe illness, Dr. Streeck
said—possibly because they re-
ceived a higher load of the vi-
rus from close and prolonged
exposure. Weeks later, thou-
sands were infected across the
region and dozens died.
Superspreading events exist
in many infectious diseases,
but with Covid-19, the disease
the new coronavirus causes,
they are especially dangerous
because the virus has a longer
period of incubation in which
patients show no symptoms
but can infect others. SARS
and MERS, two other deadly
coronaviruses that produced
smaller global outbreaks in re-
cent years, were also driven
by superspreading events, re-
search has shown.
The Mardi Gras festivities
in Louisiana, a choir practice
We’ve done the
10,000 hours for your
10 minute meeting.
no
Analysts who know
the markets you need
to understand
Be better prepared for tomorrow.
Members of the Hanau Carnival Club attended the Rose Monday Parade in Muehlheim am Main, near Hanau, Germany, in late February.
in Skagit County, Wash., and a
meeting of executives of the
Biogen drug company near
Boston are among the one-off
events scientists think helped
give the pandemic a boost.
U.S. meatpacking plants,
where hundreds have become
infected, have also emerged as
superspreading sites: counties
with or near meatpacking
plants have been found to
have nearly twice as many
Covid-19 cases as the national
average, according to an anal-
ysis by the Environmental
Working Group, a nonprofit
organization.
In April, Blaine County in
Idaho became one of the U.S.’s
coronavirus hot spots when
on One remaining question
hundreds of people tested pos-
us ,
itive following an apres-ski
l
party.
e
al a
“It is now pretty clear that
large groups of people close
together are good opportuni-
ci on
ties to spread the virus,’’ said
Marc Lipsitch, professor of ep-
idemiology at the Harvard T.H.
Chan School of Public Health.
The experience of several
er s
European countries seems to
confirm the special role played
m er
m rp
co Fo
n-
THE CORONAVIRUS PANDEMIC
by superspreading events.
Over the past four weeks, Ger-
many, Austria, Denmark, Nor-
way and other countries that
have exited early from lock-
downs have removed most re-
strictions on public life except
those targeting mass gather-
ings. So far, new infections
have remained low and con-
stant. Sweden, which never
had a mandatory lockdown,
managed to control and then
reduce the spread by relying
on only one restrictive mea-
sure: prohibiting gatherings of
more than 50 people.
mark regards schools. While
no country where schools have
reopened has so far reported a
sharp increase in infections,
some scientists fear schools
could act as accelerators for
the pandemic.
SARS, another coronavirus
that originated in China and is
genetically near-identical to
Covid-19, briefly spread world-
wide in 2003 after
a guest at the Metropole Hotel
in Hong Kong infected interna-
tional visitors who
then spread the disease across
* *
Crowd Control country’s national science
agency, studied both coronavi-
A model estimated how much rus outbreaks and said the les-
restricting mass gatherings son is that authorities must
could slow the spread of the curb all gatherings of more
new coronavirus in Australia. than 100 people.
Total anticipated cases His modeling shows that
Mass gatherings allowed lockdowns could be replaced
50-person limit by targeted measures with a
No mass gatherings much smaller economic impact,
such as banning mass events,
1,000,000 asking a significant number of
white-collar workers to work
from home and encouraging
ly
10,000 widespread use of smart-
phone contact-tracing apps.
What about crowded sub-
100 ways and commuter trains?
Prof. Small is confident that
the use of subways during
rush hour is certain to turn
1
into a superspreading event.
DAYS 30 60 90 120 150 When London authorities
Notes: Model is based on the population of reduced the number of subway
Western Australia; plotted on logarithmic scale
Source: Michael Small, trains in March—causing
University of Western Australia greater crowding than usual—
they created superspreading
continents, said Michael Small, conditions, said Prof. Michael
a lecturer in applied mathe- Levitt, a Stanford lecturer and
matics at the University of Nobel Prize laureate. He advo-
Western Australia. cates the use of face masks
Prof. Small, who holds the and regular testing of bus
chairmanship in complex engi- drivers, shopkeepers and de-
neering systems at CSIRO, the livery couriers. Bars should
Learn More: si.wsj.com
© 2020 Dow Jones & Co., Inc. All rights reserved. 3DJxxxx
THE WALL STREET JOURNAL.
also be regulated, he said, be-
cause loud music there forces
patrons to speak louder.
In Britain, which has one of
the worst Covid-19 death rates
in the world, authorities al-
lowed for a series of mass
events to take place in March,
including large-scale concerts,
soccer games and horse races.
George Batchelor, director of
Edge Health, a data-analytics
firm that works with Britain’s
health-care provider, thinks
those gatherings prompted a
significant increase in hospital-
izations and mortality related
to Covid-19 in the respective
regions. He studied two soccer
matches and a horse race—all
of which took place outdoors,
MAXIMILIAN VON LACHNER/EPA/SHUTTERSTOCK
preceded and followed by the
mass use of public transport
and visits to bars and pubs.
“It would seem very unwise
to allow for any such events
anytime soon,” Mr. Batchelor
said.
Some of the lessons from
the research are being applied.
In Germany, choral singing has
been banned from religious
services and Bundesliga soccer
games are taking place without
spectators, while churches in
Britain are considering a ticket
system to avoid crowding.
Austria will allow cultural
events, such as concerts with
up to 1,000 visitors, under strict
security measures starting in
August, while clubs and night-
life venues will remain closed, a
government spokesman said, af-
ter outbreaks in such establish-
ments in South Korea. A study
published this week found that
.
banning mass gatherings had
the biggest contribution to
bringing the epidemic under
control in Germany.
Superspreading events
could even reignite the epi-
demic when the situation ap-
pears under control, said Cris-
topher Moore, a physicist with
the Santa Fe Institute.
Dr. Streeck, the German vi-
rologist, agrees. While most
experts expect a deadly second
wave of coronavirus infections
in the fall, he said a sharper
focus on preventing super-
spreading events and vigilant
monitoring could help avoid
such a scenario. “We are all
conducting experiments in our
countries—no one knows how
to do this right,” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, May 21, 2020 | A9

WORLD NEWS
Migrants Face a Greek Backlash Palestinian
Officials
Asylum seekers say
police have forcibly
expelled them to
Threaten
Turkey in crackdown Israel Ties
BY RAJA ABDULRAHIM BY FELICIA SCHWARTZ
AND DOV LIEBER
Greek police, escalating
their tough measures against TEL AVIV—Palestinian offi-
migration, have been rounding cials vowed to press ahead with
up asylum seekers living in the canceling all agreements with
country and forcibly expelling Israel, including over security,
them to Turkey, according to as they sought to rally interna-
accounts by migrants who tional support against a poten-
have experienced this, lawyers tial move by the new Israeli
and human-rights activists. government to annex parts of
Nadeem Kohistani had been the occupied West Bank.
ALEXANDROS AVRAMIDIS FOR THE WALL STREET JOURNAL

at a migrant camp in Greece Palestinian Authority Presi-

for more than two months dent Mahmoud Abbas on
when, he says, Greek police Tuesday declared an end to all
handcuffed him, drove him ties—including security, eco-
more than 200 miles back to nomic and political—with Is-
the Turkish border and forced rael and the U.S. in response
the 18-year-old Afghan to get to a pledge by Prime Minister
on a smuggler’s boat to cross Benjamin Netanyahu’s govern-
the Evros River. ment to begin the annexation
He said he and other mi- process this summer.
grants showed the police their Mr. Abbas has made similar
Greek official documents indi- threats before without follow-
cating they had taken the first ing through.
step toward applying for asy- On Wednesday, Palestinian
lum, but that the police ex- Authority Prime Minister Mo-
pelled them anyway. Police of- Refugees and migrants in Thessaloniki, Greece, on Monday gathered outside an asylum office that had been closed since mid-March. hammad Shtayyeh said Pales-
ficers beat them and took their tinian officials were in discus-
money and cellphones, he said. and human-rights groups. organizations. ify for asylum. Human-rights North Africa, he said. Some are sions internally and with
“At the river they said, This year, Greek Prime Min- Beginning in late February, activists allege Greek authori- from Iraq and Syria. Mr. Koros international and Arab diplo-
‘This is where we drop you, go ister Kyriakos Mitsotakis said Greece deployed extra troops ties have turned to unofficial, said Greek police are targeting mats over ending the agree-
to the river and go outside of publicly that his country to its land border with Turkey and illegal, methods. migrants and refugees who ha- ments with Israel.
Greece,’ ” Mr. Kohistani wouldn’t tolerate illegal entries to stop large numbers of mi- “It’s not a deportation, it’s ven’t officially filed an asylum “We’ve decided to break

.
said. He said he and the other and would protect its borders. grants who were openly en- an illegal pushback,” said Dim- claim. But even people who away from all the agreements
migrants had no choice. Greece, carrying much of couraged by Turkey’s govern- itris Koros, a lawyer with the have received a police docu- with Israel because it has an-

At least 250 asylum seekers the burden of refugees and mi-
have been forcibly expelled grants trying to reach Europe
from Greece since late March, and hosting tens of thousands
according to cases docu-
mented by the Border Violence
Monitoring Network, a non-
governmental organization
in overcrowded camps, has in-
creasingly put up obstacles to
asylum seekers who cross ille-
gally by land or sea. For years,
on
that documents information Greek police and coast guards
us ,
ment to try to cross into
Greece. Nearly all of the mi-
grants were blocked or pushed
back quickly after entering
Greek territory. At least one
person died in the melee. Ath-
ens has rejected allegations
made by migrants and human-
Greek Council for Refugees,
which advocates for the rights
of refugees and provides legal
and social assistance. “It’s ille-
gal according to the Geneva
convention and Greek law.”
Local and international law
requires that the deportations
ly
ment that allows them to stay
in Greece for 30 days, and who
have expressed their intention
to apply for asylum, are con-
sidered asylum seekers under
Greek law and can’t legally be
deported without due process,
Mr. Koros said.
nounced on a number of occa-
sions that it will annex parts
of the West Bank,” Mr.
Shtayyeh said in a call with
Norwegian Foreign Minister
Ine Marie Eriksen Soreide, ac-
cording to a readout of the call
carried by the official Palestin-

on European countries’ push- have pushed migrants back rights groups of violence and follow due process and are With Greece’s asylum sys- ian Authority website Wafa.
l

backs of migrants. Simon across its borders as soon as gunfire by its border guards. done in coordination with the tem suspended, many people’s Secretary of State Mike
e
al a

Campbell, a field coordinator they entered, not letting them Greece suspended its asy- receiving country. As prepara- 30-day police papers expired Pompeo urged the Palestinian
with the network, said he be- register claims for asylum, ac- lum-applications procedure in tion for legal complaints in before they could apply for Authority to keep the security
lieves the real number is big- cording to numerous testimo- March for a month. Asylum of- Greek and European courts, Mr. asylum. Some migrants and agreements in place, saying
ci on

ger, given that many migrants nies. But since March, the po-
who are returned to Turkey lice have expanded pushbacks
don’t speak out. to deep inside Greece’s terri-
Greek government officials tory, sweeping up asylum seek-
denied all reports of extrajudi- ers who have in some cases
er s
fices remained closed until May
because of the coronavirus.
Since a 2016 deal between
the European Union and Turkey
fell apart in recent months,
Koros and his group have col-
lected testimonies from around
10 migrants who say they were
recently forcibly expelled from
deep inside Greece.
rights groups say police are they keep Israelis and Pales-
promising people that they tinians safe.
will renew their papers and in- Presumptive Democratic
stead are deporting them. nominee Joe Biden on
Turkish immigration au- Wednesday called for Mr. Ne-

cial deportations but didn’t an- been in the country for there is no longer an official Most of the migrants who thorities didn’t respond to re- tanyahu to stop the annexa-
swer specific questions regard- months, according to migrants, way for Greece to send migrants report being expelled are from quests to comment on Greece’s tion process, saying “it’ll
m er

ing the allegations by migrants lawyers and nongovernmental back to Turkey who don’t qual- Afghanistan, Pakistan and alleged expanded pushbacks. choke off any hope of peace.”
m rp
co Fo
n-
no

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Thursday, May 21, 2020
Dow Jones Industrial Average, daily moves
10%
5
0
–5
–10
–15
Jan. Feb.
Sources: FactSet (Dow Jones Industrial Average); Refinitiv (fund flows, municipal bonds)
The Day
Markets
Seized Up
Continued from Page One
kets on which they rely to
make payroll and build
schools.
Prime money-market funds
that are owned by big institu-
tional investors and buy a lot
of short-term corporate debt—
normally safe and boring—had
outflows of $60 billion in the
week ending that Wednesday,
financial-data firm Refinitiv
said, among the worst ever.
Some $56 billion in client
money fled bond funds.
Interest rates on short-term
corporate debt surged, peak-
ing on March 25 at 2.43 per-
centage points above the fed-
eral-funds rate—the highest it
has been since October 2008,
according to the Federal Re-
serve Bank of St. Louis.
The financial system has
endured numerous credit
crunches and market crashes,
and memories of the 1987 and
2008 crises set a high bar for
market dysfunction. But long-
time investors and those who
make a living on Wall Street
say mid-March of this year
was far more severe in a short
period. Moreover, the stresses
to the financial system were
broader than many had seen.
“The 2008 financial crisis
was a car crash in slow mo-
tion,” said Adam Lollos, head
of short-term credit at Citi-
group Inc. “This was like,
‘Boom!’ ”
A barrage of government
programs has since pulled the
system back from collapse.
This account of what hap-
pened on one of the worst
days the financial markets
have ever seen, from many of
the executives, money manag-
ers and Wall Street veterans
who lived it, shows why the
rescue effort was so urgent.
Setting the Stage
The Federal Reserve set the
stage for the downturn on
Sunday, March 15. Most inves-
tors were expecting the cen-
tral bank to announce its lat-
est response to the crisis the
following Wednesday. Instead,
it announced at 5 p.m. that
evening that it was slashing
interest rates and planning to
buy $700 billion in bonds to
help unclog the markets.
Rather than take comfort in
the Fed’s actions, many com-
panies, governments, bankers
and investors viewed the deci-
sion as reason to prepare for
the worst possible outcome
from the coronavirus pan-
demic.
A downdraft in bonds was
now a rout.
Mr. O’Hanley was in a good
position to see the crisis un-
fold. His bank provides vital, if
unheralded, administrative
and bookkeeping services for
most of the world’s biggest in-
vestors, and runs its own tril-
lion-dollar money manager.
Companies and pension
managers have long relied on
money-market funds that in-
vest in short-term corporate
and municipal-debt holdings
considered safe and liquid
enough to be classified as
“cash equivalents.” They func-
tion almost like checking ac-
counts—helping firms manage
payroll, pay office leases and
move cash around to finance
their daily operations.
But that Monday, investors
no longer believed certain
money funds were cash-like at
all. As they pulled their money
out, managers struggled to
sell bonds to meet redemp-
tions.
Rumors circulated that
some of State Street’s rivals
would be forced to prop up
their funds. Within days, both
Goldman Sachs Group Inc. and
Bank of New York Mellon
Corp. stepped in to buy assets
from their money funds. Both
March April May
A trader watches as stocks begin their plunge at the New York Stock Exchange on March 16. The DJIA lost nearly 13% by day’s end.
us ,
Cboe Volatility Index
e
al a
ci on
2000-02
Dot-com crash
er s
m er
m rp
co Fo

Source: FactSet
firms declined to comment.
This was bad news for not
only those funds and their in-
vestors, but also for the thou-
sands of companies and com-
munities dependent on short-
term loan markets to pay their
n-
employees. “If junk bonds back
up, people can rationalize that
away,” Mr. O’Hanley said.
“There’s very little ability to
no
rationalize trouble in cash.”
Across the country in
Southern California, the head
of the debt-trading desk at in-
vestment firm Capital Group
Cos., Vikram Rao, tried to
make sense of the dysfunction.
Mr. Rao, who was working
remotely that Monday, walked
down the 20 steps to his home
office at 4:30 a.m. to discover
the debt markets were already
in disarray. He started calling
the senior Wall Street execu-
tives he knew at many of the
big banks.
Executives told him that
Sunday’s emergency Fed rate
cut had swung a swath of in-
terest-rate swap contracts in
banks’ favor. Companies had
locked in superlow interest
rates on future debt sales over
the past year. But when rates
fell even further, the compa-
nies suddenly owed additional
collateral.
On that Monday, banks had
to account for all that new col-
lateral as assets on their
books.
So when Mr. Rao called se-
nior executives for an explana-
tion on why they wouldn’t
trade, they had the same re-
frain: There was no room to
buy bonds and other assets
and still remain in compliance
with tougher guidelines im-
posed by regulators after the
previous financial crisis. In
other words, capital rules in-
tended to make the financial
system safer were, at least in
this instance, draining liquid-
ity from the markets.
One senior bank executive
leveled with him: “We can’t
bid on anything that adds to
FROM PAGE ONE
Fund flows, weekly
$25 billion
0
–25
–50
–75
–100
–125
Jan. Feb.
on
2008
l
Financial crisis
’5 ’
the balance sheet right now.”
At the same time, the surge
in stock-market volatility,
along with falling prices on
mortgage bonds, had forced
margin calls on many invest-
ment funds. The additional
collateral they owed banks
was also booked as assets,
adding billions more.
The slump in mortgage
bonds was so vast it crushed a
group of investors that had
borrowed from banks to juice
their returns: real-estate in-
vestment funds.
The Fed’s bond-buying pro-
gram, unveiled that Sunday,
had earmarked some $200 bil-
lion for mortgage-bond pur-
chases. But by Monday bond
managers discovered the Fed
purchases, while well-inten-
tioned, weren’t nearly enough.
‘I don’t think anyone
alive has experienced
anything more
violent.’
“On that first day, the Fed
got completely run over by the
market,” said Dan Ivascyn,
who manages one of the
world’s biggest bond funds
and serves as investment chief
at Pacific Investment Manage-
ment Co. “That’s where REITs
and other leveraged-mortgage
products started getting into
serious trouble.”
That Tuesday, UBS Group
AG closed two exchange-
traded notes tied to mortgage
real-estate investment trusts.
By Friday, a mortgage trust
run by hedge-fund firm Angelo
Gordon & Co. had warned its
lenders it wouldn’t be able to
meet its obligations on future
margin calls.
For decades investors have
eagerly scooped up state and
local government bonds month
after month, week after week,
Bond mutual
funds
Bond ETFs
Institutional
prime money
funds
March April May
’5
every week. But that came to a
standstill in mid-March.
Terrified investors ditched
municipal debt at fire-sale
prices, underwriters canceled
billions of dollars worth of
deals and new borrowing
stopped. There was less bond
issuance in the week of March
16 than at any point during
the 2008 financial crisis, the
2001 terrorist attacks or the
week of 1987’s Black Monday,
according to Refinitiv data,
adjusted for inflation.
For those few days in
March, investors lost faith in
America’s public infrastruc-
ture. As schools and universi-
ties shut down and airports
and public transit systems
emptied out, the market began
to question what had been
previously considered gold-
plated bets on the core institu-
tions that make up community
life in the country.
The deep trouble in the
market was clear early on the
morning of March 16.
Cities and states often rely
on short-term debt issued
through bond dealers, who
then resell the securities to in-
vestors. Billions of dollars of
that paper was up for resale
the following day. Rates, which
had been around 1.28%, looked
like they could reach 6%.
At the same time, long-term
municipal-bond deals were be-
ing pulled. During that week
Citigroup Inc., the second-big-
gest underwriter in the munic-
ipal market, wouldn’t launch a
single new bond.
Staff at Citigroup’s munici-
pal markets division worked in
various locations that day,
some from home, some from
the bank’s Manhattan head-
quarters and some from a
backup office in Rutherford,
N.J. Throughout the day, Citi
representatives called finance
officers in state and local gov-
ernment to deliver the bad
news: Their short-term bor-
rowing costs were about to
spike. And longer deals were
* *
U.S. municipal-bond issuance, weekly
$15 billion
10
5
0
Feb.
ly
82.69
MARCH 16
all-time high
’
on hold.
Patrick Brett, head of mu-
nicipal debt capital markets at
the firm, was making his calls
from a rustic house on a for-
ested ridgeline in the Catskills.
That night, he would write
his first of many crisis updates
to state and local government
finance officials around the
country. In his mind, this was
worse than 2008. “I don’t
think anyone alive has experi-
enced anything more violent,”
he said in an email to The Wall
Street Journal.
Citi bankers had reached
out to Larry Hammel, finance
chief of the Forsyth County
school district, the previous
week as the muni market be-
gan to dry up. The district had
planned to sell nearly $150
million in bonds on March 17
so it could keep construction
going on four desperately
needed new schools.
‘Beer or wine’
When Citi advised putting
the deal on hold for a while,
Mr. Hammel huddled with his
chief facilities officer and the
two men did the math. With-
out the cash infusion the dis-
trict had expected from the
bonds, construction would halt
in July.
“It’s one of those days
where you just go home and
say ‘It’s either going to be
beer or wine,’ ” Mr. Hammel
said.
He began discussions with a
local bank about whether the
district might be able to se-
cure a bridge loan to keep
school construction going. It
wasn’t until March 30 that the
bonds eventually sold, largely
thanks to government pro-
grams that brought markets
back from the brink.
The liquidity panic quickly
leaked into the stock market.
Thomas Peterffy, chairman of
Interactive Brokers Group, an
electronic brokerage popular
with day traders, had trouble
THE WALL STREET JOURNAL.
Week of March 15
$783 million
March April May
sleeping Sunday night. He
would wake up, grab his
iPhone and get another dire
update on where stock futures
were trading. They dropped
5%, the most allowed in a sin-
gle session.
By the time Mr. Peterffy
started work on Monday
morning from his home in
Palm Beach, Fla., many inves-
tors had been forced to sell
their positions because they
didn’t have enough cash on
hand to maintain them.
He repeatedly asked his
team how big the losses in cli-
ents’ accounts were, which
bets had soured, and how
much money Interactive Bro-
kers could be on the hook for
if they didn’t make good.
JUSTIN LANE/EPA/SHUTTERSTOCK
‘Fear gauge’
Adding to the tumult, Mr.
.
Peterffy said, were the options
bets against volatility.
For more than a decade,
markets had been generally
calm. A wildly popular bet for
traders large and small was
that they would remain so. But
volatility had been mounting
since late February. By March

16, it was at a roar.
The Cboe Volatility Index,
known as Wall Street’s “fear
7
gauge,” lurched higher during
the day and closed at its high-
est level on record of 82.69.
 Malachite Capital Manage-
ment, a New York hedge-fund
firm, didn’t make it past Tues-
5 day. On March 17, the firm said
it would shut down, blaming
the “extreme adverse market
4 conditions of recent weeks.”
The losses were also extreme
for others that traded on vola-
3 tility. At JD Capital Manage-
ment LLC, a hedge-fund firm
founded by Goldman Sachs
 veteran J. David Rogers, the
firm’s Tempo Volatility Fund
lost 75% or more for the
month of March.

That same Monday, traders
at Allianz Global Investors, a
money-management arm of
 the German insurance giant,
were struggling to restructure
their own batch of disastrous
options trades.
Big seller
Allianz’s Structured Alpha
funds had been a big seller of
insurance against a market
selloff in the short term and a
buyer over the longer term.
The strategy produced a
steady income, as the fund
collected premiums from in-
vestors hedging against a
downturn. The funds might
lose money for a month during
a selloff as they restructured
those short-term trades, Greg
Tournant, the funds’ portfolio
manager, said during a May
2016 marketing video, but
over time they’d make money.
“We are acting like an in-
surance company, collecting
premiums,” Mr. Tournant said.
“When there is a catastrophic
event, we might have to pay—
very much like an insurance
company. The positions we
buy to protect ourselves from
those catastrophic shocks—
you could label those as rein-
surance.”
When the big storm arrived
in March, though, the strategy
didn’t work.
As options contracts swung
dramatically, Allianz managers
scrambled to restructure their
trades. They struggled to keep
up; the stock market was spi-
raling lower at a pace the
managers didn’t expect.
On March 25, Allianz in-
formed investors that two of
its Structured Alpha hedge
funds that managed nearly
$2.3 billion would be liqui-
dated.
Allianz executives told in-
vestors that one of the funds
was down about 97% since the
start of the year, one person
familiar with the matter said.
Even after a March 25 confer-
ence call with Allianz, some
investors said, they were still
unsure what exactly went
wrong.
—Heather Gillers and Gunjan
Banerji contributed to this
article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, May 21, 2020 | A11

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A11A | Thursday, May 21, 2020
State to Allow Small Religious Gatherings
Starting Thursday,
services with 10 or
fewer people can
resume, Cuomo says
BY JIMMY VIELKIND
Religious services with 10
or fewer people will be per-
mitted again in New York
state, Gov. Andrew Cuomo said
Wednesday, as restrictions re-
lated to the new coronavirus
are relaxed.
The Democratic governor
already had said that Memo-
rial Day celebrations with that
number of people could take
place in the coming days.
Services can resume start-
ing Thursday, Mr. Cuomo said,
as long as participants stay
apart and wear masks. Drive-
in services also are permitted.
“I think those religious cer-
Mask Complaints Highest in Wealthy Neighborhoods
BY JOSH BARBANEL
Face coverings have become
an essential health and fashion
item in New York City, but not
everyone is complying with
new state rules requiring them.
Complaints have been pour-
ing in from affluent parts of
Manhattan and Brooklyn, more
so than in other areas, even
though these neighborhoods
have lower rates of infection
and death than many lower-in-
come sections of the city.
City records show about
4,000 people have reported vi-
olations of the face-covering
rules since the 311 system be-
gan tracking such complaints
about three weeks ago, a Wall
Street Journal analysis shows.
The data don’t provide a clue
about the reasons for the dis-
parity in reporting face-covering
complaints: Whether residents
set higher expectations in those
neighborhoods, or whether com-
pliance was better elsewhere.
When the city began re-
porting at the end of March on
complaints about social dis-
tancing, another component in
the fight against coronavirus,
they were more evenly distrib-
uted across the city.
Asked whether the mayor or
health officials tallied compli-
ance in various neighborhoods,
Olivia Lapeyrolerie, a spokes-
woman for Mayor Bill de Bla-
sio, said the “overwhelming
majority of New Yorkers are
wearing masks when in public.”
There were complaints to
the city via Twitter about a
mask-free soccer game in
Brooklyn’s Highland Park,
barefaced cooks at a kebab res-
taurant in Queens and joggers
in Manhattan’s East River Park.
“In about 30 minutes while
running essential errands, I
saw 21 people with no face
mask in South Park slope
area,” one tweet to 311 said.
“This is one reason why we are
no
not controlling the virus yet!”
As of March 22, Gov. An-
drew Cuomo banned large
gatherings and ordered New
In Newark, Contact Tracing
Ramps Up With Student Help
BY JOSEPH DE AVILA
For Christopher Minick, the
hardest part of being a contact
tracer is talking to people
about the loved ones they lost
to Covid-19.
The 24-year-old student at
the Rutgers School of Public
Health is one of roughly 400
volunteers in Newark, N.J.’s
new contact-tracing program,
one of the largest in the state.
The program, which started
about two weeks ago, is part
of the city’s push to stamp out
new coronavirus outbreaks.
Mr. Minick makes about 15
to 20 calls a day, alerting peo-
ple when they have been ex-
posed to someone who tested
positive for the virus and in-
structing them how to self-
quarantine and access health
care or housing services, if
needed. Sometimes people
don’t want to talk, but other
times, they open up, he said.
“I do more than just con-
tact trace,” he said. “Part of it
is just showing empathy.”
Newark, the state’s largest
city, has had nearly 7,000
Covid-19 cases and more than
500 deaths linked to the dis-
GREATER NEW YORK
emonies can be very comfort-
ing,” Mr. Cuomo said, caution-
ing: “The last thing we want
to do is have a religious cere-
mony where more people are
infected.”
The Rev. Jason McGuire, ex-
ecutive director of New York-
ers for Constitutional Free-
doms, which lobbies on behalf
of evangelical Christian
churches, sent Mr. Cuomo a
letter Tuesday signed by more
than 300 pastors who asked to
prioritize in-person religious
services.
Mr. McGuire said the gover-
nor had taken a positive step,
but noted that there were
more than 10 people present
in the state Capitol for Mr.
Cuomo’s daily news confer-
ence.
Many churches and syna-
gogues have streamed services
online since March, when New
York reported its first con-
on
us ,
l
e
al a
ci on
er s
m er
People gather in Manhattan’s Hudson River Park. New York City records show about 4,000 people have reported face-covering violations in about the past three weeks.
York residents to observe so-
m rp
cial distancing of at least 6
feet in public. That has so far
triggered nearly 40,000 com-
plaints to the 311 system.
A second state order that
co Fo
took effect April 17 required
anyone over 2 years old with-
out a medical disability to
cover their mouth and nose
with a mask or cloth when in a
public place or when they are
unable or unwilling to maintain
social distance from others.
Since April 26, when the
city created a new “Face Cov-
ering Violation” reporting cat-
egory, there have been 3,926
complaints filed to 311. The
n-
city made face masks a prior-
ity and set up a separate face-
covering webpage to make it
easy to file complaints.
The two biggest days for
complaints about face cover-
ings were May 3 and 15, the
hottest days of the month
ease. The number of new cases
statewide continues to decline,
and the daily number of new
cases has fallen by more than
half since New Jersey peaked
in late April.
The Newark Alliance, a non-
‘Part of it is just
showing empathy,’
says a 24-year-old
volunteer.
profit group that focuses on
improving the city’s economy,
is leading the effort with city
health officials. Rutgers Uni-
versity and its large pool of
student volunteers, along with
Partners in Health, a nonprofit
global-health organization
that is directing the contact-
tracing program in Massachu-
setts, are assisting.
New Jersey is ramping up
its own contact-tracing pro-
gram and aims to hire as many
as 5,000 people in addition to
the 900 or so currently work-
ing in the state. Gov. Phil Mur-
NY
firmed infections.
“If you can safely do a First
Amendment press conference,
you can also let people exer-
cise their freedom of religion,”
Mr. McGuire said.
Dennis Poust, a spokesman
for the New York State Catho-
lic Conference, which lobbies
for Roman Catholic dioceses,
said in a statement: “Our
Catholic people are hungry for
the Mass and are anxious to
gather together again in
prayer and worship. At the
same time, we have a moral
obligation to protect our con-
gregations and our clergy
from Covid-19, so we will pro-
ceed slowly and responsibly
and collaboratively.”
Cardinal Timothy Dolan,
who leads the Archdiocese of
New York, will discuss plans
for reopening on Thursday, his
spokesman said. The governor
said he would be convening a
when the temperature hit 80
degrees or higher.
The number of reported vio-
lations may be an underesti-
mate. Not all calls to 311 were
initially included in the data
because of “operational and
system complexities” associ-
ated with operators working
from home, according to a note
posted with the data. Nearly
two-thirds of the complaints
listed in city files were made
online rather than by phone.
There were 72 complaints
per 100,000 residents in Man-
hattan for face-covering viola-
tions, about twice the rate in
the Bronx and Queens, and far
more than in Brooklyn, which
had 46 complaints for every
100,000 residents.
The number of complaints
per 100,000 residents also rose
as median household income by
ZIP Code rose and as the nonmi-
nority share of the population
phy has said increasing the
state’s testing capacity and
building a robust contact-trac-
ing program are steps the state
must take before it begins lift-
ing restrictions it has imposed
to curb the spread of the virus.
“The groundwork that is be-
ing laid now in Newark and New
Jersey is not just critical for
public-health reasons, but it’s
really going to be informing an
economic and recovery strat-
egy,” said Aisha Glover, chief ex-
ecutive of the Newark Alliance.
While the tracers in New-
ark’s program aren’t being
paid, the city hopes to change
that in the future, she said.
On a typical day, the con-
tact tracers log into a com-
puter system showing them
lists of people who have come
into contact with Covid-19 pa-
tients. The names and phone
numbers of the contacts are
supplied by the person who
tested positive for the virus.
The contact tracers, who
are all working from home,
then call each of the people on
the list to see if they have ac-
cess to food and if they can
self-isolate so they don’t infect
others, Ms. Glover said. The
council of faith leaders to fur-
ther discuss the matter.
Another 112 New Yorkers
died from the virus on Tues-
day, state officials reported,
bringing the number of con-
firmed fatalities in the state to
22,955.
In New Jersey, the state re-
corded 168 Covid-19 deaths on
Wednesday, raising the overall
total to 10,747. The number of
cases increased by 1,670, and
the cumulative total now
stands at 150,399.
The number of New Yorkers
hospitalized has declined in
recent days, and as of Wednes-
day, regions north of Pough-
keepsie and Kingston were al-
lowed to resume nonessential
manufacturing and construc-
tion, as well as retail activities
with curbside pickup.
State officials acknowl-
edged Wednesday that the
rate of hospitalizations ticked
rose. There were 83 reports per
100,000 in the 17 ZIP Codes with
a median income of $125,000 or
more, compared with a rate of
35 in the 20 poorest ZIP Codes,
where the median income was
$30,000 or less.
Police said they took action
in about half the face-covering
complaints, according to the
filings. In other cases, police
said action wasn’t necessary
or no violation was found. The
records show one summons is-
sued, and one arrest made.
Last Friday, Mr. de Blasio
said he would reset city policy
to focus on large gatherings
rather than face-covering vio-
lations. The move came after
the police said 91% of the
more than 100 arrests related
to coronavirus were of black
or Hispanic people. Mr. de Bla-
sio said police would give out
face masks and remind people
about proper behavior.
Newark has had nearly 7,000 Covid-19 cases and more than 500 deaths linked to the disease.
tracers make sure those peo-
ple can get tested for the vi-
rus. They also can help con-
nect them with a place to stay
in a hotel set up for self-isola-
tion if they are at risk of in-
fecting others, she said.
Long-term containment of
the coronavirus will depend on
contact-tracing programs, said
Katie Bollbach, director of the
U.S. public-health accompani-
ment unit for Partners in
Health. The organization,
which has worked on epidemic-
response teams in East Africa
during the Ebola outbreak and
* * THE WALL STREET JOURNAL.
upward in the Finger Lakes
and Central New York regions,
which opened on Friday. They
said they weren’t concerned
about the increase because it
was a lagging indicator. They
noted that they are closely
monitoring the gross rates of
hospitalization and the rate of
positive tests.
“As regions are reopening,
we’re going to take a broader
look at new infection rates,
new positive tests—because
that’s real time,” said Empire
State College President Jim
Malatras, who is advising the
governor on the regional re-
openings. “We don’t want to
be on a lag anymore.”
Mr. Cuomo said it is still
too early to say when restric-
tions would be lifted in New
York City, the Hudson Valley
and Long Island.
The rate of people testing
positive for the virus and the
ly
Complaints about
face-covering violations soared
in Manhattan and affluent
parts of Brooklyn.
311 mask complaints
per 100,000 people
25
MANHATTAN
50
75
100
BROOKLYN
STATEN
ISLAND
Source: NYC 311
in places such as Rwanda and
Haiti for HIV and tuberculosis,
helped develop the training for
the contact tracers in Newark.
If done correctly and with a
sufficient testing capacity, con-
tact tracing can quickly con-
tain an outbreak before it
spreads further, Ms. Bollbach
said. “That’s the whole idea be-
hind contact tracing—to break
that chain of transmission in
the community,” she said.
Newark’s Department of
Health and Community Well-
ness already had about half a
dozen contact tracers on staff
number of Covid-19 patients in
the intensive-care units of
public hospitals ticked down,
New York City Mayor Bill de
Blasio said Wednesday.
However, the number of peo-
ple hospitalized for Covid-19 in
the city rose to 63 from 57 be-
tween Sunday and Monday.
The mayor said it is too soon
to say what form the reopening
of New York City public schools
would take in the fall.
As for coming city events,
Mr. de Blasio didn’t offer fur-
ther details on his previously
announced plans to celebrate
the Fourth of July. He added
that it is too early to say
whether the New York City
Marathon, which takes place in
November, would go forward.
“I think it’s fair to say it’s
going to be a while before
we’re comfortable with any
large gathering,” the mayor
said.
.
RICHARD B. LEVINE/ZUMA PRESS
BRONX
QUEENS
SARAH BLESENER/BLOOMBERG NEWS
who could track outbreaks
such as measles or mumps, Ms.
Glover said. But the scale of
the pandemic means the city
needs hundreds more, she said.
Students from various pro-
grams at Rutgers make up a
bulk of the volunteers, Ms.
Glover said. Many of the vol-
unteers, such as Alex Pugliese,
want to pursue a career in
public health. Mr. Pugliese,
who graduated this year from
the Rutgers School of Public
Health with a master’s degree
in epidemiology, said he has
found the work rewarding.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
MTA
Looks
Abroad for
Guidance
BY PAUL BERGER
The operator of New York
City’s subway and bus systems
has hired a consultant to exam-
ine how major transit systems
around the world are handling
service resumptions during the
coronavirus pandemic.
Patrick Foye, the chairman
of the Metropolitan Transpor-
tation Authority, said at a
board meeting Wednesday
that WSP U.S.A. will produce a
report by the end of June to
inform transit officials’ man-
agement of increased demand
on subways, buses and trains.
Major cities WSP is likely to
examine include London,
where officials have closed
some stations and warned of
lines of riders at others, as
Tube workers seek to reduce
crowding on platforms and
trains during peak hours.
The New York state-con-
trolled MTA is already clean-
ing and disinfecting trains,
stations and buses, sometimes
more than once daily. It is also
testing decals on subway plat-
form floors to help riders
maintain social distancing.
MTA officials have said they
are considering other measures,
including the possibility of re-
quiring riders to book ahead for
a seat on a train or a bus.
Mass transit ridership is
starting to tick back up in New
York after falling more than
90% during the depths of the
pandemic. Authority officials
said Wednesday that about
600,000 riders use the subway
on an average weekday, up
from about 400,000 riders
several weeks ago. Ridership
on buses is up to about
700,000 people compared with
a low of 400,000, they said.
Both figures are still a long
way off pre-pandemic levels of
about 5.5 million riders on the
subway and about 2 million
riders on buses on an average
weekday.
All the Power
Without the Pinch
no
Healthcare Starts with Healthy Food.
Since 1985, we’ve been cooking and home-delivering nutritious, individually tailored meals
to people living with serious illness in the NYC metropolitan area.
Being sick and hungry is a crisis. You can help.
Donate, volunteer, or just learn more at glwd.org
godslovewedeliver
* *
City Families Eye Hamptons Schools
BY LESLIE BRODY
The Hamptons are seeing a
small wave of inquiries from
New York City parents explor-
ing schools there for the fall in
hopes of escaping the corona-
virus and some lockdown re-
strictions.
These families predict that
schools in this Long Island ref-
uge will be more likely than
city schools to open their
buildings in September. Many
who feel cooped up in urban
apartments want their children
to be free to play outdoors
safely, and travel to school
without using subways that
might be infested with germs.
Some own second homes
for summers on the East End,
and say they are grateful to
have the luxury of choosing
where to enroll. Others have
just signed long-term leases.
That includes Jaime Hoch-
hauser, whose family is mov-
ing to a rental in Westhamp-
ton this week. She said her
two active boys love their
public elementary school in
Forest Hills, Queens, and will
miss their friends, but her sec-
ond-grader needs in-person
instruction. Now, his remote
schooling consists mainly of
assignments full of links to on-
line worksheets.
“You can’t expect a 7-year-
old to just sit and do the
work,” she said. Moving “is
going to be like a whole new
world, but it’s a whole new
world we’re living in.”
At least 30 New York City
families have contacted the
small district of Bridgehamp-
ton in recent weeks to ask
about its offerings, its superin-
tendent said. The registrar in
on
Southampton reports getting
us ,
at least a couple of calls a day
l
lately from city parents. The
e
al a
Sag Harbor district said 15 to
20 city families have asked
about signing up for the fall.
ci on
And district officials in East
Hampton said 17 city families
have inquired since early May.
It isn’t clear how many will
actually switch. But the pri-
er s
vate Ross School in East
Hampton said it already has
m er
enrolled 15 newcomers from
m rp
co Fo
n-
NY
GREATER NEW YORK
The Ross School in East Hampton has already enrolled 15 newcomers from the city for the fall.
the city for the fall, a jump
from the usual tally by this
point in spring.
Cindy Allentuck, director of
pupil personnel services in the
East Hampton public system,
said inquiries accelerated after
Gov. Andrew Cuomo an-
nounced on May 1 that schools
@godslovenyc God’s Love We Deliver is a member of the Food is Medicine Coalition (FIMC).
To learn more about FIMC’s work around the country, visit fimcoalition.org
statewide had to shut their
doors through the end of this
academic year. “It is hitting
pretty hard that this is longer-
term than everybody ex-
pected,” Ms. Allentuck said.
Ms. Hochhauser, who is
moving to Westhampton, said
she and her husband have full-
Thursday, May 21, 2020 | A11B
ly
ROSS SCHOOL
time jobs, and can’t imagine
how they could adjust if they
stayed in Queens and city
schools adopted the much-dis-
cussed idea of staggered sched-
ules. “How can parents figure
out any normalcy if the kids are
in shifts of half-days?” she said.
A New York City Department
of Education spokeswoman said,
“We are focusing our resources
and efforts on a successful and
safe return in the fall.”
One Brooklyn mother with a
country home in Sag Harbor
said she is considering trans-
ferring her children partly be-
cause of the fear city class-
rooms would open, then shut
if there were a second surge of
contagion. Her question:
“What’s going to give the kids
the most consistency and best
experience within the confines
of the pandemic?”
The Hamptons aren’t im-
mune. East Hampton, for ex-
ample, has had 272 cases of
Covid-19, or about 12 cases per
1,000 residents, by data from
Suffolk County. The sprawling
county reported 42,657 cases
overall as of Tuesday evening,
including at least 1,772 deaths.
Robert Hauser, superintend-
ent in Bridgehampton, said
many queries from the hard-
hit city came from parents of
students at expensive private
schools. In recent years, such
relocating families pushed to
add computer offerings and
expand the theater program
and raised donations to reno-
vate the stage.
“There is no doubt they
have a positive influence on
the school,” he said.
His district has 225 stu-
dents in a space that could fit
300, many classes have about
.
10 children, and there is flexi-
bility to rejigger classrooms to
allow for 6 feet between stu-
dents, he said.
Some Hamptons residents
have expressed concerns about
the cost of a possible influx. The
issue came up at a virtual school
board meeting this month in Sag
Harbor, where superintendent
Jeff Nichols said that if the dis-
trict had a 10% boost in enroll-
ment—or about 90 students—
the schools could absorb them.
At the sought-after Trinity
School in Manhattan, commu-
nications director Kevin Ram-
sey said there were no signs of
attrition. “Families who find
themselves happy at a place
like Trinity really want to
maintain that relationship for
their child,” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Thursday, May 21, 2020
BY NEIL SHAH
C
rowd-craving music
fans starved for sta-
dium and arena-size
live music may need
to wait until 2021 be-
fore such events re-
turn, music executives say.
In the short term, concertgoers
will encounter smaller theater
shows, with reduced audiences to
enable social distancing while art-
ists experiment with stopgap mea-
sures like drive-in concerts, paid
livestreams and virtual tours.
“2020 is gone—so is half of
2021,” says Gregg Perloff, CEO and
founder of Another Planet Enter-
tainment, which runs the Outside
Lands Music and Arts Festival in
San Francisco.
Before most bigger shows can
start up again, executives say
there must be a vaccine or testing,
tracing and treatment procedures
to help public-health officials and
concertgoers feel that huge crowds
are safe. Even once big concerts
return, they are likely to be differ-
ent: Temperature checks, touchless
ordering and hand-sanitizer sta-
tions could be the new norm.
“The hope is that we will have a
big summer season in 2021,” says
Joe Berchtold, president of Live
Nation Entertainment, the world’s
biggest concert promoter, which
has lost 33% of its market value
this year.
For the concert industry, the
shutdown has suspended a decade-
long boom: Before coronavirus hit,
live music was on track to gener-
ate nearly $30 billion in revenue
this year, according to Pricewater-
houseCoopers LLC.
Among the factors shaping the
post-Covid concert:
In the Near-Term: Smaller
Shows, Open-Air Concerts
Neither artists nor fans like half-
full concerts, no matter the venue.
But in the months ahead, artists
with less expensive stage shows—
country performers, rappers, co-
medians—may perform for, say,
600 fans in a 1,800-seat venue if
necessary for social distancing.
And instead of performing one big
show, artists might perform multi-
ple ones, says Rob Light, head of
music at talent agency CAA.
As for major arena acts—the
kind whose shows involve elaborate
productions—some could temporar-
ily downsize to smaller theaters or
amphitheaters. Coachella, the
world’s highest-grossing festival, re-
mains scheduled for October, but
top-tier summer and fall events
continue to be rescheduled. “The
logical places to open first are the
smaller, open-air” ones, says Jona-
than Daniel, co-founder of Crush
Music, a management firm whose
clients include Weezer, Green Day,
Fall Out Boy and Sia.
Cheaper Tickets
After years of soaring prices—Ari-
ana Grande, BTS and Post Malone
each charged over $100 a ticket,
on average, last year, while the
GETTY IMAGES (2); VERZUZ (BELOW RIGHT)
Rolling Stones cost more than
$200—concertgoers can expect
them to fall a little.
When the live-music business
experienced a huge economic
shock in 2008 the average ticket
price went down 5% to 8% for
no
three years straight, says Rick
Mueller, president of North Amer-
ica for AEG Presents, the world’s
No. 2 concert promoter.
Andrea Bocelli Wants to Sing Again
BY ANNE STEELE
ANDREA BOCELLI was supposed
to be jetting around the world, do-
ing what the classical and pop star
does best: singing. With touring
paused due to the coronavirus
pandemic and large gatherings
banned nearly everywhere, the
Italian tenor has been at home in
Forte dei Marmi, a seaside town in
northern Tuscany.
Last month Mr. Bocelli, by invi-
tation from the mayor of Milan,
performed on Easter Sunday in the
city’s empty Duomo cathedral,
singing five pieces, including the
Bach-Gounod “Ave Maria” and
“Amazing Grace.” The 25-minute
concert attracted more than 28
million views in 24 hours—the big-
gest live-streamed classical music
event ever.
Mr. Bocelli has been quaran-
tined with his wife, Veronica Berti,
LUCA ROSSETTI/SUGAR SRL, DECCA RECORDS (2)
and their 8-year-old daughter. In
March the family experienced a
mild case of Covid-19, from which
they recovered. Parks and some
retail businesses in their town are
reopening, and Mr. Bocelli, 61, is
eager to get back to work.
Through an interpreter, he spoke
with The Wall Street Journal
about how he has been spending
time and his hopes to resume
touring. Edited excerpts follow.
LIFE&ARTS
Big Concerts Adapt
To a Post-Covid Era on
us ,
Expect theater shows, drive-in acts and arenas full of hand sanitizer
l
e
al a
Clockwise from top,
ci on
the 2019 Outside Lands
festival, the Verzuz
series, a drive-in concert
in April in Denmark.
er s
m er
m rp
co Fo
Now, superstars who were
charging high prices may lower
them; others may expand lower-
cost options like lawn seats, while
keeping the priciest seats high.
There could be deals for groups
like nurses, says CAA’s Mr. Light.
Innovators Have Their Day in
the Sun
The lockdown has helped fuel in-
novation. The most pioneering
n-
space has been in the hip-hop
world, which has created novel on-
line entertainment experiences.
Perhaps the most popular is the
Verzuz series of “beat battles” on
Instagram Live, where hip-hop leg-
ends play tracks they were in-
volved in during a lighthearted
What was the atmosphere in Milan
over Easter?
I went with two things in my
heart. The first one was that I
wished to pray and to pray with
my singing—because as St. Augus-
tine says, “When you sing, you
pray twice”—and I wanted to feel
together, and to feel joy together.
The second thing that I had in my
heart was a very important mes-
sage. I wanted to go to Milan, that
has been the symbol of the conta-
gion of the epidemic, and I wanted
to tell people not to be fearful be-
cause the only thing to be feared,
as you say in English, is fear itself.
How have you been spending time
at home?
I was able to be with my entire
family and we all got infected. We
had a fever, then we were cold, and
then we got a little bit of a cough.
But the fact is that we were all to-
gether, all in harmony. We were
able to speak much more than
we’ve ever been, and I’ve been able
to read. I read the work of a mystic,
Maria Valtorta. She wrote 10 vol-
umes, “The Gospel as Revealed to
Me.” And then I did some sports. I
moved about a bit, because you
know at my age if you don’t use
your muscles you can forget them.
How else do you plan to spend your
competition.
For the most part, music execu-
tives consider efforts like paid
livestreams, videogame appear-
ances and drive-in concerts to be
one-offs or novelties that let art-
ists stay in touch with fans, yet
don’t generate enough revenue to
be meaningful to the industry.
“Trying to play an actual concert
[online] doesn’t work really well,”
Mr. Daniel says. However, the Ver-
zuz series shows the possibility of
events that are uniquely suited to
a digital medium, experts say.
Rise of the Mini-Residency?
Reopening the touring business is
likely to be a patchwork affair, with
U.S. cities and states and other
time? Do you have any goals?
Quarantine is over in Italy. We
can go about, at least in Tuscany,
where I live. So we can leave
home, and I’ve been able to go to
the countryside that I love. I’ve
been able to go horse-riding,
which is one of my passions. What
I don’t like is the fact that I can’t
work. I am not used to not being
able to work. It’s something that
really bothers me, but that makes
me sad, mostly.
Has this been a time of creativity
for you as an artist?
At first, I took the opportunity to
rest, as I’ve never been able to rest
countries having different require-
ments. That will make routing tours
a headache, artist managers say.
If an artist can’t easily string to-
gether 20 dates without interrup-
tions, including major hubs like
New York, they may just hold off.
One solution: Some artists may per-
form mini-residencies in one venue
or play regionally, managers say.
Small Clubs at Risk
Your favorite tiny club—the kind
of place where you’re proud to say
you saw an act before they got fa-
mous—could go under.
The National Independent
Venue Association says 90% of its
members may not survive if the
shutdown lasts six months.
The concert that Andrea Bocelli performed in Milan’s empty cathedral, above,
was livestreamed and attracted more than 28 million views in 24 hours,
in maybe dozens of years, and then,
of course, I got back to using my
voice so that I could keep it up.
What has kept you inspired as an
artist during this period?
My unsinkable optimism.
Has your daughter been more or
less interested in practicing piano
during the lockdown, and what do
you do to keep her motivated?
She was probably more under
stress than normal, because chil-
dren are used to going to school,
seeing their friends, their kind of
life. She was under more pressure
than usual because both mom and
THE WALL STREET JOURNAL.
Traci Thomas, who manages
artists including Jason Isbell,
scheduled a club tour into next
year for Oklahoma artist John
Moreland. “Fingers crossed that
those venues stay open,” she says.
The concert industry is already
highly consolidated, with Live Na-
tion and AEG having taken over or
partnered with many of the re-
maining independent promoters
and venues in recent years.
Longer-Term: Packed Arenas
Shows with reduced crowds aren’t
possible in arenas or stadiums with-
out concert promoters suffering
huge losses, executives say.
That’s because the cost of stag-
ing an arena concert is so high,
promoters depend heavily on
ticket sales and concessions like
beer, food and parking to simply
break even. “To open in earnest, I
think [the business] is going to
have to look a lot like it looked be-
fore we came offline,” says AEG’s
Mr. Mueller. Hence the need for a
vaccine or other procedures to
eliminate health risks and ensure
massive crowds.
Packaged Food, Hand Sanitizer
The days of self-serve concession
stands are over. Music lovers will
experience new protocols at ven-
ues for safety and sanitation, espe-
cially around food and beverages,
bathrooms and elevators.
“The way 9/11 changed our in-
dustry in terms of security… this
will [lead to] best practices that
our touring industry is compelled
.
to employ forever,” says Dave
Brown, chief operating officer of
ly
American Airlines Center, a
20,000-capacity arena in Dallas.
Packaged foods will rule the
day. Staff will frequently clean
hand railings. Restroom capacities
could be limited. And there will be
hand-sanitizer stations. “You’ll be
tripping over them,” Mr. Brown
says. Temperature checks, face
masks and testing stations could
become part of the concert experi-
ence, at least for a while.
The End of Meet-and-Greets
Back in the pre-corona days, fans
with deep pockets paid big bucks
to meet with their favorite artists.
Smaller artists also started to of-
fer pricey VIP packages, including
meet-and-greets, that allow acts to
maximize revenue from superfans.
But with social distancing, it is
likely few will feel the same about
shaking hands. “I don’t think
you’re going to see meet-and-
greets for a long time,” says AEG’s
Mr. Mueller.
For smaller artists, who often
struggle to break even on tours,
that will make it harder to stay in
the black.
Your Beloved Band May Not
Make As Much Money
For artists, the crisis is changing
how they are paid, with more acts
taking a major share of box-office
proceeds instead of getting up-
front payments from promoters,
executives say.
That protects the promoter if
sales are disappointing or if huge
refunds are doled out. For super-
stars who sell out arenas, it may
not matter much; but for smaller
acts navigating a tough economy,
it makes touring riskier.
“This is going to be a multiyear
process to get our health back,”
says CAA’s Mr. Light. “But we’ll
come back.”
dad were telling her that she had
to study, as before, and even more
than before. Piano was not so
much of a problem because she
has a natural passion for it but we
told her that she also had to study
math and English.
How will the pandemic affect touring?
I am afraid that the real epi-
demic that we have undergone is
an epidemic of fear. Fear of conta-
gion. It’s over, basically, at least
here where I am. But many, many
people are still barricaded at
home. I think the only way to re-
solve the issue is really to go back
to normal as quickly as possible.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
UNSPEAKABLE MEDIA
‘Unspeakable’ is a YouTube channel with goofball personalities whose stunts include filling a house with sand.
What Kids Really
Want to Watch
THIRD-GRADER Joey Basso
has hundreds of viewing options
on Disney+, Netflix and Amazon
Prime. But what he really likes
to do is watch “Unspeakable,” a
loud YouTube personality with
goofball tastes whose stunts in-
clude destroying new electron-
ics equipment.
“His first thing is to go to
YouTube,” said dad Joe Basso.
“He falls into it.”
Children are loading their
extra hours of quarantine
screen time with entertain-
ment that makes “Trolls World
Tour” feel like a TED Talk.
Seven of the biggest YouTube
channels for children logged a
combined growth of 13.2 mil-
lion subscribers since the be-
ginning of March, according to
the social-media marketing
company Socialbakers.
Some kids are discovering
new online personalities for the
first time. Some stuck-at-home
parents are finally seeing what
their kids have been watching all
along. Either way, child-curated
playlists have left some parents
nostalgic for the issues that
once vexed them, like the mer-
chandising bonanza of a Disney
film or the focus-grouped for-
mulas of children’s TV.
“I know exactly what she’s
hearing when she watches ‘Fro-
zen 2’—it feels safer, like you’re
being less neglectful,” said
Heather Wheeler Sadlemire, a
marketing executive from Al-
bany, N.Y. Her 6-year-old daugh-
ter Amelia has been watching
“Frozen”-style dolls with names
that sound like “Elsia” and
“Anya” on the YouTube channel
“Come Play With Me.” The dolls
speak in little-girl voices while
bouncing around in make-be-
no
lieve adventures. Amelia often
uses the story lines when she
plays with her Barbies.
“Unspeakable,” whose stars
recently filled the living room
of a house with sand to play
beach volleyball, features a
cast of what looks like a child’s
fantasy of subversive babysit-
ters. Mr. Basso, an IT manager
from Glendale Heights, Ill.,
thinks the bunch is wholesome
enough, but their screaming
drives him out of the room. He
likes Joey to watch shows like
“The Simpsons” for more sub-
stantive entertainment.
“We create shows that kids
are interested in, not what
Could Quiet Airports Mean Faster Renovation Projects?
Q
In the silver linings de-
partment, I’m wondering
how the construction at
LaGuardia is going. Have
they been able to acceler-
ate because of the low level of
traffic? Is it easier to negotiate for
those who are still traveling?—
Christopher Plum, Wappingers
Falls, N.Y.
A:
JOHN NACION/NURPHOTO/ZUMA PRESS
Chris, it’s an interesting ques-
tion, one playing out at lots of air-
ports, notably at Los Angeles,
Newark, N.J., New York Kennedy,
Denver and Washington Reagan. I
talked to the Port Authority of
New York and New Jersey and the
answer surprised me. Because of
distancing requirements and ex-
tensive worker protections, a lot of
their parents are interested
in,” said Reed Duchscher,
founder of Night Media, a tal-
ent management company that
represents “Unspeakable” and
other YouTube stars. “Kids
look at YouTube creators...as
authentic. They see them as
friends.”
Tension is mounting over
on
child-driven viewing as schools
us ,
post educational videos to You-
l
Tube. After a clip ends, the
e
al a
screen fills with noneduca-
tional video suggestions.
The recommendations
ci on
threatened such a “black hole
of distraction” for Carleigh
Rochon’s 9-year-old son that
he must be supervised during
video lessons, Ms. Rochon said.
er s
13.2M
m er
m rp
No. of new subscribers on seven
major YouTube children’s
channels since March
co Fo
“The interface is just riddled
with, ‘Watch this next,’” said
the web developer from Rich-
mond, Calif. “We literally can-
not leave the room.”
Children under 13 are not al-
lowed to create accounts on
YouTube and the company ter-
minates “tens of thousands of
accounts per week” to keep
youngsters off the platform,
said spokeswoman Mariana De
n-
Felice. Parents who want more
oversight can use YouTube
Kids, where adults can hand-
pick channels, she said.
In response to regulatory
action, YouTube agreed in a
settlement last year to curb
the use of data from child-di-
rected videos or channels to
help protect child privacy.
Other social-media outlets
are also busy. TikTok was the
most downloaded nongame
app world-wide in March, ac-
cording to market researcher
Sensor Tower. Many online
personalities maintain an ac-
tive presence on Facebook,
Twitter, Instagram and paid
subscription sites like Patreon.
“I really want my messages
to be uplifting and there to be
morals,” said Micah Jeter, a
the construction has actually
slowed down. Some elements are
being sped up, but it’s difficult to
do. Overall, Port Authority execu-
tive director Rick Cotton is con-
cerned about delays. He does think
the milestones set for this year at
LaGuardia, like opening the new
main building outside security for
the central terminal, will still hap-
pen this year.
The bigger issue for airport
construction projects will be justi-
fying the expense during a period
of reduced travel. Dallas-Fort
Worth, for example, was close to
getting the green light for an addi-
tional terminal. But there’s no
need now. If anything, the pan-
demic will set back airport mod-
ernization.
LIFE & ARTS
WHAT TO WATCH THIS WEEK
20-year-old college student
from Temple, Texas, whose
MixiePixie7 videos include
stop-motion animation with
American Girl dolls. Her view-
ers become so engrossed that
when a boy doll showed up
wearing tiny toy headphones
in a recent Patreon video, a fan
asked in the comments what
music he was listening to.
Hunter Parsons, a father of
two in Golden, Colo., is sur-
prised by the appeal of “A is
for Adley,” a YouTube series
about a redheaded girl who en-
joys activities like visiting
gaming arcades, petting horses
and making pancakes. His
daughter Margot, 5, is mesmer-
ized by shows like this. “She
can’t read,” he said, “but she
knows what ‘Skip Ad’ is.”
Children love to watch other
children, maybe even more so
when they can’t play with
them, said Jill Murphy, vice
president and editor in chief at
Common Sense Media, a non-
profit that rates and reviews
entertainment for families. She
sees upsides to kids choosing
their own entertainment. Chil-
dren might move on faster
from an online obsession if
they are allowed to explore it
on their own. “It’s an opportu-
nity to get insight into your
own kids in a new way.”
Other popular online options
include shows about video-
games. Before schools closed, a
channel with content around
“Fortnite” seldom hit a million
views a post, but now those vid-
eos from NewScape Studios
fetch one million views most
days, said company founder Cory
Crater, a 25-year-old from Aus-
tin, Texas. Last month, NewS-
cape hit 100 million views across
all its YouTube channels, up
from 56 million in March, he
said. The company produces 21
videos a week by churning out
quick scripts and using basic
computer graphics that cut out
detailed character movements
While the outbreak keeps San
Francisco seventh-grader Cam-
eron MacLeod at home, he said
he prefers YouTube to most
other screen entertainment.
“You really can’t ever get sick of
it because you can watch it for-
ever,” he said. “You can keep
watching over and over again
until the earth dies.”
—Ellen Gamerman
AIR MAIL | SCOTT McCARTNEY
A look at construction happening on Tuesday as part of the major renovation at New York’s LaGuardia Airport.
Thursday, May 21, 2020 | A13
New This Week: ‘Homecoming’
(Amazon Prime Video)
Newly released movies
and shows
In the first moments of
“Homecoming,” Janelle
Monáe’s character wakes up
alone in a rowboat with no
idea who she is—and so the second season
of the psychological thriller begins.
While the first season centered on a let Media, a unit of Spotify.)
caseworker (Julia Roberts), her sessions In the new season’s winding seven epi-
with a patient (Stephan James) and the un- sodes, more is revealed about the mysteri-
masking of the true purpose of a reintegra- ous company behind the facility, while piec-
tion facility for soldiers with PTSD, the sec- ing together who Ms. Monáe’s character is
ond is more character-driven. and how she ended up stranded in the mid-
“Season one was so much about with- dle of a lake in a boat without oars.
holding,” says Kyle Patrick Alvarez, who was Mr. Alvarez says one of the challenges
brought in to direct and executive produce of the new season—which also adds Joan
the new season. “You don’t know what’s go- Cusack and Chris Cooper to the cast—was
ing on. The mystery is discovering what’s expanding the “Homecoming” world while
happening. And here, the mystery is being maintaining the show’s distinct look and
driven more by [Ms. Monáe’s] character and tone. “Like: OK, we have the toolbox and
her plight and her drive.” (“Homecoming” is we have the playground and we know what
based on a Gimlet Media podcast. Dow our limits are, what the show is, so now
Jones & Co., publisher of The Wall Street let’s expand it to the furthest reaches of
Journal, has a content partnership with Gim- what it can be.”
Relevant Oldies: ‘Cooped Up’
(Crackle)
Older content that is
newly available, or sud-
denly newsworthy.
Jake is semi-pro wrestler
forced to self-isolate at
home because he got close
to someone who was infected with a coro-
navirus. He doesn’t have a working TV,
phone or access to the internet. most entirely inside and most of the movie
.
“What am I supposed to do now?” he revolves around conversations between
asks Emily, an epidemiologist who gives Jake (Charles Cottier) and Emily (Kathryn
ly
him the bad news. Beck), who checks in on him (without get-
This isn’t a true story. It’s “Cooped Up,” ting too close).
an Australian comedy released in 2016 After self-isolating with his family, who re-
that’s now available to view for free on the
Crackle streaming service (Crackle.com). The
movie was written by John Ratchford, and
directed, produced and financed by Kane
cently moved to Tuscany, Mr. Guglielmi, the
director, feels all the more sympathetic for
his protagonist
“With all of this technology and these
Guglielmi. In addition to being a movie forms of entertainment and also the dis-
about isolating in one’s home, “Cooped Up” traction of everything that’s been going on
looks like it could have been made while with the film,” he says, “I still feel a little bit
isolating in one’s home. It takes place al- crazy myself.”
An Expert Recommends: ‘Toast
of London’
(Netflix)
Kanan Gill is a stand-up
comedian based in Ban-
galore, India, who re-
cently released the com-
edy special, “Yours
Sincerely, Kanan Gill,” on
Netflix. Here, he recommends “Toast of
London.” (Edited from an interview.) lot of shows in my life, so this hits home
“So, I only recently started watching for me. In ‘Toast,’ everything that we’re
‘Toast of London,’ after it had been popping used to in entertainment is heightened as
up in my Netflix suggestions for more than much as possible: a tough director of a play
a year. I generally tend to be mistrustful of is rumored to have murdered difficult ac-
recommendations from artificial intelligence, tors; the protagonist’s play is so terrible
but this couldn’t have been more right. It’s a that people protest outside it and cab driv-
ILLUSTRATIONS BY ROB WILSON; PHOTOS FROM TOP: AMAZON STUDIOS; EVERETT COLLECTION; OBJECTIVE MEDIA GROUP; ACORN TV
British comedy about an actor, Steven Toast ers stop to yell at him; the antagonist of
(Matt Berry), who’s down on his luck. It’s the show is worked into every possible
silly and absurd in the best possible ways. plot—his presence always presented as a
It’s a sendup of formulaic TV shows and all huge surprise. I’ve already been through its
their tropes. I’ve watched and worked on a three seasons twice.”
Critical Consensus: ‘Line of Duty’
(Acorn TV, AMC)
Works and people gener-
ating critical buzz.
“Line of Duty,” one of the
top-rated shows in the U.K.,
received a stateside acco-
lade last month when Mys-
tery Writers of America bestowed an Edgar
Award for best television episode teleplay
on an episode in the series’ fifth season. plore hot-button topics in British policing,
The series follows a British police depart- many of which are universal issues in polic-
ment’s internal affairs unit, which looks at a ing worldwide.”
different case in each season. AMC is airing Mr. Mercurio says a former classmate
the series on Saturday nights and is cur- who is now a police officer is an adviser. Mr.
rently in the midst of the second season. All Mercurio got his start in TV through a simi-
five seasons are available on the Acorn TV lar path: While he was working toward a
streaming service (acorn.tv). military career in aviation medicine, he an-
The British TV veteran who created the swered an ad seeking medical advisers for a
show, Jed Mercurio, says he chose to look TV drama. But so far, his anonymous ad-
at cops investigating cops as a way to ex- viser is keeping his day job. “That’s great,”
amine “how the police function as an ele- Mr. Mercurio says, “because he knows ex-
ment of society.” actly what’s going on on the ground.”
“The platform,” he says, “allows us to ex- —Chris Kornelis
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Thursday, May 21, 2020 THE WALL STREET JOURNAL.

SPORTS
Basketball Has Never Been So Risky
James Naismith invented a sport that could be played indoors. That’s exactly what makes it so dangerous today.
BY BEN COHEN

O
ne day in 1891, at a
school in Springfield,
Mass., the discussion in
a psychology seminar
turned to something
timely: The students were going
crazy without sports.
The boys at this school had foot-
ball in the fall, baseball in the
spring and nothing when they
couldn’t be outside in winter. This
was a problem for the faculty of the
International YMCA Training
School. They decided their only so-
lution was to invent an entirely new
sport. It had to be interesting and
simple to learn, but the most im-
portant thing about this game was
that it had to be easy to play while
stuck inside.
The young teacher given the
seemingly impossible task of creat-
ing a game from scratch was named
James Naismith. He called his sport
basketball.
Now, more than a century after
Naismith hammered a couple of
peach buckets to a wall and more
than two months after the shut-
down of the NBA, his game is sud-
denly imperiled for the very same
reason it exists: because it’s played
indoors.
“Basketball is one of these sports
where you’re right on top

.
of each other, face to face, James Naismith, inset left, invented basketball as a game that could be played indoors. But the basics of the
and there’s no way around

ly
sport have never looked so risky. Players are face to face and there is physical contact on every play.
it,” said Joe Allen, a Har-
vard University assistant game in every gym around break mingling over cookies and or- mission in a closed environment.
professor of exposure as- the world. anges, then reconvened in the larger That study was the latest addi-
sessment science. “It’s hard
to get away from breathing
in someone’s face.”
A basketball court is
on Dan Costa is an unlikely
expert on this matter. He’s
the retired national program
director of the Environmental
group for the last 45 minutes. They
were together for about as long as
it takes to play an NBA game.
One of those choir singers had
tion to the scientific literature that
shows the obstacles the NBA faces
in bringing fans back to arenas and
casual basketball players will have
more like a crowded bar Protection Agency’s Air Cli- come to practice that night feeling getting back to gyms.
us ,

than a socially distanced mate & Energy Research Pro- sick with cold-like symptoms. It There have also been CDC papers
l

baseball field—and that gram. He’s also a longtime wasn’t a cold. It turned out to be that examined transmission pat-
e
al a

makes each game a poten- basketball referee. the pandemic strain of coronavirus. terns among employees on the
tial breeding ground for He sees basketball players The virus then ripped through same floor of a Korean call center,
disease. The basics of the wipe sweat from their faces this vulnerable population. In a women in Korean fitness dance
ci on

sport have never looked so and touch their mouths and choir of 61 people, there were 32 classes and families eating in an
risky. There is physical con- noses. He watches enough sa- confirmed and 20 probable cases of air-conditioned Chinese restaurant.
tact on every play. The ball liva fly out from the opening Covid-19, including three hospital- They all found evidence that being
is touched so many times of his whistle that he disin- izations and two deaths, according in crowded indoor settings for long
by so many hands that it fects it with alcohol. And the to a report published last week by periods of time could be exception-
er s

might as well be a door- first thing he does after every the Centers for Disease Control and ally risky. Allen says it will be im-
knob. The best teams are in game is wash his hands. Prevention. The researchers behind perative that gyms make the in-
m er

constant vocal communica- “There’s plenty of opportu- that study believe that transmission doors feel more like the outdoors
tion as they talk with each nity for happy little viruses was likely facilitated by the close by introducing fresh air and filter-
other, talk trash at oppo- to float around,” Costa said. quarters and exacerbated by some- ing circulated air. “We have to have
nents and talk down to ref- To understand the peculiar thing joyful that became devastat- the buildings start working for us,”
erees. From high-fives to risks of playing basketball— ing: singing. he said.
m rp

Stephen Curry’s dangling mouth- cording to a report they posted to more than a dozen NBA players and But it isn’t only singing indoors The fantastic irony of this predic-
guard, almost everything about bas- the preprint server medRxiv. Their team employees tested positive for that comes with a heightened risk ament is that spending time with
ketball now feels menacing. of transmitting a lethal virus. It people inside was the whole point
FROM TOP: RINGO CHIU/ZUMA PRESS; ASSOCIATED PRESS

most remarkable finding was how the virus before the league stopped
In fact, if you were trying to de- many of those 318 outbreaks were disclosing test results—it helps to might be any sort of talking. of Naismith’s sport. And his bril-
sign a sport to spread a highly con- traced to outdoor environments: study others who behave in oddly When a team of National Insti- liant epiphany was such a break-
co Fo

tagious respiratory illness, you none. Every single one was the re- similar ways. Those people include tutes of Health researchers studied through that he quite literally
would probably come up with an sult of being inside. Chinese restaurant patrons, Korean the speech droplets of asymptom- snapped his fingers at his desk and
idea like Naismith’s ingenious way “We hope that in the post-pan- fitness dancers and Washington atic carriers of this virus, they shouted: “I’ve got it!”
of entertaining his restless students. demic future,” they wrote, “man- state choir singers. found that droplets can remain sus- But when he reflected many
The original purpose of basket- kind will reflect deeply on the need The night before the NBA season pended in undiluted air for longer years later on that moment, know-
ball is precisely what makes it so for a healthy indoor environment.” was suspended, a choir in Skagit than 10 minutes, according to a re- ing all the unexpected twists that
difficult to play safely today. For ex- But how to create a healthy in- County, Wash., held its weekly prac- port they published in the Proceed- he would encounter along the way,
ample, when a team of Chinese re- door environment for basketball is tice. There were 61 members in at- ings of the National Academy of Sci- Naismith couldn’t help but feel a
searchers studied transmission of not just an issue for the NBA teams tendance—mostly women, mostly ences. That’s a troubling different emotion.
this coronavirus between Jan. 4 and currently evaluating their HVAC elderly. They sang for 40 minutes, development for basketball. It sug- “On looking back,” he wrote, “it
Feb. 11, they identified 318 out- systems. This is a question that has split into smaller groups for the gests that even normal speech is was hard to see why I was so
breaks with three or more cases, ac- to be answered for every pickup next 50 minutes, spent a 15-minute enough to result in airborne trans- elated.”
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
50s 40s <0 1 2 3 4 5 6 7 8 9 10 11 12 Down 27 “My treat”
no

d
Edmonton 60s 40s 50s
50s 1 That woman
Vancouver
V 0s 13 14 15 16 30 Uses great care
Calgary
60s
40s 70s 10s 2 Readily inferred
Seattle ip
Winnipeg 17 18 19 31 Stiff petticoats
60s 80s 20s
80s 70s 3 Conestoga
Por
P d
Portland 60s 30s 20 21 22 23 32 It may be within
80s t
Montreal Augusta
A t caravan your grasp
50s l
Helena Ottawa 40s
40s Bismarckk 80s 24 25 26 27
Eugene
40s illings
Billings 60s
80s 4 Betray fear 35 Mop & ___
Mpls./St. Paul T
Toronto Albanyy
A 50s
40s Pierre t
Boston 28 29 30 31 32 (floor cleaner)
Boise
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Sioux ll rtford
Hartford 60s 5 John, in England
60s Milwaukeek t
Detroit Buffalo
l
50s Ch
Chic
Chicagog Clevel d
Cleveland ew Y
New Yorkk 70s 33 34 35 36 6 Seasonal helper 38 Roman censor
Reno Salt Lake City es
Des Moines
Che
h y
Cheyenne 60s 60s Ph hil d lphi
Philadelphia
Sacramento Pit b h
Pittsburgh 80s 37 38 39 40 41
Omahah p g d Indianapolis
Spring
Springfield 7 Stinky 39 Word-of-mouth
60s 70s 50s Denver Charles
h
Charleston hington
hi gton D.C.
Washington DC 90s
an Francisco
San To p k
Topeka Kansas 42 43 44 45
Las C d
Colorado City 50s h
Richmond d 100+ 8 Dictators’ 40 Political second
80s Vegas p
Springs St.. LLou
Louis LLouisville
Lou
70s 80s
hit
Wichita underlings banana
50s 70s Nashville l i h
Raleigh 46 47 48 49
Angeles
Los A
Ange anta Fe
Santa h
60s klahoma
homaa City
Oklahoma C Memphi
Memphisp
C h l
Charlotte 9 Treasury Dept. 43 Immobilizing
C l b
Columbia 50 51 52
90s Ph
Phoenix 60s A b q q
Albuquerque Warm Rain division device
San Diego LLittlee Rockk Birmingham h
A
Atlanta
T cson
Tucson 53 54 55 56 57
El P
Paso Ft. Worth
th D
Dallas Jackson
Cold
10 Drops, as an 45 Honey-hunting
80s T-storms
90s Mobile
b JJacksonville
k 58 59 60 61 62 63 argument character of
30s A ti
Austin kid lit
40s Houston
t Stationary Snow 11 1847 novel
New
ew Orleans Orlando
l d 64 65 66
60s 70s 80s an Antonio
San A t i Tampa 90s whose title is a 47 Period of poor
Honolulu
l l Showers Flurries 67 68 69 Polynesian term performance
50s Miami
Anchorage
A h
70s for a rover
49 Double-check
Ice
TO THE LETTER | By Gary Larson 12 Kind
51 Gore and more
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W
Across 28 Artsy one 48 Like some 16 Real estate ad
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Heading from insecticides abbr. 52 Like some cycles
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 73 60 c 72 61 t Frankfurt 77 54 pc 79 58 pc 29 Rat
JFK to MIA
Today Tomorrow
Orlando 94 70 pc 94 71 t Geneva 78 54 pc 81 59 pc
33 Sandwich noble
50 Second among 19 Croque-monsieur 53 Sock hop setting
Philadelphia 70 55 pc 71 60 sh Havana 92 73 t 89 72 t humanity?
City Hi Lo W Hi Lo W Phoenix 92 68 s 97 70 s Hong Kong 91 79 r 87 80 t 4 Staff leader ingredient 54 Narrow inlets
Anchorage 57 45 c 53 45 sh Pittsburgh 68 57 c 70 59 t Istanbul 73 54 pc 65 52 r 34 Harbor sight 53 Sheepish look
8 Cylindrical 21 Big brand in hair 55 Victim of
Atlanta 79 64 c 82 68 t Portland, Maine 73 54 s 80 56 pc Jakarta 92 77 t 92 77 pc
Austin 92 70 pc 88 72 pc Portland, Ore. 58 47 sh 62 46 pc Jerusalem 95 65 s 86 61 s storage sites 36 Ben Stiller’s 56 Cold cousin clippers Pizarro
Baltimore 67 56 c 68 60 t Sacramento 84 52 s 82 54 s Johannesburg 67 43 pc 68 43 pc mom
Boise 57 40 c 56 36 pc St. Louis 70 59 c 79 66 c London 78 59 t 70 52 c 13 Mao’s successor 57 Spicy cuisine 24 German luxury 59 Seasoned
Boston 71 53 s 80 59 pc Salt Lake City 71 54 pc 71 41 c Madrid 89 58 s 91 62 pc 37 Wharton grad auto, familiarly
Burlington 78 53 s 83 54 s San Francisco 69 53 s 69 52 pc Manila 95 81 t 92 82 t
14 Function 58 Face of 60 Paying homage
Charlotte 71 57 t 77 61 t Santa Fe 75 38 s 79 44 pc Melbourne 54 47 r 56 45 pc 38 Start to Yahweh? 25 “Beetle Bailey” to
15 Sign of pooch
Chicago 69 57 c 74 59 pc Seattle 58 46 sh 61 48 pc Mexico City 81 58 t 78 53 t cherish?
Cleveland 68 55 sh 68 56 t Sioux Falls 70 60 c 70 59 t Milan 81 61 pc 81 60 pc nervousness 62 Pension’s 61 Fortify
Dallas 86 70 t 88 72 pc Wash., D.C. 67 59 c 72 64 t Moscow 50 37 sh 52 40 r 41 Blood, so to cousin 26 Ingredient in un
17 100 nanojoules soufflé 63 Bottom line
Denver 73 46 pc 80 50 s Mumbai 91 82 pc 90 84 pc speak
64 Retina section
Detroit
Honolulu
67 57 pc 69 58 c
85 74 pc 85 73 s
International Paris
Rio de Janeiro
84
79
63 pc 79 54 pc
68 s 81 71 pc
18 Middle of
42 “I Still See ___” Previous Puzzle’s Solution
Houston 91 75 pc 92 75 pc Today Tomorrow Riyadh 104 76 pc 106 77 s hurricane? 65 “Sorry to say...”
City Hi Lo W Hi Lo W
(Lerner & Loewe S T A R T M A W I D L E
Indianapolis 67 57 pc 75 60 c Rome 82 56 s 77 57 s song) T H R O E I D E A T R A X
Kansas City 75 61 c 75 63 t Amsterdam 77 58 pc 72 54 t San Juan 90 77 pc 91 77 sh
20 Cut 66 Originally Y E E S H N U L L S A T E
Las Vegas 86 65 s 90 65 s Athens 80 63 t 74 55 pc Seoul 72 55 pc 76 57 c T R O U B L E M A K E R
22 John, in 44 Pay dirt 67 Light yellowish L I B R A R I A N A G E N T
Little Rock 79 64 t 88 70 t Baghdad 111 78 s 113 78 s Shanghai 79 66 pc 79 66 pc
Los Angeles 81 60 s 78 60 s Bangkok 93 82 t 95 81 pc Singapore 91 80 t 88 78 t Scotland brown I M E A N I T I N S I S T S
45 Remain D D T A G E O F
Miami 89 74 t 87 74 pc Beijing 75 57 t 89 63 s Sydney 67 50 sh 60 49 sh B A R G A I N H U N T E R
Milwaukee 60 50 pc 62 52 pc Berlin 68 49 pc 69 57 pc Taipei City 78 73 r 79 73 r
23 Tipplers unsettled 68 Spout E A G A N T E A
Tokyo 64 60 sh 69 64 c D EWD R O P B E A S T A R
Minneapolis 72 60 c 73 63 c Brussels 80 60 pc 76 52 t 24 Beginning of 46 Accept as a 69 Retired A V A S T P O O L S H A R K
Nashville 74 60 sh 79 66 t Buenos Aires 64 53 r 61 48 c Toronto 65 48 s 71 54 pc S E X T H E R A P I S T
New Orleans 91 77 pc 90 76 pc Dubai 100 83 pc 101 83 s Vancouver 60 47 pc 61 48 pc bliss? tenant transport A L I A R O S E E I G H T
New York City 66 55 s 70 59 pc Dublin 64 50 pc 61 46 sh Warsaw 58 35 pc 61 39 pc N Y E T E V I E S C R O D
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 77 64 t 83 68 pc Edinburgh 64 51 pc 62 47 r Zurich 77 51 pc 80 58 pc I N R E E S P S K EWS

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Elon Musk’s ‘Final Straw’
The easiest
way to com-
p r e h e n d
Nancy Pelosi’s
mind-numb-
ing $3 trillion
coronavirus
WONDER
LAND legislation is
to draw a
By Daniel
straight line
Henninger
between Elon
Musk raging
inside his Tesla factory in Cali-
fornia to the House Demo-
cratic caucus in Washington.
Informed by Democratic
Gov. Gavin Newsom’s authori-
ties that his factory in Fre-
mont had to remain in lock-
down, Mr. Musk tweeted:
“Frankly, this is the final
straw. Tesla will now move its
HQ and future programs to
Texas/Nevada immediately.”
Pelosi offers not a
bailout but a bail-in,
a nationalization of
blue-state spending.
The keyword here is “final
straw,” suggesting that Mr.
Musk’s cost-of-doing-business
problems with California pre-
date this virus. Hundreds of
businesses already have relo-
cated out of California, fleeing
the uncountable regulatory
straws the state has laid
across the backs of anyone do-
ing business there.
Yet Mr. Musk’s tormentor,
Gov. Newsom, is a prominent
defender of the $1 trillion
Speaker Pelosi wants to ship
to states, nominally to cover
their coronavirus costs. Mr.
Newsom calls the massive
transfer a “moral and ethical
obligation to American citi-
zens across this country.”
Will Bernie Take Over the Biden Campaign?
By Karl Rove
Y
ou might have thought
that Joe Biden, the pre-
sumptive Democratic
nominee for president, had
nothing threatening his bid to
secure America’s political cen-
ter ground. If you did, you
were mistaken.
Last week Mr. Biden made a
huge concession to the man he
defeated, Sen. Bernie Sanders,
and the Vermont socialist’s
wing of the Democratic Party.
The two men announced six
“unity task forces” to “explore
possible policy initiatives” on
climate change, criminal jus-
tice, the economy, education,
health care and immigration.
Mr. Biden selected five mem-
bers for each group and Mr.
Sanders three; both men
named a co-chairman for each
committee.
The two of them portrayed
this as an effort to unify Dem-
ocrats, which Mr. Biden called
“key to defeating Donald
Trump.” He said the task
no
forces “will be essential to
identifying ways to build on
our progress” and “transform
our country”—a hallmark
phrase of his party’s left wing.
In turn, Mr. Sanders stressed
the importance of soliciting
the best ideas so Democrats
can “create an agenda that the
working class of this country
desperately needs.”
The two working together
wasn’t a complete surprise. In
a joint statement last month
Bring the Drug Industry Back to Puerto Rico
By José A. Cabranes
P
uerto Rico’s finances are
strained, and the U.S. is
too dependent on China
for pharmaceuticals. These
distinct issues may seem un-
related, but they are very
much intertwined.
Puerto Rico was once
America’s medicine cabinet,
and it could be again. During
the second half of the 20th
century, it developed from one
of the poorest places in the
hemisphere into a manufac-
turing powerhouse. Through
efforts to industrialize the is-
land, U.S. manufacturers and
the labor movement found
common cause. Congress and
Puerto Rico implemented sev-
eral tax breaks for American
manufacturers. One of them,
enacted in 1976 and codified
in Section 936 of the Internal
Revenue Code, freed manufac-
turers from taxes on profits
made in Puerto Rico and other
U.S. territories. Drug compa-
Seems like everything in Cali-
fornia is a moral obligation.
Gov. Newsom’s echo is
heard almost daily from New
York’s Democratic Gov. An-
drew Cuomo: “Show the same
consideration for the workers
that you showed for the cor-
porations.”
Even more politically ger-
mane than these remarks from
the two big-blue states is what
Joe Biden said from his Dela-
ware porch: “We have an op-
portunity not just to rebuild
the economy but to transform
it.” That return-to-normalcy
line that got him the nomina-
tion was mostly bunk. Mrs.
Pelosi’s $3 trillion spending
bill is best understood not as a
bailout, but a bail-in. It would
be a nationalization of the
progressive blue-state model
of unconstrained spending.
For the past several de-
cades, that model has had two
main components, neither of
which their state tax bases can
support: pension and health
benefits negotiated with pub-
lic-sector unions and a welfare
state, principally Medicaid,
which by the third law of
Democratic thermodynamics
can expand to infinity.
Someone’s gotta pay for it,
and that someone under the
Pelosi plan may soon be the
rest of the nation’s taxpayers
who don’t live in California,
New York, New Jersey or Illi-
nois and who have never voted
to take on this unsustainable
fiscal burden. Residents of all
four states have been fleeing
for years. The reigning theory
of Democratic governance re-
gards the loss of productive
private capacity as irrelevant
to their goals.
Democrats in Washington
us ,
dismissed Senate Majority
l
Leader Mitch McConnell’s de-
e
al a
sire to “pause” on the previ-
ci on
they committed to ensuring
“Sanders supporters and dele-
er s
gate candidates” were repre-
sented at the Democratic con-
m er
vention “both on the floor and
in committees.” What’s un-
usual is how far this latest
move goes. The task forces
will write Mr. Biden’s policy
m rp
agenda for the election.
It’s an unwise concession by
the former vice president,
which could lead to months of
intrigue and posturing. Fol-
co Fo
lowers of Mr. Sanders will
pressure Mr. Biden to adopt
their views, policies and radi-
cal sensibilities.
These working groups could
sow discord if Mr. Biden
doesn’t shift far enough to the
left. Before Rep. Alexandria
Ocasio-Cortez agreed to be a
co-chairman of the climate
task force, she consulted with
“the Climate Justice commu-
nity” and pledged to be “fully
n-
accountable to them and the
larger advocacy community
during this process,” according
to a spokeswoman. Note to Mr.
Biden: AOC’s loyalties are with
her “social-justice warrior”
friends, not you.
Many of the members
picked by Mr. Sanders have ex-
treme views. Varshini Prakash,
a co-founder and executive di-
rector of the Sunrise Move-
ment, which has led the push
for the Green New Deal, serves
on the climate committee.
Sunrise wants to end fracking
immediately, ban drilling in
federal waters and on federal
nies flocked to Puerto Rico,
transforming it into a hub of
pharmaceutical production.
But that was then. Con-
cerned about “corporate wel-
fare” favoritism toward
Puerto Rico vis-à-vis the
states, Congress phased out
the tax break between 1996
and 2006. When combined
Improve the island’s
finances and reduce
dependence on China.
with decades of fiscal impru-
dence, that decision spurred
the worst recession in Puerto
Rico’s history. Many compa-
nies left. Unemployment rates
and poverty levels skyrock-
eted. Government spending
increased, resulting in mas-
sive debts. Fifteen years later
the bankrupt commonwealth
is in the midst of the largest
restructuring process in U.S.
of the Service Employees In-
ternational Union, which rep-
resents government workers,
says she has been in contact
with the Biden campaign to
set them straight about the fu-
OLIVIER DOULIERY/AFP VIA GETTY IMAGES
ture of the economy: “We
don’t want to stand for any
short-term fixes when we need
a total overhaul.” She wants to
“change the rules of the econ-
omy for the long term.”
Up to now, the cost of this
gleeful grandiosity has fallen
mainly on blue-state residents,
who pay not only the high per-
sonal income-tax rates of Cali-
Speaker Nancy Pelosi fornia, New York and New Jer-
sey but get hit with Mickey
ous multitrillion-dollar coro- Mouse fees and taxes. New
navirus outlay to see where York City, for example, im-
we stand with state economies poses a commercial rent tax of
that are reopening. But the 3.9% on businesses south of
cost of Covid-19, now trending 96th Street in Manhattan.
downward, has become a red There are consequences.
herring. Even before the coronavirus,
Gov. Cuomo just learned parts of Madison Avenue and
earlier how much his party’s Bleecker Street looked like
governance model tracks the ghost towns of unoccupied
famous lyrics from the Eagles’ storefronts and closed restau-
“Hotel California”: “We are rants (see mandated minimum
programmed to receive. You wage). So what? New York
can check out any time you Mayor Bill de Blasio annually
like, but you can never leave.” waves forth higher outlays to
Mr. Cuomo tried to check prop up the city’s public sec-
out by saying he was going to tor.
solicit advice on New York’s Nancy Pelosi’s $3 trillion
future—its workforce, its edu- spendathon is a down pay-
cation system—from three ment on ensuring that this
businessmen: Mike Bloom- profligacy is paid for perma-
berg, Bill Gates and Eric nently by everyone. Joe Biden
Schmidt. He got hit hard by has “transformed” himself
his party’s base. into a younger version of Ber-
“We agree that having bil- nie Sanders and adopted the
lionaires involved in the future pretense that the taxes people
of New York state is a good send Washington are now just
thing,” said Andrew Pallotta, Monopoly money.
on
head of the state’s teachers
union, teeing up the joke.
“They should be paying taxes
at a higher rate so we can fund
Whether all this is the “fi-
nal straw” is something voters
will have to decide in Novem-
ber. But that will happen only
our schools.” if President Trump and the
Yup, programmed to re- Democratic opposition put
ceive. this choice before them.
Mary Kay Henry, president Write henninger@wsj.com.
lands, prohibit exports of oil is allowing ideological rivals
and natural gas, and set a 10- and, in some cases, antago-
year timetable to phase out all nists, to define where he
oil and gas drilling perma- stands on six big issues signals
nently. This is a political mid- that he doesn’t know why he’s
dle finger to not only Texas, running for president except
but Pennsylvania, too. to be president.
Other task-force co-chair- Mr. Biden won the nomina-
men are drawn from groups tion as a traditional Democrat
such as the National Immigra- who could, like Warren G.
tion Law Center, which favors Harding, return America to
full access to welfare benefits normalcy. His general election
for illegal aliens, and Demos, message—such as it was—
seemed targeted at suburban-
ites who sent Mr. Trump a
Radicals handpicked message by voting Democratic
in the midterms. By contrast,
by Sen. Sanders will the model favored by Mr.
help his old opponent Sanders and his supporters
would raise a bold banner of
decide what to believe. left-wing populism to awaken
a sleeping progressive major-
ity of the young, people of
the think tank that works to color and the disaffected. That
make it harder for states to agenda will inspire socialists
purge registration rolls of and scare everyone else.
dead voters and former resi- Mr. Biden is surrounded by
dents. The task-force chairmen a smart team, led by campaign
and members also include out- manager Jen O’Malley Dillon
spoken advocates for Medicare and longtime adviser Mike
for All, “free” college, student- Donilon. They’re making a
debt forgiveness, defunding risky, possibly unnecessary bet
the Border Patrol and the bi- to give their recently defeated
zarre but trendy Modern Mon- adversaries on the left a large
etary Theory. (Sanders appoin- role in defining Mr. Biden’s
tee Stephanie Kelton says agenda. We’ll see how their
having its own printing press experiment in party unity
means the government doesn’t works out.
have to “worry about going
broke.”) Mr. Rove helped organize
Typically, a candidate’s ad- the political-action committee
visers help hash out positions American Crossroads and is
on major issues long before author of “The Triumph of
primaries begin, not after William McKinley” (Simon &
they’re settled. That Mr. Biden Schuster, 2015).
history. Hundreds of thou- industry would provide a solid
sands of educated Puerto Ri- foundation for Puerto Rico’s
cans have left the island look- growth. It has been three
ing for opportunities that years since Puerto Rico de-
existed there not long ago. clared bankruptcy under the
All the while, U.S. drug- auspices of federal legislation
makers have grown increas- and nearly three since Hurri-
ingly dependent on China. It cane Maria devastated the is-
has been reported that ap- land. The recovery has been
proximately 80% of the active unsteady—with recent earth-
pharmaceutical ingredients quakes adding to the toll. And
come mainly from China. Covid-19 has left Puerto Rico
What was seen as an issue of at a standstill, much like the
“corporate welfare” has de- rest of the country.
volved into a humanitarian Restoring the island’s phar-
crisis for our fellow Ameri- maceutical production capac-
cans in Puerto Rico and a na- ity will also ensure the U.S.
tional-security dilemma for drug supply is secure, not a
the country. bargaining chip in interna-
What should be done? tional affairs. Rare it is to
Breathe new life into the have a policy that meets so
pharmaceutical industry in many goals simultaneously,
Puerto Rico. The specifics are and attracts support from all
for policy makers in Washing- sides. Bringing back the phar-
ton and San Juan, but encour- maceutical industry in Puerto
aging pharmaceutical compa- Rico may be a cure-all.
nies to return to the territory
and work under the U.S. flag Judge Cabranes is a judge
is a nonpartisan objective. on the Second U.S. Circuit
A resurgent pharmaceutical Court of Appeals.
Thursday, May 21, 2020 | A15
BOOKSHELF | By Richard Adams Carey
Grover’s Corners,
Alaska
This Is Chance!
By Jon Mooallem
(Random House, 315 pages, $28)
W
hen I lived in the Alaskan Bush during the 1970s
and ’80s, flying in and out of Anchorage several
times each year for visits to the Lower 48, this is
the joke I heard: The great thing about Anchorage is that
it’s so close to Alaska.
I doubt the joke has lost its currency. Anchorage today
is a city of nearly 300,000, with tall buildings and smooth
paved roads, a Pulitzer Prize-winning newspaper, a gor-
geous performing arts center, and a sense of comfortable
permanence. Elsewhere in the state, towns and villages
cling to the land like burs that might be shaken off.
In 1964, though, with just a few tall buildings and a lot
of Quonset huts, Anchorage itself was such a bur when—
on March 27, Good Friday—the city was convulsed by an
earthquake measuring 9.2 on the Richter scale. It remains
the second most powerful earthquake ever recorded,
exceeded only by a 1960 event in Chile.
In “This Is Chance! The Shaking of an All-American City,
a Voice That Held It Together,” Jon Mooallem makes bril-
liant use of two fortunate
circumstances for telling
this story: Genie Chance,
the radio reporter who was
at the microphone on KENI
throughout that weekend,
kept a diary, and scrupu-
lously saved letters, record-
ings and documents; also that
weekend, the city’s commu-
nity theater group was sched-
.
uled to mount a production of
Thornton Wilder’s “Our Town.”
ly
The charismatic Mrs.
Chance, then 37, was Alaska’s
only female broadcast reporter,
“her voice . . . part of the fabric of
daily life in the city,” and someone we came
to identify with as intimately as the protagonist of a novel.
At 5:36 p.m. that day, Genie was on her way to a bookstore
in the city when she thought she had a flat tire. Then she
felt her car lift into the air, and then she saw something
stupefying: “The pavement didn’t break apart; it was still
solid. But it rolled, wavelike, as though some humpbacked
shadow creature were surging under its surface, heading
for town.”
You’ll feel like you’re there as Mr. Mooallem, a veteran
journalist and author, describes the surreal sensations of
reality coming apart around and underneath you. Soon
Genie is providing such descriptions herself over KENI
(which somehow kept functioning) via the VHF radio in her
car. Then she is in the station’s studios in the basement of
the ruined Fourth Avenue Theatre, and she will stay there
through the weekend—and its many aftershocks—just
barely holding herself together.
Little of what she had to report on Friday evening was
of much comfort. “But Genie’s neighbor Joy Dresie, who was
listening at home,” writes Mr. Mooallem, “would later point
out that in the throes of such blindness, isolation, and dis-
array, every fact that Genie relayed had a stabilizing effect;
each was a point around which reality could re-gather.”
Anchorage had no protocols in place for a disaster such
as this, and a novelist could hardly have devised a better
point of view than Genie’s from which to survey the
struggle to invent such protocols on the fly. Mr. Mooallem’s
rich cast of characters ranges from top officials to ordinary
citizens, but tying all their stories together is the plucky
woman who assumed among her responsibilities that of
preventing the breakdown of civil society.
After a 1964 earthquake, a roving radio reporter
and a community theater production of ‘Our
Town’ helped to knit Anchorage together again.
And there is no breakdown. Instead people join together
to help and volunteer, to aid and abet, so much so that
there are only nine fatalities in the city. There is even a
sort of euphoria in the air: “Many Alaskans discovered a
peculiar joy in the immediate aftermath of the disaster, as
they fed and sheltered neighbors, or huddled around a
shared radio. There was camaraderie and altruism
flowering everywhere.”
Among Mr. Mooallem’s best supporting characters are
the director and a cast member of “Our Town,” that strange
and poignant play about the nearness of catastrophe in
ordinary life, and he makes wonderful use of the play as a
thematic and structural device.
Like Thornton Wilder’s Stage Manager, who can see into
the future to reveal tragedies that lie in wait for certain
residents of Grover’s Corners, N.H., Mr. Mooallem uses
historical distance from this event to stop us in our tracks
and give us a glimpse of what’s to come. We learn, for
example, that the stalwart, über-competent Maj. Gen.
Thomas P. Carroll of the Alaska National Guard will die in
a plane crash just four weeks later.
And we learn that Genie Chance will enjoy a certain
level of fame after this weekend—enough to arouse
jealousy at KENI and exacerbate tensions within her
marriage. Both relationships would end, the latter after a
violent attack. She would also serve eight productive years
in the state legislature, championing what she called
“people programs” focusing on protections for women,
children, blacks, Alaskan Natives and the disabled.
“This might have been a fairy-tale ending to Genie’s
story,” Mr. Mooallem writes. “Except that story is funda-
mentally about the deceptiveness of such endings—the
potential, given enough time, for circumstances that feel
conclusive and stable to randomly come apart.” So, no,
that’s not the end to Genie’s story. We see her beset by
losses until her death in a Juneau nursing home in 1998.
Mr. Mooallem agrees with his heroine that hers was not
necessarily the most important story among those in the
midst of that earthquake—but it’s a very good one, and
the most complete.
In 1964, 10 days after Good Friday, “Our Town” opened
at Alaska Methodist University in Anchorage. In it the
ghost of Emily, who has died in childbirth, wanders
disconsolately among her living loved ones and asks, “Do
any human beings ever realize life while they live it?—
every, every minute?” Any human being who reads this
powerful, heart-wrenching book, as much art as it is jour-
nalism, will ask that same question—and know that once,
for three chaotic days in Anchorage, the answer was yes.
Mr. Carey’s books include “Raven’s Children,” a memoir
of life among the Yupik Eskimo people of Alaska.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Thursday, May 21, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Evidence on Kids and Covid States Face Deficits From Virus Revenue Loss

H
orrific stories are emerging of children developed to fight recent cold infections also Regarding your editorial “Should states. Connecticut is also one of
developing rashes, cardiac abnormali- react against the novel coronavirus. La Jolla In- Florida Bail Out New York?” (May 18): those donor states. Given the federal
The yawning budget deficits confront- minimums for Covid-19 Cares Act
ties and other inflammatory symptoms stitute for Immunology researchers discovered
ing states are overwhelmingly due to grants, Wyoming received $2,173 per
that are linked to the novel that about half of stored
coronavirus. Parents and pub- Rare serious cases bear blood samples from 2015 to a collapse in tax revenues, not spend-
ing. The collapse in revenues was
person from the feds, while Connecti-
cut received $414. If the grants were
lic health officials are under-
standably worried, but some
watching, but overall 2018 carried helper T-cells
that react against the novel
much faster and twice as severe as allocated based on total Covid-19 in-
during the 2007 recession. Now, un- fections, the per person hit is much
perspective is in order given risk appears to be low. coronavirus. like then, not only has the highly vol- more severe.
the virus’s apparent overall Yet unlike with other respira- atile income-tax revenue fallen, but so You mention pension liabilities as a
low risk to children. tory viruses, children don’t ap- have sales and energy taxes. The five proxy for good governance. Per the
The Centers for Disease Control and Pre- pear to be large spreaders. Australia’s National states suffering the biggest hits are Tax Foundation, New York state pen-
vention reported last week that 15 children un- Centre for Immunisation Research and Surveil- Alaska, Louisiana, North Dakota, West sions are much better funded than
der age 15 in the U.S. have died of Covid-19 lance tracked Covid-19 cases at 15 schools from Virginia and Wyoming. The Covid-19 Florida’s. While Connecticut’s un-
fiscal hit does not discriminate be- funded liability is improving but still
since February compared to about 200 who March 1 to April 16. At the outset, 18 individuals
tween red and blue states. bad, the worst in the nation is Sen.
died of the flu and pneumonia. Children repre- were infected. After six weeks only two of their 863 Florida will suffer a 24% fiscal defi- Mitch McConnell’s Kentucky.
sent 0.02% of virus fatalities in the U.S., and close contacts at the schools had become infected. cit next year, compared to 13.5% in Let’s not play red state/blue state
very few have been hospitalized. There were no cases of students passing the virus Connecticut and 29% in New York. If politics in our fiscal response to this
A study in the Journal of the American Medical to teachers. Studies from China show kids were you want to add the Rainy Day Fund pandemic. The longer the feds wait to
Association (JAMA) Pediatrics last week found more likely to pick up the virus from their parents balance to the mix of smart states act, the longer we must wait before
that only 48 children between March 14 and April than vice versa. While Taiwan has lower case and that save for a rainy day, Moody’s our economy kicks back into gear.
3 were admitted to 14 pediatric intensive care fatality rates than Western countries, it did not im- compliments Connecticut, which set GOV. NED LAMONT
units in the U.S., and 83% had an underlying con- pose widespread school closures. aside 13% of its budget to protect Hartford, Conn.
dition. The most common was “a long-term de- i i i against tax increases or massive lay-
offs in a recession, Florida set aside Should Florida bail out New York?
pendence on technological support (including Parents and public-health officials are now
4.5% and New York 3%. No, New Yorkers should just bail out.
tracheostomy) associated with developmental nervous about reopening schools because some You tease New York Gov. Andrew JACK WOLF
delay and/or genetic anomalies,” the authors children in virus hot spots are developing fe- Cuomo for comments about donor Englewood, Ohio
note. The fatality rate for children in ICUs was 5% vers, rashes and inflammatory symptoms that
compared to 50% to 62% for adults. resemble Kawasaki Disease, which was discov-
Another new JAMA study examines children ered in Japan a half century ago and whose
treated for cancer at New York’s Memorial cause is unknown though it has been found to
WHO Focus Widened to Reflect Health Needs
Sloan Kettering. Twenty of 178 pediatric pa- follow infections. Your editorial “How WHO Lost killed 315,000 as of May 18. More-
tients tested positive for coronavirus—an infec- The syndrome afflicts 20.8 of 100,000 chil- Its Way” (op-ed, May 16) describes over, cardiovascular diseases and di-
tion rate of 11.2%—but only one required non- dren in the U.S. under age five (about 4,800) each key challenges faced by an interna- abetes are strong predictors of death
critical hospital care. Thirteen of their 74 adult year. A study in the journal Lancet last week re- tional organization with a broad from Covid-19. Chronic diseases are
mandate. Part of its “mission global killers and impact outcomes
caregivers also tested positive—an infection ported 10 children with the inflammatory syn-
creep,” however, isn’t a divergence of this novel virus.
rate of 17.6%. “Together, our results do not sup- drome in Bergamo, Italy—the city with the high- from WHO’s original aims but a Supporting mental well-being is
port the conjecture that children are a reservoir est rate of fatalities and infections—about 30

.
growing recognition that many fac- another constitutional aim of WHO.
of unrecognized SARS-CoV-2 infection,” the au- times higher than the normal incidence. Most tors—infrastructure, chronic disease At-risk people in lockdown face

ly
thors conclude. were older and suffered more severe cardiac prevalence, social inequities—can- abuse, violence and mental-health
Children also appear at lower risk of infection symptoms than those typically found with Kawa- not be disaggregated from the concerns; WHO tweeting about them
based on population antibody studies, including saki. But the authors also estimated that proba- transmission and experience of dis- demonstrates interest in these perni-
on
a recent one from Spain that found a sharp age bly no more than 0.1% of children who had been
gradient. Just 1.1% of infants under age one car- exposed to the virus were affected. All hospital-
ried antibodies; 2.2% of those between one and ized patients had been discharged, and the au-
ease.
Consider social inequities, seem-
ingly outside the scope of this pan-
demic’s viral transmission. Yet the
cious health threats.
WHO’s attention to multiple facets
of health reflects an ambitious origi-
nal mission and evolving knowledge
four; 3% between five and nine; 3.9% between 10 thors recommend treating patients with steroids
Journal reported that within New of health. Revisiting its core mission,
us ,

and 19; and 4.4% between 20 and 39. Antibodies to calm their immune system.
York City low-income neighborhoods prioritizing its focus and building re-
l

were most prevalent (about 6%) in Spaniards 60 During these times parents and doctors need were hardest hit by Covid-19. Inequi- sources for communicable diseases
e
and older. to be especially vigilant. But as a society we also
al a

ties are meaningful contributors to are important. But every disease op-
Scientists are puzzling over these age dispar- need to keep in mind that the risks to children health; community spread of disease erates in a broader system. Access
ities. One theory is that children have stronger from the coronavirus are small, especially relative is community dependent. to testing, reducing community vul-
ci on

“innate” immune response that allows them to to others. The Foundation for Research on Equal Another concern is that chronic- nerabilities and supporting persis-
quickly clear the virus without developing anti- Opportunity projects that children under 15 are disease prevention detracts from in- tent health risks are powerful levers
bodies. Another is that the virus may not bind 6.83 to 20.07 times more likely to die of the flu or fectious-disease response. But non- in this system until we have a vac-
as easily to the ACE2 receptors in children’s na- pneumonia than coronavirus—assuming 150,000 communicable diseases accounted cine—and even after.
sal passages that are the cellular entry-way for Covid-19 fatalities in the U.S. this year—and 128 for 73% of global deaths in 2017. CARA KIERNAN FALLON, PH.D., MPH
er s

Heart disease and stroke killed 15 University of Pennsylvania

invading the body. times more likely to die of an accident.
million people in 2017; Covid-19 has Philadelphia
It’s also possible that children have cross- All of this bears more study, and nobody
m er

protection from earlier coronavirus-causing wants to endanger children. But the risks to chil-
common colds. Two new studies find that anti- dren are not enough to justify the continuing de-
bodies and white blood cells that individuals struction of lockdowns.
Bigger Government Is Very Likely to Continue
m rp

Stephen Harper, former prime spending still will seem quaint in

The First Amendment Faithful minister of Canada, may be engaging
in a bit of wishful thinking when
comparison.
Meanwhile, state and local gov-

M
innesota churchgoers were hoping for open came only after efforts to work out an sharing his belief that “After Covid, ernments reached unholy fiscal-mess
a reprieve Wednesday when Gov. Tim arrangement with the Governor were ignored. Government Will Have to Shrink” status well before the coronavirus
co Fo

Walz, as expected, announced steps
for easing restrictions on bars, restaurants, hair
salons and barbershops starting June 1. But
churches didn’t make the cut.
In response, an interfaith group including
the Minnesota Catholic Conference, the Lu-
theran Church-Missouri Synod and the Becket
Fund for Religious Liberty immediately put the
Governor on notice. In accordance with their
First Amendment right to the free exercise of
religion, they sent letters to their congrega-
tions and Gov. Walz announcing their intention
n-
As a result, starting June 1, while a restaurant
or bar can serve up to 50 people outdoors,
churches remain restricted to gatherings of 10
or fewer—indoors or out. As the Becket Fund
notes, these Minnesota churches plan to re-
open with only 33% capacity, rigorous social
distancing and hygiene protocols.
This will put Gov. Walz in an awkward posi-
tion. Are the cops going to cite or arrest peo-
ple for going to church? It is a dilemma en-
tirely of his making, and he can’t say he hasn’t
been warned.
(op-ed, May 13). In a pandemic, se-
curity dwarfs all other priorities but
postpandemic, economic recovery
requires more private- and less pub-
lic-sector activity for jobs, growth
and wealth creation.
The Democrats’ proposed $3 tril-
lion aid bill indicates that they want
to double down on the roughly $3
trillion already spent on economic
relief before the Covid-19 spending
opportunity passes. It includes about
a trillion dollars for state and local
arrived. Some states will be driven
toward desperate measures such as
cutting school aid, Medicaid and
raising taxes. Begging Washington
for money after imprudently manag-
ing pension funds for decades is a
no-brainer strategy for states. We
might have to shrink the govern-
ment to save the economy, but actu-
ally doing it may first require a
near-death version of a fiscal pan-
demic.
TIM LIVINGSTON

governments and $2 trillion for an- Alexandria, Va.

to reopen their churches next week—without
his blessing.
The president of the Minnesota South Dis-
trict of the Lutheran Church-Missouri Synod,
no
Last month Attorney General Bill Barr re- other round of checks for all Ameri-
minded mayors and governors that there is no cans, the extension of $600 a week
“pandemic exception” to the U.S. Constitution. enhanced unemployment benefits Lou Gehrig Was MVP in ’27
The Sixth Circuit Court of Appeals ruled against

and other sops to groups favored by

the Rev. Dr. Lucas Woodford, explained their
decision this way: “Now that the State has
deemed the risk of spreading coronavirus low
enough to reopen non-essential business,
we respectfully believe that it is our right
and duty to safely resume public ministry to
the faithful even without the support of the
Governor.”
The churches are asking for equal treatment
not special treatment, and the decision to re-
Google’s Diversity Inquisition
a Kentucky lockdown biased against churches.
And this week the head of Justice’s Civil Rights
Division warned California Gov. Gavin Newsom
that civil-rights protections forbid favoring sec-
ular over religious activities.
Gov. Walz might take a look at that letter.
It’s hard to see how under any reading of the
First Amendment the Mall of America can be
allowed to reopen while churches must keep
their doors closed to all but a handful.
Democrats. Republicans are resisting
for now, but who wants to appear
miserly in a pre-election pandemic?
Democracies that get used to gov-
ernment controlling the lion’s share
of GDP rarely shrink until every
other option is exhausted. If Demo-
crats control Washington next year,
any shrinkage in the public sector is
likely to be modest. It’s a safe bet
that Democrats will test the validity
of Modern Monetary Theory and the
unlimited potential of the U.S. to
spend, borrow, print money and buy
its own debt. Prepandemic levels of
But Ruth Wasn’t Eligible
Roger Lowenstein’s review of
Alan D. Gaff’s “Lou Gehrig: The Lost
Memoir” (Bookshelf, May 15) has a
very misleading statement. He
notes, “Even in 1927, when Ruth set
a home-run record, Gehrig had a
better year and won the Most Valu-
able Player award.”
I will not comment on who had a
better year. However, the fact that
Gehrig, rather than Babe Ruth, won
the American League 1927 Most
Valuable Player award has no
meaning. At that time, voting for

I
t’s good the Democratic House has the
whole pandemic-and-depression situation
under control, because 10 Members took
time this week to write to Google’s CEO de-
manding he explain the scope of the company’s
diversity and inclusion programs.
The letter was prompted by an NBC News
report last week that Google had scaled back
parts of its internal political bureaucracy. Em-
ployees told NBC anonymously that the tech
company had cut “Sojourn, a comprehensive
racial justice program created for employees
to learn about implicit bias and how to navi-
gate conversations about race and inequality,”
as well as “Allyship 101, a program to learn
about different types of oppressed groups and
ways of supporting them.”
Members of the House Tech Accountability
Caucus sent Google a critical letter responding
to the report along with five questions includ-
ing, “What diversity initiatives does Google
currently provide for new hires?” and “Do em-
ployees working in artificial intelligence un-
dergo additional bias training?”
Google is pushing back on the report and
CEO Sundar Pichai told the Verge that “we
probably have more resources invested in di-
versity now than at any point in our history
as a company.” It’s no secret that many Silicon
Valley companies have become liberal hot-
houses, and this episode illustrates how activ-
ist employees can enforce political orthodoxy.
Overtly political programs are created even if
they are outside the scope of the company’s
mission. Changes prompt leaks, hostile cover-
age and new Congressional demands. Manage-
ment may decide in the future that it’s best,
as a matter of political protection, to let its
diversity apparatus continue to grow.
It’s tempting to laugh at the spectacle of
America’s leading tech companies re-enacting
the dramas that have gripped liberal-arts col-
leges. Many have indulged activist employees
for years. But the pandemic has underscored
America’s reliance on technology. Google is
backing coronavirus research and promoting
testing sites in its search results. It’s not in any-
one’s interest for Silicon Valley to become more
distracted by ideological obsessions, especially
with Chinese technology companies eager to
surpass American competitors.
Silicon Valley firms may be starting to real-
ize that the more they make themselves into
vehicles for political interests, the more they
open themselves up to punitive regulation. For
now, 10 Members of Congress can’t dictate to
Google how to design its diversity programs.
But in the next Democratic Administration,
the letter might be coming from an executive
agency with enforcement power.
Most Valuable Player was on a dif-
ferent system and a player could
States Can Access Capital only win the award once. Thus,
Babe Ruth received zero votes in
Markets, So Why a Bailout? 1927 since he had previously won
Regarding your editorial “Treasury the award in 1923.
Secretary Warren” (May 20): So Sens. STEPHEN D. BOREN
Elizabeth Warren, Joe Biden and the Aiken, S.C.
Democrats warn that public businesses
which they say don’t need aid money
will be punished if they apply for it. Pepper ...
Sen. Warren claims this is a $500 bil-
lion slush fund for Trump favorites.
And Salt
What do the Democrats call the bail- THE WALL STREET JOURNAL
out for states? One qualifier that the
Democrats have put on the Cares Act
money is that if a business has access
to capital markets, then it shouldn’t
qualify. The same standard should ap-
ply for counties, states and cities.
Don’t they also have access to the cap-
ital markets through the issuance of
municipal bonds? How is this rule jus-
tified for one and not the other?
MARK HALE
Losantville, Ind.
Letters intended for publication
should be emailed to wsj.ltrs@wsj.com.
Please include your city, state and
telephone number. All letters are sub-
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cannot be acknowledged.
that can make bitcoins?”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Lawsuits Needn’t Block Recovery
By J. Michael Luttig
And David B. Rivkin Jr.
A
s Congress considers
another Covid-19 res-
cue bill, the usual par-
tisan divide has
opened over limiting
pandemic-related tort liabilities.
Republicans and business owners
argue that litigation will ham-
string recovery. Trial lawyers,
unions and Democrats counter
that liability limits would encour-
age businesses to endanger em-
ployees and consumers. The Sen-
ate Republican leadership
proposes immunity for all busi-
nesses that comply with public-
health guidelines except in cases
of “gross negligence” and willful
misconduct.
Republicans’ approach is ap-
pealing in theory, but in practice
it can’t be implemented without
detailed regulatory standards—
which in the case of Covid-19 won’t
be written for some time. Rather
than permanently change liability
standards based on incomplete in-
formation about the virus, it would
be wiser to enact an immediate but
temporary immunity. That would
permit the economy to begin re-
opening while allowing time for fed-
eral regulators to promulgate stan-
dards on which long-term immunity
could be conditioned.
Congress has the power
to limit Covid liability
while regulators develop
rules to control contagion.
The existing tort liability system,
which rests mostly on state statutory
and common law, has few virtues and
many flaws. It is inefficient and often
arbitrarily imposes liability. Tort liti-
gation, unlike regulatory standards
and enforcement, is largely uncon-
strained by due process and other
constitutional limits. The results can
be crippling for small businesses,
which can’t afford protracted litiga-
tion, and even large companies have
to settle meritless or frivolous law-
suits. The system is driven by jack-
pot-justice incentives.
This system is particularly ill-
equipped for dealing with Covid-19,
which affects the whole economy. Yet
hundreds of lawsuits are already
pending against universities, process-
ing plants, manufacturing, mass-
transportation companies and other
The People’s Republic of Queensland
The University of
Queensland is what
Australians call a
“sandstone univer-
sity,” something like
the American Ivy
League in prestige.
GLOBAL
Queensland consis-
VIEW
tently appears on
By Walter
lists of the world’s
Russell Mead
100 best universities
and is widely seen as
one of the top three in Australia.
Lately, however, its cozy relation-
ship with China has ignited a
firestorm. Questions have been
no
asked in Australia’s Parliament, and
stories in the country’s leading
newspapers and on its public televi-
sion network have raked administra-
tors over the coals. A Journal news
story offers an overview of the scan-
dal.
Queensland’s purgatory began last
July during a peaceful student dem-
onstration in support of Hong
Kongers protesting for democracy
and in solidarity with persecuted Ui-
ghurs in Xinjiang. The demonstra-
tors were set upon by what observ-
ers said was a well-organized group
of about 300 students and nonstu-
dents, many shouting slogans in Chi-
nese. As some filmed the rally, coun-
terdemonstrators snatched
megaphones from the pro-Hong
Kong and pro-Uighur protesters and
sought to break up the rally. Punches
were thrown.
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businesses. Plaintiff lawyers are peti-
tioning legislatures to rewrite or
courts to reinterpret insurance poli-
cies, which specifically exclude pan-
demic-related liabilities, in an effort
to obtain large recoveries. While such
efforts are constitutionally suspect,
these lawsuits won’t die easily.
The notion that businesses will
act recklessly if Congress affords lia-
bility relief ignores the good-faith
compliance culture of American en-
terprises and the regulatory environ-
ment in which they operate. Busi-
nesses have strong incentives
against even negligent behavior,
which would cause bad publicity and
customer distrust. We’ve seen many
announcements in recent weeks
about what businesses are doing to
keep customers and employees safe.
Bad actors can and will be held to
on
account by states and municipalities
using police and regulatory powers
to fine, close or even prosecute
those that operate dangerously. An
elaborate system of federal and state
us ,
workmen’s compensation provides
l
additional protection.
e
al a
Tort law is primarily a state mat-
ter, but it’s well-established that
Congress can intervene via its power
ci on
to regulate interstate commerce.
Federal law has provided tort liabil-
ity protections to firearms makers
and for nuclear power. Congress also
enacted laws to limit liabilities aris-
er s
ing out of Y2K—like Covid-19, a spe-
cific event that was thought to have
m er
potentially calamitous economic con-
sequences.
The Supreme Court has sustained
congressional authority to sweep
aside state policies, statutes and pro-
m rp
cedures that impair interstate com-
co Fo
Xu Jie, China’s consul general in
Brisbane, commended the counter-
demonstrators for their “acts of pa-
triotism,” while blaming the pro-
Hong Kong students for “igniting
anger and sparking protests from
Chinese students.” In a highly un-
usual step, Australian Foreign Minis-
ter Marise Payne warned all foreign
diplomats in Australia to respect the
rights of free speech and peaceful
protest. Amid all this, the press re-
n-
ported that Mr. Xu had recently been
appointed an adjunct professor at
the university.
About a week later, the Sydney
Morning Herald reported that Chi-
nese officials had visited the mother
of one of the students at the demon-
stration—she lives in China—and
that she then told her son that his
safety could only be guaranteed if he
stopped his “anti-China rhetoric” and
stayed away from other protests.
The story gets worse. In October
one student who led the Hong Kong/
Xinjiang demonstration sought a
court order against Mr. Xu, alleging
that the consul-general’s rhetoric
was endangering his life. The stu-
dent, 20-year-old Drew Pavlou, ran
successfully to become the student
representative on the university sen-
ate to gain greater visibility for his
China protests. He carried on a pro-
gram of activism including stunts
like posting a “Covid-19 Biohazard”
warning in front of the university’s
Confucius Institute—the local branch
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OPINION
merce, beginning with Gibbons v.
Ogden (1824), which affirmed federal
pre-eminence in regulating interstate
navigation. In New York v. Beretta
(2008), which upheld the limitations
on liability for firearms makers, the
Second U.S. Circuit Court of Appeals
held that Congress’s authority in-
cludes the power to ban state tort
lawsuits that “are a direct threat” to
specific industries.
While there are legitimate
doubts—which we share—that the
Commerce Clause’s original meaning
encompasses intrastate economic ac-
tivities, the high court has embraced
this view since 1942, when it held in
Wickard v. Filburn that the federal
government could ban growing wheat
for personal consumption because it
impaired a wheat-production scheme
created by federal statute. The jus-
tices also asserted in Gonzales v. Ra-
ich (2005) that the Commerce Clause
allows Congress to regulate intrastate
activities that “substantially affect in-
terstate commerce.” Those precedents
are enough to allow Congress to pro-
tect businesses with local footprints,
such as beauty salons or restaurants,
that buy products or supplies in inter-
state commerce.
Senate Republicans should also
propose to make protection against
tort liability a precondition for
states and localities to receive nearly
$1 trillion in the new Covid-19 rescue
bill. In National Federation of Inde-
pendent Business v. Sebelius (2012),
the ObamaCare case, the Supreme
Court limited Congress’s ability to
coerce states into adopting new poli-
cies by threatening to withdraw
money for existing programs. Since
this money is new, that won’t pose
of a Beijing-funded “soft power” pro-
gram offering courses in Chinese
language and culture. Concerned
about the institutes’ tight links with
the Chinese government, U.S. legisla-
tors banned universities who host
Confucius Institutes from receiving
federal language-training funds in
2019. Even before then, many U.S.
schools severed their links with the
program over the same worries.
The dubious conduct of an
Australian university with
Chinese ties shows the
CCP’s long reach abroad.
But keeping Beijing happy is es-
sential to the Queensland business
model, and hosting a Confucius In-
stitute is part of the package.
Roughly 20% of the university’s stu-
dents last fall were from China, and
international students pay much
higher tuition than Australians. Pe-
ter Høj, Queensland’s vice chancel-
lor, had received a performance bo-
nus of roughly US$130,000 in part
because of his success in strengthen-
ing the university’s relations with
China in ways that supported stu-
dent recruitment.
Mr. Høj was committed. He not
only allowed a Confucius Institute to
be established on campus; he served
for several years as an unpaid con-
sultant to the Confucius Institute’s
international board. At least one
course jointly funded by the institute
and Queensland highlighted China’s
emerging world leadership in,
among other topics, counterterror-
ism, human rights and the preven-
tion of mass atrocities.
It was apparently intolerable that
a student insulted an institution so
august. The university compiled a
186-page dossier of Mr. Pavlou’s al-
leged misdoings, and summoned him
to a hearing at which he faces possi-
ble expulsion. The charges, according
to those who’ve seen the confidential
document, either try to make trivial
comments by Mr. Pavlou look sinis-
ter or attempt to infringe on his
right to peaceful protest.
On Wednesday, Mr. Pavlou and his
lawyer walked out of the disciplinary
hearing, claiming the university was
failing to follow its own procedures.
The university denied these charges
an obstacle. Using its spending
and Commerce Clause powers,
Congress can promulgate a vari-
ety of regulatory schemes that
would replace current federal
and state statutory and common-
law liabilities for Covid-19 and
that would survive litigation
challenges.
Making liability protection
work will require regulation to
evolve along with scientific un-
derstanding of Covid-19. Current
federal, state and local guide-
lines, including those published
by the Centers for Disease Con-
trol and Prevention, are in-
formed exclusively by medical
considerations and do not reflect
traditional regulatory criteria
such as cost and feasibility of
CHAD CROWE
implementation, and are too am-
biguous and inconclusive to be a
proper basis for imposing or lim-
iting Covid-19-related liabilities.
New, industry-specific guidelines
will have to be developed by agen-
cies such as the Occupational Safety
and Health Administration.
OSHA and other federal agencies
have the expertise to evaluate scien-
tific, practical and cost-effective stan-
dards governing operations of a wide
range of businesses. What they need
is new statutory authority to issue
safe-harbor guidelines for businesses
that pre-empt tort liability under
state law. Companies and trade asso-
ciations would work with OSHA and
propose industry- or business-spe-
cific guidelines to the agency, such as
for meat packing plants or package
sorting facilities. OSHA would
promptly review each proposal, make
necessary modifications, and then is-
sue it as an immediately effective
regulation with the legal force to
override lawsuit liability. Businesses
that comply with these regulations
can rest assured that they’ve met
their legal obligations.
Such considered Covid-19 liability
reform—temporary immunity while
businesses reopen, followed by
promulgation of comprehensive fed-
eral regulatory guidelines—would be
constitutional and consistent with
federalist values. It would protect
public health while enabling a
prompt and full economic recovery.
Mr. Luttig is a former general
counsel of the Boeing Co. He served
as a judge on the Fourth U.S. Circuit
Court of Appeals, 1991-2006. Mr.
Rivkin practices appellate and consti-
tutional law in Washington. He served
in the White House Counsel’s Office
and Justice Department under Presi-
dents Reagan and George H.W. Bush.
in a statement to the press.
Queensland’s investigative zeal is
embarrassingly selective. Adminis-
trators don’t seem to have spent
much time, if any, investigating the
students who disrupted the protest
last July. Was there a link between
the Confucius Institute or the Chi-
nese Consulate and the organized
group that broke up a peaceful pro-
test? How did the Chinese police
know to visit a Queensland student’s
family? Is there a Chinese effort to
monitor and intimidate Chinese stu-
dents abroad? Do Queensland stu-
dents critical of Beijing face addi-
tional threats? That it somehow
seemed more important to comb
through Mr. Pavlou’s social-media
posts than to devote major resources
to questions like these is the mea-
sure of how badly the administration
has lost its way.
The university has stoutly denied
wrongdoing at every point. It asserts
that the relationship with the Chi-
nese Consulate and the Confucius In-
stitute is entirely proper, that Mr.
Pavlou’s disciplinary case has noth-
ing to do with free speech, and that
the information about Mr. Høj’s bo-
nus released in the Australian Senate
was partial and misleading. As
Queensland chancellor Peter Var-
ghese—a distinguished public ser-
vant with impeccable credentials in
the Australian security establish-
ment—summarizes the university’s
position: “Boycotting China is not a
sensible option. What we need is
clear-eyed engagement which serves
our interests and is faithful to our
values.”
Mr. Varghese isn’t wrong about
that, and Queensland isn’t wrong to
want Chinese students. The value of
having them on campus goes well
beyond money. They bring different
and challenging perspectives that
other students need to encounter.
But the lesson for U.S. college
presidents and trustees should be
clear: The moral and reputational
damage of mishandling a relation-
ship with China can be ruinous. Open
debate about topics like Hong Kong,
Taiwan, Xinjiang and Tibet shouldn’t
be suppressed simply because a for-
eign government objects. And if any
students are to be expelled for viola-
tions of university standards, it
shouldn’t be peaceful protesters, but
conscious agents of a foreign police
state who abuse their university sta-
tus to snoop on their peers.
Thursday, May 21, 2020 | A17
Freedom and
Sweden’s
Constitution
By Lars Jonung
And Steve H. Hanke
I
n most countries, the tool of
choice to “flatten the curve” of
the coronavirus pandemic is the
lockdown. Not in Sweden, which has
chosen a rather laissez-faire ap-
proach. The borders have been kept
open, and Swedes are free to travel
within the country, visit bars and res-
taurants (with some restrictions),
parks, hairdressers, gyms and most
other places.
The cornerstone of the Swedish
response is its constitution’s most
important part, the Regeringsform.
Chapter 2, Article 8 states: “Everyone
shall be protected in their relations
with the public institutions against
deprivations of personal liberty. All
Swedish citizens shall also in other
respects be guaranteed freedom of
movement within the Realm and free-
dom to depart the Realm.” The Re-
geringsform makes exceptions only
for prisoners and military conscripts,
and there is no provision for a peace-
time state of emergency. While the
constitutions of neighboring Finland
and Norway also guarantee freedom
of movement, neither juxtaposes that
provision with a broad protection of
“personal liberty.”
The country’s laissez-faire
.
response to the Covid
ly
pandemic has deep roots
in both culture and law.
The Swedish Constitution comes
into play in another, more significant
way, namely the strong independence
of public authorities from govern-
ment interference. This unique fea-
ture originated with the Regerings-
form of 1634, which followed the
death of King Gustavus Adolphus II in
the Thirty Years War. It insulates
Sweden’s public institutions from po-
litical meddling to a much greater de-
gree than in any other democracy.
The Public Health Agency of Swe-
den—like other public bodies, such as
the world’s oldest central bank, the
Riksbank—operates with an incompa-
rably high degree of independence
from the government. Chapter 12, Ar-
ticle 2 of the Regeringsform spells
this out: “No public authority, includ-
ing the Riksdag”—the Parliament—
“or decision-making body of any local
authority, may determine how an ad-
ministrative authority shall decide in
a particular case relating to the exer-
cise of public authority vis-à-vis an
individual or a local authority, or re-
lating to the application of law.”
So the Swedish Public Health
Agency is directed and operated by
experts—not government political
appointees. These experts are the ar-
chitects of Sweden’s response to the
coronavirus pandemic. They have de-
veloped a broader approach than
most epidemiologists. The collabora-
tive work of health economists and
epidemiologists at the Swedish Public
Health Agency has produced a re-
sponse that explicitly considers the
overall impact of their policies on the
Swedish economy and people. The
heads of the Public Health Agency
have the last word.
The independence of public au-
thorities seems to suit the Swedes.
They have strong trust in public in-
stitutions, in the government’s effec-
tiveness and honesty, and in the dem-
ocratic process and rule of law. This
trust is, in large part, derived from
the freedoms guaranteed by the
Swedish constitution. Swedes also
trust each other to a remarkable ex-
tent, as documented in international
surveys. According to a recent poll,
63% of Swedes reported that they
trusted most people, compared with
only 30% in the U.S. So when Swe-
den’s state epidemiologist, Anders
Tegnell, speaks, Swedes listen to his
advice on social distancing, washing
hands for at least 30 seconds, and
self-isolation of at-risk groups, like
those over 70.
It isn’t only Sweden’s epidemiolo-
gists who have the Swedes’ ears—
economists do, too. The great Swed-
ish economists, starting with Knut
Wicksell (1851-1926), have been ac-
tive in the public sphere and have
had an outsize influence on Swedish
policy. Once the coronavirus ap-
peared, Swedish economists cau-
tioned that a policy of restrictions,
such as lockdowns, would impose
enormous economic costs to society,
and that it might be as bad as the
disease itself. Swedes listened.
Sweden’s exceptionalism rests on
both its formal written constitution
and the high degree of trust infused
in the country’s customs and habits.
It’s one thing to have rules, another
thing to follow them.
Mr. Jonung is a professor emeritus
in economics at Sweden’s Lund Uni-
versity. Mr. Hanke is a professor of
applied economics at Johns Hopkins
University.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A18 | Thursday, May 21, 2020
Xi Prioritizes Economic Recovery U.S.
BY CHUN HAN WONG
Robotics
HONG KONG—Chinese
leader Xi Jinping is racing to
revive a battered economy as
he tries to project a united
Communist Party and quash
dissent against his authority.
An annual legislative con-
clave will bring thousands of
lawmakers and political advis-
ers to Beijing this week, after
a 2½-month delay, and give
Mr. Xi an opportunity to lay
out his economic goals and
pivot back to sidelined priori-
ties through the staging of
China’s first major political as-
sembly since the Covid-19 pan-
demic started.
Mr. Xi’s top lieutenants
have signaled unity in the
party, praising his leadership
as recently as last week. Even
so, party watchers say his re-
cent maneuvers indicate con-
cern over the political fallout
from a pandemic that has sav-
aged the economy and ex-
posed gaps in the party’s crisis
management.
Questions over the pan-
demic’s political, economic
and diplomatic fallout have
“cast a shadow over Xi’s lead-
ership,” said Wu Qiang, a Chi-
nese politics researcher and
former lecturer at Beijing’s
Tsinghua University. “The Xi
administration needs affirma-
tion of its governance record.”
In trips across the country
over the past two months, Mr.
Xi promoted his campaigns to
eliminate poverty and
strengthen China’s industrial
might. He ordered officials to
boost businesses, shore up
employment and guard against
a resurgence of infections.
Party investigators have
questioned and detained some
of Mr. Xi’s most outspoken
critics. His administration in
April set up a new Communist
White House Targets Iran, Caracas Oil Ties
BY BENOIT FAUCON
The Trump administration
is weighing new sanctions and
other legal steps to disrupt
Iranian oil exports to Venezu-
ela, U.S. officials said, in re-
sponse to what the U.S. con-
siders the Islamic Republic’s
attempts to make inroads into
Latin America.
The possibility of new U.S.
sanctions and legal action
comes as five Iranian gasoline
tankers make their way toward
Venezuela, offering a potential
lifeline to the embattled re-
gime of President Nicolás Ma-
duro, according to U.S. and
Iranian officials and shipping
website TankerTrackers.com
SOUTH ASIA
Cyclone Batters
India, Bangladesh
no
A powerful cyclone that
slammed into India’s eastern
coast and Bangladesh has left
damage and about 20 deaths.
In Bangladesh, up to eight peo-
ple have died, and 12 deaths were
estimated in West Bengal state in
India. Most of the deaths were
due to the collapse of walls,
drowning and falling trees.
West Bengal Chief Minister
Mamata Banerjee said Wednes-
day night the damage from Cy-
clone Amphan was difficult to
assess, pointing out that entire
islands had been cut off from
the mainland.
Ms. Banerjee said densely
populated regions of south Ben-
gal were among the worst to be
damaged. “We are facing three
crises: the coronavirus, the thou-
sands of migrants who are re-
turning home and now the cy-
clone,” said Ms. Banerjee, who is
an opposition leader and one of
the fiercest critics of Indian
Prime Minister Narendra Modi.
In Bangladesh, at least a mil-
lion people are without electric-
ity, according to the Ministry of
Power. The country’s Ministry of
Disaster Management said hun-
dreds of villages went underwa-
ter because of tidal surge.
—Associated Press
BURUNDI
Presidential Election
Appears Peaceful
A crucial election appeared
peaceful Wednesday in the East
African nation of Burundi, where
President Pierre Nkurunziza is
stepping aside after a divisive 15-
year rule but will remain “para-
Vetoes
Soldiers stand at attention in front of a photo of Xi Jinping before sweeping their barracks in Beijing.
Party coordination group—
comprising top domestic-secu-
rity officials—to oversee ef-
forts to build a “peaceful
China.” Its duties include
tracking and taming unrest in-
flamed by the pandemic’s eco-
nomic fallout.
In an effort to counter the
backlash against China’s han-
dling of the pandemic, Mr. Xi
has committed $2 billion in
aid for global efforts to fight
the virus, pledged to support
research into the pathogen’s
origins and urged foreign
leaders to revive global trade
and investment. Meanwhile,
Chinese diplomats and state
media have whipped up patri-
otic fervor at home by trading
invective with U.S. officials
on
over culpability for the global
us ,
contagion.
l
President Trump Wednes-
e
al a
day night again blamed Beijing
ci on
Iran has warned it will re-
er s
taliate against the U.S. if it
blocks its ships. As crude mar-
m er
kets recover from the disarray
of a demand-eroding coronavi-
rus pandemic and a devastat-
ing price rout, the Islamic Re-
public has seized an
m rp
opportunity to use its oil to
curry favor with U.S. rivals, in-
cluding Venezuela and Syria.
Iran’s outreach to Venezuela
is meant to help it “gain a posi-
co Fo
tional advantage in our neigh-
borhood as a way to counter
U.S. interests,” Adm. Craig
Faller, who heads the U.S.
Southern Command in the Ca-
ribbean, told a videoconference
organized by Florida Interna-
tional University on Monday.
n-
People gathered Wednesday at a Bangladesh shelter before Cyclone Amphan made landfall. The storm, which also hit India’s eastern coast, brought 115-mph winds.
mount leader” in the country that
often rejects outside scrutiny.
The vote is one of the most
important transfers of power in
Burundi since independence in
1962.
Some observers worry that
disputed results could lead to
the kind of violence that marked
the previous vote in 2015.
Regional observers weren’t
present after being told that ar-
riving foreigners would face a
14-day quarantine.
Citizens and journalists said
access to social media wasn’t
WORLD NEWS
for the coronavirus pandemic:
“Spokesman speaks stupidly
on behalf of China, trying des-
perately to deflect the pain
and carnage that their country
spread throughout the world.
Its disinformation and propa-
ganda attack on the United
China’s leader has
faced criticism over
Beijing’s response to
the pandemic.
States and Europe is a dis-
grace, ‘’ Mr. Trump wrote. “It
all comes from the top. They
could have easily stopped the
plague, but they didn’t!’’
The annual sessions of the
National People’s Congress—
The Venezuela-bound con-
voy of tankers carries Iranian
oil-products worth around $45
million, said Russ Dallen, an
economist at Caracas Capital
Markets. U.S. pressure re-
cently halted shipments of re-
fining products from Russian,
Spanish and Italian companies
that had delivered limited re-
lief from the country’s chronic
gas shortages, he said.
Iran’s burgeoning efforts to
build a trading and political
outpost in Latin America pres-
ent a challenge to the U.S.’s
nearly two-century-old Mon-
roe Doctrine, which opposes
international interference in
the Western Hemisphere.
The Trump administration
WORLD WATCH
possible without a virtual private
network.
Mr. Nkurunziza praised the
election because “no foreigner
came to trouble them as it hap-
pened in the past.”
Ahead of the vote, government
agents were accused of harassing
the main opposition party, the
CNL, whose leader Agathon
Rwasa, the deputy parliament
speaker, was believed to be in a
close race with Mr. Nkurunziza’s
chosen successor in the ruling
CNDD-FDD, Evariste Ndayishimiye.
—Associated Press
* ***** THE WALL STREET JOURNAL.
remains unified,” said Jude
Blanchette, a China politics ex-
pert at the Center for Strate-
gic and International Studies
in Washington. “The failure of
democratic systems across the
world—especially the U.S.—to
effectively confront and con-
tain the coronavirus has re-
lieved much of the political
pressure” that Mr. Xi faced
when the pathogen was en-
gulfing China, Mr. Blanchette
said. Now, “the overriding do-
mestic concern is economic re-
covery and the stabilization of
employment.”
China’s economy has been
scarred by mass quarantines
and other restrictions that
KEVIN FRAYER/GETTY IMAGES
have largely contained the do-
mestic contagion while crip-
pling consumption and stalling
supply chains. The Communist
Party had committed to dou-
bling the size of the economy
by the end of 2020 from a de-
cade earlier, a target Beijing
has soft-pedaled in recent
China’s legislature—and a re- years and that many econo-
lated government advisory mists think would require
body are largely set pieces of gross domestic product
political theater, where the growth of 5.5% this year.
Communist Party elite por- Now, with China reporting a
trays unity and outlines its historic economic contraction
priorities. in the first quarter, many
The conclave starts Thurs- economists have speculated
day, when the advisory body about whether the government
opens its session, a day ahead would set a lower or more
of the NPC. Each is set to fol- flexible growth target for this
low a truncated weeklong year, or even jettison it alto-
schedule. gether—choices that would in-
China politics watchers ex- dicate Beijing’s approach to
pect Mr. Xi to cast this year’s stimulating the economy and
ly
conclave as a symbolic mo- managing public expectations.
ment in his country’s recovery Mr. Xi must also contend with
from the pandemic, projecting rising joblessness.
confidence and beating back
criticism—at home and
abroad—against his domineer-
ing style of leadership.
At a meeting on Friday to
finalize policies to be an-
nounced at the legislative con-
clave, the party’s 25-member
“The pageantry of this Politburo praised Mr. Xi for
year’s NPC will undoubtedly his astute leadership and
be an attempt to signal that echoed his demands for ensur-
the political system under Xi ing economic stability.
has been debating how aggres- vessels. “With respect to Vene-
sive its response should be, the zuela, our focus has been to
officials said. The U.S. Navy has share intelligence, trying to
deployed a flotilla of destroy- figure out what Maduro and
ers in the Caribbean to crack his cronies are up to,” he said.
down on narcotics smuggling. Instead, U.S. officials are
Military personnel on those looking at measures that
ships could theoretically board would deter Iran from repeat-
the Iranian vessels for inspec- ing deliveries to Caracas.
tion, the U.S. officials said. The U.S. State Department
Some U.S. officials have ad- declined to comment on any
vocated restraint, arguing that action it might take.
the U.S. should intervene only The U.S. Treasury Depart-
if the Iranian shipments be- ment “will continue to aggres-
come a permanent fixture, ac- sively use its sanctions au-
cording to people familiar thorities to target malign
with the matter. activity and sanctions eva-
On Monday, Adm. Faller sion,” a spokesperson said,
played down the possibility of and whoever engages in busi-
the U.S.’s Caribbean fleet be- ness with Venezuela’s oil in-
ing used to stop the Iranian dustry is at risk of sanctions.
PARIS The 51,140 tickets sold for
€100 each. Proceeds are going
Charity Raffles Off to provide water for villagers in
Painting by Picasso Madagascar and Cameroon.
—Associated Press
An Italian woman has won an
oil painting by Pablo Picasso POLAND
that was offered up in a charity
raffle Wednesday. Song Critical of Party
The winning ticket was Chief Falls Off Chart
picked out in an electronic draw
at the auction house Christie’s in A song took aim at an al-
Paris. Organizers valued the leged abuse of power by Po-
painting, “Nature Morte,” or Still land’s ruling party leader, Jaro-
Life, as being worth €1 million slaw Kaczynski. It rose to the
($1.1 million). top of the chart of a public radio
Company’s
China Deal
BY KATY STECH FEREK
WASHINGTON—A U.S. na-
tional security panel has or-
dered the breakup of a joint
venture formed between Chi-
nese investors and a California
firm that makes exoskeletons,
robotic devices that can help
disabled people walk but can
also help soldiers carry heavy
loads.
On Wednesday, Ekso Bion-
ics Holdings Inc. said panel-
ists on the Committee on For-
eign Investment in the U.S.,
which reviews deals that
threaten the country’s national
security, are requiring the
company to end its joint ven-
ture with its Chinese business
partners.
“Despite our best efforts to
mitigate their concerns, we
are disappointed that Cfius
will not allow us to move for-
ward with the joint venture,”
Jack Peurach, chief executive
of Ekso, said.
Company officials didn’t re-
spond to a request for addi-
tional comment.
The national security panel
has increased scrutiny of busi-
ness deals between U.S. com-
.
panies and Chinese investors
in recent years, including after
Congress cracked down in
2018 on businesses’ growing
reliance on foreign money.
Founded in 2005, Ekso Bi-
onics makes wearable machin-
ery that helps injured workers
cope with physical disabilities
and employees who handle
heavy-duty work at manufac-
turing plants fight fatigue.
The company has said it
has done work for the U.S.
military, including a project
with Lockheed Martin Corp.
on a robotic exoskeleton called
the Human Universal Load
Carrier “allowing users to
carry up to 200 pounds over
long distances and rough ter-
rain,” according to a 2014 se-
curities filing.
In January 2019, company
officials struck a deal with
Zhejiang Youchuang Venture
Capital Investment Co. Ltd.
and another partner to form a
joint venture that would ex-
pand the company’s access to
Asian markets, according to
the announcement.
The deal would also enable
production in China.
As part of the deal, the Chi-
nese investors and their affili-
ates made a $5 million invest-
ment in Ekso Bionics with a
stock purchase, securities fil-
ings said.
REUTERS
station. Then it disappeared.
The public broadcaster is now
accused of censorship. The scan-
dal, which has been a top issue
of public debate in recent days,
has prompted several resigna-
tions from the station, Radio
Trojka, and left some musicians
vowing to boycott it.
The lyrics of the song describe
an April 10 visit by Mr. Kaczynski
to a cemetery that infuriated
many Poles because cemeteries
were closed to the public because
of the coronavirus pandemic.
—Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
PERSONAL TECHNOLOGY: APPLE’S IOS UPDATE ADDRESSES IPHONE CORONAVIRUS GRIPES B4
BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P 2971.61 À 1.67% S&P FIN À 2.22%
Ford Halts Work at Plants in 2 States Target Is
Stoppages come after
reports that
employees tested
positive for Covid-19
BY BEN FOLDY
AND MIKE COLIAS
Ford Motor Co. stopped as-
sembly lines at key factories in
Chicago and Michigan on
Wednesday, the latest sign of
the risks to companies and
their employees as they at-
tempt to resume work during
Hertz’s
Lenders
Brace for
Losses
BY MATT WIRZ
Bonds backed by Hertz
Global Holdings Inc.’s fleet of
rental cars had the same
credit rating as the U.S. gov-
ernment just a few weeks ago.
Now the company’s financial
woes are stoking fears that in-
vestors are headed for a loss.
The rental-car company
missed debt-related payments
last month and a deadline on
negotiations with lenders and
bondholders is set to expire
Friday.
The two sides are still far
from a deal, people familiar
with the matter said, increas-
ing the likelihood that the
company will file for bank-
ruptcy court protection.
The restructuring is ex-
pected to trigger at least a
partial liquidation of the Hertz
rental-car fleet, the second
largest in the U.S. behind rival
Enterprise Holdings Inc.
Hertz doesn’t own the cars.
It essentially leases them from
banks and bond funds that
bought asset-backed bonds
and loans used to purchase the
vehicles.
The company initially asked
holders of some of its $14 bil-
lion in asset-backed debt to
accept an indefinite delay in
payments, an offer they re-
jected, people familiar with
the matter said.
In recent days, Hertz put
forth the idea of paying as
much as $4 billion of the asset-
backed debt this year by sell-
ing cars gradually and asked
lenders for an additional 60-
no
day forbearance to negotiate
terms, one of the people said.
The conflict is likely to be
resolved in bankruptcy court
and end in a sale of at least
one-third of the roughly
500,000 cars Hertz rents in
the U.S. as the company down-
Please turn to page B2
Chinese Firms Face
Delisting Under Bill
BY DAVE MICHAELS
WASHINGTON—Chinese
companies could be forced to
give up their listings on Ameri-
can stock exchanges under leg-
islation approved by the Sen-
ate on Wednesday.
The bill, which was passed
unanimously, addresses inves-
tor-protection concerns that
have lingered for years but
gained political traction as ten-
sion between the U.S. and
China grew. Chinese companies
such as Alibaba Group Hold-
ing Ltd. and Baidu Inc. have
together raised tens of billions
of dollars through listings on
U.S. exchanges.
At the heart of the dispute
is China’s unwillingness to
grant routine access to audit
records sought by American
regulators. Companies that sell
shares publicly in the U.S. are
legally required to be audited
by firms that are inspected by
the Public Company Account-
ing Oversight Board, an audit
watchdog.
S&P IT À 2.12%
Boosted by
the Covid-19 outbreak.
Ford sent Chicago Assembly
Plant workers home for a sec-
ond day in a row late Wednes-
day morning, a company
spokeswoman said. The work
stoppage came after a Lear
Corp. factory in nearby Ham-
mond, Ind., that makes seats
for the Ford factory idled its
assembly lines, people familiar
with the matter said.
Also Wednesday, Ford tem-
porarily closed a pickup-truck
plant in Dearborn, Mich., near
its corporate headquarters, af-
ter a worker at the plant tested
us ,
al a
ci on
er s
m er
m rp
Harley-Davidson plans to cut bike production
after years of expanding models to counter
falling sales and profit.
Harley-Davidson
co Fo
motorcycle shipments
U.S.
150,000
100,000
50,000
0 based company is trying to ap-
2011 ’15 ’19
n-
International
100,000
50,000
0 0
2011 ’15 ’19
*Auction sales data begin on week 2 because the first week was a half week.
Sources: the company (shipments; net income); National Powersport Auctions (sale prices at auction)
“All the rest of us want is
for China to play by the rules,”
Sen. John Kennedy (R., La.),
who wrote the legislation with
Sen. Chris Van Hollen (D.,
Md.), said Wednesday on the
Senate floor. “This has gone on
for years and years.”
The oversight board and Se-
curities and Exchange Commis-
sion have long tried to negoti-
ate with China for access to
the audit records. Those ef-
forts have largely failed, while
regulators have been unwilling
to kick the companies off the
New York Stock Exchange or
Nasdaq Stock Market.
“This is certainly not the
outcome that the U.S. regula-
tors or exchanges want, but
the ‘nuclear option’ was always
on the table in the event a bi-
lateral agreement providing
for cross-border inspections
could not be reached,” said
Shaswat K. Das, a lawyer at
King & Spalding LLP who pre-
viously worked at the PCAOB.
Spokesmen for the NYSE
Please turn to page B2
* * * **
DJ TRANS À 3.16%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.40% LIBOR 3M 0.358
positive for Covid-19, the com- confirming two positive cases of
pany spokeswoman said. Work
is expected to resume Wednes-
day night after part of the fac-
Covid-19 at a nearby parts-as-
sembly facility, the company
spokeswoman said. The main as-
tory is disinfected, she said.
The Dearborn plant is one of
two factories that make the
sembly plant was back in opera-
tion by Wednesday morning af-
ter both facilities were
F-150 pickup, Ford’s biggest disinfected overnight.
moneymaker. The Chicago plant The spokeswoman said the
makes the Ford Explorer sport- company believes the workers
utility vehicle, one of the com- already were infected when
pany’s most popular models, they returned this week. “Due
along with the Lincoln Aviator to incubation time, we know
SUV. these employees did not con-
On Tuesday, Ford was forced tract Covid-19 while at work,”
to close the Chicago factory the spokeswoman said. “Our
twice for several hours after protocols are in place to help
on
l
e
Dealers buying used motorcycles at auctions
are finding higher prices and a depleted
supply of all makes of motorcycles.
Average sale prices of used motorcycles
Net income at auctions compared with the average
for the previous 60 days
$800 million 120%
Dealers closed in
response to shelter
orders in most states
600 110
400 100 TRENDING UP
TRENDING DOWN
200 90
80
2011 ’15 ’19 WEEK 2* 4 6 8 10 12 14 16 18 20 showroom bikes at Gatto Har-
INSIDE Bond Yields Hover at Low
Levels, Signaling Hard Times
BY SAM GOLDFARB
Yields on U.S. government
bonds have stalled near all-
time lows, a sign that investors
BUSINESS are anticipating a difficult eco-
nomic recovery and years of
Apple, Google unveil aggressive monetary stimulus.
technology For much of the past month
for Covid-19 and a half, the yield on the
exposure alerts. B3 benchmark 10-year U.S. Trea-
sury note has hovered around
two-thirds of a percentage
point—a shade above its all-
time low of around 0.5% that
was set in March.
Taken together, the low
level of the 10-year yield and
its stability suggest that bond
investors not only hold a
dreary economic outlook but
also are unusually confident in
that perspective, a contrast
BOSS TALK with the optimism that has
Walmart’s U.S. chief carried stocks to their highest
levels since early March.
expects shopping The S&P 500 gained 1.7%,
to change Wednesday, leaving it just 12%
permanently. B6 below its record high set in
February. The Dow Jones In-
NIKKEI (Midday) 20583.95 g 0.05%
Thursday, May 21, 2020 | B1
See more at WSJ.com/Markets
stop the spread of the virus.”
Texts sent to employees at
the Lear plant and viewed by
The Wall Street Journal said
Sheltering,
that a first-shift employee
tested positive for Covid-19.
The facility has since been dis-
Reopenings
infected and the night shift is
BY SARAH NASSAUER
to report as scheduled, the
texts said.
The worker told the com- Target Corp. said sales
pany of the test result and has surged in the most recent
been instructed to self-quaran- quarter, driven initially by on-
tine, as have those who came line shoppers who stockpiled
into contact with the worker, a food and other essentials to
Lear spokesman said. The facil- brace for coronavirus lock-
Please turn to page B2 downs and more recently by
rising demand for items like
electronics and apparel as
states have begun to lift stay-
at-home orders.
Comparable sales, those
that come through stores or
digital channels operating for
at least 12 months, rose 10.8%
for the quarter ended May 2.
Digital sales rose 141%, grow-
ing each month during the
quarter, while comparable-
store sales increased less than
.
1% in the period.
“Last quarter was unlike
ly
anything I’ve ever seen,” Tar-
get Chief Executive Brian Cor-
nell said on a call with report-
ers. “It was intense. It was
volatile. It was stressful for
our guests and for the coun-
try.”
Mr. Cornell said the retailer
PETER DIANA/PITTSBURGH POST-GAZETTE/ASSOCIATED PRESS
saw a drop-off in store traffic
when shelter-in-place orders
went into effect in the middle
of the quarter. By the middle
of April, he said, there was “a
rapid increase in traffic and
sales” driven by a surge in dis-
cretionary categories such as
apparel and kitchenware. Elec-
tronics, grocery and beauty-
product sales grew fastest
overall, he said.
The Minneapolis-based
company benefited from gov-
ernment stimulus checks sent
to many Americans as well as
from shoppers returning to
As Its Factories stores in the first wave of
states that reopened for busi-
Reopen, Harley ness, Mr. Cornell said.
Target has invested heavily
Downshifts in recent years to add e-com-
merce buying options for
Harley-Davidson Inc., which shoppers, including home de-
is planning to reopen its plants livery and curbside pickup.
this week at lower production Those services helped the
rates, told its dealers in a memo company gain market share
this month that about 70% of during the quarter as more
them likely wouldn’t receive any shoppers stayed away from
additional new motorcycles this physical stores, said Mr. Cor-
year. nell. Around five million peo-
By having fewer motorcycles ple used Target.com for the
in the market, the Milwaukee- first time and over 2 million
tried ordering online for
peal to customers of premium- pickup in store parking lots,
priced brands with limited he said.
availability. The pandemic has
George Gatto, owner of two prompted many retailers to
dealerships in the Pittsburgh lay off staff and pushed some,
area, said he isn’t expecting any already struggling with the
new motorcycles from Harley shift to online buying and
until August, when the company competition from Amazon.com
plans to deliver two motorcycles Inc., over the edge. This
to one of his dealerships. month luxury retailer Neiman
Above, a worker sanitized the Marcus Group Inc., apparel
seller J.Crew Group Inc. and
ley-Davidson in Tarentum, Pa., J.C. Penney Co. have filed for
last Friday. B2. Please turn to page B2
dustrial Average added 369.04 sometimes referred to as a risk
points, or 1.5%, and the Nas- premium, or an extra amount
daq Composite rose 2.1%. of yield investors demand to
An important benchmark be compensated for the chance
for interest rates across the that short-term interest rates
economy, the ultralow 10-year could rise higher than antici-
Treasury yield has facilitated pated as a result of scenarios
an explosion of corporate- such as accelerating economic
bond issuance from the likes growth and inflation.
of Costco Wholesale Corp., Wednesday’s closing 10-
Apple Inc. and Clorox Co. year yield of 0.679% suggests
News that an experimental many investors believe that
coronavirus vaccine from the the Fed could basically repeat
drugmaker Moderna Inc. had its postcrisis playbook: leaving
shown promise in an early the federal-funds rate near
trial helped push the 10-year zero for about seven years be-
yield to the top of its recent fore raising it to around 2%.
range on Monday. But the Yields are lower than they
yield—which falls when bond were a decade ago in large
prices rise—has declined again part because investors feel
since then, leaving it at more assured about that out-
roughly half of its low from come, having seen the central
before this year. bank implement such policies
Two factors typically deter- before without spurring a sig-
mine longer-term Treasury nificant pickup in inflation.
yields. One is investors’ esti- The risk premiums embed-
mates of the average federal- ded in Treasurys “are basically
funds rate set by the Federal zero or nonexistent,” said Th-
Reserve over the life of a anos Bardas, global co-head of
bond. The other is what is Please turn to page B10
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Thursday, May 21, 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
Airbnb..........................B6
Alibaba Group.............B1
Alphabet ................ B3,B6
Amazon.com........B6,B12
Apple......................B1,B3
Avis Budget Group.....B2
B GigaDevice
Baidu ........................... B1
Barclays.......................B2
Bayerische Motoren
Werke......................B12
BHP Group ................ B11
BlackRock..................B10
Blue Origin..................A4
Blue Star Strategies..A4
Boyce Hydro Power....A3
C Huawei Technologies..B4
Canada Goose ............. B3
Clorox .......................... B1
Costco Wholesale..B1,B2
Covéa Coopérations....B3
Cox Automotive..........B2
D Jio Platforms..............B4
Daimler......................B12
Delta Air Lines ......... B11
Deutsche Bank............B2
E-F
Ekso Bionics ............. A18
Enterprise ................... B1
EXOR ........................... B3
INDEX TO PEOPLE
A-D
Ambani, Mukesh.........B4
Das, Shaswat..............B1
E-F
Elkann, John ............... B3
Furner, John................B6
G Q
Gatto, George ............. B2
H R-S
Hewson, Michael......B11
Facebook.........B4,B6,B12
Fannie Mae.................A2
Fiat Chrysler
Automobiles ............. B3
Ford Motor..................B1
Freddie Mac................A2
G Rio Tinto ................... B11
Semiconductor
(Beijing)....................B4
Goldman Sachs.........B12
Guangdong Guoli Sci &
Tech.........................B12
H-I
Harley-Davidson....B1,B2
Hertz ........................... B1
Home Depot.........B2,B12
Inovio Pharmaceuticals
...................................B11
International Business
Machines.................B10
J-L
Leidos..........................A4
Lowe's .......... B3,B11,B12
Luckin Coffee............B11
Lyft..............................B6
M Ziraat Bankasi .......... B10
Microsoft.....................B6
Moderna......................B1
Liu, Jian.....................B11
Lu, Charles................B11
Lyon, John...................B2
N-P
Nowak, Brian ............ B12
Pieper, Jürgen...........B12
Qian, Jenny...............B11
Resnikoff, Bruce.........B4
N-P
Nissan Motor..............A1
Peugeot.......................B3
Puma ........................... B2
R
Reliance Industries.....B4
S
Semiconductor
Manufacturing
International.............B4
Socialbakers..............A13
Southwest Airlines .. B11
T sending dealers a narrower
Target...................B1,B12
Tradebe Environmental
Services .................... A3
Turkiye Vakiflar Bankasi
T.A.O. ...................... B10
U U.S. assembly plants and most
Uber Technologies ...... B6
United Airlines..........B11
V to slow the spread of the new
Vale............................B11
Vivendi ........................ B4
Volkswagen...............B12
W-Z
Walmart ......... B2,B6,B12
Zoom Video
Communications.......B6
Simons, Thomas.......B10
Smoke, Jonathan........B2
Sosnowski, John.........B2
Spellacy, Michael......B12
T memo, which was viewed by
Tebbs, Tyler.................B2
Tramontano, Karen.....A4
Truett, Beth................B2
Tuvey, Jason.............B10
W
Wraith, John.............B11
Harley Plans for Fewer Models,
Simpler Factories After Shutdown
BY BOB TITA
Harley-Davidson Inc. is re-
opening its factories this week
at lower production rates and
range of motorcycles, steering
away from more expansive
plans to stop a yearslong sales
slide.
Milwaukee-based Harley’s
of its dealers closed in March
as part of a nationwide effort
coronavirus. As many of the
company’s 698 U.S. dealers
were making plans to reopen,
Harley’s director of product
sales, Beth Truett, told them
in a memo earlier this month
that about 70% of them likely
wouldn’t receive any addi-
tional new motorcycles this
year.
“We are using this time to
course correct and rewire the
company in pursuit of making
Harley-Davidson one of the
most desirable brands in the
world,” Ms. Truett said in the
The Wall Street Journal.
Harley’s shares rose 7.3% to
$23.44 on Wednesday after
the Journal reported on Har-
ley’s strategy reversal.
The shift shows how some
companies are pivoting in re-
sponse to the economic tur-
moil caused by the pandemic,
reviewing operations or prod-
ucts that may not work amid
an uncertain recovery.
Former Chief Executive
Matt Levatich had planned to
offset declining sales of the
big, expensive bikes favored
by Harley’s core baby boomer
customers with dozens of new
models by 2027, many of them
smaller, cheaper and aimed at
foreign markets. Mr. Levatich
stepped down in February un-
der pressure from sharehold-
ers threatening to initiate a
proxy contest for board seats
after Harley closed its fifth
consecutive year of falling U.S.
sales.
He has been replaced by
Jochen Zeitz, a longtime Har-
ley board member, former CEO
of German athletic-apparel
company Puma SE and
founder of a new contempo-
rary art museum in Cape
Town, South Africa.
On an earnings call last
month, Mr. Zeitz said expand-
ing the motorcycle lineup and
chasing new markets diverted
attention from Harley’s more
profitable models and made
factories too complex.
He said the production re-
vamp is warranted by deterio-
rating demand for motorcy-
cles.
The company is
reopening plants in
Pennsylvania and
Wisconsin this week.
New models that would
have made their debut this
summer will roll out early
next year instead. By having
fewer motorcycles in the mar-
ket, Harley said it is trying to
appeal to customers of pre-
mium-priced brands with lim-
ited availability. “Our strategy
to limit motorcycle product in
the showroom is purposefully
designed to drive exclusivity,”
Ms. Truett said in her memo.
Harley is reopening its
plants in Wisconsin and Penn-
sylvania this week and said it
would accelerate production in
phases. The motorcycles that
Harley will start making again
this month will be limited to
bestselling models in a limited
palette of colors and without
customizable features for the
remainder of the year, Ms.
Truett wrote.
Some U.S. dealers said the
production cuts will sap fur-
ther sales at dealerships that
were closed for nearly two
months. “You’re not going to
catch up,” said Zoli Dudevsky,
owner of a Harley dealership
near Cleveland.
George Gatto, owner of two
dealerships in the Pittsburgh
area, said he is trying to ac-
quire more used motorcycles,
but so are other dealers.
Prices for used Harleys pur-
chased at auctions have risen
by about 20% in recent weeks,
he said. Dealers who need new
bikes to fill orders say they
will have to buy them from
other dealers, in some cases at
a premium.

.
Hyzy, Chris................B11 Reynolds, Glenn..........B2
K-L Z

ly
Robertson, Colin.......B10
Krosby, Quincy..........B11 Ryan, Devin...............B12 Zeitz, Jochen...............B2
Levatich, Matt............B2 Shmulik, Mark .......... B12 Zuckerberg, Mark ....... B4

Hertz Has companies were trying to liq-

uidate the most, especially in
the early weeks of the crisis,”
on
Lenders Mr. Smoke said. Wholesale
us ,

and rental prices started to re-

l

bound this month but it is un-

e
al a

On Edge clear how sustained that re-

covery will be, he said.
Some investors who owned
ci on

Hertz’s ABS have been selling

Continued from page B1 out. About $840 million of the
sizes to adapt to post-Covid-19 bonds changed hands in the
travel patterns, analyst said. If 20 days ended May 7, roughly
the two sides can’t reach a equivalent to the amount of
er s

compromise, the entire fleet bonds that traded in a 90-day

DANIEL ACKER/BLOOMBERG NEWS

could be liquidated, they said. period early last year, accord-
m er

“It remains at least a 50-50 ing to research by Citigroup.

proposition that [liquidation] Prices of Hertz Class A
could happen,” said Jonathan auto-backed bonds, which get
Smoke, an economist with Cox repaid first in a liquidation,
Automotive, which owns vehi- traded about 93 cents on the
m rp

cle auction operator Manheim. dollar this week, down from

“It’s still hard to analyze how above 100 cents in March, ac-
long this will be impacting the cording to data from the Fi-
travel industry.” nancial Industry Regulatory An employee at the auto maker’s Chicago Assembly Plant, where workers were sent home Wednesday for the second day in a row.
Until Covid-19 decimated Authority.
co Fo

rental reservations, Hertz’s as- ABS that rank lower in or- troit’s auto makers on Monday including the risk of infections check when they arrived for
set-backed securities, or ABS,
had the same triple-A credit
der of payment changed hands
between 78 cents and 65 cents
Ford Halts began restarting their U.S. facto-
ries, which were idled around
popping up at auto makers’ fac-
tories and at those of suppliers.
their shifts on Tuesday, the com-
pany spokeswoman said.
ratings as U.S. Treasury bonds. on the dollar, said John Sos- March 20 as the coronavirus The car companies have re- It was unclear how they later
The value of the cars in the
fleet so far exceeded the value
nowski, a distressed debt ana-
lyst for brokerage Seaport
Work at pandemic took hold.
The companies have spent
sumed operations with far fewer
workers making vehicles in ex-
tested positive during their work
shifts, she said.
of the bonds they backed that
even if prices fell to historic
lows in a liquidation, there
Global Securities.
Losses on the bonds could
have a ripple effect in the
Factories several weeks preparing mea-
sures to ensure a safe work envi-
ronment. They include tempera-
tremely small volumes as they
gradually resume operations. Ex-
ecutives have said production
Employees who had close
contact with the workers were
asked to self-quarantine for two
would still be enough cash to market for automotive ABS ture checks, plastic barriers will start slowly as workers fa- weeks.
cover the debt, investors and debt, which amounted to Continued from page B1 between work stations and even miliarize themselves with safety Ford experienced a troubled
credit-ratings firms believed. about $250 billion at the end ity stopped production to be electronic bracelets that beep if measures, parts trickle in from rollout last year of a redesigned
But the pandemic has of 2019, according to data cleaned and disinfected in ac- an employee violates social-dis- suppliers and machinery is Explorer and the Aviator, a new
n-

curbed automotive traffic in from the Securities Industry cordance with the company’s tancing rules. tested after the long idle period. SUV model, after a major over-
the U.S. and stifled car sales. and Financial Markets Associ- health and safety policies, the Executives and analysts have The two Ford employees who haul of the Chicago factory.
The resulting decline in ation. spokesman said. warned that the industry’s re- tested positive for the virus —Austen Hufford
used-car prices eclipsed prece- Hertz had staged a recovery The closures come after De- start will be slow and complex, passed an initial temperature contributed to this article.
no

dents, stoking fears that Hertz in recent years, beating earn-

will sell part or all of its fleet ings forecasts and adapting to
into an unusually weak market
and that bondholders could
take losses.
competition from ride-sharing
services, leaving behind an ac-
counting scandal and frequent
Target Contribution to Target's
comparable-store sales
change by channel
Change in digital comparable
sales from previous year
ing the quarter, compared
with $1.53 for the same period
last year, beating analysts’ es-
Moody’s Investors Service
and Fitch Ratings cut their
ratings of Hertz’s safest ABS
management shake-ups that
had tarnished its image. The
company relied on the ABS
Posts Gain 12 percentage points 150%

1Q 2020
timates of 44 cents, according
to FactSet.
Store sales are generally
bonds to single-A in recent
weeks and are reviewing them
for potential future down-
market to finance its fleet be-
cause its balance sheet was
too heavily indebted—the leg-
In Sales 10

8
Digital
Stores
125 +141% more profitable than online
sales because of added ship-
ping and other supply-chain
grades acy of a leveraged buyout in 100 costs. In addition, fewer sales
A widely followed Manheim 2005 by private-equity firms— Continued from page B1 6
of higher-margin goods such
index of wholesale used-car for Hertz to borrow the money bankruptcy protection. as clothing ate into profit,
75
prices fell 11.4% in April, more itself. For those that stayed open, Target said.
than double the previous The ABS deals arranged by such as Walmart Inc., Home 4 Total revenue hit $19.6 bil-
monthly record decline in No- investment banks such as Depot Inc. and Costco Whole- 50 lion, up 11.3% from $17.6 bil-
vember 2008. Deutsche Bank AG and Bar- sale Corp., sales jumped as 2 lion a year earlier.
Sale prices of rental cars clays PLC allow lenders to shoppers stocked up on In March, Target withdrew
fell even further—by about seize the fleet if Hertz falls household goods. But profits 0 25 its financial guidance for the
12.6%—as Hertz and competi- behind on lease payments but shrank as labor and opera- year amid uncertainty related
tor Avis Budget Group Inc. the prospects for liquidating tional costs rose and a higher –2 0
to coronavirus.
started paring down their so many vehicles under cur- percentage of sales came on- “We are still trying to un-
fleets. rent conditions is grim. line. 2018 ’19 ’20 2018 ’19 ’20 derstand what’s going to hap-
“No question, the rental If Hertz goes bankrupt, Walmart, the country’s Source: the company pen with children going back
shareholders will likely be largest retailer, said Tuesday to school, what’s happening
Subpar wiped out and owners of the comparable sales rose 10% wages for warehouse workers July 4 on higher wages and with colleges and universities
company’s corporate bonds during the most recent quar- and paying bonuses to its other operational changes re- and how guests will celebrate
Hertz auto-backed bonds have
would recover a fraction of ter. It also said it absorbed store staff. lated to the coronavirus, Mr. holidays,” as well as the eco-
tumbled on fear of losses.
face value, said Glenn Reyn- about $900 million in addi- Target expects to spend Cornell said. nomic situation, said Mr. Cor-
Price of Hertz 2.67% ABS olds, global strategist for re- tional costs related to about $500 million from the Target’s adjusted earnings nell. “There is just so much
issued in 2019 search firm CreditSights. Covid-19, including raising beginning of March through per share fell to 59 cents dur- uncertainty.”
ABS lenders could seize the
105 cents on the dollar cars after a 60-day stay but

100
would prefer Hertz find new
investors to provide it enough
cash to hunker down and re-
Chinese public companies carries “sub-
stantially greater risk,” the
SEC said in April. An SEC
fraud was disclosed. Nasdaq
has moved to delist Luckin,
which went public in 2019 and
where the PCAOB has also
faced some issues with access
to inspection records.

95
sume business when travel re-
sumes, Mr. Reynolds said. In
that case, liquidations might
Firms Face spokeswoman said Wednesday
the agency has raised investor
awareness of the problem and
later said its employees fabri-
cated as much as $310 million
in sales.
Chinese companies have
raised more than $66 billion
through U.S. initial public of-

90
range between 100,000 and
150,000 vehicles, he said.
If no new investor emerges
Delisting looks “forward to further en-
gagement with Congress and
other stakeholders to address
Luckin, a Chinese competi-
tor to Starbucks Corp., is one
of more than 200 overseas
ferings since 1997, according to
data from S&P Global Market
Intelligence.
or if Hertz bargains too ag- these important investor pro- companies whose auditor is To become law, the bill
gressively, “the ABS holders Continued from page B1 tection issues.” beyond the reach of the must be passed by the House,
85 and the banks will say ‘No, if and Nasdaq declined to com- Luckin Coffee Inc. is the lat- PCAOB, according to the board. where a bipartisan group of
you want to go that route we ment. est example of a hot Chinese Most of the companies are lawmakers has introduced a
April May
will do a forced liquidation’,” Because U.S. oversight is stock that gained a following based in China, though some similar bill that hasn’t yet ad-
Source: Financial Industry Regulatory Authority Mr. Reynolds said. patchy, investing in Chinese with American investors before are from France and Belgium, vanced.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Apple, Google Issue System to Track Virus
Technology will help
officials trace the
spread of pathogen
through phone apps
BY PATIENCE HAGGIN
Apple Inc. and Alphabet
Inc.’s Google released technol-
ogy Wednesday to help govern-
ments track the spread of
Covid-19 through apps that no-
tify users if they have been ex-
posed to someone who tested
positive for the coronavirus.
The tech giants, which
make the world’s dominant
smartphone operating sys-
tems, jointly developed the
protocol for apps that can use
Bluetooth signals from mobile
devices to identify those that
have been near each other.
U.S. states including North
Dakota, Alabama and South
Carolina, as well as 22 coun-
tries, have requested and re-
ceived access to the newly re-
leased technology, the
companies said.
The technology, which was
previously released in beta ver-
sions, is intended to comple-
ment health workers’ use of
conventional means to trace in-
fected people’s contacts. The
apps may need a high level of
user adoption to effectively
track Covid-19 outbreaks, pub-
CANADA GOOSE
Jacket Maker Cuts
Jobs as Demand Falls
Canada Goose Holdings Inc.
has laid off about 125 workers,
as the coronavirus pandemic
saps demand for the company’s
luxury fur-trimmed jackets.
The Toronto apparel maker
told The Wall Street Journal it
permanently laid off about 2.5%
of its global workforce after pre-
viously taking other steps to ad-
dress the impact of Covid-19 on
its business. Canada Goose re-
cently said it had more than
5,000 employees.
Elkann’s Fiat Chrysler Deals
Come Under Some Pressure
BY ERIC SYLVERS
AND BEN DUMMETT
John Elkann, scion of the
Agnelli family that controls
Fiat Chrysler Automobiles NV,
sealed two deals that would
have helped him diversify his
family’s holding company.
Now, one has come undone,
and the pressure is on him to
save the other.
Last week, his $9 billion
planned sale of insurer Part-
nerRe Ltd. fell apart when the
buyer walked away before
no
closing. And Mr. Elkann’s
planned merger of Fiat Chrys-
ler and Peugeot maker PSA
Group is under sudden strain.
Mr. Elkann, the chairman of
Fiat Chrysler and Agnelli fam-
ily holding company Exor NV,
played a leading role in nego-
tiating both pacts, according
to people familiar with the
matter. That lifted him into a
high-profile role in a drama
playing out among deal mak-
ers trying to keep their big,
unfinished transactions on
track amid the pandemic.
“Given the uncharted wa-
ters we are in, Elkann’s deal
savviness is being put to the
test,” said Tyler Tebbs, an an-
alyst at Olivetree Financial, a
research firm focusing on
merger-and-acquisition trans-
actions.
Mr. Elkann declined to com-
ment. In prepared comments
about the Peugeot deal re-
leased Wednesday and coin-
ciding with Exor’s annual
shareholder meeting, he said
“all the workstreams for the
50:50 merger project…are pro-
ceeding on time and as envis-
aged. The strategic logic of
this combination for the two
companies and all their em-
ployees is stronger than ever.”
Executives on both sides of
the Fiat Chrysler-Peugeot deal
say the merger makes more
sense now than ever by com-
bining the two auto makers’
resources and geographic mar-
kets. The two sides say they
expect the deal to close as
planned before the end of the
first quarter of next year.
A big component of the tie-
up is a series of cash payouts
* * * * Thursday, May 21, 2020 | B3
BUSINESS NEWS
Apple and Google will pro-
hibit apps that use their proto-
col from collecting a device’s
location history. Some public-
health agencies are opting not
to use the companies’ technol-
ogy because of that restriction,
and instead are building apps
that can use GPS location data.
Apple and Google have con-
sulted with public-health
agencies including the Centers
for Disease Control and Pre-
vention and the Council of
State and Territorial Epidemi-
ologists. Earlier this month
the CDC released guidelines
for contact-tracing apps, rec-
ommending functionality simi-
lar to what Google and Apple
JOHN NACION/NURPHOTO/ZUMA PRESS
have designed.
In response to feedback, the
tech giants have chosen to let
health agencies customize a
number of features, including
what degree of proximity and
length of exposure constitutes
an exposure event.
Public-health authorities
may also contact exposed us-
Public-health departments can use the app to track contact between strangers. People enjoying the weather at New York’s Hudson River Park. ers through the app, using
contact information that mo-
lic-health experts say. for the companies’ joint effort. share his or her diagnosis with track contact between strang- bile-device users voluntarily
Though Apple and Google When two devices using public-health officials through ers—a type of interaction that provide. To take advantage of
are providing tools for develop- apps based on the Apple- the app, then upload the keys can often elude contact tracers, the Apple-Google technology,
ers, they aren’t releasing their Google protocol come near that his or her app has sent re- who must rely on an infected each state or national govern-
own exposure-notification apps. each other, they exchange cently. The app will notify users person’s memory to determine ment should commission a de-
“We’re hoping that public “keys,” or digital codes, who were exposed, so they can possible exposures. veloper to build its official
health will find this tool helpful through a Bluetooth signal. get tested. Creating exposure-notifica- app.
in improving speed and re- An app user who tests posi- This technique may help tion technology is a challenging —Rolfe Winkler
sources,” said a spokeswoman tive for Covid-19 can choose to public-health departments and unprecedented endeavor. contributed to this article.
.
BUSINESS WATCH
ly
Last year, Canada Goose’s LOWE’S COMPANIES house, Chief Executive Marvin two documentaries and resulted $250,000 for the Instagram
revenue jumped 41%, helped by
strong demand in China.
Canada Goose said in March
it was temporarily closing North
on Do-It-Yourself Sales
Help Beat Forecast
Ellison said. The pandemic also
shifted demand to online orders,
with sales on Lowes.com up
80%, he said.
in prison for the organizer.
The since-deleted Instagram
post was the subject of a 2019
lawsuit brought by a bankruptcy
post promoting the event and
was paid an additional $25,000
days later by Mr. McFarland’s
Fyre Media Inc., according to the
American and European retail Lowe’s Companies Inc. sur- —Matt Grossman trustee who is recovering money lawsuit brought by bankruptcy
us ,
stores and suspending in-house passed analysts’ estimates with for Fyre Festival creditors who trustee Gregory Messer.
l
production. It also withdrew its a higher profit in the first fiscal lost money in the event. Artists Ms. Jenner, 24 years old, has
e
al a
long-term financial forecast. quarter as home-improvement FYRE FESTIVAL BANKRUPTCY including Blink-182 and Lil Yachty, denied any liability related to the
The company said last month sales grew online during the who were booked but never per- lawsuit, court papers say. The
it was reopening facilities in Covid-19 pandemic. Kendall Jenner Settles formed at the event, were also settlement was reached after
ci on
Canada to make personal protec- Net profit jumped nearly 28% Suit Over Promotion sued to recover money paid by Ms. Jenner and the trustee
tive equipment, and that it on a 10% increase in sales, the festival organizer Billy McFarland. agreed to mediation.
planned to deliver as many as Mooresville, N.C.-based home-im- Model and social-media influ- Terms of the settlement A lawyer representing Ms.
1.5 million gowns. As many as provement retailer said Wednes- encer Kendall Jenner has agreed were described in papers filed Jenner declined to comment.
900 staffers were going to be day. to pay $90,000 to settle a lawsuit Tuesday in the U.S. Bankruptcy Lawyers for the bankruptcy
er s
working on that production, the The biggest boost to sales over an Instagram post promoting Court in Manhattan. Ms. Jenner, trustee didn’t return a message
company said. came from more interest in do- Fyre Festival, the 2017 music who has 129 million Instagram seeking comment.
m er
—Allison Prang it-yourself projects around the event whose collapse spawned followers, was allegedly paid —Jonathan Randles
m rp
co Fo
long-term success.
“It’s set in stone, as con-
tracts binding in their nature
are,” Mr. Elkann told analysts
on a call on Wednesday, dis-
missing the idea that the deal
terms could be reworked.
In March, Fiat Chrysler se-
cured a €3.5 billion credit line
with its banks to weather the
storm. It is also discussing an-
MASSIMO PINCA/REUTERS
other €6.3 billion Italian gov-
n-
ernment-backed facility. Fiat
Chrysler said that at the end
of March it had about €18 bil-
lion in cash and liquid assets.
Fresh off the Fiat Chrysler-
The 44-year-old John Elkann Peugeot merger, Mr. Elkann
agreed to sell Exor’s reinsur-
to shareholders when cash ance business, PartnerRe, to
preservation is core to many French insurance giant Covéa
companies’ survival plans. The Coopérations for $9 billion.
payouts initially included Exor said it hadn’t been look-
planned annual 2019 dividends ing to sell the unit, but the
of €1.1 billion ($1.2 billion) for Covéa offer was too good to
each company. The two can- pass up. Exor bought Part-
celed those dividends this nerRe in 2016 for $6.9 billion.
month. As the pandemic deepened,
The deal calls for a further Covéa approached Exor to re-
€5.5 billion payout to Fiat negotiate the deal, according
Chrysler shareholders, to help to people familiar with the
make up for an imbalance in matter. It was looking to cut Jacob Sanchez
Diagnosed with autism
the companies’ values in their the upfront price by about €2
so-called merger of equals. billion, according to these peo-
Exor owns 29% of Fiat Chrys- ple. The new terms would
ler, entitling it to €1.6 billion have called for Covéa eventu-
of that. Following the deal’s ally restoring the original $9
completion, Exor’s stake in the billion price tag—but only if
combined company would be the unit met certain bench-
diluted to about 14%. marks, these people said.
Some analysts and inves- Mr. Elkann said no. Exor
tors criticized the size of the wouldn’t be able to exert con-
payouts as too generous even trol over PartnerRe, making
before the pandemic forced hitting those performance
companies to rush for cash. benchmarks uncertain, the
That has the market wor- people said. Mr. Elkann had
ried Peugeot could push Fiat another reason for balking: He
Chrysler to cut the dividend or wanted to send a signal that
restructure the payout to in- he wasn’t willing to renegoti-
clude some types of shares ate other done deals, including
over cash, arguing such a the Fiat Chrysler-Peugeot
move would leave the com- merger, one of these people
bined company in better said. “If you cede on one deal,
health following the deal’s people are going to think they
completion. can cut the price on you every
However, it would risk the time in the future,” this per-
deal’s collapse by giving Fiat son said. “And John is going to
Chrysler a possible out since be doing deals for many years
the terms are binding. At the to come.”
very least, any attempt to re- Wednesday on the call with
negotiate the deal by either analysts, Mr. Elkann said that Lack of speech is a sign of autism.
side could prolong and further Exor is happy to retain owner-
Learn the others at autismspeaks.org/signs.
complicate a detailed tie-up ship of PartnerRe and that he
that both car makers have thinks it is worth more now
stressed is important to their than before the epidemic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Thursday, May 21, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Joanna Stern

Facebook Invests in
India’s Top Tycoon Adapt Your iPhone to the Pandemic
To Transform Retail The iOS
Coronavirus
Update is
available for
you want to know about.

Faster Mask Unlock

BY NEWLEY PURNELL
Facebook Inc. and a trio of
U.S. private-equity firms have
in the past month poured bil-
lions of dollars into an upstart
mobile operator controlled by
India’s richest man.
The stakes, which add up to
$8.8 billion, amount to a bet
that Jio Platforms Ltd. and
those people said.
The company held talks with
Alphabet Inc.’s Google about an
investment, say people with
knowledge of the talks, but talks
with Facebook executives at
company headquarters in Menlo
Park, Calif., began gaining trac-
tion last summer. A Google
spokesman declined to comment.
Mr. Ambani and Manoj Modi,
your iPhone
and is ready
to install.
That is what the iOS 13.5
notification should say when
it pops up on your iPhone in
the next few days.
On Wednesday, Apple re-
leased an update to its
iPhone and iPad software
that addresses some of the
No, Apple’s Face ID won’t
from getting bigger.
You’ll now get a simple
grid with static frames of
everyone you’re chatting
suddenly recognize you with. You can still manually
when you’re wearing a enlarge people’s faces by
mask, an issue I wrote about tapping twice on their tiles.
a few weeks ago. But it does
make it easier to input your Support for Exposure
passcode. Notification
As you swipe up on the This update also brings
lock screen, the instant the the back-end technology for
software detects that your Covid-19 exposure-notifica-
face is blocked by a mask, it tion apps (which are often
pops up the passcode also known as contact-trac-

JOANNA STERN/THE WALL STREET JOURNAL

Mukesh Ambani, the chairman
and largest shareholder of its
parent company, Reliance In-
dustries Ltd., are the players
best positioned to bring legions
of Indian consumers fully on-
line and into e-commerce.
Facebook’s April announce-
ment that it would invest $5.7
billion for a stake in Mumbai-
based Jio was quickly followed
by $750 million from Silver
Lake and $1.5 billion from Vista
Equity Partners. On Sunday, Jio
said it was raising $870 million
from another private-equity
powerhouse, General Atlantic.
The deals help Reliance,
which had a net debt of about
$21 billion as of the end of
a longtime aide, drove the deal.
Mr. Ambani’s eldest children, 28-
year-old twins Isha and Akash,
were also involved in discus-
sions, according to others famil-
iar with the talks.
The agreement, which was
hammered out early this year
and announced last month, gives
Facebook a 9.99% stake in Jio
Platforms, its largest overseas
investment. In a post on his
Facebook page, Chief Executive
Mark Zuckerberg said the com-
panies will “work together on
some major projects that will
open up commerce opportuni-
ties for people across India.”
Reliance has been pushing
since last year to sign up India’s
ubiquitous mom-and-pop stores
to its online shopping business,
issues we’ve complained
about during our lockdown
lives.
For one, it is speeding up
Face ID unlocking for iPhone
users wearing protective
masks. It also made an im-
portant tweak to group
FaceTime calls.
It isn’t a huge update by
any measure, but it is a use-
ful one. I’ve been testing a
beta version on my iPhone
11 for the last couple of
weeks without any issue.
(No battery life hit or per-
formance slowdowns to re-
port.)
When you download it,
here are the three big things
screen. The new algorithms
are designed to work with
most masks that cover a
nose and mouth.
Previously, Face ID tried
multiple times to read your
face, so you had a lag before
you could input your code.
It is helpful when using
Apple Pay at stores. I’m still
hoping to get a mask made
in the shape of my face so…I
can creep everyone out. And,
yeah, so Face ID will still
work.
Less Annoying
FaceTime
Anyone else bothered by
those constantly ballooning
ing apps).
Public health authorities
and app developers are look-
ing to build smartphone
software that uses Bluetooth
to track who we come into
contact with.
This won’t matter for you
until your state or region of-
fers a supported app that
uses this technology.
FaceTime’s look can be simplified. North Dakota, Alabama
and South Carolina are plan-
and resizing FaceTime boxes ning to offer apps based on
during group video calls? the tech soon.
We certainly were. You can If you’re curious, you can
now go to Settings, then see some controls for the
FaceTime and turn off the tools hidden in settings. Go
Speaking toggle to stop the to Privacy > Health >
tile of the person talking Covid-19 Exposure Logging.

Children’s Music Services Mix It Up

JioMart, and Facebook’s Whats-
Private-equity firms App will connect those stores to
also joined in the customers. WhatsApp has more

.
than 400 million users in India,
$8.8 billion stakes in more than any other country, BY ANNE STEELE

ly
Jio Platforms. and plans to roll out a digital
payments feature. Andrew Cardinali’s 6-year-
The partnership will enable old daughter demands music

March, replenish its war chest

as it expands into new digital
offerings.
nearly 30 million small shops to
transact “with every customer in
their neighborhood,” Mr. Am-
bani said in announcing the deal.
on
from “Frozen” every morning
and before bed.
In an effort to expand her
musical palate, the 37-year-old
Mr. Ambani, known for his With only about half of In- Mr. Cardinali has turned to a
us ,

ambitious projects, ability to dia’s 1.3 billion people online so friend’s Spotify mixes he plays
l

negotiate India’s red tape and far, e-commerce sales are pro- during quarantine walks with
e
al a

savvy deal making, is focused jected to more than double to his daughter in Detroit. The an-
on executing a digital vision for $68.4 billion by 2022 from $26.9 tidote to Anna and Elsa, it turns
the country’s consumers. billion in 2018, according to For- out, is funky ’70s tunes: Gia-
ci on

Jio Platforms’ subsidiary,
mobile operator Reliance Jio
Infocomm Ltd., has brought
fast, cheap internet to hun-
dreds of millions of poor and
rester Research Inc.
Reliance has revealed few
specifics on how the tie-up will
work in practice. Information re-
viewed by The Wall Street Jour-
er s
vanna is now hooked on KC and
the Sunshine Band, Bill Withers
and Stevie Wonder.
Locked-down parents are us-
ing music to entertain their

underserved Indians, becoming nal regarding one small shop children—but they are starting
the country’s top mobile data participating in a trial shows to lose their own minds as they
m er

provider in the process.
Mr. Ambani, who is 63 years
old, and his family are revered
among many Indians. In a
country where the average in-
how Reliance’s vision—and will-
ingness to spend now to reap fu-
ture gains—is taking shape.
The store, about the size of a
one-car garage in the U.S., does
m rp
endure endlessly repeated
songs from animated movies,
cloying Kidz Bop covers of pop
hits and viral dance videos.
From the week ending March

come is about $150 a month,
Mr. Ambani has an estimated
net worth of about $37 billion.
The Ambani home in Mumbai is
a 27-story mansion that over-
about $60 of sales daily. Reliance
last year paid about 350,000 ru-
pees ($4,600) to overhaul the
space, according to a person fa-
miliar with the matter. The shop
co Fo
19 through the week ending
May 7, streams of children’s mu-
sic were up 63% from the same
time last year, according to
Nielsen Music/MRC Data—a

looks the Arabian Sea. owner will pay Reliance back in sharper increase than the over-
Having inherited control of installments over six years. all 10% rise in listening.
FROM TOP: JOHN KISCH ARCHIVE/GETTY IMAGES; WALT DISNEY/EVERETT COLLECTION

the Mumbai-based oil and gas
conglomerate Reliance when his
father died in 2002, Mr. Ambani
sees a pivot from physical to
digital commerce as the legacy
he will leave for his grown chil-
dren, according to people famil-
iar with his thinking.
Mr. Ambani and Reliance ex-
ecutives entertained the idea of
taking a major investment in
Once a jumbled shop, it is
now organized with red and
blue JioMart branding. Custom-
ers can place orders for items
such as salt and lentils via a
JioMart WhatsApp account.
The orders come to the shop
and the items are then deliv-
ered and paid for in cash. The
owner has connected with cus-
tomers from areas beyond the
n-
“Into the Unknown,” from
the “Frozen 2” soundtrack, tops
the list of most-streamed chil-
dren’s songs during the pan-
demic, followed by campfire-
classic-turned-viral-dance-
video “Baby Shark” and “All Is
Found”—another “Frozen 2”
hit. Earworms from “Moana,”
“Trolls World Tour” and the re-
cent “High School Musical” TV

Jio, the first of its kind, from a
foreign firm for about a year,
no
neighborhood, a rarity for such series round out the top 10.
tiny establishments. In a Nielsen/MRC study of
the coronavirus pandemic’s im-
pact on entertainment con-

ducted at the end of April, 66%

of respondents said they were

THE HOSPITAL GRADE using music to occupy children.

Communal listening devices
NO CONTACT such as voice-activated speakers
and smart TVs are finding more
THERMOMETER use as people spend more time

NEW!
at home, the report found, with Families stuck at home can listen to playlists with Stevie Wonder, a relief from repeated ‘Frozen 2’ hits.
41% of households with children

$20
Special Offer using a smart speaker for music
listening. More than half are
OFF seeking playlists for children.
any purchase of $99 or more While audio streams across
use code WSTEMP the hip-hop, pop and rock
by 7/12/20
genres have all been down ver-
sus a pre-pandemic baseline,
#96119 children’s music has been up ev-
ery week since stay-at-home or-
ders went into effect, as has
country music, which many
families consider kid-friendly,
according to the report.
The report indicated “poten-
tial opportunity for the music in-
dustry to provide more kid-
friendly music and music videos”
and recommended exploring
new offerings that appeal to par-
ents who have gotten a handle
on working from home but still
need to entertain their children.
Vivendi SA’s Universal Music
Group has taken the cue and is
introducing playlists on Spotify,
Apple Music and other stream-
ing services, meant to appeal to
all generations, with songs from
numerous genres drawn from
the company’s vast catalog. The
“4 All Ages” series spans pop of targeting children as a sepa-
and rock, disco and dance, as rate market, the company
well as themes including “Sum- sought to create playlists with
mer Fun” and “Bedtime Music.” broad appeal. The company will
It is meant to help parents intro- promote the lists through Tik-
duce their children to non-chil- Tok, Facebook and other social
dren’s music that is age-appro- media.
priate but “won’t make anyone “Motown Music” kicks off
pull their hair out even after the with Mr. Wonder’s “Uptight
20th listen,” according to the la- (Everything’s Alright)” and in-
bel’s catalog division, UMe. cludes the Temptations’ “My
“With families sitting Girl” and several Jackson 5
around, there was this opportu- tunes. “Relax & Chill” includes
nity for us,” said UMe Chief Ex- Weezer’s “Island in the Sun”
ecutive Bruce Resnikoff. Instead and “Seaside” by the Kooks.

•Convenient and hygienic contactless

operation helps prevent the spread of germs
High-Tech Push Boosts China’s Chip Makers
BY JOANNE CHIU
•Infrared thermometer provides accurate
readings in only one second Chinese semiconductor
stocks have soared recently, as
•Displays temperature on a backlit LCD, investors bet these companies
will benefit from Beijing’s
stores 32 readings in memory
quest for high-tech self-reli-
ance.
Browse all our personal care items The Chinese government is
eager to become self-sufficient
Online: www.hammacher.com in key technologies amid trade
tensions with the U.S. and as
Toll Free: 1-866-409-5548 the Trump administration
seeks to thwart access to
semiconductors for China’s
pandemic encourages consum-
ers to spend more time at
home. Huawei, as a major
global player in telecommuni-
cation equipment and hand-
sets, would benefit from those
international trends. This in
turn could boost local semi-
conductor firms, if Huawei
uses more products that are
designed and made in China.
An index of Chinese semi-
conductor stocks that are
traded in Shanghai and Shen-
zhen has gained more than a
Onshore stocks like Will in people working or studying
Semiconductor Ltd., GigaDe- from home had helped speed
vice Semiconductor (Beijing) up long-term growth in cloud
Inc., and NAURA Technology computing and e-commerce, as
Group Co. and Unigroup well as fueling a short term
Guoxin Microelectronics Co. surge in demand for laptop
have hit record highs this year. and desktop computers.
Kevin Anderson, head of in- Shares of Hong Kong-listed
vestments for Asia-Pacific at Semiconductor Manufactur-
State Street Global Advisors, ing International Corp. have
said self-reliance was “almost risen more than 50% this year,
a foundational measure for giving China’s leading chip
China to really become a lead- maker a market value of about
ing 21st-century high-value $13 billion. The firm is seeking
economy.” another stock listing on

Hammacher Schlemmer Huawei Technologies Co.

Investors are also hopeful
Guaranteeing the Best, the Only, and the Unexpected for 172 years. that demand will rise as coun-
tries upgrade their wireless
networks and the coronavirus
third this year, data from
Wind shows. In contrast, the
PHLX Semiconductor Sector
Index, or SOX, in the U.S. is
down about 4%.
In a show of commitment,
China set up a $29 billion fund
Shanghai’s nascent high-tech-
nology board. It said this
in October to nurture its do- month that two state funds
mestic chip industry. would invest $2.25 billion in
Mr. Anderson said a surge its factory in Shanghai.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, May 21, 2020 | B5

The World’s Most

Influential Business Leaders
connecting to drive the next era of industry, policy and the global economy.

Mike Roman, 3M Frederick W. Smith, FedEx Corp. Jennifer A. Prosek, Prosek Partners
Jo Ann Jenkins, AARP Gary A. Norcross, Fidelity National Information Services Rodney Hochman, Providence St. Joseph Health
Robert B. Ford, Abbott Kevin Mandia, FireEye, Inc. Mike Wells, Prudential PLC
Julie Sweet, Accenture Jonathan Brossard, Fischer Connectors SA Neil Cunningham, Public Sector Pension Investment Board
Jimmy Etheredge, Accenture North America Jeffery Yabuki, Fiserv, Inc. Ralph Izzo, Public Service Enterprise Group Inc.
Michael J. Wolf, Activate Michael Silvestro, Flexjet Mohammed Bader Al Sada, Qatar Media City
Terry D. Shaw, AdventHealth Matt Moynahan, Forcepoint Steve Mollenkopf, Qualcomm Incorporated
Martin H. Richenhagen, AGCO Corp. Jim Lico, Fortive Gregory J. Hayes, Raytheon Technologies
Seii Ghasemi, Air Products and Chemicals, Inc. Steven Gunby, FTI Consulting, Inc. Dennis E. Abboud, Readerlink, LLC
Joel S. Marcus, Alexandria Real Estate Equities, Inc. Cain A. Hayes, Gateway Health Mukesh D. Ambani, Reliance Industries Ltd.
Davide Serra, Algebris Investments Diane Hoskins, Gensler Sarah M. Chamberlain, Republican Main Street Partnership
Simon Freakley, AlixPartners Thomas McInerney, Genworth Financial, Inc. Ricardo Oberlander, Reynolds American, Inc.
Ralph Andretta, Alliance Data Sanjeev Gupta, GFG Alliance Christopher Peel, Rheem Manufacturing Company
Penny Wheeler, Allina Health Michael E. McKelvy, Gilbane Building Company Elizabeth Critchley, Ripplewood Advisors
Paul Black, Allscripts Healthcare Solutions, Inc. Brad Preber, Grant Thornton LLP Manoj Menda, RMZ Corp.

.
Laila Worrell, Altran Clotilde Delbos, Groupe Renault Afsaneh M. Beschloss, RockCreek

ly
Claude LeBlanc, Ambac Financial Group, Inc. Muhammad Aurangzeb, Habib Bank Ltd. Kathy Bloomgarden, Ruder Finn
Nicholas K. Akins, American Electric Power Company, Inc. Robert C. Garrett, Hackensack Meridian Health Clarke Murphy, Russell Reynolds Associates
Paul A.Tufano, AmeriHealth Caritas Family of Companies Harland Clarke Barry Ostrowsky, RWJBarnabas Health
Steven Collis, AmerisourceBergen
Milind Pant, Amway
Aramark Corporation
Argo Group
on
Que Dallara, Honeywell
Enrique Lores, HP Inc.
Amy Schabacker Dufrane, HR Certiication Institute
Ginni M. Rometty, IBM
Martin Sorrell, S4 Capital
Salesforce.com Inc.
Young Hoon Eom, Samsung Electronics North America
SAP
us ,

Mike Preston, Arkansas Economic Development Commission Brad Katsuyama, IEX Group, Inc. Mark Testoni, SAP NS2
l

Alan Colberg, Assurant Inc. Elie Maalouf, IHG Mitchell Rudin, Savills
e
al a

Alex Mallmann, AutoGravity Corporation Charles Phillips, Infor Jim Hagedorn, Scotts Miracle-Gro Company
John Fox, Beaumont Health Vicente Reynal, Ingersoll Rand Andrew Collins, Sentient Jet
ci on

Gerald Petkau, Blue Cross and Blue Shield of North Carolina Paul Brown, Inspire Brands Inc. Bill McDermott, ServiceNow
Girish Rishi, Blue Yonder Stephen Spengler, Intelsat David J. Beveridge, Shearman & Sterling LLP
Rich Lesser, Boston Consulting Group Marc Harrison, Intermountain Healthcare Guy Halgren, Sheppard Mullin Richter & Hampton
Braskem SA Kristalina Georgieva, International Monetary Fund Marc Rey, Shiseido Americas Corporation
David McCormick, Bridgewater Associates, LP Michael Connors, ISG Greg Becker, Silicon Valley Bank
er s

Neal Wolin, Brunswick Group LLP David Kamenetzky, JAB Investors Swan Gin Beh, Singapore Economic Development Board
Chad England, C.R. England, Inc. Alex Gorsky, Johnson and Johnson Ray Nolte, SkyBridge Capital LLC
m er

Thomas Siebel, C3.ai Eddy Pirard, JTI Nicholas T. Pinchuk, Snap-on Inc.
Sanjiv Das, Caliber Home Loans Alex Liu, Kearney Rajeev Misra, SoftBank Investment Advisers
Todd Stevens, California Resources Corporation Ronald S. Nersesian, Keysight Technologies Edward Ellison, Southern California Permanente Medical Group
Marcie Frost, CalPERS Benjamin A. Breier, Kindred Healthcare, LLC Doug Merritt, Splunk
m rp

Victor Dodig, Canadian Imperial Bank of Commerce Henry R. Kravis, KKR & Co. Inc. James R. Downing, St. Jude Children's Research Hospital
Joe DeSimone, Carbon3D Gisbert Ruehl, Kloeckner & Co SE Mark Penn, Stagwell Group
John P. Driscoll, CareCentrix, Inc. Kuwait Finance House James M. Loree, Stanley Black & Decker Inc.
Nancy Agee, Carilion Clinic Sanjay Jalona, LTI Ronald Kruszewski, Stifel Financial Corp.
Andrew E. Law, Caxton Associates Austin Russell, Luminar Technologies Sharb Farjami, Storyful
co Fo

Michael F. Neidorff, Centene Corp.
Margaret E. Franklin, CFA Institute
JoAnna Sohovich, Chamberlain Group
Alex Mahon, Channel 4
William C. Carstanjen, Churchill Downs Inc.
Jeffrey Walker, CIMC Capital
Chuck Robbins, Cisco Systems, Inc.
Robert Moser, Clark Construction Group, LLC
Matthew Prince, Cloudlare
Robert Willett, Cognex Corp.
Brian Humphries, Cognizant
n-
Nick Savasta, Main Gate Capital Margaret M. Keane, Synchrony Financial
Mark Trudeau, Mallinckrodt PLC Dean Douglas, Syniverse Technologies LLC
Jonas Prising, ManpowerGroup Adam Selipsky, Tableau Software
Abdeslam Ahizoune, Maroc Telecom Surya Kant, Tata Consultancy Services
Daniel Glaser, Marsh & McLennan Companies Terrence R. Curtin, TE Connectivity
Roger W. Crandall, MassMutual CP Gurnani, Tech Mahindra Ltd.
Ari Sarker, Mastercard Asia/Paciic Pte Ltd. Declan Kelly, Teneo Holdings
Ling Hai, Mastercard Asia/Paciic Pte Ltd. Brian Kesseler, Tenneco
Gianrico Farrugia, Mayo Clinic Keith Cargill, Texas Capital Bank
Chris Kempczinski, McDonald's Michael Chertoff, The Chertoff Group
Kevin Sneader, McKinsey & Company Deanna Mulligan, The Guardian Life Insurance Company of America

Conduent Inc. Edward K. Aldag Jr., Medical Properties Trust, Inc. Masahiro Maruyama, The Mainichi Newspapers
Damon T. Hininger, CoreCivic Daniel Everitt, Mediterranean Shipping Co. (UK) Ltd. Harold L. Paz, The Ohio State University Wexner Medical Center
James Collins, Corteva Agriscience Sanjay Mehrotra, Micron Technology Ross Perot, Jr., The Perot Companies and Hillwood
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Rob Bernshteyn, Coupa Software Inc.
Mark Machin, CPP Investments
Faiza Saeed, Cravath, Swaine & Moore LLP
Jay Brown, Crown Castle International Corp.
Paul Perreault, CSL Behring
Jane Jie Sun, Ctrip.com International, Ltd.
Bradley H. Feldmann, Cubic Corporation
Larry J. Merlo, CVS Health
Nicole Eagan, Darktrace
Thierry Betbeze, Dassault Falcon Jet Corp.
Harold L. Yoh, Day & Zimmermann
Scott Mueller, Dealer Tire
Henry N. Nassau, Dechert LLP
Kathryn Parsons, Decoded
Louis Jacobs, Delaware North
Punit Renjen, Deloitte
Thomas F. Farrell, Dominion Energy
Almar Latour, Dow Jones Publisher, The Wall Street Journal
Mike Salvino, DXC Technology
Angela F. Williams, Easterseals
Ade Ayeyemi, Ecobank
Richard Edelman, Edelman
Penny Pennington, Edward D Jones & Co., L.P.
Raanan Horowitz, Elbit Systems of America
Todd Boehly, Eldridge Industries
Ashish Masih, Encore Capital Group
Börje Ekholm, Ericsson
Calvin Butler, Exelon Utilities
Bill H. Stoller, Express Employment Professionals
Carmine Di Sibio, EY
Philip Snow, Factset Research Systems Inc.
Hugh Frater, Fannie Mae
Satya Nadella, Microsoft Corp. Julie Wainwright, The RealReal, Inc.
Jami McKeon, Morgan Lewis Peter WT Pisters, The University of Texas MD Anderson Cancer Center
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Adena Friedman, Nasdaq Christian Lanng, Tradeshift
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Takashi Niino, NEC Corp. Takashi Sonoda, Uhuru Corporation
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Charles Gottdiener, Neustar, Inc. Jai Shroff, UPL Ltd.
Ravi Saligram, Newell Brands Krishna Sudheendra, UST Global
Rupert Murdoch, News Corp Jeff Balser, Vanderbilt University Medical Center
Robert Thomson, News Corp Gregory W. Cappelli, Vanta Education
Lachlan Murdoch, News Corp Scott G. Stephenson, Verisk Analytics, Inc.
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Andrew Glincher, Nixon Peabody LLP Guru Gowrappan, Verizon Media Group
Michael J. Dowling, Northwell Health Patrick Gelsinger, VMware Inc.
Imelda Dacones, Northwest Permanente Vinod Kumar, Vodafone Business
John E. Schlifske, Northwestern Mutual Maxim Pasik, Watergen
Stephen Peel, Novalpina Capital LLP Robert J. Pagano, Watts Water Technologies
Jun Sawada, NTT Corporation Albert Chao, Westlake Chemical Corp.
Ocean Spray Cranberries Inc. Melissa Smith, Wex Inc.
John Romeo, Oliver Wyman Hugh Verrier, White & Case LLP
Mark Barrenechea, OpenText Corp. John Haley, Willis Towers Watson
John P. Davidson, Options Clearing Corp. Keshav Murugesh, WNS Global Services
Ritesh Agarwal, OYO Hotels & Homes Michael J. Kasbar, World Fuel Services Corp.
Alan Treler, Pegasystems Inc. Mark Read, WPP PLC
Vitor Rocha, Philips North America Mindy Grossman, WW International, Inc.
Scott W. Wine, Polaris Inc. Bradley S. Jacobs, XPO Logistics, Inc.
Anthony Pratt, Pratt Industries, Inc. Joey Wat, Yum China Holdings, Inc.
Susan DeVore, Premier Inc. David Gibbs, Yum! Brands
Tim Ryan, PricewaterhouseCoopers Eric S. Yuan, Zoom Video Communications

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Thursday, May 21, 2020 THE WALL STREET JOURNAL.

MANAGEMENT

Walmart’s U.S. Chief Sees Changes in Shopping

John Furner talks about speeding the retail giant’s shift to e-commerce and the pandemic helping to energize a customer focus

BY SARAH NASSAUER are being delivered to homes. made progress on cracking That’s had the biggest posi-
But it has delayed plans to in- the Amazon juggernaut in tive impact of anything we
When John Furner became troduce a membership service this period? have done. It helps with sup-
chief executive of Walmart called Walmart+ that would in- Mr. Furner: What’s encouraging plier relationships. It helps
Inc.’s U.S. operations last clude fast home delivery and are the increased reshop rates with assortment manage-
year, the biggest challenge other perks, part of efforts to in pickup—[the rate of shop- ment. It helps us with the
was Amazon.com Inc. rival Amazon Prime. pers returning after trying out overall ability to decide how
Now Mr. Furner—who be- Mr. Furner spoke to The the service]—and the reshop we want to go to market.
gan his career at the company Wall Street Journal from Wal- rates with customers online.
in 1993 as an hourly store mart’s Arkansas headquar- One of the interesting things WSJ: What role has the pan-
worker and most recently led ters, where he and a handful we’ve seen is our fastest-grow- demic played in that?
Walmart’s of top executives gathered for ing group of online pickup Mr. Furner: The events that
BOSS TALK Sam’s Club—is the first time in several weeks shoppers is customers over 50. followed have helped us fo-
leading the to announce earnings. The customer-satisfaction cus on the customer in a way
largest business unit at the Here are edited excerpts: scores we track on our pickup I think is more intense. Many

RICK T. WILKING/GETTY IMAGES

country’s largest retailer dur- business have held up pretty of the differences we may
ing a global pandemic, work- WSJ: There’s been a massive well throughout the quarter. have had by (distribution)
ing to keep stores open and shift online. How long will channel have been put aside.
speed the company’s shift to this buying behavior stick and WSJ: Is Walmart+ still on the If you were in the Zoom
e-commerce. how are you adjusting? road map? meetings with the teams
This week, Walmart re- Mr. Furner: It would be hard Mr. Furner: It’s on the road across the country, they’ll be
ported a 10% jump in U.S. to say exactly how long any map, for sure. We’re not quite at different levels of getting
sales during the most recent of these changes last, al- there yet. In the last couple of along, as far as being able to
quarter, as shoppers stock- though I believe many of John Furner in 2018. He says customers over the age of 50 are months, the acceleration of approach the business as
piled food, toilet paper and them will be permanent. We Walmart’s fastest-growing group of online pickup shoppers. change from our customers is one team.
other household goods. U.S. had some periods in the quar- the fastest I’ve seen it in the
e-commerce sales rose 74% as ter when we saw as much as novate to either add more off the shelf, pick up or have U.S. It’s important we continue WSJ: If this version of reality
more shoppers switched to 300% growth rates with the stores or more slots per store. things delivered. Customers to build for the future. Wal- lasts two years, do you keep
online ordering. [online grocery] pickup busi- will continue to come back mart+ would be a part of that. giving bonuses to store and
In response, Walmart has ness. We slowed our pickup WSJ: How are you thinking and return to shop either on- warehouse workers every
started using about 2,400 ad- business while we focused on about dislodging people fur- line or in-store as long as we WSJ: Where is the company few months?
ditional stores to ship out on- replenishing and restocking ther from Amazon Prime? deliver. It’s really the nature culturally when it comes to the Mr. Furner: There’s just so
line orders in recent weeks. stores, then we quickly added Mr. Furner: One of the advan- of being an omnichannel re- natural tension between the much volatility that we de-
Walmart’s separate apps for back pickup slots. We’re at tages Walmart has is the tailer that has helped Wal- online and offline business? cided we would pull guidance
online grocery orders and Wal- the highest slot level we’ve store footprint, and layered mart in the last few months. Mr. Furner: Over the last few and manage the best we can
mart.com merged into a single ever been, and we are still on the footprint is the ability months, we brought the two month-to-month, quarter-to-
app this week. Prescriptions looking for more ways to in- for shoppers to come in, buy WSJ: Do you think you’ve merchandise teams together. quarter.

.
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 :'0( && 2 '&2 0) 1
Covid-19-induced economic nounced last month a slow-
         &8  3&1  0
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D 010&8 '&  $JFF F> !JJ> $'' 2 $'' 2  $+"+
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 ) $ downturn. Microsoft Corp. and down in hiring.
3&'' 1&) 9*& 2  ;' $ 59*& &86 3&'' 5&:  
6 2   ) 
Amazon.com Inc. reported What’s now unfolding could
m rp

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   $%  

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 $%  

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strong sales growth for the reshape the long-term pros-
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;'& 3 4/ ,A,!++,
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(   "   $)%  first quarter even as quarantin- pects for job seekers in Silicon
         2 ( "> ",",  
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 0'&) &1 2  9*& &8 & 1 2  ''
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  $ H  # $ 5(
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'&1&& *&' 0 *( - ):& (0   3 (0 0') : 3&  -&)
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But layoffs at big companies in- ecutives said they don’t expect
 11  ?1  ;'
&" - &" */ , -$ -$ , *-$) 2&,- 1$,$ -&0 -,$ ,
&'&( , ' ##'"!   3&'' 9'  ;'
0'* $ /"%$" !%'" ,(!+"( *!"  *8 cluding Uber and Airbnb Inc., tech hiring to rebound quickly
co Fo

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)9) &  ;'   2    ) 3&'' : &1  ''
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)$%+ - '' #$&) &'+ - -&0!
  5  6 6 76    
   9')  ;'
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00  1& >F 2  ./01(
any sense that the tech indus- in. “I don’t think you’ll see us
&  ;'
0'*< ) $1 C'& 3 & *( & 1& 2 
7-&( 0-$+ !  :&8 1) ) & 5/ 8  $ 5B&8
;'
0'* ) 8&8 ') '&2 00  1& try is insulated from the em- adding back at that same level,”
1) 6 3&1 &  ) 2 )*&&8 3&1 ') 2 '&* & >", 2  ./01( ) ) 8&8
' # + > ) A  &')  :   ;'

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 1& ))&&' '&2 00  1& ployment turmoil—and, for Uber Chief Financial Officer
7-&( +'&!  ))'& 2 :&8   ;' &   8 
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/"%$" !%'" ,(!+"( *!"  
many, undermined hope that Nelson Chai said recently.

  
 
  
      


  


'&1&& ;1/8 &1'0)&8  .'' ) &)  :   ;' (0
") $ 2''3  &01& 120''(< $ 1*' '' 2  =0&)
 
  
 
  

 
  
  

 
 0  1)0')  &8  1&) jobs lost would be easily re- Two months of experience
 '&2 =0) &  18&&
&2*&   ''< ) $1 C10 ) 0 (0 1*') .'' ) ( + ",", 3 4/ 3 4/ & $ 5(
1  +
16  3;33 placed. with the bulk of their employ-
11)&8  )   2 & )&' &  :&8 &01&   & $ 
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 ' 20 )&8& 2  &)* ')&8 1D C &)&91&   6
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7  9
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“Everyone’s just a little more ees working remotely also
0*  FFF 0   '8 0* 2  &  1 
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$ 5&1 ) '&* 86   2  B&8 )'& 1&'$ -
1 2 3&1 ?& )*&&&   8)  1*' '& 2 2  '
''(  * 2 wary,” said Mr. Taylor, 38 years could change employment prac-
 ) && )  ' 20 )&8& 2 & 2)' C &)&91&  -&)
 ./01( 0 2 
1-''-2 )0, &)$0&-) "/ +&)9'&1/ /-$ %-! 0* &  :&)) &  1*' '& 2 01 &2*& *( 
0 &&1 2 3 4/  18&& old, who was let go earlier this tices, potentially diminishing
  5  6 6 
6    
$&0' 7 -1 , ' 0-&) ') :0'#&- + 30&-
&)   3& 2  D 1'&* ) &1&8 8  KK
333/11''1K3&)*  '1& 2  D :&1 )) 2
&8 3&''   :&)&( &8  3&1
3& *( &2( month. Fewer recruiters have the focus on Silicon Valley cam-
#$-%&)&-) + $&0' 7! 0-&)  ,&$+; $/ ')! ,) /-
$ +%&)+ - $%&2 + 0-)&+$ , ' 0$1''/ *0) /-$ $&(,)
0 2  1  1 & +,,  )( ;* ) /"%$" !%'" ,(!+"( *!"  & gotten in touch than in past job puses that companies such as
&' 1/ / F""" 11)1 3& ' ) !>+# ))
"&(, * 110+ ,$+$! "
&'&7) * 0) 0  )9) & '' :  *&8 1 ", ",", $& % $5.

 *
 hunts, he said, as he scoured Apple and Facebook built and
n-

' *30&- +'&!  ))'& 2 9'&8 ?1&   ;' & 048<=6#  18&& &8 3&'' 
 8     #!"! #$%&'&( )$ &" $ 5;' ?1& 1&)  * &  ;'  &1'0
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1)01) '&1''( ( & 3&&8 opportunities at large and small shifting some work overseas to
 &1& *0 )  '&1''( ( firms. The message from many cheaper workers.
*/&8 8* 08 0
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 $33310!'0&1* 01&  recruiters, he said, has been: “I Recruiters and tech employ-
8& 2 0
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' ) !>+# don’t have anything right now,
no

NOTICE OF SALE /"%$" !%'" ,(!+"( *!"  ( but let’s stay in touch.”
?1&   18&& & *0 
Mr. Taylor, during his 15-
  
 
 
 
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 1' 0' 2  -&)
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chargers, has seen ups and
56,000 since the
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'1&1''( 3&  0   0D
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downs in Silicon Valley’s job pandemic.
C/ 1D/ +! , +$,  4))'%) FF  /  3&$ &%0% &%+%&%! '0*,!/ ) +''$ 3& ) C1  :&)) & ' ) market, including during the
3+'"#/ ,  FF  /  3&$ &%0% &%+%&%! '0*,!/ ) &,  !"# , !# $ 1( 2 3&1 *(  :&3) 
 %, 8,%' FF,%, &- , %! 4-0,/  ) '( 4*%& C/ 1D/ +! , +$, & 0D 3&  333(010 2008 financial crisis. In its
3+' ,  !/ ) ) -0,) 0! 5 +, ( 0, ' 0'%9 ('0 %0 ' %07 8: )  0D ;1)0 2 
H&'&8
&8&8 ) B&91& 2 10*
boom times, companies offered
 %)  ,),%,- , +&%( '(   !/ + $%' ,! $,! ' *),%', +!   ( '1&1  ) :) 0  bountiful pay and benefit pack- ees say changes in the job mar-
! ) ' ! ' '0*&,))/  #  '&&& ',)%)) '( 112 '(  00+)%* %,)) '(  H&8 &:D 10' :&
3+' %,  44   , +#  44   '$,) 112 '(  00+)%* %,)) ages in the race to secure tal- ket could mean people with
ADVERTISE TODAY

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%,  44 /  '$, , 5&'* '(  &, , +%&%,- 6,'$, )  )  / ''- '( 3 4/ 3 4/ ,,F $ &*( ent. Now, Mr. Taylor and other sought-after experience likely
,,/ ',! '( $ '6/  '( $ '67 0'&1 = %*  1'**( = 
')*&7 = ) &1' ; =   tech workers point to signs that will find new employment in
 *+&% %', $%&& 6 *& ', 8, / 11 )%,-  1.11 707 ), 3!&%- %0 $ '6# '-   


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(800) 366-3975

',(,%,-7 4&& %,) *')*%5 *))  %,5% ' +'0 =&%9 %)7 ,&! =&%9
%) , % &! **'%, -,) , *),%5) $%&& + *0% ' ,  *+&% %',7 %'
:) 0  * 2  '

''(  * -&)
 ./01(
cantly. omy. For those with thinner ré-
'  %',/ =&%9 %) $%&& %5  &%,6 '  %)' :+; 5%& &',(, , &*', %&<%, %0)8 -&)
 ./01( 0 2  Before, Mr. Taylor said, he sumés, prospects may be
%,)%',)/  '( $% $%&& + ), 5% 0%& +! & )%,-)  '  0%& )) *'5% +!  =&%9
THE

0 &&1 2 3 4/  .3'&8
%7  0) '( )& 0! + '+%, +! ',%,-  *)', ,0 +&'$7  3 4/ 3 4/ ,,,+!+,J would set his LinkedIn profile darker, they say, in a market
4> 4  
/"%$" !%'" ,(!+"( *!"  &2 
?1& & &*'( 9') ) :)  :&))
to show he was open to oppor- overflowing with talent when
4',!) ('  !
4,. 5! 47 %6',/ )?7
:  0 *( 8  '&2 =0) tunities and the recruiters companies are more conserva-
&  18&& & 3&0  &8 
11 6 45,
$ '6/  1@@ 20 &1 would come flooding in. “You’d tive.
&. # A<@A1 /"%$" !%'" ,(!+"( *!"  ( (
& & ?1&8   18&& &
flip that switch and get 10 op- Tech’s job losses remain a
B;. # A1<C@D
<0%&. 5!)%6',E*&)%,-)7'0   '&2 =0) & *0  portunities a week or some- small slice of the applications
'&1''(   18&& &8
/"%$" !%'" ,(!+"( *!"   thing like that,” he said. “This for unemployment benefits in
BUSINESS OPPORTUNITIES PRODUCTS For more information visit:
18&& &8 *(  )?0) 2*
&*  &* 3&0 20 &1  
time, you flip that switch and the U.S. in the weeks since the
you get two or three hits.” pandemic. U.S. information
wsj.com/classifieds  01* &  10   &1 2
)?0* 9') 3&  0
Uber on Monday said it was technology employment fell by
/"%$" !%'" ,(!+"( *!"  & &
&1&)   0 *( 1**0&1 laying off 3,000 people, two a record 112,000 jobs in April,
  
      )&1'( 3&  =0 &2*& 
&1 )&1'( 2*  .*0) 0 weeks after announcing around erasing a year’s worth of gains,
    )K  H&8 &: 00
3,700 job cuts, bringing the to- trade group CompTIA said this
 1& >"> 2  ./01( )
 
  
  
 
    
   
/"%$" !%'" ,(!+"( *!"  1&
2  18&& & ) '' 
tal to about a quarter of its month, citing Labor Depart-
 

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   "  #$ )10* 9') & & 1 1  11) workforce. In recent weeks, ment statistics. Total jobs lost
2*  0D 3& KK12(
  %&  !  
      0108: $ ;  '8& ) 3) Lyft Inc. said it would slash 17% in the San Francisco Bay Area,
   
      =0&)  &: )10*  2 of its staff, and Airbnb said it is the center of tech in the U.S.,
2 18 ( :&&&8  2*& 8D




 
! 3&  KK)*&=1*K &8&1' cutting about 25% of its jobs af- have reached at least 118,000,
/"%$" !%'" ,(!+"( *!"  &
01* &   22 2 ' 2 ter bookings on its site plum- according to a tracker main-
10&& &  -&)

10&& *(
  22)  ') &  -&)

meted with people largely un- tained by the San Francisco
 8&&   C*& 2* able to travel. Chronicle.
NOTICE OF SALE 8&& 0)  -

10&& 1 2
 ##  *)) The three account for almost Large tech companies are

&8&1' 0  &*&) &  .*0)
C*) 1*( 8&) 3& 
10,000 positions lost just this also busy hiring in some of
8& 2 *& & .*0) 0) month, with many more jobs their fastest-growing areas.
       
  8&& 0* >#J F  D
8&) 291 & '1)  ') 0 gone across Silicon Valley, add- Amazon Web Services and
     
    
" 01
 *&'   .*0) ing to the ranks of the nearly Zoom Video Communications
SHOWROOM
      
   "
&'&7) * 0) 0  3&
     
  
   )9) & '' :  *&8 36.4 million applications for un- Inc. are among those still hir-
   
      ! 1&)  01 * &  18&&
!!   "#$%& ' (' ) 
(800) 366-3975 & employment benefits in the U.S. ing. Facebook Chief Executive
          
   !  *' )      +  sales.showroom@wsj.com
#
 1( 2  ' ) !>+# 1
 &) ( :&&&8 KK333(
in the weeks since the pan- Mark Zuckerberg last month
, -%-%  &-.%%
'!' /  
   '
© 2020 Dow Jones & Company, Inc.
© 2020 Dow Jones & Company, Inc. 0108:K3K8'!)!*!>+#! demic hit. Tech startups have said the company would add at
0 !  !   
 *  All Rights Reserved. 10!&!0)!C&8!1&10*1!
*
'!1
' All Rights Reserved. 1)!1:&)!  seen more than 56,000 layoffs least 10,000 people in product
since the pandemic, according and engineering roles this year.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, May 21, 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
24575.90 s 369.04, or 1.52% Trailing P/E ratio 20.76 17.70 2971.61 s 48.67, or 1.67% Trailing P/E ratio * 24.56 22.07 9375.78 s 190.67, or 2.08% Trailing P/E ratio *† 27.85 23.78
High, low, open and close for each P/E estimate * 21.56 15.75 High, low, open and close for each P/E estimate * 22.69 17.15 High, low, open and close for each P/E estimate *† 26.97 20.92
trading day of the past three months. Dividend yield 2.69 2.21 trading day of the past three months. Dividend yield * 2.12 1.94 trading day of the past three months. Dividend yield *† 1.00 1.04
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809

30000 3500 10500

65-day moving average

27500 3250 9750
65-day moving average
65-day moving average
25000 3000 9000

22500 2750 8250

Session high
DOWN UP
7500
t

Session open Close 20000 2500

Close Open
t

17500 2250 6750

Session low
Bars measure the point change from session's open
15000 2000 6000
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
*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* 921,020,388 19,286,509
Industrial Average 24649.48 24455.94 24575.90 369.04 1.52 29551.42 18591.93 -4.7 -13.9 5.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 719,511,906 10,567,585
Transportation Avg 8594.50 8380.96 8488.98 260.05 3.16 11304.97 6703.63 -17.8 -22.1 -1.5 Most-active issues in late trading Decl. volume* 189,504,278 8,199,206
Utility Average 772.01 758.96 761.59 0.19 0.02 960.89 610.89 -4.9 -13.4 2.7 Volume After Hours Issues traded 3,005 272
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 30185.23 29943.27 30094.41 523.55 1.77 34631.28 22462.76 2.4 -8.9 6.9 Advances 2,361 175
SPDR S&P 500 SPY 14,619.8 297.22 0.29 0.10 297.66 296.84
Barron's 400 635.34 628.40 631.36 12.18 1.97 746.64 455.11 -6.4 -13.8 0.1 Declines 587 86
Aurora Cannabis ACB 9,548.0 16.92 4.17 32.71 17.22 12.72
Unchanged 57 11
Nasdaq Stock Market Ambev ADR ABEV 5,318.9 2.16 -0.01 -0.46 2.17 2.14 New highs 34 2
Nasdaq Composite 9392.82 9304.20 9375.78 190.67 2.08 9817.18 6860.67 21.0 4.5 15.5 Caesars Entertainment CZR 4,809.5 10.93 0.01 0.05 10.95 10.75 New lows 7 1
Nasdaq 100 9498.28 9412.83 9485.02 186.48 2.01 9718.73 6978.02 27.8 8.6 18.8 iShares MSCI EAFE ETF EFA 4,789.2 57.78 ... unch. 57.81 57.76 Closing Arms† 1.04 2.43
Dropbox DBX 4,238.1 22.28 0.06 0.25 22.35 22.22 Block trades* 5,522 179
S&P

.
1.67
GrubHub GRUB 4,174.2 57.75 0.23 0.40 57.75 57.00
500 Index 2980.29 2953.63 2971.61 48.67 3386.15 2237.40 4.0 -8.0 7.7 Nasdaq NYSE Arca

ly
Marathon Petroleum MPC 3,269.5 36.85 0.03 0.08 37.05 36.82
MidCap 400 1697.78 1678.20 1688.63 36.00 2.18 2106.12 1218.55 -10.4 -18.1 -0.5 Total volume*4,274,958,223 269,135,380
SmallCap 600 774.89 758.44 771.25 23.47 3.14 1041.03 595.67 -17.1 -24.5 -2.3 Percentage gainers… Adv. volume*3,016,674,121 214,901,664
Aurora Cannabis ACB 9,548.0 16.92 4.17 32.71 17.22 12.72 Decl. volume*1,220,868,185 54,067,091
Other Indexes
Russell 2000
NYSE Composite
Value Line
1353.38 1322.78 1346.93
11477.33 11384.36 11420.04 171.06
417.78 406.11 415.83
39.21

9.72
3.00
1.52
2.39
on 1705.22
14183.20
562.05
991.16
8777.38
305.71
-12.1
-9.9
-20.6
-19.3
-17.9
-24.7
-0.5
-0.4
-6.8
VICI Properties
Vistra Energy
Expedia Group
VICI
VST
EXPE
1,072.5
1,053.1
1,032.3
19.15
20.92
82.40
1.23
0.93
2.82
6.86
4.65
3.54
19.15
20.92
83.70
17.92
19.99
76.85
Issues traded
Advances
Declines
Unchanged
3,355
2,596
690
69
1,408
1,256
145
7
NYSE Arca Biotech 5656.79 5547.34 5652.22 145.13 2.64 5652.22 3855.67 24.8 11.5 16.1
Capri Holdings CPRI 159.4 14.40 0.42 3.00 14.40 13.56
New highs 88 38
us ,

NYSE Arca Pharma 652.35 644.11 645.55 -0.21 -0.03 670.32 494.36 10.5 -1.2 7.6 ...And losers New lows 15 25
l

KBW Bank 69.37 68.23 69.07 2.25 3.37 114.12 56.19 -28.6 -39.1 -8.5 60.3 10.21 -0.71 -6.50 10.92 9.87 Closing Arms† 1.52 2.50
e
Flexion Therapeutics FLXN
al a

PHLX§ Gold/Silver 131.01 127.63 128.07 -1.19 -0.92 129.26 66.14 93.6 19.8 14.6 Ruth's Hospitality Group RUTH 198.4 8.64 -0.48 -5.26 9.12 8.34 Block trades* 22,713 1,118
PHLX§ Oil Service 31.36 30.18 31.34 1.87 6.36 84.02 21.47 -62.7 -60.0 -41.0 Pyxus International PYX 109.5 2.25 -0.12 -5.06 2.33 2.25 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1850.74 1816.01 1840.79 65.18 3.67 1979.50 1286.84 36.9 -0.5 20.2 Vanguard Small-Cap Growth VBK 156.3 177.86 -9.35 -4.99 187.33 177.86 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 29.83 27.83 27.99 -2.54 -8.32 82.69 11.54 89.8 103.1 32.5 Knight-Swift Transport KNX 243.0 36.98 -1.86 -4.79 38.84 36.98 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

er s

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
m er

World The Global Dow 2673.44 37.80 1.43 –17.8 Cheetah Mobile ADR CMCM 3.05 0.98 47.34 5.15 1.85 -39.6 Luckin Coffee ADR LK 2.82 -1.57 -35.76 51.38 2.40 -80.9
DJ Global Index 379.30 5.10 1.36 –12.6 Surface Oncology SURF 3.88 1.22 45.86 4.40 1.15 -4.0 ShiftPixy PIXY 7.16 -2.53 -26.11 30.80 3.21 -73.7
DJ Global ex U.S. 217.86 1.99 0.92 –17.3 GigaMedia GIGM 3.52 1.03 41.37 3.75 1.91 53.6 CryoPort CYRX 20.79 -5.33 -20.41 26.61 12.40 21.8
1.66 Select Interior Concepts SIC 3.09 0.85 37.72 13.76 1.25 -74.6 ACM Research Cl A ACMR 55.08 -10.61 -16.15 69.25 12.51 215.1
m rp

Americas DJ Americas 686.22 11.21 –9.8

Brazil Sao Paulo Bovespa 81319.45 577.10 0.71 –29.7 LMP Automotive Holdings LMPX 7.11 1.81 34.15 49.30 3.28 ... Nemaura Medical NMRD 6.15 -1.14 -15.62 14.80 2.50 -29.0
Canada S&P/TSX Comp 14997.63 112.15 0.75 –12.1 Kornit Digital KRNT 47.74 12.06 33.80 48.07 22.17 75.5 Windtree Therapeutics WINT 7.05 -1.20 -14.55 14.97 4.00 -45.1
Mexico S&P/BMV IPC 36026.98 164.94 0.46 –17.3 SemiLEDS LEDS 2.75 0.67 32.21 4.10 1.03 -6.1 Acer Therapeutics ACER 3.88 -0.65 -14.35 20.41 1.08 -80.1
Chile Santiago IPSA 2625.09 15.78 0.60 –21.3 Green Plains GPRE 9.13 2.14 30.62 16.49 3.77 -39.7 I-Mab ADR IMAB 22.70 -3.46 -13.23 32.89 9.30 ...
0.98 Atara Biotherapeutics ATRA 14.27 3.20 28.91 24.75 4.52 -38.4 Aurora Cannabis ACB 12.75 -1.90 -12.97 105.24 5.30 -87.7
EMEA Stoxx Europe 600 342.82 3.33 –17.6
co Fo

1.29 AeroCentury ACY 2.80 0.62 28.44 9.32 0.71 -66.5 Nano Dimension ADR NNDM 2.96 -0.44 -12.94 5.80 0.51 -46.2
Eurozone Euro Stoxx 324.57 4.13 –19.6
Belgium Bel-20 2994.70 33.81 1.14 –24.3 NuCana ADR NCNA 7.37 1.56 26.85 16.00 3.81 -49.1 Synalloy SYNL 8.87 -1.27 -12.52 19.54 7.28 -53.9
Denmark OMX Copenhagen 20 1223.79 15.26 1.26 7.7 Satsuma Pharmaceuticals STSA 26.00 5.29 25.54 33.48 8.61 ... MicSec US Big Oil 3X InLv NRGD 22.00 -3.10 -12.35 304.72 21.70 -57.2
France CAC 40 4496.98 38.82 0.87 –24.8 Village Farms Intl VFF 4.21 0.82 24.19 14.60 2.07 -69.2 Pyxus International PYX 2.37 -0.33 -12.22 19.83 1.43 -87.4
Germany DAX 11223.71 148.42 1.34 –15.3 Velocity Financial VEL 3.20 0.60 23.08 14.90 2.24 ... Tiziana Life Sciences ADR TLSA 4.75 -0.65 -12.04 7.70 1.54 23.4
1437.56 0.97 –14.6 Altimmune ALT 6.06 1.13 22.92 6.69 1.51 148.4 VS 2x VIX Short Term TVIX 149.51 -20.27 -11.94 1000.00 38.33 -28.6
Israel Tel Aviv 13.81
Italy FTSE MIB 17213.11 178.57 1.05 –26.8
Netherlands AEX 531.06 10.61 2.04 –12.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1225.47 48.23 4.10 –20.9 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 52142.75 192.61 0.37 –8.7
Spain IBEX 35 6683.60 74.50 1.13 –30.0 Luckin Coffee ADR LK 152,419 1122.6 2.82 -35.76 51.38 2.40 WT Emrg Mkts Cnsmr GrowthEMCG 448 3021 19.93 1.40 24.47 15.76
0.06 Nano Dimension ADR NNDM 146,634 2356.8 2.96 -12.94 5.80 0.51 Proficient Alpha Acqn PAAC 850 1605 10.12 0.50 10.75 9.61
Sweden OMX Stockholm 605.89 0.37 –11.0
n-

Switzerland Swiss Market 9790.85 26.62 0.27 –7.8 Sorrento Therapeutics SRNE 97,147 367.0 5.70 5.17 10.00 1.39 JPMorgan Div Alternatives JPHF 524 1408 18.98 0.21 25.17 15.48
102157.53 0.17 –10.7 Seanergy Maritime Hldgs SHIP 96,589 186.2 0.14 -2.62 1.25 0.12 VicSh USAA Core Short Bd USTB 99 1129 50.56 0.29 51.52 48.54
Turkey BIST 100 174.57
1.08 –19.6
General Electric GE 90,960 -20.9 6.42 3.38 13.26 5.48 RumbleON Cl B RMBL 2,159 1116 9.25 -4.24 104.60 3.00
U.K. FTSE 100 6067.16 64.93
U.K. FTSE 250 16367.48 47.40 0.29 –25.2 Cinedigm Cl A CIDM 89,258 58071.1 1.27 104.84 2.63 0.25 Pacer Am En Independence USAI 82 981 16.01 2.13 25.17 8.25
no

Ford Motor F 87,462 -13.3 5.49 3.58 10.56 3.96 Model N MODN 4,225 975 27.77 6.24 35.84 15.00
Asia-Pacific
SPDR S&P 500 SPY 85,234 -52.1 296.93 1.70 339.08 218.26 Futu Holdings ADR FUTU 2,051 874 15.16 7.37 15.87 8.16
Australia S&P/ASX 200 5573.00 13.48 0.24 –16.6
Inovio Pharmaceuticals INO 76,823 87.3 15.79 8.45 19.36 1.92 CryoPort CYRX 4,385 841 20.79 -20.41 26.61 12.40
China Shanghai Composite 2883.74 –14.84 –0.51 –5.5
Phunware PHUN 76,204 6159.4 1.57 134.43 5.60 0.54 Kornit Digital KRNT 3,252 820 47.74 33.80 48.07 22.17
Hong Kong Hang Seng 24399.95 11.82 0.05 –13.4
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 30818.61 622.44 2.06 –25.3 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 20595.15 161.70 0.79 –12.9
Singapore Straits Times 2561.94 –19.39 –0.75 –20.5 Track the Markets
South Korea Kospi 1989.64 9.03 0.46 –9.5 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 10907.80 47.36 0.44 –9.1 global stock indexes, bond ETFs,
Thailand SET 1322.20 12.25 0.94 –16.3
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Wed YTDchg Wed YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004297 23273 0.4
Americas
Argentina peso .0147 67.8935 13.4 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1756 5.6935 41.6 Czech Rep. koruna .04019 24.881 9.7

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7193 1.3902
.001244 804.00
7.0
8.8
Denmark krone
Euro area euro
.1472 6.7914
1.0980 .9108
1.9
2.1
notes and bonds major U.S. trading partners .000262 3817.15 .003140 318.49
5-year CDs Colombiapeso 16.3 Hungary forint 7.8
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007023 142.38 17.6
benchmark over the past year 4.00% Mexico peso .0431 23.1961 22.5 Norway krone .1009 9.9073 12.8
Bankrate.com avg†: 0.81% 8%
Uruguay peso .02270 44.0500 18.6 Poland zloty .2421 4.1306 8.9
Barclays Bank 1.20% Russia ruble .01406 71.114 14.6
One year ago 3.00 Yen Asia-Pacific
2.00% Wilmington, DE 888-720-8756 4 Sweden krona .1043 9.5860 2.3
t s
Australian dollar .6596 1.5161 6.4
Colorado Federal Savings Bank 1.25% Switzerland franc 1.0364 .9649 –0.3
1.50 2.00 China yuan .1410 7.0936 1.9
t 0 Turkey lira .1472 6.7913 14.2
Greenwood Village, CO 877-484-2372 Hong Kong dollar .1290 7.7499 –0.5
Tradeweb ICE Wednesday Close Ukraine hryvnia .0376 26.6183 12.4
Five-year CD yields India rupee .01324 75.555 5.9
1.00 Home Savings Bank 1.35% 1.00 –4 s
UK pound 1.2237 .8172 8.4
t s Indonesia rupiah .0000680 14710 6.0
Salt Lake City, UT 801-487-0811 WSJ Dollar index Euro Japan yen .009300 107.52 –1.0 Middle East/Africa
Federal-funds 0.50 0.00
Capital One 1.40% –8 Kazakhstan tenge .002411 414.71 8.6 Bahrain dinar 2.6482 .3776 0.2
t

target rate
Glen Allen, VA 877-514-2265 1 3 6 1 2 3 5 710 30 Macau pataca .1253 7.9806 –0.5 Egypt pound .0632 15.8165 –1.4
0.00 2019 2020 Malaysia ringgit .2300 4.3485 6.3 Israel shekel .2855 3.5022 1.4
NBKC Bank 1.44% month(s) years
J J A S O N D J FMAM New Zealand dollar .6146 1.6271 9.5 Kuwait dinar 3.2378 .3088 1.9
Overland Park, KS 913-341-1144 maturity Pakistan rupee .00623 160.550 3.6 Oman sul rial 2.5971 .3850 0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.646 –0.1 Qatar rial .2745 3.643 –0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7077 1.4130 5.0 Saudi Arabia riyal .2662 3.7566 0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008147 1227.40 6.3 South Africa rand .0558 17.9230 28.0
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0053447 187.10 3.2
Yield (%) 52-Week Total Return (%) Taiwan dollar .03341 29.930 0.1 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03142 31.830 7.0 WSJ Dollar Index 93.26 –0.37–0.40 4.13
Libor, 3-month 0.36 0.39 0.36 l 2.52 -0.83
U.S. Treasury, Barclays 2472.680 0.520 0.510 2.340 0.480 13.17 5.58 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.30 0.31 0.30 l 0.78 -0.02
1.310 32.88 12.57
Five-year CD, annual yield 0.81 0.83 0.81 l 1.97 -0.50 U.S. Treasury Long, Barclays 4870.690 1.250 2.770 0.980
Commodities
30-year mortgage, fixed† 3.56 3.58 3.51 l 4.22 -0.40 Aggregate, Barclays 2238.760 1.390 1.350 2.910 1.310 10.45 5.06 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.96 3.04 2.95 l 3.61 -0.21 Fixed-Rate MBS, Barclays 2225.860 1.380 1.080 3.080 0.930 7.43 3.98
Jumbo mortgages, $510,400-plus† 3.64 3.67 3.54 l 4.71 -0.87 DJ Commodity 527.42 6.71 1.29 647.86 433.70 -13.33 -17.89
High Yield 100, ICE BofA 2929.396 6.263 6.655 10.740 4.516 –3.219 1.550
Five-year adj mortgage (ARM)† 3.24 3.23 3.21 l 4.78 -0.07 TR/CC CRB Index 130.91 1.34 1.03 187.39 106.29 -27.09 -29.54
Muni Master, ICE BofA 574.707 1.372 1.597 3.441 0.959 4.615 3.808 Crude oil, $ per barrel 33.49 1.53 4.79 63.27 -37.63 -45.47 -45.15
New-car loan, 48-month 4.27 4.28 4.26 l 4.81 1.07
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 834.377 5.709 6.079 7.480 4.523 1.092 2.157 Natural gas, $/MMBtu 1.771 -0.059 -3.22 2.862 1.552 -30.36 -19.10
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. 1750.60 6.40 0.37 1756.70 1273.60 37.45 15.21

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B8 | Thursday, May 21, 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, May 20, 2020
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
July 10.85 11.30 10.85 11.19 .34 323,589 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Oct 10.90 11.27 10.88 11.16 .26 236,310 months.
Open High hi lo Low Settle Chg interest
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. July 25.80 25.95 25.80 25.95 .15 1,560
Wednesday Wednesday Wednesday
May 2.4100 2.4700 2.4100 2.4675 0.0445 1,354 Sept 25.91 t 25.91
25.90 25.90 … 2,614 Aluminum, LME, $ per metric ton *1464.0 Wheat,No.1soft white,Portld,OR-u 6.0800
July 2.4100 2.4650 2.4010 2.4600 0.0420 101,296 Energy
Cotton (ICE-US)-50,000 lbs.; cents per lb. Copper,Comex spot 2.4675
Gold (CMX)-100 troy oz.; $ per troy oz.
May 1751.60 1752.10 1745.60 1750.60 6.40 816
July 59.39 59.85 58.10 58.21 –.99 83,642 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.650 Iron Ore, 62% Fe CFR China-s 96.1 Food
Dec 59.17 59.59 58.70 58.79 –.38 62,671
June 1749.20 1757.60 1744.00 1752.10 6.50 240,254 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.500 Shredded Scrap, US Midwest-s,m 261
Aug 1761.40 1770.10 1757.10 1765.60 7.70 181,583
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Beef,carcass equiv. index
July 127.60 127.60 123.35 124.95 –2.80 7,622 Metals Steel, HRC USA, FOB Midwest Mill-s 498 choice 1-3,600-900 lbs.-u 284.21
Oct 1767.80 1778.10 1765.00 1774.00 8.60 19,632
Sept 126.25 126.40 s 122.75 123.95 –2.25 2,176
Dec 1777.70 1785.10 1773.00 1781.70 8.30 66,012 Fibers and Textiles select 1-3,600-900 lbs.-u 268.73
Feb'21 1786.10 1788.40 1777.50 1784.80 8.00 10,788 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.7745
Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Engelhard industrial 1749.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700
May ... ... ... 2154.10 84.70 24 Butter,AA Chicago 1.6350
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Handy & Harman base 1748.30 Cotton,1 1/16 std lw-mdMphs-u 0.5546
June 2076.60 2170.00 2064.10 2159.40 84.70 2,755 June 220-010 221-010 218-200 220-170 1-17.0 1,018,583
Cheddar cheese,bbl,Chicago 185.25
Sept 2058.50 2159.00 2050.00 2148.40 84.60 3,837 Handy & Harman fabricated 1940.61 Cotlook 'A' Index-t *66.05
Sept 218-250 219-140 217-020 218-310 1-17.0 113,284 Cheddar cheese,blk,Chicago 192.00
Dec 2092.20 2092.20 2065.50 2141.20 84.60 397 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% LBMA Gold Price AM *1735.25 Hides,hvy native steers piece fob-u 24.500 Milk,Nonfat dry,Chicago lb. 99.50
Platinum (NYM)-50 troy oz.; $ per troy oz. June 179-050 179-280 178-170 179-200 1-00.0 1,004,054 LBMA Gold Price PM *1737.95 Wool,64s,staple,Terr del-u,w 3.25
May ... ... ... 929.90 44.90 8 Coffee,Brazilian,Comp 1.0338
Sept 177-240 178-100 177-000 178-030 1-00.0 28,036 Krugerrand,wholesale-e 1817.50
July 891.10 943.00 889.00 934.50 44.90 41,371
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Grains and Feeds Coffee,Colombian, NY 1.5643
Silver (CMX)-5,000 troy oz.; $ per troy oz. June 139-015 139-050 138-250 139-025 7.0 3,241,395
Maple Leaf-e 1834.98 Eggs,large white,Chicago-u 0.7650
May 18.025 18.040 17.930 18.002 0.110 204 American Eagle-e 1834.98
Barley,top-quality Mnpls-u n.a.
Sept 138-260 138-280 138-160 138-250 6.5 254,565 Flour,hard winter KC 14.35
July 17.875 18.165 17.755 18.031 0.130 116,185 Bran,wheat middlings, KC-u 75
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican peso-e 2115.08 Hams,17-20 lbs,Mid-US fob-u n.a.
June 125-202 125-222 125-157 125-205 3.0 3,065,569 Corn,No. 2 yellow,Cent IL-bp,u 3.0100
July 31.89 33.78 31.56 33.49 1.53 298,225 Austria crown-e 1716.00 Hogs,Iowa-So. Minnesota-u 67.91
Sept 125-150 125-162 125-102 125-147 2.7 531,655 Corn gluten feed,Midwest-u,w 112.0
Aug 32.41 34.22 32.11 33.94 1.47 240,675 Austria phil-e 1834.98
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Pork bellies,12-14 lb MidUS-u 1.1637
Sept 33.02 34.64 32.67 34.38 1.37 314,902 Corn gluten meal,Midwest-u,w 442.3
June 110-080 110-088 110-072 110-085 0.8 2,236,813 Silver, troy oz. Pork loins,13-19 lb MidUS-u 2.1360
Nov 33.53 35.20 33.53 34.94 1.17 121,121 Cottonseed meal-u,w 253
Sept 110-124 110-131 110-116 110-127 0.7 186,625
Dec 34.13 35.55 33.82 35.23 1.06 326,134 Engelhard industrial 17.5000 Steers,Tex.-Okla. Choice-u n.a.
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Hominy feed,Cent IL-u,w 105
Dec'21 37.06 38.32 36.98 37.91 0.67 134,656 Handy & Harman base 17.5000 Steers,feeder,Okla. City-u,w 149.31
May 99.9475 99.9500 99.9450 99.9475 –.0025 227,666 Meat-bonemeal,50% pro Mnpls-u,w 268
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
June .9765 1.0230 .9683 .9906 .0170 43,689
Oct 99.9550 99.9650 99.9450 99.9600 .0050 218,722 Handy & Harman fabricated 21.8750 Oats,No.2 milling,Mnpls-u 3.4300
July 1.0148 1.0637 1.0073 1.0369 .0244 72,231 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% LBMA spot price *£13.9800 Fats and Oils
June 105-215 105-280 105-145 105-250 11.0 74,198 Rice, Long Grain Milled, No. 2 AR-u,w 28.75
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. (U.S.$ equivalent) *17.1200 Corn oil,crude wet/dry mill wtd. avg.-u,w 49.7000
June 1.0350 1.0888 1.0295 1.0438 –.0014 37,623 Eurodollar (CME)-$1,000,000; pts of 100% Sorghum,(Milo) No.2 Gulf-u 7.9375
June 99.6925 99.7150 99.6825 99.7100 .0175 1,763,700 Coins,wholesale $1,000 face-a 16217 SoybeanMeal,Cent IL,rail,ton48%-u 287.00 Grease,choice white,Chicago-h 0.2600
July 1.0440 1.0999 1.0423 1.0561 .0011 101,814
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 99.7200 99.7350 99.7050 99.7250 .0050 1,691,142 Other metals Lard,Chicago-u n.a.
Soybeans,No.1 yllw IL-bp,u 8.3000
June 1.804 1.889 1.743 1.771 –.059 56,426 Dec 99.7050 99.7250 99.6900 99.7150 .0150 1,138,350
March'21 99.7800 99.8000 99.7700 99.7900 .0100 966,717
LBMA Platinum Price PM *823.0 Wheat,Spring14%-pro Mnpls-u 6.8050 Soybean oil,crude;Centl IL-u 0.2584
July 1.963 2.023 1.885 1.909 –.076 335,352
Sept 2.085 2.156 2.036 2.060 –.062 139,588
Platinum,Engelhard industrial 847.0 Wheat,No.2 soft red,St.Louis-bp,u 5.3300 Tallow,bleach;Chicago-h 0.3475
Oct 2.177 2.240 2.128 2.149 –.057 101,854 Currency Futures Palladium,Engelhard industrial 2093.0 Wheat - Hard - KC (USDA) $ per bu-u 4.6575 Tallow,edible,Chicago-u n.a.
Jan'21 2.964 3.007 2.937 2.952 –.028 92,595
Japanese Yen (CME)-¥12,500,000; $ per 100¥
April 2.518 2.548 2.504 2.515 –.017 70,534
June .9284 .9319 .9264 .9307 .0023 144,272 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;
July .9302 .9323 .9269 .9312 .0023 2,074 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 5/19
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu. June .7168 .7211 .7164 .7199 –.0001 122,093 Source: Dow Jones Market Data
July 321.25 321.50 317.25 319.50 –1.75 601,312 Sept .7184 .7212 .7166 .7200 –.0002 3,508
Dec 334.50 335.00 331.25 334.00 –.25 354,881 British Pound (CME)-£62,500; $ per £
Oats (CBT)-5,000 bu.; cents per bu. June 1.2244 1.2290 1.2223 1.2231 –.0051 176,657
July 316.00 320.50 315.50 318.00 2.25 3,040 Sept 1.2252 1.2293
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.2229 1.2236 –.0051 2,247 Bonds | wsj.com/market-data/bonds/benchmarks
Dec 274.25 275.00 s 273.00 275.00 2.25 1,240
Soybeans (CBT)-5,000 bu.; cents per bu. June 1.0298 1.0382 1.0297 1.0374 .0068 38,567
July 842.00 849.50 842.00 846.75 4.25 315,711 Sept 1.0364 1.0408 1.0328 1.0402 .0067 154 Tracking Bond Benchmarks
Nov 850.00 856.75 850.00 854.00 3.75 172,859 Australian Dollar (CME)-AUD 100,000; $ per AUD Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Soybean Meal (CBT)-100 tons; $ per ton. June .6533 .6617 .6526 .6601 .0034 130,807
July 284.90 287.50 284.50 285.50 .90 170,602 Sept .6528 .6616 .6527 .6602 .0035 1,069 highs and lows for different types of bonds
Dec 292.70 294.90 292.20 293.10 .60 75,920 Mexican Peso (CME)-MXN 500,000; $ per MXN Total Total
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .04192 .04321 .04192 .04317 .00088 102,321 return YTD total Yield (%) return YTD total Yield (%)
July 27.07 27.40 26.92 27.36 .27 172,944 Sept .04200 .04266 .04141 .04263 .00086 1,043 close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 27.88 28.17 27.73 28.15 .26 87,314 Euro (CME)-€125,000; $ per €

.
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 1.0929 1.1005 1.0924 1.0992 .0040 538,798 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
July 16.05 16.20 16.01 16.09 .02 6,805 Sept 1.0949 1.1025 1.0946 1.1012 .0039 4,224

ly
2238.76 5.1 U.S. Aggregate 1.390 1.310 2.910 2225.86 3.6 Mortgage-Backed 1.380 0.930 3.080
Sept 11.94 11.97 11.92 11.97 .03 4,468
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures U.S. Corporate Indexes Bloomberg Barclays 2181.45 3.8 Ginnie Mae (GNMA) 0.740 0.490 3.050
July 499.50 517.75 496.00 513.75 15.00 201,058
Sept 502.25 519.25 499.25 515.25 13.75 76,890 Mini DJ Industrial Average (CBT)-$5 x index 3205.23 2.0 U.S. Corporate 2.540 2.220 4.580 1312.30 3.6 Fannie mae (FNMA) 1.630 1.110 3.090
Wheat (KC)-5,000 bu.; cents per bu. June 24125 24583 24076 24519 361 72,717
July
Sept
441.50
448.25
454.00
460.50
438.75
445.50
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
May
Aug
127.150
131.850
127.700
132.400
125.850
128.700
453.25
459.75

126.000 –1.425
129.000 –2.925
11.75 126,522
11.50 42,337

1,852
15,529
Sept

June
Sept
on
24060
S&P 500 Index (CME)-$250 x index
2910.80
…
24464

2972.40

Mini S&P 500 (CME)-$50 x index

…
23986

2909.20
…
24411

2968.50
2959.70
357

49.70 105,205
49.50 11
935 2941.10
4662.32
671.31
1.7
2.5
4.6
Intermediate
Long term
Double-A-rated
2.040 1.760 4.400
3.400 2.950 4.930
1.670 1.670 3.360
2015.24
574.71
404.97
3.5
1.6
1.5
Freddie Mac (FHLMC) 1.610 1.080 3.090
Muni Master
7-12 year
1.372 0.959 3.441
1.362 0.924 3.447
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 2913.50 2975.75 2908.50 2968.50 49.75 3,134,480 828.66 -0.3 Triple-B-rated 3.130 2.570 5.350 459.21 1.4 12-22 year 1.829 1.224 3.690
us ,

June 99.000 99.775 97.825 98.400 –.375 39,680 Dec 2903.25 2960.25 2896.25 2954.50 49.25 41,624
99.225 99.800 97.100 97.625 –1.450 104,404 Mini S&P Midcap 400 (CME)-$100 x index High Yield Bonds ICE BofA 435.49 -1.2 22-plus year 2.822 1.765 4.123
l

Aug
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 1646.60 1696.50 1643.50 1685.30 35.40 70,155
430.19 -7.9 High Yield Constrained 7.593 5.151 11.400 Global Government J.P. Morgan†
e
1689.00 1689.10 1642.30 1680.80 35.40 6
al a

June 56.050 57.050 55.750 56.875 .225 29,421 Sept

July 55.725 56.150 55.350 55.800 –.475 60,097 Mini Nasdaq 100 (CME)-$20 x index 354.78 -19.0 Triple-C-rated 17.248 10.735 19.071 610.07 4.7 Global Government 0.600 0.390 1.350
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 9289.75 9498.00 9273.00 9485.50 184.75 195,965
353.20 372.80 349.90 367.50 13.20 1,600 Sept 9269.00 9481.00 9260.25 9469.75 184.75 2,156 2929.40 -8.3 High Yield 100 6.263 4.516 10.740 862.84 7.4 Canada 0.790 0.590 1.830
ci on

July
Sept 354.40 375.40 354.40 369.50 12.00 728 Mini Russell 2000 (CME)-$50 x index
June 1302.70 1354.20 1297.50 1344.30 36.80 547,967 388.84 -7.7 Global High Yield Constrained 7.593 4.893 11.310 401.87 0.4 EMU§ 0.512 0.109 0.922
Milk (CME)-200,000 lbs., cents per lb.
12.30 12.35 12.16 12.29 .02 4,611 Sept 1312.30 1350.80 1296.80 1341.50 36.20 4,915
May
Mini Russell 1000 (CME)-$50 x index 297.92 -9.3 Europe High Yield Constrained 5.715 2.464 8.183 768.40 1.3 France 0.210 -0.160 0.560
June 17.27 18.00 17.27 17.71 .43 4,943
Cocoa (ICE-US)-10 metric tons; $ per ton. June 1633.60 1641.00 1609.90 1636.30 27.00 8,194 U.S Agency Bloomberg Barclays 547.35 2.2 Germany -0.350 -0.740 0.060
July 2,430 2,461 2,393 2,401 –34 73,055 U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 2,399 2,431 2,368 2,376 –30 58,755 June 99.56 99.57 99.01 99.14 –.23 30,274 1854.68 4.8 U.S Agency 0.610 0.550 2.460 296.83 -0.4 Japan 0.230 -0.070 0.260
er s

Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 99.52 99.52 99.02 99.14 –.23 924
1617.48 3.5 10-20 years 0.470 0.400 2.360 607.26 1.9 Netherlands -0.190 -0.540 0.180
July 106.75 107.65 105.30 105.65 –1.40 80,576
Dec 109.95 110.75 108.65 108.95 –1.25 50,958 Source: FactSet 4235.03 11.0 20-plus years 1.560 1.170 2.920 1103.36 9.8 U.K. 0.480 0.390 1.390
m er

2765.52 1.3 Yankee 2.000 1.920 3.500 834.38 -5.4 Emerging Markets ** 5.709 4.523 7.480
Macro & Market Economics *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
Watching the Gauges: U.S. Supply and Demand
m rp

Inventories, imports and demand for the week ended May 15. Current figures are in thousands of barrels or Global Government Bonds: Mapping Yields
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import
and demand data are available monthly only. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, 000s barrels Imports, 000s barrels per day selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
co Fo

Current change week ago avg avg Current change week ago avg avg
0.125 U.S. 2 0.161 s l 0.161 0.214 2.229
Crude oil and 0.625 10 0.681 t l 0.696 0.608 2.420
petroleum prod 1,399,920 ... 1,395 1,287 1,392 1,284 7,307 ... 7,181 9,699 7,269 10,024
2.000 Australia 2 0.278 s l 0.276 0.217 1.266 11.7 11.5 -96.4
Crude oil
excluding SPR 526,494 1,400 531 477 529 473 5,197 ... 5,391 6,943 5,401 7,685 2.500 10 0.958 t l 0.988 0.839 1.686 27.7 29.1 -73.5
Gasoline 255,724 ... 253 229 256 234 526 ... 486 1,350 402 705 0.000 France 2 -0.532 s l -0.536 -0.457 -0.551 -69.4 -69.7 -278.0
Finished gasoline 24,469 -2,300 23 23 23 24 140 ... 92 190 132 62 0.000 10 -0.035 t l -0.015 0.077 0.313 -71.6 -71.1 -210.7
Reformulated 60 ... 0 0 0 0 0 ... 0 0 0 0 0.000 Germany 2 -0.673 s l -0.677 -0.678 -0.640 -83.8 -286.9
-83.4
Conventional 24,409 ... 23 23 23 24 140 ... 92 190 132 62
0.000 10 -0.465 t l -0.463 -0.450 -0.084 -114.6 -115.9 -250.4
Blend. components 231,255 ... 230 206 233 210 386 ... 394 1,160 270 643
1.000 Italy 2 0.353 s l 0.350 0.908 0.657 19.2 18.9 -157.2
Natural gas (bcf) 2,422 ... 2 2 2 2 ... ... ... ... ... ...
1.350 10 1.631 t l 1.643 1.943 2.706 95.0 94.7 28.6
Kerosene-type
jet fuel 40,891 ... 40 41 40 42 324 ... 108 146 198 144 0.100 Japan 2 -0.162 s l -0.165 -0.136 -0.159 -32.3 -32.6 -238.8
n-

Distillates 158,832 2,500 155 126 152 136 322 ... 193 102 272 112 0.100 10 0.003 s l 0.001 0.013 -0.047 -67.8 -69.5 -246.7
Heating oil 8,996 ... 9 10 9 11 0 ... 0 1 0 24 0.400 Spain 2 -0.301 t l -0.282 0.102 -0.345 -46.3 -44.4 -257.4
Diesel 149,836 ... 146 116 143 126 322 ... 193 100 272 78 0.500 10 0.723 s 0.722 0.885 0.887 2.5 -153.3
l 4.2
Residual fuel oil 37,359 ... 37 29 37 36 155 ... 225 90 179 222
Other oils 294,297 ... 293 296 293 278 665 ... 689 943 706 1,048 0.500 U.K. 2 -0.018 s l -0.022 0.108 0.749 -17.9 -18.3 -148.0
no

4.750 10 0.230 t l 0.248 0.336 1.057 -45.1 -44.9 -136.4

Net crude, petroleum
products, incl. SPR 2,041,568 ... 2,035 1,932 2,031 1,959 388 ... -278 1,633 -464 4,475 Source: Tullett Prebon
Corporate Debt
Weekly Demand, 000s barrels per day Natural gas storage Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals that same company’s share price.
Current change week ago avg avg Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Total petroleum
4250 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
product 16,586 ... 16,814 19,661 16,129 20,641 Five-year average
for each week Husky Energy HSECN 4.400 April 15, ’29 535 –59 n.a. ... ...
Finished t 3250 Boeing BA 3.200 March 1, ’29 370 –52 n.a. 133.32 2.21
motor gasoline 6,790 ... 7,398 9,429 6,678 9,593 t Hyatt Hotels H 3.375 July 15, ’23 444 –51 544 53.93 0.22
Kerosene-type 2250 General Motors GM 6.250 Oct. 2, ’43 465 –50 575 25.48 3.20
Natural gas, Energy Transfer Operating … 6.250 April 15, ’49 446 –39 505 ... ...
jet fuel 634 ... 352 1,538 575 1,692
lower 48 states 1250
Distillates 3,668 ... 3,818 3,787 3,445 4,150 TransCanada PipeLines TRPCN 7.625 Jan. 15, ’39 261 –39 n.a. ... ...
Residual fuel oil 176 ... 202 197 131 250 MPLX MPLX 4.000 March 15, ’28 331 –38 n.a. 20.02 3.41
Propane/propylene 1,073 ... 868 496 1,021 ... 250 Eni SpA ENIIM 4.750 Sept. 12, ’28 295 –36 n.a. ... ...
Other oils 4,244 ... 4,176 4,214 4,280 ... M J J A S O N D J F M A
2019 2020 …And spreads that widened the most
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Citigroup C 4.300 Nov. 20, ’26 220 14 n.a. 45.47 2.34
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
Ventas Realty … 3.250 Oct. 15, ’26 365 13 361 … …
Intesa Sanpaolo ISPIM 3.250 Sept. 23, ’24 350 12 360 ... ...
Exchange-Traded Portfolios | WSJ.com/ETFresearch Louisville Gas And Electric … 4.250 April 1, ’49 202 12 n.a. … …
Scentre Group Trust 1 SCGAU 3.250 Oct. 28, ’25 285 12 280 ... ...
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Reynolds American BATSLN 7.000 Aug. 4, ’41 384 9 n.a. ... ...
Schwab US TIPs SCHP 59.38 0.24 4.9
Wednesday, May 20, 2020
ETF
Closing Chg YTD
Symbol Price (%) (%) SPDR DJIA Tr DIA 245.73 1.45 –13.8 High-yield issues with the biggest price increases…
Closing Chg YTD SPDR S&PMdCpTr MDY 307.80 2.17 –18.0 Bond Price as % of face value Stock Performance
ETF Symbol Price (%) (%) iShMSCI EAFE EFA 57.78 2.08 –16.8 SPDR S&P 500 SPY 296.93 1.70 –7.7 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
CnsmrDiscSelSector XLY 120.98 1.31 –3.5 iShMSCI EAFE SC SCZ 50.85 2.07 –18.4 SPDR S&P Div SDY 86.94 1.76 –19.2
iShMSCIEmgMarkets EEM 37.63 1.32 –16.1 TechSelectSector XLK 97.50 2.19 6.4
CnsStapleSelSector XLP 57.91 1.19 –8.1 Apache APA 6.000 Jan. 15, ’37 86.281 8.26 n.a. 11.95 5.19
EnSelectSectorSPDR XLE 39.35 3.99 –34.5 iShMSCIJapan EWJ 53.17 1.51 –10.2 UtilitiesSelSector XLU 56.43 0.55 –12.7
FinSelSectorSPDR XLF 22.07 2.22 –28.3 iShNatlMuniBd MUB 113.96 0.11 0.0 VanEckGoldMiner GDX 36.61 –1.61 25.0 QEP Resources QEP 5.625 March 1, ’26 45.500 5.75 38.250 0.80 3.62
iShPfd&Incm PFF 34.11 0.50 –9.3 VangdInfoTech VGT 258.67 2.29 5.6 Avis Budget Car Rental … 5.750 July 15, ’27 62.750 5.25 52.000 … …
FT DJ Internet FDN 159.69 2.44 14.8
iShRussell1000Gwth IWF 181.12 1.71 3.0 VangdSC Val VBR 100.17 2.74 –26.9
FT ValDivFd FVD 29.33 1.52 –18.6 United Airlines Holdings UAL 4.875 Jan. 15, ’25 64.000 5.25 57.500 24.91 5.19
iShRussell1000 IWB 164.23 1.73 –8.0 VangdSC Grwth VBK 187.21 1.95 –5.8
HealthCareSelSect XLV 100.15 0.12 –1.7
iShRussell1000Val IWD 109.93 1.82 –19.5 VangdDivApp VIG 114.09 1.19 –8.5
InvscQQQI QQQ 231.39 2.00 8.8
iShRussell2000 IWM 134.00 3.03 –19.1 VangdFTSEDevMk VEA 36.51 1.81 –17.1
EnLink Midstream Partners … 5.600 April 1, ’44 60.030 5.03 46.280 ... ...
InvscS&P500EW RSP 96.65 1.82 –16.5
InvscS&P500LowVol SPLV 48.00 0.57 –17.7
iShRussell3000 IWV 172.06 1.79 –8.7 VangdFTSE EM VWO 37.20 1.25 –16.3 Staples SPLS 10.750 April 15, ’27 70.000 5.00 64.000 ... ...
iShRussellMid-Cap IWR 50.69 1.69 –15.0 VangdFTSE Europe VGK 46.86 2.34 –20.0
iSh3-7YTreasuryBd IEI 133.43 0.01 6.1
72.65 1.89 –23.3
Murphy Oil MUR 5.875 Dec. 1, ’27 87.000 4.50 79.250 12.49 4.61
iShRussellMCValue IWS VangdFTSEAWxUS VEU 44.76 1.80 –16.7
iShCoreDivGrowth DGRO 36.43 1.73 –13.4 Taylor Morrison Communities … 5.875 June 15, ’27 98.000 4.45 n.a. … …
iShS&P500Growth IVW 196.90 1.84 1.7 VangdGrowth VUG 190.05 1.90 4.3
iShCoreMSCIEAFE IEFA 54.21 2.01 –16.9 iShS&P500Value IVE 105.93 1.57 –18.6 VangdHlthCr VHT 191.54 0.32 –0.1
iShCoreMSCIEM IEMG 44.83 1.29 –16.6
iShCoreMSCITotInt IXUS 51.51 1.78 –16.8
iShShortCpBd
iShShortTreaBd
IGSB
SHV
54.06
110.82
0.32
...
0.8
0.3
VangdHiDiv
VangdIntermBd
VYM
BIV
77.56
91.76
1.51
0.34
–17.2
5.2
…And with the biggest price decreases
iShCoreS&P500 IVV 297.99 1.71 –7.8 121.76 0.30 4.5 92.34 0.56 1.1
iShCoreS&P MC IJH 168.59 2.15 –18.1
iShTIPSBondETF TIP VangdIntrCorpBd VCIT Summit Midstream Holdings SUMMPL 5.750 April 15, ’25 22.000 –13.00 28.970 ... ...
iSh1-3YTreasuryBd SHY 86.66 ... 2.4 VangdLC VV 137.18 1.65 –7.2
iShCoreS&P SC IJR 63.44 3.12 –24.3 iSh7-10YTreasuryBd IEF 121.57 0.02 10.3 VangdMC VO 155.01 1.71 –13.0 Genworth Financial GNW 6.500 June 15, ’34 70.000 –2.50 74.500 3.05 12.13
iShS&PTotlUSStkMkt ITOT 66.43 1.89 –8.6
iShCoreUSAggBd AGG 117.29 0.26 4.4
iSh20+YTreasuryBd TLT 164.15 0.30 21.2 VangdMBS VMBS 54.53 0.11 2.6 Weatherford International WFTLF 11.000 Dec. 1, ’24 69.750 –2.26 71.500 3.00 –12.02
iShRussellMCGrowth IWP 149.17 1.77 –2.2 VangdRealEst VNQ 72.53 0.89 –21.8
iShSelectDividend DVY 78.90 1.83 –25.3 iShUSTreasuryBdETF GOVT 27.97 0.04 7.8 VangdS&P500ETF VOO 272.90 1.63 –7.7 Brookfield Property REIT … 5.750 May 15, ’26 74.000 –2.00 77.000 ... ...
iShEdgeMSCIMinEAFE EFAV 64.80 1.42 –13.1 JPM UltShtIncm JPST 50.46 0.10 0.1 VangdST Bond BSV 82.85 0.07 2.8
iShEdgeMSCIMinUSA USMV 59.59 0.88 –9.2 100.88 0.06 –0.7
Ahern Rentals AHEREN 7.375 May 15, ’23 28.000 –1.75 n.a. ... ...
PIMCOEnhShMaturity MINT VangdSTCpBd VCSH 81.61 0.18 0.7
iShEdgeMSCIUSAMom MTUM 124.29 0.98 –1.0 SPDR BlmBarcHYBd JNK 99.98 1.09 –8.7 VangdShortTermTrea VGSH 62.23 –0.02 2.3 Gulfport Energy GPOR 6.375 Jan. 15, ’26 47.625 –1.38 48.750 1.47 5.76
iShEdgeMSCIUSAQual QUAL 93.65 1.59 –7.3 91.53 ... 0.1 136.69 2.26 –17.5
iShGoldTr IAU 16.73 0.30 15.4
SPDRBloomBar1-3MTB BIL VangdSC VB Intelsat Connect Finance INTEL 9.500 Feb. 15, ’23 26.000 –1.25 17.250 ... ...
SPDR Gold GLD 164.65 0.24 15.2 VangdTotalBd BND 87.53 0.26 4.4
iShiBoxx$InvGrCpBd LQD 130.80 1.10 2.2 SchwabIntEquity SCHF 28.04 1.93 –16.6 VangdTotIntlBd BNDX 57.28 0.17 1.2 Sunoco SUN 5.500 Feb. 15, ’26 99.750 –1.13 99.750 25.22 3.02
iShiBoxx$HYCpBd HYG 81.05 1.06 –7.8 SchwabUS BrdMkt SCHB 70.24 1.87 –8.6 VangdTotIntlStk VXUS 46.24 1.69 –17.0
iShJPMUSDEmgBd EMB 106.02 1.92 –7.5 SchwabUS Div SCHD 51.08 1.23 –11.8 VangdTotalStk VTI 149.74 1.85 –8.5 *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 111.07 0.14 2.8 SchwabUS LC SCHX 70.97 1.69 –7.6 VangdTotlWrld VT 71.09 1.73 –12.2 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI ACWI ACWI 70.49 1.67 –11.1 SchwabUS LC Grw SCHG 95.97 1.78 3.3 VangdValue VTV 97.86 1.61 –18.3 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, May 21, 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. InterContinentl IHG 44.41 0.45 MobileTeleSys MBT 9.33 0.22 Qorvo QRVO 103.33 5.00TeckRscsB TECK 9.75 0.09 Unilever UL 51.43 0.76 WasteConnections WCN 92.10 0.53
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. IBM IBM 121.38 1.09 Moderna MRNA 73.47 1.80 Qualcomm QCOM 80.63 2.54TeladocHealth TDOC 171.27 -4.39 UnionPacific UNP 166.03 6.77 WasteMgt WM 99.45 1.12
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four IntlFlavors IFF 130.28 1.44 MohawkInds MHK 83.03 0.59 QuestDiag DGX 113.96 3.74TeledyneTech TDY 333.00 5.17 UnitedAirlines UAL 24.91 1.23 Waters WAT 185.26 1.27
that include primary market trades as well as quarters. IntlPaper IP 33.00 0.99 MolinaHealthcare MOH 176.97 0.30 Quidel QDEL 186.79 0.74Teleflex TFX 352.27 6.62 UnitedMicro UMC 2.45 0.02 Watsco WSO 165.15 4.54
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Interpublic IPG 16.67 0.62 MolsonCoorsB TAP 37.89 0.06 Ericsson ERIC 8.65 0.06 UPS B UPS 97.18 0.75 Wayfair W 162.67 1.28
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Intuit INTU 290.49 3.74 Mondelez MDLZ 49.75 -0.14 R S TelefonicaBras VIV 8.24 0.13 UnitedRentals URI 128.02 3.27 WellsFargo WFC 24.52 0.57
Nasdaq ISE. standards IntuitiveSurgical ISRG 552.31 21.31 s MongoDB MDB 206.62 6.40 Telefonica TEF 4.42 0.14 US Bancorp USB 33.06 1.07 Welltower WELL 45.75 0.55
The list comprises the 1,000 largest companies lf-Late filing InvitatHomes INVH 24.71 -0.53 MonolithicPower MPWR 209.51 7.70 RELX RELX 23.04 0.67 TelekmIndonesia TLK 21.02 -0.57 UnitedTherap UTHR 120.18 1.74 WestPharmSvcs WST 210.09 -1.48
based on market capitalization. q-Temporary exemption from Nasdaq IonisPharma IONS 54.22 0.72 MonsterBev MNST 69.41 2.26 RPM RPM 69.55 0.61 10xGenomics TXG 78.00 -0.20 UnitedHealth UNH 287.99 -1.06 WesternDigital WDC 42.98 1.24
Underlined quotations are those stocks with requirements. iQIYI IQ 16.76 -0.90 Moody's MCO 256.27 2.35 RalphLauren RL 71.40 2.14 TencentMusic TME 12.20 -0.35
UnivDisplay OLED 151.90 2.32 WesternUnion WU 19.13 0.37
large changes in volume compared with the t-NYSE bankruptcy IronMountain IRM 23.88 0.42 MorganStanley MS 41.06 1.73 RaymondJames RJF 65.81 2.95 Teradyne TER 63.53 2.41 UniversalHealthB UHS 103.28 2.77 WestlakeChem WLK 44.64 2.62
RaytheonTech RTX 57.80 -0.14 Tesla
issue’s average trading volume. v-Trading halted on primary market. ItauUnibanco ITUB 3.81 0.04 Morningstar MORN 141.54 -0.41 TSLA 815.56 7.55 VEREIT VER 5.12 0.15 WestpacBanking WBK 10.28 0.39
RealPage RP 63.32 1.67 TevaPharm TEVA 12.00 -0.01
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being MotorolaSol MSI 138.59 1.56 VF VFC 55.98 1.14 WestRock WRK 25.43 0.46
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, J K L Mylan MYL 16.32 0.27 RealtyIncome O 51.44 -1.15 TexasInstruments TXN 117.48 4.80
ReataPharm RETA 157.26 7.26 Textron
VICI Prop VICI 17.92 0.68 Weyerhaeuser WY 19.48 0.96
previous closing price was $2 or higher. or securities assumed by such companies. MyoKardia MYOK 108.37 2.35 TXT 27.33 0.84 VailResorts MTN 189.67 1.13 s WheatonPrecMet WPM 46.20 -0.50
JD.com JD 54.31 0.05 NICE NICE 179.58 2.72 RegencyCtrs REG 41.37 -0.28 ThermoFisherSci TMO 341.15 -1.63
Vale VALE 9.27 0.20 Whirlpool WHR 118.86 0.38
JPMorganChase JPM 91.33 2.66 NRG Energy NRG 35.50 0.15 RegenPharm REGN 576.89 19.29 ThomsonReuters TRI 67.10 -0.49 ValeroEnergy VLO 67.34 3.29 Williams WMB 19.72 0.30
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Jabil JBL 30.80 0.54 NVR NVR 3086.00 -51.09 RegionsFin RF 10.05 0.41 3M MMM 149.68 1.30 VarianMed Williams-Sonoma WSM 66.36 -1.79
JackHenry JKHY 190.47 1.72 NXP Semi ReinsGrp RGA 88.80 3.63 Tiffany VAR 119.91 3.65
changes in the closing prices from 4 p.m. the previous day. NXPI 103.60 4.56 TIF 125.69 -2.29 VeevaSystems VEEV 202.17 6.13 WillisTowers WLTW 202.63 -0.36
JacobsEngg J 76.41 2.13 Nasdaq NDAQ 114.71 2.08 RelianceSteel RS 91.30 -0.12 Toro
JamesHardie JHX 15.84 0.41 NationalGrid NGG 56.17 0.56 RenaissanceRe RNR 172.26 8.86 TorontoDomBk TD
TTC 67.65 1.88 Ventas VTR 32.84 0.41 Wipro WIT 2.93 0.04
Wednesday, May 20, 2020 Net Net 40.90 0.64 VeriSign VRSN 215.81 3.40 Wix.com WIX 202.97 11.29
JazzPharma JAZZ 114.42 1.40 NatlInstruments NATI 38.19 0.59 Repligen RGEN 139.08 3.46 Total TOT 36.49 1.14 VeriskAnalytics VRSK 159.54 1.48 WooriFin WF 19.93 0.24
Net Stock Sym Close Chg Stock Sym Close Chg J&J JNJ 147.68 -1.34 NatlOilwell NOV 13.00 0.96 RepublicSvcs RSG 81.71 0.70 ToyotaMotor TM 119.82 1.60
JohnsonControls JCI 28.74 -0.26 NatlRetailProp NNN 30.14 -0.92 ResMed RMD 161.76 -0.81 TractorSupply TSCO 107.79 -1.27 Verizon VZ 54.26 -0.12 Workday WDAY 159.54 2.12
Stock Sym Close Chg BurlingtonStrs BURL 183.93 5.96 EnelAmericas ENIA 7.83 0.06 VertxPharm VRTX 284.62 2.34 WynnResorts WYNN 86.86 4.83
JonesLang JLL 96.70 2.85 Natura&Co NTCO 11.75 0.43 RestaurantBrands QSR 52.57 0.22 TradeDesk TTD 297.11 3.01 ViacomCBS A VIACA 23.42 0.36 XP XP 27.50 1.00
CACI Intl CACI 238.16 2.05 EnelChile ENIC 3.70 0.04
A B C CBRE Group CBRE 39.60 1.63 EnergyTransfer ET 8.29 0.34
JuniperNetworks JNPR 23.64 0.38 NetApp
KB Fin KB 26.32 0.37 Netease
NTAP 45.98 1.30 RexfordIndlRealty REXR 39.71 1.02 Tradeweb
ReynoldsCnsmr REYN 34.09 -0.13 TraneTech
TW 61.67 1.17 ViacomCBS B VIAC 19.63 -0.01 XPO Logistics XPO 72.13 3.80
CDK Global CDK 38.08 -0.20 EnphaseEnergy ENPH 64.17 -2.87 NTES 390.31 -5.38 TT 79.75 -0.66 Vipshop VIPS 15.20 -0.70 XcelEnergy XEL 60.25 0.55
ABB ABB 18.94 0.32 KKR KKR 26.69 0.82 Netflix NFLX 447.67 -3.37 RingCentral RNG 264.36 1.18 TransDigm
CDW CDW 109.23 3.24 s Entegris ENTG 58.51 1.04 KLA KLAC 177.92 5.40 Neurocrine RioTinto
TDG 365.33 4.13
RIO 52.39 0.57 TransUnion TRU 81.80 3.30 Visa V 193.86 4.50 Xilinx XLNX 89.52 2.71
ACADIA Pharm ACAD 52.55 1.51 NBIX 124.16 4.23 Xylem XYL 62.08 1.51
CF Industries CF 27.51 0.32 Entergy ETR 97.59 1.03 KT KT 10.01 0.04 NewOrientalEduc EDU 120.56 -5.92 RobertHalf RHI 48.99 0.82 Travelers VistraEnergy VST 19.99 0.46
VMW 140.07 0.76 s YamanaGold AUY
ADT ADT 6.20 -0.21 TRV 95.54 2.27 VMware 5.50 0.03
CGI GIB 61.64 0.77 EnterpriseProd EPD 19.32 0.84 KSCitySouthern KSU 148.74 6.12 NYTimes A NYT 36.61 -0.52 Rockwell ROK 206.04 3.41 Trex
AECOM ACM 35.52 1.60
CH Robinson CHRW 77.62 1.66 Equifax EFX 149.51 3.30 Kellogg K 62.48 0.05 NewellBrands NWL 12.58 -0.06 RogersComm B RCI 40.31 0.51 Trimble
TREX 122.10 2.92 Vodafone VOD 15.61 0.15 Yandex YNDX 41.31 0.62
AES AES 12.97 0.16 TRMB 39.53 0.29 VornadoRealty VNO 36.64 -0.82 YumBrands YUM 88.09 1.23
CME Group CME 180.82 1.06 Equinix EQIX 655.48 5.35 KeurigDrPepper KDP 27.69 0.47 NewMarket NEU 427.12 11.11 Roku ROKU 117.04 1.02 Trip.com
Aflac AFL 34.80 1.17 TCOM 25.72 -0.08 VoyaFinancial VOYA 42.82 0.96 YumChina YUMC 49.48 0.73
CMS Energy CMS 55.44 0.13 Equinor EQNR 15.20 0.74 KeyCorp KEY 10.74 0.53 Newmont Rollins ROL 39.12 -0.08 TruistFinl
AGNC Invt AGNC 13.25 0.26 NEM 65.72 -1.66 TFC 33.77 1.43 VulcanMatls VMC 101.47 2.41 ZTO Express ZTO 34.28 -0.36
CNA Fin CNA 28.11 0.86 Equitable EQH 17.70 0.47 KeysightTechs KEYS 102.92 6.92 NewsCorp A NWSA 11.45 0.35 RoperTech ROP 367.88 10.13 Twilio
ANGI Homesvcs ANGI 10.37 -0.24 TWLO 191.91 8.67 ZaiLab ZLAB 72.04 -4.01
CNH Indl CNHI 5.68 0.13 EquityLife ELS 60.28 0.79 KilroyRealty KRC 55.36 1.50 NewsCorp B NWS 11.65 0.37 RossStores ROST 90.89 1.00 Twitter
Ansys ANSS 272.21 9.80
ASETech ASX 4.07 0.01
CNOOC CEO 119.09 1.24 EquityResdntl EQR 58.93 1.21 KimberlyClark KMB 136.85 1.58 NextEraEnergy NEE 232.79 2.29 RoyalBkCanada RY 61.87 1.84 s
TylerTech
TWTR 32.23 2.35
TYL 361.63 8.78
W X Y Z ZebraTech
Zendesk
ZBRA 241.49 0.94
ZEN 81.16 3.29
CRH CRH 30.11 0.78 ErieIndemnity A ERIE 172.42 1.48 RoyalBkScotland RBS
s ASML ASML 325.64 19.39 KinderMorgan KMI 15.65 0.31 NielsenHoldings NLSN 13.59 0.25 2.68 0.07
TysonFoods TSN 60.65 2.29 WABCO WBC 136.39 0.07 Zillow C Z 54.05 2.96
CSX CSX 68.36 2.40 EssentialUtil WTRG 40.51 0.61 t KingsoftCloud KC 20.26 -2.35 Nike RoyalCaribbean RCL 40.73 -1.42
AT&T T 29.59 0.63 CVS Health CVS 63.22 -0.39 NKE 92.95 1.44 UBS Group UBS 10.09 0.25 WEC Energy WEC 87.30 0.61 Zillow A ZG 53.41 2.70
AbbottLabs ABT 90.09 1.87 EssexProp ESS 235.86 4.87 s KinrossGold KGC 7.34 -0.22 NiSource RoyalDutchA RDS.A 33.45 1.29
CableOne CABO1815.00 -51.23 NI 23.08 0.03 UDR UDR 36.28 0.39 WEX WEX 137.19 4.51 ZimmerBiomet ZBH 126.60 2.65
AbbVie ABBV 91.19 -0.01 EsteeLauder EL 179.75 5.17 KirklandLakeGold KL 39.60 -0.88 Nokia NOK RoyalDutchB RDS.B 31.20 0.98
CabotOil COG 18.91 0.70 3.82 0.13 UGI UGI 31.19 0.86 W.P.Carey WPC 61.61 1.06 ZionsBancorp ZION 31.12 1.90
Abiomed ABMD 196.36 5.57 Etsy ETSY 75.30 -1.79 Knight-Swift KNX 38.84 -0.42 NomuraHoldings NMR 3.89 0.05 s RoyalGold RGLD 135.99 -1.09
s CadenceDesign CDNS 88.09 2.65 EuronetWorldwide EEFT 94.22 4.09 Uber UBER 34.48 1.08 WPP WPP 36.40 1.18 Zoetis ZTS 133.34 -1.00
AcceleronPharma XLRN 102.73 2.97 KoninklijkePhil PHG 45.13 2.12 Nordson NDSN 174.45 2.01 Ryanair RYAAY 61.07 1.32
CaesarsEnt CZR 10.93 0.42 Everbridge EVBG 147.29 -4.90 Ubiquiti UI 181.79 5.77 Wabtec WAB 57.83 2.14 ZoomVideo ZM 175.48 1.80
Accenture ACN 195.18 5.09 KoreaElcPwr KEP 8.82 0.02 NorfolkSouthern NSC 173.66 6.00 SAP SAP 120.30 3.07
CamdenProperty CPT 89.43 0.54 EverestRe RE 199.23 12.87 UltaBeauty ULTA 213.48 3.26 WalgreensBoots WBA 40.14 0.37 Zscaler ZS 77.06 1.82
ActivisionBliz ATVI 73.78 0.75 KraftHeinz KHC 30.24 0.33 NorthernTrust NTRS 74.76 1.39 S&P Global SPGI 314.00 2.91
CampbellSoup CPB 48.17 -1.45 Evergy EVRG 59.11 1.37 Unilever UN 48.67 0.65 Walmart WMT 125.45 0.50 s Zynga ZNGA 8.14 0.10
AdaptiveBiotech ADPT 40.33 0.26 Kroger KR 32.30 0.54 NorthropGrum NOC 320.40 -6.63 SBA Comm SBAC 283.75 -0.55
CIBC CM 59.55 0.78 EversourceEner ES 79.40 1.17 s LHC Group LHCG 160.02 -0.73 NortonLifeLock NLOK 21.00 0.77 SEI Investments SEIC 51.84 0.96
Adobe ADBE 383.63 11.43 CanNtlRlwy CNI 83.65 2.34
AdvanceAuto AAP 135.72 -0.10 ExactSciences EXAS 85.01 1.92 Line LN 49.55 0.08 Novartis NVS 85.95 0.72 SK Telecom SKM 19.08 0.36
CanNaturalRes CNQ 18.60 0.60 Exelixis
AdvMicroDevices AMD 56.39 0.92
Aegon AEG 2.51 0.07
CanPacRlwy CP
Canon
244.16 12.50
CAJ 20.60 0.23
Exelon
Expedia
EXEL 25.00
EXC 36.97
EXPE 79.58
0.12
0.26
3.23
LKQ LKQ 25.52 0.59 s NovoNordisk NVO 64.87 0.40
LPL Financial LPLA 69.66 2.60 Novocure NVCR 63.66 0.80
SS&C Tech SSNC 56.74 0.49
StoreCapital STOR 18.18 -0.52 Borrowing Benchmarks
AgilentTechs A 81.71 -0.26 L3HarrisTech LHX 179.18 -0.71 NuanceComms NUAN 20.92 0.40 SVB Fin SIVB 194.92 11.79
AgnicoEagle AEM 66.79 -1.22
CanopyGrowth CGC 16.93 -0.37 ExpeditorsIntl EXPD 72.74 0.82 LabCpAm LH 170.52 3.51 Nucor NUE 40.68 0.27 Salesforce.com CRM 176.93 0.89 wsj.com/market-data/bonds/benchmarks
CapitalOne COF 61.48 1.23 ExtraSpaceSt EXR 87.62 0.17 LamResearch LRCX 271.17 9.51 Nutrien Sanofi SNY 47.74 0.54
AirProducts APD 239.80 3.77 NTR 32.27 -0.16
CardinalHealth CAH 52.95 1.39 ExxonMobil XOM 45.37 1.43 LamarAdv LAMR 68.58 2.26 NVIDIA SantanderCons SC 15.83 0.30
AkamaiTech AKAM 100.58 3.28
Albemarle
Alcon
ALB 68.14 4.63
ALC 61.73 1.62
Carlisle
Carlyle
CSL 116.82 1.77
CG 25.93 0.97
F5Networks FFIV 140.38
FMC FMC 93.07
1.45
3.89
LambWeston LW 56.27 0.41
LasVegasSands LVS 50.17 1.92
NVDA 358.80 6.58

O P Q
SareptaTherap SRPT 150.09 4.63
Schlumberger SLB 18.21 1.10
Money Rates May 20, 2020
CarMax KMX 78.35 -0.60 s Facebook FB 229.97 13.09 Lear LEA 106.10 3.91 SchwabC SCHW 33.69 0.70
AlexandriaRlEst ARE 146.22 0.91
AlexionPharm ALXN 103.91 2.69
Carnival CCL 14.15 0.04 FactSet FDS 290.91 3.49 Leidos LDOS 98.91 1.09 OGE Energy OGE 31.12 0.97 ScienceApplicat SAIC 83.69 1.02 Key annual interest rates paid to borrow or lend money in U.S. and
s CarrierGlobal CARR 18.73 0.96 FairIsaac FICO 383.60 14.52 Lennar B LEN.B 43.16 -0.95 ONEOK OKE 36.51 1.40 ScottsMiracleGro SMG 145.08 2.14 international markets. Rates below are a guide to general levels but
Alibaba BABA 216.79 -0.41
Carvana CVNA 91.11 2.20 Farfetch FTCH 13.51 0.08 Lennar A LEN 57.55 -0.88 OReillyAuto ORLY 407.11 -2.67 s Sea SE 72.40 4.13
AlignTech ALGN 236.02 11.65
Alleghany Y 498.90 29.50
CaseysGenStores CASY 148.22 2.74 Fastenal FAST 39.09 0.53 LennoxIntl LII 191.88 2.61 OccidentalPetrol OXY 14.99 0.62 Seagate STX 51.85 1.68 don’t always represent actual transactions.
s Catalent CTLT 78.55 1.78 FederalRealty FRT 79.15 1.38 LeviStrauss LEVI 12.43 ... s Okta OKTA 187.70 6.92 SealedAir SEE 30.03 0.09
Allegion ALLE 97.34 3.09
AlliantEnergy LNT 46.66 0.34
Caterpillar CAT 115.69 3.61 FedEx FDX 117.01 2.22 LibertyBroadbandC LBRDK 125.80 -0.77 s OldDomFreight ODFL 155.51 2.17 SeattleGenetics SGEN 155.78 -1.38 Week —52-WEEK—
s AllogeneTherap ALLO 48.60 0.45
Celanese CE
CenovusEnergy CVE 4.31
86.10 2.22
0.30
Ferrari RACE 158.79 0.54 LibertyBroadbandA LBRDA 123.78 -0.81 Ollie'sBargain OLLI 80.01 1.16 SempraEnergy SRE 122.64 -3.46 Inflation Latest ago High Low
Allstate ALL 96.99 -0.28 FiatChrysler FCAU 7.98 -0.02 LibertyGlobal C LBTYK 20.78 -0.23 OmegaHealthcare OHI 29.15 -1.25 SensataTechs ST 36.77 0.80
Centene CNC 65.32 -1.59 FidNatlFin FNF 27.71 0.64 LibertyGlobal A LBTYA 21.03 -0.47 Omnicom OMC 52.44 0.15 ServiceCorp SCI 38.84 1.78 April index Chg From (%)
AllyFinancial ALLY 16.46 0.50 CenterPointEner CNP 16.92 0.03 FidNatlInfo FIS 138.11 2.67 LibertyGlobal B LBTYB 22.95 -0.61 ON Semi ON 16.27 0.79 s ServiceNow NOW 390.16 7.28 level March '20 April '19 60 days 2.302 2.341 3.671 2.249
AlnylamPharm ALNY 143.45 1.04 CentraisElBras EBR 4.19 0.05
Alphabet C GOOG 1406.72 33.24 FifthThirdBncp FITB 17.70 0.67 LibertyFormOne A FWONA 31.23 0.06 OneConnectFinTech OCFT 15.51 -0.47 ShawComm B SJR 16.17 0.05
Alphabet A GOOGL 1409.16 34.76
CenturyLink CTL 9.90 0.32 58.com WUBA 50.75 -0.37 LibertyFormOne C FWONK 33.18 0.34 OpenText OTEX 39.53 -0.20 SherwinWilliams SHW 564.63 0.89 U.S. consumer price index Other short-term rates
CeridianHCM CDAY 65.22 0.82 FirstAmerFin FAF 48.25 1.20 LibertySirius C LSXMK 31.61 -1.64 Oracle ORCL 52.90 0.56 ShinhanFin SHG 24.59 0.30
Alteryx AYX 140.87 3.34
AlticeUSA ATUS 24.71 0.05
Cerner CERN 67.79 0.01 FirstRepBank FRC 98.78 1.17 LibertySirius A LSXMA 31.93 -1.51 Orange ORAN 11.20 0.27 s Shopify SHOP 778.00 24.99 All items 256.389 –0.67 0.3 Week 52-Week
CharlesRiverLabs CRL 175.86 5.98 FirstSolar FSLR 43.94 0.71 LibertySirius B LSXMB 35.86 1.16 Orix IX 60.74 0.85
Altria MO 37.77 0.65 CharterComms CHTR 512.80 -7.64
Sibanye-Stillwater SBSW 8.78 0.18 Core 266.089 –0.46 1.4 Latest ago high low
s Amazon.com AMZN 2497.94 48.61 FirstEnergy FE 40.28 -0.08 EliLilly LLY 153.13 -3.57 s OtisWorldwide OTIS 53.18 0.87 SignatureBank SBNY 99.54 4.92
CheckPoint CHKP 107.79 2.29 Fiserv FISV 105.80 3.32 LincolnElectric LECO 79.46 1.38 OwensCorning OC 45.44 1.37 SimonProperty SPG 55.67 -1.20
Ambev
Amcor
ABEV 2.17 0.08
AMCR 9.45 0.05
Chegg CHGG 63.01 1.98 FiveBelow FIVE 92.29 -1.99 LincolnNational LNC 35.59 0.70 PG&E PCG 12.00 0.14 SiriusXM SIRI 5.23 -0.22
International rates Call money
Chemed CHE 473.75 5.79 Five9 FIVN 103.65 -0.15 Linde LIN 195.99 5.74 PLDT PHI 23.80 -0.07 Skyworks SWKS 117.38 5.27 2.00 2.00 4.25 2.00

.
Amdocs DOX 62.67 0.99
CheniereEnergy LNG 45.76 2.63 FleetCorTech FLT 240.59 6.71 LiveNationEnt LYV 47.73 2.86 PNC Fin PNC 104.40 3.27 SlackTech WORK 31.35 1.66 Week 52-Week
Amedisys AMED 189.57 -0.37
CheniereEnerPtrs CQP 31.70 -0.19 Flex FLEX 10.21 0.24 LivongoHealth LVGO 60.96 0.05 POSCO PKX 35.95 -0.03 Smartsheet SMAR 55.94 0.31 Latest High Low
Amerco UHAL 299.68 4.88 ago

ly
Ameren AEE 70.33 -0.32
Chevron CVX 93.00 3.38 FlirSystems FLIR 45.75 0.90 LloydsBanking LYG 1.41 0.04 PPD PPD 27.80 1.41 SmithAO AOS 42.46 0.48 Commercial paper (AA financial)
Chewy CHWY 39.45 -0.60 Floor&Decor FND 46.28 -0.12 PPG Ind PPG 95.99 2.77
AmericaMovil AMX 12.91 0.54 LockheedMartin LMT 362.51 -8.97 Smith&Nephew SNN 40.96 1.63 90 days n.a. 0.21 2.53 0.04
AEP AEP 77.75 0.61
ChinaLifeIns LFC 9.86 0.01 FlowersFoods FLO 22.87 -0.22 Loews L 32.19 1.13 PPL PPL 25.59 0.24 Smucker SJM 110.21 -0.33 Prime rates
ChinaMobile CHL 36.06 0.33 FomentoEconMex FMX 65.00 s LogitechIntl LOGI 57.26 1.65 PRA HealthSci PRAH 96.63 4.39
AmerExpress AXP 90.73 3.47
ChinaPetrol SNP 48.44 0.63
1.22 Snap SNAP 18.23 0.75 U.S. 3.25 3.25 5.50 3.25 Libor
AmericanFin AFG 58.08 2.20 FordMotor F 5.49 0.19 Lowe's LOW 116.99 0.12 PTC PTC 70.43 1.52 SnapOn SNA 133.72 1.93 Canada
ChinaUnicom CHU 6.12 -0.16 s Fortinet 2.45 2.45 3.95 2.45 One month
AmHomes4Rent AMH 23.64 -0.40 FTNT 145.62 0.80 lululemon LULU 258.38 6.97 Paccar PCAR 69.03 0.48 SolarEdgeTech SEDG 137.25 2.39 0.17300 0.18363 2.44000 0.17075
AIG AIG 28.04 0.41
AmerTowerREIT AMT 230.14 0.17
AmerWaterWorks AWK 120.60 0.43
AmericoldRealty COLD 34.60 0.59
Ameriprise AMP 131.63 3.09
AmerisourceBrgn ABC 92.73 3.10
s

s
Chipotle
Chubb

Ciena
Cigna
CMG 1029.96 20.88
CB 104.61 2.58
ChunghwaTel CHT 37.28 0.25
Church&Dwight CHD 72.15 0.04
CIEN 52.95 1.78
CI 188.27 -3.51
CincinnatiFin CINF 53.56 1.47
Fortis
Fortive

FoxA
FoxB
FTS 36.73
FTV 59.10
FortBrandsHome FBHS 60.53
on
FOXA 27.81
FOX 27.37
Franco-Nevada FNV 147.64
-0.30
-0.01
0.94
0.24
0.43
-1.18
Lumentum LITE 74.34 -0.06 PackagingCpAm PKG 93.44 2.52
Lyft

M N
LYFT 30.82 0.13 PagSeguroDig PAGS 26.93 -0.39
LyondellBasell LYB 60.39 2.32 PaloAltoNtwks PANW 234.48 7.33
s PanAmerSilver PAAS 27.75 0.85
ParkerHannifin PH 168.36 4.23
Paychex PAYX 67.81 2.21
M&T Bank MTB 96.12 4.58 PaycomSoftware PAYC 273.47 -6.22
SolarWinds SWI 17.59 0.17 Japan
SonocoProducts SON 47.93 0.80
Sony
Southern
SoCopper
SNE 63.17 0.12 Policy Rates
SO 54.83 1.26
SCCO 36.04 0.13 Euro
SouthwestAir LUV 29.15 1.46 Switzerland
zone
1.475 1.475 1.475 1.475 Three month

0.00 0.00 0.00 0.00

0.50 0.50 0.50 0.50 Euro Libor
Six month
One year
0.35800
0.58613
0.70638
0.39238 2.52488 0.35800
0.67513 2.57063 0.58613
0.76938 2.66563 0.70638

Ametek AME 84.83 0.82 FranklinRscs BEN 18.20 0.27 Splunk SPLK 163.28 4.22 Britain 0.10 0.10 0.75 0.10 One month
Cintas CTAS 240.53 1.55 MGM Resorts MGM 16.50 1.34 Paylocity -0.449 -0.443 -0.360 -0.621
us ,

Amgen AMGN 227.87 0.44 FreeportMcM FCX 9.12 -0.02 PCTY 120.21 -0.63 s Spotify SPOT 189.80 14.77
CiscoSystems CSCO 45.44 0.84 MKS Instrum MKSI 102.33 3.64 s PayPal PYPL 150.94 5.55 Australia 0.25 0.25 1.50 0.25 Three month
Amphenol APH 90.96 1.84
Citigroup C 45.47 1.04
FreseniusMed FMS 40.99 1.26 Square SQ 82.04 2.79 -0.309 -0.243 -0.142 -0.539
l

AnalogDevices ADI 114.57 8.24 MPLX MPLX 20.02 0.66 Pegasystems PEGA 89.69 2.22 StanleyBlackDck SWK 127.13 5.24 Six month -0.129 -0.117 -0.052 -0.491
Anaplan PLAN 47.97 1.71
CitizensFin CFG 21.67 1.00 G H I MSCI MSCI 341.51 3.98 Peloton PTON 45.11 0.31 Starbucks SBUX 77.76 1.90 Overnight repurchase
e
CitrixSystems CTXS 137.44 0.27 MagellanMid MMP 44.42 0.52 PembinaPipeline PBA 25.87 0.80 One year -0.065 -0.044 0.008 -0.441
al a

AngloGoldAsh AU 26.68 -0.71 Clarivate CCC 22.64 -0.52 GCI LibertyA GLIBA 64.62 1.46 MagnaIntl MGA 39.66 1.41 Pentair PNR 35.91 0.69
StateStreet STT 58.38 1.64 U.S. 0.04 -0.02 3.40 -0.07
AB InBev BUD 42.18 0.92 SteelDynamics STLD 24.62 0.43
Clorox CLX 204.24 2.52 GDS Holdings GDS 62.97 -0.37 ManhattanAssoc MANH 73.70 0.23 Penumbra PEN 175.31 6.45 Value 52-Week
AnnalyCap NLY 6.43 0.20 Stericycle SRCL 52.23 0.99
Anthem ANTM 280.00 -1.10
Cloudflare NET 27.55 -0.49 GFLEnvironmental GFL 17.40 -0.38 ManulifeFin MFC 11.63 0.23 People'sUtdFin PBCT 11.40 0.38 Steris STE 158.03 0.38
U.S. government rates Latest Traded High Low
Coca-Cola KO 45.89 1.35 Galapagos GLPG 221.27 2.07 MarathonOil MRO 5.95 0.13 PepsiCo PEP 131.26 -0.47
ci on

Aon AON 195.27 -0.27 STMicroelec STM 24.72 0.87

STNE 24.41 0.15 Discount
Coca-Cola Euro CCEP 36.72 0.14 Gallagher AJG 90.69 0.47 MarathonPetrol MPC 36.82 2.32 PerkinElmer PKI 92.75 1.45
ApartmtInv AIV 35.87 0.65 s Cognex CGNX 61.40 0.55 Gaming&Leisure GLPI 32.72 1.59
StoneCo DTCC GCF Repo Index
Markel MKL 860.00 13.46 Perrigo PRGO 55.08 0.04
ApolloGlbMgmt APO 44.99 1.74 CognizantTech CTSH 52.56 1.08 Garmin GRMN 83.87 1.82 MarketAxess MKTX 477.93 -0.63 PetroChina PTR 35.54 0.18
Stryker SYK 190.98 2.72 0.25 0.25 3.00 0.25 Treasury 0.025 45.600 6.007 0.002
Apple AAPL 319.23 6.09 SumitomoMits SMFG 5.41 0.06
ColgatePalm CL 70.47 1.22 Gartner IT 118.21 2.81 Marriott MAR 92.68 2.01 PetroleoBrasil PBR 6.99 0.27 SunComms SUI 133.72 0.12 Federal funds MBS 0.045 58.650 6.699 0.011
ApplMaterials AMAT 56.88 1.63 Comcast A CMCSA 39.17 0.96 Generac GNRC 113.01 2.89 Marsh&McLen MMC 103.98 -1.55 PetroleoBrasilA PBR.A 6.80 0.30 SunLifeFinancial SLF 33.73 0.71
Aptargroup ATR 104.41 0.68
18.35 1.15 Effective rate 0.0600 0.0600 2.4300 0.0600
CommerceBcshrs CBSH 59.55 2.28 GeneralDynamics GD 136.99 0.80 MartinMarietta MLM 179.10 4.25 Pfizer PFE 37.63 -0.05
Aptiv APTV 71.71 1.71 SABESP SBS 6.86 -0.01
SuncorEnergy SU
Aramark ARMK 25.41 0.33
GeneralElec GE 6.42 0.21 s MarvellTech MRVL 28.96 1.59 PhilipMorris PM 70.47 1.96 Suzano SUZ 7.07 -0.08 High 0.1500 0.1500 3.0000 0.1400 Notes on data:
ConagraBrands CAG 32.73 -0.31 GeneralMills GIS 60.93 0.20 Masco MAS 45.92 0.76 Phillips66 PSX 78.25 3.03
ArcelorMittal MT 9.37 0.18 ConchoRscs CXO 58.10 0.77 SynchronyFin SYF 18.11 0.48 Low 0.0300 0.0300 2.3800 0.0200 U.S. prime rate is the base rate on corporate
GeneralMotors GM 25.48 0.79 MASI 248.95 2.93 PilgrimPride PPC 21.34 0.91
er s

ArchCapital ACGL 26.54 2.27 Masimo SyneosHealth SYNH 59.78 1.99

ArcherDaniels ADM 35.35 0.53
ConocoPhillips COP 44.15 1.48 s Genmab GMAB 28.38 -0.74 Mastercard MA 298.80 8.07 Pinduoduo PDD 60.90 -2.19 Synnex SNX 102.55 4.24 Bid 0.0500 0.0500 2.4000 0.0100 loans posted by at least 70% of the 10 largest
ConEd ED 70.74 -0.14
arGEN-X ARGX 161.53 -1.68 ConstBrands A STZ 172.47 3.57
Genpact G 34.23 0.50 MatchGroup MTCH 84.64 -1.08 PinnacleWest PNW 72.77 0.18 s Synopsys SNPS 165.47 3.45 Offer 0.0800 0.0800 2.5000 0.0500 U.S. banks, and is effective March 16, 2020.
Gentex GNTX 25.32 0.07 MaximIntProducts MXIM 56.98 1.93 Pinterest PINS 18.89 0.23 Sysco SYY 52.58 1.20 Other prime rates aren’t directly comparable;
AristaNetworks ANET 224.70 4.94 ContinentalRscs CLR 13.88 0.44 GenuineParts GPC 77.22 0.82 McCormickVtg MKC.V 172.59 -0.44 PioneerNatRscs PXD 92.43 2.78 Treasury bill auction
m er

ArrowElec ARW 67.78 2.00 Cooper COO 296.31 -2.05 lending practices vary widely by location;
s AscendisPharma ASND 146.20 3.01 Copart CPRT 86.69 2.76
GileadSciences GILD 73.89
GSK GSK 41.31
1.55
0.38
McCormick MKC 173.59 1.07 PlainsAllAmPipe PAA
McDonalds MCD 184.10 4.53 PlanetFitness PLNT 60.92 3.38
9.35 0.31 T U V 4 weeks 0.090 0.095 2.365 0.000 Discount rate is effective March 16, 2020. DTCC
AspenTech AZPN 95.23 0.36
Assurant AIZ 100.93 2.95
Coresite COR 121.58 0.03 GlobalPayments GPN 180.47 0.56 McKesson MCK 146.36 1.73 Polaris PII 82.59 3.19 TAL Education TAL 54.60 -1.34 13 weeks 0.130 0.125 2.335 0.000 GCF Repo Index is Depository Trust & Clearing
Corning GLW 21.58 0.74 Globant GLOB 137.57 3.49 Corp.'s weighted average for overnight trades in
AstraZeneca AZN 53.78 0.21 Corteva CTVA 25.09 1.10
MedicalProp MPW 17.36 -0.11 Pool POOL 230.79 1.78 TC Energy TRP 42.93 -1.04 26 weeks 0.150 0.155 2.340 0.080
Athene ATH 26.69 0.38 GlobeLife GL 72.60 1.85 Medtronic MDT 98.08 1.05 PostHoldings POST 86.30 -1.01 TD Ameritrade AMTD 35.01 0.86 applicable CUSIPs. Value traded is in billions of
CoStar CSGP 678.83 4.17 GlobusMedical GMED 50.24 1.01 MelcoResorts MLCO 16.31 0.83 PrincipalFin PFG 36.12 0.82 TE Connectivity TEL 78.35 1.98
Atlassian TEAM 183.84 2.56 Costco COST 304.91 0.28 GoDaddy GDDY 75.15 0.67 s Telus TU 16.19 -0.07 Secondary market U.S. dollars. Federal-funds rates are Tullett
m rp

AtmosEnergy ATO 99.41 3.11 MercadoLibre MELI 828.31 22.35 Procter&Gamble PG 113.28 0.84
s CoupaSoftware COUP 213.87 1.13 GoldFields GFI 8.28 -0.28 Merck MRK 76.89 -0.66 Progressive PGR 74.89 -0.98 TIM Part TSU 11.33 0.60 Prebon rates as of 5:30 p.m. ET.
Autodesk ADSK 196.64 1.93 Credicorp BAP 133.01 0.10 Fannie Mae
GoldmanSachs GS 181.44 3.61 MercurySystems MRCY 84.41 2.37 Prologis PLD 87.12 2.44 TJX TJX 50.85 0.59
Autohome ATHM 82.61 5.93 CreditAcceptance CACC 348.15 4.79 Sources: Federal Reserve; Bureau of Labor
Graco GGG 46.53 0.21 MetLife MET 33.16 0.77 Proofpoint PFPT 115.68 1.71 T-MobileUS TMUS 98.14 -0.46 30-year mortgage yields
Autoliv ALV 64.02 0.62 CreditSuisse CS 8.55 0.24
ADP ADP 134.78 1.68
Grainger GWW 296.07 9.56 MettlerToledo MTD 735.56 21.50 ProsperityBcshs PB 61.11 3.52 TRowePrice TROW 114.84 0.65 Statistics; DTCC; FactSet;
AutoZone AZO 1113.01 8.60
Cree CREE 53.69 4.04 Grifols GRFS 20.35 0.01 MicrochipTech MCHP 91.30 3.53 PrudentialFin PRU 56.56 1.58 TaiwanSemi TSM 51.84 1.03 30 days 2.251 2.292 3.661 2.196 Tullett Prebon Information, Ltd.
CrowdStrike CRWD 80.97 2.42 GrubHub GRUB 57.52 0.09 MicronTech MU 46.64 1.52 Prudential PUK 27.51 0.46 s TakeTwoSoftware TTWO 146.84 4.60
s Avalara AVLR 103.81 -1.55 CrownCastle CCI 152.36 -0.20
Avalonbay AVB 155.83 1.18 GpoAvalAcc AVAL 4.05 0.10 Microsoft MSFT 185.66 2.54 PublicServiceEnt PEG 48.75 0.25 TakedaPharm TAK 19.09 0.26
CrownHoldings CCK 62.94 0.33 GuardantHealth GH 96.40 -0.38 MidAmApt MAA 111.49 0.37 PublicStorage PSA 183.92 0.34 TandemDiabetes TNDM 85.17 4.17
Avangrid AGR 40.51 0.15 CubeSmart CUBE 25.08 -0.07 Guidewire GWRE 98.52 2.33 MitsubishiUFJ MUFG 3.97 0.05 PulteGroup PHM 31.43 0.04 Target TGT 119.63 -3.54
co Fo

Avantor AVTR 17.00 -0.25

AveryDennison AVY 105.75 2.94
AxaltaCoating AXTA 21.16 0.22
Cummins
CyrusOne
CMI 161.84 4.05
CONE 69.65 -0.04
HCA Healthcare HCA 106.42
HDFC Bank HDB 37.77
2.56
1.90
MizuhoFin MFG 2.28 0.05 s Qiagen QGEN 43.14 0.89 TechData TECD 132.05 -1.76 Dividend Changes
HD Supply HDS 30.68 1.27
BCE BCE 39.61 -0.10
BHP Group BHP 45.86 1.01
D E F HP HPQ 17.30 0.57 Dividend announcements from May 20.
BHP Group BBL 38.12 0.79
BP BP 23.62 0.71
DISH Network DISH 28.34
DTE Energy DTE 103.25
1.58 HSBC
0.39 Haemonetic
HSBC 25.13
HAE 106.41
0.23
5.16 New Highs and Lows | WSJ.com/newhighs Amount Payable /
B2Gold BTG 5.52 -0.03 Danaher DHR 158.99 -0.13 Halliburton HAL 11.95 0.80 Company Symbol Yld % New/Old Frq Record
BWX Tech BWXT 57.24 -0.18 Darden DRI 78.32 2.50 HartfordFinl HIG 35.01 0.67
Baidu BIDU 108.52 -1.23 Datadog DDOG 70.70 0.64 Hasbro HAS 68.86 0.89 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Reduced
BakerHughes BKR 15.61 1.10 -0.24 HealthcareAmer HTA 26.39 0.11 and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
DaVita DVA 79.97
session. % CHG-Daily percentage change from the previous trading session. Armour Residential REIT ARR 13.2 .09 /.17 M Jun29 /Jun15
Ball BLL 64.19 -0.09 Deere DE 142.31 6.16 HealthpeakProp PEAK 23.94 -0.13
Crawford & Co A CRD.A 2.0 .03 /.07 Q Jun12 /Jun02
BancoBilbaoViz BBVA 2.80 0.01 DellTechC DELL 44.66 0.62 Heico A HEI.A 76.06 2.05
BancoBradesco BBDO 2.87 0.04 DeltaAir DAL 22.72 0.96 Heico HEI 91.02 2.51 Wednesday, May 20, 2020 Crawford & Co B CRD.B 2.3 .03 /.05 Q Jun12 /Jun02
BancodeChile BCH 16.92 0.46 DentsplySirona XRAY 41.70 0.62 HenrySchein HSIC 57.78 0.73 GMAC Capital Tr Ser2 ALLYpA 8.4 .4032 /.45171 Q Aug17 /Aug14
BancSanBrasil BSBR 4.23 0.10 DeutscheBank DB 7.51 0.45 Herbalife HLF 44.03 0.78 52-Wk % 52-Wk % 52-Wk % Interface TILE 3.2 .01 /.065 Q Jun19 /Jun05
BcoSantChile BSAC 15.95 0.31 DevonEnergy DVN 12.42 0.11 Hershey HSY 131.22 0.31 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
BancoSantander SAN 2.02 0.07 DexCom DXCM 399.96 -4.61 Hess HES 47.34 1.48
ForumMergerIIWt FMCIW 1.60 16.9 Saia SAIA 107.79 2.7 Stocks
BankofAmerica BAC 22.91 0.70 Diageo DEO 139.85 0.65 HewlettPackard HPE 10.28 0.24
Highs Futu FUTU 15.87 7.4 Schrodinger SDGR 72.49 -2.7
BankofMontreal BMO 47.82 1.02 DiamondbkEner FANG 43.66 1.82 Hill-Rom HRC 99.54 1.04 RumbleON Cl B RMBL 1:20 /May20
Genasys GNSS 4.87 -2.2 Sea SE 73.97 6.0
BankNY Mellon BK 34.84 1.32 DigitalRealty DLR 132.75 1.34 Hilton HLT 77.72 2.43 ADC Therap ADCT 34.69 4.0 Genmab GMAB 30.14 -2.5 SeabridgeGold SA 16.67 -0.7
BkNovaScotia BNS 37.14 0.49 DiscoverFinSvcs DFS 41.01 1.70 HollyFrontier HFC 31.75 2.29 ASML ASML 326.26 6.3 GigaMedia GIGM 3.75 41.4 ServiceNow NOW 394.76 1.9
Foreign
n-

Barclays BCS 5.17 0.16 DiscoveryB DISCB 37.10 -0.96 Hologic HOLX 53.98 1.09 AllogeneTherap ALLO 50.00 0.9 HeclaMining HL 3.54 5.4 Shopify SHOP 778.00 3.3 Argo Group 6.5% Nts 2042 ARGD 6.4 .40625 Q Jun15 /Jun01
BarrickGold GOLD 27.25 -0.85 DiscoveryA DISCA 21.17 0.12 HomeDepot HD 238.19 0.09 Altimmune ALT 6.69 22.9
2500.01 2.0
I-Mab IMAB 32.89 -13.2 SocialCapHedIII IPOB.U 10.67 1.1 Argo Group 6.5% Nts 2042 ARGD 6.4 .40625 Q Sep15 /Sep01
BauschHealth BHC 18.31 0.38 DiscoveryC DISCK 19.11 -0.02 HondaMotor HMC 24.11 0.41 Amazon.com AMZN SolenoTherap SLNO 4.36 8.1
iClickInteract ICLK 5.57 -7.3 China Life Insurance ADR LFC 0.9 .51343 A Sep02 /Jul07
BaxterIntl BAX 87.42 0.90 Disney DIS 119.92 5.55 Honeywell HON 136.03 4.08 Anterix ATEX 57.75 2.4 SportsmansWrhs SPWH 9.51 3.4
Immunomedics IMMU 35.20 4.9
BectonDicknsn BDX 242.99 -20.21 s DocuSign DOCU 128.77 1.55 HorizonTherap HZNP 47.45 1.24 AscendisPharma ASND 150.00 2.1
IntelliaTherap NTLA 20.59 1.9 Spotify SPOT 190.48 8.4 Embotell Andina A ADR AKO.A 4.2 .14473 Q May21 /May22
BeiGene BGNE 165.80 -3.02 DolbyLab DLB 58.31 2.56 HormelFoods HRL 47.99 0.60 AudioCodes AUDC 35.77 7.1 SproutSocial SPT 29.53 5.1 Embotell Andina B ADR AKO.B 3.8 .1592 Q May21 /May22
KinrossGold KGC 7.67 -2.9
Berkley WRB 53.41 2.09 DollarGeneral DG 178.57 -2.91 DR Horton DHI 52.40 0.42 Avalara AVLR 110.32 -1.5 StrongbridgeBio SBBP 3.70 1.2
KinsaleCapital KNSL 145.85 4.0 Enel Americas ADR ENIA 6.6 .43935 SA May21 /May22
no

BerkHathwy B BRK.B 176.02 3.53 DollarTree DLTR 79.61 -0.38 HostHotels HST 11.54 -0.01 Avaya AVYA 15.07 0.9 SurfaceOncol SURF 4.40 45.9
KornitDigital KRNT 48.07 33.8 Enerplus ERF 3.0 .0072 M Jun15 /May29
BerkHathwy A BRK.A 2641005400.00 DominionEner D 78.75 -0.08 HowmetAerospace HWM 12.75 0.70 B.Riley II BMRG.U 10.03 ... Synopsys SNPS 167.20 2.1
LHC Group LHCG 165.45 -0.5
BerryGlobal BERY 40.99 0.11 Domino's DPZ 377.24 7.23 Huazhu HTHT 34.28 -0.15 BigLots BIG 32.80 1.2
LincolnEduc LINC 3.10 11.2 TakeTwoSoftware TTWO 149.28 3.2 Grupo Supervielle ADR SUPV 3.3 .03797 A Jun05 /May28
Bilibili BILI 36.47 -7.2 LATAM Airlines Grp ADR LTM 3.6 .09421 May21 /May22
BestBuy BBY 81.54 -1.94 Donaldson DCI 45.28 0.79 Hubbell HUBB 118.72 0.97 LogitechIntl LOGI 57.86 3.0 TylerTech TYL 368.98 2.5
BiondVaxPharm BVXV 20.00 2.6 5.75 8.0
BeyondMeat BYND 140.50 4.30 DouglasEmmett DEI 28.06 0.49 HubSpot HUBS 190.86 2.20 MaidenHldg6.7%PfdD MHpD 7.75 2.7 USAutoPartsNtwk PRTS
BostonBeer SAM 529.87 1.0
s Bilibili BILI 32.70 -2.52 Dover DOV 91.04 1.48 Humana HUM 391.19 -3.28 MaidenHldgsPfdA MHpA 8.95 3.0 VBI Vaccines VBIV 2.98 -0.4 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
CITICCapAcqnA CCAC 10.58 -0.5 VICR 60.11 1.9
Bill.com BILL 74.99 -3.51 Dow DOW 36.18 0.54 JBHunt JBHT 105.01 2.93 MarvellTech MRVL 29.17 5.8 Vicor
CadenceDesign CDNS 88.55 3.1 WheatonPrecMet WPM 47.15 -1.1 spin-off.
Bio-Techne TECH 269.76 9.71 DrReddy'sLab RDY 51.74 3.07 HuntingtonBcshs HBAN 8.21 0.33
CaledoniaMining CMCL 16.14 8.6 Materialise MTLS 22.34 3.7
Bio-RadLab A BIO 472.94 9.19 DraftKings DKNG 29.69 0.12 HuntingIngalls HII 175.11 1.61 MegalithFinWt MFAC.WS 0.78 52.9 YamanaGold AUY 5.65 0.5
CampingWorld CWH 20.07 7.5 ZentalisPharm ZNTL 48.61 -8.0
Biogen BIIB 309.53 -0.55 Dropbox DBX 22.23 0.48 HyattHotels H 53.93 0.12 MercadoLibre MELI 842.70 2.8
BioMarinPharm BMRN 94.04 0.15 DukeEnergy DUK 83.31 0.02 IAA IAA 37.42 1.63
CarrierGlobal
Catalent
CARR
CTLT
19.05 5.4
79.93 2.3 MongoDB MDB 210.15 3.2 Zynga ZNGA 8.30 1.2 IPO Scorecard
BioNTech BNTX 53.04 2.45 DukeRealty DRE 32.66 0.79 IAC/InterActive IAC 259.03 -0.10 NiuTech NIU 10.75 -6.2
BlackKnight BKI 74.85 0.70 Dunkin' DNKN 64.38 1.07 ICICI Bank IBN 8.17 0.29
CelsiusHldg
Cerence
CELH
CRNC
8.40 1.1
31.74 13.0 NovaMeasuring NVMI 47.29 3.6 Lows Performance of IPOs, most-recent listed first
BlackRock BLK 508.74 7.54 DuPont DD 48.87 1.09 IdexxLab IDXX 295.54 0.70
ChinaCeramics CCCL 1.77 38.4 Novanta NOVT 100.77 1.3 AMTD Intl HKIB 5.87 -1.6 % Chg From % Chg From
Blackstone BX 54.26 1.40 s Dynatrace DT 36.82 0.33 IHS Markit INFO 68.20 0.95 NovoNordisk NVO 66.02 0.6
ChinaJoJoDrug CJJD 3.05 3.5 AirNetTech ANTE 0.63 7.9 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
Boeing BA 133.32 2.88 ENI E 18.44 0.40 ING Groep ING 5.79 0.27 Chipotle CMG 1032.07 2.1 OceanFirstPfdA OCFCP 25.48 -0.1 Atento ATTO 0.77 -1.2
BookingHldgs BKNG 1599.15 51.59 EOG Rscs EOG 52.65 1.99 IPG Photonics IPGP 158.28 4.12 Okta OKTA 188.45 3.8
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
ChurchCapIII Wt CCXX.WS 1.65 -3.3 B.Riley II BMRG.U 9.98 ...
BoozAllen BAH 74.59 2.44 EPAM Systems EPAM 223.96 5.32 IQVIA IQV 145.42 4.56 Ciena CIEN 53.36 3.5 OldDomFreight ODFL 158.47 1.4 CITICCapAcqnWt CCAC.WS 0.30 -12.9 B. Riley Principal Merger 10.00 ... ... Ayala Pharmaceuticals 15.69 4.6 4.4
BorgWarner BWA 29.75 0.86 E*TRADE ETFC 42.14 1.77 ITT ITT 54.03 1.14 Cinedigm CIDM 2.63 104.8 1-800-FLOWERS FLWS 23.93 4.5 CentricBrands CTRC 0.27 -2.5 BMRG.UT May 20/$10.00 AYLA May 8/$15.00
s BostonBeer SAM 524.71 5.42 EastWestBncp EWBC 34.41 1.63 IcahnEnterprises IEP 48.23 0.05 Cognex CGNX 62.39 0.9 1LifeHealthcare ONEM 42.00 11.1 CollectiveGrowth CGROU 9.85 ...
BostonProps BXP 80.83 3.01 EastmanChem EMN 65.57 2.17 Icon ICLR 164.39 5.15 CoupaSoftware COUP 219.44 0.5 OtisWorldwide OTIS 54.70 1.7 Ever-Glory EVK 0.61 -14.2 ADC Thera 32.38 70.4 9.2 Kingsoft Cloud Hldgs 20.26 19.2 –15.0
BostonSci BSX 37.18 1.75 Eaton ETN 77.93 1.59 IDEX IEX 152.37 1.22 CueBiopharma CUE 28.82 6.0 PDL Biopharm PDLI 3.34 4.1 ForescoutTechs FSCT 18.10 -5.2 ADCT May 15/$19.00 KC May 8/$17.00
BrightHorizons BFAM 105.80 0.39 s eBay EBAY 42.71 0.31 IllinoisToolWks ITW 165.00 3.70 DLH Holdings DLHC 6.48 4.9 PacGE pfH PCGpH 23.50 ... Fossil FOSL 2.69 -9.7
Bristol-Myers BMY 61.68 -1.03 Ecolab ECL 202.45 1.21 Illumina ILMN 357.73 15.18 DocuSign DOCU 134.74 1.2 PanAmerSilver PAAS 28.00 3.2 Genfit GNFT 5.32 -4.7 Novus Capital 9.94 –0.6 -0.1 Live Oak Acquisition 9.90 –1.0 0.2
BritishAmTob BTI 38.51 1.01 Ecopetrol EC 10.66 0.36 s Immunomedics IMMU 34.84 1.62 Dynatrace DT 39.00 0.9 PayPal PYPL 151.08 3.8 GigCapital3Un GIK.U 9.86 -0.3 NOVSU May 15/$10.00 LOAK.UT May 6/$10.00
Broadcom AVGO 278.68 6.73 EdisonInt EIX 56.26 -1.16 ImperialOil IMO 15.61 0.61 eBay EBAY 43.34 0.7 PhioPharmWt PHIOW 0.40 47.1 KingsoftCloud KC 18.73 -10.4
BroadridgeFinl BR 120.96 1.39 EdwardsLife EW 220.96 5.76 Incyte INCY 98.32 3.40 ElectronicArts EA 121.76 0.9 ProtoLabs PRLB 126.07 6.8 LuckinCoffee LK 2.40 -35.8 GigCapital3 9.86 –1.4 -0.5 SustainableOpportunitiesAcquisition 9.86 –1.4 –0.7
BrookfieldMgt BAM 29.87 -0.04 ElancoAnimal ELAN 19.56 0.15 Infosys INFY 9.00 0.21 Entegris ENTG 59.37 1.8 Pulmatrix PULM 2.06 9.3 Perma-PipeIntl PPIH 4.51 1.8 GIK.UT May 14/$10.00 SOAC.UT May 6/$10.00
BrookfieldInfr BIP 39.45 -0.66 Elastic ESTC 75.47 1.56 IngersollRand IR 29.02 0.54 EvokePharma EVOK 2.19 14.9 PureAcqnWt PACQW 1.30 30.0 ProPhaseLabs PRPH 1.59 2.2
Brown&Brown BRO 38.35 -0.04 ElbitSystems ESLT 137.91 2.57 Ingredion INGR 78.92 1.14 Facebook FB 231.34 6.0 Qiagen QGEN 43.45 2.1 RaMedicalSys RMED 0.35 -24.7 Jaws Acquisition 10.28 2.8 0.3 Roth CH Acquisition 9.95 –0.5 0.1
Brown-Forman A BF.A 62.84 1.63 s ElectronicArts EA 119.55 1.01 Inphi IPHI 111.13 1.76 FinTechAcqnIII FTAC 10.29 1.2 Qualys QLYS 113.02 1.9 SeacorMarine SMHI 1.47 -3.8
Brown-Forman B BF.B 68.69 1.58 EmersonElec EMR 56.81 1.11 Insulet PODD 195.45 -0.21 FiverrIntl FVRR 66.74 3.9 Repay RPAY 21.88 3.3 Senseonics SENS 0.45 1.3
JWS.UT May 14/$10.00 ROCHU May 5/$10.00
Bruker BRKR 42.77 -0.38 Enbridge ENB 32.03 -0.05 Intel INTC 63.10 2.81 FormulaSys FORTY 78.78 12.4 RoyalGold RGLD 139.63 -0.8 WiMiHologram WIMI 4.36 -5.0
Bunge BG 35.59 0.45 EncompassHealth EHC 71.99 -0.15 ICE ICE 93.45 0.49 Fortinet FTNT 149.69 0.6 SPS Commerce SPSC 62.72 3.7 ZionsBancorpWt ZIONW 0.01 -17.1 Sources: Dow Jones Market Data; FactSet

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
IntSmVa 14.13 -0.08-27.0 Freedom2030 K 15.78 -0.08 -8.7 RisDv A p NA ... NA Old Westbury Fds TIAA/CREF Funds TxMCapAdml150.71 -1.52 -8.7 WellsI 26.32 -0.09 -2.9
NOTICE TO READERS LgCo 22.46 -0.24 -8.9 Freedom2035 K 13.00 -0.09-11.1 FrankTemp/Franklin C LrgCpStr BdIdxInst
13.30 -0.08-11.7 11.55 +0.04 4.9 TxMIn r 11.52 -0.10-18.2 Welltn 40.02 -0.23 -7.0
TAUSCoreEq2 17.01 -0.22-15.2 Freedom2040 K 9.00 -0.07-12.3 Income C t NA ... NA Parnassus Fds VANGUARD ADMIRAL USGroAdml 120.65 -0.08 8.3 WndsrII 30.78 -0.43-15.5
Mutual-fund statistics were delayed due to a production issue at the US CoreEq1 22.21 -0.27-13.9 Fidelity Invest FrankTemp/Temp Adv ParnEqFd 500Adml 270.52 -2.84 -8.8
43.01 -0.32 -8.3 VANGUARD INDEX FDS
ValAdml 37.59 -0.65-18.9
source. Prices displayed in this table reflect Tuesday’s closing values. US CoreEq2 19.97 -0.25-15.3 AMgr50% 17.71 -0.05 -4.7 GlBondAdv p 9.99 -0.01 -4.4 PGIM Funds Cl Z BalAdml 37.52 -0.20 -3.6 WdsrllAdml 54.62 -0.76-15.4 SmValAdml 41.93 -0.78-28.5
Up-to-date mutual-fund data can be found online at WSJMarkets.com. US Small 26.30 -0.54-24.7 Balanc 23.49 -0.15 -4.0 Guggenheim Funds Tru TotalReturnBond NA CAITAdml 12.06 +0.02 0.7
... NA WellsIAdml 63.75 -0.22 -2.9 TotBd2 11.40 +0.03 4.5
US SmCpVal 23.00 -0.62-33.0 BluCh 114.51 -0.31 6.3 TotRtnBdFdClInst 28.28 +0.09 5.3 PIMCO Fds Instl CapOpAdml r139.29 -1.40-11.7 WelltnAdml 69.11 -0.40 -7.0 TotIntl 14.60 -0.09-18.0
USLgVa 29.22 -0.42-23.9 Contra 13.94 -0.02 2.4 Harbor Funds AllAsset DivAppIdxAdm 30.60 -0.46 -9.1
10.51 +0.01-11.2 WndsrAdml 57.22 -0.94-20.9 TotSt 71.57 -0.77 -9.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Dodge & Cox ContraK 13.96 -0.03 2.4 CapApInst 81.30 +0.02 7.3 InvGrdCrBd 10.60 +0.05 -1.5 EMAdmr 30.55 -0.02-17.2 VANGUARD FDS VANGUARD INSTL FDS
Balanced 85.83 -0.93-13.9 CpInc r 9.04 +0.01-10.4 Harding Loevner TotRt EqIncAdml 65.51 -1.06-16.9
10.67 +0.03 4.3 DivdGro 27.29 -0.34-10.6 BalInst 37.52 -0.20 -3.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Income 14.29 +0.05 2.8 GroCo 23.84 -0.13 11.6 IntlEq 20.47 -0.16 NA PIMCO Funds A ExplrAdml 86.30 -0.99-11.2 DevMktsIndInst 11.54 -0.09-18.1
INSTTRF2020
22.94 -0.08 -4.9
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Intl Stk 32.22 -0.34-26.1 GrowCoK 23.88 -0.14 11.6 Invesco Funds Y IncomeFd NAExtndAdml 81.16 -0.96-15.0
... NA DevMktsInxInst 18.04 -0.15-18.1
INSTTRF2025
23.16 -0.10 -6.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Stock 150.17 -2.52-20.9 InvGrBd 11.86 +0.03 3.6 DevMktY 38.01 -0.04-16.6 PIMCO Funds I2 GNMAAdml 10.83 +0.02 3.6 ExtndInst 81.16 -0.96-14.9
INSTTRF2030
23.21 -0.12 -7.6
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not DoubleLine Funds LowP r 40.29 -0.50-19.5 JPMorgan I Class Income NAGrwthAdml 96.07 -0.42 2.6
... NA GrwthInst 96.07 -0.43 2.6
INSTTRF2035
23.24 -0.14 -8.9
available due to incomplete price, performance or cost data. NE-Not released by Lipper; CoreFxdIncmI NA ... NA Magin 10.24 -0.07 0.4 CoreBond 12.20 +0.04 4.1 PIMCO Funds Instl HlthCareAdml r 85.93 -1.02 0.7 InPrSeIn 11.03 +0.01 4.7
INSTTRF2040
23.26 -0.16-10.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. TotRetBdI NA ... NA OTC 13.20 -0.06 3.2 EqInc 15.85 -0.26-17.9 IncomeFd NAHYCorAdml r 5.47 +0.01 -6.4
... NA InstIdx 261.42 -2.74 -8.8
INSTTRF2045
23.22 -0.18-11.3
Edgewood Growth Instituti Puritn 22.33 -0.07 -1.5 JPMorgan R Class Price Funds InfProAd 27.08 +0.02 4.7
INSTTRF2050
23.26 -0.18-11.3
InstPlus 261.43 -2.75 -8.8
EdgewoodGrInst 40.82 -0.29 6.0 SAIUSQtyIdx 14.24 -0.14 -3.0 CoreBond 12.22 +0.04 4.1 BlChip IntlGrAdml 100.62 -0.36 -2.1
129.22 -0.08 3.9 InstTStPlus 61.26 -0.65 -9.7
Tuesday, May 19, 2020 INSTTRF2055
23.35 -0.18-11.3
Fidelity SrsEmrgMkt 17.17 -0.05-16.8 CorePlusBd 8.59 +0.02 2.7 DivGro ITBondAdml 12.36 +0.04 5.6
47.64 -0.56-10.4 MidCpInst 41.69 -0.38-14.0
Net YTD Net YTD Net YTD IntlVal 29.49 -0.28-21.4
500IdxInstPrem101.56 -1.06 -8.8 SrsGlobal 10.83 -0.07-17.8 Lord Abbett A EqInc ITIGradeAdml 10.24 +0.03 3.6
24.36 -0.42-23.6 MidCpIstPl 205.62 -1.88-14.0
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Contrafund K6 14.72 -0.02 1.8 SrsGroCoRetail 20.00 -0.11 12.7 ShtDurIncmA p 4.06 ... -2.4 EqIndex LTGradeAdml 11.38 +0.11 6.0
77.82 -0.82 -8.9
LifeCon 20.32 -0.05 -2.9
SmCapInst 64.01 -0.89-19.1
ExtMktIdxInstPre 54.24 -0.64-15.0 SrsIntlGrw 15.87 -0.11 -9.4 Lord Abbett F Growth MidCpAdml 188.73 -1.73-14.0
74.43 -0.13 1.5 LifeGro 32.66 -0.22 -9.6 STIGradeInst 10.78 +0.02 1.5
American Century Inv N PerA p 44.08 -0.22 -6.7 Bridge Builder Trust
IntlIdxInstPrem 35.14 -0.35-18.2 SrsIntlVal 7.55 -0.07-23.7 ShtDurIncm 4.06 +0.01 -2.3 HelSci MuHYAdml 11.18 +0.02 -3.5
83.90 -1.12 3.0 LifeMod 27.05 -0.12 -6.3 STIPSIxins 24.93 +0.02 0.9
Ultra 54.93 -0.11 5.3 NEcoA p 44.19 -0.10 -3.3 CoreBond 10.74 +0.04 4.1
American Funds Cl A NwWrldA 61.37 -0.21-13.0 CorePlusBond 10.33 +0.03 2.7 MidCpInxInstPrem 19.89 -0.18-15.8 TotalBond 11.10 +0.03 2.8 Lord Abbett I LgCapGow I 45.56 -0.07 3.4
MuIntAdml 14.38 +0.02 0.3 PrmcpCor 23.42 -0.25-16.1 TotBdInst 11.49 +0.03 5.0
AmcpA p 32.11 -0.19 -4.3 SmCpA p 54.79 -0.10 -6.9 Intl Eq 10.05 -0.09-16.2 SAIUSLgCpIndxFd 15.74 -0.17 -9.0 Fidelity SAI ShtDurInc p 4.06 +0.01 -2.3 MidCap MuLTAdml 11.73 +0.02 -0.3
86.78 -0.55 -9.0 STAR 26.07 -0.10 -4.6 TotBdInst2 11.40 +0.03 4.5
AMutlA p 38.19 -0.48-11.7 TxExA p 13.07 +0.01 -1.0 LargeCapValue 11.09 -0.14-18.6 SeriesOverseas 9.45 -0.07-12.3 TotalBd 10.61 +0.03 2.2 Metropolitan West NHoriz MuLtdAdml 11.05 +0.01 0.4
64.67 -0.20 8.9 TgtRe2015 14.77 -0.03 -2.7 TotBdInstPl 11.49 +0.03 5.0
BalA p 26.99 -0.13 -4.9 WshA p 41.92 -0.50-12.4 ClearBridge SmCpIdxInstPrem 16.58 -0.33-21.2 First Eagle Funds TotRetBd 11.35 +0.03 4.5 R2020 MuShtAdml 15.85 +0.02 0.6
20.56 -0.09 -6.9 TgtRe2020 30.93 -0.11 -4.9 TotIntBdIdxInst 34.31 +0.05 1.4
BondA p 13.78 +0.04 6.2 Baird Funds LargeCapGrowthI NA ... NA TMktIdxInstPrem 81.43 -0.87 -9.8 GlbA 50.99 -0.32-12.0 TotRetBdI 11.35 +0.04 4.7 R2025 PrmcpAdml r125.82 -1.19-12.7
16.37 -0.09 -7.9 TgtRe2025 18.58 -0.08 -6.4 TotIntlInstIdx r 97.65 -0.62-18.0
CapIBA p 55.14 -0.42-12.0 AggBdInst 11.59 +0.04 4.2 Columbia Class I USBdIdxInstPrem 12.42 +0.04 5.2 FPA Funds TRBdPlan 10.67 +0.03 4.6 R2030 RealEstatAdml101.91 -1.42-21.9
23.59 -0.15 -8.9 TgtRe2030 33.67 -0.18 -7.6 TotItlInstPlId r 97.67 -0.62-18.0
CapWGrA 45.58 -0.30-12.4 CorBdInst 11.83 +0.04 3.2 DivIncom I 21.17 -0.31-12.8 Fidelity Advisor I FPACres 28.94 -0.19-14.5 MFS Funds Class I R2035 SmCapAdml 64.01 -0.89-19.1
17.18 -0.12 -9.7 TgtRe2035 20.52 -0.13 -8.9 TotStInst 71.62 -0.76 -9.7
EupacA p 47.67 -0.26-14.4 BlackRock Funds Dimensional Fds NwInsghtI 31.34 -0.15 -4.2 Franklin A1 ValueI 37.00 -0.55-16.7 R2040 SmGthAdml 64.53 -0.60 -7.5
24.25 -0.18-10.4 TgtRe2040 35.17 -0.25-10.1 ValueInst 37.59 -0.65-18.9
FdInvA p 54.86 -0.33-11.2 HiYldBd Inst 6.96 +0.02 -8.7 5GlbFxdInc 10.81 ... 0.7 Fidelity Freedom CA TF A1 p 7.52 +0.01 -0.6 MFS Funds Instl PRIMECAP Odyssey FdsSTBondAdml 10.84 +0.01 3.4 TgtRe2045 21.92 -0.17-11.3 WCM Focus Funds
GwthA p 51.13 -0.16 ... BlackRock Funds A DFARlEst 32.32 -0.43-20.6 FF2020 14.74 -0.04 -6.3 IncomeA1 p 2.00 -0.02 NA IntlEq 23.43 -0.12-15.9 Growth r STIGradeAdml 10.78 +0.02 1.5
35.30 -0.36-13.8 TgtRe2050 35.29 -0.28-11.3 WCMFocIntlGrwIns 17.77 -0.11 -6.0
HI TrA p 8.93 +0.03 -9.3 GlblAlloc p 18.34 -0.07 -4.2 EmgMktVa 21.57 +0.05-24.8 FF2025 12.95 -0.05 -7.3 FrankTemp/Frank Adv Northern Funds Schwab Funds TotBdAdml 11.49 +0.03 5.0 TgtRet205538.32 -0.30-11.3 Western Asset
ICAA p 35.85 -0.28 -8.9 BlackRock Funds Inst EmMktCorEq 17.12 -0.01-21.2 FF2030 15.80 -0.08 -8.8 IncomeAdv NA ... NA StkIdx 33.58 -0.35 -8.9 1000 Inv r 64.72 -0.67 -9.0 TotIntBdIdxAdm 22.86 +0.03 1.4 TgtRetInc 13.76 -0.02 -1.7 CoreBondI NA ... NA
IncoA p 20.28 -0.17-11.9 MultiAstIncome 10.11 ... -6.3 IntlCoreEq 10.86 -0.09-21.2 Freedom2020 K 14.72 -0.05 -6.3 FrankTemp/Franklin A Oakmark Funds Invest S&P Sel 45.03 -0.47 -8.8 TotIntlAdmIdx r 24.42 -0.15-18.0 TotIntBdIxInv
11.43 +0.01 1.4 CorePlusBdI NA ... NA
IntBdA p 14.02 +0.02 4.9 StratIncOpptyIns 9.60 ... -2.7 IntSmCo 14.72 -0.09-22.1 Freedom2025 K 12.93 -0.04 -7.3 Growth A p 109.01 -0.66 NA OakmrkInt 16.66 -0.14-33.2 TSM Sel r 50.45 -0.54 -9.8 TotStAdml 71.60 -0.76 -9.7 USGro 46.57 -0.03 8.3 CorePlusBdIS NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Thursday, May 21, 2020 THE WALL STREET JOURNAL.

BANKING & FINANCE

More Borrowers Fall Behind in Payments

Millions enter hardship nancial hardship” programs, of credit cards and about 0.5% down, millions of people told with permission, as well as ac- term. Credit cards in defer-
such as deferral programs that of auto loans were in finan- their lenders they wouldn’t be counts that have been frozen. ment, for example, aren’t fac-
programs to defer let borrowers temporarily stop cial-hardship programs. able to pay their bills. Some The stakes are high for bor- tored into the delinquency
paying credit cards and making payments, according The spike in unemployment lenders have allowed borrow- rowers and lenders alike. Con- rates that many lenders re-
to estimates by credit-report- caused by the coronavirus has ers to miss payments for as sumers who can’t pay could be port.
car loans temporarily ing firm TransUnion. That ac- strained people’s ability to long as several months on sent to collections. Their Lenders hope that being
counts for about 3% of the make their monthly debt pay- credit cards, auto loans and credit scores could also drop flexible with borrowers will
BY ANNAMARIA ANDRIOTIS credit-card accounts the com- ments. To make matters personal loans. significantly, making it harder buy time for the economy to
pany tracks, TransUnion said worse, Americans were tap- About 840,000 personal for them to access affordable recover and for consumers to
Millions of people are be- Wednesday. ping credit cards and auto loans were in deferment or an- credit in the future. get back on track with pay-
hind on their credit-card and Nearly three million auto loans at record levels even be- other type of financial hard- Lenders could face a reck- ments. But lenders can shoul-
auto-loan payments, the latest loans were in these hardship fore the pandemic to deal with ship in April, accounting for oning, too. Allowing borrowers der the unpaid loans for only
sign of the coronavirus pan- programs, accounting for rising costs and stagnant in- 3.6% of those tracked. Trans- to pause their payments lets so long, and many are bracing
demic’s financial devastation. about 3.5% of those tracked. comes. Union’s estimates include ac- lenders avoid a big spike in for a mountain of defaults that
Lenders in April had nearly The numbers have surged As coronavirus cases surged counts where the borrowers delinquencies and charge-offs, they’ll eventually write off as
15 million credit cards in “fi- from a year ago, when 0.03% in the U.S. and businesses shut are pausing their payments at least for the short a loss.

Big Foreign Debts Weigh on Turkish Banks BlackRock

BY CAITLIN OSTROFF
AND AVANTIKA CHILKOTI
5.75 Turkish lira How many Turkish lira $1 buys* gan to support the economy.
The trouble is, Turkish peo-
Softens Its
Turkey’s economy, under
pressure from the coronavirus
6.00
ple have generally proven re-
luctant to keep their savings in
lira because of steep inflation.
Stance on
pandemic, has a major vulner-
ability: its local banks’ foreign
debt.
6.25
So banks borrowed dollars and
euros and converted them into
lira to fund domestic loans.
Argentine
Investors are worried Turk-
ish banks won’t have enough
euros and dollars on hand and
6.50
MAY 7
Turkey blocks three banks
from trading the lira
On the surface, Turkey’s
banks appear to have ample
dollar funding. Foreign-cur-
Payments
will struggle to raise funds rency deposits, which account
overseas as a wall of debt Turkish banks’ funding vulnerability for around half the liabilities in BY MATT WIRZ
comes due over the next year. the banking system, are larger
Turkish banks’ funding vul-
has come into the spotlight. than foreign-currency loans. BlackRock Inc. is proposing
nerability has been highlighted 7.00 However, banks have also that a key group of Argen-
in recent weeks as the central borrowed heavily overseas, tina’s creditors accept greater
Jan. May
bank borrowed dollars and eu- largely through syndicated losses in a restructuring ahead
ros from local lenders. The cen- loans from foreign lenders. The of a potential default on the
tral bank sold the foreign ex- Turkish banks’ external Overseas borrowing costs Short-term debt financial sector’s foreign-cur- country’s sovereign debt later

.
change to stem a sharp decline balance sheet† Five-year dollar-denominated Foreign-currency debt due rency borrowing was more this week.
in the lira against the dollar. bond yield spread over U.S. next 12 months than four times its borrowing The asset manager—one of

ly
Liquid external assets
Treasurys
That leaves the banks in a External FX liabilities in lira at the end of December, the largest holders of Argen-
potentially precarious position according to data from the In- tine sovereign bonds and a
if they need dollars and euros $100 billion 15 percentage points $150 billion stitute of International Finance. member of the creditors’
to repay loans, and could lead
to a credit crunch in Turkey if
some lenders are forced to pare
their balance sheets.
0
on 10 100
Private banks
State banks
That could leave the banking
system vulnerable when over-
seas debts come due, especially
as the lira loses value.
group—has suggested the
group agree to larger losses to
reach a deal with the govern-
ment, a person familiar with
“If I was to pick one area of Adding to the pressure: the the matter said.
us ,

the economy that could cause a central bank borrowing dollars Argentina missed a bond
l

fairly bad economic situation –100 5 50 from commercial banks to in- payment in April, starting a
e
al a

to get even worse, it would be tervene in currency markets. grace period that expires Fri-
the banking sector,” said Jason This could erode banks’ access day—after which the country
Tuvey, senior emerging market to the surplus forex deposits could be declared officially in
ci on

–200 0 0
economist at Capital Econom- they hold, according to Brad default.
ics. “It runs the risk of an eco- 2018 2019 2020 2018 ’19 ’20 2018 ’19 ’20 Setser, a senior fellow at the The bondholder group,
nomic crisis becoming a New York-based Council on which controls about $16.7 bil-
*Scale inverted to show changes in the strength of the lira. †Liabilities include deposits, loans and bonds. Assets include foreign currencies at the
broader financial crisis within central bank and offshore deposits. Foreign Relations. lion of Argentine international
Turkey.” Sources: Tullett Prebon (currency); Capital Economics (bond yields); Central Bank of the Republic of Turkey (balance sheet, debt) Those interventions, along bonds, rejected a restructuring
er s

The sector is arguably in a with a temporary ban on lira plan made by Argentina that
worse position than it was dur- giants T.C. Ziraat Bankasi and ing adequate capital buffers to 2013 as the Federal Reserve trading by three Western offered bondholders recover-
Turkiye Vakiflar Bankasi. The
m er

ing Turkey’s 2018 currency cri- cope with a rise in defaults prepared to unwind its balance banks, have reversed the lira’s ies of around 40 cents on the
sis. While external debt has credit-rating company cited the among its customers because sheet, and a 40% depreciation slide in the past two weeks. But dollar and the bondholders
edged lower in recent years, nation’s weaker foreign-cur- of the coronavirus. But the in the lira in mid-2018. many worry such a rebound is made a counterproposal that
the banks still have nearly $81 rency reserves and the risk of banks’ overseas borrowing Turkey’s central bank has temporary. The lira is still would put recoveries around
billion in foreign-currency debt government intervention in the costs—as reflected in the also managed to secure access down 13% against the dollar 60 cents on the dollar, accord-
m rp

coming due in the next year, banking sector as factors. spreads, or extra yield de- to external funding. On this year. ing to research by Amherst
equivalent to more than 10% of Turkey’s banks will likely manded on five-year dollar-de- Wednesday, the central bank Turkey’s central bank has Pierpont Securities.
the nation’s total economic pay a premium to extend their nominated bonds over U.S. said it had reached a deal with slashed interest rates from 24% BlackRock is now suggest-
output. That compares with an debt, said Nikolay Markov, a Treasurys—climbed in early its counterpart in Qatar to in- to 8.75% over the past 10 ing the group accept recover-
estimated $30 billion that the senior economist at Pictet As- April to over 10 percentage crease the overall limit of an months, and is expected to con- ies between 50 cents and 55
co Fo

banks have in reserves at Tur- set Management. “The risks points, or close to their 2018 existing bilateral foreign ex- tinue the monetary easing cents on the dollar, the person
key’s central bank, having have significantly increased,” peak, before easing to 6.7 change agreement to $15 bil- Thursday. With the interest familiar with the matter said.
drawn down on those in recent he said. “If the situation deteri- points Tuesday, according to lion from $5 billion. rate already below inflation, It is unclear whether other
years to repay debts. orates further in the coming Capital Economics. In recent years, banks have that is making holding the lira members of the group, which
On Tuesday, Fitch Ratings months, then that would be Turkey’s lenders have sur- sharply increased lending to less attractive for investors. It includes Ashmore Investment
lowered the ratings outlook to very negative for Turkey as it’s vived a series of rough patches, households and companies in is also making domestic lend- Management, will agree.
negative on several Turkish already in a weak position.” including the 2008-09 financial response to pressure from ing operations less profitable White & Case, the law firm for
banks, including state-owned The banks are seen as hav- crisis, the taper tantrum of President Recep Tayyip Erdo- for the banks. the group, couldn't immedi-
ately be reached for comment.
If the group, which says it

Bonds controls more than one-quar-

ter of Argentina’s interna-
tional bonds, accepts Black-
n-

Suggest rock’s suggestion, it may

increase pressure on other
creditors to do the same.

Difficulties A group of huge funds—in-

no

cluding HBK Investments LP

and Pharo Management LLC,
which own bonds issued from
Continued from page B1 a previous Argentine debt ex-
investment grade at Neu- change—and a third bond-
berger Berman. holder group have made re-
Expecting yields to remain spective restructuring
RICHARD VOGEL/ASSOCIATED PRESS

rangebound over the next few proposals that would give

quarters, Mr. Bardas said he bondholders a roughly 58-
likes Treasurys in the seven- cent-on-the-dollar recovery,
to 10-year range and has high according to Amherst Pier-
hopes for the new 20-year pont.
bonds that were reintroduced “The bondholder groups
by the Treasury Department have to reconcile among each
on Wednesday in a $20 billion other with disparity among
auction. the proposals and among the
The stability of Treasury Customers at a Costco in Los Angeles last week. The retailer has issued corporate debt facilitated by the ultralow 10-year Treasury yield. bondholder economic and le-
yields is particularly notable gal rights,” Amherst Pierpont
because it comes even as an tors, paltry yields might signal 10-year Treasury yield bonds at around 0%. In March, the securities, said Thomas Si- strategist Siobhan Morden
unprecedented deluge of new a gloomy future. But they can the Reserve Bank of Australia mons, senior vice president said in a report.
debt floods the market. Not also propel them into riskier 2.0% said it would set a target of and money-market economist The price of Argentina’s
only has the Treasury Depart- assets in search of returns, a 0.25% for the country’s three- in the Fixed Income Group at $4.25 billion 5.875% bond due
ment ramped up the size of likely factor in the surprisingly year government bond. Jefferies LLC. Though it was in 2028 has risen steadily to
bond auctions to fund trillions strong rebound in stocks since 1.5 In the U.S., Fed Chairman nearly two months before the 32.50 cents on the dollar
of dollars in economic-relief their sharp decline earlier in Jerome Powell said last fall Fed started implementing the Wednesday from about 24
measures but higher-rated the year. that “short-term yield-curve program, the announcement cents on the dollar at the
companies also have been Low yields have also en- control is something that is alone sparked a rush into the start of May, according to an-
bombarding investors with couraged borrowing. Last 1.0 worth looking at” as a tool to asset class as investors antici- alytics service Advantage
new bond sales as they try to month, Costco sold 10-year fight the next recession. Min- pated the Fed’s backing. Data Inc.
replace revenue that is being notes with a 1.619% yield, the utes of the Fed’s April 28-29 “Just knowing that the Fed A spokesman for Argen-
lost as a result of the coronavi- lowest on record for that ma- meeting released Wednesday could do something is almost tina’s Finance Ministry didn’t
rus pandemic. turity, according to LCD, a unit 0.5 also revealed that “a few par- the same as the Fed actually respond to requests for com-
The Fed, meanwhile—after of S&P Global Market Intelli- All-time low ticipants” at the meeting dis- doing it,” Mr. Simons said. ment. On Tuesday, Finance
saying in March it would buy gence. Other companies that 0.501% cussed the possibility of cap- Not all investors are uncon- Minister Martín Guzmán said
an unlimited amount of Trea- have recently issued 10-year 0
ping short-to-medium term cerned about a pickup in infla- Argentina was reviewing coun-
surys—has slowed the pace of bonds with sub-2% yields in- Treasury yields for a period, tion that could push longer- teroffers from creditors. He
its purchases to $6 billion a clude Apple, Clorox and Inter- 2020 while “several” said bond pur- term yields higher. A welcome added it was likely that nego-
day from $75 billion a day. national Business Machines Source: Tradeweb chases could generally be used surprise—such as an early vac- tiations would continue after
Still, yields have barely Corp. Overall, through Tues- “to keep longer-term yields cine available for emergency the Friday deadline.
budged, indicating that “glob- day, nonfinancial companies alysts said. A cousin of quanti- low.” use this fall—could provide a “We’re in the middle of a
ally, there’s tremendous de- had issued $150 billion of in- tative easing, yield-curve con- It is far from certain that major boost to the economy. negotiation and the two sides
mand for that high-quality vestment-grade bonds this trol entails purchasing an the Fed will embrace yield- Some also see risk in the tre- are working to reach an agree-
debt,” said Colin Robertson, month after selling a record unlimited amount of bonds at curve control. Still, the mere mendous amounts of money ment,” he said. “We’re flexible.
head of fixed income at North- $231 billion in April, according a particular maturity to peg discussion has likely contrib- that the federal government is If there are different ideas
ern Trust Asset Management. to Dealogic. rates at a target. uted to the bond market’s spending to help the economy, that are sound and look to get
Treasury yields that are re- Treasury yields could turn Yield-curve control has been calm, analysts said. Something coupled with the promise of back to sustainability, then we
liably this low have wide-rang- even less volatile if the Fed used for years by the Bank of similar happened to corporate unlimited bond-buying from are ready to listen.”
ing implications for markets adopts a policy known as Japan to keep the yield on 10- bonds after the Fed said in the Fed, which essentially —Ryan Dube
and the economy. For inves- yield-curve control, several an- year Japanese government March it would start buying helps finance that spending. contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Yields on U.K.
government bonds
0.8%
0.6
0.4
0.2
0 10-year
Three-year
Two-year
–0.2
J F M A
Source: Tullett Prebon
U.K. Sells
Bond With
Negative
Yield
BY CAITLIN OSTROFF
The U.K. issued its first bond
with a negative yield as inves-
tors prepared for the possibility
that Britain joins other Euro-
pean countries in having nega-
tive interest rates.
Comments from U.K. central
bank officials in recent days
fueled speculation among in-
vestors that the country may
set benchmark interest rates
below zero to sup-
CREDIT port the economy
MARKETS during the corona-
virus pandemic.
The policy rate is 0.1%.
Some investors have sought
to lock in yields near zero
ahead of any cut. On Wednes-
day, the U.K. sold three-year
government bonds, known as
gilts, with a negative 0.003%
yield. That was the first auction
result below zero, meaning the
government is being paid by in-
vestors to borrow from them.
Yields on existing bonds ma-
turing in two and three years
have traded in negative terri-
tory in recent days. The mid-
point yield on existing three-
year U.K. government bonds
was 0.004% Wednesday, ac-
cording to Tradeweb. The yield
on the two-year gilt was minus
0.027%.
The Bank of England’s chief
economist, Andy Haldane, said
in an interview published Sat-
urday that the central bank was
looking at negative rates. BOE
Gov. Andrew Bailey said last
week the bank wouldn’t rule
them out. When rates go nega-
tive, central banks charge com-
mercial banks to hold deposits
rather than pay them interest,
spurring them to lend more.
The U.K. Treasury has on
several occasions since 2016
sold one- or three-month bills
at a negative yield, but this is
the first time a longer-maturity
bond has gone negative.
Eurozone economies have
had subzero rates since 2014.
Policy makers in the U.S. have
recently pushed back on the
idea of negative rates on con-
cerns they can weigh on banks’
profits and hurt lending.
Policy makers may be talking
up negative rates to reduce
funding costs and allow the gov-
ernment to get paid to issue
debt without having to actually
cut rates, said John Wraith, head
of U.K. rates strategy at UBS.
Talk of negative rates has
weighed on the British pound,
which has fallen more than 7%
against the dollar this year.
Also at play are expectations
for a slower economic rebound
in the U.K. Britain’s coronavirus
deaths are the highest in Eu-
rope, and the U.K. is reopening
more slowly than governments
in the other parts of Europe.
And then there is Brexit.
Following the U.K.’s break
from the European Union ear-
lier this year, Britain faces a
tight deadline to iron out a
trade agreement with its clos-
est trading partner. The U.K.
will remain in the EU customs
union and single market
through the end of 2020 as
part of its transition period.
In the U.S., the yield on the
10-year Treasury declined to
0.679% from 0.711% Tuesday.
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auction. 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.
20-YEAR BONDS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The bonds, dated June 1, 2020, mature on May 15,
2040.
* * * * *
Hopes for Recovery Power Stocks
Stocks rose on optimism
about the prospects for eco-
nomic recovery in the wake of
the coronavirus pandemic.
All 50 states have relaxed
By Karen Langley,
Anna Hirtenstein
and Frances Yoon
some of their coronavirus re-
strictions as officials seek to
revive economies battered by
the pandemic, and investors
are continuing to focus on any
sign of hope for a vaccine.
M The S&P 500 gained 48.67
points, or 1.7%, to 2971.61, clos-
ing at its highest level since
WEDNESDAY’S The
MARKETS
early March.
Dow
Jones Indus-
trial Average
added 369.04 points, or 1.5%,
to 24575.90, and the technol-
ogy-heavy Nasdaq Composite
rose 190.67 points, or 2.1%, to
9375.78.
The gains were broad, with
all 11 sectors of the S&P 500 in
the green. The beaten-down
energy group was the biggest
gainer, rising 3.8% as crude oil
rallied.
The Russell 2000 index of
small-capitalization companies,
which tend to be sensitive to
Iron-Ore Prices Soar as Virus Hits Brazil
BY JOE WALLACE
Brazil’s deadly coronavirus
outbreak has disrupted global
supplies of iron ore just as de-
mand from China is revving up,
pushing the price of the steel
on
ingredient to a seven-month
us ,
high.
l
Iron ore is one of the most
e
al a
heavily traded commodities
and can influ-
COMMODITIES ence the
ci on
price of ma-
terials used in everything from
buildings to cars. Front-month
futures for ore with 62% iron
content jumped 10% to nearly
er s
¥759 ($107) a metric ton
Wednesday on China’s Dalian
m er
Commodity Exchange. That is
their highest closing price since
October 2019.
Prices have risen 20% since
early April, driven by squeezed
m rp
supplies from Brazil, which
dominates the iron-ore mining
industry, along with Australia.
The rally also indicates that
China’s economy is gathering
co Fo
momentum after a downturn at
the start of the year when
swaths of the country went into
lockdown to stop the coronavi-
rus from spreading.
The iron-ore market has
been remarkably robust, said
John Meyer, head of research
at SP Angel, a brokerage for
small mining companies in Lon-
don. “The steel producers in
China, they slowed things down
during lockdown but have been
n-
pretty quick in getting back up
to production.”
Higher iron-ore prices will
add to pressure on profits at
no
steelmakers globally but are a
boon BHP Group, Rio Tinto
PLC and others. Rio Tinto, one
of the world’s top exporters of
the material, has previously
said an extra $10 per ton of
iron ore generates $2 billion in
free cash flow.
Iron-ore shipments from
Brazil have fallen almost a
quarter in May because of the
country’s coronavirus crisis,
Nasdaq Trading Resumes in Shares of Luckin
BY JING YANG
Luckin Coffee Inc. shares
resumed trading Wednesday
following a six-week hiatus,
tumbling after the Nasdaq
Stock Market told the Chinese
coffee chain it could be de-
listed.
Luckin’s American Deposi-
tary Shares fell to $2.82
apiece in heavy volume, down
36% from their closing price
on April 6, the day before they
were suspended.
The company faces the
prospect of delisting after it
disclosed on April 2 that some
employees fabricated as much
as $310 million in sales during
three quarters of 2019. Luckin
said this week that Nasdaq’s
listing qualification staff have
$52,728,763,800 determined the company
$22,099,678,800
$6,327,800
should lose its listing because
$0 of its faulty past disclosures.
98.321703
(1.220%)
Luckin intends to appeal the
1.125% decision at an exchange hear-
8.25%
912810SR0
ing.
The company has said it is
investigating the accounting
MARKETS
the domestic economy, gained
3%, outpacing the major large-
cap indexes.
“If the economic reopenings
are going well, or better than
expected, on a consistent basis,
the small-caps will let us
know,” said Chris Hyzy, chief
investment officer at Merrill
and Bank of America Private
Bank.
Stocks have rebounded from
their March lows, with the S&P
500 up 33% despite the blow
the pandemic has dealt to
businesses and households and
the uncertainty about the med-
ical and economic path ahead.
Airline shares, which have
been battered by the halt in
global travel, rose, with United
Airlines, Delta Air Lines and
Southwest Airlines each up
more than 4%. Airline execu-
tives have said bookings are
picking up.
Wednesday brought further
news of potential progress in
the race for a vaccine. Inovio
Pharmaceuticals said its ex-
perimental coronavirus vaccine
induced immune responses in
mice and guinea pigs, accord-
ing to a new study published in
Nature Communications. Re-
searchers from the biotechnol-
ogy company and its academic
The squeeze on supplies has struck at the same time as demand for the raw material from China’s steel sector is picking up.
which is one of the worst in the
world, said Macquarie analyst
Serafino Capoferri. Brazil ex-
ported 15.27 million metric tons
of iron ore in the first three
weeks of May, he said. That is
down from 19.4 million tons in
the comparable period of 2019,
when exports were already
lower than normal following
the fatal dam collapse at Vale
SA’s mine in Brumadinho.
“The situation in Brazil is
pretty much out of control,”
said Mr. Capoferri. He said the
pandemic had caused difficul-
ties at the country’s mines,
which are more labor-intensive
and require people to work
closer together than mines in
Australia.
Vale SA has said the corona-
misconduct, and last week
fired Chief Executive Officer
Jenny Qian and Chief Operat-
ing Officer Jian Liu. It has yet
to release fourth-quarter re-
sults and revised financials for
the periods that sales were
misstated. Attempts to reach
Ms. Qian were unsuccessful.
Luckin Chairman Charles Lu
said Wednesday he was taken
aback by Nasdaq’s determina-
tion. “It is surprising that the
Nasdaq market demanded the
company to delist before the
results of the investigation are
disclosed. I feel deeply disap-
pointed and regretful about
this,” Mr. Lu said.
Xiamen-based Luckin went
public a little over a year ago
and has raised more than $1.5
billion from sales of stock and
convertible bonds in the capi-
tal markets. Its American De-
positary Shares more than
doubled to hit $50.02 in Janu-
ary this year, giving the com-
pany a market capitalization
of more than $12 billion at the
time.
Share-price and index performance, Wednesday
8%
6 a mixed bag. Home-improve-
4 Delta Air Lines
2 drew its financial guidance for
0
-2
-4
9:30 a.m.
Source: FactSet
collaborators said the data
were encouraging but more
testing is needed in animals
and humans. Shares jumped
$1.23, or 8.4%, to $15.79.
The Inovio news came two
days after drugmaker Moderna
said the first human study of
its experimental coronavirus
vaccine showed promise in
some of the healthy volunteers
who were vaccinated. That re-
port helped send stocks surg-
virus will reduce the amount of
iron it is able to produce this
year. The company said in late
April it will mine between 345
million and 370 million tons of
iron-ore powder and pellets in
2020, around 40 million tons less
that it previously expected. Bra-
zil as a whole mined 480 million
tons of iron ore in 2019, accord-
ing to the U.S. Geological Survey,
a fifth of global production and
second only to Australia.
Brazil had 271,628 confirmed
cases of coronavirus as of
Wednesday, according to the
Johns Hopkins University, the
third-highest in the world.
Nearly 18,000 people there
were confirmed to have died of
Covid-19, and the true number
may be far higher because the
Failure to Comply
The Nasdaq Stock Market wants to delist Luckin Coffee,
whose American Depositary Shares have been
suspended from trading since April 7.
Price since listing
$5
4
3


 any funds for his personal life-
June ’19 Aug. Oct.
Source: FactSet
Wednesday’s trades imply a
market capitalization of less
$1 billion for the company.
Luckin, an upstart rival to
Starbucks Corp. in China, was
co-founded by Mr. Lu and Ms.
Thursday, May 21, 2020 | B11
Inovio Pharmaceuticals
Southwest Airlines
Moderna
S&P 500
Lowe's
Target
4:00 p.m.
ing Monday.
Many investors expect to
continue seeing big market re-
actions as news trickles in
about the success of business
openings and the race to de-
velop treatments and vaccines.
“What’s key is how we open
up this economy going into the
fall and whether or not the
opening of the U.S. economy
induces a coronavirus surge,”
said Quincy Krosby, chief mar-
ly
country does less testing than
the U.S. and Europe.
The squeeze on supplies has
struck at the same time as de-
mand for the raw material from
China’s steel sector is picking
up. Steel mills there produced
85 million tons of crude steel in
April, according to the National
Bureau of Statistics, almost 8%
higher than the 79 million tons
made in March.
That trend will continue if
the government unveils mea-
sures to boost the economy at
the annual legislative conclave
starting Friday, analysts said.
Other markets that are highly
exposed to China’s commodity-
intensive economy, including
copper and crude oil, have
risen in recent weeks.
Dec. Feb. ’20 April
Qian in 2017. The company
built a network of more than
4,500 coffee shops in a little
over two years, overtaking
Starbucks by store count in
China at the end of 2019.
ket strategist at Prudential Fi-
nancial. “We remain at the
mercy of the virus.”
The latest earnings reports
from retailers continued to be
ment retailer Lowe’s beat an-
alysts’ estimates with a
higher quarterly profit as on-
line sales grew during the
pandemic. The company with-
the year, citing an uncertain
business outlook from the
pandemic. Shares edged up 12
cents, or 0.1%, to $116.99.
Target said sales surged in
the most recent quarter, but
the retailer’s per-share earn-
ings fell nearly two-thirds from
a year earlier. Shares fell
$3.54, or 2.9%, to $119.63.
“There’s a consensus around
the fact that companies can
adapt [to the pandemic], but at
the expense of slightly higher
costs,” said Michael Hewson,
chief market analyst at CMC
Markets.
Overseas, the Stoxx Europe
600 index rose 1%. At midday
Thursday in Tokyo, the Nikkei
225 was down 0,1%, Hong
Kong’s Hang Seng Index was
flat and South Korea’s Kospi
was up 0.5%. U.S. stock futures
were down about 0.5%.
.
DADO GALDIERI/BLOOMBERG NEWS
Also boosting iron-ore de-
mand is a shortage of recycled
steel stemming from disrup-
tions in the scrap-metal indus-
try, said Mr. Capoferri. That has
led to difficulties at electric-arc
furnaces, which use less iron
ore and more scrap steel than
traditional steel blast furnaces.
Strong iron-ore prices have
rippled into the currency mar-
ket, supporting the Australian
dollar during a dispute with
China over Australia’s push for
an international investigation
into the start of the coronavi-
rus crisis. The Australian dollar
has risen 4.1% against the U.S.
dollar over the past month,
making it the second-best per-
former among developed-mar-
ket currencies.
In his statement Wednes-
day, Mr. Lu also apologized to
investors, employees and cus-
tomers of Luckin. “My style
may have been too aggressive
and the company may have
been growing too fast, which
led to many problems,” the 50-
year-old said, adding that he
“by no means” set out to de-
ceive investors.
Mr. Lu, a serial entrepre-
neur, said in his statement
that all the money he earned
over the years, including funds
obtained via pledging Luckin’s
shares, has been used to fund
the operations of his various
companies.
He said he didn’t squander
style or transfer any assets
and would accept any investi-
gation into that.
It is unclear which firms
Mr. Lu was referring to. He is
also the founder of CAR Inc., a
Hong Kong-listed car-rental
company, and Ucar Inc., a ride-
hailing company in mainland
China.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Thursday, May 21, 2020
WANG ZHAO/AGENCE FRANCE-PRESSE/GETTY IMAGES
The luxury-car boom in the country is in little danger of running out. A Mercedes plant in China.
China Loves German Cars
Volkswagen, BMW and Daimler cement advantage
Germany’s car manufacturers are
again being bailed out by China.
Having skidded to a halt in Feb-
ruary, Chinese vehicle sales are re-
bounding—particularly at the lux-
ury end of the market. Premium
brands clocked year-over-year
growth of 13.6% in April, according
to insurance sales tracked by bro-
kerage Bernstein, bringing the de-
cline for the first four coronavirus-
stricken months of 2020 to just
14.2%. Bernstein’s feedback from
dealers suggests demand remains
strong this month.
Volkswagen, which owns the
Porsche and Audi brands, Mer-
cedes-maker Daimler and BMW
dominate the field in China just as
they do elsewhere—only more so.
Jürgen Pieper, an analyst at private
German bank Metzler, estimates
their combined share of the coun-
try’s luxury-car market is more than
90%, versus roughly 85% globally.
It seems counterintuitive that a
sales recovery should be led by
products that are more status sym-
bols than everyday necessities.
China’s wider car market has been
shrinking since mid-2018, though,
even as premium sales have kept
Independent Wealth
Advisers Stand Out
Trading commissions are down
to zero. So are interest rates. But
the wealth-management industry
has something to help offset those
pressures, a newfangled technology
called human beings.
Goldman Sachs’s latest move
into wealth management was to ac-
no
quire Folio Financial, whose busi-
ness includes providing custody and
technology services to independent
registered investment advisers,
known as RIAs. In earnings terms,
this won’t be a big event for Gold-
man. It does shed light on a new
strategic direction for the wealth
business.
The usual ways of earning money
from managing modestly wealthy
people’s money, like charging com-
missions to trade or earning a net
interest margin on cash deposits,
are under pressure. Brokers have set
most trading commissions for many
individual investors at zero. Notably,
despite doubling trading volumes
from a year earlier in the first cal-
endar quarter, revenue at online
brokers Charles Schwab, E*Trade
Financial and TD Ameritrade Hold-
ing was on the whole relatively flat,
according to figures compiled by an-
alysts at Piper Sandler. Now the
drop back to zero interest rates is
again squeezing net interest mar-
gins for asset gatherers.
So what are other ways of mak-
ing money? One is through sheer
scale, spreading small earnings
across large pools of customers and
assets. Schwab, already large, is ac-
quiring Ameritrade. Morgan Stanley
is acquiring E*Trade. In search of
that scale, many smaller digital up-
starts such as Folio are joining big-
ger asset managers.
“There’s no such thing as a
stand-alone digital wealth business,”
said Michael Spellacy, capital-mar-
kets industry leader at Accenture.
Being at the back end of a net-
work of independent investment ad-
visers is an increasingly attractive
way to further gain scale. Even
when people can trade online in a
bevy of ways by themselves, many
still seek trusted advice of some
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
growing. In previous years, the seg-
ment’s resilience seemed linked to
consumers’ funding sources: Mass-
market brands were more depen-
dent on shadow finance and subsi-
dies, on which Beijing was trying to
clamp down.
This year, the uncomfortableon
truth may be that, in China as in
the U.S., the tech-enabled affluent
class that might buy a BMW or
Mercedes is less economically af-
us ,
fected by the health crisis than the
l
blue-collar workers that make them.
e
al a
Social distancing has also given
those with means an extra reason
to buy a vehicle. China has excellent
ci on
public transport, but people are
nervous about using it. Subway use
last week was down about 40% year
over year.
The luxury-car boom in China is
er s
in little danger of running out of
road. Car ownership in the country
m er
is still far below levels in the West.
Premium brands account for just
15.3% of total sales nationwide, ac-
cording to Goldman Sachs, up from
9.6% in 2016, but far below the level
m rp
of the top coastal cities (25% to
29%), let alone luxury hot spot
Hong Kong (52%).
co Fo
kind from a person. Offering those
RIAs custody—or holding their cli-
ents’ assets and cash—and retaining
them with other services is emerg-
n-
ing as a way to gather assets and
cash and generate scale.
RIAs in recent years have also
been growing faster than tradi-
tional wirehouse brokers, like at
Morgan Stanley or Bank of Amer-
ica’s Merrill, by some measures.
The number of RIA firms grew by
about 4% from 2018 to 2019, ac-
cording to Aite Group. Analyst
Devin Ryan at JMP Securities said
independent adviser head count has
been growing by about 10% annually.
Independent RIA custody is al-
ready a huge business for Schwab
and will get bigger when it com-
pletes its pending deal with Ameri-
trade. Now Goldman and Morgan
Stanley via E*Trade, which had itself
acquired an independent adviser
business, will be in the RIA custody
business, too.
One big question is what individ-
ual RIAs might do. Behemoths have
traditionally been small indepen-
dents’ targets. But these relation-
ships are sticky, and switching can
be costly. Consolidation of wealth’s
many channels may bring head-
aches but will be a way for big play-
ers to keep earnings on track.
—Telis Demos
Wealth management assets
Wirehouses Clearing and custody
$8 trillion
6
4 yourself home-repair products.
2 abilities to also increase sales
0 sional renovations and fixes, includ-
2013 ’14 ’15 ’16 ’17
Source: Aite Group
ON
THE
The rise of China may be the sin-
gle biggest reason Germany’s auto
stocks—cost-heavy Daimler aside—
have massively outperformed U.S.
peers and the wider European stock
market over the past two decades.
China kept them in business in the
2009 crisis and will help them
through the current one.
This long-term growth story
comes with challenges. An increas-
ing share of the vehicles that the
companies sell in China are made
by local joint ventures of which
they only own half. BMW signed a
landmark deal in 2018 to increase
its stake in its joint venture to 75%,
but it still hasn’t completed it.
Meanwhile, the car industry in Ger-
many itself has suffered from years
of production cuts. The combination
of growth in Chinese factories they
can never really control with a slow
decline at home will get only more
awkward politically.
Still, their enduring appeal to
China’s elite puts Germany manu-
facturers in a league of their own
for investors.
This year the difference will be
more obvious than ever.
—Stephen Wilmot
Move over, surgical masks. The hot-
test protective gear in China right
now is helmets.
The coronavirus seems to be under
control in the country but apparently
road safety isn’t. China’s government
is kicking off a “One Helmet, One
Belt” campaign to promote the
use of helmets and seat belts.
Economy Could Spoil Home-Improvement Party
Locked-down Americans’ enthu-
siasm for home-improvement proj-
ects helped guide Home Depot and
Lowe’s Cos. sales to growth in the
latest quarter, but it can’t save the
retailers from the foggy postcorona-
virus housing economy.
Net sales at both Home Depot
and Lowe’s exceeded expectations,
rising 7.1% and 11% year over year,
respectively. Only Lowe’s beat earn-
ings-per-share estimates, with
Home Depot citing higher labor and
sanitation costs associated with
Covid-19. Home Depot and Lowe’s
shares are beating the broad market
and trouncing most U.S. retailers.
Coronavirus effects and nesting
behaviors were evident in both
companies’ results. Sales of cleaning
products and home appliances were
particularly strong, as were do-it-
More remarkable than the DIY
sales surge were both companies’
to professional customers. There
have been challenges to profes-
ing state mandates that limited the
’18
ability for builders’ to get permits
issued or job-site inspections com-
Facebook
Isn’t Foolhardy
Its e-commerce initiative might plug gaps
online-retailing behemoth Amazon can’t fill
With its e-commerce business
generating more than $240 billion
a year and still growing fast, one
would think Amazon.com doesn’t
leave room for many others. Face-
book rightly thinks otherwise.
The social-networking giant an-
nounced its new Shops e-commerce
initiative on Tuesday. The venture
would allow small businesses to
easily set up their own e-commerce
stores on the Facebook and Insta-
gram platforms. It also would allow
businesses already using other e-
commerce platforms such as
Shopify to link to those sites, thus
taking advantage of a daily user
base that now numbers 2.36 billion
across the company’s family of apps.
The virtual storefronts will be
free, though Facebook is no charity.
The company will generate revenue
from those who use its in-house
payment system. Analysts believe
the Shop venture will expand the
company’s already sizable advertis-
ing business as sellers will likely pay
to boost visibility of their stores.
Brian Nowak of Morgan Stanley
sees a “multibillion opportunity”
for Facebook with Shops, while
Mark Shmulik of Bernstein notes
that Amazon has built a $12-billion-
a-year advertising business from
merchants also looking for greater
Revenue
$350 billion
Facebook
300
250
200
150
100
50
0
2010 ’11 ’12
*Projections
Sources: S&P Global Market Intelligence (actual); FactSet (projections)
OVERHEARD
Chinese laws already require
motorbike riders to wear
helmets and drivers
seat belts, but the
new push means
authorities will en-
force the rules vig-
ilantly.
That has appar-
ently sparked a buy-
pleted. Many homeowners remain
wary of strangers entering their
homes during lockdowns. Lowe’s
said sales decreased for certain in-
stallation-heavy kitchen and bath
categories.
While their ability to keep selling
to professional customers is a wel-
come sign of resilience, the latest
quarter’s gains probably had more
to do with this year’s strong start
Economists have warned
that prices could start to
erode when mortgage
forbearances end.
to the housing market. That is a
lagging economic indicator and
could look far different once the
pandemic’s economic effects on the
housing market show up.
Home-improvement expenditures
are expected to decline in most of
America’s largest metropolitan areas
this year in response to the eco-
nomic impacts of the Covid-19 pan-
THE WALL STREET JOURNAL.
visibility. Going after Amazon
might seem foolhardy, even for a
company Facebook’s size. Amazon’s
e-commerce business totaled about
$241.2 billion for the trailing 12-
month period ended March. That is
more than three times Facebook’s
total revenue for the same period.
But, as the coronavirus pan-
demic has made clear, even Ama-
zon has its limits. The company has
struggled lately to keep up with
demand just for essential house-
hold items, effectively throwing
business to its competitors. Big-box
retail giants Walmart and Target
both reported double-digit jumps
in same-store sales for the April
fiscal quarter, with both crediting a
strong boost in online orders.
Amazon is also a less likely
partner to local merchants who
rightly see the company as a com-
petitive threat. Facebook isn’t uni-
versally adored either—small busi-
nesses have accused the company
.
in the past of inflating its adver-
tising audiences.
ly
Mr. Shmulik of Bernstein likens
Facebook’s advertising business to
the “rent to the digital economy.”
Yet, while small businesses don’t
love their landlords, they prefer
ones that don’t also compete with
them. —Dan Gallagher
Amazon
’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20*
ing frenzy. Searches for the term “helmet”
on Chinese search engine Baidu in the past
seven days are nearly 27 times those of the
previous week. Prices of some helmets on
e-commerce sites have more than doubled.
Not only actual helmets, but shares of
companies that are even tangentially re-
lated are also in demand. Shenzhen-listed
Guangdong Guoli Sci & Tech, for example,
has gained 33% after hitting the daily trad-
ing limit for three days in a row. The com-
pany doesn’t sell helmets but produces
materials that may be used to make one.
WU HONG/EPA/SHUTTERSTOCK
Before this recent rally, its stock had lost
60% of its value in the previous two years,
and the company was unprofitable in the
latest two quarters.
Investors rushing into the frenzy do
need some protection.
demic, according to projections pub-
lished April 30 by the Remodeling
Futures Program at the Joint Center
for Housing Studies of Harvard Uni-
versity. There also will be less de-
mand from new-home construction.
Data released Tuesday by the Com-
merce Department showed housing
starts fell a seasonally adjusted 30%
in April from a year earlier.
People tend to spend more on
existing-home infrastructure when
home prices increase in value and
less when they decline in value, ac-
cording to research by RBC.
Home values are holding steady
for now because there are so few
listings, but some economists have
warned that prices could start to
erode when mortgage forbearances
end.
Granted, whatever declines the
two retailers will register from this
recession should be less severe than
the last housing-driven one.
Even if the DIY boom has legs as
Americans’ incomes take a hit from
unemployment, professional buyers
are too important to Lowe’s and
Home Depot to shrug off weakness
in remodeling and construction.
—Jinjoo Lee