* * * * * WEDNESDAY, JULY 8, 2020 ~ VOL. CCLXXVI NO. 6
00
DJIA 25890.18 g 396.85 1.5%
What’s
News
Business & Finance
PMorgan and BofA are
J in line to split between
$1.5 billion and $2.6 billion
in fees for being the conduits
of the government’s aid pro-
gram for small businesses hit
by coronavirus shutdowns,
according to an analysis of
newly released data. A1, A5
 Airlines are preparing
to cut thousands of workers
and tap government loans
as a surge of coronavirus
cases and fresh government
restrictions upend a na-
scent recovery in travel. B1
 AMC Entertainment is
nearing a restructuring deal
that would help stave off a
near-term bankruptcy filing
while turning down a com-
peting financing offer. B1
 TikTok’s Chinese maker
said it would pull the app
out of Hong Kong. Mean-
while, Pompeo hinted the
Trump administration was
weighing limiting U.S. us-
ers’ access to the app. B1, B4
 Civil-rights advocates
came out of a meeting with
Facebook’s Zuckerberg say-
ing they didn’t make prog-
ress on their demands for
the social-media giant. B3
 A federal judge cast
doubt on Bayer’s proposal
to neatly resolve all future
lawsuits over the safety of
its Roundup weedkiller. B5
 U.S. stocks fell, with the
Dow, S&P 500 and Nasdaq
retreating 1.5%, 1.1% and
0.9%, respectively. B13
 New York’s financial-
services regulator fined
Deutsche Bank $150 mil-
lion for failing to properly
monitor its dealings with
Jeffrey Epstein. A2
World-Wide
 The U.S. formally noti-
fied the WHO it will with-
draw from the U.N. agency
over Trump’s criticism of its
ties to China, a move critics
say will hamper the interna-
tional fight against the
Covid-19 pandemic and sap
the U.S. of global influence. A1
 Brazil’s Bolsonaro, one
of the most prominent
world leaders to play down
the severity of the pan-
demic, said he tested posi-
tive for the coronavirus. A7
 Trump pressured states
to reopen schools this fall,
inserting the White House
into a national discussion
over restarting traditional
classes that have been inter-
rupted by the pandemic. A3
 The U.S. awarded a to-
tal of $2 billion to Novavax
and Regeneron in support
of a potential vaccine and
an experimental drug
against Covid-19. A6
 A general confirmed that
U.S. intelligence assessed that
Russia had offered to pay Tal-
iban militants to kill Ameri-
can service members, but
said there was no evidence
the proposed scheme resulted
in any U.S. troop deaths. A3
 Ghosn wired more than
$860,000 to a company tied to
one of the two men being held
in the U.S. on suspicion of
aiding his escape from Japan,
according to documents in-
troduced by prosecutors. A3
 Trump’s niece, Mary L.
Trump, leaked critical finan-
cial documents about the
family in 2017 in an effort to
damage the president, she
wrote in a coming book. A4
CONTENTS
Banking & Finance B12
Business News.. B3,5
Crossword.............. A12
Heard on Street. B14
Life & Arts......... A9-11
Markets.................... B13
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
NASDAQ 10343.89 g 0.9% STOXX 600 368.96 g 0.6%
No Bulls, No Running in Pamplona This Year
JESUS DIGES/EPA/SHUTTERSTOCK
HORNS OF A DILEMMA: The Spanish city’s famed bull-running route was nearly empty Tuesday, after the festival was
canceled due to the pandemic. Across Europe, the absence of Americans and other tourists has hurt local economies. A7
Federal Virus-Loan Program
Delivers Big Fees for Banks
BY DAVID BENOIT
AND PETER RUDEGEAIR
JPMorgan Chase & Co. and
Bank of America Corp. are in
line to split between $1.5 bil-
lion and $2.6 billion in fees for
being the conduits of the gov-
ernment’s aid program for
small businesses stricken by
the coronavirus shutdown, ac-
cording to an analysis of
newly released data.
The nation’s two biggest
banks by assets delivered
more emergency loans than
any other lenders that partici-
pated in the Paycheck Protec-
tion Program, and the two are
set to earn the biggest fees as
well, according to a review of
disclosures made Monday by
the Trump administration.
In total, the more than
4,000 lending institutions in
Brazil’s President Tests Positive
TV BRASIL/AGENCE FRANCE-PRESSE/GETTY IMAGES
Brazilian President Jair Bolsonaro, who has played down the
severity of the pandemic and called on people in his country to
return to work, said he tested positive for Covid-19. A7
This New RV for Pandemic
Vacationing Is Great…Crunch
i i
Rookie drivers hit road but struggle to
maneuver large rigs; ‘that can’t be good’
BY JOE BARRETT
Julie Homrich waxes elo-
quent about the benefits of
the 21-foot RV trailer she and
her husband decided to buy
just as coronavirus hit Georgia
in March.
Her 7- and 3-
year-old boys
Opinion.............. A13-15 are learning re-
Property Report... B6
Sports........................ A12 siliency, togeth-
Technology............... B4 erness and U.S.
U.S. News............. A2-6 history as the
Weather................... A12
World News...... A7,16
family charts its
path through Wide
the pandemic,
> said Ms. Homrich, a 36-year-
old therapist in Suwanee, Ga.
The picture hasn’t been so
pretty in her mother’s yard on
nearby Lake Lanier.
“Every time we backed in,
we ran over something,” Ms.
HHHH $4.
10-YR. TREAS. À 11/32 , yield 0.648%
$823M
JPMorgan Chase
Bank of America
Wells Fargo
Truist
PNC
TD Bank
U.S. Bank
Cross River Bank
KeyBank
Zions
0 $0.5B
the analysis are in line to split
$14.3 billion to $24.6 billion in
processing fees for PPP loans,
according to Edwin Hu, at New
York University School of
Law’s Institute for Corporate
Governance & Finance, and
Colleen Honigsberg of Stan-
i With Uneven Recovery
Homrich said. Her mother, she
said, “took down the bushes.
Then she had to take down the
trees. The last three weeks she
relandscaped her entire yard.”
The summer of Covid-19
has unleashed a wave of RV
newbies, and American roads
will never be the
same. RV sales
and rentals are
surging as the
first-timers get
out and see the
country or just
berth visit family while
avoiding air-
planes, hotels, restaurants and
even public bathrooms.
Those new drivers of the
big rigs can get into big trou-
ble.
Brad Swenson, who lives in
Please turn to page A8
OIL $40.62 g $0.01
RANGE $1.4B
$1.0B $1.5B
Estimated range of fees
banks could get for PPP loans
Note: Top 10 banks by low point of range
Source: Edwin Hu, NYU Law’s Institute
for Corporate Governance & Finance;
Colleen Honigsberg, Stanford Law School
ford Law School.
The government prioritized
speed when it designed the
$670 billion program to sup-
port hard-hit businesses, bet-
ting that banks would be able
to get huge sums out faster
than a small government
Minneapolis Police Union
Clout Reflects U.S. Trend
Federation President Robert Kroll faced abuse allegations of his own
BY DOUGLAS BELKIN, KRIS MAHER AND DEANNA PAUL
At 10 p.m on May 14, 2004, during an arts
festival in northeast Minneapolis, a 24-year-
old named Jackson Mahaffy was crossing the
street when he bumped into a dark, slow-
moving SUV with two off-duty police ser-
geants inside.
Robert Kroll and the second sergeant
hopped out and began hitting Mr. Mahaffy,
according to interviews and court docu-
ments. Not realizing the two men in civilian
clothes were police officers, Mr. Mahaffy’s
Auto Makers Wrestle
BY WILLIAM BOSTON
BERLIN—The global auto
market is splitting three ways,
complicating efforts by the in-
dustry’s main players to re-
cover from their deepest crisis
in years.
While sales in post-lock-
down China are showing signs
of recovery, they are continu-
ing to fall in the U.S., according
to company and industry data
released in recent weeks. The
data also show that Europe is
becoming the world’s weakest-
performing auto market.
This lopsided recovery is
putting extra stress on an in-
dustry that was already strug-
gling with softening demand
and soaring technology costs
before the coronavirus pan-
demic hit. Shares of General
Motors Co., Ford Motor Co.
and Fiat Chrysler Automobiles
NV are each down about 30%
in 2020, and their combined
GOLD $1,804.20 À $15.70 EURO $1.1275 YEN 107.52
Trump
To Pull
U.S. Out
Of WHO
President calls group
biased toward China;
timeline means exit
hinges on election win
BY DREW HINSHAW
AND STEPHANIE ARMOUR
The U.S. formally notified
the World Health Organization
it will withdraw from the
United Nations agency over
President Trump’s criticism of
its ties to China, a move crit-
ics said will hamper the inter-
national fight against the
Covid-19 pandemic and sap the
U.S. of global influence.
The U.S. State Department
sent notice to the U.N. on July
6 it would end its 72-year-old
membership in the WHO. The
exit won’t take effect until
July 2021, leaving it contin-
gent on Mr. Trump’s re-elec-
tion. His rival for the White
House, presumptive Demo-
cratic nominee Joe Biden, said
Tuesday the U.S. would remain
a member if he wins the elec-
tion in November.
Mr. Trump has said the
WHO, the U.N.’s chief global
health institution, is under
agency. But that decision also China’s sway and has failed to
required giving banks a finan- respond adequately to the cor-
cial incentive to participate, onavirus pandemic. He has
boosting the program’s costs. said the U.S. would redirect
Running PPP through the the funds it currently sends
banks also resulted in the gov- the WHO to other “deserving,
ernment inadvertently picking urgent global public-health
winners and losers in the pro- needs” because the agency
gram’s first weeks. Banks that failed to make reforms the U.S.
already made loans through had requested.
the Small Business Adminis- “The President has been
tration were the first ones au- clear that the WHO needs to
thorized to submit applica- get its act together,” a spokes-
tions to the program; most man for the State Department
gave priority to existing cus- said. “That starts with demon-
tomers. As more lenders were strating significant progress
approved to participate in PPP, and the ability to prevent, de-
small businesses found secur- Please turn to page A6
ing aid easier.
Banks have said they don’t  U.S. awards drugmakers $2
expect sizable profits from the billion in virus battle............. A6
Please turn to page A5  Embattled test-kit company
abruptly shuts down............. A6
 Businesses across many  Airlines prepare for new
sectors got pandemic aid... A5 staffing cuts................................ B1
sister and at least three others came to his
defense. The officers attacked them too; Mr.
Kroll kicked one seated man in the face,
breaking a tooth, witnesses said.
Mr. Mahaffy, by then bruised and blood-
ied, was arrested and spent three nights in
jail. Prosecutors eventually dropped the
charges, which included assaulting a police
officer. A civilian police review board dis-
missed Mr. Kroll’s story that he had been at-
Please turn to page A8
 Protests prompt reviews of older cases.......... A4
INSIDE
market value now represents
just a third of Tesla Inc.
While persistently weak de-
mand, particularly in Europe, is
pushing some manufacturers
to join forces, the recovery in LIFE & ARTS
China is helping those car mak- Virus precautions
ers with substantial business
there, such as Tesla, shares of
complicate the college
which have tripled this year. drop-off, a family ritual
“Those manufacturers rela- for many. A9
tively more exposed to China
will be in a better position—or
not as bad a position—than
MARIO ANZUONI/REUTERS
those where their footprint is
skewed away from China,”
said Jonathon Poskitt, an ana-
lyst at forecasting group LMC
Automotive.
Fresh sales data from Ger-
man luxury-car maker BMW AG
on Tuesday illustrate the indus- BUSINESS & FINANCE
try’s new world map. In China, AMC is nearing a
BMW sold 212,617 cars in the
second quarter, up 17% from a
restructuring deal that
year earlier. In the same period, would help stave off a
sales fell 40% in the U.S. and bankruptcy filing. B1
Please turn to page A2
A2 | Wednesday, July 8, 2020 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
Deutsche Bank Fined Over Epstein Job
BY PATRICIA KOWSMANN
Losses
Fell in May Maxwell, a longtime confi- remain concerned about the role in Mr. Epstein’s financial were payments to Russian

New York’s financial-ser-

vices regulator fined Deutsche
dante of Mr. Epstein, reignit-
ing federal prosecutors’ hopes
that they will able to lay bare
Bank AG $150 million on Tues-
day for failing to properly
monitor its dealings with the
what they describe as a years-
long sex-trafficking ring.
“In each of the cases that
late financier and convicted are being resolved today,
sex offender Jeffrey Epstein. Deutsche Bank failed to ade-
The fine, marking the latest quately monitor the activity of
in a series of run-ins with U.S. customers that the bank itself
regulators for the German deemed to be high risk,” Su-
lender, was issued also in part perintendent of Financial Ser-
for its relationship with two vices Linda A. Lacewell said.
European banks embroiled in She said that “despite knowing
money-laundering scandals. In Mr. Epstein’s terrible criminal
those cases, too, Deutsche history, the bank inexcusably
Bank failed to act on clear red failed to detect or prevent mil-
flags, which resulted in those lions of dollars of suspicious
banks being able to transfer transactions.”
funds, including to the U.S. The penalty from the New
The regulator’s penalty York Department of Financial
comes a year after Mr. Epstein Services comes after Deutsche
was arrested on sex-trafficking Bank received a fresh rebuke
charges. He died by suicide in from the Federal Reserve re-
custody roughly a month later. cently over its money-launder-
Last week, authorities ar- ing controls at its U.S. opera-
rested and charged Ghislaine tions, signaling U.S. authorities
bank’s ability to prevent crimi-
nal activities by customers.
The New York regulator said
it “recognizes and credits”
Deutsche Bank’s ongoing ef-
forts to address the shortcom-
ings, adding the bank has fully
cooperated.
The bank played a
role in the convicted
sex offender’s
financial dealings.
“We acknowledge our error
of onboarding Epstein in 2013
and the weaknesses in our pro-
cesses, and have learned from
our mistakes and shortcom-
ings,” a Deutsche Bank spokes-
man said.
Deutsche Bank played a key
dealings in recent years, help-
ing him move millions of dol-
lars in cash and securities
through dozens of accounts,
The Wall Street Journal has re-
ported.
Mr. Epstein amassed a for-
tune of more than $500 million
over three decades through
close relationships with sev-
eral billionaire clients, al-
though it isn’t clear how much
went through Deutsche Bank.
In its findings, the New
York regulator said the bank
processed transactions that
should have been flagged, in-
cluding periodic cash with-
drawals totaling $800,000
over four years and payments
to individuals who were pub-
licly alleged to have been con-
nected to Mr. Epstein’s alleged
activities involving young
women. Among other transac-
tions that should have raised
questions, the regulator said,
models, school tuition fees for
women, and hotel and rent ex-
penses that were consistent
with public allegations of
wrongdoing.
Mr. Epstein’s relationship
with the bank started in 2013
after JPMorgan Chase & Co.
dropped him as a client over
reputational concerns. Mr. Ep-
stein pleaded guilty in a Flor-
ida state court in 2008 to so-
liciting prostitution from an
underage girl.
The regulator said the
bank’s fundamental failure was
that, although it properly clas-
sified Mr. Epstein as high-risk,
it “failed to scrutinize the ac-
tivity in the accounts for the
kinds of activity that were ob-
viously implicated by Mr. Ep-
stein’s past.”
Deutsche Bank is going
through an overhaul of its op-
erations that includes exiting
some businesses in the U.S.
Before Rise
In Cases
BY ERIC MORATH
The number of Americans
dismissed from their jobs fell
sharply in May to match levels
recorded before the coronavi-
rus pandemic and related
shutdowns caused widespread
layoffs.
In May, 1.8 million workers
were laid off or otherwise dis-
charged from their jobs, the
Labor Department said Tues-
day. That was down from 7.7
million in April and 11.5 million
in March. May’s dismissals
were in line with the numbers
reported in January and Febru-
ary, before the pandemic shut
swaths of the U.S. economy.
Tuesday’s report showed
hirings and the number of

U.S. WATCH
open jobs also rose in May
from April, signs that the la-
bor market was healing this
spring. However, the 5.4 mil-
SUPREME COURT lion openings in May were
dwarfed by the 21 million
Roberts Hospitalized Americans unemployed that
In June After Fall month.
“Layoffs and discharges are
Chief Justice John Roberts settling back to levels similar
was hospitalized last month af- to those we saw before the vi-
ter falling and injuring his fore- rus, and hiring snapped back
head, a Supreme Court spokes- as employers recalled work-
woman said Tuesday. ers,” said Nick Bunker, an
“The chief justice was treated economist with job search site
at a local hospital on June 21 for Indeed. But employer demand
an injury to his forehead sus- for workers moving forward is
tained in a fall while walking for depressed, he said, noting job
exercise near his home. The in- openings are down 23% com-
jury required sutures, and out of pared with February.
an abundance of caution, he The numbers, which reflect
stayed in the hospital overnight the job market through the
and was discharged the next last business day of May, are
morning,” said the spokes- consistent with other mea-
JIM LO SCALZO/EPA/SHUTTERSTOCK

woman, Kathleen Arberg. sures showing that hiring

She said doctors ruled out a picked up and layoffs eased
seizure, adding, “They believe the late this spring. The data don’t
fall was likely due to light-head- capture the recent increase in
edness caused by dehydration.” Covid-19 cases in several
Chief Justice Roberts, 65 states and related moves by
years old, is known to have suf- governors to halt or reverse
fered seizures in 2007 and 1993. plans to reopen their econo-
The injury was reported Tues- mies.
day by the Washington Post, A statue of Confederate Gen. J.E.B. Stuart was removed Tuesday in Richmond, Va. This statue and others are going into storage for now. The separate monthly jobs
which said it received a tip. Sev- report, released last week,
eral people witnessed the inci- VIRGINIA when white leaders across the MISSISSIPPI wear masks. showed U.S. employers added
dent at the Chevy Chase Club, South sought to glorify the “lost Mr. Reeves, 46, said Monday about 7.5 million jobs to pay-
located in the Maryland suburb Richmond Removes cause” of the Civil War and sup- Governor Is Negative; that he was in isolation with his rolls in May and June, after
near the chief justice’s home, the Third Major Statue press attempts by Black people His No. 2 Has Virus wife and their three daughters at losing 22.2 million in March
Post said. The court didn’t dis- to assert their equality. the governor’s mansion. They and April.
close the incident before the Work crews in Richmond Mayor Levar Stoney, citing his Mississippi’s lieutenant gover- were tested for the coronavirus However, Tuesday’s report,
newspaper’s inquiry. took down a monument to Con- emergency powers, on July 1 or- nor tested positive for the new after he came into contact with a the Job Openings and Labor
The Supreme Court is sched- federate Gen. J.E.B. Stuart on dered the removal of all city- coronavirus, his spokeswoman lawmaker who tested positive Turnover Survey, a poll of em-
uled to release one or more Tuesday, the third major statue owned Confederate statues. said Tuesday, hours after Republi- last week. ployers, showed a low number
opinions on Wednesday, possibly to be cleared away in less than Stonewall Jackson’s likeness was can Gov. Tate Reeves said his Mr. Reeves said Monday that of layoffs relative to the
including decisions on subpoenas a week as the Confederacy’s for- removed that day, followed by a own test came back negative. a large number of legislators have roughly 10 million Americans
for President Trump’s financial mer capital rushes to remove statue of naval officer Matthew The announcement about 73- tested positive for the virus, but who sought unemployment
records and on religious exemp- symbols of oppression in re- Fontaine Maury. Mr. Stoney has year-old Republican Lt. Gov. Del- he didn’t name them. The Missis- benefits in May. Not all appli-
tions to contraceptive-coverage sponse to protests against rac- said the statues will be placed in bert Hosemann came two days sippi Department of Health hasn’t cations for benefits are ap-
requirements under the Afford- ism and police brutality. storage while the city seeks public after GOP House Speaker Philip released more information. proved. The number receiving
able Care Act. As a crowd cheered, crews input on what to do with them. Gunn, 57, said he tested positive Messrs. Gunn and Hosemann ongoing benefits fell by nearly
Due to the coronavirus pan- strapped the huge bronze eques- A massive monument to Gen. for the virus. stood near Mr. Reeves and others two million during the month.
demic, the Supreme Court can- trian statue in harnesses and Robert E. Lee on state land also Mississippi legislators were at last week as he signed a bill that Tuesday’s numbers indicate
celed March and April argument used a crane to lift it from its is slated for removal, but that the Capitol for most of June and retired Mississippi’s 126-year-old that while hiring was histori-
sessions. It conducted two granite base to be trucked away. has been blocked at least tem- on July 1, wrapping up their an- state flag with the Confederate cally strong in May, there were
weeks of arguments by telecon- The Stuart statue was in- porarily by an injunction issued nual session that was interrupted battle emblem. None of them relatively few open jobs com-
ference in May. stalled on Richmond’s Monu- in one of several lawsuits. for several weeks by the pan- wore masks at the event. pared with those seeking
—Jess Bravin ment Avenue in 1907, a time —Associated Press demic. Many legislators didn’t —Associated Press work.

said demand had begun to cently slashed its forecast for “Factories and dealers re- data suggest that April was nior Alix Partner executive and
Car Makers pick up in May and June. Toy-
ota Motor Corp.’s sales in the
2020, saying European new-
car sales would fall 25% to
opened,” said Stefano Aversa,
vice chairman of Alix Partners.
likely the trough in new-car
sales, but the deeper damage
head of the firm’s Germany au-
tomotive consultancy. “Wher-
U.S. fell by about one-third, fewer than 10 million vehicles. “But the consumer isn’t buy- to auto makers isn’t yet visible. ever you don’t have critical
Face New and Fiat Chrysler reported a
39% decline in U.S. sales.
Analysts have said it could
take Europe several years to
ing.”
With analysts estimating
“The coming months will
reveal the extent of economic
mass you’ll have consolidation.”
In January 2019, Volks-
that the industry now has at scarring,” Mr. MacRae said. wagen and Ford said they were
World Map Altogether, Ward’s Auto, an
automotive-research group,
has forecast that about 1.1 mil-
get back to pre-Covid-19 vol-
umes of new-car sales. This
slowdown in sales means any
least 30% overcapacity, it might
be hard for companies to gener-
With unsold cars piling up
on lots, Volkswagen said last
in talks to form a global alli-
ance to develop self-driving-
lion light vehicles were sold in manufacturer dependent on week that it was scrapping car software and share some
Continued from Page One the U.S. in June, a decline of profit from Europe could have plans to build a new factory in utility-vehicle and electric-car
46% in Europe. 27% from a year earlier. a harder time recovering as ri- Turkey. And Mercedes-Benz, technology. They closed the
Mr. Poskitt said LMC ex- In Europe, new-car sales vals with strong businesses in
New-car sales are owned by Daimler AG, said it $2.6 billion deal last month.
pects China’s new-car market were down 57% in May, an im- China or the U.S. pull ahead. rising in China while was putting its Hambach fac- Under the agreement, Ford
to decline 11% to 22.8 million provement on the 78% drop in Economists expect Europe to tory, in France’s Lorraine re- will license Volkswagen’s elec-
vehicles this year, compared April, when major markets such get a boost from government
the U.S. and Europe gion, up for sale. tric-car technology. Using Ford’s
with the U.S. falling 22% to as the U.K., Spain and Italy efforts to spur sales, including still see sharp drops. Analysts see smaller or fi- truck systems, the companies
13.3 million and Europe declin- barely sold any new cars. Still, incentive programs in Germany, nancially weaker companies— will jointly produce eight mil-
ing 24% to 15.7 million. May’s weak performance, which France and other countries as some of which were struggling lion utility vehicles. Fiat Chrys-
This is a different picture was worse than the U.S., sug- well as Berlin’s decision to even before the pandemic—as ler and PSA Group SA also
from just a year ago. Back gests to some observers that lower value-added taxes for the ate the profits needed to repay particularly vulnerable, unless stepped up efforts to seal their
then, global manufacturers Europe will be the last to next six months. But that might the more than $1 trillion in debt they can find stronger partners. merger. Fiat Chrysler Chairman
with large China businesses emerge from the crisis even not be enough, given Europe’s they amassed to stave off insol- “All of the smaller compa- John Elkann, scion of the Ag-
such as Volkswagen AG and though it began reopening its aging population, widespread vency early in the pandemic. nies, but even a giant like VW, nelli family that controls Fiat,
General Motors were strug- economy before the U.S. did. car ownership and historic re- Calum MacRae, an automo- realize they have to gain size told shareholders last week that
gling with a slowdown in de- The European Automobile luctance to make big-ticket tive analyst at research firm because they do not have criti- he was pressing ahead to com-
mand in this market at the Manufacturers’ Association re- purchases in uncertain times. GlobalData, said recent sales cal mass,” said Elmar Kades, se- plete the deal on schedule.
same time they faced rising
investment costs linked to the
transition to electric vehicles.
Now, after being hit first by
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THE WALL STREET JOURNAL.
White House
Wants Classes
To Open in Fall
WASHINGTON—President
Trump pressured states to re-
open schools this fall, empha-
sizing the benefits of in-per-
son instruction for children
and the relief for parents mar-
shaled into home learning,
while school officials say more
federal funding is needed from
Congress to safely operate.
By Alex Leary,
Tawnell D. Hobbs
and Andrew Duehren
Mr. Trump’s demands insert
the White House firmly into a
national discussion over re-
starting traditional classes for
children. Classroom instruc-
tion is seen as one of the most
fundamental institutions of
precoronavirus life, but many
districts say they plan to also
offer alternatives to full-time
in-person learning for parents
concerned about their children
returning to school.
“We’re very much going to
put pressure on governors and
everybody else to open the
schools—get them open,” Mr.
Trump said during a Tuesday
event with a supportive audi-
ence, labeling political any op-
position to such a move. “It’s
very important for our coun-
try. It’s very important for the
well-being of the student and
the parents.”
Critics say the administra-
tion is rushing to reopen
schools despite signs that the
pandemic is worsening. In
Foreign-Student Rules Test Schools No Deaths Are Known
BY MICHELLE HACKMAN
AND MELISSA KORN
The Trump administration’s
latest rules on international
students are leaving colleges in
a bind: hold in-person classes—
a proposition many have
deemed too dangerous—or risk
losing enrollees from abroad.
Under the mandate, issued
Monday by U.S. Immigration
and Customs Enforcement, in-
ternational students won’t be
allowed to enter or remain in
the country if their universi-
ties opt to teach classes en-
tirely online this fall.
And should institutions that
start with in-person classes this
fall revert to all remote teach-
ing if the coronavirus pandemic
worsens, international students
would need to leave.
“For international students
this really has a chilling ef-
fect,” said Bernie Burrola, vice
president for international
programs at the Association of
Public and Land-grant Univer-
sities, which mainly represents
state colleges and universities.
“If you’re an international stu-
dent, do you board that plane
not knowing if you’ll be able to
stay the whole semester?”
The news caught colleges
and universities off guard, par-
ticularly after the generous
posture the administration had
taken as schools began closing
down in the spring. Then, it
swiftly issued guidance allow-
ing foreign students already on
campus to remain in the coun-
try despite classes going re-
mote.
Normally, international stu-
dents aren’t permitted to take
more than one online course
per semester—a rule meant to
ensure students aren’t enroll-
ing in dodgy academic pro-
Ghosn Wired Money to Alleged Escape Plotter, Prosecutors Say
BY MARK MAREMONT
AND NICK KOSTOV
BOSTON—Carlos Ghosn
wired more than $860,000 to a
company tied to one of the two
men being held in the U.S. on
suspicion that they helped the
former auto titan escape from
Japan late last year, according
to new court documents intro-
duced by federal prosecutors.
The new documents come
as the two men, a Massachu-
setts father and son, filed a
fresh lawsuit seeking to be re-
leased on bail as they battle
extradition to Japan for their
alleged roles in the escape.
Michael L. Taylor, 59 years
old, and his son Peter M. Taylor,
27, argued that they should be
many states, the number of
cases is now much higher than
it was last school year when
children were sent home.
“Educators want nothing
more than to be back in class-
rooms and on college cam-
puses with our students, but
we must do it in a way that
keeps students, educators and
communities safe,” said Lily
Eskelsen Garcia, president of
the National Education Associ-
ation. “Trump has proven to
be incapable of grasping that
people are dying,” she said,
calling his push to fully reopen
schools a re-election ploy.
Decisions about how and
whether to reopen schools are
largely up to state and local
governments. Many districts
plan to offer in-person and re-
mote learning, or a blend of
both, and are also formulating
plans on steps to take if stu-
dents or staff become ill.
Vice President Mike Pence,
who heads the White House
coronavirus task force, said
additional federal guidance on
safety would come next week,
though he said it wasn’t
meant to replace local deci-
sions. The effort echoes a sim-
ilar push by the administra-
tion in April, when the
president said he would force
states to reopen businesses
before backing off that effort.
Schools across the country
closed this past spring, shifting
instruction online and upend-
ing extracurricular activities
Princeton student Cai Markham, who is from the U.K., says he is
unclear about whether he will return to campus this fall.
grams and exploiting their vi-
sas to maintain legal
immigration status in the U.S.
Now, schools are scrambling
to adjust their teaching plans,
which some had already pub-
licly issued, to accommodate
their international students.
The University of Texas, El
Paso, which had announced
plans to offer a mix of face-to-
face, hybrid and online classes,
said Monday evening it would
work with each of its more than
1,400 international students “so
that their course schedule
meets federal requirements”
released on bail in part because
of an outbreak of Covid-19 at
the county jail where they are
being held pending extradition.
Thirty-six inmates at the county
jail had tested positive for
Covid-19 as of July 2, and one
inmate died on that date, ac-
cording to the new complaint,
filed this week in U.S. District
Court in Massachusetts.
Mr. Ghosn, who was living
in a court-monitored Tokyo
house while facing financial-
crime allegations from his time
running Nissan Motor Co., fled
Japan late last year, smuggled
inside a musical-equipment
box onto a waiting private jet.
U.S. prosecutors said the Tay-
lors were key participants in
the plot, citing the Japanese
U.S. NEWS
President Trump said, ‘We’re very much going to put pressure on governors and everybody else to open the schools—get them open.’
and graduations, likely leading
to learning loss for many chil-
dren and placing burdens on
parents who have been forced
to work from home.
The virus has killed more
than 130,000 Americans and
has continued to spread, caus-
ing some states and cities to
reverse steps to ease lock-
downs. But administration of-
ficials said sending children
back to school this fall is criti-
cal, despite a sharp rise in cor-
onavirus cases in Southern
and Western states.
“With everything in life,
there is some level of risk,” said
Education Secretary Betsy De-
Vos. “And it’s a matter of as-
sessing those risks and taking
all the different factors into ac-
count, so not only physical
and they can continue pro-
gressing toward their degrees.
Losing international stu-
dents would mean losing cru-
cial revenue, as many pay full
tuition. That is a particularly
worrisome prospect as schools
face massive budget crunches
tied to the pandemic.
Miriam Linz, who will be a
senior at Columbia University
and is from Australia, said she
feels stuck as she awaits Co-
lumbia’s decision on whether
to hold classes in-person or
online in the fall.
If the campus reopens, she
investigation which included
extensive video evidence of
their movements in Japan.
Mr. Ghosn has denied the
financial-crimes allegations in
Japan and has said he fled the
country because he wouldn’t
receive a fair trial.
Michael Taylor is a longtime
security operative and former
Army Special Forces soldier
who has made a career out of
arranging complicated overseas
rescues and other missions. He
and his son were arrested in
the U.S. on May 20 by federal
authorities, acting at the re-
quest of Japanese officials.
The bank documents filed
by U.S. prosecutors on Tues-
day are the first allegedly
demonstrating direct financial
health and safety but also so-
cial, emotional health and men-
tal health. And also the oppor-
tunity that a school
environment provides.”
Health and Human Services
Secretary Alex Azar said desks
can be set up for distancing,
teachers can be rotated and
meals brought into classrooms
to avoid larger gatherings.
School advocates and out-
side groups estimate that pub-
lic schools will need billions of
dollars in federal aid to cover
the heightened costs of operat-
ing during a pandemic, which
include purchasing new tech-
nology for remote learning, ex-
panding testing, providing per-
sonal protective equipment
and cleaning school facilities.
The American Academy of
could feasibly come to New
York. If the school opts for re-
mote instruction, she says she
isn’t too keen on taking classes
online but also worries about
maintaining her student visa
status, which would allow her
to work a year in the U.S. after
graduation.
“I just have to wait in limbo,
not knowing if I should book
flights and apply for travel ex-
emptions to leave Australia, or
if I should be looking for jobs
in my home city to keep me
busy until school begins at 10
p.m. [local time] for me each
day,” said Ms. Linz, a 22-year-
old computer science major.
Many international students
opted to remain in the U.S.
when schools closed in the
spring. Many of them have been
blocked from going home by
travel restrictions or else fearful
the pandemic might be worse in
their home countries.
Others who left are now
blocked from coming back to
the U.S. by temporary travel
bans the U.S. has placed on
China, Brazil and much of Eu-
rope.
Still others, particularly
new students, won’t make it in
time for fall semester because
U.S. consulates in their home
countries remain closed and
they can’t get their visas in
time.
Cai Markham, who will be a
senior at Princeton University,
flew home to the U.K. when his
school shut down in March. He
had planned to come back—
even taking out loans to cover
a year of rent—but now fears
he won’t be able to do so un-
der travel restrictions.
“The prospect of missing
my last year without having
said goodbye to friends is
hard,” Mr. Markham said.
ties between Mr. Ghosn and
the Taylors.
The documents showed two
wire transfers in October 2019
totaling $862,500 from a Paris
bank account prosecutors said
was connected with Mr.
Ghosn, to Promote Fox LLC, a
limited-liability company man-
aged by Peter Taylor and one
of his brothers.
The wire-transfer records
were included in a formal ex-
tradition request made by Jap-
anese authorities for the Tay-
lors, parts of which were
introduced into court records
this week. A spokeswoman for
Mr. Ghosn and an attorney for
the Taylors declined to com-
ment on the wire transfers.
It isn’t clear how much, if
Wednesday, July 8, 2020 | A3
Pediatrics has urged policy
makers to prioritize reopening
schools, citing the developmen-
tal and health benefits to chil-
dren of attending class in-per-
son and receiving regular school
meals. Preliminary research
suggests that low-income and
minority children with less ac-
cess to technology will have
greater learning loss than other
children under remote learning.
Senate Majority Leader
Mitch McConnell (R., Ky.) has
said that bringing children
back to school is a priority for
the party in the next coronavi-
rus relief bill, though he hasn’t
yet laid out any specific mea-
sures for accomplishing that
goal. The Senate will return
from a recess on July 20, when
lawmakers will rush to put to-
From Russia Bounties
BY NANCY A. YOUSSEF
A top U.S. military official
confirmed Tuesday that U.S.
intelligence assessed that Rus-
sia had offered to pay Taliban
militants to kill American ser-
vice members, but said there
was no evidence the proposed
payment scheme resulted in
any U.S. troop deaths.
“I found it very worrisome,”
Marine Gen. Frank McKenzie,
in charge of U.S. Central Com-
mand, said of the intelligence.
“I didn’t find that there was a
causative link there.”
Gen. McKenzie’s public
comments to a group of re-
porters while traveling in Qa-
tar were the first by a top mil-
itary official regarding the
intelligence. Central Command
is responsible for U.S. military
operations in the Middle East
and Afghanistan.
According to the classified
assessment, Russia’s GRU mili-
tary intelligence agency paid
members of Afghanistan’s Tal-
iban movement to carry out
lethal attacks on U.S. troops in
that country. Russia has de-
nied the existence of the ar-
rangement.
U.S. officials learned about
the intelligence as the Trump
administration was withdraw-
ing a significant portion of
U.S. forces from Afghanistan
and as U.S. diplomats tried to
forge a peace accord involving
the Taliban and the U.S.-
backed Afghan government.
U.S. lawmakers said after
briefings by White House and
intelligence officials last week
that information about the
bounty scheme was included
earlier this year in the daily
intelligence briefing prepared
anything, the Taylors were
paid by Mr. Ghosn to help with
the escape. Expenses for the
plot included the charter of
two private jets. One jet, ac-
cording to Japanese prosecu-
tors, flew Michael Taylor and
an associate from Dubai to
Japan, where they allegedly
loaded the box containing Mr.
Ghosn through a cargo door.
That jet flew to Istanbul,
where Mr. Ghosn transferred
to a second jet bound for Leb-
anon, which has no extradition
treaty with Japan.
The Taylors have hired a
high-profile legal team to bat-
tle the extradition request, in-
cluding Abbe Lowell, who has
represented Jared Kushner
and Ivanka Trump. Their law-
CHIP SOMODEVILLA/GETTY IMAGES
gether another bill.
In a $3.5 trillion bill they
passed in the House in May,
Democrats included $100 bil-
lion in funding for the Educa-
tion Department to support
primary, secondary and post-
secondary schools. The bill,
which Republicans rejected,
gives recipients flexibility in
how to use the money.
The $2.2 trillion stimulus bill
Congress passed in the spring
included $13.5 billion for pri-
mary and secondary schools
and $14.3 billion for colleges
and universities. Sen. Lamar Al-
exander (R., Tenn.), chairman of
the Senate Health, Education,
Labor and Pensions Committee,
said last week that he still
wanted to see how that money
is spent before allocating more.
for President Trump.
The White House has de-
nied that Mr. Trump had been
personally briefed about the
intelligence before reports
about it emerged last month,
though he has been briefed on
it since then.
The administration has
played down the intelligence
and Mr. Trump has called it a
“hoax.”
The Trump administration
also has launched an investi-
gation into who leaked infor-
mation about the intelligence
to news organizations.
Gen. McKenzie told the re-
porters that while there was
no evidence tying the bounty
offer to U.S. troop deaths, Rus-
A U.S. general says
Moscow did offer
the Taliban money
for fatal attacks.
sia has given Taliban fighters
money and weapons for years.
“We should always remem-
ber, the Russians are not our
friends,” he said. “And they do
not wish us well, and we just
need to remember that at all
times when we evaluate that
intelligence.”
There currently are approx-
imately 8,600 U.S. troops serv-
ing in Afghanistan. Mr. Trump
has called for troop withdraw-
als tied to a U.S.-Taliban peace
agreement, though the deal
has snagged on the require-
ment of talks between the in-
surgent group and the Afghan
government.
yers have argued the father
and son didn’t commit a crime
in Japan and in any case
should be released on bail
pending a decision on whether
to extradite them.
Federal Magistrate Judge
Donald L. Cabell on Tuesday
rejected the Taylors’ motions
filed early last month to quash
their arrest warrants. Judge
Cabell as of Tuesday afternoon
hadn’t yet ruled on the Taylors’
request to be released on bail.
The Taylors’ new lawsuit
cited the length of time it was
taking Judge Cabell to rule on
the bail request, saying it “al-
lowed the Taylors’ improper
deprivation of liberty under
life threatening conditions to
continue.”
A4 | Wednesday, July 8, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Protests Prompt Reviews of Older Cases

Moves come in wake In Washington state, an-
other case in which a Black
of George Floyd killing; man died after being re-
prosecutors face high strained prompted Gov. Jay In-
slee on June 17 to order the
hurdles to charge state patrol to investigate.
In a statement, Gov. Inslee’s
BY LAURA KUSISTO office said the results of the
AND DAN FROSCH investigation into Manuel El-
lis’s killing would be turned
Protests over police brutal- over to the Washington attor-
ity around the country are ney general’s office for possi-
prompting local prosecutors to ble charges against the offi-
re-examine long-dormant cers involved.
cases and testing whether Mr. Ellis’s case has roiled
heightened national attention Tacoma for months. Several
will lead to a different legal days after unrest over Mr.
result. Floyd’s killing began to sweep

JASON REDMOND/AGENCE FRANCE-PRESSE/GETTY IMAGES

In the wake of the killing of the U.S., Mayor Victoria Woo-
George Floyd in Minneapolis, dards called for the four offi-
protesters have called for a re- cers involved to be fired fol-
newed look at cases where lowing the emergence of video
people died at the hands of that showed officers punching
law enforcement. Some, such Mr. Ellis. Another video
as the deaths of Elijah McClain showed Mr. Ellis being re-
in Aurora, Colo., and Breonna strained with a chokehold.
Taylor in Louisville, Ky., have State officials said they
garnered widespread national were also getting involved in
attention, while other cases the case because deputies with
from Washington to Maine the Pierce County Sheriff’s De-
have been generating signifi- partment, which had been in-
cant local attention. vestigating Mr. Ellis’s death,
The hurdles for prosecutors were present at the scene of
to press charges are high. A memorial for Manuel Ellis, who died in Tacoma, Wash., police custody in March. Washington’s governor has ordered a probe of his death. the incident, compromising
Some of the cases are more that agency’s involvement.
than a decade old. Prosecuting cause when they didn’t find it bears a strong resemblance to Mr. Cochran died while being Mr. Cochran’s death was acci- Tacoma Police Chief Don
police officers is challenging before,” Mr. Stinson said. the recent killings that held down and his cries of “I dental and an investigation by Ramsdell, who has faced criti-
even when cases are fresh. Still, advocates say such sparked national outrage, ad- can’t breathe” were captured an outside expert concluded cism for his handling of the
Bowling Green State Univer- cases are worth pursuing be- vocates say. on video. the guards weren’t criminally case, placed the four officers
sity criminologist Philip Stin- cause they help shine a light McKenzie Cochran, a 25- Mr. Burton said the paral- negligent. on administrative leave. In
son, who studies police shoot- on broader issues of biased year-old Black man, visited the lels with Mr. Floyd’s case were “There were two of our ex- various statements, he has de-
ings, said investigators policing in their communities. Northland Center mall wearing striking. “We didn’t have to be perts who disagreed with the nied the accusations, offered
typically start with the as- “We’re going to name and a heavy coat in late January outraged about something haunting optics of the first condolences to Mr. Ellis’s fam-
sumption that deaths at the shame to keep this in the pub- 2014 and one shop owner said that was happening in Georgia tape,” Ms. Cooper told The ily and said his department
hands of police are legally jus- lic’s eye,” said Earl Burton, an Mr. Cochran threatened that or Minnesota when the same Wall Street Journal. “That is was committed to the investi-
tified, meaning evidence may organizer for Michigan Libera- he was going to kill somebody thing was happening in our not a hurdle a prosecutor can gative process regarding the
have been gathered and pre- tion. that day, according to Gerald backyard,” he said. overcome in a court of law.” incident.
served less carefully. Prosecu- The nonprofit, which advo- Thurswell, an attorney who Members of Michigan Lib- Amid the renewed interest, “It’s critical because it puts
tors may also be loath to ad- cates for a reduction in mass represented Mr. Cochran’s eration organized a two-hour Ms. Cooper asked Michigan some light on an issue that is
mit they made a mistake in incarceration, long jail sen- family in a civil lawsuit. protest on June 11 outside the Attorney General Dana Nessel ever present in our society,”
not charging officers initially, tences and discrimination That prompted security offices of Jessica Cooper, the to review the case. “Reviewing James Bible, a lawyer for Mr.
unless perhaps new evidence, against ex-offenders, success- guards to ask Mr. Cochran to local prosecutor who oversaw this case serves as reassurance Ellis’s family, said of how the
such as a video, emerges, he fully pushed for one such case leave the mall and eventually the initial investigation into to residents that our ultimate fallout over Mr. Floyd’s case
said. to be re-examined recently. to pepper-spray him and pin the case. Her office didn’t goal is public service in the has influenced public officials’
“It would raise all kinds of That six-year-old Oakland him to the ground, according press charges against the se- pursuit of justice,” a spokes- reactions to other cases. “It
questions with prosecutors if County, Mich., case—like some to Mr. Thurswell and court curity guards after the county man for Ms. Nessel said. The certainly furthered the dia-
they suddenly found probable others being re-examined— documents in the civil case. medical examiner found that review is ongoing. logue, no question.”

Mexican Leader, Trump Set to Meet President’s Niece

BY JUAN MONTES
AND JOSÉ DE CÓRDOBA Says She Leaked
MEXICO CITY—President
Trump and Mexican President
Andrés Manuel López Obrador
Family Documents
will hold their first face-to-face President Trump’s niece tionships between the elder
meeting on Wednesday in Mary L. Trump leaked critical Fred Trump and his sons. She
Washington, D.C., a potentially financial documents about the recalled the father shouting at
MEXICAN PRESIDENCY/AGENCE-FRANCE PRESSE/GETTY IMAGES

risky encounter for the Mexican Trump family to the New York Fred Trump Jr. in front of a
leader who has entered into a Times in 2017 in an effort to group of employees: “Donald is
useful marriage of convenience damage the president, she worth ten of you.” Donald
with Mr. Trump since being wrote in a coming book that Trump was in high school at
elected two years ago. tells a bitter story about the the time, she wrote.
On paper, the one-day visit president’s upbringing and “Mary Trump and her book’s
to Washington is partly to cele- family dynamics. publisher may claim to be act-
brate the United States–Mex- ing in the public interest, but
ico–Canada Agreement coming By Jeffrey A. this book is clearly in the au-
into force on July 1. The trade Trachtenberg, thor’s own financial self-inter-
deal replaces the 1994 North Deanna Paul est,” White House spokes-
American Free Trade Agree- and Rebecca Ballhaus woman Sarah Matthews said
ment. It is key for both the U.S. Tuesday. “President Trump has
and Mexico, which traded In her memoir, Ms. Trump been in office for over three
goods and services for some said she decided to share the years working on behalf of the
$615 billion last year. documents—some related to a American people—why speak
Hopes for a trilateral meet- Andrés Manuel López Obrador stresses his personal austerity and has tried to sell the presidential jet. decades-old dispute within the out now?”
ing to mark the trade pact were family over her grandfather’s Ms. Matthews said the presi-
scuttled when Canadian Prime fueled by inflammatory rheto- Last year, Mr. Trump threat- minister Marcelo Ebrard called estate—because of her con- dent describes his relationship
Minister Justin Trudeau de- ric against Mexican immi- ened to place tariffs on Mexican the relationship between the cerns regarding the policies of with his father as “warm” and
clined to attend, citing previous grants. Building a wall to stop exports, a move that would two presidents excellent and the president. “loving.”
commitments. migrants, for which he said have devastated Mexico’s ex- said the bilateral relation is “at “I had to take Donald down,” Ms. Trump cast a harsh light
But the Mexican leader’s trip Mexico would foot the bill, was port economy, unless the coun- its best moment in recent Ms. Trump wrote in “Too Much on the Trump family’s relation-
to Washington was always much Mr. Trump’s fundamental elec- try acted to help stop surging years.” and Never Enough: How My ship with her father. Ms. Trump
more about cementing a per- toral promise. illegal immigration from Cen- Time and again, both sides Family Created The World’s wrote that when her father suf-
sonal relationship between him In contrast, Mr. López Obra- tral America to the U.S. Mr. Ló- have resolved conflicts. After Most Dangerous Man,” a copy fered a heart attack at age 42
and the U.S. president—one that dor draws attention to his per- pez Obrador deployed some cartel gunmen massacred nine of which was obtained by The after years of drinking and
has defied expectations of trou- sonal austerity and claims he American women and children Wall Street Journal. The book smoking, nobody from the fam-
ble given that Mr. Trump’s polit- doesn’t even have a credit card. in November in northern Mex- will be published on July 14 by ily accompanied him to the
ical rise was partly based on He has tried, unsuccessfully, to ico, Mr. Trump threatened to Simon & Schuster, the book- hospital. Donald Trump, she
casting Mexico as a threat to the sell Mexico’s presidential jet.
The meeting is declare Mexican drug gangs to publishing arm of ViacomCBS wrote, went to the movies. Fred
U.S., from illegal immigration to He will arrive in Washington on ‘about two statesmen be terrorist organizations. The Inc. Trump Jr. died that evening.
drug trafficking to trade that a commercial flight. In 2017, move could have given a green “I grabbed copies of my Senior White House adviser
costs American jobs. Mr. Lopez Obrador criticized
building on their light to the U.S. to undertake grandfather’s wills, floppy disks Kellyanne Conway told report-
“This visit is not really about Mr. Trump’s anti-immigrant relationship.’ military operations in Mexico, with all of the depositions from ers Tuesday the president is al-
any asks,” a senior U.S. adminis- rhetoric as racist. according to a Mexican security the lawsuit, and some of my ways privately complimentary
tration official said, adding the But things quickly changed official. But Mr. Trump post- grandfather’s bank records—all of his brother and was strongly
visit has no specific agenda. “It’s after the Mexican president poned the decision at Mr. Ló- of which I was legally entitled affected by his death.
about two statesmen building on won a landslide victory in July 27,000 soldiers to help turn pez Obrador’s request. In ex- to as part of the lawsuit—and Mr. Trump has often invoked
their relationship.” 2018, and fearing the economic back migrants. Monthly appre- change, Mexico quickly boosted stuffed them into my bags,” she his brother’s alcoholism to ex-
At first sight, the two presi- impact of a confrontation with hensions of migrants at the U.S. extraditions of drug traffickers wrote. plain why he doesn’t drink.
dents are an odd political cou- the U.S., sought a political ac- border plummeted from a 13- and other criminals to the U.S., That information contrib- Ms. Trump, who has a doc-
ple. Mr. Trump is a flamboyant commodation with Mr. Trump. year record high of 133,000 in and increased joint anti-cartel uted to an article that the torate in clinical psychology,
self-declared billionaire who Since then, each leader has May 2019 to just 30,000 in Feb- actions, the official said. Times published in October wrote that President Trump’s
loves to flaunt his wealth. His given a hand to the other in is- ruary of this year. K —Gordon Lubold contributed 2018 providing an account of “pathologies are so complex
2016 presidential campaign was sues of importance to both. Recently, Mexico’s foreign to this article. the Trump family’s business ac- and his behaviors so often inex-
tivities. plicable that coming up with an
The Times won a 2019 Pulit- accurate and comprehensive di-

University of California Taps First Black Chief zer Prize for explanatory re-
porting for “an exhaustive 18-
month investigation of
agnosis would require a full
battery of psychological and
neuropsychological tests that
BY MELISSA KORN $890,000, and will be the chancellor of the University of knowledged great challenges President Donald Trump’s fi- he’ll never sit for.”
school’s first Black president. California, Irvine, and held other ahead for the school and soci- nances that debunked his Ms. Conway suggested Tues-
The University of California “We wanted a new president roles in the UC system. ety, the global pandemic, in- claims of self-made wealth and day that the president’s niece
named Michael V. Drake as its who can both lead UC through The University of California equality and climate change revealed a business empire rid- was out of her depth. “He’s not
next president, tapping the for- these unprecedented times and has 10 campuses, five medical among them, and said UC was dled with tax dodges,” accord- her patient, he’s her uncle,” she
mer head of Ohio State Univer- position the university to ex- centers and three national labo- particularly well suited to ad- ing to the citation. said.
sity to lead one of the nation’s pand on its excellence in the ratories, and has more than dress those problems. Ms. Trump is the daughter In the book, Ms. Trump says
largest systems of higher edu- years ahead,” said board chair- 280,000 students and 230,000 California voters will decide of the late Frederick Trump Jr., President Trump cheated on a
cation at a time when the sec- man John A. Pérez. faculty and staff. The univer- in November whether to re- the oldest son of real-estate crucial college entrance test. He
tor is undergoing significant Dr. Drake, an ophthalmolo- sity—and the entire higher edu- store affirmative action in col- magnate Fred Trump and the hired a “smart kid with a repu-
changes. gist, retired from Ohio State last cation sector—are facing a pe- lege admissions, 24 years after brother of Donald Trump and tation for being a good test
The board of regents for the month, after leading that school riod of great transformation it was banned. The board of re- three other siblings. Fred taker, to take his SATs for him,”
sprawling university unani- for six years. During that time, because of shifting student de- gents has endorsed the restora- Trump died in 1999, and his she wrote.
mously approved him for the the school raised its graduation mographics, the coronavirus tion of affirmative action. surviving spouse, Mary Anne Ms. Matthews, the White
role Tuesday, praising his expe- rates and increased need-based pandemic and institutional and Current UC President Janet Trump, in 2000. House spokeswoman, said:
rience and collegiality. He will financial aid programs. state budget challenges. Napolitano plans to step down In her memoir, Ms. Trump “The absurd SAT allegation is
begin in August, with a salary of Dr. Drake had previously been Dr. Drake, 69 years old, ac- after seven years. describes a complex set of rela- completely false.”
THE WALL STREET JOURNAL. * * Wednesday, July 8, 2020 | A5

U.S. NEWS

Swath of Businesses
Got Pandemic Aid
WASHINGTON—The govern- The data showed for the retained 1.29 million jobs and
ment’s $670 billion Paycheck first time how many jobs each 1.26 million jobs, respectively.
Protection Program reached a business reported retaining The Journal analysis shows
swath of small businesses across with the help of PPP funds. In that about 878,000 borrowers
almost every sector of the econ- all, the number of jobs claimed either didn’t indicate the num-

JEFF CHIU/ASSOCIATED PRESS

omy, benefiting hard-hit indus- by the reporting businesses to- ber of jobs retained using PPP
taled more than 51 million. funds, or reported retaining
By Yuka Hayashi, Whether that means the zero employees.
Anthony DeBarros program actually saved 51 mil- An SBA spokesman said
and Ryan Tracy lion jobs is less clear, said Eric businesses didn’t necessarily
Zwick, a professor of finance at have to provide the number of
tries such as hotels and restau- the University of Chicago. employees to obtain a loan, but
rants, as well as professional “We don’t know what the that number would be required Blue Plate, a San Francisco restaurant, received a Paycheck Protection Program loan.
firms and construction compa- firm would have done in the when they apply for loan for-
nies that were better able to absence of the funding,” he giveness. Daily number of loans, by loan amount, Cumulative number of
weather the crisis, new data said. “A lot of firms who got There was also evidence that April 3 through June 30 loans as a share of all loans
show. this funding were only a little larger firms were better able to 30,000 loans $150,000 and over
More than 90 industry sec- bit impacted in terms of reve- navigate the program in its
tors each had more than 10,000 nues during the crisis and early days, when panic about 100%
firms approved for PPP loans, probably wouldn’t have the pandemic was at its height.
according to a Wall Street Jour- changed their head count that Almost all of the companies re- Loans of
nal analysis of data from the much.” ceiving loans of between $5 $150K-$350K 75
Small Business Administration, In a recent paper analyzing million and $10 million, the
which ran the program. About the first phase of the PPP maximum allowed in the pro- $150K-$350K
264,000 companies in the res- through late April, Prof. Zwick gram, were approved for their 50
taurant business got PPP money, loan in April, according to the 20,000
topping the list. Journal analysis.
The next highest sectors By comparison, 60% of all 25
$350K-$1M
were personal-care services;
More than 90 loans were approved in April,
Loans of
$350K-$1M
consultants specializing in man- sectors each had after the program began ac-
More than $1M
agement, science or technology; cepting applications on April 3. 0
and legal services. Those three
more than 10,000 Most smaller loans, less than May June
saw between 134,000 and firms approved. $150,000, were approved start-
153,000 companies approved for ing April 27, when a second 10,000
loans. round of funding began. Con-
The analysis also showed that gress recently extended the
many of the recipients of large and his colleagues concluded deadline to Aug. 8, and it had Loans of
loans worth at least $2 million they “do not find evidence that more than $130 billion still more than $1M
were in sectors that avoided sig- the PPP had a substantial effect available as of June 30.
nificant impact from the corona- on employment.” The Trump administration,
virus pandemic and were able to The U.S. unemployment rate which released data on PPP
have their employees work re- jumped to a post-Great Depres- borrowers this week under con-
motely, such as architectural and sion high of 14.7% in April. It gressional pressure, says the 0
engineering, legal services and has since fallen to 11.1% in June, total amount of PPP loans May June May June May June
computer-system design. still sharply above 3.5% in Feb- added up to at least 72% of Note: Percentages based on number of loans and limited to those of $150,000 and more.
Take computer-system design ruary, the Labor Department small businesses’ payroll in ev- Source: Small Business Administration
and related services, which lost said last week. ery U.S. state. Florida topped
4.5% of jobs from January to More than 110 industry sec- the list, with small business with loan amounts of various That industry was the sec- professor of finance at MIT
June. Firms in the sector re- tors reported retaining at least loans accounting for 96% of sizes and diverse income com- ond-largest recipient of PPP Sloan School of Management,
ceived 803 PPP loans worth at 100,000 jobs with the PPP small businesses’ payroll. munities represented,” said loan dollars after health care and Dimitris Papanikolaou, fi-
least $2 million. funds, according to the Journal The SBA also concluded that Karen Kerrigan, chief executive and social assistance, receiving nance professor at Northwest-
In contrast, the hotel and ac- analysis. The restaurant indus- 27% of PPP funds were distrib- of Small Business & Entrepre- loans worth $66.43 billion. ern University’s Kellogg School
commodation sector, with a sim- try reported retaining about 5.5 uted to low- and moderate-in- neurship Council, in a state- Meanwhile, accommodation of Management.
ilar number of jobs before the million jobs, the most of any come census tracts, in line with ment. “The average loan size of and food services, by far the And professional services is
crisis, lost 38% of them from sector. the 28% of Americans who live $106,744 is a good indication largest victim of the pandemic the industry where the ratio of
January to June. The sector re- The Journal’s analysis in those areas. About 23% of that very small firms also bene- measured by job losses, re- workers who can work re-
ceived 513 PPP loans of at least looked at data using more gen- the funds went to small busi- fited from the program.” ceived $42.1 billion. motely is highest, the profes-
$2 million. eral sector categories than the nesses in areas that the SBA One industry that saw a big Those numbers translate to sors found. For example, 78%
Recipients of PPP loans in ones reported by the SBA. A to- considers economically dis- boost from the program while roughly $12,500 per employee of computer programmers say
the hotel business said the pro- tal of about 4.9 million compa- tressed, and 15% of the funds weathering the pandemic rela- in the professional-services they can telecommute, while
gram helped to retain 980,890 nies have received loans under went to rural areas. tively well was professional, sector, where many of the workers in accommodation and
jobs, while the recipients in the the program. “The top line data demon- scientific and technical ser- workers are highly paid, com- food services or transportation
computer-system design sector After restaurants, the next strates that those small busi- vices, which included sectors pared with $4,800 for accom- must nearly always be physi-
said 589,532 jobs were retained, two highest sectors were physi- nesses that were able to access like architectural and engineer- modation and food services, ac- cally present at a workplace.
according to the Journal analy- cians’ offices and building PPP loans were spread across ing, legal services and com- cording to an analysis by —Chad Day
sis. equipment contractors, which the small business ecosystem, puter-systems design. Lawrence Schmidt, assistant contributed to this article.

PPP Loans Number of banks by midpoint

of estimated range of fees
they could get for PPP loans
1% in interest on PPP loans
they hold that aren’t forgiven,
not much more than their cost
More than 30 banks, mostly
smaller ones, could earn as
much from the PPP loans as

Deliver Big More than $100M in fees

of funds. The SBA guarantees
the loans, protecting banks
against defaults.
they reported in net revenue
for all of 2019, according to a
separate analysis from S&P

Bank Fees
31 banks
JPMorgan, Bank of America Global Market Intelligence.
and Wells Fargo & Co. are The government released
ALEX TAI/SOPA IMAGES/LIGHTROCKET/GETTY IMAGES

$10M to $100M
among the banks that have exact loan sizes only for loans
246
said they would donate what- of less than $150,000. The re-
Continued from Page One ever profits they make on PPP. maining loans were placed
$1M to $10M
program—given the cost of “We will use the net pro- within several buckets.
building out loan infrastruc- 1,434 ceeds of fees…to support small Ms. Honigsberg and Mr. Hu
ture and having to dedicate businesses and the communi- tallied the exact fees for those
thousands of workers—and $100K to $1M ties and nonprofits we serve,” loans under $150,000 and the
the biggest banks have said 2,125 a Bank of America spokesman potential range for every other
they would donate any profits said. loan.
they do make. Less than $100K The fees banks earn depend JPMorgan customers re-
The PPP has delivered more on the size of the loans they ceived $29 billion in PPP
than $520 billion in loans so 486 make: 5% for loans less than loans, and the bank stands to
far meant to soften the eco- Source: Edwin Hu, NYU Law’s Institute for
$350,000; 3% for loans be- get between roughly $800 mil-
nomic blow from the virus and Bank of America is among the big U.S. banks that have said they Corporate Governance & Finance; tween $350,000 and $2 mil- lion and $1.38 billion in fees,
related shutdowns. The loans would donate any profits they make from the PPP program. Colleen Honigsberg, Stanford Law School lion; and 1% for loans north of according to the analysis.
can be forgiven if businesses $2 million. Bank of America customers
spend the money on certain It is common for banks to apart is its size: The high end ing program in the 12 months If the SBA later determines received $25 billion in loans,
expenses like rent or payroll, be compensated for facilitat- of the range of PPP fees lend- ended Sept. 30. a borrower was ineligible for a and the bank is in line for
though businesses have said ing loans made under govern- ers can earn exceeds the total In addition to the program’s PPP loan, it can claw back the $770 million to $1.21 billion in
the process is confusing. ment programs. What sets PPP size of the SBA’s flagship lend- fees, banks are also set to earn processing fee from the lender. fees.

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 A6 | Wednesday, July 8, 2020
DAVID CRANE/ORANGE COUNTY REGISTER/ZUMA PRESS
The emergency-room check-in area in May at Providence Holy Cross Medical Center in Mission Hills, Calif. Some people have opted not to risk a doctor visit during the pandemic.
Pitch Made to See the Doctor Again
BY SARAH KROUSE
Several large health-care
organizations are collaborating
on an advertising campaign to
encourage people to return to
their medical providers, a sign
of how difficult it has been to
allay fears of catching the cor-
onavirus during visits to a
doctor or pharmacy.
Patients worried about con-
tracting Covid-19 in medical
facilities have for months can-
celed doctors’ appointments
for managing chronic condi-
tions such as diabetes, delayed
preventive care such as vacci-
nations and put off diagnostic
work.
The coalition behind the
new campaign, which includes
insurer Humana Inc., phar-
macy chain Walgreens Boots
Alliance Inc., diagnostics com-
pany Laboratory Corp. of
America Holdings, pharma-
ceutical distributor McKesson
Corp. and the Children’s Hos-
pital of Philadelphia, asks pa-
tients to “stop medical dis-
tancing.”
The group is running ads on
many platforms including tele-
Embattled Test-Kit Company Abruptly Shuts Down
BY JAMES V. GRIMALDI
AND SUSAN PULLIAM
A company awarded a no-
bid $10.2 million federal con-
tract to make Covid-19 test
kits notified state regulators it
closed its doors less than two
months after it was created
amid U.S. investigations, con-
gressional inquiries and com-
plaints from former workers.
Fillakit LLC was created in
Florida on May 1; the Federal
Emergency Management
Agency awarded the company a
contract on May 7. Fillakit noti-
fied the Florida Secretary of
State it dissolved on June 26.
U.S. Tells
WHO It
Will Leave
Continued from Page One
tect, and respond to infectious
disease outbreaks with trans-
parency and accountability.”
Mr. Trump, a Republican,
described the WHO in May as
“a puppet of China.” He said:
“They give us a lot of bad ad-
vice.”
The notice of withdrawal
came as WHO Director-General
Tedros Adhanom Ghebreyesus
warned Tuesday that the “out-
break is clearly accelerating
and we haven’t reached the
peak.” The organization noted
that more than 400,000 new
cases of coronavirus had been
recorded globally over the
past weekend, a number that
had taken 12 weeks to reach at
the beginning of the outbreak.
The U.S. death toll topped
130,000 as of Tuesday. The
country has 39.72 deaths per
100,000 residents, which places
it among the top 10 countries
in the world in that metric, ac-
cording to data compiled by
Johns Hopkins University.
On Tuesday, public-health
officials, legal scholars and
members of Congress from
both parties condemned the
move, arguing that during the
Covid-19 crisis it would cost
lives, hinder U.S. access to the
global system for sharing out-
break data and vaccine re-
vision, social media and in
print. “Stay six feet away from
others, stay close with your
doctor,” part of the new ad
campaign says, alluding to the
social-distancing guidelines
from the Centers for Disease
Control and Prevention.
The unusual collaboration
of the health-care groups un-
derscores how significantly
the declines in patient visits
for regular checkups and even
emergencies are rippling
through the U.S. health-care
system, reducing demand for
some drugs and routine diag-
nostic tests as well as harming
the financial stability of many
doctors’ practices from pri-
mary care to dermatology.
Many doctors have offered
telehealth visits during the
pandemic and have changed
their office protocols to elimi-
nate shared waiting areas and
enhance cleaning to minimize
the risk of infection. Some in-
surers waived copays for be-
havioral-health and primary-
care visits to encourage
members to see providers.
Still, across the U.S. pa-
tients have delayed seeing
U.S. investigators for the in-
spector general for the Depart-
ment of Homeland Security
have been questioning former
Fillakit employees and two
other Department of Health
and Human Services agencies
are conducting investigations
on the quality of its test kits.
HHS and FEMA recently be-
came aware of potential qual-
ity issues with Fillakit test
kits, an HHS spokeswoman
said, and “out of an abundance
of caution we recommend [the
Fillakit transport] media not
be used at this time” as the
agency analyzes its quality.
She said the federal govern-
WHO Director-General Tedros Adhanom Ghebreyesus, who on Tuesday warned that the global coronavirus ‘outbreak is clearly accelerating.’
search, and give China more
sway over the U.N.
“Certainly there needs to be
a good, hard look at mistakes
the World Health Organization
might have made in connection
with coronavirus, but the time
to do that is after the crisis has
been dealt with, not in the mid-
dle of it,” said Sen. Lamar Alex-
ander (R., Tenn.), chairman of
the Senate health committee.
In a statement, Mr. Biden
said, “Americans are safer
when America is engaged in
strengthening global health.
U.S. NEWS
their health-care providers and
in some cases avoided going to
the hospital for suspected
strokes and heart attacks, ac-
cording to primary-care organ-
izations and the CDC. Patients
are weighing their health con-
cerns and needs as well as
their age and pre-existing con-
ditions in considering whether
to leave home to pick up a pre-
scription or visit a doctor,
Recent surges in
infections in some
states have added to
patient anxiety.
health-care providers say, and
sometimes opt to delay care.
Some hospitals have strug-
gled to contain infections of
Covid-19, which is caused by
the coronavirus, within their
walls, The Wall Street Journal
has reported. Recent surges in
coronavirus infections in
Southern and Western states
have added to patient anxiety.
ment is replacing the Fillakit
products with testing supplies
from other companies. DHS
didn’t respond to a request for
comment.
On Monday, Michigan’s
Democratic U.S. senators, Deb-
bie Stabenow and Gary Peters,
asked FEMA to explain how Fil-
lakit got the contract. Michigan
received more than 322,000
Fillakit tubes for transporting
samples to test for the virus.
But the tubes “were not
manufactured in sterile condi-
tions and would not provide re-
liable test results,” the senators
said. The dissolution notice and
letter was reported earlier by
On my first day as President, I
will rejoin the WHO and re-
store our leadership on the
world stage.”
Rep. James Comer (R., Ky.)
supported the decision. “China
lied, the WHO complied, and
Americans died,” he said.
The U.S. withdrawal would
be a seismic event for the
global public-health regime and
for the U.S.’s position within
the multilateral world order.
The U.S. is the single-largest
donor to the WHO, giving about
$450 million a year, much of it
Plus, many families have
lost health-insurance coverage
because of layoffs, causing
them to further postpone doc-
tors’ appointments.
Michael Seiden, president of
The US Oncology Network,
said diagnosis of breast, pros-
tate, skin and other cancers
has declined since the start of
the pandemic. That is because
patients have put off medical
visits or hospitals have shut
down screenings and directed
staff and resources to Covid-19
efforts, he said, not because
cancer has gone away. “There
is a concern that tumors that
are early stage today will be in
a more advanced stage next
year,” Dr. Seiden said.
The CDC in June published
a report that found declines in
emergency-room trips for
strokes and heart attacks since
the start of the pandemic, and
said the drop in those visits
might partly explain an in-
crease in excess deaths in the
U.S. not caused by Covid-19.
More than half—56%—of
clinicians reported worsening
health conditions among pa-
tients linked to a lack of ap-
legal news site Law360.
The Wall Street Journal re-
ported in June that workers
alleged that Covid-19 testing
materials came into contact
with dust, debris, bugs and hu-
man blood and that the com-
pany didn’t register as a regu-
lated medical-device maker as
required under Food and Drug
Administration rules. The
Journal later reported on the
federal investigations into Fil-
lakit’s practices.
Fillakit’s manager, Paul A.
Wexler, didn’t respond to a
phone call or an email seeking
comment on Tuesday. Mr.
Wexler in 2013 settled an ac-
earmarked for specific diseases
such as polio, which has nearly
been eradicated.
A U.S. exit would eliminate
that funding and leave the
WHO more dependent on pri-
vate donors, such as the Bill
and Melinda Gates Foundation,
its second-largest contributor.
The withdrawal would also
reinforce a sense among West-
ern leaders that the U.S. is re-
treating from the U.N. system
while China grows in influ-
ence. Authorities in France,
Japan, and Australia shared
* * THE WALL STREET JOURNAL.
U.S. Awards
Drugmakers
$2 Billion in
Virus Battle
BY PETER LOFTUS
AND JOSEPH WALKER
The federal government
awarded $2 billion to two
drugmakers to support devel-
opment and manufacturing of
an experimental drug and a
potential vaccine against
Covid-19.
Novavax Inc. said it would
receive $1.6 billion from the
federal government to fund
clinical studies of its experi-
mental coronavirus vaccine and
establish large-scale manufac-
turing of doses. With the fund-
ing, Novavax said it would de-
liver 100 million doses of its
vaccine for use in the U.S., pos-
sibly by the end of this year.
Regeneron Pharmaceuti-
cals Inc. said it has received a
propriate health care, accord- $450 million federal contract
ing to a survey in late June of to manufacture thousands of
735 clinicians by the Larry A. doses of its experimental
Green Center and Primary Covid-19 treatment that the
Care Collaborative, advocacy government will distribute at
groups focused on that type of no cost to the public if the
practice, and 3rd Conversa- drug is authorized for use.
tion, which connects patients The new funding shows the
and care providers. federal government is taking
Fewer medical appoint- steps to try to ensure that
ments have led to reduced de- more effective tools against
mand for some tests and pre- the pandemic are ready by fall
scription drugs. It has already and winter. But there is no
taken a financial toll on pri- guarantee that the drug and
mary-care practices, many of vaccine will work safely in
which have furloughed or laid clinical trials.
off workers. The exact number of treat-
Doctors and insurers fear ment courses covered by the
that conditions left untreated Regeneron contract is uncer-
or undiagnosed will require tain, the company said, in part
more extreme—and costly— because clinical trials have yet
health-care interventions later. to show what the most effec-
In the near term, some insur- tive dose will be.
ers benefit from fewer claims Regeneron is testing its
and have provided rebates of drug, a combination of two an-
premiums. tibodies, as both an antiviral
Some patient-advocacy treatment for people already
groups urge the use of tele- infected, and as a method of
health for high-risk individu- providing temporary preven-
als, if possible, as well as seek- tive treatment against new in-
ing longer supplies of fections. The Tarrytown, N.Y.,
prescriptions to limit the num- company said Monday it is ad-
ber of trips people make to get vancing the drug into later-
refills. stage studies.
The contract will cover
70,000 to 300,000 treatment
doses as an antiviral treat-
ment. If used preventively, a
lower dose of the drug would
be needed and the estimated
cusation by the Federal Trade treatment doses would range
Commission that one of his from 420,000 to 1.3 million,
companies defrauded cash- Regeneron said.
strapped consumers during Novavax, of Gaithersburg,
the 2008 financial crisis. Mr. Md., started testing its vac-
Wexler, in an earlier interview, cine, NVX CoV2373, in May in
called the FTC allegations un- a small study in Australia, for
fair and unrelated to Fillakit. which initial results are ex-
Mr. Wexler previously told pected by the end of July. The
the Journal that allegations of new federal funding will sup-
unsanitary conditions were port a Phase 3 study with up
baseless and came from a dis- to 30,000 participants begin-
gruntled former employee. ning in the fall, Novavax said.
In Monday’s letter, the “We’ve got all the tools to
Michigan senators wrote to allow us to get the vaccine
FEMA that the sudden loss of made in large scale,” Novavax
the test kits now jeopardizes Chief Executive Stanley Erck
the state’s ability to lift quar- said in an interview. “We just
antine restrictions safely. need data to show it works.”
ceal the spread of the respira-
tory disease in its early weeks.
The WHO—a small agency
with few inspection powers—
has said it relies on national
governments such as China’s
to accurately report outbreaks.
The WHO has said it made
the information coming out of
China available to Washington
and to the many U.S. govern-
ment employees posted to the
Geneva-based agency.
“We sounded the alarm
early and we sounded it of-
ten,” Dr. Tedros has said.
The WHO said it was aware
of the announcement. “We
have no further information
on this at this stage,” a
spokesman said.
The WHO’s founding docu-
ments contain no provision for
FABRICE COFFRINI/PRESS POOL
countries to leave the agency,
because its founders didn’t an-
ticipate any country would
want to. No government has
ever left.
The 1948 act of Congress
that authorized U.S. member-
ship in the WHO required the
country to give notice one
year in advance of its intent to
Mr. Trump’s frustration that withdraw. Meanwhile, U.S.
the WHO was too quick to government employees con-
praise China in the early tinue to work at the WHO’s
weeks of the Covid-19 pan- headquarters in Switzerland.
demic, and in May more than The U.S. would have to pay
150 governments backed a any outstanding financial obli-
proposal to audit the agency’s gations, under the 1948 con-
perceived failures. gressional act.
Since April, Mr. Trump has Administration officials have
sharply criticized the WHO, floated the idea of creating an
whose senior officials com- office within the State Depart-
mended China’s draconian and ment tasked with responding
ultimately effective measures to pandemics. Previously, a
to quash the virus. similar office was situated in
Mr. Trump has accused the the National Security Council
agency of helping China con- until it was disbanded in 2018.
 THE WALL STREET JOURNAL. * * Wednesday, July 8, 2020 | A7

Brazil President Says He Has Coronavirus
Bolsonaro, who played June by a court to wear one,
told a CNN reporter on Monday
down severity of evening that he had been
pandemic, had been tested because he had a fever
of 100.4 degrees Fahrenheit
ordered to wear mask and other symptoms related to
Covid-19, the illness caused by
BY JEFFREY T. LEWIS the coronavirus. His tempera-
AND LUCIANA MAGALHAES ture has gone down since then,
and he will continue working,
SÃO PAULO—Brazilian Pres- he said Tuesday.
ident Jair Bolsonaro, one of “This virus is like the rain,
the most prominent world it’s going to get you,” a masked
leaders to play down the se- Mr. Bolsonaro told reporters
verity of the pandemic, on Tuesday after revealing he is
Tuesday said he tested positive infected. He echoed earlier
for the coronavirus. calls for Brazilians to get back
The 65-year-old, who fre- to work. “Life goes on, Brazil
quently appeared in public has to produce.”
without a mask until ordered in With the result, Mr. Bolson-
WORLD NEWS
aro has joined the small group
of heads of government who
have been infected, including
U.K. Prime Minister Boris
Johnson and Honduran Presi-
dent Juan Orlando Hernández,
along with dozens of high-level
officials and politicians around
the world.
Mr. Bolsonaro said on Mon-
day that he had a blood oxygen
level of 96, considered within
the normal range, and that he
underwent a chest X-ray that
showed no problems. Mr. Bol-
sonaro is in good health and
resting at the presidential resi-
dence, his office said Tuesday.
Since the pandemic began,
the right-wing president has
played down the severity of
the virus, comparing it to a
“little flu.” Even as the virus
began to spread, the president
waded into crowds and called
on people to get back to work.
He fired one health minister
and another quit over the gov-
ernment’s response to the pan-
demic, and their successor
hasn’t been named.
Brazil is second behind the
U.S. with 65,487 deaths and 1.6
million confirmed cases.
“The main factor that’s re-
sponsible for Brazil being the
second country in the world
for infections, for deaths, is
the irresponsible stance of the
president,” said José Gomes
Temporão, health minister un-
der former President Luiz Iná-
cio Lula da Silva from 2007 to
2010, and a physician with a
doctorate in public health.
“We’ve gone two months
without a health minister, and
our president doesn’t listen to
science, does not respect the
advice of experts, doesn’t re-
spect the recommendations of“
the World Health Organization,
Mr. Temporão said.
Mr. Bolsonaro has pressured
state and local officials to al-
low nonessential businesses to
reopen, and in the past week
vetoed important parts of a
law requiring people to wear
masks in public and publicly
accessible spaces. With the ve-
toes, churches, shops and pris-
ons, among other places, are
exempt from the law even as
the number of confirmed cases
and deaths have been rising.
The president fired his first
health minister, the popular
Luiz Henrique Mandetta, in
April because the physician
called for social isolation. Less
than a month later, new health
minister Nelson Teich quit af-
ter opposing the use of hy-
droxychloroquine to treat the
infected even as the president
was insisting on using the
drug to fight the virus. Mr.
Bolsonaro said he was taking
the controversial medicine.

Many would-be tourists to the EU won’t be coming this summer.

Tourist arrivals to the EU by country of origin, 2019, in millions
U.S. 29.1

China 10.5

Russia 10

Canada 5.4 Banned*

Allowed
Australia 5.1

Brazil 4.3

Japan 4.3
*Tourists currently banned from coming to the EU
(Chinese will be allowed if China opens up to EU tourists)

FRANCESCA VOLPI FOR THE WALL STREET JOURNAL

Source: Tourism Economics (European Travel Commission Q1 2020 report)

Ban on Americans
Pinches Tourism
Across Europe Boats on Lake Como in Italy that normally would be full are carrying fewer passengers, as the pandemic cripples travel world-wide.

BY ERIC SYLVERS
AND BENOIT MORENNE
BELLAGIO, Italy—From Lake
Como to the Louvre, some-
thing is conspicuously absent
from Europe’s tourist destina-
tions this summer: Americans.
The European Union last
week extended its travel ban
on tourists from the U.S. and
other countries due to surges
in coronavirus cases. The loss
of the Americans, in particu-
lar, is a heavy blow as they ac-
counted for 29% of tourists ar-
riving from outside Europe in
2018, according to the World
Tourism Organization.
Europe’s hotels, restau-
rants, cafes, beaches, museums
and other attractions are reel-
ing from the loss of their big-
gest spenders.
Few places are suffering
from the lack of Americans
more than this picturesque
town on the shores of Lake
Como, where about two-thirds
of summer visitors arrive from
the U.S. Shops, restaurants and
the cobblestone streets are
largely deserted. Most hotels
are closed and some cafes have
more locals than tourists, a sit-
uation unheard of from March
to October in a normal year.
Maurizio Rizzo, a painter
who has a small gallery near
Bellagio’s wharf, hasn’t sold a
single painting since reopen-
ing a month ago following It-
aly’s long lockdown and is
considering closing for the
season. Recently, he sat out-
side his gallery watching You-
Tube videos and bemoaning
the lack of Americans, who
make up 99% of his clientele.
“We desperately need the
Americans to solve their coro-
navirus situation or we are go-
ing to be ruined,” he says.
A late-afternoon hydrofoil
to Como that normally would
be full carried one passenger
on a recent afternoon.
“We’ve accepted that we
FRANCESCA VOLPI FOR THE WALL STREET JOURNAL
aren’t going to see any Ameri-
cans this year, but it is going
to hurt,” says Giovanni Casillo,
co-owner of Bar Rossi on Bel-
lagio’s waterfront. “An Italian
orders a coffee, Americans or-
der drinks and food and they
are generous with tips.”
The pain caused by the miss-
ing Americans is compounded
by the inclusion of China in the
EU ban. About 10% of tourists
arriving from outside the EU
came from mainland China in
2018. The bloc said it would lift
the ban on China, where rela-
tively few infections have been
reported in the past few
months, if the country does the
same for EU tourists.
Travelers from the U.S. to
Italy will drop by almost
three-fourths in the period
Foreign business ‘is
our strength, and
this time it is our
Achilles’ heel.’
from May to October, accord-
ing to Enit, Italy’s national
tourism agency. The 4.4 mil-
lion Americans who traveled
to Italy last year spent €5.5
billion ($6.2 billion), making
them the highest per capita
spenders, according to Enit
Chairman Giorgio Palmucci.
The pinch is being felt
across Europe, which this year
could lose half of its 37 million
travel and tourism jobs as rev-
enue drops by a similar
amount, according to the
World Travel and Tourism
Council’s baseline forecast re-
leased last month. Travel and
tourism account for 13% of the
economy in Italy and 9% in
France and Europe as a whole,
according to the group.
About five million Ameri-
cans visit France every year,
spending €4 billion to €5 bil- ism Office. Four- and five-star hotels while a one-bedroom suite
lion, according to Didier Arino, In Bellagio, most business on Lake Como and across Eu- with a lake view goes for
the director of Protourisme, a owners already are focusing on rope are among the hardest-hit €3,350. Occupancy this month
French consulting firm. next year, when they hope the businesses because they rely is about 35%, compared with
At La Fontaine de Mars, a virus will be under control. It- on well-heeled U.S. travelers. 98% last July. In the first half
112-year-old bistro tucked un- aly and other countries want In the town of Cernobbio of July, Americans normally
der the arcade of a street near to gin up more domestic and sits Villa D’Este, one of Italy’s account for 70% of clients,
the Eiffel Tower, Americans European tourism this year. most expensive hotels. In July, says General Manager Danilo
normally account for 70% of But the expected increase a standard room without a Zucchetti. “This year is a sad
dinnertime clients and spend won’t be enough to fill the gap. lake view costs €920 a night, anomaly for us,” he says.
about €70 a person for spe-
cialties that include foie gras
and duck breast fillet. French
clients have taken up some of
the slack but haven’t filled the
hole left by U.S. customers.
Overall, diner numbers are
down by about a third from
normal levels, said Christiane
Boudon, one of the restau-
rant’s owners. Before the coro-
navirus, ‘’we would never have
lunch or dinner without an
American,” she says.
On the Île de la Cité, Jérôme
Campos, a 25-year-old waiter
at the Le Quasimodo Notre
Dame brasserie, is lamenting
the lack of American custom-
ers who tend to tip between
€5 and €15 compared with a
few euros for most French and
other Europeans clients. “They
can be very generous,” he says.
In Nice on the southeastern
coast, foreigners normally ac-
count for more than two-
thirds of tourists.
About 500,000 Americans,
or 11% of foreign tourists, visit
the city and surrounding re-
gion every year and spend on
average €150 a person a day,
close to three times as much
as French tourists, according
to the Côte d’Azur Regional
Tourism Committee.
Nice has two direct flights
to the U.S., which are cur-
rently suspended, and United
Airlines intended to add one
to Newark until the pandemic
upended those plans.
“Having so many foreign-
ers, it is our strength, and this
time it is our Achilles’ heel,”
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Maurizio Rizzo hasn’t sold a painting since reopening his gallery near Bellagio’s wharf a month ago.
A8 | Wednesday, July 8, 2020
Rookie RV
Drivers Hit
The Road
Continued from Page One
his RV, was at a stoplight in
the Black Hills of South Dakota
last month when he saw a
rental RV trying to use a fast-
food drive-through—a typical
rookie mistake.
“It was like I was about to
see a dog get hit by a car. I
wanted to help, but there was
nothing I could do,” said Mr.
Swenson, 50, a Seattle prop-
erty investor.
“He was about 2 feet away
from doing major damage” but
stopped when he reached a
hanging sign alerting him that
the RV was too tall, Mr. Swen-
son said.
Still, the man was going to
have to ask everyone in line to
get out of his way so he could
back up. “I felt bad for him,”
Mr. Swenson said. “I almost
wanted to send him a Hall-
mark card saying, ‘We’ve all
been there.’ ”
Union Boss
In Policing
Spotlight
Continued from Page One
tacked by anarchists as having
“low overall credibility.” Mr.
Kroll and the other officer
paid the victims $17,000 to
settle a civil lawsuit accusing
them of excessive use of force,
among other things, according
to Mr. Mahaffy.
That incident, and nine
prior complaints of excessive
force, didn’t derail Mr. Kroll’s
career. Over the next decade,
he instead rose to what may
be the most powerful law-en-
forcement position in the city:
president of the Police Offi-
cers’ Federation of Minneapo-
lis.
Like police union leaders
around the country, Mr. Kroll
has accumulated power and
protection, both for himself
and for the city’s roughly 850
police officers. Union con-
tracts for police provide offi-
cers strong barriers to being
investigated, disciplined or
fired.
Target on back
In the arts-festival case, Mr.
Kroll said “we did nothing
wrong,” and complained that
he has been singled out for
discipline over the years be-
cause of his prominent union
role. “If you work hard for
your members there is a tar-
get on your back by the ad-
ministration,” he said in an in-
terview.
Now Mr. Kroll is in the na-
tional spotlight, trying to navi-
gate a law-enforcement crisis
sparked by the killing of
George Floyd, a Black man,
during an arrest in Minneapo-
lis on May 25. The killing, cap-
tured on a video that shows
Derek Chauvin, a white police
officer, pinning Mr. Floyd’s
neck to the ground for about 8
minutes, sparked world-wide
protests and the worst civil
unrest the U.S. has seen in de-
cades.
Mr. Kroll condemned the
killing and didn’t object when
Minneapolis Police Chief Me-
daria Arradondo immediately
fired Mr. Chauvin, who has
since been charged with 2nd
degree murder. But he wrote
in a letter to union members it
was “despicable” that the
mayor and governor, both
Democrats, had shifted blame
for the ensuing violence to po-
lice officers.
The incident has sparked a
national conversation about
police protections and calls to
defund police departments.
Former mayors and police
chiefs say the immense influ-
ence of the unions is a key
reason attempts to overhaul
policing practices, in Minneap-
olis and elsewhere, have
failed. Many cities, lacking
cash to boost police salaries,
have handed unions authority
over everyday functions of po-
lice departments, down to how
shifts are assigned and over-
time is meted out.
Tony Bouza, who led the
Minneapolis police depart-
ment from 1980 to 1989, de-
scribed his tenure as “a con-
stant and unremitting battle”
with the union. “I was never
able to fire the alcoholics, psy-
chos and criminals in the
Gina Marie Eynon knew her
new 31-foot RV was too tall for
a Starbucks drive-through as
the family traveled from
Mashpee, Mass., to Scottsdale,
Ariz., to visit her ailing father-
in-law in late May. So she
parked and walked to the
drive-in window to order her
iced caramel macchiato.
But when she went to drive
away from the Starbucks in Ef-
fingham, Ill., she cut a tight
corner too close. “I tried to go
wide,” said Ms. Eynon, 42,
who sells essential oils, but all
of a sudden she heard a crash.
“The pole next to the building
literally just pummeled my
RV.”
When her husband, Deryk,
49, a schoolteacher, took over
to try to free the camper from
the pole, the two batteries
that power the RV’s appliances
fell out of their compartment.
It took a repairman about two
hours to get the family back
on the road—including a brief
pause when he got shocked.
“It was a $200 coffee,” Ms.
Eynon quipped, adding that
the Grand Canyon was amaz-
ing.
Christopher Cook rented an
RV last month to see if he and
his wife, Zhivonni, would want
ranks,” he said.
Stephen Rushin, an associ-
ate law professor at Loyola
University Chicago, said there
is plenty of blame to go
around. “It’s easy to demonize
police unions,” he said. “The
truth is cities signed off on all
these agreements.”
The power held by union
leaders like Mr. Kroll has
grown along with the ranks of
police departments and their
budgets. The war on drugs and
the terrorist attacks on Sept.
11, 2001, led to large infusions
of cash and personnel. Four
out of five police officers in
the country belong to a union,
and they have used that base
to accrue broad political
power through campaign do-
nations to lawmakers, en-
dorsements and frequently by
playing conservative state leg-
islatures against progressive
city councils, say labor histori-
ans, union officials and politi-
cians.
Police unions were nonpar-
tisan into the 1980s but began
to gravitate toward the GOP
about the same time Republi-
cans started turning against
other public-sector unions
while refraining from attack-
ing law enforcement. As the
GOP portrayed itself as the
party of law and order, the re-
lationship with police
strengthened, said William P.
Jones, professor of history at
the University of Minnesota.
Relations generally deterio-
rated between police unions
and Democratic big-city may-
ors. Meanwhile Joe Biden, the
former vice president and pre-
sumptive Democratic presi-
dential nominee, has seen his
own carefully cultivated ties
with police unions fray.
“Republicans support the
rhetoric of being tough on
crime, crackdowns on immi-
gration and drug enforce-
ment,” which aligns with the
agenda of law enforcement,
Dr. Jones said.
Executive order
President Trump signed an
executive order last month
urging police departments to
adopt stricter use-of-force
standards and create a data-
base to track officer miscon-
duct, but also reiterated a
hard line on law and order.
“We need to bring law en-
forcement and communities
closer together, not to drive
them apart,” he said.
Mr. Kroll’s own rise through
the ranks was marked by
praise from his superiors as
well as episodes of violent be-
havior.
Robert Kroll, president of the Minneapolis police officers’ union,
addresses the news media in 2016.
FROM PAGE ONE
Deryk Eynon, right, and a repairman worked on his RV after it hit a
pole making a tight turn at a Starbucks in Effingham, Ill.
to buy one so they would be
more free to travel during the
pandemic and beyond. The
couple—both public informa-
tion officers for Texas police
Critical Mass
Complaints against officers of the Minneapolis Police Department are on the rise, with more
interdepartmental complaints in recent quarters…
200 complaints
150
Interdepartmental
Civilian
100
50
0 that in America if you want
2013 ’14
…but disciplinary actions
against those officers with
civilian complaints against
them are rare…
Disciplinary actions
Total complaints*
2013 2
2014 8
2015 0
2016 1
2017 1
2018 0
2019 0
*There are 104 complaints still under review for 2019, but no more than 10 still open for previous years.
Note: All dates based on when complaints were filed, not when disciplinary action was taken.
Source: Communities Against Police Brutality
Raised in a working-class
section of St. Paul, Mr. Kroll
earned a reputation as a fear-
less and aggressive street cop
who took his job seriously. Be-
tween 1983 and 2004, he
served as a military police of-
ficer in the Army Reserve,
where he earned seven com-
mendations.
“He’s an extremely smart
guy,” said Allen Berryman, a
former Minneapolis police
union president.
But he also had a history of
getting into off-duty barroom
brawls—including one in
which he lost a piece of his
ear, said Greg Hestness a for-
mer deputy police chief who
supervised Mr. Kroll.
Obtaining Minneapolis po-
lice disciplinary records is dif-
ficult. A public summary of
complaints made against Mr.
Kroll from the department’s
internal-affairs bureau in-
cludes 22 complaints and few
details. Mr. Kroll was disci-
plined for three of the com-
plaints, according to police re-
GINA EYNON
departments—drove with their
two daughters about nine
hours from their home in
Mansfield, Texas, to do some
stargazing near the Mexico
Four-quarter average
of all complaints
’15 ’16 ’17
…and there are hundreds of officers who have multiple
complaints that were filed against them.
160 officers
137 officers have
384 two complaints from
120
4Q 2012 to 4Q 2019
394
319 80
320
311 40
404
0
416
2 5 10
cords.
A spokesman for the police
department said it releases in-
formation in accordance with
state laws.
Through a union spokes-
man, Mr. Kroll declined to
comment about these accusa-
tions or about his altercations
outside work.
Mr. Kroll’s version of how
the 2004 incident transpired
is much different than Mr. Ma-
haffy’s. He said in a deposition
and in an interview that al-
most as soon as he got out of
the car he and his partner
were attacked by as many as
20 people who looked to him
like anarchists. He described
being knocked flat on his back
and fighting for his life as the
crowd attacked him.
The city’s police review
board collected testimony
from several witnesses and
recommended that Mr. Kroll
be suspended without pay for
160 hours. He appealed and
the suspension was dropped.
Mr. Kroll said city authorities
didn’t escalate the case to ar-
bitration because they didn’t
believe they would win.
A spokesman for the police
department declined to com-
ment on why it didn’t pursue
arbitration.
A promotion
While his case was being
adjudicated, Mr. Kroll was pro-
AARON LAVINSKY/THE STAR TRIBUNE/GETTY IMAGES
moted to lieutenant.
Two years after the 2004
encounter, he was elected vice
president of the union. He was
elected president in 2015.
In 2007, five Black police
officers, including the current
chief, sued the city, the police
department and the then-chief
in U.S. district court, accusing
them of a pattern of racial dis-
crimination and creating a
hostile work environment.
They accused Mr. Kroll, who
wasn’t named in the suit, of
THE WALL STREET JOURNAL.
border.
Pulling out of a gas station
about a quarter mile from
where they needed to return
the RV, Mr. Cook, 46, noticed
there was a big dip but said he
was already committed to the
turn.
“I hear this loud screeching
sound, and I looked at my wife
and we were like, that can’t be
good,” he said.
Turns out, the back bumper
had dragged along the ground,
causing more than $1,000 in
damage, on top of the $1,000
rental fee.
“I don’t know much about
RVs,” said Mr. Cook, “but I
know everything about them
is expensive.” They ended up
buying an RV trailer anyway,
he said.
Lauren Miller and her hus-
band, Joe, both in their 40s,
bought a 22-foot RV trailer in
May as a way to travel during
the pandemic. The jury is out
on whether they will keep it,
Ms. Miller said.
“We’re like the Three
Stooges when we set up
camp,” said Ms. Miller, who
owns a home health-care com-
pany in Little Rock, Ark.
“We’ve got two kids and two
dogs. We kind of roll in like
’18 ’19
One officer has
20 complaints
since 4Q 2012
15 20
wearing a “white power”
badge on his leather motorcy-
cle jacket and using a ho-
mophobic slur against an aide
to the mayor at the time. The
city eventually settled and
paid the officers a total of
$740,000.
Mr. Kroll didn’t respond to
requests for comment, but has
denied publicly that he is a
racist. A union spokesman said
the allegation about the white-
power badge was fabricated
and that Mr. Kroll denies the
slur.
In July 2014 a former girl-
friend of Mr. Kroll sued the
city alleging he improperly ac-
cessed her motor vehicle re-
cords 62 times over a seven-
year period ending in 2012.
Mr. Kroll received a letter of
reprimand in his file for the
actions.
For years, the police union
in Minneapolis opposed the ci-
vilian review board, say people
involved in the process.
In a court deposition in the
Mahaffy case in 2009, Mr.
Kroll said the police depart-
ment and the city council con-
sidered the review board “a
monkey on their back that
they just can’t seem to shed
and they can’t figure out.”
In 2012, the police union
successfully lobbied state law-
makers to severely weaken the
board’s authority by barring it
from making a “finding of fact
or determination” about an of-
ficer’s conduct following a
complaint.
The board was dissolved
that same year and replaced
with a hybrid panel of police
officers and civilians.
Last August, Mr. Kroll, now
54 years old, had a series of
disagreements with Minneapo-
lis Mayor Jacob Frey, a Demo-
crat, over staffing and
whether to allow officers to
wear uniforms at political ral-
lies.
The situation earned Mr.
the circus.”
When they got to the camp-
ground for their first trip, the
sink and shower overflowed
and they realized the waste
tanks hadn’t been cleaned out
by the dealer.
“I’m hot and screaming,
and we couldn’t shower or do
anything,” she said.
On their second outing, the
family was an hour into the
two-hour trip when she
googled their destination. Mr.
Miller, a police captain, had
made the reservation, noting
its reputation for great fish-
ing. Ms. Miller learned it was
also known for alligators—and
read warnings about small
children and pets making
“tasty treats.”
Her husband said he
couldn’t physically turn the
trailer around on the narrow
road, even if he wanted to.
“We fought about it the whole
way down,” she said, though
they didn’t see any alligators
in the end.
Ms. Miller said she is going
to decide after their next trip
whether the RV lifestyle is re-
ally for her.
“I like nice hotels,” she said.
“This is the tipping point. It
needs to go a lot smoother.”
Kroll an invitation from the
White House to appear at an
October rally alongside Presi-
dent Trump. Mr. Kroll wore a
red “Cops for Trump” T-shirt
and attacked the Obama ad-
ministration for “the handcuff-
ing and oppression of the po-
lice.” He also praised Mr.
Trump for “letting the cops do
their jobs.”
In an April interview on the
“Nothing Sacred” radio show
broadcast through YouTube,
Mr. Kroll said local politicians
have fueled antipolice senti-
ment in recent years.
“There wasn’t this disdain
now that there is for police,”
he said. “The misconception is
the Black vote you have to
come out against police, which
is a false narrative to the nth
degree.”
Many police unions attri-
bute their negotiating tactics
to a 1997 book written by John
Burpo, “Police Association
Power, Politics, and Confronta-
tion: A Guide for the Success-
ful Police Labor Leader.” Mr.
Burpo, who formerly led a
group that represented law
enforcement unions in Texas,
said he was inspired by left-
wing union organizer Saul Al-
insky and has been hired by
unions around the country to
help negotiate better con-
tracts.
“The goal was always to
push people who have power
into a place where they feel
really, really uncomfortable,”
Mr. Burpo said.
Burpo’s book
Mr. Kroll said he had multi-
ple copies of Mr. Burpo’s book
and had attended several sem-
inars with him. “It talks about
having power through the po-
litical process because
whether you like it or not you
are involved in politics as
many unions are,” Mr. Kroll
said.
Between 1995 and 2019, the
Minneapolis contract between
the police union and the city
grew to 128 pages from 40. It
now includes more protections
such as a two-day waiting pe-
riod before interviewing offi-
cers in investigations of mis-
conduct and other matters;
mandatory paid leave for offi-
cers involved in critical inci-
dents; and erasing misconduct
records when complaints don’t
lead to disciplinary action.
Union leaders say such provi-
sions ensure accused officers
receive due process.
The rising tension in the af-
termath of Mr. Floyd’s killing
is already reverberating at the
bargaining table. Minneapolis
Chief Arradondo withdrew
from labor negotiations with
the union last month in what
he said was an attempt to re-
store faith in the department.
“There is nothing more de-
bilitating to a chief than when
you have grounds to terminate
an officer for misconduct and
you’re dealing with a third-
party mechanism that not only
allows for that employee to be
back in your department, but
to be patrolling in your com-
munities,” Mr. Arradondo said
at a June news conference.
A union spokesman said
“Chief Arradondo is wrong-
fully complaining about the
employee contracts he and his
predecessors—and the mayor
and council members—all
agreed to,” adding that “It is
flat-out false to suggest disci-
plinary cases are routinely
overturned.”
 THE WALL STREET JOURNAL.
Union Files Labor Charges Against Hospitals
BY SHALINI RAMACHANDRAN
New York’s largest nurses
union filed charges of unfair
labor practices against several
hospitals, seeking the number
of nurses who had been in-
fected with the coronavirus.
The union filed the charges
on Tuesday with the New York
City offices of the National La-
bor Relations Board, targeting
multiple hospitals in the pri-
vate Mount Sinai and NewY-
ork-Presbyterian systems, as
well as others such as Brook-
lyn’s Interfaith Medical Center,
Kingsbrook Jewish Medical
Center and Wyckoff Heights
Medical Center.
The New York State Nurses
Association, which represents
42,000 nurses across the state,
said it has been asking hospi-
tals with little success for
weeks to reveal tallies for union
Boutiques Try
New Strategies
To Woo Shoppers
BY ESTHER FUNG
New York City’s small re-
tailers and boutique busi-
nesses are experimenting with
fresh ways to engage shoppers
as the city emerges from re-
strictions prompted by the
coronavirus pandemic.
Some—like Alice and Olivia
LLC, a women’s designer-
clothing store with five loca-
tions in the city—are offering
personalized shopping experi-
ences, including allowing long-
time customers to take home
clothing to try on if they are
uncomfortable with in-store
dressing rooms.
“Come drive into the city
and I’ll handpick outfits for
you to try on at home,” said
Desiree Miranda, a personal
shopper at Alice and Olivia’s
store near Bryant Park in Mid-
town Manhattan.
Other retailers, like Neces-
sary Clothing in lower Man-
hattan, display items on the
sidewalks in front of their
shops, taking advantage of the
city easing regulations on pub-
lic space to assist struggling
businesses. Some family-run
retailers are relying more
heavily on social media or on-
line marketing campaigns.
Many stores resumed opera-
tions last month after the state
and city officials imposed a
lockdown in mid-March to stop
the spread of the new corona-
virus. As part of its phased re-
opening that began June 8,
New York City allowed nones-
sential retailers to offer curb-
side pickup. Now it permits in-
store shopping with limits on
the number of people inside.
Nearly all retail outlets
deemed nonessential have
struggled to some degree dur-
ing the pandemic. But larger re-
tailers have more of a cushion
and flexibility when it comes to
opening and closing stores. The
closing of any one chain store
in a hard-hit area won’t neces-
sarily drive the business into
bankruptcy, and the parent
companies tend to have greater
ability to raise capital.
The stakes are higher for
some smaller boutiques and
many of the city’s family-
owned enterprises, which need
to ramp up business quickly or
risk missing rent payments or
defaulting on loans.
Foot traffic at retail stores
in New York City was down
22% during the week of June
15 compared with the same
period last year, according to
Placer.ai, a foot-traffic analyt-
ics firm that interprets loca-
tion data from mobile devices.
During the first week of
June—before the city started
MIKE SEGAR/REUTERS
Some retailers display items on sidewalks in front of their shops.
* *
GREATER NEW YORK
nurses who reported Covid-19
symptoms, received tests,
tested positive, and have been
off work sick for any amount of
time since early March. The
union says the information is
critical to understand what
happened during the first surge
of the virus to prepare for a
possible second wave.
The labor-relations board’s
regional offices will typically
seek to facilitate a settlement.
If none can be reached, the of-
fices will decide whether to
file a legal complaint against
the hospitals to compel them
to provide the information, a
matter that would go before
an administrative law judge.
So far the union has been
able to piece together only a
partial picture of the pan-
demic’s toll on health workers
in New York City. More than
2,000 fell ill or had to leave
phase one of its reopening—
traffic was down 36% year-
over-year.
While the state limits the
number of customers entering
East Village boutique Cloak &
Dagger’s 1,000-square-foot
shop at a time, browsers can
try on a piece of clothing on
top of their existing attire and
twirl in front of a mirror
placed outside the door.
Cloak & Dagger offers ap-
pointments for shoppers who
would prefer a more-private
shopping experience. One cus-
tomer booked a 2 p.m. slot on
a recent Wednesday. The store
manager said she wanted to
reach over to help out with a
zipper but had to stop herself.
Brookelynn Starnes, Cloak
& Dagger’s owner, has reserva-
tions about how lucrative this
way of shopping may be.
“I might have one item that
might not get any attention
for weeks, then one person
looks at it, energy gets placed
into that piece, and within two
hours, we get a line for it,”
Ms. Starnes said. “People like
to see other people shopping.”
This may not occur if fewer
people are allowed in the store
at the same time, she said,
adding that while online sales
have picked up, they have
been insufficient to cover ex-
penses and rent.
Many New York store own-
ers, even before the pandemic,
were struggling with high
rents and the shift to online
shopping. Stores that cater to
tourists have also seen sales
receipts fall because of the
stronger dollar and weakened
tourism spending.
Even though many chain
stores have replaced mom-and-
pop businesses over the past
decade, some chains have also
begun to retreat recently. Last
year, national retailers closed
304 stores in the city, reducing
the total number of stores
from 8,136 to 7,832, according
to data from New York City-
based think tank Center for an
Urban Future. This decline of
3.7% is the largest drop since
the think tank started tracking
the data in 2008.
One of the latest is Sonos
Inc., a publicly listed seller of
audio products and speakers.
The California-based retailer
said on June 24 that it is clos-
ing its flagship retail store in
SoHo and six other offices.
“A lot of landlords are go-
ing to have to be more flexi-
ble,” said Jonathan Bowles, ex-
ecutive director of the Center
for an Urban Future. “If they
kick out existing tenants, there
may not be any national retail-
ers knocking on their door.”
NY
Share of NYSNA members out
of work due to Covid-19
26.8%
1,249
19.1%
1,102 people
Mount Sinai Montefiore
Note: Includes NYSNA nurses at the hospitals
who responded
Source: NYSNA
work due to pandemic-related
reasons at two hospital sys-
tems, according to data pro-
vided to the union and The
Wall Street Journal.
NYSNA says at least 22 of its
members have died of Covid-19,
At High Meadow Day Camp in Connecticut, campers are grouped into small pods of children their own age and can’t mingle with others.
Day Camp Comes With Health Checks,
But No Swim Lessons or High-Fives
BY LESLIE BRODY
NORTH GRANBY, Conn.—
Parents drive up to a northern
Connecticut day camp, take
their children’s temperatures
and show the results through
their car windows to counsel-
ors wearing face masks.
Then campers hop out and
head for orange rectangles
sprayed on the grass to mark
where they can mingle with a
small pod of children their
own age. They have to stay
away from all the other camp-
ers, all day.
So begins every morning at
High Meadow Day Camp in the
summer of coronavirus. Camps
nationwide that dared to open
face a raft of state and local
safety rules that preview, in
some ways, precautions that
may be in schools in the fall.
That includes grouping children
in cohorts that stay together
daily to avoid spreading germs.
Many states require camps
to have face coverings for staff,
frequent health screenings and
constant disinfecting. “I see this
whole program as a test run for
schools,” said Bill Morneault,
High Meadow’s associate direc-
tor and a remedial teacher at a
Hartford area elementary
school. “If it works, it will help
schools figure out what to do.”
Here, each group of no
more than 10 campers is sup-
posed to stay at least 6 feet
away from the other groups.
Children said they were
thrilled to be at camp, laugh-
ing and playing after months
of being cooped up, but social
distancing isn’t easy.
Bradley Cramer, an 11-year-
old, was excited to see a favor-
ite counselor and tried to slap
hands in a high-five. To Brad-
ley’s dismay, the counselor
said he was sorry but couldn’t
join in. “I felt like Covid has
really done something to the
world,” Bradley said.
Camps have the advantage
of operating mostly outdoors,
rather than in tight class-
rooms that may have poor
ventilation. Even so, many
parents were leery. Camp di-
rectors worried about the
risks of illness if they brought
hundreds of people together,
and the financial pain that
according to its own tally.
NYSNA has been a vocal
critic of New York’s hospitals
and government policies dur-
ing the pandemic, filing law-
suits against the state’s De-
partment of Health and two
hospital systems for a lack of
proper protective equipment,
among other things.
On Tuesday, the union also
filed a separate charge with
the state to compel
Westchester Medical Center, a
public hospital system, to re-
lease data on nurse infections.
A full accounting of worker
infections may be a challenge.
The main problem is that
New York City hospitals didn’t
aggressively test workers early
on due to testing shortages.
City officials also discouraged
testing of asymptomatic and
exposed workers, according to
a memo it sent hospitals
A parent takes a child’s temperature before camp drop-off.
would ensue if they opened
but had to close midseason be-
cause of a virus outbreak.
Some camps didn’t open be-
cause they said guidance from
health authorities came too
late in the spring for them to
be sure they could comply.
About 50% of accredited
day camps in New England are
operating, as are 60% in New
York and New Jersey, accord-
ing to the American Camp As-
sociation’s office for those
states. It said only 10% of
overnight camps in the North-
east are open, with several
states barring them.
Typically, more than 15,000
camps—including those not
accredited by the American
Camp Association—serve more
than 26 million children na-
tionwide, it said. However, this
summer about 19.5 million of
those children will miss that
day camp or overnight experi-
ence, according to the associa-
tion’s preliminary estimates.
Because of camp closures and
reduced enrollments, the asso-
ciation predicted more than
$16 billion in lost revenues,
over 900,000 lost jobs and
$4.4 billion in lost wages.
The association is calling for
an increase in federal economic
disaster loans for camps, say-
ing the Paycheck Protection
Program and other U.S. Small
Wednesday, July 8, 2020 | A8A
March 20. City officials have
said they relied on guidance
from the Centers for Disease
Control and Prevention.
At Montefiore Health Sys-
tem, which operates in the
hard-hit Bronx and in
Westchester County, patients
and health-care workers were
contagious without showing
symptoms, and asymptomatic
staff exposed other staff,
Laura Butler, a Montefiore ad-
ministrator, said in an online
seminar in April.
Some hospitals, including
Montefiore, recently have be-
gun to release some data on
infections to the union.
Montefiore provided tallies
for some of its hospitals, tell-
ing NYSNA that 1,249 union
nurses, or 27% of the total at
those institutions, were off the
job at some point since early
March for coronavirus-related
Business Administration loans
aren’t enough to tide some
camps over until next summer.
A representative from the
Small Business Administration
didn’t provide a comment.
Children need to socialize
and unplug from technology
more than ever after months
of school closures, said Tom
Rosenberg, president of the
‘I see this whole
program as a test
run for schools,’ says
one camp official.
American Camp Associa-
tion. “The field needs to grow,
not shrink, that’s the tragedy,”
he said.
At High Meadow, which sits
on a sprawling 100-acre prop-
erty, leaders said they had the
benefit of space and an open-
air lodge for meals and rainy
days. Director Ben Chaback
said about 150 campers ages 4
through 13 came for last week’s
opening, and the camp will cap
enrollment at 200, even though
it has capacity for 350.
Under rules set by Connect-
icut, groups can have no more
than 14 children. If anyone in
reasons, and about 13% of the
nursing staff tested positive.
In a statement, a Mon-
tefiore spokeswoman said the
positive-test rate is “well be-
low the 21% population infec-
tion rate in New York City.”
She added that the staffers
who couldn’t work for reasons
tied to Covid-19 included peo-
ple who needed to care for a
sick family member.
A spokesman for
Westchester Medical Center,
which is part of the WMCHealth
Network, said: “Our staff has
tested positive for Covid-19 at a
level consistent with or lower
than community spread.” He
added that “our practices (and
these statistics) have been
shared with NYSNA repeatedly,
both informally and formally.”
Mount Sinai, NewYork-Pres-
byterian and the other hospi-
tals didn’t provide comment.
CHRISTOPHER GREGORY FOR THE WALL STREET JOURNAL (2)
the group gets the virus, the
whole group must stay home
for two weeks, as well as any-
one else who had close contact
with the sick person.
On a recent morning, few
campers wore face coverings.
The state required them only
for staff, saying if young chil-
dren mishandled their masks,
they could risk spreading
germs further. The state’s Of-
fice of Early Childhood, which
requires daily verbal health
screenings but not tempera-
ture checks, said health offi-
cials aim to track virus cases
at child-care settings.
Disinfectant bottles were on
hand at every activity. Staff
sprayed tether balls and
climbing poles after each pod
finished a turn and let them
air dry in the sun.
Down at the art barn, in-
structor Nancy Wallace-Sohn
washed a pile of colored pens
before a new pod of campers
arrived. She predicted elemen-
tary schools will need more
support staff to keep up with
hygiene rules.
The cleaning duties are “10-
fold what’s normal,” she said.
“If you’re asking individual
teachers to do it, it’s tough on
top of everything else.”
The camp’s director said it
wasn’t clear whether the camp
will break even this year, con-
sidering six-figure expenses
for hand sanitizer, cleaning,
new portable sinks and bottled
water to replace giant jugs. “I
just want to keep everyone
safe, separated and happy,”
Mr. Chaback said.
Swim lessons, where chil-
dren typically are put in les-
sons by ability level, were can-
celed to avoid mixing children
from different age groups. The
pool was roped off in quad-
rants to keep swimmers apart.
A few boys played Marco Polo
in one section, while girls
splashed in another.
Being separated from some
friends “was obviously annoy-
ing,” said Bella Del Guidice, a
12-year-old wearing a horned
Viking headpiece for Funny
Hat Day. “We have to yell be-
cause we can’t stand close.”
Still, she said, “When I
found out camp was happen-
ing, I was ecstatic.”
A8B | Wednesday, July 8, 2020 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

METRO MONEY | By Anne Kadet
Child-Care
New Yorkers Now Want Their Own Wheels Centers
Liang
Zhao consid-
Upper East Side
to her new edu-
Cleared
ers herself a
“die-hard
subway
cation job at a
Westchester syn-
agogue.
To Reopen
rider.” The They visited BY MELANIE GRAYCE WEST
Prospect five used-car
Heights, Brooklyn, marketing- dealers in the Thousands of New York City
consultancy owner loves the area. Prices were child-care facilities could re-
people watching and camara- high, and nor- open as early as next week un-
derie. She hasn’t owned a car mally jammed der a measure approved Tues-
since 2011, when she lived in lots half-empty. day by the city’s Board of
New Orleans. But just before They finally Health, bringing relief to strug-
Memorial Day, she and her found a good gling parents but putting some
husband crossed the great di- value in Eliza- providers in a tough spot.
vide and signed a lease on a beth, N.J. “We In April, in response to the
black 2020 Volkswagen jumped on it,” novel coronavirus, the board
Tiguan SUV. says Mr. Fabes. temporarily closed most city-
“We were living in a 600- They are licensed child-care facilities
square-foot apartment in thrilled to have and preschools.
Brooklyn, and we were just their own Now that the transmission of
ILLUSTRATION BY TIM ROBINSON

cooped up,” she says of her wheels. “I’m Covid-19 has slowed in New
lockdown experience. “To get from Texas and I York City and a testing and trac-
the car was amazing—to have haven’t driven a ing program is well established,
the mobility to go beyond car in 10 years,” city health officials said child-
where our feet and bikes can says Mrs. Fabes, care centers could open as soon
carry us.” who is immuno- as Monday, so parents won’t
According to a survey of compromised have to rely on informal ar-
car shoppers nationwide con- and can no lon- rangements to return to work.
ducted this spring by automo- ger take public Mayor Bill de Blasio said
tive shopping site CarGu- President and CEO Alex Vet- the dealership opened by ap- tomers with Park Avenue ad- transportation. the board’s approval of the
rus.com, 20% of those ter. “Consumers don’t want pointment. And in June, it dresses buying a Honda Civic An additional upside for measure means as many as
planning to buy a car in 2020 to get back on mass transit, sold 1,130 cars. or a Honda Fit, our entry- these unpracticed drivers: 3,000 child-care facilities
hadn’t planned to do so be- planes, trains or buses. They Some buyers were essen- level car,” he says. quiet streets. could open next week.
fore the pandemic. don’t feel safe getting into an tial workers who didn’t feel Seth Nadler, who grew up State health officials recently

R
Meanwhile, 44% of those Uber or a Lyft.” safe taking public transporta- udy “El Patronn” Trem- in New York City, got his released rules for reopening
who had been using public And what are these folks tion or using a ride-share, inio, the managing driver’s license as a teen but child-care centers, which limit a
transportation planned to de- seeking? Cheap rides. The av- says Mr. Benstock. Others partner of Sunrise never owned a car. “I only group size to 15 children, re-
crease their use or stop en- erage Cars.com price point wanted a car for trips. Chevrolet in Queens’ Forest drove six times in my whole quire providers to maintain sta-
tirely. for search in the New York “Many people, after a Hills, just enjoyed a record life,” says the 31-year-old law- ble groups of children and man-
This is no big deal in most City area dropped from short period of time, had month, selling 50 new cars yer, who lives in Sheepshead date that adults wear masks,
parts of the country. Only $30,000 to $23,000 between cabin fever,” he says. “People and more than 100 preowned Bay, Brooklyn. “I work in Man- among other measures.
8.5% of U.S. households are late March and late June. who had a 600-foot apart- vehicles. hattan and commute and it The move came as a sur-
car-free, according to U.S. ment.” “My used cars have gone was like, ‘What’s the point?’ ” prise, some child-care opera-

I
Census Bureau data. But in n Woodside, Queens, the
New York City, the majority Paragon Acura and Para-
of households—55%—own no gon Honda dealerships
car. If even a small percent- stretch along several blocks
age buy a vehicle, that is a lot of Northern Boulevard. It is a
more wheels on the streets, big operation. Last year, it
given the city’s population. sold 13,704 new and used
And that is just what cars, says general manager
seems to be happening. On- Brian Benstock. The show-
line vehicle marketplace room was buzzing again last
Cars.com Inc. reports that in week as a dozen mask-clad
late June, walk-in leads to sales representatives chatted
New York City- rea dealer- with shoppers through new
ships were up 38% year-over- plexiglass dividers.
year, compared with 6% na- Business plummeted at the
tionwide. end of March, says Mr. Ben-
“People view their cars as stock. In April, the dealership
a safe haven or an extension sold 342 cars, all online. Sales
of their home,” says Cars.com jumped to 724 in May, when
‘I only drove six
times in my whole
life,’ says a man who
bought his first car.
He estimates 20% of recent
buyers didn’t already own a
car. And many were seeking
very basic transportation. De-
mand for subcompact sedans,
for example, came roaring
back.
“It’s interesting to see cus-
through the roof with the
Covid,” he says. “I’ve sold
more than I had in stock.”
Current manufacturer in-
centives—in some cases no
money down, 0% interest for
84 months—mean a buyer’s
market for a new vehicle. But
with increased demand for
cheap wheels, some say it is
harder to find a deal on a
used car.
“It’s a rough market out
there!” says Sherman Fabes.
Last week, he and his wife,
Naomi Fabes, bought a
$14,300 2017 Hyundai so she
could commute from their
apartment on Manhattan’s
But at the end of March,
he bought a $5,000 2014
Honda Accord so he could
take his father back and forth
to New Jersey.
The pandemic provided a
perfect opportunity to build
his driving skills. According
to Waze, New York City traf-
fic was down 80% at the time
Mr. Nadler bought his car,
and is still well below pre-
pandemic levels.
“When I have to go some-
where, the roads are really
empty,” says Mr. Nadler. “I do
not fear for my life.”
anne.kadet@wsj.com
tors said. While facilities aren’t
required to reopen next week,
parents are going to want an-
swers if they aren’t reopening,
said Anna Siegal, executive di-
rector of Red Hook Playgroup
in Brooklyn. The fear some op-
erators have is if they don’t re-
open, then parents may begin
looking elsewhere, she said.
Ms. Siegal said her preschool
and many others had made the
decision to cancel summer pro-
grams and reopen in the fall.
Training on the new protocols
can’t happen overnight, she
said. Schools want to reopen,
she said, but “can’t be forced to
reopen in a way that isn’t safe.”

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THE WALL STREET JOURNAL.
Virus Mars the College Drop-Off
Safety protocols turn an emotional family ritual into a constantly changing gantlet of decisions
BY NANCY KEATES
A
fter her son John was
admitted to Amherst
College last Decem-
ber, Michelle Fit-
zhenry thought drop-
ping him off to start his freshman
year would be a family event. She
and her husband, Jim, had planned
to fly with him to Massachusetts
from Portland, Ore., in August,
spend a couple of days shopping
for dorm essentials and then help
him move into his room, meeting
his new roommate’s parents and
staying around for dinner.
The plan now? To get in and out
as fast as possible.
“We’ll slow the car down as we
go by so he can jump out the
back,” she jokes.
College drop-off—that emo-
tional ritual that has spawned
many a meme of weepy moms
clinging to their child’s legs—is
the latest coronavirus casualty.
What had morphed into an all-day
occasion in recent times, with fam-
ily picnics, informational sessions
for parents and matriculation cere-
monies, will be a mostly students-
only, efficiency-oriented process
this year.
Due to safety protocols, many
colleges aren’t allowing parents in
the dorms, or, in some cases, even
on campus. Move-in dates have
been staggered over multiple days,
to allow students to keep distant,
with specific time slots allotted.
Some schools are limiting the
number of suitcases students can
bring with them, asking that ev-
erything be shipped ahead to re-
duce trips in and out of the resi-
dence halls. Many students will be
tested for the virus immediately
upon arrival and quarantined as
they await results.
The changes have created a
travel conundrum. With move-in
dates often unconfirmed, many
parents have been booking rooms
at multiple hotels for extended pe-
riods to make sure they’re cov-
ered. Concern about the safety of
air travel is leading some people
to drive instead of fly, sometimes
cross-country. Quarantine rules in
some states, which require isola-
tion periods for visitors, have fam-
ilies sending students off to col-
lege on their own.
“It’s a huge deal. I’m kind of
numb. I don’t know how I’m feel-
ing about it,” says Tami Levy,
whose daughter will be a freshman
at the University of Colorado Boul-
der. With no concrete move-in
date, Ms. Levy has proactively
booked a hotel room for a whole
week, figuring she would cancel
the nights she doesn’t need as
soon as she knows when they have
to be there.
She hasn’t made a flight reserva-
tion for herself, even though air-
fares go up every time she looks,
because she isn’t sure if her youn-
For Some Child Stars,
Early Fame Takes a Toll
BY ELLEN GAMERMAN
IN THE DOCUMENTARY “Show-
biz Kids,” an acting coach puts a
very young pupil through the
wringer. During a private lesson,
she chides the boy for yawning,
criticizes his performance and
questions whether he’s ready to
put in the hard work. When the
youngster reunites with his
mother afterward, he insists, “I
still have to try.”
The mom hugs him, saying, “As
long as you’re happy, I’m happy.”
A number of new documentaries
explore what happens when chil-
dren pursue success as actors,
sports stars or internet influenc-
ers. The young people in these
films gamble with their child-
hoods, making choices as kids that
often haunt them as they grow
older.
“I was surprised by how abso-
lutely universal all our stories
were,” said Alex Winter, a former
child actor who directed “Showbiz
Kids,” which is out on HBO on July
14. All the actors he interviewed
told him they felt lost in their late
teens or 20s as they struggled to
find a grown-up identity and trust
the people around them. “They all
hit this wilderness period.”
The urge to stand out is power-
ful for any young person, and ac-
cess to millions of screens via so-
cial media has made dreams of
fame seem more possible than
* * * *
LIFE&ARTS
ger children will be starting school
at home and will need her there. If
there’s no school, she will rent a
truck, and the whole family will
drive the 14 hours from their home
near Deerfield, Ill. “It feels safer
than flying,” she says. She booked
her husband a flight just in case,
figuring he would be the one to go
to Colorado. Since only one parent
is allowed in the university’s resi-
dential hall at a time, she figures he
will have to handle the heavy stuff.
Basma Elfandaki has also had to
change plans. She had signed up to
spend her sophomore year living
on campus at American University
in Washington, D.C. Then the uni-
versity announced a reduced den-
sity plan that allowed only single
dorm rooms and gave priority to
first-year students. Ms. Elfandaki
found an off-campus house to
share with friends, but it cost her
about $4,000 more for the year
than dorm living, which means she
will have to take on additional tu-
toring work during the school
year.
Since she now needs to bring
furniture to Washington, Ms. El-
fandaki will rent a U-Haul to drive
from her home in New York. Be-
ever. Nearly 30% of U.S. children
indicated they wanted to become
YouTube or video-blog stars, ac-
cording to a 2019 Harris Poll/Lego
survey. That is more than the
shares of children who wanted to
be teachers or astronauts or pro-
fessional athletes or musicians.
Some kids have come to see
“rich and famous” as a career
choice, said filmmaker Lauren
Greenfield, who photographed stu-
dents at Los Angeles private
schools and elsewhere during the
1990s. Back then, she said, audi-
ences said her photos captured an
extreme subculture of West Coast
people with warped priorities. But
two decades later, as she made her
2018 documentary “Generation
Wealth,” those values were no lon-
ger just an L.A. phenomenon but
fore she left for school, she was
planning on spending a couple of
weeks with her mother, who has
been in Vermont since March
when the family she works for
moved there from the city. Now
that she has to go earlier, Ms. El-
fandaki will get to see her mom
for only one day. “It’s stressful,”
she says.
Booking multiple hotels,
negotiating quarantine
rules and taking long
drives to avoid planes.
As the summer goes on, the
stress has increased. Parents are
confused about how to navigate
the quarantine policies for states
that require out-of-state visitors
from viral hot spots to self-isolate.
Some are considering flying into a
nearby state that isn’t on the list
and staying there for a few days
before drop-off. Others are plan-
ning on spending only one night,
calculating that as long as they
Clockwise from left, actress Evan
Rachel Wood in ‘Showbiz Kids,’
gymnast Maggie Nichols in ‘Athlete A’
and swimming star Michael Phelps,
executive producer of the
documentary ‘The Weight of Gold.’
had entered the mainstream.
Many rewards can come to tal-
ented children who become fa-
mous, and some thrive on the
world stage. The trick is figuring
out how to do it and not get hurt.
In “The Weight of Gold,” a doc-
umentary executive-produced by
swimming star Michael Phelps that
debuts on HBO on July 29, Olym-
pic athletes explore the mental-
health toll from their single-
minded pursuit of winning at the
highest levels. The film delves into
post-Olympic depression.
“Athletes come home from the
Olympics and—win or lose—they
often suffer from this feeling of,
like, ‘What’s next and was it all
worth it?’ ” said director Brett
Rapkin.
Last month, Netflix launched its
just stay in the car and their hotel
room while they are in town, they
will not be violating quarantine
rules. (In New York, for example,
travelers are allowed to leave the
state before the expiration of the
14-day quarantine period.)
Others are looking to avoid the
dorm move-in process altogether
and find accommodation else-
where. Graduate Hotels, which has
22 properties in university-an-
chored cities, says more than a
dozen students are booked to stay
for the whole fall semester at its
hotel in Bloomington, Ind., home
to Indiana University’s flagship
campus, paying an average of $100
a night. Graduate’s president, Da-
vid Rochefort, says the group is in
conversations about potential se-
mesterlong stays with students at
10 other locations, including Ath-
ens, Ga.; Eugene, Ore.; and Nash-
ville, Tenn., among others.
For the Fitzhenry family, the
dorm is the best option. Ms. Fit-
zhenry says she likes that every
student at Amherst will have a sin-
gle room and that the density in
residence halls will be reduced
from the usual levels. As the fam-
ily was told in a Zoom call earlier
documentary “Athlete A,” about
the sexual-abuse scandal in com-
petitive gymnastics. In the movie,
children describe keeping quiet for
years while adults hurt them and
powerful institutions failed to pro-
tect them.
Erin Lee Carr, who directed the
2019 HBO documentary “At the
Heart of Gold: Inside the USA
Gymnastics Scandal,” said films
about the dangers of child celeb-
rity in sports or entertainment
share a theme. “You always think
Wednesday, July 8, 2020 | A9
RYAN INZANA
this month, students will be al-
lowed entry into only their as-
signed hall and will not be permit-
ted to have any guests in their
residence halls.
That doesn’t mean move-in will
be easy. The dates haven’t been
determined, because they will de-
pend on quarantine rules in Mas-
sachusetts at the time, so the
Fitzhenrys have booked a room at
a nearby hotel for a two-week pe-
riod. And the college’s decision to
suspend its annual Family Week-
end in October means more can-
celed travel plans. “It will all be
hard. I’m not going to pretend it’s
not going to tug at my heart-
strings,” says Ms. Fitzhenry.
Elizabeth Hutchins isn’t worried
about drop-off: Her twin sopho-
mores will drive themselves to
Bates College in Lewiston, Maine,
and Lafayette College in Easton,
Pa., this year. What concerns her
is when they return home to Man-
hattan for Thanksgiving, possibly
bringing exposure to the virus
with them. Ms. Hutchins isn’t sure
if the twins will have to quarantine
in their rooms for 14 days. “Do I
feed them a leg of turkey under
the door?” she asks.
your child is the exception to the
rule and you’re going to be really
safe,” she said. “But what we’ve
seen is that all these systems are
basically predatory.”
The Hulu documentary “Jaw-
line,” released last year, exposed
how the quest to gain internet ce-
lebrity can derail. Filmmaker Liza
Mandelup spent two years chroni-
cling a teen from small-town Ten-
nessee named Austyn Tester, who
went from obscurity to near-star-
dom and back to obscurity. In an-
other time, it would have been a
long shot for someone like Austyn
to become a celebrity, but the goal
now seemed more achievable.
In “Showbiz Kids,” former child
actors described feeling pressure
to continue as their parents
poured time and money into their
careers, a commitment that even
the parents sometimes grew to
resent.
Actress Evan Rachel Wood re-
calls walking out of a Golden
Globes ceremony when a person
she considered to be a pedophile
won an award. “What surprised
me when I got older was finding
out that pretty much all the
young men were abused in some
FROM LEFT: HBO; NETFLIX; MICHAEL PHELPS FOUNDATION
way sexually,” she said in the
movie, referring to other child ac-
tors. She has spoken out publicly
as a rape survivor.
The film features interviews
with former child stars including
Henry Thomas, who was 11 when
he starred in “E.T.”
“Now as an adult and a parent,
you look at all of the ways that it
takes a kid out of their world,” Mr.
Thomas said in the documentary.
“And it’s nice to be a kid and it’s
nice to have a childhood that’s a
childhood completely unto itself.”
A10 | Wednesday, July 8, 2020
She Found Herself by Souping Up Her Subaru
Rebecca Nguyen, a 30-year-
old marketing manager at
ClassicCars.com in Phoenix, on
her 2003 Subaru Impreza WRX,
as told to A.J. Baime.
Growing up, my family did not
have a lot of luxury items. My dad
introduced me to cars in a func-
tional sense. He taught me how to
change oil when I was 5. It was my
older brother who got me into
sports cars. He was the second
owner of this yellow Subaru WRX.
He taught me how to drive a man-
ual in this car and when he went
to college, I took it over. I had just
turned 16.
When I was 23, I was working in
the restaurant business and not
sure about my future. Meanwhile,
the Subaru’s suspension started to
fail and I thought, OK, I can replace
the suspension with Subaru compo-
nents, or I can spend a little more
on aftermarket performance up-
grades. I went for the latter, and
that decision changed my entire life.
I discovered a wealth of infor-
mation online and a community of
Subaru enthusiasts, and through
that I began to learn about the
WRX’s heritage. The model has a
history in Japan dating back to
1992, and my car was among the
first wave of WRXs to come to the
U.S. (The model arrived in 2002
and my car is a 2003.)
There is a heritage of rally rac-
ing, and a community of young en-
thusiasts who love this car be-
cause it is an all-wheel drive
vehicle with massive performance
at a relatively affordable price.
[WRX stands for World Rally
eXperimental.] The year 2003 was
the only year Subaru made this car
in sonic yellow, the color of my car
and my favorite.
There is a whole industry of
WRX aftermarket performance
components. I have modified
my car with high-performance
brakes (by StopTech), wheels
(WedsSport), exhaust (Invidia),
carbon fiber trunk lid (VIS) and
hood (Seibon), and a lot more. In
the process I have tried to stay
true to the vehicle’s Japanese heri-
tage. Some of the modification
components I had to purchase di-
rectly from Japan because they
were not on sale here.
Because of this car, I started go-
ing to car shows. I started shoot-
‘WRITING A GOOD MOVIE brings
a writer about as much fame as
steering a bicycle.” So said Ben
Hecht, one of Hollywood’s highest-
paid screenwriters and the studio
system’s cynic-in-residence. Much
the same thing could be said about
writing movie music. Save for the
handful of film composers who,
like Henry Mancini and John Wil-
liams, also had successful careers
as performers, scarcely any of the
men and women who score films in
Hollywood and elsewhere are
known by name to moviegoers. As
a general rule, it doesn’t even help
to write a song for a successful
film that becomes a hit in its own
right: David Raksin wrote “Laura,”
one of the most frequently sung
ballads of the 20th century, yet he
was and is known for the most part
only to musicians and connoisseurs
of the invisible art of film scoring.
Ennio Morricone and Johnny
Mandel were near-identical cases
in point. They scored far more
than their share of box-office
smashes, and some of the cues
they wrote, like Mr. Morricone’s
wailing, warbling theme for “The
Good, the Bad and the Ugly” (1966)
or Mr. Mandel’s “Suicide Is Pain-
less,” written for Robert Altman’s
“M*A*S*H” (1970) and later used
as the theme for the even more
popular TV series based on the
movie, are familiar to moviegoers
everywhere. Yet neither man won
anything like full-fledged fame,
and their obituaries spent a fair
amount of space explaining who
they were and why it mattered.
Mr. Mandel, who died last week
at 94, came to Hollywood through
the back door. He started out as a
jazz trumpet and trombone player
Rebecca Nguyen with her 2003 Subaru
Impreza WRX in Phoenix. Its interior
and carbon fiber trunk lid, right.
ing car photography. Friends and I
launched a blog called the Car
Street Journal, a pun off of Wall
Street Journal (although I am no
longer involved in that venture).
I started attending industry
events and I met Roger Falcione,
the CEO of ClassicCars.com. He had
a vision for a car show that I
shared. He hired me to work for
his company, and together in 2016
we started an annual event now
called the Future Collector Car
Show in Phoenix.
The way I see it, my car is a
perfect example of a future collec-
tor car for my generation. This
SIGHTINGS | TERRY TEACHOUT
Maestros of the Movies
Ennio Morricone, left, died on Monday at age 91; Johnny Mandel, right, died last week at age 94
who wrote swinging original tunes
for the big bands of Count Basie
and Woody Herman. He was asked
to score Robert Wise’s “I Want to
Live!” in 1958 because American
filmmakers had become interested
in integrating contemporary jazz
into their soundtracks, and even af-
ter he established himself as a top-
tier film composer, Mr. Mandel
would continue to arrange for such
jazz and pop singers as Tony Ben-
nett, Shirley Horn, Diana Krall,
Peggy Lee and Frank Sinatra, who
appreciated both his impeccable
sense of swing and his lush, swirl-
ing way with a ballad. In addition,
Mr. Mandel discovered that he had
the irreplaceable gift of melody,
NY
LIFE & ARTS
MY RIDE | A.J. BAIME
past January, before the pandemic
hit, we had our best show yet, with
some 12,000 people.
It has been inspirational get-
ting involved in the WRX commu-
nity. While learning about this Su-
baru’s legacy, it helped me to
create my own.
and the two best songs that he
wrote for films, “Emily” (1964, for
“The Americanization of Emily”)
and “The Shadow of Your Smile”
(1965, for “The Sandpiper”), have
long since become permanent parts
of the Great American Songbook.
Mr. Morricone, who died on
Monday at 91, also got his start as
a jazz trumpeter, but jazz was
never more than a soon-to-be-
abandoned sideline for him. He
was a classically trained composer
who began writing pop arrange-
ments in 1950, scored his first film
a few years later, and came deci-
sively into his own when Sergio
Leone tapped him to write the mu-
sic for “A Fistful of Dollars”
(1964), the first in a hugely suc-
cessful series of low-budget “spa-
ghetti westerns” starring Clint
Eastwood. Though he was perma-
nently based in Rome and never
learned to speak English, American
directors were struck by his hard-
edged yet unexpectedly tuneful
style, which made striking use of
the harmonica, an instrument
rarely heard in Hollywood scores.
“I like the way that its sound
seems to come from out of the
player’s body,” Mr. Morricone told
me (through a translator) in a
2007 interview, and when he
started writing for such films as
Brian De Palma’s “The Untouch-
ables” (1987) and Barry Levinson’s
THE WALL STREET JOURNAL.
CAITLIN O’HARA FOR THE WALL STREET JOURNAL (3)
“Bugsy” (1991), it often figured
prominently in his idiosyncratic
palette of instrumental colors.
Mr. Morricone became some-
what more widely known in the
U.S. as American musicians of all
kinds, among them Yo-Yo Ma,
Quincy Jones, Pat Metheny and
Bruce Springsteen, started playing
and recording his film music.
Many of them were drawn not to
his angular scores for westerns
and crime films, but to his instru-
mental ballads, perhaps the most
purely lovely of which come from
Giuseppe Tornatore’s “Cinema Pa-
radiso” (1988). To hear Mr. Meth-
eny and Charlie Haden perform
the main-title theme from “Cinema
Paradiso” on acoustic guitar and
bass (as they do on “Beyond the
Missouri Sky,” released in 1996
and available on YouTube) is to be
reminded that Mr. Morricone was
FROM LEFT: AMPAS HANDOUT/EPA-EFE/SHUTTERSTOCK; JEMAL COUNTESS/GETTY IMAGES
at least as talented a tunesmith as
Mr. Mandel.
Yet neither man felt any particu-
lar need to strive for celebrity. In-
stead, they were content to labor
in the background, selflessly serv-
ing the films for which they wrote
and the singers and instrumental-
ists who wholeheartedly embraced
their music, leaving it to their col-
leagues—and posterity—to ac-
knowledge them as the artists they
were. Such was the shadowy but
undeniable greatness of Ennio
Morricone and Johnny Mandel: You
might not know their names, Mr.
Mandel’s in particular, but you def-
initely know their music.
Mr. Teachout, the Journal’s drama
critic, is the author of “Satchmo at
the Waldorf.” Write to him at
tteachout@wsj.com.
 THE WALL STREET JOURNAL.
CULTURAL COMMENTARY
Resolving a
Monumental
Problem
Confederate statues should be
repurposed, not removed
BY ERIC GIBSON
LATE LAST MONTH the Na-
tional Trust for Historic
Preservation issued a “State-
ment on Confederate Monu-
ments.” The Trust’s mission
is “to save America’s historic
sites” and “tell the full Amer-
ican story.”
Not this time. Because
“most Confederate monu-
ments were intended to
serve as a celebration of Lost
Cause mythology and to ad-
vance the ideas of white su-
premacy,” the statement
read, “the National Trust
supports their removal from
our public spaces when they
continue to serve the pur-
poses for which many were
built—to glorify, promote,
and reinforce white suprem-
acy, overtly or implicitly.”
Leave aside the troubling
precedent of a cultural heri-
tage conservancy suddenly
making exceptions. How is
“implicitly” to be defined—
and by whom? George Wash-
ington owned slaves. Does
this mean that monuments
to the first U.S. president
“implicitly” celebrate white
supremacy? A mob in Port-
land, Ore., on June 18
thought so. It toppled a
Washington statue.
I am instinctively opposed
to removing or destroying
public monuments. Civilized
'   '
 "  !++#
Wednesday, July 8, 2020 | A11
LIFE & ARTS
The Peace Monument in
Atlanta with its
informational display
that contextualizes the
work
Exactly. Don’t remove—re-
purpose. Transform those
structures from odious em-
blems into teaching tools. It’s
a solution broad enough to
accommodate contested
monuments of all types.
To understand how con-
textualization might work,
look to the city of Atlanta. In
2016 the Atlanta History
Center published the “Con-
federate Monument Interpre-
tation Guide” on its web site,
an “online toolkit” designed
“to help communities ad-
dress Confederate monu-
ments in their midst.”
The toolkit begins by de-
lineating the parameters:
monuments created during
the Jim Crow era beginning
in the 1890s, those of the
preceding decades being le-
gitimate memorials to the followed by inputs from
ADVERTISEMENT
Confederate dead. It then ex- elected officials, members of
plains the Lost Cause my- the public, the relevant his-
thology, contrasting its
states’ rights rationale for
torical societies and outside
academics, with a vote on
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
the Civil War with an un- the final wording by the City
equivocal assertion of histor- Council.
ical fact: “Slavery was the The process is broad- PORSCHE
central cause” of the war. based, transparent and de-
It goes on to offer a met- liberate, so it can take sev-
ric: In each case communities eral months to get from
should “examine what was initial research to installing
said about the causes of the the display. If that sounds
Civil War prior to Confeder- too cumbersome or unequal
to the moment in other
ways, consider an example

A plan from the from a different context:
Auschwitz. The analogy isn’t
  
     
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ues, those dedicated to the include case studies and as an instrument for confront-
Confederacy are inimical to other resources. ing, understanding and learn- 

    
 
     
them and deeply offensive to Then in August 2017, fol- ing from a monstrous episode 


    
large numbers of Americans.
Take Stone Mountain. Pur-
chased by the state of Geor-
gia in 1958 expressly to com-
memorate the Confederacy, it
bears a Mount Rushmore-
lowing violence in Charlottes-
ville, Va., Atlanta’s then-
Mayor Kasim Reed formed an
advisory committee to ad-
dress the issue of Confeder-
ate memorials and street
in human history.
As such, it stands as an
BOATING
object lesson in the wis-
dom—even necessity—of pre-
serving the past. Think how
much easier life would have
 



          
scale relief of Jefferson Da- names. According to Claire been for the Holocaust de-

SHOW
vis, Thomas J. “Stonewall” Haley, special adviser to AHC niers without the presence of
Jackson and Robert E. Lee. CEO Sheffield Hale, “The re- Auschwitz to bear witness to
And the eponymous park in search process and resources the Nazis’ crimes.

ROOM
which it sits officially opened from the toolkit were used to This last is perhaps the
on April 14, 1965, 100 years inform some of the research strongest argument for con-
to the day after Abraham
Lincoln’s assassination.
How, then, to proceed? The
Trust’s statement contains a
reference to communities
whose Confederate monu-
ments have been “contextual-
0  
ized with educational markers
or other monuments designed
to counter the false narrative
and racist ideology that they
represent, providing a deeper
understanding of their mes-
conducted on monuments for
the advisory committee.”
While the committee re-
grettably opted for removal
of some monuments, in
cases where the law pre-
vented removal its approach
to contextualization has
been exemplary, a model for
communities nationwide. In-
terpretive “exhibition pan-
els” are placed at the sites,
their content developed by a
/**0 1
textualization. Want to dele-
gitimize the Lost Cause and
other hateful ideologies? ADVERTISE TODAY
Then leave those monuments
standing and debunk their
messages point by point with (800) 366-3975
accompanying displays. Erase sales.showroom 230 4 )
them, and you allow those @wsj.com
ideas to lurk, unchallenged,
in the fever swamps of col-
lective memory. For more information visit:
wsj.com/classifieds
Mr. Gibson is the Journal’s /*(0 
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All Rights Reserved.
    

Stone Mountain bears the image of Jefferson Davis, Robert E. Lee and Thomas J. ‘Stonewall’ Jackson
 A12 | Wednesday, July 8, 2020 THE WALL STREET JOURNAL.

SPORTS
Mahomes
Contract:
A Bargain?
BY ANDREW BEATON

THE COUNTRY IS MIRED in a

pandemic, budgets everywhere are
tightening and the near-term fu-
ture of sports is tenuous.
Meanwhile, Patrick Mahomes
just got the richest contract in
American sports history. It also
may be a mega bargain. Mahomes,
who just led the Chiefs to their
first Super Bowl championship in
half a century, received an exten-
sion through the 2031 season mak-
ing his contract worth $477 million
plus an additional $30 million in
incentives, according to a person
familiar with the matter.
The current state of the world
and the current state of the NFL
explain why the deal has clear ben-
efits for both sides. Up against the
uncertainty of the coronavirus, and
its financial ramifications on foot-
ball, Mahomes was able to ink an Clockwise from top left, James Harden, Zion Williamson, LeBron James, Luka Doncic, Kawhi Leonard, Chris Paul and Giannis Antetokounmpo, are headed to Disney.
unprecedented deal that could be

The Biggest Week of the NBA Season

worth more than half a billion dol-
lars. At the same time, Kansas City
was able to lock in the game’s best
player at a set rate that could look
cheap by the contract’s end.
It was clear that whenever Ma-
homes received an extension on
There won’t be any games but this is the league’s best chance to keep the virus out of the bubble
his rookie deal it would be gigan-
tic. But the recent history of con- BY BEN COHEN But epidemiologists warn that it this week matters because it’s the problem that hundreds of pages of
tracts for the NFL’s top players has isn’t bulletproof. NBA’s best shot at keeping the virus health protocols can’t solve.
been strange: records get broken THERE WON’T BE any games. The The nightmare scenario is a out of the bubble. This compromise between safety
and broken and broken again. They players will be stuck inside their player contracting the virus, flying “If they can test in advance, then and sanity is a potential hole in the
sign deals that look lucrative, only hotel rooms. And the only people to Florida, testing negative multiple adhere to quarantine in the hotel NBA’s plan. The frequency of testing
for the salary cap to shoot up and they’re allowed to see for a couple times over several days, clearing for 48 hours, any positive tests that helps mitigate the risk of commu-

PHOTO ILLUSTRATION: TIMMY HUYNH/WSJ; PHOTOS: GETTY IMAGES (3), AP (2), REUTERS, EPA/SHUTTERSTOCK; ERIK S LESSER/EPA/SHUTTERSTOCK (DISNEY)
have those same deals look cheap. of days are the technicians sticking quarantine, feeling perfectly fine arise after that quarantine should nity spread, but experts say the
The cap increases have been swabs up their noses. and practicing with his team- be able to be traced back to the length of the initial quarantine is
rapid, which has wildly changed But this might be the most im- mates—all while the virus worrisome.
how deals have been evaluated. In portant week of the NBA season. is multiplying inside him. “It makes me nervous,”
2013, the salary cap was $123 mil- The next few days will go a long By the time his viral load said Carl Bergstrom, a Uni-
lion. This year, it’s $198 million—a way in determining whether basket- is high enough that he versity of Washington biol-
growth of 61% in seven years. To ball will be played over the next few tests positive, it’s too late. ogist. “But I don’t think it’s
put it another way: In 2013, when months. NBA teams restarting the The NBA campus has been a recipe for disaster. It’s a
a team committed $10 million to a season began trickling down to Dis- invaded by a pathogenic presumably calculated
player, it cost 8% of their available ney World on Tuesday, and how Trojan horse. gamble.”
funds. In 2020, committing $10 they handle this week’s transition This is the crisis now So is almost everything
million to a player was only 5%. period is essential to the comeback facing Major League Soc- about the basketball re-
This shows how the Chiefs shell- plan. cer after one team with 10 start.
ing out a seemingly inexplicable The NBA’s relocation to Florida is positive tests had to with- For all the consideration
amount of money to one player, in an extraordinary attempt to get draw on Monday from the that went into crafting the
a sport where carefully allocating back to work during a pandemic, league’s comeback tourna- NBA’s plan, which scien-
money to an entire roster of 50- and commissioner Adam Silver says ment. MLS built a similar tists and doctors have
plus players is crucial, could prove he believes teams will be safer on Disney World bubble as praised more than any ma-
brilliant. Mahomes is irreplaceable, their Disney campus than they the NBA’s, but with fewer jor American sports
and if the salary cap continues to would be elsewhere. But first they protective measures, especially in source,” said Bertha Hidalgo, an ep- league’s, the bubble could still pop
skyrocket, it’s possible that quar- have to get inside the bubble—and the crucial beginning phases. idemiologist at the University of Al- in the very beginning.
terbacks of a lesser caliber could they can’t bring the coronavirus The risks inside the NBA’s bubble abama, Birmingham’s School of Say that a player coming from a
earn even more because teams will with them. are lower once it’s built. The risks Public Health. hot spot—Houston, Phoenix, even
be able to pay their most valuable The rest of the season hinges on outside the bubble have never been To understand what makes the Orlando—gets infected two days be-
players even higher salaries. making sure the virus doesn’t sneak higher. With so many cities across first days of the NBA’s comeback so fore traveling. He would test nega-
in through someone who was in- the country burning with the virus as consequential, it’s useful to remem- tive on those days. He could test
fected before he left home. the U.S. epidemic intensifies, seven ber what makes the virus so menac- negative the next two days in his
NBA players will quarantine for teams have shut down their practice ing: how it spreads and how it sick- hotel room. At that point he would
two days upon arrival, but Covid-19 facilities, and 25 players have tested ens. be permitted to enter the bubble
can incubate for as long as two positive in the last two weeks. The median time from exposure and interact with teammates. But he
LARRY W SMITH/EPA/SHUTTERSTOCK

weeks, leaving a window for the vi-
rus to wreak havoc. The league’s
strategy is a bet that aggressive
testing will detect infections and
prevent outbreaks. It plans to test
players every other day for two
weeks, then daily for the two days
before traveling and two days after
getting to Disney, before they’re al-
Patrick Mahomes is cashing in. lowed to enter the bubble.
The recent spate of positive tests
hasn’t changed their plans. The NBA
is attempting to insulate teams
from a state where the virus is rag-
ing. If they can establish a clean
baseline of zero cases, experts are
surprisingly bullish on the league’s
chances of pulling it off.
The season resumes in late July.
It’s scheduled to end in October. But
to symptoms onset is four-to-five
days, but it can be as short as two
days and as long as 14 days, accord-
ing to the Centers for Disease Con-
trol and Prevention.
The NBA’s daily testing is meant
to catch asymptomatic cases and
stop the silent transmission that
can result in explosive spread. But
the incubation period might be a
would still have the virus. He also
would have time to shed the virus
and kick-start a cluster of disease.
“There will be an awful lot of
contact and potential for transmis-
sion,” said Carl Bergstrom, a Uni-
versity of Washington biologist. “If
you’ve got even one positive case
that you’ve missed, you’re going to
expect pretty rapid spread.”

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton
d t 80s 60s <0 1 2 3 4 5 6 7 8 9 10 11 12 64 Suspended 28 Potent joe,
50s informally
70s 0s 13 14 15 16 65 Pod particle
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V Calgaryy 70s
60s 10s 30 Original
60s 17 18 19 66 Filing need
60s Winnipeg
p
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Portland
P d 67 “The Glass Bead
80s Montreal
t 30s 20 21 22 represent, given
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ttawa Augusta
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70s 80s 23 24 25 26
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Eugene Boise
i Billings
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Mpls./St.
p / . Paul
pls Pa Toronto
T Albany
A bbany
ny 50s
60s 27 28 29 30 31 32 33 on “30 Rock”
80s 90s Boston 60s 32 Beekeeper in a
Pierre Sioux
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k Buffalo Hartford
tfordd
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70s Detroit
t Clevel d 80s
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ew York 70s 34 35 36 37
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es Moines
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h Chicago Pittsburgh
Pit b h 90s Philadelphia
Phhil d lph
hi 80s 38 39 40 41
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alt Lake City Springfield
p g
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hington
hi gton D.C.
DC 90s 1 Rock bottom 34 Trig follower, for
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d p
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n Francisco
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Richmond
h d 42 43 44 45
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Colo d City Charleston
Ch 100+ 2 Put up with some
90s Las
L
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hit St.. Louis
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i h 46 47 48
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C l b 49 50 51 52 53 54 here member
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Ph Albuquerque
Alb q q Oklahoma
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homa City Warm Rain
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Atl t 39 Dump diner
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Tuc 100s Birmingham
h 55 56 57 58 59 60 4 Concerning
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Worth Dallas
D 80s
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Jack
Cold T-storms 5 Far from original 41 Approve
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bil 61 62 63 gesturally
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Jacksonville
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A ti Houston
t
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70s Snow 64 65 66
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ew Orleans Orlando
l d
in 1950s lingo 44 Coup target
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an Antonio
A t i Tampa
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90s
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Showers Flurries 67 68 69 7 Consider 45 Wrinkly-faced
Anchorage
A h g 60s pet
70s 8 Dish with bacon,
Ice
FLOATING POINTS | By Chuck Deodene cheese and eggs 47 Simulates

U.S. Forecasts City

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Tomorrow
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s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Grammy briefly shower 53 Startlingly weird
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
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Orlando 89 74 t 93 75 t Geneva 83 59 s 87 63 t alternative 24 Idyllic area 48 Language of presented by the
Today Tomorrow
54 “Later, gator!”
Philadelphia 90 74 pc 92 75 pc Havana 91 73 t 89 74 t 5 Yard makeup many Ghalib Wolfe Pack
City Hi Lo W Hi Lo W Phoenix 110 86 s 111 89 s Hong Kong 91 82 t 90 84 c 26 Resistance unit 55 Bathrobe securer
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Austin 95 78 pc 99 76 s Portland, Ore. 75 58 c 72 58 pc Jerusalem 84 66 s 82 65 s 13 Leave ashamed Keynes, for 12 North African
short 57 Apt papal
Baltimore 91 72 t 92 74 pc Sacramento 96 59 s 98 61 s Johannesburg 62 44 s 60 43 pc
15 Il secondo 50 “Three Sisters” reptiles
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numero primo 29 Conspiring sister
Boston 82 69 pc 85 70 pc Salt Lake City 89 62 s 95 69 s Madrid 96 67 pc 93 66 pc 14 Classic Western
58 “Sorry ’bout
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Las Vegas 105 78 s 107 80 s Athens 88 72 s 89 72 s Seoul 87 67 pc 90 72 pc “off the wagon,” 62 Awed texter’s S A L A D D R E S S I N G S
Little Rock 86 72 pc 91 75 t Baghdad 119 88 pc 117 88 pc Shanghai 84 76 t 84 76 t e.g. 42 Copier tray abbr. response
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M O R T A L K OM B A T X
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Milwaukee 89 76 pc 89 75 t Berlin 64 52 sh 66 56 c Taipei City 97 82 t 90 82 t sometimes forecast Jefferson in T H E S E H O N E C I T Y
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paired with 45 Exploratory “Jefferson in U R N MO R E L S
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Oklahoma City 93 76 s 98 75 pc Edinburgh 60 49 c 63 49 sh Zurich 79 56 s 82 59 pc S P A R S I D L E A T I E

THE WALL STREET JOURNAL.
OPINION
The Press on Mount Rushmore
Every Ameri-
can, regard-
less of how
he or she
feels about
D o n a l d
T r u m p ,
BUSINESS
WORLD should read
his July 3
By Holman W.
speech at
Jenkins, Jr.
Mount Rush-
more and
then the Washington Post ac-
count of the speech by Robert
Costa and Philip Rucker. The
Post account begins: “President
Trump’s unyielding push to
preserve Confederate symbols
and the legacy of white domi-
nation, crystallized by his
harsh denunciation of the racial
justice movement Friday night
at Mount Rushmore . . .”
Except that Mr. Trump
made no reference to the Con-
federacy or any of its symbols.
His only reference to the Civil
War was to Abraham Lincoln
and the abolition of slavery as
a fulfillment of the American
Revolution.
Sen. Tammy Duckworth, as
many commentators on the
right noted, also lied when she
said Mr. Trump “spent all his
time talking about dead trai-
tors.” He mentioned not a sin-
gle leader or champion of the
Confederacy.
In its own account, though
hardly friendly to Mr. Trump,
the New York Times went out
of its way to counter these
rampant distortions, reporting
that Mr. Trump “avoided refer-
ences . . . to the symbols of the
Confederacy that have been a
target of many protests.”
A day later, when he un-
leashed his uninformed Twit-
For Reformers, Dissent Is Patriotic
On the July 4
weekend,
President
Trump and
former Vice
President Joe
POLITICS Biden offered
dueling ac-
& IDEAS
counts of the
By William
d e m o n s t ra -
A. Galston
tions sparked
by the killing
of George Floyd, adding a new
chapter to the never-ending
debate about the right way to
tell America’s story.
Speaking against the back-
drop of Mount Rushmore, Mr.
Trump decried “angry mobs”
wreaking “violent mayhem”
and invoking a goal of social
justice that would “turn our
free and inclusive society into
a place of repression, domina-
tion and exclusion.” But the
American people, he declared,
“will not allow our country
and all of its values, history
and culture to be taken from
them.” The demonstrators, he
implied, were attacking not
only America’s practices but
also its principles.
By contrast, in an essay for
NBC News, Mr. Biden placed
the protests in the tradition of
struggles to close the gap be-
tween American principle and
practice. “There has always
been a push and a pull be-
tween our founding ideals and
the forces of inequality,” he
said. “But Independence Day is
a celebration of our persistent
march toward greater justice.”
He might well have added that
the Pledge of Allegiance, which
I recited every day in school as
a boy, speaks of liberty and
Princeton Sets a Bad Example
By Baher Iskander
I
will matriculate this fall
at Princeton’s School of
Public and International
Affairs. I’m disappointed by
the university’s decision to
cast Woodrow Wilson as a rac-
ist and remove his name from
the school.
I am a direct beneficiary of
Wilson’s foreign policy, which
advanced free trade, democ-
racy, human rights and self-
determination—not white su-
premacy. My native Egypt
joined the League of Nations
after gaining full indepen-
dence from Britain in 1936. My
mother, an Egyptian national,
worked for the U.S. Embassy
in Cairo promoting Egypt-U.S.
trade, before my family immi-
grated to the U.S. when I was
a teenager. Without the values
Wilson fought for, and were it
not for the leadership he ex-
emplified, I wouldn’t be an
American, much less a Prince-
ton student.
Many students have cele-
* *
ter rant about Nascar’s mis-
construed noose incident
and an unexplained “flag”
reference possibly related to
its ban on Confederate sym-
bols, the Times again noted
of Mr. Trump’s holiday
speech, “In that address he
avoided specifically mention-
ing anything related to Con-
federate monuments.”
Which I’m guessing means
that Trump-defending pundits
aren’t the only ones troubled
by the Rubicon we’ve crossed
when mainstream press out-
lets and a U.S. senator fla-
grantly lie about the content
of a presidential address.
Welcome to one of the
weirdest moments I’ve wit-
nessed in the national press
business. All this comes not
long after a Times profile of
Post editor Marty Baron, por-
traying him as a fading, old-
school newsman battling a
“woke” newsroom.
It comes as a straw-man
version of “media objectiv-
ity” is widely attacked by
journalists as a pillar of
white supremacy.
Mr. Baron is quoted as say-
ing: “The Post is more than a
collection of individuals who
wish to express themselves.
The reputation of The Post
must prevail over any one in-
dividual’s desire for expres-
sion.” His admirable words
echo a favorite passage from
the great Peter Drucker: “Ev-
ery first-rate editor I have
ever heard of reads, edits and
rewrites every word that goes
into his publication. . . . Good
editors are not ‘permissive’;
they do not let their col-
leagues do ‘their thing’; they
justice for all—not liberty or
justice. If Americans were
forced to choose between
them, the outlook for the
country would be bleak. But
we do not.
Some on the right say there
is no longer a significant gap
between America’s principles
and practices. Civil-rights
laws have torn down most
barriers to equal opportunity.
Except for a few “bad apples,”
they contend, the police treat
people fairly, regardless of
race. They say the market re-
wards its participants in line
with the economic value each
contributes.
Some on the left believe the
country’s principles were cor-
rupted from the beginning by
the exploitation of enslaved
people and the killing and dis-
placement of Native Ameri-
cans. Part hypocrisy, part
fraud, white Americans’ sol-
emn invocations of liberty and
equality have always served as
ideological cloaks for domina-
tion, they say.
But there is a third voice in
this debate—the voice not of
reaction or revolution but re-
form. In his first inaugural ad-
dress Bill Clinton declared,
“There is nothing wrong with
America that cannot be cured
by what is right with Amer-
ica.” I believed those words
the day I heard them nearly
three decades ago. I still do.
So do most Americans, I would
wager. And so did the coun-
try’s greatest president, who
was the wisest interpreter of
its founding principles.
Speaking in Springfield, Ill.,
against the decision in Dred
brated Wilson’s erasure as a
victory for “diversity and in-
clusion.” Yet it fits a pattern
of college administrators ac-
quiescing to noisy demands
instead of urging us to do the
difficult work of facing the
complicated reality in both
history and the present.
I personally benefited
from his ideals. It’s
reductive to judge
him solely as a racist.
Growing up as a Coptic
Christian in Cairo, I saw in-
justice. My aunt’s career in
the Education Ministry was
stymied because of her un-
mistakably Christian name. I
learned as a child that Egypt
could never have a Christian
president because Christians
couldn’t wield authority over
the Muslim majority. I was
harassed for eating in public
make sure that everybody
does the ‘paper’s thing.’ ”
Drucker, who died in 2005,
understood the perils of
groupthink and biased reason-
ing. He helped invent modern
management education to
guard against such errors. He
and Mr. Baron were right: In
the business of the press, it
ultimately falls to manage-
ment to impose standards
(known as intellectual hon-
esty) on employees, some of
whom will actively work
against such standards if
given the chance.
When Donald Trump
is gone and forgotten,
the media’s lies won’t
be so easy to forget.
My guess is the real key to
the Post episode is its monot-
onous reference to “racial
justice demonstrators” and
“racial justice protesters.”
Any intelligent reader, even if
unfamiliar with the term, will
recognize the fallacy of beg-
ging the question, or presum-
ing that which needs to be
proved. Even Mr. Trump is
capable of understanding
that the people in the street
have multiple, discordant and
not automatically creditable
motives.
What we may really see in
the Post’s disingenuous for-
mulation is an attempt to ap-
pease its own newsroom, by
some unnamed editor who
cared less about putting a
good and honest piece of writ-
Scott v. Sandford (1857), Abra-
ham Lincoln argued that the
Declaration of Independence
represented an aspiration, not
a social reality. In words that
should be engraved on every
American heart, Lincoln said
that the men who drafted the
Declaration “meant to set up a
standard maxim for free soci-
ety, which should be familiar
to all, and revered by all; con-
stantly looked to, constantly
labored for, and even though
Like Lincoln, they
labor to realize the
Declaration’s ‘maxim
for free society.’
never perfectly attained, con-
stantly approximated, and
thereby constantly spreading
and deepening its influence
and augmenting the happiness
and value of life to all people
of all colors everywhere.”
Five years earlier, in 1852,
another great American had
delivered an oration commem-
orating the Fourth of July. His
denunciation of slavery has
never been surpassed. He had
every reason to turn his back
on the country that had en-
slaved millions of his fellow
African-Americans.
But Frederick Douglass did
nothing of the sort. On the es-
sential points, he anticipated
Lincoln’s claim about the Dec-
laration of Independence. “The
principles contained in that in-
strument,” declared Douglass,
“are saving principles.” He
during Ramadan. Two years
ago, I visited a church I at-
tended as a child and saw the
shrapnel of terrorist bombs
that pierced its columns, the
vestige of an attack that
killed and maimed dozens of
worshipers.
I am therefore puzzled
when some of my peers allege
that the name of Woodrow
Wilson, an avowed progres-
sive, made them feel “unsafe”
and “unwelcome.” It’s reduc-
tive to believe we can neatly
categorize complex historical
figures into two buckets, “rac-
ist” or “antiracist,” and that
nothing else matters. Prince-
ton had named its public pol-
icy school after Woodrow Wil-
son to honor his idealism,
especially in foreign policy,
not celebrate his racism. We
should be able to hold ten-
sions and think critically.
While I recognize the im-
portance of challenging simple
narratives of heroism, equally
simplistic stories of villainy
are no better. Erasing Wilson’s
ing in front of Post readers
than about protecting himself
from personal blowback. (I’m
assuming it’s a “him”; such
cowards usually are.)
So we return to a signature
astonishment of our age. After
almost four years in office,
Mr. Trump has not managed
to damage his own reputation
(as any libel lawyer will tell
you, he had no reputation to
damage). He has done less
damage to his office than you
might think for the simple and
obvious reason that people
distinguish Mr. Trump from
his office.
Seemingly effortlessly,
though, he has incited people
and institutions that do have
something to lose to wreck
their own reputations: The
FBI, CNN, our universities,
etc.
Tens of millions of voters
who plan to vote against Mr.
Trump in the fall hardly need
Post lies to give them more
reason to do so. But millions
of others will vote for Mr.
Trump, or consider voting for
him, exactly because the
Washington Post lies about
him. Their wavering support
at this point in his ill-starred
presidency is sustained only
by the deranged dishonesty of
his opponents.
So here we are: America
faces the virus, the protests, a
new and dangerous tension
with China, and the most tu-
multuous election in recent
memory. And it does so with-
out thought leadership worth
the name, with only intellec-
tual and emotional chaos,
from some of our once-credi-
ble news organizations.
urged white Americans to
“stand by those principles, be
true to them on all occasions,
in all places, against all foes,
and at whatever cost.”
America’s fault lay not in its
founding principles, Douglass
argued, but in the fraud and
hypocrisy that had excluded
African-Americans from their
protection. “Are the great
principles of political freedom
and of natural justice, embod-
ied in the Declaration of Inde-
pendence, extended to us?” he
asked. The question was rhe-
torical; the facts spoke for
themselves.
For Lincoln and Douglass,
the failure to make the Decla-
ration’s promise real for all
Americans served as a goad to
unending reform. For many
Americans, they play the same
role today. But reform isn’t
possible until more people—
especially whites—acknowl-
edge the need for it. Reform-
ers must begin as critics
rather than celebrants. They
do this out of love for their
country, not hate. They wish to
build up, not tear down.
In South Dakota, Mr. Trump
invoked the principles of the
Declaration. I take him at his
word. Yes, some demonstra-
tors broke the law, and a mi-
nority descended into vio-
lence. But it is hardly un-
American to oppose public
statues honoring Confederate
generals. By telling his follow-
ers that today’s protesters
want to “wipe out our history,
defame our heroes, erase our
values,” the president is equat-
ing dissent with disloyalty and
reform with revolution.
name and taking down his
large photograph from Prince-
ton’s dining hall evinces an
unjustified sense of self-righ-
teous certitude.
I will not be compelled by a
vision that seeks to refocus
the public eye only on the
most damning aspects of a
leader. If history judges me to-
day, or sometime in the fu-
ture, I certainly wouldn’t want
to be reduced to one or two
descriptors of my worst im-
pulses or deeds.
Princeton should have set
an example for students by re-
stating its 2016 recommenda-
tions to maintain the Wilson
name while also acknowledg-
ing his racist ideas and actions
and formulating long-term
policies that would improve
circumstances for students of
color in meaningful ways.
Mr. Iskander is an incoming
master’s student in interna-
tional relations at Princeton
and a former Senate Armed
Services Committee staffer.
Wednesday, July 8, 2020 | A13
BOOKSHELF | By Barton Swaim
News You
Can Lose
Ghosting the News
By Margaret Sullivan
(Columbia Global Reports, 105 pages, $15.99)
A
recent Gallup poll found that 72% of Americans
expressed a “great deal” or “fair amount” of trust in
local government, and 63% said the same about state
government. In my experience, alas, local and state govern-
mental bodies are some of the most palpably corrupt places
in the American republic. Measured in absolute dollars, the
local guys pocket and waste far less than the pros in Wash-
ington, but they get away with more—for the simple reason
that nobody’s paying attention.
News coverage of state and local government affairs has
never been great, but in the past decade or two it has
ranged between abysmal and nonexistent. Craigslist began
siphoning off newspapers’ ad revenue in the early 2000s;
social media gave people the feeling of keeping up with
the “news” without actually reading any news; and all the
while newspapers—not including this one, I’m happy to
say—were gullible enough to believe that they could give
away their content on the internet and make up for the
consequent drop in
subscriptions with digital-
ad revenue. The result:
Regional newspapers,
already struggling for
attention in the 1990s, have
spent the past two decades
shedding employees and
closing their doors.
Margaret Sullivan, the
former public editor of the
New York Times and now
the media columnist for the
Washington Post, recounts this
history in “Ghosting the News:
Local Journalism and the Crisis
of American Democracy.” The story
of the Youngstown, Ohio, Vindicator is
sadly typical. “There was a time,” Ms. Sullivan
writes, “when the Vindicator was able to send a staff
reporter or a freelance stringer to every municipal board
meeting and every school board meeting in the surrounding
three-county area.” An employee union went on strike for
nine months in 2004 just as ad revenue began migrating
elsewhere. The Vindicator never recovered. In 2019 the
paper closed its doors (though a paper in nearby Warren
now publishes an edition under the Vindicator’s name).
Youngstown, home of some of the most famously corrupt
politicians in America—James Traficant was a native—is
now a “news desert.” Online projects by ProPublica and
McClatchy have tried to fill the void, but websites are just,
well, websites. Nothing replaces a hard-copy newspaper.
Ms. Sullivan surveys some of the efforts to give new
life to newspapers, or to create something like them.
One of these, the uninspiringly named Community Impact
Newspaper, is based in Pflugerville, Texas, and publishes
in 34 locations in four states. It’s a free, direct-mailed
newspaper that survives exclusively by advertisements
from local businesses, and its modestly paid reporters
write stories on traditional local-news subjects like taxes
and road projects. The associated websites have no
paywall, and the company has made a small profit almost
every year since its founding in 2005. “The full-color
tabloid-size papers are ‘stitched and trimmed,’ ” Ms.
Sullivan explains, “meaning they are neatly edged and
stapled, creating a high-end look.” Community Impact
may not be the business model to save local reporting,
but it proves at least this: Print still sells.
Local and regional newspapers have spent
the past 20 years firing their employees and
closing their doors. Who bears the blame?
What’s really to blame for all this destruction? If Ms.
Sullivan’s book had been published 10 or 20 years ago, I
suspect she would have found much more room to discuss
the need for diversity in the newsroom. That was the
industry’s chief concern from the 1980s to the 2000s, but—
and who could have predicted this?—a heightened obsession
with race and identity somehow failed to reverse the decline.
Ms. Sullivan dutifully mentions that, as editor of the Buffalo
News, she “aggressively hired people of color” but otherwise
leaves the topic alone. In “Ghosting the News,” blame
attaches to a wider array of culprits: Facebook and
Craigslist for killing ad revenue, unimaginative newspaper
chains whose answer to every financial problem is to cut
staff, private-equity firms that buy struggling papers and
asset-strip them before selling them off.
Maybe I shouldn’t be surprised that a Washington Post
columnist couldn’t find a negative word to say about the
practice of journalism in America’s newsrooms, but I
thought perhaps she might give it a throwaway paragraph.
Nope. Ms. Sullivan writes of “journalism,” sometimes of
journalistic “talent,” as though it’s a natural resource, the
same in quantity and quality at all times. The only question,
for her, is whether all this “talent” can find a place to
exhibit itself. Right now, thanks to a set of economic
circumstances mostly out of our control, Americans have
trouble getting access to this great and noble thing called
“journalism,” but a number of billionaires and philanthropic
organizations are exploring ways to keep open the
“journalism-talent pipeline.”
I do not like to fault books for the things they don’t
include, but allow me to suggest a few trends in the field of
news journalism that make the work of selling it to ordinary
Americans more difficult than it once was. (1) The search
for young, woke readers: People willing to pay for news
want to know the score of Friday night’s football game and
the gist of a tax hike proposed by the mayor. If they want to
know about the new Drake album or trans dating conven-
tions, they have the internet. (2) The nationalization of
everything: Reporters at regional papers often appear to
believe that the most important thing to know about the
state’s governor or the local congressman is his attitude to
Donald Trump, not his position on a subsidy for a local
company or plans to build a highway extension. (3) The
charade of “objectivity”: American news reporters, for the
most part unlike their European counterparts, have been
taught to pretend they have no view on the issues of the
day, although it’s plain to any person of moderate intelli-
gence that they have very strong views and that those
views mostly tend to the left.
But perhaps I’m naive to think “America’s premier media
critic,” as the book’s back cover proclaims Ms. Sullivan to
be, would dare to criticize the media.
Mr. Swaim is an editorial-page writer for the Journal.
A14 | Wednesday, July 8, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Trouble in Mexico Eugene Scalia Off the Mark on ESG Investing

M
exican President Andrés Manuel Ló- Per-capita GDP fell by 1.2% in 2019 and, ac- Labor Secretary Eugene Scalia pro- tration has worked to roll back nearly
pez Obrador meets President Trump cording to the central bank’s balance of pay- claims his department is doing right 100 environmental safeguards. But
by retirees by making it harder to in- he’s even on the wrong side of Wall
at the White House Wednesday to cel- ments statistics, foreign direct investment de-
vest with environmental, social and Street. In January, BlackRock an-
ebrate immigration controls clined to $29.6 billion from governance (ESG) considerations in nounced it will “make investment de-
and the new North American AMLO visits Trump as $38.7 billion in 2018. Covid-19 mind (“Retirees’ Security Trumps cisions with environmental sustain-
trade agreement. But this economic woes grow will make this an even more Other Social Goals,” op-ed, June 24). ability as a core goal” and will
should also be a moment to difficult year, but any chance Mr. Scalia claims retirement advisers release climate disclosures for their
discuss deeper economic ties south of the U.S. border. of mitigating the damage with shouldn’t consider these factors be- mutual funds.
because trouble is brewing the new trade deal has been cause “retirees’ security trumps other Apparently Mr. Scalia wants to
south of the Rio Grande for diminished by Mr. López Obra- social goals.” keep investors from considering ESG.
whoever is the next U.S. President. dor’s hostility toward investors. Mr. Scalia overlooks that ESG But climate change threatens the sta-
Mr. Trump’s anti-Mexican rhetoric since the It’s not too late to reverse course. Energy is an funds routinely outperform other of- bility of our economy, and ESG in-
2016 campaign has strained relations with our obvious opportunity for Mexico and the U.S. to ferings and ignores well-documented vesting helps protect against those
economic risks from climate change. threats—hardly a fiduciary’s “per-
southern neighbor. But the willingness of the work together. Mexico has abundant supplies of
Unlike Mr. Scalia, investors know cli- sonal preference.”
two Presidents to meet is an admission of oil but is short on capital and technology, which mate change threatens investments. Mr. Scalia seems to think that
shared interests. Chief among them is the eco- North American investors could provide. By al- Mr. Scalia even admitted, himself, in- burying our heads in the sand and
nomic development and security of Mexico, lowing private bids on oil-field production or set- vestors want ESG investing, and re- pretending that there is no risk to
both of which have deteriorated since Mr. López ting up joint ventures, Mexico could better exploit ports predict this trend will surge. In- manage is risk management itself. If
Obrador took office in December 2018. its resources and raise living standards. stead of limiting ESG considerations, Mr. Scalia truly wanted to protect re-
i i i Plentiful American natural gas is also a po- Mr. Scalia should call for strong ESG tirees, he’d remove roadblocks to ESG
The Mexican President, a left-wing economic tential win-win because Mexican manufacturing standards and risk disclosures, such investing, call on his colleagues to
nationalist, is making his first trip abroad in of- depends on affordable electric power. After an as those in my Climate Risk Disclo- create strong ESG standards and sup-
fice and flying commercial to boot. But if he early attempt to renege on contracts for new gas sure Act. port my Climate Risk Disclosure Act.
wants his sexenio to be a success he’ll have to pipelines signed by the previous government, It’s no surprise Mr. Scalia is on the SEN. ELIZABETH WARREN (D., MASS.)
wrong side here—the Trump adminis- Cambridge, Mass.
go beyond populist symbolism and change his Mr. López Obrador accepted a renegotiation. But
political course. On Wednesday Mr. Trump will not before he damaged Mexico’s reputation for
have a rare opportunity to engage on ideas to respecting the rule of law. He also canceled the
pull Mexico out of its economic and security New International Airport for Mexico City when Populists, Private Equity and Social Benefit
tailspin. it was nearly 40% complete, and he more re- M. Todd Henderson and Steven N. equity problem. Private equity typi-
Mr. Trump will no doubt boast about the re- cently announced that Mexico is canceling a $1.4 Kaplan’s “Populists Don’t Know Much cally invests modest amounts of eq-
vised U.S.-Mexico-Canada (USMCA) trade deal, billion brewery in Mexicali. About Private Equity” (op-ed, July 1) uity and burdens companies with a
which went into force on July 1. But the truth Perhaps the President believes that state- shouldn’t have been necessary. Even if great deal of debt. The new capital
is that this is more relief than trade break- owned oil company Petróleos Mexicanos (Pemex) it were true that “private equity and structure adds a great deal of risk to
through, and the best news is that it reaffirms can somehow escape without help from its more venture capital are socially wasteful,” all stakeholders, including stakehold-
so what? Much of human activity can ers who have no participation on the
a shared commitment by all three countries to than $100 billion in outstanding debt, another
be considered “socially wasteful,” in- upside. It also makes these compa-
North American economic integration. Mr. Ló- $10 billion owed to suppliers, and some $77 bil- cluding much of what happens in our nies less flexible, more susceptible
pez Obrador deserves credit for hanging in dur- lion in unfunded pension obligations. And maybe universities and governments. Invest- to operational or macroeconomic
ing difficult final negotiations. he doesn’t care that Pemex lost $18 billion in ment funds can only “waste” assets problems and subtracts financial and
The absence of Canadian Prime Minister Jus- 2019, nearly twice what it lost in 2018. that are placed there voluntarily, by social value.
tin Trudeau is a shame and another example of But AMLO, as he is known in Mexico, does free people. This isn’t the case when The record of Mitt Romney at Bain
Mr. Trump’s misguided trade policy of punish- care about his popularity, which has been society’s wealth is spent, for example, Capital is revealing, as the Journal de-
ing friends. Mr. Trudeau is rightly miffed about slumping with the economy. Next year he faces on government subsidies of college tailed in “Romney at Bain: Big Gains,
Mr. Trump’s threats of new aluminum tariffs midterm elections that won’t go well if he degrees for people who end up work- Some Busts” (Page One, Jan. 9, 2012).
even as the USMCA is being launched. Like doesn’t restore growth. ing as baristas or Uber drivers. From the beginning of Bain Capital in
other foreign leaders, he may be waiting out Mr. Trouble in Mexico inevitably flows north PAUL WESSEL 1984 up to 1999, the firm invested in
Bethlehem, Pa.77 companies. Ten deals produced
Trump in anticipation of a new U.S. President across the border, no matter how strict the im-
more than 70% of the returns to Bain
in 2021. migration controls. Mexico’s progress in the last Messrs. Henderson and Kaplan Capital investors, but as the Journal
But Mexico is the main issue now, as Mr. Ló- 30 years was led by an entrepreneurial class paint a stereotypical picture of pri- noted: “Of the 10 businesses on which
pez Obrador has governed like an old-fashioned that is deeply worried about where AMLO is vate equity: better incentivized and Bain investors scored their biggest
caudillo—a strongman who dictates economic taking the country. His trade and immigration (magically) more competent manage- gains, four later landed in bankruptcy
decisions rather than unleash the genius of the blinkers aside, Mr. Trump understands the im- ment improving operations and cre- court.” Bain Capital did well for its in-
Mexican people. His policies have reduced portance of private economic growth, and it’s ating financial value. They also note vestors, but failed others.
growth and caused domestic and foreign capital in America’s interest if he can move his fellow that when a private-equity fund buys Is that the social capital creation
to flee. populist in the right direction. a firm, it can put in place “a more that Messrs. Henderson and Kaplan
sustainable capital structure.” They are talking about?
must be kidding. That is the opposite GEORGE MELAS-KYRIAZI
The Media’s PPP Potshots of reality and the core of the private- New York

W
hat do Citizens Against Government bears no relation to typical government pork.
Waste, Nancy Pelosi’s husband, and Congress created it as a lifeline for companies
Jared Kushner’s family have in com- that were closed by government fiat, not due
Here’s an Election Exit Ramp for Mr. Trump
mon? All are getting unfairly to mismanagement or poor Many, and not only Never deeply divided country. Some might
maligned for having dared Don’t blame companies investment decision. As Trumpers, would be relieved if the disagree and say that he spared himself
take the government’s offer of Americans for Tax Reform president dropped out of the race and a humiliating defeat. Who is to say?
financial help to survive the
for taking loans to noted in a statement, PPP declined to anoint a successor. The S. PAUL POSNER
government-imposed pan- survive the shutdown. loans are akin to “compensa- Democrats would achieve their objec- New York
tive of getting rid of him. The Republi-
demic shutdowns. tion for a government tak-
cans would recover the “anybody but Karl Rove misses a key “reset” in
The Small Business Admin- ing.” Trump” vote. “The Trump Campaign Needs to Hit
istration on Monday released information Many of the stories imply cronyism or op- In “The Global Political Pandemic” ‘Reset’” (op-ed, July 2). The Trump
about the 4.9 million small-business loans the portunism, but none offer evidence that politi- (Global View, June 30), Walter Russell team needs a new candidate for vice
Paycheck Protection Program has disbursed cal favoritism played a role in the loans, or that Mead suggests why President Trump president. Mike Pence comes across as
since March. Cue the gotcha headlines. the entities in question didn’t qualify for assis- might hesitate to drop out. Mr. Mead a nice guy, but also as an old, white
“Groups critical of taxes, spending not opposed tance. Congress set up PPP to enable SBA-affil- notes that “some Democrats are al- guy who doesn’t speak well and has lit-
to PPP loans,” declared Roll Call, naming Tax- iated banks to distribute cash quickly and ready talking about launching criminal tle public personality or stature. Let
payers for Common Sense and the Americans widely—without the usual political media- proceedings against Trump officials him drop out and retire in Indiana. If
for Tax Reform Foundation. tion—and in that regard it succeeded. for alleged abuses after President President Trump and the GOP want my
A Bloomberg non-expose noted that According to SBA data as of May 30, PPP had Trump leaves office.” And perhaps vote, the party needs to replace Mr.
against President Trump personally? Pence with a candidate such as Nikki
among entities receiving a “bailout” were provided support to some 84% of small busi-
Enter Sun Tzu, whose advice was: Haley, a female, minority, daughter of
companies with “Trump ties,” “religious or- ness employees, underwriting some 51.1 million “Build your opponent a golden bridge immigrants, former South Carolina
ganizations,” “investment firms,” and the jobs. Many of those outfits will now have a shot to retreat across.” With the help of governor and ambassador to the
Kushner family. Republican operatives high- at survival, and they stand in contrast to com- Vice President Mike Pence, the presi- United Nations. When she speaks, peo-
lighted that Joe Biden’s former law firm re- panies like Hertz or Neiman Marcus, which dent could build his own golden ple pay attention.
ceived funds, as did a company in which went bankrupt, or to thousands of small busi- bridge. He could issue pardons for past JON TITUS
Speaker Pelosi’s husband, Paul, is a passive nesses that couldn’t survive the shutdown with and present advisers exposed to politi- Herriman, Utah
investor. Watchdog group Open the Books or without a government loan. cally motivated prosecution. The Inter-
produced a map of “mega loans,” calling out The politicians and their media retainers nal Revenue Service could accept his
Kanye West’s sneaker company and Robert shouldn’t attack firms for accepting the loans tax returns as filed. On the eve of Inau- Ticker-Tape Play by Play
guration Day he could resign in favor
Redford’s Sundance Institute. they were offered to survive the bad decisions
of the vice president, who would then
And Young, Eager Minds
Lost among the cheap shots is that the PPP made by government. pardon him. He would be beyond the Gerald Eskenazi’s “A Radio Trick
reach of impeachment proceedings or for TV Sports: Make Stuff Up” (op-ed,

Payday Lending Survives criminal prosecution.

President Trump could declare vic-
June 30) on ticker-tape broadcasting
took me back to about 1949. Official

S
tory. Like Lyndon Johnson in 1968, he score book in hand, I’d score the
mall-dollar borrowing shrank last quar- day loans has fallen by nearly 40% since 2007, would say that he is doing it for the game—play by play, inning by inning.
ter while Americans were stuck at home, mostly as a result of states tightening caps on good of the country because, although The announcer was “the Old Scotch-
but demand may swell soon as many monthly interest rates. But consumers keep a great president, he is a polarizing fig- man,’’ Gordon McLendon from Dallas.
workers adapt to reduced showing up where the law ure and, at the cost of a second term, Years later Texas Monthly had an ar-
hours or wages. They’ll have The CFPB reverses an permits. he is acting in the best interest of a ticle about McLendon and only then
did I realize the truth: How could he
that option thanks to the final Obama-era rule to Perhaps more than any
be in Dallas broadcasting a game be-
rule issued Tuesday by the agency outside the intelli- Things ‘Going South’ Will ing played in St. Louis or New York?
Consumer Financial Protec- stamp out small lenders. gence community, the CFPB As a boy it never crossed my mind.
tion Bureau on payday loans. has been a stage for struggle No Longer Be Permissible GORDON DAUGHERTY
The new rule replaces a between Trump appointees Regarding Michael Taube’s “Strike Austin, Texas
draft by Obama-era director Richard Cordray and tenured staffers. A memo by a departing Up the Banned” (op-ed, July 2) de-
that would have required lenders to apply a bureau economist that leaked in April described scribing how “Dixie” and “antebel-
stringent standard for assessing creditworthi- how midlevel employees fought to block man- lum” can no longer be used in polite Pepper ...
ness. The bureau found that the proposed rule agement from rewriting the payday rule. These PC circles: Isn’t the real elephant in
the room here the word “South,”
And Salt
would have reduced payday loan volume by at critics allege that Director Kathleen Kraninger
least 62%, driving thousands of storefront lend- and her predecessor, acting Director Mick Mul- which conjures up all sorts of hurtful THE WALL STREET JOURNAL
images for woke Northerners. Admit-
ers out of business. In effect the revision will vaney, rushed the process and ignored analysis
tedly, banning this despised word
preserve the status quo, leaving regulation of on the industry’s harms. would create some issues when giv-
payday loans to the states. Yet the new final rule retains the economic ing directions, but we could learn
This will be welcome news for millions: research the bureau produced under Mr. from Prince and call it “the direction
Americans took out $90 billion in short-term Cordray. It also preserves stricter limits on how formerly known as south” or borrow
loans in 2018. Critics focus on the “debt spiral” lenders can collect repayment. In revising the from J.K. Rowling (who is under sus-
that traps some borrowers who fail to repay rule, Ms. Kraninger simply explains that con- picion by lefties already) and refer to
within the two-week term. But the weight of the sumers would suffer more from the elimination it as “the direction which must not
evidence—including a 2012 study by Ronald of lending businesses than they do from the be named.”
Mann of Columbia Law School, cited in both fees. She has the final say over rules. LOGAN ROBINSON
Bloomfield Hills, Mich.
versions of the CFPB rule—shows that most Progressives will no doubt take this fight to
borrowers understand the risks. court. But the 2017 provisions to restrict lend-
Letters intended for publication
The need for quick credit is broader than ers never took effect, so even a sympathetic should be emailed to wsj.ltrs@wsj.com.
many admit. Like credit-card operators, the judge should find it hard to rule that the rewrite Please include your city, state and
more than 12,000 payday lenders nationwide harms consumers. Meanwhile, millions of telephone number. All letters are sub-
set fees at a level that allows them to sustain Americans will be able to get the cash they need ject to editing, and unpublished letters “Every time he elbow bumps me,
cannot be acknowledged.
the model for all customers. The volume of pay- on short notice. he hits my funny bone on purpose.”
THE WALL STREET JOURNAL.
China’s Hostage Diplomacy
By John Bolton
I
mportant structural changes in
international affairs are often
encapsulated in discrete inci-
dents, easy to grasp even if
somewhat oversimplified. The
War of Jenkins’ Ear, for example, had
more to do with competing British
and Spanish ambitions in the Carib-
bean than the severing of Capt. Rob-
ert Jenkins’s appendage in 1731.
Similarly, America’s request that
Canada extradite Huawei CFO Meng
Wanzhou to face criminal charges
personifies the escalating economic
conflict between China and the
world’s industrial democracies. It
poses a test of Western resolve that
Beijing honor the rule of law in its
commercial dealings; abandon stat-
ist, mercantilist policies in fact, not
only in rhetoric; and stop weaponiz-
ing “commercial” companies in tele-
communications, computing and ar-
tificial intelligence.
Prominent Canadians
urge the government to
agree to a feckless and
dangerous prisoner swap.
The immediate issue, now much
debated in Canada, is whether
China’s belligerent reaction to Ms.
Meng’s arrest and possible extradi-
tion will disrupt the West’s nascent
efforts to coalesce against China’s
unacceptable behavior. Ms. Meng
was arrested on Dec. 1, 2018, in Van-
couver, British Columbia. Within
weeks, Chinese authorities arbi-
trarily seized and imprisoned two
Canadian citizens; they were for-
mally charged last month with fic-
tional allegations of espionage. Ot-
tawa fears more of its citizens are at
risk, a concern other U.S. allies share
regarding their nationals.
In an open letter, 19 former offi-
cials and other prominent Canadians
recently urged Prime Minister Justin
Trudeau to suspend the extradition
proceedings and in effect swap Ms.
Meng for Beijing’s two hostages. Be-
cause of President Trump’s transac-
How Japan Beat Coronavirus Without Lockdowns
By Yasutoshi Nishimura
W
Tokyo
hile the numbers of infected
are subsiding in some re-
gions, the Covid-19 pan-
demic still rages in others. The world
is likely to be dealing with the effects
of the novel coronavirus until an ef-
fective vaccine or treatment is devel-
oped. As many governments work to
reopen travel and commerce, it has
become clear that this is a global cri-
sis, and nation-by-nation approaches
alone are proving insufficient. It’s es-
sential for nations to share their ex-
periences and learn from each other.
By following the science devel-
oped by world-renowned experts,
Japan has been able to avoid the
worst effects of the pandemic with-
out mandatory lockdowns. How have
we done it? High-quality medical
care—accessible to all thanks to uni-
versal health insurance—no doubt
helps. Social and cultural factors
might be at play, too. The Japanese
routinely wear masks to ward off
hay fever and colds.
However, the core insight that has
helped us in our fight against
Covid-19 is the notion of transmis-
sion clusters. Early on, our health
experts noticed that the disease
spreads in a peculiar way. Although
the coronavirus is highly contagious,
it is not uniformly contagious. Most
who are infected by it—about 80%—
never pass it on to anyone else. The
bulk of infections can be traced to a
small number of “super-spreading
events.” Just as striking, a person
with mild symptoms, or even none
at all, could easily cause a super-
spreading event, or a cluster.
Because Covid-19 is a disease that
spreads along relatively small num-
bers of super-spreading transmission
chains, if you can isolate these
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Huawei CFO Meng Wanzhou awaits extradition from Canada to the U.S.
tional view of the case—as another
bargaining chip to seal the elusive
“big” China trade deal—some argue
the U.S. case is “political,” and
therefore illegitimate. Mr. Trudeau
has so far rightly resisted domestic
pressure, but the mood in Canada is
increasingly febrile.
China’s and Huawei’s threats to
the West are undoubtedly wide-
ranging, but the sheer scope of their
transgressions hardly justifies giving
them a pass on “mere” financial
fraud. The original indictment
against Huawei and Ms. Meng al-
leged violations of U.S. sanctions
against Iran and subsequent bank
fraud and conspiracy to obstruct jus-
tice in misstating financial records
to conceal those breaches. A later,
superseding indictment added
charges of stealing intellectual prop-
erty and falsifying and misrepresent-
ing these actions to financial institu-
tions and others. Huawei and Ms.
Meng deny all the charges.
The underlying Iran sanctions vio-
lations, perhaps misunderstood by
some Canadians, triggered the initial
opposition to Ms. Meng’s extradi-
tion, based on opposition to Amer-
ica’s Iran policy. Canada’s judiciary
had no such trouble. Six weeks ago a
Canadian judge ruled that the U.S.
had satisfied the “dual criminality”
requirement of the Canada-U.S. ex-
tradition treaty, namely that the
conduct on which extradition is
chains or prevent them from form-
ing, transmission of the virus isn’t
sustainable.
Guided by such knowledge, we
employed two techniques to contain
and prevent clusters. First, Japanese
health experts recommended a spe-
cial kind of contact tracing called
“retrospective tracing.” This ap-
proach differs from standard meth-
ods that focus mainly on the period
A focus on contact tracing
and ‘cluster busting’ has
allowed us to avoid harmful
economic restrictions.
after a patient contracted the dis-
ease. With retrospective tracing,
health workers try to ascertain a pa-
tient’s movements and interactions
before they became infected. By
mapping them and cross-referencing
them with those of other infected
people, tracers can identify common
sources of infection—the people and
places behind an infection cluster.
Second, we developed a guide for
avoiding high-risk situations. We call
them the “three Cs”: closed spaces,
crowded places and close-contact
settings, especially those involving
loud talking. These settings all pose
a major risk of infection. Today,
thanks to extensive public-awareness
campaigns, even children in Japan
know to avoid them.
“Cluster-busting” isn’t a panacea.
For one thing, it works best when
outbreaks are relatively small. While
Japan managed to detect the first
wave early, some clusters inevitably
formed, prompting the government
to declare a state of emergency on
April 7. The voluntary business clo-
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Ramin Beheshti, Chief Technology Officer;
Natalie Cerny, Chief Communications Officer;
Kamilah Mitchell-Thomas, Chief People Officer;
Edward Roussel, Chief Innovation Officer;
Christina Van Tassell, Chief Financial Officer
OPERATING EXECUTIVES:
Kenneth Breen, Commercial;
Jason P. Conti, General Counsel;
Tracy Corrigan, Chief Strategy Officer;
Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer;
Nancy McNeill, Corporate Sales;
Thomas San Filippo, Customer Service;
Josh Stinchcomb, Advertising Sales;
Suzi Watford, Chief Marketing Officer;
Jonathan Wright, International
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
OPINION
reported last week that the collapse
of Canadian telecom champion
Nortel might have been largely
caused by China stealing Nortel’s
once-cutting-edge technology.
Moreover, China’s economic brig-
andage is only part of the larger mil-
itary and intelligence strategy. Hua-
wei and ZTE are key actors in
DARRYL DYCK/THE CANADIAN PRESS VIA AP
Beijing’s global effort to dominate
fifth-generation telecom networks
and thereby gain access to vital in-
formation from 5G networks’ infor-
mation flows. Accordingly, the Fed-
eral Communications Commission
had more than ample reason last
week to designate both firms as na-
tional-security threats. This step
also helps create space for truly
commercial firms, U.S. or foreign, to
compete in the 5G world. It goes
without saying how dangerous unim-
sought is criminal under the laws of peded Chinese access to, and poten-
both countries. This decision means tial control over, Western communi-
extradition proceedings will con- cation networks would be in time of
tinue, weighing Ms. Meng’s many actual war.
other objections. Canada’s concern for its citizen-
While the additional allegations hostages is understandable, but Bei-
of Huawei’s intellectual-property jing’s ruthlessness should be seen in
theft have received less attention, the context of the broader struggle
they will almost certainly prove it has long been waging while the
more important in the long run. West, in typical form, wasn’t paying
Over the past four decades, China’s attention. There are many more
persistent efforts to steal intellectual fronts in the struggle: China’s sup-
property and require forced trans- pression of Hong Kong, violating its
fers of foreign technology constitute commitments to the U.K. in the 1984
the foundation for much of its eco- handover agreement; its genocidal
nomic success. Huawei, ZTE and campaign against the Uighurs in Xin-
other tech companies have been jiang; and the unilateral annexation
principal beneficiaries, and it’s un- of much of the South China Sea.
likely China has ever been serious in This is how China behaves now.
its trade negotiations with the U.S. Imagine how it will behave in the
on these issues. Criminal prosecu- not-so-distant future if its belliger-
tions and massive civil cases against ence continues unchallenged. If Can-
China and its firms for their wrong- ada lets Ms. Meng return to China, it
doing may be the only way to get would be a miscarriage of justice.
their attention. There is no moral equivalency be-
If so, there is plenty of raw mate- tween Ms. Meng and the innocent
rial. Such “structural issues,” as Canadians Beijing holds hostage.
they are characterized in trade Canada can’t afford such foreign-pol-
talks, are part of a larger, systematic icy shortsightedness. With isolation-
Chinese strategy of mercantilism. ist tendencies stronger than at any
China offers its companies enor- time since the 1930s, neither can the
mous subsidies. Its debt-laden di- U.S.
plomacy with a range of countries
similarly demonstrates that China Mr. Bolton is author of “The
isn’t playing by the same rules as Room Where It Happened: A White
the industrial democracies. House Memoir.” He served as the
In a fine irony for Canadians seek- president’s national security adviser,
ing to appease Beijing, Bloomberg 2018-19.
sures and other restrictions suc- possible, so we are increasing and
ceeded in reducing in-person contact enhancing our testing capacity
by as much as 80%, and were lifted through the introduction of new
after less than two months. technologies such as saliva-based
Although these measures were ef- tests and ultrafast antigen testing.
fective in suppressing the virus ex- Local health centers have played an
pansion in Japan, the reduction in important role in contact tracing,
person-to-person contacts came with and voluntary app-based monitoring
heavy economic costs. After new is helping to ease their burden.
cases fell back to a small number, the Using “Fugaku,” Japan’s newly de-
cluster-based approach, in particular veloped supercomputer that recently
avoiding the three Cs, has remained ranked as the most powerful in the
central to suppressing transmission world, artificial-intelligence re-
of the virus while allowing social and searchers are working with medical
economic activities to resume. In experts to develop ways to mitigate
Japan, with the advice of experts, Covid-19 transmission. They have al-
more than 100 industrial sectors—in- ready developed simulations of
cluding the supermarket, restaurant droplet spread and contagion in res-
and entertainment industries—have taurants. I am hoping they may also
established guidelines for conducting help us find better ways to contain
business while avoiding the three Cs. the spread of the virus.
Keeping Covid-19 under control as Humanity isn’t out of the woods
the world edges back out of its shell yet. Defeating Covid-19 will take
will require innovative approaches time, resources and global goodwill.
and new technologies. Japan has All countries must move forward to-
been promoting digitization through- gether, in a spirit of openness and
out society. Our “Digital New Deal” cooperation.
has made working from home easier
by aggressively promoting telework Mr. Nishimura, is Japan’s minister
technology, freeing people from To- of state for economic revitalization
kyo’s packed commuter trains. and minister in charge of Covid-19
Avoiding the three Cs isn’t always response.
Would Biden Be ‘Normal’?
By Ted Rall “Asked whether he would pledge to
E
only serve one term if elected,” the
very presidential campaign of- wire service reported, “Biden said he
fers a sales pitch. Hillary Clin- wouldn’t make such a promise but
ton’s was experience; Barack noted he wasn’t necessarily commit-
Obama called her “the most qualified ted to seeking a second term if
person ever to run for president.” elected in 2020.”
Donald Trump’s was “Make America Politico reported in December that
Great Again.” “four people who regularly talk to Bi-
In 1920 Warren G. Harding prom- den” agree “it is virtually inconceiv-
ised a “return to normalcy.” Joe Bi- able that he will run for reelection.”
den hasn’t used that phrase, but One unnamed “well-known Demo-
many of his supporters have. “Biden cratic strategist” said: “It’s crazy for
is running on open nostalgia,” David him to run for a second term. It’s a
Graham wrote in the Atlantic last bit crazy to run for a first.”
year. Mr. Biden summed up this ap- That may explain why the Biden
peal in his May 2019 campaign an- campaign is hyping his choice of run-
nouncement: “The country is sick of ning mate, with social-media ads that
the division. They’re sick of the fight- implausibly promise donors “you’ll
ing. They’re sick of the childish be- hear about my VP pick first.” Com-
havior. . . . All they want is their pres- mentators like Ronald Brownstein
ident, their senators, their represen- and Thomas Friedman have urged the
tatives, to do their jobs!” Democrat to break tradition by an-
But how normal would a Biden nouncing his cabinet nominees ahead
presidency be? At 78 by Inauguration of the election—implying an expecta-
Day, he would be the oldest president tion that a President Biden wouldn’t
in history. (Donald Trump turned 74 be running the show.
last month; Ronald Reagan was 77 The last president to leave office
when he left office.) His age has led voluntarily after one term or less was
to unusual questions. When a re- Chester A. Arthur, who retired be-
porter asked Mr. Biden last week if he cause of ill health. Surely a return to
had been “tested for some degree of normalcy doesn’t mean turning the
cognitive decline,” the candidate an- clock back to 1885.
swered: “I’ve been tested, and I’m
constantly tested.” Mr. Rall is a political cartoonist
The Associated Press wondered in and author of “Francis: The People’s
October if Mr. Biden planned to seek Pope,” the latest in a series of
a second term as an octogenarian. graphic-novel biographies.
Wednesday, July 8, 2020 | A15
Riot-Torn
Twin Cities
Are Already
Forgotten
By Michael Tracey
T
Minneapolis
he national media might have
“moved on” from the riots in
Minneapolis, but residents
have nowhere to go. Much of the
Twin Cities is still in ruins. Boarded-
up storefronts still display makeshift
notices that read “black owned” or
“minority owned” to ward off further
destruction. Many locals are reluc-
tant to speak on the record, but some
are eager to do so.
“It’s been agony,” says Mohamed
Ali, a native of Somalia. “I respect the
public anger, but I think we carried it
too far, to burn our city.” At the
height of the chaos, rioters set a
large fire in front of his apartment,
which sits atop several streetside
shops. He spray-painted desperate
appeals onto plywood affixed to the
storefront windows: “Don’t burn
please . . . Kids live upstairs.”
‘Black Lives Matter’
signs are everywhere, but
minority businesses bear
the brunt of violence.
“All these businesses are still
boarded, and it’s over a month later,”
Mr. Ali said, gesturing in every direc-
tion of his Minneapolis neighbor-
hood. ”This was a thriving area,” he
said. “Now a lot of minority busi-
nesses are burned.”
Long Her, a Laotian immigrant,
has operated a clothing store in St.
Paul since 1991. When he surveyed
his losses after the riots, he openly
wept: 550 suits, 249 pairs of pants,
227 dress shirts and 180 pairs of
shoes, as well as his cash register,
other electronics and damage to win-
dows and the front door. Many of his
most valuable possessions, kept in a
heavy-duty safe, were stolen, along
with his U.S. citizenship papers.
A month later, he hasn’t heard any-
thing from the authorities. “They
don’t have the law to protect the peo-
ple,” Mr. Her says. He never had to call
the police in nearly 30 years until the
riots erupted in late May—and officers
still have not come to investigate:
“They say no one available.” His store
is open, but the door is boarded up
and customers are scant: “They call
me,” he says, referring to his largely
Hmong clientele. “They say, ‘We would
come, but we’re afraid.’ ” He’s had to
lay off five employees and sleeps in
the store every night, on guard against
another possible riot.
Flora Westbrooks owned a hair sa-
lon in North Minneapolis for 34 years.
It had already been closed for several
months due to Covid-19, but Ms.
Westbrooks was planning to reopen
on June 1. She’d already purchased
sanitation supplies and prepared new
protocols to comply with state and
city regulations. On May 29, an arson-
ist burned the place down.
“Sometimes I’m like, OK, I gotta go
to work,” Ms. Westbrooks says. “I
gotta go do something at the shop.
And then I forget—I don’t own any-
thing anymore. Everything’s burned
to the ground. I have nothing no
more. Everything I worked for.”
Through her business, she earned
enough money to buy a home, a car
and a law-school education for her
son: “My salon was everything to
me.”
Ms. Westbrooks’s plight attracted
modest media attention in the imme-
diate aftermath of the riots, spurring
the creation of a GoFundMe page, but
contributions have fallen off. She said
she and a group of fellow
shellshocked small-business owners
met briefly with Sens. Amy Klobu-
char and Tina Smith, Gov. Tim Walz
and other elected officials in a
McDonald’s parking lot near the
wreckage. But there has been no fol-
low-up. “I haven’t heard anything,”
she says. “You know, it’s been a
month now.”
“They never told us what they was
gonna do,” Ms. Westbrooks says.
“What are you going to do for us? We
have no job, we have no income.
What are you going to do for us?”
She had no insurance.
Ms. Westbrooks says she assigns
at least part of the blame for what
happened to negligence by govern-
ment officials. The Minneapolis Po-
lice Department abandoned the
neighborhood, she says. And the Na-
tional Guard, whose deployment Ms.
Westbrooks supported, arrived too
late.
Mass-produced “Black Lives Mat-
ter” signs dot the yards of countless
leafy homes across the area. Ms.
Westbrooks’s next-door neighbor, a
white woman, displays one in her
window. Ms. Westbrooks, who is
black, does not.
Mr. Tracey is a journalist in Jersey
City, N.J.
A16 | Wednesday, July 8, 2020 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Clash With China Tests Modi’s Approach

Confrontation fuels situation can only be solved
diplomatically.”
Indian prime minister’s Mr. Modi responded to the
nationalist agenda, but border clash by banning 59
Chinese smartphone apps, cit-
also reflects its limits ing cybersecurity concerns.
Still, India has continued ne-
BY VIBHUTI AGARWAL gotiating to de-escalate tensions
AND KRISHNA POKHAREL on the border. Chinese and In-
dian troops started to withdraw
NEW DELHI—A deadly clash from some friction points in
with China high in the Himala- disputed areas along the two
yas has posed a tricky domestic countries’ Himalayan border, In-
challenge for Indian Prime Min- dian security officials said this
ister Narendra Modi, who has week, following talks between
cultivated an image as a strong senior diplomats and military
nationalist leader and struggled commanders to calm tensions.
to deliver on promises to trans- “Never in history has ex-
form his country’s economy. pansionism been successful for
The showdown has stoked those who tried it,” Mr. Modi
the sort of nationalist feelings told Indian forces during a
that Mr. Modi has proved adept visit last week to Ladakh, part
at turning into political sup- of the disputed border region.
port, but unlike past confronta- “Today, the world is dedicated
tions with Pakistan, India can’t to development. India will al-
afford to turn China into an ways focus on this.”
archenemy, some analysts say. The clash with Asia’s fastest-
“Nationalism is all right to rising power has come after a
rally people to your support,” storm of bad news for Mr. Modi
said Subramanyam Chan- and his Bharatiya Janata Party.
drasekharan, director of South They were voted into power in
Asia Analysis Group, a New 2014, then re-elected last year,
Delhi-based think tank. But, he based in large part on confi-
said, “You have to be careful. dence that Mr. Modi could build
It’s a double-edged sword. The a stronger, more stable India
Prime Minister Modi has a much higher approval rating sity World Institute for Devel- their own actions, others be-
than most other world leaders, even as India’s economic opment Economics Research. yond their control— came after
expansion has slipped. Despite one of the world’s the prime minister and party
90% 10%
tightest lockdowns, India has cruised to re-election in no
Approval rating Annual GDP, change become one of the countries small part on a wave of nation-
80 from a year earlier suffering the most from the vi- alist sentiment stirred up dur-
8 rus, trailing only the U.S. and ing a confrontation with Paki-
70 Narendra Modi Brazil in the total number of stan after a terrorist attack
6 cases. Its biggest cities are killed 40 Indian soldiers in the
60 struggling to contain the part of disputed Kashmir that
Angela Merkel
50 spread, and health experts say India controls and considers a
4 it could be months before the full-fledged Indian state.
Boris Johnson
40 number of infections peaks. Some of Mr. Modi’s support-
Donald Trump 2 All of that comes after anti- ers have tried to suggest his
30 Emmanuel Macron government demonstrations decision to block Chinese apps
20
Shinzo Abe
0 last year protesting the BJP’s is a similarly bold move, calling
change in a citizenship law that it a “digital strike” on China.
April May June 2010 ’12 ’14 ’16 ’18 ’20
many saw as undermining the The showdown with China is
Note: Fiscal years end March 31. country’s commitment to di- a stickier challenge, since China
Sources: Morning Consult (approval ratings); versity and religious freedom. is a major Indian trade partner
Ministry of Statistics and Program Implementation (GDP) “Modi’s image has taken a and has a far greater array of
serious beating” domestically, ways to counter India if it
and raise the standard of living tion caused by the pandemic. said Bibhu Prasad Routray, di- wanted, from cyberattacks to
for its many poor citizens. Growth slipped to an 11- rector of Mantraya, an Indian seeking to undermine its stand-
Mr. Modi, who built his polit- year low in the 12 months strategic think tank. ing in international organiza-
ical résumé overseeing Gujarat, through March and economists Still, Mr. Modi’s popularity tions, some analysts say. More
one of India’s most economi- predict the first contraction in remains remarkably high, with than half of India’s overall trade
cally vibrant states, pledged to 40 years this year. South Asia, 74% of Indians expressing ap- deficit is with China, including
add trillions of dollars to India’s led by India, could be the re- proval of his leadership in a imports of critical technology.
gross domestic product. gion worst hit by the pan- poll conducted in late June by Mr. Modi “knows that India
Instead, growth began to demic globally, with possibly U.S. polling and research com- can’t afford a military confron-
sputter a few years into his more than 100 million people pany Morning Consult. tation with China,” said Tanvi
first term. It entered a sharp pushed back below the pov- Still, the string of chal- Kulkarni, a visiting fellow at the
downturn last year and has erty line, according to a study lenges faced by Mr. Modi and Institute of Peace and Conflict
now collapsed with the disrup- at the United Nations Univer- the BJP—some the result of Studies based in New Delhi.

Russia Detains Former Journalist

BY GEORGI KANTCHEV
Pandemic
Job Losses
MOSCOW—Russian authori-
Will Persist,
ties detained a former journal-
ist working at the country’s
OECD Warns
space agency and accused him BY PAUL HANNON
of allegedly handing over mili-
tary secrets to NATO, the lat- Unemployment rates in the
est in a string of treason accu- world’s advanced economies
sations brought against will end the year higher than
prominent Russians. at any time since the Great
The Federal Security Ser- Depression and not return to
vice, the country’s main secu- their pre-pandemic levels until
rity agency, said Tuesday that 2022 at the earliest, the Or-
Ivan Safronov, a former de- ganization for Economic and
fense reporter who recently Cooperation and Development
became an aide to the head of said Tuesday.
Roscosmos, worked for the The Paris-based research
foreign-intelligence service of institute that serves the U.S.
an unspecified member of the and 36 other countries warned
North Atlantic Treaty Organi- against the premature with-
zation and provided it with drawal of emergency measures
classified military information. designed to support employ-
Mr. Safronov was charged with ment, and said governments
treason and could spend as should launch new programs
many as two decades in prison to encourage businesses to
EVGENIA NOVOZHENINA/REUTERS

if convicted. hire workers, particularly

“Acting on orders from a those entering the jobs market
NATO security service, [Mr. for the first time.
Safronov] gathered and passed Jobless rates could be even
to the security service’s repre- higher if a second wave of out-
sentative classified informa- breaks leads to fresh, if partial
tion about the military-techni- lockdowns, the OECD said. If
cal cooperation, defense and the U.S. is hit by a second
security of the Russian Feder- Russian authorities allege Ivan Safronov, an aide to the head of the nation’s space agency, handed over military secrets to NATO. wave of lockdowns, the OECD
ation,” said the FSB, as the forecasts jobless rates of 12.9%
Russian security service is guilty in court, Russian state distinguished Russian scientist this is an attack on indepen- agency job, Mr. Safronov was a in 2020 and 11.5% in 2021,
known. media reported. A lawyer for with treason after accusing dent journalists.” prominent journalist for busi- compared with 11.3% this year
Federal security authorities Mr. Safronov couldn’t be im- him of passing classified infor- Presidential spokesman ness dailies Kommersant and and 8.5% next year if there is
didn’t disclose further infor- mediately reached. mation to China. At least eight Dmitry Peskov told reporters Vedomosti, where he reported no sustained resurgence.
mation about the nature of the The Open Russia Human Russian scientists have been that Mr. Safronov’s detention on politics, military and space The lockdowns that govern-
material Mr. Safronov is ac- Rights Project, which assists arrested and charged with wasn’t related to his work as a topics. Vedomosti declined to ments imposed from mid-
cused of passing on. people accused by the state treason in recent years for al- journalist. Roscosmos said the comment, and Kommersant March in an effort to contain
A NATO spokeswoman on for their political or social legedly disclosing state secrets detention wasn’t connected to didn’t respond to a request to the coronavirus led to large-
Tuesday said the organization views, said a lawyer the group in high-profile criminal cases. his job at the space agency, comment. scale layoffs. Across the
doesn’t have an intelligence dispatched to help Mr. Sa- “It’s obvious that the case where Mr. Safronov began The editors in chief of both OECD’s members, the jobless
service and it’s “not going to fronov was waiting to talk to was initiated because of his work as a communications ad- newspapers told the state rate has returned to the level
speculate on allegations made him. journalistic activities,” said viser to the organization’s di- news agency, TASS, that they last seen in the aftermath of
by the Russian security service Mr. Safronov’s detention Valya Dekhtyarenko, a spokes- rector general, Dmitry were unaware of the reasons the global financial crisis.
against a Russian citizen.” comes less than a month after woman for the Open Russia Rogozin, in May. for the detention of their for- “We are basically back
Mr. Safronov pleaded not Russian prosecutors charged a Human Rights Project. “All Before taking the space mer employee. where we were in 2010,” said
Stefano Scarpetta, director of

WORLD WATCH
employment at the OECD. “In
three months, we’ve lost all
the gains in employment that
it took a decade to make.”
NORTH KOREA through mud and debris in the Mr. Scarpetta estimates that
hardest-hit riverside towns along even if a second wave of coro-
Former POWs Win the Kuma River. Rescue opera- navirus outbreaks is avoided,
Suit Against Kim tions have been hampered by the jobless rate for OECD
the floodwater and continuing members will hit 9.4% in the fi-
A South Korean court ruled harsh weather. nal three months of this year, a
that Kim Jong Un must pay —Associated Press level not seen since the 1930s.
more than $35,000 in damages In the event of a second wave
to two former prisoners of war NETHERLANDS of coronavirus outbreaks, the
who were detained in North Ko- jobless rate could rise to 12.6%.
rea for decades, a legal victory Torture Chamber Even if further outbreaks
that could help boost similar Found, 6 Arrested are avoided—an outcome the
cases against the regime. OECD labels the “optimistic”
It was the first time a South Dutch police arrested six men scenario—the jobless rate is
Korean court placed liability on a after discovering sea containers expected to fall only gradually,
North Korean leader for dam- that had been converted into a to 7.7% by the end of 2021. In
ages in a civil suit. The Seoul makeshift prison and sound- the event of a second wave, it
Central District Court on Tuesday proofed “torture chamber” com- is expected to stand at 8.9%.
awarded roughly $17,570 each in plete with a dentist’s chair, tools The loss of jobs is only one
civil damages to Han Jae-bok, 87 including pliers and scalpels and measure of the pandemic’s im-
years old, and Ro Sa-hong, 90. handcuffs, a high-ranking officer pact on the labor market.
They were captured behind en- said Tuesday. Based on statistics from a
KYODO/REUTERS

emy lines during the 1950-53 Authorities said police con- small group of countries that
Korean War and, after fighting ducted the raid before the tor- includes the U.S., the OECD es-
was halted by an armistice, were ture chamber could be used and timates that total hours
put to work alongside other alerted potential victims. worked fell by 12.2% in the
South Korean prisoners of war. A resident helping clear debris at a friend’s house reacted Tuesday as more rain fell in Hitoyoshi, in The grisly discovery was made first three months of the lock-
They spent 33 months in southern Japan. At least 55 people have died in floods in the country and a dozen were missing. last month by officers investigat- down, compared with 1.2% in
forced labor and then decades ing leads generated by data from the first three months of the
more consigned to work at coal JAPAN Pounding rain since late Fri- residents. “Good job!” one of the encrypted phones used by crimi- global financial crisis.
mines until they escaped to day in the southern region of soldiers said as he held the baby nals. The communications network Although the U.S.’s jobless
South Korea. Mr. Ro managed to Heavy Flooding Kyushu has triggered wide- up to his chest while the mother was cracked recently by French rate fell in May and June, the
flee in 2000 and Mr. Han got Leaves Dozens Dead spread flooding. More rain was got off the boat, Asahi video police. Detectives in Britain and OECD expects it to experience
out a year later. predicted in Kyushu and the showed. Several children wearing the Netherlands have already ar- the largest rise in unemploy-
An estimated 83,000 South Soldiers used boats to rescue western half of Japan’s main is- orange life vests over their wet rested hundreds of suspects ment this year, an increase of
Korean prisoners of war were residents as floodwaters flowed land of Honshu as the rain front T-shirts arrived on another boat. based on the encrypted messages. 7.6 percentage points.
held captive in North Korea at the down streets in southern Japa- moved east. About 3 million residents were The announcement gave a By comparison, Germany’s
end of the war, though the major- nese towns hit by heavy rains In Fukuoka, on the northern advised to evacuate across Kyu- chilling insight into the violent unemployment rate is expected
ity of them remain unaccounted that were expanding across the part of Kyushu, soldiers waded shu, Japan’s third-largest island. Dutch criminal underworld, which to rise by 1.4 percentage points
for, according to Mulmangcho, a region on Tuesday. At least 55 through knee-high water pulling Tens of thousands of army is involved in the large-scale pro- this year, while the French rate
group supporting POWs. people have died and a dozen a boat carrying a mother, her 2- troops, police and other rescue duction and trafficking of drugs. is forecast to increase by 2.5
—Eun-Young Jeong remain missing. month-old baby and two other workers worked their way —Associated Press percentage points.

BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P 3145.32 g 1.08%
Airlines Ready New Staffing Cuts
As reservations fall in
major hubs, United
considers schedule
reductions, furloughs
BY ALISON SIDER
Airlines are preparing to
cut thousands of workers and
tap government loans as a
surge of coronavirus cases
and fresh government travel
restrictions upend a nascent
recovery in travel.
TikTok
Battles
Political
Tensions
BY LIZA LIN
AND EVA XIAO
The Chinese maker of TikTok,
the popular short-video plat-
form, said it would pull its app
out of Hong Kong amid concerns
about a new national-security
law, its second market exit in as
many weeks, as Secretary of
State Mike Pompeo hinted the
Trump administration was con-
sidering limiting U.S. users’ ac-
cess to the app.
Tuesday’s developments un-
derscored the geopolitical chal-
lenges facing the first global so-
cial-media sensation to emerge
from China. Last week, India—
one of TikTok’s largest markets
by users, accounting for roughly
a third of its downloads—
banned the app as part of an es-
calating border dispute between
Beijing and New Delhi.
TikTok, which won over mil-
lions with its catchy dancing and
lip-sync videos, has faced in-
tense scrutiny in the U.S. as it
grows around the world, and as
U.S.-China relations hit the
skids. In Washington, some law-
makers have called for an out-
right ban, saying data in the
smartphone app would be avail-
able to Beijing.
On Monday, when asked dur-
ing a Fox News interview if the
U.S. should ban Chinese social-
media apps including TikTok,
Mr. Pompeo said the govern-
ment was looking at it. The
Trump administration has
worked to keep network-equip-
ment makers Huawei Technolo-
gies Co. and ZTE Corp. out of its
mobile infrastructure, he added.
“With respect to Chinese
apps on people’s cellphones, we
can assure you the United States
will get this one right,” Mr.
Pompeo said. He didn’t offer de-
tails about how the U.S. would
restrict access or indicate how
seriously the White House is
considering the move.
A spokesman for TikTok,
which is owned by Beijing-based
Bytedance Ltd., said it has an
American CEO and employs
hundreds in the U.S. “We have
no higher priority than promot-
ing a safe and secure app experi-
ence for our users,” he said. Pre-
viously, TikTok has said it never
provided user data to the Chi-
nese government, and wouldn’t
do so if asked.
The pressures TikTok faces
reflect the continued fracturing
of the internet along geopolitical
lines amid rising tensions be-
tween the U.S. and China. The
Chinese government’s decision
to wall off the country’s internet
once helped its tech companies
grow by shielding them from
foreign competition, but the idea
of erecting national boundaries
in cyberspace now threatens the
future of the first Chinese inter-
net company to enjoy main-
stream global appeal.
In Hong Kong, TikTok’s deci-
sion to pull back in response to
the new national-security law
came alongside similar moves
by its U.S. social-media peers in-
cluding Facebook Inc., Twitter
Inc., Google parent Alphabet Inc.
Please turn to page B4
 Tech firms’ stand on Hong
Kong law shows fears..............B4
 What user data does TikTok
collect?........................................... B4
TECHNOLOGY: FACEBOOK AND ACTIVISTS MEET BUT GAIN LITTLE B3
S&P FIN g 2.07% S&P IT g 1.06%
After New York, New Jer-
sey and Connecticut said last
month they would require
people arriving from hot-spot
states to quarantine for 14
days, United Airlines Hold-
ings Inc.’s reservations for
travel within the coming
month quickly began to slide,
according to a presentation to
United employees Monday
viewed by The Wall Street
Journal.
The drop-off has been most
acute at United’s Newark,
N.J., hub, where near-term
Natural-gas futures price
$5.00 per million British thermal units
4.00
3.00
2.00
1.00
0 pany’s board and owns $600
2017 ’18
U.S. natural-gas production
120 billion cubic feet a day
100
80
U.S. producers hhave
responded to low
60
prices by reducing
drilling and choking
40 back output.
20
0 ranking debt and subordinated
2017 ’18
Sources: FactSet (futures); U.S. Energy Department (production)
Natural-Gas Prices, Trading Falter
As Other Energy Assets Recover
BY RYAN DEZEMBER
Natural-gas prices have
bounced back from the 25-year
low reached late last month,
but analysts and traders don’t
expect them to go much
higher—at least until it is time
to turn on the heat.
As other assets recover
from the coronavirus melt-
down and even exceed prepan-
demic highs, natural gas has
lagged behind. There is simply
too much of it.
Stockpiles of the power-
generation and heating fuel
are bloated world-wide. The
international trade in liquefied
Executive Leaves Microsoft for Startup
BY DAVE SEBASTIAN
Augmented-reality headset
maker Magic Leap Inc. named
Peggy Johnson, a top Micro-
soft Corp. official, as its new
chief executive officer, as the
company tries to shift its focus
from the consumer market to
enterprise customers.
Ms. Johnson served as exec-
utive vice president of busi-
ness development at Microsoft,
a role in which she was the
Redmond, Wash., company’s
top deal maker, managed rela-
tionships with external part-
ners and had oversight of the
M12 corporate venture fund.
She will succeed Magic Leap
founder Rony Abovitz in the
role Aug. 1. Mr. Abovitz, who
in May said he was stepping
down, will remain CEO during
the transition period.
Ms. Johnson joined Micro-
soft in 2014 and was one of
three women on the company’s
senior leadership, according to
Microsoft’s website. Microsoft
said Ms. Johnson’s last day at
the company was Tuesday. Ma-
* * * * **
DJ TRANS g 1.15%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.21%
net bookings were about 16%
of a year earlier’s levels as of
July 1, according to the pre-
sentation. Just weeks earlier,
net bookings there had
climbed to about a third of
last year’s levels. The book-
ings metric, which is the dif-
ference between new reserva-
tions and cancellations, has
also started to fall in other
hubs, the airline told employ-
ees.
That is a worrying sign for
the struggling airline indus-
try’s hopes for a recovery.
’19 ’20
’19 ’20
Hurt by excess supply and dwindling demand, prices of the commodity remain 23%
below year-ago levels. A flare burns excess natural gas in Loving County, Texas.
natural gas, or LNG, has col-
lapsed, squeezing an important
outlet for U.S. shale gas. And
with crude prices back up to
around $40 a barrel, oil pro-
ducers are reopening the spig-
ots and, as a byproduct, put-
ting a lot of cheap gas into the
market.
Natural-gas futures for Au-
gust delivery ended Tuesday at
$1.876 per million British ther-
mal units. That is up 27% since
June 25, when futures for July
delivery closed at $1.482—
their lowest level since August
1995. Yet it is still 23% below
the price this time last year
and 34% less than the price
Peggy Johnson, who had been the software giant’s top deal maker,
will be CEO of Magic Leap, a maker of augmented-reality headsets.
jor acquisitions during her ten-
ure include the roughly $26 bil-
lion purchase of LinkedIn Corp.
in 2016 and $7.5 billion pur-
chase of GitHub Inc. in 2018.
Before joining Microsoft,
Ms. Johnson was at Qualcomm
Inc. for 24 years, holding lead-
ership positions spanning engi-
neering, sales, marketing and
LIBOR 3M 0.268
Denver-based Frontier Air-
lines also told employees this
week that bookings had taken
a hit and that it is evaluating
what schedule reductions it
would need to make.
United shared the more
dire outlook with many em-
ployees across the country
Monday as it told them to
prepare to receive notifica-
tions of potential furloughs
under the Worker Adjustment
and Retraining Notification
Act as soon as this week.
The airline told employees
two years ago.
Investors have trimmed
their bearish bets in recent
weeks, reducing their net short
position, or wagers that prices
will fall, according to Com-
modity Futures Trading Com-
mission data. But analysts cau-
tion against getting too
bullish. They don’t expect
prices to exceed $2 for any
sustained period until Ameri-
cans are turning on the heat in
their homes.
The heights of summer and
winter are when gas prices are
typically at their highest, given
the demand to power air con-
ditioners and fuel furnaces.
STEPHEN MCCARTHY/SPORTSFILE/GETTY IMAGES
business development.
Mr. Abovitz founded Magic
Leap in 2011 and the Florida-
based company has struggled
in recent years to obtain wide
adoption for its flagship head-
set product. In April, Mr. Abo-
vitz said the company laid off a
number of its staff as it aimed
to cut costs amid the pandemic.
NIKKEI (Midday) 22571.55 g 0.19%
Wednesday, July 8, 2020 | B1
See more at WSJ.com/Markets
AMC Nears
that tens of thousands of em-
Deal to
ployees would receive such
notices.
The exact number couldn’t
Stave Off
be immediately determined,
and it isn’t clear how many
will be let go.
Bankruptcy
Airlines including United
have offered early retirement BY ALEXANDER GLADSTONE
and buyout packages to en-
courage workers to leave on AMC Entertainment Hold-
their own. ings Inc. is nearing a restruc-
Please turn to page B2 turing deal that would help
stave off a near-term bank-
 Heard on Street: Airlines try ruptcy filing while turning
to keep down supply.......... B14 down a competing financing
offer from senior lenders in-
cluding Apollo Global Manage-
ment Inc., according to people
familiar with the matter.
The proposed deal, which
could be announced within
days, would require bondhold-
ers to provide a $200 million
senior loan and to swap their
unsecured claims at a discount
for new, second-lien debt, peo-
ple familiar with the matter
said.
Private-equity firm Silver
Lake Group LLC, which has a
representative on the com-
million of convertible bonds,
would swap for first-lien debt,
they said.
Senior lenders including
Apollo, Davidson Kempner
Capital Management LP and
Ares Management Corp. have
pushed back against the pro-
posal, which would allow Silver
Lake to share in the collateral
pledged to them.
The group, which is repre-
sented by law firm Gibson,
Dunn & Crutcher LLP, submit-
ted a counterproposal in recent
days in which they offered to
inject an additional $200 mil-
lion in senior debt financing,
on top of $200 million supplied
ANGUS MORDANT/REUTERS
by junior bondholders.
As a condition of the coun-
teroffer, the senior lenders
wanted Silver Lake blocked
from swapping into the top-
beneath the senior loans in the
payment line, people familiar
with the matter said.
Silver Lake resisted the
counteroffer, and AMC is close
to rejecting it, they said.
The conflict marks the latest
instance of asset managers and
private-equity funds competing
with each other to protect in-
vestments in companies that
are running low on cash due to
the coronavirus pandemic.
But the global gas glut and di- Similar disputes have broken
minished demand due to the out between investors in com-
pandemic shutdowns have pro- panies ranging from travel-
duced not only the lowest June booking platform Travelport
prices ever in the U.S. but also Worldwide Ltd. to mattress
the lowest price on record for maker Serta Simmons Bedding
any month in Europe. LLC.
The collapse in European AMC was forced to shut
prices has been especially down its more than 1,000 the-
problematic for U.S. producers. aters world-wide due to the
BofA Securities analysts de- Please turn to page B2
scribe Europe as the “dumping
ground” for LNG. Buyers there
are usually eager for ship-
ments to augment local pro-
duction and compete with Rus-
INSIDE
sian pipeline exports.
But the continent’s storage
Please turn to page B2
XAMAX/DPA/ZUMA PRESS
He said he stepped down to let
a new chief executive lead the
company’s shift to targeting
business-related customers.
The spatial-computing BUSINESS
startup has raised $3.48 billion Judge questions
in funding, including $350 mil-
lion this year, according to
Bayer’s latest proposal
PitchBook data. The company for Roundup
was valued at about $6.69 bil- settlement. B5
lion as of April 2019, the data
show. Its investors include Al-
phabet Inc.’s venture arm GV,
Alibaba Group Holding Ltd.
and Qualcomm Ventures.
Augmented reality, or AR,
has transitioned during the pan-
demic from intriguing experi-
ment to an everyday tool across
various industries. Employees
who aren’t able to travel due to
coronavirus-related restrictions
have used the technology, which
imposes digital images onto
views of the real world, to in-
struct each other in the produc- PROPERTY REPORT
tion process without standing Gyms were one of the
shoulder-to-shoulder. Compa-
nies have struggled to develop
few bright spots for
AR products for the consumer retail owners before
market for reasons ranging the pandemic. B6
from cost to ease of use.
B2 | Wednesday, July 8, 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 G
Advance Realty
Investors...................B6
Alaska Airlines ........... B2
Albertsons...................B3
Allegiant Travel........B14
Alphabet......................B4
AMC Entertainment...B1
American Airlines.......B2
Anytime Fitness.........B6
Apollo Global
Management.............B1
Apple......................B4,B6
Ares Management......B1
B-C
Bank of America.........A1
Bayer...........................B5
BMW...........................A1
Bytedance..............B1,B4
Carnival ..................... B13
CBZ............................B12
Centurium Capital.....B12
Clorox .......................... B3
D-E
Daimler........................A2
Davidson Kempner
Capital ManagementB1
Delta Air Lines....B2,B13
Deutsche Bank............A2
Devon Energy............B13
eBay.............................B4
F Novavax.......................A6
Facebook................B3,B4
Fiat Chrysler
Automobiles.............A1
Fillakit.........................A6
Fintech Advisory.......B12
Frontier Airlines ......... B1
INDEX TO PEOPLE
A-B
Abovitz, Rony ............. B1
Aversa, Stefano..........A2
Bywater, David ........... B5
C Haywood, John ........... B3
Canedy, Dana..............B2
Chapman, Ben.............B3
Chipperfield, Chester..B6
Claps, Tom...................B5
Cooke, Philip...............B4
Cox, Chris....................B3
D Kades, Elmar...............A2
Dixon, Peter..............B13
E Lacewell, Linda...........A2
Elkann, John...............A2
Erck, Stanley...............A6
AMC
Nears Deal
On Debt
Continued from page B1
Covid-19 pandemic and the
company hired law firm Weil,
Gotshal & Manges LLP and fi-
nancial adviser Moelis & Co.
for advice on weathering the
outbreak.
The financing proposals
were designed to keep the
company afloat through the
planned reopening of its the-
aters around the country, while
putting the creditors that par-
ticipate in a better position if
AMC does end up filing for
chapter 11 protection.
AMC is postponing plans to
reopen the bulk of its U.S. loca-
tions until July 30, following
date changes for the releases of
two major films, the live-action
remake of “Mulan” and sci-
ence-fiction thriller “Tenet.”
States across the U.S. have
been reopening parts of their
economies, such as restaurants,
retail stores and other public
commercial spaces. But movie
theaters have largely stayed
shut because of the challenges
of packing large numbers of
people into indoor auditoriums.
Smaller, independent the-
aters have reopened in some
states, showing older films to a
Glut Curbs
Natural
Gas Prices
Continued from page B1
facilities, already pretty full
following a mild winter,
brimmed as cargoes were di-
verted from Asia. Supplies
were robust in Asia when the
pandemic slowed industrial ac-
tivity in China at the start of
the year, sending local prices
crashing to all-time lows.
With tanks and storage cav-
erns filling up around the
world, LNG buyers canceled
orders. More than 110 cargoes
for export have been scrapped,
according to the U.S. Energy
Information Administration.
The amount of gas delivered
to U.S. shipping terminals has
fallen by more than half since
late March, when a record 9.8
billion cubic feet a day was
piped to such facilities, it says.
Gas that would have been
chilled to a liquid, put on a
boat and sold overseas has
been pumped into U.S. tanks
and storage caverns instead.
The price slide to the 25-year
low last month followed an
usually large build in U.S.
stockpiles. Forecasts for
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
S
Garden Fresh Semiconductor
Restaurants..............B3 Manufacturing
General Motors...........A1 International...........B14
Golden Corral..............B3 Silver Lake Group.......B1
Goldman Sachs.........B13 Simon & Schuster.......B2
Gramercy Funds Sizzler..........................B3
Management...........B12 SoftBank Group..........B6
H-J Southwest Airlines
............................. B2,B14
Huawei Technologies..B1
Spirit Airlines ........... B14
Humana.......................A6
Stew Leonard's...........B3
JetBlue Airways..B2,B13
SunRun........................B5 BY JEFFREY A. TRACHTENBERG
Joy Capital................B12
T
JPMorgan Chase . A1,B13
Juno Residential.........B6 Tesla.................A1,B5,B6
K Tilton Fitness..............B6
Twitter ........................ B4
Katerra ........................ B6
24 Hour Fitness
Khosla Ventures.........B6
Worldwide.................B6
Kobre & Kim..............B12
KPMG ........................ B12 U
Kroger..........................B3 Unilever.......................B3
L-M United Airlines....B1,B13
LabCorp.......................A6 V
Luckin Coffee............B12 Valero Energy ........... B13
Magic Leap..................B1 ViacomCBS............A4,B2
Maverick Fitness........B6 Vivint Solar.................B5
McKesson....................A6 W
BEBETO MATTHEWS/ASSOCIATED PRESS
Microsoft ............... B1,B4
Walgreens Boots
N-P Alliance.....................A6
Nissan Motor..............A3 Wegmans Food Markets
.....................................B3
PSA Group .................. A2 Wizz Air....................B14
Q-R Y-Z
Qualcomm...................B1 Yum! Brands ............... B3
Regeneron Zoom Video
Pharmaceuticals.......A6 Communications.......B4
Ryanair......................B14 ZTE..............................B1
A former journalist, Dana Canedy most recently served as the administrator of the Pulitzer Prizes.
Erlam, Craig .............. B13
Everett, Marshall........B6
G-H
MacRae, Calum...........A2
Manghani, Ravi...........B5
Mayer, Kevin...............B4
Simon & Schuster’s Canedy
To Strive for Bold Voices
Ghosn, Carlos..............A3 O
O'Leary, Michael.......B14
Hochman, Kevin..........B3 P-R
I-J Poskitt, Jonathon.......A1
Iannone, Jamie ........... B4 Razaqzada, Fawad....B13
Johnson, Peggy...........B1 Robinson, Rashad.......B3
Jurich, Lynn.................B5 S Dana Canedy is about to be- of the Washington Post. dent is from tweets. People books I’d like to commission.
K Sandberg, Sheryl ........ B3
come publisher of Simon & Ms. Canedy is the author of are hungry for inside informa- Issues regarding the lack
Scherr, Jonathan.........B6 Schuster’s flagship imprint, a memoir, “A Journal for Jor- tion like this, whether you of diversity—both in terms of
L-M Shao, Sean................B12 taking over a storied house in dan: A Story of Love and agree with how John Bolton employees and authors—in
Siegel, B.J...................B6 the middle of a pandemic, Honor,” published in 2008, presented it or not. book publishing have long
Leonard, Stew.............B3 Z with several high-profile which she wrote about her Why did this job interest been discussed. What will be
Lu, Charles................B12 Zuckerberg, Mark ....... B3 books in the pipeline. son’s father, who died in Iraq you? your approach at Simon &
Starting July 27, Ms. during combat. A movie ver- The chance to influence lit- Schuster?
Canedy, 55 years old, will suc- sion is in the works, for which erature and culture was so ap- There’s work to be done,
limited number of moviegoers.
But the three biggest chains—
AMC, Cineworld Group PLC’s
ceed Jonathan Karp, the for-
mer publisher who in late May
was named president and chief
she is a producer, she said in
an interview Monday.
She said reading and writ-
pealing that I had to say yes.
It felt important and right for
me.
not just in publishing but
across all industries. As for Si-
mon & Schuster, it’s too early
Regal Entertainment Group and
Cinemark Holdings Inc.—have
decided to stay closed until
executive officer of the Simon
& Schuster book-publishing
unit of ViacomCBS Inc. The
ing have been her favorite ac-
tivities since she was 12 years
old.
What are your goals as
publisher?
Number one, it will be a bit
to say; I have to get in and roll
up my sleeves and get to work.
Come back in a year and find
they have new movies to show.
Separately, large U.S. movie-
theater chains are suing the
unit’s other imprints include
Scribner, which publishes Ste-
phen King.
Below are edited excerpts
from her interview with The
Wall Street Journal.
of a challenge to get to know
the staff during Covid, but I
want to get to know them so
out what was done in terms of
the books I’ve commissioned,
the authors we’ve published
governor of New Jersey over Ms. Canedy, a former New Simon & Schuster is pub- that I can best support their and the work we’ve done on
the state’s plans to allow some York Times journalist, most lishing many political titles goals. Also, I’d like to see more the diversity front.
public spaces—such as recently served as the admin- during an election year. Do narrative nonfiction books, the Simon & Schuster is up for
churches and shopping malls— istrator of the Pulitzer Prizes. you feel like you are jumping books that take hold of you in sale. Did that give you pause
to reopen while continuing to At the Times, she was a mem- into the combat zone? the middle of the night, where before taking this job?
bar cinemas from resuming op- ber of a team that won a Pulit- Absolutely not. I’m good you say to yourself, “Just one I thought about it, but I’m a
erations. zer for national reporting for a under pressure. It doesn’t get more page.” And I want people risk taker. This is a calculated
The National Association of series titled “How Race Is any tougher than being a re- with bold, big voices who have risk with a small “c.” When I
Theatre Owners, which filed Lived in America.” She is the porter doing high-level good something interesting to say joined the Times I started as a
the lawsuit Monday on behalf first Black woman to head Si- work at the New York Times, across genres. trainee and was told I had
of its members, alleges New mon & Schuster, one of the so bring it on. Do you plan to broaden Si- three years to prove myself. I
Jersey’s current reopening plan country’s leading imprints, as Simon & Schuster recently mon & Schuster’s offerings was promoted after nine
unfairly shuts out theaters and publisher. published former national of new titles? months. I’m not worried at all.
violates its members’ First Forthcoming Simon & security adviser John Bol- We can and should broaden Could you elaborate on
Amendment rights. New Jersey Schuster titles include Mary L. ton’s memoir. Why has it our range. I’d like to hear risk-taking?
has been rolling out a phased Trump’s “Too Much and Never sold so well? more voices from Native Life will continue whether
reopening plan in recent Enough: How My Family Cre- People are thinking about American authors and from you look back or forward, so
weeks, allowing some indoor ated the World’s Most Danger- the election, and they remain the LGBTQ community. There I’m focused on what’s in front.
businesses to resume as of July ous Man,” set to publish July curious about the inner work- are a lot of books to be writ- I went through grief and loss,
2, including museums, bowling 14. In September, Simon & ings of the White House. That ten about our divided nation but once I got up and took a
alleys and casinos. Schuster is expected to pub- has always been the case, but on both sides of the cultural step forward, I said to myself,
Movie theaters are included lish a new book about the it is even more true today be- aisle. I have three lists: au- “If I can endure that and get
in the third stage of the state’s Trump administration by Bob cause so much of the informa- thors I’d love to bring in, off the floor, then I don’t need
reopening plans, but officials Woodward, an associate editor tion you get from the presi- emerging authors and a list of to look back.”
haven’t said when that phase
will begin.
AMC, Cineworld and Cine-
mark were included in the law-
suit, which names Gov. Phil
Airlines
Murphy as a defendant.
A spokesperson for the New
Jersey governor’s office didn’t
Ready
immediately respond to a re-
quest for comment.
—R.T. Watson contributed to
Staff Cuts
this article.
Continued from page B1
Most airlines, including
steamy weather and an injec-
tion into storage last week that
was less than analysts ex-
United, have cautioned work-
ers they would have to reduce
staff on Oct. 1, when the re-
pected brought prices back.
Goldman Sachs Group Inc.
strictions that accompanied
$25 billion in federal aid are
SETH WENIG/ASSOCIATED PRESS
analysts estimate that canceled lifted. United has already said
LNG exports will add 760 bil-
lion cubic feet to U.S. invento-
ries, which are already 30%
it plans to cull its manage-
ment and administrative
workforce by 30%.
higher than a year ago and 18% Delta Air Lines Inc. last
above the five-year average. week sent similar notices to
Inventories could exceed the more than 2,500 of its pilots.
country’s capacity to store gas Airlines are also lining up
in October, they said in a note another $25 billion in federal Some travelers see similarities to the beginning of the pandemic’s spread, when demand dried up.
to clients. loans that were authorized
Goldman lowered its Octo- under the same broad stimu- would be eligible for as much Now states and cities are that it plans to make some
ber price forecast to $1.40, lus package approved in as $4.5 billion in loans under clamping down on travel from adjustments to its August
from $1.75, and said that prices March, as they stockpile cash the program. new coronavirus hot spots. schedule in response to re-
could drop to 90 cents at a key to weather a crisis that they Airlines have through the Chicago is also requiring visi- duced demand to destinations
Pennsylvania trading hub. That have said will likely last end of September to decide tors from 15 states to quaran- where there have been an in-
is below cost for the Appala- years. whether to draw the funds. tine for two weeks upon ar- crease in Covid cases or new
chian drillers that price their United, Delta, Southwest Planning has become more rival, as is Pennsylvania. quarantine requirements.
product there and would likely Airlines Co., JetBlue Airways difficult for airlines in recent At the same time, busi- The airline now expects to
prompt big regional producers Corp., and Alaska Airlines weeks as the outlook has be- nesses and attractions that operate about 35% of its year-
like EQT Corp. to choke back have signed letters of intent come murky again. had been planning on reopen- ago schedule in August, an in-
output and shut in even more with the U.S. Treasury De- After passenger volumes ing are having to shut down crease from July but pared
wells than they have already. partment to obtain the loans, fell 96% in April, demand had again in hard-hit areas. back slightly from the plans it
Less Appalachian output the Treasury said Tuesday. started to thaw more quickly Miami-Dade County Mayor announced last week.
and the resumption of indus- Five other airlines, includ- than some analysts were ex- Carlos Giménez on Monday “Members of management
trial activity around the world ing American Airlines Group pecting. rolled back reopening there, noted that the Company does
could send gas prices shooting Inc., signed letters of intent New bookings began to ordering gyms to close and not expect the recovery from
up around the time that Amer- last week. overtake cancellations, planes restaurants to limit service to COVID-19 to follow a linear
icans are dialing up their ther- The Treasury didn’t detail began to fill up and carriers takeout and delivery, starting path, as illustrated by recent
mostats. the terms of the loans but started to add more flights, Wednesday. booking and demand trends,
BofA’s analysts expect said the borrowers would setting expanded schedules in Walt Disney Co.’s Disney- and that consolidated capac-
prices to average $1.75 this have to provide warrants, eq- some cases through August. land resort, which was slated ity through the end of 2020 is
summer but bump up to $2.60 uity stake, or senior debt in- More than 760,000 people to reopen July 17, will remain expected to be generally con-
in the fourth quarter and struments, as well as agree to passed through Transporta- closed until an unspecified sistent with August 2020,”
$2.90 during the first three limits on executive compensa- tion Security Administration date, the company said last the company said in a filing
months of 2021. Goldman pre- tion and share buybacks, checkpoints Thursday heading month. Texas also paused its Tuesday.
dicts $3.50 in December and among other requirements. into the July 4 weekend—the reopening. —Kate Davidson
the winter months of 2021. United has previously said it most since March. United also told employees contributed to this article.
THE WALL STREET JOURNAL. * * * * Wednesday, July 8, 2020 | B3

BUSINESS NEWS

Facebook,
Activists
Virus Worries Shut Buffet Dining
BY HEATHER HADDON ahead of the pandemic, though,

Meet but AND JAEWON KANG

Bad news for fans of buffet

by focusing on healthier options.
Garden Fresh, which served 25
million customers a year at its

Gain Little meals: It might be a long time

until your next one.
Pizza Hut, Ponderosa & Bo-
55-foot salad bars, had been in
the midst of an expansion plan.
Food and Drug Administra-
BY JEFF HORWITZ nanza Steakhouses and other tion recommendations to sus-
AND DEEPA SEETHARAMAN restaurant chains have roped pend buffets and salad bars,
off their buffets to prevent con- along with rules restricting buf-

NATHAN PAPES/SPRINGFIELD NEWS-LEADER/REUTERS

Civil-rights advocates came
out of a meeting Tuesday with
Facebook Inc. Chief Executive
Mark Zuckerberg saying they
didn’t make progress on their
demands over how the social
media giant polices the platform.
The lack of headway, one
week into a boycott by some of
the company’s top advertisers
over the issue, points toward
the likelihood of a protracted
campaign as the advocates
called on advertisers to con-
tinue to withhold spending on
Facebook beyond July, the orig-
inal time frame.
“Facebook had our demands
in multiple ways and they
showed up to the meeting ex-
pecting an A for attendance,”
said Rashad Robinson, head of
the Color of Change, a progres-
sive advocacy group for Blacks.
Facebook said in a statement
after the meeting that it has in-
vested billions of dollars in
content moderation and taken
hundreds of white supremacist
entities off its platforms. “They
want Facebook to be free of
hate speech and so do we,” the
company said.
After years of simmering
discontent and requests for
change, a coalition including
Anti-Defamation League and
Color of Change has seized on
swelling concerns about insti-
tutional American racism and
corrosive election discourse on
the platform to make the case
that Mr. Zuckerberg and Face-
tamination and crowding as
they seek to reopen dining
rooms during the Covid-19 pan-
demic. And grocery stores such
as Whole Foods Market and
Wegmans Food Markets Inc.
have kept hot-food bars closed
since March, until lately a grow-
ing part of the business and a
draw for customers. Now, those
sales have plummeted given the
risk of self-service food.
“Right now with the mood
that the customers are in today,
I don’t see them reopening,”
said Stew Leonard Jr. of his
grocery chain’s food bars. The
chief executive of the Northeast
grocery chain said the Stew
Leonard’s stores’ popular hot-
food section will remain closed
for the year and serve boxed
meals there instead.
Health officials have advised
suspending self-service food
stations because they lead to
crowding of customers and re-
peated touching of utensils.
Restaurants are trying to re-
store dine-in service in states
where they still can, and gro-
cers are starting to return some
features common before the
pandemic, including sampling
and prepackaged meals. But
they say many buffets and
salad-bar stations are unlikely
The buffet at this Branson, Mo., restaurant was converted to a cafeteria where masks are required.
to return soon, if ever.
Without a clear way to move
to a takeout model, Garden
Fresh Restaurants, owner of
around 100 Souplantation and
Sweet Tomatoes buffet-focused
restaurants, filed for bank-
ruptcy in May. “Our sales col-
lapsed,” said John Haywood,
Garden Fresh’s prebankruptcy
chief executive.
Even Las Vegas casinos,
which gave birth to the buffet in
the U.S. nearly eight decades
ago, have eliminated self-service
for now. Some casinos are try-
ing to remake the experience
through a lengthy list of dishes
served to diners at tables, or
boxed items available on menus.
“We used to go to buffet
three times a week, and now
zero,” said Leeyuan Huang, a
77-year-old retiree from Hen-
derson, Nev., who frequented
area casinos to fill up his plate
with danishes, mashed potatoes
with gravy, Chinese porridge
and chicken for $6. He said he
would steer clear of casinos
and their buffets until a vaccine
is discovered.
“People are really sad about
it,” said Daniel Hoppen, 30, a
podcast host from Omaha, Neb.,
about the closure of a local Val-
entino’s Grand Italian Buffet, a
chain known for its stations of
breadsticks and lasagna.
Self-service food, with origins
in Europe such as the Swedish
smorgasbord, began to gain
fet service in at least 38 states
and Washington, D.C., have been
a blow. According to NPD Group,
full-service restaurants with buf-
fets made about $106 million in
sales in May, one-third of the to-
tal from the same month a year
earlier.
Wait lines and high-touch
surfaces such as common uten-
sils make buffets and salad bars
more risky, said Ben Chapman, a
food-safety specialist and a pro-
fessor at North Carolina State
University. “What we need to
think about is how do we get
mass popularity in the U.S. in people in buffet lines to wear
the 1940s in Las Vegas after the face masks and not stand so
El Rancho Vegas introduced a close to each other,” he said.
“Buckaroo Buffet” to keep gam- Pizza Hut’s longtime lunch
blers inside its casino by offering buffet had a loyal following, par-
unlimited food for a low price. ticularly in Midwestern states,
The concept spread to but franchisees said they tended
chains such as the Golden Cor- to lose money. Kevin Hochman,
ral, along with Sizzler, Ponder- Pizza Hut U.S.’s president, said
osa Steakhouse, Yum Brands the chain wants to bring back
Inc.-owned Pizza Hut and vari- buffets for operators who want
ous Chinese restaurants that to resume that service, but they
became known for big portions will operate differently moving
on the cheap. forward to ensure safety. The
Buffets are a small part of the buffet’s best hope may be the
overall dining market, account- grocery store. Kroger Co. and
ing for around 1% of annual res- Albertsons Cos. were among
taurant sales of roughly $500 those that invested in self-ser-
billion, according to industry-re- vice salad bars and buffets to
search firm NPD Group Inc. make their stores one-stop
Some chains were growing shops.

IN FOND MEMORY
book haven’t combated racism
and misinformation on its plat-
forms in good faith.
Top brands including Uni-
lever PLC and Clorox Co. have
agreed to pause advertising on

OF BILL ROBINSON
the platform in a show of soli-
darity with demands Facebook
do more.
The meeting on Zoom lasted

The groups called

on advertisers to
continue their
RECLUSIVE SOUTHERN GENTLEMAN
boycott beyond July. WHO ROSE FROM OBSCURITY TO PIONEER
a little over an hour and in-
THE INTERNATIONAL EXPRESS INDUSTRY
volved Mr. Zuckerberg, Chief
Operating Officer Sheryl Sand-
berg, product chief Chris Cox,
other members of Facebook’s
policy team and a product offi-
cial, the groups said.
William (Bill) Armistead Robinson III:
On paper, the differences be-
tween Facebook and civil-
Born December 1, 1938. Passed away June 10, 2020.
rights organizations seem lim-
ited: Both agree that incite-
ments to violence have no place
on Facebook, that hate speech
should be suppressed and that Bill Robinson was born in
the company should vet its
products for potential bias.
But the groups also argue Shreveport, Louisiana. In 1969,
that Facebook’s enforcement of
its policies hasn’t lived up to its
past commitments to address
he moved to San Francisco to
misinformation, hate speech,
radicalization and brand-safety work as a driver for a local courier
concerns, and say that many
examples of such content are
easy to find on the platform.
company. There, he met Larry
Among other things, the civil
rights leaders have pushed Hillblom and together with Adrian
Facebook to remove groups that
allow white nationalism to
thrive. Jonathan Greenblatt, Dalsey, Robert Lynn, and a couple
chief executive of the Anti-Defa-
mation League, which combats
anti-Semitic speech, said the
of other workmates formed DHL.
ADL had previously flagged the
growth of these groups on Face-  
     
book to no avail. “They talked
about nuance. And Mark specifi-
cally said he appreciated the op-
decades, DHL rapidly expanded
portunity to hear from us and
hear the nuances of the issues,” to become the logistics company for the world with locations
said Mr. Greenblatt. “And as we
said to him, ‘there is no nuance
in white nationalism.’” in more than 220 countries and territories.
Facebook said in its state-
ment: “We know we will be
judged by our actions not by our
words and are grateful to these
groups and many others for
Bill passed away, peacefully, in his own bed in his home town
their continued engagement.”
The civil rights groups’ of Shreveport on June 10, 2020. May he rest in peace.
other demands include that
Facebook create a C-suite level
executive position staffed by
someone with civil rights ex-
pertise to ensure greater atten-
In deep gratitude
tion to their concerns.
In a statement after the DHL
meeting, the groups said Face-
book executives acknowledged
their push for a new civil-
rights-focused executive, but
that the company wouldn’t say
more about the requirements
or stature of the role.
—Sahil Patel
contributed to this article.
B4 | Wednesday, July 8, 2020 * ***** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Tech Firms Show Hong Kong Fears TikTok

Data Use
Refusal to help China
enforce security law
has brought business
Brings U.S.
concerns to forefront Scrutiny
BY DAN STRUMPF BY ROBERT MCMILLAN
AND JAMES T. AREDDY AND LIZA LIN

HONG KONG—The stand Chinese-owned TikTok has

taken by several U.S. tech giants faced scrutiny as concerns
against China’s national-secu- grow that Beijing could tap the
rity law in Hong Kong brings platform’s information to
into the open concerns many gather data on Americans. Tik-
foreign companies in the city Tok has said it wouldn’t hand
are discussing internally but ex- U.S. user data to Chinese au-
ecutives dare not talk about thorities.
publicly for fear of getting Here is a look at TikTok’s
dragged into the political fray. user data practices.
By suspending the process-
ing of Hong Kong government What kind of user data
requests for user data, Face- does TikTok collect?
ROY LIU/BLOOMBERG NEWS

book Inc., Twitter Inc. and Al- The app collects a range of
phabet Inc.’s Google put up a user information such as loca-
united front in challenging the tion data and your internet ad-
law that is the sharp edge of dress. It stores your browsing
Beijing’s crackdown on the and search history as well as
city’s protest movement. The the content of messages you ex-
opaque and top-down nature change with others. If you opt
of the law has sown fear A pedestrian on Tuesday walked past cameras in Hong Kong, where a new national-security law has sparked widespread concern. in, TikTok says it can collect
among companies and lawyers your phone and social-network
who have scrambled to inter- home governments and in Tuesday, Zoom Video Com- warrants. The rules also give Guangzhou, where police regu- contacts, your GPS position and
pret new rules that are pub- their home jurisdictions that munications Inc. said it would police powers to collect sus- larly order businesses to ad- your personal information such
lished only as they take effect. they shouldn’t be complying pause its cooperation with pect data or order it deleted just or remove language on as age and phone number.
The Silicon Valley giants— with these sorts of orders, Hong Kong authorities’ re- online, in line with how au- corporate websites deemed il-
shut out of the censored inter- particularly when it comes to quests for user data. thorities in mainland China legal for touching on issues Is any of this unusual?
net on China’s mainland—have people being arrested and Until now governed by a limit internet dissent. such as Chinese economic pol- Other social-media plat-
less to lose than many other charged under this law,” said British-type legal system, Refusal to comply with or- icy and foreign affairs. forms such as Facebook and
foreign companies with offices Antony Dapiran, a Hong Kong- Hong Kong suddenly faces lim- ders to remove content or hand On Tuesday, local media re- Twitter also collect large
in Hong Kong. Businesses in based lawyer and writer. its on dissent more commonly over messages and user data is ported that the new office cre- amounts of information about
the city typically have opera- On Tuesday, additional U.S. associated with mainland an offense liable to a fine or as ated by Beijing to administer users. TikTok said the app col-
tions in China and more at tech firms said they were sus- China. The new law overrides much as a year in jail. the national-security law lects less personal data than
stake by stepping into Beijing’s pending processing requests key Hong Kong freedoms that Business executives say pri- would be based in a hotel in some U.S. tech companies.
crosshairs. Many also store for user data in the city. A Mi- many of the city’s seven mil- vately that they are just get- the residential neighborhood
data in Hong Kong that falls crosoft Corp. spokeswoman lion residents exercised in ting their heads around the of Tin Hau, overlooking a pop- Why is the U.S.
under sweeping new powers of said the company, which also citywide protests over the law and new rules to gauge ular protest gathering site. concerned?
scrutiny and disclosure handed owns the Skype communica- past year. The U.S. and some how it affects their activities, Tuesday night, workers could Washington worries about
to law-enforcement agencies. tions service, is “pausing” its other Western governments from publishing financial re- be seen erecting a flagpole the possibility of Beijing per-
Although there are likely responses to requests from say they are recalibrating ports to storing data. Many and more than a dozen police forming mass data collection
millions of combined users of Hong Kong authorities as it trade and other policies to- businesses that operate in stood in front of the hotel. on American citizens. U.S. offi-
the companies’ messaging reviewed the law. Microsoft’s ward the city to reflect its mainland China use Hong Kong Regina Ip, an adviser to cials are concerned that the
apps and social-media plat- LinkedIn, one of the few West- greater control by Beijing. as a regional headquarters. Hong Kong’s administration government is potentially
forms in Hong Kong, the city ern social-media companies to Hong Kong’s government “This is new territory for and chairwoman of the pro- building a database of informa-
is insignificant for their reve- operate in the mainland, is late Monday enacted a legal us,” said the head of research Beijing New People’s Party, tion that could be used for es-
nue on a global scale. The rep- also suspending responses to framework for police to en- at an international investment said the moves by the tech gi- pionage—identifying U.S. gov-
utational risk in the West of local law-enforcement re- force bans on activities con- bank who now worries about ants to suspend data requests ernment employees who might
being seen as working with quests, the company said. sidered counter to China’s na- what authorities might find from the government are an be susceptible to blackmail, for
Chinese authorities to stamp China’s TikTok, the short- tional-security interests. actionable in the tens of thou- “overreaction and based on example—says Susan Ariel Aar-
out dissent in the city is much video platform owned by tech- Dropped without prior sands of pages his team pub- misunderstanding of the scope onson, a professor at George
larger. Facebook cited human- nology titan Bytedance Ltd., warning, and taking immedi- lishes annually. of the new law.” Washington University. Beijing
rights concerns in its decision. said on Tuesday it would pull ate effect, the rules state po- Several executives say re- “Day-to-day data requests has never asked for user data
“Companies headquartered out of Hong Kong within a lice can conduct investigations maining compliant will require are nothing to do with na- from TikTok, and if asked to do
in the U.S. or overseas are go- week in light of “recent devel- for suspected violations, in companies to operate as they tional-security offenses,” she so, the company would refuse
ing to face pressure in their opments” in the city. Also on some cases in secret without do in cities such as Beijing and said. that request, TikTok said.

Ex-eBay Employee Faces Charge

BY MARIA ARMENTAL
A retired police captain who
oversaw security operations at
eBay Inc.’s European and Asian
offices has been charged in a
cyberstalking campaign that
targeted a couple whom eBay
Emerging and growth markets are more executives viewed as critical of
the company, the Justice De-
partment said Tuesday.
volatile and uncertain than ever before. Philip Cooke, 55 years old, is
the seventh former eBay em-
ployee charged in the alleged
Monitoring them and deciding which to focus on can be challenging. cyberstalking campaign against
Save time and simplify your decision-making challenges with a Massachusetts couple who
publish an e-commerce blog,
Strategic Intelligence. EcommerceBytes.
Mr. Cooke was charged in
Boston federal court with con-
spiracy to commit cyberstalk-
ing and conspiracy to tamper
with witnesses to hinder the lo-
cal police investigation. A law-
yer for Mr. Cooke declined to
comment.
The attacks, according to
court documents, included
sending the couple threatening
Twitter messages and packages
that contained live cockroaches,
a preserved fetal pig, a bloody-
pig Halloween mask, a funeral
wreath and a book on surviving
the loss of a spouse. In addi-
tion, the authorities said, a sub-
scription for pornographic
magazines was ordered in the
name of the husband to be sent
to the neighbors’ homes.
The Justice Department also
accuses the former eBay em-
ployees, whose responsibilities
included security and global in-
telligence, of conducting covert
surveillance of the Natick,
Mass., couple.
The couple, Ina and David
Steiner, didn’t respond to a re-
quest for comment.
EBay Chief Executive Jamie
Iannone, speaking at the annual
shareholder meeting last
month, called the actions attri-
buted to the fired workers “aw-
ful” and said he had apologized
to the couple.

Customizable dashboard with

access to 15 million data points
with 10-year forecasts.
App Maker But for TikTok, its move to
end its services for Hong Kong
users and remove its app from
TikTok has found its Chinese
roots an increasingly heavy bur-
den to bear as Beijing adopts a
Looks for Apple Inc.’s App Store and Al-
phabet’s Google Play store went
beyond that of its peers. That
more confrontational approach
on the global stage, and as Presi-
dent Trump steps up his rheto-

A Balance reflects in part the eagerness of

News on specific markets from
The Wall Street Journal followed
by actionable analysis from
DuckerFrontier experts.
A library of hundreds of analyst-
produced market intelligence
research reports.
© 2020 Dow Jones & Co., Inc. All rights reserved. 3DJ7833
Continued from page B1
and Microsoft Corp.
Those U.S. tech firms—which
operate popular social-media
services including Facebook, In-
stagram, WhatsApp, YouTube
and LinkedIn—on Monday said
they would suspend compliance
with government requests for
user data in Hong Kong, after
Beijing fast-tracked national-se-
curity legislation that gives law-
enforcement officials in Hong
Kong similar powers to those
enjoyed by mainland Chinese
authorities.
On Tuesday, Zoom Video
Communications Inc., another
U.S. tech-industry darling that
has come under scrutiny in
Washington for its China ties,
TikTok’s owners to try to strike
a balance between its Chinese
home base and its global ambi-
tions—particularly in the U.S.
TikTok has spent much of the
past year trying to distance it-
self from its Chinese roots. It
has considered moving its head-
quarters out of China and in
May hired Kevin Mayer, an
American who spent most of his
career at Walt Disney Co., to be
its new CEO. This year, the com-
1%
Approximate Hong Kong
downloads out of 2.2 billion total
ric against Beijing.
The fast-moving geopolitical
developments are forcing TikTok
to respond quickly. After last
week’s ban by Indian authorities,
Mr. Mayer wrote a letter to In-
dian authorities emphasizing the
company’s local hiring and in-
vestments in the country. Mr.
Mayer also told Indian officials
the app hasn’t and wouldn’t
share Indian user data with the
Chinese government.
Beijing’s move to impose the
new national-security law on
Hong Kong has added to the
headaches for TikTok. Many of
the senior Western government
officials who condemned the
move in Hong Kong are some of
the same ones who are express-
ing alarm over TikTok’s rapid
spread around the world.
TikTok’s move to pull out of
Hong Kong is a convenient ges-

said it too would pause its coop-
Strategic Intelligence harnesses the power of customized research eration with Hong Kong authori-
and data along with news and analysis to help you stay on top of ties’ requests for user data.
the markets that matter most to you. The San Jose, Calif., company
added Wednesday that traffic
from free accounts, including
those of Hong Kong users,
doesn’t pass through data cen-
Learn More: ters located in the financial hub.
Meanwhile, paid customers can
wsj.com/pro/si choose where to route their data,
said a company spokesperson.
Zoom drew criticism in June
for suspending the accounts of
U.S.- and Hong Kong-based ac-
tivists commemorating the Ti-
ananmen Square massacre at
the request of Beijing.
pany also stopped using Chinese
moderators to monitor overseas
content.
Ensuring a smooth global ex-
pansion for TikTok is key for
Bytedance, one of the world’s
most valuable startups and
whose initial public offering is
highly anticipated. Shares of
Bytedance recently traded on
the secondary market at a valua-
tion that implies a market capi-
talization of $150 billion for the
company, people familiar with
the transaction said.
Like other Chinese tech com-
panies with increasingly global
ambitions, most notably Huawei,
ture by the company to empha-
size its independence from
China to the Indian and U.S. gov-
ernment, said Charles Mok, a
Hong Kong lawmaker who rep-
resents the city’s information-
technology sector in the Legisla-
tive Assembly.
Hong Kong accounts for less
than 1% of TikTok’s 2.2 billion
lifetime installs, according to
market-research firm Sensor
Tower. In contrast, the app has
garnered more than 660 million
downloads in India since its in-
troduction.
—Julie Steinberg
contributed to this article.
THE WALL STREET JOURNAL.
Roundup Settlement
Met by Judge’s Doubts
BY SARA RANDAZZO
A federal judge cast doubt
on Bayer AG’s proposal to
neatly resolve all future law-
suits over the safety of its
Roundup weedkiller, poten-
tially snagging the German
company’s attempts to move
past the massive liability.
Bayer said recently it would
pay up to $10.9 billion to set-
tle tens of thousands of cur-
rent Roundup cases and create
a system for handling future
cases. The deal came after
three juries in recent years
awarded large verdicts to
plaintiffs alleging Roundup
caused non-Hodgkin lym-
phoma, spooking investors.
But with Roundup still be-
ing sold and no plans to
change the label or active in-
gredients, settling the litiga-
tion isn’t as easy as paying
those who have already sued.
Bayer proposed a novel type
of class action to capture all
future claims, which would be
guided by the conclusions of a
court-approved panel of scien-
tists chosen to study the prod-
uct’s potential carcinogenicity.
U.S. District Judge Vince
Chhabria in San Francisco,
who must approve the class
action, said Monday he was
skeptical of the plan and likely
to reject the idea.
In a four-page order refus-
ing to delay a July court hear-
ing in the case, he questioned
“whether it would be constitu-
tional (or otherwise lawful)”
to hand the issue to a panel of
scientists instead of judges
and juries.
The company’s shares fell
5% Tuesday in Europe.
“In an area where the sci-
ence may be evolving, how
could it be appropriate to lock
in a decision from a panel of
scientists for all future cases?”
the judge wrote. Bayer had
proposed giving the panel four
years to study existing re-
search on whether Roundup
and its active ingredient, gly-
phosate, cause cancer.
Meanwhile, no one could
bring new Roundup lawsuits,
and if the panel found the
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weedkiller to be safe, it would
essentially shut down any fu-
ture cases. If the panel con-
cluded Roundup was danger-
ous at certain exposure levels,
lawsuits could go ahead, but
those suing couldn’t seek any
punitive damages.
The judge said he also
found it “dubious” that news
of the class action could possi-
bly reach all farmer workers,
gardeners and other Roundup
users who haven’t gotten can-
cer yet and may want to sue.
Judge Chhabria said a July
24 hearing will go ahead, not-
ing that “if the parties are go-
ing to need to move to Plan B,
they would presumably prefer
to do that sooner rather than
later.”
Bayer said Tuesday: “We
appreciate the Judge’s order
raising his preliminary con-
cerns with the proposed class
settlement, which we take se-
riously” and will address at
the hearing.
“Shareholders want finality,
they want certainty, they want
the Roundup ordeal to be
over,” said Tom Claps, an ana-
lyst at Susquehanna Financial
Group. At the same time, he
said, “investors have always
known there’s no neat bow
and ribbon that they could
wrap up around future claims
to provide full closure for the
company.”
Mr. Claps said the company
could try to tweak the pro-
posal to meet the judge’s ap-
proval, but that it appeared
unlikely to go through other-
wise.
Bayer had proposed setting
aside $1.1 billion as part of the
class action, to go toward
tools to diagnose non-Hodgkin
lymphoma and relief payments
to low-income plaintiffs. An-
other $150 million would go
toward attorneys’ fees.
Bayer inherited the
Roundup litigation in its 2018
acquisition of U.S. agricultural
giant Monsanto Co. The recent
settlement of existing cases,
which doesn’t need a court’s
approval, will cost the com-
pany between $8.8 billion and
$9.6 billion.
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The companies told investors the merger will allow them to cut operating costs and leverage complementary sales strategies.
Two Solar Firms to Combine
As Growth Prospects Dim
BY KATHERINE BLUNT
The two largest U.S. rooftop
solar companies are merging
as the coronavirus pandemic
casts a cloud over the market
to install panels on homes.
Sunrun Inc. is acquiring
Vivint Solar Inc. in an all-
stock deal, the companies said
late Monday. The transaction
values Vivint at $1.6 billion,
excluding debt, according to
Sunrun.
It comes after a tough few
months for the home solar
sector, which analysts say
faces diminished growth for
years because of the virus.
The companies told inves-
tors Tuesday the merger will
allow them to cut operating
costs and leverage comple-
mentary sales strategies.
The combined company will
have nearly 500,000 custom-
ers.
“It felt like now was a per-
fect time because we have
been through the Covid test,”
said Sunrun Chief Executive
Lynn Jurich, who will lead the
combined firm. “Both compa-
nies are emerging stronger
from this transition.”
The second quarter was es-
timated to have been one of
the industry’s worst in years
as companies grappled with
restrictions on making sales in
person, as well as delays in
permitting and installations.
The slowdown is expected to
continue as coronavirus cases
climb in many sunny states,
including Texas, Arizona, Cali-
fornia and Florida.
Before the pandemic, en-
ergy consulting firm Wood
Mackenzie expected U.S. resi-
dential solar companies to add
nearly 3,089 megawatts of ca-
pacity this year, up nearly 9%
from 2019.
The firm has since slashed
that forecast to 2,118 mega-
watts, one-quarter less than
last year.
“The timing couldn’t have
been worse for the residential
segment,” said Wood Macken-
zie’s global solar head, Ravi
Manghani. “It is basically set-
ting the industry back by two
or three years.”
That poses a big challenge
for a sector that had only re-
cently regained the momen-
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LAWRENCE E. MCPHAIL
EXECUTIVE DIRECTOR
THE NEW NON-PROFIT INST.
DR. ROGER H. OSTDAHL
NEUROLOGICAL SURGEON
IN MEMORIAM
PROF. DR. LEE THAYER
EDUCATOR, AUTHOR, CONSULT.
THE THAYER INSTITUTE
ROBERT B. TRIMBLE, PHD
PROFESSOR EMERITUS
STATE UNIVERSITY OF NY
Added U.S. residential solar
capacity, in megawatts of
direct current
Pre-Covid-19 Post-Covid-19
projections
4,000 MWdc
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2015 '20
Source: Wood Mackenzie
tum it lost after 2016, when
Tesla Inc. acquired SolarCity,
the market leader at the time.
Tesla tried to shift the com-
pany’s business online by
scrapping door knocking and
other means of customer so-
licitation. Sales fell as a re-
sult.
Now, Sunrun and Vivint are
WILLIAM L. FLOURNOY JR. EMILY BRADFORD GALLUP
BUREAUCRAT (RET.) INFO. SYSTEMS CONSULTANT
2020 - 2021
Lifetime
Achievement
Award
Marquis Who’s Who is proud
to honor its most distinguished
listees based on their career
longevity, philanthropic
endeavors and lasting
contributions to society. Out
of 1.5 million biographees,
only a small percentage are
selected for the Albert Nelson
Marquis Lifetime Achievement
Award. Among that prestigious
group, a handful are chosen
to represent Marquis in The
Wall Street Journal. It is our
great pleasure to present them
here. Congratulations to our
prestigious listees!
NATALIE A. TURNER DR. WAEL A. ZATAR
CHEMIST (RET.) DEAN, COL. OF ENG. & COMP. SC.
GILLETTE COMPANY MARSHALL UNIVERSITY
Wednesday, July 8, 2020 | B5
DAVID PAUL MORRIS/BLOOMBERG NEWS
forced to try similar strategies
with many cities and states in
various stages of lockdown.
Both companies traditionally
sought new customers by set-
ting up sales booths in retail
stores such as Home Depot,
and Vivint has historically re-
lied on door-to-door sales.
Sunrun and Vivint told in-
vestors on Tuesday they had
seen some success in ramping
up sales online and by phone
and expected that momentum
to continue. But each cut or
furloughed employees at the
start of the pandemic and
withdrew annual earnings
guidance.
“We are performing above
our prior expectations,” said
'25 Vivint CEO David Bywater,
who is expected to join the
Sunrun board. “We have inno-
vated, adjusted and quickly
learned how to serve our cus-
tomers by providing a contact-
less selling and installation ex-
perience.”
The shift to an online sales
model has affected rooftop so-
lar companies broadly, but
proven easier for the indus-
try’s larger players.
MERI R. GOYETTE
ART PATRON
GUY M. MCKHANN, MD
PROFESSOR OF NEUROLOGY
JOHNS HOPKINS MED. SCHOOL
GAYLE GRANATIR MICHAEL
ENGLISH LANGUAGE EDUCATOR
POLITICAL CONSULTANT
FRANK A. PEPE
CELL & DEV. BIO. EDUCATOR
PERELMAN SCHOOL OF MEDICINE
FRANKLIN A. THOMAS, ESQ.
LAWYER, CONSULTANT
THE STUDY GROUP
JIAN ZHAO, MD, PHD, MBA
PHYSICIAN, PROF, PRESIDENT
ORLANDO UNIVERSITY, FL
B6 | Wednesday, July 8, 2020
Doubts Loom Over U.K. Home Prices
Demand is up after
lockdown, but other
measures suggest a
slowdown is on its way
BY AVANTIKA CHILKOTI
Nicola McCarthy listed her
home in Cheshunt, a 20-min-
ute commute from central Lon-
don, for sale at 6 p.m. on June
2. A prospective buyer was
through the door by 8 p.m.
Eight days and 10 viewings
later, she accepted a bid
slightly under her asking price.
Ms. McCarthy was in a
hurry to take advantage of a
jump in interest. The coronavi-
rus pandemic, which forced
real-estate agents to hit pause
on home viewings in England
for some two months until
May 13, created pent-up de-
mand for properties that is
now driving up prices, accord-
ing to analysts. But Ms.
McCarthy had a hunch it
wouldn’t last.
“We’re in the middle of a
miniboom,” she said. “As time
goes on, and the government’s
furlough program comes to an
end, there might be people be-
ing made redundant, mortgages
will be harder to come by.”
After being stuck indoors
for months, Brits have taken a
look around their homes and
decided they need something
different—a garden or space
for an office.
Despite economists’ warn-
ings of a global recession, U.K.
house-price growth ticked up
2.4% in May compared with
the same period last year, and
up from 1.4% at the start of
January, according to data
from Zoopla, an online real-es-
tate portal. By the final quar-
ter of the year, Zoopla analysts
expect prices to begin falling.
Tech Startup Is Latest Aiming to Mass-Produce Housing
BY KONRAD PUTZIER
California’s housing crisis
has turned housing develop-
ment into an obsession for tech
giants such as Google and Face-
book. Now, more venture-
backed startups are getting into
the game.
The latest is Juno Residen-
tial Inc., a San Francisco-based
company co-founded by Apple
and Tesla veterans and backed
by Khosla Ventures. The firm,
which was founded quietly last
year and launched on Tuesday,
hopes to make the building of
apartments more efficient by
using mass-production tech-
niques such as those employed
in automotive and electronics
manufacturing.
Most developers view apart-
Gyms Were a Bright
Spot for Mall Owners
Until Pandemic Hit
BY ESTHER FUNG
As retail real estate
swooned in the five years
leading up to the coronavirus
pandemic, shopping center
owners pinned some of their
hopes on the expansion of
gyms fueled by the health and
wellness craze.
But those hopes might be
upended, like so many others,
by Covid-19.
Indoor gyms where people
are breathing heavily as they
work out are danger spots for
possible contagion, according
to health professionals.
New York Gov. Andrew
Cuomo recently delayed gym
openings in the state indefi-
nitely, drawing dismay from
operators and landlords.
Meanwhile, last week in Ari-
zona, Gov. Doug Ducey pro-
duced a similar reaction when
he ordered movie theaters,
bars and gyms to close for 30
days.
Shopping center and mall
landlords also are feeling the
pain from bankruptcy filings
by Gold’s Gym International
Inc. and 24 Hour Fitness
Worldwide Inc. in May and
June, respectively. In both
cases, temporary closures
mandated by public-health of-
ficials exacerbated the pres-
sure from their already high
debt levels.
In regions hit hard by
Covid-19, consumer enthusi-
THE PROPERTY REPORT
Buyers can find properties with more space in the village of Lower Slaughter, Gloucestershire, U.K.
Change in U.K. housing-market metrics
since mid-January*
Demand New listings inventory
50%
25
0 Prices in the capital were
–75
–50
–25
–100
February March April
*Measures are seven-day moving averages; demand is based on inquiries about specific properties. Figures as of June 21.
†May 2020 survey with 237 responses, representing 479 different realtor branch offices
Sources: Zoopla Research (market measures); Royal Institution of Chartered Surveyors (demand)
Meanwhile, demand—mea-
sured by consumer emails or
phone calls to real-estate
agents about a specific prop-
erty—was up 25% compared
with June 2019, according to
Zoopla.
ment projects as one-time ven-
tures, each with their own ar-
chitect, contractors and
building materials. In contrast,
Juno wants to essentially mass-
produce branded apartment
buildings across the U.S.
Juno’s buildings will have
the same components and basic
designs, although some ele-
ments, such as building size, fa-
cades and lobbies, will vary and
look different at different prop-
erties. The idea is to make
apartment development
quicker and less costly in the
same way car or smartphone
manufacturers save time and
money by using assembly lines
to make identical products.
The firm, which has raised
$11 million in venture funding
to date, has yet to start its first
asm for working out near oth-
ers has weakened. “I belong to
a couple of gyms, and it’s driv-
ing me crazy that I can’t work
WILL LESTER/ORANGE COUNTY REGISTER/ZUMA PRESS
out,” said New York City resi-
dent William Abramson, who
used to go to the New York
Sports Club for cardio and
weights exercises.
But he won’t be returning
to the gym soon. “As much as
I want to, it’s not worth risk-
ing my life,” said Mr. Abram-
son, who now bikes outdoors
and does sit-ups, push-ups and
stretching at home.
In recent years, retail real
estate suffered rising vacan-
cies as a supply glut and e-
commerce hurt many malls
and shopping centers. As of
the first quarter of 2020, the
national mall-vacancy rate was
9.7%, unchanged from the pre-
vious quarter and remaining
at its highest rate in 10 years,
according to data from
Moody’s Analytics REIS.
Gyms were seen as part of
the solution because they offer
experiences that were difficult
to reproduce on the internet.
Some of these fitness destina-
tions also drew other tenants
such as spas and salad and
juice chains.
In some states where gyms
have reopened, such as Ten-
nessee and South Carolina,
foot traffic for some chains re-
covered to around 80% of the
year-earlier period during the
week of June 15, according to
Expected shift in demand over the next
two years, by property feature†
Sales Up Unchanged
agreed
Near transport hub
Near green space
With gardens/
balconies
Tower blocks
In highly urban areas
May June
But other measures suggest
the initial flurry is giving way
to a slowdown. U.K. lender Na-
tionwide reported that home
prices in the country fell in
June for the first time since
2012.
development. Co-founder and
Chief Executive Jonathan
Scherr said the company plans
to form partnerships with local
developers and is looking at
cities including Seattle, Los An-
geles, Denver and Salt Lake
City. Aside from Khosla, inves-
tors include Canaan Partners,
Vertex Ventures and MetaProp,
among others.
Juno also hopes to make its
buildings more environmentally
friendly by using timber in-
stead of steel and concrete,
adorning facades with plants
and skipping natural-gas-based
heating and appliances. The
company hopes its use of or-
ganic materials will appeal to
renters.
Mr. Scherr, who previously
worked at fintech company Cir-
Foot traffic in the fitness sector was down 57% year-over-year during the week of June 15. Gym members line up for temperature checks.
data from Placer.ai, a foot-
traffic analytics firm that in-
terprets location data from
mobile devices.
But across the country dur-
ing that week, overall foot
traffic in the fitness sector
was down 57% year-over-year,
said Placer.ai, which tracks
large and regional gyms and
fitness centers including 24
Hour Fitness, Planet Fitness
Inc., Anytime Fitness, Gold’s
Gym, Orangetheory Fitness
and LA Fitness.
Some are in better shape
than others, especially those
that offer inexpensive options
in Middle America, landlords
said.
“If you’re not that different
from the discount guys and
you’re used to getting a bigger
THE WALL STREET JOURNAL.
holiday, there is hardly any
pricing evidence being set,”
said Richard Donnell, research
director at Zoopla.
U.K. regulation has helped
prop up the market recently.
The government furlough pro-
gram has prevented many job
losses, by paying workers a
share of their wages and keep-
ing them tethered to their em-
ployers.
New rules provide mort-
gage payment holidays and re-
possessions are temporarily
DAVID DAVIES/PA WIRE/ZUMA PRESS
banned, too. Meanwhile, inter-
est-rate cuts from the Bank of
England have reduced the cost
of borrowing.
The market had been con-
gested for years as uncertainty
around the U.K.’s exit from the
European Union put home-
owners off making big deci-
sions following the 2016 refer-
endum.
Even now, London isn’t see-
ing the same surge in interest
as the rest of the country, par-
Down ticularly in the most expensive
areas that usually draw inter-
national buyers, many of
whom are now unable to fly in
to tour properties.
up 1.7% in May compared with
last year, by Zoopla estimates,
compared with a 4.3% rise in
Nottingham and 3.9% in Man-
chester, major cities in the
north.
The pandemic has compli-
cated the process of house
0% 25 50 75 100 hunting, too. Regulation in
England dictates that initial
viewings should be done virtu-
ally. There is a long list of re-
quirements for in-person vis-
Measurements of the hous- its: Multiple buyers can’t
ing market have been compli- arrive at once, all doors
cated in the wake of the lock- should be open and surfaces
down, analysts say, given the should be cleaned between
sharp drop in transactions. visits.
“It’s like trying to run a Ms. McCarthy, who is
stock index over the Christmas downsizing, signed up to view
cleUp and whose father is a re- ries, but the industry has been
tired developer in Boston, said slow to grow.
he saw real estate as an indus- Katerra Inc., a California-
try “that was both massive and based company that has raised
very much in need of a differ- more than $2 billion in venture
ent way of thinking.” funding from investors includ-
The company’s other co- ing SoftBank Group Corp.,
founders are B.J. Siegel, former hopes to make construction
senior design director for real- more efficient by assembling
estate development at Apple more building parts in facto-
Inc.; Chester Chipperfield, for- ries, but has run into delays
mer global creative director at and cost overruns at some proj-
Tesla Inc.; and Marshall Ever- ects and recently cut 7% of its
ett, a former managing director staff.
at developer Advance Realty Juno hopes to avoid some of
Investors. these pitfalls by not making
Juno isn’t the first startup any components itself. While it
that wants to make the con- will handle design and oversee
struction supply chain more development, it plans to out-
like manufacturing, and others source the actual manufactur-
have run into difficulties. Mod- ing of building parts to others,
ular construction companies the way tech companies often
assemble entire rooms in facto- outsource manufacturing.
monthly payment, you might have been reopened for at
have a bigger problem,” said least a couple of weeks.
Jeff Edison, chief executive of- Some reservations for
ficer of Phillips Edison & Co., treadmills and pools are in
an owner and operator of gro- such high demand that mem-
cery-anchored shopping cen- bers have to be quick to make
ters across the country. His reservations when slots be-
company has collected 37% of come available. Others are us-
rent payments from fitness ing outdoor spaces such as the
operators in the past few park and rooftop for classes,
months. which are safer compared with
Some operators said they an indoor space.
saw pent-up demand after re- But some boutique fitness
opening. Almost all gyms that and yoga studios in New York,
have reopened have capacity Chicago and New Jersey have
restrictions, and many have decided to close their bricks-
pivoted to reservation models and-mortar locations perma-
and limited class sizes to pre- nently. Equinox Holdings Inc.
vent crowding. said it closed one of its cen-
Planet Fitness, which has ters in Highland Park, Ill., and
reopened 1,500 locations, said has no plans to close any of
visits are approximately 60% the remaining 105 locations.
of the prior year in stores that Tilton Fitness, which had
several properties virtually.
She drove to see some from
the outside. But she booked a
formal visit to just three
homes.
That saves time for agents,
many of whom are under-
staffed with employees on fur-
lough. “There isn’t a lot of un-
productive work,” said Mark
Hayward, chief executive of
NAEA Propertymark, the pro-
fessional body for real-estate
agents.
Whatever happens to
prices, analysts expect a shift
out of cities to cheaper, qui-
eter rural areas if employers
continue to encourage remote
working.
In a survey of agents at
Savills earlier this month, over
90% reported a greater de-
mand for properties in the
countryside, in terms of inqui-
ries, purchases and bids com-
ing through.
Charles Farquhar, who re-
cently sold the five-bedroom
house with a garden in London
where he lives with his wife
and two children, has spent
his whole professional life in
the city and hadn’t ever con-
sidered leaving before.
Unless he finds an ideal
property to buy Mr. Farquhar
plans to rent for a few
months, with a view that
prices will move lower. Like
many analysts, he questions
how long the recent surge in
demand will continue, as the
government’s furlough pro-
gram ends and the full eco-
nomic impact of the pandemic
becomes clear.
“When furloughing ends
and businesses start to really
feel the squeeze and start to
make people redundant, the
knock-on effect for the whole
economy, including house
prices, is going to be totally
catastrophic,” he said.
Not having to spend time
and money to build its own fac-
tories will also allow the com-
pany to grow more quickly, Mr.
Scherr hopes. “We are treating
our supply chain like Apple
treats its supply chain,” he said.
The company’s suppliers
won’t assemble buildings off-
site. Building entire rooms in
factories leads to high trans-
portation costs, said Mr. Siegel,
who was instrumental in de-
signing and building Apple’s
global network of stores.
Instead, the company is tak-
ing the IKEA approach: It will
ship flat, standardized building
components that can be easily
assembled on a construction
site. “We decided very purpose-
fully to not ship air around,”
Mr. Siegel said.
seven locations in New Jersey,
closed them permanently on
July 1. “Unfortunately, like
other fitness centers across
the country, our facilities have
been hit hard by the manda-
tory closures due to the coro-
navirus pandemic, forcing us
to make this difficult deci-
sion,” said the gym operator
on its website.
Landlords who lease space
to gyms in states such as Ari-
zona, Florida and Texas
thought they had seen the
worst of the pandemic until
the new increase in cases. “A
lot of people want to return to
the gym, but the model has to
change,” said Greg Tannor, ex-
ecutive managing director at
property brokerage Lee & As-
sociates.
THE WALL STREET JOURNAL. Wednesday, July 8, 2020 | B7

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B8 | Wednesday, July 8, 2020 THE WALL STREET JOURNAL.

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. BurlingtonStrs BURL 183.08 -9.91 Cloudflare NET 37.91 -0.43 EOG Rscs EOG 48.11 -2.30 FoxB FOX 25.77 -0.76 Heico HEI 97.76 -2.99 IntlPaper IP 35.24 -0.70
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low.
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CBRE Group CBRE 44.31 -2.07 Coca-Cola KO 45.21 -0.02 s EPAM Systems EPAM 252.25 -0.95 Franco-Nevada FNV 141.46 2.46 Heico A HEI.A 79.46 -2.18 Interpublic IPG 17.19 -0.17
that include primary market trades as well as quarters. CDW CDW 114.06 -3.49 Coca-Cola Euro CCEP 39.06 -0.15 E*TRADE ETFC 49.03 -1.34 FranklinRscs BEN 20.67 -0.26 HenrySchein HSIC 58.51 -1.01 s Intuit INTU 307.93 -1.72
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. CF Industries CF 29.22 -0.54 Cognex CGNX 60.76 -1.12 EastmanChem EMN 71.30 -0.67 FreeportMcM FCX 12.73 -0.02 Herbalife HLF 45.68 -0.06 IntuitiveSurgical ISRG 575.34 -9.30
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing 62.97 -1.06 CognizantTech CTSH 55.85 -0.41 Eaton ETN 87.40 -1.48 FreseniusMed FMS 43.65 -0.51 HSY 129.25 -0.20 InvitatHomes INVH 27.46
CGI GIB Hershey -0.61
Nasdaq ISE. standards
The list comprises the 1,000 largest companies lf-Late filing CH Robinson CHRW 80.20 -0.01 ColgatePalm CL 73.97 0.52 s eBay EBAY 57.00 0.83 Hess HES 48.36 -1.13 IonisPharma IONS 61.39 0.62
based on market capitalization. q-Temporary exemption from Nasdaq CME Group CME 165.61 -0.19 Comcast A CMCSA 40.07 -0.26 Ecolab ECL 202.94 1.21 G H I HewlettPackard HPE 9.07 -0.52 iQIYI IQ 23.33 -0.61
Underlined quotations are those stocks with requirements. CMS Energy CMS 59.49 -0.54 CommerceBcshrs CBSH 56.08 -1.57 Ecopetrol EC 11.27 -0.28 GCI LibertyA GLIBA 73.19 Hill-Rom HRC 111.18 -2.84 IronMountain IRM 26.04 -0.38
large changes in volume compared with the t-NYSE bankruptcy 1.36
CNA Fin CNA 30.53 -1.00 SABESP SBS 10.68 -0.32 EdisonInt EIX 54.48 -1.57 GDS Holdings GDS 82.22 0.78
Hilton HLT 74.17 -2.07 ItauUnibanco ITUB 4.86 -0.29
issue’s average trading volume. v-Trading halted on primary market.
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being CNH Indl CNHI 6.86 -0.23 ConagraBrands CAG 35.88 0.34 EdwardsLife EW 68.57 -0.96 GFLEnvironmental GFL 19.15 Hologic HOLX 56.85 -1.01
0.19
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, CNOOC CEO 113.56 -5.86 ConchoRscs CXO 50.68 -1.12 ElancoAnimal ELAN 21.55 -0.21 s
GSXTechedu GSX 69.11 3.40
HomeDepot HD 247.35 -2.20 J K L
previous closing price was $2 or higher. or securities assumed by such companies. CRH CRH 36.14 -0.09 ConocoPhillips COP 40.64 -0.99 Elastic ESTC 93.32 -0.22 HondaMotor HMC 25.67 -0.48
Galapagos GLPG 201.97 -0.58 JD.com JD 61.67 -1.57
s CRISPR Therap CRSP 91.41 7.30 ConEd ED 72.50 -0.60 ElbitSystems ESLT 131.00 -3.65 Honeywell HON 144.97 -2.25
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Gallagher AJG 97.67 0.79 Joyy YY 85.48 -5.74
CSX CSX 68.52 -1.73 ConstBrands A STZ 182.46 -4.03 s ElectronicArts EA 134.78 0.51 HorizonTherap HZNP 57.29 -0.82
changes in the closing prices from 4 p.m. the previous day. Gaming&Leisure GLPI 33.48 -1.06 JPMorganChase JPM 92.32 -2.68
CVS Health CVS 63.92 -1.01 ContinentalRscs CLR 15.54 -1.62 EmersonElec EMR 60.82 -1.69 HormelFoods HRL 48.15 0.16
Garmin GRMN 98.72 -0.36 JackHenry JKHY 179.82 -3.24
CableOne CABO 1779.42 -6.19 Cooper COO 282.26 -2.94 Enbridge ENB 29.94 -0.55 DR Horton DHI 56.55 0.63
Tuesday, July 7, 2020 Net Net Gartner IT 121.01 -1.52 JacobsEngg J 83.52 -1.39
Stock Sym Close Chg Stock Sym Close Chg CabotOil COG 18.08 0.16 Copart CPRT 85.12 0.20 EncompassHealth EHC 62.06 -0.89 HostHotels HST 10.84 -0.37
Net Generac GNRC 124.53 -0.36 JamesHardie JHX 19.39 0.14
s CadenceDesign CDNS 98.77 0.03 s CoreLogic CLGX 68.67 1.66 EnelAmericas ENIA 8.23 0.03 HowmetAerospace HWM 15.14 -0.60
Stock Sym Close Chg GeneralDynamics GD 145.18 -3.29 JazzPharma JAZZ 108.78 -2.42
AmericaMovil A AMOV 12.70 -0.52 BP BP 23.02 -0.62 CaesarsEnt CZR 11.92 -0.17 ENIC 4.20 0.02 HuanengPower HNP 15.69 -1.30
Corning GLW 26.49 -0.33 EnelChile GeneralElec GE 6.76 -0.24 J&J JNJ 142.85 -0.13
A B C AmerAirlines AAL 11.91 -0.89 s B2Gold BTG 5.84 0.23 CamdenProperty CPT 89.71 -2.26 6.31 0.14 Huazhu HTHT 35.80 -0.75
Corteva CTVA 27.14 -0.39 EnergyTransfer ET GeneralMills GIS 62.98 0.79 JohnsonControls JCI 34.25 -0.48
AEP AEP 82.39 0.27 BWX Tech BWXT 54.21 -1.78 HUBB 125.00 -0.78
CampbellSoup CPB 49.73 0.42 CoStar CSGP 723.34 -2.90 EnphaseEnergy ENPH 50.64 0.48
GeneralMotors GM 25.13 -0.60
Hubbell
JonesLang JLL 103.85 -4.16
ABB ABB 24.00 -0.18 AmerExpress AXP 93.01 -3.57 Baidu BIDU 127.83 -5.10 CIBC 67.09 -0.91 ENTG 59.78 -0.99 s HubSpot HUBS 235.26 0.13
CM Costco COST 316.23 4.74 Entegris s Genmab GMAB 34.38 0.12 JuniperNetworks JNPR 22.49 -0.59
s AcadiaPharm ACAD 57.00 3.31 AmericanFin AFG 57.94 -3.12 BakerHughes BKR 15.22 -0.29 CanNtlRlwy CNI 88.21 -0.67 ETR 95.85 -0.55 Humana HUM 391.70 -4.76
CoupaSoftware COUP 290.38 3.34 Entergy Genpact G 35.58 -0.81 KB Fin KB 29.55 -0.15
ADT ADT 7.60 -0.18 AmHomes4Rent AMH 26.59 -0.76 Ball BLL 72.68 0.24 CanNaturalRes CNQ 16.84 -0.52 EnterpriseProd EPD 17.62 ... s JBHunt JBHT 124.04 3.20
Credicorp BAP 133.29 0.05 Gentex GNTX 25.78 -0.46 KKR KKR 30.80 -0.78
AECOM ACM 35.64 -1.15 AIG AIG 29.17 -1.57 BancoBilbaoViz BBVA 3.54 -0.14 CanPacRlwy CP 255.30 0.71 EFX 168.70 -2.85 HuntingtonBcshs HBAN 8.39 -0.38
CreditAcceptance CACC 426.22 -6.67 Equifax GenuineParts GPC 86.84 -0.61 KLA KLAC 202.69 -0.90
AES AES 14.14 -0.33 s AmerTowerREIT AMT 265.97 ... BancoBradesco BBDO 3.67 -0.11 Canon CAJ 19.54 -0.41 EQIX 721.07 -1.60 HuntingIngalls HII 168.32 -4.96
CreditSuisse CS 10.37 -0.27 Equinix GileadSciences GILD 76.42 -0.34
Aflac AFL 34.62 -1.40 AmerWaterWorks AWK 130.31 -0.73 BancodeChile BCH 19.91 0.30 CanopyGrowth CGC 16.50 -0.44 EQNR 14.54 -0.26 ICICI Bank IBN 9.91 0.12 KSCitySouthern KSU 145.14 -3.45
Cree CREE 58.85 -2.59 Equinor GSK GSK 40.38 -0.63 66.61 0.41
AGNC Invt AGNC 12.82 -0.11 AmericoldRealty COLD 37.13 -0.31 BancSanBrasil BSBR 5.30 -0.28 CapitalOne COF 59.91 -2.74 EQH 18.89 -0.53 IdexxLab IDXX 337.30 -2.17 Kellogg K
CrowdStrike CRWD 106.42 0.03 Equitable GlobalPayments GPN 167.56 -3.51
s ANGI Homesvcs ANGI 15.72 0.71 Ameriprise AMP 146.13 -4.07 BcoSantChile BSAC 18.04 ... CardinalHealth CAH 50.22 -1.52 ELS 63.17 -0.96 IHS Markit INFO 76.26 -0.42 KeurigDrPepper KDP 29.12 0.56
CrownCastle CCI 171.51 -2.79 EquityLife Globant GLOB 156.00 0.38 KEY 11.45 -0.50
Ansys ANSS 299.32 -2.32 AmerisourceBrgn ABC 98.30 -2.42 BancoSantander SAN 2.51 -0.10 CSL 115.20 -3.74 ING Groep ING 7.24 -0.33 KeyCorp
Carlisle CrownHoldings CCK 66.52 -0.26 EquityResdntl EQR 57.59 -2.00
71.50 -2.42
ASETech ASX 4.65 -0.18 AME 88.38 -1.38 BanColombia CIB 27.40 -0.12 27.07 -1.06
GlobeLife GL IPG Photonics IPGP 162.01 -2.83 KeysightTechs KEYS 99.88 -1.94
-0.49 ErieIndemnity A ERIE 189.48 -1.15
Ametek Carlyle CG CubeSmart CUBE 27.51
ASML 382.02 -3.44 GoDaddy GDDY 69.74 -0.83 IQV 141.94 -1.70 KilroyRealty KRC 57.77 -3.21
ASML AMGN 253.15 -3.10 BankofAmerica BAC 23.01 -0.65 KMX 88.59 -1.79 IQVIA
-2.59 EssentialUtil WTRG 42.90 -0.78
Amgen CarMax Cummins CMI 175.57 s GoldFields 9.88 0.31
AT&T T 30.32 -0.17 Amphenol APH 96.22 -1.92 BankofMontreal BMO 52.82 -1.64 CCL 14.57 -1.04 ESS 228.12 -7.08
GFI IcahnEnterprises IEP 48.10 -0.55 KimberlyClark KMB 142.52 -0.21
Carnival CyrusOne CONE 76.26 0.83 EssexProp GoldmanSachs GS 199.36 -8.00
AbbottLabs ABT 92.46 -0.51 AnalogDevices ADI 122.62 -1.00 BankNY Mellon BK 37.77 -0.78 Carnival CUK 12.09 -0.67 EsteeLauder EL 189.12 -2.90 Icon ICLR 171.88 2.41 KimcoRealty KIM 12.15 -0.78
s ABBV 99.35 0.34 Graco GGG 47.69 -0.58 IEX 158.33 -1.70 KinderMorgan KMI 14.67 -0.52
AbbVie Anaplan PLAN 49.43 -0.01 BkNovaScotia BNS 40.39 -1.16 CarrierGlobal CARR 24.01 -0.20 D E F Etsy ETSY 112.21 -0.76 IDEX
ABMD 264.59 -1.62 s 5.65 -0.18 s Grainger GWW 320.85 -1.34 IllinoisToolWks ITW 175.33 -2.33 KingsoftCloud KC 35.99 -1.37
Abiomed AngloGoldAsh AU 30.70 1.00 Barclays BCS Carvana CVNA 133.11 -1.33 EverestRe RE 203.72 -2.27
AcceleronPharma XLRN 102.84 1.35 DISH Network DISH 32.68 -0.82 Grifols GRFS 18.70 -0.35 ILMN 372.12 -7.27 KinrossGold KGC 7.43 0.16
AB InBev BUD 52.53 -0.33 BarrickGold GOLD 27.02 0.41 CaseysGenStores CASY 149.97 -0.96 Evergy EVRG 60.84 -0.62 Illumina
s ACN 216.33 -1.22 DTE Energy DTE 107.09 -1.34 GrubHub GRUB 71.07 -1.89 s Immunomedics IMMU 41.16 0.53 KirklandLakeGold KL 43.87 1.94
Accenture AnnalyCap NLY 6.46 0.03 BauschHealth BHC 18.43 -0.57 Catalent CTLT 73.73 0.20 EversourceEner ES 84.33 0.47
s ActivisionBliz ATVI 78.50 -0.17 BAX 85.50 -2.61 DadaNexus DADA 26.26 -1.43 GpoAvalAcc AVAL 4.55 -0.03 ImperialOil IMO 15.86 -0.34 s Knight-Swift KNX 44.14 1.09
Anthem ANTM 264.89 -4.11 BaxterIntl Caterpillar CAT 127.20 -2.23 ExactSciences EXAS 86.30 -2.71
AdaptiveBiotech ADPT 46.55 -0.42 AON 192.46 -0.24 BectonDicknsn BDX 251.38 0.91
s Danaher DHR 182.04 -0.96 GuardantHealth GH 85.28 0.04 s Incyte INCY 108.65 0.86 KoninklijkePhil PHG 47.87 -1.28
Aon Celanese CE 87.99 -1.87 Exelixis EXEL 23.37 0.23
s ADBE 449.36 -3.23 BGNE 196.59 -0.13 Darden DRI 72.19 -2.80 Guidewire GWRE 112.28 -0.12 Infosys INFY 10.24 0.13 KoreaElcPwr KEP 7.86 -0.24
Adobe ApartmtInv AIV 38.00 -0.61 BeiGene CenovusEnergy CVE 4.48 -0.19 Exelon EXC 37.00 -0.40
AdvanceAuto AAP 136.68 -2.28 WRB 56.74 -0.50 Datadog DDOG 90.09 1.13 HCA Healthcare HCA 96.24 -2.97 IngersollRand IR 28.10 -1.21 KraftHeinz KHC 32.05 0.05
ApolloGlbMgmt APO 49.02 -1.12 Berkley Centene CNC 65.83 -0.80 Expedia EXPE 85.05 -2.29
AdvMicroDevices AMD 52.93 -0.47 APPF 161.19 -5.21 BRK.B 181.15 -1.57 DaVita DVA 81.99 0.77 HDFC Bank HDB 47.92 -0.90 Ingredion INGR 82.67 -1.70 Kroger KR 33.68 -0.05
AppFolio BerkHathwy B CenterPointEner CNP 19.49 -0.11 ExpeditorsIntl EXPD 77.22 -0.02
Aegon AEG 3.09 -0.10 s AAPL 372.69 -1.16 BerkHathwy A BRK.A 271640-2410.01 DeckersOutdoor DECK 189.10 -5.80 HD Supply HDS 33.76 -0.70 Inphi IPHI 121.86 1.73 LHC Group LHCG 177.78 -1.42
Apple CentraisElBras EBR 6.17 -0.05 ExtraSpaceSt EXR 95.08 -1.13
AgilentTechs A 89.21 -0.10 ApplMaterials AMAT 62.18 -1.28 BerryGlobal BERY 44.72 -0.50 Deere DE 158.70 -1.52 HP HPQ 16.63 -0.83 Insulet PODD 206.13 1.45 Line LN 51.45 -0.36
CenturyLink CTL 9.90 -0.08 ExxonMobil XOM 43.24 -1.15
AgnicoEagle AEM 64.32 1.41 Aptargroup ATR 115.15 -0.11 BestBuy BBY 85.59 -2.11 DellTechC DELL 52.95 -1.11 HSBC HSBC 24.60 -1.04 Intel INTC 58.31 -1.23 LKQ LKQ 25.58 -0.36
CeridianHCM CDAY 83.75 -0.65 F5Networks FFIV 134.29 -5.41
Agora API 58.30 -0.68 APTV 77.11 -1.32 BeyondMeat BYND 143.11 0.11 DeltaAir DAL 27.01 -1.43 FMC Halliburton HAL 12.41 -0.62 InteractiveBrkrs IBKR 46.87 1.84 LPL Financial LPLA 75.42 -2.63
Aptiv Cerner CERN 70.07 -0.86 FMC 101.86 -0.36
s AirProducts APD 265.13 16.22 BILI 46.23 2.09 DentsplySirona XRAY 43.37 -1.27 s Facebook HartfordFinl HIG 37.18 -1.12 ICE ICE 92.57 0.04 L3HarrisTech LHX 167.68 -6.32
Aramark ARMK 21.12 -1.25 Bilibili CharlesRiverLabs CRL 181.41 -0.39 FB 240.86 0.58
AkamaiTech AKAM 110.98 -1.63 BILL 85.64 -2.94 DeutscheBank DB 9.82 -0.13 FactSet Hasbro HAS 73.54 -1.30 InterContinentl IHG 47.31 -0.79 LabCpAm LH 173.12 0.53
ArcelorMittal MT 11.32 -0.27 Bill.com CharterComms CHTR 528.02 1.73 FDS 341.02 2.26
ALB 78.00 -3.22 ArchCapital ACGL 27.51 TECH 266.75 -3.10 s DexCom DXCM 425.86 2.68 FairIsaac HealthcareAmer HTA 26.30 -0.46 IBM IBM 117.58 -2.61 LamResearch LRCX 327.89 -7.07
Albemarle -0.99 Bio-Techne CheckPoint CHKP 115.88 4.35 FICO 409.80 -7.05
t 15.18 -0.34 ArcherDaniels ADM 39.22 -0.45 Bio-RadLab A BIO 468.34 2.88 Diageo DEO 137.49 -1.23 Farfetch HealthpeakProp PEAK 27.05 -0.64 IntlFlavors IFF 127.05 -1.15 Continued on Page B9
Albertsons ACI Chegg CHGG 71.24 -0.03 FTCH 18.18 -0.66
Alcon ALC 57.13 -1.70 AresMgmt ARES 37.90 -1.46 Biogen BIIB 268.35 -1.45 Chemed CHE 471.59 -7.96 DiamondbkEner FANG 40.12 -2.76 Fastenal FAST 44.06 -0.16
AlexandriaRlEst ARE 160.58 -4.21 s arGEN-X ARGX 245.40 9.66 s BioMarinPharm BMRN 127.98 0.27 CheniereEnergy LNG 50.55 -0.10 DigitalRealty DLR 147.49 -0.32 s Fastly FSLY 87.51 3.14
AlexionPharm ALXN 112.46 -1.11 AristaNetworks ANET 210.78 -3.67 BioNTech BNTX 69.34 3.83 CheniereEnerPtrs CQP 34.54 0.27 DiscoverFinSvcs DFS 48.15 -2.46 FederalRealty FRT 82.32 -3.80
s Alibaba BABA 236.51 -3.49 ArrowElec ARW 66.05 -1.64 BlackKnight BKI 70.35 -2.35 Chevron CVX 86.31 -2.26 DiscoveryA DISCA 20.36 -0.88 FedEx FDX 158.54 2.27
Dividend Changes
AlignTech ALGN 274.71 -7.73 AscendisPharma ASND 147.60 -4.28 BlackRock BLK 549.23 -8.32 Chewy CHWY 47.80 0.83 DiscoveryC DISCK 18.37 -0.85 Ferrari RACE 173.51 -2.50
Alleghany Y 485.02 -3.80 AspenTech AZPN 102.11 -1.75 Blackstone BX 53.60 -1.76 ChinaEastrnAir CEA 18.81 -1.28 Disney DIS 113.63 -0.80 FiatChrysler FCAU 10.09 -0.15
Dividend announcements from July 7.
Allegion ALLE 102.05 -1.92 Assurant AIZ 99.42 -2.84 Boeing BA 178.88 -9.03 ChinaLifeIns LFC 12.58 -0.28 s DocuSign DOCU 197.75 7.09 FidNatlFin FNF 29.89 -0.70 Amount Payable /
AlliantEnergy LNT 48.47 -0.53 AstraZeneca AZN 53.47 -0.63 BookingHldgs BKNG 1657.45 -46.31 ChinaMobile CHL 36.13 -1.40 DolbyLab DLB 65.04 -1.65 FidNatlInfo FIS 136.50 -1.03 Company Symbol Yld % New/Old Frq Record
AllogeneTherap ALLO 44.08 -0.38 Athene ATH 30.00 -1.37 BoozAllen BAH 75.40 -2.04 ChinaPetrol SNP 44.14 -1.64 DollarGeneral DG 187.82 0.68 FifthThirdBncp FITB 18.06 -0.80
DLTR 90.50 0.72 58.com
Increased
Allstate ALL 92.65 -2.99 Atlassian TEAM 190.44 -0.03 BorgWarner BWA 35.04 -0.31 ChinaSoAirlines ZNH 24.04 -1.42 DollarTree WUBA 54.00 0.07
74.22 0.63 FirstRepBank FRC 103.60
Duke Energy DUK 4.7 .965 /.945 Q Sep16 /Aug14
AllyFinancial ALLY 19.61 -0.65 AtmosEnergy ATO 100.07 -1.17 BostonBeer SAM 581.66 26.78 ChinaTelecom CHA 30.37 -1.32 DominionEner D -2.19
s AlnylamPharm ALNY 160.00 7.57 Autodesk ADSK 238.94 -5.42 BostonProps BXP 88.28 -3.07 ChinaUnicom CHU 6.10 -0.32 Domino's DPZ 381.14 -3.86 FirstSolar FSLR 53.16 -0.25 Reduced
Alphabet C GOOG 1485.18 -10.52 Autohome ATHM 80.37 -2.45 BostonSci BSX 34.64 -0.95 s Chipotle CMG 1109.10 -16.82 Donaldson DCI 46.01 -0.77 FirstEnergy FE 40.25 0.07 Popular Cap Tr II 6.125% BPOPM 6.1 .1276 /.1276 M Aug03 /Jul15
Alphabet A GOOGL 1489.92 -9.73 Autoliv ALV 64.54 -1.94 BrightHorizons BFAM 110.75 -5.96 Chubb CB 127.17 -0.12 DouglasEmmett DEI 29.85 -1.36 Fiserv FISV 96.81 -1.30
Alteryx AYX 173.61 1.94 ADP ADP 147.00 -3.73 Bristol-Myers BMY 60.29 0.10 ChunghwaTel CHT 37.97 -0.39 Dover DOV 96.83 -1.70 FiveBelow FIVE 98.50 -4.63
Initial
AlticeUSA ATUS 23.44 -0.80 AutoZone AZO 1128.58 -8.80 BritishAmTob BTI 39.18 -0.36 Church&Dwight CHD 79.05 1.19 Dow DOW 41.69 -0.76 s Five9 FIVN 114.68 -0.67
Saratoga Inv 7.25% Nts 25 SAK 7.2 .3373 Aug31 /Aug14
Altria MO 39.94 0.34 Avalara AVLR 136.39 3.10 Broadcom AVGO 313.12 -5.67 Ciena CIEN 55.90 -0.67 DrReddy'sLab RDY 51.45 -0.87 FleetCorTech FLT 252.77 -3.42 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
AlumofChina ACH 5.61 -0.24 Avalonbay AVB 154.72 -4.77 BroadridgeFinl BR 127.11 -1.58 Cigna CI 182.05 -7.28 DraftKings DKNG 30.60 -1.82 FlirSystems FLIR 40.33 -1.43
spin-off.
s Amazon.com AMZN 3000.12 -56.92 Avangrid AGR 42.69 0.24 BrookfieldMgt BAM 32.24 -1.10 CincinnatiFin CINF 68.30 0.24 Dropbox DBX 22.44 0.02 Floor&Decor FND 58.27 -0.68
Ambev ABEV 2.71 0.02 Avantor AVTR 18.45 0.29 BrookfieldInfr BIP 40.78 -0.90 Cintas CTAS 269.98 -3.65 DukeEnergy DUK 80.82 1.01 FomentoEconMex FMX 60.64 -1.02
Amcor AMCR 10.62 -0.13 AveryDennison AVY 115.85 -2.33 BrookfieldPropREIT BPYU 11.39 -0.33 CiscoSystems CSCO 45.63 -0.79 DukeRealty DRE 35.66 -0.68 FordMotor F 6.12 -0.07
Amdocs DOX 58.21 -1.19
AMED 200.86 -6.91
AxaltaCoating AXTA 22.24 -0.44 Brown&Brown BRO 40.75 0.11 Citigroup C 50.32 -1.65 Dun&Bradstreet DNB 26.60
DNKN 65.45
-0.79 Fortinet
-2.17 Fortis
FTNT 137.96 -1.74 BANKRATE.COM® MMA, Savings and CDs
Amedisys AxonEnterprise AAXN 96.06 -3.58 Brown-Forman A BF.A 58.53 0.07 CitizensFin CFG 23.50 -0.77 Dunkin' FTS 38.38 -0.52
Amerco UHAL 293.01 -12.41 BCE BCE 40.84 -0.57 Brown-Forman B BF.B 64.17 -0.55 CitrixSystems CTXS 150.08 -0.30 DuPont DD 53.61 -1.00 Fortive FTV 68.06 -1.09
Ameren AEE 73.34 ... BHP Group BHP 49.92 -0.51 Bruker BRKR 40.93 -0.92 Clarivate CCC 22.52 -0.35 Dynatrace DT 41.82 0.74 FortBrandsHome FBHS 63.73 -1.11
Average Yields of Major Banks Tuesday, July 7, 2020
AmericaMovil AMX 12.81 -0.63 BHP Group BBL 41.22 -0.42 Bunge BG 39.64 -0.85 s Clorox CLX 223.81 2.39 ENI E 19.58 -0.19 FoxA FOXA 25.69 -0.81 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
National average
ADVERTISEMENT Savings 0.11 0.07 0.07 0.12 0.18 0.29 0.33 0.28 0.47
Jumbos 0.23 0.08 0.07 0.13 0.20 0.31 0.36 0.29 0.49

Business Real Estate & Auctions

To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
Weekly change
Savings
Jumbos
0.00
-0.02
0.00
0.00
0.00
0.00
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-0.01

MARYLAND AUCTIONS Consumer Savings Rates

Below are the top federally insured offers available nationwide according to Bankrate.com's

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   visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.


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AUCTIONS GEORGIA VirtualBank $10,000 0.60 First Internet Bank of Indiana $1,000 1.11
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$1,000 0.20 $5,000 1.11


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      Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
Internet: www.bankrate.com
THE WALL STREET JOURNAL. NY Wednesday, July 8, 2020 | B9

BIGGEST 1,000 STOCKS

Continued From Page B8 Net Net Net Net Net Net Net Net
Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
Stock Sym Close Chg PRA HealthSci PRAH 95.66 -0.39 Quidel QDEL 224.98 -10.59 Sea SE 112.90 -1.51 Trip.com TCOM 27.04 -1.04 W.P.Carey WPC 65.93 -1.60
Marsh&McLen MMC 107.35 -0.57 NewOrientalEduc EDU 137.64 -6.20
LamarAdv LAMR 64.59 -0.93 MartinMarietta MLM 212.57 -3.77 s NYTimes A NYT 42.81 0.13 PTC PTC 76.59 -2.49 Seagate STX 47.11 -0.92 T U V TruistFinl TFC 35.30 -1.39 WPP WPP 38.87 -0.57
LambWeston LW 63.05 -1.00 MarvellTech MRVL 35.44 -0.72 NewellBrands NWL 15.85 -0.15 Paccar PCAR 75.77 -1.39 R S s SeattleGenetics SGEN 176.14 5.69
TAL Education TAL 70.85 -3.30 Twilio TWLO 233.30 -2.14 Wabtec WAB 57.74 -2.73
LasVegasSands LVS 45.03 -2.04 MAS 50.02 -0.32 Newmont PackagingCpAm PKG 98.67 -1.33 RELX RELX 23.22 -0.30 SempraEnergy SRE 117.76 -2.69 TC Energy TRP 41.79 -0.70 Twitter TWTR 32.99 0.65 WalgreensBoots WBA 42.22 -0.94
Masco NEM 62.47 1.29
Lear LEA 106.78 -2.10 Masimo MASI 233.89 -0.71 NewsCorp B NWS 12.03 -0.18 PagSeguroDig PAGS 38.79 0.90 RPM RPM 75.66 -0.37 SensataTechs ST 36.07 -0.95 TD Ameritrade AMTD 36.59 -0.34 TylerTech TYL 352.52 0.05 Walmart WMT 126.95 8.06
Leidos LDOS 87.89 -0.56 Mastercard MA 299.91 -5.66 NewsCorp A NWSA 12.00 -0.17 PaloAltoNtwks PANW 233.07 -2.84 RaymondJames RJF 67.02 -2.17 ServiceCorp SCI 38.89 -0.81 TE Connectivity TEL 80.83 -1.67 TysonFoods TSN 58.69 -0.76 WarnerMusic WMG 29.64 -0.15
PanAmerSilver PAAS 30.12 0.66 UBS Group UBS 11.71 -0.22 WasteConnections WCN 91.75 -0.76
Lennar A LEN 62.17 0.23 MaximIntProducts MXIM 61.51 -0.47 NextEraEnergy NEE 246.72 -0.24 RaytheonTech RTX 61.01 -2.31 ServiceNow NOW 411.74 -4.70 Telus TU 16.50 -0.25
ParkerHannifin PH 182.34 -4.16 UDR UDR 36.90 -1.23 WM 104.62 -0.59
Lennar B LEN.B 46.85 0.35 McCormick MKC 183.14 1.57 NielsenHoldings NLSN 14.61 -0.43 RealPage RP 65.18 0.07 ShawComm B SJR 16.31 -0.17 TIM Part TSU 13.79 -0.39 WasteMgt
-0.72 s Paychex PAYX 73.94 -3.84 UGI UGI 31.27 -0.63 WAT 185.34 0.98
58.57 -1.69 SherwinWilliams SHW 588.74 -3.42 TJX
LennoxIntl LII 237.52 McCormickVtg MKC.V 183.06 1.24 Nike NKE 97.07 -2.88 RealtyIncome O TJX 50.80 -1.84 Waters
PaycomSoftware PAYC 313.73 -7.68 -0.61 T-MobileUS TMUS 105.80 -0.98 Uber UBER 32.82 0.30 Watsco WSO 182.77 2.08
LeviStrauss LEVI 13.83 -0.58 McDonalds MCD 185.82 -2.68 Nikola NKLA 40.23 -8.69 ReataPharm RETA 155.64 -4.79 ShinhanFin SHG 25.00
MCK 145.80 -5.71 NiSource Paylocity PCTY 143.83 -7.02 SHOP 1013.99 27.22 TRowePrice TROW 122.96 -2.30 Ubiquiti UI 175.94 -2.50 Wayfair W 225.49 4.05
LibertyBroadbandC LBRDK 128.48 2.20 McKesson NI 23.33 0.04 RegencyCtrs REG 44.09 -1.89 Shopify
PayPal PYPL 177.28 1.10 UltaBeauty ULTA 202.93 -6.07 Weibo WB 39.40 -0.38
LibertyBroadbandA LBRDA 125.97 1.82 MedicalProp MPW 18.42 -0.60 Nokia NOK 4.31 -0.29 s RegenPharm REGN 640.88 13.63 Sibanye-Stillwater SBSW 9.24 -0.33 TaiwanSemi TSM 60.71 -1.17
MDT 91.67 -1.54 NomuraHoldings NMR 4.51 -0.04 Pearson PSO 7.16 -0.04 -2.13 s TakeTwoSoftware TTWO 147.27 1.59 Unilever UN 53.19 -0.58 WellsFargo WFC 24.46 -1.03
LibertyGlobal A LBTYA 22.97 -0.31 Medtronic RegionsFin RF 10.33 -0.47 SignatureBank SBNY 102.81
Pegasystems PEGA 99.69 -2.81 Unilever UL 54.59 -0.45 Welltower WELL 49.95 -2.36
LibertyGlobal C LBTYK 22.54 -0.25 MelcoResorts MLCO 15.82 -1.00 Nordson NDSN 187.01 -2.71 RelianceSteel RS 93.86 -1.30 SimonProperty SPG 65.93 -3.00 TakedaPharm TAK 17.49 -0.17
MercadoLibre MELI 1007.24 11.31 NorfolkSouthern NSC 174.12 -4.50 Peloton PTON 60.82 0.34 UnionPacific UNP 169.78 -2.38 WestPharmSvcs WST 230.82 -3.33
LibertyGlobal B LBTYB 23.07 -0.23 RenaissanceRe RNR 169.10 -4.48 SiriusXM SIRI 5.79 -0.08 TandemDiabetes TNDM 101.98 0.28
MRK 78.72 -0.86 NorthernTrust NTRS 77.85 -0.85 PembinaPipeline PBA 23.86 -0.44 UnitedAirlines UAL 32.55 -2.66 WesternDigital WDC 41.72 -1.23
LibertyFormOne A FWONA 30.14 0.18 Merck Repligen RGEN 124.14 -2.45 Skyworks SWKS 132.28 0.83 Target TGT 118.06 -1.18
MET 36.02 -1.07 NorthropGrum NOC 304.47 -7.93 Pentair PNR 36.47 -1.29 UnitedMicro UMC 2.80 -0.01 WesternUnion WU 20.99 -0.63
LibertyFormOne C FWONK 32.72 0.22 MetLife RepublicSvcs RSG 80.87 -0.70 SlackTech WORK 31.48 0.36 TeckRscsB TECK 10.49 -0.28
MettlerToledo MTD 819.06 -4.39 NortonLifeLock NLOK 19.80 -0.13 Penumbra PEN 191.17 -0.09 UPS B UPS 114.45 -0.91 WestlakeChem WLK 53.80 -1.02
LibertyBraves A BATRA 17.91 -0.86 ResMed RMD 191.47 -2.15 Smartsheet SMAR 50.57 -0.41 s TeladocHealth TDOC 217.26 -0.74
MicrochipTech MCHP 104.99 -2.76 Novartis PepsiCo PEP 133.57 0.27 UnitedRentals URI 147.57 -3.17 WestpacBanking WBK 12.46 -0.43
LibertyBraves C BATRK 17.47 -0.87 NVS 87.80 -0.66 RestaurantBrands QSR 54.60 -1.93 SmithAO AOS 47.90 -0.14 TelecomArgentina TEO 9.30 -0.48
MicronTech MU 49.09 -1.83 NovoNordisk NVO 65.06 -0.86 PerkinElmer PKI 99.65 -0.44 US Bancorp USB 35.58 -1.25 WestRock WRK 28.06 -0.72
LibertySirius B LSXMB 35.34 -1.93 ReynoldsCnsmr REYN 35.27 0.77 Smith&Nephew SNN 39.44 -0.42 TeledyneTech TDY 296.95 -7.84
PRGO 55.20 -0.09 UnitedHealth UNH 296.65 -6.16 Weyerhaeuser WY 22.20 -0.37
-0.44 s Microsoft MSFT 208.25 -2.45 Novocure Perrigo
LibertySirius C LSXMK 34.72 NVCR 59.58 -3.28 RingCentral RNG 286.73 -4.06 Smucker SJM 106.05 0.18 Teleflex TFX 360.69 -7.46 UnivDisplay OLED 154.30
MidAmApt MAA 114.57 -1.46 NuanceComms NUAN 24.71 -0.89 PetroChina PTR 36.17 -1.72 0.44 WheatonPrecMet WPM 45.13 0.77
LibertySirius A LSXMA 34.95 -0.58 RioTinto RIO 56.91 -0.04 s Snap SNAP 24.81 1.39 Ericsson ERIC 9.44 -0.49 UniversalHealthB UHS 91.17 -3.65 Whirlpool
MitsubishiUFJ MUFG 3.91 -0.09 PetroleoBrasil PBR 8.46 -0.21 WHR 133.66 0.19
EliLilly LLY 166.75 -0.14 Nucor NUE 41.18 -0.47 RobertHalf RHI 50.59 -1.82 SnapOn SNA 134.16 -2.85 TelefonicaBras VIV 8.97 -0.10 VEREIT
MizuhoFin MFG 2.47 -0.02 PetroleoBrasilA PBR.A 8.26 -0.16 VER 6.31 -0.19 Williams WMB 18.91 -0.40
LincolnNational LNC 34.12 -1.78 Nutrien NTR 32.60 -0.67 Rockwell ROK 211.44 -3.15 SOQUIMICH SQM 28.01 -0.34 Telefonica TEF 4.61 -0.16 VF
MobileTeleSys MBT 9.21 -0.12 s Pfizer PFE 34.03 -0.48 VFC 59.83 -3.16 Williams-Sonoma WSM 83.66 -0.34
Linde LIN 224.53 -0.12 NVIDIA NVDA 394.87 1.30 RogersComm B RCI 40.17 -0.36 SolarEdgeTech SEDG 146.57 -2.31 TelekmIndonesia TLK 22.09 -0.21
Moderna MRNA 61.09 1.94 PhilipMorris PM 72.94 2.34 VICI Prop VICI 19.99 -0.23 WillisTowers WLTW 196.58 -0.90
LiveNationEnt LYV 45.04 -0.42 Roku ROKU 130.42 -1.61 SolarWinds SWI 17.96 0.02 10xGenomics TXG 88.66 -1.48
PSX 64.61 -3.48 VailResorts MTN 178.21 -7.60 Wipro 3.37 0.02
s LivongoHealth LVGO 93.76 16.13 MohawkInds MHK 95.98 -7.28 O P Q Phillips66
Rollins ROL 45.62 2.87 Sony SNE 69.16 -1.37 Tenaris TS 12.99 -0.37 Vale VALE 10.47 -0.13 Wix.com
WIT
MolinaHealthcare MOH 182.42 -0.52 Pinduoduo PDD 91.00 4.00 WIX 282.81 6.25
LloydsBanking LYG 1.49 -0.02 RoperTech ROP 390.48 -2.20 Southern SO 52.72 0.11 TencentMusic TME 16.42 0.69
MolsonCoorsA TAP.A 55.51 -1.10 OGE Energy OGE 30.82 0.30 PinnacleWest PNW 76.00 -0.80 ValeroEnergy VLO 53.12 -3.35 WooriFin WF 22.22 -0.97
LockheedMartin LMT 353.27 -9.32 OKE 27.58 -0.71 RossStores ROST 86.38 -3.76 SoCopper SCCO 40.00 -0.74 Teradyne TER 86.34 -1.79 VarianMed
MolsonCoorsB TAP 34.66 -1.00 ONEOK Pinterest PINS 25.85 0.03 VAR 120.19 -2.38 Workday WDAY 191.60 0.81
Loews L 33.67 -0.85 RoyalBkCanada RY 67.93 -1.09 SouthwestAir LUV 33.01 -1.29 s Tesla TSLA 1389.86 18.28 Vedanta
Mondelez MDLZ 51.50 -0.12 OReillyAuto ORLY 422.17 -3.67 PioneerNatRscs PXD 96.07 -2.65 VEDL 5.85 -0.12 WynnResorts WYNN 73.37 -3.33
LogitechIntl LOGI 65.14 -0.70 3.05 -0.11 Splunk SPLK 196.68 -1.98 TevaPharm TEVA 11.21 -0.31 s VeevaSystems VEEV 244.95
MongoDB MDB 225.49 3.47 OccidentalPetrol OXY 17.15 -1.03 PlainsAllAmPipe PAA 8.81 0.22 RoyalBkScotland RBS -0.60 XP XP 46.75 -0.84
LOW 135.02 -0.74 SPOT 261.99 1.73 TexasInstruments TXN 128.60 -0.93 Ventas
0.09 RoyalCaribbean RCL 47.56 -2.46
Lowe's OKTA 207.34 0.08 Spotify VTR 35.43 -1.83 XPO Logistics XPO 78.18
s MonolithicPower MPWR 244.00 1.86 Okta PlainsGP PAGP 8.86 -0.19
lululemon LULU 306.74 -7.61 RoyalDutchA RDS.A 32.63 -0.82 s Square 125.60 6.63 Textron TXT 31.49 -1.73 VeriSign
MonsterBev MNST 71.70 0.39 s OldDomFreight ODFL 175.63 -0.25
SQ VRSN 211.11 -1.09 XcelEnergy XEL 63.60 0.02
PlanetFitness PLNT 56.19 -5.40
Lumentum LITE 82.95 -1.27 StanleyBlackDck SWK 138.89 -2.20 ThermoFisherSci TMO 380.25 -2.02 VeriskAnalytics VRSK 172.93
s Moody's MCO 285.37 1.72 Ollie'sBargain OLLI 98.73 -0.64 Polaris PII 91.92 -3.08 RoyalDutchB RDS.B 30.66 -0.84 -0.63 Xilinx XLNX 99.17 -2.93
Lyft LYFT 30.94 -2.28 RGLD 124.87 2.33 Starbucks SBUX 74.25 -1.19 ThomsonReuters TRI 66.78 -1.14 Verizon 55.04 -0.20 Xylem
MorganStanley MS 47.49 -1.33 OmegaHealthcare OHI 29.24 -0.75 Pool POOL 271.89 2.63 RoyalGold VZ XYL 66.09 -1.06
LyondellBasell LYB 67.49 -0.76 RYAAY 66.93 -1.63 StateStreet STT 63.17 -1.31 ThorIndustries THO 100.95 -2.02 s VertxPharm VRTX 299.06 7.75 Yandex
Morningstar MORN 149.28 -0.85 Omnicom OMC 55.71 0.45 PostHoldings POST 89.43 0.14 Ryanair YNDX 49.97 -0.46
MotorolaSol MSI 131.08 -4.93 ON Semi ON 19.27 -0.39 PrincipalFin PFG 41.01 -1.25 SAP SAP 144.06 -3.50 SteelDynamics STLD 25.59 -0.36 3M MMM 154.82 -3.28 ViacomCBS B VIAC 22.95 -0.74 YumBrands YUM 86.86 -1.65
M N s S&P Global SPGI 341.19 0.17 Steris STE 151.78 -1.87 Tiffany TIF 122.01 -0.90 ViacomCBS A VIACA 25.23 -0.62 YumChina
Mylan MYL 16.11 -0.43 OneConnectFinTech OCFT 20.17 -0.78 Procter&Gamble PG 122.22 0.59 YUMC 50.58 0.14
M&T Bank MTB 98.54 -3.39 NICE NICE 186.85 -0.77 OpenText OTEX 42.84 -0.61 Progressive PGR 78.02 -1.40 SBA Comm SBAC 305.49 3.10 STMicroelec STM 27.27 -0.65 Toro TTC 65.89 -1.07 Vipshop VIPS 20.65 0.11 ZTO Express ZTO 37.51 1.17
MGM Resorts MGM 16.14 -0.57 s NIO NIO 13.22 1.71 Oracle ORCL 56.31 -0.29 Prologis PLD 94.83 -0.73 SEI Investments SEIC 55.04 -0.62 StoneCo STNE 40.13 -0.44 TorontoDomBk TD 44.28 -0.95 Visa V 194.20 -3.56 s ZaiLab ZLAB 82.81 0.51
MKS Instrum MKSI 112.37 -3.73 NRG Energy NRG 32.75 -0.28 Orange ORAN 11.95 -0.39 Proofpoint PFPT 112.70 -0.98 SK Telecom SKM 19.90 -0.96 Stryker SYK 180.34 -3.56 Total TOT 38.54 -1.04 Vistra VST 18.98 -0.30 ZebraTech ZBRA 254.26 -7.37
MPLX MPLX 18.00 0.41 NVR NVR 3241.07 -65.40 Orix IX 60.00 -1.55 PrudentialFin PRU 59.39 -1.92 SS&C Tech SSNC 56.01 -1.17 SumitomoMits SMFG 5.66 -0.14 ToyotaMotor TM 124.96 -2.02 VMware VMW 145.53 -3.62 Zendesk ZEN 89.75 0.38
s MSCI MSCI 352.61 1.40 NXP Semi NXPI 115.43 -1.10 OtisWorldwide OTIS 56.82 -0.04 Prudential PUK 30.98 -0.61 StoreCapital STOR 22.38 -1.19 SunComms SUI 137.46 -1.17 s TractorSupply TSCO 134.23 0.47 Vodafone VOD 15.86 -0.42 Zillow C Z 62.69 1.41
MagellanMid MMP 43.10 -0.23 Nasdaq NDAQ 120.47 -0.61 OwensCorning OC 55.22 -0.42 PublicServiceEnt PEG 50.29 -0.33 SVB Fin SIVB 207.78 -5.63 SunLifeFinancial SLF 36.14 -0.93 TradeDesk TTD 450.71 3.63 VornadoRealty VNO 35.81 -1.88 Zillow A ZG 62.03 1.05
MagnaIntl MGA 45.15 -0.44 NationalGrid NGG 56.16 -1.20 PG&E PCG 8.96 -0.19 PublicStorage PSA 194.46 -2.07 s Salesforce.com CRM 196.38 -1.34 SuncorEnergy SU 16.39 -0.55 Tradeweb TW 56.31 0.52 VoyaFinancial VOYA 46.63 -0.50 ZimmerBiomet ZBH 117.00 -1.07
ManhattanAssoc MANH 90.16 -3.00 NatlRetailProp NNN 34.48 -2.03 PLDT PHI 26.02 0.14 PulteGroup PHM 33.92 -0.18 Sanofi SNY 51.43 -0.77 Suzano SUZ 6.67 -0.21 TraneTech TT 91.41 -1.13 Vroom VRM 52.12 -3.72 ZionsBancorp ZION 31.54 -1.36
ManulifeFin MFC 13.49 -0.42 Natura&Co NTCO 14.77 -0.43 PNC Fin PNC 99.71 -3.64 Qiagen QGEN 43.19 -0.07 SantanderCons SC 17.84 -1.20 SynchronyFin SYF 21.79 -1.01 TransDigm TDG 419.49 -15.99 VulcanMatls VMC 122.67 -1.06 Zoetis ZTS 138.44 -0.16
MarathonPetrol MPC 34.69 -1.67 NetApp NTAP 42.86 -2.19 POSCO PKX 38.38 -0.31 Qorvo QRVO 113.02 -0.61 SareptaTherap SRPT 163.89 0.40 SyneosHealth SYNH 57.40 -0.75 TransUnion TRU 86.30 -1.15 ZoomVideo ZM 262.10 1.10
Markel MKL 893.46 -20.90 s NetEase NTES 444.29 4.25 PPD PPD 28.05 0.62 Qualcomm QCOM 92.14 -0.78 Schlumberger SLB 18.18 -0.57 Synnex SNX 115.82 -2.96 Travelers TRV 112.48 -2.09
W X Y Z ZoomInfoTech ZI 45.14 -0.85
s MarketAxess MKTX 533.16 12.37 s Netflix NFLX 493.16 -0.65 PPG Ind PPG 108.42 -1.46 QuantaServices PWR 38.49 -0.51 SchwabC SCHW 33.89 -0.32 Synopsys SNPS 197.63 -1.76 Trex TREX 126.32 -0.43 WEC Energy WEC 88.70 -1.24 Zscaler ZS 113.84 -0.94
Marriott MAR 87.43 -2.40 Neurocrine NBIX 127.96 0.30 PPL PPL 25.43 -0.45 QuestDiag DGX 117.31 -0.50 ScottsMiracleGro SMG 138.50 4.07 Sysco SYY 53.02 -0.74 Trimble TRMB 42.04 -1.39 WEX WEX 156.71 -4.31 Zynga ZNGA 9.89 0.17

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Macom Tech MTSI 37.02 -2.6 Salesforce.com CRM 200.22 -0.7 FirstHorizonPfdD FHNpD 23.51 -3.0 HallofFameResort HOFV 6.69 -13.8 Immatics IMTX 13.11 0.3 SiebertFin SIEB 4.39 -6.0 SonnetBio SONN 3.32 -2.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MOGU MOGU 6.85 104.8 SchneiderNatl SNDR 25.35 2.2 FirstMidBncpPfdC FMBIO 24.12 -0.1 MatchGroup MTCH 91.56 -2.9 StateAutoFin STFC 15.95 -6.2
HallofFameWt HOFVW 0.99 -17.8 SocCapHedII Wt IPOB.WS 2.68 -14.7
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low MSCI MSCI 359.70 0.4 SeabridgeGold SA 18.49 3.5 GigCapital3 GIK 9.79 0.5 9F JFU 3.02 -9.5 uCloudlink UCL 13.71 -11.2
in the latest session. % CHG-Daily percentage change from the previous trading session. GrupoSimec SIM 5.20 -11.5 ImmaticsWt IMTXW 4.01 -12.9 RepareTherap RPTX 26.00 -7.5 SocialCapHedWt IPOC.WS 2.05 -7.1 WholeEarthBrds FREE 7.06 -4.9
MTBC MTBC 11.55 12.9 SeattleGenetics SGEN 180.18 3.3
Macrogenics MGNX 30.75 5.2 Shift4Paymts FOUR 45.97 7.9
Tuesday, July 7, 2020 MaidenHoldings MHLD 1.47 -1.4 SkySolar SKYS 5.75 9.7
52-Wk % 52-Wk % 52-Wk % MarketAxess MKTX 537.88 2.4 Snap SNAP 25.58 5.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MartenTransport MRTN 26.80 4.7 Square SQ 129.84 5.6 ADVERTISEMENT
McCormickVtg MKC.V 183.06 0.7 SunRun RUN 27.59 22.6
Broadwind BWEN 4.50 21.8 Five9 FIVN 117.45 -0.6 TGTX 22.78 10.6
Microsoft MSFT 214.67 -1.2 TG Therap
Highs CPSH 3.02 6.9 FVRR 84.00 5.3

The Marketplace
CPS Tech FiverrIntl TakeTwoSoftware TTWO 149.87 1.1
MonolithicPower MPWR 247.88 0.8
CRISPR Therap CRSP 93.99 8.7 FlyingEagle FEAC 11.60 -1.0 TeladocHealth TDOC 223.73 -0.3
AcadiaPharm ACAD 58.72 6.2 Moody's MCO 287.99 0.6
CadenceDesign CDNS 100.96 ... FlyingEagleAcqn FEAC.U 12.47 -2.0 Tesla TSLA 1429.50 1.3
A-MarkPrecMet AMRK 20.32 -3.3 NIO NIO 13.77 14.9
Carvana CVNA 138.35 -1.0 FreedomHolding FRHC 19.49 -0.5 TottenhamAcqnI TOTA 10.90 0.8
ANGI Homesvcs ANGI 15.85 4.7 Cerus CERS 7.49 3.8 FutureFinTech FTFT 1.68 15.7
NanoStringTech NSTG 38.40 -1.8 To advertise: 800-366-3975 or WSJ.com/classifieds
Azek AZEK 33.75 2.3 Nautilus NLS 11.11 4.2 TractorSupply TSCO 135.43 0.4
ChannelAdvisor ECOM 16.68 3.1 GSXTechedu GSX 69.73 5.2
TrebiaAcqn TREB.U 10.87 -1.4
AbbVie ABBV 100.69 0.3 NeoGenomics NEO 35.92 1.8
ChardanHlthcr2Wt CHAQ.WS 1.00 ... G Willi-Food WILC 16.00 0.4
TwistBiosci TWST 49.06 4.5
AcamarPtrs ACAMU 11.65 12.1 Chipotle CMG 1145.63 -1.5 GalianoGold GAU 1.60 7.7 NetEase NTES 449.69 1.0
Accenture ACN 219.87 -0.6 Netflix NFLX 504.82 -0.1 US Xpress USX 6.54 1.3 BUSINESS OPPORTUNITIES BANKRUPTCIES
Clorox CLX 224.98 1.1 Genmab GMAB 34.76 0.4
ActivisionBliz ATVI 80.38 -0.2 NYTimes A NYT 43.40 0.3 UnumTherap UMRX 3.40 8.6
ConyersParkII Wt CPAAW 2.53 2.2 GigCapital2Un GIX.U 11.39 ...
VBI Vaccines VBIV 3.54 21.3
Adobe ADBE 459.44 -0.7 CoreLogic CLGX 69.00 2.5 GoldFields GFI 9.93 3.2 NewbornAcqnWt NBACW 0.21 24.9
APD 265.27 6.5 NewbornAcqn NBAC 9.93 0.2 VaronisSystems VRNS 103.92 1.4
 
   

AirProducts CorvusPharm CRVS 6.88 80.8 HarmonyGold HMY 5.10 7.0
  
  
     

    
AkebiaTherap AKBA 13.71 -0.3 NiuTech NIU 23.80 1.8 VeevaSystems VEEV 250.04 -0.2

Cytokinetics CYTK 27.00 6.9 HubSpot HUBS 243.16 0.1
   
VRTX 306.08 2.7


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B10 | Wednesday, July 8, 2020 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
25890.18 t 396.85, or 1.51% Trailing P/E ratio 22.01 18.42 3145.32 t 34.40, or 1.08% Trailing P/E ratio * 27.38 23.10 10343.89 t 89.76, or 0.86% Trailing P/E ratio *† 31.95 24.49
High, low, open and close for each P/E estimate * 23.94 16.50 High, low, open and close for each P/E estimate * 25.12 17.89 High, low, open and close for each P/E estimate *† 30.59 21.75
trading day of the past three months. Dividend yield 2.51 2.22 trading day of the past three months. Dividend yield * 1.97 1.89 trading day of the past three months. Dividend yield *† 0.86 1.03
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 10433.65, 07/06/20

Current divisor 0.14579812049809

30000 3500 10500

27500 3250 9750

65-day moving average
65-day moving average
25000 3000 9000

65-day moving average 8250

22500 2750
Session high
DOWN UP
20000 2500 7500
t

Session open Close

Close Open
t

17500 2250 6750

Session low
Bars measure the point change from session's open
15000 2000 6000
Apr. May June July Apr. May June July Apr. May June July
*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* 961,149,996 27,697,343
Industrial Average 26174.93 25866.58 25890.18 -396.85 -1.51 29551.42 18591.93 -3.3 -9.3 6.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 265,877,216 19,253,927
Transportation Avg 9375.89 9242.24 9278.61 -108.33 -1.15 11304.97 6703.63 -10.3 -14.9 -1.5 Most-active issues in late trading Decl. volume* 690,824,768 8,284,262
Utility Average 778.57 768.37 775.59 -3.44 -0.44 960.89 610.89 -6.0 -11.8 3.4 Volume After Hours Issues traded 3,052 273
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 32410.05 31974.88 31995.87 -361.58 -1.12 34631.28 22462.76 4.5 -3.1 8.4 Advances 710 120
SPDR S&P 500 SPY 9,275.4 314.03 0.25 0.08 317.05 313.50
Barron's 400 674.23 663.96 664.64 -10.30 -1.53 746.64 455.11 -3.4 -9.2 0.8 Declines 2,281 140
Bank of America BAC 6,445.1 23.02 0.01 0.04 23.66 22.96
Unchanged 61 13
Nasdaq Stock Market JPMorgan Chase JPM 6,186.9 92.30 -0.02 -0.02 95.00 92.15 New highs 55 8
Nasdaq Composite 10518.98 10337.98 10343.89 -89.76 -0.86 10433.65 6860.67 27.0 15.3 18.9 Caesars Entertainment CZR 5,026.4 11.95 0.03 0.25 11.98 11.80 New lows 5 1
Nasdaq 100 10704.93 10516.63 10524.01 -80.05 -0.75 10604.06 6994.29 34.5 20.5 23.0 NIO ADR NIO 4,249.0 13.20 -0.02 -0.15 13.75 12.43 Closing Arms† 0.66 0.42
ON Semiconductor ON 4,233.3 19.26 -0.01 -0.06 19.38 19.00 Block trades* 6,215 215
S&P
-1.08
Twitter TWTR 3,404.6 32.97 -0.02 -0.06 33.09 32.80
500 Index 3184.15 3142.93 3145.32 -34.40 3386.15 2237.40 5.6 -2.6 9.1 Nasdaq NYSE Arca
Annaly Capital Mgmnt NLY 2,016.3 6.47 0.01 0.15 6.54 6.45
MidCap 400 1791.30 1761.97 1762.92 -34.44 -1.92 2106.12 1218.55 -9.5 -14.5 0.3 Total volume*4,304,653,275 242,948,275
SmallCap 600 828.72 813.22 815.23 -16.66 -2.00 1041.03 595.67 -13.9 -20.2 -1.6 Percentage gainers… Adv. volume*1,719,298,425 77,322,447
TechnipFMC FTI 1,036.0 7.89 0.78 10.97 9.46 7.10 Decl. volume*2,564,522,431 164,937,911
Other Indexes
GenMark Diagnostics GNMK 170.0 17.00 1.41 9.04 18.85 15.59 Issues traded 3,395 1,417
Russell 2000 1441.30 1414.24 1416.00 -26.89 -1.86 1705.22 991.16 -9.4 -15.1 0.004
Advances 913 336
NYSE Composite 12107.95 11979.77 11990.14 -169.87 -1.40 14183.20 8777.38 -8.7 -13.8 0.7 Aspen Group ASPU 75.7 9.90 0.75 8.20 10.49 9.15
Declines 2,400 1,059
Value Line 446.80 437.50 437.86 -8.94 -2.00 562.05 305.71 -17.9 -20.7 -5.6 BG Staffing BGSF 131.2 10.84 0.76 7.54 10.84 10.08
Unchanged 82 22
NYSE Arca Biotech 5997.77 5842.37 5900.28 38.51 0.66 5900.28 3855.67 24.0 16.4 14.8
ChannelAdvisor ECOM 54.6 16.99 0.79 4.88 16.99 16.20
New highs 128 106
NYSE Arca Pharma 652.73 646.00 647.61 -4.34 -0.67 670.32 494.36 7.7 -0.9 6.8 ...And losers New lows 19 17
KBW Bank 72.94 71.25 71.49 -2.41 -3.26 114.12 56.19 -28.0 -36.9 -9.7 MOGU ADR MOGU 709.3 5.05 -0.87 -14.70 6.10 5.00 Closing Arms† 0.57 0.59
PHLX§ Gold/Silver 133.73 128.99 132.95 3.30 2.54 132.95 70.12 58.4 24.3 19.7 Evolus EOLS 66.6 3.71 -0.15 -3.89 3.96 3.70 Block trades* 26,282 1,175
PHLX§ Oil Service 33.49 32.71 32.73 -1.03 -3.06 81.75 21.47 -59.0 -58.2 -36.3 BrightSphere Invt Group BSIG 404.2 12.25 -0.49 -3.85 12.74 12.25 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2053.25 2016.58 2019.77 -27.04 -1.32 2046.81 1286.84 38.2 9.2 24.2 Unum Therapeutics UMRX 510.9 2.30 -0.09 -3.77 2.48 2.23 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 29.63 27.25 29.43 1.49 5.33 82.69 11.54 108.9 113.6 38.0 Levi Strauss LEVI 1,064.0 13.34 -0.49 -3.54 14.45 13.10 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2882.18 –31.64 –1.09 –11.4 MOGU ADR MOGU 5.92 3.03 104.84 6.85 0.88 91.6 Broadway Financial BYFC 2.36 -0.96 -28.92 7.23 1.04 44.8
DJ Global Index 409.68 –3.85 –0.93 –5.6 Corvus Pharmaceuticals CRVS 4.96 2.22 80.84 6.88 1.01 -11.7 Evolus EOLS 3.86 -1.46 -27.44 20.27 3.08 -74.7
DJ Global ex U.S. 239.99 –1.76 –0.73 –9.0 Annovis Bio ANVS 6.78 2.94 76.56 10.61 2.42 ... Remark Holdings MARK 1.89 -0.70 -27.03 3.56 0.25 125.0
Americas DJ Americas 731.08 –8.05 –1.09 –3.9 Hepion Pharmaceuticals HEPA 4.12 1.24 43.06 8.35 1.00 10.2 Sino-Global Shipping Amer SINO 2.22 -0.68 -23.45 4.90 1.40 -37.5
Brazil Sao Paulo Bovespa 97761.04 –1176.12 –1.19 –15.5 Vivint Solar VSLR 14.69 4.06 38.19 15.10 3.17 87.9 Trevi Therapeutics TRVI 5.49 -1.49 -21.35 8.49 1.33 -24.8
Canada S&P/TSX Comp 15595.50 –74.17 –0.47 –8.6 Vaxart VXRT 8.87 2.43 37.73 14.30 0.25 1098.6 Micro Focus Intl ADR MFGP 4.46 -1.17 -20.78 25.79 3.42 -81.8
Mexico S&P/BMV IPC 37837.39 –47.37 –0.13 –13.1 Novavax NVAX 104.56 25.12 31.62 111.77 3.54 1942.2 Electrameccanica Vehicles SOLO 4.15 -1.00 -19.42 6.00 0.89 32.2
Chile Santiago IPSA 2936.61 –18.45 –0.62 –12.0 89bio ETNB 33.05 6.57 24.81 47.25 14.00 ... Net Element NETE 10.50 -2.44 -18.86 13.43 1.47 139.2
SunRun RUN 26.17 4.83 22.63 27.59 7.84 31.7 Carver Bancorp CARV 7.12 -1.59 -18.25 22.97 1.25 124.1
EMEA Stoxx Europe 600 368.96 –2.25 –0.61 –11.3
Broadwind BWEN 4.35 0.78 21.85 4.50 1.12 84.3 Optinose OPTN 4.54 -0.99 -17.90 11.66 3.28 -39.0
Eurozone Euro Stoxx 362.64 –2.59 –0.71 –10.2
Belgium Bel-20 3462.83 –10.36 –0.30 –12.5 VBI Vaccines VBIV 3.36 0.59 21.30 3.54 0.47 269.3 Nikola NKLA 40.23 -8.69 -17.76 93.99 10.13 296.7
Denmark OMX Copenhagen 20 1274.28 –3.60 –0.28 12.2 Livongo Health LVGO 93.76 16.13 20.78 95.45 15.12 ... Urban One Cl D UONEK 1.95 -0.42 -17.72 6.84 0.56 -11.0
France CAC 40 5043.73 –37.78 –0.74 –15.6 New Fortress Energy NFE 15.66 2.66 20.46 19.50 7.01 34.8 Consolidated Water CWCO 12.86 -2.64 -17.03 18.83 12.00 -9.1
Germany DAX 12616.80 –116.65 –0.92 –4.8 Ruhnn Holding ADR RUHN 3.70 0.60 19.35 9.60 2.49 4.4 Blink Charging BLNK 7.10 -1.31 -15.54 8.50 1.25 160.8
1389.12 –0.27 –17.5 Energous Corp. WATT 3.42 0.50 17.12 4.78 0.61 -18.8 Graf Industrial GRAF 16.65 -3.03 -15.40 24.35 9.87 67.0
Israel Tel Aviv –3.74
Italy FTSE MIB 20012.68 –19.18 –0.10 –14.9
Netherlands AEX 575.52 –3.00 –0.52 –4.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1247.83 0.69 0.06 –19.4 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 55243.80 397.52 0.72 –3.2
Spain IBEX 35 7447.40 –108.80 –1.44 –22.0 NIO ADR NIO 441,716 602.3 13.22 14.86 13.77 1.19 Jaws Acquisition Cl A JWS 619 2898 10.17 -0.29 10.36 10.15
Sweden OMX Stockholm 671.21 –2.51 –0.37 –1.4 TOP Ships TOPS 292,733 219.5 0.11 -21.05 13.60 0.07 KBL Merger IV KBLM 177 2073 10.95 0.00 11.50 9.43
Genius Brands Intl GNUS 134,444 148.7 2.28 -14.29 11.73 0.05 Leo Holdings Cl A LHC 2,771 1471 10.36 -0.10 10.60 9.22
Switzerland Swiss Market 10207.96 –45.42 –0.44 –3.9
119338.85 0.72 4.3 Corvus Pharmaceuticals CRVS 96,873 74045.4 4.96 80.84 6.88 1.01 Vivint Solar VSLR 26,113 1306 14.69 38.19 15.10 3.17
Turkey BIST 100 853.61
ProSh UltraPro Shrt QQQ SQQQ 94,299 30.9 6.75 1.96 39.29 6.42 SunRun RUN 19,777 954 26.17 22.63 27.59 7.84
U.K. FTSE 100 6189.90 –96.04 –1.53 –17.9
U.K. FTSE 250 17350.04 –199.99 –1.14 –20.7 SPDR S&P 500 SPY 82,422 -24.6 313.78 -1.03 339.08 218.26 Evolus EOLS 8,261 830 3.86 -27.44 20.27 3.08
American Airlines Group AAL 77,091 -22.4 11.91 -6.95 34.99 8.25 Strattec Security STRT 118 799 22.47 15.35 25.94 11.74
Asia-Pacific
Zomedica Pharmaceuticals ZOM 65,802 21.3 0.17 -0.23 0.50 0.11 Osprey Tech Acqn Cl A SFTW 274 733 9.95 -0.50 10.33 9.11
Australia S&P/ASX 200 6012.90 –1.71 –0.03 –10.0
AgEagle Aerial Systems UAVS 65,592 424.0 1.66 29.69 5.15 0.19 Line ADR LN 184 721 51.45 -0.69 51.97 27.68
China Shanghai Composite 3345.34 12.46 0.37 9.7
Caesars Entertainment CZR 62,462 308.1 11.92 -1.41 14.74 3.22 First Tr DJ Intl Internet FDNI 74 685 35.76 -0.58 37.31 19.28
Hong Kong Hang Seng 25975.66 –363.50 –1.38 –7.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 36674.52 187.25 0.51 –11.1 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 22614.69 –99.75 –0.44 –4.4
Singapore Straits Times 2661.42 –28.19 –1.05 –17.4 Track the Markets
South Korea Kospi 2164.17 –23.76 –1.09 –1.5 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 12092.97 –23.73 –0.20 0.8 global stock indexes, bond ETFs,
Thailand SET 1373.22 0.95 0.07 –13.1
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Tues YTDchg Tues YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004310 23200 0.1
Americas
Argentina peso .0141 70.8813 18.4 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1858 5.3818 33.9 Czech Rep. koruna .04219 23.702 4.5

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7350 1.3606
.001267 789.50
4.7
6.8
Denmark krone
Euro area euro
.1513 6.6085
1.1275 .8870
–0.8
–0.5
notes and bonds major U.S. trading partners .000276 3626.01 .003180 314.44
30-year mortgage, Rate Colombiapeso 10.5 Hungary forint 6.5
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007172 139.43 15.1
benchmark over the past year 4.00% Mexico peso .0437 22.8595 20.8 Norway krone .1054 9.4914 8.1
Bankrate.com avg†: 3.25% 8%
WSJ Dollar index Uruguay peso .02316 43.1750 16.2 Poland zloty .2519 3.9696 4.6
s

Home Loans Today 2.75% Russia ruble .01402 71.326 14.9

One year ago 3.00 Yen Asia-Pacific
4.00% 4
s

Centennial, Colo. 866-919-2064 Sweden krona .1080 9.2628 –1.1

t Australian dollar .6947 1.4395 1.0
t
First National Bank 2.88% Switzerland franc 1.0610 .9425 –2.6
30-year fixed-rate 3.00 2.00 China yuan .1426 7.0140 0.7
0 Turkey lira .1458 6.8597 15.3
mortgage Waverly, IA 319-266-2000 Hong Kong dollar .1290 7.7502 –0.5
Ukraine hryvnia .0371 26.9500 13.8
India rupee .01335 74.905 5.0
2.00 Raccoon Valley Bank 2.88% Tradeweb ICE Tuesday Close 1.00 –4 s
UK pound 1.2544 .7972 5.7
Indonesia rupiah .0000693 14440 4.0
t
Perry, IA 515-645-3521 t Middle East/Africa
Euro Japan yen .009301 107.52 –1.0
10-year Treasury 1.00 0.00
BankFive 3.25% –8 Kazakhstan tenge .002439 410.06 7.4 Bahrain dinar 2.6518 .3771 0.02
note yield
Fall River, MA 800-679-4420 1 3 6 1 2 3 5 7 10 20 30 Macau pataca .1253 7.9835 –0.4 Egypt pound .0624 16.0257 –0.1
0.00 2019 2020 Malaysia ringgit .2339 4.2745 4.5 Israel shekel .2902 3.4462 –0.2
East Boston Savings Bank 3.25% month(s) years
J A S O N D J FMAM J J New Zealand dollar .6546 1.5277 2.8 Kuwait dinar 3.2463 .3080 1.6
Boston, MA 800-657-EBSB maturity Pakistan rupee .00598 167.225 7.9 Oman sul rial 2.5975 .3850 –0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0202 49.550 –2.3 Qatar rial .2747 3.641 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7167 1.3952 3.7 Saudi Arabia riyal .2666 3.7511 –0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008356 1196.81 3.6 South Africa rand .0582 17.1706 22.7
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.50 -1.00 Sri Lanka rupee .0053816 185.82 2.5
Yield (%) 52-Week Total Return (%) Taiwan dollar .03392 29.483 –1.4 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.50 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03204 31.210 4.9 WSJ Dollar Index 91.22 0.19 0.21 1.85
Libor, 3-month 0.27 0.30 0.27 l 2.34 -1.04
U.S. Treasury, Barclays 2478.810 0.500 0.500 2.040 0.480 10.90 5.77 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.27 0.28 0.27 l 0.78 -0.06
1.290 26.45 12.82
Five-year CD, annual yield 0.72 0.73 0.71 l 1.97 -0.67 U.S. Treasury Long, Barclays 4892.100 1.320 2.570 0.980
Commodities
30-year mortgage, fixed† 3.25 3.30 3.25 l 4.22 -0.83 Aggregate, Barclays 2269.980 1.230 1.250 2.590 1.230 9.29 5.58 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.79 2.83 2.79 l 3.57 -0.48 Fixed-Rate MBS, Barclays 2224.020 1.340 1.360 2.790 0.930 5.68 4.07
Jumbo mortgages, $510,400-plus† 3.30 3.34 3.30 l 4.71 -1.15 DJ Commodity 576.17 2.37 0.41 647.86 433.70 -6.19 -10.30
High Yield 100, ICE BofA 3037.284 5.500 n.a. 10.740 4.516 –1.107 2.705
Five-year adj mortgage (ARM)† 3.13 3.12 3.11 l 4.78 -0.34 TR/CC CRB Index 141.56 0.66 0.47 187.39 106.29 -21.66 -23.80
Muni Master, ICE BofA 582.171 1.176 1.194 3.441 0.959 4.801 4.200 Crude oil, $ per barrel 40.62 -0.01 -0.02 63.27 -37.63 -29.76 -33.48
New-car loan, 48-month 4.29 4.44 4.17 l 4.70 1.15
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 876.201 4.999 5.146 7.480 4.523 2.578 4.039 Natural gas, $/MMBtu 1.876 0.046 2.51 2.862 1.482 -22.64 -14.30
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. 1804.20 15.70 0.88 1804.20 1397.50 29.10 18.74

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THE WALL STREET JOURNAL. Wednesday, July 8, 2020 | B11

COMMODITIES wsj.com/market-data/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 Sept 2,148 2,163 t 2,130 2,148 –4 92,932 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open Agriculture Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. July .7372 .7394 .7348 .7357 –.0029 412
July 99.25 99.25 99.25 99.25 2.05 280 Sept .7388 .7396 .7348 .7358 –.0029 114,294
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Sept 98.15 100.70 97.25 100.30 2.15 104,428 British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. July 347.50 347.75 341.25 345.00 –1.50 2,477 July 1.2504 1.2592 1.2464 1.2554 .0055 464
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
July 2.7810 2.7875 2.7380 2.7875 0.0215 3,930 Sept 347.00 348.00 340.25 343.50 –3.00 606,511 Sept 1.2493 1.2598 1.2467 1.2559 .0056 177,043
Oct 11.88 12.23 11.78 12.18 .25 410,718
Sept 2.7900 2.7990 2.7460 2.7970 0.0225 109,929 Oats (CBT)-5,000 bu.; cents per bu. March'21 12.65 12.87 12.45 12.83 .24 197,491 Swiss Franc (CME)-CHF 125,000; $ per CHF
Gold (CMX)-100 troy oz.; $ per troy oz. July 340.00 345.00 340.00 337.75 –2.00 29 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 1.0637 1.0651 1.0599 1.0637 –.0007 46,481
July 1789.30 1803.90 s 1783.30 1804.20 15.70 864 Dec 280.25 282.75 277.50 279.00 –2.00 3,455 Sept 26.10 26.25 26.10 26.20 .15 2,345 Dec 1.0655 1.0676 1.0630 1.0667 –.0007 105
Aug 1793.90 1810.80 s 1781.20 1809.90 16.40 380,303 Soybeans (CBT)-5,000 bu.; cents per bu. Nov 26.11 26.11 26.11 26.30 … 2,638 Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct 1806.90 1822.00 s 1793.00 1821.70 16.80 37,274 July 894.00 899.25 894.00 895.25 –3.25 518 Cotton (ICE-US)-50,000 lbs.; cents per lb. July .6994 .6997 .6923 .6958 –.0018 388
Dec 1817.20 1835.00 s 1804.80 1834.30 18.20 96,358 Nov 906.75 909.25 900.25 902.50 –3.75 344,940 July 63.24 63.24 63.24 63.24 .17 172 Sept .6977 .6999 .6923 .6960 –.0018 104,463
Soybean Meal (CBT)-100 tons; $ per ton. Dec 63.00 63.40 62.55 63.02 –.12 117,567 Mexican Peso (CME)-MXN 500,000; $ per MXN
Feb'21 1825.50 1843.20 s 1813.50 1843.00 19.20 22,663
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. July .04412 .04482 .04374 .04402 –.00064 77
June 1826.50 1850.80 s 1826.50 1850.10 20.60 6,140 July 296.20 296.20 293.00 293.30 –2.10 1,562
July 125.25 125.25 125.25 125.25 –1.70 1 Sept .04441 .04453 .04333 .04366 –.00064 120,650
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 307.00 307.70 302.60 303.10 –2.90 162,424 Sept 127.00 127.50 124.55 125.50 –1.70 7,911
July … ... s ... 1930.10 –0.70 ... Soybean Oil (CBT)-60,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
July 1.1320 1.1334 1.1261 1.1288 –.0030 10,903
Sept 1949.90 1955.00 1910.50 1951.60 –0.70 6,838 July 28.27 28.80 28.27 28.76 .34 622 Interest Rate Futures Sept 1.1327 1.1350 1.1276 1.1304 –.0030 576,985
Dec 1930.30 1945.00 1930.30 1948.00 –0.70 392 Dec 29.20 29.64 28.83 29.56 .33 171,326
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
17.50 17.75 16.42 16.52 .11 325
Sept 217-030 220-070 216-190 219-090 2-07.0 1,055,799 Index Futures
July 835.80 851.20 830.40 853.80 26.00 953 July
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Oct 841.60 866.50 829.40 863.20 25.50 44,752 Sept 12.21 12.39 12.19 12.31 .11 8,198
Sept 178-010 179-120 177-250 179-000 1-01.0 1,013,733
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Sept 26167 26280 25741 25770 –409 72,851
Dec 177-200 177-200 176-120 177-150 1-01.0 4
July 18.220 18.590 18.220 18.628 0.124 3,401 July 492.75 495.00 489.50 492.25 2.75 105 Dec 26034 26150 25622 25654 –408 226
Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index
Sept 18.585 18.720 18.235 18.699 0.117 134,377 Sept 494.25 500.00 489.75 495.25 2.00 221,459 Sept 139-005 139-105 138-300 139-065 7.0 3,435,246
Sept 3146.80 3183.20 3135.10 3136.40 –35.50 10,193
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec … … … 3125.90 –35.50 2
Aug 40.68 40.95 39.90 40.62 –0.01 245,607 July 436.50 436.50 432.75 436.00 3.25 58 Sept 125-210 125-242 125-202 125-222 1.7 3,472,465
Mini S&P 500 (CME)-$50 x index
Sept 40.75 41.01 40.00 40.70 –0.03 309,854 Sept 439.00 444.00 435.00 440.75 2.25 152,328 Dec 125-220 125-260 125-220 125-237 1.2 49
Sept 3170.00 3184.00 3132.50 3136.50 –35.50 2,576,791
Oct 40.86 41.16 40.17 40.84 –0.04 162,619 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 3158.25 3173.50 3122.75 3126.00 –35.50 47,132
Sept 110-122 110-128 110-121 110-123 … 2,087,519
Dec 41.10 41.41 40.46 41.06 –0.04 282,313 Aug 135.825 136.400 134.850 134.925 –1.225 16,472 Mini S&P Midcap 400 (CME)-$100 x index
Sept 137.125 137.500 136.225 136.325 –.900 7,028
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 1792.60 1802.50 1756.80 1758.20 –35.20 63,105
June'21 41.70 42.06 41.16 41.75 0.06 131,209 July 99.9175 99.9175 99.9125 99.9125 –.0025 194,631
Dec 42.13 42.54 41.67 42.24 0.11 145,940 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 1806.50 1793.80 1759.70 1757.70 –35.20 3
Oct 99.9500 99.9500 99.9450 99.9450 .0000 234,906
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Aug 100.000 100.375 99.600 100.000 –.100 116,821 Mini Nasdaq 100 (CME)-$20 x index
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Sept 10600.00 10694.50 s 10505.75 10532.25 –66.25 210,568
Aug 1.2450 1.2524 1.2220 1.2433 .0016 76,817 Oct 103.925 104.400 103.700 104.175 .250 70,165 Sept 100-255 101-095 100-250 101-020 10.5 72,236
Dec 10594.50 10682.00 s 10497.00 10521.75 –67.00 981
Sept 1.2560 1.2648 1.2343 1.2554 .0018 48,628 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 2000 (CME)-$50 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 44.675 44.950 44.525 44.525 –.425 17,752 July 99.7275 99.7350 s 99.7225 99.7325 .0100 309,782
Sept 1442.00 1450.00 1409.40 1410.90 –31.80 522,204
Aug 1.2444 1.2841 1.2286 1.2750 .0342 88,742 Aug 48.425 49.875 48.225 48.875 –.400 81,252 Sept 99.7400 99.7500 99.7350 99.7450 .0100 1,674,397
Dec 1440.50 1445.80 1407.60 1408.20 –31.80 435
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 99.7100 99.7200 99.7050 99.7150 .0050 1,084,859
Sept 1.2261 1.2601 1.2142 1.2520 .0259 68,665 Mini Russell 1000 (CME)-$50 x index
466.10 474.80 s 460.10 471.00 10.90 212 March'21 99.8000 99.8050 99.7950 99.8000 … 952,792
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July Sept 1748.70 1760.80 1738.20 1738.30 –19.10 7,949
Aug 1.829 1.924 1.829 1.876 .046 289,509 Sept 454.80 468.30 s 453.10 455.30 2.10 1,713 U.S. Dollar Index (ICE-US)-$1,000 x index
Milk (CME)-200,000 lbs., cents per lb. Currency Futures Sept 96.70 97.11 96.56 96.84 .16 22,069
Sept 1.893 1.989 1.893 1.939 .046 205,486
July 23.31 23.46 s 23.13 23.44 .19 6,084 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 96.59 97.10 96.59 96.84 .16 637
Oct 1.988 2.078 1.984 2.028 .045 122,009
Jan'21 2.843 2.920 2.843 2.908 .038 112,146 Aug 21.65 22.10 s 21.17 21.50 –.14 5,213 July .9314 .9325 .9278 .9301 –.0021 1,113
Cocoa (ICE-US)-10 metric tons; $ per ton. Sept .9321 .9333 .9283 .9309 –.0021 136,348 Source: FactSet
March 2.719 2.778 2.712 2.768 .035 79,870
April 2.458 2.505 2.457 2.499 .026 76,661 July 2,217 2,217 2,217 2,217 30 3

Bonds | wsj.com/market-data/bonds/benchmarks
Cash Prices | wsj.com/market-data/commodities Tuesday, July 7, 2020
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Tracking Bond Benchmarks
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
months. highs and lows for different types of bonds
Tuesday Tuesday Tuesday Total Total
return YTD total Yield (%) return YTD total Yield (%)
Aluminum, LME, $ per metric ton *1593.0 Wheat,No.1soft white,Portld,OR-u 5.7900
Energy close return (%) Index Latest Low High close return (%) Index Latest Low High
Copper,Comex spot 2.7875
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.000 Iron Ore, 62% Fe CFR China-s 103.5 Food Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m 254 Beef,carcass equiv. index
2269.98 6.5 U.S. Aggregate 1.230 1.230 2.590 2224.02 3.5 Mortgage-Backed 1.340 0.930 2.790
Steel, HRC USA, FOB Midwest Mill-s 470 169.92
Metals choice 1-3,600-900 lbs.-u
Fibers and Textiles select 1-3,600-900 lbs.-u 160.44 U.S. Corporate Indexes Bloomberg Barclays 2177.08 3.6 Ginnie Mae (GNMA) 0.740 0.490 2.740
Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.7424 1311.86 3.5 Fannie mae (FNMA) 1.570 1.110 2.810
Burlap,10-oz,40-inch NY yd-n,w 0.5850 3339.86 6.2 U.S. Corporate 2.060 2.060 4.580
Engelhard industrial 1781.00 Butter,AA Chicago 1.7375
Handy & Harman base 1789.55 Cotton,1 1/16 std lw-mdMphs-u 0.6124 Cheddar cheese,bbl,Chicago 237.00 3031.87 4.7 Intermediate 1.470 1.470 4.400 2014.21 3.5 Freddie Mac (FHLMC) 1.550 1.080 2.810
Handy & Harman fabricated 1986.40 Cotlook 'A' Index-t *70.45 Cheddar cheese,blk,Chicago 271.00
Hides,hvy native steers piece fob-u n.a. 4944.51 8.6 Long term 3.030 2.950 4.930 582.17 2.9 Muni Master 1.176 0.959 3.441
LBMA Gold Price AM *1774.40 Milk,Nonfat dry,Chicago lb. 103.25
LBMA Gold Price PM *1787.90 Wool,64s,staple,Terr del-u,w 2.55 Coffee,Brazilian,Comp 0.9233 691.48 7.4 Double-A-rated 1.460 1.460 3.360 411.29 3.1 7-12 year 1.143 0.924 3.447
Krugerrand,wholesale-e 1870.34 Grains and Feeds Coffee,Colombian, NY 1.4723
875.21 4.7 Triple-B-rated 2.490 2.490 5.350 467.11 3.1 12-22 year 1.634 1.224 3.690
Maple Leaf-e 1888.32 Eggs,large white,Chicago-u 0.8050
American Eagle-e 1888.32 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.15 High Yield Bonds ICE BofA 449.07 1.9 22-plus year 2.414 1.765 4.123
Mexican peso-e 2176.33 Bran,wheat middlings, KC-u 75 Hams,17-20 lbs,Mid-US fob-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 3.3050 450.56 -3.5 High Yield Constrained 6.456 5.151 11.400 Global Government J.P. Morgan†
Austria crown-e 1765.79 Hogs,Iowa-So. Minnesota-u 51.22
1888.32 Corn gluten feed,Midwest-u,w 105.1 n.a. 612.41 5.1 Global Government 0.570 0.390 1.130
Austria phil-e Pork bellies,12-14 lb MidUS-u 384.68 -12.1 Triple-C-rated 14.065 10.735 19.071
Corn gluten meal,Midwest-u,w 398.7 Pork loins,13-19 lb MidUS-u 0.7797
Silver, troy oz. 868.37 8.1 Canada 0.700 0.590 1.740
Cottonseed meal-u,w 245 Steers,Tex.-Okla. Choice-u n.a. 3037.28 -4.9 High Yield 100 5.500 4.516 10.740
Engelhard industrial 18.1700
Hominy feed,Cent IL-u,w 102 149.25
Handy & Harman base 18.3300 Steers,feeder,Okla. City-u,w 408.66 -3.0 Global High Yield Constrained 6.350 4.893 11.310 408.32 2.0 EMU§ 0.348 0.109 0.794
Meat-bonemeal,50% pro Mnpls-u,w 170
Handy & Harman fabricated 22.9130
Oats,No.2 milling,Mnpls-u 3.3700 Fats and Oils 314.22 -4.4 Europe High Yield Constrained 4.513 2.464 8.183 778.10 2.5 France 0.080 -0.160 0.430
LBMA spot price *£14.6100
Rice, Long Grain Milled, No. 2 AR-u,w 30.00
(U.S.$ equivalent) *18.2550 Sorghum,(Milo) No.2 Gulf-u 8.3025 Corn oil,crude wet/dry mill wtd. avg.-u,w 48.9800 U.S Agency Bloomberg Barclays 545.62 1.8 Germany -0.310 -0.740 -0.050
Coins,wholesale $1,000 face-a 16571 Grease,choice white,Chicago-h 0.2100
SoybeanMeal,Cent IL,rail,ton48%-u 296.00 1860.78 5.1 U.S Agency 0.560 0.530 2.170 294.36 -1.3 Japan 0.310 -0.070 0.320
Other metals Soybeans,No.1 yllw IL-bp,u 8.7600 Lard,Chicago-u n.a.
LBMA Platinum Price PM *827.0 Wheat,Spring14%-pro Mnpls-u 6.2300 Soybean oil,crude;Centl IL-u 0.2800 1620.83 3.7 10-20 years 0.420 0.390 2.080 607.80 2.0 Netherlands -0.200 -0.540 0.080
Platinum,Engelhard industrial 833.0 Wheat,No.2 soft red,St.Louis-bp,u 5.0200 Tallow,bleach;Chicago-h 0.2250 4280.95 12.2 20-plus years 1.480 1.170 2.690 1103.78 9.8 U.K. 0.480 0.390 1.250
Palladium,Engelhard industrial 1930.0 Wheat - Hard - KC (USDA) $ per bu-u 4.6075 Tallow,edible,Chicago-u 0.3800
2850.81 4.3 Yankee 1.650 1.650 3.500 876.20 -0.6 Emerging Markets ** 4.999 4.523 7.480
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; *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
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 7/6
Source: Dow Jones Market Data ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan

Global Government Bonds: Mapping Yields

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Money Rates July 7, 2020
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
guide to general levels but don’t always represent actual transactions. 0.125 U.S. 2 0.161 l 0.161 0.212 1.863
0.625 10 0.654 t l 0.679 0.902 2.037
Inflation Week —52-WEEK— Week —52-WEEK— 2.000 Australia 2 0.256 s l 0.256 0.295 0.949 9.5 9.5 -91.4
Latest ago High Low Latest ago High Low
May index Chg From (%) 2.500 10 0.892 t l 0.936 1.102 1.293 23.8 25.6 -74.4
level April '20 May '19 High 0.1000 0.1000 3.0000 0.1000 Commercial paper (AA financial)
Low 0.0300 0.0100 2.3300 0.0100
0.000 France 2 -0.603 s l -0.605 -0.500 -0.676 -76.3 -76.6 -253.9
90 days 0.16 n.a. 2.53 0.04
U.S. consumer price index Bid 0.0300 0.0500 2.4000 0.0100 0.000 10 -0.115 s l -0.119 0.027 -0.082 -76.8 -79.8 -211.9
All items 256.394 0.002 0.1 Offer 0.0800 0.0800 2.5000 0.0500 Libor 0.000 Germany 2 -0.673 s l -0.684 -0.597 -0.750 -83.3 -84.5 -261.3
Core 265.799 –0.11 1.2 One month 0.18250 0.16225 2.36913 0.16225
Treasury bill auction 0.000 10 -0.427 s l -0.433 -0.276 -0.362 -108.1 -111.2 -239.9
Three month 0.26838 0.30200 2.34075 0.26838
4 weeks 0.115 0.110 2.210 0.000 1.000 Italy 2 -0.081 s l -0.088 0.109 0.100 -24.1 -24.8 -176.3
International rates Six month 0.36025 0.36925 2.26238 0.36025
13 weeks 0.150 0.150 2.210 0.000
One year 0.49225 0.54575 2.28575 0.49225 0.950 10 1.216 t l 1.237 1.418 1.744 56.3 55.8 -29.2
Week 52-Week 26 weeks 0.165 0.165 2.075 0.080
Latest ago High Low Euro Libor 0.100 Japan 2 -0.129 s l -0.136 -0.157 -0.209 -29.0 -29.6 -207.2
Secondary market
One month -0.493 -0.484 -0.360 -0.621 0.100 10 0.040 t l 0.045 0.041 -0.163 -61.4 -63.5 -220.0
Prime rates Fannie Mae Three month -0.428 -0.422 -0.142 -0.539
0.400 Spain 2 -0.394 t l -0.392 -0.342 -0.437 -55.5 -55.3 -230.1
U.S. 3.25 3.25 5.50 3.25 30-year mortgage yields Six month -0.343 -0.319 -0.052 -0.491
Canada 2.45 2.45 3.95 2.45 One year -0.254 -0.246 0.008 -0.441 1.250 10 0.420 t l 0.429 0.567 0.330 -23.4 -25.0 -170.7
30 days 2.093 2.145 3.424 2.093
Japan 1.475 1.475 1.475 1.475 60 days 2.176 2.221 3.434 2.176 0.500 U.K. 2 -0.071 t l -0.064 0.010 0.630 -23.2 -22.5 -123.3
Secured Overnight Financing Rate
Policy Rates Other short-term rates 0.10 0.08 5.25 0.01 4.750 10 0.181 t l 0.203 0.357 0.739 -47.3 -47.7 -129.8
Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Source: Tullett Prebon
Week 52-Week Latest Traded High Low
Switzerland 0.00 0.50 0.50 0.00 Latest high low
ago
Britain 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Corporate Debt
Australia 0.25 0.25 1.00 0.25 Call money 0.136 35.950 6.007 0.002
Treasury Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
2.00 2.00 4.25 2.00 MBS 0.144 73.700 6.699 0.011
Overnight repurchase that same company’s share price.
U.S. 0.14 0.14 3.40 -0.07 Investment-grade spreads that tightened the most…
Notes on data: Spread*, in basis points Stock Performance
U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary
Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is MassMutual Global Funding II … 3.400 March 8, ’26 31 –47 84 ... ...
as of July 6, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for Wells Fargo WFC 5.875 June 15, ’49 420 –33 431 24.46 –4.04
0.25 0.25 3.00 0.25 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. Waste Management WM 2.950 June 15, ’24 176 –32 212 104.62 –0.56
Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Mars … 2.700 April 1, ’25 55 –23 80 ... ...
Effective rate 0.0900 0.0800 2.4300 0.0600 Tullett Prebon Information, Ltd. Noble Energy NBL 3.900 Nov. 15, ’24 284 –20 n.a. 8.94 –5.40
Nordstrom JWN 8.750 May 15, ’25 473 –14 n.a. 15.24 –3.73
Fifth Third Bancorp FITB 2.375 Jan. 28, ’25 67 –13 82 18.06 –4.24
Exchange-Traded Portfolios | WSJ.com/ETFresearch Southwest Airlines LUV 5.250 May 4, ’25 324 –13 377 33.01 –3.76

Largest 100 exchange-traded funds, latest session

Closing Chg YTD …And spreads that widened the most
ETF Symbol Price (%) (%)
Energy Transfer Operating … 5.500 June 1, ’27 320 43 298 ... ...
Closing Chg YTD Schwab US TIPs SCHP 60.38 0.08 6.6
Tuesday, July 7, 2020
ETF Symbol Price (%) (%)
ONEOK OKE 2.750 Sept. 1, ’24 209 34 n.a. 27.58 –2.51
SPDR DJIA Tr DIA 259.04 –1.51 –9.1
Closing Chg YTD AerCap Ireland Capital DAC … 4.875 Jan. 16, ’24 453 27 480 … …
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 42.42 –1.67 –5.5 SPDR S&PMdCpTr MDY 321.12 –1.90 –14.5
SPDR S&P 500 SPY 313.78 –1.03 –2.5
DXC Technology DXC 4.125 April 15, ’25 225 20 233 15.28 –0.07
CommSvsSPDR XLC 56.15 –0.28 4.7 iShMSCIJapan EWJ 55.38 –0.89 –6.5
CnsmrDiscSelSector XLY 130.50 –1.57 4.1 iShNasdaqBiotech IBB 140.06 0.44 16.2 SPDR S&P Div SDY 90.33 –1.61 –16.0 MPLX MPLX 4.875 Dec. 1, ’24 172 20 n.a. 18.00 2.33
CnsStapleSelSector XLP 59.82 0.91 –5.0 iShNatlMuniBd MUB 115.45 0.03 1.4 TechSelectSector XLK 105.99 –1.05 15.6 ViacomCBS VIAC 4.000 Jan. 15, ’26 129 20 n.a. 22.95 –3.12
EnSelectSectorSPDR XLE 36.26 –3.18 –39.6 iShPfd&Incm PFF 34.68 –0.12 –7.7 UtilitiesSelSector XLU 56.96 –0.40 –11.9 Kinder Morgan KMI 5.550 June 1, ’45 254 18 274 14.67 –3.42
FinSelSectorSPDR XLF 22.93 –2.05 –25.5 iShRussell1000Gwth IWF 198.24 –0.73 12.7 VanEckGoldMiner GDX 37.73 2.42 28.9 Credit Suisse AG CS 6.500 Aug. 8, ’23 263 16 n.a. 10.37 –2.54
FT DJ Internet FDN 178.19 –0.31 28.1 iShRussell1000 IWB 174.64 –0.98 –2.1 VangdInfoTech VGT 282.72 –0.92 15.5
HealthCareSelSect XLV 101.74 –0.87 –0.1 iShRussell1000Val IWD 112.62 –1.39 –17.5 VangdSC Val VBR 104.59 –2.20 –23.7 High-yield issues with the biggest price increases…
InvscQQQI QQQ 256.61 –0.69 20.7 iShRussell2000 IWM 140.89 –1.77 –15.0 VangdSC Grwth VBK 201.26 –1.03 1.3 Bond Price as % of face value Stock Performance
InvscS&P500EW RSP 101.70 –1.60 –12.1 iShRussell3000 IWV 182.78 –1.07 –3.0 VangdDivApp VIG 118.48 –0.55 –5.0 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
VangdFTSEDevMk VEA 39.42 –1.38 –10.5
iSh3-7YTreasuryBd IEI 133.59 0.10 6.2 iShRussellMid-Cap IWR 53.72 –1.52 –9.9 Endo … 6.000 June 30, ’28 68.000 3.00 64.750 … …
37.71 –1.31 –10.4 75.83 –1.91 –20.0 VangdFTSE EM VWO 42.22 –1.59 –5.1
iShCoreDivGrowth DGRO iShRussellMCValue IWS Occidental Petroleum OXY 3.000 Feb. 15, ’27 84.110 2.11 77.750 17.15 –5.67
iShCoreMSCIEAFE IEFA 58.17 –1.44 –10.8 iShS&P500Growth IVW 212.88 –0.89 9.9 VangdFTSE Europe VGK 51.30 –1.54 –12.5
Range Resources RRC 9.250 Feb. 1, ’26 92.030 2.03 93.703 6.70 4.36
iShCoreMSCIEM IEMG 50.53 –1.69 –6.0 iShS&P500Value IVE 108.29 –1.28 –16.8 VangdFTSEAWxUS VEU 48.94 –1.43 –8.9
Calumet Specialty Products Partners CLMT 7.625 Jan. 15, ’22 102.000 2.00 n.a. 2.39 2.14
iShCoreMSCITotInt IXUS 56.05 –1.44 –9.5 iShShortCpBd IGSB 54.69 –0.09 2.0 VangdGrowth VUG 208.12 –0.83 14.2
iShCoreS&P500 IVV 314.98 –1.03 –2.6 iShShortTreaBd SHV 110.73 ... 0.2 VangdHlthCr VHT 196.24 –0.58 2.3 Hillenbrand HI 5.750 June 15, ’25 107.184 1.93 103.750 26.11 –2.43
iShCoreS&P MC IJH 175.79 –1.97 –14.6 iShTIPSBondETF TIP 123.69 0.02 6.1 VangdHiDiv VYM 78.80 –1.10 –15.9 Methanex … 5.650 Dec. 1, ’44 78.930 1.86 n.a. ... ...
iShCoreS&P SC IJR 66.95 –2.02 –20.2 iSh1-3YTreasuryBd SHY 86.55 0.02 2.3 VangdIntermBd BIV 93.21 –0.02 6.9 Gogo Intermediate Holdings … 9.875 May 1, ’24 88.750 1.57 86.970 … …
iShS&PTotlUSStkMkt ITOT 70.48 –1.07 –3.0 iSh7-10YTreasuryBd IEF 121.93 0.32 10.6 VangdIntrCorpBd VCIT 95.49 –0.07 4.6 NCL … 3.625 Dec. 15, ’24 64.000 1.50 61.500 … …
iShCoreUSAggBd AGG 118.36 0.15 5.3 iSh20+YTreasuryBd TLT 165.21 1.41 21.9 VangdLC VV 145.63 –1.03 –1.5
iShSelectDividend DVY 79.61 –1.64 –24.7 iShRussellMCGrowth IWP 161.33 –0.74 5.7 VangdMC VO 165.11 –1.13 –7.3 …And with the biggest price decreases
iShEdgeMSCIMinEAFE EFAV 66.61 –1.03 –10.6 iShUSTreasuryBdETF GOVT 28.00 0.30 8.0 VangdMBS VMBS 54.39 ... 2.3 American Airlines AAL 3.750 March 1, ’25 45.000 –3.00 47.750 11.91 –6.95
60.98 –0.70 –7.0 JPM UltShtIncm 50.74 0.02 0.6 VangdRealEst VNQ 78.48 –1.99 –15.4
iShEdgeMSCIMinUSA USMV JPST Continental Resources CLR 4.375 Jan. 15, ’28 86.750 –2.75 89.000 15.54 –9.44
iShEdgeMSCIUSAMom MTUM 136.13 –0.34 8.4 PIMCOEnhShMaturity MINT 101.60 –0.02 0.0 VangdS&P500ETF VOO 288.24 –1.04 –2.6
Laredo Petroleum LPI 10.125 Jan. 15, ’28 63.570 –2.49 69.500 12.27 –6.69
iShEdgeMSCIUSAQual QUAL 97.22 –1.22 –3.7 SPDR BlmBarcHYBd JNK 101.88 –0.55 –7.0 VangdST Bond BSV 83.06 0.04 3.0
Yum! Brands YUM 7.750 April 1, ’25 110.634 –2.28 108.021 86.86 –1.86
iShGoldTr IAU 17.17 0.64 18.4 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 VangdSTCpBd VCSH 82.58 –0.08 1.9
iShiBoxx$InvGrCpBd LQD 135.58 0.13 6.0 SPDR Gold GLD 169.04 0.63 18.3 VangdSC VB 144.80 –1.68 –12.6 United States Steel X 6.650 June 1, ’37 60.600 –1.92 n.a. 6.93 –2.67
iShiBoxx$HYCpBd HYG 82.17 –0.66 –6.6 SchwabIntEquity SCHF 30.20 –1.50 –10.2 VangdTotalBd BND 88.45 0.16 5.5 Asbury Automotive ABG 4.500 March 1, ’28 97.000 –1.50 n.a. 85.73 9.34
iShIntermCorpBd IGIB 60.50 ... 4.3 SchwabUS BrdMkt SCHB 74.52 –1.06 –3.1 VangdTotIntlBd BNDX 57.76 0.19 2.1 PBF Holding … 7.250 June 15, ’25 92.500 –1.50 90.502 ... ...
iShJPMUSDEmgBd EMB 109.78 –0.56 –4.2 SchwabUS Div SCHD 51.38 –1.59 –11.3 VangdTotIntlStk VXUS 50.56 –1.38 –9.2 Core & Main … 6.125 Aug. 15, ’25 98.595 –1.41 99.665 ... ...
iShMBSETF MBB 110.64 0.04 2.4 SchwabUS LC SCHX 75.37 –1.01 –1.9 VangdTotalStk VTI 158.93 –1.02 –2.9
*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.
iShMSCI ACWI ACWI 75.51 –1.16 –4.7 SchwabUS LC Grw SCHG 104.54 –0.85 12.5 VangdTotlWrld VT 76.47 –1.18 –5.6
Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI EAFE EFA 61.86 –1.47 –10.9 SchwabUS SC SCHA 64.68 –1.60 –14.5 VangdValue VTV 99.77 –1.21 –16.8 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
B12 | Wednesday, July 8, 2020 THE WALL STREET JOURNAL.

BANKING & FINANCE

Luckin Investor Vote Is Challenged Argentina

BY JING YANG
Bonds Rise
A fight for control of Luckin
Coffee Inc. is hamstringing the
On New
company, which has yet to re-
lease the results of a share-
holder vote that took place over
Debt Deal
the weekend. BY MATT WIRZ
Luckin on Sunday held a gen-
eral meeting in Beijing, during Argentine bond prices rose
which its chairman and co- this week after the country’s
founder, Charles Lu, asked government revised a restruc-
shareholders to vote out four of turing proposal it made in April
the company’s eight directors— by offering to increase bond-
including himself—and replace holder recoveries.
them with two individuals The new deal garnered sup-
whom he nominated as indepen- port from two hedge funds that
dent directors. Some sharehold- played prominent roles in pre-
ers saw it as an attempt by Mr. vious Argentine defaults and re-
Lu, who is at risk of losing most structurings, but has yet to be
of his voting rights at Luckin, to endorsed by the three principal
hang on to control of the up- creditor groups that have been
start coffee chain via proxies. in talks with the government.
During the nearly four-hour Average recoveries under the
meeting, representatives of deal would amount to 53.50
ROMAN PILIPEY/EPA/SHUTTERSTOCK

some Luckin shareholders cents on the dollar, up from Ar-

raised objections to the pro- gentina’s initial offer of about
ceedings and the way the votes 40 cents, said Robert Koenigs-
were counted, according to peo- berger, founder of Gramercy
ple familiar with the matter. Funds Management LLC,
One sticking point was a deci- which has advised Argentina on
sion by Mr. Lu to reclassify the debt management behind the
supervoting shares of one repre- scenes over the years. The offer
sentative to shares with weaker is still well below what some
voting rights, they said. The chain inflated sales by booking numerous purchases of vouchers that could be exchanged for cups of coffee. bond investors initially asked
“Mr. Lu believes that he had for but it meets the debt sus-
properly conducted the meeting Luckin’s chairman and directors and listed on the Nasdaq Stock rights via so-called supervot- believed the shares were con- tainability requirements of the
as the chairman in full compli- of the company have been re- Market in May 2019. It raised ing Class B shares that carry verted to Class A following the International Monetary Fund,
ance with Luckin’s articles of as- placed. But Luckin, whose more than $2 billion from pri- 10 times the votes of regular liquidation order. Other share- which lent the country $57 bil-
sociation,” said an attorney who American depositary shares vate and public investors before Class A shares. holders argued the shares lion.
represents Mr. Lu in a statement trade in the U.S., hasn’t an- revealing that more than $300 After Luckin’s Nasdaq-listed should be classified as Class B “I think Argentina has done
to The Wall Street Journal on nounced the result in its regula- million of its sales last year shares plunged following the based on the same articles of a good job putting its best foot
Tuesday. The attorney, from law tory filings. were fabricated. Its American disclosure of inflated sales, Mr. associations, according to the forward to satisfy demands of
firm Kobre & Kim LLP, said Mr. Centurium Capital and Joy depositary shares will be de- Lu defaulted on a $533 million people. Had they been classi- creditors and to be in line with
Lu’s position as chairman gives Capital, the two Chinese pri- listed from Nasdaq on July 13. margin loan from banks. Shares fied as supervoting shares, the its debt sustainability analysis
him “wide discretionary power” vate-equity backers of Luckin, as Luckin fired employees in- controlled by Ms. Qian were resolutions put forth by Mr. Lu and that of the IMF,” Mr.
to decide on any objections well as KPMG, a court-ap- cluding its chief executive offi- earlier sold by the lenders. The wouldn’t have passed, the peo- Koenigsberger said.
raised. He added Mr. Lu denies pointed liquidator for Luckin lenders have taken steps to ple added. Argentina is asking investors
any allegations that he called shares owned by two other enti- seize some of his shares to set- The Wall Street Journal re- to swap tens of billions of dol-
the shareholder meeting to re- ties, have challenged the validity tle the loan. A Cayman Islands ported in May that Luckin in- lars of existing bonds into new
tain control of the company. of the results of the shareholder
Shareholders raised court last month ruled in favor flated sales by booking numer- debt that pays lower interest
The meeting’s attendees vote, the people familiar with objections to the of the lenders and appointed ous purchases of vouchers that rates and falls due at a later
were told that all the resolu- the matter said. KPMG as liquidators of Luckin could be exchanged for cups of date. The new deal would in-
tions were passed and the four At the Sunday meeting, rep-
proceedings during shares held by entities con- coffee. Some of the companies crease coupons and shorten
directors were voted out, the resentatives of the three compa- a Sunday meeting. trolled by Mr. Lu and his sister. that bought such vouchers in maturities of the new bonds,
people said. Besides Mr. Lu, nies submitted a joint letter reg- At Sunday’s shareholder bulk, as well as a company that while paying more past-due in-
they included independent di- istering their objections to how meeting, the Luckin shares that received payments from Luckin terest to investors who partici-
rector Sean Shao, who spear- the meeting was conducted, KPMG is planning to liquidate for raw materials, had ties to pate. It was crafted in response
headed an internal investigation how votes were tallied and cer and chief operating officer, were counted as Class A shares Mr. Lu, according to the Jour- to interactions with bondhold-
into Luckin’s accounting mis- questioning the legality of pro- and said it would discipline even though they were regis- nal’s reporting. ers, according to the country’s
conduct, and the founders of ceedings, according to the peo- other staffers who participated tered as Class B shares ahead of A monthslong internal inves- government.
two private-equity firms that ple. They refused to recognize in the scheme to inflate reve- the meeting, according to peo- tigation by Luckin into the ac- The principal groups repre-
were early backers and sizable the results in the absence of le- nues and certain expenses. ple familiar with the matter. counting misconduct concluded senting bond investors say sub-
shareholders of Luckin. gal opinions offered by Luckin’s Until recently, Mr. Lu, his Mr. Lu’s lawyer said in the that Mr. Lu knew or should have stantive talks stalled in mid-
Several media outlets re- lawyers, one of the people said. sister and former Luckin CEO statement Tuesday that, based known about the fabricated June. “The Ad Hoc Argentine
ported on Sunday and Monday Xiamen-based Luckin Coffee Jenny Qian controlled more on the company’s articles of transactions. Mr. Lu denied this Bondholder Group and the Ex-
that Mr. Lu has stepped down as was founded three years ago than half of Luckin’s voting associations, Mr. Lu said he in an emailed response Sunday. change Bondholder Group want
to make clear that there has
been no meaningful engage-

Zimbabwe Shuts Exchange as Currency Deteriorates ment between themselves and

the Argentine authorities since
June 17,” the groups said in an
announcement June 30.
Justin Bgoni, chief executive May—and the value of the Zim- cerns are more important than Members of the groups in-
of the Zimbabwe Stock Ex- babwe dollar has plunged. letting people invest in local clude AllianceBernstein Holding
change, received an unexpected Thedias Kasaira, a stockbro- companies,” said Mr. Bgoni, LP, Ashmore Investment Man-
call from a colleague last ker at Imara Securities in Ha- the stock exchange head. “It’s agement, BlackRock Inc. and Fi-
JEKESAI NJIKIZANA/AGENCE FRANCE-PRESSE/GETTY IMAGES

month: The government had de- rare, said he is inundated with a big part of the Zimbabwe delity Management & Research
cided to shut down the world’s calls from panicked clients. economy.” Co.
best-performing stock market. “Investors are asking what the An Old Mutual spokes- Gramercy has been joined by
Until the suspension, an- problem is and when the ex- woman didn’t respond to a re- Fintech Advisory Inc. in sup-
change will resume,” he said. quest to comment. porting the new offer, according
By Gabriele “Sadly we don’t have answers Zimbabwe’s return to hyper- to an announcement by Gra-
Steinhauser to that.” inflation highlights the failure mercy on Monday.
in Johannesburg Nearly a third of Zimbabwe’s of President Emmerson Mnan- Argentina’s widely traded
and Bernard Mpofu 14 million people are in urgent gagwa to turn a new page from bond due in December 2038
in Harare, Zimbabwe need of food aid, according to his predecessor, longtime rose to 41.125 cents on the dol-
the United Nations, and parts of strongman Robert Mugabe, lar Monday from 38.625 cents
nounced June 26 in a tweet the capital are without power whom he ousted in 2017. last week before subsiding to
from Zimbabwe’s Information for up to seven hours a day. Earlier in June, the central 40.25 cents on Tuesday, accord-
Ministry, the all-share index on Yet there is a vibrant inves- bank outlawed sharing black- ing to AdvantageData Inc.
the Harare-based exchange had tor class. This year, the number market exchange rates on social
jumped 677% since Jan. 1, even of trades on the exchange rose It takes 66 Zimbabwe dollars to buy $1 at the official exchange rate. media. When it shut down the Price of Argentina's 1.33%
as local economists expect by more than one-third, com- stock exchange, it also banned government bond due 2038
gross domestic product to pared with a year earlier, as lo- Zimbabwe’s official ex- ings that were contributing to mobile-money transactions
shrink by more than 10%. cal investors scrambled to change rate is around 66 Zim- the devaluation of the Zimba- above 5,000 Zimbabwe dollars, 50 cents
The subsequent shutdown is shield their savings against hy- babwe dollars per $1, according bwe dollar. The ministry sin- cutting off the most commonly
the latest financial contortion perinflation. Stocks have be- to the Reserve Bank of Zimba- gled out 175-year-old South Af- used avenue for Zimbabweans 45
in a country with a history of come the most accessible hard bwe’s latest currency auction. rican banking and insurance to buy U.S. dollars.
monetary dysfunction. The last assets that can maintain value The rate was one-to-one U.S. company Old Mutual PLC. The The measures have done lit- 40
time the government closed as the local currency dives. dollars when the government difference between its London tle to ease the everyday strain
down the stock exchange was Shares in local bank CBZ were converted savers’ bank ac- and Harare listings have be- of a collapsing currency. Gas
35
in 2008, when annual infla- up 4,199% before the shutdown. counts into the newly estab- come a widely used proxy mea- stations and other stores are
tion, by some measures, “For the last decade or so, lished local currency 17 months sure for figuring out the market already demanding payments
peaked at 79.6 billion percent. Zimbabwe has been an upside ago. The black market rate to- value of the Zimbabwe dollar. in U.S. dollars, with consumers 30
Zimbabwe appears to be ca- down place,” said Peter Town- day ranges from 85 to over 100 The “Old Mutual Implied having to navigate more than
reening into a new phase of shend, portfolio manager for Zimbabwe dollars per $1. Rate” valued $1 at 122 Zimba- four parallel exchange rates. 25
economic emergency, super- Sanlam’s Africa Equity Fund. In its statement, the Infor- bwe dollars on June 26—a “At Independence, teachers
charged by the coronavirus “Any time you see stocks go- mation Ministry said the ex- “phantom exchange rate” that could buy houses, but now 20
pandemic. Annual consumer- ing up, it is actually a bad sign change had become an instru- the ministry said was under- getting a decent meal daily is
price inflation has once again and indicates deteriorating ment of “economic sabotage,” mining government policy. a challenge,” said Abigail Jan. July
skyrocketed—reaching 786% in conditions.” accusing it of hosting fake list- “In their mind those con- Shava, a retired teacher. Source: AdvantageData Inc.

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
Fidelity Puritn 23.96 -0.12 5.7 DevMktY 43.28 -0.30 -5.1 IncomeFd NA ... NA CapOpAdml r155.83 -2.00 -1.2 WdsrllAdml 58.09 -0.87 -9.3 WndsrII 32.74 -0.49 -9.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. 500IdxInstPrem109.55 -1.20 -1.6 SrsEmrgMkt 20.04 -0.21 -2.9 JPMorgan I Class PIMCO Funds I2 DivAppIdxAdm 32.14 -0.20 -4.1 WellsIAdml 65.76 -0.12 0.9 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Contrafund K6 16.24 -0.11 12.3 SrsGlobal 12.10 -0.15 -8.1 CoreBond 12.42 +0.03 6.4 Income NA ... NA EMAdmr 35.08 -0.39 -4.5 WelltnAdml 72.07 -0.46 -2.5 SmValAdml 45.36 -0.57-22.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, ExtMktIdxInstPre 60.63 -0.81 -5.0 SrsGroCoRetail 22.98 -0.08 29.5 EqInc 16.56 -0.18-13.8 PIMCO Funds Instl EqIncAdml 67.71 -0.86-13.4 WndsrAdml 60.18 -1.14-15.9 TotBd2 11.58 +0.04 6.5
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r IntlIdxInstPrem 38.93 -0.53 -9.4 SrsIntlGrw 17.57 -0.16 0.3 JPMorgan R Class IncomeFd NA ... NA ExplrAdml 94.78 -1.33 -2.5 VANGUARD FDS TotIntl 16.23 -0.21 -8.5
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not MidCpInxInstPrem 21.39 -0.31 -9.0 SrsIntlVal 8.54 -0.14-13.7 CoreBond 12.44 +0.04 6.5 Price Funds ExtndAdml 90.46 -1.14 -4.9 DivdGro 28.57 -0.33 -5.7 TotSt 77.17 -0.98 -2.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; SAIUSLgCpIndxFd 16.98 -0.19 -1.8 TotalBond 11.42 +0.03 6.1 CorePlusBd 8.76 +0.02 5.2 BlChip 142.97 -1.41 15.0 GNMAAdml 10.81 ... 3.7 HlthCare r 212.29 -1.42 4.9 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SeriesOverseas 10.54 -0.13 -2.2 Fidelity SAI Lord Abbett A DivGro 50.51 -0.45 -4.6 GrwthAdml 107.07 -0.92 14.6 INSTTRF2020 24.24 -0.11 0.5 BalInst 39.53 -0.22 2.0
SmCpIdxInstPrem 17.96 -0.34-14.4 TotalBd 10.91 +0.02 5.5 ShtDurIncmA p 4.15 ... 0.2 EqInc 25.66 -0.41-18.9 HlthCareAdml r 89.53 -0.60 4.9 INSTTRF2025 24.67 -0.15 -0.2 DevMktsIndInst 12.69 -0.17 -9.5
TMktIdxInstPrem 88.32 -1.00 -2.2 Fidelity Selects Lord Abbett F EqIndex 83.54 -0.92 -1.8 HYCorAdml r 5.68 ... -2.1 INSTTRF2030 24.86 -0.18 -1.0 DevMktsInxInst 19.83 -0.28 -9.5
Tuesday, July 7, 2020 ShtDurIncm 4.15 ... 0.2
USBdIdxInstPrem 12.59 +0.03 7.0 Softwr r 23.22 -0.24 20.8 Growth 82.43 -0.86 12.4 InfProAd 27.60 +0.02 6.7 INSTTRF2035 25.04 -0.20 -1.8 ExtndInst 90.46 -1.14 -4.9
Net YTD Net YTD Net YTD Metropolitan West
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity Advisor I
First Eagle Funds HelSci 88.92 -0.21 9.2 IntlGrAdml 121.74 -1.13 18.4 INSTTRF2040 25.20 -0.23 -2.6 GrwthInst 107.08 -0.91 14.6
TotRetBd 11.58 +0.01 6.9
NwInsghtI 34.49 -0.24 5.5 GlbA 53.97 -0.41 -6.9 LgCapGow I 50.35 -0.51 14.3 ITBondAdml 12.64 +0.03 8.4 INSTTRF2045 25.29 -0.26 -3.4 InPrSeIn 11.25 +0.01 6.8
TotRetBdI 11.58 +0.02 7.1
American Century Inv AggBdInst 11.83 +0.02 6.8 EmgMktVa 24.28 -0.41-14.9 Fidelity Freedom FPA Funds MidCap 94.23 -0.92 -1.2 ITIGradeAdml 10.57 +0.02 7.3 INSTTRF2050 25.33 -0.27 -3.4 InstIdx 280.59 -3.06 -1.6
Ultra 62.43 -0.42 19.7 CorBdInst 12.12 +0.02 6.2 EmMktCorEq 19.57 -0.27 -9.3 FF2020 TRBdPlan 10.89 +0.01 7.0 LTGradeAdml 12.08 +0.13 13.0 InstPlus 280.60 -3.07 -1.6
15.70 -0.08 -0.2 FPACres 30.28 -0.42 -7.7 NHoriz 73.05 -0.31 23.0 INSTTRF2055 25.43 -0.27 -3.4
American Funds Cl A BlackRock Funds IntlCoreEq 11.88 -0.15-13.1 FF2025 MFS Funds Class I MidCpAdml 204.21 -2.58 -6.6 InstTStPlus 66.14 -0.74 -2.1
13.87 -0.08 -0.7 Franklin A1 R2020 21.94 -0.14 NA LifeCon 21.23 -0.07 1.9
AmcpA p 34.27 -0.36 3.9 HiYBlk 7.26 -0.01 -3.8 IntSmCo 16.13 -0.17-14.4 FF2030 ValueI 38.60 -0.50-12.7 MuHYAdml 11.59 +0.01 0.4 MidCpInst 45.11 -0.57 -6.6
17.05 -0.13 -1.6 CA TF A1 p 7.68 +0.01 1.9 R2025 17.59 -0.14 NA LifeGro 35.04 -0.32 -2.3
AMutlA p 39.98 -0.40 -7.1 HiYldBd Inst 7.26 ... -3.8 MFS Funds Instl MuIntAdml 14.62 +0.01 2.3 MidCpIstPl 222.47 -2.82 -6.6
IntSmVa 15.44 -0.18-20.0 Freedom2020 K 15.68 -0.09 -0.2 IncomeA1 p 2.05 -0.02 -9.8 R2030 25.49 -0.23 NA LifeMod 28.58 -0.17 -0.2
BalA p 28.10 -0.15 -0.1 BlackRock Funds A IntlEq 26.11 -0.30 -6.3 MuLTAdml 12.00 +0.01 2.4 SmCapInst 69.66 -0.88-11.7
LgCo 24.12 -0.26 -1.7 Freedom2025 K 13.85 -0.08 -0.7 FrankTemp/Frank Adv R2035 18.65 -0.19 NA PrmcpCor 25.35 -0.40 -9.2
BondA p 14.06 +0.03 8.6 GlblAlloc p 19.58 -0.12 2.6 Northern Funds MuLtdAdml 11.17 ... 1.8 STIGradeInst 10.96 ... 3.5
US CoreEq1 23.88 -0.32 -7.0 Freedom2030 K 17.03 -0.13 -1.5 IncomeAdv 2.04 -0.01 -9.4 R2040 26.43 -0.29 NA STAR 28.04 -0.19 3.2 STIPSIxins 25.23 -0.01 2.1
CapIBA p 57.96 -0.45 -6.7 BlackRock Funds Inst StkIdx 36.05 -0.40 -1.7 MuShtAdml 15.92 ... 1.2
US CoreEq2 21.44 -0.31 -8.7 Freedom2035 K 14.18 -0.13 -3.0 FrankTemp/Franklin A Oakmark Funds Invest PRIMECAP Odyssey Fds TgtRe2015 15.43 -0.05 1.6 TotBdInst
CapWGrA 50.05 -0.48 -3.4 MultiAstIncome 10.45 -0.03 -2.4 US Small 28.34 -0.62-18.6 Freedom2040 K 9.87 -0.10 -3.8 PrmcpAdml r137.63 -1.97 -4.5 11.66 +0.04 6.9
Growth A p 118.98 -1.17 6.0 OakmrkInt NA ... NA AggGrowth r 45.72 -0.45 1.8 TgtRe2020 32.69 -0.16 0.5 TotBdInst2 11.58 +0.04 6.5
EupacA p 54.82 -0.40 -1.5 StratIncOpptyIns 9.91 ... 0.7 US SmCpVal 24.72 -0.66-27.8 Fidelity Invest RealEstatAdml112.06 -1.42-13.3
RisDv A p 66.81 -0.51 -3.5 Old Westbury Fds Growth r 39.19 -0.50 -4.3 TgtRe2025 19.79 -0.12 -0.3 TotBdInstPl 11.66 +0.04 6.9
FdInvA p 58.25 -0.59 -4.2 Bridge Builder Trust SmCapAdml 69.67 -0.88-11.7
USLgVa 30.26 -0.54-20.7 Balanc 25.30 -0.14 3.4 FrankTemp/Franklin C LrgCpStr 14.49 -0.14 -3.8 Schwab Funds TgtRe2030 36.08 -0.25 -1.0 TotIntBdIdxInst 34.62 +0.02 2.5
GwthA p 56.54 -0.45 10.6 CoreBond 10.96 +0.03 6.7 SmGthAdml 70.67 -0.89 1.4
Dodge & Cox BluCh 132.51 -1.26 23.0 Income C t 2.09 -0.01 -9.6 Parnassus Fds 1000 Inv r 70.14 -0.77 -1.4 TgtRe2035 22.11 -0.18 -1.8 TotIntlInstIdx r108.55 -1.42 -8.4
HI TrA p 9.36 ... -4.1 CorePlusBond 10.62 +0.02 6.1 STBondAdml 10.89 ... 4.1
Balanced 90.48 -1.30 -8.7 Contra 15.42 -0.11 13.2 FrankTemp/Temp Adv ParnEqFd 46.99 -0.42 0.3 S&P Sel 48.58 -0.53 -1.6 TgtRe2040 38.11 -0.35 -2.6 TotItlInstPlId r108.57 -1.43 -8.4
ICAA p 38.31 -0.44 -2.0 Intl Eq 11.19 -0.15 -6.7 STIGradeAdml 10.96 ... 3.5
IncoA p 21.20 -0.15 -7.2 LargeCapGrowth 17.53 -0.15 10.7 Income 14.63 +0.02 6.0 ContraK 15.45 -0.10 13.3 GlBondAdv p 9.99 +0.01 -4.1 PGIM Funds Cl Z TSM Sel r 54.71 -0.62 -2.2 TotBdAdml 11.66 +0.04 6.8 TgtRe2045 23.88 -0.25 -3.3 TotStInst 77.21 -0.98 -2.2
N PerA p 49.58 -0.40 4.9 LargeCapValue 11.78 -0.19-13.2 Intl Stk 36.25 -0.69-16.9 CpInc r 9.51 -0.04 -5.0 Guggenheim Funds Tru TotalReturnBond NA ... NA TIAA/CREF Funds
TotIntBdIdxAdm 23.07 +0.01 2.5 TgtRe2050 38.45 -0.40 -3.3 ValueInst 38.92 -0.50-15.4
NEcoA p 48.93 -0.39 7.0 ClearBridge Stock 160.49 -3.53-15.1 GroCo 27.39 -0.09 28.2 TotRtnBdFdClInst 29.38 +0.07 9.8 PIMCO Fds Instl BdIdxInst 11.71 +0.03 6.7 TotIntlAdmIdx r 27.14 -0.36 -8.4 TgtRet2055 41.74 -0.43 -3.4 WCM Focus Funds
NwWrldA 70.75 -0.50 0.3 LargeCapGrowthI NA ... NA DoubleLine Funds GrowCoK 27.44 -0.09 28.3 Harbor Funds AllAsset NA ... NA EqIdxInst 22.84 -0.25 -2.1 TotStAdml 77.19 -0.98 -2.2 TgtRetInc 14.26 -0.03 2.3 WCMFocIntlGrwIns 20.17 -0.17 6.7
SmCpA p 61.35 -0.39 4.3 Columbia Class I CoreFxdIncmI 11.16 +0.02 2.4 InvGrBd 12.20 +0.03 7.0 CapApInst 94.06 -0.55 24.2 HiYld 8.57 ... -2.7 VANGUARD ADMIRAL TxMCapAdml162.29 -2.05 -1.3 TotIntBdIxInv 11.54 +0.01 2.5 Western Asset
TxExA p 13.36 +0.01 1.5 DivIncom I 22.14 -0.23 -8.4 TotRetBdI 10.73 +0.01 2.7 LowP r 43.06 -0.71-13.9 Harding Loevner InvGrdCrBd 11.03 +0.04 2.9 500Adml 290.32 -3.17 -1.7 TxMIn r 12.67 -0.18 -9.5 USGro 53.57 -0.32 24.5 CoreBondI NA ... NA
WshA p 43.75 -0.56 -8.2 Dimensional Fds Edgewood Growth Instituti Magin 11.20 -0.06 9.8 IntlEq 23.32 -0.27 NA TotRt 10.87 +0.02 6.6 BalAdml 39.52 -0.22 2.0 USGroAdml 138.80 -0.86 24.6 WellsI 27.15 -0.05 0.9 CorePlusBdI NA ... NA
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THE WALL STREET JOURNAL.
Doubts About Airline Stocks Drag Down S&P
Shape of Recovery
Drive Dollar’s Rise
BY AVANTIKA CHILKOTI
The dollar briefly crept
higher as concerns about the
rise in new Covid-19 infections
in parts of the U.S. and across
emerging markets took the
edge off the broader market
rally of recent
CURRENCIES days.
The Wall
Street Journal Dollar Index,
which measures the dollar
against a basket of other cur-
rencies, ticked up 0.2% to
close at 91.23 on Tuesday.
The gauge, which jumped
sharply in mid-March as stock
markets tanked, has been hov-
ering between 90 and 95
The wild card for
the U.S. currency is
renewed trade
tensions with China.
since.
Analysts expect the dollar
to remain at historically high
levels—or even gain—as re-
cent virus cases damp hopes
for a V-shaped economic re-
covery once economies re-
open.
“Dollar weakness is going
to be more difficult to come
by now,” said James Athey, se-
nior investment manager at
Aberdeen Standard Invest-
ments.
The dollar, alongside the
Japanese yen and Swiss franc,
is considered a haven asset
that investors buy when stocks
fall and the economic outlook
turns sour.
A volatile dollar can impact
all corners of financial mar-
kets. Jittery investors buying
up dollar assets in the March
rout triggered record capital
outflows from emerging mar-
kets. A stronger dollar adds to
the cost of paying off dollar-
denominated debt.
The dollar rose against the
Mexican peso and the South
African rand Tuesday before
retracing gains toward the end
of the day.
A wild-card for the dollar is
China. The yuan, which is par-
tially managed by Beijing, has
strengthened against the dol-
lar in recent days amid signs
the economy in China is open-
ing faster than expected.
China’s stock market has also
rallied.
The yuan traded for 7.0139
per $1 Tuesday, almost un-
changed from Monday.
Richard McGuire, senior
fixed income strategist at Ra-
bobank, says the dollar’s per-
formance this year has proven
its status as a haven, some-
thing that could be tested
again if U.S.-China tensions
flare up.
“In the instance that geopo-
litical tensions rise so much
that China sacrifices its own
interest to harm the U.S., that
will drive demand for safety
more broadly,” he said.
Mr. McGuire noted that the
dollar’s correlation with the
stock market was at its high-
est level since September
2016, indicating that traders
see it as a place to shelter
when markets retreat.
On average in recent
months, for every 1% decline
in the S&P 500, there was a
0.37% strengthening of the
dollar in trade-weighted
terms, he said.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
THREE-YEAR NOTES
Applications $116,250,061,300
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The notes, dated July 15, 2020, mature on July 15,
2023.
* * * * *
MARKETS
BY ANNA HIRTENSTEIN
AND PAUL VIGNA
Stocks pulled back after a
recent rally, as gloomy eco-
nomic forecasts suggested a re-
covery will be uneven.
Major indexes opened lower
and the declines accelerated in
the last 30 minutes of the ses-
sion. The S&P 500 fell 34.40
points, or 1.1%, to 3145.32,
snapping a five-session winning
streak. The Dow Jones Indus-
trial Average dropped 396.85
points, or 1.5%,
TUESDAY’S to 25890.18.
MARKETS The Nasdaq
Composite lost
89.76 points, or 0.9%, to
10343.89.
All three have risen more
than 40% from their March
lows. But investors still have to
weigh a recession and what are
expected to be especially weak
second-quarter earnings
against their bets for a longer-
term recovery.
“We’re in this wait-and-see
mode,” said Oanda analyst
Craig Erlam, adding traders are
seizing on encouraging eco-
nomic data in the U.S. and else-
where but continue to worry
about the pandemic. “Every
day, it seems always to be ex-
plained by optimism or anxi-
ety,” he added, referring to the
market’s moves.
Friday’s U.S. jobs report
showed continued improve-
ment in the labor market,
though the jobless rate is still
high at 11%.
That comes even as new U.S.
cases of coronavirus rise and
some states are forced to ease
reopening plans.
Investors also anticipate sec-
ond-quarter earnings season,
which will kick off later this
month.
Profits are expected to
plunge 44%, according to Fact-
Set, but investors will likely fo-
cus on the outlooks for this
year and next. Expectations are
already very low, which could
$50,035,625,700
$14,234,200
play into the market’s hands,
$103,000,000 Mr. Erlam said. “As long as the
99.805647
(0.190%)
bar is low enough, investors al-
0.125% ways find a reason to be opti-
82.90%
912828ZY9
mistic,” he said.
Shares of airlines were
among the biggest decliners af-
United fell 7.6%, Delta Air Lines fell 5% and JetBlue declined 4.6%.
Index performance, Tuesday
1%
0 long gold as well,” he said.
-1
-2
-3
-4
-5
-6
July 7 noon
Source: FactSet
ter United Airlines said reser-
vations for travel within the
coming month began to slide
after new quarantine measures
were put into effect.The carrier
also warned employees to pre-
pare to receive notifications of
potential furloughs as soon as
this week.
United fell $2.66, or 7.6%, to
$32.55, while Delta Air Lines
dropped $1.43, or 5%, to $27.01
and JetBlue declined 51 cents,
or 4.6%, to $10.50.
Airlines are also lining up
an additional $25 billion in fed-
eral loans as they stockpile
cash to weather a crisis they
have said will likely last years.
Elsewhere, Carnival fell
$1.04, or 6.7%, to $14.57 after it
Wednesday, July 8, 2020 | B13
weighing on the Dow.
With investors hesitant
about the economy, bond prices
and the dollar rose. The yield
on the 10-year Treasury note
dropped to 0.648% from 0.683%
on Monday, declining for the
second day. The WSJ Dollar In-
dex, which measures the green-
DAVID PAUL MORRIS/BLOOMBERG NEWS
back against a basket of curren-
cies, rose 0.2%.
Gold futures climbed above
$1,800 for the second time in
two weeks, settling at
$1,804.20 a troy ounce. That
puts them less than 5% from
their 2011 record of $1,888.70.
The gains come as investors
worry about the growing dis-
connect between rising stocks
and an economy still deep in
recession, said ThinkMarkets
analyst Fawad Razaqzada.
“People are trying to hedge
their long-equity bets by going
Investors are keeping an eye
Nasdaq Composite on Covid-19 infection rates.
S&P 500 “We are in a situation where
the latest news from the U.S.,
Dow Jones
Industrial Average Germany, parts of the U.K. and
the Melbourne lockdown in
Australia, it just acts as a re-
minder to investors that not
everything is going to proceed
on a smooth trajectory,” said
Peter Dixon, an economist at
Commerzbank.
S&P 500 Overseas stocks were mainly
Airlines industry lower. The pan-continental
Stoxx Europe 600 dropped 0.6%
4 p.m. after reaching its highest level
in nearly a month.
At midday Wednesday in To-
kyo, the Nikkei 225 Stock Aver-
canceled a series of cruises age was down 0.2%, Hong
planned for the fourth quarter Kong’s Hang Seng Index was up
and the beginning of next year 0.4% and South Korea’s Kospi
due to the coronavirus and re- was down 0.1%. U.S. stock fu-
sulting delays at shipyards. tures were up 0.3%.
Energy and financial stocks The Organization for Eco-
were among the biggest declin- nomic Cooperation and Devel-
ers in the S&P 500, with both opment said Tuesday that un-
groups falling more than 2%. employment rates in the
The economically sensitive world’s advanced economies
groups have suffered the steep- will reach the highest level this
est losses in the broad index year since the Great Depres-
this year. sion.
Valero Energy fell $3.35, or And the European Commis-
5.9%, to $53.12 and Devon En- sion released its Summer Fore-
ergy fell 81 cents, or 7.3%, to cast report, which downgraded
$10.35. its expectations for the trade
Among financials, Goldman bloc’s economy. It is now ex-
Sachs dropped $8, or 3.9%, to pecting a contraction of 8.3%
$199.36 and JPMorgan Chase for 2020, compared with its
fell $2.68, or 2.8%, to $92.32, earlier prediction of 7.4%.
B14 | Wednesday, July 8, 2020
China
Orders Up
A ‘Healthy
Bull Market’
WU HONG/EPA/SHUTTERSTOCK
Stocks take cues from
buoyant state media
Analysts fret that U.S. markets
have become irrational thanks to
so-called Robinhood retail traders
with plenty of time on their hands.
But American markets have nothing
on China.
Chinese stock markets have been
on a tear lately. The CSI 300 index,
a gauge of the largest companies
listed in Shanghai and Shenzhen,
gained 14% in the past week. There
has certainly been positive news:
China’s economy is slowly getting
back on track, and corporate earn-
ings are improving. And while China
refrained from the high-profile
monetary interventions seen in the
West, monetary conditions have
loosened significantly. The central
bank’s preferred measure of out-
standing debt and equity finance
rose at its fastest pace in more than
20 months in May year-over-year,
and money-market rates have fallen
sharply since January.
What really seems to have gotten
Chinese investors excited is state
media’s switch to a bullish tone. A
Monday front-page editorial in the
state-owned China Securities Jour-
nal said it’s now important to foster
a “healthy bull market”—in part be-
cause of more complicated global
trade and economic relations. A U.S.
Senate bill passed in May could
force Chinese companies listed on
American exchanges to delist. A
separate Senate bill threatens sanc-
tions on banks dealing with individ-
uals complicit in undermining Hong
Kong’s freedoms.
The editorial’s tone is reminis-
cent of how state media were the
cheerleaders for the rally in
What a view.
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HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
What seems to have gotten investors excited is state media’s switch in tone.
Index performance this year
20%
CSI 300
10
0
–10
S&P 500
–20
–30
J F M A M J J
Source: FactSet
2014-2015—which saw the market
more than double in about six
months. The epic crash in mid-2015,
which erased most of those gains,
may make state media more cir-
cumspect this time. But the govern-
ment wants more robust domestic
capital markets to avoid businesses’
overreliance on bank loans, and to
help cushion any financial blows
from abroad. A buoyant stock mar-
ket is helping Semiconductor Man-
ufacturing International Corp., a
key component in China’s semicon-
ductor ambitions, to raise up to $7.5
billion in Shanghai.
Individual investors, who make
up a big part of the Chinese market,
haven’t missed the hints. Daily turn-
ON
THE
over has picked up, exceeding one
trillion yuan ($143 billion) for four
straight days. New brokerage-ac-
count openings for individuals are
rising, according to local media.
The market has yet to reach the
euphoria of 2015. Margin finance,
which fueled the rally five years
ago, increased 20% this year, but
the amount outstanding is about
half the 2015 peak. The valuation of
the overall Chinese market may
look undemanding at 14 times his-
torical earnings, according to Wind,
but that has been dragged down by
the heavily weighted financial sec-
tor, which is rightly trading at low
multiples. Some sectors may have
become overvalued—the tech-fo-
cused ChiNext index has gained 44%
this year. And the CSI 300 has di-
verged sharply on the upside from
its historical relationship with Chi-
nese industrial profits, notes con-
sulting firm Gavekal Dragonomics.
That doesn’t mean the party
couldn’t go on for quite a while lon-
ger given the current political tail-
winds. But bullish talk aside, regula-
tors chastened by the experience of
2015 are unlikely to tolerate another
gargantuan surge in margin finance.
Tighter margin rules and rising
money-market rates triggered the
end of China’s last great stock bub-
ble. Should similar signals start em-
anating from regulators in the
weeks or months ahead, investors
would be wise to get out in a hurry.
—Jacky Wong
Airlines Struggle to
Keep a Lid on Supply
Want to keep prices high? The
textbook says keep a firm grip on
supply, just like major oil produc-
ers regularly try to do. Much to
travelers’ delight and investors’
dismay, however, airlines are likely
to be even less successful at it.
The Covid-19 crisis is expected
to cost carriers more than $80 bil-
lion in 2020. Restrictions on short-
haul travel are being eased first,
raising hopes of a faster recovery
for low-cost operators: Their stock
prices are down about 30% this
year compared with a much larger
55% drop for legacy airlines.
Cash is finally flowing in as
households emerge from lockdowns
eager to spend and travel. Michael
O’Leary, chief executive at European
budget leader Ryanair, recently told
U.K. newspaper the Telegraph that
the first July planes taking Britons
to their summer spots in Spain and
Italy were more than two-thirds full.
But selling tickets isn’t enough.
The big question for investors is
whether, amid health concerns,
airlines can sell them at a profit.
Preliminary data suggest this noto-
riously cutthroat industry won’t
stop being cutthroat.
In theory, low-cost carriers
should have the flexibility to care-
fully bring back just the right
number of seats while keeping air-
fares high. Unlike hub-and-spoke
strategies, which need the network
to be profitable as a whole, they
can decide not to restore less-
promising point-to-point routes.
In practice, however, recoveries
can be even more competitive than
booms.
Data by travel-research firm OAG
suggests that European low-cost air-
lines are quickly beefing up sched-
ules. Hungary’s Wizz Air has used
its large cash buffers to keep oper-
ating as close to normal as possible
and is now seeking a first-mover ad-
vantage—including a big expansion
in Serbia. Weaker competitors are
taking longer to recover, but their
THE WALL STREET JOURNAL.
Total stock-market return
20%
0
Budget airlines
–20
–40
–60
Legacy airlines
–80
J F M A M J J
Note: Using selected U.S. and European stocks.
Data are through Monday.
Source: FactSet
schedules seem to point to a flood
of flights in August and September.
Fittingly, an analysis by invest-
ment bank UBS suggests that a scar-
city of supply drove up short-haul
airfares right after the lockdown pe-
riod, but that price trends are now
pointing lower. The exception ap-
pears to be Ryanair, which has
scheduled conservatively. Yet, given
its good financial health and the his-
torical precedent—Ryanair famously
used the 9/11 aviation crisis as a
growth opportunity—it probably
won’t stay out of the fray for long.
The outlook is harder to divine
in the U.S. The resurgence of coro-
navirus cases there could delay the
aviation recovery.
Yet there are commonalities.
Niche carrier Allegiant, like Wizz
Air, hasn’t shrunk much during the
outbreak. Meanwhile, August sched-
ules seem to point to a combative
stance by Spirit Airlines. Prudent
market leader Southwest Airlines
might be pushed to respond too.
Pandemic or not, investors
shouldn’t expect airlines to stop
reverting to old habits. In this
business, cooler heads rarely have
the ability to prevail.
—Jon Sindreu