* * * * * * THURSDAY, MARCH 5, 2020 ~ VOL. CCLXXV NO. 53 WSJ.com HHHH $4.

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Quarantined Ballots, No Majority as Israel Tallies Votes Biden’s

What’s
News Victories
Business & Finance
Set Up
Two-Man
U .S. stocks surged as a
strong Super Tuesday
performance by Biden and
growing signs of a coordi-
nated response to the cor-
Contest
onavirus reassured inves- Bloomberg drops out
tors. The Dow, S&P 500
and Nasdaq rose 4.5%, 4.2% and endorses former
and 3.8% respectively. A1 vice president; Warren
 France’s highest ap- explores her options
EMMANUEL DUNAND/AGENCE FRANCE-PRESSE/GETTY IMAGES

peals court ruled that a

former Uber driver should
be recognized as an em- BY JULIE BYKOWICZ
ployee rather than as an AND CHAD DAY
independent contractor. A1
 ViacomCBS is looking WASHINGTON—A new one-
to sell Simon & Schuster, a on-one phase of the Demo-
deal that would provide it cratic presidential primary be-
with more cash to spend on gan Wednesday after contests
video-streaming efforts. B1 in 14 states, with resurgent
Joe Biden nabbing an endorse-
 The Fed’s rate cut puts the
ment from another ex-rival
ECB under pressure to act
and Sen. Bernie Sanders tak-
as the eurozone’s already le-
ing swipes at the former vice
thargic economy creaks amid
president’s record.
the coronavirus’s spread. A7
SEALED: Israeli electoral workers on Wednesday counted ballots cast by voters under home quarantine after returning Mr. Biden, all but left for
 A sharp economic slow-
from coronavirus-infected areas. Prime Minister Benjamin Netanyahu’s bloc fell short of a majority in parliament. A10 dead after the first three con-
down in China caused by
tests, rode his strong weekend
the coronavirus epidemic is
win in South Carolina to victo-
putting new pressure on the
ries in 10 of the 14 Super Tues-
country’s labor market. A8

Stocks Rally as Super Tuesday

day states, including Texas and
 Another Carnival cruise
Maine, which wasn’t called un-
ship became embroiled in an
til Wednesday afternoon. Mr.
outbreak of Covid-19 and was
Biden got an added boost on
ordered to return to port. B1
Wednesday when former New

Results Buoy Health Insurers

 United Airlines said it
York City Mayor Michael
would cut domestic flights
Bloomberg, whose personal
as the spreading coronavi-
fortune proved insufficient to
rus depresses bookings. B1
net him any significant primary
 GM executives detailed wins, dropped out and en-
their electric-vehicle strat- S&P 500 sectors performance, Wednesday BY CAITLIN MCCABE, mana rose 14%, moves some dorsed the ex-vice president.
egy, including plans for XIE YU AND JOE WALLACE money managers dubbed the Mr. Sanders, whose virtual
new battery technology. B2 Health care “Biden bump.” tie in Iowa and wins in New
+5.8%
U.S. stocks surged Wednes- The results from Tuesday’s Hampshire and Nevada had
 The Fed retooled capi- Utilities
5.7 day as a strong Super Tuesday Democratic presidential prima- given him an early lead in con-
tal rules for the largest
Consumer staples performance by former Vice ries suggested Mr. Biden could vention delegates, won Tues-
U.S. banks, in a change to 4.9 President Joe Biden and grow- be a more formidable oppo- day’s biggest prize, California,
the postcrisis rulebook. B10 Information technology
4.3 ing signs of a coordinated re- nent to Sen. Bernie Sanders of and three other states. But the
 Sanofi said the price it sponse to the coronavirus re- Vermont than originally antici- senator from Vermont wasn’t
S&P 500
received for its drugs fell 4.2 assured jittery investors. pated—a welcome develop- as successful as he had hoped
on average just over 11% in Industrials Major indexes opened ment for investors who have in increasing youth-voter turn-
2019, including rebates it pays 4.2 sharply higher and continued said they are concerned that out on Tuesday, and late-de-
to insurers and PBMs. B3 Materials climbing steadily throughout Mr. Sanders’s more progressive ciding voters tilted toward Mr.
4.0
the session. The Dow Jones In- policy stances would be detri- Biden, exit polls showed, indi-
Real estate
World-Wide 4.0 dustrial Average rose nearly mental to businesses. Please turn to page A4
Communication services 1,200 points, closing near ses- “I do believe that if you had
3.6 sion highs as all 30 stocks in Please turn to page A2  Gerald F. Seib: Trump proves
 A new one-on-one phase Consumer discretionary the index climbed. to be Democratic unifier..... A4
of the Democratic presi- 3.4 Shares of health insurers  After rate cut, pressure on  Bloomberg quits race after
dential primaries began in Financials led the march. UnitedHealth Fed persists................................ A7 spending over half a billion... A4
3.3
the wake of Super Tuesday, Energy climbed 11% in the Dow, while  Move puts European Central  Heard on the Street: Health
with a resurgent Biden nab- 2.2 Source: FactSet Anthem gained 16% and Hu- Bank in hot seat...................... A7 stocks’ Super Wednesday... B12
bing an endorsement from
Bloomberg, who dropped out

A Doctor’s Life on Virus’s Front Lines INSIDE

of the race, and Sanders tak-
ing swipes at the former vice
president’s record. A1, A4, A6
 The U.S. death toll from
the coronavirus grew to 11,
with California announcing Short on supplies and sleep, medical staff are being stretched to the limit
its first fatality linked to the
viral infection and Washing-
Driving one evening in Wuhan, ment, wasn’t picking up the phone. close family members.
ton state reporting its 10th
China, last month, Zhang Xiaochun Dr. Zhang’s eyes welled up, but she With the virus now growing more
death. New cases were re-
pulled her car to the side of the road. had no energy to cry. “My tears quickly outside China than inside, it’s a
ported across both coasts. A7
 The House passed a She was on the verge of a breakdown. wouldn’t flow,” she said in an interview problem other countries will increas-
roughly $8.3 billion emer- She’d been working nonstop for on Feb. 18. ingly face.
gency spending package for days at the center of China’s coronavi- Around the world, doctors are being In China, more than 3,000 doctors
combating the outbreak. A7 rus outbreak, where she is a doctor. stretched to the limit. Short on sup- have been infected, according to official
Both of her parents had Covid-19, the plies and sleep, they’re being asked to data, and at least 22 have died. Some
 The Trump administration disease caused by the virus, as did stop a global pandemic that no one medical professionals believe the num- LIFE & ARTS
is facing an uphill battle to many of her colleagues. The number of fully understands. Adding to that Please turn to page A8 Researchers claim that
keep a deal with the Taliban sick and dying was climbing. And on strain, they’re risking their own health
on track after a resurgence this day, Dr. Zhang had forgotten about while they diagnose cases and attend  U.S. death toll grows to 11......................... A7
daylight-saving time is
of violence and growing dip- her 9-year-old daughter, who was home to sick patients—along with the health  Italy shuts all schools to stem spread... A9 bad for your health. A12
lomatic strain with Kabul. A10 alone and scared—and who, at that mo- of their spouses, children and other  United cuts flights as bookings shrink.... B1
 Supreme Court justices

Marvel Gives Uber Ruling in France

voiced clashing views in a
case that will test whether
a more conservative high
court will move to narrow
access to abortions. A3
 Roberts rebuked Schumer
for saying the high court’s two
Trump appointees will “pay
the price” should they vote
against abortion rights. A3
 An appeals court for now
agreed to narrow the effect
of its ruling that blocked the
administration’s “Remain
in Mexico” asylum policy. A3
 Rescue teams in Ten-
nessee continued to search
for survivors after torna-
does left a trail of ruin. A2
 Died: Javier Pérez de
Cuéllar, 100, ex-U.N. chief. A9
CONTENTS
Banking & Finance B10
Business News...... B3
Capital Journal...... A4
Crossword.............. A14
Heard on Street. B12
Life & Arts....... A11-13
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
Brexit Its Own
Superheroes
i i i BY SAM SCHECHNER
Comic-book team
attempts to unify
United Kingdom
BY JAMES HOOKWAY
EDINBURGH, Scotland—
Captain America and Super-
man emerged at a time of
looming global conflict in the
1930s and ’40s.
Now Marvel Comics is
Markets..................... B11 launching a new team of su-
Opinion.............. A15-17
Sports....................... A14 perheroes representing Eng-
Technology............... B4 land, Scotland, Northern Ire-
U.S. News............. A2-7 land and Wales. Their mission
Weather................... A14
World News..... A8-10
is to see if they can get along
peaceably after Britain’s exit
from the European Union and
> defeat the Skrulls, an extrater-
restrial race of shape-shifters
from the planet Skrullos.
Yes, a Brexit-related super-
hero concept. You read cor-
rectly.
Please turn to page A6
Boosts Drivers’ Rights
AND PREETIKA RANA
France’s highest appeals
court ruled that a former Uber
Technologies Inc. driver should
be recognized as an employee
rather than as an independent
contractor, putting France
ahead of other efforts around
the world to give gig-economy
workers the ability to demand
broader employment benefits.
The decision—which can’t
be appealed—appears to be the
first from a top court anywhere
in the world that contradicts
Uber’s contention that its driv-
ers are independent contrac-
tors. Uber is facing similar liti-
gation in the U.S. and the U.K.
It recently won a case in Brazil,
which ruled that its drivers
aren’t employees.
The cases are part of a
global battle over how to regu-
late employment in the gig
economy, where apps distribute
individual tasks to a pool of
people that the app makers
Per IDC’s
latest annual market share results,
usually regard as independent
contractors. While many of Oracle is the #1
those workers have said they Enterprise Applications vendor in
enjoy the freedom that comes
with independence, some have
said they are in fact more be-
holden to the apps than their North America
independent status implies, and based on market share and revenue.
have argued that should entitle
them to better benefits.
O S
In France, the Cour de Cassa-
R
A
tion upheld an appeals-court L
I
A E
ruling that found that the for- S N
mer Uber driver’s “status as an C F
O
T
U
S
A
independent contractor was fic- L R I P
C M
titious” because he had a “rela- E E
T S
tionship of subordination” to
the company. That is because IDC Worldwide Semiannual SoftwareTracker, April 2019, results for CY2018.
North America is the USA and Canada. Enterprise Applications refer to
Uber dictates the terms of its the IDC markets CRM, Engineering, Enterprise Resource Management
drivers’ work, such as by set- (including HCM, Financial, Enterprise Performance Management, Payroll,
ting their rates and determining Procurement, Order Management, PPM, EAM), SCM, and Production and
Operations Applications.
their routes, and can sanction
them when they violate Uber’s
rules, the court said.
The court brushed aside
Uber’s arguments, including
that its drivers have no obliga-
tion to work and can connect oracle.com/applications
to the app when they wish, say-
Please turn to page A10
 A2 | Thursday, March 5, 2020
Army Changes Tactics on Promotions
BY NANCY A. YOUSSEF
FORT KNOX, Ky.—The U.S.
Army has initiated the biggest
shift since the Vietnam War
era in how it selects a key class
of officers, drawing on the hir-
ing practices of private-sector
organizations and corporations
such as the Boston Symphony
Orchestra and Google.
The aim is to move away
from techniques used for over
50 years that rely on past mili-
tary jobs, physical fitness
scores and the recommenda-
tions of generals to promote
officers to the job of battalion
commander.
The new system includes
surveys by subordinates, writ-
ing tests, psychological assess-
ments, cognitive evaluations
and a series of simulated mili-
tary-like scenarios in a wooded
area on base to gauge leader-
ship and problem-solving abili-
ties.
It stresses anonymity to
eliminate any possible bias. As
soon as candidates arrive, they
are assigned a number and
JASON WHITMAN/IMAGE OF SPORT/NEWSCOM/ZUMA PRESS
Volunteers clear up tornado damage in Cookville, Tenn. Putnam County, near Nashville, reported 18 deaths. ‘We still could have some people trapped,’ the mayor said.
Rescue Teams Comb Through Tornado Rubble
BY ARIAN CAMPO-FLORES
Search-and-rescue teams
continued to look for survivors
Wednesday in hard-hit Putnam
County, east of Nashville, a day
after tornadoes tore across the
state and left a trail of ruin.
The twisters killed at least
24 people, according to the
Tennessee Emergency Manage-
ment Agency. Officials had said
the death toll was 25 but re-
vised it late Tuesday.
Homes and businesses were
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aren’t known by their names.
At an interview, candidates are
seated behind a black curtain,
and a five-member selection
panel is unable to see a candi-
date’s uniform, with its career-
defining ribbons and patches.
In the process, officials hope
to generate more information,
weed out unqualified appli-
cants and reduce or eliminate
gender, racial and other biases.
“The legacy system for se-
lecting battalion commanders
in our Army was good, but in
today’s world, good enough is
no longer enough,” said Maj.
Gen. J.P. McGee, head of the
Battalion Commander Assess-
ment Program, or BCAP.
The post of battalion com-
mander, with the rank of lieu-
tenant colonel, is considered
the Army’s keystone midlevel
management job. More than
90% of Army generals first
served as battalion command-
ers, Army statistics show.
Gen. James McConville, the
Army’s chief of staff, said a
newly minted soldier’s first
battalion commander could be
reduced to rubble in a swath of
middle Tennessee, including
Nashville. About 40,000 people
still lacked power Wednesday,
the agency said.
Eighteen of the deaths oc-
curred in Putnam County, a
scenic area about 80 miles
east of Nashville known for
hiking and fishing. Five of
them were children under the
age of 13, county Mayor Randy
Porter said. As of Wednesday
morning, 18 people remained
missing in the county, down
Stocks Get
Lift From
Insurers
Continued from Page One
woken up this morning and
Bernie Sanders was the pre-
sumptive nominee, the mar-
kets would not be reacting as
they are today,” said Brent
Schutte, chief investment
strategist at Northwestern Mu-
tual Wealth Management Co.
The rally provided some re-
lief to equities markets, which
had fallen for seven consecu-
tive sessions through Friday,
as anxieties surrounding the
coronavirus swelled.
Volatility in the stock market
has roared back over the past
two weeks—the S&P has logged
moves of at least 1% in seven of
the past 10 trading sessions.
The blue-chip index climbed
1,173.45 points, or 4.5%, to
27090.86 Wednesday, while
the S&P 500 gained 126.75
points, or 4.2%, to 3130.12. The
technology-heavy Nasdaq Com-
posite rose 334 points, or 3.8%,
to 9018.09, returning to posi-
tive territory for the year.
All three indexes are still off
about 8% from their February
records.
The jump in stocks helped
to reverse the losses that mar-
U.S. NEWS
a driving factor in his or her
decision to stay in the service.
A battalion commander often
is the highest-ranking leader
who still knows the names of
everyone under his or her com-
mand—and at the same time is
in a position high enough to
shape the Army.
“We are in a war for talent,”
Gen. McConville said.
He said the revamped pro-
The new system
signals that the Army
has new expectations
of its leaders.
motion system could eliminate
10% of people who shouldn’t
command troops. In an organi-
zation that promotes 450 bat-
talion commanders a year, with
each commanding on average
500 troops, 50 unqualified
leaders could affect as many as
25,000 troops.
from about 88 on Tuesday.
“We’re hoping that most of
those are people that are safe
that just haven’t let us know
that they are,” Mr. Porter said.
“We’re going to be working
through that list diligently to-
day to try to make sure that
hopefully tonight to have that
number down to zero.”
On Wednesday, the county
was deploying six-person
search-and rescue teams to
continue to comb through the
rubble of buildings and open
kets suffered Tuesday after the
Federal Reserve made public
its first emergency rate cut in
more than a decade to stem
the economic fallout of the
coronavirus.
By Wednesday, some anxiet-
ies appeared to ease.
U.S. lawmakers reached an
$8 billion deal to combat the
coronavirus. More than $3 bil-
lion is earmarked for develop-
ing treatments for the dis-
ease; an additional $2.2
billion is allocated for pre-
venting its spread.
“There’s a more coordinated
global effort to fight the dis-
ease, with fiscal policy and allo-
cations of resources—financial
and human,” said Randy Fred-
erick, vice president of trading
and derivatives for the Schwab
Center for Financial Research.
“People are optimistic.”
Eleven people have died
from the epidemic in the U.S.,
and globally more than 93,000
people have been infected. The
virus has disrupted supply
chains across Asia and Europe
and threatened future earnings
at large multinationals.
In response, central banks
and governments from across
the globe have worked to reas-
sure residents and markets. Af-
ter the Fed’s rate cut Tuesday,
the Bank of Canada followed
by slashing its benchmark
overnight interest rate by a
half percentage point.
The S&P 500 health-care
sector finished Wednesday with
In redesigning the process,
Army officials adapted one
technique from symphony or-
chestras meant to filter out po-
tential racial, gender or other
bias by having a candidate per-
form a piece of music behind a
curtain.
And while the Army has tra-
ditionally asked only higher-
ranking officers to review a
prospective battalion com-
mander, an enlisted soldier
now is a part of the review
process, an idea adopted from
Google.
Mark Volpe, president and
chief executive of the Boston
Symphony, said the so-called
blind auditions were adopted
in 1952 by the orchestra, lead-
ing others to follow suit.
Google said it began in the
early 2000s to involve employ-
ees in personnel matters to en-
sure hiring decisions aren’t
made solely by managers, said
Paula Coetzee, director of
strategy and program manage-
ment for Google People Ser-
vices, its human resources arm.
The Army used its new bat-
expanses littered with debris,
said Putnam County Sheriff
Eddie Farris at a news brief-
ing. He said the teams still had
about 40% of the rubble to go
through, in a county where
roughly 100 homes were de-
stroyed or severely damaged.
They will search the remains
of houses, basements and
crawl spaces.
“We still could have some
people trapped,” Mr. Porter
said.
Another area the teams
its largest percentage gain since
November 2008, up 5.8%. Mr.
Sanders’s proposal for Medicare
for All has posed a potential
threat to health insurers.
“I think some of what was
happening over the past two
weeks, as Bernie Sanders
gained in the polls, was that
the market was worried about
what he may mean to the
economy and the markets
moving forward if he were
president,” Mr. Schutte of
Northwestern Mutual said.
The S&P 500 was also
boosted by utilities, which
surged 5.7%, and consumer-sta-
ples sectors, which rose 4.9%.
The health-care
sector posted its
largest percentage
gain since 2008.
Meanwhile, Ryan Detrick, a
senior market strategist for LPL
Financial, said strong economic
data propelled the day’s gains.
U.S. services-sector activity
rose to 57.3 for February, the
highest reading since a year
before, according to the Insti-
tute for Supply Management’s
nonmanufacturing index. The
report provides a sense of
business conditions for service
providers, such as restaurants
and bankers. A reading above
* *** THE WALL STREET JOURNAL.
talion-commander promotion
system for the first time in
January, when it evaluated
769 officers who qualified to
seek the position through
their experience, education
and training.
The 450 new battalion com-
manders will be chosen from
among that group. Later this
month, the candidates will find
out who has been selected to
lead a battalion.
The new system is designed
to collect more data about can-
didates while signaling to
those rising through the ranks
that the Army has new expec-
tations of its leaders.
“Assessments drive behav-
ior,” said Col. Don Fagan, chief
of staff for BCAP. “If we start
telling officers, ‘If you want to
be battalion commander, you
need to physically fit, you need
to be a good writer, you need
to be a good verbal communi-
cator and a couple other
things,’ they are going to mod-
ify their behavior on their own
so they put themselves in the
best position to succeed.”
planned to tackle is a roughly
two-dozen-acre marshy field
with dense vegetation that lay
in the path of the storm, Sheriff
Farris said. The task is espe-
cially urgent because of the
possibility of more inclement
weather coming in the next day.
The work of accounting for
the missing proved difficult
Tuesday because of poor cell
service, with cell towers down
and the network flooded by
people trying to reach one an-
other, Mr. Porter said.
50 indicates expansion.
“Two-thirds of the economy
is [based on] services, and so
far the coronavirus has not
slowed things down,” Mr. De-
trick said. “It’s another sign
that the U.S. economy is im-
proving ahead of a slowdown.”
Globally, stocks largely
ticked up, too. The Stoxx Eu-
rope 600 closed higher for the
third day in a row, gaining
1.4%. The Shanghai Composite
added 0.6%
Despite the gains in stocks,
investors flocked into haven
assets, with yields on govern-
ment bonds continuing to fall.
The yield on the 10-year U.S.
Treasury note dropped to
0.994% by the end of the day,
after falling below 1% for the
first time in the previous ses-
sion. Yields fall when bond
prices rise.
Mr. Schutte said the contin-
ued demand for bonds reflects
a market that remains “defen-
sive in nature.”
“Investors are keeping one
hand on the wall in case [the
stock rally] is not for real,” he
said.
Others remained more skep-
tical. Alex Au, managing direc-
tor at Alphalex Capital Man-
agement, a hedge fund based
in Hong Kong, said it is hard to
determine how much further
markets might sell off.
“I am just holding my cash,
sitting on the sidelines and
waiting for clearer signals,”
Mr. Au said.
FDA
U.S. WATCH
Shock-Device Ban
Set for Patients
Federal officials banned electri-
cal shock devices used to discour-
age aggressive, self-harming be-
havior in patients with mental
disabilities.
Wednesday’s announcement
from the Food and Drug Adminis-
tration follows years of pressure
from patient groups and mental-
health experts who have called
the treatment outdated, ineffec-
tive and unethical. The agency
first announced its intent to ban
the devices in 2016.
For years, the shock devices
have been used by only one place
in the U.S., the Judge Rotenberg
Educational Center of Canton,
Mass., a residential school for peo-
ple with autism and other psychi-
atric, developmental or mental dis-
abilities.
School administrators have
called the shocks a last resort to
prevent dangerous behaviors,
such as headbanging, throwing
furniture or attacking teachers or
classmates.
The FDA said Wednesday it
estimates 45 to 50 people at the
school are being treated with the
device.
A woman who answered the
phone at the center Wednesday
morning said she couldn’t com-
ment on the FDA action.
—Associated Press
MEDICINE
Gene Editing Used
To Treat Blindness
Scientists say they have used
the gene editing tool Crispr inside
someone’s body for the first time,
a new frontier for efforts to oper-
ate on DNA, the chemical code of
life, to treat diseases.
A patient recently had it done
at the Casey Eye Institute at Ore-
gon Health & Science University in
Portland for an inherited form of
blindness, the companies that
make the treatment said on
Wednesday. It may take up to a
month to see if it worked to re-
store vision. If the first few at-
tempts seem safe, doctors plan to
test it on 18 children and adults.
The people in this study have
Leber congenital amaurosis,
caused by a gene mutation that
keeps the body from making a
protein needed to convert light
into signals to the brain.
—Associated Press
WISCONSIN
Brewery Shooter Had
Been Harassed
Someone placed a noose several
years ago on the locker of a Wis-
consin brewery employee who last
week opened fire on his co-workers,
the brewery operator said Wednes-
day, confirming at least one in-
stance of racial harassment against
him as police continue to piece to-
gether his motive.
Anthony Ferrill, an electrician
at the Molson Coors brewery in
Milwaukee, fatally shot five co-
workers before killing himself on
the campus last week. His motive
remains unknown.
Molson Coors spokesman Adam
Collins said the company investi-
gated, but there was no security
surveillance video showing who
placed the noose on the locker. He
said there was no evidence to sug-
gest any of the shooting victims
were involved in the noose incident.
—Associated Press
WASHINGTON, D.C.
Tavis Smiley Loses
Suit Over PBS Firing
A jury decided that former
television talk show host Tavis
Smiley, who was fired amid alle-
gations of workplace sexual mis-
conduct at the height of the
#MeToo movement, must pay
about $1.5 million to his former
employer, the Public Broadcasting
Service.
Mr. Smiley was suspended in
2017 and later fired from the PBS
after the network said it had re-
ceived multiple, credible allega-
tions of misconduct by Mr. Smiley
on his late-night interview show.
Mr. Smiley, who is black, was the
only minority to have served as
the solo host in the history of the
network, according to his lawsuit.
Mr. Smiley first sued PBS, con-
tending that racial bias contrib-
uted to his dismissal and he was
wrongly terminated without proof.
He acknowledged having romantic
relationships with colleagues over
his career, but says they were
consensual. He sought $1 million.
The network countersued, ar-
guing in part that Mr. Smiley
owed the network for a season
that didn’t air.
—Associated Press
THE WALL STREET JOURNAL. * * * * * * Thursday, March 5, 2020 | A3

U.S. NEWS

High Court
Tussles Over
Abortion Law
BY JESS BRAVIN
AND BRENT KENDALL
WASHINGTON—Supreme
Court justices voiced clashing
views in a case that will test
whether a more conservative
high court will move to narrow
access to abortions.
During an hourlong oral ar-
rill, said the requirements were
intended to protect the health
and safety of patients, to vet
doctors and to bring abortion
regulations in line with those
for other outpatient proce-
dures.
No issue before the court is
more heated than abortion, and
none carries greater political

gument Wednesday, the court
considered a 2014 Louisiana
law that requires doctors per-
forming abortions to hold ad-
mitting privileges at a hospital
no more than 30 miles away.
The Supreme Court, by a 5-3
vote, struck down a similar
Texas law in 2016, making
Wednesday’s case partly a
question of whether the jus-
tices will reaffirm that prece-
dent—or begin to relax legal
doctrines holding “undue bur-
dens” on abortion rights un-
constitutional.
Challengers in the case, a
Shreveport, La., abortion clinic
and two physicians who pro-
vide abortions, argued that ad-
mitting privileges provide no
health or safety benefits. In-
stead, the rules are aimed at
curbing abortion and impose
an undue burden on women by
leaving the state with just a
single clinic, lawyer Julie Rikel-
man of the Center for Repro-
ductive Rights told the court.
Louisiana’s lawyer, state So-
licitor General Elizabeth Mur-
implications, with the next
president expected to have one
or more vacancies to fill. The
Trump administration sent a
Justice Department lawyer to
argue on behalf of the Louisi-
ana law. As a candidate, Presi-
dent Trump, who has named
two justices to the court, pre-
dicted his appointees surely
would vote to overrule Roe v.
Wade, the 1973 opinion estab-
lishing abortion rights.
At Wednesday’s hearing, jus-
tices’ questions ran the gamut,
from broad ruminations on the
significance of precedent to
scrutiny of how diligent spe-
cific doctors in Louisiana—each
identified by court order as
John Doe, to protect them from
potential harassment from
abortion foes—were in seeking
admitting privileges.
Justice Samuel Alito asked
early on why abortion provid-
ers even had standing to bring
legal claims based on alleged
burdens faced by patients—
those the state is trying to pro-
tect from abortion providers.
SHAWN THEW/EPA/SHUTTERSTOCK
Protesters on either side of the debate faced off outside the Supreme Court on Wednesday as justices heard oral arguments.
Ms. Rikelman responded its sale to women over 18. Justice Neil Gorsuch was un- tal privileges provide, she
that the providers, as those be- She and other liberal jus- characteristically silent during asked.
ing directly regulated by the tices said the admitting-privi- the argument. “The medical consensus is
state, had proper legal standing leges requirement made no There were signs that some clear that in no state do they
“Well, that’s amazing,” Jus- sense, since they may be justices might be seeking a serve health and safety bene-
tice Alito said. Throughout the granted or denied for reasons middle ground that could put a fits,” Ms. Rikelman said.
argument, he returned to the unrelated to physician compe- reckoning over abortion rights “It’s not just credentialing. It
theme that abortion clinics po- tence. Complications from off to another day. is all of the other factors that
tentially held a conflict of in- abortion are rare, she said; Justice Sonia Sotomayor also play into it,” said Louisi-
terest with women seeking when one requiring hospital- suggested the 30-mile limit, ana’s lawyer, Ms. Murrill. “It
abortions. ization does arise, it typically is rather than admitting privi- does provide continuity of care.
Justice Ruth Bader Ginsburg after the patient has returned leges by themselves, could be It does address the noncompli-
pointed out cases where the home and would likely go to such a place. ance with health and safety
court allowed third parties to the closest hospital. “Would this be different if regulations” that she said have
assert constitutional rights on “I’m prepared to concede they did something as limited characterized some abortion
behalf of their clients. In 1976, that it may not happen all that as, for example, ‘You have to be providers.
for instance, the court struck often,” said Jeffrey Wall, the admitted somewhere, because A decision in Wednesday’s
down an Oklahoma law prohib- U.S. deputy solicitor general being admitted somewhere case, June Medical Services
iting sales of low-alcohol beer who argued in support of Loui- does further the credentialing LLC v. Russo, is expected be-
to men under 21, but allowing siana. benefits” the state says hospi- fore July.

Schumer Is Rebuked by Chief Justice Senators Want Report

BY JESS BRAVIN these justices on the court,
and a warning that the jus-
On Abuses by Doctor
WASHINGTON—Chief Jus- tices will unleash a major BY DAN FROSCH agency of failing to fulfill its
tice John Roberts on Wednes- grass roots movement on the AND CHRISTOPHER WEAVER promises of transparency. The
day criticized the Senate’s top issue of reproductive rights Indian Health Service is part of
Democrat for saying the Su- against the decision.” Lawmakers gave the nation’s the U.S. Department of Health
preme Court’s two Trump ap- Supreme Court justices top health official on Wednes- and Human Services.
pointees will “pay the price” have been in the political day a deadline of seven busi- The Indian Affairs commit-
should they vote against abor- cross hairs recently. ness days to release a report tee has subpoena power, and a
tion rights. During a visit to India last detailing gross mismanagement spokesman for Sen. Udall said
“I want to tell you, Gor- month, the president said Jus- by the U.S. Indian Health Ser- they would evaluate Mr. Azar’s
such. I want to tell you, Ka- tices Sonia Sotomayor and vice in its handling of a pedo- response before acting further.
vanaugh. You have released Ruth Bader Ginsburg should phile doctor who abused Native HHS “is committed to trans-
SARAH SILBIGER/GETTY IMAGES

the whirlwind and you will
pay the price!” Senate Minor-
ity Leader Chuck Schumer (D.,
N.Y.) said, speaking of Justices
Neil Gorsuch and Brett Ka-
vanaugh at a rally outside the
courthouse while the justices
heard arguments over a Loui-
siana abortion law. “You
won’t know what hit you if
you go forward with these
awful decisions.”
Chief Justice Roberts, who
in 2018 spoke out against
President Trump’s attacks on
federal judges, cited Mr.
Schumer’s remarks in a state-
ment issued after Wednes-
day’s hearing concluded.
be recused from cases involv-
ing him though he didn’t
threaten the justices. Chief
Justice Roberts didn’t address
the president’s remarks.
Mr. Trump, on Twitter
Wednesday night, called Mr.
Schumer’s comments “a direct
Senate Minority Leader Chuck Schumer on Wednesday denounced & dangerous threat to the U.S.
the Supreme Court’s two Trump appointees, leading to blowback. Supreme Court.”
“If a Republican did this, he
“Justices know that criti- job, without fear or favor, or she would be arrested, or
cism comes with the territory, from whatever quarter,” the impeached,” Mr. Trump wrote.
but threatening statements of statement said. “Serious action MUST be
this sort from the highest lev- Mr. Schumer’s spokesman taken NOW!”
els of government are not responded: “Sen. Schumer’s In November 2018, the chief
only inappropriate, they are comments were a reference to justice rebutted comments
dangerous. All Members of the the political price Senate Re- from Mr. Trump disparaging
Court will continue to do their publicans will pay for putting federal courts in California.
American boys.
The report, which the
agency maintains is confiden-
tial, is “damning to the Indian
Health Service” and contains
new revelations about the
agency’s widespread failings to
stop pediatrician Stanley Pat-
rick Weber from abusing his
patients, said a person who has
viewed a redacted version.
The letter, from four Demo-
crats on the Senate Committee
on Indian Affairs led by Vice
Chairman Tom Udall of New
Mexico, demanded that Human
Services Secretary Alex Azar
release an unredacted version
of the report and accused the
parency and accountability,” a
spokesman said. “Congress has
established rules regarding
confidentiality of medical qual-
ity assurance records and IHS
is working to uphold those le-
gal obligations,” he said.
The IHS didn’t respond to
requests for comment. The ser-
vice has struggled to address
the scandal for more than a
year, since a report by The Wall
Street Journal and the PBS se-
ries “Frontline” revealed the
agency had missed warn-
ing signs, tried to silence whis-
tleblowers and moved the pe-
dophile doctor from one agency
hospital to another.

Appeals Court Narrows

TOMFORD.COM

Asylum Policy Ruling

BY BRENT KENDALL
AND ALICIA A. CALDWELL
A federal appeals court for
now agreed to narrow the ef-
fect of its recent ruling that
blocked a Trump administra-
tion policy of returning immi-
grants at the southern U.S.
border to Mexico while their
requests for asylum are con-
sidered.
The Ninth U.S. Circuit
Court of Appeals in San Fran-
cisco, in an order issued
Wednesday, said it ruled cor-
rectly last week that the ad-
ministration’s “Remain in
Mexico” policy is unlawful.
But the court acknowl-
edged the “intense and active
controversy” over nationwide
injunctions against adminis-
tration policies and said it
would limit its ruling for now
to the two border states
within its jurisdiction: Ari-
zona and California.
That means the Trump ad-
ministration could continue
enforcing the policy in the
border states of New Mexico
and Texas for months while it
mounts a Supreme Court ap-
peal.
The Ninth Circuit also said
none of its ruling would go
into effect until March 12, giv-
ing the Trump administration
a week to ask the Supreme
Court for an emergency stay
to keep the policy in place ev-
erywhere for the time being.
The “remain in Mexico”
policy, formally called the Mi-
grant Protection Protocols,
made its debut in January
2019 as the Trump adminis-
tration sought alternatives to
releasing families seeking asy-
lum into the U.S., where they
were permitted to live for
months, and often years, as
their cases made their way
through backlogged immigra-
tion courts.
The government has sent
more than 60,000 migrants
seeking asylum back across
the border in the past year,
where they were required to
wait in violent Mexican border
cities for months for U.S.
court dates.
Many migrants who have
been returned to Mexico—
about half, according to recent
data—simply drop their claims
before they are decided.
With the Ninth Circuit say-
ing it will begin blocking the
Trump policy in Arizona and
California, the court order
could inadvertently create a
new magnet for migrants to
cross the border there, rather
than in South Texas, which is
a shorter trip from Central
America.
Immigration officials
launched the policy in Arizona
last year after word spread
that migrants arrested cross-
ing the border near Nogales,
Ariz., weren’t being sent back
to Mexico.
 A4 | Thursday, March 5, 2020
Trump Proving to Be a Democratic Unifier
CAPITAL JOURNAL
By Gerald F. Seib
Nobody unites the Demo-
cratic Party the way Donald
Trump does.
That was the overriding
lesson of a stunning Super
Tuesday and the Lazarus-like
rise from the dead staged by
former Vice President Joe
Biden. The surprising re-
sults—he won 10 of 14
states—re-
vealed some
important
markers: an
enduring af-
fection for
Mr. Biden
among rank-and-file Demo-
crats, the power of the Afri-
can-American vote, the
width of the party’s moder-
ate wing.
But most of all, the results
showed that Democratic vot-
ers are carrying into the
polling booth a coldblooded
desire to beat the president.
In state after state, exit polls
showed voters put more
stock in picking a candidate
who can oust the incumbent
than in choosing one who
shares their views—and in
state after state, Mr. Biden
was seen as that candidate.
Yes, most Democrats love
Uncle Joe, but they also see
ALLISON ZAUCHA FOR THE WALL STREET JOURNAL
Supporters at a Joe Biden rally on Tuesday in Los Angeles. The Democratic turnout surged on Super Tuesday from 2016.
Primary
Contest
Narrows
Continued from Page One
cating a momentum shift to
the former vice president.
Sen. Elizabeth Warren,
whose delegate total is similar
to Mr. Bloomberg’s and who
placed third in her home state
of Massachusetts Tuesday, was
assessing her next move, her
campaign manager said.
The Super Tuesday out-
comes appeared to cement the
nomination contest as a two-
person race with more than
four months until the party’s
convention in Milwaukee this
summer. Along the way,
Messrs. Sanders and Biden
were emerging as the stan-
dard-bearers for two wings of
the Democratic Party: liberals
who want the government to
play a much larger role versus
moderates who fear that Mr.
Sanders is too far to the left to
win in November.
Mr. Sanders, a self-de-
scribed democratic socialist,
said Wednesday that he and
Mr. Biden “have a very differ-
ent vision for the future of
this country.”
At a news conference in
Burlington, Vt., Mr. Sanders
said that Mr. Biden, who repre-
sented Delaware in the U.S.
Senate for decades, would soon
have to answer for his votes
weakening bankruptcy protec-
tion and backing the Iraq war,
among other policy issues.
Mr. Sanders’s campaign
also premiered a television ad
in Florida, where the primary
his flaws. They simply were
willing to look past those
flaws once his convincing
win in South Carolina last
weekend revived the idea he
could win in the fall.
The party’s leaders rap-
idly coalesced behind Mr. Bi-
den, as have three former
foes, Sen. Amy Klobuchar,
former South Bend, Ind.,
Mayor Pete Buttigieg, and,
as of Wednesday morning,
former New York City Mayor
Michael Bloomberg. But
more important than the
leadership was the party’s
followership, which did the
same. It is often said that
Democrats fall in love with
candidates, while Republi-
cans fall in line. This week
presents a picture of Demo-
crats falling in line.
And the force that pulled
them into line appeared to
be the power of Donald
Trump as much as the power
of Joe Biden.
T
hat finding, at least,
is suggested in num-
bers scattered
throughout exit-poll results
from Super Tuesday. In
Massachusetts, site of one
of Mr. Biden’s most surpris-
ing victories, 65% of voters
said backing a candidate
who can beat Mr. Trump
was more important than
backing one whose views
they shared, according to
exit polls posted by CNN.
And among those who felt
beating the president was
most important, Mr. Biden
beat Sen. Bernie Sanders by
15 percentage points.
Democratic Pledged Delegate Counts
From Super Tuesday races
Biden
Sanders
Warren 61
Bloomberg* 53
Buttigieg* 26
Klobuchar* 7
Gabbard
1 *Suspended campaign
Note: As of Wednesday, 5:40 p.m. EST, 297 delegates remain unallocated from Tuesday’s contests.
Source: Associated Press
is March 17, that included an
audio clip of Mr. Biden saying
years ago that a federal-
spending freeze should include
Social Security.
Even ahead of Super Tues-
day, Mr. Sanders began char-
acterizing Mr. Biden’s recent
endorsements as a sign that
powerful players in the Demo-
cratic Party were trying to tor-
pedo his presidential bid.
Cedric Richmond, a co-
chairman of Mr. Biden’s cam-
paign, hit back at Mr. Sanders’s
assertion, noting the former
vice president’s base of support
with black voters that helped
him win a swath of Southern
states. “As he rails against the
establishment, I just did not
know that African-American
voters in the South were con-
sidered part of the establish-
ment,” Mr. Richmond said.
At an event in Los Angeles
later Wednesday, Mr. Biden
said he doesn’t want the pri-
mary to “turn into a campaign
of negative attacks.”
He said: “The only thing
that can do is help Donald
Trump win; it doesn’t do any-
thing to help any one of the
candidates.”
P W L C 10 11
Exit polls from Tuesday showed Democrats put a priority on who could beat President Trump.
In Texas, the site of a
more important Biden sur-
prise, 34% of voters thought
Mr. Biden had the best
chance of beating Mr.
Trump, compared with 29%
for Mr. Sanders. In addition,
57% of voters said they
wanted to pick the candidate
who could beat the president
rather than the one with
whom they agreed on is-
sues—and Mr. Biden won
those pragmatic voters by 14
percentage points over Mr.
Sanders.
Even in California, the site
of Mr. Sanders’s biggest win,
voters by a 2-to-1 margin
said beating Mr. Trump was
In many states, those back-
ing Mr. Sanders were simply
outnumbered by more centrist
Democrats, who showed far
more enthusiasm for voting
than four years ago when Hil-
lary Clinton was trying to win
the party’s nomination versus
Mr. Sanders. The electorate in
many states was older and less
liberal than in 2016.
Mr. Biden’s success follows
a pattern of voter behavior
common in elections, said Joe
Trippi, a longtime Democratic
strategist. Voters spend the
early part of the primary pro-
cess comparing the party’s
candidates to each other.
Later, they compare the candi-
dates to the incumbent presi-
dent they hope to defeat, and
their perspective can change.
“After they saw Bernie tie
in Iowa, win New Hampshire,
win Nevada, then suddenly the
voters were confronted with,
‘He is going to be our nomi-
nee.’ And then you realize the
risks in nominating Bernie
against Trump and you ask,
‘What’s the alternative?’ ” Mr.
Trippi said.
White women with college
degrees strongly supported
12 H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
more important than policy
agreement, and Mr. Biden
ran nearly even with Mr.
Sanders among those voters.
None of this means the
Democratic race is over, of
course. Some of the states
that lie just ahead—Wiscon-
sin and Washington, in par-
ticular—have looked better
for Mr. Sanders than for Mr.
Biden.
And the former vice presi-
dent hasn’t somehow, mirac-
ulously, become a far better
candidate. Moreover, Mr. Bi-
den will, starting right now,
become the target of far
more Republican attacks,
particularly an effort to re-
Mr. Biden and could be a
source of strength for Demo-
crats against Mr. Trump in No-
566 vember. “They did a lot for Bi-
den yesterday,” said William
Frey, a senior demographer at
501
the Brookings Institution in
Washington.
The next Democratic debate
is scheduled for March 15, two
days ahead of contests in Flor-
ida, Ohio and Illinois. Arizo-
nans also weigh in that day.
Mr. Sanders’s campaign said
he would soon head to Michi-
gan, a state that handed him a
narrow primary win four years
ago. It is one of six states on
deck to vote next Tuesday and
carries the largest cache of
delegates on that day.
Although the Associated
Press projected the winners of
14 states that voted Tuesday,
delegates from many of them
were still being apportioned.
Mr. Bloomberg said in a
statement he was leaving the
race for the same reason he
entered it: “to defeat Donald
Trump—because it is clear to
me that staying in would make
achieving that goal more diffi-
cult.” About Mr. Biden, Mr.
Bloomberg said, “I’ve known
Joe for a very long time. I
know his decency, his honesty,
and his commitment to the is-
sues that are so important to
our country—including gun
safety, health care, climate
change, and good jobs.”
The rollicking primary saw
surges in Democratic turnout
from 2016. With 92% of pre-
cincts reporting in Texas,
turnout was up 36% from the
contest four years ago be-
tween Mr. Sanders and Mrs.
Clinton. In Virginia, it was up
69%, and in Alabama, 14%.
—Emily Glazer
and Joshua Jamerson
contributed to this article.
7 8 9 O I X X THE WALL STREET JOURNAL.
winning presidential cam-
paigns and on Hillary Clin-
ton’s 2016 run.
He argues that South Car-
olina has always been the
most important of the early
primary and caucus states
because of its size and de-
mographic mix, even though
it gets less attention than do
Iowa and New Hampshire.
And Mr. Biden’s decisive win
there gave him momentum, a
force that proved more pow-
erful than the superior fi-
nancial and organizational
assets his competitors en-
joyed.
MARK WILSON/GETTY IMAGES
N
ow, says Mr. Benen-
son, that Biden mo-
mentum could prove
decisive. That may be partic-
ularly true because Mr.
Sanders—the former vice
president’s main rival, and
soon perhaps his only one—
simply isn’t turning out vot-
ers the way some expected.
vive concerns about the role In South Carolina, for ex-
his son, Hunter, played with ample, Democratic turnout
a controversial Ukrainian this year shot up 46% over
company while his father four years ago, while Mr.
was leading a fight against Sanders’s vote total rose
corruption in the country. only 11%. In Virginia, turnout
Still, Mr. Biden appears to rose 69%, while Mr. Sand-
have found a firmer voice ers’s vote total rose only 11%.
and a sounder footing in re- To be sure, the Democratic
cent days. More than that, vote was splintered into
he has what may be the more pieces this year than it
most important asset of all was four years ago, when the
in 2020: momentum. race was a two-person con-
“I’ve always believed that test between Mr. Sanders
momentum matters, and the and Mrs. Clinton.
momentum stories that Still, Mr. Sanders doesn’t
come out of each primary seem to be turning out Dem-
matter,” says Joel Benenson, ocratic voters as he prom-
who was the chief pollster ised. Mr. Trump, by contrast,
for both of Barack Obama’s may be doing exactly that.
Bloomberg Ends Bid
After Spending Over
Half a Billion Dollars
BY TARINI PARTI massive campaign operation of
more than 2,400 people across
Michael Bloomberg ended the country and to blanket the
his presidential bid and en- airwaves and digital platforms.
dorsed Joe Biden, after the for- Mr. Bloomberg launched his
mer New York City mayor campaign in late November af-
spent hundreds of millions of ter growing concerned about
dollars of his own money in an the rise of liberal Massachu-
expensive bet on Super Tues- setts Sen. Elizabeth Warren.
day states that was ultimately Mr. Bloomberg skipped the
unsuccessful. first four nominating contests
“After yesterday’s results, because of his late entry, bank-
the delegate math has become ing on the delegate-rich Super
virtually impossible—and a via- Tuesday states. And after Mr.
ble path to the nomination no Biden suffered big losses in
longer exists,” Mr. Bloomberg Iowa and New Hampshire, Mr.
said Wednesday. Bloomberg appeared to have an
Mr. Bloomberg called Mr. Bi- opening.
den Wednesday, according to a But late in February came
campaign aide for the former Mr. Biden’s landslide victory in
mayor, who said they had a South Carolina, and the former
“great conversation.” vice president won the en-
Mr. Bloomberg announced dorsements of three former
his decision in a senior staff presidential candidates.
meeting. An email was then
sent out to all staffers, followed
by a staff call with campaign
manager Kevin Sheekey and
The former mayor
states director Dan Kanninen,
according to the aide.
The former mayor had
had earned just a
few dozen delegates
earned just a few dozen dele- by Wednesday.
gates by Wednesday, as they
were still being allocated, after
spending $215 million on TV
and radio ads in the 14 states Based on its internal data,
that voted. The only contest he Mr. Bloomberg’s campaign saw
won was in American Samoa. a big shift after South Carolina,
Mr. Bloomberg pitched him- according to a campaign aide.
self as a nonideological execu- In states where many people
tive focused on beating Presi- voted early or by mail, such as
dent Trump, with the slogan Colorado and Utah, Mr.
“Mike Will Get It Done” and his Bloomberg performed better.
seemingly limitless resources. Mr. Bloomberg’s momentum
In the days before the polls going into Super Tuesday was
opened in Super Tuesday also blunted after he suffered
states, Mr. Bloomberg pointed one abysmal and one mediocre
to the administration’s han- debate performance. The three-
dling of the coronavirus out- term New York mayor was
break to argue that he would be grilled on the debate stage, in
a more competent leader, interviews and on the campaign
spending $1.5 million on a trail about stop-and-frisk, a po-
prime-time, three-minute ad on licing practice that his adminis-
two television networks. tration enforced.
Overall, Mr. Bloomberg, who Mr. Bloomberg apologized
is worth $62 billion, spent at for the practice before launch-
least $620 million to build a ing his White House bid.
JOHANNES EISELE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Michael Bloomberg with supporters and staff Wednesday.
THE WALL STREET JOURNAL. Thursday, March 5, 2020 | A5

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 A6 | Thursday, March 5, 2020
PATRICK T. FALLON/BLOOMBERG NEWS
Joe Biden, right, watched as his wife, Jill Biden, blocked a protester from coming on stage Tuesday night in Los Angeles.
House Panel Calls for Security
BY SABRINA SIDDIQUI
WASHINGTON—One day af-
ter protesters rushed the stage
at a Joe Biden rally, a House
committee wants the Trump
administration to see whether
Secret Service protection is
needed for the Democratic
presidential candidates.
“As the process for nomi-
nating the Democratic candi-
date for President of the
United States continues to ad-
vance, Americans deserve to
know that the major candi-
dates for President are pro-
tected from all threats to their
safety,” House Homeland Secu-
rity Chairman Bennie Thomp-
son (D., Miss.) wrote Wednes-
day to acting Homeland
Security Secretary Chad Wolf.
“I write to urge you to imme-
diately undertake the consulta-
tion process necessary to de-
termine whether any
Democratic candidates for
Warren Plots Next Move After Super Tuesday Drubbing
Elizabeth Warren was as-
sessing her future in the Dem-
ocratic presidential primary
after a Super Tuesday rout left
her far behind Joe Biden and
Bernie Sanders.
By Joshua Jamerson in
Boston and Eliza Collins
in Burlington, Vt.
She retreated Wednesday to
her home state of Massachu-
setts, where she suffered a
humbling third-place finish a
day earlier in that state’s pri-
mary, to consider “the path
forward,” according to an aide.
She now lags behind the front-
runners by hundreds of dele-
gates to the party’s convention
in Milwaukee, where a nomi-
nee will be chosen.
Roger Lau, her campaign
Brexit Gets
Its Marvel
Superheroes
Continued from Page One
“I don’t think there’s much
of a market for pro-British su-
perheroes here,” said Kevin
Weir, 19, as he flipped through
racks of comics at the Forbid-
den Planet comic-book store in
the Scottish capital. Scotland
voted to stay in Europe during
the Brexit referendum, and
opinion polls show a majority
would rather leave the U.K.
His friend Callie Brown, 20,
agreed. “They’re actually called
‘The Union?’” she said, pawing
through images of the new
characters on a phone. “That’s
full-on mental.”
Paul Grist, 59, the English
writer behind the new comic,
said they miss the point. “The
basic principle,” he explained,
President should be afforded
protection by the United States
Secret Service.”
A spokesperson for the Se-
cret Service referred questions
to the Department of Home-
land Security. Heather Swift, a
DHS spokeswoman, said the
department was prepared to
follow guidance on when Se-
cret Service protection is war-
ranted but said no formal rec-
ommendation had been made
with respect to any specific
candidate.
“The first step of the pro-
cess is for a candidate to meet
established criteria and for-
mally request protection. An-
other step of that process is
for a group of bipartisan Con-
gressional leadership, in the
Congressional Protection Advi-
sory Committee to submit a
recommendation to DHS,” Ms.
Swift said in an email. “To
date, DHS has not received a
recommendation from Con-
manager, said in an all-staff
email Wednesday that Ms.
Warren would need “time and
space” to come to a decision
about whether to remain in
the race. “Last night, we fell
well short of viability goals
and projections, and we are
disappointed in the results,”
he said, according to a copy of
the email reviewed by The
Wall Street Journal.
The results Tuesday proved
that her team was correct in its
long-held assessment that the
race to take on President Trump
in November was extremely vol-
atile. But that volatility ap-
peared to cut against Ms. War-
ren and in favor of Mr. Biden.
In February, Mr. Lau said
that internal projections
showed Ms. Warren was
“poised to finish in the top
“is that the U.K. government is
wanting to form a new super-
hero team post-Brexit so the
country can get behind them,
all the separate countries repre-
sented. It’s an example of the
U.K. moving forward, working
together. But it doesn’t really
work out as planned.”
There’s a risk the superteam
might rip itself apart, he said,
much like in post-Brexit Britain,
where, in addition to rising sup-
port for Scottish independence,
there are calls in Northern Ire-
land to leave the U.K. and join
the Republic of Ireland.
Marvel sees the series, which
launches in May, as a way to en-
list more superheroes from the
around the world after releas-
ing a variety of other regional
comic books, and follows the
big-screen success of “The
Avengers” films and other mov-
ies.
In recent years, new Marvel
characters have popped up
from places like the Philippines,
China and South Korea to save
humanity. The U.K. superheroes
are an integral part of the effort
U.S. NEWS
gress concerning any candi-
date. We stand ready to exe-
cute if recommended.”
On Tuesday night in Los An-
geles, as the Super Tuesday
election results streamed in
forecasting a broad victory for
Mr. Biden, several anti-dairy-
industry protesters ran onto
the stage as he was speaking.
The protesters were re-
strained by Mr. Biden’s wife,
Jill Biden, and members of his
campaign staff.
Rep. Cedric Richmond (D.,
La.), a co-chairman of Mr. Bi-
den’s campaign who sits on the
homeland security committee,
told reporters Wednesday that
Democrats were worried about
the candidates’ safety but
wouldn’t say if the Biden cam-
paign had specifically asked
for Secret Service protection.
A spokesperson for Vermont
Sen. Bernie Sanders, the other
top Democratic presidential
contender, declined to com-
two in over half of Super
Tuesday states (eight of 14), in
the top three in all of them,
and is on pace to pick up at-
large statewide delegates in all
but one.” In a memo dated
March 1, Mr. Lau appeared to
downgrade her prospects but
still said she was able to win
delegates “in nearly every
state in play on Super Tues-
day,” as well as earn “a sizable
delegate haul.”
As of Wednesday afternoon,
as some delegates were still
being awarded, Ms. Warren
had 61 compared with 566 for
Mr. Biden, the former vice
president, and 501 for Mr.
Sanders, the Vermont senator.
Mr. Sanders said he had
spoken to Ms. Warren
Wednesday morning and de-
clined to say if he had asked
FROM PAGE ONE
MARVEL COMICS
Can this team unify the U.K.?
to fight off the Skrulls after
they teamed up with the Kree,
another group of villainous
aliens.
The Union’s leader is Britan-
nia. She has dark wavy hair and
a shield embossed with a fero-
cious lion face, a traditional
British symbol. Kelpie, a flame-
haired Scot, is modeled on
mythical sirens who would lure
ment. During his 2016 presi-
dential run, Mr. Sanders was
granted Secret Service protec-
tion in early February follow-
ing a request from his cam-
paign.
Under current law, the Se-
cret Service can offer protec-
tion to major-party presiden-
tial and vice presidential
nominees within 120 days of
the general election. But candi-
dates often receive Secret Ser-
vice details earlier in the cam-
paign. The DHS secretary is
authorized to make such deter-
minations in consultation with
congressional leaders.
President Obama first re-
ceived Secret Service protec-
tion in May 2007, nearly nine
months before voting began in
the 2008 Democratic prima-
ries. The decision marked the
earliest instance in a presiden-
tial campaign that Secret Ser-
vice had assigned a security
detail to a candidate.
for her endorsement. “What
Sen. Warren told me is that
she is assessing her campaign.
She has not made any deci-
sions as of this point,” he said
to reporters in Burlington, Vt.
“It is important, I think, for all
of us—certainly me, who has
known Elizabeth Warren for
many, many years—to respect
the time and the space that
she needs to make her deci-
sion,” he added.
Karthik Ganapathy, a Demo-
cratic strategist who worked
on Mr. Sanders’s campaign in
2016, said it was smart for Ms.
Warren to take her time and
for Mr. Sanders to not pressure
her. “There are a lot of Warren
supporters out there who love
their candidate and admire
their candidate, and they need
to feel really good about being
the unsuspecting to a watery
death in a Scottish loch.
Artist R.B. Silva said he de-
signed the pair to look like an-
cient warriors: “I really like me-
dieval themes.”
Joining them are The Choir,
a Welsh woman whose voice
can shatter mountains, and
Snakes, a hooded figure from
Northern Ireland. “According to
legend, St. Patrick threw all the
snakes out of Ireland,” a Marvel
flier explains. “He missed
some.”
Chris Stevens, an 18-year-old
student from London, said he
couldn’t wait. “It’s going to be
great,” he said. “It’ll be really
interesting to see how they
treat British themes.”
Snakes doesn’t sit well with
Colin Morrison, 45, who lives in
Bangor, Northern Ireland.
“They’ve got this wrong on so
many levels,” he said. “Our one
looks like a paramilitary thug.
We grew up terrified of people
like that.”
Rhys Mills, 42, a town coun-
cilor in Blackwood, Wales, com-
plained the Welsh character
* **** THE WALL STREET JOURNAL.
Biden Roars Back
By Expanding
Party’s Electorate
BY AARON ZITNER
AND JOHN MCCORMICK
A week ago, Joe Biden’s
campaign was struggling and
potentially near collapse. Since
then, he has completed one of
the most dramatic political
turnarounds in recent memory
with a string of primary wins
that showed him to be the only
candidate so far to expand the
Democratic electorate, a claim
that his top rival, Sen. Bernie
Sanders, had made for himself.
The reversal was the result
of a combination of signaling
from party insiders, beginning
with South Carolina Rep. James
Clyburn, and more organic de-
cisions by millions of Demo-
crats eager to defeat President
Trump in November who
quickly coalesced around Mr.
Biden, turning him from under-
dog to potential nomination
front-runner.
The electorate that backed
Mr. Biden in South Carolina on
Saturday and fueled his victo-
ries in 10 of 14 states on Super
Tuesday had many similarities
to the one that boosted his
party in the 2018 midterm elec-
tions. Suburban voters turned
out in droves, along with more
traditional elements of the
Democratic coalition, particu-
larly African-American voters.
Mr. Sanders’s appeal among
the young, the liberal and the
politically independent was too
weak in many places to create
the revolution he promised.
Speaking to reporters Wednes-
day in Vermont, he acknowl-
edged that he hadn’t been as
successful as he had hoped in
increasing youth voter turnout.
“It isn’t easy,” he said.
Mr. Biden’s comeback began
in South Carolina. Mr. Clyburn’s
pivotal endorsement brought
tears to Mr. Biden’s eyes as the
lawmaker spoke of his late
wife’s fondness for the ex-vice
president and an elderly con-
stituent who had asked Mr. Cly-
burn to make his views public.
Mr. Biden quickly accrued
the backing of three former
foes: former South Bend, Ind.,
Mayor Pete Buttigieg, Sen. Amy
Klobuchar of Minnesota and
former Rep. Beto O’Rourke of
Texas. The endorsements
brought over to Bernie’s col-
umn,” Mr. Ganapathy said.
Mr. Sanders also made clear
that he saw his biggest oppo-
nent as Mr. Biden, as he went
down a list of votes the former
senator had taken that he
viewed as problematic.
Ms. Warren and Mr. Sand-
ers are generally thought to
share a line on the party’s pro-
gressive flank as they broadly
agree on policies such as
Medicare for All.
“They’ve been trading a bloc
of voters for some time now,”
said Mary Anne Marsh, a Demo-
cratic strategist in Boston who
isn’t affiliated with any presi-
dential campaign. Ms. Marsh
said that Ms. Warren’s strategy
of spending a year avoiding
sharp contrasts with Mr. Sand-
ers hurt her position in the race.
was too one-dimensional: “It’s
like they said ‘What do we
know about Wales? Ah, I know,
singing. Let’s make it a choir.’”
The final team member is
Union Jack, a Marvel character
from the 1970s who wears the
U.K. flag—the Union Jack—for a
costume rather than the English
one, a red cross on a white
background.
“You’d think they would have
let him fly the flag for Eng-
land,” said Peter Munn, 23, who
lives in London. “The Scottish,
Welsh and Irish get their char-
acters. Why can’t we have one
who is English, not British?”
Si Mackenzie, 42, a photog-
rapher in Inverness, Scotland,
said he wasn’t sure if the new
superteam was cringeworthy, as
he put it, or “an extremely good
satire on what the Union really
is, with Union Jack representing
England and bunch of fey Celtic
stereotypes peering in from the
fringe.”
The Union would perhaps
have staying power if they
could find a way to overcome
their differences—and those of
earned significant media atten-
tion and appear to have moved
many voters to Mr. Biden just
before Super Tuesday, vote to-
tals and exit polls suggest. They
also may have helped Mr. Biden
earn surprise victories in Min-
nesota and Texas.
Some 40% of Texas voters
who settled on a candidate on
election day backed Mr. Biden,
compared with 10% who voted
for Mr. Sanders, exit polls
found. The decision process
was similar in Minnesota and
many other Tuesday states.
“This is a case where en-
dorsements were able to drive
popular support, rather than
the other way around,” said
Marty Cohen, a political scien-
tist at James Madison Univer-
Suburban voters
turned out in
droves, as did more
typical Democrats.
sity in Virginia, who has stud-
ied the effect of insider
endorsements.
The twin pillars of Mr. Sand-
ers’s support in 2016—voters
under age 30, and political in-
dependents—were far less sub-
stantial than in the prior pri-
mary race.
The senator barely won
some of the biggest college
communities, including Char-
lottesville, home to the Univer-
sity of Virginia. Montgomery
County, home to Virginia Tech,
favored Mr. Biden over
Mr. Sanders. In North Carolina,
Mr. Sanders won the county
that is home to UNC Asheville,
but he lost to Mr. Biden in the
home to UNC Chapel Hill.
Worse for Mr. Sanders: For
all the talk that he would draw
a wave of newcomers to the
voter pool, those young voters
made up a smaller share of the
electorate than in 2016, while
the share of voters age 65 and
older rose.
—Ken Thomas, Sabrina
Siddiqui, Lindsay Wise,
Emily Glazer and Eliza Collins
contributed this article.
Ms. Warren has faced some
not-so-subtle pressure from
Mr. Sanders’s allies to drop
out. “Imagine if the progres-
sives consolidated last night
like the moderates consoli-
dated, who would have won?
That’s what we should be ana-
lyzing,” tweeted Rep. Ilhan
Omar (D., Minn.), a backer of
Mr. Sanders.
Massachusetts Rep. Kather-
ine Clark, who has endorsed
Ms. Warren, said she didn’t
subscribe to the notion that
there could be too many peo-
ple in one ideological lane. “I
think voters vote for who they
think is going to be the best
president,” she said.
—Natalie Andrews
and Siobhan Hughes
in Washington contributed to
this article.
their fans—and defeat the
Skrulls.
“That’s going to be the diffi-
cult part,” said Nicolas De San-
tis, creator of Captain Euro, a
superhero first launched by the
EU in the 1990s to drum up
support for the new euro cur-
rency.
“The U.K. is an artificial con-
struct,” he said. “It pretends to
be a union of four countries but
in reality it is a unitary state
where one country, England,
can tell the others what to do.”
Mr. Grist, who said he has
waited 40 years to tell this
story, hinted there could be an
unexpected twist. He suggested
that The Union is a propaganda
stunt dreamed up by the fic-
tional U.K. government but that
the story might spin in another
direction as the world comes
under attack, forcing Union
Jack and the other superheroes
to decide where their loyalties
lie.
Or, as Marvel’s promos put
it: “He’s fought for Queen and
Country. Now it’s time to find
out who he’s really fighting for.”
THE WALL STREET JOURNAL. NY Thursday, March 5, 2020 | A6A

WHERE
HEALTH
CARE
KEEPS
GETTING
BETTER
At Hackensack Meridian Health,
we pursue better in all of its
forms. Whether that means easier
scheduling, quicker recoveries,
smarter treatment options or kinder
practices, we never stop searching for
the better way. Because better never
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Health, neither do we. That’s how we
keep getting better. Find a physician
at HMHBetter.org.
A6B | Thursday, March 5, 2020 NY THE WALL STREET JOURNAL.
THE WALL STREET JOURNAL.
ECB Looks
At Options
To Bolster
Economy
BY TOM FAIRLESS
FRANKFURT—The Federal
Reserve’s surprise rate cut this
week puts the European Cen-
tral Bank under pressure to
act as the eurozone’s already
lethargic economy creaks un-
der the spreading coronavirus
epidemic.
There is just one problem:
The bank’s past efforts to stim-
ulate growth means it doesn’t
have enough ammunition left to
match the U.S. measures. This
comes on top of existing doubts
about whether monetary policy
is the right tool to tackle the
fallout from the epidemic.
The outbreak is the first ma-
jor test for Christine Lagarde,
the recently appointed ECB
president. An attorney, former
French finance minister and
former managing director of
the International Monetary
Fund, she has no prior central
banking experience.
While central banks in Aus-
tralia, Canada, China, Japan
and the U.S. have already
moved aggressively to support
their economies, the ECB has
so far held back, even though
the bloc’s economy has been
weak for a year. On Wednesday,
a day after the Fed cut rates by
0.5 percentage point, eurozone
finance ministers were discuss-
ing the region’s response to the
crisis on a call that was joined
by Ms. Lagarde.
The ECB has fewer obvious
tools to combat any slowdown
than the Fed. The ECB already
cut its key interest rate to mi-
nus 0.5% last September to
support the economy, and re-
started a controversial pro-
gram to purchase €20 billion
($22.3 billion) a month of euro-
zone government and corpo-
rate debt.
But the bank still has a
broad toolbox compared with
many of its peers. It could push
negative interest rates further
below zero—although that
could put pressure on the re-
gion’s banks—and it is consid-
ering rolling out targeted loans
for banks and businesses hit by
the virus.
The ECB, which is likely to
announce its next policy steps
at a news conference on March
12, could also step up the pace
of its €2.6 trillion bond-buying
program, which could help ease
pressure on the region’s gov-
ernments and companies, and
support any fiscal stimulus.
ECB officials would prefer
eurozone governments to bear
more of the burden of support-
ing the region’s economy. Ger-
many and Italy have both an-
nounced small fiscal measures
in recent days, such as subsi-
dies and tax breaks for compa-
nies. But many eurozone gov-
ernments already have high
debt levels, Germany is philo-
sophically opposed to deficit-
financed spending, and—de-
spite years of negotiations—
there is still no central
eurozone budget.
Following the conference
call Wednesday, eurozone fi-
nance ministers said they are
willing to step up spending to
support growth. “We are pre-
pared to take further policy ac-
tion,” said Mário Centeno, who
heads the Eurogroup of finance
ministers. “This includes fiscal
measures, where appropriate.”
Canada Rate Cut
Mirrors Fed’s Move
OTTAWA—The Bank of
Canada on Wednesday took a
cue from the Federal Reserve
and cut its benchmark interest
rate by a half percentage point
in response to mounting wor-
ries about the economic toll of
the coronavirus epidemic.
It also signaled a willing-
ness to ease further to guard
against a deteriorating outlook.
The central bank said the
spread of the coronavirus,
which has infected more than
10,000 people outside China,
represents a material nega-
tive shock to the Canadian
and global economic outlooks.
Its announcement came one
day after the Fed’s emer-
gency rate cut, also by a half
percentage point.
Wednesday’s half-percent-
age-point cut brings the cen-
tral bank’s overnight rate to
1.25%, down from 1.75%.
—Kim Mackrael
* * * *
After Rate Cut, Pressure on Fed Persists
BY NICK TIMIRAOS
The three main reasons be-
hind the Federal Reserve’s in-
terest rate cuts on Tuesday help
explain why the central bank is
likely to lower rates again.
The Fed hoped to boost
public confidence, prevent fi-
nancial conditions
ANALYSIS from worsening
and cushion the
U.S. economy against a global
growth downturn.
While the rate cut may help
on each of those fronts, the
outlook could grow darker in
the weeks ahead as the number
of U.S. coronavirus cases rises.
The rate cut Tuesday came
between the Fed’s regularly
scheduled policy meetings, il-
lustrating urgency to get
ahead of an unfolding shock,
even if the underlying nature
of the threat isn’t economic.
Since 1998, the Fed has cut
interest rates six other times
between regularly scheduled
meetings. Following each of
those moves, the Fed has low-
ered rates again at its next
policy meeting.
U.S. Death Toll From Coronavirus Rises to 11
BY JENNIFER CALFAS
AND JIM CARLTON
The U.S. death toll from the
new coronavirus grew to 11
Wednesday, with California an-
nouncing its first fatality
linked to the viral infection
and Washington state report-
ing its 10th death.
New cases were also re-
ported across both coasts, as
local and federal governments
moved to calm fears, provide
resources and make recommen-
dations to vulnerable popula-
tions and employees to help
combat the spread.
The deceased in California
was an elderly patient with
underlying health conditions,
said health officials in Placer
County near Sacramento. The
patient likely was exposed to
the virus while aboard a Prin-
cess Cruises ship that sailed
between San Francisco and
Ensenada, Mexico, last month,
the officials said.
Fifteen first responders and
medical personnel who treated
the person at Kaiser Perma-
nente hospital in Roseville, Ca-
lif., have been put in quaran-
tine, but so far aren’t
exhibiting symptoms, local
health officials said.
Health officials said other
passengers on the ship, the
Grand Princess, may have been
exposed and they are working
to contact them.
Princess Cruises officials
said in a letter to passengers
Wednesday that the Centers for
Disease Control and Prevention
had notified them it was inves-
tigating “a small cluster” of
cases of Covid-19, the disease
caused by the virus, in North-
ern California tied to the ship’s
voyage last month.
Officials in Washington state
said a 10th person died there
Wednesday. All but one of the
House Approves $8.3 Billion Bill to Battle Outbreak
BY ANDREW DUEHREN
WASHINGTON—The House
passed a roughly $8.3 billion
emergency spending package
for combating the coronavirus
outbreak, sending the legisla-
tion to the Senate as lawmak-
ers raced to respond to the
quickly spreading outbreak.
The bill provides more than
$3 billion for developing treat-
ments for the virus and allo-
cates $2.2 billion for the Cen-
ters for Disease Control and
Prevention to contain the out-
break, among other measures.
Under the legislation, which
the Senate will also likely pass
this week, more than $1 billion
will go overseas, while $20
million will be made available
to fund administrative ex-
penses for loans to U.S. small
businesses.
The legislation, crafted by
top Republicans and Demo-
crats, caps less than two
weeks of negotiations that be-
gan when the White House
said it planned to spend
roughly $2.5 billion on fight-
ing the virus, an amount law-
makers said was too low. It
passed the House overwhelm-
ingly, with just two Republi-
cans voting against it and 415
members supporting it. Presi-
dent Trump has said he would
sign whatever package Con-
U.S. NEWS
“For us, what really matters
of course is not the epidemiol-
ogy, but the risk to the econ-
omy,” said Fed Chairman Je-
rome Powell on Tuesday. “So
we saw a risk to the outlook for
the economy and chose to act.”
Any good economic data re-
leased in coming weeks can be
easily dismissed because they
will show how the economy
fared prior to the spread of
the virus. And more bad news
seems likely.
Confidence could falter as
health authorities test more
widely for the infection, re-
vealing how far it has spread
and possibly prompting school
closures and remote work ar-
rangements.
“The effects are at a very
early stage,” said Mr. Powell,
referring to increasingly nega-
tive sentiment from travel and
hospitality businesses. “We ex-
pect that will continue. It will
probably grow.”
The same dynamic could
weigh on financial markets.
Measures to contain and miti-
gate the damage could force
companies to lower their earn-
Passengers at Orlando International Airport on Wednesday. Johns Hopkins University put the tally of U.S. coronavirus cases at over 150.
U.S. deaths linked to the coro-
navirus have occurred in the
state, which has emerged as a
hot spot in the virus fight.
Washington now has at least 39
confirmed infections, according
to its health department.
Thirty-one of the patients
who tested positive reside in
King County, which includes
Seattle. Officials there on
Wednesday recommended
more vulnerable residents—in-
cluding those 60 and older,
with underlying health condi-
tions, weak immune systems or
who are pregnant—stay home.
The county didn’t recom-
mend school closures due to a
number of factors, including
uncertainty of the role of chil-
gress approves.
Negotiations had slowed in
recent days as lawmakers hag-
gled over the possible price of
a coronavirus vaccine in devel-
opment. Democrats had pushed
to guarantee that the drug
would be made available at an
affordable price, while Republi-
cans warned that price con-
trols could slow development.
The final deal includes
$300 million for the govern-
ment to purchase the vaccine
and other therapeutics and
make them available to the
public. It calls on Health and
Human Services Secretary
Alex Azar to use currently
available authority to ensure
the price is “affordable in the
commercial market,” while ad-
ditionally stating that he
shouldn’t delay the drug’s de-
velopment.
In comments earlier
Wednesday, Senate Majority
Leader Mitch McConnell (R.,
Ky.) said there was broad
agreement that the potential
treatments, tests or vaccines
that come out of the new cor-
onavirus funding must be af-
fordable for all Americans.
Senate Minority Leader
Chuck Schumer (D., N.Y.) also
cheered the package, saying it
provides “desperately needed
funds” to federal health agen-
cies such as the Centers for
ings forecasts and weigh on
stock and corporate-bond mar-
kets. The Fed acted Tuesday
rather than wait until its
March 17-18 meeting to pre-
vent a deeper pullback in
credit availability that can oc-
cur when lenders reassess bor-
rowers’ creditworthiness.
Mr. Powell said the Fed was
prepared for a possible in-
Confidence could
falter as authorities
test more widely for
the infection.
crease in corporate defaults or
business failures. “We don’t
see any of that happening yet.
Of course, we are thinking
about what we can do, should
those things happen,” he said.
Finally, the U.S. economy
faces disrupted supply chains
and weaker global economic
activity. This downturn could
deepen if policy makers
dren in the virus’s spread, said
Jeffrey Duchin, health officer
for the county’s public health
department.
“We know that this disease
is not able to be put back in the
box,” he said. “It’s with us.”
Overall, the U.S. has 153
cases of the virus, according to
figures released by Johns Hop-
kins University on Wednesday
afternoon. Globally, the virus
has infected 95,120 people and
3,254 have died. Some 54% of
those infected have recovered.
Texas, meanwhile, reported
its first confirmed case of
Covid-19 late Wednesday. Offi-
cials of the Department of State
Health Services said the in-
fected man in Fort Bend County
Disease Control and Prevention.
The legislation also in-
cludes a provision allowing
Medicare providers to deliver
telemedical services, which
the Congressional Budget Of-
fice said would cost roughly
$500 million.
Democrats and Republicans
put different price tags on the
overall package. With the in-
creases in Medicare spending
and the boost in agency fund-
ing, the total cost of the pack-
age is about $8.3 billion, ac-
cording to the CBO.
The agreement came as the
total number of people in the
U.S. with the virus reached
153, with 11 deaths linked to
coronavirus, as of Wednesday
afternoon. Ten of the U.S. fa-
talities have been in Washing-
ton state. World-wide, more
than 90,000 people have con-
tracted the virus, and more
than 3,000 have died.
The spread of the virus has
increased the urgency for Con-
gress and the White House to
formulate a response.
Members of both parties
have raised concerns about
the mixed signals that admin-
istration officials have sent
about the severity of the virus
in the U.S. as well as the avail-
ability of testing kits across
the country.
“I think this is actually a
Thursday, March 5, 2020 | A7
abroad aren’t able or willing
to spur growth. Interest rates
are already low and many cen-
tral banks don’t have the
wherewithal to reduce them
much further.
Countries already experi-
encing low rates of growth—
such as Italy, Japan and Ger-
many—are very likely to sink
into recession in the coming
months. “We need to be mind-
ful that the impact from the
outbreak could be big,” Bank
of Japan Gov. Haruhiko Kuroda
said Wednesday.
Other central banks with in-
terest rates above zero cut
them this week. The Bank of
Canada reduced its policy rate
by half a percentage point, and
the Reserve Bank of Australia
reduced its policy rate by one-
quarter of a percentage point
to a record low of 0.5%.
The Fed’s cut took its
benchmark rate to a range be-
tween 1% and 1.25%, leaving it
more room than most other
developed-economy central
banks to cut further. U.S. rate
cuts also make it easier for
central banks in emerging
outside Houston recently re-
turned from travel overseas
and is currently isolated in a
hospital.
New York state reported
nine additional cases Wednes-
day, all linked to an earlier case
in Westchester County, north of
New York City, said Gov. An-
drew Cuomo. The new cases in-
clude the man’s wife, two chil-
dren and the neighbor who
drove him to a hospital, as well
as five members of another
family that had contact with
the patient.
New Jersey late Wednesday
reported a presumptive case,
the state’s first.
In an effort to combat the
spreading infection, lawmakers
pretty good testament that
Congress can work together
even in a time of high partisan
division in an election year
and polarization, and yet here
we are moving pretty rapidly,”
said Rep. Tom Cole (R., Okla.),
a member of the House Appro-
priations Committee.
Some lawmakers said that
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markets to lower their bor-
rowing costs without trigger-
ing capital flight.
U.S. bond markets may be
showing greater signs of haz-
ard ahead. The 10-year Trea-
sury yield fell to new lows on
Tuesday and Wednesday. While
declines in bond yields in re-
cent weeks have reflected lower
inflation expectations and in-
vestors seeking havens, most of
the most recent drop reflects
lower growth expectations, said
Roberto Perli, an analyst at re-
search firm Cornerstone Macro.
Over more than 6,000 trad-
ing days since 1997, growth ex-
pectations reflected in the
benchmark 10-year Treasury
have fallen by a larger magni-
tude than they did on Tuesday
only 25 times, and most of
those were during or before
recessions hit, he said.
Lower borrowing costs
aren’t likely to be effective
without broader confidence-
building efforts by federal and
local authorities to demon-
strate they have put in place
measures to slow the spread
of the new coronavirus.
STEPHEN M. DOWELL/ORLANDO SENTINEL/ASSOCIATED PRESS
in Washington, D.C., reached a
deal on funding a roughly $8
billion response, including
more than $3 billion for devel-
oping treatments.
Cases in the U.S. were ex-
pected to rise this week as test-
ing became more widely avail-
able.
The CDC on Wednesday also
again expanded its guidelines
on who can be tested. The
agency now allows physicians
to make the judgment on test-
ing. Previously, doctors were
required to follow the CDC’s
relatively strict criteria. The
agency still encourages doctors
to rule out other respiratory ill-
nesses and consider travel his-
tory when making the decision.
Congress may take up addi-
tional coronavirus legislation
geared at easing the financial
burden for people who con-
tract the virus.
“This is just a down pay-
ment. Think of it as just a
down payment,” said Rep.
Donna Shalala (D., Fla.), a for-
mer secretary of HHS.
A8 | Thursday, March 5, 2020
Epidemic Strains China’s Labor Market
Business slowdowns
threaten an already
weakened workforce;
quit or take less pay
BY STELLA YIFAN XIE
A sharp economic slowdown
in China caused by the corona-
virus epidemic is putting new
pressure on the country’s labor
market, as businesses strug-
gling to maintain or revive op-
erations resort to pay cuts and
layoffs—or simply shut down.
More job cuts could further
depress consumer spending
and weaken an economy that is
projected to slow significantly
or contract in the first quarter.
Jim Huang, chief executive
of China-America Commodity
Data Analytics, a consulting
firm, said he had no choice but
to lay off 18 of his 20 employ-
ees in Wuhan after it became
impossible to run his business
in the hard-hit city because of a
government quarantine there.
Many of his employees were
A Doctor’s
Life on the
Front Lines
Continued from Page One
bers are even higher, adding
uncertainty for doctors else-
where confronting the vi-
rus. Untold numbers of family
members have fallen ill.
Chinese doctors are working
shifts of 10 hours or more.
Many stay in the same hazmat
suits the entire time, without
food, water or bathroom
breaks. Disrobing to eat or go
to the bathroom could risk ex-
posure. Medical workers are re-
questing psychological help to
try to deal with the stress.
Infectious-disease doctors
around the world are trained to
handle highly contagious ill-
nesses, and know the risks. But
the current outbreak is spread-
ing so quickly that it’s forcing
hospitals to deploy staff with
limited experience in infectious
diseases and, sometimes, insuf-
ficient gear to keep them safe.
Some hospitals can’t find
enough staff willing to take on
the risk.
In South Korea, some nurses
and support staff quit when the
outbreak spread, their families
begging them to resign. Iran
has faced equipment shortages
while its deputy health minis-
ter—himself a surgeon—has
been infected with the virus.
Early days
Doctors in China say condi-
tions have improved signifi-
cantly since the early days of
the outbreak. Roughly 42,000
medical staff from around the
country have descended upon
Wuhan and the surrounding
Hubei province.
Wuhan has 53,000 beds in
hospitals and temporary medi-
cal and quarantine facilities for
treating patients with the coro-
navirus, with a goal of adding
17,000 more, according to an
official media briefing on Feb.
20. Crowds and lines at fever
wards have subsided as the rate
of infections has slowed. Yet
around 100 new cases are still
emerging in Hubei province ev-
ery day.
Liu Fan, a 59-year-old nurse
at Wuhan Wuchang Hospi-
tal, one of the main coronavirus
crisis centers in Wuhan, died
from the virus even though she
wasn’t working in a fever ward,
according to a Weibo post by
the hospital. Her parents died
from the virus a few days be-
fore her, and her brother, a lo-
cal film director, died the same
day she did, according to Chi-
nese media.
In the early days of the out-
break, Wuchang Hospital’s 51-
year-old director, a neurosur-
geon named Liu Zhiming, had
warned colleagues about work-
ing too hard and burning out.
He worried their immunities
would decline.
On Jan. 24, a chest scan
showed he had a serious infec-
tion himself; he later tested
positive for the virus. As Dr. Liu
lay in intensive care, he kept
fielding calls and asking about
patients, while colleagues grew
more anxious.
“I’m worried I can’t do any-
thing,” Dr. Liu texted them, ac-
cording to an account in official
Chinese media. In another mes-
sage, he said that “if it were
in other parts of China when
the lockdown started and
couldn’t return, he said, making
it difficult to serve clients and
keep cash coming in. Mr.
Huang, a U.S. citizen, said he is
thinking of giving up as he
waits out the epidemic in the
U.S., where he is buying a farm.
“I believe we have already
entered into a recession” in
China, he said. “If things get
better, cool. If not, I’ll start a
new chapter of my life here.”
Other Chinese companies
face similar problems. Uxin
Ltd., an online used-car dealer
with more than 12,000 employ-
ees, began furloughing staff at
the beginning of March and
paying reduced salaries meant
to cover minimum living costs,
citing “difficulty in operations,”
according to a letter sent to
some employees.
The company on Monday
said it had taken a “series of
measures to quickly adapt busi-
ness for long-term growth,” in-
cluding, with employees’ sup-
port, “enacting a temporary
workload-based staffing pro-
Medical workers attended to a patient in Wuhan on Feb. 6. In China, more than 3,000 doctors have been infected with the coronavirus and at least 22 have died.
any other illness, I would per-
severe and fight with everyone
while sick.”
His wife, Cai Liping, a head
nurse at another hospital, im-
plored Dr. Liu to let her visit,
but he kept saying no, accord-
ing to official Chinese media.
She asked him to call her every
day at 2 p.m. to reassure her he
was OK. She reminded him to
breathe oxygen and not be
afraid.
On Feb. 18, Dr. Liu died. A
colleague sobbed while telling
the media: “We really wanted
to give him a farewell, but we
had so much work to do.”
Many of the heaviest bur-
dens are falling on younger
doctors and nurses, who are
seen as better suited for high-
risk situations, because of their
stronger immune systems.
One doctor, Peng Yinhua,
died at 29 years old, according
to state media. He was working
in a critical care unit, and had
postponed his wedding celebra-
tion to stay on the job. Li Wen-
liang, the Chinese ophthalmolo-
gist turned folk hero who died
after warning about the dan-
gers of the virus, was in his
early 30s. Both doctors’ wives
were pregnant.
Dr. Zhang, who worried
about her 9-year-old daughter
and sick parents, was more pre-
pared for the crisis than most.
A radiologist at Zhongnan Hos-
pital, a 3,300-bed facility over-
looking a lake in central Wu-
han, she had served on the
front lines of SARS in 2003.
On Dec. 31, Dr. Zhang was on
her first day of vacation and
planning to take a trip with her
parents and daughter to their
hometown in Inner Mongolia.
That morning, her superiors
called, ordering her to attend
an emergency meeting.
Two patients at Zhongnan
had lung infections reminiscent
of SARS. Word was spreading
among staff that a mysterious
illness was sweeping through a
seafood market on the west
side of town.
At the meeting, hospital offi-
cials issued new guidelines for
staff to disinfect their spaces,
unlock windows to ensure cir-
culation of fresh air, and begin
WORLD NEWS
gram” to cut costs. A spokes-
woman declined to comment
further.
Although companies are
pushing to restart factories and
ramp up business as fast as
possible, quarantines and other
government restrictions have
made it hard to do so. As of
late February, only 30% of
China’s small and midsize com-
panies had returned to normal
operations, according to a sur-
vey by the Ministry of Industry
and Information Technology.
A survey of more than 8,000
firms by Chinese recruitment
website Zhaopin in mid-Febru-
ary showed that nearly one-
third planned to cut jobs, while
46% said they might not be
able to pay salaries on time.
Many companies remained
hopeful that hiring would snap
back sharply once the outbreak
is contained.
Disruptions in China’s labor
productivity and supply chain
are expected to scale back for-
eign investment sharply during
the first half of the year, but
are unlikely to deter investors’
wearing goggles and other pro-
tection in some areas.
Dr. Zhang’s colleagues had
asked her to consult on the two
patients’ X-rays, and she was
worried about what she saw.
She warned colleagues that if a
virus had spread from animals
to humans, then human-to-hu-
man transmission would be
easy.
With the hospital short on
supplies, Dr. Zhang made
homemade masks out of gauze
for her parents and daughter,
just like she’d learned to do
‘If we fail, what
happens to you all?’
— Zhang Xiaochun
during SARS. The family can-
celed their holiday.
A few days later, a techni-
cian in the imaging department
discovered he had been in-
fected. Sick patients began
pouring in. Soon dozens of staff
were sick at Zhongnan, and
other Wuhan hospitals, as well.
Most days, Dr. Zhang re-
viewed chest X-rays, a rela-
tively low-risk job. Some days,
she’d don a hazmat suit and
tend to patients herself.
Worried she might bring the
virus back home, and over-
loaded with work, she began
sleeping on an office sofa. She
barely had time to eat and
shower.
She figured her parents, who
lived in her home, could take
care of her daughter. Her hus-
Tough Choices
Steps that Chinese corporations
have weighed during the
coronavirus outbreak
Delay in salary payments
46%
Reduction in salaries
44
Layoffs
31
Headcount reduction
24
File for bankruptcy
19
Other
25
Note: Survey taken Feb. 17-21
Source: Zhaopin.com
longer-term interest, some ana-
lysts say.
Chinese officials have many
tools to help stabilize the job
market, including ordering local
governments to offer unemploy-
ment subsidies and extending
band was living and working
hundreds of miles away and un-
able to join them after authori-
ties announced a strict quaran-
tine of Wuhan in late January.
Then Dr. Zhang’s 69-year-old
mother admitted to feeling
sick. Dr. Zhang convinced her
parents to get tested for the vi-
rus. For her mother’s first visit
to the hospital, Dr. Zhang had
her meet nearby, so her mother
could put on protective gear
before going in.
Both parents came up nega-
tive using the nucleic acid test,
a finicky diagnostic tool. Their
CT scans told a different story.
“When I saw it, I knew,” Dr.
Zhang said, recalling her
mother’s first chest scan. “My
heart sank.” Her father, who
had been reluctant to get
tested, had a lung infection that
turned out to be even worse.
Dr. Zhang had been too
scared to check her daughter,
until the girl volunteered.
“Scan me! It’ll be OK,” she said.
Her lungs were normal.
Still, Dr. Zhang was facing a
crisis. Her husband was away,
her parents were sick and con-
tagious, and she was needed at
the hospital. There was no one
to take care of her daughter,
whose school was closed.
Dr. Zhang planted her in the
family’s living room with in-
structions to look after her-
self—and to stay away from her
grandparents, who quarantined
themselves in other rooms. The
9-year-old learned how to heat
up canned congee, placing it at
each grandparent’s door.
As her parents’ conditions
worsened, Dr. Zhang struggled
to get them admitted to a hos-
pital. Beds were limited and au-
thorities were unwilling to
make arrangements for people
whose nucleic acid tests had
come back negative.
Then, 10 quarantine spots
opened up for family of Zhong-
nan Hospital staff, in an empty
building slated for demolition.
Dr. Zhang raced to grab a num-
ber to reserve a spot, while a
colleague ran to guard two
beds inside.
The new location wasn’t de-
signed to provide any medical
treatment, but getting a room
THE WALL STREET JOURNAL.
credit to stressed companies.
“Every effort must be made
to prevent massive layoffs,
and local governments must
help keep employment stable,”
Premier Li Keqiang said in Feb-
ruary.
China’s urban unemploy-
ment rate crept up to 5.2% in
December from 4.8% at the be-
ginning of last year. Many
economists and scholars have
long warned that official unem-
ployment figures are likely to
be understated; Chinese offi-
cials stand by their numbers.
Even if the epidemic is con-
trolled by the end of March, it
could wipe out as many as five
million jobs, said Dan Wang, an
analyst at the Economist Intel-
ligence Unit.
Miniso, a fast-growing re-
tailer backed by Tencent Hold-
ings Ltd. and private-equity
firm Hillhouse Capital Man-
agement Inc., told staff in a let-
ter Feb. 21 that while it didn’t
intend to lay off workers as a
humanitarian principle, it
planned to slash the next pay-
check—covering January’s
for her parents was a relief for
Dr. Zhang. Although authorities
had publicly announced there
were no more beds there,
scores of people had gathered
there anyway, desperate to get
space. “Some people were
clutching their stomach, others
holding their heads and others
coughing uncontrollably,” said
Dr. Zhang. Her heart broke.
After the chaos that day, she
suddenly remembered her
daughter back home. She tried
calling and pulled over her car.
She was overwhelmed with
feelings of guilt and hopeless-
ness. It took a moment for her
to calm herself down. She told
herself: “It would be a disaster
for the family if I couldn’t pull
it together.”
In a panic
Arriving home, Dr. Zhang
pushed open the door to find
the lights out. In a panic, she
called out for her daughter. A
faint voice replied from the
dark as her daughter stirred
from a nap. She had been hun-
gry without food at home, and
had little energy to do anything
but lie down and sleep.
Her daughter ate the meal
her mother had brought, plead-
ing for things to be different.
She asked why her mother had
to be at work all the time.
“I was afraid to be alone at
home today,” Dr. Zhang’s
daughter told her.
Dr. Zhang felt terrible but
tried to coax her daughter to
understand. “You need to grow
up,” she said. “If you don’t
grow up, Mom will be even
more worried.”
Eventually, her daughter
said, “Mom is so strong, I’ll be
too,” though she admitted she
was still scared. Dr. Zhang
tucked her daughter in for the
night, letting her watch car-
toons from her bed.
Dr. Zhang knew then she
needed to find some way for
her husband to join her in Wu-
han. The couple applied for
special permission from the
government; two days later, he
got approval to
drive the roughly 14-hour jour-
ney into the city.
wages—by 20% and by at
least 30% for February and
March.
A former Miniso employee
in Guangzhou said his manager
told him he could quit and be
paid in full for the first two
months of the year or stay on
staff and accept a forced salary
cut and suspension in March.
The 27-year-old former em-
ployee said he was under great
financial pressure, with an auto
loan, 2,000 yuan ($287) in
monthly rent, and as much as
3,000 yuan in monthly con-
sumer loans. “My savings can
only sustain for another two
months. But looking for a new
job hasn’t been easy. No com-
panies are open for interviews
at the moment.”
A Miniso spokesman said
the company revised its initial
proposal and paid January sala-
ries in full after receiving feed-
back from employees. The com-
pany had no intention to lay off
staff but would “make proper
adjustments” to salaries for
February and March depending
on workloads, he added.
FROM TOP: CHINA DAILY/REUTERS; THE WALL STREET JOURNAL
On Feb. 3, Dr. Zhang took to
her social messaging account to
call for the use of chest X-rays
in diagnosing Covid-19, instead
of lab tests that were resulting
in so many false negatives. She
raised the alarm on cross-infec-
tion within families, recom-
mending the government make
use of hotels and dormitories
to quarantine suspected cases.
The next day, China’s Na-
tional Health Commission in-
corporated the use of chest
scans in diagnoses in Hubei
province. Days later, authorities
reclassified more than 13,000
suspected instances of the virus
as confirmed cases. That meant
many more patients could have
a better chance of access to
treatment, including hospital
beds and quarantine locations
as they opened up.
Friends sent screenshots of
the good news to Dr. Zhang.
She worried about a shortage
of CT scanners and called up
manufacturers that could pro-
duce portable machines. She
helped coordinate with staff at
other facilities to ensure they
had enough equipment and
technicians.
For Dr. Zhang, the outbreak
has felt never-ending. Her hos-
pital oversees three separate
coronavirus facilities with
5,400 beds. At its own campus,
Zhongnan worked to add 2,000
new beds, up from a few hun-
dred for coronavirus pa-
tients previously. With their of-
fices being repurposed for
patients, Dr. Zhang and her col-
leagues moved into a hotel,
where they work and sleep.
One night, Dr. Zhang re-
turned to her hotel carrying
half a dozen lunch boxes for
her colleagues. She says her
back felt like it would split in
two, and she had developed a
persistent cough.
A hotel security guard
checked Dr. Zhang’s tempera-
ture and asked her to log what
time she entered the building.
She had lost track of time.
“I’m fine,” she said, as the
guard raised a thermometer to
her forehead. It was normal.
“If we fail, what happens to
you all?” she said, walking
away.
THE WALL STREET JOURNAL. * * * * * Thursday, March 5, 2020 | A9

WORLD NEWS

Italy Shuts All Schools

To Stem Virus’s Spread
BY MARGHERITA STANCATI
AND MIKE CHERNEY
Italy’s government ordered
all schools in the country to
close until March 15, as part of
an escalating effort to contain
the worst coronavirus outbreak
outside Asia.
The closure, announced
Wednesday, expands a suspen-
sion already in place in north-
ern Italy and will force some
8.4 million students to stay
home. Teachers are encouraged
coronavirus.
Authorities said Wednesday
the number of infected people
had risen to 3,089, up 23%
from 2,502 on Tuesday. Of
those, 107 had died, up from 79
deaths by Tuesday, while 276
people had fully recovered.
Only China, South Korea and
Iran have more confirmed in-
fections.
Italian authorities had al-
ready imposed restrictions in
swaths of the north, closing
schools, universities, museums
and into the rest of Europe.
Health experts say the only
way to contain the outbreak is
to limit social interactions as
much as possible.
Covid-19, the illness caused
by the virus, poses a bigger
threat to the elderly—who
make up nearly all deaths from
the infection in Italy—than it
does to children, who usually
suffer only minor symptoms.
But Italian officials and health
experts said the school clo-
sures could help to slow the

CLAUDIO FURLAN/LAPRESSE/ZUMA PRESS

to give lessons remotely. Uni-
versities are closing too.
The government unveiled
other measures, including
spectator-free soccer matches
and bans on other public gath-
erings, including in theaters,
until April 3. Officials have ap-
pealed to Italians not to hug
and kiss when they meet. Se-
nior citizens are urged to stay
home.
“We’re focused on adopting
all measures to contain or slow
down the virus, because we
have a health-care system that,
however good and efficient it
may be, risks being over-
loaded,” Prime Minister
Giuseppe Conte said.
The mounting shutdowns
and restrictions reflect grow-
ing concern that Italy is failing
to slow the spread of the new
and churches while banning
The closures will last
until March 15, and
public gatherings
will be curbed.
public gatherings such as at
soccer matches and fashion
shows. Clusters of towns at the
heart of the outbreak were
sealed off by police and army
roadblocks, especially in a ru-
ral area south of Milan.
The measures, imposed af-
ter Italy discovered the out-
break on Feb. 20, haven’t
stopped infections from
spreading around the country
spread of the virus among all
age groups.
“Children could amplify the
epidemic, and carry the dis-
ease to their grandparents.
Paradoxically, school closures
help protect the elderly,” said
Giovanni Rezza, who heads the
infectious-disease department
at Italy’s National Health Insti-
tute, the chief disease-control The school closures expand on suspensions already in place in Italy’s north. Above, a university in Milan.
body.
Globally, the virus has in- but four in Hubei province, onavirus patient was infected hit country outside China, offi-
fected over 95,000 people, and where the epidemic is believed by the virus. The dog was cials on Wednesday announced
more than 3,250 have died, ac- to have originated. The number placed in quarantine last week a $10 billion stimulus package
cording to data compiled by of new cases there is the low- after initial tests showed a to support the economy, the
Johns Hopkins University. est since Jan. 21. Also Wednes- weak positive result for the latest effort by global policy
Some 54% of those infected day, Chinese authorities re- new coronavirus. Further tests makers to contain the eco-
with the virus have recovered. ported 38 new deaths from the confirmed the dog had a “low- nomic damage caused by the
More than 14,000 confirmed virus, with 37 in Hubei and one level” infection. Veterinary ex- virus. As of 4 p.m. local time
cases are outside China, triple in the Inner Mongolia region. perts in the city said it was Wednesday, South Korea re-
the number a week earlier. In Hong Kong, a spokesman likely a case of human-to-ani- ported 435 new cases over the
China on Wednesday re- for a government agency said a mal transmission. previous 24 hours, bringing its
ported 119 new cases, with all Pomeranian belonging to a cor- In South Korea, the hardest- total to 5,621.

BRAZIL
Economic Expansion
Slowed in 2019
Brazil’s economy expanded at
its slowest pace in three years in
2019 as the government of Pres-
ident Jair Bolsonaro cut spend-
ing and investment slowed.
Gross domestic product grew
1.1% last year, after expanding
1.3% in each of the previous two
years, the Brazilian Institute of
Geography and Statistics, or
IBGE, said Wednesday. GDP in-
creased 0.5% in the fourth quar-
ter, down from 0.6% in the pre-
vious three months.
It was another disappointing
year for Brazil’s economy, with
growth coming in at less than
half the 2.5% forecast by econo-
mists at the start of 2019. The
year had begun with optimism
about Mr. Bolsonaro’s plan to
overhaul the insolvent pension
system and cut the government
deficit, but the outlook and low
interest rates weren’t enough to
overcome businesses’ reluctance
to boost investment.
A delay to the approval of
the pension overhaul also hurt
growth in the year.
—Jeffrey T. Lewis
WORLD WATCH
PERU
Former U.N. Chief
Pérez de Cuéllar Dies
Javier Pérez de Cuéllar, the
two-term United Nations secre-
tary-general who brokered a his-
toric cease-fire between Iran and
Iraq in 1988 and who in later life
came out of retirement to help
re-establish democracy in his Pe-
ruvian homeland, died Wednes-
day, Peru’s foreign ministry said.
He was 100 years old.
His son said his father died
at home of natural causes.
Mr. Pérez de Cuéllar was “an
outstanding Peruvian, a full-bod-
ied democrat, who dedicated his
life and work to making our
country great,” tweeted Peruvian
President Martín Vizcarra.
Mr. Pérez de Cuéllar’s death
ends a long diplomatic career
that brought him full-circle from
his first posting as secretary at
the Peruvian Embassy in Paris in
1944 to his later job as Peru’s
ambassador to France.
He began his tenure as U.N.
secretary-general on Jan. 1, 1982.
Disturbed by the U.N.’s dwindling
effectiveness, he sought to revi-
talize the world body’s faulty
peacekeeping machinery.
Faced early in his first term
with a threatened U.S. cutoff of
funds in the event of Israel’s
ouster, he worked behind the
scenes to stop Arab efforts to
deprive the Jewish state of its
General Assembly seat.
Mr. Pérez de Cuéllar spent
much of his second term work-
ing behind the scenes on the
hostage issue, resulting in the
release of Westerners held in
Lebanon. His diplomacy helped
bring an end to fighting in Cam-
bodia and the 1980-88 Iran-Iraq
war, and the withdrawal of So-
viet troops from Afghanistan.
After leaving the U.N., Mr.
Pérez de Cuéllar made an unsuc-
cessful bid for Peru’s presidency
in 1995 against the authoritarian
leader Alberto Fujimori, whose
regime crumbled in November
2000 amid corruption scandals.
At the age of 80, Mr. Pérez
de Cuéllar emerged from retire-
ment in Paris and returned to
Peru to take on the mantle of
foreign minister and cabinet
chief for provisional President
Valentín Paniagua. His impecca-
ble democratic credentials lent
credibility to an interim govern-
ment whose mandate was to
deliver free and fair elections.
—Associated Press

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 A10 | Thursday, March 5, 2020
U.S.-Taliban Deal Faces New Hurdles
Afghan leader refuses
to meet Trump’s envoy,
as American military
conducts new strikes
BEIRUT—The Trump admin-
istration is facing an uphill bat-
tle to keep a landmark agree-
ment with the Taliban on track
after a resurgence of violence
and growing diplomatic strain
between Washington and Kabul.
President Ashraf Ghani de-
clined on Wednesday to meet
with President Trump’s special
envoy, who arrived in Kabul in
an effort to salvage a four-day
old agreement calling for the
U.S. military to withdraw from
Afghanistan by next fall, an
Afghan government official
AHMED DEEB FOR THE WALL STREET JOURNAL (2)
Migrants pass Turkish policemen near the border with Greece. Turkey said last week it would no longer stop refugees on its soil from trying to enter the EU.
Refugees Stream Across Turkey Bound for EU
BY DAVID GAUTHIER-VILLARS |
EDIRNE, Turkey—Ali Ubed,
an 18-year-old Syrian refugee,
was on his way to a Turkish
university to file his applica-
tion to start medical studies
last week when his mother
called to say that Turkey had
opened its doors to Europe.
The family, she told the
bright student and fluent Turk-
ish speaker, will move again in
search of a better life, seven
years after fleeing the Syrian
war. On Tuesday, after a four-
day trip through Turkey, the
family of 10 waited in a muddy
field near the European Union’s
frontier, anxious to see if
Greece would let them walk in.
“I know we’re shattering his
dream,” said Sena Ubed, the
mother. “But life has become
too difficult in Turkey.”
Like the Ubeds, thousands
of people hailing from Syria
and other Middle East conflict
zones rushed through Turkey
toward neighboring Greece af-
ter President Recep Tayyip Er-
dogan said last week that Tur-
key would no longer stop the
four million refugees living on
its soil from trying to enter
the EU.
Joining the exodus were a
70-year-old Syrian grand-
mother with only flip-flops to
France
Boosts Gig
Workers
Continued from Page One
ing that being able to choose
one’s working hours doesn’t ex-
clude being classified as an em-
ployee.
“This decision relates to the
case of one specific driver, who
hasn’t used the Uber app since
2017,” Uber said after the deci-
sion. “The ruling does not re-
flect the reasons why drivers
choose to use Uber: the inde-
pendence and freedom to work
if, when and where they want.”
Wednesday’s decision
doesn’t automatically affect the
employment status of other
drivers in France. But the
court’s opinion, which says that
Uber drivers are in a “relation-
ship of permanent legal subor-
dination” to Uber, could give
additional legal grounds to any
Uber driver to demand reclassi-
fication by a French employ-
said. The U.S. envoy, Zalmay
Khalilzad, is expected to in-
stead meet Mr. Ghani’s vice
president, Amrullah Saleh.
Mr. Ghani’s difficulties with
the U.S. have been increasing in
recent months. The U.S. hasn’t
recognized his re-election fol-
lowing a disputed presidential
contest against Mr. Ghani’s ri-
val, Abdullah Abdullah, last
year. And Mr. Ghani has refused
to cooperate with the Trump
administration on its pledge to
the Taliban to secure release of
up to 5,000 insurgents held by
the Afghan government.
Under the deal, the pris-
oner release must precede any
talks between the Taliban and
the Afghan government. Those
talks are set to start Tuesday,
protect her feet from piercing
cold and a 6-day-old baby from
Afghanistan wrapped in an iso-
therm bag. Arriving in the
Turkish border town of Edirne
at night, the baby’s parents
groped in the dark, searching
for a path into Greece.
But Greece cordoned off its
border and forcefully ejected
many who sneaked through,
leaving entire families
stranded at the EU’s doorstep
in a quandary: camp along the
river that divides the two
countries or return to their
precarious lives in Turkey.
Confusion reigned on the
Turkish side of the border this
week as police channeled mi-
grants in different directions
with little apparent logic.
Migrants said they aimed to
enter the EU through Greece,
which is part of a passport-free
travel area within the bloc,
rather than nearby Bulgaria,
which isn’t.
Some found refuge in a hall
normally used for wedding cer-
emonies, others in the ceme-
tery of a small mosque.
The drama playing out
along the border and on some
Greek islands is part of a
standoff pitting Turkey against
the EU over how to cope with
the fallout from nine years of a
war in Syria.
ment tribunal.
“This sends a strong signal
to Uber and other platforms,”
said Fabien Masson, the lawyer
for the former Uber driver, who
will now seek severance and
back pay from the company be-
fore an employment tribunal.
“All Uber drivers will be able to
use this decision.”
Uber nevertheless has indi-
cated it doesn’t plan to change
its business model. An Uber
spokeswoman said the existing
cases in France involve only
former drivers asking for sev-
erance payments. She added
that if a current driver were to
petition to change their em-
ployment status, Uber “would
have no choice but to terminate
the agreement with the driver
as our app isn’t built for this
model (as of now).”
Such a move could lead to
further litigation.
The issue remains under liti-
gation in other parts of the
world. In the U.K., Uber is ap-
pealing a 2018 court ruling that
its drivers have a type of em-
ployment status that entitles
them to some rights, such as
paid vacations and a minimum
wage.
WORLD NEWS
By Dion Nissenbaum
in Beirut, Ehsanullah
Amiri in Kabul
and Jessica Donati
in Washington
but a delay is likely.
On Wednesday the U.S. mil-
itary conducted an airstrike
against the Taliban in defense
of Afghan forces, the first
since the U.S. signed a deal
with the militant group to map
out an end to 18 years of war,
America’s longest.
The Taliban fighters were
targeting an Afghan security
checkpoint in southern Af-
ghanistan, U.S. officials said.
Hours before the U.S. air-
strike, Mr. Trump said he had
Ali Ubed, a Syrian, waits at the border hoping to be allowed to cross.
Fearing a replay of the 2015
exodus that helped stoke anti-
immigrant sentiment, EU coun-
tries have asked Turkey to
comply with a 2016 agreement
under which Ankara effectively
policed the 27-nation bloc’s
southeastern border.
But Mr. Erdogan, who
threatened numerous times to
call off the agreement, has said
he won’t close back borders
unless the EU provides Turkey
with more support to deal with
its swelling refugee population
as well as with humanitarian
chaos in Idlib, Syria’s last rebel
stronghold.
Uber faces mounting regula-
tory challenges in the U.S. Cali-
fornia, which accounts for 9%
of Uber’s bookings, passed a
law last year aimed at reclassi-
fying many gig-economy work-
ers, making them eligible for
corporate benefits such as
health insurance, sick days and
minimum wage.
The issue remains
under litigation
in other parts
of the world.
The law, which went into ef-
fect Jan. 1, establishes a test
that employers must pass to
classify their workers as inde-
pendent contractors. Employ-
ers who don’t meet the test
must treat their workers as
employees.
Uber has said that it meets
that test and so doesn’t need to
reclassify drivers as employees.
At the same time, it has made a
series of changes to give driv-
ers in California more auton-
a “good talk” with Mullah Ab-
dul Ghani Baradar, the Taliban
co-founder who signed the
deal in Doha, Qatar.
The agreement doesn’t ex-
plicitly call for an immediate
reduction in violence. However,
the U.S. military accused the
Taliban of “squandering” its
chance to end the war by step-
ping up its attacks against Af-
ghan security forces after the
deal was signed in Qatar. The
Taliban previously had agreed
to a seven-day reduction in vi-
olence as a show of good faith
before the deal was signed.
The Taliban spokesman in
Doha said the group was com-
mitted to implementing the
deal and moving toward a re-
duction in violence.
“They thought we were jok-
ing,” Mr. Erdogan said Monday,
referring to the EU.
Several top EU officials
came to Greece on Tuesday
and circled over the border
area in a helicopter.
“Our first priority is making
sure that order is maintained
at the Greek external border,”
said European Commission
President Ursula von der
Leyen.
Complicating any resolution,
Turkey is pressing a military
offensive in Idlib aimed at re-
pelling the advance of Syria’s
regime—which is backed by
omy to bolster its argument.
Drivers in the state can now
see where riders are going, in
effect choosing the trips they
want to take. Some can even
set fares.
Uber and other U.S. compa-
nies whose operations rely on
gig workers collectively have
raised more than $110 million
for a ballot initiative this year,
asking that state voters exempt
them from the statute. If peo-
ple vote in the companies’ fa-
vor, it would preclude further
legal challenges and invalidate
any current litigation based on
the law.
The ballot measure promises
several other protections to gig
workers that currently don’t
exist, such as giving drivers 30
cents for each mile driven to
account for gas and other vehi-
cle costs, health-care subsidies
for drivers who work 15 hours
or more a week, and occupa-
tional-accident insurance cov-
erage while on the job.
The stakes are high for Uber.
Any reclassification of workers
would “incur significant addi-
tional expenses,” the company
said in its 2019 annual report
published Monday, adding that
* * THE WALL STREET JOURNAL.
“The other side must also
remove the barriers to the im-
plementation of all parts of
the Agreement,” Suhail Sha-
heen said on Twitter.
U.S. officials had hoped the
Taliban would agree to infor-
mally extend the seven-day
truce, but the Taliban declared
its plans to resume attacks on
Afghan security forces. The
deal stipulates only that the
Taliban must include a cease-
fire as an agenda item when
Afghan talks begin.
Since the signing of the
deal Saturday, Taliban forces
have carried out at least 76 at-
tacks in nearly three quarters
of the country’s provinces, ac-
cording to the country’s Na-
tional Security Council.
Russia and Iran—and avenge
the death of more than 50 of
its soldiers killed in the rebel
enclave last month.
During a visit to Turkey on
Tuesday, U.S. officials pledged
financial aid for displaced pop-
ulations in Idlib but stopped
short of committing military
support for Ankara.
In the muddy field near the
Greek border, Mr. Ubed, his
siblings and his parents sat on
blankets behind a line of Turk-
ish policemen blocking access
to the crossing point, where
journalists weren’t allowed.
More than 2,000 migrants
were stuck in the small buffer
zone in deplorable sanitary
conditions because Greece has
sealed its side of the gate, ac-
cording to Cigdem Cidamli, a
relief worker who was autho-
rized to visit the area.
“Some migrants stole plastic
from greenhouses to make
shelters,” she said. “They have
nothing; it’s horrible.”
Mr. Ubed said he had first
sought to convince his parents
to stay in Turkey—“How can
this be,” he remembered telling
them, “I studied so hard”—but
eventually accepted to keep the
family united.
—Raja Abdulrahim
and Drew Hinshaw
contributed to this article.
it “would require us to funda-
mentally change our business
model, and consequently have
an adverse effect on our busi-
ness and financial condition.”
Uber separately said that
more than 100,000 drivers in
the U.S. “have filed (or ex-
pressed an intention to file) ar-
bitration demands against us
that assert similar classifica-
tion claims.” The company said
it expects to pay $170 million
to settle these cases, of which
$149 million had been paid as
of Dec. 31, 2019.
Such settlements “force
these disputes into the shad-
ows,” said Travis Lenkner,
managing partner at Chicago-
based Keller Lenkner LLC,
which won this week an appeal
of a lower U.S. court ruling in a
Pennsylvania case. The lower
court had ruled that Uber driv-
ers couldn’t be classified as
employees.
“Once the disputes make it
to court, Uber’s business model
is being unanimously rejected.
It’s true in France, it’s true in
the U.K. and now it’s true in
the U.S.,” Mr. Lenkner said.
—Parmy Olson
contributed to this article.
Indecisive
Poll Result
Is Likely
In Israel
BY FELICIA SCHWARTZ
AND DOV LIEBER
TEL AVIV—Prime Minister
Benjamin Netanyahu’s party
won the most parliamentary
seats in Israel’s national elec-
tion on Monday—the country’s
third in less than a year—but
his right-wing bloc fell short
of a majority, leaving no clear
winner and raising the specter
of a fourth election.
With nearly all the votes
counted, Mr. Netanyahu faces
a steep climb to retain his
hold on power. He posted a
strong showing that under-
scored his continuing strength
despite being under indict-
ment for bribery and other
corruption charges.
But parties calling for an
end to his long reign won
more seats in parliament than
Mr. Netanyahu and his allies
did, although their division on
other issues make it unlikely
that a government can emerge
from their ranks.
Monday’s inconclusive elec-
tion, which followed similarly
deadlocked votes last April
and September, leaves Israeli
President Reuven Rivlin with
the task of consulting parlia-
mentary party leaders and
choosing who will get the first
opportunity to hold coalition
talks to form a government.
If no leader manages to form
a governing coalition, the coun-
try could face a fourth vote. Al-
ternatively, new alliances
among Israel’s fractured parlia-
mentary system could cobble
together a governing coalition.
Mr. Netanyahu’s Likud party
secured the largest number of
parliamentary seats at 36. To-
gether with several right-wing
and ultraorthodox allies, his
bloc has 58 seats, three short
of a majority in the 120-seat
Knesset.
Blue and White, a centrist
party led by former army chief
Benny Gantz and the biggest
rival to Likud, won 33 seats.
The Joint List, a group of
Arab parties with 15 seats,
backed Mr. Gantz to be prime
minister after the previous
election in September and
could do so again in the com-
ing days. Still, Mr. Gantz has
no clear path to a majority co-
alition, as the group is unlikely
to sit in a government with
him and would provide only
outside support.
As in the two previous elec-
tions, Avigdor Lieberman,
head of the secular right-
wing party Yisrael Beitenu
that won seven seats in Mon-
day's vote, will play a key role.
U.S. Charges
Linguist Over
Data on Spies
BY WARREN P. STROBEL
AND ARUNA VISWANATHA
WASHINGTON—A military
linguist was charged with pro-
viding classified information,
including the real names of
people spying for the U.S., to a
Lebanese man connected to
the Iran-backed Hezbollah mil-
itant group.
In what would be a major se-
curity breach, officials said the
linguist, Mariam Taha Thomp-
son, 61 years old, who works
under contract for the Defense
Department, transmitted the
highly classified data while
serving at a Special Operations
Task Force site in Erbil, Iraq.
A Federal Bureau of Investi-
gation affidavit said beginning
around Dec. 30—the same day
protesters stormed the U.S. Em-
bassy in Iraq to protest U.S. air-
strikes a day earlier—computer
audit logs showed a shift in Ms.
Thompson’s activity on classi-
fied Pentagon computer net-
works. In the ensuing 40 days,
Ms. Thompson accessed 57
files, which “she did not have a
legitimate need to access,” con-
cerning names and other iden-
tifying information regarding
eight U.S. human-intelligence
sources, the affidavit said.
Ms. Thompson, of Roches-
ter, Minn., was arrested in Iraq
on Feb. 27 and faces espionage
charges. She didn’t comment
on the charges during a brief
court hearing on Wednesday
and hasn’t entered a plea.
If convicted, she faces the
possibility of life in prison.
 THE WALL STREET JOURNAL.
New York Coronavirus Cases Climb to 11
Cuomo says number
is expected to rise;
nine patients are in two
Westchester families
BY MELANIE GRAYCE WEST
AND JIMMY VIELKIND
Eleven New Yorkers, includ-
ing nine members of two
Westchester County families,
have tested positive for the new
coronavirus, and the number of
cases is expected to grow, state
officials said Wednesday.
Gov. Andrew Cuomo said all
but one of the cases are tied
to one another, with the con-
nection being a 50-year-old
lawyer from New Rochelle who
was the second person in the
state to contract the virus.
The lawyer’s wife, their 14-
year-old daughter, who at-
tends a Bronx private high
school, and their son, a 20-
year-old student at Yeshiva
University who lives in cam-
pus housing, have the virus,
officials said Wednesday.
Five members of another
New Rochelle family that had
contact with the lawyer have
also contracted the virus. A
neighbor who drove the law-
yer to the hospital tested posi-
tive, too.
Mr. Cuomo said hundreds of
Westchester residents who
might have come in contact
with the attorney are now in
self-isolation. Other than the
attorney—who was in stable
condition and improving at a
Manhattan hospital—the other
infected people are isolated in
their homes.
Officials said the virus will
continue to spread, and the
state is working to increase its
testing capacity. Still, Mr.
Cuomo said most people who
become infected with the virus
won’t require hospitalization
and should take precautions
akin to a case of the flu.
PAU
A rendering of the proposed Sunnyside Yards development. A $14.4 billion deck would be built over the train yard to accommodate new housing, parks and schools as well as office, industrial and retail space.
Queens Project to Offer 12,000 Affordable Apartments
BY KEIKO MORRIS
A master plan to develop
Sunnyside Yard in Queens en-
visions a $14.4 billion deck
over the train yard to make
room for 12,000 affordable
apartments, in what would be
New York City’s largest such
development in decades.
Half of Sunnyside Yard’s
housing would provide rental
apartments for low-income
families earning below 50% of
the area median income with
the other half committed to
affordable homeownership
programs, according to the
plan by the New York City
Economic Development Corp.
The venture would represent
the largest development of af-
fordable housing in the city
since the middle-income com-
* *
GREATER NEW YORK
Yeshiva University workers unloaded cleaning supplies Wednesday. The school canceled classes and
social events at its Washington Heights and Midtown campuses after a student tested positive.
“The number of people in-
fected will continue to in-
crease. It is a function of
mathematics. We’re now play-
ing this game, oh, one here,
one here—Whac-A-Mole,” Mr.
Cuomo said. “The good news
is, remember, if you are in-
fected, what does that mean?
Eighty percent self-resolve.”
The members of the second
family who have the coronavi-
rus are a 45-year-old father, 46-
year-old mother, two boys and
one girl. Another boy tested
negative. The father is friends
with the attorney and had spent
plex Co-op City was built in the
Bronx about a half-century ago,
housing-policy analysts said. It
also would be the rare instance
when every new apartment in
such a large development would
be classified as affordable.
“We’re running out of land
in New York City, and it is
harder and harder to find
places for real affordable hous-
ing,” said James Patchett, pres-
ident of the EDC, the city’s eco-
nomic-development arm “When
you think about a site of that
scale, you need to put afford-
able housing at its center.”
Details of the proposal are
in a master-plan summary re-
viewed by The Wall Street
Journal. The plan is a nonbind-
ing document that sets out a
flexible, long-term develop-
ment guide. The $14.4 billion
NY
time with him in multiple cir-
cumstances, said Mr. Cuomo.
The children attend Westchester
Torah Academy, which is closed,
said Mr. Cuomo, adding that of-
ficials were working to track
that family’s movements.
Yeshiva University said
Wednesday evening that it is
canceling all classes and social
events at its Washington
Heights and Midtown Manhat-
tan campuses until after Pu-
rim, March 10.
New York City Mayor Bill de
Blasio said Wednesday that the
student who has coronavirus
figure includes estimates for
the cost of building the deck,
the streetscape and necessary
structures for utilities and con-
tinued train operations below.
Exact costs and funding of
such a development have yet
to be determined, city officials
said. But analysts and afford-
able housing developers said it
would require an enormous
amount of public investment.
Details could change with
planning and public input. The
project is also expected to take
decades to complete, with
housing developed in phases
after the creation of a regional
rail station, EDC officials said.
The plan focuses on about
80% of the 180-acre train yard,
and it includes a new rail sta-
tion to serve all regional com-
muter agencies. It also calls for
Thursday, March 5, 2020 | A10A
City Teacher
Self-Quarantines
A New York City public-
school teacher who recently
traveled to Italy is under self-
quarantine after showing
symptoms of the new corona-
virus, prompting city officials
to order that her school be
given a deep clean and disease
specialists retrace her steps,
officials said.
The teacher spent a few
days in the classroom before
showing signs of the illness,
Schools Chancellor Richard Car-
ranza said Wednesday at a
news conference at City Hall.
She will likely be tested for
the virus on Thursday, accord-
ing to Department of Educa-
tion officials.
If her test comes back posi-
tive, her entire class of stu-
dents will be tested, as will
DAVID DEE DELGADO/GETTY IMAGES
teachers with whom she might
have had close interactions, the
officials said.
“The teacher followed
proper protocol by not coming
to school when she developed
symptoms. We notified the
Health Department,” Depart-
ment of Education spokes-
woman Miranda Barbot said.
hadn’t been on campus since tern, have been tested for the
Feb. 27. A roommate and a close virus, said Mr. de Blasio. The
friend are being tested, and man first became ill on Feb.
health workers are tracking the 22, and was admitted to the
contacts of those two people. hospital five days later. Mr.
The private Jewish high Cuomo said Wednesday after-
school that the lawyer’s 14- noon that eight employees of
year-old daughter attends, NewYork-Presbyterian Law-
SAR High School in the River- rence Hospital in Bronxville,
dale section of the Bronx, will where the attorney was first
remain closed until next week, admitted, are being tested.
Mr. Cuomo said. The man didn’t have any
New York City health offi- known travel to affected areas,
cials said Tuesday that the but had been in the Miami
lawyer worked at Lewis and area recently and had traveled
Garbuz PC. All seven of the to Israel, health officials said.
man’s colleagues, and an in- New York State Health Com-
60 acres of open spaces and ceive priority when developers
parks, new libraries, 10 to 12 are selected. The master plan
new schools as well as office, will create a nonprofit made
industrial and retail space. up of the city, Amtrak and
The city’s EDC led the pub- Metropolitan Transportation
lic planning process and co- Authority officials and com-
wrote the master plan with munity and elected officials to
Amtrak, which controls a large guide the planning process.
portion of the rail yard. The master plan aims to
“It’s unprecedented in the help tackle the city’s housing
last 50 years and it’s amaz- needs. From 2009 to 2018, New
ing,” said Jonathan F.P. Rose, York City’s employment grew
president of Jonathan Rose by 700,000 jobs but the hous-
Cos., a real-estate firm spe- ing supply didn’t keep pace,
cializing in affordable housing adding only 197,000 housing
development. “When you com- units, according to the city’s
bine those things with schools, Department of City Planning.
parks, health care, social ser- The portion of city renters
vices, it creates the platform spending more than 30% of
for people to move forward their income on rent was
economically with their lives.” 52.6%, according to the NYU
Minority- and women- Furman Center.
owned firms and community- “You talk to people all over
oriented nonprofits would re- the city in every neighbor-
Department of Education
officials declined to identify the
teacher’s school, but said it
would be deep-cleaned.
Mr. Carranza said closing a
school with a coronavirus case
would be a “last option” be-
cause it would cause a signifi-
cant disruption to students,
parents, teachers and adminis-
trators. He said the agency has
been working with the city’s
Department of Health and Men-
tal Hygiene on a remote-learn-
ing plan. He said he hopes to
avoid the contingency plan.
Officials have stepped up
cleaning at the city’s roughly
1,800 public schools, and have
canceled all school trips to
China, Japan, Iran, Italy and
South Korea, according to Mr.
Carranza.
The city Department of Ed-
ucation said that students’ at-
tendance records during this
school year won’t affect the
current or coming year’s appli-
cations to middle or high
schools.
Many parents have worried
that absences connected to
the virus could hurt their chil-
dren’s chances for admission to
selective public schools that
take attendance into account.
—Katie Honan
and Lee Hawkins
missioner Howard Zucker said
the man had an underlying re-
spiratory condition.
In all, the State Department
of Health said Wednesday that
there were 38 pending corona-
virus tests for people through-
out the state.
The first person in the state
to test positive for the virus
was a 39-year-old health-care
worker who had recently re-
turned from Iran. She and her
husband were quarantined at
their Manhattan home. Mr.
Cuomo said the husband had
tested negative.
hood…they feel increasing
housing prices as a real threat
to New York as we know it,”
said Vicki Been, deputy mayor
for housing and economic de-
velopment.
Half the 6,000 low-income
rental apartments would target
very low-income families, those
earning 30% of the area median
income. The other 6,000 hous-
ing units available for ownership
would target families earning an
average of 100% of the median
area income, EDC officials said.
The high cost of building
over rail yards will be a chal-
lenge for the project. Federal,
state and city tools, including
tax-exempt bonds and afford-
able housing subsidies, could
be used, Mr. Patchett said. Re-
duced property taxes also
could come into play.
A10B | Thursday, March 5, 2020 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

METRO MONEY | By Anne Kadet
GREATER NEW
YORK WATCH
New Ride App Hails From Brooklyn NEW JERSEY

Is Aleksey Governor’s Surgery

Medvedovskiy Was Successful
the craziest
entrepreneur Gov. Phil Murphy’s surgery
in town? Two Wednesday to remove what
weeks ago, was likely a cancerous tumor on
the Brooklyn taxi-fleet his kidney was successful, the
owner launched Myle, which state’s acting governor said.
is—oh, boy—a new app- Sheila Oliver, who was
based ride-hailing service. elected with Mr. Murphy as New
Myle’s chief rivals, of Jersey’s lieutenant governor in
course, are Uber and Lyft, 2017, said in a tweet that he is
which have jointly raised resting at a New York hospital.
tens of billions in funding She gave no other details about
and are still reporting sub- the surgery.
stantial losses. How does Ninety percent of such tu-
Mr. Medvedovskiy expect to mors are cancerous, Mr. Mur-
make a profit in this busi- phy’s office has said, but doctors
ness? When I met up with weren’t able to tell for sure until
him last week, I told him I the surgery. Ms. Oliver’s tweet
thought his quest is insane. didn’t address whether the tu-
“It is!” he said. “I agree. I mor was cancerous.
never said I’m normal. It is Ms. Oliver will serve as acting
crazy.” governor until further notice, Mr.
But perhaps not quite as Murphy’s office said earlier in a
BRYAN THOMAS FOR THE WALL STREET JOURNAL (2)

loony as it sounds. statement.

Unlike Uber and Lyft, —Associated Press
which inhabit fancy offices
in San Francisco, Myle MANHATTAN
shares space with Mr.
Medvedovskiy’s cab-leasing Ex-Jail Guard Pleads
company, NYC Taxi Group— Guilty to Sex Abuse
a few rooms over a repair
garage in an industrial A former correctional officer
stretch of Kensington, pleaded guilty Wednesday to
Brooklyn. Mr. Medvedovskiy sexually abusing a woman
located there 10 years ago housed at the Metropolitan Cor-
because the area is home to rectional Center, a federal lockup
many immigrant cabbies Aleksey Medvedovskiy owns a cab-leasing company in Brooklyn and just launched Myle, an app-based ride-hailing service. that houses some of the highest-
from Pakistan and Bangla- profile inmates in the country.
desh. his family when he was 12 oddly sanguine. “You got The officer, Colin Akparanta,
While Uber and Lyft em- years old. His dad got a job the car three times out of admitted using his authority to
ploy thousands, Mr. Medve- as a cabdriver and, within a three, right?” he said. “And coerce the inmate into sex acts in
dovskiy has the 30-odd em- year, Mr. Medvedovskiy was we’re not burning billions of 2017. He pleaded guilty to felony
ployees of his taxi business working in the garage, dollars. I think it’s a great counts of abusive sexual contact
—including his father, fetching sandwiches and as- thing.” and deprivation of civil rights.
mother and brother—per- sisting the mechanics. As more drivers join the Assistant U.S. Attorney Lara
forming double duty as By the time he entered platform, he said, wait Pomerantz said some of the
Myle staffers, training new high school, he was working times will improve. abuse occurred in solitary-con-
drivers, for example. full time as a dispatcher for At the end of our inter- finement cells and in a part of
“An employee here can go a tiny cab fleet. He took view, I told him I was plan- the jail known as “the bubble,” an
from a tire change to on- over the business in 2004, ning to take the subway area outside the view of security
boarding a driver,” he said. expanding the operation to home to Brooklyn Heights. cameras.
“We don’t have divisions. more than 300 cars and 600 “Why don’t you give Myle Mr. Akparanta faces between
We don’t burn money.” drivers at its peak. one more try?” he said, and 37 months and 46 months in
And Myle won’t spend The taxi industry, of summoned a car with his prison under federal sentencing
much on marketing. Because course, has since been deci- app. It took two tries before guidelines, defense attorney Nich-
it employs no surge pricing mated by the likes of Uber the fare was accepted—by a olas Kaiser said.
and offers lower rates than and Lyft. In the last five new driver who had just —Associated Press
Uber and Lyft, Mr. Medve- years, cab revenue fell 50% signed on with Myle in the
dovskiy believes the busi- in New York City. Myle may office upstairs. CONNECTICUT
ness will market itself represent Mr. Medvedovs- As we headed to Brooklyn
through word-of-mouth. kiy’s best opportunity to Heights, driver Beck Och Cities Seek Aid on
thrive. told me he’d been with Uber ‘Forever Chemicals’

A
s for drivers, New for three years and plans to

H
York City offers a ow is it performing? keep working with the The largest organization of
pool of more than A few days after the global giant. He is excited to cities and towns in Connecticut
100,0000 hacks who have service launched, I give Myle a try, but skepti- has called on the state and busi-
been screened and licensed took Myle for a test drive. It cal of its future. nesses to provide them with
by the Taxi and Limousine was a bumpy ride. On three “Even if you have $10 more help in addressing the ex-
Commission, and in many occasions, it took at least 15 million to invest, you cannot pensive environmental fallout
cases trained by the likes of minutes to summon a car. In become like Uber and Lyft,” from chemicals in firefighting
Uber and Lyft. Many work one case, it took several at- he said. “There’s no way.” foam and similar products.
with multiple outfits and tempts to find a driver. In But Mr. Medvedovskiy The Connecticut Conference
think nothing of adding a another instance, the driver said he doesn’t need to be of Municipalities said the $2 mil-
third or fourth app to their pulled over mid-ride and the next ride-hailing giant, lion that Democratic Gov. Ned
phone. Myle already has told me his fan belt was he just wants a slice of the Lamont proposed in his budget
6,000 drivers on board, in- drivers along with certain in this town. busted. I requested a re- New York pie. “We are not is good but not enough. The
cluding 1,500 cabdrivers, restrictions on driver activ- “Absolutely,” he said. “It’s fund, which still hasn’t ma- looking to make investors funding is supposed to help cit-
Mr. Medvedovskiy said. ity. Once Myle passes that not rocket science.” terialized. happy,” he said. “We are ies and towns get rid of the
Lyft declined to comment threshold, it will have to But not everyone does, of Myle offered the lowest just looking to provide ser- foam, which contains toxins of-
for this article. Uber noted compete on equal footing. course. Mr. Medvedovskiy is fare in less than half my 26 vice. And get a little bit ten called “forever chemicals,”
that until Myle reaches I wondered, chatting with an unusually driven charac- price comparisons. more business back into the and replace it with different fire-
10,000 fares a day, it is ex- Mr. Medvedovskiy, whether ter. Mr. Medvedovskiy agreed cabs.” fighting products through a new
empt from city regulations anyone so inclined could He moved to Brooklyn this performance needs im- buyback program.
requiring minimum pay for launch a ride-hailing service from Ukraine in 1994 with provement, but sounded anne.kadet@wsj.com —Associated Press

THE

MADE TO

MEASURE
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EXCLUSIVE FABRICS • CUSTOM DETAILS

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THURSDAY, FEBRUARY 27 -
FRIDAY, MARCH 13
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Cesare Attolini
 THE WALL STREET JOURNAL.
FROM TOP: ILLUSTRATION BY MARK MATCHO; SPIRIT AIRLINES, INC.
New Love for the Middle Seat
Airlines are experimenting with middle seats that are wider than those on the window or aisle
N
o-repair automo-
biles. Self-chang-
ing diapers. Never-
wilt fresh flowers.
Comfortable mid-
dle seats.
Which one might actually hap-
pen? Airlines and seat manufactur-
ers have figured out that adding
an extra inch of width to the mid-
dle seat can actually improve com-
fort for everyone in a row.
Frontier, Spirit, Air New Zea-
land, Etihad, Korean Air and a
dozen other airlines have been in-
stalling coach seats with a bit
more width for the poor soul in
the middle. And the results have
surprised airlines: Comfort scores
improve across the row because
the passenger in the middle isn’t
infringing as much on the passen-
gers on either side.
“That additional inch of benefit
has translated into making the
middle seat almost like you are ag-
nostic across the row, which is re-
ally fascinating,” Spirit chief exec-
utive Ted Christie says.
Long before the global spread of
coronavirus, the middle seat (the
airplane seat, not the weekly col-
umn) has always been the most
In ‘Devs,’ a Sci Fi Muse
Tackles a Tech Drama
BY JOHN JURGENSEN
A ROBOT WHOSE artificial intel-
ligence leads to disco dancing and
murder. A shape-shifting life-form
at the center of an alien takeover
of Earth. A scientist running a
drug trial that sends people into
their subconscious.
Roles like these have given actor represented in leading roles across
Sonoya Mizuno a specialty in unset-
tling sci-fi dramas and dystopian
tech thrillers, like “Ex Machina,”
“Annihilation,” “Maniac.”
Ms. Mizuno, a former ballerina,
says she can only guess why she
emerged as a sort of muse of the
uncanny, including in a music video
for electronic duo the Chemical
Brothers that
finds her trans-
forming into a
cyborg as she Sonoya Mizuno stars in leading roles.
dances. “I think her first leading role,
there’s maybe a
strangeness after ‘Ex Machina’
about me,” she and ‘Annihilation’
says. “And it’s
suited to worlds
that have these
mind-bending spaces.”
Six years after leaving a career
in dance, Ms. Mizuno now appears
in a sci-fi story rooted in heady ar-
guments about determinism vs.
free will. In “Devs,” an eight-epi-
sode TV series premiering Thurs-
day, Ms. Mizuno plays Lily Chan, a
software engineer desperate to
FROM TOP: FX; EVERETT COLLECTION
learn the purpose of a secret de-
velopment project within the tech
company she works for.
FX will release episodes of
“Devs” on the cable network’s new
streaming TV hub called FX on
Hulu. “Devs” is the third release
Ms. Mizuno has worked on with
Alex Garland, who wrote and di-
LIFE&ARTS
THE MIDDLE SEAT | SCOTT McCARTNEY
hated, and it’s doubtful
fliers will ever prefer
it. The middle-seat
passenger will always
be fenced in, unable to
lean into the aisle or
gaze out the window.
And there will always
be a battle over the
armrests (which
should go to the mid-
dle seat as compensa-
tion in a just world).
There could even
be a backlash from
passengers in pre- The new Spirit Airlines interior with a larger middle seat.
mium aisle and win-
dow seats if they feel like they are
cheated out of a few precious cen-
timeters. Space equals comfort on
an airplane. For now, most of the
wider middle seats steal inches
from the actual aisle, not neigh-
boring seats. But that could
change if popularity grows.
Airlines see an opportunity to
differentiate, and even sell middle
seats for higher fees. The wider
middle seats have been developed
for Airbus narrow-body airplanes in
the A320 and A220 families. The
commonly used A320 is wider than
its rival, the Boeing 737. So coach
rected the TV series.
In discussing her science fiction
roles, the half-Japanese actor
touches on the genre’s history of
exoticism and “the way that
Asians have been perceived as fu-
turistic” by Hollywood. Though
such stereotypes have receded, she
says, Asian actors are still under-
genres. The growing number of ex-
ceptions to that includes the hit
movie “Crazy Rich Asians,” which
featured Ms. Mizuno in one of her
non sci-fi roles, as the bride in
over-the-top wedding proceedings
in Singapore.
Over the years, Ms. Mizuno and
Mr. Garland say, they have discussed
their industry’s
need for more
Asian actors in
However, her
role in “Devs”
wasn’t guaran-
teed. The direc-
tor says many
actors—all of
Asian descent—
were considered for the role of Lily,
and narrowed down to a final four
who auditioned for the part.
“I try to go into other auditions
with the mind-set that the job is
not mine anyway, so it’s not a big
deal if I don’t get it,” she says.
“With this one I knew what it
meant to get the job. I felt like I
had something to lose.”
It’s the 33-year-old actor’s first
leading role. And, unlike some of
her previous supporting characters
who were wordless or other-
worldly, Ms. Mizuno’s protagonist
in “Devs” goes through painfully
human emotions as she struggles
to solve a mystery that causes
Acro says 80% of its
deliveries for Airbus
planes the past two
years have had the
wider middle seat.
“It’s become our base-
line product,” says
Marc Westcott, Acro’s
key account manager
in the U.S.
Air New Zealand
says passengers are
noticing. “The slightly
wider middle seat
helps balance out the
fact that the window
and aisle seat custom-
seats are typically 18 inches wide, ers enjoy a greater sense of
compared with a bit more than 17 space,’’ says Anita Hawthorne, Air
inches for a coach seat on a 737. New Zealand’s general manager for
The A220 was designed from customer experience.
the start with wider seats in mind. Spirit has long put 17-inch-wide
Airbus says its standard layout has seats in its A320s so it could have
an extra half-inch in the middle a spacious center aisle. Passengers
seat. (Delta, however, opted for all and crew can squeeze by when a
seats the same size.) cart is in the aisle, and the wider
On the A320, Acro Aircraft Seat- aisle lets passengers board and
ing came up with a configuration exit faster, helping the airline
giving an extra inch to the middle shorten the time planes sit on the
seat but keeping aisle and window ground between flights.
seats at 18 inches wide. The extra Now, Spirit is installing Acro
space comes mostly from making seats with 18-inch middle seats in
the center aisle a bit narrower. each row of six seats and shrink-
Above: Ms. Mizuno plays a software engineer investigating her boyfriend’s
disappearance in ‘Devs.’ Below: Ms. Mizuno with Alicia Vikander in ‘Ex Machina.’
many casualties around her. played by Natalie Portman.
In 2014’s “Ex Machina,” the Brit- While Ms. Mizuno’s grounding in
ish novelist-turned-screenwriter’s dance helped shape some of her
debut as a director, and Ms. Miz- earliest screen performances, her
uno’s debut as an actor, she played physical presence is only one aspect
an automaton who turns on her cre- of what sets her apart from other
ator, and co-starred with Domhnall actors, Mr. Garland says: “In the
Gleeson, Oscar Isaac and Alicia Vi- vibe she projects, she’s atypical and
kander. In the second movie di- she’s got a different energy.”
rected by Mr. Garland, “Annihila- Born in Tokyo to a Japanese fa-
tion,” Ms. Mizuno was ther and an English-Argentine
unrecognizable as a humanoid mother, Ms. Mizuno was raised in
whose movements grotesquely mir- England after her parents divorced.
ror those of its prey, a character From ages 9 to 20 she trained at
Thursday, March 5, 2020 | A11
ing the open aisle space by 2
inches. The aisle is still more than
25 inches wide.
Spirit has been upping its game
the past few years, improving its
operation by reducing delays and
cancellations. The airline has
moved from near the bottom of
the Middle Seat Scorecard in 2016
and 2017 to the middle of the pack
last year.
Mr. Christie says Spirit took a
hard look at improving its cabin
and hit on the new Acro seats,
which also offer some extra leg-
room by redesigning the tray table
50%
Improvement in Spirit customer
scores for new middle seats
and introducing more curvature
in the seat back. Part of the prod-
uct review included exploring the
idea of giving extra space to the
middle seat.
Rows are still only 28 inches
deep—tightest in the industry.
(Most others have seat pitch of 30
or 31 inches.) And Spirit seats are
“pre-reclined”—airline-speak for no
recline—since they are so close to
each other. Spirit has 182 seats on
its A320. JetBlue has 162 on the
same aircraft, Delta has 157 and
American and United both have 150.
Post-flight passenger surveys
show a 40% improvement in com-
fort scores for the new seats com-
pared with the old ones, Mr. Chris-
tie says. Among middle-seat
passengers, there’s a 50% improve-
ment. That makes the middle-seat
score almost the same as aisle
and window seats—a surprise to
the airline.
Spirit has the wider seat on six
newly delivered aircraft so far. The
new seating will be on all future de-
liveries, and retrofit into existing
planes starting later this year. By
the end of 2020 it will be on more
than 20 airplanes, Spirit says. As it
becomes more widely available, the
airline will start promoting it heav-
ily and pricing seat assignments to
reflect the added room.
That may be a tough sell. Trip-
advisor’s SeatGuru rates seats on
individual airline flights to help
travelers pick the most comfort-
able option and avoid annoyances.
It will begin noting wider middle
seats when the innovation reaches
more critical mass, says Dan Gel-
lert, Tripadvisor vice president
overseeing SeatGuru.
So far, SeatGuru hasn’t gotten
any meaningful commentary on
wider middle seats. And Mr. Gel-
lert is skeptical it will get travelers
requesting them.
“The 1 inch is not going to be
able to sway preferences,” Mr.
Gellert says.
the Royal Ballet School in London,
then danced professionally with the
English National Ballet and compa-
nies in Germany and Scotland. She
quit the Scottish Ballet in order to
go shoot “Ex Machina.” She had
been offered a minor part in the
movie, but didn’t yet know that she
would be promoted to the support-
ing role of Kyoko, who shares a
memorable dance routine with Mr.
Isaac’s character.
“I had to get on that plane and I
knew that nothing else was wait-
ing for me after ‘Ex Machina,’ but I
still knew it was the right thing to
do,” Ms. Mizuno recalls.
In “Devs,” the explosion of Lily’s
life is caused by the disappearance
of her coder boyfriend (Karl Glus-
man). He disappears shortly after
joining an elite division within a
Bay Area tech company overseen
by a shaggy visionary (Nick Offer-
man) and his lieutenant (Alison
Pill). The project leads to multiple
murders and a corporate conspir-
acy involving big data. Despite
such thriller elements the series is
often quiet and hypnotic, and re-
volves around philosophical ques-
tions and quantum physics.
Mr. Garland says his production
crew accentuated the “inbuilt
oddness” of Lily’s character in Ms.
Mizuno’s look in “Devs”: hair
cropped short, a lack of makeup,
simple unisex outfits, often in
white. “All that is to project a
kind of protagonist that people
feel unfamiliar with and think, ‘I
don’t know how this one works,’”
the director says.
With longevity as her prevailing
career goal, Ms. Mizuno says she
is looking to do theater, and for
more characters dealing with “ev-
eryday circumstances” beyond sci
fi. Mr. Garland says he plans to re-
assemble the cast and crew mem-
bers of “Devs” for another TV se-
ries featuring a different title and
premise. He says he has already
written two episodes, so a return
to the genre for Ms. Mizuno could
be predetermined.
A12 | Thursday, March 5, 2020 THE WALL STREET JOURNAL.

LIFE & ARTS

YOUR HEALTH | SUMATHI REDDY

Why Daylight-Saving Time Is Bad for You

The one-hour shift disrupts sleep and raises the immediate risk of heart attacks and strokes, research shows
EARLY SUNDAY morning, most emy of Sleep Medicine intends to
people in America will spring for- publish this year.
ward and move their clocks one About half-a-dozen studies have
hour ahead to daylight-saving time. found a 5% to 15% increased risk of
It is good news for those who having a heart attack during the
enjoy more daylight in the eve- days after shifting to daylight-sav-
ning. But experts say a growing ing time. “It’s a preventable cause
body of evidence shows that the of cardiac injury,” Dr. Rishi said.
annual time shift is bad for our One study found the opposite effect
health, disrupting our circadian during the fall, in the days after the
rhythms and sleep and leading to transition back to standard time.
a higher immediate risk of heart “So maybe the risk stays high
attacks, strokes, atrial fibrillation throughout the time when we are
and potentially car accidents. on daylight-saving time,” he said.
One thing is clear: A majority of The evidence in strokes is less
Americans and states want to stop abundant, with one 2016 study
the tradition of moving clocks an showing an increased in the two
hour ahead in spring and an hour days after the transition to day-
back in the fall. A 2019 survey by light-saving time, said Dr. Rishi.
the Associated Press and NORC Other studies have found an in-
Center for Public Affairs Research creased risk of atrial fibrillation,
found that 28% of people polled as well as more emergency-room
are happy with the status quo. visits and an increased risk of de-
Meanwhile, 31% would like to be pression and suicide.
on daylight-saving time year- Jori Ruuskanen, a neurologist at
round, while 40% would prefer Turku University Hospital in Fin-
FROM TOP: ILLUSTRATION BY ROB WILSON; ISTOCK

sticking solely with standard time. land, was first author of a stroke
More states are passing legisla- study that found an 8% increase in
tion to stay on daylight-saving the rate of strokes in the two days
time permanently though the following the shift to daylight-sav-
change can’t be made without con- ing time but no increase over the
gressional action. In the past three whole week. He speculates that
years, nine states have passed the transition triggered strokes a
measures to stay on daylight-sav- bit earlier than they would have
ing time year-round and many occurred otherwise.
more are considering legislation. Hitinder Gurm, a professor of
But many health experts say the interventional cardiology at the
switch should be to permanent University of Michigan, is senior
standard time and are calling for author of a 2014 study that found
an end to daylight-saving time. a 24% increase in heart attacks in
Studies have compared the rate of the day after the daylight-saving
heart attacks and strokes immedi- How to Prepare for Changing Times time change but not when looking
ately after switching to daylight- at the whole week. Dr. Gurm and
saving time to other times of the The American Academy of Sleep bedtime 15 to 20 minutes earlier. his colleagues subsequently re-
year. Such studies are retrospec- Medicine’s tips for moving to day- n Get exposure to morning sunlight peated the same study with the
tive so they show an association light-saving time: on Sunday to help regulate your in- most recent five years of data and
between daylight-saving time and n Get at least seven hours of sleep ternal clock. found no statistically significant
certain health conditions but don’t before and after the transition. n Exercise caution during activities effect. The latter study’s findings
prove that it causes them. Com- n Adjust sleep and wake times two that require alertness in the week haven’t been published. Dr. Gurm
parison studies haven’t been done to three days before by shifting after the transition. speculated that the change may be
in countries that don’t observe the due to better care of cardiac pa-
time change, such as Colombia. tients or perhaps the proliferation
Clock changes affect our internal of mobile phones, making people
circadian clocks, which are located clock, which researchers refer to Neurology that switching between Mary Beth O’Connor, a 57-year- less anxious about remembering to
in every cell in our body and influ- as “social jet lag,” Dr. Roenneberg daylight-saving time and standard old professor who has a circadian change their clocks.
ence our biological workings, from said. Permanent standard time is time is bad for the brain. “Going rhythm sleep disorder, knows the Andrew Krumerman, a professor
hormone levels to blood pressure. closer to the sun’s natural time so back and forth is ridiculous and feeling. Melatonin tests show that of medicine at Montefiore Medical
All our biological functions oscillate social jet lag is reduced, he added. disruptive, it makes no sense,” the time her body naturally falls Center/Albert Einstein College of
daily with our circadian rhythm and “Daylight-saving time means said Dr. Malow. asleep is about 6 a.m. “Your body Medicine in the Bronx, is senior au-
disrupting this internal clock can that we virtually live in another A survey conducted by the knows what time it’s supposed to thor of a study published in Janu-
affect our health. time zone without changing the American Academy of Sleep Medi- be and when they change the time, ary in the journal Sleep Medicine
The Society for Research on Bio- day-light cycle,” Dr. Roenneberg cine reported people—such as showing an increase in atrial fibril-
logical Rhythms published a study said. “The problem is the misalign- that 55% of myself—with lation admissions following the
last year calling for abolishing day- ment. The circadian clock is trying Americans re- sleep disorders transition to daylight-saving time
light-saving time. Till Roenneberg,
professor emeritus at the University
of Munich in Germany and presi-
dent of the World Federation of So-
to optimize our physiology. Now
suddenly we have to do things
which are not at the biologically
appropriate time.”
port feeling
tired after the
transition to
daylight-saving
55%
of Americans are tired after the
have a seriously
hard time adjust-
ing,” she said.
“As soon as
but not after the fall time change.
Findings on the effect of time
changes on car accidents are mixed.
One study published last month in
cieties for Chronobiology, was lead “It’s a general stress of the time. The transition to daylight-saving time the clock the journal Current Biology found a
author of the article and a follow- physiology,” he added. group’s health changes, it 6% increase in car accidents in the
up study published in the journal The acute effect of daylight-sav- advisory says messes every- week after the switch to daylight-
Frontiers of Psychology. “Most of ing time in the days after the studies show thing up,” said saving time. Céline Vetter, director
our physiology is governed by a cir- change are an increased risk of that moving into or out of day- Ms. O’Connor, who lives in a sub- of the Circadian and Sleep Epidemi-
cadian clock,” Dr. Roenneberg said. heart attack and stroke, studies light-saving time can adversely af- urb of Chicago and is treated for ology Lab at the University of Colo-
“This body clock synchronizes to show. The risk is usually in the fect sleeping and waking patterns the disorder at Northwestern Me- rado Boulder and senior author of
the sun time.” days following the switch, and not for five to seven days. morial Hospital’s circadian medi- the study, says the researchers
When you travel to a different long term, raising questions about Some people have a harder cine clinic. “It throws my entire looked at fatal car accidents during
time zone your circadian clock ad- whether the time change is trig- time. “A lot of people think it’s like system off.” the time changes and found a sig-
justs to a new darkness-sunlight gering heart attacks that would traveling from Chicago to New Muhammad Adeel Rishi, a pul- nificant effect only in springing for-
cycle in a few days. In daylight- have happened anyway. York, you get used to it within a monologist and sleep physician at ward. The 6% effect is small, Dr.
saving time, the dark-light cycle Beth Ann Malow, a professor of day,” she says. “It’s very different the Mayo Clinic Health System in Vetter said, but affects “many, many
doesn’t change but the time does. neurology at Vanderbilt University than that. It’s kind of like a perma- Wisconsin, is the lead author of a individuals so we still think it’s
So there is a discrepancy between Medical Center in Nashville, Tenn., nent thing, where for the next daylight-saving time position something that has quite a public
your biological clock and social wrote in an opinion piece in JAMA eight months you’re an hour off.” statement that the American Acad- health impact.”

OPERA REVIEW
BY HEIDI WALESON Senta has been unfaithful to him.

Keelhauling Wagner
This production was supposed
New York to be Bryn Terfel’s return to the
WAGNER’S “Der Fliegende Hollän- house after an eight-year absence,
der” is a ghost story, but the new but he broke his ankle at the end
production that opened on Monday of January and had to cancel. He
at the Metropolitan Opera is was missed. His replacement as the
deadly, and not in a good way. It Dutchman, Evgeny Nikitin, was
was surprising that director Fran- monochromatic and stentorian,
çois Girard, who staged a revela- and his steely bass-baritone ex-
tory “Parsifal” at the Met in 2013, pressed none of the Dutchman’s
would shroud the opera’s supernat- anguish or mystery. Soprano Anja
ural themes in generalized dark- Kampe, making her house debut as
ness and stasis; the performance of Senta, was more satisfying, deploy-
conductor Valery Gergiev, known ing a lush, resonant timbre, vocal
for slapdash, noisy energy, was flexibility, and an alluring low reg-
easier to predict. ister. Tenor Sergey Skorokhodov
“Der Fliegende Holländer” (The also made a positive impression as
Flying Dutchman) is the tale of a Erik, shaking off the prevailing
mysterious sea captain, con- narcoleptic tone to inject some
KEN HOWARD/MET OPERA

demned, for blasphemy, to roam passion into the proceedings.

the seas until Judgment Day unless Franz-Josef Selig was an agreeably
he finds a faithful woman to re- hearty Daland, avoiding the greedi-
deem him. He makes landfall once ness that can be the hallmark of
every seven years to try and find this character; David Portillo was a
one; so far, it hasn’t worked out. sweet-voiced Steersman, and Mi-
Senta, the dreamy daughter of a hoko Fujimura played Mary, who
Norwegian sea captain, Daland, is A scene from the Met’s new production of ‘Der Fliegende Holländer’ (The Flying Dutchman) disapproves of Senta’s obsession,
obsessed with a portrait of the with aplomb.
Dutchman and his legend. Daland dream state, so the more grounded the opera gets started, all the ac- women shake them and twist them In the pit, Mr. Gergiev whipped
brings the Dutchman to his home, characters, like the practical Da- tivity is downstage, leaving a dark, together as though they were up his forces without bothering to
ready to marry his daughter to this land and the passionate Erik, empty space behind. Daland’s ship marching around several giant control them, alternately creating
mysterious stranger who promises Senta’s rejected boyfriend, seem is a physical object; the Dutch- maypoles. In Act III, as the sailors an atmosphere of continual stormi-
him enormous wealth in exchange. unmoored. man’s is a vague collection of and the girls call to the ghost ship, ness, or, as in the lengthy first en-
Tragedy ensues. John Macfarlane’s set completes lights and shadows projected on they are not jaunty and playful, but counter between the Dutchman
The opera, which had its pre- the Met’s gold proscenium with a the rear wall; in the Dutchman’s rather bewitched by the glowing and Senta, a snooze. Together with
miere in 1843, is the earliest of fourth edge across the front of the first entrance, he walks over the rocks (the Dutchman’s treasure) Mr. Girard, he made this opera,
Wagner’s operas to win a place in stage, creating a picture frame for empty space (is it water?) and that they are carrying. Other than with its problematic story and
the standard repertory. There are the Dutchman’s portrait—a giant perches on a downstage rock for Senta’s red dress, Moritz Junge’s patchwork style, less convincing
some “number” arias and ensem- eye. For the roiling storm overture, his opening monologue. drab costumes are all in neutral rather than more.
bles, in the manner of bel canto a dancer Senta (Alison Clancy), in The principal singers mostly hues; David Finn’s murky lighting
composers, nestled into the unin- a red dress, undulates in front of stand still, leaving movement to adds to the gloom. The vagueness Ms. Waleson writes on opera for
terrupted musical flow that would the eye, while video projections (by the chorus, whose ritualistic chore- of the production also creates con- the Journal and is the author of
become Wagner’s hallmark. This Peter Flaherty) on a scrim suggest ography (by Carolyn Choa) sug- fusion: Since the Dutchman over- “Mad Scenes and Exit Arias: The
production treats these different wind patterns. There are also danc- gests that they are automatons. hears the entire Act III Erik-Senta Death of the New York City Opera
styles as if they were the same, ing white lights—is this a galaxy For the spinning chorus of Act II, scene, rather than just its end, it and the Future of Opera in
setting the piece in a kind of far, far away? Hard to say. Once ropes drop from above, and the makes no sense that he thinks America” (Metropolitan).
 THE WALL STREET JOURNAL.
SIGHTINGS | TERRY TEACHOUT
The Time Has Come
Again for ‘Panic in
The Streets’
Elia Kazan’s 1950 film about a spreading contagion is
especially resonant today.
CARL GOLDMAN, a 67-year-
old California radio-station
owner, was infected with cor-
onavirus on the Diamond
Princess cruise ship. Today
he is in quarantine in a facil-
ity in Omaha run by the Cen-
ters for Disease Control and
Prevention. He recently
wrote an op-ed piece for the
Washington Post called “I
Have the Coronavirus. So Far,
It Isn’t That Bad” in which he
remarked that his quarantine
location, which was last used
for the 2014 Ebola outbreak,
“looked like something out of
‘The Andromeda Strain,’”
Robert Wise’s high-tech
screen version of Michael
Crichton’s 1969 novel about a
mysterious illness that turns
out to have been caused by
an extraterrestrial virus.
One of the things about
Mr. Goldman’s piece that
struck me most forcibly was
that he resorted so naturally
to a movie-based metaphor
Paula Kelly, James Olson and Kate Reid in ‘The Andromeda Strain,’ above; Jude Law in ‘Contagion,’ below
FROM TOP: JOHN DOMINIS/THE LIFE IMAGES COLLECTION/GETTY IMAGES; EVERETT COLLECTION (2)
to describe his experience. If
you’re a baby boomer, you’re
likely to do that fairly often,
since the boomers all grew
up watching the same “wa-
ter-cooler movies.” Even the
CDC does it: Thomas R.
Also of note: ‘The
Andromeda Strain,’
‘Contagion,’
‘Children of Men’
and ‘Outbreak.’
Frieden, director of the CDC
from 2009 to 2017, wrote in
the Atlantic that “Conta-
gion,” Steven Soderbergh’s
2011 film about a pandemic,
was “a fair and accurate
portrayal of how the public
health community might re-
spond to a disease outbreak
LIFE & ARTS
like the fictional one in the
film.”
That was quite an en-
dorsement, especially given
the fact that countless such
movies, most of them emi-
nently forgettable and de-
servedly forgotten, have been
ground out by Hollywood.
(“The Killer That Stalked
New York,” anyone?) A few,
however, have been rather
more noteworthy, among
them not only “The Androm-
eda Strain” and “Contagion,”
but Alfonso Cuarón’s “Chil-
dren of Men” (2006) and
Wolfgang Petersen’s “Out-
break” (1995), which told the
fictionalized tale of how an
Ebola-like virus spread
across Africa and into the
U.S. Moreover, one such film,
Elia Kazan’s “Panic in the
Streets” (1950), is not merely
a nail-nibbling thriller but
Kazan’s first indisputably
major film, a now-classic
piece of noir-style urban cin-
ematic storytelling.
“Panic” was shot entirely
on location in New Orleans.
Rich in local color and full
of vivid performances by a
top-tier cast led by Richard
Widmark, it portrays with
jolting immediacy the story
of how a fictional U.S. Public
Health Service official
(played by Widmark) must
race against the clock to
track down a carrier of
pneumonic plague before
the local papers get wind of
the potential for a citywide
epidemic, thereby causing
terrified local citizens to run
for their lives and spread
the disease to other cities.
Er…sound familiar?
Part of what makes “Panic
in the Streets” is the high-
contrast school-of-noir cine-
matography of Joseph Mac-
Donald, which looks so
Thursday, March 5, 2020 | A13
impeccably right precisely
because the unwitting carri-
ers of the plague bacillus are
small-time gangsters who
refuse to believe that the
plague will kill them if they
don’t turn themselves in
first. Accordingly, much of
“Panic” unfolds in a string of
seedy tenements, juke joints
and diners, and many of the
“actors” were real-life New
Orleanians whose unmistak-
able accents sound just like
the film looks. “We used the
city’s people as our extras
and their homes, shops, and
streets for scenery,” Kazan
recalled in his 1988 autobi-
ography. Long before the
phrase “cinéma-vérité” en-
tered the language, “Panic in
the Streets” had the you-
are-there-and-this-is-real
feel of a documentary.
It’s fascinating, too, to
Director Elia Kazan (left) and
actor Zero Mostel (right) in a
scene from ‘Panic in the Streets’
see Widmark play a good
guy. Just three years earlier,
he’d made his film debut in
“Kiss of Death,” in which he
played Tommy Udo, a mur-
derous psychopath who
shoves a wheelchair-bound
woman down a flight of
stairs and giggles as she
bounces. From that horrific
moment onward, casting di-
rectors thought of him as
the baddest of bad guys, a
piece of typecasting that
bore no resemblance to the
real-life Widmark, a part-
time gentleman farmer who
hated violence and was mar-
ried to the same woman
from 1942 until her death in
1997. Not surprisingly, he
longed to break free from
the snickering-monster ster-
eotype that made him a star,
and Kazan made it possible
for him to do so in “Panic in
the Streets,” in which he
plays a good-hearted family
man whose only “vice” is his
single-minded devotion to
his indispensable job.
Epidemiology, needless to
say, has made colossal
strides in the nearly seven
decades since the release of
“Panic in the Streets.” But
the fundamental problem
facing those government of-
ficials whose duty it is to
keep coronavirus under con-
trol remains unchanged:
How do you stop an infec-
tious disease from spreading
all over the world now that
it’s possible for anyone to
jump on a plane and travel
to another continent within
hours? “We’re all in a com-
munity—the same one!”
Widmark’s character warns
the politicians who long to
cover up what is happening
to their town. “I could leave
here today and be in Africa
tomorrow—and whatever
disease I had would go with
me.” Rarely have those sim-
ple but telling words been as
relevant as they are today.
Mr. Teachout, the Journal’s
drama critic, is the author
of “Satchmo at the
Waldorf.” Write to him at
tteachout@wsj.com.
 A14 | Thursday, March 5, 2020 THE WALL STREET JOURNAL.

SPORTS
Why Baseballs Won’t Stop Flying
Major League Baseball could solve its ‘juiced ball’ problem by creating a new ball in a lab. It’s choosing not to.
BY JARED DIAMOND questions remain about the other

T
factors within the ball itself that
Pullman, Wash. are leading to less drag besides
he man who perhaps the seams. Smith says the scien-
knows more about tists still can’t pinpoint a concrete
the properties and explanation for the issue.
the anatomy of a “I called this problem my bad
baseball than any- girlfriend,” Smith said. “She would
body in the world get my hopes up every week, and
won’t say if he grew up loving the then she would dash them.”
game. The answer almost certainly lies
“I’ve been advised not to say in Smith’s lab, located here in
no,” Lloyd Smith, the director of southeastern Washington state,
the Sports Science Laboratory at just minutes from the Idaho bor-
Washington State University, said der. Previously, Smith and his team
with a smile. “I’ll put it this way: focused primarily on certifying
My passion is in the experiment. bats for the likes of USA Baseball,
That for me is the reward.” USA Softball and the NCAA, a re-
Major League Baseball wants sponsibility they first undertook
Smith, a professor in the School of nearly 20 years ago.
Mechanical and Materials Engi- Then MLB came calling in 2017,
neering at WSU, to have that exact and Smith turned his attention to
empirical and dispassionate out- the balls. It took about two
look. He’s one of the scientists months for the committee to de-
MLB retained almost three years termine the significance of drag.
ago to help the sport understand To learn that, Smith’s lab devel-
one of its most hotly debated top- oped a system that involved firing
ics: increased home run rates. balls out of cannons at high speed
But even Smith recognizes that past light gates, a new process de-
when it comes to improving some- signed to study their aerodynam-
thing as emotion-driven as Amer- ics. Inside the facility, the sound of
ica’s pastime, the sim- baseballs thudding against bats
plest scientific solution Lloyd Smith, above, tests baseballs at the Sports fills the roughly 10,000 square-foot
might not be the best Science Laboratory at Washington State space.
one. University. The testing equipment can measure When first approached about
Right now, MLB the aerodynamics of a baseball after it is shot the project, Smith said he feared
could theoretically out of a high-speed air cannon, below, in the lab. that MLB “would have an agenda”
build a baseball that and would try to influence the re-
behaves consistently, sults. MLB officials responded to
free of the decreased his concerns by saying, “You have
air resistance currently no bounds,” Smith said.
causing balls to soar At the time, Smith didn’t actu-
over the fence at an ally believe that answer, but he
unprecedented pace. said the league stayed true to its
The technology exists. word, stepping in only when it
Professional golf al- came to the timing of disseminat-
ready employs it. Base- ing the committee’s findings. He
ball has chosen not to. says this in part to quell the con-
“If your primary spiracy theories that surround this
goal was to have a ball situation—specifically that MLB
that’s going to be re- ordered Rawlings to “juice” the
peatable, that would be ball to generate more offense. MLB
my recommendation,” and Rawlings vehemently deny
said Smith, a mechanical engineer- ball economics and operations, ficult challenge: trying that claim.
ing professor who specializes in said late last year. to understand the un- “I found no evidence at all of a
composite materials. “There are MLB doesn’t want to fundamen- derlying reasons why reluctance from Major League
synthetic balls that could be made tally change the production of the the ball carries more Baseball to help us in any way
that could look fairly similar to a ball. A man-made baseball looks a than it once did, a real- they could to identify this problem
baseball but be made by a ma- certain way and feels a certain ity that continues to re- or any evidence at all that they
chine.” way and smells a certain way—like shape both the record had any hand in the ball change,”
Taking that approach, however, childhood nostalgia, a place base- books and the game’s Smith said.
would come at a cost that would ball inhabits in the American cul- aesthetic qualities. In For now, the quest continues to
break with generations of tradi- tural zeitgeist. A baseball created December, a committee keep inventing and refining the
tion, a risky move for a sport so by a machine wouldn’t possess of scientists that in- testing procedures to discover new
deeply rooted in its own history. those characteristics that MLB cludes Smith released factors that might play a role in
Actual human beings at a Rawlings views as essential. its second report on how the ball flies. Smith describes
factory in Costa Rica stitch each “Some people say, and I’m not the subject in 19 it as a geometry problem, and he
official MLB ball by hand, using going to challenge this, that vari- months. They figured some things The other 40% stemmed from “a needs to find ways to quantify and
natural, raw materials. The ball ability in the ball is part of the out. change in launch conditions”—es- measure every variable that might
RAJAH BOSE FOR THE WALL STREET JOURNAL (3)

consists of a rubber-coated piece game. Why not have that variabil- Thanks to advancements in test- sentially batters altering their matter. Ultimately, Smith doesn’t
of cork in the center, wrapped in ity?” Smith said. “I don’t mind ing since their first analysis from swing paths to drive the ball in the expect a simple answer—or the
yarn and covered with two pieces that. It’s sport, right?” May 2018, Smith and his col- air. All told, hitters bashed a re- committee would have found it al-
of leather connected by laces. MLB certainly sees it that way. leagues could attribute approxi- cord 6,776 homers in 2019, 19% ready.
By definition, that manufactur- At his annual news conference at mately 60% of the home-run spike more than 2000, the heart of the “We will solve this,” Smith said.
ing choice “introduces a lot of the winter meetings in San Diego to the ball itself, with 35% of that industry’s so-called steroid era. It “We made a lot of progress in
variability into that piece of equip- in December, commissioner Rob amount due to lower seams. The broke the previous mark of 6,105 2017. We made some more prog-
ment that wouldn’t exist if it was Manfred said that “the Rawlings seam height shrank, on average, by set in 2017, a surge that inspired ress this past year. We’ve not
fully synthetic or something that baseball is part of the charm of the height of about one sheet of MLB to impanel the experts in the stopped. We’ve got more tests.
was made with less human in- the game, and we are committed paper, Smith said—practically im- first place. We’ve got more fixtures. We’ve got
volvement,” Morgan Sword, MLB’s to that baseball.” perceptible, but enough to make a With the start of the 2020 cam- more improvements. And we’re go-
executive vice president for base- So that leaves Smith with a dif- big difference. paign rapidly approaching, many ing to keep testing balls.”

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.
d t
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 13 70 Arrests 29 Draped garment
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Vancouver C lgary
Calgary
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10s 10s often philosopher
40s 20s
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P
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Albany
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60s who adopts
50s oux Falls
Pierre Sioux ll Milwaukee
k Detroit
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70s 30s 31 32 33 34 35 36 37 Stitch
Reno Cleveland
New Yorkk
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Lakee Cit
C es Moines
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Sacramento h
Omaha Pittsburgh
Pitts b gh 38 39 40 41 42 40 Construction
Springfield
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10s 30s
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SEEKING ENLIGHTENMENT | at times 52 Kalamata, for one
U.S. Forecasts Today Tomorrow Today Tomorrow By Ruth Bloomfield Margolin 11 “M*A*S*H” extra 53 Redden, perhaps
City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
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City Hi Lo W Hi Lo W Phoenix 84 62 pc 86 61 pc Hong Kong 70 64 c 74 69 c 6 Maze label 24 Criticizes 50 Cast out 18 Disapproving 55 April, May and
Anchorage 15 -5 s 15 11 pc Pittsburgh 50 32 s 41 24 sn Istanbul 59 48 c 57 50 pc 11 Its first cover ruthlessly 51 President clucks June
Atlanta 52 41 r 55 33 s Portland, Maine 49 29 s 43 22 c Jakarta 86 76 sh 88 76 t Eisenhower, e.g.
Austin 72 42 s 71 41 pc Portland, Ore. 59 41 pc 49 38 r Jerusalem 72 48 c 56 46 c identified it as 28 Fancy wraps 23 Like a definition 59 Quaint cry
Baltimore 55 37 pc 50 33 r Sacramento 75 48 s 66 47 c Johannesburg 82 54 pc 79 52 s “Humor in a 30 Nitwit 56 Tabloid photo for “definition”
Boise 68 43 pc 69 47 c St. Louis 64 35 s 50 32 s London 47 33 r 48 35 pc Jugular Vein” 60 Food for flickers
subject 25 Alcatraz unit
Boston 52 37 s 48 29 c Salt Lake City 63 41 s 65 46 pc Madrid 61 40 c 54 35 pc 31 Sauna cover 63 S&L offering
Burlington 43 29 c 38 13 sn San Francisco 64 50 pc 59 48 c Manila 91 74 pc 91 76 pc 14 Wu Minxia 57 Poke
32 Can opener? 26 Role danced in 64 Joan Van Ark’s
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Denver 55 33 s 69 38 pc Mumbai 85 76 pc 84 75 pc 15 Determinedly 38 Go from 0 to 60, 61 Point 28 Pronto Egypt
Detroit
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48 32 pc 39 21 sf
82 68 sh 80 70 sh
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Rio de Janeiro
54 39 r
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48 37 sh
80 70 pc
positive e.g. 62 Entreaty for
Previous Puzzle’s Solution
Today Tomorrow 16 Potential barrier 39 Stays out of divine guidance,
Houston 71 50 s 73 44 pc Riyadh 82 57 pc 88 61 pc
Indianapolis 56 32 s 39 23 c City Hi Lo W Hi Lo W Rome 58 50 pc 59 43 r to compromise sight answered by S A G A M I S C C A R OM
A N O N A G H A A G A P E
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17 One who usually 42 “...cup ___ cone?” S E N O R A T I
M E E N D
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avoids meat, but Y E L P T
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R S A L A D
Los Angeles 78 54 pc 73 53 pc Bangkok 92 78 pc 92 80 pc Singapore 87 78 t 87 78 pc might sometimes bestseller 67 Hint D R I F T T E L
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Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 67 33 s 65 39 s Edinburgh 45 30 pc 45 32 pc Zurich 46 38 r 46 34 sh M I T E R T S A R S T OW

THE WALL STREET JOURNAL.
Socialism Just Bombed
Joe Biden’s
back-from-
the-dead pri-
mary wins this
week were re-
markable, but
they aren’t the
WONDER
LAND biggest story.
Super Tuesday
By Daniel
was a wake-up
Henninger
call for this
country’s un-
derstanding of who we are and
what we want from our politics
and culture.
Before the voting began
Tuesday it was conventional
wisdom—more like an article
of faith—that something called
progressivism was on the
march in the U.S., sweeping
aside decades if not centuries
of belief, history and tradition
with a new agenda of woke-
ness, identity politics and so-
cialism. Its political vessel the
past four years has been Sen.
Bernie Sanders.
This movement’s primary
political weapon is not persua-
sion but intimidation. Starting
in the universities and spread-
ing to politics and the private
sector, progressivism uses so-
cial media platforms to assert:
Fall in line with our views or we
will isolate and discredit you
with moralistic shaming.
It was working. Hark back
to the first Democratic presi-
dential debate, in June, when
the contestants included the
likes of Kamala Harris, Cory
Booker, Kirsten Gillibrand and
Julián Castro.
It was striking to see these
Democratic politicians pay
obeisance in varying degrees
to wokeness—to Mr. Sanders’s
Medicare for All or Alexandria
Ocasio-Cortez’s Green New
Biden May Save the Democrats
By Karl Rove
A
mericans just witnessed
72 hours unlike any
other in the history of
presidential primaries.
The miracle began Saturday
in South Carolina with Joe Bi-
den’s campaign on life sup-
port. After horrible wipeouts
in Iowa and New Hampshire
and a distant second-place fin-
ish in Nevada, the former vice
president had been written
off. But backed by African-
American Democrats, Mr. Bi-
den demolished Sen. Bernie
Sanders 48% to 20% in the
Palmetto State.
Mr. Biden then appeared on
Sunday shows to argue that
Mr. Sanders’s socialist views
would drag down the entire
Democratic ticket if he were to
lead it. The message reso-
nated. By Monday, Sen. Amy
Klobuchar and former South
Bend, Ind., Mayor Pete Butt-
igieg had withdrawn and en-
dorsed Mr. Biden in Dallas,
joined by former Rep. Robert
Francis O’Rourke.
Then, with virtually no or-
ganization, advertising or time
to campaign, on Super Tues-
day Mr. Biden won at least
nine and probably 10 of 14
states, including substantial
delegate hauls in Texas, North
Carolina, Virginia, Massachu-
setts and Minnesota. Late-de-
ciding voters went decisively
for Mr. Biden, as he converted
supporters of candidates
who’d withdrawn and some
who remained.
It helped that money didn’t
buy political love for former
China Imprisons a Swedish Bookseller
By Benedict Rogers
T
he sentencing of book-
seller Gui Minhai to 10
years in Chinese prison
is another example of the Chi-
nese Communist Party’s will-
ingness to trample on the rule
of law and thumb its nose at
the world. The Chinese-born
Mr. Gui is a Swedish citizen,
yet China has forced him to
renounce his rights as a for-
eigner. Sweden’s diplomats
were barred from observing
his trial and have been denied
consular access.
Mr. Gui is also a Hong Kong
resident, but the city’s Chief
Executive Carrie Lam has
washed her hands of him.
Three years ago she said it
“would not be appropriate”
for her to raise his case, or
that of others from Hong Kong
detained in the mainland, with
the Chinese authorities.
Mr. Gui’s ordeal began with
his apparent kidnapping five
years ago in Thailand, where
he has a second home. A few
OPINION
Deal or the idea that police
racism was rampant across the
U.S. The high point of Ms. Har-
ris’s campaign was her attack
on Joe Biden that night for
working with segregationist
Southern senators in the
1970s: “I do not believe you
are a racist,” she allowed.
In November, Mr. Booker
mocked Mr. Biden for not sup-
porting another woke article
of faith—marijuana legaliza-
tion. “I thought you might
have been high when you said
it,” Mr. Booker laughed. Mr. Bi-
den could have said he under-
stood a lot about the devasta-
tions of drug addiction, but he
let it pass.
On health care, Mr. Sanders
and Sen. Elizabeth Warren
dominated the debates and
media coverage as they pushed
nationalizing the U.S. system,
with Mr. Biden left to issue
plaintive defenses of “Ba-
rack’s” Affordable Care Act.
Opinion polls this year had
tracked Bernie’s inexorable
rise and Mr. Biden’s decline.
Guess what? The voters still
get the last word. It’s almost
hard to believe anymore. Maybe
it’s time to stop confusing so-
cial media with reality.
Mr. Biden’s Super Tuesday
upset should be regarded as
the voters’ second recent
pushback against conventional
political wisdom. The first, of
course, was Donald Trump’s
win in 2016. Super Tuesday’s
vote was a victory for moder-
ates, while 2016 was a win for
conservatives and dissenters
in general. Progressives, how-
ever much they dominate the
culture, keep losing big, com-
petitive elections.
More primaries lie ahead,
New York Mayor Michael
Bloomberg. His spending could
reach $800 million—and all it
won him was American Samoa
and third-place finishes in
most states. Mr. Bloomberg’s
campaign counted on Mr. Bi-
den collapsing, but the former
vice president rose from the
political dead and won the
week decisively. Wednesday
morning Mr. Bloomberg de-
cided he could do more for his
party out of the race than by
continuing his campaign, so he
folded his campaign and en-
dorsed Mr. Biden.
He needed a miracle,
and he got it. But the
race against Sanders
is far from over.
Sen. Elizabeth Warren may
have been Tuesday’s biggest
loser. She ran third in Massa-
chusetts, her home state, and
failed to crack 15% in her na-
tive Oklahoma. Sometimes the
people who know a politician
best dislike her the most.
Though it was Mr. Biden’s
night, Super Tuesday still had
a bright spot for Mr. Sanders.
It will take days to finish
counting ballots, but Mr. Bi-
den’s lead in the delegate
count, gained from victories in
the South and Midwest, will
likely be cut to between 50 and
70 when California’s final tally
is known. With some 60% of
Democratic delegates still to be
selected, that isn’t a big gap.
months later he appeared on
Chinese state television, “con-
fessing” involvement in a fatal
traffic accident that allegedly
occurred more than a decade
earlier.
Since then he has mostly
been held incommunicado in
Ningbo, China. He spent two
years in prison, and then a few
The treatment of Gui
Minhai is a threat to
international order.
months in some form of house
arrest. Swedish diplomats ne-
gotiated his release in 2018,
and were with him on a train
to Beijing when he was ab-
ducted again. Two years later,
he has been sentenced, for “il-
legally providing intelligence”
to “overseas” parties—a far
cry from a traffic accident.
Why was Mr. Gui targeted?
In Hong Kong, he ran a pub-
lishing house and bookshop
and it isn’t obvious Mr. Biden
can achieve a delegate majority
before the Milwaukee conven-
tion. But it’s also less obvious
where or how Sen. Sanders
closes the gap or expands his
base. This isn’t a Trump redo.
Yes, he prevailed in Cali-
fornia, but California became
a socialist state years ago.
Hard to believe, but
voters still get the last
word on what they
want from politics.
Its one-party progressivism
doesn’t have much in com-
mon with big primary states
to come—Michigan, Florida,
Ohio, Pennsylvania.
Mr. Biden’s two most nota-
ble wins may have been Vir-
ginia and Massachusetts,
where he handily carried both
the moderate black vote and
suburbanites. These two
groups are starting to look like
the Democratic Party’s version
of taken-for-granted deplor-
ables. When Mr. Sanders rants
about the “greed” and “corrup-
tion” of industry after Ameri-
can industry, as he did Tues-
day night, Democrats of any
color who are actually em-
ployed by these companies,
health insurance and all, may
conclude he’s talking about
them. Socialism can command
prime time, but workaday
Democrats don’t look like
they’re ready for it.
South Carolina Rep. Jim Cly-
burn’s 11th-hour endorsement
of Mr. Biden is rightly seen as
an appeal for the Democratic
The contest is far from over.
Mr. Sanders’s appeal to Lati-
nos, young people and pro-
gressives points to his staying
power and a long, drawn-out
race. Mr. Biden can’t count on
momentum alone. While his
Tuesday victories will generate
more donations, endorsements
and volunteers, the leftists
backing Mr. Sanders will not
go gently. At least the field has
shrunk to the two candidates
who have a realistic shot of
winning.
Mr. Biden invoked a power-
ful argument when he said Mr.
Sanders would hurt down-bal-
lot Democrats. Framing the
contest as a question of elect-
ability is fine, but it would be
more effective if the former
vice president pointed out that
Mr. Sanders’s extreme views
and values are not those of or-
dinary Democrats.
Mr. Sanders is a true social-
ist, whereas most Democrats
support capitalism, albeit with
reforms and restraints. A life-
long critic of the U.S., Mr.
Sanders has praised anti-
American tyrants for decades.
An extreme isolationist and ar-
dent protectionist, he’d evis-
cerate U.S. national security.
Mr. Biden needs to take seri-
ously his rival’s desire and
program to change America’s
government, economy and cul-
ture fundamentally.
This isn’t the first time
Democrats have faced an at-
tempt by an extremist to hijack
their party to transform Amer-
ica. When Franklin D. Roose-
velt realized how radical Vice
President Henry A. Wallace
that sold books about China’s
top leaders. Some criticized
Chinese politics and others
were more salacious and gos-
sipy. These books were banned
in China, and so people came
to buy them in Hong Kong,
where they weren’t illegal and
still technically aren’t. Mr. Gui,
together with Lam Wing-kee,
Lee Bo, Lu Bo and Zhang Zhip-
ing, ran a thriving business in
Causeway Bay. The booksellers
disappeared, one by one, in
2015, though all except Mr. Gui
were eventually released.
Three days after Mr. Gui’s
sentencing in Ningbo, three key
pro-democracy leaders, media
mogul Jimmy Lai and former
legislators Lee Cheuk-yan and
Yeung Sum, were arrested early
in the morning by Hong Kong
police on spurious charges of
participating in “illegal assem-
bly.” Unlike Mr. Gui, they were
released after a few hours and
will appear in court in May
with legal representation.
In recent years other for-
eigners have been detained in
“establishment”—Bernie’s
word—to circle the wagons. But
what Mr. Clyburn said about
the party’s progressives is even
more noteworthy.
“With all due respect, ev-
erybody is talking about ‘the
Squad this, and the Squad
that,’” Mr. Clyburn told the
McClatchy news service, refer-
ring to the media’s elevation of
Ms. Ocasio-Cortez and three
other first-term House pro-
gressives—Rashida Tlaib, Ilhan
Omar and Ayanna Pressley. He
went on: “There is not a single
person who put us in the ma-
jority who supports Medicare
for All.” And he doesn’t think
the idea will fly with rank-and-
file voters: “We would be stu-
pid to say to them, ‘the hell
with y’all, we’re going to go
with these four people who
didn’t flip no seats.’ ”
One issue unites the en-
tirety of the Democrats’ demo-
graphic: Defeat Donald Trump.
Joe Biden, hardly a command-
ing presence, is a proxy for
Democratic voters’ pragma-
tism and their doubts about
Mr. Sanders, socialism and the
American left.
Meanwhile back at the
ranch, Mr. Trump spent Tues-
day night tweeting insults
about the party’s candidates.
“Mini Mike” had caused “the
complete destruction of his
reputation,” and the results
were a rare “perfect storm” for
“Sleepy Joe.” Storm warning is
more like it. If the seriousness
of purpose and turnout dis-
played by Democratic voters
this Tuesday carries forward
to November, we’re going to
have a drum-tight, closely con-
tested presidential election.
Write henninger@wsj.com.
was, he allowed party leaders
to remove the Iowan from the
1944 Democratic ticket. They
replaced Wallace with a Senate
backbencher named Harry S.
Truman, whose views were in
sync with those of Roosevelt
and most Democrats.
As president, Truman still
had to contend with Wallace’s
efforts to move the Democratic
Party far to the left. In re-
sponse, the tough Missourian
fired Wallace as commerce
secretary, then beat him and
his followers in every political
contest he could, forcing them
out of the party and annihilat-
ing them in the 1948 election,
when Wallace earned 2.4% of
the vote as a third-party presi-
dential candidate.
Mr. Sanders represents an
existential threat to the Demo-
cratic Party. If he “Corbynizes”
the party like Labour in Brit-
ain, it will be difficult to re-
verse its leftward lurch any-
time soon. While that might
be good for the GOP in the
short run, it would be danger-
ous for America, which bene-
fits from a two-party system
in which both reject extremist
ideologies.
Mr. Biden and other tradi-
tional liberal Democrats have a
real fight on their hands. Tues-
day was its start, not its end.
But what an incredible start it
was.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of Wil-
liam McKinley” (Simon &
Schuster, 2015).
China in cruel and illicit ways
for political reasons—British
businessman Peter Hum-
phrey, Swedish activist Peter
Dahlin, Taiwanese activist Li
Ming-che, and Canadians Mi-
chael Kovrig and Michael
Spavor. But Gui’s case reveals
that Beijing is prepared to
reach across borders, across
diplomatic norms and far be-
yond legal limits to silence
critics.
The world’s democracies
need to wake up to the danger.
Sweden has primary responsi-
bility for securing Mr. Gui’s re-
lease, but its leverage is lim-
ited, and the case threatens
the whole international world
order.
Mr. Rogers is East Asia
team leader at the interna-
tional human-rights organiza-
tion CSW, co-founder and
chairman of Hong Kong
Watch, and co-founder and
deputy chairman of the Con-
servative Party Human Rights
Commission.
Thursday, March 5, 2020 | A15
BOOKSHELF | By Adrian Woolfson
Two Souls
In One Body
The Bilingual Brain
By Albert Costa
(Allen Lane, 158 pages, $29.95)
I
n his dystopian novel “Nineteen Eighty-Four,” George
Orwell imagined an artificial language, Newspeak, whose
restricted grammar and vocabulary were designed to limit
the freedom of thought. Although that was clearly an extreme
scenario, might those who speak a second language find their
thoughts and behavior shaped in some lesser and more benign
manner by the words they choose? In his lucid and fascinating
book “The Bilingual Brain,” Albert Costa forensically explores
how different languages coexist within a single human brain,
locked into a functional and perpetual—although sometimes
awkward and uncomfortable—embrace.
This slim work by Costa, a Barcelona-based expert on the
neural basis of language processing who died in 2018, first
introduces readers to an apparently indolent and babbling
toddler, who it turns out is, even within the first months of its
existence, a sophisticated computational machine, hard at
work calculating the transitional probabilities between the
sounds that will form the
archives and lexical structure
of its future mental dictionary.
Through ingenious means, such
as an electronic pacifier able to
record sucking behavior and (by
proxy) attention levels, Costa
transports us into the mind of
newborn babies to observe at
close hand how they discriminate
between languages only hours
after their birth. Differences in
sucking frequencies show that
newly minted human beings are
able, for example, to effortlessly
differentiate Turkish speech from
Japanese. By four months, even
closely related languages like Spanish and
Catalan are successfully discriminated.
The fact that researchers can discern bilingualism at an
early age indicates that the brains of monolingual and bilingual
babies are subject to unique and different patterns of neuronal
imprinting. Four-month-old monolingual babies turn to
observe a source of sound corresponding to their primary
language more rapidly than for an unknown language; bilingual
babies, by contrast, do the opposite, turning more quickly
when they hear their secondary language. Remarkably, the
linguistic programming of an infant’s brain precedes birth.
Two-day-old babies selectively recognize their mother’s voice
and show a preference for the language used by her during
pregnancy. Babies exposed to two languages during pregnancy,
such as English and Tagalog, show no language preference.
Provoked by a question from his mother, who inquired which
of her bilingual friend’s two languages would be compromised
first by her dementia, Costa considers how the languages of
bilinguals are physically represented in the brain. Anecdotal
accounts of damage following trauma suggest that the two
linguistic systems may be stored separately. Costa references
Spanish Formula One driver Fernando Alonso, who suffered a
concussive accident and was reported—despite his later denial
—to have awakened speaking just his second language, Italian.
Despite some evidence to the contrary, Costa argues that
this is not the typical pattern. More commonly, the use of both
languages is impaired following accidents, strokes and hemor-
rhages. A similar pattern of loss is observed in diseases such
as Alzheimer’s: Progressive neurodegenerative changes affect
both languages equally. This makes sense, given that brain-
imaging studies of bilinguals demonstrate that speaking in
either language activates the same brain regions.
A Spanish race-car driver suffered a
concussive accident and reportedly woke up
speaking just his second language, Italian.
The author believes that the ability of bilinguals to juggle
two languages and prevent language-mixing depends on
specialized linguistic control mechanisms. Instances of inad-
vertent language-mixing—such as “slipping” an Italian word
into an English conversation—can be investigated using brain-
imaging tests. These suggest that the control region may be
located in the subcortical region of the left brain hemisphere.
Rather than being “turned off” while the dominant language is
in use, the secondary language is instead suppressed.
Intriguingly, bilingualism appears to slow the rate of
progression of Alzheimer’s and can delay the age of dementia
onset by up to four years. Nevertheless the benefits of being
bilingual may be offset in some individuals by a relative
impairment in select areas of linguistic competence. Bilinguals
appear to have less efficient access to their lexicon than
monolinguals, resulting in more “tip-of-the-tongue” episodes.
Bilinguals may also, on average, have smaller vocabularies in
both languages. Most provocative, however, is the question of
whether bilingualism may modify features of our mental
fabric, including those that define our psychology and
individuality. Might bilingualism influence our personality, or
even our moral systems? Evidence presented by Costa
suggests that bilinguals are less egocentric than monolinguals,
show more empathy and develop a “theory of mind”—as
witnessed by their ability to put themselves in the shoes of
others—at an earlier age.
Charlemagne may have been right when he suggested that
“knowing another language is like having a second soul.”
Spanish speakers are more likely to experience heightened
emotion when they hear their native “Te quiero” rather than
the English equivalent “I love you” or the Italian “Ti amo.” In
German-English bilinguals tasked with reading appropriately
emotional literature, activity in brain regions that are
associated with emotional processing can only be observed
when they read in their primary language. The use of a second
language, Costa concludes, results in more rational and less
emotional decision-making. It may also improve decision-
making by overcoming risk aversion that tends to reject more
beneficial solutions in favor of safer ones.
But the author leaves his most compelling and
consequential revelation for last: Our choice of language can
affect moral judgment in ways that fundamentally alter our
behavior. When faced with the dilemma of whether they would
deliberately sacrifice one life to save five, only 17% of Spanish-
English bilinguals chose to do so when the dilemma was
presented in their dominant language. But in a parallel sample
presented with the same problem in English, 40% adopted the
more utilitarian option, causing the death of an individual in
order to achieve a greater good. Such phenomena may,
potentially, have profound social, political and economic
implications, especially given the number of global thought
leaders who make decisions in secondary languages.
Dr. Woolfson is the author of “Life Without Genes.”
A16 | Thursday, March 5, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Sanders vs. Biden Stakes Our House Is Divided. Whither Cooperation?

H
old the revolution. The Bernie Sanders overwhelmed him among voters over age 45 who In “America’s House Divided Can- ingly live with these radical changes if
takeover of the Democratic Party took were 65% of the electorate in Virginia, 62% in not Stand” (op-ed, Feb. 25), Charles they were the result of our electoral
Lipson is equating conservatism with process, but we are sick and tired of
a detour on Super Tuesday with Joe Bi- Massachusetts, 64% in North Carolina, 66% in
liberalism, as though there is just a having them rammed down our
den’s stunning victories that Maine, and 67% in Oklahoma, civil disagreement over policy. That is throats by an activist court, an uncon-
have now made this a two- Joe has the broader according to exit polls. Older not really true. It has been liberalism, stitutional congressional abdication
man race for the nomination. coalition but Bernie Americans vote more than do and more recently leftism, that wants of duty (e.g., “entitlements”) and a
Maybe President Trump young socialists. to “radically transform America” and far-left “mainstream” media and aca-
wished too soon, and too no- will fight to the end. Super Tuesday was also a completely upend the constitutional demia. In 2016, we finally elected a
ticeably, for Mr. Sanders as his day of reckoning for Michael order. It started in the 1950s with the very imperfect president who had the
opponent. Bloomberg, who appeared on Warren Court’s judicial activism. guts to say: Stop! Enough is enough!
Literally in four days the Democratic race the ballot for the first time. He won American While the Brown v. Board of Educa- Our divided house will not be healed
has turned upside down. Only a week ago Mr. Samoa and he picked up a few delegates else- tion decision is often used as justifi- until the left agrees to play by the
Sanders looked like he had a clear path to a plu- where. But the results left the former New York cation, that decision actually reversed rules laid out by the Founding Fa-
the activism of the 1896 Supreme thers.
rality of the delegates going into the Milwaukee mayor with no path to the nomination. He
Court, which created out of whole GREG WOODS
convention in July. The Democratic press was dropped out on Wednesday and endorsed Mr. cloth an unconstitutional concept Rio Rancho, N.M.
already explaining that Mr. Sanders isn’t really Biden, and perhaps he will now devote his known as “separate but equal.” But
a socialist and his foreign policy is in the Demo- checkbook to defeating first Mr. Sanders and other decisions by the court were ac- As the political parties quarrel with
cratic mainstream. But Democratic voters, es- then Mr. Trump. tivist in nature, the best example be- each other we should remember what
pecially voters old enough to recall the ravages Elizabeth Warren was also embarrassed by ing its creation of a right to abortion, Woodrow Wilson said in his speech to
of socialism in the Cold War, may have saved finishing third in her home state of Massachu- also out of whole cloth. The court accept the nomination to run for gov-
the party from the Twitter left. setts and scored relatively few delegates. Her gave itself so much power over our ernor of New Jersey in 1910: “Govern-
Mr. Biden replicated his winning South Caro- avowed hope that she can stay in the race and daily lives that court vacancies, at ment is not a warfare of interests. We
lina coalition of African-Americans, Baby win by acclamation at the Milwaukee conven- least under Republican presidents, shall not gain our ends by heat and
Boomers, suburban women and moderates to tion if no one has a majority of delegates is now result in ugly spectacles. bitterness, which makes it impossible
Lyndon Johnson’s huge electoral to think either calmly or fairly. Gov-
win 10 of the 14 states from Maine and Massa- wishful thinking. Her identity-politics assaults victory resulted in the “Great Society” ernment is a matter of common coun-
chusetts and west into Texas and Oklahoma. hurt Mr. Bloomberg but may also have blown programs that did much to destroy sel, and everyone must come into the
The former Vice President ran away with the up her last chance to be likable. She will now the black family. And the Supreme consultation with the purpose to yield
vote among late deciders, which means he ben- face pressure from progressives to drop out so Court’s O’Connor v. Donaldson deci- to the common view, the view which
efited from the rush of endorsements on Sun- Mr. Sanders can consolidate the vote on the left. sion, released the mentally ill from in- seems most nearly to correspond with
day and Monday. i i i stitutions creating, in part, the home- the common interests.”
The party is almost literally lifting the old All of which portends a contest of Demo- less epidemic. ALLAN SCHILTER
war horse on its back despite his many gaffes cratic visions that will test what the party now Most conservatives would grudg- Springfield, Mo.
and stumbles. The prospect of an avowed so- believes. Mr. Biden is the candidate of restora-
cialist at the top of the ticket has scared mil- tion and reassurance after the Trump disrup-
lions of Democrats into Mr. Biden’s arms no tions. He has a retooled and effective stump Turning Appalachian Trail Into a Green Wall
matter his liabilities. speech that stresses a practical progressivism Your editorial “The Lorax on the rights under land they don’t own,
His strong performance has given him a lead against Mr. Sanders’s revolution, and healing Appalachian Trail” (Feb. 24) shows and see if you don’t get a fight. Sep-
in the delegate count, though we still don’t have and compromise against Mr. Trump’s divisive the legal contortions antienergy arating the surface from the under-
complete results from California. His victories governing style. groups have carried out to block the ground is manifestly physical and le-
may be most important for restoring credibility But the 77-year-old former Vice President Atlantic Coast and Mountain Valley gally appropriate.
to Mr. Biden’s argument that he is the Democrat will also be back in the relentless media spot- pipelines. The Fourth Circuit ruling The questions asked by Supreme
best able to defeat Mr. Trump. His coalition so light, and his vigor and acuity will be tested giving the National Park Service con- Court justices in recent oral argu-
far is the closest to Barack Obama’s, and the anew. The party has pushed him forward as the trol of Forest Service land hundreds ments hint at a possible return to
turnout in Virginia was especially impressive alternative to Mr. Sanders, and the pressure is feet under the trail is as fantastical as common sense. The idea that the
at nearly double what it was in 2016. on Mr. Biden to meet those expectations. the Dr. Seuss character. 2,200-mile trail, under which more
If we follow the court’s flawed than 50 pipelines already pass, should
Mr. Sanders can point to victories in his Mr. Sanders made clear Tuesday night that
logic—and radical activists’ wishes— become a Berlin Wall separating the
home state of Vermont, Colorado, Utah and Cal- he won’t go down easily. He updated his stump the National Park Service should have Eastern Seaboard from the rest of the
ifornia. But the biggest night of the primaries speech to include a list of Mr. Biden’s supposed jurisdiction over the tunnels that pass U.S. is ridiculous. The Supreme Court
carried warnings for the two-time candidate. sins against left-wing populism, including sup- under the National Mall because they should tell antienergy interest groups
He lost ground from his 2016 vote share in sev- port for the war in Iraq, “disastrous trade maintain the park, even though land to stop trying to make energy more
eral states, including Vermont. This suggests he agreements,” billionaire donors, heartless use is traditionally the province of expensive for families, businesses and
isn’t building his coalition with a surge of new bankruptcy reform and cuts in Social Security the Forest Service. consumers, using quasi-spiritual ar-
voters as he has promised Democrats. and Medicare. Even more absurdly, the activists guments best left behind in freshman
Mr. Biden’s support looks broader than Mr. The American left sees 2020 as its best defending the ruling argue that sepa- philosophy class.
Sanders’s coalition of Hispanics, younger voters chance in decades to take the White House rating the land from the trail is BRYDON ROSS
“‘elusively metaphysical.’” Try telling Consumer Energy Alliance
and white gentry progressives. He can talk about against a vulnerable Donald Trump. With Ber-
that to anyone who holds mineral Louisville, Ky.
ascendant millennials all he wants, but Mr. Biden nie Sanders, the revolution is never over.

Joe Biden’s Stock-Market Tonic Covid-19: Don’t Reach Out and Touch That

D
ivining the logic of stock-market Merck (4.9%) climbed. Medicare for All would Regarding Carl Carthy’s Feb. 27 plementation of contactless credit-
moves is tricky business, but that sure slash payments to all of them. While most letter about unsanitized and unsani- card devices and the mandatory pro-
was some rally on Wednesday. While Democrats and even some Republicans nowa- tary touch screens, particularly in vision of hand sanitizer would be
coronavirus cases continued days back drug price con- the age of coronavirus: Although the cost-effective and help to prevent the
to spread, investors seemed Health shares soar as trols, Mr. Sanders wants to risk of catching the novel coronavi- spread of many viral infections, not
rus from such devices is currently just this latest coronavirus. Smart-
pleased that the political the threat of Medicare go further by invalidating
low in the U.S. because the number phone apps could eliminate conta-
threat of a Bernie Sanders patents. This is a prescription of coronavirus-infected people is low, gion from all kinds of transactions
Presidency has receded. for All recedes. for less spending on break- there are other viruses (e.g., influ- that involve touching shared, public
Stock indexes closed up as through medicines. enza) that can also cause significant objects like ATMs, library catalogue
much as 4.5%, and notably Speaking of which, the harm to people. screens, point-of-sale devices and im-
the rally was led by health-care companies. In- House on Wednesday approved $8.3 billion in Wouldn’t it make sense to be more migration terminals.
surer stocks in particular such as Molina coronavirus spending including $3 billion for proactive and consider, perhaps on a BERNHARD ZÜNKELER, M.D.
(16.4%), Centene (15.6%), Anthem (15.6%), treatments. You have to marvel at the irony national level, how payment proce- Baltimore
UnitedHealth (10.7%) and Cigna (10.7%) of Democrats ladling out billions for coronavi- dures at checkout locations can be
soared. Mr. Sanders wants to abolish private rus drug development while supporting price simplified and made safer for the
health insurance with Medicare for All, and controls that would reduce research into other end-user? The technology for con- Are Democrats Preparing
tactless payment exists and has been
health shares had taken a beating after Mr. life-saving medicines—some of which, by the
implemented in certain settings (typ-
Another Anti-Bernie Fix?
Sanders’s surprisingly large victory in Nevada way, may be repurposed for coronavirus. ically in mass-transit systems). This Reading Karl Rove’s “Last Stand
two Saturdays ago. They’ve revived along with Stock prices are likely to be volatile as may be the time to seriously rethink Against Bernie Sanders” (op-ed, Feb.
Joe Biden’s campaign resurrection. long as the coronavirus threat continues and checkout procedures and other daily 27) reminds me of Groucho Marx’s line
Hospital chains such as Tenet Healthcare its economic impact is unclear. But it’s clear routines that we don’t usually pay “Those are my principles, and if you
(11.4%), Community Health Systems (8%) and from the last two weeks that investors have much attention to before we see don’t like them . . . well I have others.”
HCA Healthcare (5%) also rebounded, while been as worried about the prospects of a so- more cases of coronavirus in this Many Democratic Party poohbahs
drug makers including Regeneron (6.9%), cialist President as they are about the coro- country. I believe that the rapid im- probably feel the same way about their
Pfizer (6.3%), Johnson & Johnson (5.8%) and navirus. national convention rules. Rules?
Even if Sen. Sanders enters Milwau-
Keep Perspective on Natural kee in July with more than 1,990
Schumer Threatens the Court And Man-Made Disasters “pledged” delegates, I’ll bet Mr. Rove a
steak dinner that somehow, some way,

D
As an unreserved admirer of Hol- the outcome will be changed to Sen.
emocrats like to accuse President sort from the highest levels of government are man Jenkins’s skill in keeping his eye Sanders’s disadvantage. Who knows,
Trump of violating institutional demo- not only inappropriate, they are dangerous. All on the ball, I’m mildly perplexed by maybe a “select committee” will find a
cratic norms, and often he does with his Members of the Court will continue to do their his suggestion that aerosol manipula- way to invalidate just enough pledged
rhetorical broadsides. But at job, without fear or favor, from tion of the earth’s atmosphere “to off- delegates. Or perhaps they’ll uncover
least he’s never directly The leading Senate whatever quarter.” set the warming seen so far” might a double-secret exception to the rules
threatened the U.S. Supreme Good for the Chief, and not be prohibitively costly (“How Be- which allows the 771 superdelegates
Court the way Senate Minority
Democrat draws a we’re not worried about Mr. zos Can Influence Climate,” Business to vote on a first ballot. Or maybe
Leader Chuck Schumer did on rebuke from Roberts. Schumer intimidating Justices World, Feb. 26) I can only repeat the they’ll simply change the rules. Or
question I’ve asked over and over brazenly ignore them.
Wednesday. Gorsuch and Kavanaugh. They
again in my professional capacity dur- The Democratic establishment will
Speaking to a crowd on the will ignore the politician and ing the past 20 years: What if we tried find a way. It won’t allow, under any
Supreme Court steps, the leading Senate Demo- reach their decisions based on the law. something like that, and it worked? circumstance, Sen. Sanders to be its
crat declared: “I want to tell you, Gorsuch. I Yet the comments from Mr. Schumer reflect To the extent that global average candidate for president. Rules are no
want to tell you, Kavanaugh. You have released a significant escalation in Democratic efforts to temperature is a creditable concept, impediment.
the whirlwind, and you will pay the price.” He bully the High Court. Last year five Democratic the planet is probably about two de- WILLIAM A. MATTHEWS
meant Neil Gorsuch and Brett Kavanaugh, the Senators led by Sheldon Whitehouse (R.I.) sub- grees (Fahrenheit) warmer than during Boston
newest Justices who were appointed by Presi- mitted a brief in which they effectively threat- the mid-19th century. Considering that
dent Trump. ened to pack the Court if it didn’t rule their way those decades saw the early stages of
Mr. Schumer was speaking before abortion- in a Second Amendment case. recovery from a nasty cold spell called Pepper ...
the “Little Ice Age”—something you
rights activists as the Supreme Court considers Mr. Schumer’s spokesperson also hit back at
don’t hear about much these days—I
And Salt
whether to curtail the ability of abortion pro- Chief Justice Roberts for following “the right
would be hard-pressed to call two de- THE WALL STREET JOURNAL
viders to sue on behalf of women seeking abor- wing’s deliberate misinterpretation” of what grees of warming a bad thing.
tions—a doctrine known as third-party stand- the Senator said on Wednesday. Apparently Changing climates are indeed cause
ing. Mr. Schumer, still addressing Messrs. when Mr. Schumer targeted the two conserva- for concern. Far and away the greatest
Gorsuch and Kavanaugh, added: “You won’t tive Justices by name he meant “the political concern is the destructive idiocies
know what hit you if you go forward with these price Senate Republicans will pay for putting governments might inflict on human-
awful decisions.” these justices on the court.” Got it. The state- ity, using climate as the excuse.
The “whirlwind”? “What hit you”? We won’t ment also says Chief Justice Roberts “does not DAVID HOOPMAN
go so far as to call that an incitement to vio- just call balls and strikes.” Monona, Wis.
lence, but it surely was a threat of political re- Mr. Trump recently tweeted that liberal Jus-
prisal against the Justices if they don’t vote the tices Ruth Bader Ginsburg and Sonia Sotomayor Letters intended for publication should
way Mr. Schumer wants. Does he mean im- should recuse themselves on cases involving his be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
peachment or packing the Court? Administration. He was wrong and the Justices or emailed to wsj.ltrs@wsj.com. Please
The remarks drew a rare and pointed public will ignore him too. But Mr. Schumer’s tirade include your city and state. All letters
rebuke from Chief Justice John Roberts, who takes bullying the judiciary to a new level, and are subject to editing, and unpublished
said: “Justices know that criticism comes with all those who claim to believe in democratic letters can be neither acknowledged nor
returned.
the territory, but threatening statements of this norms should call him out. “That’s Bill, from tech support.”
THE WALL STREET JOURNAL.
The Case
For Ginsburg
To Recuse
Herself
By Michael J. Broyde
P
resident Trump recently
lashed out at Justices Sonia
Sotomayor and Ruth Bader
Ginsburg. “Both should recuse
themselves on all Trump, or Trump
related, matters!” he tweeted. He’s
wrong about Justice Sotomayor but
has a point about Justice Ginsburg.
In a lone opinion dissenting from
the court’s order in Wolf v. Cook
County, Justice Sotomayor said she
wouldn’t stay a lower court’s in-
junction against a Trump immigra-
tion policy. “Claiming one emer-
gency after another,” she wrote,
Unlike Sotomayor, she has
shown bias against Trump
by publicly characterizing
him as unfit for office.
“the Government has recently
sought stays in an unprecedented
number of cases, demanding imme-
diate attention and consuming lim-
ited Court resources in each.”
(Three other justices dissented
without issuing opinions.)
Justice Sotomayor’s opinion
doesn’t disparage Mr. Trump. She
criticizes the government’s posi-
tion, but she’s harsher on her col-
leagues in the majority, writing
that their “recent behavior on stay
applications has benefited one liti-
gant over all others.” Mr. Trump is
the one personalizing a legal dis-
pute, and it would pervert justice if
litigants could force judges to re-
move themselves from cases simply
by denouncing them publicly.
Justice Ginsburg is a different
case. In public interviews in 2016
she called Candidate Trump a
“faker” and said: “I can’t imagine
what this place would be—I can’t
imagine what the country would
be—with Donald Trump as our
president.” She even mused about
fleeing the country: “‘Now it’s time
for us to move to New Zealand.”
She apologized—kind of: “Judges
should avoid commenting on a can-
didate for public office.” She admit-
ted her remarks were “ill advised,”
and that “in the future I will be
more circumspect.”
The controversy died down, in
part because hardly anyone ex-
pected Mr. Trump to become presi-
dent. Now that he’s raised the mat-
ter again, is he right? The answer
seems to be yes. Litigants—includ-
ing Mr. Trump—have a right to ap-
pear before judges who have not
prejudged the case or the person.
In Cheney v. U.S. District Court
(2004), Justice Antonin Scalia re-
jected a petition to recuse himself
from a case involving the vice pres-
ident, with whom he had gone on a
hunting trip. “While friendship is a
ground for recusal of a Justice
where the personal fortune or the
personal freedom of the friend is at
issue, it has traditionally not been
a ground for recusal where official
action is at issue,” Scalia wrote.
But Justice Ginsburg’s antago-
nism toward Mr. Trump wasn’t per-
sonal. In effect she campaigned
against him on the grounds that he
was unfit for office. The Code of
Conduct for Federal Judges directs
that no judge should “publicly en-
dorse or oppose a candidate for
public office.”
The code doesn’t apply to Su-
preme Court justices, but they are
expected to police their own eth-
ics. In this untraditional era, Mr.
Trump has ignored decades of eth-
ical norms. But is it a good idea
for Justice Ginsburg to follow his
lead?
Mr. Broyde is a law professor
and projects director in the Center
for the Study of Law and Religion
at Emory University.
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Bonds Aren’t as Safe as You Think
By Steven Grey
I
nvestment risk has never been
more challenging to gauge. Be-
fore last week’s market de-
cline, it would have been al-
most laughable to suggest that
investors should stay on the side-
lines. After all, the S&P 500 gained
30% in 2019—despite trade tensions
and slow growth overseas. And then
the floor dropped out from under the
stock market.
Because the subsequent flight to
safer investments bolstered bonds
generally, some may say my concern
is overblown. Fixed-income investors
will likely continue to mistake rela-
tive price stability for safety. Quanti-
tative easing naturally cultivated this
complacency.
By imposing QE and forcing inter-
est rates to basement levels, the cen-
tral bankers have effectively reduced
the yield curve to a ladder with all
the middle rungs ripped out. The
monetary authorities deliberately de-
prived investors of the decent re-
turns they could once achieve with
bonds offering modest yields at rea-
sonable risk. Frustrated and in need
of income, many investors have es-
sentially surrendered, taking on more
risk than they should because they
see no alternatives. Their only op-
tions have been either to take on too
much credit risk by lending to dubi-
ous borrowers or assume excessive
interest-rate risk by owning too
many ostensibly safe bonds that will
plummet in value in the event that
interest rates escalate.
The Misguided Progressive Attack on Charters
By Conor P. Williams
C
harter schools used to be a bi-
partisan education reform, but
Democrats have turned against
it of late. Many of their complaints
are bad-faith projections—criticism
for problems that aren’t unique to
charters but endemic throughout the
public education system.
Take the objection that charters
are an insufficiently transparent use
of public dollars. In rolling out his ed-
ucation policy last May, Bernie Sand-
ers charged that “charter schools are
led by unaccountable, private bod-
ies.” His campaign website promises
he’ll make charters “comply with the
same oversight requirements as pub-
lic schools” and impose a moratorium
on public funding for expanding char-
ters. In an August interview with Ed-
ucation Week, Pete Buttigieg said
“we want to see considerably more
oversight” of charter schools.
Charters are governed differently
from traditional district schools—
usually, but not always, they sit out-
side of school-district control.
Though for-profit charter schools ex-
ist in some states, the overwhelming
majority are run by nonprofit organi-
zations overseen by boards of direc-
tors, operating under contracts
granted by a local or state authority.
Traditional districts are
often much worse when it
comes to unaccountability
and ‘creaming’ of students.
Yet there’s little reason to believe
that this difference in governance
leads to less transparency or efficacy.
There are cases of mismanagement in
charter schools, but there isn’t evi-
dence that it’s a function of being
governed by a nonprofit board in-
stead of an elected school board.
And plenty of traditional school
districts are terribly managed. The
Providence, R.I., public schools last
year were the subject of a scathing
report finding “an exceptionally low
level of academic instruction,” a
“high incidence of teacher and stu-
dent absenteeism,” and that “safety
is a daily concern for students and
teachers.” The District of Columbia’s
school system was recently caught
subverting enrollment rules and
fudging graduation rates to demon-
strate progress. Charters in D.C. have
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Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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Professional Information Business:
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Ingrid Verschuren, Deputy Head
OPINION
Investors have been willing to
reach for yield primarily because
they have been conditioned to believe
that bonds are inherently safer than
most alternatives, including equities.
But what if that isn’t necessarily the
case? Much of the risk comes down
to price, and quantitative easing has
inflated bond prices to the point that
many are downright dangerous.
When we talk about interest-rate
risk, we’re actually talking about du-
ration—how sensitive a bond’s price
is to changes in interest rates. When
rates rise, bond prices fall because
what they pay (the yield) has to com-
pete with newer bonds being issued
at higher interest rates. Depending
on how sensitive a bond is to interest
rates, it can decline a lot. Duration on
the Bloomberg Barclays Global Ag-
gregate Treasuries Index just hit a re-
cord 8.6 years—which means that ev-
ery 1% increase in average yield
would trigger a price decline of
around 8.6%.
Are the yields investors receive to-
day even remotely sufficient to offset
the losses that will occur in the event
that interest rates suddenly spike up-
ward? In many cases, no. Of course,
investors can avoid actually realizing
a loss by simply holding the bond un-
til it matures. If it’s a solid credit,
they’ll receive 100% of their money
back.
But if it doesn’t mature for many
years, they could be trapped in that
bond for a long time. If in the mean-
time interest rates rise significantly
(they hit the midteens during the
Reagan presidency), the opportunity
had comparatively few of these prob-
lems.
Progressive critics such as New
York Mayor Bill de Blasio argue that
charters are exclusive campuses that
aren’t accessible to all students. In
reality, charters in most states oper-
ate as nonselective, nonneighborhood
schools, which means that students
of all backgrounds and academic abil-
ities are treated equally in admis-
sions. Limited seats are assigned in
open lotteries.
The common reply is that charters
still “cream” their student popula-
tions, attracting a greater proportion
of students from highly motivated
families and pressuring low-perform-
ing students to return to the district’s
schools. To that end, when Ms. War-
ren unveiled her education plan in
October, she promised to address
“discriminatory enrollment, suspen-
sion, and expulsion practices in char-
ter schools.”
Meanwhile, several independent
analyses have failed to find evidence
of systemic creaming. U.S. charter
schools enroll a greater proportion of
students of color than traditional
public schools and a similar propor-
A Successful Mideast Nuclear Deal
By Yousef Al Otaiba
T
he Middle East nuclear agree-
ment is working well. It contains
the strongest commitments ever
agreed to for nonproliferation and
transparency and no pathway to weap-
onization. No, not that nuclear deal.
On March 3, the United Arab
Emirates announced it had finished
loading fuel into Unit 1 of the Ba-
rakah Nuclear Energy Plant. When all
four units become operational, the
plant will provide up to 25% of the
U.A.E.’s electricity with zero carbon
emissions.
The seeds for this ambitious project
were planted 10 years ago, when the
U.S. and U.A.E. signed the strongest
bilateral civil nuclear cooperation
agreement in history. The deal wasn’t
a sure thing. As negotiations pro-
gressed during the final year of Presi-
dent George W. Bush’s administration,
the nonproliferation community was
concerned. Skeptics feared the Middle
East was ill-suited for a peaceful nu-
clear program. Arms-control experts
argued that if Iran used its program as
cover for building a nuclear bomb, the
U.A.E. could too.
Rejecting any interest in nuclear
weapons, the U.A.E. voluntarily made
the strongest possible nonprolifera-
cost for investors will be gigantic.
Imagine being locked into a bond
paying 3% for years when you could
be receiving 12%. If interest rates
surge, the only way for investors
owning long-maturity bonds to es-
cape those low returns would be to
sell and accept a huge loss on what
they had considered a very safe in-
vestment. The results for many could
be disastrous.
If interest rates rise, they’ll
plummet in value, forcing
investors to sell at a loss or
stay trapped for years.
In reaching for yield, investors can
also attempt to capture a higher re-
turn by assuming more credit risk.
But they’re probably underestimating
the downside in that category as well.
In 2018 Moody’s Investors Service
lowered its estimated average recov-
ery in the event of default by more
than 20%, from the historical average
of 77 cents on the dollar to 61 cents.
Compare that with the current yield
for the high-yield index of 5.5% at
time of publication. Does that seem
like an attractive return, given the po-
tential risk? By the way, the corporate
bond index as I write yields just un-
der 2.5%, which means that investors
are receiving only about 3% addi-
tional yield for investing in junk
bonds rather than blue-chip corpo-
rates. That’s a pretty small consola-
DAVID KLEIN
tion of English-language learners.
The creaming critique also applies
to traditional school districts, where
exclusivity and selective enrollment
are so common that people have be-
come oblivious to them. School dis-
tricts are expected to assign children
to schools by neighborhood—that is,
according to families’ housing bud-
gets. This isn’t happening under the
table; it’s official policy, designed to
help wealthy families consolidate
their advantages by purchasing ac-
cess to privileged neighborhood
schools.
Districts regularly establish selec-
tive schools or gifted-and-talented
programs. In New York City, district
schools sort pupils as young as 4 by
academic level. At Boston Latin, the
oldest public school in the U.S.,
creaming is entrenched via an admis-
sions test. Some districts eager to
give graduation rates a boost—San
Diego Unified, for example—have en-
couraged struggling students to
transfer out of their schools. In San
Diego many of these students ended
up at charters, funnily enough.
If some charter schools are sur-
reptitiously manipulating their en-
tion commitments, pledging to forgo
domestic enrichment and reprocess-
ing of nuclear material. There was no
hesitation in acceding to the Interna-
tional Atomic Energy Agency’s Addi-
tional Protocol, allowing for short-
notice inspections of any nuclear
facility at any time. Later termed the
“gold standard,” these historic and
binding guarantees represented a
new and innovative solution to a
longstanding problem created by the
inherent dual-use nature of some ele-
ments of the nuclear fuel-supply
chain.
The agreement was signed at the
end of the Bush administration and en-
dorsed by the Obama administration.
Skillfully shepherded through congres-
sional review by House Foreign Affairs
Committee Chairman Howard Berman,
the agreement entered into force in
December 2009.
The U.A.E.’s voluntary commit-
ments significantly exceed those ex-
tracted from Iran in the 2015 Joint
Comprehensive Plan of Action. Teh-
ran insisted on maintaining a path-
way to enrich uranium domestically
and to develop advanced centrifuge
technologies—capabilities first devel-
oped clandestinely in defiance of
binding United Nations Security
Council resolutions. Iran also de-
Thursday, March 5, 2020 | A17
tion for such a drop in quality. Note
that about 30% of B-rated issuers de-
fault in a typical recession, versus
fewer than 5% of investment-grade is-
suers. So expect most investors
sweeping up low-grade loans to suffer
if the economy takes a plunge.
With so much reward-free risk
coursing through the markets, where
should investors turn? It’s not the
message many want to hear, but right
now the best option is simply to stay
off that ladder. Don’t reach for yield.
Whether it’s further out in the calen-
dar or lower in credit quality, the in-
cremental yield most likely doesn’t
come close to compensating you for
the risks you’re assuming.
If keeping a large amount of your
cash in liquid, low-yielding invest-
ments seems less than appealing,
there’s one very important consola-
tion: When the market finally does
reprice to more rational levels, you’ll
be in a position to put that money to
work and earn fabulous returns.
Nothing is more valuable or condu-
cive to future profits than having
cash when most others don’t. It’s the
investment advantage that eclipses
all others.
“Fear of missing out” exerts a
powerful pull, but not a rational one.
Don’t take the bait and reach for
yield. If counting the losses you’ll
avoid doesn’t help you sleep better at
night, dream of how much you’ll
make when prices have plummeted.
Mr. Grey is CEO and chief invest-
ment officer of Grey Value Manage-
ment LLC.
rollment by counseling low perform-
ers to switch schools, many school
districts are proudly, publicly, sys-
tematically keeping unwanted stu-
dents out. Yet instead of critiquing
the structural inequities that plague
U.S. public education, leading pro-
gressive voices single out charters
for condemnation.
A better debate around charter
schools would focus on how well they
serve their students. In a Democratic
debate last fall, Julián Castro claimed
charters perform no better than dis-
trict schools. One hears this often
and it has some empirical grounding,
in particular a 2013 Stanford study,
which found that students nation-
wide learn at relatively similar rates
in charters and district schools.
But charter schools are particu-
larly effective with some historically
underserved groups. The Stanford
study found they foster greater
learning than district schools for
English-language learners as well as
African-American and Hispanic stu-
dents living in poverty. And charter-
school performance varied widely
by state. Charters in Massachusetts
performed much better than the
state’s traditional public schools,
while charters in Nevada performed
much worse.
These variations aren’t the prod-
uct of chance. We should ask how
states with ineffective charter
schools can learn from states with ef-
fective charters. Instead of treating
all charters as a plague on public ed-
ucation, we could focus critiques on
charter models that have performed
poorly, such as for-profit and online
schools.
Instead of blaming charters for
problems common to district schools,
we should put real pressure on low-
performing schools in both sectors to
improve.
Mr. Williams is a fellow at the
Century Foundation, a progressive
think tank, where he writes about
public education.
manded that the most significant re-
strictions lapse in January 2026.
These demands reveal Iran’s real
long-term aspirations.
Iran could send no clearer signal
of peaceful intentions than signing
on to the same voluntary commit-
ments as the U.A.E. The international
community should insist on this as a
precondition of a renewed nuclear
pact with Iran, which would create a
virtuous nuclear pathway. Iran could
then modernize its nuclear-energy
program and boost its economic
prosperity. Barakah will supply 6
gigawatts of low-carbon electricity in
the next few years. The 45-year old
Iranian program limps along with a
single, nonstandard 915-megawatt
plant.
Peaceful nuclear technology is
critical to the world’s energy mix,
particularly now that lower-carbon
alternatives are required. But a
greener world shouldn’t become a
pretext for a more dangerous one.
The U.S.-U.A.E. nuclear deal has
worked. New and better rules have
delivered a new huge source of clean
power and reduced the risk of nu-
clear proliferation.
Mr. Otaiba is the United Arab
Emirates’ ambassador to the U.S.
A18 | Thursday, March 5, 2020 THE WALL STREET JOURNAL.

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Viacom Explores Simon & Schuster Sale
BY JEFFREY A. TRACHTENBERG
AND BENJAMIN MULLIN
ViacomCBS Inc. is looking
to sell its Simon & Schuster
book-publishing business,
Chief Executive Bob Bakish
said, a deal that would provide
the company with additional
cash to spend on its video-
streaming efforts.
The company will seek at
least $1.2 billion for Simon &
Schuster, according to a per-
ILLUSTRATION: LYNNE CARTY/THE WALL STREET JOURNAL; PHOTOS: ISTOCK
The vegetable’s mild flavor and adaptability have encouraged food makers to substitute it for starches and dairy in many foods.
Protein-Packed Cauliflower Is a Bestseller
BY JAEWON KANG
Cauliflower used to sell so
slowly it often spoiled on su-
permarket shelves. Now, it is
one of the fastest-growing
food products, as consumers
substitute the versatile vegeta-
ble for meat and carbohy-
drates.
Rich in protein and fiber
but low in calories, cauliflower
is benefiting from the rise of
keto and paleo diets that ad-
vise people to avoid grains and
seek high-fat foods.
Cauliflower’s mild flavor
and adaptability have encour-
aged food makers to substitute
it for starches and dairy in
gnocchi, pizza crust, hummus
and vegan Gruyère cheese. U.S.
sales of raw cauliflower and
foods containing the vegetable
rose to $700 million last year,
according to research firm
Nielsen, up nearly 40% from
2016.
“It really has become the
new kale,” said Pat Brown, a
merchandising vice president
at Albertsons Cos. The na-
Second Cruise Ship Tied to Illness
BY JIM CARLTON
Another Carnival Corp.
cruise ship has become em-
broiled in an outbreak of
Covid-19, the disease caused
by the novel coronavirus—this
time a West Coast-based liner
called the Grand Princess
where health officials say at
least one former passenger has
died after a recent cruise.
The ship, on a voyage to Ha-
waii with a stop in Mexico, has
been ordered to return to port
in San Francisco. The vessel
has a capacity of 2,600 guests
and 1,150 crew.
California Gov. Gavin
Newsom said late Wednesday
the cruise ship won’t be al-
lowed to come ashore until
state officials appropriately as-
sess the passengers and the
vessel. “It’s a dynamic situa-
tion,” Mr. Newsom said in a
press briefing.
Officials of Carnival’s Prin-
cess Cruises said in a letter
earlier Wednesday to passen-
TECHNOLOGY: JOANNA STERN SUGGESTS FIXES FOR WORKING AT HOME B4
S&P IT À 4.28%
son familiar with the matter.
“Simon & Schuster is not a
core asset of the company,”
Mr. Bakish said during an in-
vestor conference Wednesday.
He said he had received “mul-
tiple unsolicited inbound calls”
about the publisher.
Simon & Schuster will likely
attract widespread interest
since major publishing houses
come on the market infre-
quently. ViacomCBS is seeking
to sell Simon & Schuster to ri-
Total U.S. cauliflower sales*
$700 million
600
500
400
300
200
100
0 –10
2015 ’16 ’17 ’18
Source: Nielsen
tion’s second-largest grocer,
after Kroger Co., has intro-
duced 14 store-branded items
featuring cauliflower over the
past year, including rice,
mashed cauliflower and a
cheese bake. “Consumers are
looking for healthier options
and healthier options that
taste good,” Mr. Brown said.
“It’s become one of those.”
The vegetable now outsells
cabbage and garlic but still
gers that the Centers for Dis-
ease Control and Prevention
had notified them it was in-
vestigating “a small cluster”
of Covid-19 cases in Northern
California tied to the same
ship’s voyage in February be-
tween San Francisco and
Mexico.
The Carnival liner,
which can hold up to
3,750 people, was
heading back to port.
The company, the world’s
biggest cruise operator, also
operates the Diamond Prin-
cess, where dozens of passen-
gers became infected with
Covid-19 when it docked in
Japan in January. That ship
was quarantined for two
weeks.
An elderly passenger from
* * * *
DJ TRANS À 3.38%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.07%
val book publishing houses,
the person said.
Potential bidders include
HarperCollins Publishers,
which like The Wall Street
Journal is owned by News
Corp. “HarperCollins has been
interested in gaining scale
through organic growth and
acquisitions of other compa-
nies,” Chief Executive Brian
Murray said in an interview.
“Any time a publishing com-
pany is on the market, we’d
Cumulative change in sales
70%
60 Cauliflower
50
40
30
20
Cabbage
Celery
10
0
Onions
Lettuce
’19 2015 ’16 ’17 ’18 ’19
lags behind lettuce and onions.
Kale, which rose to promi-
nence in recent years, is expe-
riencing a decline in sales and
remains less popular than cau-
liflower.
The cauliflower rice that
Aldi Inc. started selling in 2017
is now the German discount
grocer’s top-selling frozen
item in the U.S., said Scott
Patton, vice president of cor-
porate buying at Aldi US. Aldi
the Feb. 11-21 Mexico cruise
became the first person in
California to die from the ill-
ness, after being hospitalized
in Placer County, Calif., fol-
lowing likely exposure on the
trip, health officials said
Wednesday.
Mr. Newsom said another
passenger from Sonoma
County, Calif., is in a “difficult
condition” and being moni-
tored for possible Covid-19
complications.
Placer County officials said
other cruise passengers may
also have been exposed, and
that they were working with
the CDC to find and alert
them. Mr. Newsom said several
of those people from Placer
County were part of a tour.
On the Princess Cruises
website, Chief Medical Officer
Grant Tarling advised guests
on the February cruise to im-
Please turn to page B10
 Cancellations threaten the
cruise industry........................ B10
LIBOR 3M 1.001
NIKKEI (Midday) 21299.56 À 0.95% See more at WSJ.com/Markets
like to take a look.” One pub-
lishing executive who asked
not to be identified said
Lagardère SCA’s Hachette
Book Group is also likely to ex-
press interest.
The possible sale comes as
the publishing business is un-
dergoing a period of consoli-
dation. Although print sales
have remained steady in re-
cent years, and audiobook
sales are strong, publishers
face increasing competition
has since introduced 12 items
featuring cauliflower, includ-
ing tortilla chips, gnocchi and
buffalo dip.
More people are also buy-
ing raw cauliflower to make
their own dishes at home, re-
tailers say. That is alleviating a
headache for Aldi and other
grocers who say the vegetable
is prone to losing its freshness
faster than other produce.
“Cauliflower is a very deli-
cate vegetable,” Mr. Patton
said. “It’s white and prone to
spotting,” referring to brown
spots the vegetable gets when
it is exposed to light and air
for too long.
Farmers have expanded
cauliflower acreage to meet
the fresh demand, said Curt
Epperson, who manages the
produce and floral sections at
Publix Super Markets Inc.
Cauliflower grows in 30
days, he said, compared with
the 70 to 100 days that pro-
duce such as tomatoes and
peppers need to reach matu-
rity. Cauliflower, like many
Please turn to page B2
INSIDE
JASON LEE/REUTERS
BUSINESS
Lego plans ambitious
expansion in China to
tap growing demand
for toy bricks. B3
FINANCE
Money managers cut
banks out of lucrative
role as Wall Street’s
matchmakers. B10
Thursday, March 5, 2020 | B1
for consumer attention from a
variety of social-media plat-
forms and other digital media
including the many streaming
entertainment choices avail-
able online.
When Viacom and CBS
merged late last year, analysts
speculated that the combined
company would sell off some
assets that didn’t dovetail with
ViacomCBS’s strategy of sell-
ing its video content to major
cable companies, up-and-com-
United Slashes
Flights as Virus
Cuts Into Travel
BY DOUG CAMERON
United Airlines Holdings
Inc. said it would cut domestic
flights as the spreading corona-
virus depresses bookings.
Airlines world-wide have
parked more than 1,000 planes
as bookings have fizzled and
concerns have risen that de-
pressed demand could extend
into the busy peak summer sea-
son.
The carrier said Wednesday
it plans to store some wide-
body jets and is offering staff
unpaid leaves of absence in
April, the latest effort by air-
lines to mitigate the shock to
the industry caused by cascad-
ing travel restrictions and pas-
senger concerns over flying.
Companies including Boeing Co.
are instructing their employers
to cut out unnecessary travel.
Other U.S. carriers have
sought to stimulate demand by
offering passengers the option to
change flights without penalties.
United will cut domestic ca-
pacity by 10% in April from its
previous plan and international
flying by 20%, Chief Executive
Oscar Munoz and President
Scott Kirby said in a message to
staff. These cuts could extend
into May.
The Chicago-based carrier
Outbreak Shakes Up
Trade-Show Circuit
BY COLLIN EATON
AND REBECCA ELLIOTT
Leaders of Austin’s South by
Southwest festival reassured
the public this week that the
Texas tech, film and music
event would still kick off as
planned March 13, despite con-
cerns over the coronavirus epi-
demic.
But behind the scenes, Aus-
tin politicians, public health of-
ficials and others were meeting
with organizers to decide
whether the show should go
on—and if so, how—as more
than 40,000 people signed an
online petition calling for its
cancellation and Facebook Inc.
and Twitter Inc. said their em-
ployees wouldn’t attend.
“At this point there’s no evi-
dence to suggest that canceling
South by Southwest makes the
community safer,” Austin Mayor
Steve Adler said Wednesday.
“That question is being re-eval-
uated and reconsidered multiple
times every day.”
Meanwhile, a local health of-
ficial said at least one person
in the Austin area was being
tested for the novel coronavi-
rus and undergoing monitoring
as officials awaited results.
World-wide, major confer-
ences and trade shows are get-
ting canceled or postponed at
historic rates as the novel cor-
onavirus leads companies to
curtail nonessential trips and
virus-hit countries restrict
travel, leaving organizers with
little choice but to call off in-
ternational gatherings planned
for months.
From Beijing to San Fran-
cisco to Geneva, the cancella-
tions added up to millions of
lost visits and tens of millions
of dollars in lost revenue for lo-
ing streaming services and di-
rectly to consumers.
After the deal for Viacom-
CBS closed, company execu-
tives debated whether they
should sell Simon & Schuster
or use stories published by the
company to fuel its video pro-
gramming, the person said. Ul-
timately, they decided to sell.
LionTree LLC is advising Vi-
acomCBS on the sale, the per-
son said.
Please turn to page B2
has the biggest exposure to in-
ternational markets among U.S.
carriers. Half the cuts will be on
trans-Pacific services and 10%
on trans-Atlantic flights. The
airline has already suspended
most of its flights to China,
South Korea and Italy.
Domestic cuts will involve 10
cities that will still have service
from other United hubs, as well
as a mix of schedule cuts and
using smaller planes.
“We’re reducing the number
of frequencies per week, finding
routes with alternative travel
options via other United hubs,
and delaying start dates for sea-
sonal travel to certain destina-
tions—without closing any do-
mestic stations,” the United
executives said in the note.
United, like the rest of the in-
dustry, is wary of making cuts
deep enough to trigger fur-
loughs, and its unions broadly
welcomed its response.
The move helped United
shares stage a late rally to end
up 2%, with the broader sector
climbing 3% as investors bet on
more summer booking numbers
and a quick rebound in demand.
United joins alliance partners
Deutsche Lufthansa SA and All
Nippon Airways Ltd. in cutting
domestic flying on top of
shrinking international flights.
cal economies, a tally growing
by the hour this week as confer-
ences spanning everything from
books and housewares to or-
ganic foods shut down.
Organizers in Asia, Europe
and North America have can-
celed or postponed at least 440
trade shows and exhibitions in
response to the coronavirus
this year, including scores dur-
ing the past week, according to
German expo trade magazine
m+a.
The impact was reverberat-
ing across everyone from con-
ference sponsors and exhibi-
tors to airport shopkeepers
and restaurateurs.
The cancellations raised
hard questions for organizers
over whether to refund partici-
pants for circumstances be-
yond their control. Some con-
ferences that decided to
proceed were also finding that
unpopular, as exhibitors de-
manded refunds amid declining
attendance and safety con-
cerns, and at least one major
event reversed course and can-
celed.
Still others that pressed
ahead were taking extraordi-
nary measures to minimize
risks, such as suggesting that
participants avoid handshake
greetings.
Alphabet Inc.’s Google said
Tuesday it would cancel its
splashy annual developer’s
conference—its flagship event
for the year—slated for May
and held adjacent to the com-
pany’s Mountain View, Calif.,
headquarters for roughly 7,000
attendees. A spokeswoman
cited concerns around the cor-
onavirus and the health of at-
tendees.
In Switzerland, the two-
Please turn to page B10
B2 | Thursday, March 5, 2020
INDEX TO BUSINESSES
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 Fidelity Investments B10
Albertsons...................B1
All Nippon Airways .... B1
Alphabet......................B1
AMC Entertainment
Holdings..................B11
Anthem ..................... B12
B H
Bank of America.......B10
Bank of East Asia ...... B6
Bristol-Myers Squibb
...................................B10
C I-J
Campbell Soup............B3
Capital Group............B10
Carnival .......... A7,B1,B10
China-America
Commodity Data
Analytics...................A8
Clorox ........................ B10
Coca-Cola...................B10
D L
Deutsche Lufthansa...B1
Dick's Sporting Goods
...................................B10
DoorDash...................B10
E Marvel Comics............A1
Elliott Management ... B6
F N
Facebook......................B1
Fiat Chrysler...............B2
INDEX TO PEOPLE
A
Aron, Adam...............B11
Au, Alex......................A2
B G
Bakish, Bob.................B1
Barra, Mary.................B2
Bigland, Reid...............B2
Bovet, Claude............B12
Broekhuizen, Erik......B11
Brown, Pat..................B1
C-D
Child, Jason.................B2
Cornelli, Francesca......B6
Craig, Geoffrey..........B11
Detrick, Ryan..............A2
Data Platform Splunk
Expects Weaker Sales
BY KIMBERLY CHIN
Splunk Inc. swung to a loss
in its latest quarter despite
posting higher revenue, as the
company projected tepid sales
for its current fiscal year.
Revenue at Splunk rose 27%
in the latest quarter to $791.2
million, boosted by higher
software sales and cloud de-
mand, ahead of analysts’ esti-
mates of $783 million.
The data platform company
forecast revenue of $2.6 bil-
lion for the year ending next
Jan. 31. This was slightly be-
hind analysts’ consensus esti-
mates of $2.88 billion.
The outlook sent shares
tumbling 2.8% to $152 in after-
hours trading after the stock
closed up 4.7% on Wednesday.
Though the company ex-
pects the cloud business to
contribute substantially to
revenue for the year, Chief Fi-
nancial Officer Jason Child
said there is still a high vari-
ability that comes from cloud
and related revenue. He ex-
pects revenue growth to pla-
Cauliflower
Is a Protein
Bestseller
Continued from page B1
vegetables produced in the
U.S., is mostly grown in Cali-
fornia. “Growers can react and
adjust very quickly,” Mr. Ep-
person said.
At some retailers, cauli-
flower-infused items are tak-
ing shelf space away from less
popular foods, said Kemper
Isely, chief executive of Lake-
wood, Colo.-based Natural
Grocers by Vitamin Cottage
Inc. Sales of the vegetable
nearly doubled at the chain
over the past year.
“You get rid of something
that isn’t selling quite as well,”
Mr. Isely said, adding the gro-
cer is taking away some tradi-
tional pizza in its frozen sec-
tion to create more room for
cauliflower-crust pizza.
Cauliflower also has a
growing presence in prepared
meals and salad bars, which
tend to have higher margins
and can boost profits.
Chains are adding deep-
fried cauliflower to hot-food
bars and planning to use cauli-
flower leaves in salads, said
Turner Goodwin, a director of
fresh-category management at
KeHE Distributors LLC, which
delivers food products to gro-
cers.
“Retailers have to stay on
trend,” Mr. Goodwin said.
Cauliflower-crust pizzas ac-
count for one-quarter of total
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Norwegian Cruise Line
Flight Centre.............B10 Holdings..................B10
Fuzhou Rockchip P-R
Electronics..............B12
Poten & Partners......B11
G Royal Caribbean Cruises
General Electric ........ B10 ...................................B10
General Motors...........B2 S
Samsung Electronics..B6
Hillhouse Capital Sanofi..........................B3
Management ............ A8 SoftBank Group..........B6
Huawei Technology...B12 Splunk ......................... B2
Hyundai Motor............B6 Starbucks..................B10
T
Imax...........................B11 Taleveras Group........B11
Intu Properties ......... B11
Tesla............................B2
Johnson & Johnson..B10 T. Rowe Price Group.B10
JPMorgan Chase.......B10 Twitter ........................ B1
YU RUIDONG/CHINA NEWS SERVICE/VCG/GETTY IMAGES
K U
KeHE Distributors ...... B2 Uber Technologies......A1
Kroger..........................B1 United Airlines............B1
UnitedHealth.......A1,B12
Lagardère .................... B1 V
Lego.............................B3 ViacomCBS..................B1
M Vitol Group................B11
Macy's.......................B10 W-Z
Walmart....................B10
McDonald's................B10
Wells Fargo...............B10
Zoom Video
Naura Technology.....B12 Communications.....B12
News Corp...................B1 ZTE............................B12
The car maker plans new battery technology that could allow vehicles to travel up to 400 miles on a single charge. A Chevrolet Bolt.
E-F
Epperson, Curt............B1
Merritt, Douglas.........B2
P
GM Rolls Out Its Electric Strategy
Frederick, Randy.........A2 Pachter, Michael.......B11 BY MIKE COLIAS tery strategy, highlighting a
Patton, Scott .............. B1 Fiat Executive Quits lidify a merger deal announced new proprietary technology it
Gelfond, Richard.......B11
Pedroni, Christina.....B10 General Motors Co. is re- last fall with PSA to create one has developed with partner LG
Goodwin, Turner.........B2 R newing its push to convince Months After Suing of the world’s largest auto Chem, called Ultium, that uses
I Reuss, Mark................B2 Wall Street that it is the auto makers by sales. lower amounts of cobalt than
S maker to bet on for electric Mr. Bigland’s whistleblower the lithium-ion batteries used
Isely, Kemper..............B2
Sanomi, Igho.............B11 cars, as a decadeslong effort to Fiat Chrysler Automobiles lawsuit in June alleged that the in electric vehicles today. Co-
K-L sell the technology to custom- NV said Wednesday its U.S. auto maker cut his pay in retal- balt is an expensive chemical
Schutte, Brent............A2
Kommor, Jeff..............B2 Serio, Giovanni ......... B11 ers has gained little traction. sales chief and head of the iation for cooperating with the that is difficult to source. Tesla
Leonard, Stew Jr. ....... B2 Spitznagel, Mark ...... B12 In a presentation Wednesday Ram truck brand is leaving the federal investigation. Chief Executive Elon Musk has
M T at the company’s engineering company to pursue outside in- At the time, the company said the company’s next gener-
Manley, Mike .............. B2 Taleb, Nassim Nicholas center near Detroit, GM execu- terests, a departure that comes said his pay was being evalu- ation of batteries will eliminate
Marchionne, Sergio .... B2 ...................................B12 tives detailed their electric-ve- as the Italian-American auto ated by its board. That lawsuit cobalt altogether.
hicle strategy in the coming maker pursues a merger with has since been dismissed, ac- GM said it would be able to
years, including plans for new France’s PSA Group. cording to court records and configure its “pouch-style” bat-
battery-technology that will al-
low its vehicles to travel up to
400 miles on a single charge—
Reid Bigland, who filed a
lawsuit last year—since dis-
missed—alleging the company
Mr. Bigland’s lawyer.
Fiat Chrysler said all legal
matters between the company
tery cells in more flexible lay-
outs, which will allow it to de-
ploy a variety of body styles and
topping today’s competitors. retaliated against him for coop- and Mr. Bigland have been re- sizes. It said some vehicles will
The company said it would erating with a federal probe solved. have the capability of traveling
spend $20 billion to develop into its U.S. sales-reporting Mr. Bigland, who rose up to 400 miles on a single
electric and autonomous vehi- practices, will depart April 3, through the ranks under former charge, well beyond the roughly
teau this year. cles, quantifying for the first Fiat Chrysler said. His duties chief Sergio Marchionne and 260-mile range of the Bolt.
In a bid to get more cus- time its bet on these burgeoning will be assumed by three other was a member of the com- GM also said it may license
tomers to convert to cloud, technologies. executives, including Jeff Kom- pany’s top executive council, its battery-cell technology to
the company offered new pric- GM was the first major car mor, who will take responsibil- had taken over various respon- other companies. The company
ing plans last year. “The un- company to put an all-electric ity for leading U.S. sales. sibilities over the years, includ- in December said it would
derlying piece is customers car on the market in the 1990s Mr. Bigland, a 22-year vet- ing leading luxury brands Alfa jointly invest with South Ko-
want to go to cloud. They see and subsequently has attempted eran of the company, couldn’t Romeo and Maserati. He also rea’s LG in a $2.3 billion bat-
a really rapid return to value,” to sell models for the mass mar- be reached for comment. oversaw the Ram pickup-truck tery-cell manufacturing plant in
Chief Executive Douglas Mer- ket. The company introduced a The move comes as Fiat brand, one of the auto maker’s Ohio.
ritt on a call with analysts. plug-in hybrid Chevrolet Volt Chrysler, led by Chief Executive most profitable divisions. In October, Ms. Barra said GM
Sales for the fiscal year about a decade ago and later Mike Manley, is working to so- —Nora Naughton likely would invest more capital
ended Jan. 31 were $2.36 bil- added the all-electric Chevy in electric vehicles than gaso-
lion. For the fiscal fourth Bolt—neither of which sold well. line-powered ones over the next
quarter, the company swung Investors so far have been cluding one called the Lyric. It has added a sense of urgency five years, even though today
to a loss of $22.7 million, or 15 putting their money on Tesla also plans two new Hummer for traditional auto makers, car they account for less than 1% of
cents a share, from a profit of Inc. as the company best posi- models, a pickup truck and an executives have said. GM’s overall sales. The company
$2.1 million, or 1 cent a share, tioned to capitalize on a big SUV to be sold under the GMC Auto makers have commit- expects about $7 billion in capi-
in the year-earlier quarter. swing toward electric vehicles. brand. ted a combined $225 billion to- tal expenses this year.
Excluding stock-based com- Tesla’s valuation has soared to Executives previewed those ward electric-vehicle develop- Over the past two decades,
pensation, acquisition-related more than $130 billion, roughly new models Wednesday to in- ment over a five-year period GM has been seen as a leader
adjustments, and amortiza- three times as large as GM’s. vestors, analysts and journalists. ending in 2023, consulting firm on electric cars among tradi-
tion, adjusted earnings were “I think General Motors is “This is the biggest opportu- AlixPartners estimates. The tional auto makers, though the
96 cents a share, a penny shy undervalued. I really do,” said nity any of us has ever seen for largest number of models are technology isn’t yet a signifi-
of analysts’ expectations. Chief Executive Mary Barra. this company,” GM President slated for China and Europe. cant part of its business.
Founded in 2004, Splunk—a “We’re bringing the power and Mark Reuss said. The rush to invest in this GM and rival Ford Motor Co.
play on the word “spelunk- might of General Motors” to The Detroit auto-manufac- technology comes as questions are centering their electric-ve-
ing”—collects and analyzes grow electric-vehicle sales, she turing giant is placing among remain about consumer de- hicle plans for North America
data to help companies iden- said Wednesday. the industry’s largest bets on mand, profitability and the largely on pickup trucks and
tify patterns, like customers’ The company’s shares rose electric vehicles in an effort to availability of public charging sport-utility vehicles, which
beverage preferences, and de- 3.3% to $31.53 amid a broad reduce its more-than-century- stations. typically carry bigger profit
tect anomalies that could be a market rally on Wednesday. old reliance on the gasoline en- GM executives reiterated margins and are sold to cus-
sign of fraud or a cyberattack. They are down about 20% over gine and challenge Tesla’s dom- that future electric cars will be tomers more apt to pay up for
the past year. inance in battery-powered cars. profitable, unlike GM’s lone extra features and technology.
GM also unveiled plans for Global auto makers are electric entry in the U.S. today, Ford is rolling out its first
pizza sales at Stew Leonard’s
Inc., a chain concentrated in
the Northeast, CEO Stew Leon-
about a dozen new electric-ve-
hicle models across its brands,
including a new, bigger version
plowing investment into future
electric cars, prodded in part
by tougher tailpipe-emissions
the Chevy Bolt, which loses
several thousand dollars per
sale, current and former em-
electric vehicle planned for sig-
nificant sales volume, the Mus-
tang Mach-E SUV, and has said
ard Jr. said.
The grocer started selling it
in 2018 and the item already
of the Chevrolet Bolt electric
SUV, a new Chevy midsize SUV
and several Cadillac models, in-
regulations in major markets,
such as China and Europe.
Tesla’s rise in popularity also
ployees have said.
On Wednesday, GM provided
a more in-depth look at its bat-
it is working on a battery-pow-
ered version of its popular
F-150 pickup truck.
has more share than plain
cheese pizzas with a wheat
crust, he said.
“There are a lot of vegans
now. They don’t want to eat
Simon & two of the world’s largest con-
sumer book publishers, with
Bertelsmann initially owning a
meat. They want plant-based,”
Mr. Leonard said.
Aside from specific diets,
Schuster 53% stake in the combined
companies.
Penguin Random House is
consumers say they like pre-
pared foods made with cauli-
flower because they are a con-
Sale Mulled currently 75% owned by Ber-
telsmann, which has agreed to
acquire the remainder of the
venient way of being more company pending regulatory
healthy. Continued from page B1 approval.
A serving of cauliflower rice Simon & Schuster, a storied Earlier this year, the Ha-
contains 85% fewer calories publishing house that has op- chette Book Group acquired
PATRICK T. FALLON/BLOOMBERG NEWS
than a serving of white rice, erated for nearly a century, is more than 1,000 books pub-
according to food makers, and known for publishing high- lished by Walt Disney Co.’s
a pizza crust made from wheat and lowbrow classics by au- Disney Book Group. Other re-
flour contains about 23 times thors including Ernest Hem- cent deals include Penguin
more carbohydrates than pizza ingway, F. Scott Fitzgerald, Random House’s acquisition
made with cauliflower. Stephen King, Ursula K. Le last year of a 45% stake in
“It’s become so much more Guin and Doris Kearns Good- Sourcebooks Inc., one of the
accessible. It’s so easy to pick win. The company has been country’s leading independent
up already riced,” said Sarah owned by Viacom or its sister publishers, and Hachette’s
Smith, a 27-year-old free-lance company, CBS, since 1994, purchase of the publishing
musician in St. Louis who when Gulf and Western Inc. Bob Bakish, president and CEO of ViacomCBS. arm of Perseus Books Group in
shops at Trader Joe’s and Aldi. sold Paramount to Viacom. 2016.
“I eat less calorically, but still Simon & Schuster generates that has always risen to the Scan, which tracks about 85% Another significant pub-
fill up.” the majority of its revenue challenges we face.” of print book sales in the U.S. lisher emerged in recent years:
Miguel Martinez, who from domestic publishing. Rev- Since the merger of Viacom Another bright spot has Amazon.com Inc., the dominant
works at a warehouse near enue fell 1.3% to $814 million and CBS was completed late been consumer demand for online seller of physical and
Reno, Nev., started eating cau- last year compared with 2018, last year, the company has been digital audiobooks. Through digital books, now has 16 im-
liflower rice as part of his keto reflecting lower print book looking to raise cash. Mr. Bak- November, downloaded audio- prints. Amazon accounted for
diet about a year and a half sales, while full-year adjusted ish in December said the com- book sales increased around over half of all new book units
ago. Now the 24-year-old buys operating income before depre- pany is looking to sell CBS’s 24% to $526.1 million, accord- sold in October in the U.S., ac-
six heads of cauliflower for ciation and amortization fell Midtown Manhattan headquar- ing to the Association of cording to research firm Codex
himself and his family each 6.5% to $143 million. ters known as Black Rock. American Publishers. Group. Amazon also operates
week and dices them to ac- In a note to Simon & Schus- The book-publishing busi- The book-publishing indus- 21 bookstores in the U.S.
company his meals. ter staffers on Wednesday, the ness has remained relatively try has undergone a period of Barnes & Noble Inc., the
He credits the dish and the publisher’s CEO, Carolyn stable. The number of print consolidation over the last de- country’s largest bookstore
keto diet with helping him lose Reidy, urged her colleagues to books sold in the U.S. declined cade, including the merger be- chain, was acquired in 2019 by
75 pounds. stay focused on their work, about 1% to 689.4 million last tween Bertelsmann SE’s Ran- the hedge fund Elliott Manage-
“It has a durable taste and writing that the “process will year from 2018 but remain dom House and Pearson PLC’s ment Corp., following years of
texture,” Mr. Martinez said. “It surely be an adventure for all more than 5% higher than in Penguin Group. That deal, an- struggling to attract shoppers
retains flavors just right.” of us, but we are a company 2015, according to NPD Book- nounced in 2012, put together into its stores and online.
THE WALL STREET JOURNAL. Thursday, March 5, 2020 | B3

Sanofi Defends
Insulin Pricing,
Citing a Decline
BY DENISE ROLAND
Sanofi SA, maker of the
world’s bestselling insulin, said
the price it received for its
drugs fell on average just over
11% last year, including rebates
it pays to insurers and health
pharmacy-benefit managers.
It is the latest in a series of
drug-company pricing disclo-
sures aimed at trying to spread
BUSINESS NEWS
Lego Plans New China Stores in Ambitious Expansion
it said, the net price of Lantus
has decreased 37%. It said that
compares with a 62% rise in
average out-of-pocket costs for
patients buying insulin with
commercial insurance and
Medicare.
Drugmakers argue that pub-
lished list prices don’t accu-
rately reflect what they receive
for their products. That is be-
cause they typically offer re-

the blame for rising health-
care costs. Insulin, in particu-
lar, has become a political
lightning rod in the drug-price
debate.
For the past several years,
Sanofi, which makes bestsell-
ing Lantus, has disclosed its
net pricing, which is the price
a drugmaker gets after deduct-
ing rebates and discounts
given to middlemen along the
drug-sale process. Sanofi and
other big pharmaceutical com-
panies have used the data to
argue that they aren’t always
the beneficiary of higher list
prices that are publicly dis-
closed.
Sanofi has said net prices
for insulin have fallen for five
consecutive years. Since 2012,
IMAGINECHINA/ZUMA PRESS
bates—or money back—to in-
surers and pharmacy-benefit
managers in return for things
like lower copayments for a
drug. That can boost sales and
market share. They have
blamed pharmacy-benefit man-
agers and insurers for not
passing on those rebates to pa- Lego AS said Wednesday Net profit rose 2.8%, to 8.31 more modest single-digit per- ber, Lego reported a sharp fall in
tients. that it will open 150 new stores billion Danish kroner ($1.24 bil- centage, it said. In the U.S., Lego profit for the first half of the
“Insulin is a class of medi- this year, mostly in China, after lion) bolstered by double-digit has tried to expand distribution year, saying it was spending
cines that’s gotten the most opening the same number last sales growth in China. The rise to fill a void left by the bank- heavily to roll out new stores
scrutiny, and the best example year—pushing to meet what it came despite expenses jumping ruptcy of Toys “R” Us Inc., once and invest in digital products.
of this disconnect between list says is that country’s growing 8.2% for the year as Lego one of its most important sales Lego has been opening new
price and net price,” said demand for its toy bricks. opened stores, invested in e- drivers. Lego has added thou- stores at a time when many
Adam Gluck, head of U.S. ex- The world’s largest toy maker commerce and rolled out new sands of retailers to its U.S. dis- other retailers have scaled back.
ternal affairs at Sanofi, in an by sales disclosed the expansion products. Lego’s revenue for tribution network including de- Chief Executive Niels Chris-
interview. as it reported strong revenue for 2019 rose almost 6% to 38.54 partment stores, arts-and-crafts tiansen said it was too early to
“If the cost of insulin to 2019. Lego now has 570 stores billion kroner. retailers and discount stores. tell how the coronavirus would
health plans are going down, it around the world, including 100 Sales in the Americas and The results round out a year affect demand.
should be going down for pa- in the U.S. Western Europe climbed by a that started shakily. In Septem- —Saabira Chaudhuri
tients also,” he added.
Pharmacy-benefit managers
and health insurers say the

Campbell Gains From Rush to Stock Up

Disconnect pharmaceutical industry’s high
Although Sanofi's list prices for list prices push up health-care
insulin are rising, net prices are costs across the board, even if
falling. net prices are falling for cer-
Average price of insulin tain classes of drugs. Phar-
products macy-benefit managers say
they pass rebates along to
$400 health plans and employers,
List price who can decide how best to
use them.
300
Sanofi continues to raise list
prices for its insulins. Sanofi
and other drugmakers say this
200
is because lowering list prices
creates a competitive disad-
100 vantage: It would reduce the
scope of any rebate a company
can offer in return for insurers
Net price
0 and pharmacy-benefit manag-
2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19
ers making a drug more widely
accessible, for instance,
Source: the company through lower copayments.
BY ANNIE GASPARRO
Campbell Soup Co. said re-
tailers are stocking up on its
namesake product and other
canned foods in response to
the coronavirus epidemic, a
boost to the beleaguered food
maker’s sales.
The soup giant, which also
sells crackers, cookies, nuts
and other dry goods, said
Wednesday that retailers are
also buying more of its less
popular items such as Spa-
ghettiOs and Swanson canned
chicken. Campbell said it is
treating the epidemic as it
would a storm or other natu-
ral disaster, making sure it has
extra ingredients and finished
products on hand in case of
temporary port or factory clo-
sures.
“We made the decision last
week to produce more where
we had the flexibility, to
strengthen inventory levels,”
Chief Executive Mark Clouse
said in an interview.
He said Campbell is talking
to retailers as the epidemic
and the U.S. response evolves.
“We are all trying to figure
out what this means, and what
it’s going to look like,” Mr.
Clouse said.
He said Campbell has
gained ground in the latest
quarter by investing in better
ingredients and more market-
ing of its soups. Campbell’s
shares rose 10% to $52.72 on
Wednesday after the company
raised its profit expectations
for the fiscal year ending in
July, citing stronger earnings
momentum in recent months.
Grocers and other retailers
have said some consumers are
buying up staple foods and
cleaning supplies out of con-
cern the virus’s spread will
leave them stuck at home.
Some stores in densely popu-
lated cities such as New York
and San Francisco have run
out of long-lasting foods such
as Jif peanut butter and Kraft
macaroni and cheese. Target
Corp. said Tuesday that it is
seeing a surge in such buying.
Overall, Campbell on
Wednesday posted a profit of
$1.21 billion, or $3.97 a share,
compared with a loss a year
ago, for its fiscal second quar-
ter that ended Jan. 26.
Adjusted earnings were 72
cents a share, ahead of the 66
cents a share analysts polled
by FactSet had expected.

THE MOST
INFORMED, WINS.

A Global Perspective on 2020

TV | Online | Radio | App
B4 | Thursday, March 5, 2020 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Joanna Stern

Working From Home? Here Are Your Tech Fixes

And on the or an older Mac, try Duet, an there for safekeeping and re-
umpteenth app that lets you do the mote access. If your company
day of the same thing. You’ll likely need doesn’t have the option, you
coronavirus a good iPad stand to make could use the storage avail-
panic, the this work—or one of these able free from Google, Apple,
overlords cool arms that connects your Microsoft or Dropbox, or pay
commanded: Thou shalt work iPad to your laptop screen. for an upgraded plan. Though
from home. cloud drives are private, it’s
As new cases of the viral The dog! The kids! The on you to make sure you’re
infection pop up within the delivery guy! Alexa! It’s so not copying over anything
U.S., many companies have [insert expletive] loud in that could be deemed espe-
begun preparing employees here. cially sensitive by your com-
to work from home—or what Noise-canceling head- pany.
the cool kids call “WFH.” phones, people. The new Ap-
Some organizations including ple AirPod Pros or Sony’s Martin in Sales: Your
Twitter are encouraging em- WH-1000XM3 are my go-tos. daughter is cute and all, but
ployees around the globe to Just don’t be surprised when we don’t want to hear “Let
work from their private family members scare the It Go” for the 100th time.

AMANDA SHEPHERD
abodes until further notice. living hell out of you trying Mute your mic, aka MYM.
For some, it’s a dream. to get your attention. Write it down on a Post-it,
Sweatpants and slippers all your hand, I don’t care. If
day long? Sign me up! For Ugh, email. It’s so much you’re on a call, just mute
others, it’s a nightmare. Slow easier to just walk over to whenever you aren’t talking.
internet and chatty family Tech columnist Christopher Mims, not Joanna Stern. Among the WFH-friendly gear in his personal someone’s desk. And please share this tip
members? I’d rather work armory are Rainbean’s $18 adjustable laptop stand. Dog sold separately. Chances are your company with Martin in Sales!
from the germ-laden is set up with some sort of
McDonald’s ball pit—heck, rity tools, they might also probably not running out of whether they’re up and run- chat or video-conferencing I use my desk phone to
the Wi-Fi might be better. have rules about what you internet bandwidth. More ning. You can type in names tools. Group chat apps like make overseas calls, and
In search of the biggest can and can’t use. Make sure likely you are exhausting Wi- of websites that aren’t listed Slack and Google Hangouts there’s no way I’m using my
work-from-home tech annoy- to check with your organiza- Fi bandwidth,” said Tim Hig- on the main dashboard. are good for quick bites of smartphone and paying
ances and solutions, I con- tion’s IT contact before using gins, managing editor of information—and, yes, GIFs. overage bills.
tacted WSJ tech columnist any third-party software, etc. router-review site SmallNet- I cannot possibly be pro- If you’re working out of the Google Hangouts, Whats-
Christopher Mims, who just I don’t want any angry Builder and my on-call net- ductive without my second, office and need to communi- App and Skype allow you to
spent six months writing a emails from your hard-work- working guru. third or 53rd monitor. cate with various people, you make phone calls over the In-
book—from home, naturally. ing admins. The best solution for top- Obvious solution: Buy a should have one of these ser- ternet to anywhere in the
“I’d say the greatest chal- notch connectivity? Switch to monitor for home. Check out vices set up. world for very low rates. And
lenges have nothing at all to Little Jim is playing Xbox Ethernet. Given that most lap- The Wirecutter’s suggestions. Sometimes, however, it’s if you’re both on the service,
do with tech,” Mr. Mims told like there’s no tomorrow. tops don’t have Ethernet ports I bought a $150 Asus monitor easier to hash something out the call is free.
me. “To work from home, Not-so-little Susie is Fa- anymore, you’ll need a dongle nearly five years ago and on the phone or via video Speaking of calls, you’ll
you must change your mind- ceTiming with all her for that. Unlike hand sanitizer, we’re still very happy to- chat. You’ve got lots of likely be on a lot of them.
set and find a place in your friends. And it’s taking for- those aren’t sold out on Ama- gether. Dongle alert #2: You’ll video-calling apps to choose Keep a portable charger
home that feels completely ever to download a 600- zon. (Anker is my preferred likely need one to hook up to from—Skype, Google Hang- handy. Again, I like Anker.
separate. The change in your page deck. dongle brand.) You’ll also a newer USB-C laptop. outs, Zoom or even Face-
tools will follow.” According to my col- need an Ethernet cable to con- Not-as-obvious solution: Time. Choose whatever your I decided to quickly clip
As always, he’s right. As leagues’ reporting, most U.S. nect to your router. Use an iPad. Sure, it’s a colleagues use and feel com- my toenails in the bath-
you prepare to telecommute, households don’t use most of If Ethernet isn’t an option, smaller display, but I find it fortable with. room, and now my boss is
the first thing you need to do their bandwidth. However, move as close as you can to great for putting up a mes- I’m not going to provide freaking out that I’m not
is define your space. But he’s you may encounter slow- your Wi-Fi router. “Devices saging window or an impor- tips on how to best video- responding.
also a little wrong: That phys- downs during periods of that are getting weak signals tant website I frequently chat. Just remember: The Communication is the
ical space should be dictated heavy use due to a variety of eat up more bandwidth,” Mr. need—especially since it’s a camera is on, and your col- toughest part of telecommut-
by your various tech needs, factors—not just your pro- Higgins said. “So if Susie is wireless connection. If you leagues don’t want to see ing. Managers, the best thing
including Wi-Fi strength and vider and your screen-ad- constantly FaceTiming from have a Mac running the lat- your zebra-patterned paja- you can do is set expecta-
room for peripherals. dicted kids, but also your the back bedroom that is far est MacOS Catalina and an mas. Oh, and light sources tions ahead of time. One
I gathered nine of the big- router and your location in away from the router, she’s iPad with iOS 13 you have a should be in front of you, not good, but by no means fool-
gest WFH tech annoyances the house. probably sucking up airtime.” feature called Sidecar. This behind you—no backs to the proof, solution? If you’re us-
and dug up some solutions. You can test your Internet allows you to wirelessly use window. ing Slack or Google Hang-
Can’t find your own personal speed via Ookla’s Speedtest, Wait, the Wi-Fi is just your iPad as your Mac’s sec- Crap, there’s an impor- outs, set a status message
peeve on my list? Email me though you’ll need to be able fine. I think... maybe... ond monitor. Fire up the tant document on my work that tells your colleagues
at joanna.stern@wsj.com. to decipher things like Gmail is just down? Sidecar app on your Mac and desktop. you’ve stepped away and
Just bear this in mind as “megabits per second.” Bookmark Is It Down it’s real easy to set up. (De- Companies now offer when you’ll be back. In Slack,
you read: While many com- “Unless you have a low- Right Now?, a website that tailed instructions from Ap- cloud drive storage that’s se- click the down arrow by your
panies might lack the right bandwidth internet service keeps tabs on the top web- ple found here.) cure and easy to use. You can name (upper left corner) and
remote-work tech and secu- provider connection, you’re sites and services and checks If you have a Windows PC tuck files you might need select “Edit Status.”

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MANAGEMENT

Embrace Uncertainty, Kellogg Dean Says

BY PATRICK THOMAS disruption, opportunity. cialized, say, in [science,
That’s why it’s important to technology, engineering and
Francesca Cornelli says be able to influence others, mathematics] fields?
she didn’t plan on leaving because if you don’t con- Ms. Cornelli: Everybody
London to lead a U.S. busi- vince the people around you has to play to their
ness school. that that’s an opportunity, strengths. Our strength is
But after 25 years at the you will miss it. preparing people for change,
London Business School as This is a collaborative for disruption and being able
a finance professor, the Ital- space, a safe space where to interact with others.
ian native uprooted her life you can stretch yourself,
to become dean of North- take risks. You can’t experi- WSJ: What do you think the
western University’s Kellogg ment or stretch [like that] M.B.A. will look like in
School of Management last on the job. 2030?
summer. She was drawn to Ms. Cornelli: To be honest, I
the idea of teaching a new WSJ: So why are applica- don’t know, and I’m comfort-
wave of managers how to tions to traditional two-year able with uncertainty. I tell
deal with disruption, she M.B.A. programs down? my students that we have to
says, and hopes to lead by Ms. Cornelli: People are learn to react to change and
example. tempted to stay in their jobs. think. And so I want to be
BOSS TALK “The more
The value of a Kellogg It is natural, to a certain ex- the same. I find it exciting
people talk M.B.A. is preparing tent. The [job] market is that I can’t predict it be-
about the change and disrup- booming. They’re thinking, cause it means there’s some-
tion and challenges to busi-
people for every time ‘What can this school give thing to discover and to

ANGELA OWENS/THE WALL STREET JOURNAL

ness education, the more I change arrives—to me?’ It’s on us to articulate learn.
thought that was interest- exactly what we do.
ing,” she said. “It was a rea-
see, in disruption, WSJ: What skills are employ-
son for a business school to opportunity. WSJ: If someone says, ‘I ers looking for in today’s
really focus and ask, what is don’t think taking on debt to M.B.A. students?
it that we are doing?” go to business school is Ms. Cornelli: They look for
Though Kellogg is one of worth it,’ what do you say to people who are adaptable.
the highest-ranked M.B.A. them? Employers look for people
programs in the U.S., appli- Ms. Cornelli: If they know who are able to learn new
cations to its traditional that what we’re offering is skills, who can adapt, be-
two-year offering were down not for them, fine. But there cause they know they face
about 15% in 2019. Fewer ‘Don’t be afraid of failure,’ says Francesca Cornelli, dean of Northwestern University's business school. are so many who associate uncertainty. And these peo-
young professionals are ap- the business school with, ‘I’ll ple need to be able to influ-
plying to elite business looking for leaders who can Francesca Cornelli: Ev- sured by too many people as just take some courses I’ve ence the people around
schools. Costs are rising, seize opportunities in a fast- erybody talks about admis- the salary at exit minus the seen online. It will be the them.
overseas applicants are changing business world. sions going down because salary at entry [to business same.’ They don’t under-
down and, in today’s hot job Ms. Cornelli recently sat everybody is focusing on the school] minus the [tuition] stand the depth or richness. WSJ: What’s the best piece
market, fewer see the value down with The Wall Street two-year M.B.A. At Kellogg, fees and forgone income.” To me, that’s what is impor- of advice you’ve gotten since
in leaving budding careers Journal in New York to talk we have an entire portfolio. tant. I think there are you took this job?
for two years of study. about the future of business If you look at the one-year, WSJ: What is the value of enough people who, if we Ms. Cornelli: Don’t be afraid
Yet a rigorous M.B.A. cur- education. Here are edited evening, and weekend and the M.B.A.? can show what we’re doing, of failure. I mean, not total
riculum can provide more excerpts: executive M.B.A. together, Ms. Cornelli: I can’t talk will love it and will think it’s failure. Total failure, yes,
value than teaching manage- WSJ: M.B.A. applications we’ve been growing. about everybody. The value worthwhile. would be bad. But what I’m
ment or the latest technical are down across the country. I do think it’s an issue of of a Kellogg M.B.A. is pre- saying is, don’t be afraid of
skills, Ms. Cornelli says. What needs to change at how we frame the value of paring people for every time WSJ: Are some business doing things. Go do new
Companies, she says, are business schools? an M.B.A. The value is mea- change arrives—to see, in schools becoming too spe- things that could fail.

Elliott Management Reaches Truce

In Battle Over Bank of East Asia
BY JING YANG
Years of conflict in Hong
Kong is finally starting to bear
fruit for Elliott Management
Corp.
The city’s last major family-
move. The New York-based in- ness groups, Samsung and nearly-$1 billion private share
vestment firm started acquir- Hyundai Motor Group, and sale to one of its shareholders,
ing the bank’s shares in 2010 has recently launched a cam- Japan’s Sumitomo Mitsui Bank-
and is its fourth-largest share- paign at Japan’s SoftBank ing Corp, which it said en-
holder with an 8% stake. It Group Corp. trenched the Li family’s inter-
first called for the lender to be Elliott, founded by billion- est and reduced the possibility
put up for sale in 2016. aire Paul Singer, will apply to a of a successful takeover. Bank
BLOOMBERG NEWS

backed lender, Bank of East
Asia Ltd., on Wednesday called
a truce to a long battle with
the U.S. hedge-fund manager,
saying it had hired bankers to
help assess whether it could
sell assets or otherwise im-
prove its business.
Elliott said it supports the
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
BANKRUPTCIES
  
The clash with tycoon David Hong Kong court to pause a of East Asia said the placement
Li, the pillar of the Hong Kong case that was due to go to trial was done to bolster its capital
establishment who is the in May. The looming courtroom cushion.
bank’s executive chairman, is showdown prompted the two “A temporary cease-fire has
one of several fights Elliott has sides to pursue constructive di- broken out,” said David Webb,
picked with business dynasties alogue, according to a person a corporate-governance activist Paul Singer, founder and president of the investment firm.
and entrepreneurs in Asia. It familiar with the matter. in Hong Kong. But he said in-
has also butted heads with two Elliott filed a lawsuit in July vestors shouldn’t get their Bank of China (Hong Kong) handed over the role of chief
of South Korea’s largest busi- 2016 over Bank of East Asia’s hopes up, pointing to what he Ltd. In mainland China, it has executive to his two sons,
saw as shortcomings with the built a branch network second Adrian and Brian, who are con-
board. only to HBSC among non-main- sidered more amenable to the
ADVERTISEMENT Bank of East Asia’s share land banks, but bad loans have changes at the bank, according
price closed 5.5% higher at proliferated. The bank reported to people familiar with the
HK$17.6 on Wednesday, giving
it a market value of about
the lowest profits for 2019 in a
decade, due mainly to losses in
bank.
Bank of East Asia said the
HK$48.5 billion (US$6.2 bil- its mainland operations. review aimed at identifying
lion) according to FactSet. Hong Kong has been caught “potential strategic transac-
CAREERS The 101-year-old Bank of in the crossfire of the U.S.- tions which would enhance the
East Asia is the last major China trade war, with social value of the bank’s existing

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Trex TREX 109.71 7.5 ChesapeakeEnPfd CHKpD 9.85 -8.3 H&E Equipment HEES 21.69 0.2 ParPacific PARR 15.27 0.8 ZionsBancorp ZION 37.58 -1.1
THE WALL STREET JOURNAL. Thursday, March 5, 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
27090.86 s 1173.45, or 4.53% Trailing P/E ratio 21.06 17.87 3130.12 s 126.75, or 4.22% Trailing P/E ratio * 22.75 20.77 9018.09 s 334.00, or 3.85% Trailing P/E ratio *† 25.63 22.55
High, low, open and close for each P/E estimate * 15.84 15.90 High, low, open and close for each P/E estimate * 16.82 16.68 High, low, open and close for each P/E estimate *† 21.15 19.74
trading day of the past three months. Dividend yield 2.40 2.25 trading day of the past three months. Dividend yield * 2.05 1.97 trading day of the past three months. Dividend yield *† 1.01 1.08
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 0.14744568353097

29500 3400 9800

28600 3300 9500

27700 3200 9200

Session high 26800 3100 8900

DOWN UP
65-day moving average
t

Session open Close 65-day moving average

25900 3000 8600
Close Open
t

65-day moving average

Session low 25000 2900 8300

Bars measure the point change from session's open

24100 2800 8000
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,228,551,166 22,891,519
Industrial Average 27102.34 26286.31 27090.86 1173.45 4.53 29551.42 24815.04 5.5 -5.1 8.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume*1,038,847,165 16,510,930
Transportation Avg 9524.14 9189.84 9512.05 311.38 3.38 11304.97 9200.67 -7.3 -12.7 0.1 Most-active issues in late trading Decl. volume* 181,395,557 5,583,481
Utility Average 926.48 886.19 926.14 48.89 5.57 960.89 760.09 21.8 5.3 9.9 Volume After Hours Issues traded 3,021 276
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 31907.22 30971.76 31903.90 1238.00 4.04 34631.28 28240.94 11.5 -3.4 8.9 Advances 2,557 169
SPDR S&P 500 SPY 21,539.4 310.59 -2.27 -0.73 313.07 310.47
Barron's 400 673.16 654.95 673.14 22.59 3.47 746.64 638.79 -2.5 -8.1 2.3 Declines 423 93
VanEck Vectors Gold Miner GDX 10,838.6 28.95 -0.18 -0.62 29.15 28.70
Unchanged 41 14
Nasdaq Stock Market SLM Corp SLM 6,927.3 10.93 0.02 0.18 10.93 10.91 New highs 41 3
Nasdaq Composite 9019.96 8757.66 9018.09 334.00 3.85 9817.18 7333.02 20.1 0.5 15.4 Caesars Entertainment CZR 6,598.6 11.95 ... unch. 12.29 11.70 New lows 134 11
Nasdaq 100 8952.11 8669.76 8949.28 354.79 4.13 9718.73 6978.02 25.8 2.5 18.5 iShares iBoxx $ HY Cp Bd HYG 5,932.8 87.03 -0.09 -0.10 87.15 86.98 Closing Arms† 1.19 0.51
McKesson MCK 5,874.2 152.26 ... unch. 152.50 152.26 Block trades* 6,608 155
S&P
4.22
VanEck Vectors Jr Gold GDXJ 5,717.2 40.15 -0.04 -0.10 40.20 39.99
500 Index 3130.97 3034.38 3130.12 126.75 3386.15 2743.07 12.9 -3.1 9.5 Nasdaq NYSE Arca
Invesco QQQ Trust I QQQ 5,146.6 216.44 -1.78 -0.82 218.29 209.64
MidCap 400 1900.37 1851.62 1899.66 64.47 3.51 2106.12 1810.50 1.0 -7.9 3.0 Total volume*3,606,251,360 457,074,182
SmallCap 600 916.47 892.39 916.47 27.87 3.14 1041.03 884.78 -3.1 -10.3 2.6 Percentage gainers… Adv. volume*2,877,998,931 372,279,971
Marvell Tech Group MRVL 1,095.4 24.85 2.26 10.00 25.45 22.30 Decl. volume* 710,176,690 84,572,408
Other Indexes
Aptiv APTV 84.9 91.09 7.99 9.61 91.09 83.10 Issues traded 3,324 1,576
Russell 2000 1531.20 1494.58 1531.20 45.11 3.04 1705.22 1456.04 -0.4 -8.2 3.2
Advances 2,552 1,318
NYSE Composite 13011.45 12673.90 13009.96 467.22 3.73 14183.20 12264.49 3.8 -6.5 3.9 W&T Offshore WTI 243.6 2.63 0.21 8.68 2.67 2.39
Declines 698 251
Value Line 490.35 476.33 490.35 14.02 2.94 562.05 476.29 -7.8 -11.2 -2.1 Ocular Therapeutix OCUL 110.5 7.85 0.62 8.58 8.21 7.23
Unchanged 74 7
NYSE Arca Biotech 5109.92 4957.06 5108.57 205.18 4.18 5313.05 4098.37 4.0 0.8 12.4
American Eagle Outfitters AEO 216.8 13.51 0.64 4.97 13.96 12.87
New highs 66 51
NYSE Arca Pharma 638.24 616.96 637.69 32.14 5.31 670.32 564.11 8.1 -2.4 7.4 ...And losers New lows 128 7
KBW Bank 93.36 89.94 93.23 2.12 2.33 114.12 89.30 -5.5 -17.8 -1.6 Guidewire Software GWRE 179.6 98.00 -14.48 -12.87 112.48 95.00 Closing Arms† 0.90 1.44
PHLX§ Gold/Silver 103.15 99.83 102.67 1.20 1.19 111.51 66.14 40.4 -4.0 7.7 InterXion Holding INXN 59.5 86.19 -8.79 -9.25 94.98 86.19 Block trades* 18,915 2,237
PHLX§ Oil Service 51.78 49.19 50.22 -0.72 -1.42 102.39 50.22 -45.8 -35.9 -34.1 Zoom Video Communications ZM 1,904.2 110.02 -6.78 -5.80 120.00 103.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1789.70 1715.84 1789.57 84.31 4.94 1979.50 1296.18 34.2 -3.2 22.5 Discovery Series A DISCA 127.3 25.18 -1.33 -5.02 26.51 25.18 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 35.58 30.30 31.99 -4.83 -13.12 40.11 11.54 103.2 132.1 42.9 Invitae NVTA 106.1 20.00 -0.85 -4.08 20.87 20.00 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3006.28 68.78 2.34 –7.5 Cellect Biotechnology ADR APOP 3.03 0.96 46.38 6.89 1.58 -37.5 Cardlytics CDLX 54.55 -31.65 -36.72 107.50 14.14 219.2
DJ Global Index 410.14 10.12 2.53 –5.5 Ocular Therapeutix OCUL 7.23 1.77 32.42 7.48 2.35 68.1 Recro Pharma REPH 11.00 -3.35 -23.34 19.21 4.96 34.3
DJ Global ex U.S. 242.18 1.71 0.71 –8.1 Eloxx Pharmaceuticals ELOX 3.83 0.84 28.09 14.74 2.82 -69.5 Allied Healthcare Prods AHPI 16.14 -3.86 -19.30 45.00 0.92 796.7
Americas DJ Americas 733.79 27.46 3.89 –3.6 VectoIQ Acquisition VTIQ 14.70 3.20 27.83 15.45 9.85 47.6 Midatech Pharma ADR MTP 2.30 -0.53 -18.73 29.96 2.26 -91.8
Brazil Sao Paulo Bovespa 107224.22 1687.08 1.60 –7.3 Meet Group MEET 6.82 1.28 23.10 7.00 3.05 24.5 OpGen OPGN 3.21 -0.71 -18.11 28.00 0.92 -87.7
Canada S&P/TSX Comp 16779.53 355.91 2.17 –1.7 Maui Land MLP 13.50 2.46 22.28 13.62 9.70 22.4 Infinera INFN 5.89 -1.19 -16.81 8.35 2.80 21.2
Mexico S&P/BMV IPC 43404.76 932.51 2.20 –0.3 eHealth EHTH 146.09 26.20 21.85 152.19 49.19 151.8 Sirius Intl Insurance SG 7.25 -1.46 -16.76 16.49 6.75 -43.1
Chile Santiago IPSA 3110.45 54.82 1.79 –6.8 Syndax Pharmaceuticals SNDX 11.28 2.01 21.68 11.55 4.52 81.1 Alpha Pro Tech APT 16.00 -3.19 -16.62 41.59 3.20 344.4
1.36 Trillium Therapeutics TRIL 7.00 1.20 20.69 7.69 0.24 887.3 Co-Diagnostics CODX 12.00 -2.36 -16.43 21.75 0.69 916.9
EMEA Stoxx Europe 600 386.30 5.17 –7.1
1.21 Glowpoint GLOW 2.53 0.43 20.48 2.66 0.60 66.9 CLPS CLPS 2.23 -0.41 -15.53 11.98 2.18 -77.6
Eurozone Euro Stoxx 373.95 4.46 –7.4
Belgium Bel-20 3597.98 22.85 0.64 –9.0 Vivint Smart Home Cl A VVNT 25.10 4.11 19.58 25.27 9.26 150.2 Newgioco Group NWGI 2.76 -0.51 -15.47 4.59 1.84 -1.4
Denmark OMX Copenhagen 20 1185.43 11.40 0.97 4.4 Bicycle Therapeutics ADR BCYC 16.50 2.65 19.13 17.99 6.24 ... Direxion Dly SCOND 3 Bear SOXS 20.51 -3.59 -14.90 85.10 16.20 -73.6
France CAC 40 5464.89 71.72 1.33 –8.6 RAPT Therapeutics RAPT 22.26 3.52 18.78 51.21 11.85 ... Direx Cons Stpls Bear 3X LACK 14.22 -2.37 -14.30 26.85 13.85 -45.8
Germany DAX 12127.69 142.30 1.19 –8.5 Atreca Cl A BCEL 27.28 4.29 18.66 29.35 9.51 ... Direxion S&P Biotech Bear LABD 11.67 -1.92 -14.13 28.82 10.70 -46.4
1565.65 –7.0 Digital Turbine APPS 6.92 1.08 18.49 9.13 3.02 115.6 Veritiv VRTV 10.11 -1.60 -13.66 29.36 9.95 -62.1
Israel Tel Aviv –33.20 –2.08
Italy FTSE MIB 21946.03 197.83 0.91 –6.6
Netherlands AEX 557.73 7.50 1.36 –7.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1348.19 –9.84 –0.72 –13.0 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 52926.75 –31.10 –0.06 –7.3
Spain IBEX 35 8910.04 98.39 1.12 –6.7 SPDR S&P 500 SPY 175,747 110.9 312.86 4.20 339.08 272.42 VectoIQ Acquisition VTIQ 16,530 3836 14.70 27.83 15.45 9.85
Sweden OMX Stockholm 657.52 3.68 0.56 –3.4 Inovio Pharmaceuticals INO 141,273 1420.3 8.03 7.72 9.40 1.92 Deep Value ETF DVP 2,064 2712 27.95 2.16 34.16 26.52
Switzerland Swiss Market 10251.39 163.99 1.63 –3.4 Finl Select Sector SPDR XLF 123,805 149.3 27.79 3.31 31.38 25.08 ProShrs Short MSCI EAFE EFZ 655 1874 26.04 -3.16 27.84 23.94
110785.38 –0.38 –3.2 Bank of America BAC 111,136 115.7 28.39 2.31 35.72 26.21 Arcturus Therapeutics ARCT 1,362 1575 16.78 15.72 18.75 4.26
Turkey BIST 100 –421.89
1.45 –9.6
Chesapeake Energy CHK 110,890 37.6 0.25 -1.54 3.57 0.20 Inovio Pharmaceuticals INO 141,273 1420 8.03 7.72 9.40 1.92
U.K. FTSE 100 6815.59 97.40
U.K. FTSE 250 19742.83 60.17 0.31 –9.8 Biocept BIOC 93,222 938.9 0.57 38.48 2.11 0.23 iShares ACWI Low Carbon CRBN 221 1395 123.70 3.11 133.84 112.68
Advanced Micro Devices AMD 92,842 58.8 50.11 7.19 59.27 21.04 Ocular Therapeutix OCUL 8,912 1258 7.23 32.42 7.48 2.35
Asia-Pacific
iBio IBIO 85,696 273.5 2.16 22.03 3.40 0.05 NuCana ADR NCNA 1,346 1236 9.05 15.29 19.28 3.81
Australia S&P/ASX 200 6325.40 –110.28 –1.71 –5.4
General Electric GE 82,953 34.4 10.95 0.64 13.26 7.65 Benefitfocus BNFT 4,578 1206 12.20 6.83 50.78 11.27
China Shanghai Composite 3011.67 18.77 0.63 –1.3
iShares MSCI Emg Markets EEM 80,037 8.9 41.85 1.78 46.32 38.72 First Tr Sw AlphaDEX FSZ 65 1136 51.64 2.40 55.46 46.09
Hong Kong Hang Seng 26222.07 –62.75 –0.24 –7.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 38409.48 –214.22 –0.55 –6.9 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 21100.06 17.33 0.08 –10.8
Singapore Straits Times 3025.03 5.47 0.18 –6.1 Track the Markets
South Korea Kospi 2059.33 45.18 2.24 –6.3 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 11392.35 64.63 0.57 –5.0 global stock indexes, bond ETFs,
Thailand SET 1378.61 3.59 0.26 –12.7
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Wed YTDchg Wed YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004309 23207 0.1
Americas
Argentina peso .0160 62.3676 4.1 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2181 4.5852 14.1 Czech Rep. koruna .04403 22.713 0.2

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7470 1.3387 3.1
.001220 819.90 10.9
Denmark krone
Euro area euro
.1490 6.7110 0.7
1.1136 .8980 0.7
notes and bonds major U.S. trading partners Colombiapeso .000287 3480.00 6.0 Hungary forint .003317 301.47 2.1
A consumer rate against its Five-year ARM, Rate
Ecuador US dollar 1 1 unch Iceland krona .007830 127.71 5.4
benchmark over the past year 4.00% Mexico peso .0512 19.5389 3.2 Norway krone .1080 9.2573 5.4
Bankrate.com avg†: 3.59% 6%
Yen Uruguay peso .02550 39.2200 5.6 Poland zloty .2597 3.8512 1.5
5-year adjustable- Credit Union of New Jersey 2.38%
One year ago
s
Asia-Pacific Russia ruble .01510 66.239 6.7
rate mortgage 5.00% Ewing, NJ 3.00 3
609-538-4061 t Sweden krona .1055 9.4770 1.2
t (ARM) Australian dollar .6627 1.5090 5.9
Hanscom Federal Credit Union 2.50% Switzerland franc 1.0447 .9572 –1.1
4.00 2.00 China yuan .1444 6.9263 –0.5
0 Turkey lira .1646 6.0755 2.1
Hanscom AFB, MA 800-656-4328 Tradeweb ICE Wednesday Close Euro Hong Kong dollar .1287 7.7722 –0.2
Ukraine hryvnia .0402 24.8990 5.2
t
s
India rupee .01360 73.540 3.1
3.00 Proponent Federal Credit Union 2.50% 1.00 –3 s UK pound 1.2873 .7768 3.0
5-year Treasury Indonesia rupiah .0000708 14115 1.7
Nutley, NJ 973-338-1133 WSJ Dollar index Japan yen .009299 107.53 –1.0 Middle East/Africa
note yield 2.00 0.00
t STAR Financial Bank 2.75% –6 Kazakhstan tenge .002632 380.00 –0.5 Bahrain dinar 2.6524 .3770 –0.01
Fort Wayne, IN 765-622-4185 1 3 6 1 2 3 5 710 30 Macau pataca .1249 8.0060 –0.1 Egypt pound .0639 15.6500 –2.5
1.00 2019 2020 Malaysia ringgit .2392 4.1805 2.2 Israel shekel .2897 3.4515 –0.1
AmericanAirlinesFederalCreditUnion 2.88% month(s) years
MAM J J A S O N D J F M New Zealand dollar .6299 1.5876 6.9 Kuwait dinar 3.2703 .3058 0.9
Ft Worth, TX 800-533-0035 maturity Pakistan rupee .00648 154.350 –0.4 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 50.637 –0.1 Qatar rial .2750 3.636 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7222 1.3847 2.9 Saudi Arabia riyal .2665 3.7527 0.04
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008439 1184.91 2.6 South Africa rand .0655 15.2627 9.0
Federal-funds rate target 1.00-1.25 1.50-1.75 1.75 l 2.25 0.50 Sri Lanka rupee .0054921 182.08 0.4
Yield (%) 52-Week Total Return (%) Taiwan dollar .03341 29.927 0.04 Close Net Chg % Chg YTD%Chg
Prime rate* 4.25 4.75 4.25 l 5.50 0.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03190 31.350 5.3 WSJ Dollar Index 90.95 0.06 0.07 1.55
Libor, 3-month 1.00 1.61 1.00 l 2.63 -0.10
U.S. Treasury, Barclays 2409.190 0.930 1.300 2.630 0.930 12.98 5.30 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.50 0.50 0.50 l 0.78 0.18
1.590 32.56 11.98
Five-year CD, annual yield 1.36 1.38 1.34 l 2.03 0.11 U.S. Treasury Long, Barclays 4603.440 1.750 3.030 1.580
Commodities
30-year mortgage, fixed† 3.60 3.66 3.52 l 4.43 -0.60 Aggregate, Barclays 2221.920 1.530 1.850 3.200 1.530 12.34 5.45 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.03 3.13 3.03 l 3.85 -0.33 Fixed-Rate MBS, Barclays 2187.370 1.720 2.080 3.350 1.720 7.67 3.96
Jumbo mortgages, $510,400-plus† 3.64 3.69 3.54 l 4.71 -1.13 DJ Commodity 584.25 3.28 0.57 647.86 563.68 -4.96 -9.04
High Yield 100, ICE BofA 3190.078 4.775 5.054 6.505 4.516 7.41 4.87
Five-year adj mortgage (ARM)† 3.59 3.63 3.32 l 4.78 0.03 TR/CC CRB Index 164.67 -0.26 -0.16 189.66 159.45 -9.14 -11.37
Muni Master, ICE BofA 582.022 1.104 1.156 2.343 1.102 8.67 5.04 Crude oil, $ per barrel 46.78 -0.40 -0.85 66.30 44.76 -16.79 -23.39
New-car loan, 48-month 4.50 4.50 4.41 l 4.81 1.20
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 n.a. n.a. 4.606 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 1.827 0.027 1.50 2.874 1.684 -35.69 -16.54
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. 1641.10 -1.00 -0.06 1672.40 1269.30 27.72 8.00

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
B8 | Thursday, March 5, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, March 4, 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
May 13.70 13.79 13.43 13.47 –.29 444,378 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
July 13.67 13.75 13.43 13.47 –.27 262,207 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. May 27.80 27.85 s 27.50 27.80 –.02 1,873 Wednesday Wednesday Wednesday
March 2.5850 2.6020 2.5770 2.5930 0.0135 3,823 Sept 27.71 27.89 s 27.71 27.85 .17 2,443 Platinum,Engelhard fabricated n.a. Wheat,No.2 soft red,St.Louis-bp,u 5.5400
May 2.5870 2.6000 2.5700 2.5860 0.0130 141,880 Cotton (ICE-US)-50,000 lbs.; cents per lb. Energy
Palladium,Engelhard industrial 2453.0 Wheat - Hard - KC (USDA) $ per bu-u 4.5825
Gold (CMX)-100 troy oz.; $ per troy oz. March 62.96 62.96 62.96 62.96 .21 30
March 1645.40 1645.90 1631.30 1641.10 –1.00 495 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.150 Palladium,Engelhard fabricated n.a. Wheat,No.1soft white,Portld,OR-u 5.9650
May 62.96 64.05 62.87 62.98 .21 103,517
April 1640.10 1654.30 1632.60 1643.00 –1.40 460,877 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.650 Aluminum, LME, $ per metric ton *1706.0
June 1643.00 1658.60 1637.40 1647.20 –1.70 133,641 March 104.85 104.85 104.85 104.85 .05 299 Copper,Comex spot 2.5930 Food
Aug 1650.00 1655.80 1641.00 1650.80 –1.90 34,675 May 98.50 99.00 98.00 98.40 .05 14,009
Metals
Iron Ore, 62% Fe CFR China-s 91.0 Beef,carcass equiv. index
Dec 1660.10 1661.10 1647.30 1656.50 –2.30 33,477
Feb'21 1660.00 1664.60 1655.00 1659.40 –2.40 11,637 Gold, per troy oz Shredded Scrap, US Midwest-s,m 281 choice 1-3,600-900 lbs.-u 183.88
Interest Rate Futures 583
Palladium (NYM) - 50 troy oz.; $ per troy oz. Engelhard industrial 1643.00 Steel, HRC USA, FOB Midwest Mill-s select 1-3,600-900 lbs.-u 178.09
March 2400.40 2440.00 2399.80 2402.70 –2.50 29 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Engelhard fabricated n.a. Broilers, National comp wtd. avg.-u,w 0.7671
June 2399.90 2472.00 2322.10 2385.00 –2.50 11,409 March 208-230 210-150 204-190 207-140 –18.0 17,049 Fibers and Textiles
June 208-260 211-040 205-080 208-080 –18.0 1,158,465
Handy & Harman base 1641.85 Butter,AA Chicago 1.8650
Sept 2390.00 2457.90 2314.20 2373.20 –2.90 1,184
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Handy & Harman fabricated 1822.45 Burlap,10-oz,40-inch NY yd-n,w 0.5650 Cheddar cheese,bbl,Chicago 151.75
March 874.10 5.90 2 March 173-190 174-240 171-260 173-130 3.0 26,125 LBMA Gold Price AM *1599.05 Cotton,1 1/16 std lw-mdMphs-u 0.5923 Cheddar cheese,blk,Chicago 176.00
April 878.00 889.40 866.60 875.20 5.90 63,169 June 172-090 173-160 170-180 172-040 3.0 1,204,640 LBMA Gold Price PM *1615.50 Cotlook 'A' Index-t *72.40 Milk,Nonfat dry,Chicago lb. 113.50
Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Hides,hvy native steers piece fob-u n.a. Coffee,Brazilian,Comp 1.1663
March 136-045 136-210 135-215 136-080 8.0 46,979
Krugerrand,wholesale-e 1707.99
March 17.190 17.245 17.050 17.187 0.058 864
Maple Leaf-e 1724.42 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY 1.6271
May 17.205 17.335 17.075 17.246 0.058 142,856 June 135-290 136-135 135-135 136-000 8.0 3,866,127
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% American Eagle-e 1724.42 Eggs,large white,Chicago-u 0.8650
Grains and Feeds
April 46.94 48.41 46.65 46.78 –0.40 410,273 March 123-032 123-125 122-275 123-052 6.2 80,247 Mexican peso-e 1988.12 Flour,hard winter KC 14.30
May 47.10 48.56 46.82 46.95 –0.38 239,409 June 123-172 123-270 123-082 123-192 5.7 4,561,040 Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u 0.61
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Austria crown-e 1612.78
June 47.21 48.69 46.99 47.11 –0.34 240,267 Bran,wheat middlings, KC-u 95 Hogs,Iowa-So. Minnesota-u 56.95
July 47.26 48.78 47.14 47.22 –0.30 149,639 March 109-104 109-137 109-072 109-117 4.2 91,258 Austria phil-e 1724.42
Corn,No. 2 yellow,Cent IL-bp,u 3.8400 Pork bellies,12-14 lb MidUS-u 0.6596
Sept 47.48 48.83 47.27 47.36 –0.21 111,887 June 109-141 109-194 109-132 109-171 4.6 3,197,747 Silver, troy oz.
Dec 47.53 48.98 47.51 47.59 –0.13 246,133 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Corn gluten feed,Midwest-u,w 114.8 Pork loins,13-19 lb MidUS-u 0.8638
Engelhard industrial 17.1700 Steers,Tex.-Okla. Choice-u n.a.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 99.0000 99.0100 s 98.9375 98.9725 –.0125 263,673 Corn gluten meal,Midwest-u,w 468.0
April 1.5330 1.5633 1.5225 1.5332 .0002 118,778 April 99.2250 99.2900 s 99.1850 99.2200 .0100 348,101 Engelhard fabricated n.a. Steers,feeder,Okla. City-u,w 159.06
Cottonseed meal-u,w 250
May 1.5243 1.5566 1.5165 1.5273 .0015 65,075 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Handy & Harman base 17.1570 Hominy feed,Cent IL-u,w 98
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 109-205 110-055 109-025 109-240 1.5 103,313 Handy & Harman fabricated 21.4460 Fats and Oils
April 1.5323 1.5725 1.5268 1.5555 .0242 133,823 June 102-260 102-260 101-240 102-140 .5 8 Meat-bonemeal,50% pro Mnpls-u,w n.a.
LBMA spot price *£13.1500 3.3325
May 1.5179 1.5584 1.5175 1.5392 .0166 81,328 Eurodollar (CME)-$1,000,000; pts of 100% Oats,No.2 milling,Mnpls-u Corn oil,crude wet/dry mill wtd. avg.-u,w 36.0000
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 99.0150 99.0750 s 98.9725 99.0150 .0375 1,545,529 (U.S.$ equivalent) *16.8100 Rice, Long Grain Milled, No. 2 AR-u,w 25.88 Grease,choice white,Chicago-h 0.3000
April 1.805 1.845 1.785 1.827 .027 430,309 June 99.2400 99.3450 s 99.2200 99.2900 .0750 1,490,308 Coins,wholesale $1,000 face-a 12596 Sorghum,(Milo) No.2 Gulf-u 7.6513 Lard,Chicago-u n.a.
May 1.839 1.881 1.822 1.865 .027 231,989 Sept 99.3300 99.4250 s 99.3050 99.3800 .0800 1,283,423
Other metals
June 1.898 1.940 1.882 1.925 .028 82,746 Dec 99.3150 99.4100 s 99.2900 99.3450 .0600 1,263,923 SoybeanMeal,Cent IL,rail,ton48%-u 310.40 Soybean oil,crude;Centl IL-u 0.2982
July 1.974 2.017 1.959 2.003 .029 108,536
LBMA Platinum Price PM *862.0 Soybeans,No.1 yllw IL-bp,u 8.9450 Tallow,bleach;Chicago-h 0.3550
Sept 2.017 2.058 2.000 2.045 .031 106,246 Currency Futures Platinum,Engelhard industrial 880.0 Wheat,Spring14%-pro Mnpls-u 6.6175 Tallow,edible,Chicago-u 0.3550
Oct 2.058 2.104 2.048 2.089 .028 114,220
Japanese Yen (CME)-¥12,500,000; $ per 100¥
March .9339 .9366 s .9290 .9323 –.0009 185,114 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;
Agriculture Futures June .9371 .9399 s .9323 .9356 –.0008 11,129 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 3/3
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
March .7472 .7503 .7446 .7462 –.0015 139,752 Source: WSJ Market Data Group
March 382.00 388.50 380.00 387.00 5.25 6,554
May 380.75 386.75 379.00 385.00 3.75 610,247 June .7467 .7497 .7443 .7459 –.0013 15,324
Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £
t March 1.2819 1.2876 1.2774 1.2870 .0055 193,800
263.25 264.25 263.25 264.25 6.25 7
Bonds | WSJ.com/bonds
March
May 263.00 272.00 262.75 270.75 6.25 3,255 June 1.2850 1.2893 1.2792 1.2887 .0054 16,359
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
1.0475 1.0497 1.0426 1.0467 .0010 49,911
March
May
898.50
904.25
900.75
911.00
893.00
903.50
898.75
907.25
5.75 919
3.75 337,178
March
June 1.0521 1.0548 1.0478 1.0519 .0009 4,465 Tracking Bond Benchmarks
Soybean Meal (CBT)-100 tons; $ per ton. 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
March 304.60 306.10 303.40 305.20 1.40 1,689 March .6590 .6629 .6579 .6615 .0017 207,887
May 310.20 310.90 308.20 308.90 –1.20 199,645 June .6595 .6634 .6587 .6620 .0015 12,647 highs and lows for different types of bonds
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Total Total
March 29.05 29.51 29.05 29.44 .60 958 March .05134 .05201 .05086 .05104 –.00039 228,679 return YTD total Yield (%) return YTD total Yield (%)
May 29.21 29.92 29.19 29.74 .58 189,878 June .05075 .05129 .05017 .05033 –.00039 5,142 close return (%) Index Latest Low High close return (%) Index Latest Low High
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per €
March 1.1183 1.1195 1.1103 1.1146 –.0040 575,549 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
March 1345.50 1346.00 1345.50 1340.50 –5.00 183
June 1.1226 1.1238 1.1148 1.1191 –.0040 56,538
May 1349.50 1353.00 1345.00 1347.50 –5.50 10,956
2221.92 4.4 U.S. Aggregate 1.530 1.530 3.200 2187.37 1.9 Mortgage-Backed 1.720 1.720 3.350
Wheat (CBT)-5,000 bu.; cents per bu.
March 528.00 528.00 521.25 521.50 –7.25 413 Index Futures U.S. Corporate Indexes Bloomberg Barclays 2131.38 1.5 Ginnie Mae (GNMA) 1.710 1.710 3.300
May 525.25 526.25 516.75 518.25 –9.00 190,560 Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu. 3287.39 4.5 U.S. Corporate 2.280 2.280 3.900 1291.68 2.1 Fannie mae (FNMA) 1.730 1.730 3.380
March 25809 27075 25688 26965 1085 88,134
March 448.25 451.75 445.00 446.25 –5.75 43 1984.59 2.0 Freddie Mac (FHLMC) 1.710 1.710 3.380
June 25665 26967 25600 26860 1088 1,486 2986.75 3.2 Intermediate 1.770 1.770 3.530
May 458.25 458.75 450.25 453.25 –5.00 128,837 S&P 500 Index (CME)-$250 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 2989.90 3130.00 2977.30 3114.70 117.60 74,404 4868.93 7.0 Long term 3.160 3.160 4.670 582.02 2.9 Muni Master 1.104 1.102 2.343
March 134.625 135.500 134.000 134.850 1.325 5,747 June 3050.00 3116.00 3050.00 3107.00 117.60 178
April 135.400 136.325 134.250 135.550 1.775 16,853 Mini S&P 500 (CME)-$50 x index 672.59 4.8 Double-A-rated 1.760 1.760 3.260 411.36 3.1 7-12 year 1.064 1.055 2.286
Cattle-Live (CME)-40,000 lbs.; cents per lb. March 2988.25 3129.50 2976.50 3114.75 117.75 2,921,342 469.82 3.7 12-22 year 1.347 1.323 2.785
April 111.150 112.450 110.250 111.275 1.175 125,665 869.48 4.1 Triple-B-rated 2.590 2.590 4.260
June 2981.50 3121.50 2969.25 3107.00 117.50 138,437
June 104.275 105.700 103.475 104.525 1.150 101,936 Mini S&P Midcap 400 (CME)-$100 x index High Yield Bonds ICE BofA 459.66 4.3 22-plus year 1.841 1.794 3.326
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 1827.10 1900.80 1817.80 1899.20 67.20 72,748
April 64.000 64.775 63.300 64.300 .750 103,796 June 1870.30 1893.00 1820.80 1898.00 64.00 66 467.09 n.a. High Yield Constrained 5.712 5.151 6.790 Global Government J.P. Morgan†
June 78.600 79.250 77.975 78.825 .750 59,942 Mini Nasdaq 100 (CME)-$20 x index 430.34 -1.7 Triple-C-rated 11.836 10.558 12.699 608.38 4.4 Global Government 0.610 0.610 1.530
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 8557.50 8950.00 8508.25 8896.50 314.00 207,054
March 403.10 413.50 398.50 410.20 6.10 289 June 8560.00 8948.25 8511.75 8895.25 312.50 9,589 3190.08 -0.1 High Yield 100 4.775 4.516 6.505 842.90 4.9 Canada 1.090 1.090 1.940
May 408.30 412.50 t 399.50 410.80 4.50 2,095 Mini Russell 2000 (CME)-$50 x index
Milk (CME)-200,000 lbs., cents per lb. March 1475.20 1530.20 1470.20 1522.30 42.70 463,462 422.49 0.2 Global High Yield Constrained 5.428 4.893 6.407 413.99 3.5 EMU§ 0.167 0.109 1.097
March 16.34 16.39 16.26 16.32 –.02 2,911 June 1473.80 1527.70 1469.00 1520.00 42.50 4,740
April 16.07 16.16 15.92 16.01 –.07 2,679 Mini Russell 1000 (CME)-$50 x index 325.89 -0.8 Europe High Yield Constrained 3.233 2.464 3.865 789.67 4.1 France -0.080 -0.160 0.750
Cocoa (ICE-US)-10 metric tons; $ per ton. March 1684.70 1729.10 1662.90 1729.00 67.10 8,041 U.S Agency Bloomberg Barclays 554.92 3.6 Germany -0.500 -0.590 0.230
March 2,713 2,713 2,713 2,713 –27 16 U.S. Dollar Index (ICE-US)-$1,000 x index
May 2,646 2,661 2,620 2,626 –27 121,913 March 97.15 97.57 97.07 97.31 .19 37,471 1833.61 3.6 U.S Agency 1.030 1.030 2.770 301.71 1.2 Japan 0.080 -0.070 0.310
Coffee (ICE-US)-37,500 lbs.; cents per lb. June 96.96 97.33 96.90 97.10 .20 1,948
March 118.85 118.85 118.85 117.15 –3.90 996 1599.34 2.4 10-20 years 0.900 0.900 2.670 618.16 3.7 Netherlands -0.380 -0.490 0.370
May 119.75 122.20 116.90 118.40 –3.80 106,338 Source: FactSet 4184.64 9.7 20-plus years 1.650 1.650 3.270 1064.06 5.9 U.K. 0.730 0.730 1.540
2836.45 3.8 Yankee 2.010 2.010 3.590 n.a. n.a. Emerging Markets ** n.a. n.a. n.a.
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
Inventories, imports and demand for the week ended February 28. Current figures are in thousands of barrels Global Government Bonds: Mapping Yields
or 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
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Inventories, 000s barrels Imports, 000s barrels per day Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 1.125 U.S. 2 0.637 t l 0.697 1.415 2.549
1.500 10 0.992 t l 0.997 1.602 2.722
Crude oil and
petroleum prod 1,278,587 ... 1,290 1,245 1,289 1,262 8,209 ... 7,903 8,911 8,230 9,672 2.000 Australia 2 0.387 t l 0.473 0.664 1.758 -25.1 -22.5 -79.1
Crude oil 2.500 10 0.729 t l 0.800 0.934 2.203 -26.4 -19.8 -51.9
excluding SPR 444,119 3,100 443 453 443 480 6,238 ... 6,217 7,001 6,495 7,790 0.000 France 2 -0.761 t l -0.748 -0.603 -0.441 -144.5 -299.0
-139.8
Gasoline 252,048 ... 256 251 257 241 511 ... 405 555 436 437
0.000 10 -0.317 s l -0.335 -0.136 0.558 -130.9 -133.2 -216.4
Finished gasoline 25,956 -1,800 27 25 27 25 133 ... 51 11 82 66
Reformulated 54 ... 0 0 0 0 0 ... 0 0 0 0 0.000 Germany 2 -0.832 t l -0.816 -0.648 -0.524 -146.9 -151.3 -307.3
Conventional 25,902 ... 27 25 27 25 133 ... 51 11 82 66 0.000 10 -0.637 t l -0.625 -0.397 0.163 -162.9 -162.2 -256.0
Blend. components 226,091 ... 230 226 230 216 379 ... 354 544 355 372
1.200 Italy 2 -0.072 s l -0.109 -0.194 0.559 -71.0 -80.6 -198.9
Natural gas (bcf) 2,200 ... 2 2 2 2 ... ... ... ... ... ...
1.350 10 1.017 s l 0.986 0.950 2.732 2.5 -1.1 1.0
Kerosene-type
jet fuel 41,970 ... 43 42 43 41 184 ... 43 129 117 109 0.100 Japan 2 -0.278 t l -0.244 -0.150 -0.147 -91.6 -94.1 -269.5
Distillates 134,464 -1,700 138 136 139 141 125 ... 177 246 133 173 0.100 10 -0.140 t l -0.111 -0.050 0.001 -113.3 -110.9 -272.1
Heating oil 9,697 ... 10 11 10 12 2 ... 1 1 2 40 0.050 Spain 2 -0.501 t l -0.444 -0.425 -0.179 -113.8 -114.2 -272.7
Diesel 124,767 ... 129 125 129 129 123 ... 176 244 131 102
0.500 10 0.167 t l 0.197 0.269 1.174 -82.6 -80.1 -154.8
Residual fuel oil 30,584 ... 31 28 30 37 242 ... 202 174 176 274
Other oils 280,487 ... 280 259 278 248 786 ... 713 653 730 763 0.500 U.K. 2 0.209 t l 0.227 0.518 0.762 -42.8 -47.0 -178.6
Net crude, petroleum 4.750 10 0.371 t l 0.391 0.592 1.277 -62.2 -60.7 -144.6
products, incl. SPR 1,913,554 ... 1,925 1,894 1,924 1,941 -1,522 ... -1,294 639 -907 3,843 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 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
4250
product 21,272 ... 19,884 20,490 20,429 19,905
Energy Transfer Operating ETP 6.750 Jan. 22, ’49 579 –45 506 ... ...
Five-year average
Finished for each week 3250 Wells Fargo WFC 5.875 June 15, ’49 354 –20 334 41.40 2.15
motor gasoline 9,186 ... 9,035 9,062 8,965 9,211 t Boeing BA 2.800 March 1, ’24 79 –19 n.a. 283.12 0.89
t
2250 Halliburton HAL 2.920 March 1, ’30 199 –18 168 15.39 –3.51
Kerosene-type
Natural gas, Noble Energy NBL 4.950 Aug. 15, ’47 302 –17 245 15.32 0.89
jet fuel 1,707 ... 1,450 1,697 1,551 1,597 lower 48 states
1250 Bank of America BAC 6.300 March 10, ’49 380 –16 358 28.39 2.31
Distillates 3,919 ... 4,119 4,145 3,897 3,995
Dell International DELL 6.020 June 15, ’26 182 –16 168 43.38 3.83
Residual fuel oil 263 ... 292 105 224 292 Hess HES 5.600 Feb. 15, ’41 312 –16 264 57.00 –1.21
Propane/propylene 1,791 ... 1,222 1,626 1,683 ... 250
Other oils 4,406 ... 3,765 3,855 4,109 ... M A M J J A S O N D J F …And spreads that widened the most
2019 2020
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
TransCanada Trust TRPCN 5.875 Aug. 15, ’76 307 23 246 ... ...
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Noble Energy NBL 3.250 Oct. 15, ’29 212 19 172 15.32 0.89
Union Pacific UNP 3.750 July 15, ’25 75 16 58 162.17 3.07
Sysco SYY 3.250 July 15, ’27 101 14 n.a. 70.65 3.14
Exchange-Traded Portfolios | WSJ.com/ETFresearch American Equity Investment Life Holding AEL 5.000 June 15, ’27 250 12 203 25.87 4.91
Closing Chg YTD John Deere Capital DE 2.150 Sept. 8, ’22 51 12 22 … …
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Eaton ETN 4.000 Nov. 2, ’32 118 12 n.a. 98.12 5.68
Schwab US TIPs SCHP 58.97 –0.14 4.1 Banco Santander SANTAN 3.848 April 12, ’23 94 12 83 ... ...
Wednesday, March 4, 2020 Closing Chg YTD
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 270.89 4.47 –5.0

ETF
Closing Chg YTD
Symbol Price (%) (%) 75.86 4.10 –4.3
SPDR S&PMdCpTr MDY 346.29 3.48 –7.7 High-yield issues with the biggest price increases…
iShMSCI ACWI ACWI SPDR S&P 500 SPY 312.86 4.20 –2.8
iShMSCI EAFE EFA 64.40 2.99 –7.3 SPDR S&P Div SDY 100.92 3.82 –6.2 Bond Price as % of face value Stock Performance
CnsmrDiscSelSector XLY 120.95 3.46 –3.6 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
CnsStapleSelSector XLP 63.22 4.91 0.4 iShMSCI EAFE SC SCZ 56.42 2.41 –9.4 TechSelectSector XLK 93.79 4.29 2.3
27.79 3.31 –9.7 iShMSCIEmgMarkets EEM 41.85 1.78 –6.7 UtilitiesSelSector XLU 68.72 5.67 6.3
FinSelSectorSPDR XLF
iShMSCIJapan EWJ 54.09 2.17 –8.7 VanEckGoldMiner GDX 29.13 1.57 –0.5 Cornerstone Building Brands CNR 8.000 April 15, ’26 105.250 5.00 104.065 8.13 10.91
FT ValDivFd FVD 34.54 4.13 –4.1
HealthCareSelSect XLV 99.99 5.76 –1.8
iShNatlMuniBd MUB 116.65 –0.11 2.4 VangdInfoTech VGT 248.72 4.08 1.6 Clear Channel Outdoor Holdings CCO 5.125 Aug. 15, ’27 105.000 4.00 102.750 2.05 4.59
iShPfd&Incm PFF 37.24 1.58 –0.9 VangdSC Val VBR 123.72 3.19 –9.7
IndSelSectorSPDR XLI 76.85 4.13 –5.7
177.73 1.0
Antero Midstream Partners AM 5.375 Sept. 15, ’24 82.500 3.48 81.624 4.24 0.95
iShRussell1000Gwth IWF 4.33 VangdSC Grwth VBK 190.72 3.14 –4.0
InvscQQQI QQQ 218.22 4.17 2.6 CF Industries CF 4.950 June 1, ’43 112.500 3.38 108.990 38.75 1.60
iShRussell1000 IWB 173.55 4.08 –2.7 VangdDivApp VIG 122.24 4.29 –1.9
InvscS&P500EW RSP 108.87 3.94 –5.9
iShRussell1000Val IWD 127.34 3.99 –6.7 VangdFTSEDevMk VEA 40.76 2.75 –7.5
InvscS&P500LowVol SPLV 58.70 4.84 0.6
iShRussell2000 IWM 152.16 2.85 –8.2 VangdFTSE EM VWO 41.68 1.41 –6.3
Hilcorp Energy I HILCRP 6.250 Nov. 1, ’28 83.250 3.28 80.563 ... ...
iSh3-7YTreasuryBd IEI 130.91 –0.07 4.1 PDC Energy PDCE 5.750 May 15, ’26 95.250 3.25 94.810 18.49 5.48
iShRussell3000 IWV 182.69 4.16 –3.1 VangdFTSE Europe VGK 54.51 3.45 –7.0
iShCoreDivGrowth DGRO 39.82 4.24 –5.3
iShCoreMSCIEAFE IEFA 60.41 2.84 –7.4
iShRussellMid-Cap IWR 56.62 3.53 –5.0 VangdFTSEAWxUS VEU 50.01 2.71 –7.0 Sprint Capital S 8.750 March 15, ’32 146.500 3.25 142.000 … …
iShRussellMCValue IWS 87.85 3.35 –7.3 VangdGrowth VUG 186.09 4.08 2.2
iShCoreMSCIEM IEMG 50.11 1.56 –6.8 iShS&P500Growth IVW 194.63 4.00 0.5 VangdHlthCr VHT 188.37 5.59 –1.8
Team Health Holdings TMH 6.375 Feb. 1, ’25 61.000 3.25 54.510 ... ...
iShCoreMSCITotInt IXUS 57.52 2.49 –7.1 121.32 4.23 –6.7
iShS&P500Value IVE VangdHiDiv VYM 87.60 4.14 –6.5
iShCoreS&P500
iShCoreS&P MC
IVV
IJH
314.75
190.01
4.39 –2.6
3.56 –7.7
iShShortCpBd IGSB 54.50 0.09 1.6 VangdIntermBd BIV 91.62 0.10 5.0 …And with the biggest price decreases
iShShortTreaBd SHV 110.74 0.04 0.3 VangdIntrCorpBd VCIT 94.82 0.11 3.8
iShCoreS&P SC IJR 75.34 3.09 –10.1 iShTIPSBondETF TIP 121.35 –0.15 4.1 VangdLC VV 144.34 4.20 –2.4 Chesapeake Energy CHK 8.000 Jan. 15, ’25 26.500 –5.50 n.a. 0.25 –1.54
iShS&PTotlUSStkMkt ITOT 70.37 3.90 –3.2 85.92 0.02 1.5
iShCoreUSAggBd AGG 116.64 –0.08 3.8
iSh1-3YTreasuryBd SHY VangdMC VO 170.79 3.69 –4.1 Mallinckrodt International Finance MNK 5.500 April 15, ’25 45.764 –5.24 56.740 … …
iSh7-10YTreasuryBd IEF 118.14 –0.22 7.2 VangdMC Val VOE 110.57 3.64 –7.2
iShSelectDividend DVY 97.71 3.89 –7.5 iSh20+YTreasuryBd TLT 154.67 –1.06 14.2 VangdMBS VMBS 53.93 ... 1.4 ClubCorp Holdings MYCC 8.500 Sept. 15, ’25 80.500 –2.57 88.000 ... ...
iShEdgeMSCIMinEAFE EFAV 71.55 2.49 –4.0 iShRussellMCGrowth IWP 150.32 4.02 –1.5 VangdRealEst VNQ 94.28 3.78 1.6 Navios Maritime Acquisition NNA 8.125 Nov. 15, ’21 66.438 –2.31 71.000 4.80 1.05
iShEdgeMSCIMinUSA USMV 66.40 4.50 1.2 iShUSTreasuryBdETF GOVT 27.31 –0.22 5.3 VangdS&P500ETF VOO 287.48 4.14 –2.8
iShEdgeMSCIUSAMom MTUM 129.96 4.58 3.5 JPM UltShtIncm JPST 50.59 0.05 0.3 VangdST Bond BSV 82.33 0.12 2.1 Transocean RIG 7.250 Nov. 1, ’25 86.000 –2.00 88.500 3.18 0.32
iShEdgeMSCIUSAQual QUAL 96.77 3.90 –4.2 PIMCOEnhShMaturity MINT 101.75 –0.00 0.2 VangdSTCpBd VCSH 82.32 0.15 1.6 Whiting Petroleum WLL 6.625 Jan. 15, ’26 38.000 –1.91 42.250 1.59 –7.56
iShFloatingRateBd FLOT 50.88 0.06 –0.1 SPDRBloomBar1-3MTB BIL 91.53 0.04 0.1 VangdSC VB 153.78 3.16 –7.2
iShGoldTr IAU 15.66 0.26 8.0 SPDR Gold GLD 154.16 0.18 7.9 VangdTotalBd BND 87.03 –0.02 3.8
Frontier Communications FTR 6.875 Jan. 15, ’25 47.125 –1.44 48.721 0.51 –4.59
iShiBoxx$InvGrCpBd LQD 133.39 0.14 4.2 SchwabIntEquity SCHF 31.26 2.86 –7.0 VangdTotIntlBd BNDX 58.17 0.21 2.8 Hornbeck Offshore Services HOSS 5.000 March 1, ’21 19.750 –1.25 32.000 0.16 –11.11
iShiBoxx$HYCpBd HYG 87.12 1.37 –0.9 SchwabUS BrdMkt SCHB 74.57 4.08 –3.0 VangdTotIntlStk VXUS 51.64 2.58 –7.3
iShIntermCorpBd IGIB 60.20 0.18 3.8 SchwabUS Div SCHD 54.83 4.52 –5.3 VangdTotalStk VTI 158.73 4.00 –3.0 *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.
iShJPMUSDEmgBd EMB 116.81 0.74 2.0 SchwabUS LC SCHX 74.82 4.18 –2.6 VangdTotlWrld VT 77.02 3.34 –4.9 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMBSETF MBB 109.68 –0.12 1.5 SchwabUS LC Grw SCHG 94.56 4.31 1.8 VangdValue VTV 111.67 4.41 –6.8 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
THE WALL STREET JOURNAL. Thursday, March 5, 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. EssexProp ESS 302.87 10.98 ImperialOil IMO 22.38 0.28 MidAmApt MAA 145.00 7.73 Qorvo QRVO 102.38 4.08 Sprint S 9.57 0.47 Unilever UL 58.38 2.44
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EsteeLauder EL 193.40 5.01 Incyte INCY 80.16 2.36 Middleby MIDD 110.90 3.91 Qualcomm QCOM 81.80 3.86 Square SQ 79.26 0.42 UnionPacific UNP 162.17 4.83
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four t UnitedAirlines UAL 59.47
that include primary market trades as well as quarters. Etsy ETSY 62.46 4.25 Infosys INFY 10.47 0.26 MitsubishiUFJ MUFG 4.74 -0.05 QuantaServices PWR 40.24 1.68 StanleyBlackDck SWK 137.71 3.36 1.18
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. EuronetWorldwide EEFT 124.27 3.06 IngersollRand IR 30.95 -0.75 MizuhoFin MFG 2.61 -0.01 s QuestDiag DGX 115.48 6.83 Starbucks SBUX 79.67 1.07 UnitedMicro UMC 2.63 0.08
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing EverestRe RE 269.39 15.95 Ingredion INGR 88.44 4.85 MobileTeleSys MBT 10.15 0.34 StarsGroup TSG 23.86 0.32 UPS B UPS 95.82 4.52
Nasdaq ISE. standards Evergy EVRG 73.08 4.23 Insulet PODD 179.05 4.79 Moderna MRNA 27.49 -0.42 R S StarwoodProp STWD 23.56 0.40 UnitedRentals URI 130.16 1.52
The list comprises the 1,000 largest companies lf-Late filing EversourceEner ES 98.54 6.14 Intel INTC 58.68 2.71 MohawkInds MHK 123.17 5.95 StateStreet STT 67.00 1.15 US Bancorp USB 46.66 0.56
RELX RELX 25.11 0.66
based on market capitalization. q-Temporary exemption from Nasdaq ExactSciences EXAS 75.00 3.39 ICE ICE 100.17 5.23 MolinaHealthcare MOH 142.35 19.92 SteelDynamics STLD 27.35 0.69 UnitedTech UTX 139.04 6.51
Underlined quotations are those stocks with requirements. RPM RPM 69.78 3.58
Exelixis EXEL 19.89 1.15 InterContinentl IHG 55.45 1.57 MolsonCoorsA TAP.A 59.90 -1.09 Stericycle SRCL 64.87 2.17 UnitedHealth UNH 289.42 28.02
large changes in volume compared with the t-NYSE bankruptcy RalphLauren RL 110.54 4.11
Exelon EXC 46.82 2.63 IBM IBM 134.22 5.32 MolsonCoorsB TAP 52.48 2.05 Steris STE 164.45 3.42 UnivDisplay OLED 161.12 6.77
issue’s average trading volume. v-Trading halted on primary market. RaymondJames RJF 79.79 -0.44
t Expedia EXPE 97.14 1.95 IntlFlavors IFF 127.75 5.44 Mondelez MDLZ 58.01 3.22 STMicroelec STM 28.06 0.49 UniversalHealthB UHS 131.71 6.37
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Raytheon RTN 201.34 9.41
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ExpeditorsIntl EXPD 73.13 2.91 IntlPaper IP 37.92 0.86 MongoDB MDB 159.32 4.16 StoneCo STNE 44.35 0.06 VEREIT VER 9.28 0.39
RealPage RP 64.38 3.07
previous closing price was $2 or higher. or securities assumed by such companies. ExtraSpaceSt EXR 109.79 4.14 Interpublic IPG 21.56 0.35 MonolithicPower MPWR 171.54 9.33 Stryker SYK 198.40 9.57 VF VFC 74.31 2.80
RealtyIncome O 78.15 3.55
ExxonMobil XOM 52.42 1.12 InterXion INXN 94.98 3.98 MonsterBev MNST 68.05 4.27 t SumitomoMits SMFG 6.23 -0.01 VICI Prop VICI 25.65 0.93
ReataPharm RETA 204.54 11.61 VailResorts MTN 201.40 0.10
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and F5Networks FFIV 122.40 6.27 Intuit INTU 285.55 17.31 Moody's MCO 269.58 16.71 SunComms SUI 170.20 7.36
RegencyCtrs REG 62.06 3.14 Vale VALE 10.56 0.34
changes in the closing prices from 4 p.m. the previous day. FMC FMC 99.35 4.76 IntuitiveSurgical ISRG 582.90 24.63 MorganStanley MS 45.24 0.84 SunLifeFinancial SLF 44.60 1.24
s RegenPharm REGN 493.48 31.93 ValeroEnergy VLO 64.15 -0.29
Facebook FB 191.76 5.87 InvitatHomes INVH 30.73 0.93 Morningstar MORN 146.37 1.37 SuncorEnergy SU 26.71 0.34
RegionsFin RF 14.55 0.46 VarianMed VAR 131.39 5.87
FDS 293.86 15.01 IonisPharma IONS 54.59 3.87 Mosaic MOS 17.09 0.13 Suzano SUZ 9.42 0.59
Wednesday, March 4, 2020 Net Net FactSet ReinsGrp RGA 128.95 3.27 VeevaSystems VEEV 144.12 2.62
Stock Sym Close Chg Stock Sym Close Chg FairIsaac FICO 391.57 18.96 iQIYI IQ 23.93 0.57 MotorolaSol MSI 182.41 7.42 SynchronyFin SYF 30.14 1.27
Net RelianceSteel RS 108.71 3.33 s
SyneosHealth SYNH 73.63 5.34 Ventas VTR 53.75 1.60
Fastenal FAST 35.53 1.15 IronMountain IRM 32.71 1.30 t Mylan MYL 16.83 0.54
Stock Sym Close Chg RenaissanceRe RNR 183.72 7.37 VRSN 199.78 10.73
BancoBradesco BBDO 5.94 -0.04 Citigroup C 67.39 2.34 FederalRealty FRT 122.07 4.78 t ItauUnibanco ITUB 6.96 0.01 NICE NICE 167.39 4.79 Synnex SNX 131.86 4.73 VeriSign
RepublicSvcs RSG 96.56 5.25 Synopsys VeriskAnalytics VRSK 169.18 8.78
BancodeChile BCH 19.42 0.29 t CitizensFin CFG 31.71 0.56 t FedEx SNPS 146.82 6.70
A B C t BancSanBrasil BSBR 8.38 -0.17 CitrixSystems CTXS 110.13 3.73 Ferrari
FDX 136.41 3.32
J K L
NRG Energy NRG 35.45 2.15 ResMed RMD 174.82 9.58 Sysco SYY 70.65 2.15 Verizon VZ 58.12 2.42
RACE 160.38 3.65 NVR NVR 4017.00173.16 RestaurantBrands QSR 57.38 0.27
ABB ABB 22.27 0.64 BcoSantChile BSAC 18.69 0.27 ClarivateAnaly CCC 23.04 1.54 FiatChrysler FCAU 12.38 0.38 s JD.com VertxPharm VRTX 245.32 17.06
JD 43.91 2.45 NXP Semi NXPI 121.27 4.71 RexfordIndlRealty REXR 49.95 2.17 T U V
ACADIA Pharm ACAD 44.53 2.55 BancoSantander SAN 3.69 0.16 Clorox CLX 172.52 4.65 FidNatlFin FNF 43.04 2.47 JPMorganChase JPM 119.85 Nasdaq NDAQ 116.37 6.30 ViacomCBS A VIACA 28.78 0.46
2.89 ReynoldsCnsmr REYN 29.73 1.65 t ViacomCBS B VIAC 23.10
s AECOM ACM 49.98 2.31 BanColombia CIB 46.01 0.99 s Cloudflare NET 22.70 0.62 FidNatlInfo FIS 149.93 6.84 JackHenry JKHY 165.40 7.61 NationalGrid NGG 67.91 3.84 RingCentral RNG 232.84 6.94 TAL Education TAL 57.70 -0.61
0.02
AES AES 17.83 0.40 BankofAmerica BAC 28.39 0.64 Coca-Cola KO 58.92 2.86 FifthThirdBncp FITB 25.17 0.73 JacobsEngg J Vipshop VIPS 13.12 0.56
101.29 3.69 NatlOilwell NOV 18.99 -0.15 RioTinto RIO 51.48 2.72 TC Energy TRP 54.72 1.69
Visa V 194.29 8.56
AFL 44.55 1.22 BankofMontreal BMO 67.87 0.63 Coca-Cola Euro CCEP 55.22 2.69 58.com
RobertHalf RHI 50.18 1.74 t TCF Financial TCF 36.85 0.48
Aflac WUBA 53.69 -0.29 JamesHardie JHX 19.57 0.75 NatlRetailProp NNN 54.68 1.98
AGNC Invt AGNC 18.24 0.36 BankNY Mellon BK 40.50 1.67 Cognex CGNX 47.56 1.15 FirstAmerFin FAF 64.32 2.93 JazzPharma JAZZ 125.12 VistraEnergy VST 21.05 0.80
9.83 Natura&Co NTCO 19.23 -0.29 Rockwell ROK 192.25 8.31 TD Ameritrade AMTD 38.46 -1.27
VMware VMW 125.57 4.98
Ansys ANSS 259.50 10.43 BkNovaScotia BNS 52.77 0.68 CognizantTech CTSH 62.17 2.56 FirstRepBank FRC 104.71 2.95 JefferiesFin JEF 0.93 NetApp NTAP 46.34 0.43
20.67 RogersComm B RCI 49.00 1.34 TE Connectivity TEL 85.80 2.80 Vodafone VOD 18.22 1.34
ASETech ASX 4.84 0.13 Barclays BCS 7.20 0.08 ColgatePalm CL 75.37 3.59 FirstEnergy FE 48.50 2.58 J&J NTES 336.70 17.23
JNJ 143.48 7.89 Netease Roku ROKU 109.61 0.99 Telus TU 38.38 1.13
VornadoRealty VNO 55.96 1.42
ASML 301.61 17.31 BarrickGold GOLD 20.55 -0.07 Comcast A CMCSA 42.50 1.06 Fiserv
ROL 40.08 1.94 s TFS Fin
ASML FISV 112.18 2.81 Netflix NFLX 383.79 15.02 TFSL 22.46 0.70
JohnsonControls JCI 39.35 1.90 Rollins VoyaFinancial VOYA 55.45 1.44
AT&T T 38.18 1.88 BauschHealth BHC 23.13 0.11 t Comerica CMA 50.39 -0.61 FiveBelow FIVE 98.18 1.54
JonesLang JLL 152.92 1.13 Neurocrine NBIX 98.30 5.73 TIM Part TSU 18.78 0.53
RoperTech ROP 366.96 14.41 VulcanMatls VMC 134.73 6.65
AbbottLabs ABT 82.09 4.10 BaxterIntl BAX 91.06 5.15 CommerceBcshrs CBSH 63.56 1.81 FleetCorTech FLT 268.25 1.84
JuniperNetworks JNPR 22.57 0.78 NewOrientalEduc EDU 134.59 0.39 RossStores ROST 109.56 0.34 TJX TJX 62.27 1.66
AbbVie ABBV 91.75 4.18 BectonDicknsn BDX 247.11 7.61 SABESP SBS 13.56 0.43 Flex FLEX 11.63 0.26
1.40 NewResidInvt NRZ 16.44 0.25 T-MobileUS TMUS 93.81 4.44
Abiomed ABMD 154.23 5.05 BeiGene BGNE 157.89 3.26 ConagraBrands CAG 28.79 1.12 t FlirSystems FLIR 40.81 -0.42
KB Fin KB 33.01 RoyalBkCanada RY 75.61 0.41
TRowePrice TROW 128.76 5.27
W X Y Z
KKR KKR 29.43 0.47 NY CmntyBcp NYCB 11.74 0.29 t RoyalBkScotland RBS 4.41 0.07
Accenture ACN 188.86 6.64 Berkley WRB 70.02 2.06 ConchoRscs CXO 68.69 1.10 FomentoEconMex FMX 86.67 2.65
KLA KLAC 160.71 6.90 NYTimes A NYT 38.18 1.37 RoyalCaribbean RCL 79.36 1.17 TaiwanSemi TSM 57.08 2.20 WABCO WBC 135.61 0.17
ActivisionBliz ATVI 62.55 3.80 BerkHathwy B BRK.B 217.86 9.05 ConocoPhillips COP 49.43 1.31 FordMotor F 7.08 0.11
KSCitySouthern KSU 158.63 6.36 NewellBrands NWL 15.33 -0.14 RoyalDutchA RDS.A 45.30 1.34 TakeTwoSoftware TTWO 119.42 8.20
s WEC Energy WEC 104.21 6.63
Adobe ADBE 363.85 15.51 BerkHathwy A BRK.A 326125 12211 ConEd ED 88.01 4.17 Fortinet FTNT 107.05 3.52
Kellogg K 64.55 1.90 Newmont NEM 51.00 1.41 RoyalDutchB RDS.B 45.65 1.59 TakedaPharm TAK 18.46 0.95 WEX WEX 182.74 0.23
AdvanceAuto AAP 132.90 2.57 BestBuy BBY 80.41 3.86 ConstBrands B STZ.B 185.27 7.88 Fortis FTS 43.55 1.24 W.P.Carey
KeurigDrPepper KDP 27.77 0.22 NewsCorp A NWSA 11.77 -0.07 RoyalGold RGLD 104.12 1.01 Tapestry TPR 24.33 0.97 WPC 84.52 3.67
AdvMicroDevices AMD 50.11 3.36 BeyondMeat BYND 101.89 6.46 ConstBrands A STZ 185.96 8.37 Fortive FTV 72.07 2.69
KeyCorp KEY 16.69 0.48 NewsCorp B NWS 12.10 0.01 Ryanair RYAAY 71.47 0.89 TargaResources TRGP 33.96 0.89 WPP WPP 49.18 1.62
Aegon AEG 3.44 0.11 Bilibili BILI 27.55 1.31 ContinentalRscs CLR 17.78 0.35 FortBrandsHome FBHS 67.18 4.36 Wabtec
KeysightTechs KEYS 97.93 4.42 NextEraEnergy NEE 282.22 17.07 SAP SAP 125.66 1.86 Target TGT 107.82 1.98 WAB 65.40 0.26
AerCap AER 51.67 0.47 Bio-Techne TECH 197.69 4.31 Cooper COO 338.14 8.16 FoxA FOXA 30.93 -0.06
3.45 t NielsenHoldings NLSN 17.79 0.27 t WalgreensBoots WBA 48.69 2.57
KilroyRealty KRC 78.68 S&P Global SPGI 296.06 15.92 TechnipFMC FTI 14.17 -0.18
84.35 4.03 Bio-RadLab A BIO 384.93 14.93 Copart CPRT 86.99 3.23 FoxB FOX 30.67 -0.04
SBA Comm SBAC 303.24 16.58 TeckRscsB TECK 10.80 0.85
AgilentTechs A KimberlyClark KMB 148.25 7.46 Nike NKE 93.79 2.86 Walmart WMT 116.77 3.86
AgnicoEagle AEM 51.00 0.45 Biogen BIIB 328.45 12.67 Corning GLW 25.09 1.20 Franco-Nevada FNV 117.03 2.48
KimcoRealty KIM 18.28 0.52 NiSource NI 29.86 1.48 TeladocHealth TDOC 124.64 1.06 WasteConnections WCN 101.71 3.46
SEI Investments SEIC 58.23 2.38
AirProducts APD 237.20 9.84 s BioMarinPharm BMRN 96.85 4.13 Corteva CTVA 28.90 0.98 FranklinRscs BEN 23.42 0.03
KinderMorgan KMI 20.23 0.38 NobleEnergy NBL 15.32 0.14 TeledyneTech TDY 365.78 12.35 WasteMgt WM 120.29 7.58
SINOPEC SHI 26.33 0.26
AkamaiTech AKAM 94.90 4.62 BioNTech BNTX 39.19 0.71 CoStar CSGP 735.00 44.91 FreeportMcM FCX 10.45 0.38
KinrossGold KGC 5.53 0.02 Nokia NOK 3.86 0.07 SK Telecom SKM 20.82 1.63
Teleflex TFX 351.38 14.27 Waters WAT 208.44 6.97
AlaskaAir ALK 49.69 2.32 BlackKnight BKI 70.96 2.69 Costco COST 320.74 18.01 FreseniusMed FMS 39.75 0.94
KirklandLakeGold KL 35.50 0.96 NomuraHoldings NMR 4.57 0.09 Ericsson ERIC 8.12 0.17 Watsco B WSOB 178.25 15.49
SLGreenRealty SLG 84.60 3.89
Albemarle ALB 86.27 3.48 BlackRock BLK 495.31 16.87 Coty COTY 9.20 0.34 Nordson NDSN 148.10 3.30 TelefonicaBras VIV 12.62 0.31 Watsco WSO 177.70 13.28
Alcon ALC 63.00 -0.20 Blackstone BX 58.10 2.01 CoupaSoftware COUP 153.38 2.88 G H I Knight-Swift KNX 33.13
t Kohl's KSS 36.52
0.84
-0.91 NorfolkSouthern NSC 184.24 7.38
SS&C Tech SSNC 57.09 1.86
Telefonica TEF 6.07 0.24 Wayfair W 61.33 -0.87
Boeing BA 283.12 2.50 StoreCapital STOR 34.06 0.78
AlexandriaRlEst ARE 163.44 5.69 CousinsProperties CUZ 39.12 1.96 GCI LibertyA GLIBA 74.17 3.53 KoninklijkePhil PHG 43.96 1.43 NorthernTrust NTRS 85.05 1.61 TelekmIndonesia TLK 26.61 1.26 WellsFargo WFC 41.40 0.87
SVB Fin SIVB 202.38 3.75
AlexionPharm ALXN 97.22 3.50 BookingHldgs BKNG 1732.13 49.11 Credicorp BAP 198.98 11.68 s GDS Holdings GDS 63.17 3.53 KoreaElcPwr KEP 9.21 0.39 NorthropGrum NOC 346.97 17.59 10xGenomics TXG 77.42 0.47 Welltower WELL 79.65 2.64
Salesforce.com CRM 175.69 6.32
Alibaba BABA 211.96 4.55 BoozAllen BAH 77.03 2.41 CreditAcceptance CACC 434.25 13.08
GSXTechedu GSX 42.88 -0.21 KraftHeinz KHC 26.45 0.95 NortonLifeLock NLOK 19.71 0.42 t Tenaris TS 18.00 -0.11 WestPharmSvcs WST 158.90 4.92
BorgWarner BWA 31.54 0.30 Sanofi SNY 50.54 2.83
AlignTech ALGN 234.70 10.14 CreditSuisse CS 11.21 0.28 Galapagos GLPG 223.18 7.96 s Kroger KR 30.96 1.62 t NorwegCruise NCLH 33.00 -0.62 SantanderCons SC 24.66 1.18
Teradyne TER 62.47 4.00 WesternDigital WDC 59.14 2.21
Alleghany Y 725.34 36.51 BostonProps BXP 138.12 5.22 CrowdStrike CRWD 57.20 0.72 Gallagher AJG 106.21 5.52 L Brands LB 24.35 2.27 Novartis NVS 87.65 4.03 Tesla TSLA 749.50 3.99 WesternMidstrm WES 13.20 -0.08
SareptaTherap SRPT 119.18 3.08
Allegion ALLE 124.35 5.01 BostonSci BSX 38.75 1.52 CrownCastle CCI 163.56 5.43
Gaming&Leisure GLPI 46.79 2.00 Line LN 49.65 0.15 NovoNordisk NVO 64.78 3.28 TevaPharm TEVA 11.37 0.16 WesternUnion WU 23.90 0.85
Sasol SSL 12.15 0.08
Allergan AGN 195.94 4.00 BrightHorizons BFAM 157.16 0.39 CrownHoldings CCK 76.64 2.18 Garmin GRMN 93.41 3.34 LKQ LKQ 29.65 0.91 Novocure NVCR 73.62 4.25 TexasInstruments TXN 119.05 5.24 WestlakeChem WLK 57.18 1.04
Schlumberger SLB 27.08 0.27
AlliantEnergy LNT 57.86 3.09 Bristol-Myers BMY 61.48 2.28 CubeSmart CUBE 32.83 1.33 t Gartner IT 126.02 0.18 LPL Financial LPLA 72.61 -2.80 NuanceComms NUAN 22.40 0.62 Textron TXT 40.98 0.48 t WestpacBanking WBK 15.01 0.10
SchwabC SCHW 37.16 -1.14
Allstate ALL 114.51 5.31 BritishAmTob BTI 42.11 2.35 Cummins CMI 156.44 4.29 s Generac GNRC 118.08 6.84 L3HarrisTech LHX 211.64 12.96 Nucor NUE 43.19 1.32 ThermoFisherSci TMO 326.64 16.28 WestRock WRK 33.59 1.01
s ScottsMiracleGro SMG 125.25 8.08
AllyFinancial ALLY 25.84 1.21 BrixmorProp BRX 18.82 0.69 CurtissWright CW 128.87 4.00 GeneralDynamics GD 168.28 7.23 LabCpAm LH 191.23 10.19 Nutrien NTR 40.95 0.30 ThomsonReuters TRI 78.34 2.38 Weyerhaeuser WY 28.35 1.62
s Sea SE 52.52 3.57
AlnylamPharm ALNY 117.24 5.82 Broadcom AVGO 285.45 11.20 CypressSemi CY 23.22 -0.01 GeneralElec GE 10.95 0.07 LamResearch LRCX 306.24 14.78 NVIDIA NVDA 284.51 18.62 3M MMM 153.98 8.74 WheatonPrecMet WPM 30.62 0.11
Seagate STX 51.44 1.23
Alphabet C GOOG 1386.52 45.13 BroadridgeFinl BR 106.15 3.63 CyrusOne CONE 64.56 1.66 GeneralMills GIS 54.17 2.52 LamarAdv LAMR 88.24 4.16
Tiffany TIF 133.69 0.33 Whirlpool WHR 131.94 4.07
SeattleGenetics SGEN 115.98 8.58 Toro
Alphabet A GOOGL 1381.60 43.88 BrookfieldMgt BAM 63.31 2.22
GeneralMotors GM 31.53 1.01 LambWeston LW 88.09 2.59 O P Q TTC 77.50 2.72 Williams WMB 19.42 0.44
Alteryx AYX 144.76 3.02 BrookfieldInfr BIP 53.39 1.05 D E F Genmab GMAB 24.12 0.91 LasVegasSands LVS 57.25 1.35
SempraEnergy SRE 147.84 6.82 TorontoDomBk TD 51.25 0.48 WillisTowers WLTW 206.55 9.39
OGE Energy OGE 40.04 1.38 SensataTechs ST 40.95 1.02
AlticeUSA ATUS 27.15 1.33 Brown&Brown BRO 47.05 2.53 Genpact G 40.58 1.69 Lear LEA 112.87 4.26
Total TOT 44.83 1.33 Wipro WIT 3.56 0.07
DISH Network DISH 33.87 1.05 ONEOK OKE 70.66 2.41 s ServiceCorp SCI 52.83 3.22 ToyotaMotor TM 131.85 0.90
Altria MO 43.93 2.03 Brown-Forman B BF.B 64.56 0.75 Wix.com WIX 140.71 5.58
Brown-Forman A BF.A 61.51 0.16 DTE Energy DTE 119.31 6.29 Gentex GNTX 27.60 0.98 Leidos LDOS 112.33 3.00 OReillyAuto ORLY 377.20 13.03 ServiceNow NOW 345.07 15.44 TractorSupply TSCO 96.35 3.21 Woodward WWD 110.23 4.11
Amarin AMRN 16.02 0.48
BRKR 46.91 2.00 DXC Tech DXC 22.33 0.11 GenuineParts GPC 89.25 2.89 Lennar A LEN 66.64 2.40 OccidentalPetrol OXY 32.93 -0.06 ShawComm B SJR 18.19 0.48 TradeDesk
Amazon.com AMZN 1975.83 66.84 Bruker TTD 274.97 -2.70 WooriFin WF 24.77 0.78
49.71 1.15 Danaher DHR 155.98 8.44 GileadSciences GILD 76.01 1.80 Lennar B LEN.B 52.58 1.94 Okta OKTA 131.34 ... SherwinWilliams SHW 574.78 34.20 s Tradeweb
Ambev ABEV 3.40 0.12 Bunge BG TW 51.70 -0.14 Workday WDAY 170.89 4.33
t Darden DRI 95.06 -0.25 GSK GSK 43.35 2.05 LennoxIntl LII 257.81 12.80 OldDomFreight ODFL 206.03 11.83 ShinhanFin SHG 28.11 1.48 s TraneTech
Amcor AMCR 9.77 0.18 BurlingtonStrs BURL 219.37 3.92 TT 117.82 11.76 WynnResorts WYNN 105.66 3.22
CACI 260.16 10.62 Datadog DDOG 44.53 1.13 GlobalPayments GPN 193.92 6.34 LeviStrauss LEVI 18.74 0.28 OldRepublic ORI 21.43 0.88 SHOP 512.23 35.29 TransDigm
Amdocs DOX 67.90 2.12 CACI Intl GlobeLife GL 95.05 3.87 LibertyBroadbandA LBRDA 131.91 5.57
Shopify TDG 577.44 20.37 XP XP 38.84 2.68
DaVita DVA 82.70 5.14 OmegaHealthcare OHI 41.61 1.67
Amedisys AMED 175.95 7.62 CBRE Group CBRE 59.16 1.43 GoDaddy GDDY 68.53 1.03 LibertyBroadbandC LBRDK 134.19 5.62
Sibanye-Stillwater SBSW 9.03 0.10 TransUnion TRU 96.19 5.12 XPO Logistics XPO 74.66 3.25
Deere DE 163.07 5.29 Omnicom OMC 70.98 1.79
Amerco UHAL 335.31 7.30 CDK Global CDK 45.51 0.49 GoldFields GFI 6.69 0.21 LibertyGlobal A LBTYA 19.82 0.33
SignatureBank SBNY 129.00 0.69 Travelers TRV 131.53 6.22 XcelEnergy XEL 69.20 3.49
s Ameren AEE 87.07 3.91 CDW CDW 119.19 3.58 DellTechC DELL 43.38 1.60
GoldmanSachs GS 208.74 5.31 LibertyGlobal C LBTYK 19.02
ON Semi ON 18.73 0.60 SimonProperty SPG 123.49 1.02 s Trex TREX 109.40 7.60 Xerox XRX 33.69 1.82
DAL 48.50 2.32 0.41
AmericaMovil AMX 17.29 0.55 CF Industries CF 38.75 0.61 DeltaAir Graco GGG 51.85 1.30 LibertyGlobal B LBTYB 21.19
OpenText OTEX 43.47 1.46 SiriusXM SIRI 6.65 0.17 Trimble TRMB 40.57 0.78 Xilinx XLNX 83.43 1.63
72.26 2.07 DentsplySirona XRAY 47.84 0.63 Grainger 1.43 Oracle ORCL 50.54 1.69
t AmerAirlines AAL 18.53 0.68 CGI GIB GWW 294.67 8.81 LibertyFormOne C FWONK 38.09 Skyworks SWKS 103.36 3.73 Trip.com TCOM 30.55 0.61 Xylem XYL 85.32 5.44
0.39
AmCampus ACC 45.77 1.99 CH Robinson CHRW 70.79 2.52 DeutscheBank DB 8.20 0.06
Grifols GRFS 23.05 0.48 LibertyFormOne A FWONA 36.67 Orange ORAN 14.02 0.58 SlackTech WORK 27.80 0.88 TruistFinl TFC 47.38 0.49 Yandex YNDX 41.43 1.58
0.37
AEP AEP 99.82 4.37 CME Group CME 223.63 7.56 DevonEnergy DVN 16.26 0.47 GpoAeroportuar PAC 113.98 1.99 LibertySirius C LSXMK 46.16 Orix IX 82.66 2.48 Smartsheet SMAR 47.40 1.88 Twilio TWLO 104.88 -0.49 YumBrands YUM 94.63 3.32
1.38
AmerExpress AXP 115.70 7.69 CMS Energy CMS 68.35 4.03 DexCom DXCM 283.87 10.99
GuardantHealth GH 83.20 9.19 LibertySirius A LSXMA 46.30 OwensCorning OC 58.52 1.88 t SmithAO AOS 40.57 1.87 Twitter TWTR 36.00 1.07 YumChina YUMC 45.23 0.46
1.50
AmericanFin AFG 95.54 3.79 CNA Fin CNA 43.99 1.24 Diageo DEO 147.79 3.87
Guidewire GWRE 112.48 6.48 EliLilly
PG&E PCG 15.13 0.32 Smith&Nephew SNN 46.14 1.00 TylerTech TYL 336.57 12.60 s ZTO Express ZTO 25.98 1.47
CNHI 9.34 0.17 DiamondbkEner FANG 61.07 -0.69 HCA Healthcare HCA 135.23 LLY 140.38 10.07 PNC Fin PNC 129.40 3.91
AmHomes4Rent AMH 28.70 0.84 CNH Indl 6.46 t LincolnNational LNC 45.00 Smucker SJM 111.70 5.45 TysonFoods TSN 70.39 1.89 ZayoGroup ZAYO 34.98 0.03
CNOOC CEO 139.68 0.44 DigitalRealty DLR 134.98 5.39 0.75 POSCO PKX 41.12 1.27
AIG AIG 42.54 1.05 HDFC Bank HDB 52.98 -0.74 Linde Snap SNAP 13.63 0.08 UBS Group UBS 11.12 0.22 ZebraTech ZBRA 216.04 6.73
CRH 36.27 1.21 DiscoverFinSvcs DFS 66.69 2.38 HD Supply LIN 205.53 10.14 PPD PPD 28.60 1.10
AmerTowerREIT AMT 251.66 9.01 CRH HDS 40.00 1.43 LiveNationEnt LYV 59.77 SnapOn SNA 149.55 5.41 UDR UDR 49.35 1.98 Zendesk ZEN 73.23 2.17
CSX 72.00 3.09 DiscoveryB DISCB 32.19 1.20 HP 2.16 PPG Ind PPG 107.96 3.57
AmerWaterWorks AWK 140.31 8.89 CSX HPQ 21.60 0.85 LloydsBanking LYG SolarEdgeTech SEDG 135.71 7.05 UGI UGI 37.80 1.38 Zillow C Z 54.25 1.04
2.47 0.09
AmericoldRealty COLD 33.36 0.97 CVS Health CVS 66.04 3.50 DiscoveryA DISCA 26.51 0.27 HSBC HSBC 33.23 0.66
PPL PPL 32.18 1.14 SolarWinds SWI 18.18 0.17 US Foods USFD 33.73 0.41 Zillow A ZG 54.35 0.84
CableOne CABO 1665.41 53.69 DiscoveryC DISCK 25.11 0.03 LockheedMartin LMT 402.03 24.63 PRA HealthSci PRAH 101.34 1.23 Sony SNE 64.79 1.61 Uber
Ameriprise AMP 144.46 3.90 Haemonetic HAE 109.43 0.72 UBER 34.53 1.49 ZimmerBiomet ZBH 138.07 4.21
COG 14.94 0.15 Disney DIS 119.18 2.73 Loews L 48.50 1.42 PTC PTC 70.82 0.77 t
AmerisourceBrgn ABC 90.38 4.51 CabotOil t Halliburton HAL 15.39 -0.56 Southern SO 67.80 3.90 Ubiquiti UI 143.95 2.76 ZionsBancorp ZION 38.48 -0.42
LogitechIntl LOGI 41.31 1.59
Ametek AME 91.01 3.69 CadenceDesign CDNS 70.27 4.04 DocuSign DOCU 89.55 3.74
HartfordFinl HIG 53.90 2.32
Paccar PCAR 69.45 1.90 SoCopper SCCO 35.81 1.14 UltaBeauty ULTA 268.84 12.14 Zoetis ZTS 143.62 6.38
CAE 26.98 0.09 DolbyLab DLB 69.98 2.02 Lowe's LOW 113.29 4.73 PackagingCpAm PKG 93.92 3.02
Amgen AMGN 215.11 10.69 CAE Hasbro HAS 77.85 2.41 SouthwestAir LUV 46.93 1.72 t UnderArmour C UA 12.39 0.19 ZoomVideo ZM 116.80 -0.67
CZR 11.95 -0.03 DollarGeneral DG 160.16 3.74 HealthcareAmer HTA 33.53 lululemon LULU 231.62 4.49 PagSeguroDig PAGS 32.67 0.14
Amphenol APH 97.00 4.03 CaesarsEnt 1.41 Splunk SPLK 155.40 6.90 UnderArmour A UAA 13.88 0.28 Zscaler ZS 53.39 2.06
t DollarTree DLTR 78.91 -2.91 Lumentum LITE 85.19 4.65 PaloAltoNtwks PANW 185.89 3.85
AnalogDevices ADI 112.46 5.26 CamdenProperty CPT 115.02 5.51 HealthpeakProp PEAK 34.57 1.34 Spotify SPOT 144.25 7.09 Unilever UN 57.16 2.56 Zynga ZNGA 7.23 0.35
89.03 5.65 Lyft LYFT 40.27 3.30
Anaplan PLAN 44.01 0.55 s CampbellSoup CPB 52.72 4.84 DominionEner D Heico A HEI.A 99.98 4.43 ParkerHannifin PH 194.57 8.06
77.46 1.45 Domino's DPZ 341.89 2.42 LyondellBasell LYB 75.23 2.99 Paychex PAYX 82.38 3.32
AngloGoldAsh AU 20.75 0.48 CIBC CM Heico HEI 118.97 5.90
BUD 57.81 1.16 CanNtlRlwy CNI 88.02 2.84 Donaldson DCI 48.23 3.52 PaycomSoftware PAYC 293.69 11.39
Borrowing Benchmarks | WSJ.com/bonds
AB InBev HenrySchein HSIC 61.63 1.07 M N
AnnalyCap NLY 9.59 0.20 CanNaturalRes CNQ 24.75 -0.02 DouglasEmmett DEI 41.14 1.86
Hershey HSY 160.95 7.46 Paylocity PCTY 136.66 7.15
Anthem ANTM 296.42 40.04 CanPacRlwy CP 257.21 9.32 Dover DOV 110.70 4.98
Hess HES 57.00 -0.70 t M&T Bank MTB 143.09 3.86 PayPal PYPL 115.30 5.54
CAJ 25.75 0.29 Dow DOW 41.91 1.35 t Pearson PSO 7.42 0.27
Aon
Apache
AON 225.48 10.68 Canon
APA 25.13 0.14 CanopyGrowth CGC 17.75 0.41 DrReddy'sLab RDY 42.70 1.52 Hexcel
HewlettPackard HPE 12.26
HXL 69.44
-0.33 MDU Rscs MDU 30.53
2.63 t MGM Resorts MGM 23.30
1.72
... Pegasystems PEGA 91.86 1.81 Money Rates March 4, 2020
ApartmtInv AIV 51.29 1.76 CapitalOne COF 89.33 2.91 Dropbox DBX 19.80 0.48
Hill-Rom HRC 102.46 2.27 MPLX MPLX 19.62 ... Peloton PTON 27.25 0.57
ApolloGlbMgmt APO 42.94 0.13 CardinalHealth CAH 54.63 1.67 DukeEnergy DUK 101.65 6.04 Hilton HLT 98.39 5.06 MSCI MSCI 318.47 9.82 PembinaPipeline PBA 36.28 0.33 Key annual interest rates paid to borrow or lend money in U.S. and
Apple AAPL 302.74 13.42 Carlisle CSL 151.45 5.22 DukeRealty DRE 35.77 1.65 HollyFrontier HFC 32.79 Pentair PNR 40.88 1.41
ApplMaterials AMAT 60.52 2.48 Carlyle CG 28.98 -0.25 Dunkin' DNKN 69.75 0.56 Hologic
-0.32 MadisonSquGarden MSG 262.80 4.44
Penumbra PEN 177.49 7.85
international markets. Rates below are a guide to general levels but
HOLX 49.38 2.13 MagellanMid MMP 57.03 0.52
Aptargroup ATR 107.44 4.68 CarMax KMX 90.70 4.54 DuPont DD 44.16 0.52
HomeDepot HD 241.08 13.14 MagnaIntl MGA 47.92 1.09 People'sUtdFin PBCT 14.84 0.34 don’t always represent actual transactions.
Aptiv APTV 83.10 2.53 Carnival CCL 32.46 0.63 Dynatrace DT 32.89 1.35
HondaMotor HMC 25.98 0.40 ManulifeFin MFC 16.90 0.20 PepsiCo PEP 142.39 6.81
Aramark ARMK 36.33 0.80 CaseysGenStores CASY 170.06 6.53 ENI E 24.92 0.41 PerkinElmer PKI 89.13 2.91 Week —52-WEEK—
Honeywell HON 171.19 9.30 MarathonOil MRO 8.11 0.03 Inflation Latest ago High Low
ArcelorMittal MT 14.77 0.63 Catalent CTLT 54.89 2.42 EOG Rscs EOG 64.08 1.65
HorizonTherap HZNP 36.83 2.44 MarathonPetrol MPC 45.88 0.71 Perrigo PRGO 55.06 1.73
ArchCapital ACGL 43.08 1.46 Caterpillar CAT 127.40 3.02 EPAM Systems EPAM 235.95 10.95 HormelFoods HRL 45.05 PetroChina PTR 39.44 0.11 Jan. Index Chg From (%)
2.06 Markel MKL 1273.92 34.11
60 days 2.422 2.861 4.049 2.422
ArcherDaniels ADM 39.37 1.31 Celanese CE 97.88 3.23 E*TRADE ETFC 45.99 0.99
DR Horton DHI 58.56 2.97 MarketAxess MKTX 373.56 21.98 PetroleoBrasil PBR 12.33 0.17 level Dec. '19 Jan. '19
Arconic ARNC 29.16 0.37 t CenovusEnergy CVE 6.97 -0.12 EastWestBncp EWBC 39.92 2.06 t HostHotels HST 14.27 0.10 t Marriott MAR 118.33 4.05 PetroleoBrasilA PBR.A 11.74 0.25
arGEN-X ARGX 156.82 9.46 Centene CNC 62.46 8.43 EastmanChem EMN 62.91 1.96 HuanengPower HNP 16.34 Pfizer PFE 36.40 2.10 U.S. consumer price index Other short-term rates
0.22 Marsh&McLen MMC 110.60 4.08
AristaNetworks ANET 201.63 9.88 CenterPointEner CNP 23.82 0.72 Eaton ETN 98.12 5.27 PhilipMorris PM 88.74 5.24
Huazhu HTHT 35.02 1.03 MartinMarietta MLM 252.75 13.81 All items 257.971 0.39 2.5 Week 52-Week
ArrowElec ARW 69.59 1.97 CentraisElBras EBR 7.96 0.26 eBay EBAY 38.49 1.77
7.07 MarvellTech MRVL 22.59 1.29 Phillips66 PSX 74.63 1.77
Hubbell
ECL 204.34 10.42 HubSpot
HUBB 140.50 Core 266.004 0.40 2.3 Latest ago high low
AscendisPharma ASND 133.01 1.44 CenturyLink CTL 12.63 0.18 Ecolab HUBS 179.53 4.31 Masco MAS 45.19 2.02 Pinduoduo PDD 36.29 0.50
AspenTech AZPN 110.20 3.42 CeridianHCM CDAY 71.94 2.47 Ecopetrol EC 18.12 0.63 PinnacleWest PNW 100.26 5.77
Assurant AIZ 126.85 3.60 Cerner CERN 73.49 2.39 EdisonInt
Humana
EIX 70.16 1.86 JBHunt
HUM 372.34 46.97 Masimo MASI 182.25 11.05
Pinterest PINS 19.80 0.52
International rates Call money
JBHT 98.05 3.51 Mastercard MA 302.36 10.36
AstraZeneca AZN 48.60 3.08 CharlesRiverLabs CRL 168.00 6.49 EdwardsLife EW 217.38 8.82 HuntingtonBcshs HBAN 12.65 0.07 MatchGroup MTCH 68.06 2.26 PioneerNatRscs PXD 123.50 3.47 3.00 3.50 4.25 3.00
Week 52-Week
Athene ATH 42.05 1.52 CharterComms CHTR 522.84 27.81 ElancoAnimal ELAN 27.52 0.46 HuntingIngalls HII 219.54 11.94 MaximIntProducts MXIM 58.03 2.15 PlainsAllAmPipe PAA 13.74 -0.07
Latest ago High Low
Atlassian TEAM 153.47 7.75 CheckPoint CHKP 104.00 3.50 Elastic ESTC 71.83 4.16 HyattHotels H 75.50 0.95 McCormickVtg MKC.V 153.00 2.37 PlanetFitness PLNT 69.88 2.03 Commercial paper (AA financial)
AtmosEnergy ATO 112.90 6.36 Chemed CHE 448.05 15.43 ElbitSystems ESLT 146.96 -1.54 IAA IAA 44.82 2.19 McCormick MKC 153.88 3.98 Pool POOL 227.54 12.19
Autodesk ADSK 191.42 10.87 CheniereEnergy LNG 49.45 -1.09 ElectronicArts EA 111.83 5.13 IAC/InterActive IAC 207.06 PostHoldings POST 102.54 1.85
Prime rates 90 days 1.28 1.55 2.58 1.28
3.90 McDonalds MCD 207.02 7.51
Autohome ATHM 80.91 0.06 CheniereEnerPtrs CQP 32.60 -1.09 EmersonElec EMR 66.67 2.93 ICICI Bank IBN 13.58 -0.34 McKesson MCK 152.26 4.46 PrincipalFin PFG 46.24 1.49 U.S. 4.25 4.75 5.50 4.25
Autoliv ALV 67.25 0.80 Chevron CVX 98.53 4.14 Enbridge ENB 38.83 1.00 Procter&Gamble PG 124.50 6.33 Canada 3.95 3.95 3.95 3.95 Libor
IdexxLab IDXX 263.03 11.78 MedicalProp MPW 23.38 1.13
ADP ADP 164.39 9.15 Chewy CHWY 27.93 0.18 EncompassHealth EHC 82.05 8.13 IHS Markit INFO 74.31 3.10 Medtronic MDT 103.59 3.19 Progressive PGR 81.05 3.81 Japan 1.475 1.475 1.475 1.475 One month 1.01625 1.60338 2.50150 1.01625
AutoZone AZO 1058.24 33.53 ChinaEastrnAir CEA 22.05 0.54 EnelAmericas ENIA 9.21 0.08 t ING Groep ING 9.26 0.05 MelcoResorts MLCO 17.43 0.69 Prologis PLD 94.37 4.98 Three month 1.00063 1.61325 2.63263 1.00063
Avalara AVLR 84.13 3.24 ChinaLifeIns LFC 11.74 0.08 EnelChile ENIC 4.43 0.04
Invesco IVZ 14.62 0.33 MellanoxTech MLNX 119.84 0.17 Proofpoint PFPT 113.51 6.11 Policy Rates
Avalonbay AVB 217.72 8.99 ChinaMobile CHL 40.10 0.99 EnergyTransfer ET 11.54 -0.01 Six month 0.98888 1.59025 2.68813 0.98888
IPG Photonics IPGP 131.59 3.84 MercadoLibre MELI 653.63 28.90 ProsperityBcshs PB 68.12 1.33 Euro zone 0.00 0.00 0.00 0.00
Avangrid AGR 53.92 2.22 ChinaPetrol SNP 52.07 0.33 EnphaseEnergy ENPH 53.47 1.10 IQVIA IQV 147.89 6.53 Merck MRK 82.97 3.84 PrudentialFin PRU 77.17 2.11 One year 0.96750 1.61013 2.88638 0.96750
Avantor AVTR 16.21 0.29 ChinaSoAirlines ZNH 27.47 0.87 Entegris ENTG 55.96 2.46 IcahnEnterprises IEP Switzerland 0.50 0.50 0.50 0.50
62.95 -0.16 MetLife MET 43.83 1.26 Prudential PUK 33.75 1.63
AveryDennison AVY 121.76 3.80 ChinaUnicom CHU 8.04 0.04 Entergy ETR 128.36 6.47 Icon ICLR 166.34 7.01 MettlerToledo MTD 773.89 42.84 PublicServiceEnt PEG 55.59 2.54
Britain 0.75 0.75 0.75 0.75 Euro Libor
AxaltaCoating AXTA 25.46 0.56 Chipotle CMG 769.76 33.69 EnterpriseProd EPD 24.07 0.05 IDEX Australia 0.50 0.75 1.50 0.50
IEX 153.90 4.48 MicrochipTech MCHP 93.26 3.85 PublicStorage PSA 226.08 8.36 One month -0.565 -0.523 -0.408 -0.565
BCE BCE 47.51 1.29 Chubb CB 151.94 5.76 Equifax EFX 162.87 11.60 IllinoisToolWks ITW 177.40 8.54 MicronTech MU 55.29 3.49 PulteGroup PHM 44.42 2.23
BHP Group BHP 45.78 1.84 ChunghwaTel CHT 36.82 0.54 Equinix EQIX 645.49 30.33 Illumina Overnight repurchase Three month -0.492 -0.456 -0.330 -0.494
ILMN 282.13 9.13 Microsoft MSFT 170.55 6.04 Qiagen QGEN 41.49 0.04
BHP Group BBL 38.97 1.65 Church&Dwight CHD 76.47 3.41 Equinor EQNR 15.98 0.17 U.S. 1.15 1.60 3.40 1.15 Six month -0.474 -0.420 -0.294 -0.474
BP BP 33.14 1.22 Ciena CIEN 41.62 1.60 Equitable EQH 21.58 0.63 One year -0.412 -0.341 -0.165 -0.428
Baidu BIDU 121.41 3.44 Cigna CI 209.54 20.29 EquityLife ELS 75.51 2.80
U.S. government rates
BakerHughes BKR 17.28 0.75 CincinnatiFin CINF 104.43 4.66 EquityResdntl EQR 81.03 2.47
Ball BLL 78.56 2.41 Cintas CTAS 286.11 13.74 ErieIndemnity A ERIE 155.18 2.91 Dividend Changes Discount Latest
Value 52-Week
Traded High Low
BancoBilbaoViz BBVA 4.88 0.18 CiscoSystems CSCO 41.39 1.35 EssentialUtil WTRG 48.45 3.14
Dividend announcements from March 4. 1.75 2.25 3.00 1.75 DTCC GCF Repo Index
Amount Payable / Federal funds Treasury 1.245 53.200 6.007 1.245
IPO Scorecard Company Symbol Yld % New/Old Frq Record MBS 1.305 90.350 6.699 1.305
Effective rate 1.0900 1.5900 2.4800 1.0900
Performance of IPOs, most-recent listed first Increased High 1.1500 1.6500 3.0000 1.1500
% Chg From % Chg From Notes on data:
Kohl's Corp KSS 7.3 .704 /.67 Q Apr01 /Mar18 Low 1.0000 1.5000 2.4400 0.5000
Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day U.S. prime rate is the base rate on corporate
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Synovus Financial SNV 4.2 .33 /.30 Q Apr01 /Mar19 Bid 1.0700 1.5500 2.4400 1.0700
Offer 1.1000 1.6000 2.5000 1.1000 loans posted by at least 70% of the 10 largest
GFL Environmental 17.75 –6.6 5.7 Churchill Capital III 10.50 5.0 –0.1 Reduced U.S. banks, and is effective March 4, 2020. Other
GFL March 2/$19.00 CCXX.UT Feb. 14/$10.00 Uniti Group UNIT 8.5 .15 /.22 Q Apr15 /Mar31 Treasury bill auction prime rates aren’t directly comparable; lending
practices vary widely by location; Discount rate
Passage Bio 20.60 14.4 –7.2 Newborn Acquisition 10.05 0.5 ... 4 weeks 1.530 1.575 2.470 1.490
PASG Feb. 28/$18.00 NBACU Feb. 14/$10.00
Initial is effective March 4, 2020. DTCC GCF Repo
13 weeks 1.155 1.505 2.410 1.155 Index is Depository Trust & Clearing Corp.'s
BlackRock Health Sci II BMEZ ... .10 Apr30 /Apr15
Zhongchao 3.50 –12.5 –12.5 CITIC Capital Acquisition 10.20 2.0 ... International Seaways INSW ... .06 Mar30 /Mar17 26 weeks 1.010 1.440 2.460 1.010 weighted average for overnight trades in
ZCMD Feb. 24/$4.00 CCAC.UT Feb. 11/$10.00 applicable CUSIPs. Value traded is in billions of
dMY Technology Grp 10.26 2.6 –0.8 Greenrose Acquisition 9.99 –0.1 –0.8 Foreign Secondary market U.S. dollars. Federal-funds rates are Tullett
DMYT.UT Feb. 21/$10.00 GNRSU Feb. 11/$10.00 Niagara Mhwk Pwr 3.6% pfd NMKpB 3.6 .90 Q Mar31 /Mar17 Prebon rates as of 5:30 p.m. ET.
Niagara Mhwk Pwr 3.9% pfd NMKpC 3.9 .975 Q Mar31 /Mar17 Fannie Mae
East Stone Acquisition 10.00 ... –0.1 NexPoint Real Estate Finance 19.10 0.5 1.6 Tecnoglass TGLS 10.2 .0275 Q Apr30 /Mar31 30-year mortgage yields Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; FactSet;
ESSCU Feb. 20/$10.00 NREF Feb. 7/$19.00 30 days 2.386 2.823 4.030 2.386 Tullett Prebon Information, Ltd.
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Sources: Dow Jones Market Data; FactSet spin-off.

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
Fidelity Advisor I FrankTemp/Frank Adv Oakmark Funds Invest Growth r 38.11 +1.32 -6.9 STBondAdml NA ... NA TgtRetInc 14.18 +0.14 0.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. NwInsghtI 32.32 +1.18 -1.2 IncomeAdv NA ... NA OakmrkInt NA ... NA Stock r 31.46 +1.05 -8.8 STIGradeAdml NA ... NA TotIntBdIxInv NA ... NA
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s Fidelity Freedom FrankTemp/Franklin A Old Westbury Fds Putnam Funds Class A TotBdAdml NA ... NA WellsI 27.69 +0.39 1.4
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- FF2020 15.98 +0.24 -1.4 Growth A p NA ... NA LrgCpStr NA ... NA StDurInc NA ... NA TotIntBdIdxAdm NA ... NA Welltn 42.84 +1.08 -1.2
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes FF2025 14.04 +0.23 -2.0 RisDv A p NA ... NA Parnassus Fds Schwab Funds TotIntlAdmIdx r 27.78 +0.70 -7.0 WndsrII 34.46 +1.30 -5.4
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete FF2030 17.35 +0.34 -2.7 FrankTemp/Franklin C ParnEqFd 45.94 +1.77 -2.3 1000 Inv r NA ... NA TotStAdml 77.25 +3.00 -3.1 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not Freedom2020 K 15.96 +0.23 -1.5 Income C t NA ... NA PGIM Funds Cl Z S&P Sel NA ... NA TxMCapAdml 161.76 +6.44 -2.5 MdCpVlAdml 57.25 +1.94 -7.3
tracked. NS-Fund didn’t exist at start of period. Freedom2025 K 14.02 +0.23 -2.0 FrankTemp/Temp Adv TotalReturnBond NA ... NA TSM Sel r NA ... NA TxMIn r 13.12 +0.35 -7.2 SmValAdml 53.16 +1.64 -9.7
Freedom2030 K 17.33 +0.34 -2.6 GlBondAdv p NA ... NA PIMCO Fds Instl TIAA/CREF Funds USGroAdml 115.75 +4.37 3.9 TotBd2 NA ... NA
Freedom2035 K 14.47 +0.35 -4.0 Guggenheim Funds Tru AllAsset NA ... NA BdIdxInst 11.53 -0.02 4.2 ValAdml 43.55 +1.80 -6.9 TotIntl 16.61 +0.42 -7.0
Wednesday, March 4, 2020 Freedom2040 K 10.09 +0.27 -4.6 TotRtnBdFdClInst 28.15 -0.03 4.2 TotRt NA ... NA VANGUARD ADMIRAL WdsrllAdml 61.14 +2.30 -5.4 TotSt 77.21 +3.00 -3.1
Net YTD Net YTD Net YTD Fidelity Invest Harbor Funds PIMCO Funds A 500Adml 289.78+11.74 -2.8 WellsIAdml 67.08 +0.94 1.4 VANGUARD INSTL FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Balanc 24.51 +0.67 -0.4 CapApInst 78.34 +2.82 3.4 IncomeFd NA ... NA BalAdml 39.24 +0.91 ... WelltnAdml 73.98 +1.86 -1.2 BalInst 39.25 +0.91 ...
BluCh 109.95 +4.25 2.1 Harding Loevner PIMCO Funds I2 CAITAdml 12.35 ... 2.6 WndsrAdml 65.87 +2.17 -8.9 DevMktsIndInst 13.14 +0.35 -7.2
American Century Inv HiYldBd Inst 7.65 ... -0.7 US CoreEq2 NA ... NA +0.53 1.0 IntlEq
Ultra 53.32 +2.01 2.2 BlackRock Funds A US Small NA ... NA
Contra 13.75 NA ... NA Income NA ... NA CapOpAdml r 150.78 +5.25 -4.4 VANGUARD FDS DevMktsInxInst 20.54 +0.55 -7.2
ContraK 13.77 +0.54 1.0 Invesco Funds A PIMCO Funds Instl DivAppIdxAdm 33.19 +1.40 -1.9
DivdGro 29.97 +1.33 -1.9 ExtndInst 90.95 +2.72 -4.9
American Funds Cl A GlblAlloc p 18.62 ... -3.1 US SmCpVal NA ... NA +0.11 -1.8 EqIncA ... NA EMAdmr
CpInc r 10.00 9.75 +0.22 -5.2 34.75 +0.79 -6.0 GrwthInst 95.81 +3.72 2.1
AmcpA p 33.01 +1.28 -1.7 BlackRock Funds Inst US TgdVal NA ... NA IncomeFd NA INSTTRF2020 23.97 +0.40 -0.6
GroCo 21.99 +0.84 2.9 Invesco Funds Y EqIncAdml 75.06 +3.05 -5.7 InPrSeIn NA ... NA
AMutlA p 41.96 +1.51 -3.6 EqtyDivd 18.67 ... -10.6 USLgVa NA ... NA Price Funds INSTTRF2025 24.44 +0.49 -1.2
GrowCoK 22.03 +0.84 3.0 DevMktY 42.98 +0.97 -5.7 ExplrAdml 91.88 +3.10 -5.5 InstIdx 282.08+11.42 -2.8
BalA p 28.42 +0.71 -0.3 MultiAstIncome 10.80 ... -1.0 Dodge & Cox BlChip NA ... NA INSTTRF2030 24.66 +0.56 -1.8
InvGrBd 11.98 -0.01 4.0 JPMorgan I Class ExtndAdml 90.96 +2.73 -4.9 InstPlus 282.11+11.43 -2.8
BondA p 13.66 ... 4.7 StratIncOpptyIns 10.03 ... 1.1 Balanced 96.69 +2.09 -4.8 DivGro NA ... NA INSTTRF2035 24.86 +0.62 -2.5
LowP r 45.30 +1.39 -9.5 EqInc NA ... NA GNMAAdml NA ... NA InstTStPlus 66.55 +2.58 -3.1
CapIBA p 61.79 +1.55 -2.4 Bridge Builder Trust Income 14.44 ... 2.9 EqInc NA ... NA INSTTRF2040 25.07 +0.69 -3.1
Magin 10.41 +0.43 2.1 JPMorgan R Class GrwthAdml 95.81 +3.73 2.1 MidCpInst 46.73 +1.67 -4.1
CapWGrA 49.94 +1.69 -4.5 CoreBond 10.81 -0.02 4.2 Intl Stk 38.90 +1.09 -10.8 CoreBond NA ... NA EqIndex NA ... NA
HlthCareAdml r INSTTRF2045 25.20 +0.76 -3.7
OTC 12.90 +0.45 0.9 86.97 +4.17 -0.9 MidCpIstPl 230.48 +8.26 -4.1
EupacA p 52.15 +1.13 -6.3 CorePlusBond NA ... NA Stock 177.02 +5.92 -8.6 Puritn 22.92 +0.62 0.7 CorePlusBd NA ... NA Growth NA ... NA HYCorAdml r NA ... NA INSTTRF2050 25.24 +0.75 -3.7 RealEstaInstl 20.70 +0.76 1.6
FdInvA p 60.03 +2.35 -3.2 Intl Eq 11.24 +0.32 -6.3 DoubleLine Funds SrsEmrgMkt 19.52 +0.45 -5.4 Lord Abbett A
HelSci NA ... NA InfProAd NA ... NA IntlVal 34.41 +0.91 -8.3 SmCapInst 73.73 +2.31 -7.1
GwthA p 51.26 +1.97 0.3 LargeCapValue 12.78 +0.47 -6.7 CoreFxdIncmI NA ... NA SrsGlobal 12.30 +0.32 -6.6 ShtDurIncmA p NA ... NA InstlCapG NA ... NA IntlGrAdml 101.34 +2.78 -1.4 LifeCon 21.14 +0.27 0.5 STIGradeInst NA ... NA
HI TrA p 9.98 +0.06 ... Del Invest Instl TotRetBdI NA ... NA SrsGroCoRetail 18.34 +0.71 3.3 Lord Abbett F IntlStk NA ... NA ITBondAdml NA ... NA LifeGro 35.09 +0.94 -2.9 STIPSIxins NA ... NA
ICAA p 37.84 +1.40 -4.4 Value NA ... NA Edgewood Growth Instituti SrsIntlGrw 17.08 +0.52 -2.5 ShtDurIncm NA ... NA MidCap NA ... NA ITIGradeAdml NA ... NA LifeMod 28.52 +0.57 -1.2 TotBdInst NA ... NA
IncoA p 22.64 +0.57 -2.6 Dimensional Fds EdgewoodGrInst 39.42 +1.59 2.3 SrsIntlVal 8.98 +0.24 -9.3 Lord Abbett I N Inc NA ... NA LTGradeAdml NA ... NA PrmcpCor 25.97 +0.92 -7.0 TotBdInst2 NA ... NA
N PerA p 46.44 +1.54 -1.7 5GlbFxdInc NA ... NA Fidelity TotalBond 11.25 -0.01 3.6 ShtDurInc p NA ... NA NHoriz NA ... NA MidCpAdml 211.55 +7.59 -4.1 STAR 27.10 +0.56 -0.9 TotBdInstPl NA ... NA
NEcoA p 45.49 +1.64 -0.5 DFARlEst NA ... NA 500IdxInstPrem 108.89 +4.42 -2.8 Fidelity SAI Metropolitan West OverS SF r NA ... NA MuHYAdml 12.09 ... 3.5 TgtRe2015 15.26 +0.18 0.5 TotIntBdIdxInst NA ... NA
NwWrldA 67.14 +1.49 -4.8 EmgMktVa NA ... NA Contrafund K6 14.60 +0.57 0.9 TotalBd 10.83 ... 3.7 TotRetBdI NA ... NA R2020 NA ... NA MuIntAdml 14.80 ... 2.7 TgtRe2020 32.35 +0.55 -0.6 TotIntlInstIdx r 111.12 +2.83 -7.0
SmCpA p 56.75 +1.35 -3.5 EmMktCorEq NA ... NA ExtMktIdxInstPre 61.92 +1.86 -4.9 First Eagle Funds TRBdPlan NA ... NA R2025 NA ... NA MuLTAdml 12.26 ... 3.5 TgtRe2025 19.60 +0.39 -1.2 TotItlInstPlId r 111.14 +2.83 -7.0
TxExA p 13.68 ... 3.1 IntlCoreEq NA ... NA IntlIdxInstPrem 39.93 +1.10 -7.1 GlbA 54.55 +1.24 -5.9 MFS Funds Class I R2030 NA ... NA MuLtdAdml 11.19 ... 1.3 TgtRe2030 35.78 +0.81 -1.8 TotStInst 77.26 +3.00 -3.1
WshA p 46.09 +1.94 -4.3 IntSmCo NA ... NA MidCpInxInstPrem 22.46 +0.79 -5.0 FPA Funds ValueI NA ... NA R2035 NA ... NA MuShtAdml 15.91 +0.01 0.6 TgtRe2035 21.96 +0.55 -2.5 ValueInst 43.55 +1.80 -6.9
Baird Funds IntSmVa NA ... NA SAIUSLgCpIndxFd 16.80 +0.68 -2.8 FPACres NA ... NA MFS Funds Instl R2040 NA ... NA PrmcpAdml r 136.60 +4.93 -5.3 TgtRe2040 37.90 +1.05 -3.1 WCM Focus Funds
AggBdInst 11.65 +0.02 4.3 LgCo NA ... NA SmCpIdxInstPrem 19.34 +0.57 -8.0 Franklin A1 IntlEq 26.50 +0.71 -4.9 Value NA ... NA RealEstatAdml 133.73 +4.93 1.6 TgtRe2045 23.78 +0.72 -3.7 WCMFocIntlGrwIns 18.76 +0.51 -0.8
CorBdInst 11.98 +0.02 4.1 TAUSCoreEq2 NA ... NA TMktIdxInstPrem 87.74 +3.41 -3.1 CA TF A1 p 7.92 -0.01 4.0 Nuveen Cl I PRIMECAP Odyssey Fds SmCapAdml 73.73 +2.31 -7.1 TgtRe2050 38.28 +1.15 -3.7 Western Asset
BlackRock Funds US CoreEq1 NA ... NA USBdIdxInstPrem 12.37 -0.02 4.3 IncomeA1 p NA ... NA HYMunBd NA ... NA AggGrowth r 42.77 +1.47 -4.7 SmGthAdml 67.14 +2.13 -3.9 TgtRet2055 41.57 +1.25 -3.8 CorePlusBdI NA ... NA
B10 | Thursday, March 5, 2020 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

Money Managers Cut Out Bankers Fed Alters

Insurgent coalition including Walmart Inc. and
organizes conference
giving investors access
Coca-Cola Co., according to
emails reviewed by The Wall
Street Journal.
to corporate leaders The organizers are a loose
coalition of rival money manag-
ers: Fidelity Investments, Capi-
BY LIZ HOFFMAN tal Group, T. Rowe Price
Group, Wellington Manage-
The world’s biggest money ment and Norway’s government
managers and dozens of corpo- fund. A second gathering for
rate chief executives will gather health-care companies and their
in Boston next week. No bank- investors is set for November.
ers allowed. The insurgency threatens a
It is the first in a series of status quo on Wall Street,
planned conferences where big where banks earn millions of
shareholders can mingle di- dollars in fees brokering meet-
rectly with corporate manage- ings between their investor cli-
ment, cutting banks out of their ents and their corporate clients.
lucrative role as Wall Street’s They arrange what are known
matchmakers. Investors with as roadshows ahead of stock
$9 trillion of assets will meet offerings and take shareholders
with CEOs of two dozen of on field trips through factory
America’s biggest companies, floors, often charging thou-
Capital
sands of dollars a head. More than 20 consumer-sta- caused consternation among
That business, known as cor-
porate access, has been a mon-
eymaker for banks. Investing
ples companies are expected to
send their top brass to next
week’s conference in Boston,
banks. Next week’s event coin-
cides with a Bank of America
Corp. consumer-goods confer-
Rules for
clients reward them with trad-
ing commissions, and corporate
clients reward them with un-
including well-known names
such as Clorox Co. and new-
comers like food-delivery pro-
ence, where Macy’s Inc. and
Dick’s Sporting Goods Inc. are
set to pitch to investors.
Big Banks
derwriting and merger-advi- vider DoorDash Inc., which is It has also sparked worry BY ANDREW ACKERMAN
sory mandates. getting ready to go public. among smaller asset managers
Changes in regulation and The attendee list, reviewed not invited into the club. While WASHINGTON—The Federal
market conditions now by the Journal, has a combined CEOs aren’t allowed to share Reserve retooled capital rules
threaten that cash cow. market value of nearly $2 tril- corporate secrets at closed for the largest U.S. banks,
Top-tier asset managers, lion and includes five of the 10 meetings, investors focus on completing one of the biggest
bigger and more powerful than biggest components of the S&P their tone and body language in changes to the postcrisis rule-
ever, can get through to corpo- 500 consumer-staples index. the hopes of picking up useful book for Wall Street during
rate managers without an in- The health-care conference information. the Trump administration.
troduction from a Wall Street set for November in Baltimore, The planned conferences Fed officials on Wednesday
broker. T. Rowe Price’s hometown, is won’t include public presenta- said the changes would sim-
They are also under pressure expected to draw executives tions by CEOs, but rather a se- plify rules for big banks such
to cut costs as fees shrink, and from Johnson & Johnson and ries of 75-minute one-on-one as JPMorgan Chase & Co. and
new regulations in Europe re- Bristol-Myers Squibb Co., meetings, attendees said. Wells Fargo & Co. without
quire funds to account for every among a dozen others, said Some companies are wary of posing risks to the stability of
penny spent on research and people involved in its planning. riling big banks, whose money the financial system.
corporate access. Word of the conferences has they borrow. The overhaul “simplifies
the post-crisis capital frame-
work for banks, while main-

Cancellation Wave Threatens Cruise Industry

taining the strong capital re-
quirements that are the
hallmark of the framework,”
Fed Vice Chairman for Super-
BY COSTAS PARIS vision Randal Quarles said.
AND DAVE SEBASTIAN The overhaul reflects the
latest moves by the Fed to re-
Travelers are backing out of calibrate oversight of big U.S.
planned cruises over fears of lenders. Already, officials have
the spread of coronavirus, deal- completed separate changes
ing a punishing blow to the in- aimed at easing liquidity and
dustry at a time of year when capital rules for regional U.S.
ships typically start to fill up. banks and retooled speculative
The major cruise lines book trading limits for large firms.
the bulk of their summer Fed governor Lael Brainard,
cruises to the Mediterranean in an Obama-era appointee, cast
March, and up until late Janu- the sole dissenting vote
ary the season was shaping up against the plan, saying she
to be one of high demand. But believed it would reduce
the spread of the virus, which banks’ required capital levels
has infected more than 90,000 and the amount they set aside
people and killed more than as a buffer above their regula-
ATHIT PERAWONGMETHA/REUTERS

3,000, has slowed bookings. tory requirements.

Alarms were set off by an She said the plan “gives a
outbreak aboard the Diamond green light for large banks to
Princess in early February that reduce their capital buffers
prompted authorities to quar- materially, at a time when
antine the Carnival Corp. lux- payouts have already exceeded
ury cruise ship in Japan for two earnings for several years on
weeks. On Wednesday, Carnival average.”
said another Diamond Princess But Mr. Quarles said the
had been ordered back to San The Asian cruise market has dried up because of the coronavirus, which forced a Carnival liner to be quarantined in Japan. changes would maintain the
Francisco after a passenger on overall level of capital in the
a previous voyage died from industry executives. A small “After what happened with the Coronavirus fears aren’t only bean accounts for nearly one- system and modestly increase
the virus. Japanese cruise operator, Lumi- cruise ship in Japan, I think it’s upsetting plans for this sum- third of the market by passen- required capital levels for the
Two big cruise operators nous Cruise, filed for bank- crazy for anyone to go on a mer. Forward bookings for the gers, followed by the largest firms.
said ships in the Mediterranean ruptcy protection on Monday, cruise now.” summer of 2021 and 2022 are Mediterranean with 17%, the His estimates were based
are now about 60% full, down citing cancellations stemming At Liberty Travel, cruise down by as much as 40% in the rest of Europe with 11% and on stress-test data from 2013
from about 75% at this time from the virus. cancellations over the past Mediterranean, depending on China with 5%, according to the to 2019, he said.
last year. The Asian cruise mar- Andreas Mayer and his wife three weeks have been 22% the cruise, a senior cruise oper- CLIA.
ket has dried up, with the big were supposed to go on a five- higher than usual as coronavi- ator said. Shares of Carnival, Royal Ca-
three operators—Carnival, day cruise in the Mediterra- rus cases soared in Italy, said Cruise ships moved 30 mil- ribbean and Norwegian have
Royal Caribbean Cruises Ltd.
and Norwegian Cruise Line
nean in late February, but the
67-year-old resident of Frank-
Christina Pedroni, senior vice
president for U.S. retail at
lion passengers last year, and
the Cruise Lines International
tumbled roughly 30% to multi-
year lows since the end of Jan-
GE Expects
Holdings Ltd.—expected to lose
more than $550 million this
furt scrapped his plans. “We
lost our deposit, but better safe
Flight Centre Travel Group
Ltd., which owns the New Jer-
Association had projected 32
million this year, a majority of
uary, losing nearly $19 billion in
market value combined, accord-
Coronavirus
year in the region, according to than sorry,” Mr. Mayer said. sey-based travel agency. them Americans. The Carib- ing to FactSet.
To Cut Into
Second since returning home.
Dr. Tarling said in an open
for the medical screening to
be completed, and we apolo-
Medical team,” the company
said.
The Grand Princess,
launched in 1998, was refur-
Cash Flow
letter that the Grand Princess, gize for any inconvenience,” The company said it was bished last year. On its Febru- BY THOMAS GRYTA
until today en route to Dr. Tarling said in the letter. taking precautionary onboard ary trip from San Francisco to
Liner Tied Ensenada, Mexico, about 100
miles south of the U.S.-Mexi-
The company said 62 pas-
sengers who sailed the previ-
measures, including disinfect-
ing major traffic areas and
Mexico, the ship passed Cabo
San Lucas on Valentine’s Day.
General Electric Co. said
the coronavirus epidemic
would reduce the company’s
To Illness can border, would turn
around and return to San
Francisco for further investi-
ous Mexico voyage remained
on board for the current Ha-
waii voyage.
barring passengers from
serving themselves from the
buffet.
The cruise director,
dressed in a red suit with
white hearts, joined the ship’s
first-quarter free cash flow by
$300 million to $500 million,
gation. “In an abundance of cau- Princess Cruises gained captain to perform wedding- but backed its full-year target
Continued from page B1 Passengers were told to re- tion, these guests and other fame in the 1970s when one of vow renewals for dozens of for the closely watched metric.
mediately seek medical atten- main in their staterooms until potential close crew contacts its ships, the Pacific Princess, couples, according to a pas- The company still expects to
tion if they have experienced they had been cleared by have been asked to remain in was cast in a starring role in senger video posted online. generate positive cash flow be-
any symptoms of the virus, in- medical staff. “You may order their staterooms until the television series “The —Erin Ailworth tween $2 billion and $4 billion
cluding fever, chills or cough, room service while you wait screened by our onboard Love Boat.” contributed to this article. for the full year from its indus-
trial operations. Cash flow is
essentially the money left after

Starbucks, McDonald’s Step Up Cleaning Efforts
BY HEATHER HADDON
Starbucks Corp. has in-
structed employees to step up
cleaning at its thousands of U.S.
cafes, as a domestic restaurant
industry already working
against stagnant demand reacts
to a new threat to sales and
Sales at U.S. restaurants
could fall this year as the epi-
demic expands domestically and
more customers avoid public
places, analysts say. Fitch Rat-
ings said the epidemic poses a
greater risk to restaurants than
other sectors of the economy,
exacerbating pressure on an in-
a business pays its bills and
makes investments.
“We have conviction in the
broad outline for 2020,” Chief
oughly. Employees were told to Executive Larry Culp said. The
regularly sanitize door handles, company’s outlook regarding
chairs, tables and coffee bars, the virus, which has disrupted
according to the memo, which global travel and production in
was reviewed by The Wall China, is based on the facts
Street Journal. Workers were known today. “What we don’t
told to sanitize bathrooms and know outweighs what we do
ordering machines frequently, know at this time,” Mr. Culp
and employees were told to told investors Wednesday. The
TED S. WARREN/ASSOCIATED PRESS

public health.
The coffee giant and
McDonald’s Corp. are among
restaurant chains adjusting op-
erations and stepping up clean-
ing as the coronavirus epidemic
gains ground in the U.S. More
than 130 cases of the new coro-
navirus had been diagnosed
across the U.S. as of Wednesday.
dustry already working to re-
verse stagnant traffic. Same-
store traffic at U.S. restaurant
chains fell 3.1% last year, accord-
ing to industry firm Black Box
Intelligence.
Starbucks earlier this week
sent a memo to store employ-
ees instructing them to clean
cafes more often and thor-
regularly wash their hands. impact isn’t included in the
“We want to do whatever we 2020 estimates beyond the first
can to support our partners quarter.
and customers,” the memo “We aren’t going to try to
states. look into the crystal ball that
McDonald’s said it had ad- none of us have,” he said in an
vised its U.S. operators to sani- interview.
tize door handles, order kiosks, GE still targets 2020 ad-
counters, tables and restrooms justed earnings of 50 cents to
more frequently. Workers were told to regularly sanitize chairs, tables and bathrooms. 60 cents a share and continues
to expect the roughly $21 bil-
lion sale of its biopharma busi-

Conference never had to cancel the show

since 1904,” said Olivier Rihs,
the show’s managing director.
cided to postpone until later
this year. In San Francisco,
the Game Developers Confer-
But late Monday, organizer
New Hope Network called it
off, planning to reschedule it
go forward with its Kubecon
conference in Amsterdam at
the end of March, which ex-
ness to Danaher Corp. to close
by month’s end. Analysts ex-
pect 2020 adjusted earnings of

Circuit Is In Spain, cancellation of the

Mobile World Congress de-
prived Barcelona of its busiest
ence set to start March 16
was pushed to summer after
major participants including
sometime before summer.
Some of the world’s largest
food companies including
pected 7,000 attendees, after
soliciting advice from Dr. Joel
Selanikio—who helped create
59 cents a share, according to
FactSet.
The company also named

Shaken annual event, after big compa-

nies including AT&T Inc. and
Deutsche Telekom AG pulled
out. Organizers had forecast it
Continued from page B1 would generate $546 million
week Geneva International Mo- regionally and create more
tor Show set to start Thursday than 14,000 part-time jobs.
was canceled after the govern- “It’s the best week of the
ment banned public gatherings year in economic terms for
of more than 1,000 people. The Barcelona,” said Roger Palla-
event attracts more than rols, director of the Barcelona
500,000 visitors annually and restaurants association, who
was expected to generate be- estimated that the relatively
tween $209 million in $261 mil- well-heeled clientele typically
lion in economic activity. shells out between 70 and 100
“Apart from the First and euros per meal.
Second World Wars, we have Several conferences de-
“Fortnite” maker Epic Games
Inc. withdrew. It attracted
29,000 people last year, and
Nestlé SA and Unilever PLC
had pulled their exhibits, and
retailers such as Costco
a colorful flowchart for ex-
pected guests to determine
whether even to show up,
former Defense Secretary Ash
Carter to its board.
GE’s outlook assumes Boeing
the postponement inspired a Wholesale Corp. and Whole based on their recent travels Co.’s grounded 737 MAX air-
relief fund for independent Foods said they wouldn’t have and symptoms. liner resumes flying midyear. A
game developers and others buyers walking the show “I never thought we’d have GE joint venture with Safran SA
who suffered losses as a re- floor. That spurred dozens of a consulting epidemiologist of France makes the engines
sult. brands to petition the orga- we’d be working with,” Mr. used on the jet, and GE has
Natural Products Expo nizers to reschedule and offer Kohn said. cautioned the production halt
West, the world’s largest nat- credits or refunds. On Wednesday, he said his could pressure its cash flow.
ural and organic foods and Some organizers were hir- organization had postponed Recently, Boeing promised to
products trade show, initially ing disease experts and other Kubecon and canceled a July pay its engine suppliers for all
chose to go forward in Ana- unusual advisers as they event in Shanghai with over deliveries by the end of 2021.
heim, Calif., this week, even weighed what to do. Dan 4,000 attendees expected, cit- Air traffic on planes with the
as it estimated that as many Kohn, executive director of ing the virus. aviation division’s engines is
as 60% of the expected 87,000 the Cloud Native Computing — Elizabeth Findell down 60% in China since late
attendees wouldn’t come. Foundation, initially opted to contributed to this article. January, GE said.
 THE WALL STREET JOURNAL.
Ships Become
Floating Fuel
Storage Vats
BY JOE WALLACE
AND BENOIT FAUCON
A new glut of oil and gas is
emerging, floating at sea, as
the novel coronavirus epidemic
cuts China’s appetite for fuel
and hampers work at Chinese
ports.
Dozens of ships are acting as
floating storage vats for oil and
liquefied natural gas because
the owners of the fuel are un-
able to find buyers or places to
store their cargo on land, ac-
cording to traders, shipping
brokers and analysts.
Some 79 vessels were stor-
ing crude and condensates at
sea on Tuesday, according to
ship-tracking firm Kpler, up
from 64 a year ago.
Traders often load up ships
with crude oil or gas with no
immediate intention of moving
the cargo around the world,
seeking to profit by buying fuel
on the cheap and locking in a
higher price in the future.
In one such instance, well
known among traders, Phibro,
then the energy-trading unit of
Wall Street bank Salomon
Brothers, reaped a bonanza
when oil prices shot up at the
outbreak of the First Gulf War in
1991 because it had amassed an
enormous stockpile of oil at sea.
The current situation is dif-
ferent for the roughly 87 mil-
lion barrels of crude and con-
densates stored on the high
seas today. Rather than getting
paid to store oil and gas in
ships, many traders simply
can’t find a home for their
cargo.
“Right now, the economics
don’t call for an increase in
storage,” said Giovanni Serio,
head of research at oil trader
Vitol Group. He added that
Brent crude costs almost as
much in the spot market as it
does in the futures market.
One carrier loaded with
crude was heading toward
China when the refinery that
bought the oil tried to resell it
to South Korea and Japan, said
Erik Broekhuizen of Poten &
Partners Inc., the New York
brokerage that arranged the
cargo. The refinery had pur-
chased the crude before the vi-
rus shut down swaths of
China’s economy and prompted
refineries to reduce the amount
of oil they processed.
The refinery’s attempt to re-
Movie Theaters Face
Selloff in Shares
BY ALEXANDER GLADSTONE
Shares of global movie-the-
ater chains AMC Entertain-
ment Holdings Inc. and IMAX
Corp. have declined in recent
weeks as fear of the coronavi-
rus has intensified.
AMC, the world’s largest
cinema chain, has seen its
stock fall close to 30% over
the past two weeks, reducing
its market value to $580 mil-
lion. Meanwhile, the Kansas-
based company’s $1.7 billion of
bond debt has dropped to
roughly 80 cents on the dollar,
down by 10 percentage points
from mid-February, according
to MarketAxess.
The fall in the company’s
market value has come al-
though AMC recently posted
better-than-expected earnings
for the fourth quarter, indicat-
ing that while the virus hasn’t
yet affected sales, investors
expect it to, according to Mi-
chael Pachter, an analyst at
Wedbush Securities
“People have not yet been
reassured by the government
that [the outbreak] is under
control,” said Mr. Pachter, who
JOHN FRANCIS PETERS FOR THE WALL STREET JOURNAL
AMC posted better-than-expected earnings. One of its theaters.
sell the cargo in recent weeks
failed as the virus spread to
other countries in East Asia.
“All those deals are falling
through because demand is
falling everywhere,” Mr.
Broekhuizen said, adding that
the epidemic is the most dis-
ruptive event he has experi-
enced in three decades in the
shipping industry. “It is not a
local event any more.”
Refinery shutdowns in China
could add the equivalent of
250,000 barrels of crude a day
in storage, both onshore and
offshore, said London-based
consultancy FGE Energy last
month. It said commercial stor-
age in Shandong ports—which
are connected by pipeline to
Wuhan, the virus’s epicenter—
are about 65% full, a record
level. In that region, the num-
ber of barrels stored onshore
has risen 18% to 142 million
since the beginning of the year,
said Geoffrey Craig, an analyst
at satellite-data consultancy
Ursa Space Systems.
Rising volumes of oil and
gas at sea are likely to increase
the downward pressure on en-
ergy prices, which have
slumped this year in response
to the decline in Chinese de-
mand and mild winter tempera-
tures in the Northern Hemi-
sphere. The Organization of the
Petroleum Exporting Countries
and its allies are debating
whether to deepen their cam-
paign of production cuts to bol-
ster prices at a meeting this
week.
“There are quite a number of
vessels out there waiting to
discharge,” said Igho Sanomi,
chairman of Taleveras Group,
a Nigerian oil-trading company.
“We’re also keeping our ears
down to see if some of the Chi-
nese refiners are going to de-
clare a force majeure, which for
some of these vessels would
have been a catastrophe.”
Storing oil at sea comes with
costs for traders and owners.
Brent-crude prices have tum-
bled 20% in 2020, to $52.82 a
barrel. And disruption at Chi-
nese ports has pushed several
oil carriers into demurrage,
which is when the trading com-
pany that chartered the vessel
fails to unload it in time and
pays a charge to the shipowner,
said Vitol’s Mr. Serio.
—Anna Hirtenstein
contributed to this article.
added that the market is fore-
casting a decline in movie-the-
ater attendance. “Movies
might start slowing down
their releases, though a signif-
icant percentage of forgone
ticket sales could be shifted
later.”
AMC recently said that it
would temporarily shut down
22 of its movie theaters in
northern Italy, where the virus
outbreak has been particularly
severe. However, the company
isn’t anticipating widespread
closures of its more than 1,000
theaters world-wide, Chief Ex-
ecutive Adam Aron said on the
Feb. 27 earnings call.
IMAX, which has bet big on
China’s consumer boom, has
also seen its shares slide,
dropping about 24% year to
date. The Canadian company
had to shut down all of its 702
theater locations in China.
“While the coronavirus is a
serious short-term challenge,
we see it as a rare out-of-the-
ordinary event that will ulti-
mately pass,” said IMAX Chief
Executive Richard Gelfond on
the company’s Feb. 19 earnings
call.
MARKETS
Crude prices fell Wednesday as traders look to a coming decision by OPEC and Russia on further cutting output. A drilling rig in Siberia.
Oil Gyrates Ahead of OPEC Meeting
BY AMRITH RAMKUMAR
Oil prices erased an earlier
advance and closed lower
Wednesday, swinging with
traders looking ahead to a
coming decision by the Organ-
ization of the Petroleum Ex-
porting Countries and weigh-
ing the latest signs of
softening fuel demand.
U.S. crude futures closed
down 0.8% at $46.78 a barrel
on the New
COMMODITIES York Mer-
cantile Ex-
change, after earlier climbing
about 2.5%. Prices are 26% be-
low a peak hit Jan. 6 and re-
cently hit their lowest point
since December 2018, hurt by
the economic fallout from the
coronavirus, which has dented
travel and fuel consumption.
On Wednesday, Brent crude,
the global gauge of prices,
closed down 1.4% at $51.13 a
barrel on the Intercontinental
Exchange.
The recent volatility comes
with OPEC and allies including
Russia gathering in Vienna
this week. Many analysts ex-
Bricks-and-mortar retailers face a loss of business amid the coronavirus crisis. Shoppers in London.
REITs Fear Retailer Pain
As Shoppers Stay at Home
BY AVANTIKA CHILKOTI
AND PAUL J. DAVIES
Retail landlords are likely
to face a challenge from the
coronavirus outbreak if it
keeps shoppers at home, add-
ing to the pressures that are
already being felt from the
growth in online shopping.
Investors’ wariness is al-
ready threatening one British
shopping mall owner: Intu
Properties PLC was forced to
abandon attempts to repay
debt and fix its balance sheet
by raising as much as £1.5 bil-
lion ($1.9 billion) through a
sale of shares.
Often a sound investment
for troubled times, real-estate
investment trusts have suf-
fered in the widespread flight
from risk since the coronavi-
rus spread outside of Asia.
The FTSE Nareit All REITs In-
dex, which tracks American
commercial real estate busi-
nesses, lost 12.3% in a worse
performance than the main
benchmark indexes during the
broad market selloff last week.
“There was some element
of capitulation last week
where people were selling ev-
erything that had held up bet-
ter,” said Kevin Preloger, port-
folio manager at Perkins
Investment Management, who
pect the group to deepen ex-
isting production cuts of 1.7
million barrels a day, but
there is uncertainty about
how much more the cartel will
lower supply.
Russia remains opposed to
a plan put forth by Saudi Ara-
bia to deepen the existing cuts
by 1.2 million barrels a day,
The Wall Street Journal re-
ported. Russian President
Vladimir Putin offered a mixed
message over the weekend,
saying he was ready to con-
tinue cooperating with OPEC
but was satisfied with current
oil prices of around $50 a bar-
rel. The current levels are too
low for some OPEC nations
such as Saudi Arabia to sus-
tain their economies.
Some investors expect
OPEC’s response and a number
of interest-rate cuts around
the globe to help oil halt its
downward spiral. At the same
time, some analysts say the
coronavirus limiting travel
outside of China and swelling
inventories will likely limit
crude’s rebound.
“While such cuts will help
Real estate investment trust, index performance six months
FTSE Nareit All REITs
S&P 500
15%
10
5 0
0 –25
–5
–10
Sept. 2019 2020
Source: FactSet
has over 10% of his money in
REITs. “There was really no
place to hide.”
Investor worries about
property could spell trouble
for real-estate mutual funds
that offer daily withdrawals to
individual investors because
their assets are hard-to-sell
quickly. In the U.K., several
funds were frozen after Brit-
ain’s vote to leave the Euro-
pean Union in 2016. More re-
cently, a fund run by M&G
Investments has been closed
Thursday, March 5, 2020 | B11
VASILY FEDOSENKO/REUTERS
normalize oil demand and in- string of states in Super Tues-
ventories later this year, they day’s Democratic primaries,
can’t prevent an already setting up a showdown with
started large oil inventory ac- Vermont Sen. Bernie Sanders
cumulation,” Goldman Sachs for the party’s presidential
analysts said in a recent note. nomination. Mr. Biden’s more
U.S. crude-oil stockpiles moderate policy stances are
rose for the sixth consecutive appealing to some investors
week during the week ended who fear the ideas put forth
Feb. 28, Energy Information by Mr. Sanders would chal-
Administration data released lenge businesses and weaken
Wednesday showed. While the the world economy.
784,000-barrel increase in in- Such disconnects like the
ventories was less than the one observed Wednesday be-
advance projected by analysts tween stocks and oil have
and traders surveyed by the been rare recently. With the
Journal, the data also showed virus fueling outsize swings
domestic production rose to a across asset classes, the two
record of 13.1 million barrels a have tended to trade in similar
day last week. patterns as traders adjust ex-
And while some measures pectations for economic
of travel in China have picked growth. Crude pared nearly all
back up after the coronavirus of its advance on Tuesday,
dented activity in the world’s with stocks sliding after the
largest commodity consumer Federal Reserve cut interest
earlier in the year, many ana- rates by half a percentage
lysts expect it will take time point. The cut raised recession
for demand to stabilize mov- fears because some analysts
ing forward. don’t think lower rates alone
Wednesday’s oil-price will cushion the global econ-
swings also came with stocks omy from the coronavirus.
rallying after former Vice —David Hodari
President Joe Biden won a contributed to this article.
Chinese
Pour Cash
Into ‘Virus
Bonds’
SIMON DAWSON/BLOOMBERG NEWS
The coronavirus epidemic has
sparked a bond bonanza in
China, with financial institutions
and companies rushing to sell
debt at low interest rates.
Since early February, more
than 150 Chinese companies, in-
cluding manufacturers, airlines
and property developers, have
collectively raised more than
237 billion yuan ($34 billion) by
selling so-called coronavirus
bonds, which devote a portion of
their proceeds to “epidemic pre-
vention and control” efforts
within the country.
The pace of issuance has
picked up as more companies
have found they can borrow
money cheaply this way. Average
coupon rates on the new securi-
Intu Properties Hammerson ties—which mostly range from
FTSE 100 1.6% to 6%—have in many cases
been lower than yields on com-
50%
parable outstanding debt from
the same issuers, according to
Wind Info, a data provider.
25
State-owned banks have been
the main buyers of the virus
bonds, according to market ob-
servers. “They are buying the
debt that other investors don’t
want to touch, helping to push
down the yields,” said Jason
Tan, a research analyst covering
–50 Chinese financial institutions at
debt-research firm CreditSights.
In essence, state-owned lend-
–75 ers’ acceptance of lower interest
rates amounts to a backdoor sub-
Sept. 2019 2020 sidy for Chinese companies. Pur-
chasing the bonds enables banks
to channel more liquidity to busi-
since December. nesses that are reeling from deep
The coronavirus could sales declines, supply chain dis-
mean consumers increasingly ruptions and other interruptions
stay at home, either through caused by the coronavirus epi-
choice or because of strict demic. Despite their label, most
containment measures from of the coronavirus bonds’ pro-
governments, hurting the ceeds are being used to refinance
value across retail space and companies’ existing debt.
offices. Epidemic bonds accounted
“Who are the guys going to for about 20% to 30% of total
a shopping center now or will- nonfinancial yuan bond issuance
ing to sit in a cinema?” asked in February, a report from Hua
Nicolas Rabener, founder of Chuang Securities found.
FactorResearch and a former —Zhou Wei
REIT investor. and Serena Ng
B12 | Thursday, March 5, 2020
Fund Shows How to Hedge a Virus
Universa made huge gains in February as markets swooned without making any assumptions about the epidemic
Imagine that an investor knew
back in early December that a
deadly coronavirus was spreading
in Wuhan, China, that could be-
come a pandemic. Or imagine that
he at least heard and heeded the
warning by the tragically muzzled
Dr. Li Wenliang at the end of that
month.
Acting on that information by,
say, shorting the highflying Nas-
daq Composite might have
sounded like a good idea, but the
results would have been disas-
trous. By the time the index hit its
intraday record on Feb. 19, a fore-
warned investor would have
trailed that index by about 30 and
20 percentage points, respectively.
ANTHONY KWAN/GETTY IMAGES
Yet one fund that makes its liv-
ing protecting portfolios from such
events may have reaped a bonanza
in February without such insights.
Universa, managed by Mark
Spitznagel, a protégé of “The Black
Swan: The Impact of the Highly
Improbable” author Nassim Nicho-
las Taleb, managed a little over $4
billion in assets as of the end of
2018.
Claude Bovet, founder of Lion-
screst Capital and a longtime in-
vestor in the fund, estimates that
Universa’s tail-risk-hedging strat-
egy, representing part of its capi-
tal, earned more than 1,000% in a
matter of days.
“It was a great month for us,”
said Mr. Spitznagel, who declined
to disclose a dollar figure on those
gains.
He did point out, though, that
the fund’s positions are “convex to
the market.”
In other words, its strategy of
using options and similar instru-
Chinese Tech Stocks Are Risky Refuge
Shares of ZTE have risen 45% this year as investors bet 5G network building will continue
There has been an unlikely haven
for investors during the coronavirus
selloff: China.
Stocks listed in Shanghai and
Shenzhen have done much better
than most major markets this year.
The CSI 300 Index, a benchmark for
large stocks on the two mainland
bourses, is up 0.5% this year versus
a 7% decline in the S&P 500. That is
despite the fact that the epidemic
has infected more than 80,000 of
the country’s citizens and killed
THOMAS PETER/REUTERS
nearly 3,000, creating widespread
business disruptions.
Individual traders’ bets on stimu-
lus from Beijing are probably be-
hind the market strength. Total
margin debt has risen 10% this year
to about 1.1 trillion yuan ($158 bil-
lion), levels last seen four years
ago.
But not all sectors have been do-
ing well. Old-economy stocks like
banks and insurers, which dominate
the Shanghai market, have dropped
8% this year. It is the technology
sector that has really shone. The
tech-focused ChiNext index in Shen-
zhen has risen 21%.
While bets on a conventional in-
OVERHEARD
It is the sort of headline that
sounds like a bad joke: The stu-
dio behind the coming James
Bond movie, “No Time to Die,”
has postponed its premiere
from early April until the fall in
case moviegoers stay away due
to coronavirus fears.
But outside of places like
China, South Korea and Italy,
crowds are holding up. Variety
reports that a survey of Ameri-
cans by Morning Consult that
ended Sunday found respon-
dents just as likely to see shows
as they were before.
That might be changing in
New York, though, the nation’s
theater capital. Normally far-pric-
ier tickets to “Hamilton” were on
sale for $135 for a Wednesday
matinee on StubHub.
That still may be beyond the
budget of opportunistic germa-
phobes. For those who always
wanted to see a New York mu-
sical, one was offering tickets in
a flash sale for just $20: Young
Jean Lee’s “We’re Gonna Die.”
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
One investor estimates that the firm’s strategy earned more than 1,000% in a matter of days.
ments can register profits that es-
calate in much more than a linear
fashion, suggesting a handsome
payoff indeed.
Back in August 2015 the fund
made more than $1 billion, or 20%,
in a single day when the Dow had
what was then its largest-ever in-
traday plunge of over 1,000 points,
ending down by 588 points.
The index lost 3,583 points last
week—its worst such period since
the financial crisis and sharpest-
ever drop from a peak. Yet, even
as patients were succumbing to
the illness in Wuhan, the cost of
placing bets in the run-up to the
Investors have faith Beijing will continue to pour money into technologies.
frastructure stimulus—cement and
steel stocks, for example—have
picked up in the past week, Chinese
investors seem to have stronger
faith that the government will con-
tinue to pour money into technol-
ogy, 5G and semiconductors in par-
ticular. An index tracking 5G-related
companies by information provider
Wind has gone up 19% this year,
Health Insurers Had Super Wednesday
A big Super Tuesday for Joe Bi-
den meant a super victory lap for
health-insurance shareholders on
Wednesday. Investors shouldn’t as-
sume their troubles are behind
them altogether, though.
Among the winners, United-
Health Group surged 11% and An-
them rallied 16% in morning trad-
ing as Wall Street digested the
primary results.
Certainly some rally is merited:
Before Wednesday, insurance stocks
had been selling off with the
broader market. Mr. Biden’s strong
showing means Sen. Bernie Sanders
and his proposed overhaul of the
U.S. health-care system are on the
ropes And insurance stocks have
been terrific long-term investments
under the Affordable Care Act,
which became law in 2010 when Mr.
Biden was vice president.
While that long-term threat
seems to be off the table for now,
the novel coronavirus is a clear haz-
ard in the present. Confirmed cases
of the virus have topped 100 in the
U.S. and more diagnoses are likely
as testing capability ramps up.
That is a problem for the sector
ON
THE
selloff was extremely low as repre-
sented by the Cboe Volatility In-
dex, or VIX. The fear gauge, it rep-
resents the cost of purchasing
options as expressed by the im-
plied volatility embedded in their
prices.
Universa hedged without timing
the market or taking a risk, which
holds a lesson about risk, reward
and complacency. While many rea-
sonable investors were tempted to
sell tech stocks or bet against
them—2,000 people had died by
the day they peaked—Universa ig-
nored the headlines and focused
only on what the numbers said.
while a similar gauge on semicon-
ductor stocks has gained 34%.
Shares of Shenzhen-listed ZTE, a
telecom-equipment manufacturer
that had a near-death experience in
2018 when the Trump administra-
tion briefly banned American com-
panies from supplying it, have
gained 45% this year as investors
have bet that 5G network building
Share-price performance
Wednesday
15%
10
Anthem
5 The chances of Medicare for All
Centene
Humana
UnitedHealth
0 the virus has the potential to alter
10 a.m. 11 noon 1 p.m. 2 3
Source: FactSet
since it makes money by anticipat-
ing future medical expenses and
setting premiums and deductibles
accordingly. Insurers mention large-
scale disease outbreaks as a possi-
ble risk factor in securities filings. A
scenario in which insurers incur
higher medical costs than they pro-
jected this year seems more likely
by the day.
They told it that insurance was
cheap.
“If you have a position that can
lose 1 to make 100, like Universa’s
tail hedge at any point in time, you
don’t care about your timing of a
market crash, you just don’t want
to miss it,” said Mr. Spitznagel.
Buying protection in such a
fund is akin to purchasing insur-
ance from an optimistic under-
writer—writing small monthly
checks and very rarely receiving a
big one in return. Returns can be
negative for years. Yet even during
a mostly excellent run for U.S.
stocks, the strategy trounced the
will continue apace. Chinese compa-
nies such as ZTE and Huawei are
leaders in the sector—a point that
has further complicated relations
between China and U.S. in the past
few years.
The country will likely pour even
more money into building its own
chips. The Huawei saga has exposed
China’s major weakness in chip
making. Naura Technology Group,
maker of semiconductor equipment,
has gained 50% this year. Chip de-
signer Fuzhou Rockchip Electron-
ics, which had its initial public of-
fering in Shanghai only last month,
is trading at nearly eight times its
launch price.
While it is true China will con-
tinue to develop its own tech sector,
the supply-chain disruptions and
economic damage caused by the
coronavirus will likely bring near-
term pain. In the longer term, geo-
political friction with the U.S. will
hamper China’s own chip-making
efforts. China’s stock markets have
a history of blowing bubbles, and
the latest frenzy could just be the
latest.
—Jacky Wong
Earnings multiples have come
down as shares sold off. They are
no bargain, though. For example,
UnitedHealth fetches about 17 times
forward earnings, not far from the
five-year average. And of course
there is a real risk those estimates
are now too high. Consensus ana-
lyst forecasts for 2020 adjusted
earnings have barely budged since
the start of the year across the in-
dustry.
becoming the law of the land are
certainly lower with Mr. Biden as
the Democratic front-runner, but
the politics of health care.
4
There is some evidence of that
dynamic already: The Trump ad-
ministration is considering using a
national-disaster program to pay
hospitals and doctors for their care
of uninsured people infected with
the new coronavirus as concerns
rise over costs of treating some of
the 27 million Americans without
health coverage, The Wall Street
Journal reported on Tuesday.
Some healthy caution remains in
order. — Charley Grant
THE WALL STREET JOURNAL.
Nasdaq Composite
10000 Death toll
reaches 2,000
9750
Li Wenliang
warning
9500
9250
9000
8750
8500
Dec. 2019 Jan. ’20 Feb. March
Source: FactSet
stock market in its first 10 years
through February 2018, according
to a leaked client letter.
Mr. Spitznagel, who acknowl-
edges spending all of his time
“thinking about looming disaster,”
expressed no view on what the im-
pact of the Covid-19 epidemic
might now be on stock prices.
Even so, his advice to those
with a bearish inclination is hardly
uplifting: “For people who are
worried about having missed it,
this selloff has only taken back a
few months of gains. I expect a
true crash to take back a decade.”
—Spencer Jakab
Zoom Video
Gets a
Reality
Check
Zoom Video Communications’
numbers were never going to be
good enough.
The young videoconferencing
player’s fiscal-fourth-quarter results
were actually quite impressive. Its
release, posted Wednesday after-
noon, showed revenue surging 78%
year over year to $188.3 million.
That was some 7% above the high
end of the company’s own forecast
for the period. Zoom is also one of
those very rare cloud-software
plays that make real money without
accounting adjustments. Operating
income nearly doubled to $10.6 mil-
lion for the quarter.
Yet Zoom’s shares still fell fol-
lowing the report. One could argue
that the numbers also showed signs
of waning momentum that tend to
terrify backers of young tech com-
panies. Growth in the most recent
quarter was the company’s slowest
on record. But deceleration is natu-
ral when a company starts from a
low base and grows so quickly.
Zoom’s revenue of nearly $623 mil-
lion for the fiscal year ended Janu-
ary is more than 10 times what it
generated just three years ago. The
company’s forecast was encourag-
ing as well, with projected revenue
of about $200 million for the quar-
ter ending in April and about $910
million for the current fiscal year
that were both well ahead of Wall
Street’s targets.
But Zoom’s stock price has been
on a tear, surging 36% in the last
month and 72% since the start of
the year based on the belief that
the spreading coronavirus epidemic
will boost demand for the com-
pany’s services. That makes it the
hottest in a field of “stay home”
trades. Zoom’s year-to-date gain is
more than twice that of the biggest
gainer in the S&P 500.
In short, a sell-on-the-news reac-
tion was virtually guaranteed. Post-
earnings setbacks aren’t new for
Zoom, which roared out of a hot IPO
last April and largely has been a
strong performer since. The stock
has spent most of that time trading
well above 30 times forward sales,
putting it at the top of the richly val-
ued cloud category. But Zoom’s
shares also have dropped sharply af-
ter two of the three quarterly reports
it has issued since going public.
Even strong numbers can’t al-
ways live up to the hype.
—Dan Gallagher