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For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
DJIA 23515.26 À 39.44 0.2%
What’s
News
Business & Finance
A bout 4.4 million people
in the U.S. sought job-
less benefits last week as
the pandemic continued to
hurt the labor market,
though the pace of layoffs
appeared to be easing. A1
 U.S. grocers are struggling
to secure meat, looking for
new suppliers and selling dif-
ferent cuts, as the pandemic
cuts into domestic output and
raises fears of shortages. A1
 Amazon employees have
used data about independent
sellers on the company’s
platform to develop compet-
ing products, a practice at
odds with stated policies. A1
 J.C. Penney is in ad-
vanced talks for bankruptcy
funding with a group of lend-
ers, a sign the troubled re-
tailer is about to succumb
to the economic crisis. B1
 Intel reported a jump in
first-quarter earnings,
buoyed by sales in its data-
center business, but the firm
pulled full-year guidance. B1
 Crude-oil prices jumped,
extending a string of wild
moves that are ricocheting
around financial markets and
roiling the energy industry. B1
 The Dow gave up most of
a 400-point rally to end 0.2%
higher. The S&P 500 and
Nasdaq slipped 1.51 points and
0.63 point, respectively. B11
 More than half of a record
$1 trillion deposited in U.S.
banks in the first quarter
amid pandemic fears went to
the four largest lenders. B1
 Gap warned that it had
burned through half its cash
savings and would need to
raise more money to fund
its operations this year. B3
World-Wide
 The Treasury Department
asked publicly traded com-
panies to repay loans they
received from a federal
program intended to aid
small businesses, as public
scrutiny of the coronavi-
rus rescue intensifies. A1
 The House approved a
bill providing $484 billion
in fresh relief funding. Bat-
tles loom in the nation’s
capital over what should be
in the next aid package, and
whether it is needed at all. A4
 States across the coun-
try face an increasingly
grim financial outlook,
with no near-term sign that
the federal government
will come to the rescue. A4
 The daily coronavirus
death toll in California
reached a new high as New
York revealed results of a
study suggesting that over 1
in 5 people in New York City
may have been infected. A6
 China’s medical-goods
supply chain is devolving
into a free-for-all as foreign
customers and their middle-
men try to secure ventila-
tors, masks and other gear. A1
 European leaders began
debate over a crisis-recovery
fund for the region’s econ-
omy that would likely total
at least a trillion euros. A16
 The Supreme Court, in
a 5-4 ruling, widened the
grounds for deporting
lawful immigrants with
criminal records. A2
 The U.S. is providing
Greenland with a package of
development aid as part of a
strategy to counter Russian
and Chinese influence in the
Arctic, officials said. A16
CONTENTS
Business News B3,5-6
Capital Account.... A2
Crossword............... A11
Heard on Street. B12
Life & Arts....... A10-11
Mansion............. M1-10
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * *
NASDAQ 8494.75 g 0.01% STOXX 600 333.24 À 0.9%
Jobless Claims Swell by 4.4 Million
Labor market’s historic
drop comes as pace of
U.S. layoffs eases, but
business activity falls
BY SARAH CHANEY
AND GWYNN GUILFORD
About 4.4 million people in
the U.S. sought unemployment
benefits last week as the coro-
navirus pandemic continued to
hurt the labor market, though
the rapid pace of layoffs ap-
peared to be easing.
The millions of workers who
sought unemployment benefits
last week continued a historic
labor-market decline, bringing
the total claims for the past five
Live From the Commissioner’s Basement, the NFL Draft
on
us ,
l
e
al a
ci on
er s
NFL/ASSOCIATED PRESS
m er
m rp
HOME TEAM: With the pandemic forcing the National Football League to cancel its plans in Las Vegas, Commissioner Roger Goodell
hosted the event from what he calls his ‘man cave.’ LSU quarterback Joe Burrow was selected first overall by the Cincinnati Bengals. A12
China Medical-Goods Meat-Shortage Fears
co Fo
Market Is ‘Wild West’ Rise as Plants Close
BY LIZA LIN
AND EVA XIAO
Urgent late-night inspec-
tions at Chinese mask factories.
n-
Hurried million-dollar wire
transfers to secure ventilator
deals. Middlemen lurking out-
side a Shanghai factory offering
no
masks of unknown provenance.
China’s supply chain for
medical goods is devolving into
a free-for-all as foreign govern-
ments, hospitals and busi-
nesses—and all their middle-
men—descend on the country
to secure ventilators and masks
and other protective gear.
Inundated with prospective
buyers, Chinese factories are
taking advantage of their plum
position, dictating buying con-
ditions and demanding ad-
Zoom Fatigue Comes to Isolated
People With Packed Social Diaries
i i
Far from having nothing to do during
the lockdown, the opposite is happening
BY JOANNA SUGDEN
When governments told cit-
izens to adopt a hermit life-
style in March, Jess Cripps
made a lockdown bucket list.
“Finally, I can sit down and
learn to crochet,”
Markets..................... B11 the 30-year-old li-
Opinion.............. A13-15
Sports........................ A12 brary assistant
Technology............... B4 from North Wales
U.S. News............. A2-3 recalls thinking.
Weather................... A11
World News.......... A16
And she planned
to pickle onions.
She hasn’t
>
lifted a crochet
hook, and the on- Time
ions remain un-
pickled. Her webcam has made
sure of that.
The promise of using lazy
lockdowns to tick off rainy-day
FRIDAY, APRIL 24, 2020 ~ VOL. CCLXXV NO. 96
10-YR. TREAS. À 2/32 , yield 0.613%
Jobless benefits applications, as a share of workforce
12%
Where new applications have risen
8
4
0
W.Va. Conn. Fla.
Note: Labor Force size is based on February data.
weeks to more than 26 million,
the Labor Department said on
Thursday. Jobless claims, which
are laid-off workers’ applica-
tions for unemployment-insur-
ance payments, had reached
nearly seven million at the end
of March as the coronavirus led
to widespread business closures.
vance payments in full, while
buyers must quickly vet newly
minted vendors—sometimes
by video from the other side
of the world.
The disarray in China, a ma-
jor producer of personal protec-
tive equipment, or PPE, under-
scores how desperate U.S. and
other buyers have become to
secure medical gear as the coro-
navirus pandemic engulfs them.
“In this environment, the
key is doing all you can to get
your goods,” said Jeffrey Bern-
stein, who heads the China op-
erations of the University of
Pittsburgh Medical Center.
“It’s very much a wild, Wild
West scenario.”
Left with few alternatives,
buyers now pay for almost ev-
Please turn to page A8
i
jobs has proved empty, be-
cause coronavirus quarantines
didn’t put social lives on ice.
They put them online.
Pausing physical contact
has made some social lives
busier, and social engagements
harder to avoid.
To get out of yet
another FaceTime
call, Ms. Cripps
says, “You can’t
say ‘I really need a
night at home.’ ”
Colleagues who
were previously
sink kept at arm’s
length now invite
themselves into living rooms
for after-work drinks on
Zoom. College friends suggest
Please turn to page A9
WSJ.com HHHH $4.00
OIL $16.50 À $2.72 GOLD $1,733.30 À $4.60 EURO $1.0779 YEN 107.61
March 22 to April 4 April 5 to April 18
Where they have slowed the most
Colo. Ga. S.C. Miss. Pa. Ohio Calif. Maine Vt. Hawaii Mich.
Source: Labor Department
“There was an immediate data came as surveys of pur- in services activity that were
wave of layoffs as a result of chasing managers showed unprecedented in the history
the crisis,” said Daniel Zhao, business activity in the U.S., of the reports. Manufacturing
senior economist at Glassdoor. Europe and Japan collapsed in activity is also contracting,
“Even though people may have April during global restric- though not quite as severely.
been laid off weeks ago, we tions on movement and social Please turn to page A2
might only be seeing the im- interaction aimed at limiting
pact now in the numbers.” the spread of the virus.  Greg Ip: Low interest rates
The U.S. unemployment The surveys showed drops take sting out of deficit...... A2
U.S. Urges
Public
Companies
To Repay
.
SBA Loans
ly
The Treasury Department
asked publicly traded compa-
nies to repay loans they re-
ceived from a federal program
intended to aid small busi-
nesses, as public scrutiny of the
coronavirus rescue intensifies.
By Peter Rudegeair,
Heather Haddon
and Ruth Simon
Ruth’s Hospitality Group
Inc., the owner of the Ruth’s
Chris Steak House chain, said
Thursday it would refund $20
million. It was among 150 pub-
lic companies that received
nearly $600 million in forgiv-
able loans this month from the
federal Paycheck Protection
Program. The program was cre-
ated to help struggling small
businesses cover payroll and
keep people employed during
the coronavirus pandemic.
Public companies have been
criticized by some lawmakers
and consumers for tapping into
the $350 billion rescue program,
which ran out of funds two
weeks after it started accepting
applications. Shake Shack Inc., a
company with a market cap of
about $1.7 billion and more than
U.S. grocers are struggling supplies of some products 7,000 employees, said this week
to secure meat, looking for could run short just as demand Please turn to page A6
new suppliers and selling dif- is surging.
ferent cuts, as the coronavirus “I have not seen beef sales
pandemic cuts into domestic and all protein behave this
THE
production and raises fears of way since the Atkins Diet
shortages. days,” when shoppers bought CORONAVIRUS
PANDEMIC
up meat as part of the low-
By Jacob Bunge, carb diet, said Jeff Lyons, se-
Sarah Nassauer nior vice president of fresh
and Jaewon Kang food for Costco. The ware- When is it safe to go
house chain is considering new back to normal? A3
Covid-19 outbreaks among suppliers to shore up its meat
employees have closed about a supplies, he said. Governors push for
dozen U.S. meatpacking facili- Last week U.S. beef produc- more aid to states, A4
ties this month, including tion fell 24% compared with a Doctor takes his oath to
three Tyson Foods Inc. plants month earlier, with pork off homeless shelters, A7
this week. Other plants have 20% and poultry down 10%, ac-
slowed production as workers cording to estimates from Co- SPECIAL REPORT
stay home for various reasons. Please turn to page A6 Navigating the Coronavirus:
What I might do on my
Grocery executives at retail-
ers including Walmart Inc. and  Heard on the Street: Grocery summer vacation, R1-8
Costco Wholesale Corp. worry surge can outlast virus...... B12
Amazon Tapped Sellers’ Data
To Launch Competing Products
Employees consulted sales information to create private-label goods
BY DANA MATTIOLI current employee and some former employ-
ees who participated in it.
Amazon.com Inc. employees have used In one instance, Amazon employees ac-
data about independent sellers on the com- cessed documents and data about a bestselling
pany’s platform to develop competing prod- car-trunk organizer sold by a third-party ven-
ucts, a practice at odds with the company’s dor. The information included total sales, how
stated policies. much the vendor paid Amazon for marketing
The online retailing giant has long as- and shipping, and how much Amazon made on
serted, including to Congress, that when it each sale. Amazon’s private-label arm later in-
makes and sells its own products, it doesn’t troduced its own car-trunk organizers.
use information it collects from the site’s in- “Like other retailers, we look at sales and
dividual third-party sellers—data those sell- store data to provide our customers with the
ers view as proprietary. best possible experience,” Amazon said in a
Yet interviews with more than 20 former written statement. “However, we strictly pro-
employees of Amazon’s private-label busi- hibit our employees from using nonpublic,
ness and documents reviewed by The Wall seller-specific data to determine which pri-
Street Journal reveal that employees did just vate label products to launch.”
that. Such information can help Amazon de- Amazon said employees using such data
cide how to price an item, which features to to inform private-label decisions in the way
copy or whether to enter a product segment the Journal described would violate its poli-
based on its earning potential, according to cies, and that the company has launched an
people familiar with the practice, including a Please turn to page A9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Low Rates Take Sting Out of a Big Deficit

The Trump bonds, sending interest rates terest will still be just about The boost to the debt from new spending due to efficiency and adds costs.
administration sky high, which simply adds 2%. Never rule out a debt cri- the pandemic is offset by lower interest rates. Right now, the Fed would
has compared to the burden of the debt. sis, but it looks no likelier love a little more inflation,
the pandemic But right now, the oppo- now than before the pan- Deficit swells... ....pushing debt to records... which has persistently fallen
to a war, so it site is happening. The Fed’s demic. Deficit as percentage of GDP Debt held by the public as short of its 2% target. But
seems fitting target federal-funds rate is The threat of debt crises percentage of GDP what if it’s headed well past
it is overseeing levels of bor- effectively zero, and 10-year has often been invoked to 2%? The Fed knows what to
2000-2019 Current forecast 2000-2019 Current forecast
rowing last seen in World Treasury yields are below 1% justify cutting spending or do: raise rates and cool the
Forecast before pandemic Forecast before pandemic
War II. for the first time. Don’t ex- raising taxes, even when the economy.
With a fourth pandemic pect this to quickly reverse economy is weak. But it’s % %

relief package, this one worth when the pandemic is over.
$484 billion, passing the Private investment relative to
House on Thursday, this saving was weak prior to the
year’s budget deficit should pandemic, and that imbal-
hit $3.8 trillion, or 18.6% of ance could worsen. Five years
gross domestic product, the from now, markets expect the
highest since 1945, according fed-funds rate will be just 1%,
to the Committee for a Re- half of what it expected in
sponsible Federal Budget, a early 2019, according to Cor-
nonpartisan watchdog group. nerstone Macro, an invest-
It predicts the federal debt, ment firm.
the net total of previous defi- This doesn’t mean all that
cits, will hit 106% of GDP in added debt is necessary or
2022, matching the record being put to its best possible
set in 1946. use. It does mean it’s not do-
That’s starting to worry ing much harm. “Interest
some in Washington. The rates have been trending
added debt could “threaten down for 30 years,” said
the future of the country,” Doug Elmendorf, a former di-
Senate Majority Leader Mitch rector of the Congressional
McConnell said Wednesday. Budget Office who is now
dean of the Harvard Kennedy
B
based on flimsy evidence:  ut with debt so high,
There’s little precedent of an 8 that would dramatically
–
advanced economy that con- boost the cost of ser-
trols its own currency being –  vicing the debt. The White
unable to borrow (eurozone House could pressure the Fed
members like Greece don’t –8  to keep rates low. There’s
control their currency).  ’ ’ ’ ’ ’  ’ ’ ’ ’ ’ precedent. Beginning in 1942
So long as the Fed can the Fed put a ceiling on Trea-
print dollars, it can lend as ...but rates are lower... ...holding down debt service sury yields to help finance
many of them as it needs, en- Future path of federal-funds rate Interest on federal debt as the war. It took nine years to
suring the federal govern- implied by bond market percentage of GDP exit the arrangement. Then,
ment can always borrow. So from 1966 to 1973, it was
Jan. 1, 2019 Feb. 14, 2020 2000-2019 Current forecast
far this year, the Fed has slow to raise rates in part be-
bought about $1.6 trillion in April 21, 2020 Forecast before pandemic cause of opposition from
Treasury debt to tamp down Presidents Johnson and
2.5 %
stress in the markets, in the Nixon, and inflation took off.
process effectively financing 2.0 Could it happen again?
40% of this year’s deficit. (It  “As long as people like
1.5
doesn’t pay for this with pa- 1.0 [current Fed Chairman] Jay
per money; it pays by issuing  Powell are in charge, I don’t
0.5
reserves—electronic money— worry too much,” said Olivier
to commercial banks.) 0.0  Blanchard, former chief econ-

T
he usual fear is that School. “That doesn’t just This delights some on the 36 1 2 3 5 7 10  ’ ’ ’ ’ ’ omist at the International
high government debt make it manageable to have left who think the Fed should months years Monetary Fund. “But suppose
leads to a crisis or ex- more debt. It’s a signal that finance all deficits this way, Sources: Congressional Budget Office (historical and pre-pandemic projections), Committee for a [President] Trump is re-
cessive inflation. But there’s the economic costs of that obviating the need for higher Responsible Federal Budget (current projection), Cornerstone Macro (expected federal-funds rate) elected and he puts someone
little risk of the first, and debt, in terms of crowding taxes. It horrifies some on in charge at the Fed who is
nothing inevitable about the out private borrowers, is par- the right who think it elimi- spending and investment to rently suggest inflation will more inclined to yield to

.
second. It depends on choices ticularly low.” nates any restraint on gov- reach the point that the be just 1.5% in five to 10 pressure. You could see how
to be made by the Federal In early March, the CBO ernment spending and will economy overheats, sending years. But it can’t be ruled the Fed does not increase in-

Reserve and, indirectly, Mr. predicted the debt would be
McConnell, since he has some 89% of GDP in 2025 and in-
say in who sits on the Fed. terest on that debt would
In a debt crisis, investors
worry the debt reaches levels
the country may be unable to
repay. They refuse to buy its
cost about 2% of GDP. The
Committee for a Responsible
Federal Budget now projects
the debt will be 107%, yet in-
on
us ,
lead to inflation.
Both attach too much sig-
nificance to Fed bond buying.
It doesn’t save the Treasury
much money. And printing
money by itself doesn’t cause
inflation. That requires
prices and wages up. Or the
public has to expect higher
inflation, which can be self-
fulfilling.
Right now, there’s not
much evidence of it. Infla-
tion-protected securities cur-
ly
out. Businesses need to alter terest rates enough, we get
domestic operations to re- overheating, inflation, de-an-
duce Covid-19 risk and recon- choring of inflation expecta-
figure supply chains over
concerns the U.S. depends
too much on foreigners for
vital supplies. That reduces
tions. The probability of all
these things happening is
very small. But it’s not quite
zero.”

Millions
l

Initial jobless claims, 7.5

Global Economy Hit
e
al a

in millions

File Jobless
ci on

By Pandemic Fight
Claims APRIL 12-18: 4.4 million
5.0
BY PAUL HANNON
AND JEFFREY SPARSHOTT
going back to July 1998. The
lowest level reached after the
er s

global financial crisis was 36.2

Continued from Page One Business activity in the U.S., in February 2009. In the U.K.,
m er

House lawmakers, mean- Europe and Japan collapsed in the composite PMI fell to 12.9,
ROGELIO V. SOLIS/ASSOCIATED PRESS

while, approved the next infu- 2.5 April as governments tight- a record low, from 36.0 in
sion of aid for small busi- ened restrictions on movement March. Japan’s composite
nesses and hospitals grappling and social interaction aimed at measure also hit a record low
with the outbreak’s toll, a limiting the spread of the new of 27.8.
m rp

$484 billion bill the Senate ap- coronavirus, according to sur- The declines were larger than
proved on Tuesday. veys of purchasing managers. expected, suggesting economic
Forty-three states reported 0 The surveys, out Thursday, contractions in the second quar-
jobless claims declined from a 2019 ’20 suggest governments have ef- ter of 2020 might be larger than
week earlier, though they re- fectively closed parts of the economists had expected.
Note: Seasonally adjusted, latest figure
co Fo

mained at high levels. While People waited outside a job center in Pearl, Miss., on Tuesday, where is preliminary economy where face-to-face “While we knew lockdowns
California continued to see the staff provided paper unemployment-benefits applications to clients. Source: Labor Department interaction is unavoidable— were shutting down large
most claims, with 530,000, that such as restaurants and bar- parts of the economy and ex-
marked a 19% decline from the self-employed individuals. she was able to get in,” he said. was designed to blunt the eco- bers—and activity has tum- pected the PMIs to decline
previous week. New claims in “These unbelievable num- The couple’s biggest immedi- nomic damage from the corona- bled in parts of the economy from March, the scale of the
New York and Missouri fell 50% bers are masking a lot of the ate concern is losing his health virus. Labor Secretary Eugene less directly affected. falls in today’s release was
compared with the week earlier. true demand, and that’s what insurance at the end of April—a Scalia said on Thursday 44 The drop in services-sector staggering,” said Rosie Colt-
A few states that had earlier we’re going to continue to see worry made even more acute by states were paying recipients an activity is unprecedented in horpe, an economist at Oxford
reported smaller filing rates play out over the next month,” the fact that his 14-year-old additional $600 a week in en- the history of the surveys, Economics.
noted sharp rises last week. Ini- said Maria Flynn, president of daughter suffers from a rare, in- hanced unemployment benefits even after the global financial J.P. Morgan sees GDP in the
tial claims in West Virginia and Jobs for the Future, a work- curable disease. “I mostly on top of usual state payments. crisis. Manufacturing activity U.S. falling at an annualized
Connecticut more than tripled. force-development nonprofit. worked for the love of the job. It The extra $600 could lead is also contracting though not rate of 40% in the three
Florida’s volume increased 180% The number of workers re- wasn’t for the great money, so to a larger weekly paycheck quite as severely. months through June, the eu-
n-

as more than 500,000 workers ceiving unemployment insur- we’ve always budgeted. But just than many lower-wage workers According to data firm IHS rozone tumbling 45%, with the
filed for unemployment. ance continues to rise as looking at the summer ahead, would typically earn. For oth- Markit, the composite pur- U.K. economy expected to con-
U.S. stocks wavered on states process applications. In the health insurance—that’s go- ers, like Joshua Price, of Syra- chasing managers index for tract by 59.3%, and Japan by
Thursday after the data showed the week ended April 11, a re- ing to get really pricey,” he said. cuse, N.Y., it amounts to much the U.S.—a measure of activity 35%. Some forecasts are for a
no

weekly unemployment claims cord 16 million people received The steepest employment less than they were making. in the private sector—fell to relatively quick rebound,
had eased slightly. The Dow unemployment payments, up losses appeared to occur be- Mr. Price, 46, began receiv- 27.4 in April from 40.9 in though the outlook depends on
Jones Industrial Average added from 12 million the prior week. tween mid- and late March, ing unemployment benefits in March. A reading below 50 in- how quickly and thoroughly the
39 points, or less than 0.2%, The data date back to 1967. So- when the economy shed about late March after he lost his dicates that activity has fallen, coronavirus can be contained.
paring gains of more than 400 called continuing claims are 13 million jobs, largely in lei- homebound math teaching job and the lower the figure, the The surveys suggest it is al-
points earlier in the session. reported with a one-week lag. sure and hospitality, according because of government-man- larger the fall. most certain the global econ-
The S&P 500 and Nasdaq Com- Dennis Fithian, 49 years old, to Federal Reserve research. By dated public school closures. The April reading was the omy has entered a recession,
posite ended little changed. of Detroit, was able to register comparison, about nine million He gets a total of $1,104 in lowest in data dating back to with figures for the first three
Some economists expect a for unemployment insurance jobs were lost over the course weekly benefits, including the October 2009. months of the year pointing to
fresh surge of claims in future benefits relatively quickly after of the 2007-09 recession. extra $600 a week, which works “The scale of the fall in the widespread drops in economic
weeks as workers who were he was laid off from his job at Oxford Economics estimates out to 56% of his previous in- PMI adds to signs that the sec- output.
previously unable to file be- sports-radio station 97.1 The that the pandemic will result come. Mr. Price said he nor- ond quarter will see an histor- The U.S. and the eurozone
cause of backlogged state sys- Ticket in early April. in 27.9 million lost jobs, in- mally tries to save $750 a week, ically dramatic contraction of will release estimates for the
tems are counted, and as Despite high claims volume cluding between eight million but with tax bills and insurance the economy,” said Chris Wil- first quarter next week that
states begin to accept applica- in Michigan, Mr. Fithian said his and 10 million in industries bills, he is now saving very lit- liamson, chief business econo- are expected to show larger
tions from people who are wife was persistent in helping such as manufacturing and tle. “I don’t believe I should mist at IHS Markit. falls, but they will likely be
newly eligible under a $2 tril- him apply online. “She would construction that most states have to go into my savings to In the eurozone, the index modest compared with the
lion stimulus package, such as get up at 2 or 3 in the morning haven’t ordered to close. pay bills when it’s a govern- dropped to 13.5 in April from contractions predicted for the
independent contractors and and keep hitting ‘refresh’ until The federal stimulus package ment-mandated work stoppage.” 29.7 in March, a low for data April-June period.

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THE WALL STREET JOURNAL.
Obstacles
Delaying
Some IRS
Checks
BY RICHARD RUBIN
WAS H I N GT O N — M o s t
Americans have received their
stimulus money but millions
are still waiting as an under-
staffed IRS contends with
electronic payments bouncing
back and taxpayers griping
about difficulties using the
agency’s website.
People who closed old bank
accounts or used tax-prepara-
tion companies are having
trouble determining when
they will get the payments of
$1,200 per adult and $500 per
child. Others struggle with er-
ror messages on the Internal
Revenue Service website.
“When you think you’re
getting the money and you
don’t, you need it worse,” said
Lori Carstensen of Pipestone,
Minn., who hasn’t been able to
figure out when and how her
payment is coming.
The government has al-
ready sent out most of the
$292 billion in the program
approved by Congress in late
March to help Americans
weather the coronavirus-in-
duced economic decline.
Americans with direct-de-
posit information on file at the
IRS got their money first.
More than 80 million deposits
totaling $147 billion hit bank
accounts last week, though
Treasury Department data in-
dicate that more than $2.6 bil-
lion has been returned since,
likely because payments
bounced back when they hit
incorrect or closed accounts.
Tax filers who don’t have
direct-deposit information at
the IRS will get checks mailed
to them. The first batch of
more than five million checks
has been going out already, ac-
cording to the Treasury.
More big chunks will go
soon. Social Security recipi-
ents who don’t file tax returns
should get their money by
Wednesday. People who get
Supplemental Security Income
benefits and veterans benefits
but don’t file tax returns
should get theirs by early May.
The rest will dribble out as
checks are mailed over the
next few months, unless peo-
ple can successfully update
their direct-deposit informa-
tion.
Detroit Suit
Over School
Conditions
Is Revived
BY TAWNELL D. HOBBS
A federal appeals court on
Thursday revived a case
no
brought by a group of Detroit
students alleging that the
city’s worst-performing public
schools had deprived them of
a minimum education, violat-
ing their constitutional right
to literacy.
The suit, filed in 2016
against the state of Michigan,
alleges that students were
subject to inadequate teaching
and unsafe buildings with in-
festations of mice and cock-
roaches. The suit was filed as
a class action on behalf of all
students in those schools.
In the ruling Thursday, the
Sixth U.S. Circuit Court of Ap-
peals said a review of Supreme
Court education cases “demon-
strates that we should recog-
nize a basic minimum educa-
tion to be a fundamental right.”
The ruling overturned a
2018 decision by a U.S. district
judge dismissing the lawsuit
and rejecting the students’
claim that access to a mini-
mum level of education to at-
tain literacy is a fundamental
right.
The lawsuit will now head
back to the district court.
Tiffany Brown, press secre-
tary for Michigan Gov.
Gretchen Whitmer, said in a
statement that the court’s de-
cision is being reviewed. She
said that the governor believes
that there is a responsibility
to teach every child to read.
Tacy Flint, a lawyer for the
plaintiffs, said the case can
now move forward with the
goal of making sure students
are properly educated.
“It empowers them to be
full participants in American
democratic society,” she said.
* * * * *
Severe Weather Carves a Path of Destruction Through the South
Severe storms blew through the South on Thursday after killing at least seven people in Oklahoma, Texas and Louisiana. More than 150,000 businesses and homes from
Texas to Georgia were without power. Above, residents of Onalaska, Texas, sifted through the rubble of a home after a tornado ripped through the area on Wednesday.
States Weigh Criteria to Reopen
Millions of tests,
contact tracing and
places to quarantine
new cases are needed
BY BETSY MCKAY
on
AND BRIANNA ABBOTT
us ,
l
The Trump administration
e
al a
laid out a three-phase plan for
reopening the country, and
states such as Georgia, Texas
ci on
and Ohio have moved to
loosen restrictions. But lifting
lockdowns too early will bring
the coronavirus roaring back,
health experts say.
er s
The country still lacks a
number of measures that must
m er
be in place before it is safe to
go back to some new version
of normal, experts say. These
include enough testing to
identify new cases quickly, an
m rp
army of public-health workers
to find and help those who
have come into contact with
the new cases, and places to
quarantine new cases to choke
co Fo
off nascent outbreaks as re-
strictions lift.
“We don’t want to open
things up, have a huge surge
in cases and have to lock ev-
erything down again,” said
Crystal Watson, a senior
scholar at the Johns Hopkins
Center for Health Security and
an author of several reports
on conditions for reopening.
“That would be even more
detrimental to our society and
n-
our economy if we have to
keep yo-yoing back and forth.”
The administration’s plan
largely leaves it to governors
to decide how and when to lift
stay-at-home orders in their
states, as officials look to min-
imize economic damage. Older
people and others at greater
risk of serious illness should
remain sheltered even after
restrictions start to ease, ac-
cording to the administration.
Stay-at-home orders have
had a huge impact, helping flat-
Break on Mortgages Offers Limited Relief
BY PAUL KIERNAN
WASHINGTON—A govern-
ment effort to give Americans
a break on their mortgage
payments during the coronavi-
rus pandemic hasn’t provided
the relief many homeowners
were hoping for.
The stimulus package that
Congress passed in March al-
lows homeowners with feder-
ally backed loans to suspend
monthly payments for up to a
year without penalty, if they
face financial hardship.
But the law doesn’t specify
what happens after the so-
called forbearance period
ends. Many borrowers say
they are being told they will
have to make lump-sum bal-
loon payments.
“They want to make it as
difficult as possible for people
not to give them their money,”
said Vincent Russo, a 43-year-
old waiter at a steakhouse in
Tampa who was laid off last
month.
His mortgage servicer,
AmeriHome Mortgage Co., told
U.S. NEWS
ten the curve, data on hospital-
izations and deaths show. If
current physical-distancing re-
strictions were lifted nation-
wide May 1, an immediate surge
in cases would follow, accord-
ing to infectious-disease model-
ers at Columbia University.
Setting a Threshold
Before easing restrictions, a
state’s number of new cases
should fall below a threshold
level, epidemiologists say. So
far, the Trump administration
hasn’t set such a threshold.
The Institute for Health Met-
rics and Evaluation at the Uni-
versity of Washington, whose
work has often been cited by
the administration, sets a
threshold of one case per day
for every million people. The
group calls it “a conservative
estimate” based on the as-
sumption that a state would be
able to identify and trace infec-
tions to prevent widespread
transmission at that level.
The institute says five
states—Montana, West Vir-
ginia, Vermont, Alaska and Ha-
Covid-19 testing in the parking lot of Pinn Memorial Baptist Church in Philadelphia this week.
him on April 14 that it would
assess his situation after a
three-month forbearance pe-
riod but that a balloon pay-
ment was possible. “I said, if
someone doesn’t have income,
how do you expect them to pay
three or four months all in one
big chunk?” Mr. Russo recalled.
AmeriHome didn’t com-
ment on Mr. Russo’s case.
The situation is causing ex-
tra anxiety for U.S. households
dealing with job losses and the
struggles of life under lock-
down. If mortgage servicers
follow through with demands
for lump-sum payments, bor-
rowers could be pushed into
default, damaging their credit-
worthiness and compounding
the financial pain inflicted by
the downturn.
“I am incredibly fearful,”
said Shira Klahr, a 45-year-old
single mother in Long Island,
N.Y. “I don’t know how I’m go-
ing to provide for my kids. I’m
worried about my home.”
Ms. Klahr was laid off from
her sales job in mid-March. She
said she spent four hours on
waii—could fall below that
threshold and start easing re-
strictions May 4 if they have
testing, contact tracing and
other containment strategies
in place.
Resolve to Save Lives, a
health-care initiative, proposes
a threshold of 40 new cases a
day for every one million peo-
ple. Beyond that, outbreaks
would be difficult to control,
said Cyrus Shahpar, a director
at Vital Strategies, the non-
profit behind the initiative.
Many U.S. states currently
have between 80 and 100 new
cases a day for every million
people, he said.
Quest for Tests
Each state has to test
widely to determine how many
cases it has. Despite improved
capacity, though, the nation is
still behind where it needs to
be, in part due to shortages of
supplies such as nasal swabs
and the chemical mixture
needed to transport samples,
public-health experts say.
The daily number of tests
hold before getting through to
a representative at JPMorgan
Chase & Co. She was offered
three months of forbearance
and told she might then have
to make a $9,000 payment for
the months she had missed.
“They told me that if I can’t
pay it all at once, then I can do
some kind of loan modification
where they—I don’t know what
Borrowers say they
are being told they
will have to make
balloon payments.
that means,” she said.
Keosha Burns, a spokes-
woman, said Chase has since
allowed people to request and
obtain forbearance via an on-
line form. Most Chase borrow-
ers can make up missed pay-
ments at the end of the
mortgage or when their home
is sold. The bank will contact
Friday, April 24, 2020 | A3
BRETT COOMER/HOUSTON CHRONICLE/ASSOCIATED PRESS
.
processed nationwide has ering around 20%.
ly
stagnated between 130,000 At least 500,000 tests a day
and 160,000 since April 6, ac- are needed to identify most
cording to the Covid Tracking cases of Covid-19, the illness
Project, which collects daily
testing numbers from state
health departments. That
number roughly doubled to
caused by the new coronavi-
rus, in the U.S. and trace their
contacts, said Ashish Jha, di-
rector of the Harvard Global
just over 300,000 tests on Health Institute.
Wednesday but dropped back
down to 193,000 Thursday. Need for Workers
Administration officials say Even once transmission of
shortages of testing chemicals the virus has slowed, U.S. pub-
and nasal swabs are being re- lic-health departments have
solved. nowhere near enough workers
Public-health authorities to track down all exposed peo-
consider the percentage of ple, experts say. Reports from
positive test results to be a Johns Hopkins, the Associa-
marker for whether enough tion of State and Territorial
tests are being given. A high Health Officials and others say
percentage of positives means between 100,000 and 300,000
some infected people are likely workers are needed, depend-
being missed. If the portion of ing on how many contacts
positive tests is small, authori- each infected person has.
ties are likely casting a wide- The nation’s local public-
enough net to catch most of health departments employ
the cases, public-health ex- between 130,000 and 160,000
perts say. people, according to the Na-
The World Health Organiza- tional Association of County
tion’s benchmark for adequate and City Health Officials, or
testing is a positive test rate Naccho, and only a fraction do
of about 10%. The U.S. is hov- contact-tracing work. These
departments have lost more
than 50,000 workers since the
2008 recession, or nearly 25%
of their workforce.
Public-health officials are
asking Congress for $3.6 bil-
lion in federal funding to hire
the workers. The CDC is pro-
viding experts and $631 mil-
lion to public-health depart-
ments for contact tracing and
other response activities.
Places to Isolate
People who have been ex-
posed are “the leading edge of
the pandemic” because they
MATT ROURKE/ASSOCIATED PRESS
may be next to get sick, and
services are needed to help
them self-isolate voluntarily,
said Tom Frieden, president
and CEO of Resolve to Save
Lives.
Exposed or infected people
may need temporary housing
so they don’t risk infecting
others, Dr. Frieden said.
customers before their for- Mortgage firms say they are
bearance period ends and give just following guidance pro-
them extensions if necessary, vided by the Federal Housing
Ms. Burns said. Finance Agency, which oversees
Unlike a typical bank, many Fannie Mae and Freddie Mac.
mortgage firms lend to home Fannie and Freddie last
buyers and quickly sell the week advised mortgage ser-
mortgages to Fannie Mae and vicers to tell borrowers they
Freddie Mac, the government- will have to repay their loans
sponsored finance companies. all at once only if they can af-
So-called servicing firms con- ford to. Otherwise, servicers
tinue to collect money from can work with borrowers to set
borrowers and pass the pay- up repayment plans or change
ments on to investors in mort- the terms of a loan. Servicers
gage-backed securities. say the lack of a one-size-fits-
The coronavirus-relief pack- all approach—and the recom-
age passed by Congress cre- mendation that they emphasize
ated no mechanism to test that forbearance isn’t forgive-
whether homeowners face fi- ness—allows scope for miscom-
nancial hardship and left ser- munication between call-center
vicers on the hook for pay- employees and borrowers.
ments skipped by borrowers An FHFA spokesman said
during the forbearance period. borrowers with a Fannie- or
“It’s a destructive incentive Freddie-backed mortgage
that’s going to encourage them aren’t required to pay back
to try to scare people or at a their forbearance in a lump
minimum tell them that sum. The agency encourages
they’re going to repay that in any borrower who believes
a balloon,” said David Stevens, their mortgage servicer is mis-
an industry consultant and representing repayment op-
former head of the Federal tions to contact the Consumer
Housing Administration. Financial Protection Bureau.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Friday, April 24, 2020
Battles Loom Over Next Relief Package
BY NATALIE ANDREWS
AND LINDSAY WISE
WASHINGTON—With the
passage of the latest coronavi-
rus economic-relief bill, law-
makers are now turning to the
next round. But Democrats,
Republicans and the Trump
administration have sharp pol-
icy differences over what
should be in the package—and
whether it is needed at all.
Since the beginning of
March, Congress has approved
bills for coronavirus research,
expanding paid leave and $2.2
trillion for economic aid,
topped off with $484 billion in
additional relief focused on
small businesses and hospitals
on Thursday. President Trump
is scheduled to sign the legis-
lation Friday at noon.
The unprecedented string of
bills was driven by consensus
among party leaders who
tamped down dissent within
their caucuses as they worked
out deals with the White House.
This next round of talks
promises to be tougher, with
lawmakers raring for a fight
over more state, local and
tribal aid money, payments to
households and businesses,
mail-in voting, workplace-
safety standards and other
contentious issues, amid re-
emerging concerns about defi-
cit spending. Complicating
matters: Mr. Trump is eager to
expand the stimulus menu,
backing measures such as in-
frastructure spending and a
payroll tax cut.
“This is a war, and we need
to win this war, and we need
to spend what it takes to win
the war,” said Treasury Secre-
tary Steven Mnuchin on Fox
Business Network.
Strapped States Won’t Get Immediate Aid
BY SCOTT CALVERT
AND DAVID HARRISON
States across the country
face an increasingly grim fi-
nancial outlook because of the
coronavirus pandemic shut-
down—with no near-term sign
the federal government will
come riding to the rescue.
House lawmakers on Thurs-
day approved another round of
aid, but there was no direct
help for states. The $484 bil-
lion bill, which the Senate ap-
proved on Tuesday, replen-
ishes two depleted small-
business relief programs, offers
additional assistance to hospi-
tals and funds an expansion of
testing capacity nationwide.
States are hemorrhaging
money responding to the pub-
lic-heath crisis at the same
time tax revenue is cratering
because of widespread stay-at-
home orders and business clo-
sures. Some governors have
already frozen or cut billions
of dollars in spending.
The nation’s governors are
pushing Congress to give
states $500 billion to make up
for lost revenue. The biparti-
san National Governors Asso-
ciation is also asking Congress
to help with health-care costs,
unemployment-insurance pay-
ments and access to test kits
and protective equipment.
Senate Majority Leader
Mitch McConnell poured cold
water on the pleas this week.
The Kentucky Republican said
he supports letting states use
bankruptcy protection to cut
their debts rather than provid-
Fed Turns Focus to Lending Programs
BY NICK TIMIRAOS
After several frenzied
weeks creating a raft of emer-
gency lending programs, Fed-
eral Reserve officials turn next
week to planning and imple-
mentation rather than an-
nouncing new initiatives.
Fed leaders have suggested
they are comfortable with their
current policy stance, meaning
major changes are unlikely to
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Scott Eubanks helps out at a Cleveland food-bank distribution area. About 3,000 pounds of food were given to the needy on Thursday.
Senate Majority Leader
Mitch McConnell (R., Ky.) and
House Speaker Nancy Pelosi
(D., Calif.) agree that negotia-
tions on the “phase four” pack-
age will get under way in ear-
nest after Congress resumes
full legislative activities in
Washington. Both chambers are
slated to return May 4, though
Washington is under a stay-at-
home order until May 15, which
could complicate matters.
Mrs. Pelosi said in an inter-
view that the Democrats will
prioritize money for state, local
and tribal governments, fund-
ing for food-aid programs and
worker-safety regulations.
Democrats will also push to
on
send money directly to many
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
A restaurant sat closed in Provincetown, Mass., on Wednesday. Lockdowns have taken a toll on state budgets.
ing more federal aid.
n-
Aid to state and local gov-
ernments will likely be a hotly
debated aspect of the next
round of coronavirus legislation
no
on Capitol Hill. House Speaker
Nancy Pelosi said Democrats
will push to include money for
local governments when law-
makers return in early May.
Mr. McConnell said he
didn’t want to subsidize the
high state pension obligations
that predate the coronavirus
crisis. In many cases, those
obligations were negotiated
years ago by governors and
state-employee unions.
“There’s not going to be
be unveiled Wednesday, at the
conclusion of their two-day
policy meeting.
But big questions loom that
will dominate deliberations
next week and in the weeks to
follow, including how to man-
age the central bank’s bond-
buying efforts and how long to
extend those easy-money poli-
cies, with announcements still
likely several weeks away.
One step the Fed could take
in the days ahead is expanding
the scope of its support for
municipal bond markets.
The central bank cut rates
to near zero at two unsched-
uled meetings last month as
the coronavirus pandemic
spread rapidly in the U.S. It
also announced open-ended
purchases of Treasury and
mortgage securities after core
financial markets seized up in
mid-March amid a flight to
cash by investors stunned by
the mounting uncertainty and
deteriorating outlook.
P W L C 10 11 12
THE CORONAVIRUS PANDEMIC
Americans, on top of the
$1,200-per-person checks in
the bill that passed last month.
“We’d like to see another
direct payment go forward,”
Mrs. Pelosi said, without out-
lining how much she thought
it should be.
At the top of the list for
Democrats is the aid for states
and localities, hard hit by the
declines in local sales and in-
come tax amid store closures
and job losses. The bipartisan
National Governors Associa-
tion—led by Maryland Gov.
Larry Hogan, a Republican,
and New York Gov. Andrew
Cuomo, a Democrat—have
asked for $500 billion to cover
the costs of the pandemic and
any desire on the Republican
side to bail out state pensions
by borrowing money from fu-
ture generations,” he said.
State officials called the idea
of filing for bankruptcy a non-
starter. “You want to see the
market fall through the cellar?”
New York Gov. Andrew Cuomo
said during his daily briefing
on Thursday. “Let New York
state declare bankruptcy. Let
Michigan declare bankruptcy.
Let Illinois declare bankruptcy.
Let California declare bank-
ruptcy. You will see a collapse
of this national economy.”
Congress previously passed
a $2 trillion aid package with
“The principal focus now is
not on adjusting what we see
is quite an appropriate stance
of monetary policy, at least for
the next few months,” Fed
Chairman Jerome Powell said
during a moderated discussion
earlier this month. “The prin-
cipal focus is on these lending
programs and making sure
that credit does flow in the
economy.”
One of those programs will
buy cities’ and states’ debts of
up to two years and is likely to
be expanded to include more
municipalities, according to
people familiar with the matter.
When the Fed first an-
nounced the Municipal Lending
Facility two weeks ago, it said
such loans would be open to 76
borrowers, including the 50
states, the District of Columbia,
counties of at least two million
residents and cities of at least
one million. Lawmakers have
encouraged the Fed to include
smaller cities and counties.
H T G K R F A M 1 2 3 4 5 6
avoid laying off first respond-
ers and cutting services.
While some Republicans sup-
port state and local funding, as
well as potential further aid for
small businesses, Mr. McConnell
has called for a pause in new
spending as the initial rounds of
funds go out and Congress tries
to return to normal business.
He has cited concerns about
the deficit impacts of the tril-
lions of dollars approved so
far and questioned the wisdom
of having the federal govern-
ment fill the growing budget
holes of states and cities, cit-
ing their power to raise their
own revenue and tackle pen-
sion shortfalls. Mr. McConnell
said he would support changes
$150 billion for state and local
governments, but the money
can be used only for coronavi-
rus-related expenses. States
say they need additional fund-
ing to plug budget holes, and
some want greater flexibility
when it comes to spending the
$150 billion already approved.
The National Association of
State Budget Officers says a
cash influx would help the na-
tional economy rebound and
warns states might have to cut
essential services if Congress
doesn’t approve more aid.
“States are currently facing
revenue impacts that could
dwarf what was observed in
Officials are also likely to
expand the Fed’s $600 billion
Main Street Lending Pro-
gram—in which it will extend
loans of up to four years to
small and midsize busi-
nesses—to allow nonprofits,
including hospitals and univer-
sities, to participate.
The program is designed to
reach firms too small to access
corporate debt markets on
Wall Street but too large to re-
ceive assistance from the
Small Business Administration.
Recessions have typically
been caused by a sharp rise in
oil prices or economic and fi-
nancial imbalances that trig-
ger an abrupt increase in in-
terest rates.
The current downturn is
different, and its unusual
cause—forced shutdowns of
commercial activity to slow
the spread of a highly conta-
gious virus—has upended the
traditional recession-fighting
playbook.
7 8 9 O I X X *****
in federal law to allow states
to file for bankruptcy.
“Because of the extraordi-
nary nature of this pandemic,
we have added $2.7 trillion to
the national debt on voice
votes in the House and Sen-
ate,” Mr. McConnell said in an
interview. “That’s not the ideal
way to function.”
His stance could put him at
odds with the White House,
which has assured Democrats
that states and localities
would be a priority in the next
round. Mr. Trump has stated
his support, and Mr. Mnuchin
said Congress and the admin-
istration plan to address the
need for the funds in the next
coronavirus legislation.
the last recession,” Marc Ni-
cole, the association’s presi-
dent, wrote in a letter Wednes-
day to President Trump and
congressional leaders. States
project declines of as much as
20%, as the pandemic ham-
mers their biggest revenue
sources, income and sales
taxes, Mr. Nicole said, whereas
total general-fund revenue fell
11.6% over two years during
the 2007-09 recession.
Mr. McConnell also suggested
states could raise taxes to bring
in more revenue. Unlike the fed-
ADAM GLANZMAN/BLOOMBERG NEWS
eral government, almost all
states are required to balance
their budgets. That means that
any new spending has to come
from tax revenue or federal aid,
rather than from borrowing.
Allowing states to file for
bankruptcy would require con-
gressional action and would
almost certainly face legal
challenges, said David Skeel, a
University of Pennsylvania law
professor. For one thing, it
could be seen as violating a
constitutional provision bar-
ring states from interfering in
contracts. It could also run
afoul of provisions protecting
state sovereignty, he said.
David Adkins, executive di-
rector of the Council of State
Governments, said he thought
Mr. McConnell’s comments
were a posturing tactic in con-
tinuing negotiations with Cap-
itol Hill Democrats. Sooner or
later, he said, Congress is go-
ing to have to direct signifi-
cant funds to state and local
governments to prevent a
wave of public-sector layoffs.
The central bank’s assets have
sharply expanded as it ramps
up bond purchases and lending
programs.
Federal Reserve asset portfolio
Securities holdings
Lending programs
Other
$6 trillion
RECESSION
5
4 ferred capital projects and is
3 classes come fall, she said.
2 Higher Education’s board of re-
1 across-the-board cut of 4% to
0
2008 ’10 ’12 ’14 ’16
Source: Federal Reserve
Fed leaders have indicated
in recent remarks they see lit-
tle chance of a swift economic
rebound because, even after
infection rates subside and
states and cities lift stay-at-
home orders, consumer behav-
ior could change in ways that
hold down spending.
THE WALL STREET JOURNAL.
In comments late Thursday,
Mr. Trump said he has spoken
to Mr. McConnell and other
senators about the issue. “We’ll
see what happens. But it’s cer-
tainly the next thing we’re go-
ing to be discussing,” he said.
Sen. Pat Roberts (R., Kan.)
said a boost in funds for state
and local governments is some-
thing that both Democrats and
Republicans could agree on, but
it is important to make sure the
money will be fairly allocated
to rural areas as well as more
populous states, such as New
York and California. Kansas is
facing a budget shortfall of
$653 million in the coming fis-
cal year, the state estimates.
“Kansas is not alone in that
TONY DEJAK/ASSOCIATED PRESS
respect....Pretty much every-
body in the Congress knows
there has to be some assis-
tance to state and local gov-
ernments,” Mr. Roberts said.
Previous coronavirus aid
packages have been largely ne-
gotiated by leadership, with
rank-and-file members submit-
ting proposals or legislation.
After agreeing to support sev-
eral bills by unanimous consent
or voice vote, due to the con-
straints of legislating during a
pandemic, some members of
Congress say their concerns
need to be heard this time.
Rep. Alexandria Ocasio-Cor-
tez, whose New York district
has seen a large number of
Covid-19 cases, said Democrats
.
must play “hardball” with the
next relief bill and push for
ly
more direct aid to individuals,
such as $2,000 a month for
adults and $1,000 for children.
She was the only Democrat
to vote against Thursday’s aid
bill, which passed the House
388-5, with one lawmaker vot-
ing “present.”
Public
Colleges
Lose State
Funding
BY MELISSA KORN
Some public colleges and
universities are starting to see
their budgets cut with surpris-
ing speed, as states reckon
with the economic fallout of
the pandemic.
The cuts are deep and
swift—and taking effect imme-
diately, not next fiscal year.
They will hit student programs
as well as capital projects and
staff salaries, university ad-
ministrators said.
Montclair State University, in
New Jersey, said it has been
told not to expect $12.3 million
of state funding it had been
counting on for the rest of the
current fiscal year, after Gov.
Phil Murphy slashed funding in
light of the coronavirus’s toll on
the local economy. That is about
25% of the university’s annual
state appropriations for the fis-
cal year that ends in June.
The state’s office of man-
agement and budget has de-
tailed nearly $138 million that
was earmarked for commu-
nity-college and public-univer-
sity operations and now has
been put back into reserves.
The New Jersey Treasury De-
partment didn’t respond to a
request for comment.
“This is not a small number
for us. And coming when it
did, exactly when we have so
many unanticipated and very
substantial expenditures, is re-
ally difficult,” said Montclair
State President Susan Cole.
Montclair State, with more
than 21,000 students, has an
operating budget of $437 mil-
lion. To make up for the unex-
pected loss of funds, the univer-
sity instituted a hiring freeze,
eliminated temporary and con-
tingent positions including non-
tenure-track instructors, de-
planning to offer fewer, larger
The Nevada System of
gents recently proposed an
university budgets in fiscal
2020, and offered options of
’18 ’20
6%, 10% and 14% cuts for next
fiscal year, at the governor’s
request. They are still awaiting
word on which levels of cuts
will be implemented.
State funding covers about
70% of the $1 billion total bud-
get for Nevada’s public univer-
sities, which include the Uni-
versity of Nevada campuses in
Las Vegas and Reno and the
College of Southern Nevada.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 24, 2020 | A5

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Friday, April 24, 2020
RICK WILKING/REUTERS
Respects are paid at a Denver nursing home for George Trefren, a 90-year-old veteran who died of Covid-19. In suburban Detroit, workers produce masks at a GM plant where transmissions used to be made.
21% Infection Rate Seen in New York City
The daily coronavirus death
toll in California reached a new
high as New York state re-
vealed results of a study sug-
gesting that more than 1 in 5
people in New York City may
have been infected.
By Talal Ansari,
Joseph De Avila
and Laurence Norman
California Gov. Gavin
Newsom said 115 people died
from complications from the
virus Wednesday, the state’s
deadliest day since the pan-
demic began.
The reported death toll in
the U.S. climbed to more than
49,759, an increase of 3,176 be-
tween 8 p.m. Wednesday and
the same time Thursday, ac-
cording to a Wall Street Jour-
nal analysis of data from Johns
Hopkins University. That was
the third deadliest day of the
pandemic in the U.S., behind
Thursday and Friday of last
week. Confirmed infections
reached more than 868,000.
Companies
Urged to
Repay Aid
Continued from Page One
it would return the $10 million
loan it received.
“Multimillion-dollar compa-
nies are getting millions of dol-
lars, it just doesn’t make
sense,” said Sabir Mujtaba,
president of Veloc Inc., a small
staffing company in Irvine,
Texas, with 18 employees that
wasn’t able to apply for a pay-
check loan before the initial
funds for the program ran out.
In updated guidance issued
Thursday, the Treasury Depart-
ment said it was “unlikely that
a public company with substan-
tial market value and access to
capital markets” would be able
to demonstrate that a govern-
no
ment-backed loan was neces-
sary for it to support its busi-
ness. Public companies that
received the loans must repay
the funds by May 7 to remain
in good standing.
Two dozen of the public
companies that received loans
employed more than 500 peo-
ple, according to a Wall Street
Journal analysis of securities
filings.
About a third reported more
than $100 million in annual
revenue for their last fiscal
year.
On Thursday, the House ap-
prove a $484 billion package to
deliver aid to small businesses
and hospitals and expand
Covid-19 testing. The Senate
approved the bill earlier this
week, and President Trump is
now expected to sign it.
Many smaller businesses
complained they didn’t receive
any assistance before the initial
funding ran out.
The program had a $10 mil-
lion loan limit but big hotel and
restaurant businesses were able
to apply through multiple sub-
sidiaries as long as each loca-
tion employed 500 or fewer
people. One hotelier received
approval for nearly $60 million
in loans by applying through
three public companies.
The application form re-
quires businesses to attest to
the Small Business Administra-
tion, which guarantees the
loans, that “current economic
uncertainty makes this loan re-
quest necessary” to support
ongoing operations.
In its Thursday update, the
Treasury said borrowers must
take into account their ability
World-wide, there were more
than 2.7 million confirmed cor-
onavirus cases and 190,000
deaths.
Experts say a lack of wide-
spread testing and differences
in reporting standards could be
masking the extent of the virus.
The study out of New York of-
fered a look at the potential
gap between the rate of re-
ported infections and the ac-
tual rate of infection.
The study of 3,000 New
Yorkers, tested at grocery stores
and other retailers around the
state, found that 13.9% tested
positive for coronavirus anti-
bodies, Gov. Andrew Cuomo
said at a press conference. In
hard-hit New York City, the fig-
ure was 21.2%.
Mr. Cuomo, a Democrat, cau-
onat home.
tioned that the figures were
us ,
preliminary and from only one
l
study, but he said the results in-
e
al a
dicated that about 2.7 million
people had been infected state-
wide. Based on that figure, the
ci on
state estimates the New York
death rate to be about 0.5%, al-
er s
m er
m rp
co Fo
The burger chain said earlier this week it would return the $10
million loan it received.
Rubio Questions
Banks on Loans
n-
WASHINGTON—Sen. Marco
Rubio is asking banks to ad-
dress whether they favored
certain borrowers in process-
ing applications for govern-
ment-backed small-business
loans, in violation of the pro-
gram’s mandate for treating
applications on a first-come,
first-served basis.
In letters sent to 12 bank
chief executives, Mr. Rubio (R.,
Fla.) asked for a detailed ex-
planation on how their institu-
tions set up their application
processes for the loan pro-
gram to help businesses hurt
by the coronavirus pandemic.
Banks that prioritized cer-
tain borrower applications over
others would have been in vio-
lation of the congressional in-
tent of the program, according
to an aide for Mr. Rubio.
“While I recognize the chal-
lenges of setting up a pro-
gram of this size, processes to
handle applications, and appro-
to access other sources of li-
quidity.
“The intent of this money
was not for big, public compa-
nies that have access to capi-
tal,” Treasury Secretary Steven
Mnuchin said.
Returned funds will be recy-
cled to make loans to additional
businesses that qualify for aid
under the program, a Treasury
spokesman said. Companies
that return the funds before
May 7 will be treated as though
they acted “in good faith” in
certifying they needed the
funds. The Treasury has previ-
ously said it would pursue
criminal charges if funds from
the program are used for fraud-
ulent purposes.
Ruth’s Chris received $20
THE CORONAVIRUS PANDEMIC
Coronavirus Daily Update
As of 9:31 p.m. EDT April 23
868,395 49,861
U.S. cases U.S. deaths
2,707,356 190,743
World-wide cases World-wide deaths
Source: Johns Hopkins University Center for Systems Science and Engineering
though the governor said the ies for the coronavirus, is un-
rate is higher because the calcu- clear, and he noted the tests
lations exclude people who died may also generate false posi-
Mr. Cuomo said the study’s
findings supported making deci-
sions about reopening the state
tives results.
However, he said, false-posi-
tive results seem to be less of a
concern for the New York study
economy on a regional basis. given that downstate was much
William Hanage, associate more likely to have positive re-
professor of epidemiology at sults compared with the rest of
the Harvard T.H. Chan School the state.
of Public Health, said the reli- “This passes the smell test in
ability of serological tests, the a way that some of these other
kind used in the New York serological surveys have not, in
study which check for antibod- the sense that it indicates the
sury’s announcement. Shake
Shack received a $10 million
loan, while Kura Sushi received
$6 million.
When Shake Shack applied
for the loan, it wasn’t clear the
program’s funds could be ex-
hausted before all applicants
were approved, Chief Executive
ANDREW HARRER/BLOOMBERG NEWS
Randy Garutti said in a state-
ment. The company instead
raised funds through an equity
offering.
Even some nonpublic com-
panies said they were returning
the funds.
“As soon as we realized it
ran out and so many people
didn’t get funding, we realized
it wasn’t worth it. We immedi-
ately returned it,” said Jona-
than Neman, chief executive
priate guidance to administer and co-founder of Sweetgreen
the program, it is important Inc. The restaurant chain re-
for small businesses and non- ceived a $10 million loan.
profits of various sizes, re- Privately owned It Works, a
gional locations, and missions direct-sales outfit with annual
to have equal access to PPP revenue of more than $300 mil-
assistance,” said Mr. Rubio, lion, according to its CEO Mark
who chairs the Senate Small Pentecost, canceled its $2.7
Business Committee, in the million paycheck loan. “It was
letter. the right thing to do to help
Among those getting let- others” that need the money
ters were the CEOs of Bank more, Mr. Pentecost said. The
of America Corp., JPMorgan Palmetto, Fla., company has
Chase & Co. and Wells Fargo about 160 employees.
& Co., who are all major par- The Paycheck Protection
ticipants in the federal govern- Program had a bumpy rollout
ment’s Paycheck Protection in early April after the govern-
Program to provide forgivable ment gave lenders final rules
loans to small businesses. on making the loans just hours
JPMorgan declined to com- before it started accepting ap-
ment on Mr. Rubio’s letter plications. Funds ran out less
specifically, but referenced a than two weeks later.
response to Frequently Asked Some small-business owners
Questions on its website, in have complained their applica-
which the bank says it didn’t tions languished while banks
prioritize bigger clients over focused on larger customers
smaller customers. with existing lending relation-
Bank of America confirmed ships. Sen. Marco Rubio (R.,
that it received the letter and Fla.) sent letters to 12 bank
said it planned to respond. CEOs on Thursday asking
Wells Fargo didn’t immediately whether banks favored certain
provide comment. borrowers in processing PPP
—Amara Omeokwe applications.
Among the public companies
that disclosed receiving a PPP
million in two loans. It said on loan this month is Legacy
Thursday it had applied for the Housing Corp., a builder of mo-
funds to keep as many of its bile homes based in Bedford,
more than 5,000 workers em- Texas. Legacy Housing recently
ployed as possible and cover increased its borrowing capac-
their health benefits. ity from $45 million to $70 mil-
Chief Executive Cheryl lion on a credit line with Capi-
Henry said the company always tal One Financial Corp. Legacy
intended to repay the loan but Housing declined to comment.
returned it now given that the When Congress wrote the
fund dried up so quickly. PPP legislation, it said compa-
“It is our hope that these nies could qualify for a forgiv-
funds are loaned to another able loan if they had 500 or
company to protect their em- fewer employees, or fell within
ployees, just as we intended,” existing size standards for their
Ms. Henry said. particular industry. A manufac-
A handful of public compa- turer of mobile homes that has
nies, including Shake Shake and 1,250 employees or fewer is
Kura Sushi USA Inc., which re- considered a small business un-
ceived $6 million, said they der SBA criteria, which enabled
planned to return PPP funding Legacy to qualify with its 800-
they received even before Trea- person workforce.
* **** THE WALL STREET JOURNAL.
80,174
U.S. recoveries
738,274
World-wide recoveries
ly
highest signal of infection in
the place where we know where
the most hospitalizations have
been occurring,” Dr. Hanage
said. That “gives me confidence
that this is something that
should be taken seriously.”
The study’s finding that New
York City’s rate of infection was
21.1% is also “indicative of a
larger fraction of people having
the infection than we know,”
Dr. Hanage said. The city had
141,754 confirmed cases as of
Thursday.
Shipments
Of Meat
Interrupted
Continued from Page One
Bank, an agricultural lender.
Tyson, the biggest U.S. meat
company by sales, on Thursday
temporarily closed a Washing-
ton state beef plant, after clos-
ing two Midwestern pork plants
on Wednesday that produce
millions of pounds of meat, to-
gether slaughtering nearly
35,000 hogs daily. Smithfield
Foods Inc., Cargill Inc., JBS USA
Holdings Inc. and Hormel Foods
Corp. have closed plants over
the past month, leading to sig-
nificant declines in overall U.S.
meat production.
Some meat orders are arriv-
ing incomplete as suppliers
pull back on variety and major
plants remain closed, grocery
executives said. Ground-beef
supplies are declining, a re-
gional grocery executive said,
and wholesale prices are
creeping up after a decline
that occurred when restau-
rants closed, clipping demand.
Meat inventories are likely
to become tight within two
weeks because of the recent
processing-plant closures, and
temporary shortages are possi-
ble, said Pat LaFrieda, chief ex-
ecutive of his namesake meat
wholesaler, based in New Jer-
sey. The company typically
supplies food to Shake Shack
Inc. and other restaurants, but
now is selling most of its in-
ventory to grocers, he said.
The spread of Covid-19, the
disease caused by the new cor-
onavirus, among U.S. meat-
plant workers has thrown the
$213 billion industry into dis-
array. Meat companies are
trucking poultry and livestock
to be processed at other
plants, and bringing in welders
to install shields between pro-
cessing-line work stations. On
farms, some pigs now are be-
ing euthanized because slaugh-
terhouses have closed, farmers
said. In Iowa, Gov. Kim Reyn-
olds dispatched this week as
many as 1,000 National Guard
members to help deliver
Covid-19 tests to meat plants.
“We haven’t seen a situa-
tion in our lifetime where the
industry has contracted as
quickly as we have seen in the
last month,” said Will Sawyer,
a CoBank economist who re-
searches meat production.
At Costco, Mr. Lyons is fo-
cused on supplies of pork and
PAUL SANCYA/ASSOCIATED PRESS
Dr. Hanage also said the
study showed “startling dispar-
ities” by race and ethnicity.
Nearly one in four African-
Americans and Latinos
throughout New York state
tested positive in the study.
Nine percent of Asians tested
positive and 9% of whites
tested positive. Nearly 23% of
those surveyed said they were
multiracial, other or didn’t say.
Statewide, whites make up
55% of the population, while
.
African-Americans are 14%, ac-
cording to census figures.
Asians make up 8% and Hispan-
ics are 19% of the population.
The federal Bureau of Pris-
ons said Thursday that at least
620 inmates and 357 staff had
tested positive for the corona-
virus. The numbers represented
an increase from the day be-
fore, which the agency attri-
buted in part to more testing in
some hard-hit facilities, includ-
ing a prison in Oakdale, La. The
bureau said Wednesday that at
least 566 inmates and 342 em-
ployees had tested positive.
chicken, which the chain re-
quires to be raised and pro-
cessed to certain specifica-
tions. Those industries
inherently have less room for
closures or surges in sales in
their supply chains because
animals are bred in precise
quantities to meet expected
demand, he said. Costco is
meeting demand now, he said,
but is considering working
with new suppliers to fill or-
ders if needed, with some of
its U.S. suppliers’ plants ex-
pected to be down for about
two weeks, Mr. Lyons said.
For chicken, where Costco
specializes in boneless, skin-
less breasts that are 99% fat-
free, the company is working
with plants to temporarily
supply those products for ad-
ditional days each week, Mr.
Lyons said.
Walmart is buying more
products ordinarily destined
for restaurants, working to
help convert plants used for
food service to retail, as well
as narrowing meat assortment
to focus on the fastest-selling
items such as basic steak cuts
to simplify the supply chain, a
person familiar with the situa-
tion said. Sales of vacuum-seal
bags are also rising at Wal-
mart, a sign shoppers are buy-
ing food they intend to pre-
serve, this person said.
Todd Allen, director of meat
and seafood at the Raley’s gro-
cery chain in West Sacra-
mento, Calif., said the company
is receiving about 80% of its
chicken orders while its meat
sales have increased about 67%
since March. It recently re-
moved purchase limits on
chicken items and has been
able to keep more inventory in
its warehouses to meet the de-
mand, but it is paying higher
wholesale prices for some
products, including 30% more
for beef shoulders and around
80% higher for inside leg parts.
“If we have to lose money to
be competitive, we do,” he said.
A few closed plants re-
opened this week. Cargill’s Ha-
zleton, Pa., plant closed on
April 7 after nearby Covid-19
cases spiked. Over the past
two weeks the company in-
stalled plastic PVC sheeting
between stations on the pro-
cessing line, set up plans to
check employees’ tempera-
tures in the middle of shifts,
and laid out one-way en-
trances and exits for cars and
workers.
Early this week, about 60%
of day-shift employees had re-
turned to work, and 70% for
the night shift had done so,
above expectations, Cargill
said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Doctor Takes Oath to Homeless Shelters
Dr. Thomas Huggett
treats at-risk patients
in a Chicago hotel—
and lives there too
BY JOE BARRETT
CHICAGO—At 10 a.m. on a
recent day, Dr. Thomas Hug-
gett squared his shoulders and
waded into a crowd of home-
less people at a dimly lit shel-
ter on this city’s West Side.
Most were elderly or suf-
fered from a variety of ail-
ments that made them partic-
ularly vulnerable to Covid-19,
the disease caused by the new
coronavirus. His only protec-
tion was a thin surgical mask
as he delivered a pitch he has
been making almost daily at
different shelters.
“Because you are at risk of
getting really sick, we are of-
fering you a hotel room, but
you have to stay inside. You
can’t go in the hallway. You
can’t go out for a smoke. You’ll
have your own TV and remote
control. You’ll have a nice bed
and we’ll bring you three
meals a day. We’ll bring your
medication to you,” he said.
Then he threw out his final
sweetener. “I’ll be staying in
the hotel too.”
The 60-year-old physician
with Lawndale Christian
Health Center heads a medical
team that has helped the city
convert a former boutique ho-
tel just steps from the fancy
shops on the city’s Magnifi-
cent Mile into a shelter for the
most at-risk homeless people.
The target is those over age
60, or 55 with underlying med-
ical conditions. Right now,
they have 137 residents and
they aim to have 174.
The hotel is one way Chi-
cago Mayor Lori Lightfoot’s
administration is trying to
close the gap between rich and
poor that the pandemic has
exposed. The virus is taking an
outsize toll in black and mi-
nority communities. Some 60%
of reported deaths have been
among African-Americans in a
city where they make up 30%
of the population.
no
Dr. Thomas Huggett, center, and shelter operations director Luwana Johnson, left, speaking with a homeless man earlier this month.
For the homeless, the dis-
parities are even starker, since
the crowded sites where they
shelter in place can be hotbeds
of infection.
Nationwide, cities and
states are crafting different
solutions to control the virus
among their homeless popula-
tions. In warmer states, where
many homeless people live
outdoors, some cities are set-
ting up makeshift shelters
with more personal space and
access to hygiene. San Fran-
on
cisco’s Board of Supervisors
us ,
last week ordered the city to
l
rent 7,000 hotel rooms for
e
al a
homeless residents.
In Boston, drivers in full
gear run vans back and forth
ci on
to homeless shelters to move
out people who are either pos-
itive or have been exposed,
and are isolating them in a
range of pop-up medical tents
er s
and wards. “We’re honestly
making this up as we go,” said
m er
Joshua Barocas, an infectious
m rp
co Fo
n-
NY
THE CORONAVIRUS PANDEMIC
diseases doctor at Boston
Medical Center.
Dr. Huggett grew up on a
farm in Wisconsin, the first
member of his family to go to
college. After getting a degree
in biochemistry at the Univer-
sity of Wisconsin, he went on
to medical school at the Uni-
versity of Chicago and later
got a master’s in public health
at Johns Hopkins University.
After practicing for a few
years in Wisconsin, he joined
the Peace Corps and ran a
200-bed hospital in Malawi in
East Africa during the AIDS
crisis.
“I understand risks,” said
Dr. Huggett, a churchgoing
Catholic, who says everyone
can’t be Mother Teresa, but
we can aspire to do our part
based on our talents. “We have
to help our brothers and sis-
ters; that’s kind of where I’m
coming from.”
Dr. Huggett started his day
in his suite on the hotel’s 28th
floor at 5:30 a.m., by reading a
meditation from Father Rich-
ard Rohr, the Franciscan priest
and author. He then did some
stretching and 60 push-ups
and 60 sit-ups. “You’re sup-
posed to do your age,” he said.
Around 9:30, after a quick
breakfast of cold cereal and
some paperwork and phone
calls, he hopped in his 10-year-
old Toyota Corolla for the
drive to the Franciscan Out-
reach shelter, where some 20
people were lined up waiting.
The shelter, in a long, low for-
mer factory building, was
filled with beds, each about far
enough apart for a person to
walk by.
The coronavirus spreads
like wildfire in crowded shel-
ters. As many as 40% of resi-
dents at some shelters have
tested positive for the novel
coronavirus, even if they have
no symptoms, Dr. Huggett
said.
The shelter normally holds
Friday, April 24, 2020 | A7
Dr. Huggett, who is single
and has no children, lives on
Chicago’s West Side. He goes
to his house to do laundry and
tend to his roses, but has been
otherwise staying at the hotel
since the beginning of April.
In his hotel room, Dr. Hug-
gett answered emails, chimed
in on conference calls and con-
sulted with other staff, who
regularly came through his un-
locked door. Tasks landing in
his lap include finding metha-
done for a man on the verge of
withdrawal and helping an-
other man with paperwork on
permanent housing.
Around 4:30, Dr. Huggett fi-
nally had a chance to check in
with a few patients.
He donned a face shield and
JOSHUA LOTT FOR THE WALL STREET JOURNAL
gloves and laid out a sterile
sheet on the hall floor to as-
semble his equipment. Then he
knocked on the door of Jack
Hall, 69, a former factory
worker who had tested posi-
tive for the coronavirus.
Inside, he checked Mr.
Hall’s temperature, blood oxy-
gen level and pulse. “Let’s just
put that under your tongue
and hold it up there,” Dr. Hug-
gett said. When Mr. Hall
reached up, Dr. Huggett cau-
282 people, but would be tioned: “Now don’t…don’t
down to 75 by the end of the touch me.”
day, so there is more room for Mr. Hall’s readings were all
social distancing, said Luwana normal and his appetite was
Johnson, director of shelter back, though he said he still
operations. had some difficulty breathing.
.
The hotel where Dr. Huggett Mr. Hall had recently asked
works had been facing a pro- Dr. Huggett for a vacuum
ly
longed labor dispute and was cleaner so he could tidy up his
closed when the city negoti- room. He showed the dustpan
ated to take it over last and broom he got instead. The
month. The city has set up five
shelters in large spaces like
field houses and is using two
hotels, including Dr. Huggett’s,
room was spotless. “It’s very
comfortable. No noise,” he
said.
Still, Mr. Hall was hoping to
to help ease crowding and get some French dressing and
treat different categories of more saltine crackers. “I eat a
homeless people during the lot of crackers and I drink a
crisis. lot,” Mr. Hall said. Grape soda
Initially, Dr. Huggett’s hotel is his favorite, so the staff got
took in people from shelters two cases. Dr. Huggett also en-
who were suspected of having couraged him to try plunging a
the virus. But after more test- balky toilet—which took care
ing, it became clear that there of the problem.
wouldn’t be enough room. “We’re going to meet these
So the hotel began focusing people where they are,
instead on the people who whether it’s fixing their toilet
would be at most risk if they or getting them grape soda,”
got Covid-19. Dr. Huggett said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

Ventilator Hunt Spurs

No-Frills Innovation
With the coronavirus pan- ical-device maker in Medellín. tors to treat pneumonia pa-
demic bearing down on Latin Across the world, from tients and premature babies
America and ventilators in Chile to Mexico, Britain to re- must now try to provide one for
short supply, engineers, entre- mote Malawi, countries are each Covid-19 patient in critical
preneurs and physicians are racing to find—or build—their condition. In countries such as
coming together with an auda- own ventilators. The coronavi- Spain and Italy, the ventilator

FERNANDO VERGARA/ASSOCIATED PRESS

cious goal: building their own rus pandemic has sparked a
breathing machines from fivefold rise in demand and a
scratch in a matter of weeks. global bidding war for the
breathing devices, with the
By Juan Forero unit price on some models now
in Bogotá, Colombia, doubling to about $45,000, in-
and Santiago Pérez dustry executives said.
in Mexico City Factories that typically pro-
duce ventilators in China, the
In Colombia, they started in U.S. and Europe are over-
mid-March, using open-source whelmed. Wealthier countries
specs from the Massachusetts are able to outbid poorer ones,
Institute of Technology. Their leaving developing nations
partners, manufacturers in that have fewer ventilators
Medellín, began to retool auto- scrambling for options.
motive and appliance plants to “Even if governments have
make less-expensive ventila- the money, there’s no supply,”
tors, with production costs at said Luis Villa, head of innova-
roughly $1,500 apiece, a frac- tion at the National Polytech-
tion of the market price. They nic Institute, a public univer-
have started testing on pigs sity in Mexico City. His team is
and hope to run clinical trials also using the MIT specs for
on people soon. one of several prototypes, in
“We’ve still got a lot to do, addition to 80 no-frills venti-
the clinical tests with humans. lators made at the university’s
But we’ve taken a big step,” 3-D printing farms.
said Mauricio Toro, a mechani- Ill-equipped hospitals across
cal engineer who oversees in- poorer countries that usually
novation for Sampedro, a med- have just a handful of ventila-
shortage forced doctors to re-
serve the machines for those
deemed most likely to survive.
At intensive-care units, the
ventilators pump oxygen into
the lungs of Covid-19 patients
with respiratory failure by
mimicking the respiratory rate
of the person.
The quandary has led tech
geeks and biomedical engineers
to try to assemble their own
contraptions with the goal of
winning regulatory approval as
quickly as possible. In Colom-
bia, Mr. Toro’s team and two
others in Medellín are working
together, having requested reg-
ulatory permission to start hu-
man trials as soon as possible
for their ventilators.
Making the breathing de-
vices is no easy task. Modern
ventilators in hospitals have
close to 200 electronic, me-
chanical and pneumatic com-
ponents produced in several
countries through complex
supply chains.
Colombian engineering professors in Bogotá calibrate the prototype of a low-cost ventilator.
The no-frill models use
fewer and less costly compo-
nents, some of them adapted
auto parts. Many prototypes
under development also require
closer supervision from medical
staff at hospitals or aren’t in-
tended for intensive-care units.
In Mexico, a country of 127
million, there are more than
9,500 confirmed cases of coro-
navirus and more than 850
deaths from Covid-19, the dis-
ease caused by the new coro-
navirus, but the government
estimates the true number of
infections could be close to
78,000.
The country faces a para-
dox: Its plants along the U.S.
border are ramping up to meet
demand—but that production
is for the U.S. market. Despite
being a top exporter of venti-
lator components to the U.S.,
Mexico has no factories for fi-
nal assembly.
Jorge Habib’s factory in
Mérida in southeastern Mexico
is going from making air-con-
ditioner systems for leading
car makers to complex models
of ventilators in his state, Yu-
catán. On a recent day, more
than 40 industrial and bio-
medical engineers, designers
and physicians worked on the
final details of a prototype,
which he hopes will soon lead
to production of 1,000 ma-
chines.
“The goal is to try to make
them at an affordable, not
speculative, cost,” said Mr.
Habib, whose company, Air
Temp, is dependent on foreign
supplies of key parts, such as
sensors. The idea is to charge
between $1,000 and $1,500 a
unit, just enough to cover costs
and book a moderate profit.

Chaos in Japan

.
ly
Supply on Challenges
Market Olympic
Expenses
us ,

Continued from Page One

l

erything up front, with Chi-

e
al a

nese manufacturers demand-

ing as much as 50% upon BY ALASTAIR GALE
signing the contract and the
ci on

other 50% before the goods TOKYO—Japan and the In-

are handed over, buyers and ternational Olympic Commit-
sellers said. tee need further discussion
In the red-hot ventilator about the financial burden of
market, where some models the postponement of the Tokyo
er s

can cost more than $50,000, a Olympics, a senior Japanese

Western medical institution official said, highlighting ten-
m er

was asked to wire transfer a sion over who shoulders sev-

40% deposit before even see- eral hundred million dollars in
ALL NIPPON AIRWAYS/ASSOCIATED PRESS

ing the product. Another pro- expected costs from the delay.
spective buyer, a U.S. state, re- Signs of disagreement be-
counts being asked to put tween the local organizers of
m rp

down 100,000 yuan ($14,120) the Games, which have been

before being provided with an delayed until summer 2021 be-
address for a factory where cause of the pandemic, and
the vendor said it was holding the IOC surfaced this week
the ventilators for inspection, when the Japanese demanded
co Fo

people familiar with these a change to an IOC statement.

transactions said. The IOC said in an online
Typically, institutional buy- Transporting medical supplies from China is challenging. Passenger seats held boxes on an All Nippon Airways flight from Shanghai to Tokyo. Q&A about the Tokyo Olym-
ers conduct extensive vetting pics published on Tuesday
and pay suppliers about a PPE from China was sent an This month, China introduced ing—described by one middle- ume has produced even more that Prime Minister Shinzo
month after receiving the official-looking certification tighter customs regulations af- man as the “Louis Vuitton” of headaches. China began limit- Abe had agreed to cover the
goods. But in the current health purporting to be from the U.S. ter complaints about low-qual- masks for the company’s high ing foreign airlines to one in- costs of the Games next year
crisis, many are having to bal- Food and Drug Administration, ity Chinese PPE exports to product-quality standards—told bound flight a week last month, under the existing Games
ance their traditional standards with the words “Insert Num- some European countries. prospective customers this significantly reducing the agreement, suggesting Japan
with the need to act quickly. ber here” on the document, by Private-sector buyers have month that it couldn’t supply amount of cargo that can be would be responsible for any
State governments, used to a prospective supplier. also had to find creative work- masks until October. flown out of China in passenger new costs related to hosting
a bidding process that can The certification was fabri- arounds. Mr. Bernstein’s Uni- Even so, a Journal visit to the planes. Bulk freight prices have the Olympics, such as fees to
take months, have been espe- cated and the supplier had for- versity of Pittsburgh China facility one recent April after- also risen dramatically. rebook venues and rehire staff.
n-

cially hamstrung by the race gotten to replace the words team has connected via Zoom noon found a nearby tree-lined The scramble has highlighted Japanese officials said Mr.
to navigate China’s opaque, with numbers, said John Ev- for video inspections of Chi- side street bustling with dozens the West’s reliance on China for Abe had made no deal and sent
complex and fast-changing ans, the Bangkok-based man- nese suppliers’ plants. To se- of men doing a brisk trade in critical medical supplies. a complaint that asked the IOC
supply-chain network. aging director of management- cure one urgent order of masks they said were from “Americans are learning not to publicly detail talks about
no

“You are often dealing with consulting company Tractus masks late on a Sunday, his Dasheng’s production lines. from the crisis of our overde- costs. The IOC deleted the claim
middlemen or a shell [com- Asia Ltd. employees reached out to a Two men claimed to have pendence on China,” said Wil- from its website the same day.
pany] within a shell within a In another case, Mr. Evans Chinese hospital group part- five million masks secured liam Buckley, chairman of the On Thursday, Tokyo 2020
shell,” said Illinois Deputy Gov. recounted, Chinese suppliers ner. The hospital group sent a through a contact inside the local government board in Mil- Chief Executive Officer Toshiro
Christian Mitchell, who has turned over addresses of doctor out to the factory plant, which they offered to ford, Mass., which ordered Muto said the question of how
approved the purchase of warehouses that suppliers said around 10 p.m.; the doctor resell at 18.50 yuan ($2.62) 30,000 isolation gowns in new costs would be handled
more than 10 million pieces of were filled with masks avail- sent back a video of himself per mask. Their cut: 2 yuan March from a Chinese supplier would require more debate.
PPE from China for the state. able for sale. Upon further in- donning the Chinese equiva- per mask. Dasheng couldn’t be he said canceled the shipment IOC officials have said they
To grab hold of critical face spection, the facilities turned lent of a coveted N95 filtered reached for comment. days later. expect costs to rise by several
masks, the U.S. government has out to be empty. mask—with two thumbs up. Landing the products “Hopefully, there will be a hundred million dollars, while
committed itself to $110 million A Chinese government Further complicating the doesn’t guarantee that they day of reckoning…and [we] re- indicating their responsibility is
in orders at high prices and spokesman said this week that process is a sprawling and un- will make it across the Pacific. align the supply chain,” Mr. to support struggling interna-
with unproven vendors, The the country provides urgently ruly black market. Regulatory hurdles in both Buckley said. “That’s what ev- tional sporting federations and
Wall Street Journal reported. needed medical supplies to Sales staff at a Shanghai area countries have made the prod- ery country should do.” local Olympic committees. Some
One adviser to U.S. state more than 150 countries and factory operated by Dasheng ucts’ export a minefield. —Trefor Moss and Yin Yijun federations depend heavily on
governments trying to procure international organizations. Health Products Manufactur- A reduction in airfreight vol- contributed to this article. financial support from the IOC.

Call-Center Owner Improvises to Keep Phone Lines Open

As the new Access BPO, a company that from Manila where many year-old faces in keeping the
coronavirus counts a U.S. food-delivery call-center workers live. company’s phone lines open
forces big service and a major hospital “We can’t have roosters in is compounded by increased
changes in system among its customers. the background,” he said. responsibilities at home. He
how we As clients manage the crisis, “That immediately sends a is now taking care of his 25-
work, The Wall Street Journal they rely on his Filipino staff- red flag to a customer.” year-old son, Harry Davidow-
is looking at how different ers to field questions about About 200 of his employ- itz, who has autism, full time
people are coping with the insurance and delivery orders. ees continue to work from because school is closed.
stresses and risks. For earlier Two of his company’s larg- the offices because there Mr. Davidowitz’s extended
articles in the series, visit est call centers are based in isn’t enough space in their family also has been affected.
wsj.com/makingitwork. the Philippines’ capital, Ma- residences, internet connec- Two of his brothers in Penn-
nila, which has been locked tivity is poor or the sur- sylvania tested positive for
BY JON EMONT down since mid-March. While roundings are too noisy. Covid-19. One got better
BEN DAVIDOWITZ

a skeleton crew works in the
Ben Davidowitz moved to office, most of his 1,200 em-
the Philippines in 2010 to ployees set up makeshift call
open call centers that al- centers at home.
lowed global companies to Open Access BPO’s reve-
move their customer-support nue is down 12% since the
services offshore. The coro- start of the pandemic. And
navirus pandemic has forced the new staff procedures
the American entrepreneur to come with additional costs.
find a way for his workers to Many members of Mr. Da-
serve global customers from vidowitz’s young workforce
their metro-Manila homes. live in small apartments
Mr. Davidowitz runs Open without desks or even inter-
In offices, staffers are quickly, while the other bat-
seated far apart, and the tled the illness for weeks be-
company rented housing units fore recently recovering.
and hotel rooms near the call Mr. Davidowitz thought
Ben Davidowitz is now taking full-time care of his son, Harry centers where they can stay. about flying home, but most
Davidowitz, who has autism, while keeping his business running. Food is provided to those commercial flights to and
working from the office. from the Philippines have
net connections. He dis- than quality equipment. A Once every two weeks, Mr. been canceled. He looked
patched technicians to each quiet environment also is es- Davidowitz stops by his Ma- into chartering a private
of the homes where employ- sential. This is where Mr. Da- nila call centers and makes flight to see his brothers, but
ees needed support. vidowitz faces a problem. sure employees are following was concerned that if he got
Answering customer que- Roosters are abundant in social-distancing procedures. sick, there would be no one
ries, however, requires more the areas a few hours’ drive The complexity the 57- to take care of Harry.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Zoom
Fatigue
Is Real
Continued from Page One
online quiz teams. Book groups
and ballet classes, canceled for
the coronavirus, are born again
via videoconference.
As museum tours, zoos, lan-
guage schools, choirs and yoga
courses migrate online, at-home
idleness has become virtually
impossible. “I don’t feel I have
the capacity to even read all of
the suggested brilliant things
we can do with our kids,” says
Sonya Dreizler, 40, a consultant
living in San Francisco with her
husband and sons aged 9 and 4.
“I say this from a very privi-
leged place where we’re not
worried about putting food on
the table,” she says.
The family’s initial excite-
ment about video chat is fad-
ing, she says. “Zoom fatigue is
real,” she says. Before Califor-
nia’s shelter-in-place order, Ms.
Dreizler used Zoom frequently
with clients. Now encounters
Amazon
Tapped
Seller Data
Continued from Page One
internal investigation.
Nate Sutton, an Amazon as-
sociate general counsel, told
Congress in July: “We don’t use
individual seller data directly to
compete” with businesses on
the company’s platform.
It is a common business
strategy for grocery chains,
drugstores and other retailers
to make and sell their own
products to compete with brand
names. Such private-label items
typically offer retailers higher
profit margins than either well-
known brands or wholesale
items. While all retailers with
their own brands use data to
some extent to inform their
product decisions, they have far
less at their disposal than Ama-
zon, according to executives of
private-label businesses, given
Amazon’s enormous third-party
marketplace.
The coronavirus pandemic
has enabled Amazon to posi-
tion itself as a national re-
no
source capable of delivering
needed goods to Americans
sheltering in place, garnering it
goodwill in Washington. The
company continues, however,
to face regulatory inquiries
into its practices that predate
the crisis.
Last year, the European
Union’s top antitrust enforcer
said that it was investigating
whether Amazon is abusing its
dual role as a seller of its own
products and a marketplace
operator and whether the com-
pany is gaining a competitive
advantage from data it gathers
on third-party sellers.
The Justice Department,
Federal Trade Commission and
Congress also are investigating
large technology companies,
including Amazon, on antitrust
matters. Amazon is facing
scrutiny over whether it un-
fairly uses its size and plat-
form against competitors and
other sellers on its site.
On Thursday, after a version
of this article was published
online, House Judiciary Com-
mittee Chairman Jerrold Na-
dler (D., N.Y.) said in the
memo: “This report raises deep
concerns about Amazon’s ap-
parent lack of candor before
the Committee regarding an is-
sue that is central to our inves-
tigation.”
Amazon disputes that it
abuses its power and size, not-
ing that it accounts for a small
proportion of overall U.S. re-
tail sales, and that the use of
private-label brands is com-
mon in retail.
Amazon has said it has re-
strictions in place to keep its
private-label executives from
ranging from her sons’ play-
dates to chats with her mom,
69, and grandmom, 93, have
moved online. She has started
declining invites, telling
friends: “I just don’t want to be
on a Zoom happy hour right
now. I hope you understand.”
Each Friday at 6 p.m., Ms.
Dreizler’s mother and her
friends log on to a Zoom happy
hour. The first time, everyone
muted, then spoke in turn. “It
was beautiful,” says Bella
Dreizler, living in Sacramento.
“The following week, we didn’t
do the mute thing and it was
frigging chaos.”
Her 4-year-old grandson
Leon Schinske has become a
video-call refusenik. “No, I
don’t want to be on Zoom, my
friends interrupt me, and they
don’t go on mute,” he told his
mother, Sonya Dreizler, when
she asked if he wanted to join
story time with his class for the
third day in a row.
Old ways of flaking have
evaporated, says Mark Ioannou,
27, an IT consultant in North
London. “No excuses, are
there?” All that’s left, he says: “I
just don’t want to talk to you.”
He moved his work-leaving
drinks from a bar to a Micro-
soft Teams meeting hosted in
on
us ,
accessing data on specific sell-
l
ers in its Marketplace, where
e
al a
millions of businesses from
around the globe offer their
goods. In interviews, former
ci on
employees and a current one
said those rules weren’t uni-
formly enforced. Employees
found ways around them, ac-
cording to some former em-
er s
ployees, who said using such
data was a common practice
m er
that was discussed openly in
meetings they attended.
“We knew we shouldn’t,”
said one former employee who
accessed the data and de-
m rp
scribed a pattern of using it to
launch and benefit Amazon
products. “But at the same
time, we are making Amazon
branded products, and we want
co Fo
them to sell.”
Access to data
Some executives had access
to data containing proprietary
information that they used to
research bestselling items they
might want to compete
against, including on individual
sellers on Amazon’s website. If
access was restricted, manag-
ers sometimes would ask an
n-
Amazon business analyst to
create reports featuring the in-
formation, according to former
workers, including one who
called the practice “going over
the fence.” In other cases, sup-
posedly aggregated data was
derived exclusively or almost
entirely from one seller, former
employees said.
Amazon draws a distinction
between the data of an individ-
ual third-party seller and what
it calls aggregated data, which
it defines as the data of prod-
ucts with two or more sellers.
Because of the size of Ama-
zon’s marketplace, most prod-
ucts have many sellers. View-
ing the data of a product with
a number of sellers wouldn’t
give it insight into proprietary
seller information because the
figures would show lots of dif-
ferent seller behavior.
Amazon said that if there is
only one seller of an item, and
Amazon is selling returned or
damaged versions of that item
through its Amazon Warehouse
Deals clearance account, Ama-
zon considers that “aggregate”
data—and hence is permissible
for its employees to review.
Amazon’s private-label busi-
ness encompasses more than
45 brands with some 243,000
products, from AmazonBasics
batteries to Stone & Beam fur-
niture. Amazon says those
brands account for 1% of its
$158 billion in annual retail
sales, not counting Amazon’s
devices such as its Echo speak-
ers, Kindle e-readers and Ring
doorbell cameras.
Former executives said they
were told frequently by man-
agement that Amazon brands
should make up more than
10% of retail sales by
2022. Managers of different
private-label product catego-
FROM PAGE ONE
Bella Dreizler has a Zoom happy hour with friends each Friday. ‘It
was frigging chaos’ one day when people didn’t mute, she says.
his bedroom. Even those with
busy social calendars normally,
like Mr. Ioannou, are finding
the demands of lockdown
drinks overwhelming. “You
wouldn’t socialize that much on
a normal week,” he says.
Natalia Witczyk, 29, worried
her social life living in Barce-
lona would suffer during lock-
down. Instead, it went berserk.
“I had to run an online calendar
with all the meetings because I
was losing track.”
She had events almost every
Amazon’s private-label business offers more than 243,000 products. Fortem co-founders Yuriy Petriv, above left, and Oleg Maslakou.
Online Giant
Amazon accounts for more than one-third of all U.S. e-commerce, and it sells nearly 20,000
private-label products.
U.S. e-commerce sales
Amazon Other e-commerce
$600 billion
500
400
300
9%
8%
200 %
4%
%
100
0
2016 ’17 ’18 ’19 ’20*
*projection †Data captured March 7–11
Sources: eMarketer (e-commerce); DataWeave (private label)
ries have been told to create
$1 billion businesses for their
segments, they said.
Amazon has a history of dif-
ficult relationships with sell-
ers, especially those that
choose not to sell their prod-
ucts on its site. While some of
the issues have involved coun-
terfeit goods or frustration
about lack of pricing control
on their products, another con-
cern for some is that Amazon
would use data they accumu-
late to copy the products and
siphon sales.
‘We knew we
shouldn’t,’ said one
former employee
who accessed data.
Because 39% of U.S. online
shopping occurs on Amazon,
according to research firm
eMarketer, many brands feel
they can’t afford not to sell on
the platform. In a recent sur-
vey from e-commerce analytics
firm Jungle Scout, more than
half of over 1,000 Amazon
Marketplace sellers said Ama-
zon sells its own products that
directly compete with the
seller’s products.
“We had a brand say they
wanted to sell exclusively on
Walmart, and when we pro-
posed Amazon, they said they
don’t want to risk private-label
copying their product,” said
Kunal Chopra, the CEO of
etailz, which helps vendors sell
BELLA DREIZLER
evening during the first lock-
down week and back-to-back-
to-back drinks Friday night. “At
first, I was anxious to get
plans,” says Ms. Witczyk, a
manager at a digital-marketing
agency, “then I was anxious
about those plans.”
Mitch Adams, 40, who works
for a beer importer, knows from
bitter experience the transition
has created a social minefield.
“The difficult thing,” he says,
“is that we are trying to put our
normal social cues and how we
Percentage of Amazon's private-label products by category†
Clothing shoes and jewelry
Home garden and pets
Electronics computers and office
Sports and outdoors
Beauty and health
Food and grocery
Toys kids and baby
Automotive and industrial
across platforms.
Early last year, an Amazon
private-label employee working
on new products accessed a
detailed sales report on a car-
trunk organizer manufactured
by a third-party seller called
Fortem, a four-person, Brook-
lyn-based company run by two
29-year-olds. That employee
showed the report to the Jour-
nal. More than 33,000 units of
the organizer were sold during
the 12 months covered in the
report, according to a copy re-
viewed by the Journal. The re-
port has 25 columns of de-
tailed information about
Fortem’s sales and expenses.
Fortem accounted for
99.95% of the total sales on
Amazon for the trunk orga-
nizer for the period the docu-
ments cover, the data indicate.
Oleg Maslakou, one of Fortem’s
founders, said “no one is sell-
ing the Fortem organizer be-
sides us and Amazon Ware-
house deals,” a resale clearance
account of returned or dam-
aged goods from Fortem. “You
hit us with a big surprise,” he
said after reviewing the data
Amazon’s private-label em-
ployee had on his brand.
Amazon said that there was
one other seller of Fortem’s
trunk organizer during the pe-
riod of the data the Journal
reviewed. It wouldn’t com-
ment on how many days that
seller was active or how many
sales it made. The Journal
reached the other seller of the
Fortem trunk organizer, who
said for the period of time, he
sold only 17 units of the item.
Fortem’s own sales and a
Friday, April 24, 2020 | A9
behave onto these video calls.”
During his first foray on the
Houseparty app, which lets us-
ers go to video-call parties
where their contacts are, he
found himself inside a friend’s
video call with her mom and
brother. “I couldn’t work out
what the etiquette was,
whether it was then rude to
leave straight away or if I
should stay for a bit.”
He made excuses and left.
Much video-call awkward-
ness lies in the format that lets
you see your face and your in-
terlocutor’s, says Rhiannon Ev-
ans, a social scientist at Cardiff
University in Wales. There is a
lot of performance involved,
says Dr. Evans, 35, who now
does around seven hours of con-
ference calls a day, then virtual
coffees and cocktails. “All day, I
see myself interacting with peo-
ple,” she says. “It definitely con-
sumes a lot more energy.”
For some like Will Ricketts
who still work outside, access
to social contact and culture
online hasn’t palled. Dr. Rick-
etts, 40, a consultant chest phy-
sician at St. Bartholomew’s
Hospital in London working on
a coronavirus ward, spent a re-
cent weekend with supporters
of his local soccer team. “One of
ly
51.7%
31.5%
6.5%
3.6%
3.3%
1.7%
1.1%
0.6%
slight number of its own dam-
aged goods and returns sold
through Amazon’s Warehouse
Deals account accounted for
nearly 100% of the more than
33,000 sales of the unit during
the period, the data show.
The data in the report re-
viewed by the Journal showed
the product’s average selling
price during the preceding 12
months was about $25, that
Fortem had sold more than
$800,000 worth in the period
specified, and that each item
generated nearly $4 in profit
for Amazon. The report also
detailed how much Fortem
spent on advertising per unit
and the cost to ship each
trunk organizer, according to
the documents and former
Amazon employees who ex-
plained their contents.
‘Work backwards’
“We would work backwards
in terms of the pricing,” said
one of the people who used to
obtain third-party data. By
knowing Amazon’s profit-per-
unit on the third-party item,
they could ensure that pro-
spective manufacturers could
deliver a higher margin on an
Amazon-branded competitor
product before committing to
it, said another person who ac-
cessed the data.
Fortem launched its trunk
organizer on Amazon’s Market-
place in March 2016, and it
eventually became the No. 1
seller in the category on Ama-
zon. In October 2019, Amazon
launched three trunk organiz-
ers similar to Fortem’s under
the fans who is based in Amer-
ica set up this virtual presi-
dent’s lounge,” he says. “We all
had a chat about the football
that we’re not watching.”
That weekend, he checked
out Handel’s “Acis and Galatea”
streamed by London’s Royal Op-
era House and enjoyed a gig by
musical group Stone Foundation
while texting friends doing the
same. A week of so many events
under normal circumstances
would wipe him out, he says,
but now it gives him “some de-
gree of an ability to switch off.”
How to switch off video
gatherings is proving tough for
Mr. Ioannou, the IT consultant.
Work calls can go on, and no
one wants to be the one to
close them. “Everyone’s looking
at each other, like, uh it’s a bit
awkward.”
Then there’s the excruciating
seconds while the host finds
the button to adjourn. That si-
lence needs a name, says Rob
Ralston, a career development
fellow at the School of Social
and Political Science at the Uni-
versity of Edinburgh. “Every-
one’s desperately looking for
the leave-meeting button,” says
Mr. Ralston, 34. “There’s a mad
scramble not to be the last per-
son on the call with the host.”
.
FROM LEFT: DANA MATTIOLI/THE WALL STREET JOURNAL; LUCAS JACKSON/REUTERS
its AmazonBasics private-label
brand.
The Fortem trunk organizer
detailed in the documents is
still a bestseller in the category,
Amazon noted. Fortem spends
as much as $60,000 a month on
Amazon advertisements for its
items to come up at the top of
searches, said Mr. Maslakou.
Pulling data on competitors,
even individual sellers, was
“standard operating procedure”
when making products such as
electronics, suitcases, sporting
goods or other lines, said the
person who shared the Fortem
documentation. Such reports
were pulled before Amazon’s
private label decided to enter a
product line, the person said.
“Customers’ shopping be-
havior in our store is just one
of many inputs to Amazon’s
private-label strategy,” said
Amazon. Other factors include
fashion and shopping trends
and suggestions from manufac-
turers, it said.
Amazon employees also ac-
cessed sales data from Austin-
based Upper Echelon Products,
according to the data reviewed
by the Journal. Its office-chair
seat cushion is a popular seller
on Amazon. An Amazon pri-
vate-label employee pulled a
year’s worth of Upper Echelon
data when researching develop-
ment of an Amazon-branded
seat cushion, according to the
person who shared the data.
An Amazon employee pulled
the data early last year. Last
September, AmazonBasics
launched its own version.
After the Journal disclosed
the contents of the sales report
to Travis Killian, CEO of seven-
person Upper Echelon, he said:
“It’s not a comfortable feeling
knowing that they have people
internally specifically looking
at us to compete with us.”
Amazon said there were
more than two dozen sellers of
the Upper Echelon seat cushion
during the period, but declined
to specify how many units those
sellers sold. Mr. Killian said if
that were the case, he isn’t sure
how the private-label data on
his seller account provided to
the Journal matched his internal
sales data so perfectly.
Amazon started making its
own products in 2007 with its
Kindle e-reader. Investment
firm SunTrust Robinson Hum-
phrey estimates Amazon is on
track to post $31 billion in pri-
vate-label sales by 2022.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A9A | Friday, April 24, 2020
Nursing Home Was Desperate for Help
Brooklyn executive
says his facility got
little outside support as
virus claimed patients
BY LESLIE BRODY
At a Brooklyn nursing home
where at least 50 people have
died who were suspected of be-
ing infected with the new coro-
navirus, a top administrator
says his facility had to go it
alone for weeks during the out-
break, with little support from
the state or other authorities.
Cobble Hill Health Center
Chief Executive Donny Tuch-
man said some staff wore gar-
bage bags for protection.
Some worked 16-hour shifts.
And at times, patients were
dying so quickly that the cen-
ter’s refrigerated storage was
beyond capacity, forcing work-
ers to rotate bodies in and out
as they waited for space at fu-
neral homes or morgues.
With dozens of symptom-
atic patients and almost no
gowns in early April, Mr.
Tuchman begged for more per-
sonal protective equipment.
“There is no way for us to
prevent the spread under these
conditions,” he wrote to state
health officials on April 8, in
an email reviewed by The Wall
Street Journal. “Is there any-
thing more we can do to pro-
tect our patients and staff?”
State officials emailed guid-
ance on how to conserve sup-
plies, and a reminder to sub-
mit requests daily to New York
City’s Office of Emergency
Management, a review of the
email chain shows. Mr. Tuch-
man said his appeal to the
state to send suspected virus
patients to new hospitals on a
U.S. Navy ship and at the Ja-
cob K. Javits Convention Cen-
ter didn’t yield results.
A spokeswoman for the
state Department of Health
said it acted quickly and ag-
gressively to give nursing
homes guidance. The agency
will continue “to do everything
possible to protect the health,
well-being and privacy of the
residents who call these facili-
ties home,” she said. The city’s
Office of Emergency Manage-
ment referred questions to the
city’s health department.
“We’ve distributed PPE to
Cobble Hill Health Center as
part of our weekly routine PPE
deliveries,” a spokesman for
the city health department
said Wednesday, referring to
personal protective equipment.
Mr. Tuchman said he got
some PPE from the city, but
not enough.
On Thursday, Mayor Bill de
Blasio said he would send addi-
tional supplies and staff to 169
nursing homes citywide this
week. He said this would in-
crease the city’s weekly ship-
ment by at least 50%, adding to
the more than 40,000 N95 res-
pirator masks, 40,000 face
shields, 1.5 million gloves and at
least 105,000 gowns or cover-
no
alls that went to nursing homes
across the city last week.
Cobble Hill Health Center
and other nursing homes have
been under scrutiny as deaths
at the facilities have mounted
during the pandemic. By
Port Authority Projects Unemployment Claims Flood States
In Doubt Amid Crisis
BY PAUL BERGER
The coronavirus pandemic
is threatening billions of dol-
lars earmarked for New York
City’s airports and other major
infrastructure projects.
Rick Cotton, executive direc-
tor of the Port Authority of
New York and New Jersey, said
Thursday that without federal
assistance the agency may sig-
nificantly scale back its 10-year,
$37 billion spending plans.
Mr. Cotton, speaking during
and after a virtual board meet-
ing, didn’t specify which proj-
ects are threatened. He said
that renovations at LaGuardia
Airport, which began several
years ago, remain on schedule.
The Port Authority is mid-
way through renovations at
Newark Liberty International
Airport and is still in the early
stages of a massive overhaul
of John F. Kennedy Interna-
tional Airport.
The Port Authority’s spend-
ing plan also includes a com-
plete overhaul of its Midtown
Manhattan bus terminal and
an expansion of capacity on
the Path rail system. Both nor-
GREATER NEW YORK
At least 50 people have died at Cobble Hill Health Center in Brooklyn who were suspected of being infected with the new coronavirus. ‘There is no way for us to
prevent the spread under these conditions,’ said the facility’s Chief Executive Donny Tuchman. Below, he recently paid tribute to medical workers battling the disease.
New York Steps Up
Facility Inspections
New York Gov. Andrew
Cuomo on Thursday announced
a push to inspect nursing
homes to verify compliance
with standards for staffing and
infection control during corona-
on and his team is working to
virus pandemic.
us ,
If the state Department of
l
Health finds a violation, a facil-
e
al a
ity must immediately submit a
plan to correct it and could be
fined $10,000 for each viola-
ci on
tion or possibly lose its license,
the Democratic governor said.
The health department also
is joining the state Attorney
General to investigate viola-
er s
tions of the governor’s April 15
executive order requiring nurs-
m er
Wednesday, 3,505 people had
died of Covid-19 in nursing
homes and adult-care facilities
m rp
in New York state, or about
23% of the state’s reported fa-
talities, state data show.
Cobble Hill’s death count
topped a state list of nursing-
co Fo
home fatalities released last
week. Ten other centers have
had at least 30 presumed or
confirmed deaths, the list
shows. Meanwhile, families of
residents at some nursing
homes have accused the facili-
ties of withholding information
about infections and deaths.
The state’s list of nursing-
home fatalities says Cobble
Hill Health Center has had 55
presumed deaths from the cor-
n-
onavirus. Mr. Tuchman says
that tally is inaccurate and un-
fair because his center used a
low threshold for presuming
residents had the virus. He
said 49 deaths were presumed
by the center to be tied to
Covid-19, and another patient
who died was confirmed by
testing to have it.
Cobble Hill Health Center’s
mally carry hundreds of thou-
sands of commuters between
New Jersey and Manhattan.
Libby McCarthy, the au-
thority’s chief financial officer,
said this year began well, with
revenues up across most Port
Authority facilities in January
and February.
The authority budgeted for
annual gross revenues this
year of $5.8 billion. The big-
gest profit makers are its air-
ports and six toll bridges and
tunnels, which generated an-
nual income from operations
last year of $525 million and
$915 million, respectively.
Ms. McCarthy said that by
the end of March, in the wake
of shutdowns, average weekday
traffic at vehicular crossings
was down 60%, while passenger
numbers at the airports and on
Path were down about 95%.
Last month, ahead of the
first federal coronavirus bailout,
the Port Authority requested
$1.9 billion from the govern-
ment. Mr. Cotton said the
agency received $450 million,
which was earmarked by the
Federal Aviation Administration
to cover losses at its airports.
NY
ing homes to inform families
of virus cases or related
deaths in their facilities, Mr.
Cuomo said.
The governor has said
nursing-home patients are
among the most vulnerable,
help these facilities get sup-
plies and staff to battle the
crisis. The state has sent the
facilities hundreds of thou-
sands of pieces of protective
equipment in the past two
weeks, his team said.
On Thursday, Mr. Cuomo
said he knows nursing homes
are under intense pressure
from a virus that hits the el-
derly particularly hard, but they
still have to do their job. “No-
body is to blame” for the situ-
ation, he said, “but they have
to deal with the situation.”
364 beds usually are nearly full,
but now it has about 250 resi-
dents after halting new admis-
sions, a spokesman said. Con-
sidering their infirmities, it was
common to have eight to 12
deaths among residents a
month, he said, but this April it
predicts about 40. The non-
profit has an overall quality rat-
ing from Medicare of three stars
55
Presumed deaths from the virus
at Cobble Hill Health Center
out of five, an average score.
Some families of patients
say Cobble Hill didn’t tell them
the full extent of the virus
problem. That includes Joey
Gutierrez, who said his 88-year-
old father died there on Sunday
after suffering from a respira-
tory infection. “They didn’t tell
me Covid was rampant,” he
BY KATE KING
The number of people re-
ceiving unemployment bene-
fits in the tri-state region con-
tinues to climb as workers
remain sidelined by the coro-
navirus pandemic, with nearly
450,000 filing initial claims in
New York, New Jersey and
Connecticut last week.
In total, the three states have
paid out more than $3.4 billion
in unemployment benefits since
mid-March, when businesses
began shedding workers as
fears over the virus grew. The
unprecedented surge in demand
is straining labor departments,
where officials are struggling to
answer the phones and process
claims using decades-old com-
puter systems.
In New Jersey, where about
19% of the workforce has filed
for unemployment benefits
since mid-March, residents
continue to report problems
filing claims. About 140,000
people applied for first-time
benefits in the week ended
April 18, roughly the same
number as the prior week.
Anita Lince has worked in At-
lantic City casinos for 30 years
and filed for unemployment
said. “If they had, I would have
taken him to the hospital.”
Gerard Emer said he took his
94-year-old father, Joseph, out
of Cobble Hill last Friday after
learning the virus had hit his fa-
ther’s floor. “They never in-
formed me of one death,” he
said. “We basically rescued him.”
Mr. Tuchman said his staff
did what it could to update
families. Supporters of the fa-
cility have turned out to cheer
for staff. Daniel Arbeeny, who
said he brought his 89-year-old
father, Norman, home from
Cobble Hill this month, said he
donated masks for its ex-
hausted workers. “I’m sympa-
thetic because I know what
they’ve been through,” he said.
Leaders of nursing homes
across the New York City area
say health authorities have put
a far higher priority on sup-
plying hospitals. “What is hap-
pening in our nursing homes
is not the result of shortcom-
ings in our facilities,” says Ste-
phen Hanse, president of the
New York State Health Facili-
ties Association, an Albany-
Residents gather outside a food pantry in the South Bronx.
benefits for the first time last
month. After receiving checks
for two weeks in early April, Ms.
Lince received a notification
that there was a problem with
her claim. She has emailed and
called every day but hasn’t been
able to get through.
“You either get a busy sig-
nal or you get transferred or
the calls get dropped,” said
Ms. Lince, 58 years old, who
lives in Ocean City, N.J. “Mean-
while, my bills are mounting.”
A spokeswoman for the New
* * THE WALL STREET JOURNAL.
FROM TOP: JOHN MINCHILLO/ASSOCIATED PRESS; MARIE LE BLE/ZUMA PRESS
.
ly
based group that represents patients, but his facility has
nursing homes. “It’s our popu- limited private rooms.
lation, staff shortages, the lack A March 19 form for request-
of PPE and testing.” ing resources from the city said
Richard Mollot, executive nursing homes—such as Cobble
director of the Long Term Care Hill Health Center—that didn’t
Community Coalition, a non- have patients on ventilators
profit that advocates for nurs- could apply for surgical masks.
ing-home residents, said many However, hospitals had priority
centers were ill-prepared for for N95 respirator masks, gog-
the pandemic. He also blamed gles, gowns and gloves, the
years of lax rule enforcement memo said. In April, city offi-
by state and federal agencies. cials listed nursing homes
Cobble Hill Health Center re- among the high-priority groups.
stricted visitors before authori- Many nursing home leaders
ties on March 13 suspended vis- expressed frustration with a
its; organized family visits by March 25 state directive aimed
videoconference; and intensi- at boosting hospital capacity
fied disinfection efforts, accord- to handle a predicted surge of
ing to Mr. Tuchman. He said he patients. The directive said
believes the first cases emerged nursing homes must take back
in his facility in March. residents medically stable
Many employees began call- enough to return from hospi-
ing in sick as the outbreak tals, and couldn’t deny admis-
spread. At times, about one- sion solely due to a patient
third of the roughly 350 staff- having Covid-19.
ers were out, he said. Some Mr. Tuchman said that
workers resigned. Efforts by didn’t make sense. “We’ve
the Journal to reach staff inde- been fighting for weeks to keep
pendently were unsuccessful. this out of our building,” he
Mr. Tuchman said he tried said he told staff. “Now we’re
to isolate suspected Covid-19 rolling out the red carpet.”
assistance are the hardest-hit
industries, the department said
Thursday. New York has paid
$2.2 billion in unemployment
benefits to 1.1 million people
since the pandemic began, the
department said Monday.
The state Department of
Labor has tapped Google, Veri-
zon Communications Inc. and
Deloitte to upgrade the sys-
G. RONALD LOPEZ/ZUMA PRESS
tem’s website and call centers
as it struggles to process the
crush of claims. The depart-
ment now has 3,100 represen-
tatives answering the phones
seven days a week, up from
400 before the pandemic.
Also this week, New York
released a new application
that officials hope will make it
Jersey Department of Labor easier for freelance and con-
and Workforce Development tract workers to apply for un-
said about half of new claims employment benefits.
that are filed go through with- In Connecticut, more than
out issue. For applications that 100,000 initial claims were
require an agent’s review, the filed last week compared with
department is adding phone about 34,000 the prior week.
capacity and staff. In total, more than 400,000
In New York, more than applications have been sub-
200,000 people filed first-time mitted to the state Depart-
unemployment claims last ment of Labor since March 13,
week, down from nearly about 81% of which have been
400,000 the week before. Res- processed, said Commissioner
taurants and hospitality, retail Kurt Westby, who described it
trade and health care and social as a “tsunami of claims.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Funds Not
Available
To Cremate
Victims
BY KATIE HONAN
After Fernando Pena-Lopez
died from the new coronavirus
on April 6, his family immedi-
ately began looking for ways
to properly bury him.
His son-in-law Ramon Hen-
ríquez called 20 funeral homes
before he found one in Brook-
lyn, far from their home in East
Elmhurst, Queens, to take care
of Mr. Pena-Lopez, 59 years old.
When he called New York
City’s Human Resources Ad-
ministration earlier this month
to apply for a grant to help
pay for burial services, he was
told twice he didn’t qualify be-
cause Mr. Pena-Lopez, like
thousands of other New York-
ers, was going to be cremated.
“We tried having a regular
funeral,” Mr. Henríquez said. A
lack of space and a backlog at
funeral homes influenced the
family’s decision to cremate
Mr. Pena-Lopez.
New York City’s high death
toll from the coronavirus has
overwhelmed funeral homes and
cemeteries, often leaving fami-
lies with few options for burial
other than cremation. This
month, regulators allowed cre-
matoriums to operate 24 hours a
day to handle the demand. Some
bodies are even being taken out
of state for cremations.
But as more New Yorkers
choose to cremate loved ones
who have died from the virus,
they hit a roadblock in receiv-
ing financial help from a pro-
gram designed to aid families
who couldn’t otherwise afford
a funeral.
The city’s HRA offers up to
$900 toward the cost of fu-
neral services that don’t exceed
‘There’s not a lot of
people with $2,000,
$3,000 in savings
right now.’
$1,700, according to a spokes-
man. It is intended to help the
city’s low-income residents
meet expenses for a deceased
indigent family member or
friend who lived in New York
City. Typically, these grants,
which are administered and
regulated by New York state,
are available to those with a
Social Security or tax identifi-
cation number, officials said.
Another restriction is on
cremations. The burial allow-
ance doesn’t pay for the act of
cremation; the money can only
be used to cover a funeral or
service for someone who has
been cremated.
Isaac McGinn, a spokesman
for HRA, said Wednesday the
city is introducing an emer-
gency rule to double the maxi-
no
mum cost allowed for funerals,
from $1,700 to $3,400. The
amount of money directly pro-
vided for a funeral is dictated
by the state, but by increasing
the cap, more New Yorkers can
seek the allowance, he said.
Representatives for New
York state’s Office of Tempo-
rary and Disability Assistance,
which administers and over-
sees the grants, didn’t respond
to requests for comment.
Although the city has re-
ceived a significant increase in
phone calls about its funeral-
assistance program, applica-
tions were down compared
with last year, Mr. McGinn said.
There were 70 applications
for burial allowance through
HRA in March, compared with
120 in March 2019. The city
shifted to taking applications
over email and fax in late
March, as the number of New
Yorkers dying from coronavi-
rus began to grow.
Mr. Henríquez said his family
could have used any financial
help as they struggled to pro-
vide a respectful way to say
goodbye to Mr. Pena-Lopez, a
former chef at an IHOP restau-
rant in Queens. The neighbors
in their hard-hit community
could use the aid, too.
“We live in East Elmhurst, a
neighborhood of immigrants,”
he said. “There’s not a lot of
people with $2,000, $3,000 in
savings right now, and they’re
out of work.”
Assemblywoman Catalina
Cruz, who represents neigh-
borhoods in Queens, plans to
introduce a bill that would ad-
dress eligibility for funds and
increase the amount of money.
* *
The Rikers Island jail complex houses more than 4,000 inmates. Quinsey Simpson, shown with his son Ayden, was the first Rikers correction officer to die of Covid-19.
Infections Soar Among Rikers Guards
BY DEANNA PAUL
AND BEN CHAPMAN
When Quinsey Simpson re-
lieved a colleague at New York
City’s Rikers Island jail com-
plex in early March, he had no
idea his fellow correction offi-
cer was infected with the cor-
onavirus.
Before long, Officer Simp-
son had an unrelenting cough.
When his chest began feeling
tight, he went to the emer-
gency room and was diagnosed
onbrought it home to their fam-
with Covid-19, the disease
us ,
caused by the virus. “We had
l
the hope of him getting better,
e
al a
until he got on the respirator,”
said Britton Alston, his friend
and onetime co-worker.
ci on
On March 27, Officer Simp-
son, 62 years old, died.
He was the first officer to
die of Covid-19 complications
during a rapidly spreading
er s
outbreak in New York City’s
jail system, overwhelming its
m er
largest facility, Rikers Island.
Coronavirus cases among
Rikers employees are now on
par with levels seen in the
most infected American work-
m rp
places, such as the USS Roose-
velt and a pork plant in South
Dakota.
More than 800 city correc-
tion employees had tested pos-
co Fo
itive as of Monday, city offi-
cials said, and eight have died.
City officials wouldn’t break
down how many infected offi-
cers work at Rikers, but their
union says it accounts for 70%
to 80% of the cases.
Including inmates, there
have been 10 deaths and more
than 1,200 confirmed cases in
the city’s jails.
“It’s a devastating number,
the most I’ve heard of at any
n-
one facility,” said David Mi-
chaels, former head of the Oc-
For One New York Theater, the Show Must Go Online
BY CHARLES PASSY
Days after the Roundabout
Theatre Company opened its
off-Broadway production of
“72 Miles to Go” in March, the
nonprofit troupe learned it
would have to shut it down
because of state-mandated
pandemic restrictions.
Of course, Roundabout
wasn’t alone among theatrical
producers in New York City in
facing this harsh reality. But the
blow seemed more cruel, said
company officials, because the
staging of Hilary Bettis’s new
play had just garnered positive
reviews and was set to be seen
by thousands of theatergoers. It
also figured heavily into Round-
about’s educational outreach,
with students from schools
citywide slated to attend.
Most critical of all, officials
noted, was the work’s timeli-
ness because it speaks to the
continuing immigration debate.
The play, set from 2008 to
2016, tells the story of a family
split by the U.S. southern bor-
der, with the deported mother
living in Mexico and the father
and children in Arizona.
So, instead of writing off the
production as a lost opportu-
nity, the Roundabout team
quickly regrouped and figured
out a way to make “72 Miles to
Go” available through a stream-
ing platform. “This is a play
that should be seen,” said Todd
Haimes, Roundabout’s artistic
director and chief executive.
Roundabout is offering the
NY
GREATER NEW YORK
cupational Safety and Health
Administration and professor
at George Washington Univer-
sity’s School of Public Health.
Mr. Michaels is tracking work-
place cases and deaths caused
by the coronavirus.
“Correctional officers and
others working on the island,
as well as its prisoners, were
no doubt exposed and then
ily and community,” Mr. Mi-
chaels said.
New York City’s jail system
is the second largest in the na-
tion, with Rikers Island housing
more than 4,000 inmates in
eight jails. The outbreak has
stretched staffing and added a
frightening new element of un-
certainty to the already danger-
ous job of guarding inmates.
Correction officers work closely
with infected inmates.
City officials ignored warn-
ings that Rikers would become
a dangerous incubator for the
coronavirus if measures
weren’t taken to proactively
combat the contagion, said
correction officers and defense
lawyers.
The Department of Correc-
tion didn’t provide access to
Covid-19 testing or protective
gear, such as masks, face
shields and gloves, until re-
cently, officers said. Rikers
employees said they weren’t
immediately told if they were
exposed to a co-worker who
had tested positive, creating
the risk they would silently
and asymptomatically spread
the virus.
The city waited too long to
suspend visitation for inmates
and open a separate unit to
house new inmates, officers
said. Few new rules were
launched in March, when the
disease was spreading, beyond
The Roundabout Theatre’s ‘72 Miles to Go’ tells the story of a family split by the U.S. southern border.
production, via its website,
free to those who already had
purchased tickets. Other the-
atergoers can access it for a
one-time price of $20. It began
streaming earlier this month
and ends Friday.
Bringing the show to life on-
line was another matter because
the shutdown was announced
on short notice. Roundabout
was fortunate in that it had
taped the production during
previews, though strictly for ar-
cleaning housing units and ad-
vising inmates to keep a physi-
cal distance from each other,
officers said.
“There were inexplicable
delays and feet-dragging while
a lot of our officers were get-
ting really sick and died,” said
Michael Skelly, spokesman for
the Correction Officers’ Benev-
olent Association, the union
representing 20,000 active
and retired officers.
In response to questions
from The Wall Street Journal,
the Department of Correction
said there has been “a dedi-
cated, coordinated and focused
departmental response to this
from the beginning.” The de-
partment said that it has held
chival and marketing purposes.
Mr. Haimes said the record-
ing wasn’t necessarily the
most ideal, particularly be-
cause the drama was still being
tweaked in previews. But the
company was nevertheless able
to quickly edit a version that
worked for a digital audience.
Other issues were resolved
in different ways. While Ac-
tors’ Equity Association, the
labor union that represents
actors and stage managers,
Friday, April 24, 2020 | A9B
ly
regular Covid-response meet-
ings since early March and
that it took extensive mea-
sures to prevent transmis-
sion—such as sanitizing com-
mon areas daily and offering
soap and cleaning supplies to
inmates free of charge—and
informs staffers within 48
hours if they were exposed to
someone with a confirmed
case.
The Department of Correc-
tion took additional steps in
April to address officer con-
cerns as city officials, includ-
ing Mayor Bill de Blasio, began
advising all New Yorkers to
wear protective equipment
outside, and a lawsuit was
filed by the officers’ union.
JEREMY DANIEL
has had restrictions on the
streaming of shows, new tem-
porary deals were made with
theatrical producers nation-
wide that allowed for the pos-
sibility during the crisis.
Roundabout also had to
tweak its approach with
schools. Typically, the com-
pany brings theater profes-
sionals into classrooms in ad-
vance of students attending a
performance. Now, it has
switched to doing so as part of
FROM TOP: JUSTIN LANE/EPA/SHUTTERSTOCK; BRITTON ALSTON
The city has set up Covid-19
testing sites for Rikers em-
ployees, said Peter Thorne, the
city’s chief correction spokes-
man.
On Saturday, the Depart-
.
ment of Correction Chief Hazel
Jennings sent a memo—re-
viewed by the Journal—to all
commanding officers, ordering
that all employees get “an ad-
equate amount of personal
protective equipment.”
Officers transporting posi-
tive or symptomatic inmates,
or who are assigned to their
housing units, also must be
given N95 and face shields, the
order said. It further required
a current list of housing units
with positive or symptomatic
inmates be posted at all times.
“Do your damn job,” Elias
Husamudeen, president of the
union, said of the Department
of Correction and its top offi-
cials. “Protect correctional of-
ficers, protect the inmates.”
Officer Simpson, an 18-year
veteran, typically worked in-
take at Rikers, one of the busi-
est divisions, interacting with
any newly arrested inmates or
those coming or going from
the facility.
Both his friend Mr. Alston
and a representative for the
union said Officer Simpson
was healthy until he took a
temporary assignment work-
ing in a jail security booth a
few weeks before his death.
According to the union, Officer
Simpson relieved an officer
who later became the first
worker to test positive for
Covid-19.
Correction officers at Rikers
said they have become fearful
of contracting the virus since
Officer Simpson’s death. He
left behind elderly parents, two
siblings and a 6-year-old son.
the online curriculum. The
students can view the perfor-
mance at no cost.
Educators say they are
grateful that Roundabout was
still able to offer the opportu-
nity, particularly given the
play’s subject matter and the
large number of students from
immigrant families in the New
York City system.
Danielle Jelley-Rettman, as-
sistant principal at the Brook-
lyn School for Music & The-
atre, a public high school in
the Crown Heights neighbor-
hood, said the play is even
more relevant during the pan-
demic because it also speaks
to the issues of physical sepa-
ration from loved ones.
“That’s something our kids
can tap into,” she said.
Roundabout isn’t entirely
alone among theater compa-
nies in exploring streaming
possibilities. A few across the
country are trying similar ini-
tiatives during the pandemic.
In New York, off-Broadway
theaters are staying busy online.
The Atlantic Theater Company
has master classes and other
training opportunities through
its Atlantic Acting School. MCC
Theater is hosting virtual events,
including a coming reading of
Alan Bowne’s play “Beirut” with
Marisa Tomei and Oscar Isaac.
Ultimately, nothing can re-
place live theater, said Mr.
Haimes, but he sees streaming
productions and other digital
efforts potentially continuing
after the crisis.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Friday, April 24, 2020
A Scandal With Smarts
The real-life story of malfeasance inside a suburban New York school system brings a human perspective to financial crime
T
he rise and fall of
Frank Tassone as told
in HBO’s blackly co-
medic “Bad Educa-
tion” is mostly about
his fall and hinges,
ever so Greekly, on his own hubris.
Early on, Frank, the wildly popu-
lar, handsome and successful su-
perintendent of the Roslyn, N.Y.,
school system on Long Island, is
interviewed about an overly ambi-
tious building project by a student
journalist, who gets her quote and
prepares to go. “It’s just a puff
piece,” explains Rachel Bhargava
(Geraldine Viswanathan), but Frank
stops her in her tracks. “It’s only a
puff piece if you let it be a puff
piece,” he admonishes. “A real jour-
nalist can turn any assignment into
a story.” What you feel then is just
a tremor, but the foundation of
Frank’s meticulously fabricated life
is beginning to turn to sand.
Which it famously did. Frank
Tassone and his assistant, Pam
Gluckin—played with an actorly
joy by Hugh Jackman and Allison
Janney, directed by Cory Finley—
were eventually indicted and con-
victed in an $11.2-million embez-
zlement scheme that involved
houses in the Hamptons, vaca-
tions, plastic surgery, more vaca-
tions and Frank’s Park Avenue
apartment. It was certainly the
biggest crime of its kind that
Roslyn had ever seen and made
no
THEATER REVIEW | TERRY TEACHOUT
Queen Bee Gets Stung
A new arrival threatens a popular student’s reign
ONE REASON WHY I cover re-
gional theater is to see promising
shows that I couldn’t shoehorn into
my New York schedule. Jocelyn
Bioh’s “School Girls; Or, the African
Mean Girls Play” has been at the
top of that list since it opened off
Broadway in 2017. An African varia-
tion on the “Mean Girls”/“Heathers”
movie genre, it struck me at the
time as a fabulous premise for sa-
tirical playmaking, and I’ve been
waiting ever since to catch a re-
gional staging. Indeed, Berkeley
Repertory Theatre’s production was
one of the first shows closed by the
coronavirus outbreak to resurface
as a theatrical webcast, and I’d have
reviewed it had I heard about it
soon enough.
Fortunately, a preview of the
Goodman Theatre’s Chicago pre-
miere of “School Girls,” which also
fell victim to the pandemic, was
taped just in time to be turned
into a webcast. The difference is
that the Goodman plans to put its
production onstage when Chicago’s
theaters reopen. In the meantime,
the video version has been given
an online run that ends this week-
end, and I recommend it very
strongly. Not only is “School Girls”
a stiletto-sharp piece of social
commentary disguised as a com-
LIFE&ARTS
TELEVISION REVIEW | JOHN ANDERSON
on
us ,
quite the im-
l
pression on
e
al a
screenwriter
Mike Ma-
kowsky, who
ci on
was a student
in Roslyn when
Frank was in-
dicted in 2004.
Mr. Makowsky’s
er s
storytelling
isn’t just true-
m er
crime. It’s true-
human.
Corruption
is, among
other things,
m rp
inconvenient.
When Bob
Spicer (Ray Ro-
mano) and the
rest of the
co Fo
Roslyn board
of education
start losing
their minds
over the outra-
geous intramural pilfering—it’s
discovered that Pam has been
putting thousands in personal ex-
penses on her school-district
credit card—the board immedi-
ately wants to call the cops. But
Frank—so sage, so political—reins
them in: The high school has just
n-
been rated No. 4 in the country;
the rate of Ivy League acceptances
is phenomenal and, most impor-
tant, property values in Roslyn
edy, but this staging, directed by
Lili-Anne Brown and performed by
an ensemble of women actors that
I can’t imagine being bettered, is
the kind of small-scale ensemble
show for which webcasting was
made. I’m sure it’ll be a treat to
see in the theater, but to watch
“School Girls” at home is a com-
pletely convincing experience in its
own right.
At first glance, “School Girls”
plays like something similar to a
rewrite of “Mean Girls” moved to
Ghana’s Aburi Girls’ Boarding
School circa 1986. Therein lies the
source of the top layer of humor
in the show, which is initially
dominated by Paulina (Ciera
Dawn), queen bee of the popular-
girl clique. When not bossing
around her acolytes, Paulina brags
about her American cousins, who
shop at such “trendy American
boutiques” as Walmart and eat at
“high-class” restaurants like
White Castle (“A castle with
food!”). Then Paulina’s reign is
threatened by the arrival of Er-
icka (Kyrie Courter), who has
moved to Ghana from the U.S. and
whose explanation of her past and
present is a mortal threat to the
dark-skinned Paulina: “Oh, my dad
has a company—a cocoa factory,
are soaring compared with other
towns on the North Shore of Nas-
sau County. Pam’s exposure might
well undo it all—would Harvard
think twice about accepting kids
from a scandal-plagued school
system? No one wants to find out.
But no one knows the extent of
the thievery either, and as por-
trayed by Mr. Jackman, Frank is a
tightrope walker. He has political
gifts, remembering everyone’s
Adia Alli, Katherine Lee Bourne, Ashley Crowe, Ciera Dawn and Tiffany Renee
Johnson in Jocelyn Bioh’s ‘School Girls; Or, the African Mean Girls Play’
actually…I am a little pale—really,
I’ve been missing some of that
good African sun.”
As that last line indicates, much
of the satire in “School Girls”
arises from the once-unmention-
able subject of intra-racial preju-
dice: In Ghana as in so many other
dark-skinned communities, the
lighter your skin tone, the higher
your social status in certain cir-
cles. That ugly reality is made
even more brutally clear when a
hoity-toity organizer from the
Miss Ghana pageant (Lanise An-
toine Shelley) comes to the Aburi
Girls’ Boarding School in search of
a possible contestant. It is at this
point that the play’s emotional
stakes soar, turning “School Girls”
from an ingenious spoof of adoles-
ly
Hugh Jackman
and Rafael
Casal, above;
Mr. Jackman
with Allison
Janney, left
name, every-
one’s child,
even people he
hasn’t had as
students for 15
years—like
Kyle (Rafael
Casal), the
dancer/bar-
tender he takes
up with during
a boondoggle
in Las Vegas.
No one pays
attention to
the price of his
suits or his
surgeries, be-
cause Frank,
like a human
pyramid scheme, just keeps paying
off. Until he doesn’t. And the re-
sourceful Rachel—inspired by
Frank—starts digging into the
school system’s accounts.
“Bad Education,” like the film
“Spotlight,” is a journalism story:
No one really wants Rachel’s ex-
posé, no one wants the dirty laun-
dry aired—not even the school pa-
per that she’s writing for. Ms.
Janney looks like she might eat
LIZ LAUREN
cent snobbery into something far
tougher and more hurtful. Ms.
Bioh manages this transition with-
out so much as a hint of heavy-
handedness, and Ms. Brown’s stag-
ing is identically light in touch.
“School Girls” takes place on a
unit set attractively designed by
Yu Shibagaki. A small audience
was present for the preview, and it
is clearly audible, which always
enhances the effect of a theatrical
webcast, though I wish it had been
mixed a bit more loudly. That,
however, is my sole quibble: This
is a first-class production of a
first-class play, one that I expect
will continue to be staged all over
the country after the pandemic re-
laxes its hold on American theater,
as well it should be. Ms. Bioh is a
THE WALL STREET JOURNAL.
HBO (2)
.
the girl when Rachel starts asking
questions that let Pam know she’s
about to be found out. Frank
doesn’t threaten Rachel, he just
lets her know how wrong these
kinds of things can go when inno-
cent people are smeared—her own
dad has been unjustly accused, and
fired, as part of an insider-trading
prosecution. But she plugs away, in
a virtual vacuum.
“Bad Education,” which got lau-
datory reviews when it played last
year at the Toronto Film Festival,
doesn’t feel like a theatrical film.
It feels perfect for a Saturday
night on the couch (which works
out well). There’s a scene late in
the story when Frank goes on a
rant before one of Roslyn’s clue-
lessly privileged parents about the
unappreciated educator and the
ungrateful taxpayer, but it’s diffi-
cult to tell exactly what’s up—is
Frank trying to convince himself?
It’s a delicate and memorable per-
formance by Mr. Jackman. Ms.
Janney does the whole Long Island
thing as well as anyone ever has.
The most resonant character,
though, might be Rachel, whom
Ms. Viswanathan imbues with the
indignation of youth—something
the rest of the characters have
long outgrown, but which the
story was always going to need.
Bad Education
Saturday, 8 p.m., HBO
natural playwright, and I’m eager
to hear all the other stories she
has in mind to tell.
i i i
Brian Dennehy, who died last
week at the age of 81, was a great
stage star best known for the char-
acter roles he played in films. Burly
and open-faced, he was instantly
recognizable and invariably made an
impression in the smallest of screen
parts: I first noticed him in 1979 as
the bartender in Blake Edwards’s
“10,” an ungrateful little part out of
which he made magic. It was on-
stage, though, that he scaled the
heights of tragedy, never higher
than in Robert Falls’s masterly pro-
duction of Eugene O’Neill’s “The Ice-
man Cometh,” which I saw at the
Goodman in 2012. “All he has to do,”
I wrote, “is stare into space, his face
a skull-like mask of anguish, and
your eyes flick to him like flies to a
corpse.” No one privileged to have
seen Mr. Dennehy, whether in the
theater or on screen, will soon for-
get him.
School Girls; Or, the African Mean
Girls Play
Goodman Theatre, Chicago (viewable
online only, $15 and up). For elec-
tronic “tickets,” go to goodmanthe-
atre.org or call 239-332-4488. Tickets
must be purchased by the end of Fri-
day and the show can be viewed
through Sunday
Mr. Teachout, the Journal’s drama
critic, is the author of “Satchmo at
the Waldorf.” Write to him at
tteachout@wsj.com.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 24, 2020 | A11

LIFE & ARTS

FILM REVIEW | JOE MORGENSTERN

‘Circus of Books’: XXX and XOXO

The filmmaker tells the surprising story of her parents, who wound up running one of California’s most storied gay porn shops
‘CIRCUS OF BOOKS,” a fascinat-
ing documentary newly on Netflix,
chronicles the rise and fall of a
family business that was a mys-
tery to the three children in the
family it sustained—as schoolkids
they thought it was just a local
bookstore. Which it was, among
other things, with its stock of
books and magazines—the New
York Review of Books never sold
very well, although Hustler flew
off the shelves. But there also
were the racks of VHS tapes, and
later DVDs, as well as displays of
sex accessories. In fact, Circus of
Books was a purveyor of hardcore

A study of living with

irreconcilable ideas
while working to
overcome prejudice

porn and a center of gay life in

West Hollywood, Calif., until the
internet swept it away. Every good
film reveals unexpected dimen-
sions as it goes. The revelations
here concern Barry and Karen Ma-
son, the straight, plain-spoken and

NETFLIX (3)
otherwise conventional parents
who owned the store—especially

.
Karen, a person with an excep-
tional gift for living with contra-

ly
diction, and for resolving it. Justin Andrew Honard, above; Karen Mason, one of the owners of the store,
“I would never call myself a below; the historic Stonewall Inn as seen in the film, right
soccer mom,” she says cheerfully.
No, but no one would ever have
taken her to be a pornographer.
On one level the film, directed by
Rachel Mason, the Masons’ daugh-
on
ter, is a tale of professional drift
us ,

and accidental entrepreneurship.

l

Barry had studied film at UCLA,

e
al a

and Karen had been a newspaper

reporter—she got her start, she
says, with The Wall Street Journal
ci on

in Chicago, then went to the Cin-

cinnati Inquirer. But she burned
out as a journalist and he wasn’t
setting the world on fire as an in-
ventor of medical devices that he
er s

developed caring for his father, a

kidney patient with a dialysis ma-
m er

chine at home. Until something

better came along they decided to
take over a foundering porn shop
called Book Circus, modified the
sign to read Circus of Books and,
m rp

starting in 1982, built a business

that established a second location film’s vital center has no connec-
in Los Angeles, expanded into tion with history or politics, and
adult-film production and became everything to do with anti-gay
the country’s largest distributor of prejudice visited on the younger
co Fo
was accepting, but Karen was not, only disapproved, but saw it, she be censors; Karen was, in her
to say the least. A devout Jew suddenly realized, as God’s judg- heart of hearts, one of them.
throughout her life, she’d been ment against her for trafficking in If this were the end of her
taught in Hebrew school that ho- porn. story, the documentary would

gay porn. Mason son, Josh, by—astonish-
In its leisurely, episodic fash- ment of astonishments—his
ion, “Circus of Books” functions as mother.
a history of the LGBTQ movement, The circumstances, as the fam-
Western division, and of the im- ily recalls them for Rachel’s cam-
pact of the AIDS epidemic on the era—and sometimes with Rachel
store’s loyal staff. It’s equally an joining them, since it’s her story
account of censorship efforts, dur- too—were anguishingly familiar.
ing the Reagan administration, Josh, who had long felt himself to
that threatened to put Barry in be gay and struggled to repress
prison and relented only after Bill his feelings, came out on a visit
Clinton came to office. Yet the home from college in 2000. Barry
n-
mosexuality was an abomination,
and believed it. How she recon-
ciled that conviction with her
working life seems to have in-
volved her own kind of repression;
the bookstore with its many off-
shoots was simply a business, one
to which she brought no moral
judgments, and she was fine with
gay people in general, or so she
believed. Yet when her own child
revealed himself to be gay, she not
Viewed dispassionately, this is a
study of someone living success-
fully, up to a point, with two irrec-
oncilable attitudes. That’s not so
remarkable; people do it all the
time. In the context of the film,
though, it’s a startling demonstra-
tion of how irrational and seem-
ingly intractable prejudice can be.
Never mind that Karen and Barry
Mason were constantly beset by
moralizing politicians and would-
qualify as a cautionary tale with a
dismal outcome, and there would
be no compelling reason to watch
it. But Karen’s realization was the
beginning of a new era in her life,
a dramatic if belated turnabout
that makes “Circus of Books” an
unlikely source of inspiration. Peo-
ple can indeed live at war with
themselves and not know it.
Here’s a case of great things hap-
pening once peace is declared.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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Chicago 56 44 sh 49 40 r Seattle 64 51 pc 61 46 r Mexico City 79 57 t 79 54 t
8 Dancing and 30 Hastily 62 “Shoot!”
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33 Peter the Great, trying to get
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59 42 pc 54 42 r
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77
79
53 pc 72 49 pc
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vandal for example home Previous Puzzle’s Solution
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16 Super-cool national 61 •New Year’s Eve T OM L I N S E A D O V E
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Email your answer—in the subject line—to crosswordcontest@wsj.com
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Milwaukee 47 40 sh 46 39 r Berlin 69 44 pc 59 44 pc Taipei City 65 62 r 73 67 sh A N T S A I L A R G O N

Tokyo 60 48 r 64 58 s C A P T A I N N E M O
Minneapolis 56 41 sh 64 40 c Brussels 70 41 pc 63 39 pc by 11:59 p.m. Eastern Time Sunday, April 26. A solver selected at random A R C A R O D O Z E N
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Friday, April 24, 2020
The NFL’s Almost Perfect Prospect
The best way to understand the hype around the Bengals’ Joe Burrow is by looking at his flaws. There aren’t many.
BY ANDREW BEATON
T
here wasn’t a technical
glitch or unforeseen
stunner that threw the
start of this year’s NFL
draft into chaos. The
Cincinnati Bengals began this un-
precedented, remote draft day by
selecting the player who has spent
months anointed as the No. 1 pick
in waiting: Joe Burrow.
The Bengals had the No. 1 pick
because they were a terrible team
last season, and teams that stink at
football tend to need a new quar-
terback. Burrow, most experts say,
is the best one available. He’s a
transcendent talent with the poten-
tial to resurrect a moribund fran-
chise that hasn’t won a playoff
game since before he was born.
But the immense intrigue around
Burrow is that some believe he’s
even more than simply the top guy
available in this year’s class. They
say he’s the most flawless quarter-
back prospect in recent memory.
“It’s the cleanest film I’ve ever
seen from a college quarterback,”
former NFL quarterback and NBC
Sports analyst Chris Simms said re-
cently.
It isn’t hard to understand why
people feel this way: Burrow just
had arguably the greatest college
season ever. He led LSU to a na-
tional championship. He won the
Heisman Trophy. He put up unfath-
omable numbers—60 touchdowns
with only six interceptions—while
playing in the best league in college
football. He made the best defend-
ers in the SEC look like the worst
defenders in the Big 12.
But the funny thing about the
NFL draft is that even can’t-miss
prospects sometimes do just that.
They miss. Players, including and
perhaps especially quarterbacks, are
praised as sublime talents and
eventually get labeled as the nasti-
est four-letter word in sports: a
bust.
Burrow seemingly has the ability
to escape that fate. He can throw
short passes and long passes. He
can run. He can even get away with
smoking a cigar inside the locker
no
The Big Winners of Sports
Without Fans: The Refs
THE WORLD’S GREATEST athletes
are just like us: When they go back
to work, their offices will be unrec-
ognizable. The next time there are
games to watch, they will almost
certainly be played in empty arenas,
a reality that went from unrealistic
to optimistic over the course of the
By Joshua Robinson,
Ben Cohen
and Andrew Beaton
most disruptive six weeks in sports
history. But it turns out this kind of
workplace disturbance happened
once before.
It all started with another mor-
bid event, a 2007 soccer riot in Sic-
ily, where hundreds of supporters
were injured and Italian authorities
took the extraordinary step of ban-
ning fans from matches. But two
Swedish economists spotted oppor-
tunity in disaster. This was a rare
chance to answer a question of hu-
man behavior that is now being
asked in the dystopian sports land-
scape of the coronavirus pandemic.
What changes at major sporting
events when there are no crowds?
The answer is that one popula-
tion gets closer to perfection in do-
room like he’s been endowed with
the bravado of Joe Namath.
on
So perhaps the best way to un-
derstand the breadth of his abilities
is by looking for the minute holes in
his résumé—the ones that will be
revisited if he somehow doesn’t
us ,
find his way to stardom.
l
e
al a
The Age Factor
Burrow is an outlier in many re-
spects. One of those is when he was
ci on
born: He’s already 23 years old. And
the reason that could be important
is that this places him further along
a developmental curve than other
players. The logic would go that his
er s
performance was boosted because
he was older than most of his com-
m er
m rp
co Fo
n-
ing its job than under any other cir-
cumstance. Those elite performers:
the referees.
The study’s authors noticed that
in stadiums without fans, the be-
havior of the games’ supposedly
neutral arbiters shifted dramati-
cally. And only by playing games in
silence could the researchers deter-
mine how officiating calls were in-
herently biased by the mere pres-
ence of other human beings.
But even after they published
their results, they wished they had
more data. It would take a pan-
demic for them to get what they
wanted. “Our little study is becom-
ing relevant again,” said Mikael
Priks, who wrote the paper with Per
Pettersson-Lidbom, his University
of Stockholm colleague.
Now sports leagues around the
world are confronting the bleak re-
ality of playing behind closed doors
to come out of hibernation. Major
League Baseball is considering a
plan that would put teams in a bub-
ble to play games in Arizona. The
NBA and NHL are weighing similar
proposals to stage their postsea-
sons. German soccer is hoping to
resume play in empty stadiums in
early May. A future without fans is
SPORTS
petitors in college. It’s the same
reason why college basketball play-
ers may perform better as seniors
but the freshmen are still the top
picks in the draft. Teams see more
growth potential in someone who’s
younger.
There are a couple of ways of
viewing Burrow’s age. One is by
comparing him to the player who’s
projected to be taken second: Ohio
State defensive end Chase Young
turned 21 last week. The other is by
looking at current NFL players. Jets
quarterback Sam Darnold has been
in the NFL for two years—and he’s
six months younger than Burrow.
A more telling example may be
another NFL quarterback who just
the only feasible option that public-
health experts can see until there is
widespread testing or a vaccine.
There is reason to believe that
these events will have dramatic im-
plications on the games themselves.
This is the first time in the modern
history of sports that they won’t
have drunk fans calling them blind,
telling them how to do their jobs
and generally trying to influence
their decision-making.
For decades the question of
home-court advantage has pulled at
researchers, but only recently have
they discovered that it’s largely a
function of psychology. In their 2011
book “Scorecasting,” Toby Moskow-
itz and L. Jon Wertheim presented
compelling evidence that it’s mostly
a matter of referee bias. In a world
without fans, that bias might de-
crease. “I suspect they will make
much fairer decisions,” said
Moskowitz, a Yale economist.
This makes sense. Imagine you
worked for a company that invited
thousands of strangers to heckle
you relentlessly all day every day,
so much that it became part of your
routine. But then one day, the office
bans them. Would you get better or
worse at your job?
* ***
Joe Burrow had
one of the
greatest seasons
in college history.
finished his second season. Lamar
Jackson showed just how much a
players’ performance can leap at
such a young age when he won the
MVP and led the Ravens to an NFL-
best record. And Jackson is a
month younger than Burrow.
Those Hands
The most dramatic moment at
this year’s NFL combine occurred
when Joe Burrow had his hands
measured. They came in at 9
inches—from pinkie to thumb—
which is seen as slightly less than
optimal for an NFL quarterback. Fi-
nally, scouts found a flaw with Joe
Burrow: his hands were fractions of
an inch too small.
A study found that home-court
advantage is driven by referee bias.
There are some people who
might not let these scholarly find-
ings past their peer review: the ref-
erees themselves.
“I think the fans actually believe
they have influence,” said retired
NBA official Joey Crawford, “and
we as referees know that they
don’t.”
There are few people on earth
with a better understanding of ref-
erees. In the past 25 years, nobody
officiated more NBA Finals games
than Crawford, whose father and
brother were both Major League
Baseball umpires. On this matter, he
is adamant.
“It’s a total fallacy,” he said. “I
know referees, and I know what we
talk about, and I know what perme-
ates our profession. Nobody ever
talks about the fans.”
But not many officials know
what it’s like to call big-time games
without tens of thousands of
screaming lunatics in their ears.
Which is where a couple dozen Ital-
ian soccer refs come in.
Their performances before empty
stands in 2007 delivered the key
finding of the Swedish economists’
study: Referee bias, the biggest fac-
tor in home-field advantage, all but
disappeared in games behind closed
doors. “Soccer referees are sup-
posed to be neutral,” they wrote.
“Yet we find evidence that Italian
referees change their behavior in
games played without spectators.”
In most soccer matches, their
study found, home-field advantage
holds true. The referees call fewer
fouls and give fewer yellow and red
cards to the home team. But not in
the Italy sample. Home teams were
penalized so much more and road
teams were penalized so much less
that it created a swing of 3.96 fouls
per match.
Subsequent papers on this effect
in soccer were able to get even
more granular. One study of the
German Bundesliga found that
home-field effects were most pro-
nounced in stadiums that didn’t
have a running track between the
field and the stands. The closer fans
were to the action, the more likely
they were to sway their calls.
Crawford said this theory didn’t
match his reality. “You don’t even
hear the fans,” he said. But in the
spirit of scientific exploration, he
offered a hypothesis of his own:
He’s guessing that NBA players and
coaches might not lobby for so
many calls in a silent, empty arena.
Why?
“Because everybody can hear
you,” he said.
THE WALL STREET JOURNAL.
“I think it’s a non-factor,” Burrow
said when he had to face the music
and publicly address the size of his
mittens.
In all likelihood, despite most
NFL quarterbacks having larger
hands than him, he’s right: it won’t
be a problem. But the moment he
coughs up his first professional
fumble, it will surely be raised.
The first reason NFL teams
sometimes obsess over this particu-
lar piece of minutia is because they
pride themselves on whipping
themselves into a tizzy over every
piece of minutia. The second reason
is that they believe smaller hands
can lead to decreased ball security.
Bigger hands make it easier to grip
the ball firmly.
Burrow, though, has never had a
problem with that: He fumbled only
four times during his last season at
LSU.
The Arm Strength
It doesn’t take long to realize
Burrow can make every type of
throw. He threw seven touchdowns
in the College Football Playoff semi-
final against Oklahoma. And then
the teams took their break for half-
time. He hits receivers on slants,
crosses, outs and bombs.
But when evaluators have com-
pared the sheer strength of his arm
to other young quarterbacks, some
.
believe it leaves a bit to be desired.
“He does not have a huge arm,”
ly
said NFL Network analyst Daniel
Jeremiah.
Jeremiah watched him throw in a
workout with Darnold and Buffalo
Bills quarterback Josh Allen, two
young quarterbacks who are around
his age, and he said Burrow came
up a tick short. He said Burrow
doesn’t have the same sort of natu-
ral cannon that others like Patrick
Mahomes and Carson Wentz pos-
sess.
But none of these things mat-
tered for the Cincinnati Bengals.
They had the chance to take the
closest thing in the draft to the per-
fect quarterback prospect. So did
just that and took Joe Burrow.
—Joe Flint
contributed to this article.
Tua Tagovailoa was the No. 5 pick.
Tagovailoa
Is Picked
By Dolphins
BY ANDREW BEATON
There was one question
hanging over this year’s NFL
draft: Where would Tua Ta-
govailoa go?
He didn’t have to wait long
to find the answer: the Miami
Dolphins with the fifth pick.
Drafts are defined by their
quarterbacks, and after Joe
Burrow went No. 1 to the Cin-
cinnati Bengals, there was mys-
tery and intrigue. Tagovailoa
was transcendent at Alabama,
leading the team to a stunning
national championship come-
back off the bench as a fresh-
CLOCKWISE FROM TOP: GERALD HERBERT/ASSOCIATED PRESS; NFL/ASSOCIATED PRESS; CHRIS CARLSON/ASSOCIATED PRESS
man. But his final college sea-
son ended with a gruesome hip
injury. In the eyes of some, he
went from a sure thing to a
question mark.
The draft, which took place
amid unprecedented conditions
because of the coronavirus, be-
gan much as planned on Thurs-
day night.
Burrow led things off. Defen-
sive end Chase Young went to
the Redskins at No. 2 and he
was followed by cornerback
Jeff Okudah to the Lions. Then
the Giants took offensive tackle
Andrew Thomas at No. 4.
After that, the Dolphins
made Tagovailoa the face of
their rebuild. The Chargers fol-
lowed at No. 6 with the quar-
terback some believed could
leapfrog Tagovailoa, Oregon’s
Justin Herbert.
The early run on quarter-
backs made sense: in a league
increasingly dominated by
passing, it was the third time in
the common draft era that
three quarterbacks went in the
top six picks.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 24, 2020 | A13

OPINION
Congress’s Coronavirus Mess BOOKSHELF | By Colman Andrews

“There is al-
ways a well-
ised this week’s legisla-
tion was merely an “in-
Rep. Warren Davidson
proposes to turn at
Now Serving
Number One
known solu- terim measure” and least some of those
tion to every declared that “in the dollars from grants

SHAWN THEW/SHUTTERSTOCK
human prob- weeks ahead Congress into loans—as the gov-
lem—neat, must prepare another ernment is doing with
POTOMAC plausible, and major bill in similar other businesses. This
wrong,” H.L. size and ambition to makes sense, especially
WATCH
Mencken ob- the Cares Act”—last as hospitals will among
How to Feed a Dictator
By Kimberley
served. Con- month’s $2.2 trillion the first industries to By Witold Szabłowski
A. Strassel
gress has law. Joining him—un- reopen and are well- (Penguin, 267 pages, $17)

found its own
neat and plausible answer to
the Covid-19 pandemic: spend,
spend some more. Thankfully,
a few elected leaders are start-
ing to realize it’s wrong.
The world’s least delibera-
tive body was at it again this
week, as the Senate waved
through by unanimous con-
sent another $484 billion for
loan programs, hospitals and
testing. The House at least
bothered to gather and hold
an actual vote Thursday,
though it forswore amend-
ments. This was the fourth
aid package Congress has
whipped along since March.
A pandemic doesn’t
excuse lawmakers
from performing their
most basic duties.
By some estimates, law-
makers have already pushed
fortunately—is the positioned to recover.
White House, which Speaker Pelosi and Minority Leader Schumer Other Republicans call
senses an opportunity for a closer look at all
to realize long-stalled priori- even in financial distress to the dollars Congress threw in
ties. President Trump seems tap the fund, which is helping its panic, wondering if it isn’t
unaware that Speaker Nancy to run it dry—a problem now prudent to claw back some of
Pelosi will see his plans for in- being flagged by Sen. Ron the more wasteful or unneces-
frastructure spending and Johnson of Wisconsin. Yet sary handouts.
raise him a bailout for every those same rules bar smaller, Congress has an obligation
mismanaged blue state, a U.S. more desperate businesses at least to ensure the money
Postal Service rescue, a com- from obtaining loan forgive- it is shoveling out—whether
plete revamp of voting rules ness if they use even 26% of in grants or loans—remains
in time for November, and ex- the money on expenses be- with those for whom it is in-
panded unemployment bene- yond payroll. Texas Rep. Chip tended. Its failure to include
fits for everyone, forever. Roy, a member of the Free- any meaningful liability pro-
On the other side are Re- dom Caucus, put together an tection in its legislation en-
publican lawmakers realizing amendment to loosen the sures that a huge chunk of aid
Democrats are using each of 75%-on-payroll requirement, money is destined for the
these bills to take them—and but Democrats barred him trial bar, which is already ac-
the country—for a ride. Sen- from offering it to this week’s tively soliciting plaintiffs for
ate Majority Leader Mitch legislation. cases against hand-sanitizer
McConnell indicated an end to Then there are the Demo- manufacturers, hospitals, vac-
any more unanimous-consent crats’ “turbocharged” unem- cine makers, nursing-home
spending and voiced his oppo- ployment benefits from the operators—you name it. Dem-
sition to Democratic schemes Cares Act. Four Republican ocrats are fine with this, since
to bail out badly managed senators—South Carolina’s the trial bar’s profits help
state pensions. He wants a Lindsey Graham and Tim elect Democrats. But conser-
pause, thank the Lord. Scott, Nebraska’s Ben Sasse vative groups are pushing for
Republicans are also realiz- and Florida’s Rick Scott— Republicans to take a hard, if
ing the virus has not caused warned at the time that bene- belated stance.
voters to abandon basic prin- fits so generous would dis- How about any stance?
‘I
t has always seemed curious to me,” Ford Madox Ford
once wrote, “that the four fiercest of all animals, the
bull, the stallion that is more terrible than the bull,
the rhinoceros that is a charging castle, and Mr. Hitler,
should all be vegetarians.”
In fact, Hitler was not a vegetarian, at least not consis-
tently. Various accounts mention the Führer’s fondness for
Bavarian sausages, liver dumplings and stuffed pigeon, and
he banned vegetarian organizations. Why does that matter?
Why should we care what Hitler did or didn’t eat—or, for
that matter, what music he listened to, what he hung on his
living-room walls, or what his favorite color was?
But people obviously do care about the ephemera of
autocracy. Countless articles have been written about dictators’
cars and the quirks of dictator fashion. There’s even a whole
book dedicated to the interior decor of tyrants’ homes.
And then there’s food. Polish journalist and author Witold
Szabłowski’s lively “How to Feed a Dictator,” rendered into
English by Antonia Lloyd-Jones, isn’t the first volume to
address the subject. Victoria Clark and Melissa Scott’s
“Dictators’ Dinners: A Bad Taste Guide to Entertaining
Tyrants” draws on secondary sources to reveal the eating
habits of some 25 despots (Hitler included) and includes
recipes for some of their favorite dishes. Mr. Szabłowski, in
contrast, devoted three years to tracking down and person-
ally interviewing the cooks for just five former leaders—
Iraq’s Saddam Hussein, Uganda’s Idi Amin, Albania’s Enver
Hoxha, Cuba’s Fidel Castro and
Cambodia’s Pol Pot. He doesn’t
bother with recipes, but with

.
this year’s budget deficit to ciples. Their constituents ex- courage able-bodied people The Beltway story of the help of locals he meets, he
$4 trillion—quadruple the pect conservatives to care from returning from work. Covid-19 has been one of does provide historical context

previrus estimate. The only
good news is that this number
is finally pinging a few alarm
bells. So cue the next itera-
tion of Congress’s virus de-
bate—a battle between those
intent on more mindless
blowouts and those belatedly
ly
about debt and the size of They were generally treated Democrats holding hostage for the worlds in which these
government, as well as to ad- like the skunks at the spend- every aid bill to pet priori- tyrants operated and makes
dress the ballooning list of ing party, but we now know ties, and the GOP caving in. sure we remember how evil they
on
mistakes and unintended con- they were right, and the pro- Republicans need to make
sequences in all these pack- visions could contribute to clear—to Democrats and the
ages. There’s a growing Re- yet more bankruptcies. See White House alike—that not
publican consensus that this the Journal piece this week another dime will leave the
were, even as we read about
their fondness for grilled cheese
with honey or refusal to eat
dried elephant meat.
must now be the priority. from ChefStable owner Kurt government’s coffers until He also warns us—though only
us ,

determined to clean up the That includes changes to Huffman, who can’t get his Congress better accounts for at the end of the book, after we’ve
l

messes Congress has already the Paycheck Protection Pro- employees back on the job. the programs it has already ingested what his chefs have
e
al a

made. gram, the Small Business Ad- This week’s bill throws $75 enacted. A global pandemic served—that he wasn’t able to verify
On the mindless side, we ministration’s new lending fa- billion more at hospitals on doesn’t excuse lawmakers much of what he has been told. “We simply have
find Senate Minority Leader cility. The current rules allow top of the more than $100 bil- from their basic duties. to trust the cooks,” he proposes, a bit ingenuously, “just as
ci on

Chuck Schumer, who prom- bigger businesses that aren’t lion in the Cares Act. Ohio Write to kim@wsj.com. we would trust them if we met them and they cooked for us.”
Those cooks, it turns out, have modest origins. Unlike,
say, Russia’s Nicholas II, who imported renowned French

Dying Gives Us a Chance to Confront Truth chefs to prepare his meals, Mr. Szabłowski’s despots aimed low.
None of the five men and one woman he talks to (he finds
er s

two of Castro’s cooks) were polished professionals when they

HOUSES OF Years ago I moriendi holds the opposite “He lifted me out of the deso- Covid-19 is not a blessing. were recruited to serve. Hoxha’s chef—identified here only
WORSHIP
m er

preached a view: It’s a good thing to see late pit, out of the mire and It is one more obvious, terri- as “Mr. K”—had been working in a construction-site kitchen
By C. Kavin sermon on death coming and to have clay”; “Taste and see that the ble instance of a broken when “the party” sent him to cook at the Albanian leader’s
Rowe death to a time to prepare. Time and Lord is good.” And in the world. But amid all the rea- holiday villa. Yong Moeun, who served Pol Pot, was a scout
relatively habit provide the chance to words of Jesus: “Let not your sonable concern, we shouldn’t in a jungle encampment when she was enlisted to make a
young con- live fully and—even at the last heart be troubled; and do not lose sight of the deeper cause sweet-and-sour soup, thereby launching her cooking career.
m rp

gregation. As I greeted con-
gregants after the service,
many smiled the Southern
smile that means, “We know
our manners but don’t like
hour—become a mature hu-
man being, one who tells the
truth.
I know this firsthand be-
cause my dying wife tells the
co Fo
be afraid”; “I am the resurrec-
tion and the life.” And, when
my wife has breath enough,
we also sing the Kyrie eleison.
Lord, have mercy.
of our anxiety—our mortal
fear—and the unprecedented
chance within this life to be-
come fuller, richer and more
joyful human beings.
Otonde Odera, Idi Amin’s chef, seems to be the most
passionate of the lot about his métier. Born in a tribal village
in Kenya, he crossed the border into Uganda as a young man
and ended up working as a gardener for an English couple
in Kampala, the capital. One day he was asked to help pre-

what you said.” Yet one el-
derly couple stopped to talk.
“We’ve never heard a sermon
on death here,” I recall the
wife saying. “We needed one.
We’re old and we know what’s
coming.”
The Covid-19 pandemic has
swept away the illusions that
led the congregation—and
much of the world—to ignore
death. The virus will kill only
a small minority of the world.
truth. When she was referred
to hospice some time ago, af-
ter a long and painful decline,
she simply noted, “I don’t
want to die. I want to finish
raising our son.”
Through attentive care,
hospice has extended her
life—and with it the chance to
talk about our successes, fail-
ures, hopes, sorrows, beliefs,
and doubts. The demand to
face death created a new
n-
Since my wife entered
hospice, we’ve grown
closer together and
deeper in our faith.
And he has had mercy: Je-
sus teaches that the way to a
full life is through facing
When we accept the truth
about our mortality, we can
also experience remarkable
freedom: to take the time to
say “I love you”; to stop nurs-
ing resentments, thinking that
forgiveness can always wait
for another day; to cease pre-
tending that little annoying
things matter so much; to pick
up our heads and look at the
beauty of the world; to exam-
ine our beliefs about what re-
pare a meal. “Right from the start,” he tells Mr. Szabłowski,
“I felt as if I were born in the kitchen. . . . I had found some-
thing God wanted me to do.” After Uganda declared indepen-
dence in 1962, Mr. Odera got a job cooking for Milton Obote,
who was Uganda’s prime minister and then president. When
Obote was deposed by Idi Amin in 1971, Mr. Odera stayed on.
A Polish journalist tracks down and talks to
the chefs of five despots who ate well despite
the privations faced by their citizenry.

Yet its prevalence has re-
minded people everywhere
that if Covid-19 doesn’t kill
them, something else will.
no
chance to grow closer to- death. That teaching holds up. ally, really counts in life; to
gether and deeper in our faith. My wife has not been healed mend relationships; and, for What do we learn from these chefs, by way of Mr.
We don’t have time to argue and will never get better. But those who’ve never tried it be- Szabłowski, about the dictators they served? Probably not
about what a “messy kitchen” somehow we are on the path fore, even to pray. much we didn’t already suspect. They ate well, regardless of

This realization recalls a truth
central to the Christian tradi-
tion: No one will get out of life
alive.
Over time Christians devel-
oped a set of practices to help
us tell this truth and to pre-
pare for death. In the Middle
Ages this was called the ars
moriendi, the art of dying. To-
day, a quick death often is
seen as ideal. Yet the ars
means when we’re focused on
sharing the truths we need to
hear: I love you. I wish we
could grow old together. I
wanted to know our son’s wife
and our grandchildren. I will
be with you until the end.
We have long read the Bi-
ble. But facing death has
brought it near, and its words
now speak directly to us. We
find comfort in the Psalms:
of life. Telling the truth and
training for death is agoniz-
ing, but it also has provided
consolation. Death no longer
seems far away; training for it
and experiencing its closeness
has brought certain gifts.
These gifts of clarity of pur-
pose and love are what human
beings spend much of their
lives longing for and failing to Duke University Divinity
find.
No sane person would
ever give thanks for a pan-
demic. But if we take the
chance it gives us to become
truth-tellers, lovers and rec-
oncilers, we may well wind
up giving thanks for what we
have become.
Mr. Rowe is a professor at
School.
the privations faced by their citizenry. They were paranoid
(Hoxha’s secret-police agents not only dogged his chef’s
footsteps but stood by while farmers milked the cows and
fishermen landed their catch for the Albanian dictator’s
meals). And they were capricious.
If Saddam didn’t like a dish one night, he would make
his cooks pay for the cost of the ingredients. A few days
later, if he was better pleased, he would give the money
back twofold. Amin spontaneously almost tripled Mr.
Odera’s salary one day after a couple of British officers
praised a steak-and-kidney pie he’d prepared—but on
another occasion, he raged against the kitchen staff and
threatened to kill them when his 13-year-old son got
indigestion and Amin was convinced he’d been poisoned.

Coronavirus as a Sequel to ‘Jaws’ Mr. Odera is certain that, contrary to rumor, Amin never
dined on human flesh. “I never saw any meat of unfamiliar
origin, or that I hadn’t bought myself,” he assures us.
By Lee Siegel out there. You knew it was ticularly dislikes Hooper, accus- tin, my kids were on that How do these chefs feel today about having nourished men

I
nspired by current events,
many people are streaming
old pandemic movies like
“Panic in the Streets” (1950),
“Outbreak” (1995) and “Conta-
gion” (2011). Another relevant
classic is the 1975 summer
blockbuster “Jaws.”
The mayor of a fictional
New England resort town, Am-
ity Island, has to decide
whether to follow the advice of
his police chief and an ocean-
ographer and close the town’s
beaches after a great white
shark kills two swimmers—a
decision that would devastate
the town’s economy.
The mother of a young boy
who has gone missing after
last being seen playing in the
surf—the audience knows he
was the shark’s second vic-
tim—confronts the police
chief, Martin Brody, and slaps
him in the face.
“I just found out,” she says,
“that the girl got killed here
last week, and you knew it!
You knew there was a shark
dangerous. But you let people
go swimming anyway.”
The camera closes in on the
face of Matt Hooper, the
oceanographer, as he reacts to
this scene of rage and grief. It
is an unforgettable moment.
But it wasn’t Brody who had
kept the beaches open. It was
A deadly threat forces
reluctant politicians
to order a shutdown
of the economy.
Mayor Larry Vaughn, who
from the beginning plays down
the threat for fear of driving
away people who flock to the
town every Fourth of July, now
a day or two off.
“Look,” Vaughn says at one
point, as he tries to dissuade
Brody and Hooper from publicly
announcing the danger, “we de-
pend on the summer people
here for our very lives.” He par-
ing him of exaggerating the
shark’s size to “get your name
into the National Geographic.”
“It’s all psychological,”
Vaughn tells Brody. “You yell
‘Barracuda,’ everybody says
‘Huh? What?’ You yell ‘Shark!’
and we’ve got a panic on our
hands on the Fourth of July.”
Eventually the men reach a
compromise. The beaches stay
open but with heavy police
presence, posted warnings
about the shark, and aerial ob-
servation. But Vaughn gets in
his own way and thwarts this
precarious plan when he im-
pulsively circulates among
anxious beachgoers, hinting
that the shark has been caught
and urging them to enjoy a
swim. The splashing attracts
the shark, which claims an-
other victim in an unguarded
part of the water.
Brody’s teenage son, who
was swimming nearby, is taken
to the hospital in a state of
shock. The mayor realizes his
error as he waits with the po-
lice chief at the hospital. “Mar-
beach, too,” he says, racked
with guilt and fear. He hires an
eccentric seaman, Quint, to
find and kill the shark.
“The summer’s over,” Brody
tells Vaughn, implying that the
beaches will be locked down as
the frightened townspeople take
shelter and wait for the chief,
the scientist and the hunter to
eradicate the menace that has
transformed their lives.
“Jaws” is a only a movie,
and today’s real-life trade-offs
aren’t as simple as a fictional
plot. Americans have an unpre-
dictable political leader who is
far more complicated than
Larry Vaughn, and whose op-
ponents, including a substan-
tial segment of the press, seem
determined to demoralize the
public to bring him down. Still,
the scene of a grieving
mother’s rage against the offi-
cials who failed to protect her
son resonates 45 years later.
Mr. Siegel is author, most
recently, of “The Draw: A
Memoir.”
who are now so widely reviled? Yong Moeun, who cooked for
Pol Pot, expresses a kind of admiration for him that suggests
a schoolgirl crush, calling him “a beautiful man” and “pure
goodness.” His nickname was Brother Mattress, she reports,
“because he always did his best to calm things down. He was
soft.” (He also conducted a campaign of mass genocide that
exterminated a quarter of Cambodia’s population.) One of
Castro’s chefs tells Mr. Szabłowski: “I have no reason to be
ashamed. No one ever did as much good for Cuba as Fidel.”
Castro’s other chef, who, Mr. Szabłowski is told, “has lost his
wits,” says of the late Cuban leader: “He’s everything to me.
He’s my entire life.”
Hoxha’s chef is obviously less proud of his service. He
insists on keeping his real name secret, says Mr. Szabłowski,
because “he doesn’t want to keep explaining on a daily basis
what he was doing for a living while most Albanians were
starving.” As for Mr. Odera, while he doesn’t defend his
former boss Idi Amin, he gives himself a pass: “You ask how
I could cook for such a monster. Well, I had four wives and
five children.”
Mr. Andrews is a senior editor at 24/7 Wall St. and the
author of nine books on food.
Coming in BOOKS this weekend
Lucy S. Dawidowicz & the politics of Jewish history •
Odetta: A life in music & protest • The other ‘Miss Austen’
• Epidemics & society: From the Black Death to today •
Children’s verse: A celebration • Fiction, mysteries & more
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Stopping a Lawsuit Epidemic Coronavirus Helps to Reanimate Federalism

M
illions of Americans will lose their jobs governors, including New York’s Andrew Cuomo, William Galston’s “Trump Flunks icy—governors who have blamed
and tens of thousands will die from Illinois’s J.B. Pritzker and Michigan’s Gretchen Federalism 101” (Politics & Ideas, Washington for a lack of supplies,
April 15) is excellent as far as it goes. equipment and testing, and who have
Covid-19. Leave it to the plaintiff bar to Whitmer, for using emergency executive powers
He notes that Supreme Court deci- wildly overstated the numbers of ven-
make money off the misery. to protect providers in their sions construing the Constitution’s tilators and hospital beds they need.
“The WHO is telling health Trial lawyers are states from trial lawyers. Spending Clause permit the federal Few beds are occupied in New York
care facilities to take all nec-
essary steps in dealing with
massing to loot medical Other same.
governors should do the government to offer states grants for
purposes that are the exclusive re-
City’s Javits Center or aboard the
USNS Comfort sitting in its harbor. It
patients to detect, isolate and providers and employers Those actions by Democrats sponsibility of the states, so long as it seems all patients who needed venti-
limit the spread of Coronavi- are also an opening for Repub- doesn’t coerce them into accepting lators have been able to get them.
rus,” says the law firm Cogan
in response to Covid-19. licans to press liability reform them and all their attendant baggage. Now those same governors are saying
& Power, P.C. Advises per- in Congress. Nebraska Sen. Experience has demonstrated that the to the president: “We’re good; we’ve
sonal injury attorney Steven Ben Sasse has introduced leg- states find it enormously difficult to got this.”
Heisler: “If you or a family member has become islation shielding health-care workers for test- decline them, whatever their condi- With a few honorable exceptions,
tions. That is true even though 14 most of those governors appealed to
seriously ill or someone has died from corona- ing or treating coronavirus patients. Congress
states refused to participate in Washington for a national policy and
virus due to someone else’s negligence or fault, last month legislated liability protection for N95 ObamaCare’s expansion of Medicaid decried its “lack of leadership” be-
you should seek legal advice to see if you have mask manufacturers that feared lawsuits if coverage, but that is an exception that cause they didn’t want to make the
a coronavirus malpractice lawsuit.” health-care workers wearing masks got sick. Li- proves the rule. Having experienced hard decisions that Mr. Trump has, in
Most businesses are advertising less, but trial ability concerns discouraged manufacturers the very substantial collateral costs of fact, made. Gov. Andrew Cuomo’s
lawyers are taking advantage of America’s home who don’t usually make masks from assisting their existing Medicaid programs, daily fireside chats have made him a
confinement to recruit clients on TV. Consumer against the coronavirus. those states declined to compound celebrity. But I have trouble recalling
Attorney Marketing Group notes that “media It will get worse. Plaintiff firms are also tar- them. Thus the practical effect of the one really hard decision the avuncular
consumption in the U.S. is already at historical geting employers if they reopen for business and court’s Spending Clause decision has governor has made over the past
highs” and “staying put in our homes can lead workers or customers get sick. Cruise companies been to empower Congress to induce month.
to almost a 60% increase in the amount of con- have been sued for negligence, and the American the states into adopting Washington’s JAMES DAMRON
approach to matters that remain the North Potomac, Md.
tent we watch in some cases.” Legal finance Federation of Government Employees has filed states’ exclusive responsibility.
firms are also capitalizing by lending money for a class action against the federal government for These programs, which are laden Mr. Galston utterly ignores the
virus lawsuits on condition they receive a divi- not providing enough protective equipment in with the most detailed instructions, Constitution’s Compact Clause (Arti-
dend from the eventual payout. prisons and veterans hospitals. now provide federal subsidies for vir- cle I, Section 10, Clause 3), which pro-
Most health-care providers have malpractice All of this will hamper the recovery. The virus tually every activity in which states hibits states from reaching agree-
insurance, and insurers are directing them to can spread easily among workers in confined are engaged. They distort state priori- ments among themselves without the
establish explicit treatment protocols as a pro- spaces, and infections have forced some meat- ties, impose ponderous regulations on consent of Congress. The governors of
phylactic. But it’s unclear whether insurers will packing plants and food facilities to close. Most myriad state and local activities and New York and California recently an-
cover some coronavirus legal claims. Hospitals employers are adopting practices recommended deprive their citizens of effective con- nounced a compact negotiated by
were inundated with lawsuits after Hurricane by public health including keeping workers at trol over how their own taxes are to each of them with other states to end
be used. In sum, they have converted the shutdowns previously ordered by
Katrina, so now most are prepared for natural least six feet apart and are regularly sanitizing
the states in too many ways into mere the governors involved. Congress
disasters. their facilities. States need to grant them legal administrators of programs created in hasn’t consented to those compacts.
But a pandemic like the coronavirus hasn’t protection if they do.

.
Washington and overseen by bureau- Mr. Galston gives the president no
occurred in a century. Hospitals and workers Employers are also worried about wage-and- crats who are the furthest removed credit, however, for refusing to order

ly
are managing a surge of patients that nobody hour lawsuits by workers who may claim they from where the money is to be spent. a nationwide shutdown at a time
could have predicted. They aren’t responsible weren’t allowed to take rest breaks or weren’t As one former Democratic governor when the president’s opponents were
for a lack of protective equipment. Health-care paid overtime while working remotely. Small put it: “I honestly wondered if I was complaining that the president pro-
on
providers have to make treatment decisions businesses also say new federal paid sick and
against a disease we still know too little about, family leave mandates could leave them vulnera-
and they shouldn’t be sued unless they are ble to worker lawsuits.
actually elected governor or just
branch manager of Nebraska for the
federal government.”
In practical effect, these grants
duced a “patchwork” by allowing indi-
vidual governors to decide how each
state would respond to the Covid-19
pandemic. That is precisely the sys-
grossly negligent. If Congress wants America to recover with
have effectively nullified the Constitu- tem that the Constitution establishes.
us ,

Congress last month provided liability pro- any speed from this pandemic recession, we
tion’s federalism—its reservation to PATRICK MCSWEENEY
l

tection for health-care volunteers but should ex- can’t have a lawsuit epidemic too. Employers op- the states of all powers not assigned Powhatan, Va.
e
tend them to all providers. Credit Democratic erating in good faith need a safe harbor.
al a

by it to the federal government.

JAMES L. BUCKLEY By Mr. Galston’s logic, the presi-
Bethesda, Md. dent has the authority under the Com-
Big Oil to the Rescue
ci on

merce Clause to shut down interstate

A
I think that President Trump’s as- commerce, but lacks the authority to
nti-carbon activists don’t sleep even climate impact, which finally ended last Decem- sertion of “total” authority over the open it back up. That is a non sequi-
during a pandemic, and earlier this ber when a state judge tossed the state lawsuit states likely reflects his irritation at tur, particularly since the purpose of
week New York City Council members as entirely without merit. governors who have for weeks com- the Commerce Clause is to facilitate,
er s

introduced a resolution to di- plained about the “lack of leadership” not hinder, interstate commerce.
Exxon is also increasing
Look whose products production of a specialized coming from Washington and the RICK MILLER
vest from banks invested in
m er

need for a uniform nationwide pol- Wallingford, Pa.

fossil fuels. Perhaps they don’t
know that hand sanitizer and
personal protective equip-
ment come from hydrocar-
are crucial for fighting polypropylene that is used in
medical masks and gowns by
off the coronavirus. about 1,000 tons per month,
which is enough to manufac- Med School, Social Awareness and Good Care
m rp

bons synthesized by their ture up to 200 million medical

arch-villain Exxon Mobil. masks or 20 million gowns. At the same time, In “Med School Needs an Over- cerns that physicians are faced with,
Exxon’s predecessor Standard Oil invented it is applying its expertise in material science haul” (op-ed, April 14), Dr. Stanley including Covid-19. Emerging data
isopropyl alcohol (IPA), the key ingredient in to develop new face shields that utilize a filtra- Goldfarb bemoans the present focus demonstrates that mortality associ-
disinfectants and hand sanitizer, in 1920. Its Ba- tion fabric. in the curriculum for educating future ated with Covid-19 is disproportion-
co Fo

doctors. Fifty years ago, when I was a ately higher in socially vulnerable
ton Rouge chemical plant is now the world’s Working with Boeing, Exxon plans to manu-
medical student, we were exposed to populations. The same can be said for
largest producer of IPA. While refineries have facture as many as 40,000 masks an hour. Ac- public-health issues, epidemiology, a slew of other conditions, including
been throttled back, Exxon has ramped up IPA cording to an Exxon engineer, this new design biostatistics and community health. heart disease, cancer, asthma, diabe-
production by 3,000 tons per month, which is and production method won’t be vulnerable to The most productive day of my medi- tes, pregnancy, obesity and even os-
enough to produce 50 million four-ounce bot- the supply-chain hiccups that have led to wide- cal education was the one I spent teoarthritis. Adequately treating our
tles of sanitizer. spread mask shortages. No Defense Production with a visiting nurse as she made patients requires that physicians un-
The oil giant recently noted in a press re- Act coercion necessary. rounds in poor areas of the South derstand the context in which those
lease that the state of New York has turned to As for the cries to divest from fossil fuels, oil Bronx. It taught me that all of the ad- patients live. They cannot do that
the Baton Rouge plant for critical supplies. Gov. and gas generate energy but are also the feed- vances in the science of medicine will without being taught about the im-
Andrew Cuomo should be grateful Exxon isn’t stock for an inestimable number of essential be of no avail if our patients don’t fol- pact of these social issues on medi-
holding a grudge after the state’s four-year in- products. Do liberals want to divest from using low our recommended treatments. If cine. The best place for this is medical
doctors understand how our patients school—where all physicians are given
quisition for allegedly deceiving itself about its those to fight off the coronavirus?
n-

live, we can improve their medical a broad education on the fundamen-

outcomes. In my four years of medical tals of medicine.

Watch Out in the South China Sea school, the hours we medical students
devoted to our studies far exceeded
Along those same lines, undergrad-
uate medical education only provides

W
no

the demands on the time of friends the foundation for a career in medi-
ith the world preoccupied by the the coronavirus crisis. Chinese propaganda who were studying for M.B.A.s or cine. It is the basis for further training
coronavirus pandemic, China has has also amplified the virus troubles aboard other graduate degrees. Given that and not intended to be the endpoint
been looking to exert more military the USS Theodore Roosevelt aircraft carrier, time is finite, if we add an item to the of our learning.
control in the South China a premier American naval as- curriculum, something else will have Preparation for major public-health
Sea. This week three war- As U.S.-China tensions set in the Pacific, to suggest to be reduced. crises is important, but not at the ex-
ships from the U.S. Seventh As physicians, we not only know pense of learning about the social de-
Fleet, joined by an Australian
increase, the chance of U.S.Another vulnerability.
potential flash-
what we know, we also know how terminants of health that impact our
much we don’t know. My medical edu- patients every single day. Students
frigate, responded by sailing a miscalculation grows. point is Taiwan, which has cation has prepared me for under- should enter the field of medicine
into the disputed waters in a won deserved international standing items that may be out of my with a clear understanding that they
show of force. The danger is recognition for its handling field. But understanding is a far way not only may face a public-health ca-
that Chinese naval officers misread America’s of the coronavirus. That’s also infuriated from expertise. I am neither a statisti- tastrophe like the one that we are cur-
public mood and think they can embarrass the China, which has increased military flyovers cian nor am I an epidemiologist. When rently in (as Dr. Goldfarb says), but
U.S. without escalation. close to the island. needed, they can be found at the also that the work they do may be
The South China Sea is a critical waterway U.S.-Chinese tensions are also increasing, nearby university medical complex. greatly limited by the social chal-
in the Western Pacific, bordered by Taiwan, as Americans blame China for its deceptions ELLIOT DAVIDOFF, M.D. lenges that our patients face in their
Vietnam, Singapore, the Philippines, Indonesia about the coronavirus in an election year. Chi- Granville, Ohio daily lives. We need socially conscious
physicians who can do both.
and Brunei. Beijing has long claimed control nese propagandists have claimed the U.S. may
Social determinants of health are MUYIBAT A. ADELANO, M.D.
over it, and during the Obama Administration have created the virus. critical to understand because they Washington University
it moved on its claim by militarizing islands Under these circumstances the chance of are the undercurrent of most, if not School of Medicine
despite international protests. a military miscalculation increases. Even all, individual and public health con- St. Louis
This month Vietnam said a Chinese ship something like the Hainan Island incident,
deliberately rammed and sunk a Vietnamese when a U.S. and Chinese plane collided in
fishing boat. Indonesia’s fishermen are also 2001, would require careful de-escalation. Should Gender, Race Rules Pepper ...
reporting escalating harassment, and in re- The coronavirus is consuming most of Amer- Apply to the Vice President? And Salt
cent weeks Chinese government and militia ica’s political oxygen, but Chinese military
ships have been tailing Malaysian oil-explo- commanders should not think this is a mo- Regarding the letters of April 21 THE WALL STREET JOURNAL

ration boats. ment to tangle with the U.S. if they encounter about Democratic presidential nomi-
nee Joe Biden saying he would choose
U.S. freedom of navigation exercises are in- each other at sea. China’s geopolitical oppor-
a woman for vice president. Why is it
tended to affirm that Beijing cannot unilaterally tunism amid the pandemic has turned opinion that political jobs can be filled by sex
seize control of the waterway. Some waters of against Beijing. or race while jobs in the private sec-
the South China Sea are claimed by multiple Freedom of navigation exercises are impor- tor cannot? Isn’t it time to apply the
neighboring countries, but China is the stron- tant but not enough to secure the Western Pa- same rules to the politicians who
gest power in the region and last week it an- cific from Chinese domination. The U.S. has re- make the laws as those followed by
nounced its sovereignty over more islands over mained neutral on territorial claims, but it may the people who live under them?
objections from Vietnam and the Philippines. need to start recognizing claims of countries BRIAN GREIG
China wants to assert its dominance, chasing like Vietnam to make China pay a price for fur- Austin, Texas
other countries’ commercial maritime traffic out ther expansion. The U.S. should also try to main-
of waters even near their own coasts. tain its defense pact with the Philippines under Letters intended for publication should
It’s widely believed that Chinese military mercurial President Rodrigo Duterte. be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
officers are more hawkish and anti-American China’s recent behavior has badly damaged or emailed to wsj.ltrs@wsj.com. Please
than Beijing officialdom claims to be. While its claims to be a global stakeholder that plays include your city and state. All letters
the military has historically been reined in, by the rules. The U.S. is right to make clear are subject to editing, and unpublished “Helen, Don, you’re probably wonder-
President Xi Jinping has been doubling down that it remains a Pacific power and that the letters can be neither acknowledged nor ing why I called you. The answer is
returned.
on nationalism to consolidate his control amid coronavirus hasn’t lessened its resolve. achingly simple—I can’t get down.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Get Ready for the Return of Inflation
By Tim Congdon
T
he economists Milton
Friedman and Anna Ja-
cobson Schwartz demon-
strated in “A Monetary
History of the United
States” that a collapse in the quan-
tity of money was the main cause
of the Great Depression. Hoping to
avoid a repeat, the Federal Reserve
in recent weeks has poured money
into the economy at the fastest rate
in the past 200 years. Unfortu-
nately, this overreaction could turn
out just as poorly; history suggests
the U.S. will soon see an inflation
boom.
Fed actions have increased
the quantity of money in
the U.S. economy at a
blistering rate.
Friedman and Schwartz used a
broad definition of the quantity of
money that included all bank de-
posits, and found that U.S. money
stock shrank by 38% between Octo-
ber 1929 and April 1933. Some
prominent economists—including
Princeton’s Paul Krugman and Co-
lumbia’s Joseph Stiglitz—claim that
Maybe the Experts Were Right About Covid-19 the First Time
It’s time to con-
front an awful pos-
sibility about the
lockdowns in which
many of the world’s
POLITICAL
economies
find themselves:
ECONOMICS The experts might
now
have been right the
By Joseph C.
first time.
Sternberg
“The first time”
was not so long
ago—February to mid-March—when
official opinion on how best to grap-
ple with the new coronavirus pan-
demic was very different. The distin-
guishing characteristic was modesty.
The stated goal was not to van-
quish the virus but merely to try to
control its spread so as not to over-
whelm health-care systems. Officials
also understood public patience with
draconian measures would wear thin
quickly and demanded politicians ex-
ercise caution when asking the pub-
lic to take on burdens.
Those opinions now are widely
derided, often in insulting terms. Yet
subsequent events suggest they’re
mainly correct. Let’s take each in
turn.
• We can’t stop the virus, we can
only slow it. This is the biggest fact
The Coronavirus Could Imperil Putin’s Presidency
By Leon Aron
T
he path of the coronavirus
pandemic in Russia has been
similar to that of other coun-
tries: Denial gives way to fear, even
despair. Covid-19 has exacerbated
tensions and exposed political and
economic inadequacies, testing the
strength and legitimacy of institu-
tions as well as confidence in na-
no
tional leadership. In this regard, the
pandemic could hardly have come at
a worse time for the Kremlin.
The days when an overconfident
Russia dispatched planeloads of med-
ical supplies to Italy, Serbia and the
U.S. now seem like ancient history.
As of Thursday there have been more
than 57,999 confirmed cases, up more
than 5,000 from Wednesday, and 57
more deaths for a total of 513. Those
numbers are proportionate to about
131,731 infected and roughly 1,165
dead in the U.S.—numbers America
hit before the end of March.
The independent Russian medical
union Alliance of Doctors charges
that the government is covering up
the actual number of infections, so
worse may be coming. Even officials
are saying it. “I can tell you for sure
that there has been no peak [in Covid
cases] yet whatsoever,” said Mayor
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money growth no longer matters
much, but they’re wrong. After all,
the 2007-09 recession showed that
the ever-changing fortunes of the
banking system have a significant
effect on demand, output and em-
ployment. From 2010-18, growth
rates of the quantity of money and
nominal gross domestic product
were virtually identical at 4% a
year.
The Fed publishes weekly data
on the U.S. commercial banking sys-
tem’s balance sheet, allowing what
amounts to real-time diagnosis and
prognosis of the money supply.
Even in late February the Fed
wasn’t making major new decisions
in response to the coronavirus’s
spread, but that changed suddenly
with President Trump’s announce-
ment of a national emergency on
March 13. Over the next two weeks,
the central bank introduced a range
of radical and unprecedented new
policies intended to ease the pain of
the lockdown measures.
From March 11-18, deposits at
U.S. banks rose by 2.2%. In the next
seven days they rose 2.5%. And in
following week they rose 1%. In
other words, in a mere three-week
period they increased by almost 6%.
The contrast between the Fed’s pas-
sive response to the Great Depres-
sion, when the quantity of money
fell by 1% a month, and its recent
about the pandemic that remains po-
litically impossible to say. The trou-
ble started in mid-March when “herd
immunity,” previously the tacit or ac-
knowledged endgame for most of the
on
world, became a toxic phrase. Critics
pointed out that allowing the virus
to spread in a controlled manner
would cost lives. They presented a
stark alternative of total lockdown or
us ,
the disaster of Italian hospitals, with
l
no middle ground.
e
al a
But if those experts have a more
plausible plan than taking a con-
trolled path to herd immunity, the
ci on
world is waiting to hear it. Experts
propose instead either that we await
the arrival of a vaccine or that we
ramp up testing and contact tracing
of the infected. Good luck. A vaccine
er s
is a year or more in the future, if one
ever emerges. An effective mass test-
m er
and-trace regime would require a
level of competence and focus that
typically eludes modern govern-
ments—not to mention an invasion
of privacy that, at least in the U.S.,
m rp
might be unconstitutional.
Events will provide two tests of
whether the experts were right the
first time. Sweden is conspicuous
not only for its lack of a formal lock-
co Fo
down but also for its leaders’ laser
Sergei Sobyanin of Moscow, where
more than half the infections and
deaths have occurred. “We are at the
foothills of the peak, not even in the
middle.”
Russia entered the crisis in a
weakened state. Its longest stagna-
n-
tion in modern history—an average
of about 1% growth between 2009
and 2019—has eroded incomes. In
the third quarter of 2019, by official
Russia entered the crisis
with a stagnant economy,
and its oil-price war with
the Saudis isn’t helping.
estimates, almost 18 million Rus-
sians, or 12%, were below the sub-
sistence minimum—which this year
the government defines as about
11,000 rubles a month, or $146. Most
of the impoverished were working.
The Russian State Statistical
Agency, Rosstat, reported last year
that 80% of families were regularly
unable to buy a “minimal assort-
ment of goods,” and 35% couldn’t af-
ford two pairs of shoes for each
family member.
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OPINION
hyperactivity, when the quantity of
money has climbed by nearly 2% in
a single week, could hardly be
greater. If the recent rate of in-
crease continued for a year, com-
pound interest would cause bank
deposits to swell by 175%. Since
bank deposits dominate the measure
of money described by Friedman
and Schwarz, the quantity of money
would soar at a similar rate.
Excluding the years immediately
after the Revolutionary War, the
past few weeks have seen by far the
highest rate of monetary expansion
focus on the question of health-sys-
tem capacity.
Sweden’s fans are perhaps too
quick to overlook the human tragedy
of the resulting higher death toll.
But its critics should be more curi-
ous about whether, if permanent
suppression of the virus is impossi-
ble, this approach might stave off
subsequent disaster by moderating
future peaks of the virus—with
fewer of the human costs associated
with a lockdown.
They originally wanted
herd immunity, realizing
lockdowns would incur the
disasters we’re seeing.
We’d better hope Sweden’s ap-
proach works, because the alterna-
tive gives little cause for optimism.
We can’t lock down our economies
waiting for a vaccine that may never
arrive. And as Germany, Denmark,
Austria and other European coun-
tries emerge from their lockdowns,
officials all but admit the virus will
start spreading again. That’s why
Adding to the malaise is the disas-
trous oil-price war Russia entered in
early March with the Saudis. Neither
the economy nor the ruble is likely to
recover soon. In 2009, after the fi-
nancial crisis, Russia’s gross domes-
tic product shrank by almost 8%—the
largest contraction among Group of
20 economies—and the country is
likely to bear the brunt of the coming
global recession too. So far the gov-
ernment has promised to give those
“who abide by the self-isolation re-
gime” a one-time payment of 4,000
rubles ($53): half now, and half after
the quarantine is lifted.
In the next few months, the coro-
navirus dislocation may bring in-
comes down as much as an average
of 18%, and up to eight million Rus-
sians could lose their jobs. Though
the highest unemployment benefit
has been raised, it’s still only 12,130
rubles, or $161. The smallest payout
is 1,500 rubles, or a little under $20.
Even these beggarly sums are out of
reach for an estimated 25% to 40% of
Russians, especially in small towns
and the countryside, who are em-
ployed full- or part-time in the
shadow economy, and thus not enti-
tled to any assistance. In all, accord-
ing to a Russian expert, tens of mil-
lions of people will need support.
Notable  Quotable: Texas
From “ ‘Paycheck Protection’ Is
Killing Restaurants” by Rep. Chip
Roy (R., Texas) and Emily Williams
Knight, CEO of the Texas Restau-
rant Association, on the Journal’s
website, April 23:
Last week funding for the Payroll
Protection Program dried up. Our es-
timate is that 50% of restaurants in
Texas weren’t able to get capital.
One reason is that many small
restaurants don’t have relationships
with big banks, in part because res-
taurants aren’t a high-receivables
industry. This makes it more diffi-
cult to obtain funding. Many small
banks were hesitant to get in-
volved, fearing they’d be left hold-
ing the bag when funding ran out
and large lenders prioritized their
CHAD CROWE
in U.S. history. The Fed might de-
fend itself by saying that its “shock
and awe” tactics have given finan-
cial markets confidence that the cor-
onavirus won’t cause a long and
deep recession. And its massive
bond purchases—more than $500
billion between March 11 and April
1—surely won’t continue at the same
rate for the rest of the year.
Nevertheless, the problem now
becomes financing the much-en-
larged budget deficit. Some com-
mentators have speculated that
over the next year or so the federal
they are reopening in stages. The vi-
rus’s second surges in China, Singa-
ly
pore and Hong Kong serve as a warn-
ing. The original conventional
wisdom acknowledged the reality
that draconian lockdowns merely de-
layed the inevitable spread and that
sheltering populations rather than
slowly cultivating herd immunity
would lead to quickly rising infection
rates once countries reopened.
• We can’t ask the public to lock
down indefinitely. This was articu-
lated most forcefully in the U.K.,
where Prime Minister Boris Johnson
took merciless flak for trying to de-
lay the sternest pandemic-mitigation
efforts on the grounds that the pub-
lic would find it hard to comply for
long.
Mr. Johnson’s critics promptly fell
down the rabbit-hole of investigating
the scientific basis for that insight
within the field of behavioral studies
(turns out there isn’t a lot) while
overlooking its obvious truth in ob-
served human nature. Sustained, se-
vere curtailment of daily liberties
has only ever been enforceable at the
point of a spear or a gun.
Sure enough, nearly five weeks
into Britain’s lockdown, its police
forces worry the public won’t toler-
The worst of the auguries by Rus-
sian observers—“the destruction of
the system,” or even the “greatest
shake-up since 1917”—are still not
likely, at least in the short run. There
is enough resilience in the Russian
political system, and people are too
preoccupied with surviving to take to
the streets. There is little doubt,
though, that this is going to be the
toughest challenge President Vladi-
mir Putin has faced in his 20 years in
power.
In 2019 his approval ratings
dipped close to the lowest in his
reign, according to the independent
Levada Center. In March his popular-
ity was only a couple of points above
the November 2013 nadir of 61%—
three months before the invasion and
occupation of Crimea. His brazen
March 10 self-coronation speech to
the Duma, in which he endorsed the
proposal to “zero out” his previous
four presidential terms and allow
him to run again in 2024, was imme-
diately seen for what it was by al-
most half of the nationally surveyed
Russians. Forty-six percent told poll-
sters they didn’t want to see him in
the Kremlin after his current term
expires in 2024.
After telling provincial governors
to do the best they can, and ceding to
clients. Without capital to stay in
business, owners are left to choose
between firing their employees and
furloughing them.
If you terminate workers, you
cut expenses. But to qualify for
loan forgiveness, PPP requires that
you hire them back. Owners have
no idea, however, when they’ll be
allowed to reopen. They also won-
der if customers will be eager to
come back. That means most res-
taurants can’t gamble on staffing
back up to prepandemic levels. . . .
There are other hurdles. The PPP
requirement that 75% of the forgiv-
able loan be spent on payroll puts
restaurants with expensive rent in
an untenable position. That re-
quirement doesn’t account for dif-
ferences in business structures.
Friday, April 24, 2020 | A15
deficit could reach $4 trillion. It is
certainly likely to hit $3 trillion. To
a large extent the gaps will be fi-
nanced by the banking system, with
such monetary financing of the
budget deficit adding to the amount
of money in the economy.
It’s reasonable to assume that by
spring 2021 the quantity of money
will have increased by 15% and pos-
sibly by as much as 20%. That
wouldn’t quite match the peak rates
of expansion seen during and im-
mediately after the two world wars
of the 20th century, but it could
surpass peacetime records, outpac-
ing the previous peaks in the infla-
tionary 1970s.
Policy makers have repeatedly
called the battle against the novel
coronavirus a war. As in wartime,
federal expenditures are rising
sharply while tax revenues are be-
ing hit by the lockdown. Both World
War I and World War II—and, in-
deed, the Vietnam War—were fol-
lowed by nasty bouts of inflation. If
that happens again, policy makers
today being cheered for their swift,
decisive action will instead have to
answer for their grave lack of fore-
sight.
Mr. Congdon CBE is chairman of
the Institute of International Mone-
tary Research at the University of
Buckingham, England.
.
ate much more enforcement. Rule-
loving Germans comply less and less
with social distancing, to judge by a
University of Mannheim tracker poll
that found that more than 50% of re-
spondents had violated rules against
visiting friends at least once in the
week ending April 21, up from
around 30% in the last week of
March. Protests have erupted in the
U.S., and near-riots in some of Paris’s
volatile suburbs.
Leaders are asking us to do the
impossible—cut off almost all so-
cial contact indefinitely—at often
incalculable individual cost, and
then belittling those who object as
antiscience rubes. At the start of
this pandemic some leaders seem-
ingly understood how destructive
the resulting loss of trust between
rulers and citizenry would be. They
abandoned that insight at their, and
our, peril.
i i i
We’ve all placed our bets now and
can only hope for the best. But it will
be well worth it for voters and stu-
dents of public policy alike to ask in
coming years whether policy makers’
first instincts were their best—and,
if so, why we made it so difficult for
them to follow those intuitions.
them neither power nor resources to
accomplish much, Mr. Putin left Mos-
cow. This is bound to deepen the peo-
ple’s sense of abandonment and re-
sentment. His chosen refuge—Stalin’s
former dacha outside the town of
Valdai—evokes the Soviet dictator’s
escape to a different dacha after the
Nazi invasion on June 22, 1941.
The tools that have served Mr. Pu-
tin so well in previous crises—televi-
sion propaganda, bribes to opinion
leaders and politicians, selective re-
pression and, most of all, the people’s
trust in his luck—are not likely to be
as effective this time. Only about half
of Russians now believe the state-
controlled television, down from al-
most 80% in 2009. Even if Mr. Putin
dropped his longstanding reluctance
to dip into Russia’s foreign-exchange
reserves and Welfare Fund, there may
not be enough gold, dollars, euros
and yuan in the Treasury to support
Russians through the crisis and pre-
vent the economy from sliding into a
deep recession. Most important, only
35% of Russians trust Mr. Putin the
most out of their national leaders, ac-
cording to a survey the Levada Cen-
ter conducted in January.
Repression remains available, but
for the first time core supporters
could turn on Mr. Putin. In the words
of leading political economist Evgeny
Gontmakher, they may “soon be
driven to desperation” by the lack of
money even for the bare necessities.
Violent incidents could lead to na-
tional crisis, and even the 340,000-
strong National Guard, which Mr. Pu-
tin cobbled together four years ago
from the police and the Internal Af-
fairs Ministry’s troops, may have
trouble restoring order.
Mr. Putin is likely to save himself
and his regime. Yet anger will linger
and likely resurface in 2024 when the
Russians will have to participate in
an election charade to lend him legit-
imacy. Covid-19 may not destroy Mr.
Putin’s presidency, but it has placed
a time bomb under it.
Mr. Aron is director of Russian
studies at the American Enterprise
Institute and author of “Roads to the
Temple: Truth, Memory, Ideas and
Ideals in the Making of the Russian
Revolution 1987-1991.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A16 | Friday, April 24, 2020
Drop in Tourism Rocks Southern Europe
Regional economies
dependent on sector
face a long summer as
visitors cancel trips
Located on the cusp of Va-
lencia’s biggest beach and its
marina, Hotel Neptuno would
normally be bustling in late
April as Spain’s tourism sea-
son fires up. This year, the ho-
tel is just trying to survive.
By Maria Martinez
in Barcelona and
Eric Sylvers in Milan
In the past month, the hotel
in Spain’s third-largest city
has suffered 95% cancellation
of its bookings for this sum-
mer. Director Massiel Garcia
has furloughed 32 of her 40
employees. Those still working
are painting the hotel and
making preparations for what
she hopes will be an uptick in
reservations as Spain and
other countries begin to roll
back their lockdown measures
in the coming weeks.
“This year will be a catas-
trophe,” said Ms. Garcia.
Hotels, restaurants, souvenir
shops, ferry services and myr-
iad other tourism-linked busi-
nesses across southern Europe
face a similar fate as summer
approaches and the coronavi-
rus pandemic continues.
Tourism will fall across the
world this summer, and south-
ern Europe will be among the
hardest-hit regions. Travel and
tourism account for a relatively
large portion of the economy:
15% of gross domestic product
in Spain, 13% in Italy and 21%
in Greece, according to the
World Travel and Tourism
Council, while also providing a
high percentage of jobs.
Although most lockdowns
are expected to end in Europe
and other continents by sum-
mer, many social-distancing
Merkel Warns Against
Lifting Rules Too Fast
BY BERTRAND BENOIT
BERLIN—German Chancellor
Angela Merkel urged the coun-
try’s 16 states not to be hasty
in lifting economic restrictions
following a slowdown in new
coronavirus infections.
While the number of new
Covid-19 cases has slowed in
recent weeks, going too fast in
relaxing lockdowns could trig-
ger a rebound in infections,
setting the country back in its
fight against the pandemic, Ms.
Merkel warned on Thursday.
The phasing out of lock-
down measures in Germany
and harder-hit European coun-
tries is being closely watched
in the U.S. as an indicator of
how quickly life—and business
activity—can go back to nor-
mal as the pace of infections
slackens and the economic
no
cost of confinement rockets.
“Nobody wants to hear it but
we are still at the beginning of
this pandemic,” Ms. Merkel told
parliament. “We will have to
live with it for a long time.”
Germany had 150,729 con-
firmed cases by Thursday
morning, according to figures
compiled by Johns Hopkins
University and 5,315 deaths,
GERMANY
Syrians Face Trial
For State Torture
The first trial on Syrian state
torture began Thursday in Ger-
many, in what lawyers and hu-
man-rights groups see as a test
case for the role European
courts can play in accountability
for war crimes committed in the
Syrian conflict.
The main defendant, Anwar
Raslan, led an investigations unit
of the Syrian intelligence service
and is charged with committing
crimes against humanity, 58
counts of murder, rape and
grave sexual assault. The other
defendant is a lower-ranking
officer who, according to the
German charges, helped
catch antigovernment demon-
strators. The two men remain in
jail and haven’t yet entered a
plea.
There has been nearly no ac-
countability for war crimes com-
mitted during Syria’s more than
nine-year conflict, which has left
nearly half a million dead.
—Raja Abdulrahim
Lockdowns in southern Europe, including in Thessaloniki, Greece, above, have taken a toll on the region’s economy, especially in tourism.
restrictions will continue, in-
cluding rules affecting travel.
Consumers aren’t expected to
return to their previous vaca-
tion habits for some time.
“Fear of traveling will prob-
ably last longer than the pan-
demic itself. It’s difficult to ex-
pect an immediate recovery of
tourism once the lockdown
measures are lifted,” said Ste-
ven Trypsteen, an economist
at Dutch bank ING.
Parts of southern Europe
are also starting from a weak
economic position. The Italian
and Greek economies still ha-
on U.S.
ven’t recovered to where they
us ,
were before the 2008 global
l
financial crisis. The Interna-
e
al a
tional Monetary Fund is fore-
casting GDP drops this year of
9.1% for Italy, 10% for Greece
ci on
and 8% for Spain.
er s
m er
about a quarter of the levels in
Spain, Italy, France and the
U.K., similar-sized countries
m rp
with comparable case numbers.
Experts attribute the low
fatalities in part to the rela-
tively young age of patients—
currently around 50 on aver-
co Fo
age—itself a legacy of the fact
that Germany’s epidemic ini-
tially sprang from skiers who
became infected while on va-
cation in Italy and Austria.
The relative mildness of the
German outbreak has allowed
the country to impose a
lighter lockdown than else-
where in Europe. This week,
most states began loosening
the measures, gradually letting
stores and schools reopen,
n-
while keeping restaurants,
bars and large public venues
closed and making face masks
mandatory in some settings.
The federal government led
by Ms. Merkel, who has played
largely a coordinating role in
fighting the crisis, is con-
cerned that a push by some
states to accelerate what was
conceived as a gradual loosen-
ing could undermine the fight
against the virus and pave the
way for a deadly second wave
of infections this summer.
WORLD WATCH
ISRAEL
EU Warns Against
Annexation Plan
The European Union on
Thursday issued a warning
against the incoming Israeli gov-
ernment’s intention to annex
parts of the occupied West
Bank, saying that such a move
“would constitute a serious vio-
lation of international law.”
The EU’s foreign-policy chief,
Josep Borrell, said the 27-mem-
ber bloc does not recognize Is-
raeli sovereignty over the Pales-
tinian territory.
Earlier this week, Israeli Prime
Minister Benjamin Netanyahu
and his main rival Benny Gantz
signed a coalition agreement
that includes a clause to ad-
vance plans to annex parts of
the West Bank, including Israeli
settlements, starting on July 1.
Israel captured the West
Bank during the 1967 Mideast
war. Since then, more than
700,000 Israelis have moved
into settlements in the West
Bank and east Jerusalem.
—Associated Press
THE CORONAVIRUS PANDEMIC
Travel and tourism as a share of GDP, 2018
Greece
Portugal
Spain
Italy
France
Germany
0% 5 10
Source: World Travel and Tourism Council
In an optimistic scenario,
nearly one-third of jobs in the
European tourism sector will be
lost, at least in the short term,
said Jennifer Iduh, head of re-
EU Leaders Wrestle With Recovery
European leaders began de-
bating a crisis-recovery fund
that will likely total at least a
trillion euros, as borrowing
costs rise for Italy and Spain
as a result of fears that Ger-
many and the bloc’s other
wealthy countries won’t suffi-
ciently help harder-hit nations
avoid a surge in debt levels.
By Laurence Norman
in Brussels and
Anna Isaac in London
After discussions, held by
teleconference on Thursday,
European Union leaders com-
mitted to doing what it takes
to rebuild the region’s econ-
omy. However, differences re-
main over the scale, funding
and focus of initiatives needed
to lift Europe from the eco-
nomic crisis brought on by the
coronavirus. Some leaders
warned it could take months
to agree on a package.
German Chancellor Angela
Merkel has sought to allay fears
of a deep split within the EU.
After the talks, she acknowl-
edged that leaders had different
views on a package but agreed
that common action is needed.
The leaders signed off on a
€500 billion ($542 billion) cor-
onavirus response already ne-
CLIMATE CHANGE
Pandemic Forces
Youth Protest Online
Youth groups are moving a
long-planned global climate pro-
test online Friday to skirt restric-
tions on public assemblies dur-
ing the coronavirus pandemic,
though some symbolic stunts
will take place offline too.
The student group Fridays for
Future, whose Greta Thunberg-
inspired street protests have in
the past drawn huge crowds
world-wide, said it would use
online streaming and videos on
social media to demand more
action from leaders to curb
global warming.
Ms. Thunberg said Wednes-
day during an online event for
Earth Day that the climate crisis
“may not be as immediate as
the corona crisis but we need to
tackle this now otherwise it will
be irreversible.”
Hundreds of thousands of
people took to the streets for
the last global climate protest in
November.
—Associated Press
15 20
search at the European Travel
Commission, an association of
national tourism organizations.
Spain’s tourism industry
generates close to three million
French President Emmanuel Macron said a package must include budgetary transfers to hard-hit nations.
gotiated by eurozone finance
ministers to help hard-hit eu-
rozone countries. Leaders
committed to start implement-
ing the package of credit lines,
loans and unemployment sup-
port by June 1.
A second pillar of the re-
sponse is envisaged as entailing
huge investments and spending
for the worst-hit economies af-
ter the virus is contained. It
would be rolled out during the
U.S. Aids Greenland to Counter Rivals
BY JESSICA DONATI
WASHINGTON—The U.S. is
providing Greenland with a
package of development aid as
part of a strategy to counter
Russian and Chinese influence
in the Arctic, focusing on en-
ergy, education and tourism,
officials said Thursday.
A senior State Department
official said the $12.1 million
package to the autonomous
Danish territory is part of a U.S.
response to the challenging
geopolitics in the Arctic. Den-
mark approved the opening of a
U.S. consulate in the Greenland
capital of Nuuk in December.
“It’s a change that’s driven
by the desire of Russia and the
People’s Republic of China to
challenge the United States
and the West,” the official said.
Greenland’s premier, Kim
Kielsen, said the aid package is
“good news” for the country.
But members of the opposition,
who said they learned about it
from the media, warned against
THE WALL STREET JOURNAL.
million ($325 million) just over
the three-day Easter weekend,
according to industry lobby
Confindustria Alberghi.
While Italy’s beach and
mountain destinations stand
to lose the most if travel dur-
ing the summer is heavily cur-
tailed, the country’s major cit-
ies are already reeling.
Via Savona, in the heart of
one of Milan’s design districts,
would normally be teeming in
mid-April with people who
come for the city’s furniture
and design fair. On a recent
morning it was largely de-
serted, with the silence broken
only by the occasional car or
food-delivery biker. Nearby
hotels, restaurants and a pop-
ular museum are shut.
DIMITRIS TOSIDIS/EPA/SHUTTERSTOCK
For Greece, the hit to one of
its most important industries
comes just as the country’s
economy had begun to im-
prove. The country has con-
tained its coronavirus out-
break better than many other
countries in Europe, with 123
deaths recorded up to Thurs-
day, compared with more than
20,000 in Italy and Spain.
Elena Athanasiadou has had
jobs, according to the WTTC. all reservations canceled
The blow to the sector could through July for the eight
help push Spain’s unemploy- apartments she rents through
ment rate even higher than the Booking.com and Airbnb in
27% mark recorded during the Thessaloniki, a normally lively
eurozone debt crisis if the gov- city in northern Greece. She
ernment doesn’t step in with hasn’t had a single guest or
support, said Antonio Garcia new booking since mid-March,
.
Pascual, a visiting professor at even for public holidays.
the Johns Hopkins School of “It’s a disaster,” she said.
ly
Advanced International Studies. “We missed March 25, a na-
International arrivals to Eu- tional holiday in Greece, Eas-
ropean countries will fall by ter, and now May 1.”
40% this year, according to a
forecast from consulting firm
Tourism Economics published
this month. Italy will take the
At Valencia’s Hotel Neptuno,
Ms. Garcia is hoping more do-
mestic tourism can make up
for the drop in international
largest hit with international tourists, who normally account
arrivals falling 49%. for about 80% of her guests.
Across Italy, which has been Reliance on international trav-
under a nationwide lockdown elers is typical across Spain,
since March 10, more than 95% where they accounted for 56%
of hotels are closed, with the of spending last year, accord-
sector incurring a loss of €300 ing to the WTTC.
IAN LANGSDON/PRESS POOL
next few years and is seen as iar with the talks said.
responding to southern coun- European Commission Presi-
tries’ concerns by locking in dent Ursula von der Leyen said
common EU funding for the re- the size of the recovery fund
covery stage, allowing them to would need to be upward of a
increase spending now to ad- trillion euros and that the EU’s
dress immediate costs. executive body would present a
On the call, European Cen- formal proposal by May 6.
tral Bank President Christine French President Emmanuel
Lagarde said the eurozone Macron said a package must
economy could shrink as much include budgetary transfers to
as 15% this year in a worst- the worst-affected economies,
case scenario, a person famil- and “not only loans.”
WORLD NEWS
letting Washington boost its and in Denmark. Mr. Trump’s
military presence on the island. attempts to buy the island of-
“This shouldn’t be a barter fended residents. Greenland
where the Americans may in- won the right to limited self-
vest in businesses in return government in 2008, after cen-
for permission to build new turies of Danish colonial rule,
military bases,” Aaja Chemnitz and polls suggest a majority of
Larsen from Greenland’s oppo- its residents would like to de-
sition Inuit Community party clare full independence from
told the Danish daily Politiken. Denmark. To secure that inde-
The State Department offi- pendence, Greenland would
cial said its Greenlandic affairs need to first build an economy
officer is expected to move to that could sustain itself with-
Greenland by the summer. out Danish government aid.
The island drew interna- U.S. aid is meant to show
tional attention last year after Greenland that it can reach
President Trump expressed in- that level of development
terest in purchasing it from without investment from
Denmark. Greenland’s foreign- China. Greenland has sought
affairs ministry said the island closer economic ties with the
was open for business, not for U.S. since opening a diplo-
sale. Greenland’s population of matic office in Washington in
about 56,000 people decides on 2014. But the U.S. courting ef-
most domestic matters, though forts have complicated the re-
foreign and security policy is lationship with Denmark, one
handled by Copenhagen. The of its closest NATO allies.
Danish Embassy in Washington Some Danish politicians have
declined to comment. said they feel the Trump ad-
The U.S. focus has found ministration is trying to divide
mixed reception in Greenland Greenland from Denmark.
P2JW115000-5-B00100-1--------XA
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P 2797.80 g 0.05% S&P FIN g 0.43%
Penney in Bankruptcy Loan Talks 20%
Oil Climbs
Package of up to $1
billion would fund
retailer’s operations in
a reorganization
BY CARA LOMBARDO
AND ALEXANDER GLADSTONE
J.C. Penney Co. Inc. is in
advanced talks for bankruptcy
funding with a group of lend-
ers, a sign the troubled re-
tailer is about to succumb to
the economic collapse caused
by the coronavirus pandemic.
Penney is in discussions
with existing lenders including
Virus Outbreak
Alters American
Shopping Lists
BY SAABIRA CHAUDHURI
AND SHARON TERLEP
Consumers are cooking and
cleaning more while spending
less time and money on
grooming and makeup, con-
sumer-products companies
say, as a picture emerges of
how the coronavirus is reshap-
ing lifestyles.
The question now is which
behaviors will stick and which
will fade when restrictions to
fight the pandemic are lifted.
“People we know will con-
tinue to wash their hands
more. Probably they’ll have
more concern for surface hy-
giene in homes,” said Unilever
PLC Chief Executive Alan Jope
on Thursday. “That whole hy-
giene thing will carry on.”
Procter & Gamble Co. last
week said Americans were do-
ing more laundry loads every
week, washing garments after
each wearing. The company
also reported higher demand
for disposable cleaning prod-
ucts like paper towels and
plastic wipes rather than
sponges or cloths.
P&G Chief Financial Officer
Jon R. Moeller flagged what
he said “will likely become a
forever altered health, hygiene
and cleaning focus” for shop-
pers in the U.S. “There may be
an increased focus on home,
more time at home, more
meals at home, more cleaning
at homes.”
Unilever, the maker of Dove
soap and Ben & Jerry’s ice
cream, offered a broad look in
no
its results Thursday at how
Work-at-Home Economy Helps Intel
BY ASA FITCH
Chip maker Intel Corp. re-
ported a jump in first-quarter
earnings, buoyed by sales in
its data-center business as the
work-from-home economy
spurs demand for computing
power, but it joined many
companies in pulling full-year
guidance because of business
uncertainty.
The Santa Clara, Calif.,
company, the U.S.’s largest
chip maker, reported sales of
$19.83 billion for the March
quarter, a 23% increase over
the same period last year.
Earnings per share rose 51%
to $1.31.
With the pandemic forcing
millions of people to work
from home, Intel said its data-
center division, already grow-
ing before the health crisis,
saw sales increase 43%. Pro-
viders of data centers, the
huge server farms that store
data and power the internet,
have been accelerating up-
grades and adding hardware,
including Intel processors, to
cope with growing demand.
Intel Chief Financial Officer
George Davis said the cloud-
computing giants that rent
out computing power aren’t
the only ones showing in-
creased appetite for its data-
center chips, but also govern-
ment and corporate buyers.
TECHNOLOGY: E-CIGARETTE MAKERS GET MORE TIME BEFORE FDA REVIEW B4
S&P IT g 0.69%
*****
With
Wells Fargo & Co., Bank of
America Corp. and JPMorgan
Chase & Co. for a debtor-in-
possession loan that would
keep the department-store
chain’s operations funded dur-
ing a court-supervised bank-
ruptcy, according to people fa-
miliar with the matter.
The loan package could to-
tal roughly $800 million to $1
billion, with some of that
money potentially including
existing debt.
The facility would likely be
syndicated so that other lend-
ers could participate, the peo-
ple said, with one cautioning
the amount could change.
the pandemic is affecting con-
sumers around the world as
they are told to stay home and
work remotely if possible.
Chief Financial Officer
Graeme Pitkethly said people
us ,
are using personal-care prod-
l
ucts such as shampoo and de-
e
al a
odorant less, estimating 11
fewer uses in a typical week.
Makeup giant L’Oréal last
ci on
week said the global cosmetics
market was down 8% in the
first quarter as consumers pull
back on skin care and beauty
products.
er s
On the flip side, people are
cooking more at home, buoy-
ing demand for brands such as
m er
Knorr soup cubes, Hellmann’s
mayonnaise and Pot Noodle
instant noodles, Unilever said.
“We underestimated ini-
m rp
tially the positive impact this
would have on our business
for at-home cooking,” said Mr.
Jope. “Those center-of-the-
grocery-store businesses that
co Fo
have been a bit flat for many
years, all of those are seeing a
rejuvenation.”
Spending time at home has
driven up demand for toilet pa-
per, propelling Cottonelle
owner Kimberly-Clark Corp. to
start repurposing its manufac-
turing capacity to make more
of the softer, thicker toilet pa-
per used at home versus what
is typically used in offices.
One change seen as likely to
n-
be long-lasting is the shift to
online shopping. Online
sales—which make up about
6% to 7% of Unilever’s busi-
ness—grew 36% in the quarter,
Please turn to page B2
“We see some of those dy-
namics continuing in the sec-
ond half as well,” he said.
Sales in the company’s di-
vision that includes chips
powering personal computers
came in ahead of Intel’s ex-
pectations, rising 14% as con-
sumers bought machines to
work remotely.
A sharp jump in sales of
memory chips, also used
heavily in data centers,
Chief Executive Officer Bob Swan is most anxious about a potential
waning in demand from companies and governments later this year.
DJ TRANS À 1.42%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.01%
A bankruptcy filing could
take place within the next few
weeks, the people said.
The company entered into a
30-day grace period after
missing an interest payment
due to bondholders on April
15. It is possible creditors en-
ter into a forbearance agree-
ment if the company needs
additional time to iron out ne-
gotiations before filing.
Along with Sears, J.C. Pen-
ney was one of the dominant
department-store chains of
the last century. But the 118-
year-old company has been
losing money for years. With
its mall-based stores closed
More Cooking, Less Shampooing
Year-over-year sales growth for the latest four weeks*
Selection of U.S. in-store items
Baking yeast
Spiral hams
Oat milk
Fresh meat
onalternatives
Baking powder
Aerosol
disinfectants
Powdered milk
Canned meat
Hand sanitizer
Chickpeas/
garbanzos
Rice
Pasta
Soup
Multi-purpose
cleaners
Frozen pizza
Potatoes
Chicken eggs
Toilet paper
Paper towels
Meat
Frozen
Cow's milk
*ending April 11
Sources: Nielsen (in-store items); organic sales (the companies)
boosted the first-quarter fig-
ures. While Intel’s results
topped Wall Street forecasts,
its decision to withdraw pre-
viously issued full-year guid-
ance signaled it isn’t insulated
from the uncertainty affecting
many companies across the
U.S.
The coronavirus slump is
already hitting Intel’s inter-
net-of-things division, which
reported a 3% fall in revenue
LIBOR 3M 0.991
and unlikely to reopen any
time soon, the company has
been forced to put aside its
latest turnaround strategy and
face its creditors at the nego-
tiating table.
Department stores were
struggling before the pan-
demic forced the closure of
most U.S. stores. Sears Hold-
ings Corp. filed for bank-
ruptcy in 2018 and has contin-
ued to close stores and sell
assets since leaving court pro-
tection. Macy’s Inc. plans to
close 125 locations over the
next three years. Kohl’s
Corp.’s sales fell for the most
recent fiscal year, which ended
180
155
155
Quarterly organic sales growth, quarterly
135 Kimberly-Clark
Professional
129 15%
109 10
106 5 virus lockdowns, and tensions
104 0
2Q
100 2019
94 Procter & Gamble
Fabric &
84 10% Home Care
83
5
65 0
65
2Q
2019
59
Unilever
Foods &
Refreshment
59
54
10%
5
28 0
2Q
2019
in the first quarter, and is
likely to affect sales of chips
to the automotive industry,
where car sales are expected
to drop this year. PC demand,
while strong in the first quar-
ter, may fall off as consumers’
buying power sinks in tandem
with global economies.
“We’re not entirely immune
from these sorts of effects,”
Mr. Davis said.
Intel’s stock fell more than
5% in after-hours trading.
The company said it ex-
pected gross margins in the
current quarter to fall by
more than 5 percentage points
to 53%—lower than analysts
had forecast—on increased
production of new, high-end
processors that come with
lower margins.
Intel, like others, faces un-
certainty over whether the
data-center buying that
pushed results higher in the
first quarter will be sustained
through the rest of the year.
Those sales are cyclical even
in normal times and could fal-
DAVID BECKER/GETTY IMAGES
ter later this year if custom-
ers decide they don’t need ex-
tra hardware. Intel is most
anxious about a potential
waning in demand from com-
panies and governments in
the latter part of the year,
Chief Executive Bob Swan told
analysts.
Please turn to page B4
NIKKEI (Midday) 19272.42 g 0.81%
Feb. 1. Neiman Marcus Group
Inc. is planning to file for
bankruptcy any day, according
to people familiar with the
matter.
Retailers are far from alone
in seeing their businesses wal-
loped by the pandemic and the
collapse of business activity.
Energy companies have been
pummeled in recent weeks by
the combination of a market
downturn and plummeting oil
prices, leading several to seek
restructuring advice or bank-
ruptcy protection.
 Gap’s cash pile gets
dangerously low....................... B3
410%
409
356
272
Consumer Personal
Tissue
1Q
2020
Health Beauty
care
1Q
2020
Home
Care
Beauty &
Personal
Care
1Q
2020
INSIDE
BUSINESS
Domino’s U.S. sales
accelerated in April as
consumers stayed
at home. B3
TECHNOLOGY
Google to require
advertisers to identify
themselves to combat
misinformation. B4
Friday, April 24, 2020 | B1
See more at WSJ.com/Markets
Optimism
On China
Crude-oil prices jumped
Thursday, extending a string of
wild moves that are ricocheting
across financial markets and
roiling the global energy indus-
try.
By Joe Wallace,
David Hodari
and Amrith Ramkumar
While prices have clawed
back ground over the past two
sessions, oil now trades at a
fraction of where it started the
year and is well below levels
that make it profitable for com-
panies to produce. The longer
most of the world practices so-
cial distancing due to the coro-
navirus, the bigger the global
glut of crude grows.
.
Many analysts are skeptical
that the large percentage re-
ly
bound from the past few days
will persist, noting that such
big gains tend to cluster around
long-term declines. Traders are
bracing for more gyrations in
the coming weeks.
U.S. crude-oil futures for de-
livery in June rose to $16.50 a
barrel. The benchmark started
the year above $60 and is still
near its lowest level in more
than two decades. Brent crude
futures, used to set prices for
oil throughout global energy
Care markets, rose 4.7% to $21.33.
Helping prices regain some
lost ground: signs of a recovery
in demand for oil in China,
which is emerging from corona-
between the U.S. and Iran. The
two nations engaged in a new
round of antagonism Wednes-
day, when Tehran said it had
launched its first military satel-
lite into space.
Earlier in the day, President
Trump threatened to destroy
Please turn to page B11
Banks Gain
A Record
$1 Trillion
In Deposits
BY DAVID BENOIT
Call it a reverse run on the
bank.
Companies and consumers
flooded U.S. banks with a re-
cord $1 trillion of deposits in
the first quarter, when mar-
kets went haywire and Amer-
ica went dark to stop the
spread of the new coronavirus.
More than half of it went to
the four largest banks in
America—JPMorgan Chase &
Co., Bank of America Corp.,
Wells Fargo & Co. and Citi-
group Inc. The $590 billion in
deposits they gained in the
first quarter is nearly double
the previous quarterly record
of $313 billion for the entire
U.S. banking industry, accord-
ing to Federal Deposit Insur-
ance Corp. data.
The biggest bank in Amer-
ica, JPMorgan, took in $273
billion in the first quarter.
That is akin to swallowing an-
other top-10 bank, said Bar-
clays PLC analyst Jason Gold-
berg. “It’s taken some of those
banks 100 years to get into the
top 10,” he said.
Much of the $1 trillion
ROSS D. FRANKLIN/ASSOCIATED PRESS
flowed into the banks in a
two-week span in March, ac-
cording to a Wall Street Jour-
nal analysis of Federal Reserve
data. During that time, compa-
nies were frantically drawing
down on their credit lines and
stockpiling cash in preparation
for a severe recession.
The growth in deposits
shows how different this crisis
is from the last one. In 2008,
America’s biggest banks were
the bad guys that nearly de-
stroyed the economy. Now,
they are a refuge for jittery
consumers and businesses
Please turn to page B10
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Friday, April 24, 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 Facebook................B2,B4
AbCellera Biologics.....B4
Advanced Micro Devices
.....................................B4
Alphabet......................B4
Altaf Kassam............B11
Amazon.com...A1,B2,B12
Apollo Global
Management.............B3
B Intel.............................B1
Bank of America.........B1
BioNTech.....................B4
Blackstone Group ..... B10
C JPMorgan Chase.........B1
China XD Electric......B12
Citigroup......................B1
Citrix Systems..........B12
Clorox .......................... B2
Coca-Cola.....................B5
Conagra Brands...........B5
Costco WholesaleA1,B12
Credit Suisse.....B10,B12
CSX..............................B6
D
Darden Restaurants ... B3
Diamond Eagle
Acquisition................B3
Domino's Pizza....B3,B11
DraftKings...................B3
E-F
Eli Lilly ........................B4
Expedia Group.............B3
INDEX TO PEOPLE
A
Allen, Todd..................A6
Allison, Richard .......... B3
B Henry, Cheryl..............A6
Bancel, Stephanie.......B4
Belles, Misty...............R1
Bergstein, Joey...........B2
Blanchette, Ray..........B3
C-D
Canfield, John.............B4
Cornell, Brian..............B2
Davis, George..............B1
Delbos, Clotilde...........B5
Diller, Barry.................B3
G
Garutti, Randy............A6
Gray, Jonathan..........B10
Virus Alters
Consumer
Priorities
Continued from page B1
as consumers under lockdown
ordered more via the internet.
Unilever said it plans to ramp
up investments in selling di-
rectly to consumers.
“I think we will be able to
look back and see this as a
point of inflection for online
grocery shopping,” said Mr.
Jope.
Target Corp. said traffic to
stores had slowed consider-
ably as states imposed lock-
down orders, with consumers
shifting to online buying. Tar-
get has seen strong sales of
food, household goods and,
more recently, office supplies
and cooking appliances, while
sales of apparel and accesso-
ries have fallen.
Longer-term, shoppers will
“embrace routines developed
during these weeks at home
with their families,” said Tar-
get Chief Executive Brian Cor-
nell. Target’s model of using
stores as online delivery and
pickup hubs “will continue to
serve us well,” he said.
Domino’s Pizza Inc. on
Thursday reported a rise in
U.S. sales in recent weeks as
consumers ordered pizza to
eat at home rather than go
out. Last month, it said it
would hire more than 10,000
workers to meet rising de-
mand amid the pandemic.
Lockdowns have forced res-
taurants to close in many
countries. That has hurt sales
for Unilever’s food-services
arm, which sells ingredients to
restaurants, and executives at
the company signaled they
think sales could be slow to
return.
In China, 70% of closed res-
taurants have reopened but
are running at between 50%
and 70% capacity because of
social-distancing protocols,
said Mr. Pitkethly. He signaled
some form of social distancing
BEN & JERRY’S/ASSOCIATED PRESS
Unilever, owner of Ben & Jerry’s, is ramping up partnerships to
allow consumers to order ice cream along with their takeout.
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
P
G Pfizer...........................B4
Gap.......................B3,B11 Procter & Gamble.......B2
Gilead Sciences.........B11 R
H-I Regeneron
Hershey.......................B5 Pharmaceuticals.......B4
Hilton.........................B10 Renault........................B5
Inphi ............................ B4 S
Sears ........................... B1
J Slack Technologies ... B12
J.C. Penney..................B1 Sycamore Partners.....B3
Johnson & Johnson....B4 T
Target...................B2,B11
Juul Labs.....................B4
Texas Instruments ..... B4
K Tractor Supply ............ B2
Kohl’s...........................B1 Twitter ........................ B2
Kraft Heinz ................. B5 21Vianet Group.........B12
Kroger........................B12 Tyson Foods .......... A1,A6
L U-V
PATRICK T. FALLON/BLOOMBERG NEWS
L Brands......................B3 Unilever.......................B2
M Union Pacific........B6,B11
Macy’s ......................... B1 US Foods...................B11
MGM Resorts Virtuoso ...................... R1
International...........B11 W
Micron Technology......B4
Walmart.........A1,B2,B12
N Wells Fargo.................B1
Neiman Marcus...........B1 Wood Mackenzie ........ B6
Netflix.......................B12 Z
O Zoom Video The retail chain’s online sales have jumped more than 275% so far in April, but fewer shoppers are venturing out to stores.
Target’s Margins Shrink as Traffic
Ovation Travel Group.R1 Communications.....B12
Grove, Chris ................ B3
H
Hart, Eric.....................B3
N-P
Neman, Jonathan.......A6
Neugarten, Jesse........R2
In Stores Falls, Digital Sales Leap
Pentecost, Mark.........A6
Henshall, David.........B12 Pitkethly, Graeme.......B1 BY SARAH NASSAUER 20%, the company said last said it would suspend share heating fuel up more than
J-K Pontis, Victor..............R2 month. So far in April compa- repurchases. At the time, Tar- 20%, offsetting declines in
Jones, Handel ............. B4 R Target Corp. said sales rable sales are up more than get said it expected to spend other categories such as
Jope, Alan...................B1 Ricks, David ................ B4 from stores weakened signifi- 5%, the company said. Digital an additional $300 million clothing and footwear.
Kern, Peter..................B3 Roberts, Wyman.........B3 cantly in late March and early comparable sales have risen during the current quarter on Walmart Inc., the country’s
.
Kirsch, Jason...............B2 Robins, Jason..............B3 April, while online sales more than 275% during that virus-related changes to labor, largest retailer by revenue,
L surged, squeezing profits as period. cleaning routines and supply- has about 150,000 of its 1.5
ly
S
LaFrieda, Pat...............A6 Sacks, Adam...............R1 shoppers grew increasingly re- Throughout, Target has ex- chain demands. million U.S. workers out on
Loew, David ................ B4 Sawyer, Will ............... A6 luctant to venture outside perienced a surge in sales of Some trends, especially the leave due to coronavirus-re-
Lyons, Jeff..................A1 Schleifer, Leonard.......B4 amid the coronavirus pan- food, household goods and, shift toward digital fulfill- lated issues, The Wall Street
M
Metselaar, Paul...........R1
Moeller, Jon................B1
Shamra, Samrat..........B2 on
Sloan, Harry................B3
Swan, Bob...................B1
demic.
Consumers flocked to
stores to stock up in late Feb-
ruary and early March, but
more recently, office supplies
and cooking appliances, while
sales of higher-margin goods
such as apparel and accesso-
ment, are likely to be long-
lasting, Mr. Cornell said on
the call. Longer-term, shop-
pers will “embrace routines
Journal reported last week.
Other sectors have seen
parts of their business grow
and other parts hurt by the
traffic slowed considerably ries have fallen. That dynamic, developed during these weeks broader impact of the pan-
us ,
would likely remain in place and buying shifted online along with higher labor costs at home with their families,” demic. For example, Facebook
l
through the end of the year in through home delivery, store and the shift to digital sales, he said. Target’s model of us- Inc., Twitter Inc. and several
e
al a
many countries, which would pickup and other services, which are less profitable than ing stores as online delivery news websites have reported
continue to cap sales.
Another shift has been the
said Target Chief Executive
Brian Cornell on a call with
store sales, are eating into
margins, the company said.
and pickup hubs “will con-
tinue to serve us well,” he
rising use of their products
but also warned about the
ci on
decline in ice cream sales at reporters. Those factors, as well as said. “Today, it’s proving crit- sharp pullback in advertising.
parks, beaches and other loca-
tions that aren’t grocery
stores. These make up 40% of
“As expected, as millions
sheltered in place, sales trends
in stores started to soften,”
write-downs associated with
reducing its inventories of ap-
parel and accessories, will
ical.”
Many retailers deemed
nonessential by local govern-
Target said it would extend
the added benefits and pay it
offered hourly workers start-
Unilever’s ice cream business, said Mr. Cornell. “The con- lower the company’s first- ments have closed and fur- ing last month. Target will
er s
the world’s largest, with €6 sumer is listening to direc- quarter operating margin by loughed workers. For the oth- now temporarily pay workers
billion ($6.5 billion) of annual tion.” more than 5 percentage ers, staying open has brought at least $15 an hour through
m er
sales. The company reported a Since Feb. 1 Target’s compa- points, the company said. its own set of challenges. the end of May, as well as ex-
1.7% drop in underlying sales rable sales, those from stores Target shares fell 2.8% Tractor Supply Co. said tend backup child-care bene-
for its food-and-refreshments and digital channels operating Thursday. earlier this month that com- fits and a 30-day paid leave
unit. It is ramping up partner- for at least 12 months, rose Last month Target with- parable sales grew 12% in for workers who are 65 and
ships with food-delivery com- 7%. In the first three weeks of drew its financial forecast for March, with consumable older, pregnant or have under-
m rp
panies to allow consumers to March, comparable sales rose the quarter and full year and goods such as animal feed and lying medical conditions.
order ice cream along with
their takeout.
Evian owner Danone SA on
Thursday said its bottled wa-
Shortages Benefit Green Cleaning Products
co Fo
ter sales for the quarter had
dropped 7.4% as it, too, was
hurt by similar closures. BY SHARON TERLEP
Overall, Unilever said sales
for the first three months of More Americans are buying
the year were flat, at €12.4 bil- cleaning products marketed as
lion. eco-friendly or all-natural, but
Unilever’s performance con- not necessarily because they
trasts with that of P&G, which want to.
last week reported organic Cleaning mainstays such as
sales growth of 6% as stockpil- Clorox wipes and Lysol sprays
ing of laundry detergent, toilet are in short supply in stores
ALEX MILAN TRACY/SIPA USA/ASSOCIATED PRESS
paper and other essentials in and online amid the coronavi-
n-
the U.S. more than offset a rus pandemic, leading shop-
slump in China. pers to seek alternatives such
What companies sell and as the green brands they once
where they sell it explains passed over, retailers and ana-
no
some of that diversion in per- lysts say.
formance. Unilever sells food, “There are no mainstream
while the others don’t. It also products available, so as a re-
makes most of its sales from tailer you look to satisfy con-
emerging markets where con- sumers’ needs with whatever
sumers haven’t stockpiled like products you can find,” said
they have in the West. Jason Kirsch, who operates
Unilever reported strong the Corner Market & Phar- U.S. sales of eco-friendly cleaners jumped 71% for the four-week period ended April 4 from a year ago.
sales in North America, with macy, outside Washington,
underlying growth of 4.8%, D.C. still-small slice of the market, brand are buying out of neces- to laundry soap, in recent
driven by stockpiling. For weeks, he said, he has had a 71% bump in the same sity, many people are seeking years. They have been slower
“People have got bigger been unable to secure main- period. out natural products as home to make the shift when it
houses, bigger pantries, every- stream cleaning products, so Chemists and brands say cleaning becomes a bigger pri- comes to household cleaners.
thing’s bigger in the States, he began to order any brands products made with milder or ority. “The volume of calls we Eco cleaners are a niche
and they certainly went for that had products available, natural ingredients are just as get from people asking where market in the U.S., comprising
household stocking in the big- such as Seventh Generation, effective as traditional prod- to buy our products is through roughly 4% of sales in the cat-
gest way around the world,” an eco brand. “Typically, there ucts in fighting coronavirus. the roof, so that’s not just peo- egory, according to Nielsen.
said Mr. Pitkethly. is available supply of these al- Many customers feel more ple looking for anything,” he Americans spent more than
“There is no such thing yet ternative products,” he said. comfortable with a familiar said. “People are cleaning so $200 million on mainstream
as a new normal,” said Mr. Store shelves with a hand- brand right now because of much now, they are trying to cleaning brands during the
Jope. “Businesses and com- ful of green cleaning products the perception they are tried- make good choices.” week ended April 4, and just
mentators who have professed sitting next to empty shelves and-tested or include more po- Procter & Gamble Co., over $7 million on green alter-
too much wisdom and insight that once held big-brand wipes tent chemicals, analysts say. maker of Tide detergent and natives.
on what the world will look and sprays have become an in- For home cleaning, the Cen- Pampers diapers, has lost con- Roughly half of consumers
like on the other side of coro- creasingly common sight. ters for Disease Control and sumers to rival brands in are trying new brands, accord-
navirus have come to eat hum- On Amazon.com Inc. and Prevention recommends clean- ing to a PricewaterhouseCoo-
ble pie.” Target Corp.’s website, Clorox ing frequently touched sur- pers LLP survey of 1,600 adult
and Lysol products are rarely faces, such as doorknobs and consumers conducted March
available. While even alterna- light switches, throughout the
Sales of mainstream 27 to April 1. In many cases,
tive brands have limited sup- day with products that meet cleaning brands were they are switching because
ply, items from brands such as the Environmental Protection their typical product isn’t
Mrs. Meyer’s and BabyGanics Agency’s criteria for use
$200 million for the available or because they are
are often in stock. against SARS-CoV-2, the virus week ended April 4. buying from a different re-
Some businesses that have that causes Covid-19. tailer which has different of-
used green products are “We are seeing unprece- ferings, but more than 60% of
switching to traditional clean- dented demand in our prod- those surveyed said they plan
ers, as well, cutting into sup- ucts, I wish it were under dif- cases where its products are in to stick with a new brand,
plies. Last month, Santander ferent circumstances,” said short supply, said Jon Moeller, PwC partner Samrat Sharma
Bank, in an email to custom- Seventh Generation Chief Ex- the company’s finance chief. said.
ers, said it was “reverting ecutive Joey Bergstein. “There are consumers that are Mr. Kirsch, the market
back to traditional disinfectant The brand, owned by Uni- trying products that they ha- owner, said in recent weeks
cleaning products.” lever PLC, has a line of house- ven’t tried before but they even many smaller and natural
U.S. sales of mainstream hold cleaners, baby and per- aren’t necessarily ours,” he brands aren’t available. His
household cleaners jumped sonal-care products. Its said, referring to the unit that advice to customers: “I’ve
77% for the four-week period disinfectant products meet the makes Charmin toilet paper tried to steer people to
ended April 4 compared with a EPA’s criteria, the company and Bounty paper towels. bleach,” he said. “It’s still
year ago, according to Nielsen. says on its website. Consumers have increas- readily available and, when
Sales of cleaners branded as Mr. Bergstein said that ingly demanded more natural used properly, it’s very effec-
environmentally friendly, a while some newcomers to the products, from food to makeup tive.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Expedia
Taps CEO,
Clinches
Stake Sale
BY CARA LOMBARDO
AND DAVE SEBASTIAN
Expedia Group Inc. named a
new chief executive as the online
travel-booking company con-
firmed it will raise billions to
shore up a business that has been
devastated by the pandemic.
The company, which had
been without a chief executive
and permanent finance chief
since December, named Vice
Chairman Peter Kern as CEO
and gave acting Chief Financial
Officer Eric Hart the role per-
manently, the Seattle-based
company said Thursday.
Expedia agreed to sell a
roughly $1.2 billion equity stake
to Silver Lake and Apollo
Global Management Inc. and
to give each private-equity firm
a seat on its board. Expedia
also said it would issue $2 bil-
lion of additional debt and take
other steps, including halting
dividends, cutting executive
salaries and furloughing some
employees, as travel remains at
a virtual standstill.
Expedia said in a securities
filing Thursday that gross
bookings dropped roughly 40%
in the first quarter from a year
earlier, according to prelimi-
nary results.
The Wall Street Journal re-
ported Tuesday that the buyout
firms were nearing a deal with
Expedia, which operates brands
including Travelocity, Orbitz
and Vrbo.
The private-equity firms’ in-
vestment, a so-called private in-
vestment in public equity, or
PIPE, is a way for companies to
efficiently raise capital by sell-
ing big stakes to established in-
vestors who often take board
seats and get involved in set-
ting business strategy. While
there have been a handful of
PIPE deals lately, this is one of
the largest.
The investments signal a
vote of confidence in a com-
pany’s prospects, but come at a
cost. In Expedia’s case, it is sell-
ing preferred shares that will
pay dividends at a steep fixed
rate of 9.5% and warrants to
purchase common stock.
Expedia stock rose 3.2%
Thursday.
Vote Clears
The Way for
DraftKings
To Be Listed
BY KATHERINE SAYRE
DraftKings Inc. is set to be-
gin public trading Friday after
shareholders of a special-pur-
no
pose acquisition company
voted to approve its takeover of
the sports-betting operator.
Shareholders of Diamond
Eagle Acquisition Corp., which
trades on the Nasdaq, on
Thursday approved the merger
with DraftKings, the online
sports wagering and daily fan-
tasy sports operator. Diamond
Eagle, backed by former MGM
Holdings Inc. movie studio
Chief Executive Harry Sloan, is
known as a blank-check com-
pany that is formed to find
other companies to merge with
or acquire.
The new DraftKings will
trade on the Nasdaq Global Se-
lect Market under the ticker
symbol DKNG. The company’s
trading debut comes even as
the sports-betting industry is
upended by most sports being
called off in response to the
coronavirus pandemic.
DraftKings, a dominant
player in the U.S. sports-betting
market, expected the combined
company to have a market
value of $3.3 billion at closing.
The agreement also includes a
merger with gambling-technol-
ogy provider SBTech Global
Limited, which provides online
betting platforms and odds-
making services.
Sports betting has been ex-
panding in the U.S. after the Su-
preme Court in 2018 cleared the
way for states beyond Nevada
to legalize sports wagering.
Before the coronavirus pan-
demic shut down virtually all
organized sports, DraftKings es-
timated that the market for on-
line sports-betting and casino
games could reach about $40
billion in the U.S.
* * * *
Gap’s Cash Pile Is Dangerously Low
BY SUZANNE KAPNER
AND MICHAEL DABAIE
Gap Inc. warned it had
burned through half its cash
savings, even after drawing
down its entire credit line and
skipping April rent payments,
and would need to raise addi-
tional money to fund its opera-
tions this year.
The apparel chain, like most
retailers, closed its North
American stores more than a
month ago and furloughed
most of its workers in the re-
gion because of the coronavi-
rus pandemic. Others including
J.C. Penney Co. and Neiman
Marcus Group Inc. have
skipped interest payments
owed to bondholders.
Gap said Thursday it expects
to have $750 million to $850
million of cash and equivalents
at the end of the quarter end-
ing May 2. It had $1.7 billion as
of Feb. 1. On March 26, the
company drew down its entire
$500 million credit line and
said it was suspending divi-
dends.
In a securities filing, the re-
tailer said its existing cash and
expected cash flow may not be
sufficient to fund operations.
Gap said it would need to raise
cash through a new debt fi-
Victoria’s Secret Owner Assails Former Suitor
BY KHADEEJA SAFDAR
AND CARA LOMBARDO
The owner of Victoria’s Se-
cret said a private-equity firm’s
attempt to back out of an
agreement to buy the lingerie
oncomplaint.
chain is a ploy to lower the
us ,
price of the deal.
l
L Brands Inc. said Sycamore
e
al a
Partners revealed its motiva-
tions earlier this month when it
sent L Brands a letter stating it
ci on
wanted to buy Victoria’s Secret,
but at a different price, citing
the pandemic’s impact, accord-
ing to a complaint filed Thurs-
day. Sycamore filed a lawsuit
er s
after L Brands declined to rene-
gotiate the purchase price, the
m er
complaint said.
m rp
co Fo
n-
Same-store sales rose 7.1% since mid-March compared with last year.
Wide Lockdowns Give
Domino’s Sales a Lift
BY MATT GROSSMAN
Domino’s Pizza Inc. said its
U.S. sales accelerated in April
as consumers stay at home be-
cause of the coronavirus pan-
demic.
The pizza chain, based in
Ann Arbor, Mich., said U.S.
same-store sales increased
7.1% compared with last year
between March 23 and April
19.
Overall U.S. retail sales
were 10.7% higher during that
period, the company reported.
Order sizes also grew dur-
ing the period, possibly re-
flecting a higher desire for
leftovers at home, Chief Exec-
utive Richard Allison said on a
call with analysts on Thursday.
He said the higher sales
could also be tied to consum-
ers’ receipt of federal stimulus
checks and their desire for a
change of pace as stay-at-
home directives in some parts
of the country entered their
second month.
“As time goes forward, peo-
ple start to get a bit tired of
cooking and eating the same
thing,” Mr. Allison said.
For the quarter ended
March 22, Domino’s revenue
rose 4% to $873.1 million,
compared with $836 million in
the year-earlier period.
Analysts polled by FactSet
had expected revenue of $869
million.
Friday, April 24, 2020 | B3
BUSINESS NEWS
RICHARD B. LEVINE/ZUMA PRESS
The retailer, which also owns Old Navy and Banana Republic, was struggling before the shutdowns.
nancing or other short-term ating with landlords to modify default under the leases and Navy and Banana Republic
credit facility. It also expects to the terms of leases after the attempt to terminate the lease chains, had been struggling
further cut expenses, reduce stores reopen, or in some cases and accelerate future rents with slowing sales before the
head count, and extend pay- terminate the leases and per- due. coronavirus outbreak. Earlier
ment terms. manently close some of the Other big retailers have this year it abandoned plans to
The company said it skipped stores. skipped April rents including break up the business by carv-
April rent payments totaling Gap said if it is unable to re- Staples Inc. and discount fash- ing out Old Navy as a separate
about $115 million in North negotiate the leases, landlords ion seller Burlington Stores Inc. company and in March ap-
America. Gap said it is negoti- could allege the company is in Gap, which owns the Old pointed a new CEO.
.
ly
“In reality, Sycamore’s cur- mination of the transaction is moves and assured L Brands as the markets faltered over the
rent position is pure games- invalid and would continue to recently as a week ago that it past six weeks, there have been
manship,” L Brands said in its work toward closing the deal. intended to go forward with few examples of agreed-to
Sycamore on Wednesday
said it wanted to scrap its plans
to take control of Victoria’s Se-
The company formally re-
sponded on Thursday, filing a
complaint against Sycamore ac-
cusing the private-equity firm
the deal, according to the suit.
L Brands said the actions were
also consistent with those
taken by other retailers, includ-
deals falling apart or appearing
in jeopardy. New deal discus-
sions have mainly taken the hit.
With little precedent to go
cret. Sycamore argued that L of turning to the courts to ex- ing Talbots and Belk, which are on, deal lawyers have been por-
Brands’ decision to close the tract more favorable terms. owned by Sycamore. ing over merger agreements for
lingerie brand’s U.S. stores, fur- In its legal response Thurs- L Brands is asking the court vulnerabilities that could give
lough the majority of its work- day, L Brands said the parties to enforce the terms of the Feb- regretful buyers a way out—or
ers and skip April rent pay- were already aware of the coro- ruary deal, under which Syca- leverage to try to recut a deal
ments were violations of the navirus pandemic when they more agreed to pay $525 mil- for a lower price, given that
proposed transaction, accord- negotiated the deal and agreed lion for a controlling stake in most targets’ share prices have
ing to a lawsuit filed by Syca- that Sycamore would bear the the Victoria’s Secret and Pink sunk. They have found few
more in a Delaware court. The risk of any adverse impact. L brands. loopholes, partly because sell-
firm is seeking the court’s Brands said it was “completely Sycamore didn’t immedi- ers began making it harder for
blessing to break the $525 mil- transparent” with Sycamore ately respond to a request for buyers to back out following
lion deal. about the steps it was taking in comment. the financial crisis when many
L Brands later issued a state- response to the pandemic. As widespread stay-at-home private-equity firms tried to
ment saying it believes the ter- Sycamore agreed with the orders were put in place and walk away from deals.
READY, SET,
WASH!
TED S. WARREN/ASSOCIATED PRESS
Make car washing a breeze with our WeatherTech® all-
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Same-store sales grew by
1.6% in the U.S. in the first
quarter.
Last month, Domino’s said
it would hire more than 10,000
workers to meet demand for
its pizza during the pandemic.
Domino’s hiring plans con-
trasted with broad layoffs in
the service sector during the
coronavirus pandemic, which
helped push U.S. jobless claims
to record highs since mid-
March.
Domino’s first-quarter
profit grew to $121.6 million,
or $3.07 a share, compared
with $92.7 million, or $2.20 a
share, a year ago. Wall Street
was expecting an adjusted
profit of $2.32 a share.
Domino’s U.S. stores are
nearly all open, though their
dining rooms are closed to
promote social distancing dur-
ing the pandemic, the com- Ready to Wash™
pany said. World-wide, about
1,750 Domino’s locations are
Bucket System
temporarily closed.
Domino’s has more than
17,000 global locations, includ-
ing a mix of company-owned
restaurants and franchises.
In China, where the Auto. Home. Pet. Find your fit.
Covid-19 outbreak began,
Domino’s stores faced pressure 1-800-441-6287 or 1-630-769-1500
earlier in the year, but began
to see improvements over the MADE IN THE USA © 2020 MacNeil IP LLC
past several weeks, Mr. Allison
said.
Domino’s shares fell 3.7% to
$369.64 in trading Thursday.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Friday, April 24, 2020 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Google Sets Ad Transparency Rules FDA Puts

Off Review
BY PATIENCE HAGGIN third-party websites around the world’s largest seller of will help the company crack cation process, each advertiser

Google said it would require

all advertisers to verify their
the world.
The policy was in the works
for several months before the
identities to purchase ads
through the company’s ad-
buying software, a move that
outbreak of the novel corona-
virus and the crisis didn’t ac-
celerate the process, a Google
would help it crack down on spokeswoman said.
ads purveying misinformation Google’s move is intended
or products related to the cor- to “help support the health of
onavirus. the digital advertising ecosys-
Ads have proliferated online tem by detecting bad actors
promoting fake vaccines and and limiting their attempts to
other misleading products. misrepresent themselves,”
Google’s policy will apply to wrote John Canfield, Google’s
ads purchased through its ad- director of product manage-
buying software Display & ment for ads integrity, in a
Video 360 on Google searches, blog post.
Google-owned YouTube and Alphabet Inc.’s Google is
digital advertising. Its ad busi-
nesses, including YouTube,
search and third-party website
ads, brought in nearly $135
billion last year.
Google introduced its verifi-
cation process for advertisers
purchasing political ads in
2018. The company’s political
ad policing has faced criticism
for relying on ad buyers to
self-designate their ads as po-
litical. Google says it has sys-
tems to detect political ads
from buyers who don’t classify
them properly.
Extending the verification
requirement to all ad buyers
down on actors who may be
purchasing ads containing po-
litical content without regis-
tering them as such.
The Google spokeswoman
said that further regulating
political ads wasn’t part of the
motivation for the policy an-
nounced Thursday.
Facebook Inc., the world’s
second-largest seller of digital
ads, requires political adver-
tisers to verify their personal
and organizational identities,
but it doesn’t require commer-
cial advertisers to do so. Face-
book declined to comment.
To complete Google’s verifi-
must provide legal documenta-
tion, such as an Internal Reve-
nue Service tax document
showing the organization’s
name, address and employer
identification number. An indi-
vidual from the organization
must present a government-is-
sued photo ID to verify his or
her identity.
Existing advertisers will be
notified in phases of the re-
quirement and will have 30
days to complete the verifica-
tion process once notified, or
see their accounts suspended.
The process will take a few
years to complete, Google said.
Of Vaping
Products
BY JENNIFER MALONEY
Juul Labs Inc. and other e-
cigarette makers now have un-
til early September to either
submit their vaping products
for federal review or take
them off the U.S. market.
A federal court granted the
Food and Drug Administration
permission to extend the
deadline from May 12 because
the coronavirus pandemic had
disrupted laboratory work re-

Drugmakers Scale Up for Virus Treatments

quired for the manufacturers’
applications. The FDA also
said some of its staff had been
redeployed to work for the
BY PETER LOFTUS U.S. Public Health Service dur-
AND JOSEPH WALKER ing the outbreak.
“Requesting this extension
Drugmakers are reconfigur- was not an easy decision for
ing manufacturing plants and the FDA,” the agency’s com-
hiring hundreds of new workers missioner, Stephen M. Hahn,
to be ready to make coronavirus said Thursday. He added that
drugs and vaccines should they “the public health is better
prove in testing to be effective protected by not having these
in fighting off the virus. firms compromise their em-
Johnson & Johnson, Pfizer ployees’ health” or risk
Inc. and others are gearing up spreading Covid-19 to others
so they can make hundreds of by trying to meet the previous
millions of doses of coronavirus deadline.
pills and shots as quickly as The FDA has already barred
possible if studies support their the sale of fruit- and mint-fla-
worth. For some, the efforts in- vored e-cigarette cartridges to

.
volve shifting production of ex- combat a surge in underage
isting drugs to other factories, vaping. Juul and its rivals

ly
rejiggering supply chains and have removed many of their
MONICA JORGE FOR THE WALL STREET JOURNAL

partnering with rivals. products from the U.S. market.

Companies, which typically No remaining vaping product
make only enough doses of de-
velopmental drugs for studies,
don’t usually start readying for
full-scale production this early.
on can stay on store shelves after
the new deadline of Sept. 9 if
it hasn’t been submitted for
review by the agency.
This ramp-up is part of the in- When the FDA asserted reg-
us ,

dustry’s speedy mobilization to ulatory authority over e-ciga-

l

deal with the pandemic even as rettes in 2016, the agency al-
e
al a

they could lose tens of millions lowed products already on the

of dollars in manufacturing in- market to stay there during a
vestments if a drug or vaccine grace period of several years
ci on

candidate fails during testing. Researchers at a Pfizer lab in Groton, Conn. The company aims to begin testing four vaccine candidates by the end of the month. so that manufacturers could
Regeneron Pharmaceuticals prepare application materials
Inc. plans to shift production of use against Covid-19. As of late starting to make large quanti- ments and nonprofits are trying and other organizations to help before submitting them for
eye-disease treatment Eylea and March, Gilead produced more ties. The unpredictable nature of to help companies reduce their finance the expansion of vaccine agency review.
other drugs to facilities in Ire- than 30,000 treatment courses. pandemics has wound up cost- financial risks. production. The U.S. Biomedical In their applications, the
er s

land to devote its Rensselaer, It aims to produce 140,000 ing drugmakers in previous out- Sanofi SA is talking with Advanced Research and Devel- companies must present scien-
N.Y., plant to making a Covid-19 treatment courses by the end of breaks of viruses like Ebola, governments and nonprofits opment Authority recently tific studies showing that their
m er

drug. “By the end of the sum- May, and more than one million
mer, I’d like our plant to be by the end of December.
completely operational to pro- Findings from an early, un-
duce large quantities,” Regen- completed trial in China re-
eron Chief Executive Leonard cently posted online suggested
m rp
which subsided before drugs
finished testing.
Drugmakers would likely
have a big market for products
that are successful, but profits
about getting help to pay for
making hundreds of millions of
doses of its vaccine candidate,
said David Loew, who leads the
company’s vaccine business.
agreed to give Moderna Inc. up
to $483 million partly to pay for
scaling up capabilities to make a
vaccine candidate. Moderna,
which has about 850 employees,
products are safer than ciga-
rettes. They also must demon-
strate that their e-cigarettes
present a net benefit to public
health—in other words, that

Schleifer said in an interview. the drug performed poorly,
There is no approved treat- sending the stock about 4%
ment or vaccine for Covid-19, lower Thursday, while other re-
the disease caused by the virus. ports show more promise.
Drugmakers and public-health In a pandemic, “you can’t
co Fo
may be limited because some
companies said they’ll sell on a
not-for-profit basis. Govern-
Medicine Manufacturing
The Bill and Melinda Gates
Foundation said last week it
plans to work with governments
plans to hire an additional 150
by the end of the year, Chief Ex-
ecutive Stephane Bancel said.
J&J aims to make more than
one billion doses of its experi-
the benefit of helping adult
cigarette smokers switch to a
safer alternative outweighs
the potential harm of hooking
young people on nicotine.

officials are hoping a drug to wait to start making your in-
treat symptoms could clear test- vestment in the manufacturing
ing and be approved for wide- until you’re sure you have a
spread use within months, and a product,” said Bruce Gellin,
vaccine by early 2021. president of global immuniza-
To be ready to make large tion at the Sabin Vaccine Insti-
volumes of the products, com- tute, which promotes vaccine
panies must begin preparing adoption and trains immuniza-
their plants now. They need to tion professionals.
secure supply chains for key in- Preparing plants to make a
gredients install new equip- new vaccine can cost anywhere
ment, and find contract manu- from $50 million to $700 mil-
facturers who can help. lion, according to a 2017 paper
n-
mental vaccine, Chief Scientific
The U.S. pharmaceutical industry gears up for coronavirus-related
Officer Paul Stoffels said. It will
production, but it has less spare capacity than five years ago.
start making the shots soon at a
100% plant in the Netherlands. J&J
plans to produce the vaccine at
Quarterly manufacturing capacity utilization plants in the U.S., he said, and is
80
talking with contract manufac-
turers in Europe and Asia.
60 Pfizer aims to begin testing
four vaccine candidates in de-
40 velopment with Germany’s Bi-
oNTech SE by month-end.
20 Pfizer has been buying raw ma-
Juul, the market leader, is
still preparing its application.
Its two biggest rivals, Reyn-
olds American Inc. and NJOY
Holdings Inc., already have
made submissions.
The previous deadline of
May 12 was set by a judge in
U.S. District Court in Maryland
as a result of a lawsuit filed by
the American Academy of Pe-
diatrics. Industry representa-
tives asked the FDA for a 180-

Gilead Sciences Inc. began in the medical journal Vaccine. terials for the vaccines and day extension, citing the
ramping up manufacturing of its Companies typically wait until a 0 plans to tap plants that make impact of the coronavirus out-
experimental antiviral drug drug or vaccine is in the ad- 2015 ’16 ’17 ’18 ’19 sterile injectable products or break. The FDA recommended
remdesivir in January, when re- vanced stages of testing, and vaccines, said Mike McDermott, pushing the date back by 120
no

searchers began exploring its looks like it will succeed, before Source: U.S. Census Bureau global-supply president. days to September.

Eli Lilly Speeds Experimental Covid-19 Antibody Therapy

BY PETER LOFTUS early fall, Lilly Chief Executive
AND JOSEPH WALKER David Ricks said in an interview
Thursday.
Drugmaker Eli Lilly & Co. The treatment has the poten-
said it expects to begin human tial to “dramatically reduce viral
testing as soon as next month load in people either about to
for an experimental Covid-19 get sick, or who are sick or even
treatment that uses antibodies hospitalized,” Mr. Ricks said.
derived from the blood of peo- “That could be available, if we’re
ple who have recovered from expecting a fall surge, to help re-
the viral disease. ally knock down the disease in
The testing could yield re- the fall.”
sults by late summer and, if Lilly is among a number of
successful, potential emergency drug companies racing to find
authorization by the U.S. Food treatments for Covid-19 patients
and Drug Administration by or vaccines to prevent infections.
In this case, its experimental
drug is composed of antibodies,
which are proteins in human
blood that can neutralize patho-
gens such as the coronavirus.
The big drugmaker is co-
developing the antibodies with
AbCellera Biologics Inc., of Van-
couver, British Columbia, under
an agreement announced in
March. The companies are shar-
ing initial development costs, af-
ter which Lilly will be responsi-
ble for further development,
manufacturing and distribution.
An antibody drug could pro-
vide a “bridging approach” to
battling the virus until a vaccine
is developed, Mr. Ricks said.
Lilly expects to ask the FDA in
May for permission to begin hu-
man testing of the antibody drug,
with testing soon thereafter.
Lilly is studying other possi-
ble Covid-19 treatments. Its
rheumatoid arthritis drug Olumi-
ant will be tested in a National
Institutes of Health trial that is
also testing Gilead Sciences
Inc.’s closely watched remdesivir.
Shares of Gilead fell Thursday
following the accidental release
of clinical trial data that ap-
peared to cast doubt on the ef-
fectiveness of that drug.
The World Health Organiza-
tion posted a brief description
on its website of data from a
trial in China indicating the drug
was no better than placebo in
improving patients’ symptoms
or fatality rates, according to the
Financial Times and STAT.
The Chinese study was
stopped early because a slow-
down in the outbreak there cre-
ated a shortage of patients.
Gilead shares fell as much as
8.5% in intraday trading on
Thursday following the reports,
but rebounded somewhat
through the afternoon and were
down 4.3% through the close of
regular trading.
Gilead Chief Medical Officer
Merdad Parsey said the descrip-
tion on the WHO site, which was
later taken down, “included in-
appropriate characterizations of
the study.” The failure of the
study to recruit enough patients
limited its ability to make sound
statistical conclusions about the
drug, Dr. Parsey said.

Intel Profits
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will likely be pushed further
out, he said, adding the com-
The Marketplace pany remains committed to
To advertise: 800-366-3975 or WSJ.com/classifieds
From Work spending on its engineering
goals.
Intel is also dealing with
BUSINESS OPPORTUNITIES
At Home stiff competition from rival
Advanced Micro Devices Inc.
and lingering manufacturing
Like other tech companies,
Intel has been juggling a mix-
ture of costs and benefits
from the pandemic but has
held up well relative to many
corporate peers.
Intel’s results provide the
latest indication of how the
virus could hit the bottom
sales globally for the full
year. Chip revenue will most
likely decline by around 10%
this year, said Handel Jones,
CEO of consulting firm Inter-
national Business Strategies
Inc.
Chip makers are dealing
with slowed manufacturing in

  
   THE Continued from page B1
issues that have prevented it
from taking full advantage of
lines of high-tech American
manufacturers.
Asia in the early part of the
year, which set back testing
 
  

 
 
  
  
MARKETPLACE Another effect of the virus demand spikes for its per- On Tuesday, Texas Instru- and assembly operations. And
is likely lower capital spend- sonal computer chips. Intel ments Inc., a diversified semi- with consumers paring back
!  
 
  "# $  
 !%! 

  ADVERTISE TODAY ing by Intel this year, Mr. Da- said supply and demand for conductor company that is spending in response to the
  
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$ expected to come in below the the first quarter. wether, reported better-than- virus, global sales of smart-
 
   

 (800) 366-3975 $17 billion the company pro- Although the chip-making forecast results and said it phones and automobiles that
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    jected earlier this year, largely giant withdrew its full-year would keep its factories run- had been big markets for the
("#    ) * 
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 For more information visit:
wsj.com/classifieds because coronavirus-related guidance, it provided a sales ning at their current levels to chip industry are looking ane-
  
    "#
 
  ,



 $
   shutdowns in some countries outlook for the current quar- be ready for an economic mic.


   -&  where it operates have stalled ter of $18.5 billion that came bounce when the pandemic Intel is expected to do bet-
./ 0
 12 3*(4"(% construction projects. in above the $17.79 billion an- subsides. ter than many other compa-
© 2020 Dow Jones & Company, Inc.
"56 7
2 8!
 All Rights Reserved. The impact would be six to alysts surveyed by FactSet Nevertheless, analysts have nies, though, given its domi-
eight weeks of spending that were expecting. a dim view of semiconductor nant position in data centers.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Renault Lines Up State-Backed Loans
Auto maker nears
accord with banks and
Paris as it looks to
restart its plants
BY NICK KOSTOV
PARIS—Renault SA is nego-
tiating for billions of euros in
state-backed loans as the
French auto maker starts to re-
open plants world-wide and
slash costs to weather the eco-
nomic crisis caused by the new
coronavirus.
The car maker aims to reach
an agreement with banks and
the French state in the coming
weeks to secure a credit facil-
ity in the range of €4 billion to
€5 billion ($4.3 billion to $5.4
billion), said the company’s in-
terim chief executive, Clotilde
Delbos.
“It’s a safety net which
should be put in place,” Ms.
Delbos said.
The French government is
in talks with companies across
France over how much in bank
loans it will back. The state
has said it would guarantee up
to 90% for loans totaling up to
€300 billion.
On Thursday, Renault re-
ported a 19% decline in first-
quarter revenue, to €10.13 bil-
lion, as it scrambles to revive
Hershey Misses Expectations as Pandemic Pressures Sales
BY ANNIE GASPARRO
Hershey Co. said the coro-
navirus pandemic is changing
the way people shop and eat,
as the chocolatier reported
lower-than-expected sales and
profit for the first quarter.
The maker of Hershey’s
Kisses, Reese’s peanut butter
cups and other snacks on
Thursday pulled its financial
guidance for the year, saying
that it wasn’t sure how long
the changes to consumer be-
havior would last.
“We have never seen so
many factors at play at the
same time on such a global
no
operations that were idled in
March. The auto maker has re-
started some of its operations
in Russia, Portugal and Spain
and is planning to restart
plants in France in the coming
days.
Ms. Delbos said production
at its assembly plants in
France was likely to start at
around 25% of previous levels
as new safety measures are put
in place. It would then ramp up
depending on demand but
could remain at 50% of capac-
ity or below for some time, she
said.
“We’re very cautious not to
restart too fast. We don’t know
what the demand will be,” Ms.
Delbos said.
Like many of its competi-
tors’, Renault’s sales have
plunged as the coronavirus has
led to nationwide lockdowns
and closed dealerships and
plants around the world. The
company sold 672,962 vehicles
in the first quarter, down 26%
from the year-earlier period.
The number of vehicles sold
fell 51% in China and 36% in
Europe, where Renault sells
around half of its vehicles.
The company has suspended
guidance and said it was im-
possible to predict how far the
car market will fall or what the
recovery will look like.
To cushion the blow, the
scale,” Chief Executive Michele
Buck said on a conference call
to discuss the quarterly results.
Hershey’s stock dropped
4.5% to $136.91 Thursday.
on
Efforts to slow the spread of
us ,
the virus led restaurants, malls,
l
movie theaters and many other
e
al a
businesses to close around the
country in March. Consumers
responded by stocking up on
ci on
groceries and hoarding staples
such as canned food and toilet
paper.
Food makers in the U.S.
have ramped up manufacturing
er s
over the past six weeks to try
to meet the unprecedented de-
m er
mand. Overall food sales in
m rp
co Fo
n-
NY
BUSINESS NEWS
The company is looking to cut costs to weather an economic downturn. A plant in Moscow last year.
French car maker has fur-
loughed staff around the world
and cut marketing expenses. In
the Paris region, Renault has
placed 16,000 workers—most
of them white-collar workers—
on a paid-leave program that is
heavily subsidized by the gov-
ernment. The company has
also used government subsidy
programs in other countries
like Spain to idle nearly all of
its assembly lines.
Ms. Delbos said the com-
stores rose about 38% in the
four weeks ended April 4, ac-
cording to market research
firm Nielsen. Hershey’s retail
sales were up nearly 11% in
that time, an analysis of the
data showed. Ms. Buck said
that when the virus began
spreading earlier this year,
Hershey stockpiled inventory
to meet the higher demand it
anticipated in the U.S.
Other food makers including
Kraft Heinz Co. and Conagra
Brands Inc. recently raised
their earnings forecasts for the
year because of a rise in de-
mand as a result of the pan-
demic.
pany had already slashed mar-
keting expenses by half but is
working to cut more. Its board
decided this month to cancel
its proposed 2019 dividend and
Renault executives and board
members have taken tempo-
rary pay cuts.
“We are saving costs every-
where we can,” Ms. Delbos
said.
Despite the cost cuts, Re-
nault is burning around €600
million a month in nonworking
But the shift to fewer visits
to convenience stores and gro-
cery stores—even though shop-
pers are buying more when
they go—is bad for Hershey’s
business. The cancellation of
school, vacations and most
other social gatherings is also
cutting into some prime occa-
sions to consume the com-
pany’s candy.
In the U.S. and Canada, Her-
shey’s largest market, first-
quarter sales rose 2.1% from a
year earlier, helped by the
company’s decision entering
the new year to raise wholesale
prices.
For marketing, Hershey’s
Friday, April 24, 2020 | B5
second wave of the virus.
Renault also had a €3.5 bil-
lion credit line that it has yet
to draw.
The slide in sales comes af-
ter a tumultuous period for the
car maker. It spent much of
2019 embroiled in conflict with
its partner Nissan Motor Co.,
after the late 2018 arrest in
Japan of Carlos Ghosn, who
was ousted after forging the
alliance decades ago. Mr.
Ghosn has denied any wrong-
ANDREY RUDAKOV/BLOOMBERG NEWS
doing and has fled to Lebanon.
Renault named Luca de Meo
as its new chief in late January,
but the executive won’t take
over until July due to a non-
compete agreement with his
former employer, Volkswagen
AG.
Meanwhile, the French car
maker is working on a cost-
cutting plan that it plans to an-
nounce in the second half of
capital, Ms. Delbos said. The May. Ms. Delbos has said the
company said it had €10.3 bil- company would aim to cut
lion of liquidity reserves at the structural costs by at least €2
end of March. That is €5.5 bil- billion, or 20%, over the next
lion less than at the end of three years.
2019. The first quarter is tradi- Much of the planned savings
tionally a period when car will come from closer collabo-
makers use cash to increase ration with Nissan. Renault
their stocks. aims to more than double the
Car makers around the percentage of parts it shares
world are shoring up their bal- with Nissan to up to 80%. As
ance sheets, in part to prepare part of the plan, Renault said it
for the possibility of further would pull its namesake brand
shutdowns in the event of a out of the Chinese market.
.
ly
advertising and related costs Hershey reported $2.04 bil-
rose 6.9% in North America in
the first quarter. But the com-
pany said it is adjusting its ad
spending and promotions for
lion in sales for the first quar-
ter, up from $2.02 billion a
year earlier but below analysts’
projection of $2.08 billion, ac-
the rest of the year, and will cording to FactSet. It had a
make sure it has lower-priced first-quarter profit of $271.1
candy options. million, down from $304.4 mil-
“We’ve seen a shift to lower lion. On an adjusted basis, Her-
price-per-ounce offerings as shey’s per-share profit of $1.63
many consumers experience fi- a share fell short of analyst
nancial constraints,” Ms. Buck consensus of $1.71. Hershey
said. “Their shopping priorities also said Thursday that unre-
have changed.” lated to the pandemic, it has
Coca-Cola Co. said Tuesday decided to shed its Krave beef
it reduced its marketing spend- jerky brand, a small business
ing as its global sales volume that it bought in 2015.
had fallen 25% since the begin- —Micah Maidenberg
ning of April. contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

BUSINESS NEWS

South Korea to Aid Shipping Coal Powers Down

Rescue fund will back
industry as major
As Pandemic Curbs
carriers cut capacity
to deal with slowdown Electricity Demand
BY COSTAS PARIS BY KATHERINE BLUNT trial customers and has re-
duced overall energy produc-
South Korea launched the As Americans consume less tion, in part by running fewer
world’s biggest container ship electricity during the coronavi- coal units. Nelson Peeler, Duke’s
Thursday at a time when car- rus pandemic, many utilities chief transmission officer, said
riers are drastically cutting are cutting back on coal power the company has deployed a
capacity to deal with a col- first. more cost-efficient mix of natu-
lapse in global trade caused That bodes poorly for the fu- ral gas, nuclear and renewable
by the coronavirus pandemic. ture of coal power in the U.S., generation. “We dispatch our
South Korean President which has already been in a fleet on economics,” he said.
Moon Jae-in attended the steep decline. The slowdown is It is too soon to tell how the
christening of the Algeciras, a expected to accelerate closures drop in demand will affect utili-
vessel as long as four football of plants already challenged to ties’ coal-retirement plans,
fields with capacity for 24,000 compete with natural gas, wind which take months to revise.
containers. It is the first of a and solar sources, all cheaper Independent power producers,
dozen new-generation vessels forms of power than coal. however, are facing immediate
called megamaxes that will be Before the pandemic, a num- challenges.
delivered over the next year ber of companies were already Within PJM Interconnection,
and operated by the country’s planning to retire at least some a power-grid and wholesale-
flagship carrier, HMM. of their coal plants to reduce electricity market that serves
The christening came a day generation costs and carbon 13 states from Virginia to Illi-
after Mr. Moon launched a emissions. nois, coal-fired plants ac-
$33 billion rescue fund to pro- Southern Co., which pro- counted for 16% of the total
tect seven sectors that Korean vides electricity and natural gas generation mix in March, down
officials consider the coun- throughout much of the South 10 percentage points from a
try’s mainstay industries— and Midwest, said that the per-
shipping, shipbuilding, air- centage of its total power gen- U.S. electricity generated
lines, automotive eration coming from coal has from coal
manufacturing, machinery fallen into the teens recently, as
manufacturing, power gener- it relies more heavily on hydro- 1,500 terawatt hours
ation and telecommunica- electric, natural gas and renew-
tions—from the economic fall- able power. It has been steadily 2020 forecast
1,250 723.9 twh
out of the coronavirus retiring its coal assets over the
restrictions. past decade and last year relied
“The government will be on coal for about 22% of its 1,000
with companies till the end so power generation, down from

.
that the shipping industry can 70% in 2007.
ride out the coming wave,” “Coal is kind of what’s on 750

ly
Mr. Moon said. “We will cer- the margin,” said Jeff Burleson,
tainly prevent the collapse of Southern’s environmental and 500
the global supply chain.” system-planning vice president.
YONHAP/EPA/SHUTTERSTOCK

Liner operators have can-

celed around 400 sailings
since February across the
world’s busiest trade routes,
on “You’d probably see an acceler-
ated retirement of coal units if
load levels don’t come back
up.”
250

according to maritime trade Energy consulting firm 0

us ,

research group Sea-Intelli- Wood Mackenzie had expected 2015 ’16 ’17 ’18 ’19 ’20
l

gence Consulting, as demand U.S. coal generation to decline

e
Sources: Energy Dept.; Wood Mackenzie
al a

in Western countries has President Moon Jae-in and his wife, Kim Jung-sook, center, at the launch of the world’s largest container 3.5% this year but recently (projection)
plummeted amid the coronavi- ship Thursday. The government is providing $33 billion to help key sectors of the economy. upped its forecast to 25%. Since
rus lockdowns. Shipping ana- 2015, U.S. coal generation, year earlier. Overall generation
ci on

lysts expect more cancella- which accounts for most of the was down around 7%. Longview
tions as rising unemployment Asian Nations Build for seven expansion projects serves to the limit by the mid- country’s coal usage, has de- Power LLC, which operates a
and weakening manufacturing capable of holding 26 million dle of May, according to an of- clined between 2% and 16% an- West Virginia coal plant that
and retail markets severely Their Oil Stockpiles barrels combined. They were ficial at the ministry of nually. Analyst Greg Marmon sells electricity in the PJM
curtail demand. the first such applications since petroleum and natural gas. said that the precipitous drop power pool, sought bankruptcy
er s

“The HMM timing is totally October, suggesting a rush to Even then, it would have only could serve as a final blow for protection earlier this month,
unfortunate with so many big China, India, South Korea increase capacity in response to 10 to 11 days of supply, said coal plants on shaky financial citing the lower power prices
m er

container ships idled,” said and Australia are taking steps
Basil Karatzas, who runs New to boost their national stock-
York-based Karatzas Marine piles of oil used to safeguard
Advisors. “Ultra-large box- domestic industries during
ships on the main trade routes times of crisis, after oil prices
m rp
the plunging oil price.
“Now is a golden opportu-
nity for large consuming na-
tions in Asia that have always
been intent on increasing their
Amit Bhandari, a fellow at
Gateway House, an Indian
council on global relations.
Wood Mackenzie estimates
that India has a little more
footing, particularly ones that from the pandemic and other
need upgrades. “This could challenges.
force them to close earlier than The shift is accelerating de-
previously expected,” he said. spite the Trump administra-
The pandemic has changed tion’s efforts to stabilize the

are the hardest hit, departing fell to historically low levels.
Far East ports less than half Since those nations collectively
empty when Chinese manufac- have hundreds of millions of
turing came to a halt and now barrels of spare capacity, ana-
facing a collapse in demand lysts say their demand could
co Fo
petroleum reserves,” said Su-
shant Gupta, a director at en-
ergy research company Wood
Mackenzie.
For Asia’s leading industrial
than 10 million barrels of space
left in its reserves.
Australia’s government said
Wednesday it would establish
its first government-owned oil
the economics of U.S. power coal industry by rolling back
generation. Coal plants, now environmental regulations and
among the costliest generation easing barriers to building new
sources, are typically used to power plants. Utilities and
supply the grid with large other power-plant owners re-

from the U.S. and Europe.” help stabilize the oil market in
HMM, formerly known as coming months.
Hyundai Merchant Marine, is Oil prices recovered on
especially challenged. The car- Thursday after the price on one
rier has posted more than $1.6 futures contract hit negative
billion in losses over the past territory on Monday, but prices
five years and has been bailed are still down by about two-
out repeatedly by the South Ko- thirds since the beginning of
rean government through state the year.
lender Korea Development In China, state-owned oil
Bank, HMM’s main creditor. companies won approval this
“HMM is facing an uncer- month from the Shanghai In-
tain future,” a KDB executive ternational Energy Exchange
n-
powers—China, Japan and
South Korea—reliance on oil im-
ported from distant nations has
long been seen as a major vul-
nerability. Japan experienced
the fear first in its “oil shock”
of 1973-74 prompted by an
Arab embargo. It has built up a
war chest of nearly seven
months’ supply.
Others are less prepared.
India plans to fill up its 39
million barrel strategic oil re-
reserves for domestic fuel se-
curity, spending about $59 mil-
lion. “The new measures will
take advantage of the current
low prices for oil,” said energy
minister Angus Taylor.
Japan is the exception
among the buyers: It already
has enough oil and doesn’t plan
to increase national reserves
soon, an industry ministry
spokesman said.
—River Davis, Trefor Moss
amounts of power when elec- tired more than 12,500 mega-
tricity demand increases. But watts of coal-fired generation
with many factories, store- capacity last year, according to
fronts and office complexes off- the Energy Information Admin-
line due to coronavirus shut- istration, the third-highest an-
downs, there is less of a need nual amount since 2010. About
for that power. 79,700 people worked in U.S.
Already, utilities had been coal generation last year, down
relying more heavily on gas- 8% from 2018, according to the
fired generation after a mild U.S. Energy and Employment
winter drove prices down. Nat- Report. Utilities accounted for
ural-gas prices have plummeted nearly half of those jobs.
alongside crude-oil prices, John Bear, Chief Executive

said, asking not to be named which have fallen as a result of of the Midcontinent Indepen-
because he isn’t authorized to a supply glut caused by a his- dent System Operator, another
talk to the press. “The me- cording to research group Al- of Germany’s Hapag-Lloyd AG, gaships and another eight toric drop in demand. Wind and regional power grid stretching
gaships were ordered two phaliner. That is on par with Singapore-based Ocean Net- smaller ships that can move solar power have also become across 15 states, said MISO is
no

years ago in the hope that several regional carriers but work Express and Taiwan’s 15,000 boxes each in an order increasingly cost competitive in studying how the longer-term
HMM would be able to com- far behind the biggest opera- Yang Ming Marine Transport signed with Korean yards in recent years, putting pressure effects of the pandemic could
pete with bigger carriers and tors, including Denmark’s A.P. Corp. 2018. on carbon-emitting sources. change the generation sources
turn the corner. But the virus Moller-Maersk A/S and Swit- Alliance membership allows HMM narrowly escaped de- Duke Energy Corp., which needed to meet demand. “We’re
has changed everything and it zerland-based Mediterranean carriers to share capacity on fault in 2017 thanks to a $660 provides electric and gas ser- trying to look at this 20 years
will be hard utilizing these Shipping Co. vessels, helping them reduce million state bailout and re- vice in the Carolinas, the Mid- down the road,” he said. “How
vessels effectively.” HMM last July joined a operating costs. ceived a further $5 billion last west, Florida and Tennessee, much is permanent, and how
HMM holds 1.9% of the group of shipping companies HMM committed a total of year to finance the ship order has seen a drop in demand much is a sign of the situation
global container market, ac- called the Alliance, made up $2.8 billion for the dozen me- and invest in port assets. from its commercial and indus- we’re in?”

Railroads Keep Workers on Standby for Quick Turnaround

BY PAUL ZIOBRO they work one week a month. U.S., railroads have been able
Benefits are paid under either to cut costs further. CSX and
After having a front-row choice. Union Pacific both reported
seat to the economy seizing The arrangement allows higher first-quarter profits as
up, freight railroads are keep- CSX to recall workers to ser- costs tied to labor and fuel ex-
ing their workers and locomo- vice in as little as 48 hours, penses dropped faster than
tives on standby to quickly whereas returning from fur- the decline in shipments and
help get things moving again. loughs has a 15-day window. revenue.
When that happens is any- CSX Chief Executive Jim They may not be able to cut
one’s guess. Foote said that such a setup is costs enough to match the
Railroads have retrenched needed because of the uncer- steeper shipping-volume de-
during the coronavirus pan- tainty around how long the clines in the second quarter,
demic as they face a drop of downturn would last. If it when overall shipping volume
around 25% in their near-term knew there would be a pro- is down around 20% or more.
WHITNEY CURTIS/BLOOMBERG NEWS

shipping volumes, which have longed slump, CSX could wait Both railroads withdrew
been roiled by factory clo- to figure out when it would most of their forecasts for the
sures, declines in business ac- need more workers to run year, as the duration of the
tivity and another sharp slump trains. downturn remains unclear.
in coal shipments due to the “I don’t have the luxury of “Our collective belief at this
oil-price rout. worrying about that in 12 point is it’s sharp and deep,”
CSX Corp. and Union Pa- months,” Mr. Foote said in an Mr. Fritz said. “It’s going to
cific Corp. have taken hun- interview Wednesday. “I have last for a while, and recovery
dreds of locomotives offline in to be thinking that it can turn is going to be some kind of
recent weeks, reduced the around in two months.” Union Pacific locomotives and railcars in Kansas City, Mo. Companies prepare for a recovery in demand. ramp but probably not terribly
number of trains being run to Union Pacific has set up a steep.”
better align with plunging de- similar work status in lieu of back on and put them out to tions quickly during the pan- “We have for a long time Mr. Fritz said Union Pacific
mand and sent workers home. furloughs so that the railroad the fleet if we need to,” Union demic and set them up for a thought and worried about has a lot of extra shipping ca-
That could reverse quickly. can call back workers quickly. Pacific Chief Operating Officer rebound. CSX, Union Pacific trying to build agility into our pacity that can be filled if the
Instead of laying off or fur- Locomotives are also being Jim Vena said on an earnings and other railroads have all decision making and reaction economy were to rebound
loughing its transportation parked but maintained so that call Thursday. been focused on running fewer time,” Union Pacific CEO faster.
workers, CSX has worked with they can get back to hauling Railroad executives say that and longer trains that stick to Lance Fritz said in an inter- “If the economy were to
its unions to allow employees more freight quickly. “They an overhaul of operating strat- tight schedules while cutting view Thursday. “We are way snap back, we can respond to
to take unpaid time off or are in a state where within egies in the past few years has costs and jobs to improve better at that today.” that pretty darn quickly,” he
switch to a schedule where hours, we could turn them helped them contract opera- profitability. As the pandemic hit the said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 24, 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
23515.26 s 39.44, or 0.17% Trailing P/E ratio 18.55 18.41 2797.80 t 1.51, or 0.05% Trailing P/E ratio * 22.10 21.78 8494.75 t 0.63, or 0.01% Trailing P/E ratio *† 26.86 23.75
High, low, open and close for each P/E estimate * 20.61 16.67 High, low, open and close for each P/E estimate * 20.75 17.62 High, low, open and close for each P/E estimate *† 25.77 21.34
trading day of the past three months. Dividend yield 2.81 2.17 trading day of the past three months. Dividend yield * 2.13 1.91 trading day of the past three months. Dividend yield *† 1.00 1.01
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809

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22500 2825 8250
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17500 2325 6750

Bars measure the point change from session's open

15000 2075 6000
Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
*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*1,057,294,046 24,985,206
Industrial Average 23885.36 23483.35 23515.26 39.44 0.17 29551.42 18591.93 -11.1 -17.6 4.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 700,164,632 20,442,667
Transportation Avg 8093.42 7915.78 7951.66 111.07 1.42 11304.97 6703.63 -26.7 -27.1 -4.5 Most-active issues in late trading Decl. volume* 351,755,164 4,501,620
Utility Average 809.19 788.60 790.75 -13.66 -1.70 960.89 610.89 1.3 -10.1 3.9 Volume After Hours Issues traded 3,019 268
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 28577.07 28069.64 28110.29 16.84 0.06 34631.28 22462.76 -6.6 -14.9 4.9 Advances 1,817 153
Intel INTC 9,489.8 55.97 -3.07 -5.20 60.40 55.26
Barron's 400 580.74 570.36 572.37 3.97 0.70 746.64 455.11 -19.7 -21.8 -3.0 Declines 1,135 109
Bausch Health BHC 5,250.3 16.40 0.08 0.49 16.44 16.30
Unchanged 67 6
Nasdaq Stock Market SPDR S&P 500 SPY 3,712.5 278.30 -0.78 -0.28 279.18 277.39 New highs 21 5
Nasdaq Composite 8635.22 8475.20 8494.75 -0.63 -0.01 9817.18 6860.67 4.8 -5.3 12.9 iShares MSCI Japan ETF EWJ 3,611.2 50.68 0.18 0.35 50.68 50.50 New lows 18 2
Nasdaq 100 8796.49 8624.63 8641.50 -23.13 -0.27 9718.73 6978.02 10.5 -1.0 16.7 Cnsmr Staples Sel Sector XLP 3,263.0 58.00 -0.09 -0.15 58.77 58.00 Closing Arms† 0.69 0.28
General Electric GE 3,186.2 6.52 unch. … 6.55 6.50 Block trades* 6,193 181
S&P

.
iShares Russell 2000 ETF IWM 2,198.0 120.28 -0.06 -0.05 120.49 119.75
500 Index 2844.90 2794.26 2797.80 -1.51 -0.05 3386.15 2237.40 -4.4 -13.4 6.0 Nasdaq NYSE Arca

ly
Industrial Select Sector XLI 2,012.7 61.08 unch. … 61.09 60.96
MidCap 400 1551.33 1520.75 1529.01 16.15 1.07 2106.12 1218.55 -21.8 -25.9 -3.8 Total volume*3,739,915,096 385,132,284
SmallCap 600 717.88 700.86 707.49 8.75 1.25 1041.03 595.67 -26.6 -30.7 -5.5 Percentage gainers… Adv. volume*2,256,677,710 187,034,860
NexTier Oilfield Solns NEX 282.6 2.50 0.33 15.21 3.00 2.15 Decl. volume*1,464,917,927 184,934,292
Other Indexes
Russell 2000
NYSE Composite
Value Line
1232.59 1203.66
11099.00 10905.84 10916.68
384.71 374.18
1214.06

378.92
12.54
8.11
4.74
0.07
on
1.04

1.27
1705.22
14183.20
562.05
991.16
8777.38
305.71
-22.9
-15.5
-30.6
-27.2
-21.5
-31.4
-4.2
-1.4
-9.9
World Wrestling
People's United Finl
Inovio Pharmaceuticals INO
WWE
PBCT
124.9
81.4
1,253.6
44.20
12.05
12.85
5.13
0.87
0.82
13.13
7.73
6.82
44.50
12.50
12.88
38.50
11.19
12.00
Issues traded
Advances
Declines
Unchanged
3,299
1,937
1,277
85
1,390
783
583
24
NYSE Arca Biotech 5320.07 5196.12 5208.46 25.79 0.50 5313.05 3855.67 10.1 2.8 14.4
Chesapeake Energy CHK 121.0 29.30 1.81 6.58 29.99 27.25
New highs 38 7
us ,

NYSE Arca Pharma 655.42 643.01 646.35 3.33 0.52 670.32 494.36 12.1 -1.1 9.0 ...And losers New lows 24 4
l

KBW Bank 68.99 67.30 67.58 0.40 0.60 114.12 56.19 -32.6 -40.4 -9.0 378.4 5.41 -0.40 6.00 4.75 Closing Arms† 0.98 1.02
e
Limelight Networks LLNW -6.88
al a

PHLX§ Gold/Silver 120.28 114.11 115.25 3.19 2.85 115.25 66.14 63.2 7.8 9.9 Intel INTC 9,489.8 55.97 -3.07 -5.20 60.40 55.26 Block trades* 27,678 1,691
PHLX§ Oil Service 28.94 27.16 28.65 2.09 7.88 96.55 21.47 -70.3 -63.4 -43.3 Otis Worldwide OTIS 141.8 45.01 -2.46 -5.18 47.47 45.01 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1700.21 1661.45 1664.67 -17.45 -1.04 1979.50 1286.84 6.7 -10.0 18.8 eHealth EHTH 119.7 121.03 -5.22 -4.13 129.00 112.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 42.47 39.06 41.38 -0.60 -1.43 82.69 11.54 212.3 200.3 41.4 Direxion Dly SCOND 3 BL SOXL 73.8 112.95 -4.58 -3.90 119.00 112.00 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

er s

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er

World The Global Dow 2557.24 16.59 0.65 –21.3 Lightbridge LTBR 3.50 1.01 40.74 13.44 1.71 -69.3 INVESCO IVZ 7.24 -1.94 -21.13 22.18 7.20 -67.0
DJ Global Index 358.10 1.48 0.41 –17.5 Chesapeake Energy CHK 27.49 7.31 36.22 615.00 12.30 -95.3 Liberty TripAdvisor B LTRPB 27.11 -5.98 -18.06 134.00 2.10 88.7
DJ Global ex U.S. 207.88 1.88 0.91 –21.1 Natl Energy Svcs Reunited NESR 5.80 1.48 34.26 10.80 4.04 -45.3 NETGEAR NTGR 21.66 -4.36 -16.76 36.87 15.01 -27.0
QuickLogic QUIK 4.01 0.98 32.34 12.03 2.12 -62.8 Crocs CROX 19.45 -3.85 -16.52 43.79 8.40 -28.7
m rp

Americas DJ Americas 643.07 0.15 0.02 –15.5

Brazil Sao Paulo Bovespa 79673.30 –1013.85 –1.26 –31.1 Cassava Sciences SAVA 7.31 1.77 31.95 10.95 1.00 546.9 Hoth Therapeutics HOTH 3.42 -0.66 -16.18 9.07 2.60 -35.1
Canada S&P/TSX Comp 14251.09 –37.07 –0.26 –16.5 Select Energy Svcs Cl A WTTR 4.04 0.97 31.60 12.75 2.22 -66.0 Key Tronic KTCC 3.36 -0.64 -16.00 6.99 2.51 -38.5
Mexico S&P/BMV IPC 34240.60 16.75 0.05 –21.4 Sleep Number SNBR 29.70 6.66 28.91 61.00 15.27 -15.6 InfuSystems Holdings INFU 10.90 -1.96 -15.24 13.25 4.11 148.3
Chile Santiago IPSA 2640.89 49.31 1.90 –20.8 Liberty Oilfield Services LBRT 3.49 0.75 27.37 17.39 2.17 -78.3 Coeur Mining CDE 3.65 -0.65 -15.12 8.29 1.98 2.2
0.94 CounterPath CPAH 2.81 0.60 27.15 6.00 0.83 38.1 VelocityShares 3x Lg Nat UGAZ 29.73 -5.17 -14.81 277.00 19.26 -87.4
EMEA Stoxx Europe 600 333.24 3.10 –19.9
co Fo

0.95 DCP Midstream DCP 8.53 1.81 26.93 33.45 2.20 -73.0 DB Crude Oil Double Shrt DTO 232.83 -38.84 -14.30 372.95 42.00 414.5
Eurozone Euro Stoxx 313.38 2.94 –22.4
Belgium Bel-20 3017.76 67.39 2.28 –23.7 Amira Nature Foods RYCE 19.00 4.00 26.67 30.87 3.64 -32.1 Molecular Data ADR MKD 2.15 -0.35 -14.00 11.90 0.57 ...
Denmark OMX Copenhagen 20 1174.49 16.30 1.41 3.4 Patterson-UTI Energy PTEN 2.89 0.59 25.65 15.70 1.61 -80.5 CONSOL Energy CEIX 5.02 -0.78 -13.45 34.33 3.35 -84.9
France CAC 40 4451.00 39.20 0.89 –25.5 Apergy APY 8.61 1.68 24.24 41.80 2.89 -78.7 Immunic IMUX 9.47 -1.39 -12.80 19.05 4.19 -38.6
Germany DAX 10513.79 98.76 0.95 –20.6 ETRACS S&P GSCI Crude Oil OILX 8.00 1.53 23.65 38.71 4.36 -79.3 Sonnet BioTherapeutics SONN 5.30 -0.77 -12.69 76.70 4.61 -86.8
1.82 –18.7 Capital Product Partners CPLP 9.56 1.82 23.51 14.20 5.18 -12.1 Benitec Biopharma ADR BNTC 10.75 -1.53 -12.46 30.45 4.14 -58.5
Israel Tel Aviv 1368.15 24.51
Italy FTSE MIB 17011.11 245.82 1.47 –27.6
Netherlands AEX 512.73 3.11 0.61 –15.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1099.67 33.66 3.16 –29.0 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 49601.82 1493.33 3.10 –13.1
Spain IBEX 35 6746.50 26.70 0.40 –29.4 Oasis Petroleum OAS 336,205 1648.1 0.67 134.68 6.60 0.24 iShares MSCI Colombia ETF ICOL 960 3174 7.71 1.85 14.12 5.65
Sweden OMX Stockholm 587.87 7.14 1.23 –13.7 Whiting Petroleum WLL 294,897 1691.3 1.68 100.72 28.86 0.25 FinTech Acqn Corp. III FTAC 1,056 2096 10.13 0.00 10.27 9.75
n-

Switzerland Swiss Market 9625.48 –5.08 –0.05 –9.3 Callon Petroleum CPE 116,438 351.1 0.59 35.91 8.47 0.38 Collier Creek Hldgs Cl A CCH 2,693 1468 10.42 2.01 11.10 9.75
Closed Abraxas Petroleum AXAS 108,950 2950.4 0.29 122.91 1.49 0.09 SPDR Em Mkts Div ETF EDIV 1,431 1359 23.17 0.48 33.31 19.81
Turkey BIST 100 98170.98 … –14.2
0.97 –22.7
Denbury Resources DNR 108,302 544.9 0.31 41.99 2.49 0.16 Torm TRMD 640 1219 8.75 0.92 48.86 6.80
U.K. FTSE 100 5826.61 55.98
U.K. FTSE 250 15794.04 207.90 1.33 –27.8 SPDR S&P 500 SPY 103,583 -38.2 279.08 -0.01 339.08 218.26 Leo Holdings Cl A LHC 3,099 1171 10.35 0.00 10.79 9.22
no

Seanergy Maritime Hldgs SHIP 102,818 695.4 0.16 4.58 4.37 0.12 CF Finance Acquisition CFFA 1,369 1068 10.33 0.00 10.50 9.69
Asia-Pacific
Inovio Pharmaceuticals INO 91,562 186.3 12.03 2.73 19.36 1.92 FlexShares Intl Qual Div IQDE 235 1059 17.36 0.25 23.36 14.84
Australia S&P/ASX 200 5217.10 –4.15 –0.08 –21.9
Snap SNAP 88,951 175.2 16.06 -5.58 19.76 7.89 Duff Phelps Utl Cp Bd DUC 1,089 959 9.00 1.00 9.49 7.97
China Shanghai Composite 2838.50 –5.48 –0.19 –6.9
General Electric GE 82,534 -12.2 6.52 1.40 13.26 5.90 Immunic IMUX 641 932 9.47 -12.80 19.05 4.19
Hong Kong Hang Seng 23977.32 83.96 0.35 –14.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 31863.08 483.53 1.54 –22.8 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 19429.44 291.49 1.52 –17.9
Singapore Straits Times 2542.37 –7.67 –0.30 –21.1 Track the Markets
South Korea Kospi 1914.73 18.58 0.98 –12.9 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 10366.51 58.77 0.57 –13.6 global stock indexes, bond ETFs,
Thailand SET 1272.53 10.72 0.85 –19.5
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004258 23486 1.4
Americas
Argentina peso .0151 66.2454 10.6 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1806 5.5365 37.7 Czech Rep. koruna .03916 25.535 12.6

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7106 1.4073
.001163 860.00
8.3
16.3
Denmark krone
Euro area euro
.1445 6.9198
1.0779 .9278
3.9
4.0
notes and bonds major U.S. trading partners .000249 4021.99 Hungary forint .003010 332.21
30-year mortgage, Rate Colombiapeso 22.6 12.5
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .006797 147.13 21.5
benchmark over the past year 4.00% Mexico peso .0403 24.8108 31.1 Norway krone .0940 10.6366 21.2
Bankrate.com avg†: 3.62% 8%
Uruguay peso .02312 43.2500 16.5 Poland zloty .2373 4.2144 11.1
Cambridge Savings Bank 3.25% Yen Russia ruble .01337 74.797 20.5
One year ago 3.00 Asia-Pacific
4.00% Cambridge, MA 888-418-5626 4 s
Sweden krona .0993 10.0673 7.5
t Australian dollar .6370 1.5699 10.2
t First National Bank 3.38% Switzerland franc 1.0247 .9759 0.9
30-year fixed-rate 3.00 2.00 China yuan .1415 7.0667 1.5
0 Turkey lira .1440 6.9462 16.8
mortgage Waverly, IA 319-266-2000 Hong Kong dollar .1290 7.7504 –0.5
Ukraine hryvnia .0370 27.0472 14.2
Tradeweb ICE Thursday Close India rupee .01318 75.850 6.3
2.00 Charter Bank 3.50% 1.00 –4 s UK pound 1.2345 .8100 7.4
t s Indonesia rupiah .0000649 15400 10.9
t Eau Claire, WI 715-832-4254 WSJ Dollar index Euro Japan yen .009293 107.61 –1.0 Middle East/Africa
10-year Treasury 1.00 0.00 Kazakhstan tenge .002315 431.97 13.1 2.6426 .3784 0.4
East Boston Savings Bank 3.50% –8 Bahrain dinar
note yield Macau pataca .1253 7.9804 –0.5 Egypt pound .0633 15.7880 –1.6
Boston, MA 800-657-EBSB 1 3 6 1 2 3 5 710 30 2019 2020
0.00 month(s) years Malaysia ringgit .2293 4.3603 6.6 Israel shekel .2835 3.5273 2.1
M J J A S O N D J FMA TBK Bank, SSB 3.50% New Zealand dollar .6009 1.6642 12.0 Kuwait dinar 3.2194 .3106 2.5
Dallas, TX 214-365-6900 maturity Pakistan rupee .00625 159.905 3.2 Oman sul rial 2.5959 .3852 0.1
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.700 –0.02 Qatar rial .2750 3.636 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7020 1.4245 5.8 Saudi Arabia riyal .2660 3.7599 0.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008107 1233.54 6.8 South Africa rand .0523 19.1089 36.5
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0051830 192.94 6.4
Yield (%) 52-Week Total Return (%) Taiwan dollar .03325 30.076 0.5 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03092 32.340 8.7 WSJ Dollar Index 94.38 0.01 0.01 5.37
Libor, 3-month 0.99 1.14 0.74 l 2.58 -0.16
U.S. Treasury, Barclays 2485.360 0.520 0.500 2.470 0.490 14.96 5.78 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.32 0.32 0.31 l 0.78 ...
1.150 40.49 13.68
Five-year CD, annual yield 0.86 0.86 0.86 l 2.01 -0.45 U.S. Treasury Long, Barclays 5013.460 1.140 2.910 0.980
Commodities
30-year mortgage, fixed† 3.62 3.59 3.52 l 4.24 -0.36 Aggregate, Barclays 2235.390 1.410 1.400 3.020 1.320 11.27 5.11 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.22 3.16 2.95 l 3.69 0.03 Fixed-Rate MBS, Barclays 2217.050 1.290 1.230 3.200 0.930 7.81 3.93
Jumbo mortgages, $510,400-plus† 3.70 3.66 3.54 l 4.71 -0.83 DJ Commodity 453.46 6.75 1.51 647.86 433.70 -27.73 -29.40
High Yield 100, ICE BofA 2854.529 7.796 7.211 10.740 4.516 –5.819 1.056
Five-year adj mortgage (ARM)† 3.26 3.29 3.26 l 4.78 0.01 TR/CC CRB Index 113.49 2.38 2.14 187.39 106.29 -38.97 -38.91
Muni Master, ICE BofA 564.227 1.783 1.625 3.441 0.959 3.857 3.353 Crude oil, $ per barrel 16.50 2.72 19.74 65.21 -37.63 -74.70 -72.98
New-car loan, 48-month 4.27 4.28 4.26 l 4.81 1.16
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 782.731 6.558 6.407 7.480 4.523 –4.473 0.209 Natural gas, $/MMBtu 1.815 -0.124 -6.40 2.862 1.552 -27.80 -17.09
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. 1733.30 4.60 0.27 1756.70 1269.70 35.86 14.07

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B8 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures July 2,365 2,387 2,352 2,363 –12 78,988 June .9289 .9324 .9262 .9301 .0008 129,401
Agriculture Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open
May 112.00 113.60 110.65 111.05 .45 910 May .7044 .7144 .7044 .7121 .0071 1,343
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. July 112.50 114.85 111.75 112.40 .35 76,469 June .7061 .7146 .7044 .7122 .0070 112,973
Copper-High (CMX)-25,000 lbs.; $ per lb. May 317.00 323.50 315.00 319.25 1.75 172,075 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
April 2.3210 2.3210 2.3130 2.3240 0.0065 818 July 324.50 331.00 322.25 326.00 1.25 600,171 May 9.93 10.00 9.75 9.84 .01 92,360 May 1.2326 1.2414 1.2310 1.2355 .0036 1,562
July 2.3010 2.3495 2.2895 2.3180 0.0090 83,147 Oats (CBT)-5,000 bu.; cents per bu. July 10.10 10.18 9.93 10.01 … 344,162 June 1.2337 1.2419 1.2311 1.2358 .0036 157,083
Gold (CMX)-100 troy oz.; $ per troy oz. May 302.00 305.00 292.25 295.00 –8.25 815 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
April 1734.00 1745.10 1734.00 1733.30 4.60 546 July 276.75 283.00 274.00 281.50 4.75 1,634 July 25.90 t25.9025.90 25.95 .05 1,836 June 1.0303 1.0320 1.0248 1.0259 –.0044 35,005
June 1736.50 1764.20 1730.60 1745.40 7.10 338,973 Soybeans (CBT)-5,000 bu.; cents per bu. Sept 26.00 t26.0026.00 26.00 … 2,996 Sept 1.0351 1.0341 1.0285 1.0289 –.0045 68
Aug 1738.00 1767.40 1734.80 1748.80 7.40 72,807 May 834.75 848.75 833.75 839.25 4.50 116,146 Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct 1745.20 1765.00 1739.20 1750.60 7.60 12,876 July 842.50 856.75 841.75 846.75 4.25 297,579 May 56.54 57.95 56.01 56.88 .60 1,865 May .6292 .6404 .6285 .6387 .0065 649
Dec 1741.40 1769.20 1736.00 1751.00 7.50 49,603 Soybean Meal (CBT)-100 tons; $ per ton. July 56.40 57.65 55.65 56.37 .23 104,802 June .6323 .6407 .6283 .6388 .0065 124,942
Feb'21 1741.10 1765.00 1741.10 1751.70 7.60 8,043 May 288.60 290.90 286.10 288.70 .40 34,960 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 293.00 295.40 t 290.30 293.10 .20 163,834 May 110.00 111.95 109.50 111.00 .95 2,276 May .04067 .04093 .04011 .04037 –.00014 1,022
April 2029.50 108.80 4 Soybean Oil (CBT)-60,000 lbs.; cents per lb. July 107.85 110.00 106.75 107.75 .50 6,538 June .04054 .04078 .03988 .04020 –.00014 103,673
June 1852.10 2046.80 1852.10 2001.00 108.80 6,362 May 25.58 26.29 25.57 25.61 .04 46,113 Euro (CME)-€125,000; $ per €
Sept 1906.80 1990.00 1895.50 1992.60 109.60 813 July 26.00 26.70 25.98 26.04 .05 166,086 Interest Rate Futures May 1.0824 1.0852 1.0762 1.0791 –.0035 1,955
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 1.0836 1.0860 1.0768 1.0798 –.0035 541,232
April 787.60 22.70 1 May 1575.00 1667.50 s 1575.00 1667.50 85.00 2,504
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
June 227-000 229-110 226-150 227-160 14.0 1,041,403
July 773.70 814.30 766.70 788.00 22.70 41,876 July 1489.50 1548.00 t 1482.00 1536.50 47.00 6,269
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. 181-010 182-000 180-180 181-130 14.0 988,325
June Mini DJ Industrial Average (CBT)-$5 x index
April 15.430 15.665 15.360 15.348 0.071 23 May 542.00 551.50 538.50 547.00 4.00 35,017 Sept 179-110 180-120 179-080 180-000 14.0 167 June 23375 23772 23231 23337 –19 61,379
July 15.450 15.885 15.355 15.526 0.023 80,674 July 542.50 552.00 539.00 544.75 1.00 173,075 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 23295 23690 23163 23262 –15 696
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. June 139-010 139-055 138-275 139-005 –1.0 3,186,843 S&P 500 Index (CME)-$250 x index
June 14.20 18.26 13.35 16.50 2.72 379,358 May 490.00 495.00 482.75 485.50 –4.50 23,256 Sept 138-280 138-300 138-215 138-260 –1.0 51,282 June 2786.40 2806.20 2773.30 2780.80 –7.60 97,998
July 20.99 23.40 20.32 21.44 0.75 376,595 July 497.75 502.75 490.25 493.25 –4.50 126,164 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept … … … 2773.10 –8.00 11
Aug 23.99 26.12 23.42 24.12 0.36 156,007 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 125-127 125-140 125-090 125-115 –1.2 3,632,463 Mini S&P 500 (CME)-$50 x index
Sept 25.96 27.92 25.44 25.89 0.12 180,866 April 118.250 121.200 118.050 119.425 .950 1,238 Sept 125-057 125-095 125-047 125-072 –1.2 31,255 June 2790.50 2836.75 2772.75 2780.75 –7.75 3,349,174
Dec 29.30 31.02 28.54 28.66 –0.32 286,686 Aug 126.675 127.100 124.650 126.375 –.825 15,416 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 2781.00 2828.25 2766.00 2773.00 –8.00 28,350
Dec'21 34.14 35.60 33.63 33.71 –0.54 104,470 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 110-061 110-064 110-052 110-056 –.5 2,546,154 Mini S&P Midcap 400 (CME)-$100 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 88.750 88.750 85.950 85.950 –3.000 2,250 Sept 110-107 110-110 110-097 110-100 –.5 13,842 June 1508.30 1548.10 1496.60 1523.10 16.50 74,881
May .7370 .8144 .7225 .7345 .0034 28,220 June 83.075 83.875 82.100 82.925 –1.000 118,077 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 1434.70 1540.40 1505.10 1530.50 16.50 1
April 99.9500 99.9525 s 99.9475 99.9475 –.0025 225,528 Mini Nasdaq 100 (CME)-$20 x index
June .7920 .8632 .7794 .7910 .0077 86,516 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
May 99.9200 99.9250 99.9200 99.9200 .0000 266,230 June 8636.25 8786.50 8580.50 8598.75 –39.25 174,796
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 47.975 50.975 47.975 50.975 3.750 2,523
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Sept 8608.00 8773.00 8574.00 8587.25 –39.75 1,787
May .6660 .7455 .6340 .6436 .0052 35,139 June 48.700 51.650 48.475 51.625 3.725 80,550
June 105-260 106-055 105-235 106-010 9.5 68,487 Mini Russell 2000 (CME)-$50 x index
June .7150 .7798 .6723 .6821 –.0054 102,794 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100%
329.20 333.30 324.70 325.20 –4.20 554 June 1197.10 1233.10 1185.40 1204.80 9.90 551,395
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May May 99.3825 99.4100 99.3825 99.3975 .0150 462,816 Sept 1189.80 1230.40 1185.60 1203.00 9.40 3,051
May 1.910 1.953 1.806 1.815 –.124 36,563 July 323.00 323.40 315.60 317.00 –6.00 1,352 June 99.5500 99.5650 99.5400 99.5550 .0150 1,567,038
Milk (CME)-200,000 lbs., cents per lb. Mini Russell 1000 (CME)-$50 x index
June 2.041 2.071 1.931 1.942 –.111 252,808 Sept 99.6550 99.6650 99.6450 99.6500 … 1,542,306 June 1551.30 1555.30 1527.80 1530.40 .70 7,820
July 2.231 2.262 2.148 2.155 –.081 166,509 April 13.18 13.21 t 13.18 13.19 –.22 3,096 Dec 99.6450 99.6550 99.6350 99.6350 –.0050 1,064,115
U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 2.361 2.386 2.285 2.292 –.062 114,714 June 10.98 11.59 10.87 11.32 .27 4,787
June 100.60 100.85 100.12 100.54 .01 31,218
Oct 2.426 2.450 2.353 2.363 –.056 100,458 Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures Sept 100.58 100.77 100.18 100.53 .02 672
Jan'21 3.085 3.110 3.034 3.039 –.054 75,382 May 2,343 2,343 2,343 2,343 –12 6
Japanese Yen (CME)-¥12,500,000; $ per 100¥
May .9283 .9319 .9260 .9296 .0008 490 Source: FactSet

Cash Prices WSJ.com/commodities Thursday, April 23, 2020

Bonds | WSJ.com/bonds
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks
months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Thursday Thursday Thursday
highs and lows for different types of bonds
Energy Aluminum, LME, $ per metric ton *1461.5 Wheat,No.1soft white,Portld,OR-u 6.1350
Total Total
Copper,Comex spot 2.3240 return YTD total Yield (%) return YTD total Yield (%)
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200 Iron Ore, 62% Fe CFR China-s 83.7 Food close return (%) Index Latest Low High close return (%) Index Latest Low High
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 236 Beef,carcass equiv. index Mortgage-Backed Bloomberg Barclays

.
Steel, HRC USA, FOB Midwest Mill-s 474 Broad Market Bloomberg Barclays
Metals choice 1-3,600-900 lbs.-u 211.51
2217.05 3.2 Mortgage-Backed 1.290 0.930 3.200

ly
Fibers and Textiles select 1-3,600-900 lbs.-u 198.57 2235.39 5.0 U.S. Aggregate 1.410 1.320 3.020
Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.5000 U.S. Corporate Indexes Bloomberg Barclays 2169.12 3.3 Ginnie Mae (GNMA) 1.050 0.490 3.160
Engelhard industrial 1726.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700
Butter,AA Chicago 1.1000 1307.58 3.2 Fannie mae (FNMA) 1.390 1.110 3.220
Handy & Harman base 1736.25 Cotton,1 1/16 std lw-mdMphs-u 0.5312 3186.05 1.4 U.S. Corporate 2.720 2.220 4.580
Cheddar cheese,bbl,Chicago 104.00
1927.24 Cotlook 'A' Index-t *63.10 2008.98 3.2 Freddie Mac (FHLMC) 1.360 1.080 3.230
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
*1702.65
*1710.55
1791.30
1808.52
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
Grains and Feeds
on
25.000
n.a.
Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
Coffee,Brazilian,Comp
Coffee,Colombian, NY
105.00
81.50
1.0831
1.5924
2901.57
4693.60
665.78
0.4
3.2
3.9
Intermediate
Long term
Double-A-rated
2.340 1.760 4.400
3.360 2.950 4.930
1.910 1.670 3.360
564.23
397.59
-0.3
-0.3
Muni Master
7-12 year
1.783 0.959 3.441
1.731 0.924 3.447
Eggs,large white,Chicago-u 1.4250 820.44 -1.1 Triple-B-rated 3.330 2.570 5.350 450.81 -0.5 12-22 year 2.165 1.224 3.690
Barley,top-quality Mnpls-u n.a.
us ,

American Eagle-e 1808.52 Flour,hard winter KC 14.55

Mexican peso-e 2084.70 Bran,wheat middlings, KC-u 108 High Yield Bonds ICE BofA 428.65 -2.7 22-plus year 3.038 1.765 4.123
Hams,17-20 lbs,Mid-US fob-u n.a.
l

Corn,No. 2 yellow,Cent IL-bp,u 3.0350 -10.1 Global Government J.P. Morgan†

Austria crown-e 1691.30 Hogs,Iowa-So. Minnesota-u 50.00 419.74 High Yield Constrained 8.320 5.151 11.400
e
al a

Corn gluten feed,Midwest-u,w 117.9

Austria phil-e 1808.52 Pork bellies,12-14 lb MidUS-u 0.5601 609.84 4.6 Global Government 0.610 0.390 1.430
Corn gluten meal,Midwest-u,w 503.8 346.72 -20.8 Triple-C-rated 16.190 10.558 19.071
Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.3479
Cottonseed meal-u,w 278 2854.53 -10.6 High Yield 100 7.796 4.516 10.740 858.35 6.8 Canada 0.860 0.590 1.860
Engelhard industrial 15.2800 Steers,Tex.-Okla. Choice-u 93.00
ci on

Hominy feed,Cent IL-u,w 110

Handy & Harman base 15.2890 Steers,feeder,Okla. City-u,w 148.50 378.57 -10.2 Global High Yield Constrained 8.350 4.893 11.310 396.20 -1.0 EMU§ 0.661 0.109 0.987
Meat-bonemeal,50% pro Mnpls-u,w 345
Handy & Harman fabricated 19.1110 763.01 0.5
Oats,No.2 milling,Mnpls-u 3.2750
Fats and Oils 295.03 -10.2 Europe High Yield Constrained 5.912 2.464 8.183 France 0.290 -0.160 0.610
LBMA spot price *£12.0600 Rice, Long Grain Milled, No. 2 AR-u,w 28.50
(U.S.$ equivalent) *14.9100 U.S Agency Bloomberg Barclays 546.46 2.0 Germany -0.320 -0.740 0.140
Sorghum,(Milo) No.2 Gulf-u 7.6200 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.7500
Coins,wholesale $1,000 face-a 14243 SoybeanMeal,Cent IL,rail,ton48%-u 292.10 Grease,choice white,Chicago-h 0.3000 1850.54 4.6 U.S Agency 0.770 0.730 2.570 297.59 -0.2 Japan 0.210 -0.070 0.260
er s

Other metals Soybeans,No.1 yllw IL-bp,u 8.2800 Lard,Chicago-u n.a. 1611.17 3.1 10-20 years 0.620 0.620 2.460 603.83 1.3 Netherlands -0.120 -0.540 0.250
LBMA Platinum Price PM *764.0 Wheat,Spring14%-pro Mnpls-u 6.2550 Soybean oil,crude;Centl IL-u 0.2491
Platinum,Engelhard industrial 768.0 Wheat,No.2 soft red,St.Louis-bp,u 5.7000 Tallow,bleach;Chicago-h 0.3350 4261.79 11.7 20-plus years 1.530 1.170 3.050 1105.73 10.0 U.K. 0.460 0.390 1.540
m er

Palladium,Engelhard industrial 2000.0 Wheat - Hard - KC (USDA) $ per bu-u 4.9550 Tallow,edible,Chicago-u n.a. 2726.57 -0.1 Yankee 2.220 1.920 3.500 782.73 -11.2 Emerging Markets ** 6.558 4.523 7.480
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
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; ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
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 4/22
Source: Dow Jones Market Data
m rp

Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Exchange-Traded Portfolios | WSJ.com/ETFresearch selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Closing Chg YTD Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
co Fo

Closing Chg YTD Schwab US TIPs SCHP 59.06 0.05 4.3 0.375 U.S. 2 0.221 s l 0.217 0.318 2.366
Thursday, April 23, 2020
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 235.07 0.13 –17.5
Closing Chg YTD
SPDR S&PMdCpTr MDY 278.45 1.24 –25.8
1.500 10 0.609 t l 0.626 0.788 2.569
ETF Symbol Price (%) (%) iShMSCI EAFE SC SCZ 46.86 0.60 –24.8
iShMSCIEmgMarkets EEM 35.63 –0.36 –20.6
SPDR S&P 500 SPY 279.08 –0.01 –13.3 2.000 Australia 2 0.214 s l 0.211 0.293 1.478 -0.7 -0.6 -88.8
CnsmrDiscSelSector XLY 110.38 –0.03 –12.0
SPDR S&P Div SDY 84.04 ... –21.9
CnsStapleSelSector XLP 58.09 –0.89 –7.8 iShMSCIJapan EWJ 50.50 0.14 –14.8
TechSelectSector XLK 86.79 –0.69 –5.3
2.500 10 0.881 s l 0.844 0.920 1.905 27.2 21.8 -66.4
FinSelSectorSPDR XLF 21.43 –0.42 –30.4 iShNatlMuniBd MUB 111.88 –0.48 –1.8
FT ValDivFd FVD 28.69 –0.59 –20.4 iShPfd&Incm PFF 33.70 0.69 –10.3
UtilitiesSelSector XLU 57.96 –1.68 –10.3 0.000 France 2 -0.506 t l -0.426 -0.480 -0.506 -72.7 -64.3 -287.2
VanEckGoldMiner GDX 33.42 2.80 14.1
HealthCareSelSect XLV 98.96 0.55 –2.8 iShRussell1000Gwth IWF 165.67 –0.11 –5.8
VangdInfoTech VGT 229.38 –0.51 –6.3
0.000 10 0.075 t l 0.125 0.115 0.396 -53.4 -50.1 -217.3
InvscQQQI QQQ 210.52 –0.21 –1.0 iShRussell1000 IWB 153.61 0.12 –13.9
InvscS&P500EW RSP 90.15 0.09 –22.1 iShRussell1000Val IWD 105.63 ... –22.6
VangdSC Val VBR 92.02 1.09 –32.9 0.000 Germany 2 -0.673 t l -0.673 -0.708 -0.570 -89.4 -89.0 -293.6
VangdSC Grwth VBK 164.31 0.93 –17.3
InvscS&P500LowVol SPLV 48.80 –1.47 –16.4 iShRussell2000 IWM 120.34 0.98 –27.4
VangdDivApp VIG 110.92 –0.43 –11.0 0.000 10 -0.422 t l -0.407 -0.378 0.044 -103.0 -103.3 -252.5
iSh3-7YTreasuryBd IEI 133.33 ... 6.0 iShRussell3000 IWV 160.48 0.02 –14.9
iShCoreDivGrowth DGRO 34.88 0.06 –17.1 iShRussellMid-Cap IWR 46.73 0.19 –21.6
VangdFTSEDevMk VEA 34.33 –0.17 –22.1 1.000 Italy 2 0.901 t l 1.051 0.525 0.586 68.0 83.4 -178.0
iShRussellMCValue IWS 68.24 0.47 –28.0 VangdFTSE EM VWO 35.14 –0.40 –21.0
iShCoreMSCIEAFE IEFA 50.98 –0.23 –21.9 1.350 10 1.991 t 2.099 1.625 2.678 147.3 10.9
VangdFTSE Europe VGK 44.12 –0.61 –24.7
l 138.2
iShCoreMSCIEM IEMG 42.45 –0.21 –21.0 iShS&P500Growth IVW 180.96 ... –6.5
VangdFTSEAWxUS VEU 42.31 –0.21 –21.3 0.100 Japan 2 -0.158 t l -0.143 -0.201 -0.150 -36.1 -251.6
iShCoreMSCITotInt IXUS 48.62 –0.06 –21.5 iShS&P500Value IVE 102.70 0.07 –21.1 -37.9
iShShortCpBd IGSB 53.53 0.15 –0.2 VangdGrowth VUG 172.70 –0.17 –5.2
iShCoreS&P500 IVV 279.98 –0.03 –13.4
0.100 10 -0.008 t -0.007 0.069 -0.030 -61.7 -63.3 -259.9
n-

VangdHlthCr VHT 186.59 0.65 –2.7 l

iShCoreS&P MC IJH 152.40 1.10 –26.0 iShShortTreaBd SHV 110.90 –0.02 0.4
VangdHiDiv VYM 75.61 –0.03 –19.3
iShCoreS&P SC IJR 58.01 1.26 –30.8 iShTIPSBondETF TIP 121.50 –0.06 4.2 0.400 Spain 2 0.115 t l 0.163 -0.184 -0.272 -10.6 -5.4 -263.8
iShS&PTotlUSStkMkt ITOT 61.84 –0.08 –14.9 iSh1-3YTreasuryBd SHY 86.63 –0.01 2.4 VangdIntermBd BIV 91.18 0.11 4.5
iShCoreUSAggBd AGG 117.42 0.24 4.5 iSh7-10YTreasuryBd IEF 122.11 0.07 10.8 VangdIntrCorpBd VCIT 91.00 0.25 –0.4 0.500 10 1.037 t l 1.137 0.757 1.113 42.8 51.1 -145.6
VangdLC VV 128.59 –0.09 –13.0
iShSelectDividend DVY 76.95 –0.29 –27.2 iSh20+YTreasuryBd TLT 170.44 0.53 25.8 0.500 U.K. 2 0.061 t l 0.094 0.071 0.785 -16.0 -12.3 -158.1
VangdMC VO 143.73 0.14 –19.3
no

iShEdgeMSCIMinEAFE EFAV 63.29 –0.61 –15.1 iShRussellMCGrowth IWP 134.60 0.12 –11.8
iShEdgeMSCIMinUSA USMV 57.95 –0.75 –11.7 iShUSTreasuryBdETF GOVT 28.20 0.14 8.7 VangdMBS VMBS 54.30 0.26 2.1 4.750 10 0.294 t l 0.326 0.418 1.227 -31.4 -30.0 -134.2
iShEdgeMSCIUSAMom MTUM 115.53 –0.27 –8.0 JPM UltShtIncm JPST 50.15 –0.06 –0.6 VangdRealEst VNQ 72.44 –0.84 –21.9
Source: Tullett Prebon
iShEdgeMSCIUSAQual QUAL 87.03 –0.10 –13.8 PIMCOEnhShMaturity MINT 100.43 0.11 –1.1 VangdS&P500ETF VOO 256.42 –0.02 –13.3
iShFloatingRateBd FLOT 49.85 0.18 –2.1 SPDR BlmBarcHYBd JNK 97.26 –0.18 –11.2 VangdST Bond
VangdSTCpBd
BSV
VCSH
82.62
80.83
0.08
0.07
2.5
–0.2
Corporate Debt
iShGoldTr IAU 16.57 1.04 14.3 SPDRBloomBar1-3MTB BIL 91.56 0.01 0.1
iShiBoxx$InvGrCpBd LQD 129.99 0.42 1.6 SPDR Gold GLD 163.34 1.00 14.3 VangdSC VB 122.58 0.82 –26.0
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
iShiBoxx$HYCpBd HYG 79.06 –0.05 –10.1 SchwabIntEquity SCHF 26.45 –0.15 –21.3 VangdTotalBd BND 87.60 0.16 4.5 that same company’s share price.
57.68 0.51 –0.5 55.80 0.34 4.4 VangdTotIntlBd BNDX 56.81 0.32 0.4
iShIntermCorpBd
iShJPMUSDEmgBd
IGIB
EMB 98.38 0.48 –14.1
SchwabUS AggrBd
SchwabUS BrdMkt
SCHZ
SCHB 65.51 0.18 –14.8 VangdTotIntlStk VXUS 43.59 –0.23 –21.7
Investment-grade spreads that tightened the most…
iShMBSETF MBB 110.60 0.26 2.4 SchwabUS Div SCHD 48.65 0.06 –16.0 VangdTotalStk VTI 139.55 0.01 –14.7 Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShMSCI ACWI ACWI 66.22 –0.11 –16.4 SchwabUS LC SCHX 66.43 0.03 –13.5 VangdTotlWrld VT 66.57 –0.08 –17.8
iShMSCI EAFE EFA 54.58 –0.31 –21.4 SchwabUS LC Grw SCHG 87.40 –0.16 –5.9 VangdValue VTV 95.20 0.18 –20.6 Citigroup C 5.350 May 15, ’49 470 –113 n.a. 42.46 0.52
Noble Energy NBL 7.250 Oct. 15, ’23 886 –90 n.a. 7.80 7.59
Royal Bank of Canada RY 2.550 July 16, ’24 120 –69 n.a. 58.42 –0.02
Borrowing Benchmarks | WSJ.com/bonds Park Aerospace Holdings AVOL 5.500 Feb. 15, ’24 826 –59 655 ... ...
Barclays BACR 8.000 June 15, ’49 747 –43 709 ... ...
Money Rates April 23, 2020 Marathon Oil
Micron Technology
MRO
MU
4.400 July 15, ’27
4.640 Feb. 6, ’24
862
201
–43
–36
790
240
4.84
43.77
6.84
–0.32
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Enable Midstream Partners ENBL 4.400 March 15, ’27 882 –33 915 3.59 10.80
guide to general levels but don’t always represent actual transactions.
…And spreads that widened the most
Week —52-WEEK— Week —52-WEEK— Deutsche Bank AG DB 7.500 April 30, ’49 1177 85 n.a. 6.18 1.48
Inflation Latest ago High Low Latest ago High Low
March index Chg From (%) National Rural Utilities Cooperative Finance NRUC 4.750 April 30, ’43 406 57 n.a. 26.84 0.34
level Feb. '20March '19 Federal funds Libor Expedia EXPE 5.000 Feb. 15, ’26 589 49 528 63.37 3.17
Effective rate 0.0600 0.0800 2.4800 0.0600 One month 0.48725 0.71825 2.48588 0.48725 Avolon Holdings Funding AVOL 3.625 May 1, ’22 765 42 637 ... ...
U.S. consumer price index High 0.1500 0.1500 3.0000 0.1400 Three month 0.99138 1.13525 2.58275 0.74050 Anheuser–Busch Inbev Finance ABIBB 3.300 Feb. 1, ’23 95 38 85 ... ...
All items 258.115 –0.22 1.5 Low 0.0300 0.0300 2.4400 0.0200 Six month 0.96525 1.12500 2.63850 0.73538 Nordstrom JWN 6.950 March 15, ’28 738 37 720 17.54 7.48
Core 267.312 0.02 2.1 Bid 0.0400 0.0500 2.4400 0.0100
One year 0.96025 0.98125 2.74550 0.74350 Fedex FDX 3.200 Feb. 1, ’25 171 36 122 120.88 1.97
Offer 0.0700 0.0800 2.5000 0.0500
International rates Boeing BA 2.700 May 1, ’22 395 34 n.a. 137.74 2.05
Treasury bill auction Euro Libor
Week 52-Week 4 weeks 0.090 0.150 2.390 0.000 One month -0.378 -0.360 -0.360 -0.621
High-yield issues with the biggest price increases…
Latest ago High Low Bond Price as % of face value Stock Performance
13 weeks 0.125 0.280 2.400 0.000 Three month -0.148 -0.193 -0.142 -0.539
26 weeks 0.145 0.290 2.400 0.080 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Prime rates Six month -0.062 -0.119 -0.052 -0.491
U.S. 3.25 3.25 5.50 3.25 One year 0.001 -0.015 0.008 -0.441 Continental Resources CLR 4.500 April 15, ’23 84.500 8.00 78.000 13.23 6.61
Secondary market
Canada 2.45 2.45 3.95 2.45 Occidental Petroleum OXY 3.400 April 15, ’26 66.000 5.00 66.470 13.87 6.53
Fannie Mae Value 52-Week
Japan 1.475 1.475 1.475 1.475 Latest Traded High Low
Mercer International MERC 6.500 Feb. 1, ’24 94.250 4.25 n.a. 8.43 4.59
30-year mortgage yields Netflix NFLX 4.875 June 15, ’30 106.813 3.81 107.000 426.70 1.25
Policy Rates DTCC GCF Repo Index
30 days 2.374 2.341 3.802 2.281 EQT EQT 4.875 Nov. 15, ’21 98.250 3.75 n.a. 12.50 –12.28
Euro zone 0.00 0.00 0.00 0.00 60 days 2.440 2.409 3.824 2.341 Treasury 0.091 34.924 6.007 0.002
Switzerland 0.50 0.50 0.50 0.50 Oasis Petroleum OAS 6.875 March 15, ’22 10.500 3.75 14.000 0.67 134.68
MBS 0.073 46.710 6.699 0.011 Weatherford International WFTLF 11.000 Dec. 1, ’24 72.500 3.55 71.750 4.50 –9.46
Britain 0.10 0.10 0.75 0.10 Other short-term rates
Australia 0.25 0.25 1.50 0.25 Clear Channel Worldwide Holdings CCO 9.250 Feb. 15, ’24 84.875 3.38 85.500 … …
Week 52-Week Weekly survey
Overnight repurchase Latest ago high low
Latest Week ago Year ago
…And with the biggest price decreases
U.S. 0.10 0.09 3.40 -0.07
Call money Revlon Consumer Products REV 5.750 Feb. 15, ’21 50.000 –8.25 62.000 10.36 –0.38
Freddie Mac Staples SPLS 10.750 April 15, ’27 47.500 –6.87 65.000 ... ...
U.S. government rates 2.00 2.00 4.25 2.00
30-year fixed 3.33 3.31 4.20 Brand Industrial Services BRANDI 8.500 July 15, ’25 74.500 –6.50 83.250 ... ...
Discount Commercial paper (AA financial) 15-year fixed 2.86 2.80 3.64 L Brands* LB 5.250 Feb. 1, ’28 68.000 –5.50 75.950 10.63 4.32
0.25 0.25 3.00 0.25 90 days n.a. n.a. 2.58 0.58 Five-year ARM 3.28 3.34 3.77
Macy's Retail Holdings M 4.500 Dec. 15, ’34 59.000 –5.00 n.a. … …
Realogy RLGY 9.375 April 1, ’27 67.000 –5.00 80.250 3.36 –1.47
Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates
Ladder Capital Finance Holdings LLLP LADR 4.250 Feb. 1, ’27 75.000 –3.75 n.a. … …
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository Trust Taylor Morrison Communities TMHC 5.750 Jan. 15, ’28 88.854 –2.90 92.000 … …
& Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett
Prebon rates as of 5:30 p.m. ET. *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.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 24, 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. FleetCorTech FLT 218.61 4.92 KSCitySouthern KSU 128.83 -0.51 s NovoNordisk NVO 63.98 -0.61 SensataTechs ST 33.18 0.94 Teleflex TFX 334.43 0.40 Verizon VZ 57.59 -0.40
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low.
FlirSystems FLIR 38.73 -1.11 Kellogg K 64.50 -0.18 Novocure NVCR 73.06 0.74 ServiceCorp SCI 37.11 0.16 Ericsson ERIC 8.26 -0.14 s VertxPharm VRTX 267.91 -1.46
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four
that include primary market trades as well as quarters. FlowersFoods FLO 22.12 -0.48 Kemper KMPR 65.65 -1.17 NuanceComms NUAN 18.54 0.27 ServiceNow NOW 297.31 -2.30 t TelefonicaBras VIV 8.79 -0.24 ViacomCBS A VIACA 17.61 0.32
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. FomentoEconMex FMX 56.53 0.27 KeurigDrPepper KDP 26.17 -0.37 Nucor NUE 37.72 1.32 ShawComm B SJR 15.93 0.01 Telefonica TEF 4.34 -0.10 ViacomCBS B VIAC 15.52 0.59
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing FordMotor F 4.89 0.12 KeyCorp KEY 10.63 0.40 Nutrien NTR 34.37 0.07 SherwinWilliams SHW 498.70 -1.59 TelekmIndonesia TLK 19.71 -0.37 Vipshop VIPS 16.21 -1.34
Nasdaq ISE. standards
Fortinet FTNT 100.59 -3.72 KeysightTechs KEYS 95.76 0.49 NVIDIA NVDA 284.01 -2.14 ShinhanFin SHG 22.26 -0.12 10xGenomics TXG 73.94 -2.06 Visa V 166.38 -0.21
The list comprises the 1,000 largest companies lf-Late filing
based on market capitalization. q-Temporary exemption from Nasdaq Fortis FTS 37.81 -0.40 KilroyRealty KRC 61.75 0.59 Shopify SHOP 620.49 -6.07 Tenaris TS 12.61 0.35 VistraEnergy VST 17.50 -0.14
Underlined quotations are those stocks with requirements. Fortive FTV 58.60 0.86 KimberlyClark KMB 140.36 -2.44 O P Q Sibanye-Stillwater SBSW 7.59 0.59 TencentMusic TME 10.94 -0.18 VMware VMW 126.42 -1.58
large changes in volume compared with the t-NYSE bankruptcy FortBrandsHome FBHS 43.80 0.72 KinderMorgan KMI 14.21 -0.46 OGE Energy OGE 30.70 SignatureBank SBNY 90.52 4.55 Teradyne TER 61.20 -1.58 Vodafone VOD 13.21 -0.05
issue’s average trading volume. v-Trading halted on primary market. 0.01
FoxA FOXA 24.86 0.09 s KinrossGold KGC 6.87 0.17 ONE Gas OGS 85.74 -1.23 SimonProperty SPG 53.15 0.69 Tesla TSLA 705.63 -26.48 VornadoRealty VNO 37.48 0.27
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, FoxB FOX 24.45 -0.14 KirklandLakeGold KL 41.79 1.97 ONEOK OKE 29.20 1.89 SiriusXM SIRI 5.37 0.32 TevaPharm TEVA 10.18 0.34 VoyaFinancial VOYA 41.18 -0.27
previous closing price was $2 or higher. or securities assumed by such companies. s Franco-Nevada FNV 133.26 2.16 Knight-Swift KNX 35.32 0.07 OReillyAuto ORLY 374.53 6.27 Skyworks SWKS 92.79 -0.15 TexasInstruments TXN 110.46 -1.52 VulcanMatls VMC 101.20 -3.70
FranklinRscs BEN 15.86 -0.27 KoninklijkePhil PHG 42.29 -0.55 OccidentalPetrol OXY 13.87 SlackTech WORK 26.53 0.37 Textron TXT 27.82 1.21
0.85
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FreeportMcM FCX 7.81 0.17 KoreaElcPwr KEP 9.31 0.27 Okta OKTA 152.01 0.37 Smartsheet SMAR 49.04 -3.48 ThermoFisherSci TMO 320.51 -15.08
W X Y Z
changes in the closing prices from 4 p.m. the previous day. FreseniusMed FMS 37.19 0.45 KraftHeinz KHC 28.53 -0.23 SmithAO AOS 39.64 0.87 ThomsonReuters TRI 70.40 -0.67
OldDomFreight ODFL 141.25 13.00 WABCO WBC 135.22 -0.13
Kroger KR 32.88 0.57
OldRepublic ORI 14.83 Smith&Nephew SNN 38.31 -0.36 3M MMM 144.33 0.72 WEC Energy WEC 94.39 -2.01
Thursday, April 23, 2020 Net Net G H I Line LN 48.98 0.22
-0.41
Smucker SJM 116.81 -1.75 Tiffany TIF 127.06 -1.01 WEX WEX 106.06 0.51
Stock Sym Close Chg Stock Sym Close Chg OmegaHealthcare OHI 28.14 -0.22
Net
GCI LibertyA GLIBA 60.81 -0.18 LKQ LKQ 20.47 0.32
Omnicom OMC 51.49 0.80 Snap SNAP 16.06 -0.95 Toro TTC 63.30 1.05 W.P.Carey WPC 58.05 -1.17
Stock Sym Close Chg
BectonDicknsn BDX 265.08 -1.68 Corning GLW 20.03 0.05 GDS Holdings GDS 59.20 -1.12 L3HarrisTech LHX 189.43 -2.33
ON Semi ON 13.92 -0.19 SnapOn SNA 113.67 -0.09 TorontoDomBk TD 38.66 -0.01 WPP WPP 33.86 0.45
A B C BeiGene BGNE 161.00 0.32 Corteva CTVA 25.40 0.46 GFLEnvironmental GFL 15.46 0.09 LabCpAm LH 159.67 5.54
OpenText OTEX 36.90 -0.08 SolarEdgeTech SEDG 100.70 5.19 Total TOT 34.61 0.24 Wabtec WAB 52.01 1.01
Berkley WRB 50.15 -1.13 CoStar CSGP 587.27 6.65 GSXTechedu GSX 32.78 -1.03 LamResearch LRCX 263.96 -7.82
Oracle ORCL 51.97 -0.30 SolarWinds SWI 15.72 ... ToyotaMotor TM 121.68 0.25 WalgreensBoots WBA 43.50 0.19
ABB ABB 17.06 ... BerkHathwy B BRK.B 185.63 -0.95 Costco COST 305.40 -4.02 Galapagos GLPG 209.32 -0.16 LamarAdv LAMR 50.32 0.78 Orange ORAN 12.18 -0.13 SonocoProducts SON 46.88 -0.16 TractorSupply TSCO 95.08 -0.35 Walmart WMT 128.53 -3.06
ACADIA Pharm ACAD 49.14 -0.27 BerkHathwy A BRK.A 278750-910.00 Coty COTY 5.93 0.34 Gallagher AJG 74.82 -2.77 LambWeston LW 56.69 0.36 Orix IX 55.34 -0.39 Sony SNE 62.06 -0.62 TradeDesk TTD 253.97 9.78 WasteConnections WCN 85.51 -0.48
AECOM ACM 33.16 0.91 BerryGlobal BERY 36.23 -0.13 CoupaSoftware COUP 159.87 -2.07 Gaming&Leisure GLPI 24.91 0.02 LasVegasSands LVS 45.96 4.93 Oshkosh OSK 63.43 0.97 Southern SO 56.80 -0.25 Tradeweb TW 52.52 1.27 WasteMgt WM 97.79 -0.97
AES AES 12.69 0.01 BestBuy BBY 69.60 0.62 Credicorp BAP 137.04 -1.58 Garmin GRMN 79.30 0.34 Lear LEA 85.13 2.27 OtisWorldwide OTIS 47.47 0.42 SoCopper SCCO 30.88 0.75 TraneTech TT 83.69 1.85 Waters WAT 190.77 0.43
Aflac AFL 35.04 -0.43 BeyondMeat BYND 99.78 11.32 CreditAcceptance CACC 265.87 11.36 Gartner IT 107.58 2.32 LeggMason LM 49.43 -0.14 PG&E PCG 11.00 ... SouthwestAir LUV 30.14 0.43 TransDigm TDG 314.28 10.02 Watsco WSO 151.51 2.33
AGNC Invt AGNC 12.36 0.16 Bilibili BILI 28.01 -2.19 CreditSuisse CS 7.88 -0.01 Generac GNRC 96.97 0.29 Leidos LDOS 98.86 1.25 PLDT PHI 24.00 -0.07 SouthwestGas SWX 76.96 0.46 TransUnion TRU 71.22 -0.52 Wayfair W 104.63 8.26
Ansys ANSS 258.95 -4.32 Bio-Techne TECH 209.73 1.88 CrowdStrike CRWD 68.91 0.84 GeneralDynamics GD 130.49 -2.88 Lennar A LEN 41.25 0.19 PNC Fin PNC 99.43 0.53 Splunk SPLK 131.69 0.41 Travelers TRV 100.45 -1.34 Weibo WB 35.95 0.01
ASETech ASX 4.18 0.02 Bio-RadLab A BIO 423.35 1.88 CrownCastle CCI 160.55 -2.62 GeneralElec GE 6.52 0.09 Lennar B LEN.B 31.37 0.12 POSCO PKX 34.61 0.07 Spotify SPOT 138.71 -1.03 Trex TREX 84.34 -0.94 WellsFargo WFC 26.53 -0.27
ASML ASML 289.40 -5.57 Biogen BIIB 292.25 -5.76 CrownHoldings CCK 59.33 -0.26 GeneralMills GIS 59.71 -0.48 LennoxIntl LII 177.54 6.82 PPD PPD 23.08 0.55 Square SQ 61.82 0.86 Trimble TRMB 32.91 0.73 Welltower WELL 43.11 -1.18
AT&T T 29.50 0.03 BioMarinPharm BMRN 93.12 0.65 CubeSmart CUBE 25.50 -1.00 GeneralMotors GM 21.52 0.22 LeviStrauss LEVI 12.36 -0.15 PPG Ind PPG 90.52 0.45 StanleyBlackDck SWK 105.83 -1.54 Trip.com TCOM 23.70 0.70 s WestPharmSvcs WST 187.42 17.30
AbbottLabs ABT 93.94 -1.54 BioNTech BNTX 50.00 -3.50 Cummins CMI 145.43 0.50 Genmab GMAB 23.49 0.06 LibertyBroadbandC LBRDK 124.41 0.80 PPL PPL 25.19 -0.12 Starbucks SBUX 75.15 -2.30 TruistFinl TFC 34.29 0.29 WesternDigital WDC 39.39 -0.54
AbbVie ABBV 82.04 0.57 BlackKnight BKI 68.74 1.14 CyrusOne CONE 71.24 1.27 Genpact G 32.05 1.14 LibertyBroadbandA LBRDA 121.41 0.56 PRA HealthSci PRAH 88.32 -2.14 StarsGroup TSG 24.53 -0.07 TurkcellIletism TKC 5.07 0.02 WesternUnion WU 19.04 0.13
Abiomed ABMD 170.76 4.03 BlackRock BLK 471.20 -9.80 Gentex GNTX 23.23 0.11 LibertyGlobal C LBTYK 17.38 0.30 PTC PTC 64.33 -0.44 StateStreet STT 57.05 -0.42 Twilio TWLO 107.51 -0.38 WestlakeChem WLK 39.86 1.27
AcceleronPharma XLRN 94.47 -0.21 Blackstone BX 48.43 2.10 D E F GenuineParts GPC 73.10 0.20 LibertyGlobal A LBTYA 18.17 0.30 Paccar PCAR 65.91 -0.23 SteelDynamics STLD 24.07 1.23 Twitter TWTR 27.86 -0.58 WestpacBanking WBK 9.73 -0.09
Accenture ACN 172.90 0.59 Boeing BA 137.74 2.77 DISH Network DISH 22.88 0.50 GileadSciences GILD 77.78 -3.53 LibertyFormOne A FWONA 26.04 2.18 PackagingCpAm PKG 86.14 0.59 Steris STE 149.45 -1.43 TylerTech TYL 319.36 1.14 WestRock WRK 28.88 0.41
ActivisionBliz ATVI 65.88 -1.10 BookingHldgs BKNG 1360.00 5.00
DTE Energy DTE 101.01 -1.35 GSK GSK 42.21 0.30 LibertyFormOne C FWONK 27.50 1.70 PagSeguroDig PAGS 22.03 0.50 STMicroelec STM 23.64 0.34 TysonFoods TSN 60.90 0.98 Weyerhaeuser WY 18.98 -0.04
Adobe ADBE 335.37 -1.40 BoozAllen BAH 75.43 0.79 Danaher GlbBloodTherap GBT 71.78 -0.56 LibertySirius B LSXMB 32.96 1.49 PaloAltoNtwks PANW 192.09 0.23 StoneCo STNE 23.18 0.18 UBS Group UBS 9.33 0.10 s WheatonPrecMet WPM 38.79 1.94
DHR 160.65 0.40
AdvanceAuto AAP 113.39 0.37 BorgWarner BWA 26.65 1.00 GlobalPayments GPN 147.26 -0.36 LibertySirius A LSXMA 30.99 0.97 PanAmerSilver PAAS 21.48 0.46 Stryker SYK 182.48 0.56 UDR UDR 36.20 -0.46 Whirlpool WHR 102.25 2.90
Darden DRI 66.87 -1.43
AdvMicroDevices AMD 55.90 -0.02 BostonBeer SAM 434.78 8.45 GlobeLife GL 74.86 1.64 LibertySirius C LSXMK 30.81 0.52 ParkerHannifin PH 132.45 -0.15 SumitomoMits SMFG 5.04 0.11 UGI UGI 28.05 0.10 Williams WMB 17.51 -0.15
Datadog DDOG 40.15 -0.14
Aegon AEG 2.35 0.02 BostonProps BXP 88.92 -1.75
DaVita DVA 73.35 0.94 GlobusMedical GMED 46.53 1.50 s EliLilly LLY 159.93 3.22 Paychex PAYX 66.91 0.09 SunComms SUI 121.46 -0.24 Uber UBER 28.33 0.09 WillisTowers WLTW 177.00 -8.86
AgilentTechs A 75.09 -0.08 BostonSci BSX 36.40 0.91 Deere GoDaddy GDDY 66.26 1.03 LincolnElectric LECO 74.57 0.66 PaycomSoftware PAYC 211.67 -6.07 SunLifeFinancial SLF 30.63 -0.26 Ubiquiti UI 153.59 -1.70 Wipro WIT 3.00 0.06
DE 137.11 0.90
AgnicoEagle AEM 59.98 3.44 BrightHorizons BFAM 109.33 -1.62 s GoldFields GFI 7.98 0.70 LincolnNational LNC 28.70 -0.34 Paylocity PCTY 86.91 -0.53 SuncorEnergy SU 15.69 0.17 UltaBeauty ULTA 210.68 1.97 Wix.com WIX 132.66 -3.02
DellTechC DELL 38.91 0.16
AirProducts APD 211.27 -3.17 Bristol-Myers BMY 60.95 0.02 GoldmanSachs GS 175.05 -0.93 Linde LIN 181.30 -0.30 PayPal PYPL 115.24 0.05 Suzano SUZ 6.66 0.18 UnderArmour A UAA 9.81 0.22 WooriFin WF 18.99 -0.13
DeltaAir DAL 22.48 0.01
AkamaiTech AKAM 102.26 -2.03 BritishAmTob BTI 36.29 0.25 Graco GGG 44.52 -1.02 LiveNationEnt LYV 39.45 3.10 Pegasystems PEGA 76.20 -0.14 SynchronyFin SYF 16.10 0.05 Unilever UN 49.10 -1.46 Workday WDAY 143.60 -2.22
DentsplySirona XRAY 38.70 -1.21
Albemarle ALB 60.66 1.21 Broadcom AVGO 258.93 -1.04 Grainger GWW 258.43 -17.70 LloydsBanking LYG 1.44 0.03 Peloton PTON 29.89 -1.29 SyneosHealth SYNH 50.10 0.77 Unilever UL 51.53 -1.41 WynnResorts WYNN 76.05 6.02
DeutscheBank DB 6.18 0.09
Alcon ALC 52.63 0.24 BroadridgeFinl BR 110.25 0.84 Grifols GRFS 20.51 -0.04 LockheedMartin LMT 376.73 -3.67 PembinaPipeline PBA 19.92 0.63 Synopsys SNPS 151.99 1.27 UnionPacific UNP 152.29 5.19 XP XP 25.75 -0.27
DexCom DXCM 322.04 1.41
AlexandriaRlEst ARE 147.96 -2.98 BrookfieldMgt BAM 31.83 -0.17 GuardantHealth GH 75.10 -0.08 Loews L 32.92 -0.85 Pentair PNR 30.60 0.56 Sysco SYY 49.75 -1.60 UnitedAirlines UAL 25.72 -0.16 XPO Logistics XPO 64.06 3.71
Diageo DEO 131.98 -0.38
AlexionPharm ALXN 104.14 0.23 BrookfieldInfr BIP 37.65 -0.43 Guidewire GWRE 86.87 -1.47 LogitechIntl LOGI 46.68 -0.25 Penumbra PEN 187.00 6.26 UnitedMicro UMC 2.58 0.12 XcelEnergy XEL 64.38 -0.94
Alibaba BABA 205.24 -4.72 Brown&Brown BRO 34.59 -1.11
DiamondbkEner FANG 37.10 2.86
HCA Healthcare HCA 104.74 0.22 Lowe's LOW 94.90 -0.05 People'sUtdFin PBCT 11.19 0.23
T U V UPS B UPS 99.45 1.84 Xilinx XLNX 87.13 -3.47
DigitalRealty DLR 148.53 -0.65
AlignTech ALGN 188.57 -1.46 Brown-Forman B BF.B 60.46 0.55 HDFC Bank HDB 40.88 0.10 lululemon LULU 211.64 -0.45 PepsiCo PEP 130.26 -2.36 TAL Education TAL 49.79 -0.93 UnitedRentals URI 103.73 3.11 Xylem XYL 68.00 -1.18
DiscoverFinSvcs DFS 34.82 -0.33
Alleghany Y 519.35 -0.06 Brown-Forman A BF.A 55.93 0.36 HD Supply HDS 27.52 -0.02 Lumentum LITE 76.86 1.86 PerkinElmer PKI 87.20 1.65 TC Energy TRP 45.46 0.82 US Bancorp USB 33.37 0.12 s YamanaGold AUY 4.72 0.07
DiscoveryB DISCB 33.99 4.89
Allegion ALLE 95.13 2.16 Bruker BRKR 36.91 1.51 HP HPQ 14.62 -0.17 Lyft LYFT 30.09 -0.61 Perrigo PRGO 50.99 1.37 TD Ameritrade AMTD 37.17 -0.35 UnitedTherap UTHR 109.99 1.92 Yandex YNDX 35.25 0.30
DiscoveryA DISCA 20.39 0.02
Allergan AGN 185.55 0.21 Bunge BG 39.13 1.33 HSBC HSBC 25.01 0.04 LyondellBasell LYB 49.37 1.26 PetroChina PTR 35.02 0.20 TE Connectivity TEL 68.15 0.87 UnitedHealth UNH 285.33 8.31 YumBrands YUM 85.61 -1.18
DiscoveryC DISCK 18.60 0.04
AlliantEnergy LNT 50.09 -0.94 BurlingtonStrs BURL 171.02 -3.28 Haemonetic HAE 114.00 3.94 PetroleoBrasil PBR 6.31 -0.03 Telus TU 15.84 0.02 UnivDisplay OLED 137.65 -0.26 YumChina YUMC 45.68 0.02
Disney DIS 101.00 0.01 M N
Allstate ALL 99.45 -2.54 CACI Intl CACI 239.90 2.61 Halliburton HAL 8.92 0.69 PetroleoBrasilA PBR.A 6.17 -0.04 TIM Part TSU 12.16 -0.25 UniversalHealthB UHS 101.20 3.10 ZTO Express ZTO 28.79 -0.18
DocuSign DOCU 102.19 0.40
AllyFinancial ALLY 14.30 0.28 CBRE Group CBRE 39.99 0.22 HartfordFinl HIG 35.93 0.25 M&T Bank Pfizer PFE 36.69 0.44 TJX TJX 45.74 -0.64 VEREIT VER 4.56 -0.18 s ZaiLab ZLAB 65.80 1.10
DolbyLab DLB 58.05 1.18 MTB 103.56 -0.50
AlnylamPharm ALNY 141.64 1.53 CDW CDW 100.86 -0.88 T-MobileUS TMUS 90.34 0.18 VF VFC 54.35 0.08 ZebraTech
DollarGeneral DG 176.50 -2.65 Hasbro HAS 72.76 -1.39 MDU Rscs MDU 21.94 -0.01 PhilipMorris PM 71.78 -1.28 ZBRA 200.97 1.56
Alphabet A GOOGL 1271.17 12.76 CF Industries CF 27.85 0.54

.
DollarTree DLTR 74.93 -2.32 HawaiianElec HE 39.46 -0.38 MGM Resorts MGM 13.78 0.49 Phillips66 PSX 59.97 1.79 TRowePrice TROW 99.16 -1.47 VICI Prop VICI 15.28 -0.22 Zendesk ZEN 71.62 -0.48
Alphabet C GOOG 1276.31 13.10 CGI GIB 60.10 0.93 HealthcareAmer HTA 23.28 -0.25 MKS Instrum MKSI 91.28 0.17 PilgrimPride PPC 19.94 1.00 TaiwanSemi TSM 52.64 -0.31 VailResorts MTN 156.33 0.35 Zillow C Z 38.34 -0.38
DominionEner D 76.91 -1.83

ly
Alteryx AYX 111.89 -4.16 CH Robinson CHRW 70.48 -1.10 -2.89 Vale
Domino's DPZ 369.64 -14.11 HealthpeakProp PEAK 24.32 -0.56 MPLX MPLX 17.00 1.79 Pinduoduo PDD 49.17 -2.98 TakeTwoSoftware TTWO 124.55 VALE 7.86 -0.11 Zillow A ZG 37.84 -0.17
AlticeUSA ATUS 25.77 0.40 CME Group CME 178.48 -0.91 Heico HEI 77.48 0.32 MSCI -1.76 TakedaPharm TAK 17.14 0.06 ValeroEnergy VLO 52.07 1.50 ZimmerBiomet ZBH 112.99 3.73
Donaldson DCI 41.40 0.60 MSCI 317.44 -3.18 PinnacleWest PNW 75.82
Altria MO 38.45 0.64 CMS Energy CMS 59.24 -0.75 Heico A HEI.A 67.93 -0.31 MagellanMid MMP 39.23 -0.34 Pinterest PINS 18.85 -0.41 TandemDiabetes TNDM 75.40 4.25 VarianMed VAR 107.95 0.73 ZionsBancorp ZION 29.19 0.29
DouglasEmmett DEI 29.54 0.08
Amazon.com AMZN 2399.45 35.96 CNA Fin CNA 29.92 -0.66 -2.98 s VeevaSystems VEEV 184.70 0.75 Zoetis ZTS 123.64 -2.17
Dover DOV 88.01 1.69 HenrySchein HSIC 51.63 -0.08 MagnaIntl MGA 34.47 -0.49 PioneerNatRscs PXD 79.31 -1.35 Target TGT 103.86
Ambev ABEV 2.12 -0.05 CNH Indl CNHI 6.34 0.28 Herbalife -0.04 Ventas VTR 28.12 0.31 s ZoomVideo ZM 169.09 18.84
HLF 33.16 0.67 ManulifeFin MFC 11.44 -0.13 PlainsAllAmPipe PAA 7.72 0.50 TechData TECD 137.09
Amcor
Amdocs
Amedisys
Amerco
Ameren
AMCR 8.21 -0.15 CNOOC
DOX 61.69 -0.84 CRH
AMED 191.03 -1.47 CSX
CEO 109.11 1.03
CRH 27.67 -0.33
CSX 61.47 0.58
UHAL 256.99 2.35 CVS Health CVS 61.28 0.93
AEE 74.19 -2.59 CableOne
Dow

Dropbox
DOW 32.56 0.72
DrReddy'sLab RDY 52.77 -0.07
DBX 19.84 -0.13
DukeEnergy DUK 85.12 -2.03
DukeRealty DRE 33.44 -0.72
on Hershey
Hess
HewlettPackard HPE
Hill-Rom
HSY 136.91 -6.37 MarathonPetrol MPC 25.94 1.25 PlanetFitness PLNT 57.04
HES 41.67 2.29 Markel MKL 881.43 2.39 Pool
9.27 0.24 MarketAxess MKTX 417.78 -6.46 PortlandGenElec POR 48.43
HRC 113.93 2.38 Marriott
POOL 204.40

MAR 81.10 1.08 PostHoldings POST 90.91

-0.39 s TeladocHealth TDOC 187.73
13.98 TeledyneTech TDY 314.55
-1.16
-0.12
8.08 VeriSign VRSN 213.00 -2.66
3.38 VeriskAnalytics VRSK 147.70 -3.50
Zscaler
Zynga
ZS 66.24
ZNGA 7.45
-0.67
-0.03

New Highs and Lows | WSJ.com/newhighs

CABO 1745.77 28.78 Hilton HLT 71.94 1.15 Marsh&McLen MMC 92.59 -1.49 PrincipalFin PFG 29.47
Dunkin' DNKN 58.47 -0.43 0.42
AmericaMovil AMX 10.86 -0.05 CabotOil COG 20.04 -0.68
us ,

DuPont DD 41.20 1.33 HollyFrontier HFC 28.57 1.69 MartinMarietta MLM 177.74 0.69 Procter&Gamble PG 119.40 0.79
AmerAirlines AAL 10.25 -0.02 s CadenceDesign CDNS 79.83 0.03
Dynatrace DT 27.55 0.26 Hologic HOLX 45.38 2.50 MarvellTech MRVL 26.42 -0.23 Progressive PGR 81.61 -0.88
l

AmCampus ACC 30.01 -1.09 CaesarsEnt CZR 8.07 0.01

ENI E 18.25 0.04 HomeDepot HD 202.32 -1.85 Masco MAS 39.68 0.43 Prologis PLD 86.75 -1.12 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
AEP AEP 83.02 -1.98 CamdenProperty CPT 83.04 -1.22
e
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
al a

EOG Rscs EOG 44.22 1.07 HondaMotor HMC 22.48 0.62 Masimo MASI 204.05 3.10 Proofpoint PFPT 118.76 -1.13
AmerExpress AXP 82.46 -0.08 CampbellSoup CPB 50.54 -0.26 session. % CHG-Daily percentage change from the previous trading session.
EPAM Systems EPAM 204.75 3.94 Honeywell HON 134.68 1.65 Mastercard MA 255.86 -1.05 ProsperityBcshs PB 49.34 0.99
AmericanFin AFG 60.97 -1.31 CIBC CM 55.47 -0.18
E*TRADE ETFC 38.22 -0.41 HorizonTherap HZNP 33.52 -0.33 MatchGroup MTCH 80.38 0.35 PrudentialFin PRU 53.24 -0.37
AmHomes4Rent AMH 22.97 -0.43 CanNtlRlwy CNI 77.24 0.38 Thursday, April 23, 2020
HormelFoods HRL 47.20 -1.20 MaximIntProducts MXIM 52.44 0.08 Prudential PUK 25.29 0.07
ci on

EastmanChem EMN 56.00 2.13

AIG AIG 22.66 0.40 CanNaturalRes CNQ 13.79 0.47 52-Wk % 52-Wk % 52-Wk %
DR Horton DHI 39.18 0.29 McCormickVtg MKC.V 150.89 -1.03 PublicServiceEnt PEG 50.37 -0.73
AmerTowerREIT AMT 248.60 -4.38 CanPacRlwy CP 226.96 1.63 Eaton ETN 78.15 0.50
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
eBay EBAY 37.91 -0.34 HostHotels HST 10.81 0.19 McCormick MKC 151.62 -1.75 PublicStorage PSA 187.50 -5.51
AmerWaterWorks AWK 124.68 -3.21 Canon CAJ 19.63 -0.43 NordicAmTankers NAT 5.88 4.4 CementosPacasm CPAC 6.36 -4.4
HowmetAerospace HWM 11.00 0.17 McDonalds MCD 182.04 -4.44 PulteGroup PHM 23.87 -0.20
AmericoldRealty COLD 31.81 -1.57 CanopyGrowth CGC 14.82 -0.20 Ecolab ECL 175.04 0.28
Highs NovaGoldRscs NG 12.85 -1.0 Check-Cap WtC CHEKZ 0.04 -0.1
Huazhu HTHT 30.66 -0.54 McKesson MCK 136.57 1.35 Qiagen QGEN 41.87 -0.09
Ameriprise AMP 104.35 -0.56 CapitalOne COF 52.61 1.09 Ecopetrol EC 9.84 0.37
NovoNordisk NVO 65.15 -0.9 CheetahMobile CMCM 1.85 -2.6
Hubbell HUBB 118.69 0.73 MedicalProp MPW 15.66 0.11 Qorvo QRVO 85.95 -0.63 AlamosGold AGI 8.03 4.8
AmerisourceBrgn ABC 87.26 0.76 CardinalHealth CAH 49.32 0.28 EdisonInt EIX 58.23 -0.76
AndinaAcqnIII ANDA 10.21 0.4
OraSureTechs OSUR 15.93 5.0 DoverMotorsports DVD 1.06 1.4
HubSpot HUBS 139.78 -1.25 Medtronic MDT 95.83 -0.25 Qualcomm QCOM 73.81 -0.87
Ametek AME 75.68 -0.21 Carlisle CSL 121.36 1.48 EdwardsLife EW 221.04 4.52 AngloGoldAsh AU 26.86 4.6
OverseasShip OSG 2.81 -1.5 DunxinFinl DXF 0.42 -4.0
Humana HUM 366.07 -1.10 MelcoResorts MLCO 15.30 0.85 QuantaServices PWR 33.37 0.28
er s

ElancoAnimal ELAN 23.81 -0.19 ParamountGoldNV PZG 1.10 3.0 1stConstBncp FCCY 9.01 -4.7
Amgen AMGN 232.49 3.20 Carlyle CG 22.20 0.51 ArcturusTherap ARCT 20.97 6.0
JBHunt JBHT 100.87 0.62 MellanoxTech MLNX 124.81 0.01 QuestDiag DGX 100.66 1.08 PetMedExpress PETS 34.13 1.8 FirstGuarBcshs FGBI 11.29 -4.8
Amphenol APH 83.98 2.31 CarMax KMX 65.99 1.08 Elastic ESTC 59.99 -0.29 AsankoGold AKG 1.28 -5.0
PluristemTherap PSTI 10.88 15.2
HuntingtonBcshs HBAN 7.92 -0.12 MercadoLibre MELI 586.71 -14.34 s Quidel QDEL 125.07 1.36 FirstSeacoastBncp FSEA 5.07 0.5
AnalogDevices ADI 101.81 -0.31 Carnival CCL 12.17 0.53 ElbitSystems ESLT 127.27 2.05 B2Gold BTG 5.50 3.6
Quidel QDEL 130.50 1.1 Flexsteel FLXS 8.25 -5.5
HuntingIngalls HII 186.77 0.54 Merck BarrickGold GOLD 28.50 1.0
PLAN 38.86 0.34 CarrierGlobal CARR 15.72 0.93 ElectronicArts EA 114.46 -0.11 MRK 80.88 0.90
m er

Anaplan
HyattHotels H 53.29 -0.73 MercurySystems MRCY 79.82 0.24 R S CadenceDesign CDNS 81.43 ...
Repligen RGEN 115.37 0.6 FourSeasonsEduc FEDU 1.06 4.0
s AngloGoldAsh AU 26.30 1.15 CaseysGenStores CASY 153.62 -0.23 EmersonElec EMR 52.91 0.80 ChembioDiagn CEMI 15.89 5.6
SeattleGenetics SGEN 145.94 1.3 FulingGlobal FORK 1.40 -1.9
IAA IAA 34.74 1.99 MetLife ShenandoahTel SHEN 53.93 3.1
AB InBev BUD 41.93 0.32 Catalent CTLT 58.65 0.39 Enbridge ENB 28.87 0.22 MET 31.90 0.14 RELX RELX 22.01 -0.61
ChromaDex CDXC 5.37 7.7 GalileoAcqnWt GLEO.WS 0.16 -15.6
IAC/InterActive IAC 222.17 0.93 MettlerToledo MTD 703.30 -0.90 RPM SilganHoldings SLGN 34.09 1.5 GlobalIndemnity GBLI 22.37 -2.6
AnnalyCap NLY 5.87 -0.16 Caterpillar CAT 112.91 2.27 EncompassHealth EHC 68.09 0.37 RPM 63.97 -0.03 ClarivateAnaly CCC 24.80 -1.3
SimulationsPlus SLP 43.10 0.9
EnelAmericas ENIA 7.75 0.01 ICICI Bank IBN 9.04 0.04 MicrochipTech MCHP 78.80 -0.23 RalphLauren RL 68.95 1.92 CueBiopharma CUE 25.69 6.9 HalladorEnergy HNRG 0.65 3.2
Anthem ANTM 261.55 -1.41 Celanese CE 78.02 2.52 TeladocHealth TDOC 189.97 4.5 Hexcel HXL 27.07 4.5
ICU Medical ICUI 221.99 7.70 MicronTech MU ESSC 9.77 0.7
CNC 69.24 0.89 EnelChile ENIC 3.60 -0.06 43.77 -0.14 RaymondJames RJF 61.35 -0.79 EastStoneAcqn
Aon AON 174.77 -6.82 Centene 21 Vianet VNET 17.14 5.1
m rp

IDACORP IDA 91.67 -1.73 Microsoft Envela ELA 3.77 6.6 Invesco IVZ 7.20 -21.1
ApartmtInv AIV 35.14 -1.80 CenterPointEner CNP 16.42 0.23 EnergyTransfer ET 7.05 0.57 MSFT 171.42 -2.10 RaytheonTech RTX 63.29 -0.16 VeevaSystems VEEV 189.56 0.4 0.95 3.8
Equinix EQIX 698.99 0.1 InnSuitesHosp IHT
IdexxLab IDXX 268.41 0.29 MidAmApt MAA 104.98 -3.33 RealPage
ApolloGlbMgmt APO 38.05 1.93 CentraisElBras EBR 4.54 -0.43 EnphaseEnergy ENPH 39.48 1.24 RP 59.44 -0.79
Exelixis EXEL 26.48 6.7
Verastem VSTM 4.67 -5.0 LIVCapAcqnWt LIVKW 0.11 -20.8
IHS Markit INFO 64.99 1.52 MitsubishiUFJ MUFG 3.87 0.08 RealtyIncome O Vermillion VRML 1.47 8.1
Apple AAPL 275.03 -1.07 CenturyLink CTL 9.94 0.24 Entegris ENTG 50.46 -0.59 49.32 -0.86 Five9 FIVN 97.83 0.4 LendingClub LC 6.45 -1.9
ING Groep ING 5.16 0.09 MizuhoFin VertxPharm VRTX 277.80 -0.5 LongevityAcqnWt LOACW 0.02 -72.3
ApplMaterials AMAT 50.90 -1.21 CeridianHCM CDAY 51.50 -0.19 Entergy ETR 96.97 -2.51 MFG 2.29 0.04 ReataPharm RETA 154.46 1.81 Franco-Nevada FNV 138.56 1.6
WeisMarkets WMK 47.84 0.8
t Invesco IVZ 7.24 -1.94 MobileTeleSys MBT 8.30 0.17 RegencyCtrs REG 35.62 GCAP 6.60 7.0 NaborsIndustries NBR 9.79 13.6
Aptargroup ATR 105.02 -1.28 Cerner CERN 71.15 0.37 EnterpriseProd EPD 17.19 0.91 0.18 GAIN Capital
WestPharmSvcs WST 190.27 10.2 NaborsIndsPfdA NBRpA 2.00 -4.6
IPG Photonics IPGP 116.34 -0.17 Moderna MRNA 47.44 -3.76 RegenPharm REGN 565.52 GenMarkDiagn GNMK 10.70 18.3
Aptiv APTV 60.73 0.23 CharlesRiverLabs CRL 135.45 -1.67 Equifax EFX 131.32 -1.17 7.44
GoldFields GFI 8.48 9.6
WheatonPrecMet WPM 39.39 5.3 NanoVibronix NAOV 1.42 7.8
IQVIA IQV 127.67 2.12 MohawkInds MHK 77.32 2.26 RegionsFin RF
Aramark ARMK 23.09 0.04 CharterComms CHTR 499.12 3.04 s Equinix EQIX 685.49 0.70 9.42 0.33
HalozymeTherap HALO 22.48 4.2
Wingstop WING 114.37 -2.7 NatlBankshares NKSH 26.24 -0.3
co Fo

Equinor EQNR 12.51 -0.07 IcahnEnterprises IEP 47.22 0.62 MolinaHealthcare MOH 167.22 3.85 ReinsGrp RGA 97.61 -1.30 YamanaGold AUY 4.95 1.5
ArcelorMittal MT 9.81 0.32 CheckPoint CHKP 103.84 -0.04 Immunomedics IMMU 29.67 19.2 9F JFU 6.02 0.2
Equitable EQH 15.33 -0.03 Icon ICLR 148.90 -9.23 MolsonCoorsB TAP 41.87 -0.23 RelianceSteel RS 85.91 2.08 ZaiLab ZLAB 66.91 1.7 5.60 -4.9
ArchCapital ACGL 24.26 -0.64 Chegg CHGG 37.82 1.02 Incyte INCY 104.20 0.9 OportunFin OPRT
IDEX IEX 152.36 0.70 Mondelez ZentalisPharm ZNTL 29.33 6.2
MDLZ 51.33 -0.89 RenaissanceRe RNR 144.39 -4.10 13.47 0.4 OspreyTechWt SFTW.WS 0.52 -1.6
ArcherDaniels ADM 35.74 0.34 Chemed CHE 437.99 20.57 EquityLife ELS 59.51 -1.81 Inseego INSG
ZoomVideo ZM 169.75 12.5
IllinoisToolWks ITW 155.12 -0.42 MongoDB MDB 158.09 -0.24 s Repligen RGEN 113.15 0.64 IovanceBiotherap IOVA 39.00 -5.5 OttawaBncp OTTW 9.41 2.8
arGEN-X ARGX 143.85 0.40 CheniereEnergy LNG 41.20 0.44 EquityResdntl EQR 63.81 -1.85 PerformantFin PFMT 0.60 -5.1
AristaNetworks ANET 209.23 -2.14 CheniereEnerPtrs CQP 33.02 1.02 ErieIndemnity A ERIE 171.65 -5.38
s
Illumina ILMN 312.71 1.15 MonolithicPower MPWR 181.27 -3.51 RepublicSvcs RSG 76.50
Immunomedics IMMU 26.18 4.21 MonsterBev MNST 59.63 -0.49 ResMed
-1.37 J&J
KinrossGold
JNJ
KGC
157.00
7.25
1.6
2.5
Lows ProfessionalHldg PFHD 12.32 -2.8
AscendisPharma ASND 126.89 -2.86 Chevron CVX 86.80 2.36 EssentialUtil WTRG 42.62 0.17 RMD 158.73 -2.19 RBB Bancorp RBB 11.17 -2.2
LightpathTech LPTH 2.28 -8.8 AMN Healthcare AMN 45.00 -4.8
ImperialOil IMO 12.96 0.25 Moody's MCO 240.00 0.17 RestaurantBrands QSR 46.18 0.93
AspenTech AZPN 95.83 -0.13 Chewy CHWY 43.35 -1.47 EssexProp ESS 241.25 -3.47 EliLilly LLY 162.56 2.1 AkazooWt SONGW 0.07 -2.2 SteelConnect STCN 0.65 0.2
s Incyte INCY 101.90 0.93 MorganStanley MS 37.47 -0.34 RexfordIndlRealty REXR 38.73 -0.72 2.57 1.5
Assurant AIZ 101.25 -1.75 ChinaLifeIns LFC 10.31 0.14 EsteeLauder EL 162.75 -3.23 Luminex LMNX 34.52 3.0 AlbertonAcqnRt ALACR 0.09 -40.7 SunCokeEnergy SXC
Etsy ETSY 62.85 0.10 Infosys INFY 8.79 0.24 Morningstar MORN 135.49 -0.40 ReynoldsCnsmr REYN 31.06 0.39 MudrickCapA MUDS 10.58 1.5 AmerEagle AEO 6.58 3.9 TelecomArgentina TEO 6.83 -6.0
AstraZeneca AZN 50.39 0.03 ChinaMobile CHL 39.34 -0.39
IngersollRand IR 27.36 0.54 MotorolaSol MSI 153.61 2.02 RingCentral RNG 238.91 -5.25 NIC EGOV 25.37 0.3 AmVirtualCloud AVCT 1.52 -5.8 TelefonicaBras VIV 8.70 -2.7
Atlassian TEAM 149.39 0.19 ChinaPetrol SNP 48.85 -0.18 EuronetWorldwide EEFT 82.82 0.87 Nautilus NLS 6.85 5.7 ArchCoal ARCH 24.04 -12.1 TimkenSteel TMST 2.16 9.3
Ingredion INGR 78.80 1.44 Mylan MYL 15.30 0.39 RioTinto RIO 46.04 -0.25
AtmosEnergy ATO 101.33 -0.99 ChinaTelecom CHA 32.91 0.17 Everbridge EVBG 120.28 -1.77
Newmont NEM 64.65 1.2 BelFuse B BELFB 6.30 -2.0 TremontMortgage TRMT 1.68 -1.7
Inphi IPHI 96.68 -0.06 NICE NICE 165.94 1.50 RitchieBros RBA 42.79 0.29
Autodesk ADSK 175.55 0.18 ChinaUnicom CHU 6.37 0.09 EverestRe RE 177.09 -2.29
Insulet PODD 206.16 6.15 NRG Energy NRG 31.23 0.14 RobertHalf RHI 43.78 2.43
Autohome ATHM 74.58 -1.20 Chipotle CMG 867.02 -15.24 Evergy EVRG 57.79 -1.76
Intel INTC 59.04 -1.06 NVR NVR 2746.33-101.27 Rockwell ROK 169.34
Autoliv ALV 56.60 1.88 Chubb CB 104.08 -2.14 EversourceEner ES 86.56 -1.45 3.15
ADP
AutoZone
ADP 135.92 -2.78 ChunghwaTel CHT 36.40 0.11 ExactSciences EXAS 74.70 0.65
AZO 1005.71 6.16 Church&Dwight CHD 70.66 -0.75 s Exelixis EXEL 26.37 1.65
ICE ICE 88.50 -0.69 NXP Semi
InterContinentl IHG 42.55 -0.19 Nasdaq
NXPI 88.08 -0.98 RogersComm B RCI
NDAQ 103.85 -0.78 Roku
40.69
ROKU 123.06
-0.25
0.87
Dividend Changes
IBM IBM 121.35 2.04 NationalGrid NGG 57.23 -0.50 Rollins ROL 37.55 -0.15
Avalara AVLR 82.35 0.53 Ciena CIEN 44.76 0.03 Exelon EXC 36.32 -0.88 Dividend announcements from April 23.
n-

IntlFlavors IFF 123.16 -1.12 NatlInstruments NATI 36.85 -0.33 RoperTech ROP 314.01 0.37
Avalonbay AVB 157.45 -2.39 Cigna CI 184.28 1.69 Expedia EXPE 63.37 1.95
IntlPaper IP 30.54 0.57 NatlOilwell NOV 12.42 0.62 RossStores ROST 82.63 -1.24 Amount Payable /
Avangrid AGR 44.98 -0.39 CincinnatiFin CINF 78.40 -1.29 ExpeditorsIntl EXPD 70.22 -0.15
CTAS 199.42 1.98 ExtraSpaceSt EXR 87.92 -3.58
Interpublic IPG 14.70 0.66 NatlRetailProp NNN 29.01 -0.60 RoyalBkCanada RY 58.42 -0.01 Company Symbol Yld % New/Old Frq Record
Avantor AVTR 13.71 -0.06 Cintas
Intuit INTU 258.06 -5.79 Natura&Co NTCO 12.47 -0.31 RoyalBkScotland RBS 2.63 0.05
AveryDennison AVY 106.73 1.36 CiscoSystems CSCO 41.62 -0.14 ExxonMobil XOM 43.45 1.32 Increased
IntuitiveSurgical ISRG 513.22 1.09 NetApp NTAP 41.04 1.36 RoyalCaribbean RCL 36.88 2.87
AxaltaCoating AXTA 18.25 0.25 Citigroup C 42.46 0.22 F5Networks FFIV 124.02 0.81 Delek Logistics Partners DKL 23.9 .89 /.885 Q May12 /May05
no

InvitatHomes INVH 21.59 -0.49 Netease RoyalDutchA RDS.A 35.16 0.30

AxonEnterprise AAXN 70.75 -2.58 CitizensFin CFG 20.25 0.67 FMC FMC 87.37 3.26 NTES 342.86 -5.81
Healthcare Services Group HCSG 3.5 .2025 /.20125 Q Jun26 /May22
IonisPharma IONS 56.96 2.29 Netflix NFLX 426.70 5.28 RoyalDutchB RDS.B 34.23 0.49
BCE BCE 40.10 -0.22 CitrixSystems CTXS 141.56 -10.13 FTI Consulting FCN 134.97 3.27
s IovanceBiotherap IOVA 35.70 -2.09 Neurocrine Nasdaq NDAQ 1.9 .49 /.47 Q Jun26 /Jun12
BHP Group BHP 38.35 0.60 s ClarivateAnaly CCC 23.68 -0.32 Facebook FB 185.13 2.85 NBIX 94.90 0.53 RoyalGold RGLD 122.97 6.31
iQIYI IQ 18.14 -0.29 NewOrientalEduc EDU 110.69 -3.09 Ryanair NextEra Energy Partners NEP 4.4 .555 /.535 Q May15 /May07
BHP Group BBL 31.66 0.51 Clorox CLX 189.92 -2.01 FactSet FDS 273.39 0.97 RYAAY 54.36 -1.16
IronMountain IRM 24.43 -0.07 NY CmntyBcp NYCB 9.61 -0.24 SAP Northern Trust Pfd. E NTRSO 4.7 .2937 /.11913 Q Jul01 /Jun15
BP BP 23.38 0.05 Cloudflare NET 23.73 -0.88 FairIsaac FICO 302.26 -1.62 SAP 115.15 -1.95
IsraelChemicals ICL 3.46 -0.02 NYTimes A NYT 30.19 0.79 S&P Global SPGI 279.56 Qualcomm QCOM 3.5 .65 /.62 Q Jun25 /Jun04
s B2Gold BTG 5.19 0.18 Coca-Cola KO 45.07 -0.61 Farfetch FTCH 12.21 -0.34 3.55
ItauUnibanco ITUB 4.00 -0.12 NewellBrands NWL 12.60 0.54 SBA Comm SBAC 306.67 RiverNorth Spec Pfd. A RMPLp 6.4 .3672 /.36719 Q May15 /May01
BWX Tech BWXT 51.92 0.62 Coca-Cola Euro CCEP 39.28 -1.01 Fastenal FAST 34.92 0.08 0.11
NewMarket NEU 412.17 15.86 SEI Investments SEIC 48.40
UGI UGI 4.7 .33 /.325 Q Jul01 /Jun15
Baidu BIDU 99.85 -1.90 CogentComm CCOI 89.88 -0.80 FederalRealty FRT 70.19 2.24 -0.70
CGNX 47.77 -1.29 FedEx FDX 120.88 2.34
J K L s Newmont NEM 62.44 0.71 SK Telecom SKM 19.34 0.02
BakerHughes BKR 13.57 0.58 Cognex Reduced
Ball BLL 64.90 -1.72 CognizantTech CTSH 52.65 0.39 Ferrari RACE 157.02 -1.00 JBG SMITH Prop JBGS 31.97 0.53 NewsCorp B NWS 8.82 0.17 SS&C Tech SSNC 50.58 -0.48
Anworth Mortgage Asset ANH 25.5 .05 /.09 Q May29 /May12
BancoBilbaoViz BBVA 2.83 0.07 ColgatePalm CL 71.23 0.02 FiatChrysler FCAU 7.94 0.13 JD.com JD 44.94 -0.05 NewsCorp A NWSA 8.68 0.24 SVB Fin SIVB 171.00 3.50
DCP Midstream DCP 18.3 .39 /.78 Q May15 /May01
BancoBradesco BBDO 3.25 -0.16 ColumbiaSportswr COLM 67.29 -1.18 FidNatlFin FNF 25.85 0.48 JPMorganChase JPM 89.39 0.05 NextEraEnergy NEE 241.14 -6.03 Salesforce.com CRM 151.72 -2.42
FR STRATSs 2006-2 GS Grp GJS 3.4 .0247 /.027 M May15 /May14
BancodeChile BCH 16.07 -0.08 Comcast A CMCSA 36.09 0.36 FidNatlInfo FIS 121.18 -1.37 JackHenry JKHY 156.20 -3.44 NielsenHoldings NLSN 12.36 0.50 Sanofi SNY 48.37 0.18
BancSanBrasil BSBR 4.52 -0.14 CommerceBcshrs CBSH 55.54 0.74 FifthThirdBncp FITB 16.86 0.36 JacobsEngg J 79.75 0.24 Nike NKE 87.35 -1.42 SantanderCons SC 12.73 0.36 Stocks
BcoSantChile BSAC 14.40 -0.15 SABESP SBS 7.61 -0.36 58.com WUBA 51.13 -0.81 JamesHardie JHX 11.78 0.07 NiSource NI 25.85 -0.16 SareptaTherap SRPT 115.31 0.97 United States Oil Fund USO 1:8 /Apr29
BancoSantander SAN 2.08 0.03 ConagraBrands CAG 33.98 -0.32 51job JOBS 66.76 -0.57 JazzPharma JAZZ 104.74 2.30 Nokia NOK 3.39 0.01 Schlumberger SLB 16.52 1.18
BankofAmerica BAC 21.87 0.07 ConchoRscs CXO 53.98 0.85 FirstAmerFin FAF 42.26 1.65 s J&J JNJ 155.51 2.52 NomadFoods NOMD 20.75 -0.07 SchwabC SCHW 35.64 -0.23 Foreign
BankofMontreal BMO 47.57 0.12 ConocoPhillips COP 36.18 1.20 FirstIndRlty FR 35.01 0.88 JohnsonControls JCI 27.85 0.10 NomuraHoldings NMR 4.01 0.01 ScienceApplicat SAIC 81.98 1.79 ASML Holding ASML 0.8 1.27177 A May06 /Apr27
BankNY Mellon BK 35.32 -0.20 ConEd ED 81.78 -2.34 FirstRepBank FRC 99.08 0.96 JonesLang JLL 101.55 3.18 Nordson NDSN 155.41 2.58 ScottsMiracleGro SMG 122.04 1.87 Cango ADR CANG .23 May18 /May04
BkNovaScotia BNS 37.54 0.12 ConstBrands A STZ 153.05 -2.17 FirstSolar FSLR 42.29 2.06 JuniperNetworks JNPR 23.13 -0.07 NorfolkSouthern NSC 155.86 2.08 Sea SE 53.63 -0.41 Eaton Corp. PLC ETN 3.7 .73 Q May29 /May14
Barclays BCS 4.39 0.12 ContinentalRscs CLR 13.23 0.82 FirstEnergy FE 43.03 -1.19 KB Fin KB 24.66 -0.81 NorthernTrust NTRS 75.61 -0.56 Seagate STX 47.89 -2.85 Rogers Commun RCI 3.5 .3519 Q Jul02 /Jun10
s BarrickGold GOLD 26.74 0.26 Cooper COO 290.27 -3.83 Fiserv FISV 94.61 -0.79 KKR KKR 23.10 0.93 NorthropGrum NOC 335.83 -6.18 SealedAir SEE 28.18 -0.05
BauschHealth BHC 16.32 -0.04 Copart CPRT 68.84 0.76 FiveBelow FIVE 78.42 -3.35 KLA KLAC 159.45 0.77 NortonLifeLock NLOK 20.21 0.30 s SeattleGenetics SGEN 140.88 1.86 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BaxterIntl BAX 91.32 0.78 Coresite COR 119.91 1.11 s Five9 FIVN 96.06 0.42 KT KT 9.43 0.09 Novartis NVS 88.10 -0.20 SempraEnergy SRE 125.50 1.84 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 Fund
Net YTD
NAV Chg %Ret
Dodge & Cox Contra 12.97 +0.02 -4.8 TotRtnBdFdClInst 28.26 +0.05 5.0 TotalReturnBond NA ... NA VANGUARD ADMIRAL TxMCapAdml143.28 ...-13.2 WellsI 26.27 +0.01 -3.1
NOTICE TO READERS Balanced 83.42 +0.53-16.3 ContraK 12.99 +0.02 -4.8 Harbor Funds PIMCO Fds Instl 500Adml 258.51 -0.13-12.9 TxMIn r 11.07 +0.01-21.4 Welltn 39.18 -0.07 -9.0
Mutual-fund statistics were delayed due to a production issue at the Income 14.21 +0.05 2.3 CpInc r 8.73 +0.01-13.7 CapApInst 73.82 -0.17 -2.5 AllAsset NA ... NA BalAdml 36.37 +0.04 -6.5 USGroAdml 109.53 +0.03 -1.7 WndsrII 29.36 +0.03-19.4
Intl Stk 30.82 +0.32-29.3 GroCo 21.48 -0.01 0.6 Harding Loevner TotRt 10.65 +0.02 3.9 CAITAdml 11.92 -0.03 -0.7 ValAdml 37.15 +0.04-19.9 VANGUARD INDEX FDS
source. Prices displayed in this table reflect Friday’s closing values. Up-
Stock 144.54 +1.12-23.9 GrowCoK 21.52 -0.01 0.6 IntlEq NA ... NA PIMCO Funds A CapOpAdml r132.68 +0.19-15.9 WdsrllAdml 52.09 +0.05-19.4 SmValAdml 39.59 +0.42-32.5
to-date mutual-fund data can be found online at WSJMarkets.com.
DoubleLine Funds InvGrBd 11.83 +0.03 3.1 Invesco Funds Y IncomeFd NA ... NA DivAppIdxAdm 30.10 -0.14-10.6 WellsIAdml 63.63 +0.03 -3.1 TotBd2 11.45 +0.02 4.8
CoreFxdIncmI NA ... NA LowP r 38.46 +0.29-23.1 DevMktY 36.63 +0.02-19.7 PIMCO Funds I2 EMAdmr 29.43 -0.09-20.2 WelltnAdml 67.66 -0.12 -8.9 TotIntl 14.03 ...-21.2
TotRetBdI NA ... NA Magin 9.60 -0.02 -5.9 JPMorgan I Class Income NA ... NA EqIncAdml 64.73 -0.04-17.9 WndsrAdml 54.87 +0.23-24.1 TotSt 67.94 +0.04-14.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. CoreBond 12.24 +0.03 4.2 VANGUARD INSTL FDS
Edgewood Growth Instituti OTC 12.21 -0.01 -4.5 PIMCO Funds Instl ExplrAdml 77.94 +0.57-19.8 VANGUARD FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e EdgewoodGrInst 37.61 -0.10 -2.4 Puritn 21.48 ... -5.2 EqInc 15.54 -0.03-19.6 IncomeFd NA ... NA ExtndAdml 74.11 +0.55-22.3 DivdGro 26.79 -0.06-12.2 BalInst 36.37 +0.04 -6.6
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Fidelity SAIUSQtyIdx 13.34 -0.04 -9.1 JPMorgan R Class Price Funds GNMAAdml 10.82 +0.01 3.3 INSTTRF2015
21.97 +0.02 -4.4 DevMktsIndInst 11.09 +0.01-21.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r 500IdxInstPrem 97.05 -0.04-12.9 SrsEmrgMkt 16.53 -0.05-19.9 CoreBond 12.25 +0.02 4.1 BlChip 118.88 -0.09 -4.4 GrwthAdml 88.90 -0.16 -5.0 INSTTRF2020
22.38 +0.02 -7.2 DevMktsInxInst 17.33 +0.01-21.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 13.71 +0.02 -5.2 CorePlusBd 8.59 +0.01 2.4 DivGro 45.90 -0.20-13.6 ExtndInst 74.10 +0.54-22.3
SrsGlobal 10.44 -0.01-20.7 HlthCareAdml r 84.06 +0.04 -1.5 INSTTRF2025
22.51 +0.03 -9.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Lord Abbett A GrwthInst 88.91 -0.15 -5.0
ExtMktIdxInstPre 49.52 +0.35-22.4 SrsGroCoRetail 17.99 -0.01 1.4 EqInc 23.99 +0.08-24.8 HYCorAdml r 5.44 ... -7.2 INSTTRF2030
22.47 +0.02-10.5
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. ShtDurIncmA p 4.03 ... -3.3 InPrSeIn 11.00 ... 4.4
IntlIdxInstPrem 33.92 -0.02-21.0 SrsIntlGrw 15.15 -0.10-13.5 EqIndex 74.38 -0.03-12.9 InfProAd 27.01 +0.02 4.4 INSTTRF2035
22.42 +0.02-12.1
MidCpInxInstPrem 18.65 +0.04-21.1 SrsIntlVal 7.22 +0.01-27.1 Lord Abbett F Growth 68.49 +0.12 -6.6 InstIdx 249.81 -0.12-12.9
IntlGrAdml 93.56 -0.87 -9.0 INSTTRF2040
22.37 +0.02-13.6
Thursday, April 23, 2020 SAIUSLgCpIndxFd 15.05 ...-13.0 ShtDurIncm 4.03 +0.01 -3.3 HelSci 79.84 +0.23 -2.0 InstPlus 249.83 -0.11-12.9
TotalBond 11.05 +0.02 2.1 ITBondAdml 12.34 +0.02 5.3 INSTTRF2045
22.25 +0.01-15.0
Net YTD Net YTD SeriesOverseas 8.99 -0.04-16.6 Lord Abbett I InstlCapG 42.02 +0.06 -4.6 InstTStPlus 58.14 +0.04-14.3
Net YTD Fidelity SAI ITIGradeAdml 10.16 +0.01 2.6 INSTTRF2050
22.29 +0.02-15.0
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret ShtDurInc p 4.03 +0.01 -3.3 IntlStk 15.28 -0.07-18.0 MidCpInst 39.30 +0.06-19.0
SmCpIdxInstPrem 15.37 +0.14-26.9 TotalBd 10.56 +0.02 1.5 LTGradeAdml 11.68 +0.08 8.5 INSTTRF2055
22.37 +0.01-15.0
Metropolitan West MidCap 80.53 +0.22-15.5
MidCpIstPl 193.80 +0.26-19.0
American Century Inv NEcoA p 41.40 +0.11 -9.4 CorePlusBond 10.31 +0.02 2.2 TMktIdxInstPrem 77.28 +0.04-14.4 First Eagle Funds MidCpAdml 177.89 +0.25-19.0 IntlVal 28.45 -0.05-24.2
TotRetBd 11.36 +0.02 4.5 SmCapInst 58.84 +0.56-25.6
Ultra 50.16 ... -3.8 NwWrldA 58.52 +0.18-17.1 Intl Eq 9.67 -0.02-19.3 USBdIdxInstPrem 12.47 +0.03 5.5 GlbA 49.86 +0.25-14.0 N Inc 9.58 +0.02 -0.5 MuHYAdml 11.12 -0.04 -4.3 LifeCon 19.94 +0.03 -4.8
TotRetBdI 11.36 +0.02 4.7 STIGradeInst 10.70 +0.01 0.5
American Funds Cl A SmCpA p 49.79 +0.28-15.4 LargeCapValue 10.64 +0.01-21.9 Fidelity Advisor I FPA Funds NHoriz 57.77 +0.18 -2.7 MuIntAdml 14.25 -0.04 -0.8 LifeGro 31.44 +0.02-13.0
TRBdPlan 10.68 +0.01 4.5 STIPSIxins 24.72 -0.01 0.1
AmcpA p 30.39 +0.12 -9.5 TxExA p 12.97 -0.04 -1.9 Dimensional Fds NwInsghtI 29.39 +0.06-10.1 FPACres 27.57 +0.10-18.5 OverS SF r 8.70 -0.01-22.3 MuLTAdml 11.63 -0.04 -1.3 LifeMod 26.28 +0.03 -8.9
MFS Funds Class I TotBdInst 11.53 +0.01 5.2
AMutlA p 37.59 -0.11-13.1 WshA p 40.40 -0.06-15.6 5GlbFxdInc 10.78 ... 0.5 Fidelity Freedom Franklin A1 R2020 19.90 +0.02 -9.9 MuLtdAdml 10.97 -0.02 -0.4 PrmcpCor 22.58 +0.03-19.1
ValueI 36.08 -0.11-18.8 TotBdInst2 11.45 +0.02 4.8
BalA p 26.48 +0.02 -6.7 Baird Funds DFARlEst 32.53 -0.32-20.1 FF2020 14.77 +0.02 -8.9 CA TF A1 p 7.42 -0.03 -2.1 R2025 15.78 +0.01-11.2 MuShtAdml 15.77 -0.01 ... STAR 25.12 +0.02 -8.1
MFS Funds Instl TotBdInstPl 11.53 +0.01 5.2
BondA p 13.77 +0.03 6.0 AggBdInst 11.59 +0.02 4.0 EmgMktVa 20.83 +0.04-27.4 FF2025 12.86 +0.01-10.2 IncomeA1 p 2.00 ...-13.3 R2030 22.66 +0.03-12.5 PrmcpAdml r121.09 -0.04-16.0 TgtRe2015 14.50 +0.02 -4.5
IntlEq 22.71 -0.01-18.5 TotIntBdIdxInst 34.12 +0.12 0.8
CapIBA p 54.66 -0.02-12.8 CorBdInst 11.82 +0.03 2.9 EmMktCorEq 16.62 ...-23.5 FF2030 15.69 +0.02-12.0 FrankTemp/Frank Adv R2035 16.45 +0.02-13.6 RealEstatAdml102.68 -0.97-21.4 TgtRe2020 30.19 +0.04 -7.2 TotIntlInstIdx r 93.85 -0.03-21.2
Nuveen Cl I R2040 23.15 +0.02-14.4
CapWGrA 43.87 +0.01-15.6 BlackRock Funds IntlCoreEq 10.37 +0.05-24.7 Freedom2020 K 14.75 +0.01 -9.0 IncomeAdv 1.98 ...-13.4 SmCapAdml 58.84 +0.56-25.6 TgtRe2025 18.05 +0.02 -9.0 TotItlInstPlId r 93.87 -0.03-21.2
Freedom2025 K 12.84 +0.01-10.2 HYMunBd 15.87 -0.05-10.4 Value 29.94 -0.08-21.1
EupacA p 45.69 +0.13-17.9 HiYldBd Inst 6.86 -0.01-10.1 IntSmCo 13.94 +0.14-26.2 FrankTemp/Franklin A SmGthAdml 57.80 +0.49-17.2 TgtRe2030 32.61 +0.03-10.5 TotStInst 67.98 +0.05-14.3
Oakmark Funds Invest PRIMECAP Odyssey Fds
FdInvA p 52.67 +0.17-14.7 BlackRock Funds A IntSmVa 13.53 +0.23-30.1 Freedom2030 K 15.67 +0.02-12.0 Growth A p 102.34 +0.01 -8.8 STBondAdml 10.81 ... 2.9 TgtRe2035 19.80 +0.01-12.1 ValueInst 37.15 +0.04-19.9
Freedom2035 K 12.84 +0.02-14.8 OakmrkInt 15.94 +0.16-36.1 Growth r 33.43 +0.12-18.3
GwthA p 47.96 +0.12 -6.2 GlblAlloc p 17.73 ... -7.7 LgCo 21.46 -0.01-12.9 RisDv A p 59.61 +0.01-14.1 STIGradeAdml 10.70 +0.01 0.5 TgtRe2040 33.82 +0.02-13.6 WCM Focus Funds
Old Westbury Fds Schwab Funds
HI TrA p 8.82 -0.02-10.7 BlackRock Funds Inst US CoreEq1 21.01 +0.07-18.5 Freedom2040 K 8.86 +0.01-16.3 FrankTemp/Franklin C STsryAdml 10.84 ... 2.9 TgtRe2045 21.00 +0.01-15.0 WCMFocIntlGrwIns 16.85 -0.11-10.9
Fidelity Invest
LrgCpStr 12.78 ...-15.2 S&P Sel 43.03 -0.02-12.9
ICAA p 34.42 +0.02-12.6 MultiAstIncome 9.98 +0.01 -7.8 US CoreEq2 18.85 +0.08-20.0 Income C t 2.03 ...-13.3
Parnassus Fds TotBdAdml 11.53 +0.01 5.2 TgtRe2050 33.82 +0.01-15.0 Western Asset
IncoA p 20.08 -0.01-12.8 StratIncOpptyIns 9.51 ... -3.8 US Small 24.50 +0.28-29.8 AMgr50% 17.17 +0.02 -7.6 FrankTemp/Temp Adv TSM Sel r 47.88 +0.03-14.4 TotIntBdIdxAdm 22.73 +0.07 0.7 TgtRet205536.72 +0.02-15.0 CoreBondI NA ... NA
ParnEqFd 41.80 -0.12-10.9 TIAA/CREF Funds
IntBdA p 13.97 +0.01 4.4 Bridge Builder Trust US SmCpVal 21.67 +0.35-36.9 Balanc 22.44 +0.04 -8.3 GlBondAdv p 9.99 ... -4.8 TotIntlAdmIdx r 23.47 -0.01-21.2 TgtRetInc 13.55 +0.02 -3.2 CorePlusBdI NA ... NA
PGIM Funds Cl Z
N PerA p 41.76 +0.01-11.6 CoreBond 10.73 +0.02 3.8 USLgVa 28.01 +0.14-27.0 BluCh 103.52 -0.08 -3.9 Guggenheim Funds Tru BdIdxInst 11.58 +0.02 5.0 TotStAdml 67.97 +0.05-14.3 TotIntBdIxInv
11.37 +0.04 0.8 CorePlusBdIS NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B10 | Friday, April 24, 2020
Blackstone Results Battered by Selloff
BY MIRIAM GOTTFRIED
Blackstone Group Inc.’s
first-quarter results were hit
hard by the coronavirus-led
market selloff, and the firm’s
president, Jonathan Gray, said
he sees the economic recovery
taking some time to gain steam.
The private-equity firm
swung to a loss as declining
markets forced it to write down
the value of its investment
portfolio. Its assets under man-
agement fell from the prior
quarter for just the third time
since the 2008 financial crisis.
The results come amid a
pandemic that ravaged the
global economy. Travel, retail,
sporting events and live enter-
tainment ground to a halt, oil
prices plummeted and unem-
ployment surged as companies
cut costs to remain afloat.
Blackstone took advantage
of some resulting opportuni-
ties to invest in public equities
Big Banks
Got Even
Bigger
Continued from page B1
waiting out the shutdown.
“We believe companies
viewed us as a safe haven in
this period of stress,” Bank of
America Chief Financial Offi-
cer Paul Donofrio said on a
conference call with analysts
last week.
The FDIC had assured com-
panies and businesses that the
banking system is a safe place
to park money during the cri-
sis, and Congress added more
protection for bank accounts
in its $2 trillion stimulus. The
FDIC insures accounts up to
$250,000, but the new law
temporarily expands what
types of accounts qualify.
Typically, a little over half
of all deposits fall into insured
accounts, according to FDIC
data. But the vast majority of
deposits in the first quarter
flowed into corporate ac-
counts, many of which exceed
the FDIC cap.
Banks’ loan books grew
sharply in March, largely a re-
sult of companies draining their
credit lines. Commercial loans
at Bank of America, Citigroup,
JPMorgan and Wells Fargo in-
creased by an aggregate $235
billion in the first quarter, more
than the industry’s median an-
nual gain since 1984, according
to the FDIC. JPMorgan, Bank of
America and Wells Fargo all
surpassed $1 trillion in loans
for the first time.
The banks also helped the
biggest investment-grade com-
panies raise hundreds of bil-
lions of dollars in corporate-
bond sales.
Much of the borrowed
funds ended up in deposit ac-
counts at the same banks, ex-
ecutives said last week when
no
the banks reported first-quar-
ter earnings.
Citigroup borrowers drew
down $32 billion on credit
Credit Suisse Girds for Soured Loans
BY MARGOT PATRICK
Credit Suisse Group AG
joined U.S. banks in sharply
raising provisions against po-
tential losses from borrowers
affected by the coronavirus
shutdown, in the first report of
first-quarter earnings by a ma-
jor European bank.
The bank, Switzerland’s sec-
ond-largest by assets, set aside
568 million Swiss francs ($584
million) to cover potential loan
losses from global corporations
and Swiss borrowers who
might struggle to bounce back
following the shutdown. First-
quarter 2019 provisions were
81 million francs. Credit Suisse
said the credit provisions re-
flected the deteriorating eco-
nomic outlook, though it re-
ported a surge in first-quarter
trading revenue from higher
client activity.
Credit Suisse’s results are be-
ing closely watched because it is
the first big European bank to
disclose how its performance
has been affected by the corona-
virus crisis. The region’s banks
entered the crisis in worse
shape than U.S. rivals after
years of low profits from weak
economic conditions and low in-
terest rates, and some analysts
fear weaker lenders could need
bailouts. Earlier this month, the
and debt, but it held off on big-
ger deals because it believes
the economic recovery will be
gradual. “We’re certainly not in
the ‘V’ camp. We’ve been de-
bating what the shape is,” Mr.
Gray said. “I think it’s an elon-
gated recovery. That’s why
we’re not rushing to invest.”
The firm posted a loss of
$1.07 billion, or $1.58 a share,
for the quarter. That compares
with a profit of $481.3 million,
or 71 cents a share, a year ear-
lier.
The value of Blackstone’s pri-
vate-equity portfolio tumbled
21.6% in the quarter, driven by
the effect of plunging oil prices
on its energy holdings. Exclud-
ing energy, the portfolio’s value
fell 11.1%. The S&P 500 fell 20%
over the period, its biggest
quarterly decline since 2008.
Blackstone’s real-estate
business held up better, with
the value of the portfolios of
its two strategies falling by
U.S. banks added a record $1 trillion in deposits in the first quarter.
More than half of that went to the four biggest banks,
whose loan books also grew.
Total deposits
JPMorgan Chase
Bank of America
Wells Fargo
Citigroup
 TRILLION
Total loans
JPMorgan Chase*
on
*Surpassed $1 trillion in loans
for the first time.
us ,
Bank of America*
l
e
al a
Wells Fargo*
Citigroup
ci on
 TRILLION
Deposits at U.S. commercial banks,
change from previous quarter
er s
m er
$0.2 trillion
m rp
co Fo
0
2010 ’12
Sources: Federal Deposit Insurance Corp. (deposits); WSJ calculations of Federal Reserve weekly data (1Q 2020 deposits); the banks (banks’ total
deposits, loans, commercial and industrial loans)
lines in the first quarter. The
corresponding rise in deposits
accounted for roughly a third
n-
of the $92 billion in corporate
deposits the bank added in
March, said Chief Financial Of-
ficer Mark Mason.
Bank of America Chief Ex-
ecutive Brian Moynihan said
75% of the $67 billion corpo-
rate borrowers drew down on
largest U.S. banks braced for a
recession by taking billions of
dollars in new credit provisions.
Net revenue at Credit Suisse
rose to 5.78 billion francs from
5.39 billion francs a year ear-
lier, thanks mainly to a one-
time gain of 268 million francs
related to its transfer of an in-
vestment platform to Allfunds
Group last year. Net profit rose
to 1.3 billion francs from 749
million francs a year earlier.
European banks are ex-
pected to take lower provisions
than their American rivals be-
cause they follow different ac-
counting rules and have been
urged by regulators to look be-
yond short-term risks. How-
ever, Credit Suisse uses U.S. ac-
counting rules.
The bulk of the credit provi-
sions reported Thursday came
from Credit Suisse’s global cor-
porate loan book within invest-
ment banking, with a relatively
small portion related to its
larger Swiss lending business.
The bank said it also marked
down the value of leveraged
loans and other assets on its
books by 444 million francs, a
figure that comes off its re-
ported revenue.
Revenue rose in the bank’s
global markets business by 11%
to 1.63 billion francs from 1.47
billion francs, as clients traded
BANKING & FINANCE
8.8% and 3.9%. Relatively low
exposure to hotels and retail
real estate helped the firm, as
did its significant holdings of
e-commerce warehouses, which
make up more than a third of
its real-estate portfolio and
benefited from the quarantines.
Blackstone’s assets under
management were $538.01 bil-
lion, down from $571.12 billion
at the end of the previous quar-
ter, a setback to the firm’s goal
of reaching $1 trillion in assets
by 2026. It was the third time
since 2009 that Blackstone’s as-
sets declined from quarter to
quarter, according to data from
S&P Global Market Intelligence.
Fee-earning assets under
management climbed roughly
4% quarter-over-quarter, dem-
onstrating the importance of
locked-in capital in steadying
Blackstone’s results.
On a call with analysts
Thursday to discuss the results,
Chief Executive Stephen
 
4Q 2019
1Q 2020
 
’14
their credit lines ended up in
deposit accounts at the bank.
JPMorgan credited its de-
posit surge to the $55 billion
in credit draws its customers
made and the $380 billion in
investment-grade bonds it
helped sell in the quarter.
Figuring out what to do
with all the new deposits is
the problem. Because compa-
Credit provisions, by quarter
600 million Swiss francs
400
200
0
1Q 2018 1Q ’19
Note: 1 million Swiss francs=$1.03 million
Source: Credit Suisse
more stocks and bonds in vola-
tile markets. Credit provisions
were 150 million francs. In in-
vestment banking and capital
markets, revenue fell sharply,
reflecting the mark-to-market
losses on the leveraged loan
book and lower fee income in
advisory and underwriting.
That division booked 155 mil-
lion francs in credit provisions.
In private banking, revenue
rose to 2.36 billion francs from
2.16 billion francs, also driven
by an increase in client transac-
tions. Chief Executive Thomas
Gottstein, who started in the
Schwarzman emphasized the
importance of being patient
during a crisis. He pointed to
the firm’s experience with Hil-
ton Worldwide Holdings Inc.,
which it bought just before the
financial crisis and whose value
fell to 31 cents on the dollar.
The firm and its investors
reaped a profit of $14 billion
once the economy recovered.
“With an asset-light model
and third-party capital, typi-
cally under very long-term con-
tracts, we do not face the same
pressures to sell as others do
when values are low,” he said.
While net income and assets
under management are a snap-
shot of the on-paper value of a
private-equity firm’s portfolio,
distributable earnings represent
the amount of cash that could
be returned to shareholders.
For Blackstone, that metric
climbed 4% year over year to
$557.1 million, or 46 cents a
share. The firm distributed
$1.0
4Q 2019
1Q 2020
0.8
 
Commercial,
industrial loans
0.6
T 
0.4
$590 billion in deposits went
to the four largest banks
0 on how the company insured
’16 ’18
nies have never stockpiled
cash quite like this before,
banks aren’t sure how long the
money will stick around.
Banks make money on the
spread between what they can
pay depositors and what they
can charge lenders. If the de-
posits aren’t stable, they can’t
lend them out for fear of get-
ting squeezed.
role on Feb. 14, said the bank’s
wealth management-focused
business model “proved to be
resilient once more,” in the
challenging conditions.
Credit Suisse executives said
provisions on its corporate loan
book were comparable to those
taken by U.S. peers on that type
of lending, while noting that
the bank doesn’t share the ex-
posure of many of those rivals
to U.S. consumers.
In Switzerland, the bank has
a “very secure, low risk loan
book,” said Chief Financial Offi-
cer David Mathers.
He and Mr. Gottstein said
1Q ’20 Credit Suisse is benefiting from
its strategic shift over the past
several years to bank the
world’s rich, an area where
profit has held up and loan
losses are relatively low.
Mr. Gottstein, formerly head
of Credit Suisse’s Swiss unit,
took the helm after former CEO
Tidjane Thiam was forced to re-
sign over a spying scandal. Since
March, Mr. Gottstein has been
running the bank from his home
in a Zurich suburb. He said 90%
of bank staff members are also
working from home.Credit
Suisse said a strong Swiss franc
had an effect on its results.
 Heard on the Street: Europe’s
banks need caution.............. B12
* ******
‘We’re certainly not in the “V”
camp,’ said Jonathan Gray.
more than $700 million through
dividends and share repur-
chases during the quarter.
Blackstone shares rose 4.5%.
The market’s drop could
work to Blackstone’s advan-
tage. The firm spent the past
Fintech Yieldstreet
Fields Complaints
From Customers
BY DAWN LIM
A fintech firm that pitches
ly
individuals access to invest-
ments normally limited to
large institutions is under fire
from dozens of customers.
The customers are calling
on digital-wealth management
platform Yieldstreet Inc. for a
full explanation on why their
investments haven’t paid out
as expected.
Launched in 2015 with back-
ing from billionaire George So-
ros and venture-capital firms,
Yieldstreet has built an online
superstore by packaging
loans—backed by everything
from ships to artwork to legal
settlements—and allowing cus-
tomers to buy in through what
it calls “borrower payment de-
pendent notes.” Yieldstreet
sells those notes to accredited
investors whose payments are
tied to complex loan pools.
It is rare for individual in-
vestors to make collective de-
$590 billion
mands against investment
firms. Now more than 30 cus-
tomers have signed a letter
that asks Yieldstreet for details
against losses and monitored
$100 million across five ship-
ping-loan investments and an
oil-and-gas deal. Those invest-
ments either haven’t delivered
’20 interest payments or returned
principal by Yieldstreet’s target
due dates, according to docu-
ments and people familiar with
the matter.
“The nature and cause of
these defaults along with the
lack of forthrightness and
equivocation by Yieldstreet
calls into question the quality
of the due diligence behind
these offerings,” according to
the letter sent Monday to
Yieldstreet executives and
company advisers, which was
reviewed by The Wall Street
Journal.
Yieldstreet is feuding in
courts with companies tied to
the soured maritime and en-
ergy loans behind those invest-
ments. It is trying to reclaim
assets after ships that were
collateral behind the maritime
loans went missing.
Yieldstreet’s president, Mi-
chael Weisz, said the firm com-
municates regularly with inves-
tors, but added, “we are always
mindful that our communica-
tion doesn’t impede our recov-
ery efforts.”
“I am just as upset, frus-
trated and disappointed as our
investors,” he said. “We feel
confident that we have the
right team in place to protect
our investors, and we are
working diligently and aggres-
sively toward recovery.”
The investor concerns re-
flect a lack of confidence in
Yieldstreet’s loan vetting sys-
tem. At stake is broader faith
in whether the startup can live
up to its message of unlocking
cash streams from highly illiq-
uid investments.
Meanwhile, the world’s larg-
est money manager is cutting
ties with Yieldstreet. BlackRock
Inc. recently gave Yieldstreet
notice that it was pulling out
of managing a fund with the
firm, according to a person fa-
miliar with the matter. The
partnership had been a credi-
bility boost for Yieldstreet.
A Yieldstreet spokeswoman
said the fund’s launch “was
THE WALL STREET JOURNAL.
two years raising nearly $250
billion, partly for new private-
equity and real-estate funds.
That has left it with $151.1 bil-
lion in unspent cash to invest
in new opportunities.
Blackstone’s fundraising
machine showed few signs of
slowing, despite pressures on
SIMON DAWSON/BLOOMBERG NEWS
some investors’ finances and
the inability to travel to meet
with them. The firm raised
$27.3 billion in the quarter, in-
cluding $12 billion in March.
On Thursday’s call, Mr.
Schwarzman described meeting
with investors via Zoom video
calls. “One of the advantages of
being in business for 35 years
is that everybody on our side of
the table knows everybody well
on the other side of the table at
virtually every institution in
the world,” he said. “That bond
of trust that you have that gets
developed over decades really
becomes exceptionally useful in
a situation like this.”
successful but was then faced
.
with the market environment
caused by Covid-19.” The fund,
known as the Yieldstreet Prism
Fund, was announced in Febru-
ary. “We are going to look at a
different sub-advisor strategy
and will be transitioning out of
our relationship with Black-
Rock in an orderly fashion.”
BlackRock has never man-
aged any assets on behalf of
Yieldstreet, said a person fa-
miliar with the matter.
Yieldstreet, one of a wave of
startups fueled by looser
crowdfunding regulations, now
manages roughly $500 million
in assets. Buyers are typically
given a few days to think over
potential investments. Some
deals were snapped up in just
seconds when opened on the
firm’s website.
The firm’s customer griev-
ances center around invest-
ments linked to five pools of
loans for ship breaking, the
business of taking older vessels
apart to sell scrap metal.
Yieldstreet told investors
that a dozen ships across inter-
national waters that backed
loans essentially disappeared,
according to a March call with
investors.
The firm is now trying to
recover collateral for about
$90 million worth of maritime
loan portfolios. Yieldstreet al-
leges in court that the loans
went to companies, tied to a
prominent shipping family,
that defrauded its investment
Grievances center
around investments
linked to five pools
of loans.
vehicles.
Yieldstreet has been in legal
proceedings to seize another
vessel in Malaysian waters and
freeze assets connected to that
shipping family, the latter
which a London court recently
ordered. Family members
didn’t respond to an emailed
request for comment.
The investor group is also
demanding information and
documents on how Yieldstreet
decided to offer those shipping
investments in the first place,
what steps the firm took to
track the collateral and why it
failed to detect the alleged
fraud, among other details.
The investors have also
asked for more information,
such as how Yieldstreet valued
assets tied to an oil-and-gas fi-
nancing vehicle, and what in-
surance it took out against
those assets. “Notes connected
with that loan” haven’t made
expected monthly payments for
a year, said a person familiar
with the matter. Yieldstreet
told investors it has sued the
firm that arranged the loan for
fraud.
“Yieldstreet aggressively
markets the experience and re-
cord of its deal team, the qual-
ity of its due diligence, the fact
it works with ‘best in class
originators,’ and that its loans
are ‘asset backed,’” the inves-
tor letter said.
Yieldstreet said its ability to
pay investors relies on the bor-
rowers behind the loans.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
New Sales
Add to
Junk Bond
Tally
BY SAM GOLDFARB
A rush to raise cash in the
high-yield bond market picked
up momentum, with US Foods
Holding Corp., Gap Inc. and
MGM Resorts International
among the latest companies to
complete new bond sales.
At least seven businesses
rated below investment-grade
by a major ratings firm began
marketing new bonds on
Thursday—looking to add to a
growing tally of businesses
that have taken advantage of
investors’ improved demand
for riskier debt.
Before the new sales were
unveiled, this week’s projected
high-yield bond issuance was
expected to exceed $6 billion,
according to LCD, a unit of S&P
Global Market Intelligence.
That comes after companies
issued $15.8 bil-
CREDIT lion last week—
MARKETS the eighth-larg-
est weekly total
on record, according to LCD.
The pandemic is a catalyst
for many of the bond sales, as
companies facing a sharp de-
cline in revenue try to avoid
running out of cash.
After holding a call with in-
vestors in the morning, Gap is-
sued $2.25 billion of new se-
cured bonds in the afternoon
for general corporate purposes
and repay existing debt, ac-
cording to LCD. The apparel
chain—which like most retail-
ers has closed its North Amer-
ican stores—warned on Thurs-
day that it burned through
half its cash savings, even af-
ter drawing down its entire
credit line and skipping April
rent payments.
MGM Resorts, which also
closed properties, sold $500
million of unsecured bonds
Thursday to bolster its liquid-
ity, according to LCD, while US
Foods issued $1 billion of se-
cured notes.
Investors’ appetite for high-
yield bonds is significantly
greater than it was a month
ago. The average extra yield,
or spread, investors demand to
hold speculative-grade bonds
over U.S. Treasurys was 7.61
percentage points on Wednes-
day, according to Bloomberg
Barclays data. That was down
from 11 percentage points on
March 23, though still up from
around 3.5 percentage points
in mid-February.
The yield on the benchmark
10-year U.S. Treasury note set-
tled at 0.613%, according to
Tradeweb, compared with
0.618% on Wednesday. Yields
fall when bond prices rise.
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated April 28, 2020, mature on May 26,
2020.
EIGHT-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated April 28, 2020, mature on June 23,
2020.
FIVE-YEAR TIPS
Applications
Accepted bids
" noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The Treasury inflation-protected securities, dated
April 30, 2020, mature on April 15, 2025.
Crude
Prices
Rise 20%
Continued from page B1
Iranian boats that harass the
U.S. Navy, boosting oil prices.
Such barbs can lift crude be-
cause traders are very sensitive
to tensions in the region that
could disrupt the movement of
oil through the Strait of Hor-
muz, a vital shipping channel
for tankers.
“When you look at China,
road traffic and refinery opera-
tions are back up,” said Norbert
* * * * *
Trading in Gilead Sciences shares was briefly halted after reports cast doubt on a Covid-19 drug.
Stocks Give Up Gains in Wild Ride
BY CAITLIN OSTROFF
AND JOANNE CHIU
U.S. stocks swung sharply
Thursday, with the Dow Jones
Industrial Average giving up
most of a 400-point rally on
reports that a potential treat-
ment for Covid-19 disap-
pointed in a clinical trial.
Major indexes traded higher
for most of the
THURSDAY’S day but ended
MARKETS the session
largely flat af-
ter the Financial Times and
other media reported that
remdesivir, a Gilead Sciences
drug, flopped in its first ran-
domized, clinical trial. Gilead
shares dropped 4.3% and were
briefly halted for volatility.
Many investors have been
hopeful a quick remedy for the
virus would allow the economy
to open more quickly and help
spur a V-shaped recovery—a
sharp slowdown and then a
quick bounceback.
Volatility in the stock mar-
on
ket surged since the pandemic
us ,
effectively brought the country
l
to a halt. The Dow and S&P
e
al a
500 rebounded sharply since
ci on
Oil Bets Burn Investors in China, South Korea
Oil derivatives sold to Main
er s
Street investors, including
some that could be bought
m er
with a few clicks on a bank
app, have produced hundreds
of millions of dollars of losses
in South Korea and China.
m rp
By Xie Yu,
Frances Yoon
and Jing Yang
Their plight echoes losses
co Fo
suffered by individual inves-
tors in the U.S., who were also
burned by this week’s extraor-
dinary price action, in which
one futures contract for West
Texas Intermediate crude
plunged below zero.
In China, an investment
product known as “crude oil
treasure” could saddle both
the bank behind it, Bank of
China Ltd., and end-investors
with losses.
n-
In nearby South Korea, this
week’s turmoil added to a dif-
ficult year for the country’s
$266,653,239,200 mom-and-pop investors, who
$93,873,062,000
no
$1,061,271,400
are avid buyers of complex in-
$855,000,000 vestment vehicles.
99.993000
(0.090%)
Hyo Seob Lee, senior re-
0.091% search fellow at the Korea
92.22%
9127962N8
Capital Market Institute, esti-
mated local investors have lost
the equivalent of about $1.6
billion this year on products
$180,457,064,600 linked to U.S. oil futures.
$73,010,774,600
$158,334,600 Chinese banks have de-
$246,000,000 signed commodity-linked prod-
99.981333
(0.120%) ucts for a few years, as they
0.122% innovate to make up for falling
96.58%
9127962W8 profits on traditional lending,
said Wang Hong Ying, director
of the China Financial Deriva-
tives Investment Institute. The
$48,065,526,000
$18,476,364,300
banks mainly benefit from
$75,153,900 trading commissions.
102.366204 “Although many of these
-(0.320%)
0.125% products are linked to compli-
61.18% cated derivatives like futures,
912828ZJ2
they are promoted among indi-
vidual investors as wealth-
Rücker, head of economics at
Swiss private bank Julius Baer.
“Don’t forget the geopolitical
side, too.”
Thursday’s advance contin-
ues a period of outsize moves
in oil that is rippling to stock,
bond and currency markets. In-
vestors are concerned that
damped spending, bankruptcies
and layoffs in the energy indus-
try could make the economic
damage from the coronavirus
pandemic even more severe.
The price of the most ac-
tively traded U.S. crude futures
contract has moved up or down
about 10%, on average, on each
trading day since the start of
March. That compares with an
average move in either direc-
tion of 1.5% in 2019 as a whole,
according to FactSet data.
MARKETS
late March but remain down
more than 13% for the year.
The Nasdaq Composite, on the
other hand, is off 5.3% in 2020
as big technology stocks pow-
ered much of the recent re-
bound.
“The markets completely
lack direction,” said Agnes Be-
laisch, chief European strate-
gist at Barings Investment In-
stitute. “There’s just no ground
on which to anchor your fore-
casts because the size of this
shock is completely unknown.”
The Dow climbed 39.44
points, or 0.2%, to 23515.26, af-
ter rising as much as 409
points earlier in the session.
The S&P 500 slipped 1.51
points, or less than 0.1%, and
the Nasdaq Composite fell 0.63
point to 8494.75.
All three indexes are on
course for modest weekly
losses, following a sharp selloff
to start the week when turmoil
in the oil market pulled U.S.
crude prices negative for the
first time ever.
Stocks initially rallied after
the Labor Department said the
weekly number of Americans
applying for jobless benefits
One analyst estimates South Koreans have lost $1.6 billion this year on products linked to U.S. oil futures. A Korean refinery.
management products, which
do not require savvy financial
knowledge or a minimum in-
vestment threshold,” he said.
The oil investment product
sold by Bank of China was
marketed to individuals large
and small, who could buy or
sell it with a few taps of the
bank’s mobile app. The mini-
mum investment amount was
the equivalent of about $61,
according to a marketing doc-
ument, and investors could
place bets on price moves in
either WTI crude or Brent. The
bank collected fees for facili-
tating various transactions.
The trouble for Bank of
China’s investors came because
the life of one of its products
ended Monday, as futures for
May delivery went negative, a
statement from the bank
Many analysts are still reel-
ing from Monday’s chaos in oil.
That day, a futures contract for
delivery next month tumbled
below $0 a barrel, a first in
crude-market history. The
plunge meant traders effec-
tively had to pay buyers to take
oil off their hands due to a lack
of available storage for crude
around the world.
That futures contract ex-
pired in positive territory on
Tuesday, but analysts are wary
of a repeat with supply over-
whelming demand. Traders say
investors unfamiliar with oil
markets were likely stuck hold-
ing some of the May futures
contracts near expiration, not
realizing that they would either
have to sell them or accept de-
livery of physical barrels that—
Friday, April 24, 2020 | B11
Share-price and index performance, Thursday
10%
5
0
-5
NICK OXFORD/REUTERS
-10
9:30 a.m. noon
Source: FactSet
eased slightly. About 4.4 mil- the lower the figure, the larger
lion Americans applied for job- the fall. The April reading was
less benefits in the week ended the lowest in data dating back
April 18, bringing the total for to October 2009.
the past five weeks to more “We’re looking at manufac-
than 26 million. That was turing and services activity
slightly more than the 4.3 mil- collapsing,” said James Knight-
lion economists expected, but ley, chief international econo-
down from 5.237 million and mist at ING Bank. “When
more than 6 million in the pre- you’ve got it down to just 27
vious two weeks. you’ve got an almighty percent
“The key is we’re now look- of the economy saying things
ing at the reopening of the U.S. are getting worse.”
economy and the assumption With first-quarter results in
that when it reopens, these from about 20% of the compa-
claims will start to reverse nies in the S&P 500, earnings
themselves,” said Peter Boock- are expected to drop more
var, chief investment officer at than 15% from a year earlier,
Bleakley Advisory Group. “This according to a Factset analysis
is going to be a very uneven of analysts’ estimates. Those
gradual process.” projections continue to drop as
Meanwhile, surveys of U.S. numbers have come in.
purchasing managers showed a Retailer Target reported
ly
sharp decline in April activity Thursday that sales from its
as lockdowns remain in place, stores weakened significantly
with the services sector suffer- in late March and early April,
ing falls in output while busi-
nesses cut payrolls.
According to data firm IHS
Markit, the composite purchas-
pulling its shares down 2.8%.
Meanwhile, Domino’s Pizza
said its U.S. sales accelerated
in April as consumers stay at
ing managers index for the U.S. home. But its shares pulled
fell to 27.4 in April from 40.9 in back 3.7% after rallying
March. A reading below 50 in- sharply over the past month.
dicates that activity fell, and Shares of Union Pacific
showed. That timing effec- could ultimately incur a loss of
tively resulted in holders being roughly $28 million to $71 mil-
cashed out at minus $37.63 a lion, given the possibility of
barrel—meaning whatever lawsuits, arbitration and fines,
they had invested was wiped the Jefferies team said. Bank
out. of China didn’t respond to a
Bank of China’s clients request seeking comment. In a
might also be on the hook for filing, it said it would handle
more money than they put into “follow-up matters” in accor-
the investments. The product’s dance with laws and regula-
contract terms say Bank of tions.
China can dip into investors’ Rivals such as Industrial &
other accounts with the bank Commercial Bank of China and
to make up any shortfall. China Construction Bank offer
Jefferies analysts, citing a similar products but avoided
screenshot published by Chi- the same problem because
nese media, calculated that their products had earlier set-
3,261 investors owed Bank of tlement dates, according to
China collectively the equiva- Jefferies as well as a message
lent of about $52.2 million. from ICBC viewed by The Wall
The analysts said this figure Street Journal.
was also consistent with trad- In South Korea, some en-
ers’ estimates. ergy-backed investments are
However, the bank itself part of a booming, broader
with storage full—likely would
have nowhere to go.
That allowed counterparties
weeks and near capacity.
One gauge of how volatile
U.S. crude prices are expected
on the other side of the trades
to send futures prices plunging
well below $0.
to be over the next 30 days, the
Cboe Crude Oil ETF Volatility
Index, has risen roughly 730%
“It was the perfect storm,”
said Donald Morton, a senior
vice president at Herbert J.
this year to its highest level on
record. Like the better-known
VIX gauge that tracks volatility
Sims & Co. who oversees an en- in the stock market, the index
ergy trading desk in Haverhill, uses options prices to calculate
Mass. how far traders expect prices to
Global inventories also con- move over the next month.
tinue to climb, highlighting the The oil-volatility options
growing glut collapsing the aren’t tied to oil futures prices
market. U.S. stockpiles rose 15 directly but instead to United
million barrels last week, En- States Oil Fund LP, an ex-
ergy Information Administra- change-traded fund that aims
tion data showed Wednesday, to match U.S. crude prices. The
continuing a series of large in- fund recently accumulated a
creases. Many analysts project huge position in the futures
inventories to break through market, thanks to a rush of
record levels in a matter of cash from individual investors.
Union Pacific
S&P 500
Gilead Sciences
4:00 p.m.
rose 3.5% after the railroad
reined in costs to help offset a
drop in revenue and withdrew
much of its financial guidance
for the year.
The yield on the 10-year
Treasury note fell to 0.613%
from 0.618% Wednesday. Yields
rise as bond prices fall.
Overseas, the pan-continen-
tal Stoxx Europe 600 rose
0.9%. Preliminary surveys of
French and German purchasing
managers showed gauges hit-
ting record lows in April, sug-
gesting a stark drop in activity
in the manufacturing and ser-
vices sectors.
“We’ve had this incredible
rebound, but I think we’re go-
ing to see a second wave of
.
weakness as people take in
what these economic figures
mean,” said Altaf Kassam,
head of investment strategy
for State Street Global Advi-
sors in Europe, the Middle
East and Africa.
At midday Friday in Tokyo,
Japan’s Nikkei 225 Stock Aver-
age was down 0.8% and Hong
Kong’s Hang Seng Index was
down 0.2%. U.S. stock futures
were also down.
YONHAP NEWS/ZUMA PRESS
market for complex invest-
ment vehicles tied to the
prices of assets such as stock
indexes or commodities. This
is one leg of a global trade
based around market volatility
that is known as “risk recy-
cling.”
“Investors in Korea and
Hong Kong seem to have a lot
of appetite for risk,” said Mr.
Lee, the capital-markets re-
searcher.
The equivalent of more than
$1.1 billion of structured notes
primarily linked to WTI and to
Brent crude, the global oil
benchmark, were outstanding
at end-March, according to Ko-
rea Securities Depository data.
The majority of those notes
were linked to WTI.
—Grace Zhu
contributed to this article.
Brent crude-oil futures price,
daily change
20%
10
0
–10
–20
Saudis launch
price battle
–30
Jan. Feb. March April
Source: Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Grocery Surge Can Outlast Virus Citrix

Keeps
History suggests consumers’ preference for home-cooked meals might persist well after the initial shock
Large grocers have done very Share-price and index performance,
Home-Field
well during the coronavirus pan-
demic amid newfound enthusiasm
for making bread and collecting
year to date
20%
Advantage
toilet paper. The benefit is likely
to be more than temporary.
Kroger logged a surge in same- Even after runup, stock
store sales—excluding its fuel busi- 10 is modestly valued
ness—of roughly 30% in March, a
jump from the 2% growth in the
fourth quarter, its chief executive Citrix Systems has much in
said last week. In the five-week pe- 0 common with Netflix at the mo-
riod ended April 5, Costco Whole- ment, beyond just similar-sounding
sale Corp. posted an increase in net names. They share a common ad-
sales of 11.7% from the same period vantage in a global pandemic—and
last year. Sales at Walmart’s U.S. a common problem as well.
JEREMY HOGAN/SOPA IMAGES/ZUMA PRESS

–10
stores rose nearly 20% in March. Leading up to its first-quarter re-
That is reflected in share prices sults Thursday morning, Citrix was
as investors flock to what they see Kroger
the hottest tech stock on the S&P
as pandemic-proof companies. 500 benefiting from the stay-home
Walmart
Kroger, Costco and Walmart shares –20 trade. Its shares were up 37% for
are up 13.4%, 3.9% and 10.7% this Costco the year, compared with 34% for
year, respectively. S&P 500 Netflix. The company’s Workspace
The double-digit leaps in sales service helps businesses enable re-
aren’t likely to last beyond the –30 mote working for employees and
panic-stockpiling period that was Jan. Feb. March April
was already popular enough to be
March. But analysts do believe distributed by all the major cloud
sales growth is likely to hover Kroger’s same-store sales increase roughly 30% in March. Source: FactSet service providers, including Ama-
above normal levels. Oppenheimer zon.com, Microsoft and Google.
analysts forecast that Kroger’s an- 2007-09 recession. But it also to new and durable habits of thrift. services practically didn’t exist a de- The coronavirus pandemic gave
nual sales growth will be 5.2% this shows that changes in consumer Additionally, it isn’t just people cade ago. A survey conducted by Citrix a major shot in the arm.

.
year, and Evercore ISI pegs that habits can be “sticky” and persist with reduced incomes who are eat- Evercore ISI showed that in 2018, First-quarter revenue jumped 20%
number at 7%, above last year’s 2% well after an initial shock. ing at home, but virtually the entire consumers reported buying 16% of from a year earlier to nearly $861

and the previous year’s 1.8%. This time around, the recovery
A look back at Americans’ behav- could well come sooner, depending
ior during and after the recession on how quickly the virus is brought
that followed the financial crisis
shows why the bump could last.
Spending on food away from
home declined by 18%, or $47 bil-
on
under control and how effective gov-
ernment programs prove to be in re-
storing confidence. But other as-
pects of the disruption could
lion, from 2006 to 2010, according generate lingering impacts. Just as
us ,
ly
population. This includes many peo- their groceries online. That number million—blowing past Wall Street’s
ple who are being forced to learn to grew to 22% in 2019 and this year target of $734 million. That is the
cook for the first time. These skills, was expected to climb to 30%—and strongest growth the company has
once learned, will last a lifetime.
In the week ended March 21, al-
most 80% of kitchen electric cate-
gories that research firm NPD
that forecast is from before the pan-
demic hit. Once new customers dis-
cover the convenience of home de-
livery and relatively low prices from
logged in eight years. It was also
the first time since 2004 that first-
quarter revenue grew sequentially.
Citrix, like most other enterprise
Group tracks showed year-over- the likes of Amazon.com and Wal- software companies, typically closes

to a study from the U.S. Department households learned about the haz- year growth, with more than two- mart, they are likely to stick around. the largest portion of its business
l

of Agriculture. Even more strikingly, ards of excessive mortgage debt in thirds—including hot plates, coffee Consumers won’t be stockpiling at the end of its fiscal year.
e
al a

this spending didn’t fully recover to the last crisis, many are getting a makers and waffle irons—growing canned beans forever, but it is a fair But also like Netflix, Citrix faces
its 2005 levels until 2016. painful reminder now why it is im- by double-digit percentages. bet they will be spending more time the question of just how much of its
That is partly due to the weak portant to have cash saved up for Another key difference is that on- in the kitchen for quite a while. current growth has been pulled for-
ci on

and slow recovery from the emergencies. That could lend itself line grocery shopping and pickup —Jinjoo Lee ward from future periods. The com-
pany’s forecasts for the second
quarter and full year were modest
in that regard—projecting only a

China’s New Europe’s Banks Risk Being Too Optimistic small upside to analysts’ current
er s

projections. Citrix shares fell 6.7%

Thursday following the results.
m er

A sober outlook is the right ap-

Spending European banks were too opti-
mistic during the last crisis, setting
were relatively quick to take big
write-downs and clean up their bal-
proach. In an interview, Chief Exec-
utive David Henshall correctly
noted that “nobody really knows

Push Isn’t investors up for years of pain. ance sheets, freeing themselves to the depth and breadth of economic
m rp

Judging by Credit Suisse’s first- get on with rebuilding business and disruption that will happen” in the
FABRICE COFFRINI/AGENCE FRANCE-PRESSE/GETTY IMAGES

quarter results, there is a risk that profitability. European banks were months to come.

All New they will also prove too optimistic

in the current one.
New Chief Executive Thomas
much slower to act and much
slower to return to profitability.
More than a decade later, some are
Importantly, Citrix shares are
still modestly valued by cloud stan-
dards, trading around six times for-
co Fo

Gottstein set aside 568 million
As China prepares to accelerate Swiss francs ($584 million) for
public investments to kick-start its credit losses in quarterly numbers
economy following the shutdowns, released Thursday. That amounts to
“new infrastructure” has become a just 0.2% of Credit Suisse’s overall
buzzword for brokers to sell in- loan book—much lower than the al-
vestment ideas. lowances booked by U.S. rivals,
Beijing has suggested it could which ranged between 0.5%
take the opportunity to push for a and 0.9%.
technology-driven structural up- A big portion of the hit comes
grade of its economy, boosting pro- from new accounting rules requir-
ductivity and innovation. So-called ing banks to make an upfront allow-
new infrastructure encompasses a ance for the expected loss over a
n-
still working to clear out their non-
performing loans.
Beyond the loan provision,
Credit Suisse delivered a reasonable
set of results in the circumstances,
flattered by a few one-off items. It
has a respectable 12.1% core Tier 1
capital ratio. The bank is following
the European Covid-crisis playbook:
deferring dividends, suspending
buybacks, donating part of execu-
Credit Suisse CEO Thomas Gottstein tives’ salaries to charity and sup-
plying smaller domestic businesses
ward sales—a fraction of the multi-
ples commanded by other hot work-
from-home names such as Slack
Technologies and Zoom Video
Communications. That should
leave room for further upside, even
if some folks return to the office
this summer. —Dan Gallagher
Citrix quarterly revenue
Reflects GoTo divestiture
$900 million
800

range of sectors, from 5G to data loan’s life. The economic shutdowns less likely to default, but the bank with state-backed crisis loans.
centers. The idea has merit: The implemented to control the spread has also optimistically assumed a The bank did warn that it might 700
new areas seem likely to offer a bet- of Covid-19 have meant massive al- shallower recession in Switzerland have to make additional provisions
ter return on investment than build- lowances in U.S. banks. European than the rest of Europe or the U.S. if the economic situation deterio- 600
no

ing more roads and bridges on top accounting rules aren’t quite so Another potential concern is the rates. It currently predicts reces- 500
of China’s excellent infrastructure. harsh, but Credit Suisse, uniquely bank’s $7.7 billion in loans to the oil sions in the eurozone and the U.S.,
It is true China will likely ramp among its local peers, uses Ameri- and gas sector, which is currently where it forecasts double-digit un- 400
up infrastructure spending this year, can rules, making its numbers com- grappling with extremely low oil employment.
after a lull as it tried to contain debt parable with those of U.S. rivals. prices. Of those loans, $2.9 billion Having taken their medicine 300
growth. Local governments have is- Mr. Gottstein defended the lower are to junk-rated borrowers. early in the last crisis, U.S. banks 200
sued more than 1 trillion yuan ($141 rate on the basis that Swiss con- For long-suffering European have massively outperformed Euro-
billion) of “special bonds” this year, sumers are much less likely to stop bank investors, optimism about pean ones over the past decade. 100
with most of the money likely ear- paying their loans than U.S. ones. loan losses creates an uncomfort- Credit Suisse and its brethren need
0
marked for infrastructure spending. Excluding the Swiss loans, Credit able flashback to the 2008 global to be wary of making the same mis-
However, investors need to treat Suisse’s rate is a comparable 0.88%. financial crisis. take twice. 2010 ’12 ’14 ’16 ’18 ’20
the new-infrastructure pitch with It may be true that the Swiss are Last time around, U.S. banks —Rochelle Toplensky Source: S&P Global Market Intelligence
caution. While spending on the
new areas will likely grow at a
faster rate, conventional infrastruc-
ture will still do the heavy lifting.
Goldman Sachs estimated total in- A Business Drought Is the Other Jobs Threat
vestment in new infrastructure
would reach 2.3 trillion yuan by
next year, but would make up 10%
OVERHEARD The number of people losing Change in applications for That matters because there is al-
of total infrastructure spending. their jobs as a result of the novel businesses with planned ways a tremendous amount of
Moreover, a big chunk of the There is a vital question be- coronavirus crisis is beyond stun- wages from a year earlier churn among businesses each year,
new-infrastructure spending will ing asked during the first com- ning. Less visible are many of the with hundreds of thousands of
20%
go on projects that previously pany earnings season covering things that aren’t getting off the firms opening, and creating millions
counted as conventional infrastruc- the time of the pandemic: “Can ground—the new corner cafes and 10 of jobs, even as thousands of other
ture, like subways, intercity rail you hear me?” dentist offices, and the businesses firms shut down. So when fewer
and ultrahigh voltage electricity Working from home led to a that start small and grow into 0 firms open, it can weigh heavily on
transmission. For areas like data big rise in connectivity concerns. household names. These missing the job market.
centers and artificial intelligence, So far this season, that question startups could cast a pall over the –10 The other danger, says University
the government may offer favor- has been asked on 15 S&P 500 economy long after the threat from of Maryland economist John Halti-
able policies, but private compa- earnings calls, according to an the pandemic recedes. –20 wanger, who has been working with
nies will play a crucial role in de- analysis of FactSet transcripts. Thursday’s report from the Labor the Census on the business applica-
termining the level of investments. That puts it on track to be Department that 4.4 million Ameri- –30 tion data, is that there will be some
New or not, the scale of projects asked about 60 times, more can workers filed new claims for
–40
lost gems—the startups that go on
will still be limited by stretched than 40% jump over the aver- jobless benefits in the week ended to become juggernauts. “High-
household and bank balance sheets. age of the past four seasons. last Saturday was another stunner. –50 growth startups play a vital role,”
Nevertheless, the theme has Still, the experience so far In just the past five weeks, initial he says. “They have an outsized role
Feb. March April
been good for investors so far. CSI isn’t too bad with respect to jobless claims have totaled over 26 in job creation.” Indeed, one of the
New Infrastructure Theme Index, virtual meetings. In fact, during million, far above the previous five- Source: Census Bureau reasons the job market took so long
launched last month, rose 13% this Citigroup’s virtual annual share- week record of 3.3 million set in to recover after the last recession
year. Some of the stocks did much holder meeting this week, early 2009. ness, down 20% from 70,820 a year was a dearth of startup activity.
better: Nasdaq-listed data-center Chairman John Dugan said But an off-the-radar report earlier. For businesses with planned Another blow to entrepreneur-
services provider 21Vianet surged they should consider it for fu- Thursday from the Census Bureau wages—in other words, ones that ship in America could make it even
124%, while Shanghai-listed China ture annual meetings. on business applications may de- are looking to hire workers beyond harder for the job market to climb
XD Electric gained 82%. Surely every company will be serve just as much notice. The Cen- their proprietor—the drop was an out of the deep hole it has fallen
Investors trying to play China’s excited about more questions sus only began releasing data on a even starker 31% to 6,610. Over the into, leaving the U.S. economy a less
latest infrastructure push need to from faraway shareholders. weekly basis earlier this month. past five weeks, the applications for vibrant place even after the crisis
be good at seeing through hope Last week, there were 56,550 ap- businesses with wages were down has passed.
and hype. —Jacky Wong plications filed to start a new busi- 35% from the same period last year. —Justin Lahart
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

MANSION
THE GREAT OUTDOORS
$43 Million $17 Million
Bill and Melinda Two adjacent
Gates buy beach apartments list
house in Del Mar., on N.Y.’s Fifth
Calif. M3 Avenue. M10

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, April 24, 2020 | M1

Miralon, Palm Springs, Calif.

$730,000, three-bedroom, 2,800 square feet

FROM LEFT: WOODBRIDGE PACIFIC GROUP/AG PHOTOGRAPHY; MIRALON; JIM WHITMOYER

Bruce Juenger and Jim Whitmoyer, inset, are the first to buy in a Palm Springs community, where an olive grove is replacing a golf course. At left, a photo of a model home similar to theirs.

Golf Communities Change Course

As the sport becomes less popular, developers are switching their focus to lakes, nature preserves,
bike paths and a variety of more environment-friendly amenities

.
ly
FROM LEFT: JENNIFER PAVELKA; WAYNE C. MOORE/BACK RIVER PHOTOGRAPHY; PEGI LEONARD
Hampton Lake, Bluffton, S.C.
$1.4 million, four-bedroom, 3,800 square feet
on
us ,
l
e
al a
ci on
er s
m er
m rp

The home of John and Pegi Leonard, inset, is on a freshwater lake. The couple’s new community was planned as a golf club but was redesigned. At left, the shared boathouse.

BY CELILIE ROHWEDDER something different,” says Mr. Dill, 69 years old tion of 22,000 that grows in the winter months—
co Fo

Jim and Wanda Dill had lived in a
golf-course community in Naples, Fla.,
for 14 years when they decided
to move nearby to a different
master-planned community,
where the main draw is water.
Their current home, Naples
Reserve, is built around a 125-
acre lake and woos home buyers
with waterfront living, boating,
fishing and a tiki bar. The $500,000,
n-
and a retired corporate attorney. With his wife, 66,
a CPA, he divides his time between the 2,100-
square-foot house in Naples and a summer home
on Lake Geneva, Wis., near his native Chicago area.
Real-estate developers have long lured home
buyers with houses along the rolling greens of golf
courses, and some still do. But as golf slips in pop-
ularity, many are replacing golf with attractions
such as lakes and farms, biking and hiking trails,
trendy amenities like microbreweries, food-truck
courts, and lifestyle directors who plan mixology
classes and pickleball leagues.
had enough golf courses, according to Heather
Thompson, marketing director at Naples Reserve.
Instead, their research showed many home buy-
ers preferred water and a casual, community-
geared lifestyle over the formal, exclusive feel of a
golf- or country-club setting. In 2015, the first res-
idents moved in.
Ms. Thompson says the community, which pro-
motes sustainable living, saves more than one mil-
lion gallons of water a day with a sophisticated
water-management system that includes using wa-
ter from the lake rather than from the city, to irri-

three-bedroom house the Dills bought
in 2015 overlooks the lake and a na-
ture preserve. From there, they go
kayaking, bike on lakeside paths
no
Naples Reserve, a 688-acre, $70 million project, gate green spaces.
was originally zoned as a golf community when In 2019, 90% of the 50 bestselling master-planned
iStar, a New York-based real-estate investment, fi- communities in the U.S. included significant water-
nancing and development firm, changed course. based amenities, according to Irvine, Calif.-based

and take their Goldendoodle, Chelsea, to the dog The company took the land in 2012 as collateral on John Burns Real Estate Consulting. Along with re-
park. a defaulted loan but concluded that Naples—an af- sort-style pools, they offer lazy rivers, fishing ponds,
“I play golf. I love golf, but we were ready for fluent city on Florida’s gulf coast with a popula- Please turn to page M6

A Slice of Heaven Far

PLATINUM LUXURY AUCTIONS (3); TIM RAHN/TIM RAHN PHOTOGRAPHY (PLANE); JASON LEE (MAP); SYD WEILER (BOTANICAL ILLUSTRATIONS)

From the Crowd

Social distancing is the current status quo, but these owners have been
embracing a super-remote lifestyle for years

BY CANDACE TAYLOR

In winter, it isn’t un-

usual for Holland
Dutton to go
three weeks
without seeing
another per-
son.
Her home, FIJI
spanning FIJI
about 18 acres
on the Green
River in Wyoming, is lo-
cated off a dirt road surrounded
by the Bridger-Teton National For- FIJI PRIVATE ISLAND
est. She can make the hourlong List Price: $4.2 million
drive to the nearest town by car in Purchase Price: $1.5 million
summer, but when there is snow 1 bedroom main house
on the ground her property can be and staff quarters
reached only by snowmobile, said 32 acres
Ms. Dutton, a 66-year-old artist Access to nearest town by Larry Claunch, right, on his seaplane, bought an island, above, 15 years
Please turn to page M4 1.5-hour boat trip or seaplane ago. He renovated its one-bedroom cabin, top right and bottom right.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M2 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

MANSION | THE GREAT OUTDOORS

BALANCE SHEET

A Modern Home That

Works With Nature
A developer and his wife build a modern concrete home in a ‘new brutalist’ style
that incorporates techniques to bring the outside in
BY NANCY KEATES and go up to the ceiling, al-
lowing the roof to visually SOME
When dealing
with the sum-
float by filling in the space
between the top of the
COSTS
mer sun in walls and the bottom of the
Dallas, it’s roof with a transparent Concrete Walls:
best to take a band of glass. The section
worst-case- of the roof over the exte- $720,000
scenario ap- rior courtyard has a large
proach. square hole, below which is Windows:
That is a receptacle for collecting
what archi- rainwater that is used for $360,000
tect Scott Specht decided the property’s landscaping.
when designing an 8,826- The house, which cost Water Feature:
square-foot, single-story, around $6 million to build,
modern home in the city’s has four bedrooms and six $120,000
Preston Hollow neighbor- bathrooms and sits on 1.5
hood. Mr. Specht, founding acres. Further blocking the Floating Roof:
principal of Austin-based intrusion of excess light
Specht Architects, used a and sound are two massive, $480,000
computer modeling device concrete walls—one 220
to track where the sun feet and the other 217 Pool:
would hit the house during feet—that separate the
every day of the year. house from the road. Mr. $240,000
That showed him which Specht says such protection
parts of the interior of the was especially important Note: All figures are

.
estimates.
home would be most di- because of the home's

ly
rectly affected by the sun. floor-to-ceiling glass walls.
Then he designed cantile- Water plays a large part
vered overhung sections of in the design as well. Begin- The Gehans’ home
the roof to create shade
where needed.
To eliminate a need for
columns to hold up the
ning at the entry, a narrow,
pebbled fountain runs along
a wall, with several small
waterfalls. It stops at the
on features concrete
throughout, which
both reduces noise
and creates privacy.
us ,

overhangs, Mr. Specht de- house and then picks up

signed a large, floating, pa- again in back, flowing along
l
e
vilion roof, made of a highly the edge of the rectangular sations about that,”
al a

engineered steel with an ex- pool. says Mrs. Gehan.

tremely thin edge, that hov- “It is quiet and calm, like The house’s over-
ci on

ers over both the interior a private oasis,” says all style is what Mr.
sections of the house and Brandie Gehan, 39, who Specht calls “new
the courtyard. built the house with her brutalist.” It is a
“The best green strate- husband Tim Gehan, 58. nod to the architec-
gies are passive,” he says. The design and construc- tural movement
er s

View of the pool.

“That has the highest im- tion was a three-year pro- known as Brutalism
pact on energy use.” cess, starting with a tour of that gained a fol-
m er

The part of the floating several homes Mr. Specht
roof that hangs over the in- designed in Connecticut
terior spaces is connected and ending when the con-
to the home’s walls with crete walls were finally fin-
m rp
Mr. Gehan started Gehan “It’s a completely differ- surprises—something that lowing in the 1950s, most
Homes with his two broth- ent kind of project,” says took seven months to com- famously practiced by
ers and his father in Dallas Mr. Gehan. plete. “We didn’t want any Swiss-born architect Le
in 1991. The company was The experience of work- change orders or ambigu- Corbusier and by Paul Ru-

clerestory windows, which ished. The couple moved in
start at the top of the walls last June.
co Fo
acquired in 2016. Two years
later, Mr. Gehan started an-
other home-building com-
pany called UnionMain
Homes.
ing with an architect on his
own home taught him a lot
about modern houses. He
was amazed by the level of
detail required and the
ity,” she says.
The only element that
took the couple off guard
was just how long and in-
volved a process it was to
dolph, former chairman of
the architecture depart-
ment at Yale University.
But in this project, the
raw, grounded heaviness of

The houses Mr. Gehan
builds for a living are noth-
ing like the home he built
for himself. They come
from stock plans, take
about seven months to con-
struct and sell for anywhere
from $288,000 for a three-
bedroom, two-bathroom,
1,874-square-foot brick
house to $373,000 for a
five-bedroom, three-bath-
n-
complication involved in
creating a clean and simple
aesthetic. That less-clut-
tered, simpler look will
start to make its way into
his production houses, he
says.
Mrs. Gehan says her hus-
band’s experience helped in
their approach to the pro-
cess. They had every detail,
material and cost nailed
get the two large exterior the concrete is lightened by
walls exactly right. They the floating steel roof and
had considered using stone the walls of glass windows.
and stucco, but Mr. Specht “It has a distinct mod-
convinced them that the ernist style,” says Mr.
most arresting effect would Specht.
only come from concrete.
“It’s a real material,” he
says. He wanted the surface
of the concrete to be
ribbed, to create a spar-
kling effect that comes

room, 3,615-square-foot, down before construction from catching the sun in

A ribbed concrete wall in the living room.
two-story house. began so that there were no different directions.
What resulted was a
complicated process of
no

making the right mold to

create the perfect form and
then ensuring there was a

On Call
continuous, on-site pouring
to avoid any breaks. The
walls took seven months
The sunken tub in the
and cost around $720,000.

With WSJ
master bathroom.
“We had a lot of conver-

Hear directly from WSJ reporters and editors

as they provide live analysis and insight on
what’s happening in the world today.

WSJ.COM/ONCALL

The kitchen is adjacent to the

living and dining rooms.
© 2020 Dow Jones & Company, Inc. All rights reserved. 4DJ7418

CASEY DUNN (6); SYD WEILER (BOTANICAL ILLUSTRATION)

The home’s ‘impluvium’ collects

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

THE WALL STREET JOURNAL. NY Friday, April 24, 2020 | M3

PRIVATE PROPERTIES

Bill Gates Buys on the

FROM LEFT: ELAINE THOMPSON/ASSOCIATED PRESS; PICTOMETRY

Ocean in Del Mar
Tech entrepreneur Bill Gates
and his wife Melinda Gates have
paid $43 million for an oceanfront
home near San Diego in one of
the largest deals recorded in the
area.
SOLD The Del Mar

$43 property was

most recently
The home was listed for $48 million.

MILLION on the market

for $48 million to the listing. It has a 10-person primary home. In 2014, he bought
5,800 sq. ft.,
and the deal Jacuzzi overlooking a fire pit, a weight-loss guru Jenny Craig’s
6 bedrooms,
closed in late long oceanfront deck, limestone Rancho Santa Fe, Calif., equestrian
10-person
March, accord- flooring, and a swimming pool. estate for $18 million, The Wall
Jacuzzi
ing to listings Mr. Gates, one of the world’s Street Journal reported at the
website Real- richest people and the co-founder time.
tor.com. The Gateses bought the of Microsoft, has been in the pub- Listing agent Brian Guiltinan of
home from Madeleine Pickens, the lic eye recently due to his early the Guiltinan Group declined to
former wife of Texas billionaire T. warnings about the global pan- comment.
Boone Pickens. When reached by demic. This purchase adds to the The buyers were represented
phone, Ms. Pickens said she couple’s already sprawling real-es- by Bruce V. Howard of Krone &
wished the new owners well. tate portfolio, although Mr. Gates Bushard, who couldn’t be reached
The six-bedroom home spans has historically treated his com- for comment.
Bill Gates, one of the world’s richest people, and his wife Melinda Gates. about 5,800 square feet, according pound in Medina, Wash., as his —Katherine Clarke

The home’s facade has cedar The property listed for $70 million in 2017.
DAVID DUNCAN LIVINGSTON (3); AURORA ROSE/PATRICK MCMULLAN AGENCY (BARRY AND LIZANNE ROSENSTEIN)

panels with custom stains.

.
ly
on
us ,
l
e
al a
ci on

Mr. Rosenstein bought the site

for $19.2 million in 2005.
er s
m er

Barry Rosenstein Unloads

m rp

A Hamptons House
co Fo

Hedge-fund chief Barry Rosenstein is The oceanfront property is located Mr. Rosenstein, the founder of Jana
SOLD selling one of his Hamptons homes for just off Lily Pond Lane, in one of the Partners, bought the site for $19.2 million

$37 $37 million, according to people familiar

with the deal.
area’s priciest and most exclusive en-
claves. Designed by Rick Cook of Cook-
in 2005, records show. He replaced a
1920s-era cottage with the current house.
MILLION While the East Hampton sale is one of
the largest of the year so far in the
Fox Architects, the main house spans al-
most 14,000 square feet with seven
Then, in 2014, he purchased a much
larger nearby property for $137 million,
14,000 sq. ft.,
Hamptons, the property fetched far less bedrooms. Its unusual facade has cedar setting a record for the Hamptons.
7 bedrooms,
than its original asking price of $70 mil- panels with custom stains. —Katherine Clarke
62-ft. lap pool,
lion in 2017. The property wasn’t pub- The roughly 1.5-acre property also in-
two-bedroom
licly listed at the time of the sale. cludes a 62-foot lap pool, a two-bedroom Clinton Adviser Lists Pair of NYC
guest cottage
n-

The identity of the buyer couldn’t be guest cottage and a separate building Apartments for $17 million M10
determined. with an office, garage and exercise room.

TWO AUCTIONS WITHOUT RESERVE

no

VERMONT FAMILY RETREAT

Minutes to Mount Snow Ski Resort

N E W C O N S T R U C T I O N | 521 N E A P O L I TA N L A N E , N A P L E S , F L
A U C T I O N A P R I L 25, 11A M , O N S I T E

Vermont Gentlemen’s Farm

on 197 acres of pristine beauty.
Meticulously restored farmhouse
and barns.
2 1/2 hrs to Boston, 3 1/2 hrs to New York.
Hunting, fishing, hiking, farming,
snowmobiling.
Golf around the corner. G O L F C O U R S E H O M E | F U L LY R E N O VAT E D | 20293 W I L D C AT R U N D R, E S T E R O, F L
Perfect family retreat. P R E V I E W B Y P R I VAT E A P P O I N TM E N T O N LY | A U C T I O N M AY 2, 11A M , O N S I T E
$2,950,000 P R E V I E W S E V E R Y W E E K E N D  1-4 P M  R E M O T E B I D D I N G AVA I L A B L E

844.94.ELITE | EliteAuctions.com
WWW.WELLMANFARMVT.COM
Call: 802-365-1964
This property is listed for sale by licensed real estate agents Kyle Ciampa (LIC # SL3265987) of MVP Realty (LIC # BK3055055), PH: 781-910-2760 and Vincent Napoleon (LIC # BK3034926)
of Compass Real Estate (LIC # BL1049215), PH: 239.919.2742 Elite Auctions is a marketing service provider for auctions and is not a licensed real estate broker. The auction services referred to
herein are not available to residents of any state where prohibited by applicable state law. Elite Auctions, its agents and affiliates, broker partners, auctioneer, and sellers do not warrant or guarantee the
accuracy or completeness of any information and shall have no liability for errors or omissions or inaccuracies under any circumstances in this or any other property listings or advertising, promotional
or publicity statements and materials. This is not meant as a solicitation for listings. Brokers are protected and encouraged to participate. All bidders are required to pre-register for each property
auction in accordance with the Terms and Conditions. Equal Housing Opportunity. James Gall, Jr., is a licensed FL auctioneer (#AU-2). Elite Auctions is a licensed Florida auction business AB3687.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M4 | Friday, April 24, 2020
Far Away
From it All
Continued from page M1
who has lived there alone for the
past two years.
“I’m probably the poster child
for social distancing,” she said
with a laugh. “It’s the way of life
I’ve chosen.”
A California native, Ms. Dutton
moved to Wyoming 16 years ago
with her then-husband. Both avid
fly-fishermen, the
couple were drawn
to the trout-
laden Green
River, where they
bought a piece
of land so raw
they had to
install a well,
septic system and
driveway. With help
from experienced lo-
cals, they built their
one-bedroom
house mostly by
hand, felling
lodgepole pine trees with chain
saws. “Chain saws are a lot of fun,”
Ms. Dutton said.
There are no utilities in the Na-
tional Forest, so the property is en-
tirely off the grid with a satellite
phone and internet. In winter, a
snowmobile is required to bring all
supplies to the house. “I have a lit-
tle sled that I pull behind me like
Santa,” said the now-divorced Ms.
Dutton. “I haul all my food, and
whatever else needs to come in
and out, on the sled.” When the
couple first moved to the cabin,
they even brought their 400-pound
wood stove to the house on the
sled. She tries to stock up before
winter to minimize snowmobile
trips. “You become an amazing list
maker,” she said.
Her mailbox is 6 miles away at
the end of the dirt road, with mail
delivered three days a week.
When she visits her daughter and
sees mail being delivered to the
door daily, she said, “it’s kind of
shocking to me.”
Despite the inconvenience, being
alone “gets addictive once you get
the hang of it,” she said. “I wish
everyone could experience this.
Privacy in this day and age is such
a luxury. It’s the biggest luxury.”
In exchange for solitude, the
owners of difficult-to-access prop-
erties face unique and often expen-
sive challenges that deter most
buyers in normal times. But agents
said the new coronavirus pandemic
has lent a new allure to homes that
allow effortless social distancing,
and real-estate agents said they are
seeing a spike in inquiries about re-
mote properties like Ms. Dutton’s.
“Suddenly it’s hip to be private,
spacious and quiet,” said John
Downs, a real-estate agent at
Berkshire Hathaway HomeSer-
vices New England Properties in
rural Woodstock, Conn. Since the
pandemic hit, he said, he’s noticed
a significant uptick in calls from
city dwellers looking for proper-
ties with lots of land.
It remains to be seen how
no
Bridger-Teton National Forest, Wyo.
JASON LEE (MAPS); SYD WEILER (BOTANICAL ILLUSTRATIONS)
Holland Dutton, top left, built the main house with her former husband by hand, using lodgepole pine cut near their property along the Green River.
MANSION | THE GREAT OUTDOORS
Jerel Glassman and Harry Friedman bought this cabin in the woods, above and below, as a retreat for their
families. The access trail is only 6-feet-wide in places and crosses a bridge over a 40-foot-high waterfall.
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
many of these interested buyers
will actually pull the trigger on
purchases, agents said, at a time
when economic and social-dis-
tancing concerns present obsta-
cles to home buying.
Ms. Dutton’s property has been
listed at $1.35 million since Au-
gust. She said she’s selling be-
cause, at an elevation of 7,000
feet, the property doesn’t allow
much gardening, and she wants to
n-
return to California where she can
do more of that.
Her real-estate agent, Tate
Big Sur, Calif.
Jarry of Live Water Properties,
said downloads of brochures for
her property and other large rural
listings have increased by roughly
20% in recent weeks, and he’s
fielding many questions from
seemingly interested buyers. At
the same time, however, some in-
person showings have been can-
celed. “We’ve had a spike in inter-
est because everybody’s
quarantined at home—they’re
dreaming from their couches,” he
said. “Will that translate into a
sale? I don’t know.”
THE WALL STREET JOURNAL.
CALIFORNIA
BIG SUR
CA
BIG SUR RETREAT
List Price: $1.298 million
Cost Acquire/ Renovate: $570,000
2 bedrooms, 1 bathroom,
outdoor shower
25 acres
Access only via ATV on 1/4-mile trail
It took him a year to remodel the
one-bedroom wooden bungalow on
the island, transporting the lumber
by boat. He now has a fast boat
that can reach the town of Labasa
in 1.5 hours, but when he first
bought the island, “it was a two- or
three-day thing to get groceries,”
he said. So he’d supplement his diet
with the fruit that grew wild on his
property. “I lived many days on co-
conut and pineapple,” he recalled.
Single at the time, Mr. Claunch
divided his time between Oregon
and Fiji, spending months at a
time on the island. He once lived
there for an entire year. “It was
very peaceful,” he said. “I never
got lonely,” he said, in part be-
cause he employs caretakers, two
couples who live full-time on the
island in their own quarters.
.
As Fiji became more developed,
ly
his island has come to feel less re-
mote. More roads have been built
to the villages so getting groceries
FROM TOP: CHASE MCCRYSTAL (2); MALCOLM MORELLI (DUTTON); LIVE WATER PROPERTIES (2)
is easier. And about six years ago,
cell service came to his little piece
of paradise. Before that, he recalls
typing emails on his BlackBerry,
then hopping into his seaplane to
fly high enough to send them.
Mr. Claunch planned to make
the island his primary home, but
that changed a few years ago
when he fell in love and got mar-
ried. Now that he and his wife
have a 2-year-old daughter, they
have decided to sell the island and
relocate to Europe to be closer to
his wife’s family.
Previously on the market for
$4.2 million, the island is slated
to be sold at auction by Platinum
Luxury Auctions. Originally sched-
uled for May, the auction has been
delayed by the pandemic and will
likely take place in June, a
spokesman for Platinum said.
Having a caretaker is one of the
expenses that often come with
Ms. Dutton isn’t the only home- owning a remote property. Jerel
owner who views privacy as a lux- Glassman, who owns a home in a
ury. Larry Claunch wanted a se- secluded California canyon reach-
cluded retirement home when he able only on foot or ATV, said hav-
started looking about 15 years ing a caretaker live there is neces-
ago. “I went to Florida, but there sary to keep out the field mice and
were just too many people for “discourage a mountain lion from
me,” said Mr. Claunch, 64, who deciding to take up residence.”
lived in Oregon at the time. The 25-acre property is located
When he found a private island on a rugged stretch of coastline in
for sale in Fiji, “it just took my Big Sur. A 68-year-old San Fran-
breath away,” said Mr. Claunch, a cisco doctor, Dr. Glassman bought
retired real-estate developer. He the property with longtime friend
bought the roughly 32-acre island Harry Friedman in 1991 for about
for about $1.5 million. $270,000, and the two have used
it over the years as a retreat with
their families.
The quarter-mile trail to the
property crosses a bridge over a
40-foot-high waterfall and winds
WYOMING through a narrow rock opening into
the canyon. “It’s like walking into
your own private Yosemite,” Dr.
Glassman said. Old-growth redwood
CORA trees surround the house, which
they gut-renovated using fallen red-
wood. The house has two bedrooms
and one bathroom, plus an outdoor
WY
shower. They have put
about $300,000 into
the property, he said.
GREEN RIVER HIDEAWAY All supplies
List Price: $1.35 million for the home
1 bed, 1 bath main house, have to be
2 bed, 1 bath barn driven into
18 acres the property
One hour by car to nearest town by ATV and can’t
Access by snowmobile in the winter be too wide for
the trail, which
narrows to 6 feet
in places, Dr.
Glassman
said. The
house has a
landline phone but no internet,
cell, or electric service, so it has
solar power and generators.
“You have to be kind of a hearty
person—a person who enjoys surf-
ing and hiking—to be able to fully
appreciate it,” Dr. Glassman said.
“This is not a property an 80-year-
old would buy.”
The property is listed for
$1.298 million. One of the listing
agents, Kat McCrystal of Douglas
Elliman, said she’s gotten more
calls than usual about the prop-
erty since the pandemic hit, but it
is even more difficult than it nor-
mally is to show it right now.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, April 24, 2020 | M5

MANSION | THE GREAT OUTDOORS

COUNTING HOUSE | BETH DECARBO Goldstein, editor of BioCycle, an FOOD SCRAPS CAN BE…
online magazine that focuses on

Waste Not, Want Not

organics recycling.
Two recycling programs—one
old and one new—shed light on
some of the successes and chal-
lenges in getting residents to par-
ticipate. In 2017, the city of Sunny-
vale, Calif., rolled out a residential
Food-scrap recycling is helping to reduce the flow of waste into landfills, but food-scrap recycling program.
it doesn’t catch on until people understand how it works Residents are given a coun-
tertop bin for food scraps,
as well as a large garbage
can that is split into two
sides—a yellow side for
food scraps and a black for
other household waste. This
allows garbage trucks to col-
lect all waste in one pass.
After food scraps are collected,
they are pre-processed into a liq-
uid mash that is sent to the
nearby water-treatment plant.
The sludge is put through an an-
aerobic digester, which uses mi-
croorganisms to break down the
material in the absence of oxygen.
The methane created from this
decomposition is converted into
JON KRAUSE (2); SYD WEILER (BOTANICAL ILLUSTRATION)
• mixed with yard waste to op-
timize decomposition. The re-
sult is nutrient-rich compost
that can fertilize crops, vegeta-
ble gardens and flower beds.
• taken to specially equipped
landfills that capture
methane, a byproduct
of decomposition
linked to global
warming. The
methane is con-
verted into bio-
gas, which can
be used to gener-
ate electricity and
fuel vehicles.
• put through an anaerobic di-
gester, where waste is broken
down to create biogas to gen-
erate electricity and fuel vehi-
cles and create fertilizer.
• turned into a mash that is
sterilized, dehydrated and pro-
cessed to become food for
hogs, poultry and fish.

biogas, which is used to power

the wastewater-treatment plant.
Before the program was imple-
mented, 8,000 tons of food waste
were sent to the landfill each
year, according to Karen Gissibl,
the city’s environmental programs
manager. After implementation, it
dropped to 4,000 tons.
“We are at a 50% diversion
rate, which we are very pleased
with,” she says in an email. To up
the tonnage, the city plans to
launch another communications
campaign—25% of residents still
curb participation. “Make it more
convenient, remind people to keep
their bins clean, [increase] mes-
saging about what can go in.”
King County, Wash., where Seat-
tle is located, has been recycling
food scraps and other organics for
years. Today about 79% of resi-
dents with garbage pickup service
have organics recycling, which in-
cludes yard waste, food scraps and
food-soiled paper, says Andy Smith,
a program manager with the King

.
Vermont’s new ban formation coming our way. What’s that generates electricity and fu- don’t participate, she says. County Solid Waste Division. But

on food scraps in the point of going through this pro-
landfills goes into cess if we’re not doing it right?”
effect on July 1, States and cities are increas-
but residents like
Irene Nadler are
still in the dark
about how it will work.
ingly implementing residential
food-scrap recycling pro-
grams, often with curbside
pickup. The programs help
on
us ,
els vehicles.
But there are obstacles to over-
come before food-scrap recycling
programs become the norm in
homes across America.
Chief among them is a lack
of understanding by resi-
Last year, the city surveyed
3,200 households to better under-
stand what keeps people from re-
cycling food scraps. Residents’ top
concerns dealt with hygiene—
dirty garbage cans, odors and
pests, says Kaitlin Phelps, senior
ly
only 27% of organic waste collected
for recycling is food scraps, accord-
ing to a report last year.
Still, about 220,000 tons of or-
ganic waste was recycled in 2018. In
addition to increasing participation
rates, county officials are working

“There’s so much going into the reduce the amount of dents about what’s in- project manager at Action Re- to reduce “contamination” in food-
landfill and I feel good about re- waste that goes into land- volved. In 2017, food-scrap search, which conducted the sur- recycling bins. Something as small
l
e
ducing that,” says Ms. Nadler, a fills, which in turn reduces recycling diverted only vey. There was also confusion as a sticker on a piece of fruit de-
al a

74-year-old retired school admin- the emission of methane, a about 6% of the 40 million over whether things like tea bags, grades the quality of the compost,
istrator who lives in Sunderland. byproduct of decomposi- tons of food waste from coffee filters and cooking oil are Mr. Smith adds.
ci on

But she’s not sure how the pro-
gram—which may be delayed due
to the pandemic—will work and
what she’ll be able to recycle.
“The biggest factor is we need to
tion that contributes to
the greenhouse effect.
Some facilities create and sell
compost made from residential
food scraps. Others use food left-
er s
landfills and incinera-
tors, according to the
Environmental Protection Agency.
“The programs need to educate
more households about wasted
recyclable.
Despite the downsides, most
residents had positive views of
the program because of its envi-
ronmental benefits, Ms. Phelps
“From speaking to people,
there’s the desire to do the right
thing. But the right thing has to be
clearly communicated,” he says.
“Taking a sticker off of a piece of

be educated about it. I’m sure I’m overs to create fertilizer for agri- food and make them aware of what says. But, she adds, municipalities fruit isn’t a huge factor. It just
not alone. I haven’t seen much in- cultural use, animal feed or biogas they’re throwing away,” says Nora need to address the barriers that needs to be part of the daily habit.”
m er
m rp

If I’ve recently recovered from

co Fo

COVID-19, how can I help?

Are homemade masks effective?

n-
no

What help can telehealth

provide and what will it cost?
Uncertain
Which states are in lockdown? Times Call for
Trusted Facts.
We have the facts you need to
get your questions answered.

Visit wsj.com/coronavirus

© 2020 Dow Jones & Co., Inc. All rights reserved. 6DJ7857
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M6 | Friday, April 24, 2020
FROM TOP: MEGAN DAAS PHOTOGRAPHY (3); STEVEN MARTINE PHOTOGRAPHY (3)
Golf Homes’
New Course
Continued from page M1
canoe courses, party pools and
swimming lagoons with sandy
beaches.
“Water is a big draw and devel-
opers are creative in how they use
it,” says research manager Devyn
Bachman.
For all the complications with
redevelopment—from zoning re-
strictions to pushback from exist-
ing homeowners—demand for
land is strong and the new com-
munities can be more profitable
than maintaining golf operations.
“Sometimes, the dirt is worth
more than the grass,” says Joe
Beditz, president and chief execu-
tive of the National Golf Founda-
tion.
In Palm Springs, Calif., Bruce
Juenger and Jim Whitmoyer from
Aliso Viejo are the first buyers in a
new gated community, Miralon,
which is turning an abandoned golf
course into an olive grove with
1,150 homes. Former golf-cart paths
will be walking trails and water
hazards have been converted to
decorative lakes at the develop-
ment, which also has citrus trees
no
and community gardens.
After research on sustainable
agriculture and potential buyers,
the developer, Boston-based Free-
hold Communities, settled on the
target group’s interest in sustain-
ability, food and a healthy outdoor
lifestyle. “The Coachella Valley is
chock-full of golf courses,” says
Brad Shuckhart, president of the
company’s California division.
“We saw this as an opportunity to
do something different.”
Freehold Communities studied
annual water consumption and
suitability for the desert habitat
before deciding on 7,000 olive and
citrus trees. The company commis-
sioned a technical study from a wa-
ter-engineering firm that showed
the trees would use about 23% less
water than the existing golf course.
MAX MCBRIDE (2); SYD WEILER (BOTANICAL ILLUSTRATION)
MANSION | THE GREAT OUTDOORS
on
us ,
l
e
al a
Naples Reserve, Naples, Fla.
$500,000, three-bedroom, 2,100 square feet
ci on
er s
m er
m rp
co Fo
n-
Mr. Whitmoyer, 56, and Mr.
Juenger, 68, bought a three-bed-
room, 2,800-square-foot house
with a modernist design and a view
of olive trees for $730,000.
Mr. Juenger, a sales manager at
a real-estate financial-services
firm, is planning to use the com-
munity kitchen and gardens. His
husband, Mr. Whitmoyer, an in-
structor with the Automobile Club
of Southern California, says they
also are looking forward to taking
their 13-year-old bichon-poodle
mix, Elton, to the three dog parks.
In Minnesota, Dan and Nikki
Meadowbrook Park, Prairie Village, Kan.
About $2 million, 3 bedroom, 3,700 square feet
THE WALL STREET JOURNAL.
Lennar at Minnetonka Country Club
Shorewood, Minn.
About $950,000, four-bedroom, 5,200 square feet
Dan and Nikki Witowski with their daughters, Amelia, 11, and Addison, 8.
ly
Jim and Wanda Dill lived in a golf community for 14
years before moving to a water-focused development.
Witowski moved into a four-bed- lia, 11, and Addison, 8, ride their
room, 5,200-square-foot home bikes on neighborhood trails that
they bought in late 2018 for about connect to a local trail system.
$950,000 on the grounds of the “The big oaks and the large
former Minnetonka Country Club willows are still there,” says Mr.
in Shorewood that had shut down Witowski. “You can tell it’s a ma-
in 2014 after 98 years. ture piece of land. We enjoy that
Mr. Witowski, a 39-year-old quite a bit.”
commercial-airline pilot and inves- The developer of Lennar at
tor, and Ms. Witowski, a 36-year- Minnetonka Country Club, Miami-
old pediatric nurse practitioner, based Lennar Corp., has redevel-
picked a 0.4-acre lot with old trees. oped golf courses in other states,
They walk the family beagle, including California, Florida and
Henry, among the former fairways Colorado. In 2018, it started sell-
and natural wetlands preserved as ing homes on the 118-acre plot
green space. Their daughters Ame- near Lake Minnetonka. For Lennar,
Judi and Elvin Knight bought in a once-struggling golf area that the developers and local
government worked to convert to part private development and part public green space.
the site was an
opportunity to
build new houses
in an established
community near
Minneapolis, with
stores, restaurants
and good schools but
aging housing stock.
“While there are
typically many in-
tricate entitlement and develop-
ment issues that need to be care-
fully resolved, old golf courses
create great new home communi-
ties,” said chief executive officer
Rick Beckwitt in an email.
In Prairie Village, Kan., Kansas
City-based developer VanTrust Real
Estate bought the struggling Mead-
owbrook Golf and Country Club for
$4.2 million in 2010 and operated it
for four years while working with
the city, county and community on
a plan for the 136-acre site.
Today, there is a public park on
84 acres that has an activity center,
sledding hill and adventure play-
ground. VanTrust and county offi-
cials agreed on a creative financing
plan: The public purchase of the
park and infrastructure would be
paid for by the taxes generated by
the housing, senior-living units and
boutique hotel that VanTrust would
develop on the other 52 acres.
“The result was one-third pri-
vate development and two-thirds
public green space,” says Justin
Duff, senior director of develop-
ment at VanTrust.
Local residents Judi and Elvin
Knight attended all the public
meetings on the future of the site
.
and then built a 3,700-square-
foot, three-bedroom house at the
community, now called Meadow-
brook Park. Their three-bedroom
house has a ground-floor living
room with a cathedral ceiling and
is big enough for a large French
farm table that fits the whole
family, including two grown
daughters, their spouses and four
grandchildren.
At Meadowbrook Park, which
provides residents with a pool, a
fitness center and all maintenance
work included in monthly home-
owners’ fees, single-family homes
cost $1 million to $3 million. The
Knights, both in their 70s, say the
price of theirs was in the middle
of that range.
Mr. Knight, a tax and estate
lawyer, and Ms. Knight, a commu-
nity volunteer, bought the house
in 2017 and moved in May 2019.
Ms. Knight likes Meadowbrook
Park’s variety of building styles,
now increasingly common in new
subdivisions as developers create
choices for buyers. “It doesn’t
look like a cookie-cutter develop-
ment that way,” she says.
In Bluffton, S.C., near Hilton
Head, John and Pegi Leonard built
a $1.4 million house with a Scan-
dinavian vibe in the Hampton
Lake community initially con-
ceived as a golf community.
By 2003, local developer Reed
Group found that golf wasn’t sell-
ing. Retiring baby boomers, espe-
cially women, were looking for ac-
tivities such as yoga and paddle
boarding, outdoor living and a
sense of community, says Christo-
pher England, vice president of
business development at the group.
The Leonards’ four-bedroom,
3,800-square-foot house comes
with its own dock on a freshwater
lake. Since they moved in last
year, they have made friends play-
ing pickleball and tennis, joining
the community’s wine, book and
kayak clubs, and attending din-
ners and Friday Happy Hour.
“It was astounding how easy it
was to meet other people,” says
Ms. Leonard, 61, a retired reading
specialist.
“It’s so outdoorsy. It’s like sum-
mer camp for adults,” adds Mr.
Leonard, 63, a retired manager at
Procter & Gamble.
Both agree they don’t need to
live on a golf course to play. In Jan-
uary, they signed up for a limited
membership at a nearby golf club.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 24, 2020 | M7

MANSION
HOUSE CALL | VAL KILMER

A Wild-West Hideout
For the Good and Bad
The actor recalls his cowboy exploits, Roy Rogers and the Manson ranch

younger, and we were a handful. I spent my 20s thinking about how

was closest to my brother Wes. I’d play Hamlet. Finally, when I
He was remarkable. He was funny was 28, I was asked to play the
FROM LEFT: TOM STRATTON; VAL KILMER; ALBUM/ENTERTAINMENT PICTURES/ZUMA PRESS

and, at a young age, wrote and di-
rected plays and 8mm films.
We had five cousins, all girls.
One time when they were over, we
all walked over to the ranch
where Roy Rogers lived with his
wife, Dale Evans. I was elected to
knock on the front door. Dale an-
swered. She had a pronounced
Southern accent, which was sur-
prising since you didn’t hear it on
their TV show.
I asked Dale if Roy could come
out and play. Dale laughed. She
said, “Well, honey, he might be a
little busy.”
I noticed Trigger, his horse on
their old TV show, was stuffed and
up on his hind legs. I worried Roy
would stuff Dale that way when
she died. She outlived him. My fa-
ther later bought his ranch.
We never saw Manson, but be-
Val Kilmer, left, at his Hollywood
Hills, Calif., home in March, and,
above, with brothers Mark, on left,
and Wesley, right, at their home in
Chatsworth around 1965.
theater company. I loved acting.
After eighth grade, I went to
Chatsworth High School. Their
drama department was second
only to that of Beverly Hills High.
In my last year, I went to the Hol-
role at the Colorado Shakespeare
Festival. It was a creative break-
through for me.
Today, I live in the Hollywood
Hills, near the Hollywood Bowl.
My house has a Mediterranean
feel and dates back to 1923.
My throat cancer has healed.
As you can hear, a procedure in
2015 left my voice raspy.
Growing up, I was shy and
more introverted than Wes. To
help me overcome that, he’d grab
me to be in his little plays and
movies. I still miss him.
—As told to Marc Myers
Val Kilmer, 60, is an actor who has
starred in “The Doors,” “Top Gun”
and “Batman Forever.” He is the
author of the memoir “I’m Your
Huckleberry” (Simon & Schuster).

H
ollywood shot hun- all the time, living the life of a fore that ranch’s notoriety, we lywood Professional School for a
dreds of Westerns cowboy. rented horses up there for trail year. Then I wanted to study act-
where I grew up. But for all its cinematic charm, rides. Shorty, the guy who put me ing in New York. VAL ON HOLLYWOOD

.
The scenery was Chatsworth was isolated. We lived on my horse, was later murdered Juilliard was on my list, so in

right outside our in what seemed to be the witness
front door. protection program of culture.
We lived in Chatsworth, Calif., What my father, Eugene, did
in the northwestern corner of the
San Fernando Valley. I didn’t have
to go far to see rattlesnakes, ta-
rantulas and wild peacocks. Our
on
for a living was a mystery to me.
When I was little, I asked my
mother. She said he was an engi-
neer. I asked on which train.
us ,
by Manson’s followers.
As devout Christian Scientists,
we were encouraged to turn from
the material to the spiritual. As
kids, we were discouraged from
thinking about or celebrating our
birthdays. Still, our family spent
ly
Favorite film of yours? “Tomb-
September 1977, Mom, my stepdad,
stone” (1993)
Bill, and I drove to New York to
look at schools. We stopped Favorite actor?
over at Bill’s house in
Pittsburgh. Early the next
morning, the phone rang.
Everyone was asleep so I
 Marlon Brando.
His artistic courage
was unmatched.
Brando lesson?

faux-Tudor house looked some- Everyone laughed, and a come- most weekends at Disneyland. answered it.
what out of place. dian was born. I eventually found When I was 8, in 1968, my par- It was Mark. Wes suf- He told me the
l

only thing an actor

e
Roy Rogers’s ranch was next out he worked in aerospace and in ents divorced. I was relieved. They fered an epileptic seizure
al a

door, the Nitty Gritty Dirt Band real estate. My mother, Gladys, argued and hated each other with in the Jacuzzi and drowned. is obligated to do is
lived nearby, and Charles Manson was a homemaker. a passion. My father wound up Mom was beside herself. I was not bore an audience.
ci on

and his “family” were up the road Dad was highly driven. Mom, by
at the Spahn Ranch. contrast, was often distracted and
The sandstone bluffs and brush detached. She didn’t keep track of
that dominated the landscape be- me or my two brothers much.
came part of me. I was a hard- The three of us were born
er s
with custody. But in all fairness,
we spent equal amounts of time
with both of them.
I attended Berkeley Hall, a
Christian Science private school in
strangely calm. I knew Wes was in
good hands.
We returned home, and I decided
to apply to Juilliard. I went there
but found the school confining.
Big challenge as Jim Morrison in
“The Doors”? I did my own singing.
How did you pull that off? I
spent nine months listening to

charging kid. In that terrain, you within four years of each other. Beverly Hills, until eighth grade. Early in my career, I favored Doors albums and working with a
had to be fearless. I was outside Mark was older and Wesley was The best part about school was its the stage over the movies and voice coach.
m er
m rp

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M8 | Friday, April 24, 2020
BY ADRIENNE GAFFNEY
When a Min-
netonka, Minn.,
couple wanted to
garden all year
long, they con-
sidered adding a
conservatory to
their home. They
reached out to
Conservatory
Craftsmen, a
Minneapolis-based building firm.
“She’s very ambitious, grows
a lot of plants, but she
grows them in pots on
her deck. They’re conservatory is
vegetarians and like not attached
eggplant and okra to the home, a decision
and spinach and based on both
kale. Her husband convenience and design.
encouraged her to It is accessed via a
get involved with glass walkway.
something that could
grow edible plants
throughout the year,” says
company owner Jim Hewitt.
Mr. Hewitt’s conservatories are
prefabricated, which allows him to
build them all over the country.
The process of prefabrication gen-
erally takes between eight and
twelve weeks, while construction
lasts from two to four weeks. “Our
conservatories are living spaces as
well as growing spaces, and we
can adapt them both ways. I saw
these rooms as an opportunity for
people to enjoy extending their
season,” Mr. Hewitt says.
For the couple—she’s a doctor
and he’s an accountant—the con-
servatory has become a beloved
space. “The husband follows in-
structions very well and does ev-
erything by the book,” says Mr.
Hewitt. “He writes me every
week and tells me how many
plants he’s growing.” Here are
some of the design elements that
went into the room, which cost
around $225,000.

 
THE WALL STREET JOURNAL.
MANSION | THE GREAT OUTDOORS
ANNOTATED ROOM
A Space With Room to Grow
Inside a $225,000 conservatory in Minnesota built for a pair of green thumbs
7 1
4
2
SIEVERS CREATIVE (4); SYD WEILER (BOTANICAL ILLUSTRATION)
The
5
1. The construction costs from Conservatory Crafts- change at different times January or egg-
included the basics, as well men; $10,000 for architec- of day, as do the watering 6 plant in December.”
as heating and cooling and ture work from Craft systems,” says Mr. He- // Price: $800 for
.
a custom powder coating DesignBuild witt. // Price: $5,000 for 10, from Northern
ly
that gave the structure a greenhouse automation, Tool
distinct color specified by 3. “We automate these from Control4; $7,500 for
the owners, who are in rooms, so they are able to automation design and in- 6. “There is one
their 50s. // Price:
$167,000 for the conserva-
tory, the installation and
the powder coating
on self-manage. The blinds
will go up at night in the
winter, or go up when a
room’s too hot. The lights
stall, from Conservatory
Craftsmen
4. The room utilizes aero-
solid wall in the
room that we used
as a living wall for
herbs and small
us ,
ponic towers, which allow plants,” says Mr.
2. “One of the things that Hewitt. // Price:
l
plants to grow vertically.
// Price: $850 each for
e
was a bit challenging 3 $750, for greenwall
al a
about the house is that it eight towers from FarmTek from GrowUp
is Prairie-style in its con-
ci on
struction and design. Obvi- 5. “If the plants are larger 7. The automated
ously we couldn’t add than their growth habi- LED lighting is spe-
something to the house tats, then we grow them There are wires that go up cifically designed to pro-
that was Victorian in de- in these Dutch buckets,” and the plants then just mote horticultural growth.
sign,” says Mr. Hewitt. // says Mr. Hewitt. “The grow up the wire and // Price: $1,000 from Flu-
er s
Price: $2,500 for design whole structure is soilless. you’ve got tomatoes in ence by Osram
m er
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 phone: 310.462.0200 butscher@earthlink.net    
   

To Advertise email sales.realestate@wsj.com or visit classifieds.wsj.com

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

THE WALL STREET JOURNAL. Friday, April 24, 2020 | M9

ADVERTISEMENT

Distinctive Properties
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

MULTI STATE OFFERINGS

 
  
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M10 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Hillary Clinton Adviser Lists in NYC

Longtime Hillary Clinton adviser Iscol and her husband, Ken Iscol, 2000, then added the second unit
Jill Iscol is listing a pair of side- stay in the larger apartment, just over a year ago. The smaller
by-side prewar Manhattan apart- which spans roughly 2,800 square unit was furnished decades ago by
ments for a combined $17 million. feet with a living room, a dining the late interior designer Jay
The two apartments comprise room and a library with two wood- Spectre and still contains a unique
the entire burning fireplaces. Overlooking puffy lounging sofa that he de-
FOR SALE eighth floor of Central Park, it is currently config- signed to wrap around the views

$17
the cooperative ured as two bedrooms and a home of Central Park, Ms. Iscol said.
955 Fifth Ave- office, but could be converted to Ms. Iscol said she fell in love
nue. The 1930s- three bedrooms, according to the with the views when she first vis-
MILLION era building listing agent, Kathy Sloane of ited the main unit and submitted
Central Park was designed Brown Harris Stevens. The smaller an in-person offer on the spot, con-
views, library, by Rosario apartment, which the Iscols use as tingent on the owners turning away
2 wood-burning Candela, a cele- a guest suite, is approximately another couple who were waiting
fireplaces brated archi- 1,700 square feet with two bed- to see the apartment downstairs.
tect known for rooms. The units could be physi- “The views are our Picassos,”
designing some of New York City’s cally combined pursuant to co-op she said. “You can watch things
The two units total roughly 4,500 square feet.
priciest prewar buildings. board approval, but they are also bloom and the leaves turn red.”
When they are in the city, Ms. available separately, asking $14.7 Ms. Iscol has been an adviser
million and Florida. She said she’s not con- lives,” said Ms. Sloane. “A lot of to Mrs. Clinton since 1999 and
$3.3 million. cerned about the coronavirus pan- people feel that from now on they served on the campaign finance
Ms. Iscol demic affecting overall demand are going to be working remotely committee for Mrs. Clinton’s
said she is sell- for New York homes. a great deal of the time. If the failed 2008 run for the White
ing because “New York is New York,” she space you’re working in is insuffi- House. Mr. Iscol was an early pio-
she and her said. “It will be New York again. cient, people are thinking of how neer in the cellular telephone
husband plan People from all over the world they could live and work more business, she said, owning and op-
to spend more still want to be here.” comfortably.” erating systems in New York City
ANASTASSIOS MENTIS (2)

time traveling Indeed, Ms. Sloane said the vi- Ms. Sloane said Ms. Iscol’s two and Texas.
and at their rus has prompted a number of her apartments could provide the per- —Katherine Clarke
homes in wealthy clients to evaluate their fect combination for living and
Pound Ridge, real-estate holdings and start eye- working from home.  See more photos of notable
N.Y., Martha’s ing new homes online. Ms. Iscol bought the first homes at WSJ.com/RealEstate.
Vineyard and “People are redefining their apartment in the building around Email: privateproperties@wsj.com

ADVERTISEMENT

Distinctive Properties

.
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

ly
MULTI STATE OFFERINGS

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For more information on advertising opportunities,
please contact: sales.realestate@wsj.com |  

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THE WALL STREET JOURNAL. Friday, April 24, 2020 | M11

   
 

   

   

 

 
  
   
   
 

   

 

 
  
     
   

     

   

 
  
 
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M12 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

Art. Beauty. Provenance.

MIDTOWN, NEW YORK CITY
Breathtaking views, this sky-high 9,000
sq ft penthouse duplex towers over the
city. $34M. Erin Boisson Aries +1 212 974
4551. Nic Bottero +1 212 636 2638.
Dustin Crouse +1 212 468 7139.
Christie’s International Real Estate Group
SUTTON PLACE, NEW YORK CITY
Majestic duplex residence with ter-
race high atop the storied River House
with panoramic river views. $15.75M.
Erin Boisson Aries +1 212 974 4551.
Nic Bottero +1 212 636 2638.
Christie’s International Real Estate Group
UPPER WEST SIDE, NEW YORK CITY
Elegant four-story Renaissance Revival
townhouse. 5,000 sq ft brownstone with
a rear garden and rooftop terrace. $7.4M.
Edward F. Joseph.
+1 212 974 4434.
Christie’s International Real Estate Group
BATTERY PARK, NEW YORK CITY
Luxurious penthouse at The Ritz Carlton
Residences with floor-to-ceiling windows
lining every room with waterfront views.
$7.2M. Herbert Chou +1 212 468 7118.
Natalya Bowen +1 212 974 4411.
Christie’s International Real Estate Group
GREENWICH VILLAGE, NEW YORK CITY
Beautifully designed newly renovated
four-bed duplex sky-high 13 ft ceilings.
$7.25M. Geoffrey Gottlieb +1 212 641
3738. Brian Meier +1 212 641 3732.
Kate Meier +1 212 641 3736.
Christie’s International Real Estate Group

WESTCHESTER COUNTY, NEW YORK MAHWAH, NEW JERSEY JACKSON, WYOMING WATCH HILL, RHODE ISLAND BRIELLE, NEW JERSEY
Westchester’s largest equestrian estate, 43+ acres within 30 mins of NYC. The ul- This highly desirable 4-bed estate home in Walk from stairs onto the beach. This turn- Opulent waterfront estate on 2.9 acres.

.
Stonewall Farm sits on 740 acres, eques- timate lifestyle offering for equestrians, car The Club at 3 Creek is the gateway to the key compound is sited on 1.78 private www.818linden.com. $10.9M.

ly
trian facilities, breathtaking owner’s com- collectors & sports enthusiasts. $18.9M. Jackson Hole lifestyle. Private amenities. acres in the heart of town. $10.9M. Lori Brian Church +1 732 449 0671
pound, 1 hr from NYC. Kathleen Coumou. Vicki Gaily +1 201 934 7111. $11.75M. Carol Linton. Web ID: 20-1 Joyal. Web ID: 1248647
+1 212 468 7140 vgaily@specialproperties.com carollinton@jhrea.com +1 401 742 1225
Christie’s International Real Estate on
Special Properties div. of Brook Hollow Group, Inc. Jackson Hole Real Estate Associates Lila Delman Real Estate BHHS Fox and Roach Realtors®
us ,
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ci on

NEWPORT, RHODE ISLAND WATCH HILL, RHODE ISLAND NEWPORT, RHODE ISLAND SPRING LAKE, NEW JERSEY MOORESVILLE, NORTH CAROLINA
er s

Beacon Hill House, an 8,364 sq ft home, Sited on its own peninsula, this sprawl- Custom-built new construction. This mod- Dramatic transformation. Ocean views Gated Mediterranean-style estate featuring
sits on the highest hill in Newport. Sited ing 6,000+ sq ft estate offers 360-degree ern, 5,000+ sq ft shingle-style estate over- throughout. www.9tuttle.com $7.139M. panoramic views of Lake Norman with in-
m er

on the original Arthur Curtis James Estate. water views on over 4.71 private acres. looks Newport’s vibrant harbor. $8.25M. Brian Church. finity pool & private beach. $6.995M. Lori
$9.75M. Kim Doherty. Web ID: 1250605 $9.2M. Lori Joyal. Web ID: 1251133 Cynthia Moretti. Web ID: 1229305 +1 732 449 0671 Ivester Jackson. Web ID: CXN3472208
+1 401 862 3956 +1 401 742 1225 +1 401 374 3444 +1 704 996 5686
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Lila Delman Real Estate Lila Delman Real Estate Lila Delman Real Estate BHHS Fox and Roach Realtors® Ivester Jackson Distinctive Properties
co Fo

NORTH PALM BEACH, FLORIDA
8,900 AC sq ft unique Seminole Landing
estate. 1.15 acres, 5 beds, 5 full & 2 half
baths, new roof, private beach access.
NORTH PALM BEACH, FLORIDA
Private tropical escape, 6 beds, 7 full & 1
half baths on 1+ acre lot in Seminole Land-
ing. Coastal community with private beach
n-
BRIELLE, NEW JERSEY SPRING LAKE, NEW JERSEY NARRAGANSETT, RHODE ISLAND
A private enclave is the perfect setting Meticulously designed 8,500+ sq ft w/ Oceanfront property located on famed
for this elegant, 8,650 sq ft waterfront ocean and lake views. 5 bedrooms, 7.5 Ocean Road presents a rare opportunity
estate. www.1015forrest.com $5.85M. baths. www.18pitney.com. $5.295M. to own a 4+ acre private estate. $5.25M.

$6.5M. Denice Sexton. access. $5.85M. Denice Sexton. Brian Church. Brian Church. Stella Fitzsimmons. Web ID: 1229897
+1 561 662 8344 +1 561 662 8344 +1 732 449 0671 +1 732 449 0671 +1 401 639 4455
Lost Tree Realty Lost Tree Realty BHHS Fox and Roach Realtors® BHHS Fox and Roach Realtors® Lila Delman Real Estate
no

WALL, NEW JERSEY CHARLESTON, SOUTH CAROLINA RIDGEFIELD, CONNECTICUT HUAHIN, THAILAND RIDGEFIELD, CONNECTICUT
Luxurious 8-acre estate with every ameni- Georgian Revival-style home situated on a Architectural masterpiece 1hr to NYC. 5.7 Brand new 6-bedroom modern-tropical Jackie Kennedy summered at this 6-bed
ty. www.2827williamsburg.com $4.995M. double lot in premier downtown location. bucolic acres at Westchester border w/ villa with private pool in a gated communi- vintage gem as a child. Meticulously ren-
Brian Church. Radiates classic Southern charm with im- great scale & exceptional finishes + guest ty overlooking the Gulf of Thailand. $2.5M. ovated, spectacular kitchen, pool. Walk to
+1 732 449 0671 peccable finishes. $3.45M. Helen Geer. quarters, lap pool & spa. $4.195M. info@richmonts.com everything in the village. 1hr to NY $2.3M.
helengeer@williammeans.com Karla Murtaugh +1 203 856 5534 Karla Murtaugh +1 203 856 5534
BHHS Fox and Roach Realtors® William Means Real Estate Neumann Real Estate Richmont’s Luxury Real Estate Neumann Real Estate

RIDGEFIELD, CONNECTICUT
Walk to town from one of Main Street’s
most admired in-town properties. 6 beds,
beautifully appointed, gorgeous 1.13 acres
w/ pool. 1 hr to NYC. Turnkey. $2.2M.
Karla Murtaugh +1 203 856 5534
Neumann Real Estate
RIDGEFIELD, CONNECTICUT
Fabulous 5-bed in-town home w/ gourmet
kitchen, master suite w/ exquisite bath,
gym, theater + spacious au pair suite.
Stunning setting. 1hr to NYC. $1.795M.
Karla Murtaugh +1 203 856 5534
Neumann Real Estate
RIDGEFIELD, CONNECTICUT
Custom, shingle-style, 5-bed home. Fabu-
lous open concept design for entertaining.
Outdoor kitchen, pool & spa, lovely setting
close to town. 1 hr to NYC. $1.68M.
Karla Murtaugh +1 203 856 5534
Neumann Real Estate
BRIELLE, NEW JERSEY
This estate offers a luxurious lifestyle at one
of the highest points on the East Coast.
www.917hilltop.com. $1.617M.
Brian Church +1 732 449 0671
BHHS Fox and Roach Realtors®
BANGKOK, THAILAND
Newly completed luxurious city-center
condominiums at The Bangkok Thonglor
with stunning views. 2-bedrooms from
$1.1M. info@richmonts.com.
Richmont’s Luxury Real Estate

London
+44 20 3826 8908
Hong Kong
+852 5808 5310
New York
+1 877 727 1810
Los Angeles
+1 877 726 4304
Palm Beach
+1 877 726 2380
Moscow
+7 495 937 6364
christiesrealestate.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A SPECIAL SECTION OF THE WALL STREET JOURNAL.

4/24
R1
Who Is This Person? All By Yourself Back to Work Antibody Answers
Couples who are both There’s a high physical As states start to reopen Separating fact from
working at home get to and psychological price for business, here’s what myth when it comes to
see their partner in a for extended social your boss can—and can’t antibody tests for the
whole new light. R3 isolation. R4 —make you do. R6 coronavirus. R8 2020

Navigating
ISSUE No. 6

WSJ
The
Coronavirus EXTRA

Q&A
MORTGAGE HELP

What is
forbearance?
A: Forbearance allows
homeowners to suspend
their monthly payments
when they experience a
hardship or interruption in
their ability to make pay-
ments.
It is not payment for-
giveness or even deferment.
Instead, all the missed pay-
ments, plus interest, are of-
ten due when the forbear-

.
ance period ends.
As part of the $2 trillion

ly
stimulus package passed
by Congress and signed by
President Trump, lawmak-
on ers provided more guid-
ance for mortgage compa-
nies granting forbearance
to those affected by the
us ,

crisis. If the loan is feder-

ally backed—and about
l
e
70% of mortgages in the
al a

U.S. are backed or insured

by a federal agency—then
ci on

the mortgage servicer is

supposed to grant it.
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Is it only for
those who have
tested positive
for coronavirus?
co Fo

A: Borrowers qualify if
they are experiencing finan-
cial hardship caused directly
or indirectly by the Covid-19
emergency, according to the
stimulus package.
This definition is inten-
tionally broad, says John
Hastings, a senior loan offi-
cer at Movement Mortgage
in Minneapolis. It is causing
some confusion among
lenders and borrowers.
n-

“There are a lot of un-

knowns,” he says. “Don’t

What I Might Do
make any assumptions
about what your options
no

are.”
Fannie Mae and Freddie

On My Summer Vacation
Mac have said this applies
“whether you’re facing job
loss, reduced income, ill-
ness or other issues that
impact your ability to
make your monthly mort-
gage payment.”
Bob Broeksmit, CEO of
With so much uncertainty, people are struggling to figure out what to do. So for now, the Mortgage Bankers As-
they aren’t making any firm plans at all. sociation, says it should

S
also apply if a hardship
BY NANCY KEATES with a co-borrower or fam-
ily member has similarly
different this summer, says Adam Sacks, affected someone’s ability
uzanne Harman was aiming to go to the Tour de France president of consulting firm Tourism to make payments.
this summer. Now she’s more likely to go on a Tour de Economics. He expects people will travel Even those who lose
Her Neighborhood. domestically much more than interna- work hours or are consid-
The international cycling event hasn’t been canceled, tionally, choose places they can drive to ered underemployed may
instead of flying, take shorter, less expen- qualify, says Mr. Hastings.
just moved to a late-August start. But the 55-year-old “If the loan is federally
psychotherapist from Minneapolis says she wouldn’t feel sive trips, and opt for second homes and
backed, those mortgages
rental properties over hotels. Popular
right traveling internationally this summer, both for her are going to have some
among those who can afford it will be
safety and others’. private jets, villas, yachts and islands.
protection, and the ser-
Assuming quarantines have lifted by July, Ms. Harman vicers will have more lee-
Rachel Hiles and Adam Rieger did an
way,” he says. “But the pri-
might drive to a house owned by her in-laws on a lake in about-face in February, even before the vately held mortgages, the
Danbury, Wis. No one else would have been there for months, so she implications of the novel coronavirus brokered-out loans, the type
wouldn’t have to wipe everything down. “It feels like a safe space,” she says. became clear. Now they’re glad they of mortgages where people
“As long as we don’t stop for gas.” Plan B: Pitch a tent in her backyard. did, but they still worry about their had the stated income or
travel plans. bank-statement-type loan
Instead of paying for a large wedding programs to show incomes,
ILLUSTRATION BY JUSTIN METZ; ICONS: ISTOCK

It is gearing up to be a Summer of
Wait and See. With the timing of re-
opening the economy uncertain and a
wariness about safety top of mind, it is
hard to know when or where to go.
“People are still shellshocked,” says
Paul Metselaar, chairman and chief ex-
ecutive of Ovation Travel Group, which
has seen almost no booking for this
summer. Misty Belles, head of public
relations for luxury-travel network Vir-
tuoso, agrees. “No one knows what will
happen come June. There’s a ton of
pent-up demand.”
One thing that is certain is that the
types of trips Americans take will be very
in July and then heading on a honey- those servicers are scram-
moon somewhere in Asia or South Amer- bling, trying to figure out
ica, the couple decided to buy a camper what they’re going to do.”
van. Their plan now is to travel in the
van this summer from their home in
Oakland, Calif., to Oregon, Montana and
Colorado, visiting friends and family
along the way.
Please turn to the next page
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
R2 | Friday, April 24, 2020
Suzanne
Harman of
Minneapolis
planned to
see the Tour
de France
this summer,
but may
spend her
vacation in
her
backyard.
Q&A
MORTGAGE HELP
Should I try for a
forbearance?
A: It depends. Forbear-
ances are usually granted
after personal hardship
such as death, divorce or a
natural disaster. They are
expected to be used widely
as millions of Americans
lose their jobs and struggle
to cover living costs.
“I always stress: If you’re
not affected and able to
make your payments,
please keep doing so,” says
Mr. Broeksmit of the Mort-
gage Bankers Association.
How can I do it?
A: Many mortgage compa-
nies have posted options
available to customers who
have been affected by the
coronavirus pandemic. If
you can’t find the informa-
tion you’re looking for
there, try calling your com-
pany directly. But be
warned: You likely won’t be
the only one trying to get
through.
“We’ve been hearing
from our members who
service mortgages that the
call volume has gone up
exponentially, and the hold
times are 45 minutes or an
hour in a lot of cases,” says
Mr. Broeksmit.
Do I have to get
no
in touch with my
company by a cer-
tain date?
A: Mr. Broeksmit says that
while many people may
stress about putting in a re-
quest before their payment
date, they should take ad-
vantage of the grace period
if needed.
Though many mortgage
payments are due on the
first of the month, there’s
often a grace period of a
few weeks, so the loan isn’t
delinquent right away. Peo-
ple shouldn’t think there
will be a negative conse-
quence if they don’t get in
touch with their servicer by
the first.
But Wall Street Journal
reporting shows some ser-
vicers are taking days or
weeks to respond to for-
bearance requests. These
long wait times could mean
some borrowers might not
be approved until their pay-
ment date and grace period
have both passed.
?
For more questions and answers on the coronavirus, and continuing coverage, go to wsj.com and click on Testing and Treatment
or Live Updates. >> Order copies of this special print section at wsjshop.com. For large quantity reprints of articles, visit djreprints.com.
Download a free digital copy of this special report at WSJplus.com/coronavirus.
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
The Tricky Task of
Figuring Out What
To Do on Vacation
Continued from the prior page
Such a trip might be safe, they reason, be-
cause they would cook and sleep in their van
and spend most of their time outdoors. They
could stay at campgrounds, or, in the worst-
case scenario, park in their friends’ drive-
ways. The couple is working hard to fix up the
van with a platform bed, solar panels and a
on
kitchenette—and they’ve asked for wedding
gifts like blankets and travel wine glasses.
Still, Ms. Hiles, a 33-year-old book editor,
says they don’t know if their trip will be fea-
us ,
sible, and they will only consider going if
shelter-in-place restrictions are lifted, the
l
e
country opens up and their friends are com-
al a
fortable with having visitors. “We are in
limbo,” she says.
ci on
For Chris Chandor, a looming switch to do-
mestic travel isn’t his choice. He is still all set
to leave on May 24 for a fishing trip in the
Bahamas with a group of men. He says he
spoke with the owner of the lodge on Andros
er s
Island where he is booked, and she is happy
for them to arrive. “I’m an adventurer. I want
m er
m rp
Summer Travel Tips
 Areas that saw overcrowding last
year, like theme parks, might have
limitations, while anything exclusive,
like villas and yachts, will be more
co Fo
popular, says Jeff Willner, CEO of
Toronto-based travel firm Travel
Edge.
 If you’ve booked a flight, wait to
see if the airline cancels it before you
cancel your trip; that gives you a
greater chance of getting a refund
instead of a voucher, says Jesse
Neugarten, CEO of Dollar Flight Club.
 Airlines are offering free changes
n-
on flights bought by a certain date,
but that doesn’t mean travelers won’t
have to pay more if they change
flights and the new fare is higher.
 Make sure the hotel or rental
company is transparent about
cleanliness and safety, says Jan
Freitag, senior vice president for
lodging insights with STR.
 Go by RV. According to RVshare
booking data, rentals for July are in
line with last year.
 Look for hotel freebies. Instead of
cutting rates, the Dewberry in
Charleston, S.C., is offering meal
credits, free parking and other
amenities.
—Nancy Keates
to be out,” says the 78-year-old commercial-
real-estate investor from Pineville, Pa.
But the trip will almost certainly be can-
celed, based on the tone of the emails among
the group. As a result, Mr. Chandor’s sole sum-
mer getaway this year is likely to be taking his
son, his son-in-law and his four grandsons
fishing in Maine in July.
That’s fine with his son, Chris Chandor Jr.,
51, who says he is much more comfortable go-
ing to Maine than to Italy, which his family
was considering. “We will be in a part of the
world where social distancing is pretty easy,
out in the middle of the woods,” he says.
Still planning
At the moment, there is nowhere safe to
travel, many scientists say. The novel coro-
navirus has spread to more than 200 coun-
tries and every continent except Antarctica.
Even though there are currently no domestic
travel restrictions in the U.S., most states
have ordered residents to stay at home, ex-
cept for necessities, and many have closed
nonessential businesses, which includes mu-
seums, as well as monuments and many
other tourist attractions.
But just because travel isn’t safe now
doesn’t mean people aren’t planning excur-
sions. According to a survey by Tripadvisor,
63% of 1,180 respondents spent time during
the second week of April planning their next
trip. When online travel- and entertainment-
deals company Travelzoo asked its custom-
ers last week if they wanted to keep receiv-
ing travel deals despite the current
lockdowns, 92% of the roughly 2,500 who re-
sponded said yes, and 55% said they were
likely to book a trip immediately if the deal
was either fully refundable or changeable
without fees.
Whether the trips being planned will actu-
ally happen remains to be seen. U.S. travel
experts are looking at Asia and Europe to get
a sense of how summer will look. There are
some positive signs: Walt Disney reopened a
portion of its Shanghai Disney Resort last
month, albeit requiring masks and tempera-
ture checks. But preliminary reports from It-
aly and France indicate that travel restric-
tions will be in place until at least August.
Despite unprecedented low airfares
(flight-deals service Dollar Flight Club esti-
mates fares are down 35% from a year ago),
new bookings are going slowly. At booking
platform Qtrip, the majority of customers
are canceling right now. The website’s total
searches for travel from June through Sep-
tember were down 79% in the first two
Disinfectant
weeks of April from the year-earlier period.
A survey by market-research and consult-
ing firm Longwoods International released
last week showed that 85% of travelers plan-
ning to go away in the next six months intend
to change their plans, with 48% saying they
will cancel completely, 43% reducing their
trip, 19% changing to destinations where they
could drive instead of fly and 11% changing
from international travel to domestic.
Winging it
One person flying against the wind is Victor
Pontis, a 27-year-old entrepreneur in San
Francisco, who just bought a round-trip
ticket to Honolulu for August for $300. He’s
going for his friend’s wedding, but he says
even if the wedding is canceled he will still
make the trip. He figures by then there will
be enough coronavirus testing and plenty of
masks.
Caroline Simon says she is waiting eagerly
to go to her second home in France this sum-
mer. The 79-year-old lawyer from Philadel-
phia bought an air ticket to Toulouse for late
May, but it was canceled due to France’s ban
on tourists. “It’s not enough for me to decide.
They have to let me in,” she says.
She is now aiming for the end of June but
expects she might only get there in August.
She says she will feel safe going when four
rational people tell her it is fine. Meanwhile,
she says “my children just want me to hide
in my living room.”
This past Easter, Matthew Gordon, his wife
and his 5-year-old son dressed up at their
home in Greenwich, Conn., and pretended
they were at Ocean House, the hotel in West-
erly, R.I., where they usually spend the holi-
day. Pretending just didn’t cut it, he says.
They plan to go for real on July Fourth
weekend, as long as it’s safe. Mr. Gordon, a
56-year-old entrepreneur, says part of his
yearning is wanting to be around other peo-
ple again. “You want an escape from the ev-
eryday. A different world.”
Ms. Keates is a Wall Street Journal reporter
in Portland, Ore. She can be reached at
nancy.keates@wsj.com.
THE WALL STREET JOURNAL.
Check In,
Disinfect
How to clean a hotel room
When it’s time to travel, save some
space in your suitcase for disinfecting
wipes.
Just as in homes, high-touch sur-
faces in hotel rooms need frequent
cleaning to keep them free of germs.
As a precautionary measure—or just
for peace of mind—guests can disinfect
things like doorknobs, flush handles,
light switches and the remote control.
Use disinfectant wipes that meet the
EPA’s criteria for use against the coro-
navirus, and be sure to let the product
air dry.
Give extra attention to the bath-
room. In a 2015 study published in the
Journal of Environmental Health, re-
searchers who tested a sampling of ho-
tel rooms for cleanliness found high
levels of contamination in the bath-
room sink, the floor and toilet basin.
They also looked at mops and sponges
on housekeepers’ cleaning carts and
found bacterial levels that were “too
numerous to count.”
.
In addition to cleaning the sink area,
ly
toilet seat and flush handle with your
disinfectant wipes, use the wipes on
your personal items, such as a comb,
that may have been touched by house-
keeping. (Optional: Soak your tooth-
brush in an antiseptic mouthwash, such
as Listerine, for up to 15 minutes.)
Wearing slippers should protect you
from any pathogens on the floor.
Though sheets, pillowcases and tow-
els are laundered between guests, the
bedspreads or comforters may not be.
But it’s unclear if a bedspread would
pose a significant risk. Research pub-
lished in the New England Journal of
Medicine earlier this month looked at
the lifespan of the new coronavirus on
various surfaces but didn’t include fabric.
Liquid soap Personal
in pump water bottle
dispenser or coffee mug
Slippers
Antiseptic
wipes mouthwash
Most important, however, is diligent
handwashing throughout your stay.
Things like hotel handrails, elevator
buttons and even the handle to the ice
machine can be a home for pathogens.
Rather than rely on just the compli-
mentary itty-bitty bars of soap, bring
along some liquid soap with a pump
dispenser. It also serves as a visual re-
minder to keep your hands clean.
If you want to bypass the drinking
glasses or coffee mugs typically found in
hotel rooms, bring a personal bottle or
mug from home—one per guest. And,
alas, don’t raid the room’s minibar for
cleaning products. The alcohol content of
most liquors falls far below the 60% min-
imum recommended by the Centers for
Disease Control and Prevention for sani-
tizing.
A number of hotel brands are devel-
oping new measures to address coro-
navirus fears. Marriott International
Inc., for example, plans to deploy elec-
trostatic sprayers, which deliver an
electric charge to a disinfectant to help
it adhere to surfaces. Hotels of pri-
vately held Four Seasons Holdings Inc.
are currently testing ozone air purifiers
and germicidal ultraviolet-light technol-
ogy in several properties. Executives at
Hilton Worldwide Holdings Inc. are con-
sidering temporarily removing dispos-
able pens, notepads, menus and other
paper items from rooms because they
JENN ACKERMAN FOR THE WALL STREET JOURNAL; ICON: ISTOCK
are handled by multiple people.
For their part, guests shouldn’t hesi-
tate to approach hotel management
about its cleaning regimens.
“Start to ask questions proactively:
‘What can I expect when I stay here?’ ”
says Phil Cordell, Hilton’s global head of
brand development. —Beth DeCarbo
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
Who Is This Person?
Couples who work together
get to see their partner
in a whole new light
BY ALINA DIZIK
F
awn and Keith Weaver spent
months building a custom
double-sided partners desk
for their office, thinking it
would be fun to sit across
from each other on the occa-
sional days they worked from home
together. Then the quarantine hit.
Ms. Weaver’s tendency to pace,
gesture with her hands and speak
loudly when taking calls became a
distraction for the 48-year-old Mr.
Weaver, a film executive. He quickly
realized it was her preferred way to
communicate. The couple decided to
split up into two rooms—with doors.
“The desk and office is officially
mine,” says Ms. Weaver, 43, chief ex-
ecutive of a whiskey distillery in
Lynchburg, Tenn. “There’s absolutely
no way we are able to share.”
With couples suddenly turning
into co-workers, many are getting a
glimpse of their loved ones in action.
Anything from amped-up leadership
skills to prolific hand gesturing is on
display in makeshift office setups.
And even longtime partners are sur-
prised at the personality shift that
can occur between 9 a.m. and 5 p.m.
It isn’t always a good thing.
On one hand, witnessing each
other’s career strengths can bring
about feelings of mutual admiration
n-
and creates “a great opportunity for
them to build a stronger relationship
or fall more deeply in love,” says Pat-
rick Shrout, a psychology professor
no
at New York University. But feelings
of competitiveness and inequality
that emerge from working side by
side can also “lead to some serious
conflict,” he says.
Renegotiating chores
A shared office setup in Brooklyn
made Elana Friedman realize she
could delegate more household tasks
to her husband, Andy Friedman, a
footwear-company executive. Since
Mr. Friedman is always laughing and
joking at home, she hadn’t seen him
taking issues seriously before the
quarantine. “I never thought my
funny-not-super-serious guy has
these moments of pinpoint laser fo-
cus,” says Ms. Friedman, chief mar-
keting officer at a hotel residence
company.
FROM TOP: RAMI NIEMI; JAMES YANG; KELLY WONG; BOOK COVERS: PENGUIN RANDOM HOUSE
She recently asked Mr. Friedman
to take over the most serious of all
quarantine tasks: lunch for their fam-
ily, including two children. “I don’t
mind being the lunch man,” he says.
“Foodwise, we’ve taken it up a
notch.”
As couples continue to work from
home, renegotiating what needs to be
done to keep their lives running can
potentially upend traditional gender
roles for heterosexual couples, says Al-
yson Byrne, assistant professor of or-
ganizational behavior at Memorial
University of Newfoundland in Canada
who researches job status and female
breadwinners. Today’s work setups
create a greater sense of understand-
ing and respect for what the other
person is doing, which can make it
easier to assign tasks related to child-
rearing or taking care of elderly rela-
tives in an equitable fashion, she says.
Stephanie Bailyn, 35, a fourth-grade
teacher from Roslyn, N.Y., has eased up
on the requests she makes of her hus-
on
band, Russell Bailyn, 37, when he works
from home. Because she never had the
opportunity to work remotely until ear-
lier this spring, she didn’t realize the
us ,
intensity of his day. After witnessing his
back-to-back virtual meetings, she has
l
e
promised never to ask him to do the
al a
dishes during the workday or make
jokes about a midday workout. “I was
ci on
very jealous” that he could work from
home when I couldn’t, she says. “Now I
realize he’s just as active.”
Mr. Bailyn, a financial adviser, says
he is relieved she can take it all in, al-
er s
beit under different circumstances.
“When I’d tell her I’m having lunch
m er
with a client, it just sounded luxurious,”
he says.
Others are caught off guard by their
partner’s work personality.
m rp
When Steven Meyers, an executive at a
language-learning company in Brooklyn,
overheard his wife, Lauren Reynolds, on a
videoconference call, he was taken aback
by what he now refers to as her work
co Fo
voice. Mr. Meyers noticed that Ms. Reyn-
olds, 33, seems more measured and
overly polite when talking to colleagues.
“It’s hard to describe,” says Mr. Meyers.
“It’s a voice that, as husband, I’ve never
heard before.”
Ms. Reynolds, who leads customer
service at a health-care startup, doesn’t
deny changing the tone of her voice
when she is working, but says she is
seeing her spouse in a different light,
too. He is often unresponsive to any re-
quests or interruptions during the work-
day. But Ms. Reynolds also realized she
doesn’t have to worry about clanking
dishes or making other noises in the
kitchen when her husband is working.
How an ER Physician Is
Coping With Stress
Amid the Pandemic
In a series called How I Cope, we speak
to people across the country about the
things they are doing to relieve stress
amid the coronavirus pandemic. Here’s our
conversation with Kelly Wong, 28, years old,
a resident physician in emergency medicine
at the Alpert Medical School of Brown Uni-
versity in Providence, R.I.
Friday, April 24, 2020 | R3
Authors’
Picks
If Not Now,
When?
WSJ. Magazine asked some of
the world’s top authors what
they’re reading under quaran-
tine—particularly the best
challenging reads. See some
of their selections here and on
page R6, and in future reports.
Anthony Doerr
(‘All the Light We Cannot
See’)
“In my latest restlessness-sup-
pression effort, I’ve roped off a
square yard of the backyard,
and I’m trying to spend a few
minutes every day paying at-
tention to it. My guiding light in
this endeavor is the biologist
Bernd Heinrich, whose ‘Sum-
mer World: A Season of
Bounty’ details his work paying
attention to a little clearing be-
“We could have a marching band come side his Maine cabin.
through,” she says. Heinrich puts trash
In some instances, getting a glimpse cans over crocuses to
into the contrast between someone’s study when they’ll
work and home personality can be tough, open at different tem-
.
says Hannah Eaton, a Seattle-based ther- peratures, stuffs a
ly
apist who also organizes couples retreats. wasp nest into his
For instance, witnessing a spouse enthu- crow aviary and triple-
siastically leading a conference call, while bags alder branches to
acting uninvolved at home, can make see if they’ll flower in darkness,
always with the goal of learn-
partners resentful. At home, we’re more
likely to “show our more unpleasant ing more about the living
sides,” Ms. Eaton says. Instead, she ad- things just outside his door.”
vises couples to “save some of that work
energy” for their partner.
Elizabeth Gilbert
But others may benefit from seeing
their partner in action. “There can be (‘Eat, Pray, Love: One
this sense of novelty that can ultimately Woman’s Search for Every-
feed back into the relationship,” she says. thing Across Italy, India and
A newfound curiosity about the other Indonesia’)
person’s work can create feelings that “I am currently reading
are reminiscent of dating, she says. ‘The Mirror & the
Light’—the third and fi-
nal installment in Hilary
Unsolicited feedback Mantel’s brilliant ‘Wolf
As partners learn about loved ones’ work Hall’ series of novels
styles, many can’t help but step in to about Thomas Crom-
provide some unsolicited feedback. After well and Henry VIII. The
overhearing Claire Holland deal with a book is dense, deep,
recent work emergency, her husband, suspenseful, chewy,
Ben Holland, spoke up and told her she complex and utterly transport-
“sounded so negative” in addressing the ing—truly a full banquet. Most
problem. “My initial reaction was, ‘I miraculously of all, it’s every bit
didn’t ask for your commentary,’ ” says as good as the first two books—
Ms. Holland, a 33-year-old public-rela- both of which won the Booker
tions executive in Chicago. Prize. Imagine if the third ‘Godfa-
Mr. Holland, a 34-year-old financial ther’ movie had been just as
adviser, says any potential criticism is magnificent as the first two: It’s
coming from a good place. “Seeing her like that. A perfectly executed
take charge of working through these masterpiece.”
tough times has been something I’m
proud of her for,” he says.
Ms. Holland says she has learned to
appreciate her husband’s honesty and
now seeks out his take on select work is-
sues. “It’s kind of nice because your co-
workers may not give you that feedback,”
she says. “It’s been so eye-opening.”
Ms. Dizik is a writer in Chicago. She can
be reached at reports@wsj.com.
Running I’ve been using the bread for breakfast,
I love exercising, so I’m trying to con- grilled-cheese sandwiches and anything else
tinue with that, whatever time I fin- I can think of.
ish at the hospital. I’m currently al-
ternating between 12-hour day and Saying ‘hello’ to people
night shifts, where I treat the usual in the street
emergency patients as well as people One of the most important things I’m doing
who may or may not have Covid-19. I to bring happiness to my life right now is ac-
was training for a marathon, but it got knowledging people whenever I leave the
canceled, so I’m having to work harder than house. With social distancing, it’s easy to put
usual to motivate myself to get outside. But your head down and shuffle along. Saying
once I do, it’s always worth it. hello to someone is a way of telling them, “I
see you and I’m not afraid of you.” We may
Time away from my phone have to stay 6 feet away from each other, but
Every day, I take some time to put my that doesn’t mean we have to be strangers.
phone down and switch off from the news
so that I’m not constantly going down Twit- Reconnecting with friends
ter rabbit holes. I have to be on my phone a A highlight of recent weeks has been get-
lot to keep up with the latest updates on pa-
tient numbers and treatments, but 24 hours
ting messages from friends I haven’t seen in
years saying how much they appreciate ev-
of Covid-19 coverage with no break is too eryone working in health care. It’s the fuel I
much. I’ve started using a meditation app, need to go back to work for the next 12-hour
and I try to find 10 to 15 minutes to sit and shift. There has also been such an outpour-
not let myself think about what is going on ing of food and mask donations for hospital
in the world. workers. I’ve had my mom’s friends buy res-
pirators and ship them to me overnight so
Baking bread that I can use them at work. It’s incredible
I’ve been wanting to teach myself for years, how people have stepped up to help in this
and now that I’m not eating out, it’s the per- moment of crisis.
fect time, as nothing I bake will go to waste. —Ellie Austin

R4 | Friday, April 24, 2020
Q&A
MORTGAGE HELP
What happens if I’m
not able to get in
touch with my com-
pany until after my
payment date and
grace period have
ended?
A: If the forbearance plan
hasn’t been approved by the
last day to make that month’s
payment, the loan will likely be
considered delinquent.
Will this affect my
credit score?
A: It shouldn’t, but it might.
Freddie Mac has instructed
mortgage servicers not to re-
port borrowers on forbearance
plans as delinquent to the
credit bureaus.
In the past, natural-disaster
victims granted the same relief
have been reported late, mak-
ing their recovery more diffi-
cult. And the record number of
forbearances expected will
challenge servicers’ capabili-
ties, including the suspension
of negative credit reporting.
Homeowners who accept a
forbearance plan should regu-
larly check their credit reports
to make sure they haven’t
been reported past due.
The Consumer Financial
The Physical and Mental Price
Protection Bureau has said it
would give lenders more time
to respond to credit-reporting
complaints from consumers
during the pandemic. That
means homeowners might
wait longer to have inaccurate
information removed from
their credit reports.
W
Will this affect the
life of my loan?
What happens to in-
terest during the
time I’m not paying?
A: Most of the time, borrow-
ers won’t know how they will
be allowed to catch up on the
missed payments until the for-
bearance ends.
Many servicers allow bor-
rowers to apply for repayment
plans, in which the missed
payments are spread over a
given time frame, or for a loan
modification, which changes
the terms of the loan. Addi-
tional documentation is typi-
cally required for these op-
tions, and being approved isn’t
guaranteed.
Borrowers with loans in-
sured by the Federal Housing
Administration can resume
their normal mortgage pay-
ments when the forbearance
ends, according to recent guid-
ance from the Department of
Housing and Urban Develop-
ment. But these loans repre-
sent just a fraction of all ac-
tive mortgages.
MIKE BLAKE/REUTERS; MORRA AARONS-MELE; ILLUSTRATION BY ADAM MCCAULEY; ICONS: ISTOCK; YOGA POSES: ISTOCK
To Calm the Mind and Help the Body in Quarantine, Try These Yoga Poses
Exercise is especially important in this homebound
time because it boosts us physically and mentally.
Many closed yoga studios are offering free online
classes. San Francisco-based yoga instructor Sarah Ez-
rin is a fan of Glo, an app that offers over 4,000 on-de-
mand classes, and Yogis Anonymous, with over 8,000
classes. A towel or carpet can replace a mat, couch
cushions make great bolsters and a belt can double as
a strap, she says.
To calm the mind in these stressful times, Ms. Ezrin
suggests these poses. —Jen Murphy
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
Of Extended Social Isolation
The stress of social distancing
mirrors that of polar researchers
and astronauts, with possible effects
on mood, memory and heart health
BY BETSY MORRIS
hen Newton, Mass.,
closed its schools in mid-
March to help stop the
spread of coronavirus, Na-
taly Kogan was thrilled.
No more rushing to get
breakfast. Her 15-year-old
daughter, Mia, could sleep
in.
The two did puzzles
and made videos to post on TikTok. Ms. Kogan thought
she would paint.
“It was bliss,” she recalls. “Full-on denial. Those
were two of the best weeks of my life.”
The third week, reality hit. School closures would ex-
tend indefinitely. Mia’s summer program at Johns Hop-
kins University was canceled. So was time with friends.
Ms. Kogan teaches emotional health, she says. It is
the subject of her speeches, her books and her com-
pany, Happier Inc. But at the end of her third week in
isolation, worried about her work and her child, she
lost it. She yelled at both daughter and husband,
slammed a door and ran out of the house.
“The feeling of hopelessness is paralyzing,” she says.
The changing mood in the Kogan-Spivack household
mirrors changes scientists have observed in studies of
how polar researchers and astronauts adapt to isolation
in situations more extreme than what most people are
currently experiencing. In the studies, subjects fre-
quently are gung-ho at the outset, but spirits and en-
ergy tend to dip about halfway through an expedition.
Days and weeks blur. Productivity often slows and rela-
tionships fray in what some researchers refer to as the
third-quarter slump. That happens, in part, because our
circadian rhythms depend not only on light but on so-
cial cues. Moods lift again as the isolation nears an end.
Social distancing is different, of course. But “some
of the lessons apply,” says Lawrence Palinkas, a Uni-
versity of Southern California professor whose re-
search has taken him seven times to Antarctica to
learn how people adapt to prolonged periods of isola-
tion and confinement.
Cat-cow breath
Start on your hands and knees with
your wrists directly under your shoul-
ders and your knees directly under
your hips. On an inhale, lift your heart
up to the ceiling, arching the back,
coming into cow pose. On an exhale,
round the spine into cat pose.
THE WALL STREET JOURNAL. THE WALL STREET JOURNAL.
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
on
us ,
studying the impact on immune function-
ing, cellular aging and sleep disruptions.
l
e
“Humans are a social species,” vulnerable
al a
at birth and safer in a group, Dr. Holt-Lun-
stad says. “If we lack proximity to others,
ci on
our bodies will respond,” she says. “Our
brains send signals typically associated with
fight or flight. We’re put on heightened
Zoom sessions and drive-by birthdays alert.”
aside, “the fact that face-to-face interac- No wonder, then, that isolation tests the
er s
tion is missing is very stressful,” he says. dynamics of small groups confined to-
So, too, is confinement with a small group m er gether—whether in space or in homes
of people, even family, he says. The relent- across the nation.
less proximity often turns minor annoy- “It’s important to self-monitor, to defuse
ances into major ones. feelings,” says Nick Kanas, an emeritus psy-
Prolonged social isolation takes physical chiatry professor at the University of Cali-
m rp
and psychological tolls that are well-docu- fornia, San Francisco. His 2015 book on psy-
mented. Numerous studies link isolation chological challenges in space made special
and loneliness to depression, dementia, note of cupolas built into NASA’s interna-
heart attacks and strokes. The health risk tional space station that allow astronauts to
of isolation is equal to smoking 15 ciga- get away from peers and observe the Earth.
co Fo
rettes a day, says Julianne Holt-Lunstad, a There is no equivalent escape hatch for
psychology and neuroscience professor at Morra Aarons-Mele in her home in subur-
Brigham Young University. It shortens ban Boston. Ms. Aarons-Mele is an expert at
lives. working from home. There, she started a
But isolation takes a toll whether the business, wrote a book and started a pod-
duration is short or long. In lab studies, cast with the Harvard Business Review
“we can see changes in blood pressure, in- called “The Anxious Achiever.” She has
creases in stress hormones and inflamma- been a speaker at South by Southwest, the
tion” linked to short-term isolation, Dr. arts and conferences festival held in Austin,
Holt-Lunstad says. Other researchers are Texas.
n-
no
Top, a quiet neighborhood in San Marcos, Calif., as residents practice social distancing.
Above, isolation tests the dynamics of small groups. Morra Aarons-Mele, with two of her
children, says, ‘I’ve never tried to pull out so many tricks.’
Simple cross-
legged position
“This pose teaches us
to sit calmly in the en-
tirety of the moment,
even in fear,” she says.
Place your hands on
the tops of your
thighs for extra
grounding.
.
ly
Now, though, her three young children
and her husband, who teaches at Harvard
University, are confined at home with her.
their physical space, a close friend, leaving them feeling dis-
She has lost her space. Her husband has
moved into her office because there is not
room for another.
“My husband is trying to help, but he’s re-
ally messy and it stresses me out,” she says.
She has been working from bed, recovering
from what she thinks was Covid-19.
Some days the whole family fights. At one
point, one of the kids told her, “ ‘I feel empathy
for you and Dad, and I feel scared,’ ” she says.
“I’ve never tried to pull out so many
tricks,” says Ms. Aarons-Mele. “A lot of au-
dio meditations, and I’ve taken a Xanax here
and there.”
Productivity is a big concern for people
working from home, especially with the econ-
omy in a tailspin.
Alison Ledgerwood, psychology professor
at the University of California, Davis, says,
“My friends ask, ‘What is going on? I don’t
know why I can’t focus.’ ” After several
weeks, Dr. Ledgerwood says she has accepted
that “if I write one sentence of a paper a
day—good for me.”
Social isolation can undermine productiv-
ity for reasons that have nothing to do with
disrupted routines or family friction. Circa-
dian rhythms are regulated mostly by expo-
sure to light. But they are also affected by
social cues, scientists say. Staying confined
at home greatly limits external stimuli and
can trigger a physiological and psychologi-
cal response similar to the behavior of ani-
mals in hibernation. Study subjects—at the
South Pole and in space—are apt to slow
down, sleep more and get more forgetful,
scientists say.
“They go through a period of physical and
psychological torpor,” says USC’s Dr. Palinkas.
It’s a problem NASA is grappling with as it
lays the groundwork for a trip to Mars.
The polar scientists generally were seen to
regain their energy when they knew an expe-
dition would soon end. Nobody knows when
social distancing will end. Since lockdowns be-
gan, Ms. Kogan has been giving virtual talks to
hospital workers from Boston to Rochester,
N.Y., on themes of happiness and gratitude. At
each, she says, audience members inevitably
ask: Do you think something good will come
out of this?
“People are looking for a goal post,” Ms.
Kogan says. “The bad-case scenarios are so
obvious.”
Ms. Morris is a reporter for The Wall Street
Journal in San Francisco. Email
betsy.morris@wsj.com.
Humble warrior
Start in warrior one pose, with your right
leg forward, knee bent over ankle, and
left leg straight and strong behind,
foot turned out to a 45-degree
angle. Clasp both hands behind
your lower back. As you
bend your chest forward
inside of your right
knee, bring your
arms overhead.
Repeat on the
opposite side.
Introverts and Extroverts Face Different
Problems—and Solutions—in Lockdown
BY AILI MCCONNON
Lockdown poses some obvious problems for
extroverts, who thrive on socializing in large
group settings. But it can be surprisingly hard
for introverts, too.
“We have to be careful when generalizing,
but in many ways uncertainty is harder on in-
troverts,” says Susan Cain, author of “Quiet:
The Power of Introverts in a World That Can’t
Stop Talking.” “Introverts are used to retreating
to a home space where they have indepen-
dence to control schedules and routines.” Now,
for many people living closely with others,
home is no longer a predictable sanctuary.
The notion that extroverts are social butter-
flies and introverts prefer being alone is a ster-
eotype, say experts. In reality, lockdowns pose
special challenges for each personality type, so
the strategies for coping amid social distancing
also differ. Having a better understanding of
these issues can help both introverts and ex-
troverts better navigate their tension and frus-
tration during lockdown—as well as support
those who are closer to the other end of the
personality spectrum or have certain traits of
both types, as many do.
Here’s a look at the difficulties that introverts
and extroverts face, and how to deal with them.
 Introverts: A Loss of Space and Routine
When people started staying home to prevent
the spread of Covid-19, some assumed social
distancing was a dream come true for intro-
verts. In fact, introverts still seek social
contact, even if they often prefer a
Intro
smaller number of people and different
settings than extroverts—such as an in-
timate meeting place rather than a
noisy bar. Consequently, the lockdown
Now that they’re may mean that introverts lose beloved
feeling the loss of traditions like a weekly coffee date with
introverts should
connected.
Introverts also get energy from being
adjust their in contemplative places outside the
schedule to create home—such as quiet spots in parks or
‘mental space.’ other natural settings—where they have
Extro
a chance to reflect. Once again, the
lockdown is barring access to
many of those favorite places, leav- It’s important to
ing introverts feeling out of sorts. remember that
“Introverts are not necessarily
extroverts need
breaking all relationships with the
outside world,” says Elias Abou- more stimulation
jaoude, a clinical professor of psy- overall, not just
chiatry at Stanford. In reality, in- more social contact.
troverts’ focus may be more on
observation and reflection. “Some
now are also cut off from the source of their
material for reflection,” he says.
For introverts, a good first step for manag-
ing the crisis is to identify which activities they
miss most and search for virtual alternatives.
Many cultural institutions, for instance, are of-
fering more live-stream options than ever be-
fore. Italian singer Andrea Bocelli livestreamed
a concert in front of the Duomo cathedral in
Milan on Easter Sunday.
What’s more, there are a variety of ways to
join in on these activities, depending on your
preference. Some galleries, for instance, let you
take virtual-reality-enabled tours of their exhi-
Camel
Kneel with hips over
knees and toes tucked
(flat for more of a chal-
lenge). Place your hands
on the small of your
back and slowly drop
your head and shoulders
backward toward the
wall. If comfortable,
reach down to hold the
heels of your feet.
Friday, April 24, 2020 | R5
bitions—perfect if you like spending time alone.
Introverts should also experiment with ways
of reaching out to friends and family. “People
should connect through whatever medium feels
most natural,” says Jessica Ribeiro, an assistant
professor in the department of psychology at
Florida State University. For people who prefer
connecting one on one, writing letters, catching
up on the phone or virtual coffee dates might
prove to be the right solution.
Using technology in creative ways can also
help, says JoAnn Difede, the director of the Pro-
gram for Anxiety and Traumatic Stress Studies
at Weill Cornell Medicine and New York-Presby-
terian. For those who are missing friends and
family, she recommends using Skype and Face-
Time to hang out without talking, as well as to
talk. “It can be tiring to have to look at each
other and converse for a long period of time, so
another option is just to leave Skype on in the
background while you engage in separate activi-
ties. That way, you can talk when you want, but
not feel pressure to be on,” she says.
Finally, it’s important for introverts to carve
out time for themselves. Now that they’re feel-
ing the loss of their physical space—both outside
the home and inside—their schedule should be
adjusted to create “mental space,” says Ms. Cain.
“That can be a time of the day where they don’t
have to be ‘on’ for anyone, when it’s OK to disap-
pear into their headphones or a book,” she says.
 Extroverts: Fresh Air and Stimulation
“For many extroverts, this new situation has gen-
erated strong feelings of boredom that can lead
to anxiety,” says Allison Baker, a perinatal and
child psychiatrist at Massachusetts General Hos-
pital and an instructor at Harvard Medical School.
For anyone who thrives on the sensory and psy-
chological stimulation of a teeming public square
or a loud rock concert, they are “mourning the
loss of that experience,” she says.
When burdened with stress about spending
time alone, it’s important not to sit with “feelings
such as loneliness and isolation for extended pe-
riods of time,” says Dr. Difede. Instead, extroverts
should identify the negative feelings and com-
municate about them, and then shift focus to
finding ways to connect with oth-
ers in a positive and safe way.
Options abound for linking up
with larger groups, including vir-
tual happy hours, Netflix parties
(where people watch movies with
friends remotely) and a slew of
other activities, from remote
cooking competitions to “quaran-
theme” costume dinners.
But when selecting activities
online, it’s important to remember
that extroverts need more stimu-
lation overall, not just more social
contact, says Ms. Cain. “The ner-
vous system is in a sweet spot
with more stimulation,” she says.
If an extrovert were considering a
virtual exercise class with friends,
for instance, it could be better to
do one with loud, pumping music
and vigorous movement than a
slow yoga class.
Fresh air, which can improve
everyone’s mood, might be par-
ticularly helpful for extroverts.
Even though they can’t get up
close and personal with people
on the street the way they used
to, extroverts can still get a
charge from talking with a neigh-
bor from a safe distance or wav-
ing to someone farther away.
“A walk with the opportunity
to see others is potentially twice
as reinforcing for someone more
extroverted” during the lockdown
than in ordinary times, says Dr.
Baker, who walks daily herself. “I
notice that people are more likely to smile, say
hello and make the effort to connect, even non-
verbally. These nonverbal communications are so
supportive. They signal, ‘I see you there. Hello!
We are in this together.’ ”
Finally, this crisis may be a good prompt for
extroverts to try something new: move inward.
It may serve as a chance for extroverts “to
try out techniques like mindfulness that might
otherwise not come automatically to them,” says
Dr. Aboujaoude.
Ms. McConnon is a writer in New York. She
can be reached at reports@wsj.com.
Reclined cobbler
Lie on your back. Bend your
knees, opening your thighs out
to the side and bringing the
soles of your feet together.
Place one hand on your heart
and the other hand onto your
belly. Breathe here for five to
seven minutes.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
R6 | Friday, April 24, 2020
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
Back to
Work:
A Q&A
What your boss can—
and can’t—make you do
BY LAUREN WEBER
E
mployers and legislators are turn-
ing their attention to the eventual
reopening of workplaces, and in
some places it is already happen-
ing: Georgia Gov. Brian Kemp is let-
ting salons, tattoo parlors, gyms
and other businesses open as early as today,
while some South Carolina retailers opened
this week with restrictions.
But many employees remain nervous
about their health, and about how they will
make ends meet if they can’t return to work.
Meanwhile, many employers are confused by
an onslaught of guidelines, rules, executive
orders and recommendations from the
White House, governors and an array of fed-
eral and state agencies.
To help make sense of fast-changing rules
and norms, The Wall Street Journal con-
sulted a panel of employment lawyers and
other experts. While not all of the policies
and guidelines referred to here are hard-and-
fast requirements, the following answers to
some common questions do reflect best
practices, the experts say.
er s
m er
m rp
Workplace Safety
My boss is calling me back to the of-
co Fo
fice soon. I’m healthy, but I don’t feel
safe and have been working from
home just fine. Do I have to go back?
Fear isn’t a legal reason for refusing to
work, but there is one exception, says An-
gela Walker, an Ann Arbor, Mich., attorney
who specializes in representing employees
in Americans With Disabilities Act cases. If
you have a diagnosed mental-health disabil-
ity, such as severe anxiety, and the pan-
demic is exacerbating that disability,
you can ask to work from home as
n-
a reasonable accommodation un-
der the ADA.
Otherwise, you can make the
case for continuing to work at
no
home, but your boss isn’t obli-
gated to allow it.
I have an underlying health
condition. Can my em-
ployer force me to re-
turn?
The White House guidelines
call for a three-phase return
to work, with special accom-
modations for vulnerable indi-
viduals until the third phase, at
which time the policy envisions a
return to “unrestricted staffing of
worksites.” Under the guidelines,
vulnerable people are the elderly
and those “with serious underlying health
conditions, including high blood pressure,
chronic lung disease, diabetes, obesity,
asthma, and those whose immune system is
compromised such as by chemotherapy for
cancer and other conditions requiring such
therapy.”
These aren’t orders. “There’s no enforce-
ment power,” says Jennifer Merrigan Fay, an
ILLUSTRATIONS BY MARTIN TOGNOLA; BOOK COVERS: PENGUIN RANDOM HOUSE
employment-law partner at Goodwin Procter.
So if you have asthma, your employer can call
you back. “If you have a disability under the
ADA, you’re better protected,” she says.
What if I’m pregnant?
Pregnant women aren’t identified as vulnera-
ble in the White House guidelines. But some
states, including Massachusetts, New York
and California, have laws that obligate em-
ployers to consider reasonable accommoda-
tions for pregnant employees, Ms. Fay says.
What should I do if my employer
isn’t following Centers for Disease
Control and Prevention guidelines for
a coronavirus-safe workplace?
First, bring up your concerns with your
manager. If nothing changes, file a com-
plaint with the Occupational Safety and
Health Administration, says Debbie
Berkowitz, director of Worker Health and
Safety at the National Employment Law
Project and a former OSHA chief of staff.
You can opt to remain anonymous.
The CDC’s guidelines are recommenda-
tions, so employers can’t be sanctioned
just for violating those. But OSHA can
determine whether those employers are
violating its general-duty clause. And the
on
agency is required to follow up on com-
plaints, Ms. Berkowitz says.
What if my employer doesn’t
us ,
provide handwashing breaks or
enforce social distancing?
l
e
Again, raise your concern with your
al a
employer. If nothing changes, file an
OSHA complaint. Workers also have
ci on
some protections to refuse to work if
there is a reasonable expectation that
workplace conditions could cause se-
rious physical harm or death.
My employer follows safety
guidelines, but I worry about
exposure on my commute.
If you are able to work from home,
ask to do so. If you are considered a
vulnerable individual or have an
ADA-qualifying disability, you have
a better chance of getting permis-
sion. Otherwise, you could be required to
come to work.
If working from home isn’t an option,
you may be able to take unpaid leave, but
there is no guarantee your job will be
available when you feel it is safe to com-
mute. Meanwhile, some employers are
considering enhancing transportation ben-
efits, like reimbursing for car services, or
offering parking benefits, says Lindsay
Burke, co-chair of the employment prac-
tice at Covington & Burling LLP.
Legal Protections
I was fired after telling my boss
that the safety measures at work
were insufficient. What can I do?
What your employer did is illegal, em-
ployment lawyers say. Whistleblower
laws protect workers who raise concerns
about workplace health and safety. Re-
port the action within 30 days to OSHA,
and consider finding a lawyer.
If I get Covid-19 because of my job,
am I eligible for workers’ comp?
Generally speaking, having an infectious
disease such as the flu hasn’t entitled
workers to compensation because it is
nearly impossible to determine where
someone contracted the illness.
But several states have come out with
rules granting eligibility for health-care
workers, first responders and in some
cases a broader group of essential work-
ers who fall ill with Covid-19.
Can my employer ask me to waive
my right to workers’ comp?
No. Workers can’t be required to sign
away this right, Ms. Burke says.
I’m pretty sure I got Covid-19 at
THE WALL STREET JOURNAL.
work. Can I sue my employer?
If employees believe their company was
negligent—for example, by not providing
personal protective equipment even if
workers were regularly exposed to con-
firmed Covid-19 cases—there are situa-
tions and states where courts might be
.
open to such claims, says Ms. Burke.
ly
Job Security & Pay
Authors’
If my employer asks for volunteers
to return from furlough and I raise
my hand, can my employer reject
Picks
me? I’m over 50 and have an under-
lying health condition. Viet Thanh Nguyen
(‘The Sympathizer’)
If employers make decisions based on
their perceptions of who is at higher “Natalie Diaz’s ‘Postcolonial
risk, they are likely engaging in illegal Love Poem.’ David Treuer’s ex-
discrimination. pansive, insightful ‘The Heart-
“Employers might be motivated to beat of Wounded Knee: Native
pick the youngest and healthiest people America from 1890
to come back first, but if they do that, to the Present.’ Mira
there would be legal ramifications,” says Jacob’s very funny
Ms. Walker. While the White House and sexy ‘Good Talk:
guidelines refer to elderly people as vul- A Memoir in Conver-
nerable, they don’t specify at what age sations.’ John Keene’s
someone is “elderly.” ingenious and daring
‘Counternarratives’—
My employer called me back, and situated between
schools are still closed. I’ve used up history and fiction—is the
my paid leave and the expanded most challenging of the books
leave provisions in the Families I’ve selected, about the making
First legislation. What do I do if I of the so-called New World
have no one to look after my kids? from the moment of first con-
You can ask for an unpaid leave of ab- tact between indigenous peo-
sence, but your employer isn’t obligated ples and European settlers up
to offer that or to hold your job for you until our recent past.”
if you do take leave, says Ms. Fay.
Ann Patchett
(‘Bel Canto’)
Privacy
Can my employer take my “Like so much of life these
temperature at work? days, Gish Jen’s dystopian
The U.S. Equal Employment Opportunity baseball masterpiece, ‘The Re-
Commission has determined that, given sisters,’ lands somewhere be-
the risks associated with Covid-19, this is tween terrifying and hysterical.
permissible, Ms. Peters says. It’s a testament to
the author’s brilliance
Do I have to report any coronavirus that she keeps such
symptoms to my employer? a messy future under
Yes. “If an employer asks you if you’re control. Louise
symptomatic, which it should, they can Erdrich is the best of
require that you report that,” as a work- the best, and her
place-safety matter, but only under pan- new novel, ‘The Night
demic conditions, says Ms. Fay. She rec- Watchman,’ is, for my money,
ommends that employers require a her finest book to date.”
simple daily health questionnaire, and
that workers proactively report any
symptoms. The information should be Jess Walter
protected as confidential under the ADA. (‘Beautiful Ruins’)
“I’m reading an Alice Munro
Can my employer send me home if story each week and then
I’m showing symptoms? talking about them with a
Yes. Your employer has a duty to protect handful of writer friends over
all of its employees. Zoom cocktails—so
far we’ve read ‘Car-
If a Covid-19 vaccine is developed, ried Away,’ ‘A Wilder-
can my employer require I get it? ness Station’ and
During a pandemic, employers can re- ‘Friend of My
quire vaccinations, the EEOC says. An Youth’—marveling at
employee may be entitled to an exemp- the way her stories
tion if the vaccine would interfere with a can seem so tradi-
medical condition or violate that per- tional in tone and time and
son’s religious beliefs. yet so unbelievably inventive
and elusive. I’ve never read
Ms. Weber is a reporter for The Wall ‘Middlemarch’ and was think-
Street Journal in New York. She can be ing I might land that big plane
reached at lauren.weber@wsj.com. next. I just finished reading
‘War and Peace’ for the sec-
ond time, so I’ve also been
tracking the #TolstoyTogether
readers and enjoying the re-
sponses. But the most chal-
lenging book by far the last
month has been my own, ‘The
Cold Millions,’ which comes
out in October, if there is an
October.”
—Cody Delistraty for WSJ.
Magazine
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 24, 2020 | R7

SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

10
Financial
Webber, a certified financial planner
in Seattle. “You’ve got to deal with
the problem in front of you.”
is why it happened to us, why it may
happen again, and here’s why it’s im-
portant.”

Moves to Make 4. 8.
Reconsider Your Tap Your
If You Lose Tax Withholdings Emergency Fund

Your Job... If your hours have been reduced,

but not eliminated, at least
think about reducing your
withholding, says Jason
Speciner, a certified financial
...or if you’re afraid you may lose planner at Financial Planning
it in the near future “Most people don’t even know that Fort Collins in Colorado. Those who
number,” she says. usually get a tax refund should con-
Once you’ve determined your sider getting that money sooner, by
BY CHRIS KORNELIS
It might seem like the obvious thing
to do, but some people have a very
difficult time dipping into their emer-
gency savings when an actual emer-
gency does arise.
“They call it a rainy-day fund, right?
This is a rainy day,” says Mr. Miller.
“This is the time to use those dollars.”
Mr. Speciner says that in cases

W
rock-bottom cost of living, you can opting for a bigger check now, he where people have bought whole-life
determine where and how much to says. And if you’re filing for unem- insurance policies, which are designed
ith tens of millions cut. This doesn’t mean you have to ployment, Mr. Speciner says to con- to gain cash value over time, such poli-
of Americans losing cut all of your discretionary spend- sider reducing your withholding to cies can be good assets to tap in an
their jobs, the U.S. is ing. For instance, Ms. Mackara says, zero. Most states, and the Internal
approaching Depres- any monthly subscription service Revenue Service, tax unemploy-
sion-era levels of that you’re not using can easily go. ment benefits. It might be better to
unemployment. Mil- have more money today, and to risk
lions of households across the country
are staring at their budgets trying to
figure out how to save money, lower
2. possibly owing a little more when
you file your 2020 taxes, he says.

bills and cut back.

Even if you haven’t lost your job,
now can be a good opportunity to
start creating a sound financial plan.
Most people don’t have a solid grasp
of their financial situation, says
Stephanie Mackara, president of
Charleston Investment Advisors in
Mount Pleasant, S.C., and author of
Negotiate With Lenders
(and Everyone Else)
Try to lower the rates you pay to
monthly providers of services such as
cable, phone and internet, says Jim
Miller, a certified financial planner at
Woodward Financial Advisors in Cha-
pel Hill, N.C. Many will work with you,
rather than risk losing you as a cus-
5.
Modify Your Insurance
Health insurance is a must, Ms.
Webber says, and there can be a
number of options available if you
have lost your job and aren’t bringing
in any income. You may qualify for

.
“Money Minded Families.” If you are tomer. And if you’re having trouble credits on the health-care exchange

“just putting money away, you don’t
have a plan,” she says.
What follows is advice from experts
on how people can best prepare finan-
cially for the months ahead, whatever
their employment status.
with big-ticket payments, like your
mortgage or car, Mr. Miller says, call
your lender, explain your situation and
on
try to negotiate some relief there, too.
“I think most lenders will be will-
ing to put you on some sort of ei-
us ,
ly
to help you purchase insurance
through Healthcare.gov or individual
state exchanges. Or you might have
access to Medicaid options in your
state. Ms. Webber says that some-
times children are eligible for Medic-
aid even when their parents aren’t.
emergency. If you have a healthy
amount of cash value built up in such a
policy, he says, and if it was your inten-

Mr. Speciner says if you’re not tion for it to be a possible emergency

l

driving as much, you might be able fund, go ahead and “activate the plan,”
e
to get a reduced rate from your car he says; just make sure you under-
al a

insurance company. You also often stand the limits and rules of the policy.
can reduce your monthly premium
ci on

if you raise your deductible or make

other temporary changes, he adds. 9.
Consolidate and
6. Negotiate Credit-Card
er s

Debt
Pause College Saving If you lose your job and you’re sad-
m er

Parents often make their children’s
higher education a bigger priority
than saving for retirement, says Na-
than Kublank, a certified financial
m rp
dled with credit-card debt, call your
credit-card company, tell them what
has happened, and see if you can get
a rate adjustment or some other kind

planner at Aspiriant in Milwaukee. of relief, Mr. Kublank says. If you can’t,

But if you’ve been laid off, Mr.
Kublank says, put the college sav-
ings on hold. And even after you are
back at work, if you don’t have an
co Fo
and you have a large balance and high
interest rates, he suggests going to a
local credit union Sometimes, a credit
union will be open to consolidating

adequately funded emergency fund, credit-card debt at a lower interest

1. ther suspension of payment plan, or
renegotiate the terms more favor-
ably,” he says, “especially with the fi-
Survey Your Spending nancial circumstances that are going
Anyone who has been laid off, or on in the world today.”
worries about being laid off, should
n-
consider continuing to pause college-
savings contributions until you have
at least a year’s worth of expenses
set aside for the next emergency.
7.
Get Your Children
On Board
Ms. Mackara suggests talking frankly
rate than someone is currently paying.
10.
Stop Paying
Your Mortgage
If worse comes to worst, Ms. Webber
advises that stopping your mortgage
payment doesn’t mean imminent
homelessness. It will likely take many

first analyze all of his or her spend-

ing—perhaps using a digital service
like Mint.com, which is free. Break
3. with your children about what your
family is going through, and explain-
ing why some past expenditures—
months, or even years, for the eviction
process to take place, she says. But it’s
also going to “put a big fat black mark”
your spending into two buckets, Ms.
Pause Retirement such as summer camp and vaca- on your credit rating. It could make it
Contributions
no

Mackara says: fixed and discretionary.
Most important are the fixed ex-
penses, like food, rent and utilities,
she says. This is what it costs you
each month for the bare necessities.
“When your house is on fire you
don’t sit and worry about how much
you’re paying for the water that
you’re spraying on it,” says Ellen
tions—might not happen this year.
She also suggests asking them for
ideas on how to trim spending.
The main thing parents should
communicate, she says: “Listen, this
difficult, if not impossible, to buy an-
other home for a number of years.
Mr. Kornelis is a writer in Seattle.
Email him at reports@wsj.com.
ILLUSTRATIONS BYTOMI UM; PHOTOS FROM TOP: OLIVIER DOULIERY/AGENCE FRANCE-PRESSE/GETTY IMAGES; TARA O’BRADY FOR THE WALL STREET JOURNAL

Cooking in Quarantine:
Mustard Chicken With Crispy Rice
Total time: 2 1/2 hours
(includes marinating
time) Serves: 4-6
For the rice:
2 tablespoons neutral oil
such as grapeseed or
canola
4 scallions, thinly sliced,
whites separated
from dark green parts
(optional)
3 cups cooked rice
½ teaspoon turmeric
¼ teaspoon ground
cumin
2 tablespoons butter
Yogurt, any herbs you
have and/or lime
wedges, for serving
(optional)
For the chicken:
8 boneless, skinless
chicken thighs (about
1¾ pounds)
Kosher salt
3 tablespoons Dijon
mustard
¼ cup sour cream, yogurt
or heavy cream
2 tablespoons extra-vir-
gin olive oil
2 tablespoons rice vine-
gar or any white vine-
gar
½ teaspoon sugar
½ teaspoon fish sauce
(optional)
3 tablespoons neutral oil
such as grapeseed or
canola
Simple and satisfying, chicken and rice
is a combination that shows up around
the globe and across cultures. In this
version, chicken thighs get good oomph
from a sour-cream marinade. With the
addition of butter and some warming
turmeric and cumin, leftover rice is put
to good use. A final dollop of cooling yo-
gurt makes a nice counterpoint.
1. Season chicken assertively with salt
on both sides and transfer to a large
bowl or resealable bag. In a medium bowl, whisk together with aluminum foil and let rest 10 minutes.
mustard, sour cream, olive oil, vinegar, sugar and fish
sauce, if using. Pour marinade over chicken, tossing to 3. Make the rice: In a medium cast-iron or nonstick skillet,
coat evenly. Cover and chill 2 hours, tossing halfway heat oil over medium-high heat. Add white parts of scal-
through. Remove chicken from refrigerator and let come lions, if using, and cook until slightly softened. Add rice,
to room temperature, about 1 hour. turmeric and cumin, and stir to combine. Create a well in
center of rice and add butter. Let butter melt and stir
2. Preheat oven to 425 degrees. In a large cast-iron or once more to combine. Use a spatula or wooden spoon
other ovenproof skillet, heat 3 tablespoons neutral oil to press down on rice and evenly distribute in pan. Cover
over medium-high heat. Remove chicken from marinade, skillet with a lid and continue to cook, undisturbed, until
shaking off excess. Add chicken to skillet and cook, undis- bottom of rice is crisp and lightly browned, 7-9 minutes.
turbed, 7 minutes. Flip chicken and transfer skillet to
oven. Cook until surface of chicken is caramelized and an 4. Serve chicken and rice with a dollop of yogurt, if you
instant-read thermometer inserted at thickest part of like, scallion greens or other herbs, and/or lime wedges.
thigh reads 160 degrees, about 15 minutes. Cover loosely —Recipe by Eleanore Park
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
R8 | Friday, April 24, 2020
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
Facts and
Myths
About
Antibody
Tests
How reliable are they?
Should you get one? We
answer your questions.
us ,
l
e
al a
ci on
er s
BY SUMATHI REDDY
E
m er
veryone has their hopes pinned
on antibody or serology tests—
blood tests designed to detect
m rp
who was previously infected with
the new coronavirus and has de-
veloped antibodies to it. Busi-
nesses and governments hope the tests
can help slowly open up the economy. In-
co Fo
dividuals hope the tests can tell them if
they will be protected from getting
Covid-19 again.
In an effort to get the tests out as quickly
as possible, the Food and Drug Administra-
tion isn’t requiring manufacturers to get ap-
proval from the agency. The result, experts
say, is that many tests are of dubious qual-
ity and include false claims.
Even tests that are well-designed and
validated aren’t the panacea many think
they are, as it is still not proved that the
n-
presence of antibodies results in immunity.
“There’s probably more we don’t know
than we do know” about the tests, says
Bala Hota, a professor of medicine in the
no
division of infectious disease at Rush Uni-
versity Medical Center in Chicago.
For a closer look at all of these issues,
we asked experts what we know—and
don’t know—about the tests.
The basics
What is an antibody test? How is it dif-
ferent from a diagnostic test?
A: Diagnostic tests tell you whether you
are infected with Covid-19. They are mo-
lecular tests that detect the presence of
the genetic material from the virus, says
David Walt, a professor of pathology at
Harvard Medical School and Brigham and
Women’s Hospital in Boston. They typi-
cally use a nasopharyngeal swab that is
pushed way back into the nose to get a
sample of your mucus.
Antibody tests take a sample of your
blood to test your immune response to the
infection to see if your body has produced
antibodies. They don’t detect active infec-
tions but tell you if you were previously
infected with the virus.
What is an antibody?
A: Any antibody is a protein produced by
the immune system, designed to bind to
particular proteins on the virus. Once the
antibodies bind with the virus proteins,
they ideally trigger a process to neutralize
JOHN G. MABANGLO/EPA-EFE/SHUTTERSTOCK
the virus and remove it from the body.
If I have antibodies to the virus that
causes Covid-19, does that mean I’m pro-
tected from getting it again? If so, for
how long?
A: We don’t know. “Just because people
have an antibody response to this virus
does not mean that they are protected
against being reinfected,” says Dr. Walt.
Marc Jenkins, director of the Center for
Immunology at the University of
Minnesota Medical School, says the
assumption is that the presence of
antibodies provides some level of
protection and could last a few
years. The question is, how many
antibodies do you need? Different
people make different amounts of
antibodies based on their genetics
and other factors, including how in-
tense their viral infection was.
It is possible that people with
milder infections—or who are as-
ymptomatic—may not develop as
many antibodies and may have less
protection from the next infection,
he says.
“Most likely, people who have re-
covered from Covid-19 with antibod-
ies in their bloodstream will be im-
mune for months or one to two
years,” says David Reich, president
of Mount Sinai Hospital in New
on
York. “But this is unknown cur-
rently, and we have to study that
over time.”
Gauging quality
Where can I get an antibody test?
A: The priority right now is to de-
velop tests to be used by hospitals
on health-care workers and patients,
and as part of clinical trials. So, ex-
perts say it will be a few months or
possibly longer before average con-
sumers will be able to access credi-
ble tests. Over-the-counter tests, like
pregnancy tests, are under develop-
ment and will likely exist some day.
How reliable are antibody tests?
A: There was a huge concern about
the quality of the first group of anti-
body tests that hit the market about
a month ago, says Amy Karger, an
assistant professor in laboratory
medicine and pathology at the Uni-
versity of Minnesota Medical School.
“We were inundated with a flood of
emails and calls from questionable
companies that we had never heard
of trying to sell these tests,” she
says.
A lot of the rapid tests that could
be done with finger pricks were un-
reliable, she says.
Now the FDA has made it clear
that antibody tests that aren’t ap-
proved under the emergency use au-
thorization, or EUA, need to be inde-
pendently evaluated by a certified
clinical laboratory to show they
work before they are used, says Dr.
Karger.
Still, experts say the tests will be
highly variable. “It’s kind of the
Wild West out there in terms of
tests,” says Dr. Jenkins.
Antibody testing is somewhat
tricky, says Gregory Storch, a profes-
sor of pediatrics at Washington Uni-
versity in St. Louis, as there are
many variables.
“I am very concerned that anti-
body tests are being released with-
out having undergone adequate reg-
ulatory scrutiny, and it will be
difficult for consumers and even
physicians to distinguish which tests
are reliable,” he says.
How can I tell if an antibody test is
reliable?
A: Dr. Karger says to make sure the
test is coming from a reputable lab
or diagnostics company. Chances
are, if it is a lab name or company
you recognize, it is more likely to be
reputable.
Approval by the FDA under the
EUA is another good indicator, she
says. (There are currently only a
THE WALL STREET JOURNAL.
handful of such approved tests.)
Rapid tests offered from a physi-
cian’s office are probably not reli-
able this early, she says. “The main
clinical labs should be involved,” she
says. “If it sounds too good to be
true, it probably is.”
Do antibody tests have high false
positive or false negative rates?
A: Depending on the test, they can.
Test makers try to balance specific-
ity with sensitivity. A highly specific
test will exclude false positives but
might be less sensitive and miss
‘It’s kind of the Wild West out there in terms of
tests,’ says Marc Jenkins of the University of
Minnesota Medical School.
some positives. If a
test is very sensitive,
it may pick up a sig-
nal in people not re-
ally infected.
Experts are espe-
cially concerned
about the possibility
of false-positive re-
sults because those
could result in a
false sense of secu-
JOANNA STERN’S
rity. “That could in-
fluence behavior im-
properly,” says Dr.
Tech Tips
Jenkins. “You would Solutions to readers’
.
hate to think you’re tech problems for working
ly
walking around with from home.
antibodies and
you’re not.”
Dr. Reich warns,
“There’s this fiction
out there that people
think we’re going to
Re-create the Office
Hallway
Oh, how I miss the office: the
(relative) peace and quiet,
have this massive the mediocre coffee, the ran-
immune workforce
dom chats in the hallway.
that’s able to go back Luckily, you can recreate that
to work. It’s more last one—sorta. An app for
likely that we’ll just Slack called Hallway auto-
have to rethink the matically prompts you and
way the workforce is your chosen colleagues to
designed for the next join a video chat every few
year or year and a hours—you program in the
half until there is specifics. Prefer to stay out
widespread vaccina- of Slack? Put a 10-minute
tion.” phone call on a colleague’s
Another tricky point, Dr. Storch calendar. Rather just send a
says, is that the tests may measure message? Send a GIF or
antibodies produced for other coro- emoji via email or chat. Did I
naviruses, which don’t reflect infec- just send photos of snacks to
tion with Covid-19. There are several the people I run into at the
other very common coronaviruses vending machines? Sure did.
that are seasonal and cause the
common cold.
“Often the immune system will Eliminate
make antibodies that cover a num- Background Noise
ber of viruses in the same family,” Yes, mic muting is the golden
he says. rule of working from home,
but sometimes you have no
choice: You must speak—
The timeline even when the dog’s barking,
How long after infection does the the kid’s crying and the pans
body start producing antibodies? are clanking. Krisp—a Win-
When do they peak? How long do dows and Mac app that inte-
we have them? grates with Slack, Zoom and
A: Dr. Jenkins says studies have other popular chat apps—
shown the body starts producing an- uses AI tricks to reduce that
tibodies about a week after infec- background chatter. It’s
tion, and nearly everyone has anti- pretty crazy: It removed most
bodies in their blood 10 days after of my son and dog! (They’re
symptoms start. “Those levels stay both fine, don’t worry.) The
high in those people’s blood for as app’s maker says audio is
long as we’ve looked at them,” processed on your computer;
which is about a month so far, says none is sent to its servers.
Dr. Jenkins. It is unknown how long Still, it’s good to review its
the antibodies will remain, but one privacy page.
study found that for another deadly
coronavirus, severe acute respira-
tory syndrome, or SARS, the anti- Tweak Your Calendar
bodies faded after a couple of years, To Balance Your Time
he says. Work-life balance. Remember
Dr. Reich says that antibodies are that? Change your calendar
present 14 days after diagnosis but to help you set boundaries.
are much stronger 21 days after, ac- First, sync your personal and
cording to testing from the National work calendars (in Google or
Covid-19 Convalescent Plasma Proj- between Google and Out-
ect, which collects blood from peo- look). Set your new working
ple who have recovered from the vi- hours so people can only add
rus to donate to those still infected. meetings during those times.
Antibodies typically peak four to six (In Google Calendar, select
weeks after symptoms start, he says. the gear icon > Settings >
Working Hours.) Don’t forget
I am young and healthy. Should I to block off time to make
just expose myself to the virus if I your daily bologna sandwich,
can so that I can eventually get an too. Lastly, try Clockwise, a
antibody test and resume my nor- Google Calendar extension
mal life? that optimizes your calendar
A: Experts recommend against doing to help you find uninter-
this. You never know what kind of re- rupted, focused work time—
action you may have, and even young not meeting time.
and healthy people have ended up
hospitalized and have even died. The Ms. Stern is The Wall Street
goal is to take pressure off the health- Journal’s senior personal
care system, so exposing yourself in- technology columnist. Email
joanna.stern@wsj.com, and
tentionally—and exposing those
around you—is foolish, they say. see more tech tips at
Exposing yourself is “an unwar- wsj.com/tech.
ranted risk given that we still don’t
know much about this infection,” Dr.
Jenkins says.
Ms. Reddy writes The Wall Street
Journal’s Your Health column.
She can be reached at
sumathi.reddy@wsj.com.