For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
DJIA 24474.12 g 101.78 0.4%
What’s
News
U
Business & Finance
.S. and global business
activity and labor mar-
kets suffered a little less in
May than in prior months,
offering signs that damage
to the global economy from
the coronavirus is easing
but will require an ex-
tended time to overcome. A1
 China’s government
broke with more than a
quarter-century of tradition
by not setting an economic
growth target for 2020. A9
 Zuckerberg is shifting
Facebook toward a sub-
stantially remote workforce
over the next decade, per-
manently reconfiguring the
tech giant’s operations. A1
 IBM is cutting an unspec-
ified number of jobs in the
first major workforce reduc-
tion under its new CEO. B1
 U.S. stocks slipped, par-
ing gains from earlier in the
week. The S&P 500, Dow
and Nasdaq fell 0.8%, 0.4%
and 1%, respectively. B11
 Amazon is taking steps
to return to prepandemic
business operations, in-
cluding scheduling its an-
nual Prime Day shopping
promotion for the fall. B1
 Macy’s said first-quarter
sales fell by as much as 45%
and it expects to post a
roughly $1 billion operating
loss when it reports finan-
cial results on July 1. B1, B2
 Best Buy posted weaker
results after closing stores to
fight the coronavirus’s spread,
but it topped estimates amid
a jump in online orders. B2
 SelectQuote’s shares rose
35% in the insurance-pol-
icy-comparison company’s
first day of trading. B3
World-Wide
 China signaled it will im-
pose new national-security
laws on Hong Kong, dealing
a blow to the territory’s au-
tonomy as Beijing seeks to
stamp out widespread pro-
democracy protests that
have challenged Xi. A1, A9
 Trump’s arms-control ne-
gotiator is planning to meet
with his Russian counterpart
to discuss a new U.S. proposal
for a far-reaching accord to
limit all Russian, Chinese
and U.S. nuclear warheads. A1
 Lockdowns in parts of
the U.S. eased further as
confirmed coronavirus in-
fections around the world
topped five million. A6
 The U.S. government
agreed to hand Britain’s As-
traZeneca up to $1.2 billion to
secure the supply of a poten-
tial coronavirus vaccine. A5
 The University of Cali-
fornia’s board of regents
voted to stop using the
SAT and ACT college ad-
missions exams. A3
 A divided Senate, in a
vote along party lines, con-
firmed Ratcliffe to be director
of national intelligence. A4
 A shooting at a naval air
station in Texas that left a
sailor injured and the gun-
man dead is terrorism-re-
lated, the FBI said. A4
 Authorities in Georgia
arrested the man who filmed
a video of the fatal shoot-
ing of Ahmaud Arbery and
charged him with murder. A3
 Lori Loughlin and her
husband, Mossimo Giannulli,
have agreed to plead guilty
in connection with the col-
lege-admissions scandal. A3
CONTENTS
Business News B3,5-6
Capital Account.... A2
Crossword.............. A13
Heard on Street. B12
Life & Arts...... A12-13
Mansion............. M1-10
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * *
NASDAQ 9284.88 g 1.0% STOXX 600 340.26 g 0.7%
Xi Stands Out at Masked Party Confab
ANDY WONG/PRESS POOL
on
ON HAND: President Xi Jinping arrives for the opening of the Chinese People’s Political
Consultative Conference in Beijing on Thursday with precautions over the coronavirus. A9
us ,
l
e
al a
China Plans Law Tightening
ci on
Its Control Over Hong Kong
er s
BY CHUN HAN WONG
m er
AND NATASHA KHAN
HONG KONG—China signaled
it will impose new national-secu-
m rp
rity laws on Hong Kong, dealing
a blow to the territory’s auton-
omy as Beijing seeks to stamp
out widespread pro-democracy
protests that have challenged
co Fo
leader Xi Jinping.
Beijing’s lawmakers will re-
view a resolution to set up and
improve legal and enforcement
mechanisms for national secu-
rity in Hong Kong, with consid-
eration to “new circumstances
and needs,” a spokesman for
Fracking Pioneer
Faces Reckoning
n-
no
Harold Hamm helped usher in energy boom;
now, he’s scrambling to survive the bust
BY CHRISTOPHER M. MATTHEWS
AND COLLIN EATON
Harold Hamm, the wildcat-
ter who helped usher in the
American fracking boom, has
weathered his share of oil
busts. None of them matched
this one.
The 13th child of Oklahoma
sharecroppers, Mr. Hamm
rose from the bottom of the
oil business to become a self-
made billionaire. He is one of
the pioneering prospectors
who turned the U.S. into the
world’s leading oil producer
by using hydraulic fracturing
and horizontal drilling tech-
niques to unlock huge vol-
umes from rock formations.
INSIDE
Markets..................... B11
Opinion.............. A15-17
Sports....................... A14
Technology............... B4
U.S. News............. A2-4
Weather................... A13
World News..... A9-10
> NAVIGATING
THE CORONAVIRUS
Summer plans get
complicated amid
limits and fears. R1-10
FRIDAY, MAY 22, 2020 ~ VOL. CCLXXV NO. 120
10-YR. TREAS. À 1/32 , yield 0.677%
No GDP
Target for ’20
Beijing decides not to set
growth target for year amid
impact of the pandemic.... A9
the legislature said at a briefing
on Thursday, without elaborat-
ing.
President Trump said details
on Beijing’s plans aren’t yet
known and promised to “ad-
dress that issue very strongly”
if China proceeds.
As an oil rout fueled by the
coronavirus pandemic forces
energy companies to take
drastic measures, Mr. Hamm
has more to lose than nearly
anyone. He owns nearly 80%
of the company he founded,
Continental Resources Inc., an
unusually large stake among
publicly traded oil-and-gas
companies.
As its shares have plunged,
so has his net worth. Mr.
Hamm lost more than $3 bil-
lion in just a few days in
March after Saudi Arabia and
Russia triggered oil’s crash by
flooding the world with crude
in a poorly timed war for
market share.
Please turn to page A11
MANSION
Colorado ranch full of
amenities goes on the
auction block for $220
million. M1
OIL $33.92 À $0.43
The surprise move would
override Hong Kong’s system of
self-governance and reflects
growing frustrations within
China’s leadership over the
long-running and at times vio-
lent unrest that began last sum-
mer and has often targeted the
Communist Party and other
symbols of Chinese rule.
Enacting new security re-
strictions could further under-
mine the Western-style rule of
law and freedoms that have un-
derpinned Hong Kong’s role as
a global financial center and
that Beijing pledged to uphold
Please turn to page A9
Trump Visits Michigan Factory
President Trump holds up a face shield during a tour
Thursday of Ford’s Ypsilanti, Mich., plant, which is producing
medical supplies. Michigan took further steps to reopen. A6
Next Videoconferencing Test—
Hiding On-Screen Double Chin
i i
Webcams add 10 pounds under jawline;
raising the camera and taping back skin
BY PATIENCE HAGGIN
Liza Lane was about to be-
gin a videoconference lecture
to her University of Houston
students recently when she no-
ticed something horrible on the
screen: the dreaded double
chin.
The professor of social work
grabbed her laptop and perched
it on her baby son’s high chair
to get a more flattering camera
angle—a technique she had
honed dealing with clinical-
therapy patients on Zoom.
Ms. Lane’s husband noticed
WSJ.com
GOLD $1,720.50 g $30.10
Business, Job
Market Show
Slower Decline
BY PAUL HANNON
AND SARAH CHANEY
U.S. and global business ac-
tivity and labor markets suf-
fered a little less in May than
in prior months, offering signs
that damage to the global econ-
omy from the coronavirus pan-
demic is easing but will require
an extended time to overcome.
Surveys of purchasing man-
agers showed private-sector
activity in the U.S., Europe and
Japan fell for the third straight
month in May, despite the ten-
tative reopening of many econ-
omies around the world.
In the U.S., workers filed
another 2.4 million unemploy-
ment claims last week, con-
tinuing at historically high
weekly levels but down signifi-
cantly from a peak of nearly 7
million at the end of March.
The Labor Department’s report
on unemployment benefits
ly
Facebook Starts Shift
To Remote Workforce
BY JEFF HORWITZ
Mark Zuckerberg is shifting
Facebook Inc. toward a sub-
stantially remote workforce
over the next decade, perma-
nently reconfiguring the tech
giant’s operations around the
dispersed structure that the
coronavirus forced on it.
The plan, which the Face-
book chief executive laid out
in detail to employees in live-
streamed remarks on Thurs-
day, is one of the highest-pro-
file examples of business
leaders committing to extend
the practices their companies
quickly embraced to adjust to
the crisis.
Within 10 years, Mr. Zuck-
erberg expects as much as half
of Facebook’s employees—who
currently number more than
45,000—to work from home,
he said in an interview before
the announcement.
The remote-work changes
LEAH MILLIS/REUTERS
i The disclosure of the new
the unusual setup, snapped a
photo of her mid-lecture and
teased her about it in front of
the class. “My class started
laughing,” she said. Many of
her students, she said, were
relieved to learn they weren’t
the only ones worried about
their double chins on camera.
More than two months into
coronavirus lockdowns, video-
conferencing has taken hold in
most workplaces, and that
could endure if companies al-
low employees to work from
home forever. For many peo-
Please turn to page A11
HHHH $4.00
EURO $1.0952 YEN 107.60
showed the number of people
receiving benefits in the week
ended May 9—a proxy for
overall levels of unemploy-
ment—increased to 25.1 mil-
lion from 22.5 million a week
earlier. The surveys and claims
figures pointed to continued
job cuts and a rise in unem-
ployment that will likely act as
a drag on a recovery as house-
holds cut back on spending.
In the U.S., business activity
fell at a less steep pace than
before. IHS Markit said its in-
dex of manufacturing activity
stood at 39.8 in May, up from
36.1 in April. A measure of ac-
tivity in the U.S. services sec-
tor—representing the broadest
segment of the economy—rose
Please turn to page A2
 New class of poor emerges
from Italy’s crisis..................... A8
.
 Heard on the Street: Jobless
rate seen heading higher... B12
for new hires will roll out ini-
tially in the U.S. and apply
only to senior engineers at
first. With individual team
leaders’ approval, new recruits
will be offered the choice to
work from home, and current
employees around the world
with strong performance re-
views will be able to apply to
do so. In time, the policy will
be extended to employees out-
side Facebook’s engineering
department.
Mr. Zuckerberg said Face-
book is moving gradually be-
cause the shift will require
new techniques and tools to
compensate for the loss of in-
person office interactions—a
challenge for which he said
the company is well-posi-
tioned given its focus on using
technology to connect people.
While his thinking about
more remote work predates
the pandemic, Mr. Zuckerberg
Please turn to page A10
U.S. Seeks
To Include
Beijing in
Arms Pact
BY MICHAEL R. GORDON
President Trump’s new
arms-control negotiator is plan-
ning to meet with his Russian
counterpart soon to discuss a
new U.S. proposal for a far-
reaching accord to limit all
Russian, Chinese and U.S. nu-
clear warheads, U.S. officials
said Thursday.
The talks will mark the first
time the Trump administration
has opened negotiations on an
agreement to replace the New
START accord, which covers
Russian and U.S. long-range nu-
clear arms and is due to expire
in February.
talks came as the Trump ad-
ministration moved to with-
draw from an old agreement:
the separate Open Skies treaty,
a nearly three-decade-old ac-
cord intended to reduce the
risk of war between Russia and
the West.
Marshall Billingslea, who
took up his post last month as
Mr. Trump’s senior envoy on
arms control, will launch the
new talks with Sergei Ryabkov,
the deputy Russian foreign
minister. They have been work-
ing to finalize the agenda for
the meeting, which is likely to
take place in Vienna.
“We have agreed that as
soon as possible, taking into ac-
count the Covid virus, we will
get together to begin negotia-
Please turn to page A10
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Friday, May 22, 2020
CAPITAL ACCOUNT | By Greg Ip
Vaccine Race Puts Profits Aside, for Now
Not long
ago, drug com-
panies had a
bull’s-eye on
their ticker
symbols. Dem-
ocratic presidential candi-
dates were one-upping each
other with promises to rein in
prices, while President Trump
mulled similar plans.
Covid-19 has given drug
companies a shot at redemp-
tion. They are pouring re-
sources into therapies and
vaccines, with the entire
economy’s fate resting on
their success.
When Moderna Inc. re-
ported positive early results
on its vaccine on Monday, the
Dow Jones Industrial Average
leapt nearly 4%. Positive re-
sults from Gilead Sciences’
antiviral therapy remdesivir
had similar effects three
weeks earlier.
Drug companies know the
world is watching. “We are
likely to face significant pub-
lic attention and scrutiny
about any future business
models and pricing decisions
with respect to remdesivir,”
Gilead noted in a securities
filing. It promised to give
Business,
Jobs Start
To Steady
Continued from Page One
to 36.9 from 26.7. In the euro-
zone, IHS Markit’s composite
Purchasing Managers Index
for the eurozone—a measure
of activity in the private sec-
tor—rose to 30.5 in May from
13.6 in April. A reading below
50 indicates that activity has
fallen and the lower the figure,
the larger the fall.
“Demand is likely to remain
extremely weak for a pro-
longed period, putting further
pressure on companies to make
more aggressive job cuts,” said
Chris Williamson, IHS Markit’s
chief business economist. “We
therefore expect…a full recov-
ery to take several years.”
The U.S. claims totals ex-
clude hundreds of thousands
of self-employed and gig-econ-
omy workers receiving unem-
ployment benefits for the first
time through a temporary vi-
rus-related program. The
omission of self-employed
workers means the number of
workers seeking claims has
been higher since the federal
program called pandemic un-
no
JUSTIN LANE/EPA/SHUTTERSTOCK
BACK HOME: Michael Cohen, a onetime lawyer for President Trump, arrived Thursday at his Manhattan residence after being let out of prison.
HOUSING
April Sales Plummet,
But Prices Increase
Sales of previously owned
homes plunged in April, as the
pandemic shut down much of the
country’s economic activity and
sellers and buyers stayed on the
sidelines.
Existing-home sales dropped
17.8%, the biggest monthly decline
since July 2010, at a seasonally
adjusted annual rate of 4.33 mil-
lion, the National Association of
Realtors said Thursday. Previously
owned homes make up most of
the housing market.
away its first production run
and allow poor countries to
make generics. Johnson &
Johnson said it would sell its
vaccine, now in trials, on a
not-for-profit basis. Mod-
erna’s chief executive has said
“we don’t want to maximize
profit” on its vaccine.
T
his may be an astute in-
vestment in good will,
but not a sustainable
business model: In the long
run the companies have to
charge prices commensurate
with the cost of developing
drugs, including those that
fail. The big question is
whether Covid-19 proves to
the public and politicians the
merits of the current pricing
system, which lets drug com-
panies charge whatever the
market will bear.
“There are a lot of people
in biotech really trying to
solve this problem because
it’s the right thing to do,” said
Craig Garthwaite, a health
economist at Northwestern
University‘s Kellogg School of
Management who disagrees
with forcing drug companies
to lower prices. “But I don’t
want to put all my eggs in the
employment assistance, which
was included in a stimulus
package approved in late
March, got under way.
While U.S. layoffs appear to
have subsided in recent weeks, on Initial U.S. jobless claims*
the number of people without
work continues to remain at
record-high levels. As of the
beginning of this month, a
us ,
large share of workers eligible
l
for unemployment benefits
e
al a
were drawing on them in
states across the nation, with
particularly big parts of the
ci on
workforces in Nevada, Michi-
gan and Washington state
claiming benefits. Still, the
bulk of states saw fewer new
applications for unemployment
er s
benefits last week, with steep
declines occurring in Georgia,
m er
New Jersey and Kentucky.
The surveys and claims
data suggest many economies
are likely to see larger con-
tractions in the three months
m rp
through June than those re-
corded in the first quarter,
with the path back to levels of
output that prevailed in 2019
likely to be dependent on the
co Fo
success of measures designed
to contain fresh virus out-
breaks and on additional gov-
ernment responses.
On Thursday, the U.S. Sen-
ate recessed without reaching
a deal that would double the
time businesses have to spend
loans obtained through the
Paycheck Protection Program,
U.S. WATCH
n-
Stay-at-home orders prevented
real-estate agents from showing
homes in person in some states,
and widespread job losses and
tightening credit requirements
have made it more difficult for
buyers to qualify for loans.
Existing-home sales were
down 17.2% in April from a year
earlier.
While the number of transac-
tions declined, prices continued to
rise, as sellers opted to take their
houses off the market or wait un-
til later to sell them, limiting the
supply of homes for sale. The me-
dian existing-home price rose 7.4%
from a year earlier to $286,800.
—Nicole Friedman
U.S. NEWS
altruism basket. We want ev-
ery company that can possibly
address this problem to think
that both morally and finan-
cially, the best thing to do is
to tackle the coronavirus.”
The lure of profits may not
be the primary reason drug
companies are racing to find
coronavirus treatments. But it
does explain why they have
the capital, know-how and
technology to deploy in the
fight against the coronavirus.
Because the U.S. pays so
much more than other coun-
tries for the same drugs, it ac-
counts for 70% of biopharma-
ceutical profits among
developed economies, accord-
ing to the White House Coun-
cil of Economic Advisers. The
U.S. also accounts for 44% of
medical research and develop-
ment and 60% of high-value
life-sciences patents, accord-
ing to a 2015 study.
Gilead is regularly assailed
for the high price of its hepa-
titis C drugs, Sovaldi and
Harvoni. But the prospect of
similarly high returns is cen-
tral to the pursuit of virtually
all drugs by private compa-
nies. Gilead first worked on
remdesivir as a treatment for
Crawling Back
New claims for unemployment benefits have slowed in the U.S., but remain at historic levels,
while business activity in Europe and Asia contracted at a slower rate.
7 million
6 60
5 fered support for modifying the
4 gives an extra $600 a week in
3 JPMorgan sees gross do-
2 ing at an annualized rate of
1 through June; the eurozone
0 10
J F M A
*Seasonally adjusted Sources: Labor Department (U.S. jobless claims); ibun Bank (Japan PMI); IHS Markit (others)
a key part of U.S. stimulus de-
signed to help keep workers
on payrolls during the pan-
demic. Lawmakers from both
parties back the change and
plan to take it up after a week-
long Memorial Day break.
The change to the program
would extend the time period
to 16 weeks, and must be ap-
proved by the House. Under
the current rule, the earliest
recipients of PPP funds must
finish using them by May 29.
The bill also would extend the
deadline for program applica-
tions to Dec. 31 from June 30,
and allows businesses to use
STORMS
Robust Hurricane
Season Predicted
Federal forecasters are predict-
ing an above-average hurricane
season, which officially runs from
June 1 to Nov. 30.
The National Oceanic and At-
mospheric Administration said it
expects to see as many as 19
named storms overall, including up
to 10 hurricanes—of which three
to six are expected to be rated a
major hurricane of Category 3 or
higher. That is largely because of
warmer ocean temperatures and
weaker trade winds in the main
hepatitis C and then for the
Ebola virus.
Moderna has yet to bring a
drug or vaccine to market
since it was founded in 2010,
but it has raised $5 billion
from partners and investors
betting its technology, which
uses the body’s own cells to
manufacture special mole-
cules, will lead to a lucrative
breakthrough.
Drug companies
know the world is
watching them
during this crisis.
That the ability to sell at
high prices has helped prepare
the U.S. drug industry to take
on Covid-19 doesn’t prove
they were necessary. Many or-
ganizations that aren’t driven
by profits and share prices are
also racing for a cure or vac-
cine, such as the University of
Oxford, whose vaccine candi-
date is well advanced. Infec-
tious diseases often draw lim-
ited private investment
Purchasing managers’ composite indexes of business activity
70
EXPANDING
50
CONTRACTING
40
30
20
M 2008 ’10
funds to pay for investments
needed to reopen safely.
House Democrats are ex-
pected next week to bring to
the floor a bill to change the
$670 billion program’s time
frame and accessibility re-
quirements. To become law,
either bill would have to pass
both chambers and be signed
by President Trump.
Federal Reserve officials
have discussed how to provide
more help for an economy fac-
ing its greatest shock since
World War II. Fed Chairman Je-
rome Powell on Thursday called
it “an economic downturn with-
hurricane development region of
the tropical Atlantic and Caribbean
Sea, NOAA forecasters said.
In an average hurricane season,
there are about a dozen named
storms, roughly half of which be-
come hurricanes. Three typically
have winds strong enough to be a
major hurricane. Since 2010, the
number of named storms and
hurricanes came within NOAA’s
forecast range six times.
The prediction comes as emer-
gency managers rethink how to
care for first responders, utility
workers and people displaced by
a storm to be safe during the
pandemic.
—Erin Ailworth
* * THE WALL STREET JOURNAL.
because they do most of their ner of RA Capital Manage-
harm in poor countries, and ment, which invests in life
pandemics are unpredictable. science companies, said cost-
Government funding is key to effectiveness studies don’t
vaccine production and re- capture a drug’s lifetime con-
search. The National Institutes tribution. For example, Roche
of Health helped design Mod- Holding AG’s Actemra, devel-
erna’s vaccine. Moderna, oped for rheumatoid arthritis,
Johnson & Johnson, Sanofi is being tested to treat “cy-
SA and AstraZeneca PLC are tokine storm,” a dangerous
receiving federal money to overreaction of the immune
support vaccine development. system, in Covid-19 patients.
“No one said we should incen-
W
hile there is broad tivize that drug because it
agreement that the could be useful in case
private market in- Covid-19 strikes. No one saw
cents innovation, “the real that,” Mr. Kolchinsky said.
question is whether every- Should hydroxychloroquine
thing that comes out is worth prove effective against
the price we end up paying Covid-19, it would be a huge
for it,” said Patricia Danzon, a benefit never factored into
professor of health-care man- cost-effectiveness research.
agement at the University of He describes the current
Pennsylvania’s Wharton pricing system as an insur-
School who has studied drug ance policy. Much as civilian
pricing. She noted that hy- demand for automobiles paid
droxychloroquine, an old and for factories that could be
cheap generic malaria drug, converted to producing tanks
has drawn considerable inter- and bombers in wartime, he
est in treating Covid-19. Bet- said, “America’s willingness to
ter, she said, for governments pay for branded drugs of all
and insurers to negotiate kinds created this vibrant in-
prices based on how cost ef- dustry, fueled it and encour-
fective they are. aged it to develop new tools,
But Peter Kolchinsky, a vi- and made us so well equipped
rologist and managing part- when the unexpected struck.”
.
“gigantic increase” in output
in the fourth quarter.
ly
Lawmakers also are debating
U.S.
whether to extend enhanced
unemployment benefits into
early next year from the cur-
Eurozone
rent expiration date at the end
of July. Republicans, who con-
Japan trol the Senate, have been cool
to the idea, though some of-
aid, which, among other things,
benefits to laid-off workers.
mestic product in the U.S. fall-
40% in the three months
declining 45%; the U.K. econ-
omy contracting by 56.7%; and
’15 ’20 Japan by 35%. Annualized
growth figures extrapolate
what would happen over a full
out modern precedent.” In ad- year if the economy grew or
dition to Fed actions, Mr. Pow- contracted at the same rate as
ell has said the U.S. needs to in the quarter being measured.
consider more aid to businesses Some forecasts are for a
and workers to overcome dam- relatively quick rebound,
age from pandemic disruptions. though the outlook depends
The Trump administration on how quickly and thoroughly
has taken a wait-and-see ap- the virus can be contained.
proach, but Treasury Secre- But economic activity around
tary Steven Mnuchin on the world is unlikely to rebound
Thursday at a virtual event as quickly as it fell, in part be-
hosted by The Hill said there cause social distancing and
is a “strong likelihood” more other virus responses are likely
will be needed. He said that to continue for many months,
the downturn will likely bot- whether by individual choice or
tom out in the second quar- government edict.
ter—a view shared by many —Natalie Andrews
economists—and predicted a contributed to this article.
CORRECTIONS  AMPLIFICATIONS
Secretary of State Mike force, based on information
Pompeo said the State Depart- provided by the company.
ment’s inspector general
should have been ousted Vale SA said in late April it
“some time ago.” In some edi- will mine between 310 million
tions Thursday, a blurb with a and 330 million tons of iron-
U.S. News article about the fir- ore powder and pellets in 2020,
ing incorrectly referred to Mr. around 30 million tons less
Pompeo as defense chief. than it previously expected. A
Markets article Thursday about
Dart Container Corp. has a iron-ore prices incorrectly said
Solo Cup factory in Chicago. A Vale expected to mine between
U.S. News article on May 13 345 million and 370 million
about food deserts incorrectly tons, around 40 million tons
said the factory is near Chicago. less than before.
Canada Goose Holdings Notice to readers
Inc. laid off about 125 workers, Wall Street Journal staff
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THE WALL STREET JOURNAL. * * Friday, May 22, 2020 | A3

U.S. NEWS

UC System
To Stop Using
SAT and ACT
BY DOUGLAS BELKIN California applicants.
A spokesman for The Col-
The University of California lege Board, which oversees the
board of regents voted Thurs- SAT, said the organization’s
day to stop using the SAT and “mission remains the same: to
ACT college admissions exams, give all students, and espe-
reshaping college admissions cially low-income and first-
in one of the largest and most generation students, opportu-
prestigious university systems nities to show their strength.
in the country and dealing a We must also address the dis-
significant blow to the multi- parities in coursework and
billion-dollar college admis- classrooms that the evidence
sion testing industry. shows most drive inequity in
The unanimous 23-to-0 vote California.”
ratified a proposal put for- Ms. Napolitano’s proposal
ward last month by UC Presi- allows four years for the UC
dent Janet Napolitano to system to develop a new exam.
phase out the exams over the If it fails to create or adopt
next five years until the one, then it likely would cease The Moots family evacuated and returned to find their central Michigan home no longer habitable. Andrew Moots, below, amid the flood damage.
sprawling UC system can de- to use any exam, said Robert

Family Struggles After Dam Failures

velop its own test. Schaeffer, public education di-
The battle against stan- rector of the National Center
dardized tests has raged for for Fair and Open Testing,
years because minority stu- known as FairTest, which has
fought against standardized
testing for 30 years. Mr. BY JOHN D. STOLL
Schaeffer said he doesn’t be-
California’s move is lieve a new exam will be im- SANFORD, Mich.—As waters
a big blow to the plemented. receded here after a massive
The road to Thursday’s vote flood breached two central
college admission has been full of twists and Michigan dams, Glenn Moots
testing industry. turns. Ms. Napolitano began surveyed the damage that dev-

.
the review of the use of the astated his home.
SAT in 2018. That prompted a “When we left here, we

faculty committee to begin a
dents score, on average, lower review of the use of the exam.
than their white classmates. In February it recommended
Advocates argue that the ex- that the system continue to
ly
were still praying for the best
case,” Mr. Moots said Wednes-
day. He had fled his home early
on
Tuesday after an emergency

NICK HAGEN FOR THE WALL STREET JOURNAL (2)

ams are an unfair admission use the exams, arguing that
barrier to those students be- applicants’ scores on the SAT
cause they often cannot pay and ACT still serve as better
for pricey test preparation. predictors of first-year perfor-
us ,
alert on his smartphone said
dam failure was imminent.
When he returned hours later
with his family, he was over-

“The test is a proxy for mance than high-school whelmed by the destruction.
l

privilege,” said Regent Cecilia grades. “We’re seeing the worst-case

e
al a

Estolano. “It’s time, it has However, the task force en- scenario right now,” he said.
been studied to death.” couraged the university sys- Out in the water lay an
More than 1,000 colleges tem to expand the criteria on overturned golf cart and up-
ci on

and universities have gone which it bases admissions de-
“test optional,” with the pace cisions, and suggested possi-
of schools dropping the exam bly creating an alternative ad-
accelerating in recent years in missions test.
an attempt to level the admis- In December, students and
er s
rooted trees. Docks had been
ripped from their posts, boats
sat in front yards.
Mr. Moots, his wife, Mi-
chelle, and their grown chil- Mr. Moots expects months malcy were already on pause. talked through the routines

sions playing field. community groups sued the dren, Rebekah and Andrew, or years of finger-pointing be- Mr. Moots, a Northwood that took place in every part
The University of California University of California, alleg- are among thousands who fore he sees any resolution. University professor of philos- of it. The remnants are mud-
m er

received more than 176,000 ing its requirement that appli- evacuated homes to escape a The license for one of the ophy, was teaching several soaked and waterlogged.
freshmen applications last cants submit ACT or SAT flood that officials call a once- breached dams was revoked in classes online. Andrew, em- “That right there is the
year—including around scores discriminates against in-500-year catastrophe. 2018 by federal regulators, ployed at a nearby mall and world’s most swollen Book of
116,000 from in-state stu- racial and ethnic minorities Two dams in Gladwin and who cited the dam owner’s set to get married this year, Common Prayer,” Mr. Moots
dents—and the system’s deci- and low-income applicants. Midland counties were over- failure to address safety is- was recently laid off. Rebekah, said, pointing to a ruined book
m rp

sion to abandon the exams Last month, the UC system
opens the door for other voted to suspend the use of
schools to follow suit, partly the tests for one year because
to ensure they don’t alienate of the coronavirus pandemic.
co Fo
whelmed by floodwaters Tues-
day from the nearby Tittaba-
wassee River, forcing residents
in several central Michigan
cities to evacuate. Gov.
sues. Ms. Whitmer said the
state would ask for federal di-
saster aid, as well as “review
every potential legal recourse”
related to the dams’ failures.
who trained horses at a nearby
barn, only returned to the job
on a part-time basis last week.
Mr. Moots, wearing a black
face mask, said the family did
sitting on a waterlogged
couch. Roughly $45,000 worth
of inventory belonging to Mi-
chelle Moots’s e-commerce
business was ruined.

Gretchen Whitmer declared a
state of emergency. Local offi-
Actress to Plead Guilty cials said the river appeared
to crest late Wednesday after-
“This incredible damage re-
quires that we hold people re-
sponsible,” she said.
Questions about how Mr.
everything they could to com-
ply with stay-at-home orders.
“We took the rules very seri-
ously.” Andrew occasionally
Homes on higher ground—
including some lining the lake-
front—were largely spared.
Carla Huntoon, living up the

In Admissions Scandal noon at just over 35 feet, a re-

cord. It will take several days
for water levels to normalize.
The Moots family home sits
BY MELISSA KORN on the shore of Sanford Lake,
a man-made reservoir bor-
Actress Lori Loughlin and dered by the two dams that
JOSEPH PREZIOSO/AGENCE FRANCE-PRESSE/GETTY IMAGES
Moots will pay for repairs are
far from being answered. He
said his insurance agent told
him he can file a claim, but re-
imbursements are far from
certain.
The emotional effects of the
left the house to see friends.
Mr. Moots and his wife would
hit the grocery store.
The family’s home isn’t
habitable. The sliding glass
door leading out to the shore-
line had been destroyed, the
hill from the Mootses, re-
turned from the evacuation to
pretty much the same scene
she left.
“I came home to find my
house fine,” she said late
Wednesday evening. The

her husband, fashion designer failed this week. Like many in flood hit particularly hard, dining room swept out into power was out, but everything
Mossimo Giannulli, have the affected communities, Mr. coming in the midst of the cor- the lake, the porch swing else was in order. “I then went
n-

agreed to plead guilty to fraud Moots, 50 years old, didn’t onavirus pandemic, when the ripped off its frame. Walking down the road and realized it’s
conspiracy charges in connec- carry flood insurance. routines that underpin nor- through the home, Mr. Moots not fine.”
tion with their involvement in
the nationwide college admis-
no

sions cheating scandal.

Ms. Loughlin and Mr. Gian-
nulli were accused in March
Man Who Recorded
2019 of working with college
counselor William “Rick”
Singer to pitch their daughters
Shooting Is Arrested
as fake athletic recruits and
secure their admission to the BY ARIAN CAMPO-FLORES shooting. He has committed
University of Southern Califor- no crime. He is a witness.”
nia. They paid $500,000 in to- Prosecutors will recommend Lori The Georgia Bureau of In- Mr. Arbery’s family and I’s H...
tal to Mr. Singer’s charity and Loughlin serve two months. vestigation arrested the man civil-rights activists have
to the university under the who filmed the video showing pressed for weeks for authori- Splg Summ Sl!
guise of donations. cluding images of the girls on the fatal shooting of Ahmaud ties to charge Mr. Bryan, argu-
According to their plea rowing machines and falsified Arbery in coastal Glynn ing he wasn’t simply a witness
agreements, Ms. Loughlin will athletic resumes claiming they County and charged him with but was involved in the young
plead guilty to one count of had won accolades as crew murder. man’s killing.
conspiracy to commit wire and coxswains. Neither girl rowed The man, William Bryan Jr., In an April letter to the
mail fraud, while Mr. Giannulli competitively. recorded the Feb. 23 encoun- Glynn County Police Depart-
will plead guilty to the same Sean Berkowitz, a partner ter of Mr. Arbery, a 25-year- ment, George Barnhill, the dis-
charge, as well as one of con- at Latham & Watkins repre- old unarmed black man, and trict attorney in Waycross who
spiracy to commit honest ser- senting both Ms. Loughlin and two armed white men—Greg- oversaw the case for a period
vices wire and mail fraud. Mr. Giannulli, declined to com- ory McMichael, 64, and his before recusing himself, wrote
They are expected to enter ment. son, Travis McMichael, 34. Af- that Mr. Bryan was in “hot pur-
their pleas before a Boston “Under the plea agreements ter the video emerged publicly suit” of Mr. Arbery along with
federal judge at a hearing by filed today, these defendants and circulated on social media the McMichaels in the mo-
video on Friday. will serve prison terms reflect- earlier this month, the killing ments leading up to the shoot-
Prosecutors will recom- ing their respective roles in a drew national attention and ing. Mr. Bryan is also named as
mend two months in prison conspiracy to corrupt the col- the McMichaels were arrested. a witness in a police report.
for Ms. Loughlin, and five lege admissions process,” said Lawyers for Mr. Arbery’s On May 7, the GBI arrested
months for Mr. Giannulli, as the U.S. attorney for Massa- family have said he was jog- the McMichaels and charged 
 
well as fines of $150,000 and chusetts, Andrew E. Lelling. ging in a residential neighbor- them with murder and aggra-   
$250,000, respectively. They “We will continue to pursue hood when the two men went vated assault. The agency said 
also agreed to two years of su- accountability for undermin- after him. The McMichaels it executed a search warrant
pervised release and commu- ing the integrity of college ad- told police they pursued him at the McMichaels’ home on
nity service. The judge over- missions.” because he resembled a sus- Tuesday. Lawyers for both
seeing the case doesn’t have All but one parent who has pected burglar. men have said they aren’t Additional 20% Off with Code: HiSummer
to accept the agreed-upon sen- been sentenced so far has re- The GBI arrested Mr. Bryan, guilty and have been subject
tencing recommendation. ceived prison time, ranging 50, on Thursday on charges of to a rush to judgment.
Ms. Loughlin and Mr. Gian- from two weeks to nine months. felony murder and criminal at- On Wednesday, 14 members Call or Email to Purchase
nulli were among the most Other parents who pleaded tempt to commit false impris- of the Georgia congressional (805) 390 6326 | contact@misahara.com
high-profile parents caught up not guilty are scheduled to go onment, according to a news delegation, both Republicans Shop the Collection at MISAHARA.COM
in the case, and had been to trial in two groupings, in release. He was to be booked and Democrats, signed a letter
scheduled to go to trial in Oc- October and January. A num- into the Glynn County jail. to U.S. Attorney General Wil-
tober. They are the 23rd and ber of former college coaches Kevin Gough, a lawyer for liam Barr asking the Justice
24th parents to plead guilty or and one former USC athletic Mr. Bryan, didn’t immediately Department to help investigate Handcrafted in New York
agree to do so. department administrator respond to a request for com- the case. “This devastating case
Details of their daughters’ have also indicated plans to ment. In an interview last and alarming video brought a
college applications had been take the case to trial, but no week, he said Mr. Bryan “had national spotlight to our be-
released in court filings, in- date has been set for them. no role or involvement in that loved home state,” they wrote.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Friday, May 22, 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

Watchdogs Draw Trump Focus Ratcliffe

Confirmed
Firings of inspectors
general come amid
aggressive moves to
For Top
enforce staff loyalty Spy Post
BY CATHERINE LUCEY BY WARREN P. STROBEL
AND GORDON LUBOLD
WASHINGTON—A divided
WASHINGTON—President Senate confirmed Rep. John
Trump’s firing of the State De- Ratcliffe to be President
partment inspector general is Trump’s director of national
the latest move in his effort to intelligence, with majority Re-
restock the federal govern- publicans prevailing over
ment with officials he sees as Democrats who said the Texas
supportive of his agenda, ac- congressman was too partisan
cording to advisers, after what and lacked the qualifications
he sees as a series of politi- for the job.
cally motivated investigations Thursday’s 49-44 vote to
into him and his top allies. confirm Mr. Ratcliffe fell along
The president has long bri- party lines. The five previous
dled at oversight efforts by directors of national intelli-
the Democratic-controlled gence confirmed by the Senate
House—whose multiple inves- were approved either by unan-
tigative targets include Mr. imous consent or overwhelm-
Trump’s immigration policies, ing majorities.
the issuance of White House Once sworn in, Mr. Ratcliffe
security clearances and the will take over from acting DNI
president’s personal fi- Richard Grenell in the job of
nances—and at media criti- overseeing and coordinating 17
LEAH MILLIS/REUTERS

cism of his administration. U.S. intelligence agencies with

He views himself as “a vic- combined budgets of more than
tim of overly aggressive ac- $80 billion and responsibilities
tions,” according to one senior that include human espionage,
administration official. His re- electronic eavesdropping and
placement of several inspec- President Trump has long bridled at oversight efforts by the Democratic-controlled House and media criticism of his administration. operating spy satellites.
tors general and acting inspec- Mr. Ratcliffe, who has
tors general in recent months, thority to remove an inspector disgraceful period of time,” he ident has sought to exert more Mike Braun of Indiana. “And served in the House since
in addition to Steve Linick at general, but those removals said. control over staffing through- he has been fighting that kind 2015, will be the first Senate-
the State Department, is a have been rare. In April, Mr. Trump fired out the government. One per- of election redo. I’m not say- confirmed intelligence czar
manifestation of that same In 2009, President Obama Michael Atkinson, the inspec- son close to the president said ing that he does not create since August, when Dan Coats

.
frustration over actions aimed dismissed the inspector gen- tor general for the U.S. intelli- Mr. Trump is seeking more “re- some entanglements, but by resigned after a tenure marked
at the ranks of his own gov- eral of the Corporation for Na- gence community, who deemed sponsive personnel.” and large you can’t blame him by friction with Mr. Trump.

ernment, advisers say. tional Community Service, a
“I think we’ve been treated move that drew bipartisan
very unfairly by inspector gen- questions at the time.
erals,” Mr. Trump told report-
ers Monday. “I can go into in-
stances, but I’m not going to
do it now.”
Mr. Trump also recently
criticized the government
whistleblower process, which
often is handled by depart-
on
Previous presidents also ment inspectors general.
us ,
ly
that whistleblower complaint Democrats and some Re- for being leery.” During his confirmation
credible and pushed to share it publicans are asking for Mr. The Senate’s top Democrat, hearing this month before the
with Congress. Multiple wit- Trump’s justification for the Chuck Schumer of New York, Senate Intelligence Committee,
nesses during the impeach-
ment inquiry supported the
claims outlined in the Ukraine
whistleblower complaint.
move against Mr. Linick, who
was conducting inquiries con-
cerning Secretary of State
Mike Pompeo.
noted in a floor speech on
Monday that Mr. Linick was
the fifth inspector general to
be removed or replaced by Mr.
Mr. Ratcliffe pledged that he
would deliver intelligence
analysis free of political influ-
ence.
Mr. Trump said Monday that “Inspectors General help Trump in the past few months. “John Ratcliffe will lead the

have chafed at oversight ef- “This whole Whistleblower ensure transparency and ac- “They all shared one thing intelligence community in
l

forts and clashed with inspec- racket needs to be looked at countability, both of which are in common—they had the au- countering threats from great
e
al a

tors general, but Mr. Trump’s

approach has been more ag-
very closely, it is causing great
injustice & harm,” Mr. Trump
gressive. tweeted last weekend, an ap-
ci on
He views himself as critical for taxpayers to have
confidence in their govern-
dacity to do their jobs and
speak the truth,” Mr. Schumer
powers, rogue nations, and
terrorists—and ensuring that
‘a victim of overly ment,” Sen. Chuck Grassley said. “And what is Donald work is untainted by political

Michael Bromwich, who

served as the Justice Depart-
parent reference to former
government vaccine specialist,
ment inspector general during Rick Bright, who was moved
the Clinton administration, out of his job and is now criti-
said the only moment that cizing the administration’s
er s
aggressive actions,’ (R., Iowa) wrote in a letter to
Mr. Trump. “They should be
Trump’s reaction when he
hears the truth? Fire the peo-
bias,” Senate Majority Leader
Mitch McConnell (R., Ky.) said
one official says. free from partisan political in- ple who spoke it.” before Thursday’s vote.
terference, from either the Ex- The president also recently The close vote underscored
ecutive or Legislative branch.” replaced a number of acting partisan differences over intel-

even approached this was coronavirus response. But at a private Senate GOP inspectors general. They in- ligence matters, as well as
President Reagan’s firing of all On Monday, Mr. Trump crit- when an inspector general is policy lunch attended by Mr. clude Glenn Fine, the Penta- concerns among Democrats
m er

the existing inspectors general icized the whistleblower com-
when he took office. He later plaint prompted by his July
rehired some of them amid conversation with Ukrainian
criticism. President Volodymyr Zelensky,
“This threatens the whole which ultimately led to Mr.
m rp
held over from a previous ad-
ministration of the opposite
party, “it could very well be
that you’d be treated unfairly.”
Mr. Atkinson was appointed
Trump on Tuesday, senators gon’s acting inspector general, over Mr. Ratcliffe’s qualifica-
didn’t raise the issue during a who had been charged with tions and independence.
question session, according to monitoring the roughly $2 Some Democratic senators
attendees. Some lawmakers trillion pandemic stimulus law, said Mr. Ratcliffe wouldn’t be
expressed sympathy for Mr. and Christi Grimm at the De- up to telling the president un-

integrity of the inspector-gen- Trump’s impeachment by the
eral system,” Mr. Bromwich House and acquittal by the
said. Senate. “He was a fake whistle-
The president has the au- blower, and it was a phony,
co Fo
by Mr. Trump in 2018 while Mr.
Linick was an Obama appoin-
tee.
Since his acquittal, the pres-
Trump’s issues with oversight. partment of Health and Hu- pleasant truths, criticizing him
“Look at what his presi- man Services. in particular for declining to
dency has been like from the —Lindsay Wise endorse the conclusions of
time he was elected,” said Sen. contributed to this article. U.S. intelligence agencies and
the Senate Intelligence Com-

mittee that Russia interfered

Pentagon Cuts Are Sought to Fight Pandemic

BY KRISTINA PETERSON common enemy globally, and
AND ANDREW DUEHREN that’s the coronavirus,” said
Rep. Mark Pocan (D., Wis.),
WASHINGTON—The coro- who led the letter with Rep.
navirus pandemic is fueling Barbara Lee (D., Calif.). “I
new debates about govern- don’t get people calling me up
ment funding, including for saying what we really need to
the Pentagon, as lawmakers fight coronavirus is another
n-
in the 2016 presidential elec-
tion in part to help Mr. Trump.
Republicans emphasized the
importance of having an intelli-
relief approved by Congress veterans recently elected, ob- an initial version of the de- gence chief who has been con-
has been deemed emergency jected to cutting defense fund- fense-policy bill without any firmed by the Senate rather than
spending and doesn’t need to ing and are expected to do so GOP votes. But the final version, appointed on an acting basis.
be offset by trims elsewhere. again this year. reached after negotiations with
But some lawmakers want to Republicans have also dis- the GOP-led Senate, passed the
invest more in agencies in- missed the idea of lowering chamber in December with sig-
volved in fighting the virus military spending. “I’d stop nificant bipartisan support.
through the normal budget that with my dying breath,” Rep. Mac Thornberry of

grapple with where to find ex- F-35,” he said, referring to the process. Congress has fre- said Senate Armed Services Texas, the top Republican on
tra money to fight the disease stealth jet fighters. quently eased budget curbs es- Committee Chairman James the House Armed Services
once the immediate emer- Passing the National De- tablished in 2011, including last Inhofe (R., Okla.). Committee, said most lawmak-
gency has passed. fense Authorization Act, or year when it reached a two- The liberal push to trim ers on the panel support draft-
no

One battle emerged this the NDAA, is one of Congress’ year deal on overall spending military spending could create ing the defense bill at the level
week when 29 House Demo- highest priorities every year. levels. Lawmakers are now headaches for House Demo- of spending approved last
ANDREW HARNIK/PRESS POOL

crats sent a letter to the leaders The bill establishes funding working on drafting spending cratic leaders if the defense- July, when Congress struck a
of the House Armed Services levels and sets policies for the bills based on that agreement. policy bill relies only on Dem- budget deal setting overall
Committee calling for military Defense Department and the A divide among House Dem- ocratic votes to pass. House military and domestic spend-
spending in the coming annual Energy Department’s national- ocrats over whether to lower Speaker Nancy Pelosi (D., Ca- ing levels for fiscal years 2020
defense-policy bill to be below security programs. The House military spending, among other lif.) can currently lose no more and 2021.
last year’s authorized level of and Senate have sparred over issues, hobbled their efforts to than 16 Democrats on party- “The world is not going to
$738 billion, to focus on com- its contents, but both view its write a budget blueprint last line votes. be any safer on the other side
bating coronavirus. passage as crucial. spring. Centrist Democrats, in- Last summer, the Demo- of Covid. It may be more dan-
“Right now, we do have a So far, all of the coronavirus cluding the numerous military cratic-controlled House passed gerous,” Mr. Thornberry said. Rep. John Ratcliffe

Texas Base Shooting Presidential Campaign Spending Falls

Linked to Terrorism BY JULIE BYKOWICZ
AND CHAD DAY
Campaign Spending
The campaigns of President
expenses such as event pro-
duction.
cording to Kantar/CMAG. The
spending the week of May 12,
The Trump campaign spent nearly $5 million, was the
Trump and former Vice
BY SADIE GURMAN pital and is in good condition, The top presidential candi- about $32,500 on facility rent- campaign’s biggest ad buy
President Joe Biden cut
AND NANCY A. YOUSSEF according to a Navy statement. dates’ campaign spending als in April—a fraction of its since the week of Jan. 28.
spending last month as the
The Justice Department’s plummeted last month as the usual monthly outlay and the The low spending in April
coronavirus spread.
A shooting Thursday at a counterterrorism section is coronavirus pandemic kept least in about a year, the FEC helped the campaigns stock-
Texas naval air station that working with the FBI and fed- President Trump and pre- Biden Trump reports show. Mr. Biden’s cam- pile money. Mr. Trump’s re-
left a sailor injured and the eral prosecutors in Texas to sumptive Democratic nominee paign spent almost nothing in election operation, which in-
gunman dead is terrorism-re- investigate the circumstances Joe Biden close to home, $40 million April on expenses typically as- cludes the Republican National
lated, the FBI said. and evidence, including elec- newly filed Federal Election sociated with events, his re- Committee, ended the month
Investigators are looking tronic devices found at the Commission reports show. 30 port shows. with about $255 million in the
for a second person of interest scene, a spokeswoman said. Mr. Biden’s campaign spent Mr. Biden’s campaign hasn’t bank. Mr. Biden, the Demo-
in connection with the attack The shooting came days af- $12.9 million and Mr. Trump’s 20 invested in any television or cratic National Committee and
at Naval Air Station-Corpus ter top U.S. law-enforcement $7.7 million in April, their low- radio ads since the week of another DNC fundraising en-
Christi, FBI officials said. officials said they had found est outlays of the year. The March 10, according to ad tity had a combined $100 mil-
10
The gunman, who hasn’t an al Qaeda connection in a combined total was almost $13 tracker Kantar/CMAG. In lion, after accounting for DNC
been publicly identified, sped December shooting on a Navy million less than Mr. Trump and March, his campaign spent debt, the new reports show.
through an entry gate, leading base in Florida. then-Democratic front-runner 0 nearly $12 million on TV and The pandemic hasn’t
security personnel to put up a The Saudi aviation student Hillary Clinton spent in April January February March April radio ads, more than half the stopped the candidates from
barrier that stopped the vehi- behind that Florida attack had 2016, according to FEC reports. $21 million it put in during the raising money—about $60 mil-
Note: Excludes spending by the national parties
cle. Security forces then ex- extensive ties to al Qaeda, FBI Neither candidate held an and afiliated joint fundraising committees. primary. The campaign has put lion each last month.
changed gunfire with the sus- Director Christopher Wray and in-person campaign event last Source: Federal Election Commission about $4.7 million into digital Mr. Biden has supple-
pect, the officials said. Attorney General William Barr month, when stay-at-home or- ads for the general election. mented his grass-roots efforts
A purported video of the said. The gunman in that ders were in place in many leaving Mr. Biden the pre- With no serious primary with a series of larger-dollar
shooting captured cars lined shooting, Second Lt. Moham- states and social-distancing sumptive nominee. challenge, the Trump cam- fundraisers conducted over
up to enter a base and the med Alshamrani, a member of guidelines advised against big Overall, Mr. Biden’s cam- paign committees spent just a Zoom. Mr. Trump’s campaign
sound of at least a dozen shots the Saudi air force, had been rallies and fundraisers. Also, paign spent $19.5 million less few hundred thousand dollars hasn’t held as many virtual
in just over a minute. One communicating with a number Vermont Sen. Bernie Sanders’s in April than in March; Mr. on radio and television ads in fundraisers, though like Mr.
member of the base’s security of operatives of al Qaeda in early April withdrawal from Trump’s, about $1.9 million both March and April. But Biden’s, it solicits money
force suffered “minor injuries” the Arabian Peninsula for the race wrapped up the Dem- less. Much of the savings came they have recently started through online ads and in
but was released from the hos- years, officials said. ocratic primary campaign, from reductions in traditional pouring in millions a week, ac- texts and emails to supporters.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
U.S to Pay
U.K. Firm
To Secure
Vaccine
BY DENISE ROLAND
The U.S. government has
agreed to hand U.K.-based As-
traZeneca PLC up to $1.2 bil-
lion to secure the supply of a
potential coronavirus vaccine
that could be ready as early as
October.
Under the deal, the govern-
ment will bankroll a 30,000-
person vaccine trial in the U.S.
starting in the summer, plus
the ramp-up of manufacturing
capacity to make at least 300
million doses. The first doses
will be ready in the fall should
the vaccine prove effective, it
said.
Alex Azar, the Health and
Human Services secretary,
called the deal a “major mile-
stone” in the administration’s
effort—code-named “Operation
Warp Speed”—to make a safe,
effective vaccine widely avail-
able to Americans by 2021.
The vaccine in question was
developed by the University of
Oxford’s Jenner Institute and is
one of a small group of candi-
dates already being tested in
humans. Others include vac-
cines from Pfizer Inc. and
Moderna Inc. AstraZeneca, un-
der a licensing deal with Ox-
ford, has responsibility for
manufacturing the university’s
vaccine, and has promised to
sell the vaccine without making
a profit during the pandemic.
Governments around the
world are counting on an ef-
fective vaccine against
Covid-19 to defeat a virus that
has killed hundreds of thou-
sands of people and devas-
tated the global economy. But
to guarantee that doses are
ready as soon as possible,
companies must ramp up man-
ufacturing capacity signifi-
cantly before clinical trials
provide solid proof that the
vaccines work—a costly exer-
cise more viable with financial
support from governments
and other funders.
The U.S. government has
moved fast to secure supply
deals with vaccine makers, al-
though the AstraZeneca deal is
its biggest by far. It has also
awarded Johnson & Johnson
$456 million to ramp up U.S.
production of the drugmaker’s
potential vaccine to 300 mil-
lion doses, with the first of
those available by early 2021
should the shot prove effective.
It has also awarded Mod-
erna $483 million to ramp up
production of its candidate
and another $30 million to
support research into a poten-
tial vaccine from France’s
Sanofi SA, though those deals
don’t commit either company
to manufacture a set number
of doses in the U.S.
Still, those deals are no
guarantee that the U.S. will
have a working vaccine within
months. Many promising
no
drugs and vaccines falter dur-
ing clinical trials.
Earlier this week, the U.K.
government agreed to pay As-
traZeneca £65.5 million ($80.1
million) to secure 100 million
doses for its population, with
30 million of those ready as
early as September. That deal
relates purely to manufactur-
ing and doesn’t include any
clinical trial funding.
AstraZeneca says it is in
talks with several other gov-
ernments, as well as nonprof-
its like the international vac-
cine alliance, Gavi, and the
Coalition for Epidemic Pre-
paredness Innovations on
deals that would further boost
production.
Oxford started a 1,100-per-
son study in April. If that goes
well, the U.K. trial will expand
to include around 10,000 par-
ticipants starting in June, ac-
cording to an AstraZeneca
spokesman.
Its vaccine has progressed
quickly, in part because it uses
a technology that has been de-
ployed in earlier vaccines de-
veloped by the university. It
uses an inactivated chimpan-
zee virus containing the ge-
netic sequence for the “spike
protein” found on the new
coronavirus.
In a small animal study, not
yet peer-reviewed, it appeared
to stop the virus from spread-
ing to the lungs, protecting
the inoculated monkeys from
developing pneumonia. It was
unclear whether the vaccine
stopped infection entirely,
however, as the vaccinated
monkeys tested positive for vi-
rus in their noses.
Small-Business Aid Deal Is Set Back
BY YUKA HAYASHI
AND NATALIE ANDREWS
WASHINGTON—The Senate
was unable to complete a deal
to extend the amount of time
companies have to spend loans
obtained through the Paycheck
Protection Program, putting
off the likely passage of re-
vised small-business aid rules
to next month.
Amid broad bipartisan sup-
port, senators worked on
Thursday to coalesce around a
plan to double the time period
to 16 weeks, but failed to gar-
ner unanimous consent on the
agreement before leaving for a
Memorial Day recess. The PPP
is intended to help small busi-
nesses keep workers employed
and pay other expenses during
the coronavirus pandemic.
Under the current rule, the
earliest recipients of PPP
funds must finish using them
by May 29. Senators also
sought to extend the deadline
for program applications to
Dec. 31 from June 30, and al-
low businesses to use funds to
pay for investments needed to
reopen safely and buy per-
sonal protective equipment for
employees.
“I don’t think we’re going
to have a problem getting
something done one way or
the other on it,” said Sen.
Marco Rubio (R., Fla.), the
chairman of the small-busi-
ness committee.
Some senators had hoped to
pass new PPP legislation before
the break, even as GOP leaders
have urged a go-slow approach
on a broader aid package.
On Wednesday, Sen. Cory
Gardner (R., Colo.) said it was
“unfathomable” for the Senate
onU.S. Chamber of Commerce,
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
The USS Theodore Roosevelt departed Guam on Thursday. A medical team’s March memo said dozens of sailors would die of the coronavirus if they weren’t evacuated.
Doctors Warned of Deaths on Navy Ship
BY GORDON LUBOLD
AND NANCY A. YOUSSEF
WASHINGTON—Four doc-
tors aboard the USS Theodore
Roosevelt warned in a memo to
Navy medical officials in March
that dozens of sailors would
die of Covid-19 if the entire air-
craft carrier weren’t evacuated
within 10 days, mirroring the
urgency voiced at the same
time by its commander.
“The only solution to save
the lives of sailors is to imme-
diately get everyone off the
ship into appropriate isolation
or quarantine,” the March 30
memo said, according to a
copy of the document reviewed
by The Wall Street Jour-
nal. “There is no other option.”
The medical team’s warn-
ing, the details of which ha-
ven’t previously been re-
ported, indicated that there
was a “high probability” that
up to 1% of the roughly 4,800-
member crew—or “50 or
more” sailors—could die, and
that hundreds of sailors would
fall ill. The limited medical fa-
cilities on Guam, where the
ship by then had docked to un-
load sailors sickened with
Covid-19, would soon be over-
whelmed, the doctors wrote.
“We will not stand by while
our fellow sailors continue to
be exposed to this fatal virus,”
the memo said. “The time has
come for aggressive measures
to be taken and we are asking
THE CORONAVIRUS PANDEMIC
Senators left for recess without reaching a deal on PPP funds. Above, a closed store in Niles, Ill.
to leave for recess without
passing coronavirus-related
legislation, adding that he
would block the Senate from
adjourning. Mr. Gardner, who
faces a tough re-election fight,
said Thursday that the Senate
was “very close to a number
of things that are needed” and
didn’t object to the Senate ad-
journing.
Separately, House Demo-
crats are expected next week
to vote on a bill to change the
$660 billion program’s time
frame, and change some of the
repayment terms. The House
proposal has support from the
the National Restaurant Asso-
ciation, the National Retail
Federation and several other
for your help.”
The memo, sent to the
Navy’s surgeon general and a
group of other naval medical
personnel, ended with a threat
to go public with their con-
cerns if Navy officials didn’t
move faster to fix the problem.
The medical team’s memo
adds a new wrinkle to an epi-
sode that has deeply affected
the Navy, resulting in the re-
moval of the ship’s com-
mander, Capt. Brett Crozier,
for writing and distributing
his own memo about the out-
break, and the resignation
days later of the man who
fired him, acting Navy Secre-
tary Tom Modly, all while hun-
dreds of sailors became ill.
Navy officials have said
they were moving to address
the outbreak and send aid to
the vessel. But the doctors’
concerns as portrayed in the
memo show that Capt. Crozier
wasn’t alone in thinking that
the Navy needed to act faster
to help the ship and its crew.
A report from a continuing
investigation, expected to be
released in the next week, will
address issues surrounding
the outbreak, the firing of
Capt. Crozier, and what the
Navy did or didn’t do as the
Roosevelt’s crew faced the cri-
sis. That investigation is also
examining senior naval offi-
cers serving above Capt. Cro-
zier in the chain of command,
officials said.
outside groups.
To become law, either bill
would have to pass both
chambers and be signed by the
president.
The program requires busi-
nesses to put 75% of their
funding toward keeping work-
ers on the payroll for the loan
to be forgiven, and to do so
within eight weeks. But that
has proven difficult for many
businesses—such as restau-
rants and hair salons—that
have remained closed and
have little or no work to offer
employees.
Demand for the program has
cooled considerably in recent
weeks, with new funds ap-
proved at a rate of roughly $1
billion a day. According to
On Wednesday, the aircraft
carrier left Guam after docking
there for nearly two months
because of the Covid-19 out-
break. On board were about
3,300 of its crew members, de-
fense officials said. Some re-
mained behind in Guam be-
cause of health issues related
to the disease, with many stay-
ing ashore because the ship’s
cramped living quarters pre-
vent proper social distancing.
Approximately 1,200 crew
members became sick while
the ship was docked in Guam
and one of the carrier’s crew,
Chief Petty Officer Charles
At least 14 crew
members who
reboarded tested
positive for the virus.
Robert Thacker Jr., 41, died of
the virus on April 13.
In the past week, at least 14
crew members who had re-
boarded the ship in prepara-
tion for its departure from
Guam tested positive for the
virus, Navy officials said. Navy
officials declined to disclose
the destination of the ship,
whose home port is San Diego.
The views expressed in the
one-page medical memo, sum-
ming up an air of urgency
Friday, May 22, 2020 | A5
of duplicative loans, loans that
didn’t close for whatever rea-
son and loans that have been
paid off.
The House plans to vote
next week on a bill sponsored
by Rep. Dean Phillips (D.,
Minn.) and Rep. Chip Roy (R.,
Texas) that would adjust the
PPP, including extending the
loan period and eliminating
the requirement to use 75% of
funds on payroll expenses.
“It has a sense of urgency
about it,” House Speaker
Nancy Pelosi (D., Calif.) said of
Mr. Phillips’s proposal in talk-
ing to reporters on Wednes-
day. “What it does is extend
NAM Y. HUH/ASSOCIATED PRESS
the time in which you can re-
hire people, extend the time in
which you pay back and also
undo the 75/25, which was de-
bilitating,” referencing the re-
quirement that 75% of loan
proceeds be spent on payroll
costs.
In comments Thursday at
an online event hosted by the
Small Business Administration Hill publication, Treasury Sec-
data, a total of $513 billion had retary Steven Mnuchin said he
been approved under the pro- supports extending the eight-
gram by Tuesday, leaving week period and defended the
about $130 billion still avail- administration’s handling of
able after accounting for lender the PPP.
fees. The government pays fees He said the Trump adminis-
to banks for issuing the PPP tration rule requiring recipi-
loans, which are guaranteed ents to use 75% of the money
100% by the government. on payroll costs, rather than
An SBA spokesman said rent or bills, was consistent
funds returned by some lend- with the law passed by Con-
ers have been added back to gress. Companies struggling to
.
the pool, bolstering availabil- meet additional overhead
ity. He didn’t disclose the costs, he said, can apply for
ly
amount of returned funds, but other loans through the SBA.
there is a gap of roughly $24 Mr. Mnuchin also expressed
billion between the agency’s reluctance to disclose PPP
earlier loan-approval data and
the latest accounting. The
spokesman said the latest
number reflects cancellations
loans that are made to pri-
vately held companies, citing
“proprietary information” con-
cerns.
SEAMAN KAYLIANNA GENIER/U.S. NAVY/ZUMA PRESS
aboard the carrier at the onset sure the doctors that the Navy
of the outbreak, in part was trying to accommodate
prompted Capt. Crozier to the sailors, officials said, and
write his own memo, sent to urged them to remain within
senior Navy leaders about the the chain of command and not
same time. Capt. Crozier’s release the letter to the public.
memo became the subject of The Navy declined to com-
news reports, leading to his ment about the memo, citing
removal. The warning that 50 its continuing investigation.
sailors could die was reported Crew members have said
by the New York Times in that fears about an outbreak
April. erupted after the carrier com-
The medical team’s memo, pleted a five-day port call in
signed by the ship’s chief med- Vietnam in early March, al-
ical officer and three other though officials have said the
doctors aboard the ship—a virus may have been brought
general practitioner and two on board by air crews.
surgeons—plus a physical After the memo written by
therapist, was sent to the Navy Capt. Crozier became the sub-
surgeon general and other na- ject of media reports, Mr.
val personnel on March 30. Modly, then the acting Navy
During the time both the secretary, fired Capt. Crozier,
ship’s commander and his saying he had lost trust and
medical officers were writing confidence in the captain.
their respective memos, the Mr. Modly resigned just
Navy was making preparations days later, following a back-
on Guam to unload the crew, lash over his address to air-
Navy officials have said. That craft-carrier crew members
included reopening restau- over the ship’s public-address
rants and hotels that had been system. The White House then
closed due to coronavirus and replaced Mr. Modly with
finding transportation to get James McPherson, the Army’s
the crew off the ship and to undersecretary. While an ini-
accommodations where they tial Navy investigation recom-
could quarantine. Military mended that Capt. Crozier be
medical personnel had been reinstated, Mr. McPherson or-
flown from Okinawa, Japan, to dered the subsequent investi-
help assist the crew. gation now under way.
Rear Adm. Bruce Gilling- In all, 1,178 sailors across
ham, the Navy surgeon general the Navy currently are
to whom the doctors’ memo infected with the virus, ac-
was addressed, replied the cording to the latest Navy
same day in an attempt to as- statistics.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Friday, May 22, 2020
ROGELIO V. SOLIS/ASSOCIATED PRESS
A worker cleaned a machine at the WaterView Casino and Hotel in Vicksburg, Miss., on the eve of its opening on Thursday.
Lockdowns Loosen, as Infections
Top Five Million World-Wide
BY JENNIFER CALFAS
AND MATTHEW DALTON
Lockdowns in parts of the
U.S. eased further Thursday as
the number of out-of-work
Americans climbed and con-
firmed coronavirus infections
world-wide passed five million.
All 50 U.S. states have begun
reopenings in some form under
a patchwork of guidelines fol-
lowing months of closures de-
signed to curb the virus.
Michigan Gov. Gretchen
Whitmer took further steps to
reopen businesses Thursday,
allowing retailers and car
dealerships to take appoint-
ments, nonessential medical
and dental procedures to re-
sume, and groups of up to 10
How can I...
Ensure my
employees are safe?
Plan for
recovery curves?
no
Help my community?
Prepare for
policy changes?
Keep the lights on?
©2020 Dow Jones & Co., Inc. All rights reserved. 3DJ8992
THE CORONAVIRUS PANDEMIC
people to gather with social
distancing in place.
A Michigan Court of Claims
judge ruled Thursday the Dem-
ocratic governor had the au-
thority to extend state-of-
emergency orders without
legislative approval, after the
on
Republican-led legislature chal-
us ,
lenged her actions.
l
The ruling came as the state
e
al a
contended with a disaster in
Midland County, in central
Michigan, where floodwaters
ci on
overwhelmed two dams and
forced 10,000 people to evacu-
ate. President Trump visited
Michigan on Thursday to tour a
Ford Motor Co. facility that
er s
produced ventilators.
Ohio, meanwhile, will allow
m er
wedding receptions of up to
m rp
co Fo
n-
There has never been
a more critical time for
leaders to connect.
Join the members of the CEO Council in
building a network of peers who challenge,
advise, support and inspire. Add your voice
to the biggest discussions, and gain insight you
need to navigate this unprecedented moment.
Membership is by invitation: CEOCouncil@wsj.com
Learn more at ceocouncil.wsj.com
300 people to resume as soon
as June 1, Lt. Gov. John Husted
said. The state previously lim-
ited wedding receptions to no
more than 10 people.
Ohio’s decision comes as
some scientists believe limiting
large gatherings might be a key
to controlling the virus, by pre-
venting what is known as super-
spreading events, where hun-
dreds of people may be infected
in the span of a few hours.
The U.S. has recorded more
than 1.57 million confirmed in-
fections, and the death toll has
passed 94,700, according to
data compiled by Johns Hop-
kins University. Globally, more
than 332,000 people have died.
Experts say the figures
likely understate the scale of
* **** THE WALL STREET JOURNAL.
States View Data Differently
As They Decide to Reopen
After months of lockdowns, all states have now eased
restrictions in some capacity, and many are relying on data to
tell them when it is safe to move to the next phase of
reopening. But each state has its own idea of what that data
should be.
The Wall Street Journal reviewed the metrics outlined by 10
states that have significant case numbers and published clearly
defined reopening plans. The differences in the data they
consider—and the conclusions they draw from it—show a stark
divide in the governments’ priorities.
—Lindsay Huth
Criteria considered for new phases of reopening
Control
Ensure
virus spread
hospital
N.C. capacity
Fla. Ind.
Ill. Mich.
N.Y.
Md.
Calif.
Pa.
Wash.
Contain
new cases
Monitor vulnerable
populations Source: state
reopening plans
Most states are tracking the new coronavirus’s spread
through common metrics like confirmed Covid-19 cases,
hospitalizations and deaths. Many states are now only
considering these and other metrics at the county or regional
level, leading to parts of a state opening, with densely populated
areas still largely closed.
In the absence of sustained, widespread testing, concerns
remain about how accurate a picture such data can draw.
.
Florida and North Carolina also consider reports of flu- or Covid-
the pandemic, in part because
ly
like illnesses.
of varied testing capabilities
and procedures. A Wall Street
Journal analysis of death cer- Metrics used to control virus spread
tificates indicate that Michigan
may have undercounted hun-
dreds of fatalities connected to
Covid-19 in the spring.
Cases presenting flu- or
Covid-like symptoms
Confirmed
Moreover, a recently
Covid cases Fla.
launched federal effort to col- Hospitalizations
Pa.
lect data on coronavirus
deaths in nursing homes in- N.C.
cludes a rule that doesn’t re- Calif. Ill. Ind.
quire facilities to report fatali-
ties and infections that States that didn’t
occurred before early May. Mich. Wash. N.Y. consider these metrics
Public-health officials have
said a consistent decline in Percentage of
positive tests Md.
new infections, measured Deaths
through robust testing and
contact-tracing programs,
would be necessary for safely As lockdowns were largely triggered by fears of
reopening. Often inconsistent overwhelming hospitals if the virus spread too quickly, most
information has hampered ef- states also closely track hospital capacity, including beds and
forts to create a clear snap- availability of personal protective equipment.
shot of the U.S.’s progress.
In Iran, officials on Thurs-
day warned citizens not to Metrics used to ensure hospital capacity
travel for the Eid holiday to
prevent a second wave of infec- Availability of Availability of personal
tions. The virus first surfaced hospital beds protective equipment
in Iran in mid-February but Calif.
spread significantly following Ill. Fla.
the Persian New Year in March, Ind. Md. States that didn’t
consider these metrics
as millions of Iranians traveled. N.Y. Mich.
Saudi Arabia on Thursday
reported 12 deaths from the
coronavirus, its highest toll in
Wash. N.C.
Pa.
a single day.
The kingdom, which has re-
corded more than 65,000
Even states considering the same metrics can have different
thresholds. All of Illinois’s regions have now met its requirement
cases with 351 fatalities, will to have at least 14% of their hospital beds open before moving
enforce a 24-hour nationwide to the next phase. In New York, that standard is 30%—one of
curfew during the five-day Eid several thresholds the New York City region has yet to reach.
holiday to limit further Reopenings also require testing and contact tracing to
spread.
The World Health Organiza-
tion has warned that the pan-
contain the new cases that will eventually develop as
restaurants, churches and other public spaces reopen.
demic is far from over.
Director-General Tedros Ad- Metrics used to contain new cases
hanom Ghebreyesus said
Wednesday that in the prior 24
hours, 106,000 new coronavi-
Testing
capacity Calif.
Contact-tracing
capacity
rus cases had been reported to Ill. Ind.
the United Nations health or- Md. States that didn’t
ganization from around the
world, the highest single-day
total since the outbreak began.
Fla. Mich.
Pa.
N.Y.
Wash.
consider these metrics
N.C.
Coronavirus
Daily Update Those metrics can evolve: Illinois prioritizes testing for
symptomatic health-care workers and first responders to move
As of 10:36 p.m. EDT May 21 between initial phases but eyes comprehensive testing later in
its reopening process, and it doesn’t consider contact-tracing
1,577,147
capacity until later phases.
Michigan notes that the specific metrics in its plan are
examples of the data it considers, and they could change as
U.S. cases public-health guidance evolves. And in other states, metrics that
aren’t explicitly considered in the decision-making process can
5,102,424
still be addressed more generally in reopening preparations.
Monitoring vulnerable populations is a less common metric,
and Washington is the only state to consider both long-term-
World-wide cases care facilities and racial and other demographic disparities in
making its reopening decisions. Other states like Florida
94,702
mention vulnerable populations in their statements on
reopening but haven’t produced a corresponding metric.
U.S. deaths
Metrics used to monitor vulnerable populations
332,924 Outbreaks in
long-term-care
facilities
Racial and other
demographic disparities
World-wide deaths
298,418
Pa. States that didn’t
Wash. consider these metrics
Calif.
U.S. recoveries Fla. Ill. Ind.
Md. N.Y. N.C.
1,948,739
Mich.
Despite outlined metrics, reopening plans can change.
World-wide recoveries Pennsylvania has said that all metrics could point to reopening,
but a concern like population density or low supply of personal
Source: Johns Hopkins University Center protective equipment, which isn’t an official metric, could halt
for Systems Science and Engineering the process.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Covid Deaths
Likely Missed
In Michigan
BY COULTER JONES
AND JON KAMP
Fresh data from Michigan,
one of the states hardest hit
by the new coronavirus, show
that a testing shortfall there is
likely fueling a substantial
undercount of deaths attri-
buted to Covid-19 and points
to the broader challenge of
tracking deaths from the dis-
ease nationwide.
An exclusive Wall Street
Journal analysis of death cer-
tificates indicates that Michi-
gan could have undercounted
hundreds of fatalities con-
nected to Covid-19 during a
period in March and April
when deaths had surged above
normal levels.
More than 13,000 people
died in the state from March
15 through April 18, compared
with an average of about 9,300
deaths yearly during the same
five-week period over the pre-
vious six years, according to
the state’s death-certificate
data.
Confirmed Covid-19-related
deaths account for two-thirds
of that rise. Other causes of
death that epidemiologists say
could be made worse by the
disease or be a symptom, such
as strokes, heart-related ail-
ments, influenza and pneumo-
nia, all rose above typical
death counts. Epidemiologists
say researchers are still learn-
ing about all the ways
Covid-19 can damage the body.
In Macomb County, made
up of Detroit-area suburbs,
Medical Examiner Daniel Spitz
said 842 overall deaths were
reported to his office in April
this year, up about 370 from
April last year.
“These increases in num-
bers were not because we had
a lot of homicides, a lot of sui-
cides, a lot of drug overdoses,”
New Rule Leaves Full Toll
At Nursing Homes Unclear
BY ANNA WILDE MATHEWS
A recently launched federal
effort to collect data on the
impact of the coronavirus in
nursing homes will leave the
full toll unclear, because a new
rule doesn’t require facilities
to report deaths and infec-
tions that occurred before
early May.
The new rule, issued May 8,
compels nursing homes to
submit data on coronavirus
cases and associated deaths to
the Centers for Disease Con-
CARLOS BARRIA/REUTERS
no
trol and Prevention. According
to a form posted on the CDC
website, the information has
to go back only to the week
leading up to their first filing,
which was supposed to occur
by May 17, while older data are
optional. Nursing homes will
provide current data at least
weekly going forward.
An earlier version of the
CDC form, from April, told
nursing homes to provide ini-
tial data going back to Jan. 1,
according to a copy viewed by
The Wall Street Journal.
The Centers for Medicare
and Medicaid Services, which
issued the rule, said that it
didn’t require nursing homes
to submit earlier data but it
encouraged them to do so.
An industry group, the
American Health Care Associa-
tion, said that it and others
had asked the CDC to “clarify if
reporting was mandatory or
voluntary prior to May,” and
that the CDC had said that “re-
porting prior to May 8 would
be voluntary per regulation.”
The CDC said, “as guidance
and surveillance systems are
put in place, clarifying revi-
sions are made to meet the
needs [of] our partners, health
organizations, and other fed-
eral agencies.”
The data are supposed to
provide the first full national
overview of the pandemic’s
impact on nursing homes, now
available only in a patchwork
of information from some
states. The state data have
made clear that the virus
caused a crisis in many long-
term-care facilities around the
country, with more than
* *
Dr. Spitz said. “What’s the dif-
ference between April ’19 and
April ’20? Covid-19 is the obvi-
ous choice.”
The Journal’s findings un-
derscore the broader challenge
of tracking the disease even as
the country looks for accurate
data to measure the safety of
reopening the economy. Pub-
lic-health experts say it is
common to undercount deaths
from new maladies, and that
testing deficits made it partic-
ularly easy to miss deaths
from people infected by the
coronavirus.
In Detroit, funeral director
Antonio Green said his facility,
the James H. Cole Home for
Funerals, has handled an un-
precedented case load due to
Covid-19. This includes dozens
of cases where family members
believe the new disease felled
a loved one, but without the
certainty of knowing for sure.
“If you don’t know or if
there’s a question mark, it
leaves a void where it can be
harder for people to get clo-
sure,” he said.
It is also possible to over-
count Covid-19 deaths, includ-
ing cases where infections are
found in people who die from
unrelated reasons, or pneumo-
nia was caused by something
else in an untested person, ac-
cording to medical examiners.
The data in Michigan, how-
on
ever, suggest undercounting
us ,
errors, said Aubree Gordon, as-
l
sociate professor of epidemiol-
e
al a
ogy at the University of Michi-
gan. Even younger patients
have suffered strokes and neu-
ci on
rological symptoms because of
Covid-19, she said. Without full
testing in nursing homes, un-
derlying problems caused by
Covid-19 could be mistaken for
er s
pre-existing conditions.
“It’s a constantly evolving
m er
situation and as more people
m rp
co Fo
n-
CMS’s Seema Verma said older data from nursing homes is optional.
28,000 deaths, according to a
recent Journal tally.
“We’re going to get a very
incomplete picture” of the
pandemic in nursing homes,
said David Grabowski, a pro-
fessor at Harvard Medical
School, because facilities don’t
have to submit information
about the early impact of the
virus. “How do we understand
what’s happening if we only
have data back to” early May?
He said around 36 states are
offering some coronavirus tal-
lies for long-term-care facili-
ties, and 17 are listing individ-
ual locations.
Lori Smetanka, executive
director of the National Con-
sumer Voice for Quality Long-
Term Care, an advocacy or-
ganization, said consumers
also want to know of past
cases and deaths at nursing
homes, in order to understand
how they handled the virus.
“Having the information will
tell the story of what’s been
happening in the facility dur-
ing the pandemic,” she said.
Nursing homes were al-
ready required to submit in-
formation to state and local
public-health authorities, but
those authorities don’t always
make the information public.
CMS said it aims to make
the findings public by the end
of May through its consumer-
focused Nursing Home Com-
THE CORONAVIRUS PANDEMIC
The state's death toll rose beyond recent norms beginning
in mid-March, especially in and around Detroit, where the
outbreak has been concentrated. Only a portion of the
jump in deaths were officially attributed to Covid-19.
Deaths in Michigan by week
3,000 weekly deaths
2,000
1,000
0
Jan.
Source: Vital Records & Health Statistics, Michigan Department of Health & Human Services
The James H. Cole Home for Funerals in Detroit has handled a heavy case load due to Covid-19.
get infected we are really
learning on a daily basis about
the virus and the symptoms
and what may be typical and
atypical,” Dr. Gordon said.
The fact that respiratory ill-
nesses circulate in the winter
and spring can also complicate
the task of counting Covid-19
deaths accurately. Deaths due
to Covid-19 might be “misclas-
sified as pneumonia or influ-
enza deaths in the absence of
pare site. The agency has also
ordered nursing homes to in-
form residents and their fami-
lies directly about coronavirus
cases. The new requirements
don’t include assisted-living
facilities, which aren’t over-
seen by CMS.
The CDC is requesting ex-
tensive data from long-term-
care facilities, including the
number of residents with sus-
pected cases of Covid-19, the
coronavirus illness, the num-
ber of residents with lab-con-
firmed cases, and the number
of deaths among residents
who had Covid-19.
“The data that we’re going
to be getting from the nursing
homes will give us a better
picture, a national picture of
the extent of coronavirus in
nursing homes as well as the
deaths that have occurred,”
CMS Administrator Seema
Verma said Monday. She said
that the older data are op-
tional, and “many are report-
ing it.”
Sen. Bob Casey (D., Pa.),
who has been pressing for
more nursing-home data to be
made public, said data prior to
May should be made public.
“Families deserve this infor-
mation,” he said. “Public-
health officials need this infor-
mation.”
—Jon Kamp
contributed to this article.
Friday, May 22, 2020 | A7
Deaths by county, March 15–April 18
Not Covid-19-related
2014–19
median
Covid-19-related
1,000
2014-2019
Covid-19- 100
2014-2019 median related deaths
2020
Deaths
above
median
Grand Rapids
Lansing
Detroit
Feb. March April
Elbert Wang/THE WALL STREET JOURNAL
The analysis used death
certificate data obtained on
May 20, which may be updated
as health officials review hun-
dreds of cases with an ill-de-
fined or unknown underlying
cause. Such deaths often in-
volve drug overdoses awaiting
toxicology tests, but some
could include deaths related to
Covid-19 that were never
tested and may never get up-
dated, state health authorities
BRITTANY GREESON FOR THE WALL STREET JOURNAL
said. There are fewer than 200
deaths annually classified as
ill-defined or unknown cause
from 2014 to 2018.
The Journal’s analysis cov-
.
ers a period that includes
when Covid-19 deaths began to
ly
rise significantly. Data from
death certificates can take
weeks to provide a complete
picture of mortality.
The cause of death is typi-
cally determined by doctors at
nursing homes and hospitals
where patients stricken by
positive test results,” the U.S. with recent averages. But Covid-19, the disease caused
Centers for Disease Control about a third of certificates by the novel coronavirus, have
and Prevention said on a web- from that increase—more than died most often. This can be
page explaining how it tracks 900 cases—don’t list Covid-19 challenging, however, without
Covid-19 death records. as an underlying or related confirmatory Covid-19 tests in
The state’s death certificate cause of death. a population where people of-
data show a significant surge Meanwhile, a third of the ten have several health issues,
in fatalities in and around De- state’s 83 counties, including said Baldev Gupta, a medical
troit, which is the epicenter of many in areas that haven’t director for two Detroit-area
Michigan’s Covid-19 outbreak. been hit as hard by Covid-19, nursing homes with significant
Deaths in three counties in saw a decline in total deaths, outbreaks.
that area were up 80% in the or little change, according to —Lisa Schwartz
five-week period, compared the Journal’s analysis. contributed to this article.
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A8 | Friday, May 22, 2020
New Class of Poor Emerges From Italy’s Crisis
BY MARGHERITA STANCATI
NAPLES, Italy—Giovanni
Bruno first realized Italy was
dealing with an unprecedented
crisis when the food bank he
runs started getting calls for
help from middle-class Ital-
ians.
“We are talking about edu-
cated people, people who are
able to track us down on the
internet,” says Mr. Bruno, the
head of Banco Alimentare, It-
aly’s largest food bank. “Each
time it’s like getting stabbed in
the heart.”
The coronavirus pandemic
has precipitated one of the
worst economic downturns in
generations. But few major
economies are likely to fall as
far as Italy’s, or take longer to
recover.
Although Italy’s lockdown
officially ended on May 18,
many restrictions remain, and
the economic impact will be
long lasting. The new poor in-
clude small-business owners
such as shopkeepers, restaura-
teurs and market vendors, as
well a vast number of workers
employed in sectors such as
tourism and entertainment,
which have little prospect of
reviving soon.
The health emergency has
left hundreds of thousands of
Italians unable to pay for their
own food for the first time,
the biggest jump in poverty
since the aftermath of World
War II.
Among those struggling is
Sado Sabbetta, a 56-year-old
sound engineer from the city
of Bologna. His last day of
paid work was Feb. 21, the day
Italy discovered its explosive
coronavirus outbreak. He has
since spent the meager savings
he had and began to dip into
his overdraft. He suspended
his rent and bill payments, and
has been using food vouchers
distributed by the government
to feed himself and his teenage
son.
“It is the first time this has
happened to me,” Mr. Sabbetta
said. “It’s not just about what
happens right now. The worry
is: What will entertainment-
sector workers like me do over
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THE CORONAVIRUS PANDEMIC
A worker lifts cases of beans at the Banco Alimentare, a food bank in Salerno, Italy, that has seen demand skyrocket during the crisis.
the next few months?” GDP per capita, cumulative
To help cover basic costs, change, adjusted for inflation
Mr. Sabbetta has received a
€600 ($657) emergency pay- 15%
PROJECTIONS
ment the government made
▶
available to self-employed or
10
part-time workers, one of sev-
eral measures introduced early
to help ailing families and 5 pected to contract by 9.5% this
businesses.
So far, around 12 million
workers have applied for relief 0 any country in the European
payments, according to Italy’s
pension agency, more than half
the country’s overall work-
force.
Italy is ill-prepared to deal
on–5
with a crisis of this magnitude. –10
us ,
The country never fully recov-
l
ered from the 2008 global fi-
e
–15
al a
nancial crisis and the eurozone
debt crisis that followed in 2007 ’10 ’15 ’20
2010-12. Those events left Italy
ci on
Source: European Commission
a poorer country and the gov-
ernment much more indebted sis is hitting Italy after 10
today than it was then. years of constant decline.”
“In 2008, Italian families Since the financial crisis,
were in a much more solid sit- the number of people living in
er s
uation,” said Cristiano Gori, absolute poverty has contin-
professor of political sociology ued to increase, doubling to a
m er
at Trento University. “This cri- record five million in 2018, ac-
m rp
co Fo
n-
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wsj.com/pro/si
cording to Italy’s statistics
agency. That number is ex-
pected to rise much more rap-
idly now, with the Italian trade
union UGL estimating it could
soar above nine million people
Germany
over the next few months.
The Italian economy is ex-
year, according to the Euro-
France
pean Commission, more than
Spain Union except for Greece.
“We are witnessing a fur-
ther erosion of the lower mid-
dle class,” said Pierluigi Dovis,
a representative of the Catho-
lic charity Caritas in northern
Italy
Italy. “Only some of them will
eventually be able to lift them-
selves up again. Many of them
never will.”
Before the coronavirus out-
break, Banco Alimentare dis-
tributed food to around 1.5
million people in Italy. The
number has risen by roughly
40% in just over two months.
The food bank can’t keep up
with the new requests, partic-
ularly in Italy’s traditionally
Japan Eases Curbs in Osaka,
But Sustains Them in Tokyo
BY ALASTAIR GALE
TOKYO—Japan lifted a state
of emergency from its second-
largest urban region, around
Osaka, but kept the restriction
in force for the Tokyo area,
where new coronavirus infec-
tions have been slightly higher
but are trending down.
Prime Minister Shinzo Abe
said he would convene a panel
of medical experts on Monday
to consider whether to end the
decree in the last remaining
areas.
“If the experts concur and
the current situation contin-
ues, I think it could be possi-
ble to end the state of emer-
gency,” Mr. Abe said.
Japan has so far suffered a
lighter toll from the virus than
the U.S. and Western Europe,
with 777 deaths attributed to
Covid-19 as of Wednesday. But
as infections accelerated in
April and fears grew that
the medical system could be-
come overwhelmed, Mr. Abe
imposed a national state of
emergency.
The directive added weight
to government requests for
people to reduce social contact
and travel, and for businesses
to close or reduce their hours.
Japan hasn’t imposed a strict
lockdown backed by legal pen-
alties.
Medical experts say wide-
Global Agencies Warn of Dangers
In Yemen After U.N. Staffer Dies
BY SUNE ENGEL RASMUSSEN
A United Nations staff
member in Yemen died of
Covid-19 amid a surge in coro-
navirus cases, as international
agencies warned the pandemic
could spiral out of control in
one of the world’s most im-
poverished and war-battered
nations.
The local U.N. worker, who
was employed by the World
Food Program, died this week,
officials in the world organiza-
tion said on Thursday. They
* * THE WALL STREET JOURNAL.
town south of Naples. In less
than two months, the number
of families who have turned to
L’Abbraccio to feed themselves
has jumped to more than 500
from 160 families.
The new poor include many
Italians who were working in
the gray, or shadow, economy,
which employed around 3.7
million people, according to
2017 estimates by Italy’s sta-
tistical agency. These off-the-
books workers are largely ex-
cluded from the state’s welfare
safety net.
The Italian government is
trying to help those people
now. A €55 billion economic-
GIANNI CIPRIANO FOR THE WALL STREET JOURNAL
support package approved in
mid-May includes emergency
payments for people who
didn’t qualify for aid previ-
ously. But many of those peo-
ple are choosing not to ask for
government support out of
fear of getting themselves or
their employers in trouble, and
losing their jobs.
Until Italy went into lock-
down, Carmine Esposito
worked as a parking attendant
in central Salerno. Many of his
clients were foreign tourists,
poorer southern regions such who used to stop in Salerno
as Campania, of which Naples before driving to the nearby
is the capital. Amalfi Coast. He hasn’t made
“Many people think this will any money in more than two
just be a problem this month months and is now struggling
or next month. They don’t un- to pay his €600 monthly rent.
derstand it’s a long-term prob- He relies on food handouts
lem,” said Roberto Tuorto, from L’Abbraccio.
.
who runs Banco Alimentare’s Although he worked full
operations in Campania, as he time, he was on a part-time
ly
surveyed goods in the charity’s contract, a way for his em-
sprawling warehouse: beans, ployers to skimp on social-se-
unsold Easter cakes and curity payments. As a result,
canned gourmet tomatoes
originally destined for Japan.
The food, a mix of dona-
tions and purchases made with
when his furlough benefits
eventually come through, he
expects to receive €500, far
less than the €1,300 a month
EU funds, is distributed he used to make.
through local charities that “It is a serious problem. I
prepare shopping baskets and need the money immediately,”
ready-to-eat meals for those in said Mr. Esposito, 52, who reg-
need. One of those charities is ularly sends money to his 25-
L’Abbraccio—or “the Hug” in year-old son, a college student.
Italian—which has focused on He is looking for new jobs, but
assisting the newly poor since the prospects are slim.
the 2008 financial crisis. “It was a struggle before.
The scale of the new emer- Just imagine what it’s like
gency is unlike anything its now,” he said.
volunteers saw back then, said
Matteo Marzana, who heads  Europe’s recovery imperiled by
the charity out of Salerno, a banks too scared to lend.......B1
DAI KUROKAWA/EPA/SHUTTERSTOCK
A man walked in front of closed shops in Osaka on Thursday.
spread mask wearing by Japa- In Tokyo and three adjoin-
nese and general standards of ing prefectures, the overall
hygiene may have also limited rate was close to 0.6 over the
the spread of the virus. period but falling. On Thurs-
On May 14, Mr. Abe lifted day, Tokyo reported 11 new in-
the state of emergency for 39 fections. The northern island
of the nation’s 47 prefectures of Hokkaido also remains un-
as the infection rate slowed, der the state of emergency.
and said he hoped to soon end While Japan has had a rela-
it in the remaining areas tively low infection and death
with more cases. rate from the virus, the public
The government set a has been critical of Mr. Abe’s
threshold of an average of 0.5 handling of the crisis, particu-
new infections per 100,000 larly what some saw as a slow
people over a week for each imposition of the state of
area to move ahead with lift- emergency. An opinion poll
ing the state of emergency. In from public broadcaster NHK,
Osaka and two neighboring conducted in mid-May, showed
prefectures, the overall rate support for Mr. Abe’s govern-
was less than 0.1 for the week ment at 37%, the lowest level
through Wednesday. in more than two years.
didn’t elaborate on how he Hospitals were already strug-
had contracted the virus but gling to cope with a cholera
said his death illustrated con- outbreak that since 2016 has
cerns that people in Yemen infected more than two million
don’t get emergency health people and killed nearly 4,000.
care soon enough. Despite a unilateral Saudi
A five-year war between cease-fire declared in April to
the Saudi-backed government help bolster the coronavirus
and Iran-supported Houthi fight, coalition airstrikes have
rebels over control of the continued against the rebels,
country has caused what the according to aid groups and
U.N. calls the world’s worst the Armed Conflict Location &
humanitarian crisis. It has Event Data Project, an inde-
decimated Yemen’s health-care pendent monitor. Clashes be-
system, hampering efforts to tween both sides persist
curb the spread of the disease. across the country.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Protesters Fear End of the Road
Pro-democracy figures
say Beijing law
threatens Hong Kong’s
autonomous way of life
BY NATASHA KHAN
HONG KONG—Beijing’s plan
to crack down on dissent in
Hong Kong with a new security
law sent a chill through opposi-
tion groups, dealing a blow to a
protest movement that nearly a
year ago rallied a million peo-
ple to the streets to halt
China’s growing influence over
the former British colony.
Leading pro-democracy fig-
ures said a national security
law to be imposed on the city,
outlined on Thursday by a
spokesman for China’s legisla-
ture, undermined Hong Kong’s
autonomy and broke the
promise China made to pre-
serve the financial center’s
way of life after its handover
from the U.K. in 1997.
“I know that everyone is
scared and worried tonight,”
Joshua Wong, one of the city’s
best-known activists, wrote in a
Facebook post. “After this law
is passed: What will happen to
Hong Kong? How many people
will be prosecuted? How many
organizations will be banned?”
For more than two decades
since China reclaimed sover-
eignty from the U.K. over Hong
Kong, citizens have regularly
taken to the streets to exercise
their free speech and freedom
of assembly—rights enshrined
in the handover agreement. But
monthslong protests last year—
some large and peaceful, others
violent—represented the big-
gest challenge in decades to the
authority of China’s ruling
Mingling Reduced, Live Streams Added to Keep Legislative Sessions Safe
no
THOMAS PETER/REUTERS
China is getting creative as it
stages its most important politi-
cal meeting of the year—a gath-
ering of thousands of delegates—
amid fears of a second wave of
coronavirus infections.
The effort involves careful
Hong Kong
Braces for
New Law
Continued from Page One
as a part of the territory’s
handover from the U.K. in 1997
after more than a century of
British rule.
“I feel sick,” said Dennis
Kwok, a pro-democracy legisla-
tor in Hong Kong who has in
recent weeks been the target of
criticism from Beijing for hold-
ing up legislation, including de-
laying the passage of a pro-
posed bill that would
criminalize disrespect for
China’s national anthem.
Beijing’s gambit also risks
inviting international backlash
and threatens to erode business
confidence in Hong Kong,
though its economic impor-
tance to China has waned over
* * * * *
Pro-democracy lawmakers condemned Beijing’s clampdown on Thursday outside Hong Kong’s legislature.
Communist Party.
While Hong Kong’s govern-
ment eventually scrapped an
extradition bill that had
sparked the demonstrations,
the protests morphed into op-
position against the local gov-
ernment and Beijing’s rule. In
recent months, Chinese offi-
cials have increasingly blasted
opposition voices, labeled
some violent protesters as ter-
rorists and hit out at nations,
including the U.S., that it
blames for fomenting unrest.
“The opposition in Hong
Kong have long colluded with
external forces to carry out acts
of secession, subversion, infil-
onbriefing that the law would im-
tration and destruction against
us ,
the Chinese mainland,” said a
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
choreography and wide deploy-
ment of live-streaming technol-
ogy to ensure officials and busi-
ness leaders converging on
Beijing for the annual confab stay
virus-free. Unlike in the past,
when delegates mingled with one
the past two decades, while the
city has been dragged into a re-
cession by the protests and the
Covid-19 pandemic.
Hong Kong stocks fell
sharply early Friday. The Hang
Seng Index was down more
than 3.5% in late morning.
The choice of a forceful and
potentially costly solution un-
derscores the increasingly as-
sertive and unapologetic lead-
ership Mr. Xi has adopted, as
he champions a brand of au-
thoritarian governance that he
presents as superior to West-
ern-style democracies. While
Beijing signaled last year it
would tighten its hold on Hong
Kong, doing so now comes as
the U.S., Britain and other Eu-
ropean countries are preoccu-
pied with the pandemic.
In Washington, members of
Congress condemned the move,
with senators promising an ur-
gent push on legislation that
would impose sanctions on Chi-
nese officials and institutions in-
volved in undermining Hong
Kong’s autonomy.
WORLD NEWS
letter sent by China’s Foreign
Ministry to foreign diplomats
on Thursday. While only “a tiny
minority” were engaging in
separatism and terrorism, these
people must be punished in ac-
cordance with the law, it said.
How Chinese authorities
would use the law isn’t known,
though China’s government
uses such laws on the main-
land to silence and detain
those who challenge its author-
ity. Zhang Yesui, a spokesman
for the legislature, said at a
prove legal and enforcement
mechanisms for safeguarding
national security in Hong Kong.
China’s proposed measures,
expected to be rubber-stamped
another and journalists in
crowded meeting rooms, they will
be kept separate from the public,
equipped with masks and dis-
couraged from facing each other
during meals. Interviews with re-
porters will be done by video.
Sen. Chris Van Hollen (D.,
Md.) and Sen. Pat Toomey (R.,
Pa.) said the legislation they had
been preparing became more
pressing given Thursday’s an-
nouncement by Beijing. Targets
of the bill, if passed, could in-
clude Chinese officials who en-
force the new national-security
legislation as well as the banks
In Washington,
members of
Congress slammed
the move.
that do business with them. “We
would impose penalties on indi-
viduals who are complicit in
China’s illegal crackdown in
Hong Kong,” Mr. Van Hollen
said.
Hong Kong had been con-
sumed by antigovernment un-
rest since last summer. Sparked
by a proposed extradition bill
thorized march last year.
He said early Friday that
Beijing’s plan to use its high-
est political body to introduce
laws for Hong Kong and over-
ride the city’s lawmakers
breached its agreement to the
city. “It’s a dangerous prece-
dent set at a critical stage, and
in the future they can repeat
the same thing again and
again.”
Online calls by some activ-
ists for demonstrations Thurs-
ANTHONY WALLACE/AGENCE FRANCE-PRESSE/GETTY IMAGES
day failed to turn out large
groups of protesters. The
movement’s street presence has
been significantly reduced in
recent months amid the coro-
navirus pandemic. The govern-
ment has made it illegal for
more than eight people to
gather. Even so, many young
people have started coming
back out, with hundreds sing-
ing protest anthems at city
malls in recent weekends and
police making some arrests.
More than 8,000 protesters
already arrested over the past
year—many of them high-
by the nation’s legislature next school and university stu-
week, drew an angry response dents—are going through the
from the antigovernment camp. legal system and many face jail.
The reference to foreign in- While many dissidents
terference in its letter to diplo- vowed to continue their fight,
mats echoed Beijing’s criticism they said protest tactics may
over the past year of activists change from mass rallies to
like Mr. Wong and Martin Lee, underground resistance.
the 81-year-old who is known Ivan Choy, a senior lecturer
as the “Father of Democracy” at Chinese University of Hong
in the city, who have met with Kong’s school of government
senior U.S. politicians. and public administration,
ly
Mr. Lee, a senior barrister said Beijing’s tougher stance
and a member of the commit- may lead to more extreme
tee that drafted the city’s protests. “This will provoke
post-1997 constitution agreed
upon by China and the U.K.,
was among a group of veteran
pro-democracy figures ar-
further reaction from younger
generations,” he said. “It will
be very difficult for more
moderate voices in society to
rested in April for participat- tell them to stay calm and see
ing in a peaceful, but unau- a political solution now.”
The concurrent meetings of to approve, typically with near-
the National People’s Congress unanimous votes. With most ma-
and the Chinese People’s Political jor decisions made by senior
Consultative Conference, an advi- Communist Party officials ahead
sory body, are where China’s lead- of time, the assembly is widely
ers announce policy objectives seen as political theater.
and present laws for legislators —Sha Hua
that was seen as eroding the
separation from the judicial sys-
tem on the mainland, the pro-
than two decades in vain for the
city to do so. “Formulate what
should be formulated, revise
tests grew into a broader move-
ment against Beijing’s
encroachment on the city’s self-
what should be revised,” he said
in a speech. “We must never al-
low Hong Kong to become a
governance. Millions took to the
streets, with many waving signs
and chanting slogans denounc-
breaching point for risks to our
national security.”
Such comments had pro-de-
ing the Communist Party, while mocracy activists in Hong Kong
a small but growing faction bracing for a fresh government
started calling for independence. push to introduce national-secu-
While the street protests have rity laws, though many of them
mostly stopped during the pan- expected Beijing to go through
demic, Beijing has signaled an the city’s legislature.
urgent desire for national-secu- The proposed Hong Kong res-
rity legislation in Hong Kong olution, however, suggests that
since late last year, when the Beijing sees little chance of suc-
Communist Party’s governing cess going through the usual
Central Committee approved process in which controversial
plans to strengthen the city’s le- bills often get stymied by bicker-
gal and enforcement mecha- ing between opposing camps of
nisms for safeguarding national pro-Beijing and pan-democrat
security. lawmakers. This time, legal ex-
In April, the new director of perts said, Beijing appears to be
Beijing’s liaison office in the city, bypassing Hong Kong’s legisla-
Luo Huining, declared that Hong ture by tapping a provision in
Kong’s legal framework for na- the Basic Law.
tional security must be im- —Lindsay Wise
proved as soon as possible, espe- in Washington
cially after Beijing waited more contributed to this article.
Friday, May 22, 2020 | A9
China Opts
Not to Set
Target for
Growth
BY JONATHAN CHENG
BEIJING—China broke with
more than a quarter-century of
tradition by not setting an eco-
nomic growth target for 2020,
a stark acknowledgment of the
challenges facing the world’s
second-largest economy as it
grapples with uncertainties
around the coronavirus pan-
demic.
The unusual move suggests
Beijing’s leaders aren’t eager to
unleash a traditional large-scale
stimulus after China’s sharpest
contraction in four decades. It
foreshadows more economic
pain for a world that has be-
come increasingly reliant on
China as an engine of growth.
China reported a 6.1% gain in
gross domestic product last
year—its slowest pace in nearly
three decades, though within
the targeted range of between
6% and 6.5%.
The implicit acknowledg-
ment of sharply slower growth
for 2020 marks a climbdown
for leader Xi Jinping during a
year when he was set to pro-
claim the end of absolute pov-
.
erty in the country and double
the economy’s size from a de-
cade earlier—political goals
meant to burnish his standing
ahead of next year’s centennial
of the Chinese Communist
Party’s founding.
Economists had said China
needed to grow its economy by
at least 5.5% to fulfill the mis-
sion of doubling the economy’s
overall size—a target that now
appears to be out of reach in
the absence of a broader re-
framing of the goals.
The absence of a growth tar-
get was a surprise to many
economists, though some had
predicted that Beijing would
have no choice given the ex-
traordinary challenges this
year. In the first quarter,
China’s economy suffered its
first contraction in more than
four decades, shrinking by 6.8%
from a year earlier.
Even so, Beijing did make
6.1%
Last year’s GDP rise, before
coronavirus halted growth
clear that it would step up gov-
ernment spending and stimu-
late the economy, following the
hit from the coronavirus.
China’s Finance Ministry said
Friday that it would target a
fiscal budget deficit this year of
more than 3.6% of the country’s
projected GDP, significantly
higher than last year’s 2.8% tar-
get and above its traditional
upper limit of 3%.
The absence of a growth tar-
get was revealed in a speech by
Premier Li Keqiang on Friday,
at the beginning of an annual
meeting of China’s rubber-
stamp legislature, the National
People’s Congress. The meeting
had been delayed for nearly
three months as the country
reeled from the coronavirus
that first exploded in the cen-
tral Chinese city of Wuhan.
Mr. Li said that the decision
to scrap an explicit numerical
forecast was made “because
our country will face some fac-
tors that are difficult to pre-
dict,” pointing to the coronavi-
rus and uncertainties around
trade. But Mr. Li said that the
lack of a target “will enable all
of us to concentrate on ensur-
ing stability…and security.”
In the absence of larger-
scale stimulus, economists now
say that China’s policy makers
will focus on ensuring the
economy can muddle through
while ensuring employment
and stable living conditions for
the tens of millions of newly
jobless Chinese workers.
Mr. Li said the government
planned to create 9 million new
jobs in 2020, lower than last
year’s target of 11 million new
jobs. Official data showed that
China met its target last year by
creating 13.52 million new jobs.
The government also said
that it would aim to cap the ur-
ban surveyed jobless rate at 6%
in 2020, higher than last year’s
5.5% target. China’s urban job-
less rate stood at 6% in April, off
the record high of 6.2% in Feb-
ruary, though much higher than
the 5.2% rate at the end of 2019.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Friday, May 22, 2020
CANADA
Central Banker Sees
Economic Recovery
Bank of Canada Governor Ste-
phen Poloz said the economy is
still on track for the central bank’s
best-case scenario for a recovery,
though it may take a year or lon-
ger for growth to return to the
trend it was on before the coro-
navirus pandemic began.
Mr. Poloz said Thursday that
there is little reason to think
consumer confidence will decline
sharply along with economic out-
put. Once business restrictions
meant to slow the spread of the
virus are eased, he said, produc-
tion should pick up quickly.
“We’ll have some legacy to
work off and that could take us
a year or more to get back to
the trend line that we were on
before,” Mr. Poloz said. “But I’m
relatively optimistic.”
Canada’s central bank has cut
its key interest rate three times
since the beginning of March,
bringing it to 0.25%, which policy
makers consider the lowest ef-
fective level. It also launched a
large-scale asset purchasing pro-
gram, known as quantitative
easing, to inject liquidity into
rocky financial markets.
Mr. Poloz said the Bank of
Canada is prepared for more dire
outcomes. But he said news
about lines of shoppers outside
stores that are reopening and
people who can’t get reserva-
tions at restaurants in Asia be-
cause they are booked up are in-
dications that demand has been
repressed and should come back
when restrictions ease.
—Kim Mackrael
U.S. Seeks
Three-Way
Arms Talks
Continued from Page One
tions,” a senior Trump adminis-
tration official said.
The new U.S. proposal is far
more ambitious than the 2010
New START accord, not least be-
cause it seeks to convince China
to join the negotiations. U.S. offi-
cials said the wide-ranging deal
is necessary because of the pro-
jected growth in the Chinese and
Russian nuclear arsenals.
Critics warn the Trump ad-
ministration strategy amounts to
an overreach—and could lead to
a deadlock that will undermine
the existing arms-control frame-
work, which has already begun
to fray.
Concern over the prospects
for arms control was expressed
by European officials after Sec-
retary of State Mike Pompeo
said the U.S. will give six
months’ notice to treaty partic-
ipants that it is leaving the
1992 Open Skies accord, which
allows the West and Russia to
carry out reconnaissance
flights over each other’s terri-
tories to build confidence that
an attack isn’t being planned.
no
The U.S. has accused Russia
of denying Western planes full
access in flights over its terri-
tory. Defending his deci-
sion, Mr. Trump said he would
seek to maintain good relations
with Russia by pursuing other
arms control agreements or
Facebook
Commits to
Home Work
Continued from Page One
said, he was encouraged by
how employees have handled
the recent situation. “In terms
of day-to-day productivity, I
think that’s going better than
we expected,” he said.
Highlighting the types of
tech glitches that can disrupt
remote work, Mr. Zuckerberg’s
live stream to employees on
his Facebook page cut out sud-
denly as he was talking after
just under an hour.
Facebook said the disrup-
tion was only to viewers out-
side the company, but that Mr.
Zuckerberg had been nearly
done and a complete version
of the video would be posted
publicly.
Mr. Zuckerberg’s plan sets
Facebook on a course for a
long-term change at a time
when companies across indus-
tries are rethinking how they
function amid pandemic-in-
duced remote-work require-
ments.
CYCLONE AMPHAN
Storm Batters India,
Bangladesh; 80 Dead
Wide swaths of coastal India
and Bangladesh were flooded
and millions were without power
Thursday as Cyclone Amphan,
the most powerful storm to hit
the region in more than a de-
cade, killed more than 80 people
and cut a path of destruction
that is still being assessed.
Many parts of the Indian me-
tropolis of Kolkata, home to
more than 14 million people,
were underwater, and its airport
was closed briefly by flooding.
Officials in both countries
said the full extent of the dam-
age caused by the cyclone
wasn’t known because commu-
nications to many places were
cut. Hundreds of thousands of
people were evacuated ahead of
the storm, a process complicated
by the coronavirus pandemic.
Amphan came ashore
Wednesday with heavy rain, a
battering storm surge and sus-
tained winds of 105 mph and
gusts up to 118 mph.
About 10 million people in
Bangladesh remained without
electricity, officials said.
—Associated Press
CZECH REPUBLIC
Muslim Leader’s
Conviction Is Upheld
A Czech appeals court on
Thursday upheld a lower-court
ruling that convicted a former
Prague Muslim leader of being
part of a terror group and fi-
nancing terrorism, sentencing
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
The proposal would cover all nuclear warheads, including those mounted on short-range systems. A Russian missile launch from a truck.
perhaps rejoin the Open Skies
accord if Moscow addressed
U.S. concerns.
“There’s a very good chance
that we’ll make a new agreement
or do something to put that
n-
agreement back together,” Mr.
Trump said. “We’re going to pull
out and they are going to come
back and want to make a deal.”
Deputy Foreign Minister Alek-
sandr Grushko of Russia said the
U.S. had relied on “contrived
pretexts” in its decision, part of
a pattern of “destructive steps in
the sphere of strategic stability
and security,” state news agency
RIA Novosti reported.
Plans for returning to the
office differ widely—even
within Silicon Valley. Jack
Dorsey, CEO of Twitter Inc.,
recently told employees they
could work from home indefi-
nitely. San Francisco-based
cryptocurrency exchange Coin-
base Inc. said on Wednesday it
also would remain “remote-
first” after coronavirus re-
strictions are lifted, and e-
commerce company Shopify
Inc. said Thursday that most
of its employees will work re-
motely in the future.
Other tech leaders are less
sanguine about staffers stay-
ing home. Elon Musk, faced
with an unusual challenge in
Silicon Valley because his
company runs its own factory,
waged a public battle with lo-
cal authorities this month to
reopen Tesla Inc.’s manufac-
turing plant near San Fran-
cisco so the electric-car com-
pany could start churning out
vehicles again.
Evan Spiegel, CEO of mes-
saging company Snap Inc., has
joked with his team that he
wants to work from home for-
ever because he feels more
productive and fulfilled being
able to spend so much time
with his family, according to a
person familiar with his think-
ing. But he has also said that
WORLD WATCH
Former Prague Imam Samer Shehadeh’s conviction on terrorism charges was upheld by a Czech appeals
Court on Thursday. He was sentenced to 10 years in prison for sending money to an extremist group.
him to 10 years in prison.
Prosecutors said Imam Samer
Shehadeh helped his brother Omar
in 2016 and later his brother’s
wife, Fatima Hudkova, travel to
Syria to join an extremist group
known as Jabhat Fateh al-Sham.
Prosecutors also said Mr.
Shehadeh sent unspecified sums
of money to the group that
seeks to replace the regime of
Syrian President Bashar al-
Assad with an Islamic state.
In the same case, Omar She-
hadeh and his wife were con-
victed of terror charges and re-
ceived prison terms of 11 and six
years, respectively. The appeals
court also upheld their sentences.
Mr. Shehadeh didn’t deny the
accusations, but said he didn’t
FROM PAGE ONE
China, with a much smaller
nuclear arsenal than the U.S.
and Russia, has no history of
allowing intrusive arms-control
verification.
A Chinese Foreign Ministry
spokesman said in January that
Beijing had “no intention to par-
ticipate” in three-way arms
talks. He charged that Washing-
ton was demanding that China
join such negotiations as “a pre-
text to shirk and shift its own
nuclear disarmament responsi-
bilities.” A spokesman for the
Chinese embassy didn’t respond
to a request for comment.
Mr. Billingslea, however, has
he thinks the idea of knowl-
edge workers working from
home indefinitely is dystopian,
and expressed concern that
some have found it miserable.
Remote work is in some
ways easier for tech compa-
nies, with their largely white-
collar, tech-savvy workforces.
But it also presents challenges,
such as finding ways to repli-
cate the directness and seren-
dipity of in-person interac-
tions that are often seen as
key to innovation.
Mr. Zuckerberg has been
vocal about adopting changes
during the pandemic, saying
Plans for returning to the office differ widely in Silicon Valley.
* * THE WALL STREET JOURNAL.
reported that more than 160
CNL party members were ar-
rested, many of them on
Wednesday night when it was
time to count the votes.
Police spokesman Pierre
Nkurikiye said the arrests in gen-
eral were related to voting fraud,
and he accused CNL members of
voting multiple times or trying
to observe the vote without the
proper permission.
—Associated Press
SOUTH SUDAN
Aid Workers Among
Dead in Violence
Hundreds of people have
been killed in a new burst of in-
CTK/ZUMA PRESS
tercommunal violence in South
Sudan, the International Com-
mittee of the Red Cross said
Thursday, with “many more” in-
jured and thousands displaced.
Among those killed in Jonglei
state were a local Red Cross vol-
consider his deeds a crime be- tions since independence in 1962, unteer and a nurse working with
cause he doesn’t recognize the one that some fear could bring a the medical aid group Doctors
Syrian government and doesn’t new wave of violence similar to Without Borders, the statement
consider the group terrorist. what occurred around the previ- said, stressing that the coronavi-
—Associated Press ous, disputed vote in 2015. rus pandemic complicates ef-
While divisive President forts to respond to such violence
BURUNDI Pierre Nkurunziza is stepping and treat the victims.
aside after a repressive 15-year Local authorities have ex-
Candidate Alleges rule, many observers expect a pressed outrage at the killings
Arrests Amid Vote win for his ruling party’s candi- over the weekend, the latest in
date, Evariste Ndayishimiye. intercommunal fighting that
Burundi’s leading opposition Some in Burundi believe Mr. plagues a country trying to re-
candidate said more than 200 Nkurunziza will continue to wield cover from five years of civil war.
party supporters were arrested power behind the scenes. The United Nations mission in
during Wednesday’s election, and Mr. Rwasa was seen as being South Sudan on Wednesday said
said he was keeping open the in a close race with Mr. Nday- a patrol of peacekeepers reached
possibility of challenging the re- ishimiye, and members of his CNL the communities in Pieri, in north-
sults over suspected fraud. party reported being harassed ern Jonglei, to investigate the vio-
Agathon Rwasa spoke a day and detained ahead of the vote. lence between armed Murle
.
after the East African nation held SOS Medias Burundi, a group youth and Lou Nuer fighters.
one of its most important elec- of independent journalists, has —Associated Press
ly
range missiles—something
Soviet leader Mikhail Gorbachev
pledged to do in 1991.
Verifying limits on warhead
stockpiles, experts said, is
much more difficult than
counting large missiles, bomb-
ers and submarines that carry
nuclear weapons and would re-
quire more stringent monitor-
ing measures.
The Trump administration
said it plans to propose more
intrusive verification measures
than under New START. The
British and French nuclear
forces wouldn’t be part of the
accord.
RUSSIAN DEFENSE MINISTRY/ASSOCIATED PRESS
The New START treaty can be
extended for as many as five
years by mutual consent. But
Trump officials have hinted the
U.S. might not do so unless the
new three-way negotiations have
begun and are making headway.
The collapse of the New
START constraints, and the veri-
fication provisions it includes,
would mark a further unraveling
of the arms-control regime. Last
year, the U.S. withdrew from the
Intermediate-range Nuclear
told the Russians that they need The new U.S. proposal, in an- Forces Treaty, which it alleged
to help bring China to the nego- other break from New START, Moscow was violating.
tiating table. The U.S. plans to would also cover all nuclear war- Of all the obstacles to a new
use diplomatic—and possibly heads, including those that are accord, the principal one is per-
economic leverage, some offi- stockpiled and others mounted suading China to join.
cials hint—to insist that Beijing on short-range systems. China has about 320 war-
participate, U.S. officials said. Such a provision would en- heads, according to the Federa-
“I am not going to pretend able the U.S. to constrain Rus- tion of American Scientists. That
that this is going to be easy. It is sia’s arsenal of tactical nuclear is a fraction of the 1,750 nuclear
something new: the trilateraliza- weapons, which U.S. officials as- weapons the U.S. has deployed
tion of nuclear arms control,” sert is growing, as well as Chi- on its long-range and shorter-
the senior Trump administration nese warheads, which some ex- range systems, among the 3,800
official said. “The Chinese do not perts believed are kept in warheads in the U.S. stockpile,
have the same history with storage and not mounted on according to the group’s esti-
arms-control verification, so this missiles on a day-to-day basis. mate.
will be a learning experience for Specifically, the U.S. wants Rus- —Gordon Lubold
them, but it is an experience we sia to eliminate its nuclear war- and James Marson
expect them to gain.” heads for ground-based short- contributed to this article.
more than a month ago that
Facebook would cancel all
gatherings with 50 or more
long-term.
More than half of employ-
ees said they “really want to
will monitor employees’ loca-
tions and those who mislead
the company would face “se-
people through June 2021. He
also has said employees would
return to Facebook’s offices
get back to the office as soon
as possible,” he said.
Overall, though, Mr. Zucker-
vere” penalties.
“If you live in a place where
the cost of living is dramati-
gradually once health authori-
ties allow it, and that workers
who want to will be allowed to
berg said he doesn’t expect
Facebook to realize significant
cost savings from the changes.
cally lower, then salaries do
tend to be somewhat lower,”
Mr. Zuckerberg said.
work remotely through at While it might save on com- A dispersed workforce, Mr.
least year-end. pensation and office perks, it Zuckerberg said, will enable
Internal Facebook surveys will likely end up paying for more demographic and ideo-
show the option of working enhanced remote-office setups, logical diversity if recruits
from home is popular with better internet connections aren’t required to work in tech
employees, Mr. Zuckerberg and support staff for difficul- strongholds like the San Fran-
said, but only 20% said they ties arising from remote work. cisco Bay Area.
were extremely or very inter- Facebook won’t be reducing “I think just more perspec-
ested in working remotely its presence in its Menlo Park, tive would be helpful,” he said,
Calif., headquarters and sur- adding that such diversity
rounding cities, where the would help the company avoid
company occupies or is devel- making “basic errors” by mis-
oping offices capable of hous- judging “how large percent-
ing more than 50,000 employ- ages of the world will react or
ees, he said. think about something.”
JOSH EDELSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
“I think we’ll need the Mr. Zuckerberg said Face-
space,” Mr. Zuckerberg said, book would also need to repli-
both because the transition cate what he called “some of
will be gradual and because the softer aspects” of work-
Facebook’s plans for a return place culture.
to offices include social-dis- “Social bond building, cul-
tancing measures that aim to ture, creativity, whiteboarding
reduce employee density to a and brainstorming—that is
quarter of what it was before kind of more ad hoc,” he said.
the crisis. “The technology tools we have
Mr. Zuckerberg said that lo- today for them are not as de-
cation would affect employee veloped—videoconferencing is
compensation, both for new fairly transactional.”
hires and for those who relo- —Georgia Wells
cate. He said that Facebook contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Oil Pioneer
Faces
Reckoning
Continued from Page One
Still full of fire at age 74, the
man who once called OPEC a
“toothless tiger” didn’t take the
losses lying down. Mr. Hamm
made numerous calls to Presi-
dent Trump, urging him to take
a more forceful role in persuad-
ing Saudi Arabia and Russia to
end their standoff, according to
people familiar with the matter.
When Mr. Trump helped
broker a 23-nation pact to cut
output on April 12, Mr. Hamm
took a victory lap, calling other
executives to take credit for
getting the president involved.
Days earlier, he sent an email
to Continental’s workers sug-
gesting the worst was over.
“Their goal was to put us
out of business. They will fail!”
he wrote. “As long as the Presi-
dent continues to put American
Energy First, we will overcome
this.”
The oil plunge didn’t pass—
demand evaporated as people
stayed home, stopped driving
to work and canceled travel
plans.
On April 20, for the first
time in history, U.S. oil prices
went negative, meaning that
some people were paying oth-
ers to take oil off their hands.
Oil prices have partially recov-
ered but still hover around lev-
els many operators need to
merely break even. On Thurs-
day, U.S. crude climbed above
$33 a barrel, its highest level
since March 10.
The crisis comes after a
tough period personally for Mr.
Hamm, following a recent can-
cer scare. Mr. Hamm had a ma-
lignant polyp removed from his
colon in December 2017, ac-
cording to Continental General
Counsel Eric Eissenstat.
The company never dis-
closed he had been dealing
with health issues. A company
spokeswoman called his health
“excellent.”
Mr. Hamm stepped down in
December 2019 as Continental’s
chief executive but continues to
serve as its executive chairman.
That month, Mr. Hamm said
the time was right for a leader-
ship change, but that he would
remain closely involved in run-
ning the company.
Continental otherwise de-
clined to comment and didn’t
respond to a detailed list of
questions. Mr. Hamm declined
an interview request.
Brakes on drilling
The company’s shares have
partially recovered recently,
closing at $13.88 on Thursday,
about double their low point
during the Saudi-Russia market
war. Shares remain down
nearly 60% since the start of
the year.
To cut expenses and save his
oil for better prices, Mr. Hamm
has slammed the brakes on
drilling, shut off existing wells
and taken other extreme steps.
no
Continental told some cus-
tomers that it will no longer
deliver crude to their refineries
as called for under contract,
citing a “force majeure,” or un-
foreseeable event, due to the
coronavirus pandemic, limited
storage and demand, and other
factors that led to the historic
Zoom Has
A Chin
Problem
Continued from Page One
ple, that means figuring out
what to do about the 10
pounds that workaday web-
cams tend to add under the
chin.
New York plastic surgeon
Alan Matarasso said that since
the Covid-19 quarantine began
his office has received more
queries about double-chin re-
ductions, including tucks and
liposuction. Dr. Matarasso said
that anyone staring down into
a laptop camera inevitably
ends up looking bad.
“Even an 8-year-old, if you
bend their head down, they’re
going to have extra” fat, said
Dr. Matarasso. His services are
deemed nonessential, so he
can’t perform any anti-double-
chin procedures at the mo-
ment.
All the videoconferencing
has led even people with per-
fect chins to think they have a
double-chin problem, said
Continental’s Harold Hamm has cut production as oil prices have fallen. Above, visiting a drilling operation near Williston, N.D., in 2018.
Continental shares, along with the broader oil and gas industry, had been underperforming as
investors grew impatient with lackluster returns. They've dropped further amid pandemic
shutdowns. Founder Harold Hamm has lost billions in the value of his nearly 80% stake.
One-year share and index performance
20%
0
–20
–40
–60
on
–80
us ,
l
2019
e
al a
Sources: FactSet (performance); S&P Capital IQ (value of shares)
price crash, according to an
ci on
April 21 letter reviewed by The
Wall Street Journal.
Continental is also substan-
tially curtailing its production.
The company said it would cut
er s
about 70% of its daily output
measured by barrels of oil in
m er
May, compared with about 3%
to 26% cuts by its large rivals.
“It’s pretty stunning,” said
Lynn Helms, director of North
Dakota’s Department of Mineral
m rp
Resources, adding that Conti-
nental is shutting off far more
of its output than most other
operators in the Bakken Shale
oil field, one of America’s big-
co Fo
gest shale plays.
The American Fuels & Petro-
leum Manufacturers have
called the refusal to honor its
contracts to deliver oil “putting
a boot to the throat of U.S. re-
finers,” calling it the “height of
hypocrisy” for Mr. Hamm to re-
nege on the deal while lobbying
for restrictions on imports of
foreign crude.
Mr. Hamm has continued to
draw on a close relationship
n-
with Mr. Trump, who said he
“learned more about energy
from Harold than anybody
else” in a video address in Feb-
ruary. Mr. Hamm was the presi-
dent’s energy adviser in 2016,
and has cultivated influence
over decades with members of
Congress.
He has pushed for tariffs on
overseas oil, as well as investi-
gations into possible market
manipulation, without saying
West Palm Beach, Fla., plastic
surgeon Douglas Dedo. Years
ago, he developed a one-to-six
scale to measure under-the-
chin girth. Swan-necked num-
ber ones and slightly looser
twos don’t have double chins.
Now, thanks partly to laptop
cams, those people, too, are
asking about chin procedures,
he said.
Cameras located under-
neath laptop screens are espe-
cially treacherous. Dell Tech-
nologies Inc.
backed down from
that design—
dubbed “chin cam,”
“nostril cam,”
“knuckle cam,”
even “navel cam”
by detractors—on
its XPS ultrabooks
last year.
“We don’t want
[our customers] to ‘Chin
have to do yoga to
basically use their camera in a
way that is flattering to their
appearance,” said Donnie Oli-
phant, Dell’s senior director of
XPS product marketing.
None of this angst has been
lost on the makers of stands
that prop up electronic de-
vices. Heckler Design, which
makes office furniture and ac-
cessories, had been planning
FROM PAGE ONE
S&P 500
S&P Oil & Gas
Exploration &
Production ETF
Continental
Resources
’20
by whom, as a cause of the
April 20 price crash, and a
probe into whether Saudi Ara-
bia is dumping crude into the
global market.
Mr. Hamm, once a Democrat,
has also advised Mr. Trump to
quickly reopen the U.S. econ-
omy.
His lobbying since the pan-
demic—which has included
calls for mandatory production
cuts in North Dakota and Okla-
homa, where Continental oper-
ates, and Texas, where it
Continental told
some customers it
won’t deliver crude
to their refineries.
doesn’t—has so far been unsuc-
cessful, and has proved divi-
sive. Larger rivals including
Exxon Mobil Corp. and Chevron
Corp. have opposed moves by
the government to cap produc-
tion.
Those who know Mr. Hamm
well say he has always been a
maverick more aligned with
smaller, independent oilmen
than larger players.
Mr. Hamm drilled for oil in
the U.S. long after many be-
lieved its best deposits were
mostly dried up, something he
has attributed to stubbornness
and patriotism. He believed a
such products before the pan-
demic hit. Once employees en-
tered lockdown and switched
to morning Zoom meetings,
they saw for themselves how
great the need was.
“People said, ‘Can I get one
of the prototypes?’ ” said
Chief Executive Dean Heckler.
The company even marketed
them as double-chin conceal-
ers.
Chin-stroking, a move long
associated with deep thought
or the appearance
of it, is another
way to try to solve
the problem. Laura
White, director of a
San Diego non-
profit that helps
military families,
said video calls
have made her self-
conscious about
cam’ her chin. She chan-
nels Auguste Ro-
din’s “The Thinker,” leaning
forward and balling a fist un-
der her chin.
“Every once in a while, I’ll
look down in the corner, catch
my double chin, and then I’ll
just swoosh my hair around,
and then maybe turn up the
angle a little bit,” she said. “I
didn’t realize I was this vain.”
Lexia Frank, a Portland,
Value of shares held by
Harold Hamm
$12 billion
10
8 realize he was poor growing
6 ored with the industry’s large
4 friends as an introvert, Mr.
2
0 prefer bluejeans to suits,
J F M A M though he sometimes wears a
resurgent U.S. oil industry
would decrease the country’s
reliance on foreign oil and has
eschewed investing interna-
tionally, unlike larger competi-
tors. He has also lobbied exten-
sively for independent
producers, or those focused
primarily on U.S. drilling.
“He’s clearly that voice,”
said Oklahoma Sen. James In-
hofe, a Republican and a close
ally of Mr. Hamm’s who has
supported his call for an anti-
dumping investigation.
A self-taught geologist with
no college degree, Mr. Hamm
struck it big in North Dakota’s
Bakken region, an oil field that
had been discovered decades
earlier but was largely over-
looked. Some in the industry
called it “Hamm’s folly,” think-
ing there wasn’t much recover-
able oil left.
Using new technology, Mr.
Hamm extracted huge amounts
of oil and gas from rock forma-
tions previously considered too
difficult to tap. The discoveries
led to an oil boom that lifted
North Dakota’s employment
and economy, a bright spot for
the U.S. following the 2008 re-
cession.
It made him fabulously
wealthy when Continental went
public in 2007, just as the shale
boom was beginning. By 2012,
the company was one of the
top 10 oil producers in the U.S.
Mr. Hamm’s stake eventually
topped $19 billion.
Still, he maintained a rela-
Laura White channels ‘The Thinker’ to cover her chin during calls.
Ore.-based wedding and por-
trait photographer, said she
practices another tactic: Roll
your shoulders back and “pull
your face away from your
neck.”
Bradley Warschauer has
been noticing his Tulane Uni-
versity writing students spot-
ting their own double chins
ever since he began teaching
Friday, May 22, 2020 | A11
able debts building large shale
positions in North Dakota and
Texas, and were struggling to
generate positive cash flow.
Continental has a wall of
debt coming due in the next
few years, in part because the
company has issued far less
stock than many of its peers,
preferring to raise debt in-
stead. That has maintained Mr.
Hamm’s stake in the company
but means it will need large
amounts of cash.
The company, with a current
market capitalization of about
$5 billion, had about $4.3 bil-
lion in debt coming due
through 2024 as of the end of
the first quarter, more than all
but one of 15 other large inde-
ELLIOTT WOODS FOR THE WALL STREET JOURNAL
pendent U.S. oil producers, ac-
cording to FactSet.
Exposed to prices
Continental is also more ex-
posed to price fluctuations
than most. While many oil
companies use complex finan-
cial instruments to hedge a
portion of their production and
protect themselves from falling
prices, Mr. Hamm has long es-
chewed the practice, which can
tively frugal lifestyle. Mike hurt companies’ profits in the
Cantrell, Continental’s former event of a price surge.
head of government relations, Continental was completely
recalled how Mr. Hamm would “naked” as the current price
fly coach to Las Vegas to place rout took hold, unlike most
modest bets on the NCAA bas- large shale drillers, which had
ketball tournament with other locked in prices for at least
Oklahoma oilmen, and drive some of their 2020 production
the rental van from the casino at around $50 a barrel, accord-
to the golf course. ing to S&P Global Market Intel-
Mr. Hamm has said he didn’t ligence.
Mr. Hamm’s company is geo-
.
up. He fell in love with the oil graphically constrained com-
field after high school, enam- pared with rivals in Texas.
ly
Much of its production comes
personalities. Described by from North Dakota, more than
1,000 miles from the main mar-
Hamm’s reserved nature belies
his intense competitiveness.
He speaks with a soft Okla-
homa drawl and is known to
ket for most U.S. oil, the Gulf
Coast’s petrochemical mega-
complex. That means extra
costs to move the oil to market
along with other factors, forc-
ing Continental to sell much of
diamond encrusted company its oil for a discount.
ring. Those who know him say Bakken producers on aver-
he was long uncomfortable age need crude prices of $28 a
with public speaking, partly barrel to cover operating ex-
due to his lack of formal educa- penses for existing wells, and
tion, but in recent years has $51 a barrel to profitably drill a
embraced a more public role. new well, according to a March
“He wanted to build a survey of oil executives by the
world-class oil company and Federal Reserve Bank of Dallas.
his appetite was just unend- “It’s clearly not a happy
ing,” said Mr. Cantrell. He is no place to be,” said Sandy
longer on speaking terms with Fielden, an analyst at Morning-
his former boss after taking up star Inc., adding that Continen-
the cause of older wells dam- tal’s decision not to hedge
aged by newer neighboring against the risk of falling oil
ones, including those drilled by prices was a notable “unforced
Continental, in Oklahoma. error,” as other producers are
Nonetheless, Mr. Cantrell said, now counting on hedges to sur-
he wouldn’t bet against Mr. vive.
Hamm’s ability to survive an oil Mr. Hamm will fight for his
bust. interests no matter the cost,
After a plunge in oil prices said Mickey Thompson, an
to nearly $10 a barrel in 1999, Oklahoma oilman and decades-
Continental was losing so much long friend of Mr. Hamm’s who
money it had to fire much of its worked with him on state poli-
oil exploration staff and cut cies. The two irreconcilably
pay for those remaining. Mr. split after Mr. Thompson sup-
Hamm formed a coalition of ported a successful bid to in-
smaller drillers and filed dump- crease taxes on Oklahoma oil
ing allegations against Saudi and gas production and said
Arabia, Mexico, Venezuela and Mr. Hamm was denying any
Iraq. connection between fracking
Despite pursuing the suit for and earthquakes.
years, the coalition failed to Despite their disagreements,
persuade the Clinton and Bush Mr. Thompson, who once wrote
administrations to take action. a book about Continental at Mr.
But Continental held on, and Hamm’s behest, said it was the
Mr. Hamm had shown his will- only shale company he would
ingness to take on larger com- invest in right now, because
petitors. Mr. Hamm will find a way to
“Don’t get in a lawsuit with persevere.
him unless you’ve got deep “Harold has never been
pockets and a lot of time,” Mr. afraid to do whatever he
Cantrell said. thought it took,” Mr. Thompson
Even before the coronavirus said.
crisis, U.S. shale drillers were —Rebecca Elliott
in trouble. Many amassed siz- contributed to this article.
their head a little bit,” she
said. “We’re not used to look-
ing at ourselves while we’re
talking.”
Some men have found that
a quarantine beard can do a
good job of hiding a chin prob-
lem—up to a point. A beard
“works for some people to
hide it, but for others it makes
it look like you got a squirrel
hiding underneath your neck,”
said clean-shaven Boston-area
radio host Jim Polito.
Michaela Scherrer, a Pasa-
dena, Calif., product and inte-
rior designer, didn’t like the
way the camera highlighted
neck wrinkles and produced a
slight double-chin effect dur-
ing video meetings with cli-
ents, vendors and friends. She
TRACIE WINN
resorted to a low-tech solu-
tion: pulling back her skin
with tape.
She tested it out when she
visited with some friends on
via Zoom. “All of a sudden, Facebook.
they straighten up or they “One of my friends was like,
change the way they’re sitting ‘Oh, you look so good. What
or standing. Or they change did you do?’ And I was like,
the angle of their laptop,” he ‘My face is taped up!’ ” she re-
said. called. She said her neck
Ms. White has seen it, too, looked a good eight or nine
on her professional conference years younger. “On these
calls. “You can kinda see them Zoom calls, all the focus is just
go, ‘Oh, geez,’ and they’ll sit on your face. All these flaws
up straighter, maybe turn tend to show up more.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A11A | Friday, May 22, 2020
Fall School Opening Still Up in the Air
Cuomo says too much
is unknown about
pediatric syndrome; no
decision on day camps
BY JOSEPH DE AVILA
New York Gov. Andrew
Cuomo said it is too early to
tell if New York schools will re-
open this fall, as a grim picture
emerged of historic job losses
in the tri-state area from the
region’s economic shutdown.
There will be no summer
school in New York this year,
Mr. Cuomo said at a news con-
ference Thursday. The state
will issue guidelines in June
for resuming school in the fall,
and each district also must
submit a reopening plan to the
state by July in preparation
for a potential reopening in
September, he said.
The governor said the state
It Pays to Get
Creative in the
Summer of ‘No’
BY CHARLES PASSY
For New Yorkers, the sum-
mer of 2020 has been shaping
up to be the season of “no.” As
in no swimming at city
beaches or pools. No free
Shakespeare in Central Park.
No riding the Cyclone roller
coaster at Coney Island.
But for all the canceled
events and restricted activities
due to the novel coronavirus,
there remains a fair amount to
do in the metropolitan area
that adheres to guidelines for
social distancing. Moreover, lo-
cals are getting creative and
coming up with new ways to
find fun heading into the Me-
morial Day weekend that marks
the unofficial start of summer.
Matthew Stevens, a resident
of Brooklyn’s Williamsburg
neighborhood, recently bought
an oversize inflatable kiddie
pool, replete with a basketball
hoop, for his patio. He plans to
make good use of it with his
three roommates. “The pan-
demic brought the idea into
my head,” the 35-year-old said.
Not that all New Yorkers
have a patio available to
them—or would care to get
wet in a kiddie pool, for that
matter. Still, the outdoors
beckon in other ways.
As many have discovered,
the city’s parks are available
for exploring. That is notwith-
standing the fact some facili-
ties, such as tennis and bas-
ketball courts, are off-limits,
and cultural events, such as
the Public Theater’s presenta-
tions of Shakespeare, are cur-
rently a no-go.
no
Similarly, the city’s beaches
are open for walking and sun-
bathing, though swimming is
prohibited—at least for now.
City officials say they are
training lifeguards with the
NYPD Changes Focus to Dispersing Large Gatherings
BY BEN CHAPMAN
As New York City’s outdoor
season begins with Memorial
Day, police are shifting the fo-
cus of their enforcement of so-
cial-distancing rules, limiting
an emphasis on punitive mea-
sures and concentrating on
breaking up large groups.
New York Police Depart-
ment officers have been
tasked with enforcing emer-
gency measures to contain the
new coronavirus in New York
City since Mayor Bill de Blasio
declared a state of emergency
on March 13 as the city
emerged as the center of the
pandemic in the U.S. Since
then, rates of infection have
fallen and the mayor said the
city may begin to lift restric-
tions in the first half of June.
As the weather warms up
and more residents take to
public spaces, police have re-
set their approach to enforce-
ment, although they will still
be conducting patrols.
Officers will focus on pre-
venting social-distancing vio-
lations of groups of six or
more and enforcing beach clo-
sures, officials said. They will
no longer mandate the use of
face coverings but will distrib-
GREATER NEW YORK
is taking extra precautions
with schoolchildren until more
is known about pediatric multi-
system inflammatory syn-
drome, a serious condition is
potentially associated with
Covid-19. New York officials are
investigating 157 cases, he said.
“We don’t want to make that
decision until we have more
facts,” Mr. Cuomo said about
reopening schools in the fall.
The state also is re-evaluat-
ing what guidance it will issue
regarding summer day camps.
“Unless we have an answer
on this pediatric syndrome, as
a parent until I know how
widespread this is, I would not
send my children to day
camp,” the governor said.
New York reported 105
Covid-19 deaths on Thursday,
and the overall total of con-
firmed virus-related deaths
stands at 23,083. The state
also recorded 2,088 new
Covid-19 cases, raising the cu-
hope of allowing New Yorkers
to splash to their heart’s con-
tent later in the summer.
Meanwhile, those who do
head to Coney Island can take
comfort in the fact that Na-
than’s Famous, the hot-dog
purveyor forever associated
on
with the Brooklyn seaside park,
us ,
is offering takeout. “We’re
l
ready for a great summer,”
e
al a
said James Walker, senior vice
president of Nathan’s Famous.
For New Yorkers willing and
ci on
able to venture slightly beyond
the city, a broader array of
possibilities emerges, particu-
larly at state parks, which are
open and don’t necessarily ad-
er s
here to the same restrictions.
That means swimming will be
m er
permitted starting this week-
end at Jones Beach State Park
and Robert Moses State Park,
both on Long Island.
State parks with beaches
m rp
will be limited to 50% capacity
and are expected to fill up by
10 a.m., Gov. Andrew Cuomo
said on Thursday.
Some state parks also offer
co Fo
the kind of adventuresome
hiking less likely to be found
in the city. One oft-cited exam-
ple: Harriman State Park,
which is located in Rockland
and Orange counties and has
200 miles of trails.
For those who prefer to be
on the water, Sea the City, a
company based in Jersey City,
N.J., will offer jet-ski tours in
New York Harbor starting this
weekend, taking advantage of
n-
loosened pandemic restric-
tions in its home state. Such
jet-ski tours and rentals aren’t
yet permitted in New York City
because of virus-related rules.
Sea the City owner Adam
Schwartz said his tour reser-
vations have been up by as
much as 75% in recent weeks
over last year for a compelling
Police officers handed out masks at Orchard Beach in the Bronx earlier this week.
ute masks to the public, ac-
cording to the officials.
“The last, last resort is to
take any sort of enforcement
action. We understand what
New Yorkers are going
through,” said NYPD Chief of
Patrol Fausto Pichardo, who
directs the department’s so-
cial-distancing enforcement.
NY
mulative total to 356,458.
Meanwhile, the economic
shutdown put in place in the
tri-state area to curb the spread
of the new coronavirus resulted
in unprecedented job losses in
April, according to new state
The tri-state area is
reporting historic
job losses from the
economic shutdown.
figures released Thursday.
In New York, the state lost
more than 1.7 million private-
sector jobs in April, and the
unemployment rate jumped to
14.5%. New York City dropped
885,000 private-sector jobs,
and the unemployment rate
there rose to 14.2%. The city
and state’s unemployment rate
Nick Gueroui plays soccer with his daughter Mia Diaz in Brooklyn Bridge Park. Below, Coney Island amusements are closed for now.
reason. “Our activity is inher-
ently socially distanced,” he
said, noting the natural need
for jet-ski users to space apart.
And while the city parks
may be limited in what they
can offer, Bryant Park, the mid-
Officers will be deployed
during Memorial Day weekend
to public parks, he said, add-
ing that they also would en-
force rules at New York City
beaches including Rockaway
Beach in Queens, Orchard
Beach in the Bronx and Coney
Island in Brooklyn.
With schools closed, a num-
* * THE WALL STREET JOURNAL.
was about 4% a year ago. news briefing, Mr. Murphy, a
In New Jersey, the state Democrat, said the decision to
lost 757,700 jobs in April and designate certain businesses
the state’s unemployment rate as nonessential was based on
soared to 15.3%. Employment guidance from public-health
in the state has dropped by experts. He noted those defini-
832,800 during the past two tions have been used by many
months, and nearly 1 out of other states across the U.S.
every 5 jobs has been lost. “We make the decision on
The New Jersey Republican what’s essential and what’s
Party sued the state on Thurs- not essential based on data,
day, seeking to reopen small science, facts, health,” he said.
businesses. Gov. Phil Murphy’s In Connecticut, the state
executive order closing nones- shed 266,300 jobs in April and
sential businesses violates the has lost 288,400 jobs during
state constitution’s guarantee the past two months. April’s di-
of equal protection, according sastrous job report showed that
to the lawsuit filed in state Su- the pandemic had wiped out all
perior Court. 102,800 jobs the state gained
“Governor Murphy has ir- from the previous decade.
reparably harmed New Jersey Connecticut’s official unem-
small businesses by arbitrarily ployment rate rose to 7.9%, but
declaring some essential and officials with the state Labor
others nonessential,” said Doug Department said it appears to
Steinhardt, chairman of the be severely underestimated
New Jersey Republican Party. due to challenges collecting
When asked about the law- the surveys used to calculate
suit Thursday at his daily the rate. The state Labor De-
ly
Dan Biederman, executive
director of the corporation be-
hind the park, believes such of-
ferings can be enjoyed within
the current safety guidelines.
He also is hopeful the park can
host its popular summer movie
series. “There’s no reason to
give up” on summer, he said.
New Yorkers can get their
fill of entertainment in other
ways. Drive-in theaters are
back. Entrepreneurs are bring-
ing the idea to the city in novel
ways: Masc Hospitality Group,
a firm that runs events in the
Bronx, has plans to introduce a
drive-in concept at a parking
lot near Yankee Stadium.
Caramoor, the 80-acre es-
tate in Westchester County
known for its summer festival,
has plans to host at least a few
outdoor concerts, with limited
town oasis that is run by a capacity, starting in mid-July.
nonprofit organization, plans Caramoor Chief Executive
to bring back some of the ac- Officer Jeff Haydon says he be-
tivities and events starting in lieves seating for the events can
June that have been a mainstay be spaced such that no issues
over the years. Among them: arise. “A couple of hundred
ping pong and piano recitals. people on the lawn is different
has changed as the pandemic
progressed.
At Mr. de Blasio’s orders,
NYPD officers have conducted
more than 820,000 visits to
enforce the emergency ordi-
nances between March 23 and
May 17, making a number of
arrests on related charges and
issuing summonses for viola-
tions. The rules closed nones-
sential businesses, prohibited
gatherings of any size and
mandated social distancing,
keeping people 6 feet apart in
public spaces when feasible.
The effort encountered
SETH WENIG/ASSOCIATED PRESS
pushback from elected offi-
cials and others who com-
plained of uneven and heavy-
handed enforcement, as NYPD
data showed a majority of ac-
tions taken were against black
and Hispanic residents, and
videos of confrontations with
officers went viral.
NYPD figures showed that
ber of the NYPD’s School between March 16 and May 5,
Safety Agents will be deployed police officers issued 374 sum-
to parks as well, he said. monses for social-distancing
About 250 auxiliary officers violations. The data revealed
will be transferred next week that 193 summonses went to
to public spaces as part of the people who are black, while
department’s switch to sum- 111 were given to Hispanics.
mer patrol patterns. Additional data released by
The NYPD’s approach to so- the NYPD showed that black
cial-distancing enforcement and Hispanic people accounted
partment estimates the true
rate may be closer to 17.5%.
“All industries saw signifi-
cant declines, but the hardest
hit included leisure and hospi-
tality, retail trade, and educa-
tion and health services,” said
Andy Condon, director of the
office of research at the Con-
necticut Department of Labor.
Also, the Roman Catholic
Archdiocese of New York said
Thursday it will begin reopen-
ing in phases in the coming
days and churches will be
available for private prayer
next week.
Small weddings and baptisms
with no more than 10 attendees
could begin in as soon as two
weeks, said Cardinal Timothy
Dolan. In later weeks, daily
Masses and funerals with lim-
ited attendance could be held.
Sunday Mass could take place as
soon as six weeks, he said.
—Kate King
contributed to this article.
FROM TOP: ANNA WATTS FOR THE WALL STREET JOURNAL; STEPHANIE KEITH/GETTY IMAGES
.
from packing 2,000 people in a
Broadway show house,” he said.
The Metropolitan Museum
of Art is looking ahead to re-
opening before summer’s end.
The metropolitan area’s
biggest show of them all, how-
ever, is the Fourth of July fire-
works display, presented by
Macy’s. New York City Mayor
Bill de Blasio pledges that it
will happen and that the re-
tailer is still on board. Details
are forthcoming.
At Miriam Rodriguez’s
Brooklyn home, a summer cel-
ebration of a different sort is
already taking place. The 46-
year-old typically likes to go
camping with her two daugh-
ters. This year she has set up
her roomy tent in her back-
yard. She says she likes this ur-
ban version of camping, espe-
cially because she doesn’t have
to worry about any unexpected
visitors, such as bears. “This is
probably safer than camping in
the country,” she said.
—Katie Honan
contributed to this article.
for 91% of 125 arrests made by
officers for crimes related to
the pandemic from March 16 to
May 10. The arrests included
hate crimes, domestic violence
incidents, weapons possession
and altercations caused by
jumping a line while waiting to
enter a supermarket.
Black residents make up
about 24% of the city popula-
tion, while Hispanic residents
account for about 39%, accord-
ing to U.S. Census Bureau data.
On May 15, the mayor called
for a reset of the NYPD’s ap-
proach, saying at a news con-
ference that police would no
longer focus social-distancing
enforcement for small groups
violating rules. Officials also
said officers wouldn’t enforce
rules mandating the use of
masks. Mr. de Blasio said com-
munity groups would aid with
enforcement of those rules.
Brooklyn Borough President
Eric Adams said the changes
reflect an evolving under-
standing of the situation on
the part of the city. “The goal
is to get a critical mass of New
Yorkers to comply and then
use a civilian population of
credible messengers to get
those difficult people to com-
ply,” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Some Tests
For Gifted
Programs
Missing
BY LESLIE BRODY
Testing for coveted gifted
programs that start in kinder-
garten has become a high-
stakes hurdle for thousands of
New York City children. Now
61 students face another chal-
lenge: The tests that they took
earlier this year got lost.
The city’s Department of
Education told parents re-
cently their children can retest,
but the agency doesn’t know
when because schools are
closed due to the coronavirus.
A delivery service lost a box
of tests administered at a site
in Manhattan’s District 2 that
were supposed to be taken to
the test vendor for scoring, a
department spokeswoman
said Wednesday. The agency
“will offer retests as soon as it
is safe to do so,” she said.
Alina Adams, an education
consultant at NYC School Se-
crets, says parents notified
about their children’s missing
tests were dismayed to hear of
another obstacle in their
quests to get preferred-school
placements, adding to the
stress from lockdown rules.
Many city parents praise
the programs, but other par-
ents and educators say tests
can’t capture the intellectual
potential of 4-year-olds, and
gifted programs unfairly sort
children by income.
The missing batch repre-
sents a small share of the
12,834 tests taken in January
for entry in September, and
about 3,500 children got scores
making them eligible to apply
for specific programs, the de-
partment said. Placements for
other applicants will still be re-
leased in June, officials said. If
those who need to retest can’t
do so before September, they
can attend the kindergarten
they were offered in April in
the general admission cycle,
and transfer to a gifted pro-
gram if they get in, they said.
KAYA SURVIVED!
She was born 4 months
early and spent more than
5 months in the hospital.
Sign up at marchforbabies.org
© 2017 March of Dimes Foundation
* *
Seafood Chain
Is Struggling
To Stay Afloat
BY SHAN LI
Luke’s Lobster survived the
last recession, opening its first
location in New York City’s
East Village in 2009. Now, the
seafood chain is up against a
bigger challenge: reopening
during the middle of the coro-
navirus pandemic.
The company, best known
for its fresh lobster and crab
rolls, shut all but one of its 26
U.S. eateries by early April as
the virus swept the country.
On Thursday, five locations—
in Brooklyn, the Upper East
Side, Philadelphia, Boston and
Washington, D.C.—reopened
for takeout and delivery ahead
of Memorial Day weekend.
The cautious reopening re-
flects the unfamiliar terrain
facing restaurants in the era of
the coronavirus. Eateries must
reopen to stay in business, but
those that do are grappling
on
with nervous employees, short-
us ,
ages of masks and sanitizer,
l
and the question of whether
e
al a
people will flock to restaurants
as lockdown rules ease.
For Luke’s Lobster and res-
ci on
taurants across the U.S., the
summer will be a crucial test
of survival.
“It’s going to be tough, no
restaurant is going to be
er s
where they were,” said co-
founder Ben Conniff. The past
m er
few months, he said, have “felt
m rp
co Fo
n-
no
NY Friday, May 22, 2020 | A11B
GREATER NEW YORK
like going into battle.”
In the era of social distanc-
ing, operating restaurants re-
quires new routines. At Luke’s
Brooklyn Bridge Park location,
a handful of workers on
Wednesday taped yellow X’s
on the ground outside to mark
where customers will queue
ANNA WATTS FOR THE WALL STREET JOURNAL (2)
up 6 feet apart. Plexiglass cov-
ers the ordering window. A
modified menu will pare down
choices—no salads will be
served, for example—while of-
fering new combos, including
a to-go meal for a family of
four. Fresh lobster and crab
meat will be sold as well.
.
There is no outdoor seating,
and diners will be barred from
ly
entering the restaurant. Inside,
a sanitation station on a table
was loaded with face masks, Luke’s Lobster workers, top left, prepared Wednesday to reopen its Brooklyn Bridge Park spot the next day.
sanitizer, gloves and a con-
tainer for workers’ phones. Em-
ployees will be required to have
their temperatures checked,
Ms. Rector said they de-
cided to reopen just a few
spots initially to gauge public
The company has had to fall
back on the kind of scrappi-
ness it relied on when starting
$100,000 of daily intake that
the restaurants can collectively
pull in on an average spring day.
put on a fresh mask and sani- appetite before restarting out more than a decade ago, “It represents the revenue
tize or replace their gloves, more locations. She calls it the he said. They had long talked of maybe one restaurant loca-
said Virginia Rector, vice presi- “low and slow” strategy. about starting an e-commerce tion,” Mr. Conniff said. But “it
dent of operations at Luke’s. The situation looked very business to sell lobster-roll could grow really quickly.”
The past few weeks have different at the beginning of kits and fresh seafood directly In the last two months,
been a scramble to find pro- the year. The company, which to customers; within a week, overall revenue has plunged
tective gear, Ms. Rector said, also operates a seafood-pro- an online store was launched by half. Since almost all the
including turning to her con- duction facility in Saco, Maine, in late March. company’s profit comes from
tacts in the restaurant busi- and sells wholesale to grocers, Down to a skeletal staff of the restaurants, reopening
ness to hunt down scarce sup- raked in about $70 million in about 20, everyone pitched in to them is crucial. The Maine fa-
plies: “I have a friend in revenue last year. This year, pack online orders, including cility restarted last week to
Colorado who knows a guy in Luke’s was forecasting overall Mr. Conniff. Now e-commerce is process seafood.
California who has the hookup revenue closer to $80 million, making about $5,000 to $10,000 “There is no profit, only
on thermometers,” she joked. Mr. Conniff said. a day, compared with about survival,” Mr. Conniff said.
New England
Properties
From the Maine coast to Newport, RI and the Berkshires to Boston, The Wall Street Journal’s
New England Properties special advertising feature is the perfect platform to showcase your
New England property.
The section, distributed to our Northeastern audience, provides a targeted opportunity to
reach serious local buyers within engaging and relevant content.
Issue: June  | Close Date: May  | Section: MANSION
For more information on advertising opportunities, please contact
Andrew Brody at: andrew.brody@wsj.com | 617-654-6718
© 2020 Dow Jones & Company, Inc. All Rights Reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Friday, May 22, 2020
Steve Coogan and Rob Brydon, above and below, in Michael Winterbottom’s ‘The Trip to Greece’
IFC FILMS (2)
‘The Grapes of Wrath’: Plain-Spoken and Powerful
WHETHER ON STAGE or screen,
no
John Steinbeck’s novels play better
than they read, a fact that was
proved yet again when Frank Ga-
lati turned “The Grapes of Wrath”
into a stage play written for Chi-
cago’s Steppenwolf Theatre Com-
pany. First performed there in
1988, it transferred to Broadway in
1990 and won a
best-play Tony,
beating out Craig
Lucas’s “Prelude to
a Kiss,” Peter Shaf-
fer’s “Lettice and
Lovage” and Au-
gust Wilson’s “The
Piano Lesson.” An
exceptionally fine
adaptation that
continues to be re-
vived, its virtues
are now on display
courtesy of Vir-
ginia’s American
Shakespeare Cen-
ter, whose touring
company, based in
Staunton, taped a performance in
March in ASC’s 300-seat Blackfriars
Playhouse, a modern historical re-
creation of a theater built in Lon-
don in 1596 that has been trans-
formed into an online soundstage
for the duration of the pandemic.
Directed by José Zayas and pre-
sented on an open Elizabethan-
style stage, Mr. Galati’s no-frills
“Grapes of Wrath,” like John
Ford’s classic 1940 film version,
strips away much of Steinbeck’s
preachiness to focus on the stony-
hard lives of the Joad family, who
flee the smothering dust and debt
of Depression-era Oklahoma and
LINDSEY WALTERS (2)
drive their rickety, overstuffed ja-
lopy to California in search of
hope. The result is a play full of
contemporary echoes that are both
unexpected and unforced, per-
LIFE&ARTS
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
THEATER REVIEW | TERRY TEACHOUT
n-
formed by ASC with a sober plain-
ness of utterance that pierces the
heart like a well-honed arrow.
“The Grapes of Wrath” is familiar
enough to need no synopsis, though
my guess is that the film is at least
as well known to most Americans
as is the book. For this reason,
most of us, myself included, tend to
identify Tom Joad,
the protagonist,
with Henry Fonda,
whose Oscar-nom-
inated perfor-
mance—as was so
often the case
with Fonda—was a
little bit too good
to be true. Mr.
Zayas has neatly
solved this prob-
lem by casting
“The Grapes of
Wrath” nontradi-
tionally, with Mi-
chael Morét and
Kenn Hopkins Jr.,
who are black,
playing Tom and his father. And
Mia Wurgaft, who plays Ma Joad,
holds three passports, American,
Chilean and Israeli. Their presence
dispels memories of Fonda and the
rest of Ford’s film, as does the
comparative youthfulness of the
cast: These are people whose lives
are mostly in front of them, who
have not yet been crushed in the
mill of suffering. In particular, Mr.
Morét plays Tom not as a noble
hero-in-waiting but as a cheerful,
near-innocent young man who is
forced to rise to the play’s wrench-
ing climax instead of telegraphing
it far in advance.
Mr. Zayas’s “set” amounts to
next to nothing: four wooden
trunks, 10 stools and a pair of
trestle tables. The actors move the
pieces into place themselves and
‘T
supply their own music, much of it
hymns known to anyone who has
spent a Sunday morning in a coun-
try church. Their acting, like their
singing and threadbare hand-me-
down costumes (designed, if that’s
the right word, by Janet O’Neill),
is “ordinary” in the most beautiful
sense of the word, which is that
they all appear to be living, not
pretending to do so.
What is startling about their
lives is how suggestive they are of
the troubles that the pandemic has
lately brought to so many Ameri-
cans, from the plague-like dust
storms that drive the Joads out of
Oklahoma to the unemployment
that is nearly as widespread today
as it was when Steinbeck’s novel
came out in 1939. One speech in
particular, the one that Pa Joad
The ensemble of ‘The Grapes of Wrath,’ directed by José Zayas, above; Mia Wurgaft as Ma Joad, above left
FILM REVIEW | JOE MORGENSTERN
‘Greece’: Isles,
Miles, Smiles
Steve Coogan and Rob Brydon hit the road again
in the last installment of their comedic rambles
he Trip to
Greece” gives
banter a good
name. Also for-
mula, up to a
point.
Every few years beginning in
2010, the English comic actors
Steve Coogan and Rob Brydon
have teamed up with the director
Michael Winterbottom to do a
comedy about a trip. (Each of
them begins as a BBC TV series,
then the episodes are strung to-
gether and released as a feature
film.) In the first one, simply
called “The Trip,” the cameras fol-
lowed Steve and Bob to photoge-
nic/historical areas of the English
countryside where they chewed on
lofty philosophical and cultural
subjects while eating in upscale
restaurants, a pattern that was set
for subsequent films shot in Italy,
Spain and now Greece. The co-
stars always play versions of
themselves, best buds living high
on the hog—six sit-down meals
per film, with glamour shots of the
food—only because Steve keeps
getting newspaper assignments to
do foodie features. “Originality is
overrated,” he says in this one,
and the movie proves him right.
Sure, the formula has worn thin;
this installment is, in fact, the end
of the road. But what was great at
the outset—supersmart banter
coupled with sensational celebrity
impressions—is still pretty darned
good, and the meander takes an
unexpected turn.
The pretext this time is nothing
less than tracing the steps of
Odysseus from Troy back to his
home in Ithaca. “A 10-year odyssey
in six days,” Rob muses archly.
“It’s ambitious, Steve.” Well, yes,
although Odysseus might have cut
his travel time if he’d been able to
borrow a Range Rover, or hop fer-
ries and yachts around the Aegean.
The two friends cover a lot of
ground, and water, with stops that
include Delphi, Athens, Hydra, Py-
los and the ancient city of Stagira,
where they’re gratified to find that
there’s no charge for looking at
hunks of stone strewn about the
Macedonian soil. “Legoland costs a
fortune,” Rob says, “but you get a
lot for your money.”
Yet the joy for me, or the
delivers over the grave of his fa-
ther and which Mr. Hopkins speaks
as eloquently as if it had been
written by August Wilson, hits so
hard that it will knock you off cen-
ter: “Grandpa buried his pa with
his own hands. He done it in dig-
nity…That was a time when a man
had a right to be buried by his
own son an’ a son had the right to
bury his own father.”
Like all of ASC’s productions, this
“Grapes of Wrath” is a true ensem-
ble piece, one whose total theatrical
effect is far in excess of the sum of
its admirable parts. While I could
easily single out other performers
for particular praise, it strikes me
that the result is best judged in its
totality, as a production more
timely than anyone involved with it
could possibly have imagined when
THE WALL STREET JOURNAL.
steady-state enjoyment that occa-
sionally rises to joy, is the far-
ranging, free-associating quality
of Rob’s and Steve’s riffs, and,
most deliciously, their wizardly
impressions. (The first film’s flir-
tation with perfection might have
been consummated if its stars had
spent another 20 minutes or so
doing even more versions of Mi-
chael Caine.)
It’s hard to describe the twisted
tracks that support their train of
logic, but I’ll try. Finding them-
selves in Greece, where singing the
title song from “Grease” can get
smiles rather than laughs, they re-
flect on Alexander the Great, who
killed enough people to be called a
gangster. That prompts both of
them to do competing Marlon
Brandos from “The Godfather,” fol-
lowed by Rob’s not-so-hot impres-
sion of the tough-guy specialist
Ray Winstone, which he quickly re-
.
deems with an inspired riff on
Henry VIII—not a Greek, but never
ly
mind—as a gangster played by Ray
Winstone. It’s the sort of thing
that Robin Williams used to do
with surreal ease. They’re not in
his league, but, once again, what
they do gives plenty of pleasure.
Two special treats are Rob’s frica-
tive-rich rendition of Dustin Hoff-
man’s Ratso Rizzo in “Midnight
Cowboy,” followed by Steve’s evo-
cation of the same actor’s Dorothy
Michaels in “Tootsie.”
Comics often feel a need to be
taken seriously. That’s the case in
“The Trip to Greece.” In the film’s
first stab at gravitas as a counter-
point to silliness, the friends drive
past a refugee camp; it’s a bad
idea that trivializes the subject.
Toward the end, though, the tone
changes sharply, and somewhat
sententiously, but affectingly. I
can’t tell you why without dimin-
ishing or destroying the impact,
but real life intrudes on the fun
and frivolous games. Or is it a dra-
matic device meant to simulate
real life? There’s no way of know-
ing while it’s happening, and I’m
not sure the distinction matters all
that much. What’s certain is that
we suddenly feel things we didn’t
expect to, and that an actor accus-
tomed to doing other people in
other voices does grief and loss to
a fare-thee-well.
it was taped in early March. It is
the chronicle of a haunted land at
war with poverty, with fear, with an
enemy that lays waste to bodies
and souls, and to watch it is to re-
member that we have fought—and
won—such wars before.
The Grapes of Wrath
American Shakespeare Center,
Blackfriars Playhouse, Staunton, Va.
(viewable online only, $10 and up
for each show). For electronic “tick-
ets,” go to americanshakespearecen-
ter.com. Tickets are available
through May 31 and shows can be
viewed for one week after purchase
Mr. Teachout, the Journal’s drama
critic, is the author of “Satchmo at
the Waldorf.” Write to him at
tteachout@wsj.com.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, May 22, 2020 | A13

LIFE & ARTS

TELEVISION REVIEW | JOHN ANDERSON

Lorena Bobbitt:
Marking Up History
ANYONE who saw the dy-
namite documentary
“Lorena” on Amazon last
year will have a leg up on
what’s taking place during
the breathless opening
scene of “I Was Lorena
Bobbitt”: A distraught
woman behind the wheel of
a car comes to a screech-
ing halt by an empty lot
outside a convenience
store, and discovers she
has two things in her
hands. One is a knife. The
other she throws into the
night, launching the big-
gest man(hood)hunt in the
HISTORY (2)
announcements for the Na-
tional Domestic Violence
Hotline and the National Co-
alition Against Domestic Vi-
olence, as part of its cam-
paign Stop Violence Against
Women.
An immigrant from Vene-
zuela, Lorena (Dani Mon-
talvo) is a wide-eyed inno-
cent when she meets the
handsome John Bobbitt
(Luke Humphrey), a Marine
stationed at Quantico. Their
courtship is almost quaint.
John charms Lorena’s wary
aunt and, of course, Lorena,
who’s never had a boy-

history of Manassas, Va. friend and is in classic fash-

And, of course, one of the ion swept off her feet.
bigger media circuses in Things have nowhere to go
the last half of the 20th but down, and they do.
century. Ms. Montalvo is a
ULYSSES S. GRANT was a TELEVISION REVIEW | JOHN ANDERSON used by his enemies, though, It’s both remarkable and charmer, despite the events
genius at one thing—waging than it was a determining understandable that the she’s portraying, and Mr.
war. What makes him mythic
is the way the fates con-
spired to snatch him out of
obscurity and put him in the
A Warrior’s factor in Grant’s career or
performance on the field.
(That Grant put reins on his
demon is one of the admira-
1993 “malicious wounding”
of John Wayne Bobbitt, as
the official charge against
his wife would come to
Humphrey’s John probably
does the real Mr. Bobbitt a
favor: Beneath the brutality
and loutishness is a glimmer
precise place and time where
his singular gift would
change the world. What
makes him tragic—and
Wisdom and ble things about him.) His
presidency, which deserves
its own three-part series, is
relegated to about the last
read, remains such a sub-
ject of fascination for audi-
ences. And that the real
Lorena Bobbitt would play
of intelligence that was
missing in the interviews
Mr. Bobbitt himself gave to
the makers of the “Lorena”
ironic, and maybe even be-
loved—is the way his temper-
ament, tenacity and undying
trust in other humans con-
Weaknesses half hour of this one. But like
the Chernow book, “Grant”
gives its subject his due for
having fought ferociously as
such a big part in a melo-
dramatic rendering of her
saga, given the painful way
she has described the post-
documentary. (Danishka Es-
terhazy directed “I Was
Lorena Bobbitt” from a
script by Barbara Nance.)
spired to lay him low. president against Southern op attention she got from The Lifetime movie

.
“Grant” gets the truth of Democrats, pursuing the Lin- TV and the tabloids. But in opens with an introductory
all of that. The three-night, coln agenda, furthering the this cutting-edge example title: “The following is

ly
biographical epic about the cause of Reconstruction, pro- of Lifetime holiday pro- based on Lorena Bobbitt’s
Union Army leader and 18th tecting blacks in the South gramming, the former Ms. personal testimony of
U.S. president—and devoted and for crushing the Ku Klux Bobbitt (now Lorena Gallo) events, which has been con-
husband, virtuoso horseman,
alcoholic binge drinker and
political naif—begins on Me-
morial Day and follows the
on Klan in the early 1870s.
He had been a champion
of enslaved Americans long
before the Emancipation
appears on screen not so
much narrating as annotat-
ing the story playing out,
which is always dire and of-
tested by John Bobbitt.”
You kind of hope he’s right;
you don’t want any of it to
have happened. But if
standard formula for histori- Proclamation. Grant’s wife, ten harrowing. you’re a husband whose
us ,

cal specials: expert testi- Julia Dent, came from a The point of Ms. Gallo’s wife wants to watch the
l

mony, dramatic re-enact- slave-owning family; Grant’s involvement is to further her movie, our advice here is to
e
al a

ments, period photography, father, Jesse, was a rabid work in more recent years sit down and watch it with
maps and montages. But it is abolitionist. While living as an advocate for victims of her: You can only come out
all executed at a much higher with his in-laws, Grant in- domestic abuse, of which looking good.
ci on

level than viewers are used vited the enmity of neigh- there is plenty in the show.
to. A scene from ‘Grant,’ top; Justin Salinger as Ulysses S. Grant, above bors by laboring alongside During the broadcast, Life- I Was Lorena Bobbitt
The 1862 battle of Shi- his father-in-law’s field time will run public-service Monday, 8 p.m., Lifetime
loh—the “bloodbath” that idea that he could lose at all. say is illuminating, of workers and, as explained
bookends episode 1 and Mr. Salinger makes his course. But director Mal- by the writer Ta-Nehisi
er s

marks “the point where character a man of silent colm Venville and his edi- Coates, freeing the enslaved
Grant becomes Grant,” as passion and steely determi- tors have used the inter- person his father-in-law had
m er

Harry Laver of the U.S. nation, and he does so
Army Command & General within a format that doesn’t
Staff College puts it—pro- lend itself to expansive per-
vides a disturbingly realistic formance, interrupted as it
introduction to Civil War- is by interview testimony.
m rp
views to fit the dramatic given him—thus relinquish-
momentum of the various ing his greatest financial as-
episodes in Grant’s life. The set at a time when he was
enthusiasms and excitement otherwise dirt poor. He later
of a given expert speaker saw that black troops would

fare. Rifle fire comes from But something just as un-
nowhere, the bullets find likely and memorable hap-
their marks with the kind of pens with those interviews,
soft plunk that spells death; which are sprinkled
the sound in general is as throughout the nearly six-
co Fo
link up emotionally with the be an asset to the North and
re-enactments that follow, used them to deadly effect.
without the customary hic- He had the flexibility of
cups in pacing. The music mind to change course when
(by Russell Emanuel and Ja- the conditions suggested he

alarming as the bloodletting. hour miniseries. The experts cob Shea) picks up the beat do so, unlike so many failed
The re-enactments are also on hand include historians, further. generals around him.
a cut above, including the academics, military tacti- Aside from the war itself, For all its warfare and vi-
performances—notably Jus- cians and, naturally, author Grant is often best remem- olence, eloquent interviews
tin Salinger’s portrayal of Ron Chernow, whose 2017 bered as having led a corrupt and gorgeous photographs,
Grant, which suggests a mid- biography provided his sub- administration, and for his viewers will discover that
career Clint Eastwood: Beard ject a place in the modern drinking, which West Point the real star of “Grant” is
bristling, brow knotted, his consciousness. (Mr. Chernow professor and military histo- the character of the subject
Grant is never flummoxed by and Leonardo DiCaprio are rian Elizabeth Samet de- himself.
LIFETIME

tactical disadvantage or ex- among the show’s many ex- scribes as “one of the run-
hilarated by a victory. He ecutive producers.) What ning themes of his life.” It Grant
never seems to entertain the the commentators have to was more often a weapon Begins Monday, 9 p.m., History Dani Montalvo and Luke Humphrey
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
50s 30s 1 2 3 4 5 6 7 8 9 10 11 1263 Story you need
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70s 20s 67 Kick 26 Catherine of
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Today Tomorrow
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Omaha 69 61 r 81 67 pc Frankfurt 78 57 t 64 48 r
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Orlando 93 72 t 93 70 c Geneva 81 59 pc 70 47 t 12 Dee who sings 57 Do as told
Today Tomorrow Philadelphia 69 62 sh 74 58 t Havana 87 72 t 86 72 t crossword is a
City Hi Lo W Hi Lo W
23 Miso bean 46 Hip “I’ve Got the 58 Angler’s catch,
Phoenix 96 69 s 93 70 s Hong Kong 87 79 t 87 80 sh country singer. 24 Bother 48 •Shameless, Music in Me” often
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Austin 91 74 t 88 72 pc Portland, Ore. 62 47 pc 66 50 pc Jerusalem 87 64 s 77 60 pc 1 Geronimo, e.g. 28 •Declined to 51 Out of practice were never before a deal
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Boston 80 59 s 64 48 pc Salt Lake City 71 41 c 59 42 pc Madrid 91 61 pc 92 62 pc 11 Police blotter 34 Beer, in a often 19 Winter hazards “Fantastic Four”
Burlington 83 55 s 78 52 s San Francisco 70 52 pc 73 52 s Manila 93 82 t 92 82 t letters boilermaker 21 Key next to Q 62 Dorothy’s
Melbourne 56 48 pc 58 50 sh
53 Venerable Trebek
Charlotte 78 61 t 84 64 pc Santa Fe 79 42 pc 79 47 s
14 “Can you give me 36 Brown or Savage 55 Character of 24 Veep under Nixon portrayer on “The
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Dallas 86 72 t 83 69 t Wash., D.C. 72 63 t 81 62 t Moscow 49 40 r 48 41 sh 15 Camera setting Liars” author available
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Denver 81 49 s 79 44 pc Mumbai 91 84 pc 92 85 pc Shepard sandwich 65 Free round
16 Beam you can named
Detroit
Honolulu
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86 71 s
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87 73 pc
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Rio de Janeiro
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82
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71 pc 85 70 pc lose your balance 38 Common 58 •Poking a hive Previous Puzzle’s Solution
Houston 90 76 pc 90 75 pc Today Tomorrow Riyadh 106 78 s 105 78 pc on? recording with a stick, say S SW C L E F S I L O S
Indianapolis 75 61 c 82 68 t City Hi Lo W Hi Lo W Rome 79 57 s 78 60 pc 17 Mocking smiles 39 •Earth’s lowest 61 •“Personal H U A R O L E T R E MO R
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Las Vegas 89 64 s 82 64 s Athens 75 57 pc 79 57 s Seoul 76 57 c 75 57 r 18 •Shots of lake Witness: Israel MOWN I A N S O T S
Little Rock 85 69 pc 87 71 pc Baghdad 113 81 s 106 75 pc Shanghai 77 66 pc 81 68 pc muscular men 42 Palindromic king Through My B I N A G O O DMO O D
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Los Angeles 78 58 s 74 57 s Bangkok 98 82 pc 97 83 pc Singapore 91 77 t 89 80 sh 20 •Talked issues 43 Basra is there Eyes” writer E A R L T U G M E A R A
Miami 88 75 sh 87 74 c Beijing 88 61 pc 80 59 r Sydney 60 51 sh 61 55 c M B A C O F L O V E K I N
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Milwaukee 65 51 pc 67 58 t Berlin 71 55 pc 64 49 r Taipei City 78 74 r 78 75 r E L I S A O R E P E N D

Minneapolis 73 62 c 75 64 c Brussels 76 52 t 66 48 sh Tokyo 67 62 sh 70 64 sh R E N T T O A E R O S O L
by 11:59 p.m. Eastern Time Sunday, May 24. A solver selected at random U O F A L L P E O P L E
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New Orleans 90 77 t 90 76 t Dubai 102 84 s 101 84 pc Vancouver 62 48 pc 63 50 c Y I N G O D S N AM E I N N
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A14 | Friday, May 22, 2020
MLB Is Betting Big on Saliva Tests
Baseball’s plan for playing through coronavirus involves what may be the most high-profile use of spit tests
BY JARED DIAMOND
AND LOUISE RADNOFSKY
I
n the bizarro season Major
League Baseball hopes to have
this summer, players will be
forced to do the unthinkable
in order to prevent the spread
of the novel coronavirus: refrain
from spitting, a tradition as much a
part of the game as the ceremonial
first pitch and seventh-inning
stretch.
Under MLB’s proposed health
and safety protocol to play amid a
global pandemic, sunflower seeds
and smokeless tobacco are consid-
ered contraband. Communal water
jugs are outlawed. Licking one’s fin-
gers is against the rules. Players
will be required to keep their saliva
in their mouths at all times.
Except, that is, in one key in-
stance: when they’re being tested
for the virus.
MLB is betting big on saliva tests
for coronavirus as the mechanism
that will allow it to proceed this
year. In doing so, it will become
perhaps the highest-profile em-
ployer to embrace the approach on
such a large scale. The league plans
to test all personnel—including
players, coaches,
umpires and other
employees—several
times a week as
part of a plan to
play a fanless,
shortened schedule
that does not sub-
ject employees to a
quarantine.
According to
MLB’s proposed
2020 operations
manual, a copy of
which was obtained
by The Wall Street
Journal, “the vast
majority (if not all)
of these diagnostic/
PCR tests will be
run on saliva collections.”
The most common way of testing
for coronavirus so far has involved
a nasopharyngeal swab, a method
that has faced challenges. The col-
lection is invasive and uncomfort-
able, with some people likening the
experience to having their brain
poked.
The swabs themselves have been
difficult to obtain, and the test
needs to be administered by a med-
ical provider, wearing protective
gear. All of that has put testing in
no
NCAA Makes a Long-Shot Demand
BY LAINE HIGGINS
AND LOUISE RADNOFSKY
THE NATIONAL COLLEGIATE Ath-
letic Association’s plan for allowing
college athletes to commercially ex-
ploit their name, image and likeness
relies on something that it’s far
from certain to obtain: an antitrust
exemption from the U.S. Congress.
The NCAA last month moved one
step closer to allowing college ath-
letes to accept endorsement money
with an approval for the concept
from its Board of Governors—as
long as it can keep some control
over those payments to ensure they
aren’t booster payments in disguise.
That’s long been a fixation of the
association that has spent much of
its 114-year history arguing in law-
suits that college sports cannot sur-
vive if athletes are paid for their
performance.
But the NCAA has also ended up
on the wrong side of the last two
high-profile court battles over its
remuneration rules, with judges re-
jecting the NCAA’s antitrust de-
fenses of its ways of doing business.
The latest defeat came on Monday,
in a case brought by former West
on
us ,
l
e
al a
ci on
scarce supply at times and created
a fraught environment for anyone
seen to be taking health-care capac-
ity away from others.
er s
Baseball is trying to do some-
thing that few other institutions
m er
have attempted so far: regularly
test a large number of people in or-
der to confirm that they’re healthy,
as opposed to testing a few people
only when there’s a particular rea-
m rp
son to believe they could be sick.
Effectively, it’s trying to screen
for possible infection, and screen
co Fo
n-
Virginia running back Shawne Al-
ston and other Division I athletes.
As the NCAA bends in the face of
a groundswell of pressure from
states and federal legislators, it’s
clear that the association will only
be able to write the rules the way it
wants if it can get an exemption
from antitrust laws. It’s also clear
that its antagonists are unwilling to
see that happen.
The Ninth U.S. Circuit Court of
Appeals said in its ruling Monday
that the NCAA’s limits on the edu-
cation-related benefits an athlete
could receive under the current
rules violated federal antitrust law.
Ramogi Huma, an advocate for
athletes’ rights, said the plaintiffs’
victory showed that antitrust laws
were a way of holding the NCAA to
account. “Each time the NCAA loses
an antitrust lawsuit, players gain
more equitable treatment,” he said.
Possibly as soon as 2021, college
athletes will be allowed to sign
deals in which they profit from
their name, image and likeness.
While many details remain out of
focus, the NCAA says it does not in-
tend to cap athletes’ compensation.
The NCAA has also said it would
SPORTS
Under MLB’s proposed rules for 2020, spitting is banned and
sunflower seeds are considered contraband.
often, which is typically in-
compatible with planning to
conduct more than 1,000 na-
sal probes, three times a
week, for months—just for
the sake of reassurance.
Saliva is baseball’s solu-
tion. MLB is asking the lab
in Utah that runs its perfor-
mance-enhancing drug pro-
gram to process coronavirus
test results and its employ-
ees to agree to the least re-
source-intensive method
available to generate sam-
ples: spitting into a cup.
It’s extremely new on the scene.
The Food and Drug Administration
granted the first emergency use au-
thorization for saliva collection on
April 13 to a team at Rutgers Uni-
versity’s RUCDR Infinite Biologics,
and another for at-home use on
May 8. Researchers at Yale Univer-
sity have published a study, which
has not been peer reviewed, that
found that the simpler, painless sa-
liva method was as successful at de-
tecting coronavirus as swabs. An-
other study out of Italy last month
require athletes to disclose the
terms of their endorsements deals
via a clearinghouse that could be
run by the NCAA, university compli-
ance officials or a third party. Big
East commissioner Val Ackerman,
co-chair of the NCAA working
group charged with creating the
new plan, said the group hadn’t de-
cided who might oversee the mech-
anism and whether it will be able to
void a deal deemed excessive or
corrupt.
“There was a desire to see what
the market was saying so that if
you did see something that was re-
ally extreme you would at least
have a mechanism to take a look at
that and pick out the red flags,”
said Ackerman.
What recourse the NCAA would
have to deal with those “red flags”
is unclear.
Ackerman suggested that the di-
visions could institute payment
“gradations” that correspond to
particular third-party income op-
portunities to make sure that
“transactions are legitimate and
don’t morph into payment that
looks like disguised payment from
the school to play college sports.”
also concluded that saliva was a re-
liable tool to test for coronavirus.
The spit approach has been eyed
enthusiastically by many infectious
disease experts, in no small part be-
cause it could alleviate the nation’s
testing woes more broadly.
“Saliva is looking quite feasible
for screening,” said Jeanne Mar-
razzo, director of infectious dis-
eases at the University of Alabama
at Birmingham, of baseball’s plan.
“Several large institutions are con-
sidering using this approach for
back to school or college in the
fall.”
Some organizations have consid-
ered the Rutgers test but are reluc-
tant to go all in on it, over fears
that it is still unproven and may not
succeed in immediately flagging an
ill employee.
But baseball is confident that
this saliva test is ready for the big
leagues, considering it the best
available option for high-volume
screening on a consistent group of
people, a person familiar with the
league’s testing plans said.
There are several reasons for
The NCAA’s proposal would allow a
volleyball player to make $500 at an
event but perhaps not $500,000.
For instance, a volleyball player
could make $500 for signing auto-
graphs at an event put on by a cam-
pus pizza shop, but perhaps not
$500,000.
Antitrust experts say that intro-
ducing a clearinghouse with clearly
defined compensation tiers could
amount to price fixing, no matter if
it is run by an independent entity
or the NCAA.
“If you as an organization and a
bunch of independent firms are all
agreeing to use a body’s pricing
mechanism, that’s going to be an
antitrust violation,” said Andy
Schwarz, an antitrust economist
who has consulted on cases chal-
lenging NCAA rules, including Al-
ston v. NCAA.
Ackerman’s working group sug-
gested the NCAA Board of Gover-
nors solve its problem with a “safe
harbor” exemption from antitrust
law from Congress. Unfortunately
for the NCAA, some of the lawmak-
ers most interested in how it oper-
ates think that is a terrible idea.
“There is no way I would con-
sider giving a blanket antitrust ex-
emption in exchange for an incredi-
bly limited compensation right for
college athletes around name, im-
age and likeness. It’s a non-starter,”
said Sen. Chris Murphy, a Connecti-
cut Democrat.
Murphy is co-founder of a work-
ing group that is willing to create
federal legislation that sets a na-
tional standard for the NCAA rather
than forcing it to grapple with 50
state laws. That’s something the
NCAA wants. Murphy’s version of a
national standard isn’t.
“It’s just preposterous to think
that Congress would give a broad
antitrust exemption so that the
NCAA can write their own rules on
name, image and likeness,” he said,
adding that he would expect “broad
compensation” for athletes to be on
the table before he would even con-
sider it.
Nobody, to date, is rushing to
champion the NCAA’s request, in-
cluding Republican Sen. Marco Ru-
bio of Florida, who has generally
sought protections for colleges in
the debate so far, and Sen. David
Perdue of Georgia, another member
of the working group.
THE WALL STREET JOURNAL.
that, this person said. For starters,
the ease of administering the test
ensures compliance, a necessity for
baseball to contain an outbreak. It
also reduces the risk of error by the
person administering the test, a
common problem with the swab
tests.
Most important, the league be-
lieves the results are as accurate as
the swab tests, making the saliva
test ideal for a program of this
magnitude. Ultimately, MLB will
need to process tens of thousands
of coronavirus tests over several
months. It hopes to restart spring
training in June, followed by open-
ing day in early July.
The MLB Players Association,
which has to sign off on the plan
before baseball can resume, is also
comfortable with the accuracy of
the saliva test, a person familiar
with the union’s thinking said.
After consulting with medical ex-
perts, the MLBPA shared MLB’s
view that swabs are unpleasant for
the donor, risky for the administra-
tor and present the risk of siphon-
ing protective equipment from
health care professionals.
(The league and the union must
also reach an agreement on player
compensation and other economic
considerations during a season
without fans, potentially a thornier
issue to overcome than health and
.
safety.)
Dr. Marrazzo said that the saliva
ly
test checks all the boxes for high-
volume screening: It doesn’t gener-
ate a lot of false positives and sam-
ples are easy to obtain.
The Sports Medicine Research
and Testing Laboratory, the facility
in Salt Lake City that would run
baseball’s program, is promising re-
sults of tests within 24 hours, the
person familiar with the league’s
thinking said.
The operations manual calls for
“frequent” testing, but the exact
amount will be the subject of nego-
tiation with the union.
The limits on spitting—outside of
a cup—while at the ballpark are
part of a broader array of social
distancing measures the league has
contemplated. These involve dis-
couraging showers at the stadium,
rearranging the dugout and bullpen
areas to keep people apart and in-
structing players to tip clubhouse
staff using PayPal or Venmo rather
than cash.
What happens if a player spits
during a game remains unclear.
English Clubs
To Refund
Broadcasters
BY JOSHUA ROBINSON
THE 20 CLUBS of the English
Premier League, some of the
richest in world soccer, are pre-
paring to refund tens of mil-
lions of dollars to broadcasters
this year, even if they manage
to complete their season.
Manchester United became
the first to confirm the plan
publicly on Thursday, saying it
expected to pay a £20 million
FROM TOP: LOUIS DELUCA/ASSOCIATED PRESS; DUANE BURLESON/ASSOCIATED PRESS; KEITH SRAKOCIC/ASSOCIATED PRESS; LEE SMITH/ACTION IMAGES/REUTERS
($24.5 million) rebate on broad-
cast rights due to the season’s
suspension in mid-March. With
the other 19 teams on the hook
for similar figures, adjusted for
how often they normally appear
on television, the league’s over-
all bill will rise to a widely re-
ported $367 million.
“Clearly, it has caused signif-
icant disruption to our opera-
tions,” United chief executive
Ed Woodward said of the coro-
navirus pandemic on an earn-
ings call Thursday. “Subject to
government and Premier
League shareholder approval,
including input from medical
staff and players, we anticipate
domestic games could restart
again in June.”
That restart is now the Pre-
mier League’s billion-dollar
gamble. Should it fail to deliver
the 92 games remaining on its
schedule, its total rebate would
more than double.
United expects to pay a TV rebate.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Biden Will Answer for FBI Abuse
For millions
of Americans
frustrated
that
Obama-era
leaders have
no
POTOMAC been held to
WATCH account for
the Federal
By Kimberley
Bureau of In-
A. Strassel
vestigation’s
rogue 2016
actions, Attorney General Wil-
liam Barr this week offered an
important reminder. Former
Vice President Joe Biden, at
least, will face judgment in
November.
Mr. Barr felt compelled to
address the Biden question af-
ter last week’s news that the
putative Democratic nominee
was among those who “un-
masked” incoming Trump na-
tional security adviser Mike
Flynn. Mr. Biden was also
present at a Jan. 5, 2017, Oval
Barr is right to rule
out a criminal probe.
Voters will have their
say in November.
Office meeting at which the
FBI’s Flynn investigation was
discussed—suggesting a polit-
ical element. The revelations
inspired President Donald
Trump to tweet “OBAM-
AGATE!” more than once, and
there had been growing spec-
ulation that U.S. Attorney
John Durham’s probe was
homing in on Barack Obama
and Mr. Biden.
Mr. Barr put that idea to
rest at a press conference.
“Based on the information I
have today,” he said, “I don’t
expect Mr. Durham’s work will
lead to a criminal investiga-
tion of either man.” But the
press largely ignored the
Islamic Terrorists Win a Convert
HOUSES OF Rome it’s possible no one will ever up to the threat Islam posed. al-Shabaab, we have a lot of
WORSHIP When Italian know, whether genuine belief Fallaci, a self-identified “athe- respect for women.”
By Alessandra aid worker
Bocchi Silvia Ro-
mano re-
turned home
this month, the government
hoped for a bright moment
amid the devastation of
Covid-19. Ms. Romano, 25, had
been held captive in East Africa
for 18 months by a gang affili-
ated with the Islamist terrorist
group al-Shabaab. Prime Minis-
ter Giuseppe Conte personally
welcomed her back, but her lib-
eration wasn’t an unblemished
political victory. In fact, it infu-
riated many Italians.
Ms. Romano appeared in a
chador, a modest garment
common in many Islamic coun-
tries. During an interrogation,
she reportedly told officials
that she had converted to Is-
lam freely and now went by
Aisha. The former hostage de-
nied rumors that she had been
forced to marry one of her ab-
no
ductors. She said they treated
her well.
The West has waged war
against Islamist extremists for
decades. Raising arms against
such evil to ensure security
and stability for innocents at
home and abroad is justifiable
and laudable. But there are
other reasons for the fight,
and Ms. Romano’s story sug-
gests that many Westerners
have forgotten them.
The former hostage is inno-
cent of wrongdoing, the victim
of a tragedy that cost her
dearly. No one yet knows, and
A Lost Soul Sought Harbor in the Navy
By William V. Luti
W
hen Greg Mitrakas
said, “Let’s join the
Navy,” it was as if a
light suddenly flashed on over
my head; as if the sun had
burst from a black cloud and
illuminated the darkest cor-
ners of my dreary world.
Greg and I were teammates
and best friends at Middle-
boro High School in south-
eastern Massachusetts. When
I graduated in 1939, he had a
year to go. That same summer
my family moved to Melrose,
a city just north of Boston,
while Greg’s parents went off
to visit Greece, their country
of origin. They picked the
worst of times. Hitler at-
tacked Poland that September
and invaded Greece and Yugo-
slavia in April 1940. Greg’s
parents weren’t allowed to
leave Greece and return to the
fuller context of Mr.
Barr’s remarks. He re-
minded Americans that
our system provides for
two methods of ac-
countability—political
and criminal—and it’s
dangerous to mix the
two.
The attorney general
noted that for decades
“there have been in-
creasing attempts to use
the criminal-justice sys-
tem as a political
weapon.” He specifically
cited the “grave injus-
tice” of a “law-enforce-
ment and intelligence
apparatus” that advanced “a
false and utterly baseless Rus-
sian collusion narrative
against the president.” That
narrative was provided to the
FBI by Democrats and the Hil-
lary Clinton campaign, making
the FBI’s Trump investigation
the purest expression of polit-
icized justice.
Mr. Barr said this weap-
onization wouldn’t continue
on his watch. The Supreme
Court, he noted, distinguishes
between “abuse of power and
a federal crime. Not every
abuse of power—no matter
how outrageous—is necessar-
ily a federal crime.” That’s
when he noted the unlikeli-
hood of a “criminal investiga-
tion” of Mr. Biden or Mr.
Obama. For anyone who
misses the obvious point:
While their actions may not
rise to a “crime,” both men
may be guilty of an outrageous
abuse of power. Such abuses
require political accountability,
through elections.
It’s a powerful point, one
largely missing in the Russia-
on
collusion scandal. The Justice
us ,
Department’s inspector gen-
l
eral excoriated the behavior of
e
al a
former FBI leaders like James
Comey and Andrew McCabe.
But whatever happened to Mr.
ci on
er s
m er
or incessant brainwashing mo-
tivated her conversion. Yet I
can relate to Ms. Romano. I
too come from Milan, an in-
dustrial city with a proud his-
m rp
tory of hardworking people
now suffering from spiritual
decay. As a freelance journalist
in North Africa, I also spent
significant time living among
co Fo
Muslims.
Still, we are very different. I
was never held captive, and
the Muslims I knew were law-
abiding and faithful. The
strong impression left by the
Islamic world helped lead me
back to Christianity. I rejected
aspects of Islam, such as its
treatment of women and reli-
gious minorities, but also
found much to admire.
I received great hospitality
n-
as a foreigner. Islam’s strong
sense of community and family
was impressive. The moral
decadence in the Western
countries I had lived in became
impossible to ignore. A 2016
review of reviews in the jour-
nal Brain and Behavior sug-
gests that anxiety disorders
are more prevalent in the
West, and my experiences
among these religious commu-
nities confirmed that.
Over the course of her ca-
reer the Italian journalist Ori-
ana Fallaci, who spent exten-
sive time in the Islamic world,
became an increasingly vocifer-
ous opponent of Islam. She be-
came even more critical after
9/11, urging the West to wake
U.S. Greg moved in with a
married sister in New Hamp-
shire, where he completed his
senior year at Manchester
Central High School. We
found ourselves friendless in
our new surroundings, so we
sought each other out, swap-
ping visits between Manches-
ter and Melrose.
The future was bleak,
the present unbearable.
Where could I go?
Most Depression-era kids,
especially sons of immigrants,
didn’t even think of college.
We were supposed to get a job
and help out the family. Con-
sequently, I became an em-
ployee of Northeast Packing
Co., a pork-processing outfit
in Boston’s North End market
Obama’s brag that “the buck
stops with me”? Mr. Obama
appointed Mr. Comey, despite
many warnings (including on
these pages) that he had a re-
cord of prosecutorial excess
and bad judgment. Another
Obama appointee, Attorney
General Loretta Lynch, failed
in her responsibility to keep
Mr. Comey in line.
The former president didn’t
clean up this mess because
the Obama-Biden administra-
tion—and Democrats in gen-
eral—are fine with politicized
justice. Ms. Lynch’s predeces-
sor, Eric Holder, proudly de-
clared himself an “activist” at-
torney general and pursued
ideological campaigns against
churches, corporations and
state voter-identification laws.
Politics permeated every
Obama agency, from the Inter-
nal Revenue Service, which
terrorized conservative non-
profits, to the Environmental
Protection Agency, which bul-
lied developers.
Mr. Biden’s support of this
approach, and his own rah-ra-
hing of the FBI and intelli-
gence abuses, deserves center
stage in the campaign. We
still require answers on his
specific role in the Flynn saga.
But what’s already clear is
ist Christian,” produced impor-
tant work. But she did not suf-
ficiently address why many
Westerners living in Islamic so-
cieties start to doubt them-
selves and their homelands.
Like Fallaci, I found a new ap-
preciation for freedoms once
taken for granted. But I also
questioned what purpose those
freedoms were meant to fulfill.
I came to realize that freedom
is not an end itself but a means
to pursue a higher purpose.
An Italian hostage
returns home from 18
months in captivity—
and sparks a debate.
The Italian government has
denied that it paid a ransom
for Ms. Romano’s release. But
Italian newspaper reports sug-
gest otherwise. An Il Giornale
article indicates that Italian,
Somali and Turkish security
forces collaborated to cut a
deal for her freedom in April,
with the Italian government al-
legedly paying €4 million to
the militant group. Meanwhile,
La Repubblica reports a
spokesman for the terrorists
claimed the ransom funds
would be “used to finance ji-
had.” He also said, “Of course
we did not mistreat her, she
was an important trading good
for us. And she is a woman. At Rome.
district where my father was
in charge of the cutting-room
floor.
We started work at 6:30 ev-
ery morning and quit at 5:30
in the evening, except on Sat-
urdays, when we left at about
12:30. I worked on the third
floor, where the fat trimmed
from the cut-up hogs was ren-
dered into lard. The hours
were long, and the work was
hard and nonstop Just as the
abundant fat of the hog was
melted into oil, so the little
bit of fat my poor body pos-
sessed was rendered as sweat.
I realized what was happening
to me physically when, while
wrestling with Greg one day,
he gasped, “Grabbing a hold
of you is like grabbing iron.”
Beside getting a tough body, I
also received $15 a week.
What was happening to my
soul was an entirely different
matter. I was nowhere. The fu-
that Mr. Biden was a
nodding believer in the
politicized Comey ap-
proach. Asked on Jan.
12, 2017, by MSNBC’s An-
drea Mitchell if it was a
“mistake” for intelli-
gence officials to include
the dossier in their
MATT ROURKE/ASSOCIATED PRESS
briefing of President-
elect Trump (thereby al-
lowing it to leak), Mr. Bi-
den repeated the talking
points that Mr. Comey
had an “obligation” to
do so. And asked by CNN
in February 2018 if he’d
seen anything to suggest
abuse of the Foreign In-
telligence Surveillance Court,
Mr. Biden credulously as-
serted that the FBI’s processes
were too rigorous for any-
thing to go wrong. Mr. Biden
has been mum on the inspec-
tor general’s report outlining
the FBI’s outrageous manipu-
lation of the court—which
happened on the Obama-Biden
watch.
In Mr. Barr’s comments is
some subtle advice for Mr.
Trump. The president’s con-
stant pressure on the Justice
Department to pursue the
prior administration only un-
dercuts the Durham probe.
Mr. Trump would do far bet-
ter to make the politicization
of the Obama-Biden Justice
Department a main campaign
point—and to warn Ameri-
cans that a President Biden
would again unleash prosecu-
tors to pursue political tar-
gets, while covering up any
further revelations about the
2016 abuses and killing any
chance at reform.
Americans can’t expect or
want the Justice Department
to settle political disputes
through drummed-up criminal
investigations. The country
has a tried and true way of
settling those fights: a vote.
Write to kim@wsj.com.
The group clearly sees her
release as a propaganda coup:
Italy suffered a humiliation
while the terrorists secured a
complete victory. They alleg-
edly were paid, and their cap-
tive returned home a Muslim
defending her captors. If secu-
rity forces rescued Ms. Ro-
mano and killed or captured
militants, al-Shabaab un-
doubtedly would be weaker
today. But no one knows
whether Silvia would still go
by Aisha.
Some Italians, believing
their government is financing
terrorism, feel a sense of be-
trayal. But the deepest anger
surrounds her conversion. As
in the rest of the West, reli-
gious observance is declining
in Italy, especially among
those in Ms. Romano’s age co-
hort. Yet for many Italians,
seeing a young person from
the historically Catholic coun-
try convert to Islam under the
influence of Islamist terrorists
was difficult to accept.
Ms. Romano’s story shows
why European nations should
follow the U.S. policy of refus-
ing to pay ransom for hostages
and seek other ways to release
captives. More important, the
West also needs to regain a
strong sense of spiritual pur-
pose to win the long fight the
evils of radical Islam. The soul
of the West is at stake.
Ms. Bocchi is a writer in
ture was not only bleak but
nonexistent, the present un-
bearable. Where could I go,
what could I do? It wasn’t
very nice being the unhappi-
est person on the planet. So
when Greg uttered those four
magic words, the darkness
lifted, the light shone, and my
way was lighted. My life
would have meaning: I would
be serving my country.
I signed the Oath of Alle-
giance on Nov. 4, 1940, a date
that, for me, will live not in
infamy—that day would come
more than a year later—but in
thanksgiving.
Mr. Luti, who died in De-
cember at 98, was a teacher
and running coach in Con-
cord, N.H. He served as chief
quartermaster on the USS
Yorktown (CV-10), 1943-45.
This article was found in his
papers.
Friday, May 22, 2020 | A15
BOOKSHELF | By Barton Swaim
The Charm
Of Novelty
Farnsworth’s Classical English Style
By Ward Farnsworth
(David R. Godine, 145 pages, $27.95)
G
ood writing is efficient writing. The ability to say a
thing clearly and directly is rather to be chosen than
great riches. All the books on English style say so, and
they are right. But efficiency, Ward Farnsworth rightly insists,
is only the beginning. Although “efficiency is the most
important value in most kinds of writing,” he writes in
“Farnsworth’s Classical English Style,” “it isn’t the only value.
Lincoln’s writing is clear, but most writing that is clear sounds
nothing like Lincoln’s and has none of its beauty or strength.”
Mr. Farnsworth, dean of the University of Texas law school
and the author of two other eponymous titles, on rhetoric and
metaphor, has written this latest book to explain what makes
efficient writing powerful and memorable. His answer:
oppositions and contrasts. Careful writers are usually familiar
with the advice to vary sentence length—and sound advice it
is—but Mr. Farnsworth counsels other forms of variation, too:
between abstract and concrete words, weak and strong
endings, and literal and figurative phrases.
The book is loaded with quotations, none of them from
writers more recent than the mid-20th century. Samuel
Johnson, Edmund Burke, Abraham Lincoln and Winston
Churchill appear most often; the King James Bible and
Shakespeare make a strong showing, as does George Eliot.
The treatment of older prose allows Mr. Farnsworth to
include discussions of devices you don’t see much anymore
but bear considering anyway.
Anacoluthon, for example, is
the altering of grammatical
structure midsentence,
because why wouldn’t you
.
want to keep your reader’s
attention by suddenly
ly
changing course?
Many style books urge
writers to favor simple words
over bigger ones, and that is
not terrible advice, but Mr.
Farnsworth asks us to
distinguish between Saxon and
Latinate words and to set them
against each other to achieve
various outcomes. Saxon words are
Germanic in origin and tend to be short (good,
light, man, house). Latinate words, typically multisyllabic and
more abstract, came to English through French and often
appear as different parts of speech (proper, property,
propriety, appropriate). Now consider what Mr. Farnsworth
calls the “Saxon finish”: rendering the bulk of a sentence or
paragraph in Latinate words, and ending with Saxon
plainness. Thus Burke: “Taxing is an easy business. Any
projector can contrive new impositions, any bungler can add
to the old.” Or Churchill: “The truth is incontrovertible. Panic
may resent it, ignorance may deride it, malice may distort it,
but there it is.” The last four monosyllables capture the point.
That Sir Winston is one of this book’s presiding spirits
makes sense. “Churchill lived by phrase-making,” Roy Jenkins
observed in his biography. “He thought rhetorically, and was
constantly in danger of his policy being made by his phrases
rather than vice versa.” In many Churchillian lines, observes
Mr. Farnsworth, “the fancier words make their point up in
the air; the simple words at the end plant the speaker’s feet,
usually in a way that limits or counters whatever was said
more grandly.” Take what are perhaps the most famous of all
his words: “Never in the field of human conflict was so much
owed by so many to so few.”
Most books on English style counsel clarity
and directness. Fair enough, but what makes
clear and direct writing powerful?
Mr. Farnsworth only proposes one inviolable rule: “Have a
reason for whatever you do in your writing.” Drowning the
reader in abstract language is not a good idea, but there are
circumstances, the author reminds us, in which a fully
Latinate syntax can have a wonderful comic effect. Churchill
again: In a House of Commons speech in 1909 he wanted to
make the point that a certain argument was stale and
irrelevant. “So far as the argument is concerned,” he said, “I
think we must all admit, without making any reproach in any
quarter, that it has not been distinguished by the charm of
novelty.” Calling the argument tired or shopworn may have
been accurate but would not have hit the target. This brought
to mind an observation made by a late friend, a Presbyterian
minister. In a sermon on the Bible’s last and most enigmatic
book, he once remarked, in a relaxed and vaguely mischievous
tone: “There are of course many interpretations of the
Book of Revelation, some sufficiently absurd as to require no
refutation.” My friend might simply have called those
interpretations stupid, but his grander phrasing served to
push them aside without dignifying them with scorn.
Mr. Farnsworth’s chapters on the cadence of English
sentences may scare some readers. I am not sure how many
will profit from the distinction between the “iambic finish”
(“She gave me of the tree, and I did eat”—Genesis 3:12) and
the “trochaic finish” (“Subdue your appetites, my dears, and
you’ve conquered human nature”—Charles Dickens, “Nicholas
Nickleby”), to say nothing of the “anapestic finish” and
“dactylic finish.”
Still, the general point of these chapters is entirely sound:
In general, and especially when you want to draw particular
attention to a sentence, put the crucial words last. Punchlines
work that way for a reason. You want to reveal the meaning
all at once, not gradually. I say this with some conviction
because I once worked as a writer for a public figure who
preferred all his sentences to trail off in dependent clauses,
a bit like this one, as though the sentence wouldn’t work
properly until it had a little explanatory addendum. I think he
felt meandering sentences conveyed nuanced thought or an
even temperament, but the effect, over the course of several
paragraphs, was to render his written productions almost
totally unreadable.
Anapests and dactyls aside, Mr. Farnsworth has written
an original and absorbing guide to English style. Or perhaps I
should only say—trying out this Saxon-finish business—get it
if you can.
Mr. Swaim is an editorial-page writer at the Journal.
In SUMMER BOOKS this weekend
1942: America goes to war • Stan Lee: Mr. Marvel Comics
• Loretta Lynn & Patsy Cline • Life in a French kitchen •
Longfellow: America’s poet • The season’s best light fiction
and books on walking, cycling, fishing, grilling & more
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Friday, May 22, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

How to Keep Workers Off the Job Biden Can Get Progressive Vote, but at a Cost

A
nother 2.4 million Americans filed for the median laid-off retail worker now makes 42% Cenk Uygur counsels “How Biden committees (PACs) and corruption.
jobless benefits last week for a total of more unemployed. “Janitors working at busi- Can Win Over Progressives” (op-ed, I find it interesting that there is
May 18). Mr. Uygur self-identifies as no mention of unions and the mil-
38.6 million in nine weeks. The good nesses that remain open do not necessarily re-
a founder of Justice Democrats, a lions of dollars they pour into the
news is that as states let busi- ceive any hazard pay, while un- group that “helped elect AOC and willing coffers of mostly Demo-
nesses reopen, many of these More evidence that the employed janitors who worked the Squad.” He says he “can tell you cratic recipients every election cy-
folks should be able to get $600 jobless benefit at businesses that shut down with some authority what progres- cle. I guess progressives believe
back to work. But most may can collect 158% of their prior sives think.” that anything whatsoever related
have little incentive to, ac- will slow the recovery. wage,” they note. In fact, Mr. Uygur’s record and to corporations, including cam-
cording to a new economic Laid-off workers fare even the record of Justice Democrats paign contributions, smacks of cor-
working paper that finds two- better in states with higher demonstrates their lack of success ruption, yet money from unions in
thirds are making more unemployed. normal replacement rates. In 37 states the aver- or following. In the 2018 elections no way corrupts the political pro-
The Cares Act increased normal state unem- age (median) worker will make at least 41% Justice Democrats endorsed 78 can- cess. Who knew those millions of
ployment benefits by $600 a week, which more not working. In New Mexico half of laid- didates. Seven won. Three were in- dollars contributed every election
cumbents. The other four were “the cycle by the UAW, NEA, Afscme
equates to a $15 per hour wage. Jobless pay- off workers will make 77% more. “Labor supply
Squad”: Alexandria Ocasio-Cortez of and other unions were so clean
ments vary by state, but most replace from a disincentives from high replacement rates are New York, Ilhan Omar of Minnesota, and given without any sort of pre-
third to half of a worker’s prior earnings. The likely to become more important as the public Ayanna Pressley of Massachusetts condition so as to not corrupt our
replacement rate is generally higher for low-in- health threat diminishes and businesses again and Rashida Tlaib of Michigan. As national politics?
come workers. look to hire,” they dryly conclude. for Mr. Uygur himself, he decided in MIKE GARFIELD
Democrats claimed the additional $600 No kidding. As states lift their lockdowns, 2020 to run for the vacant seat in Jacksonville, Fla.
weekly lump sum was needed to replace 100% businesses are trying to reopen. But many are California’s 25th District. He fin-
of the wages for the “average” worker. They struggling to rehire workers because they can’t ished well back in the pack with The reality is that until there is a
also claimed it would be too technically difficult compete with enhanced jobless benefits. As 6.6% of the vote. reliable source of funding to replace
to tailor payments to ensure workers wouldn’t CEO Steve Hafner of Booking Holdings’ Open- In the face of this record, Mr. Bi-corporate or any other type of PAC
make more by not working. Republicans went Table and Kayak said last week, “A lot of people den would be well-advised to ignore funds, very few politicians, including
both Mr. Uygur and Justice Demo- Mr. Biden, will be foolish enough to
along amid the rush to pass coronavirus relief, are making $1,200 a week doing nothing. That’s crats as he fashions his campaign. forgo them. Asking Mr. Biden to
but the new University of Chicago study shows good pay.” DON KAUL throw himself on the sword and re-
what a mistake that was. The $600 weekly boost expires July 31, but Chicagoject corporate PAC funding may be
“Since the $600 UI payment was targeted to Democrats are pushing to extend it through one reason that progressive groups
generate 100% earnings replacement based on January. Senate Majority Leader Mitch McCon- Mr. Uygur urges Mr. Biden to like Mr. Uygur’s are being criticized
mean earnings, this $600 payment tends to im- nell on Wednesday said he’ll oppose this, and support a constitutional amend- by mainstream Democrats for risk-
ply greater than 100% earnings replacement for so should President Trump. The recovery will ment to enshrine public financing ing the election.
those with less than mean earnings,” the study be slower if businesses can’t find workers. of campaigns. How likely is this to Overturning Citizens United
explains. Some supermarkets have handed out bonuses, pass? According to the Federal would eliminate only corporate
The result is that 68% of laid-off workers are and Amazon has been paying double overtime. Election Commission’s Presidential PACs. It wouldn’t impact PACs such
Election Campaign Fund Tax Check- as Mr. Uygur’s Justice Democrats.
now making more unemployed, and the average But many businesses can’t afford to increase
Off Chart, the participation rate The remaining nonbusiness PACs,
(median) replacement rate is 134%. One in five pay to compete with unemployment benefits. among voters using their annual in- combined with existing union sup-
unemployed workers will make twice as much Meantime, Democrats in California say

.
come-tax filing to allocate $3 to port, would mostly provide Demo-
not working while the bottom 10%—generally they’ll extend the $600 weekly boost if the fed- this fund has fallen from 11.5% in crats with a very significant cam-

ly
part-timers—will collect three times more. eral enhancement lapses. This is another reason 2000 to 3.9% in 2019. Progressives paign advantage. As a Democrat
The economists also examined benefit differ- Republicans in Congress shouldn’t give states may sincerely desire public financ- you’d be foolish not to take such a
ences by state and industry. They estimate that more cash. ing, but the broad public does not. position. But until then, Mr. Uygur

A Clear Decision on Open Skies

on Mr. Biden’s support of such an
amendment, along with support of
the Green New Deal and Medicare
for All, would be virtue signaling
sets up Democratic candidates for
failure. It isn’t enough for them to
swear to eliminate money in politics
and engage in what will be a years-

A
rather than a serious proposal. long, if not decadeslong, struggle to
us ,

bright spot in President Trump’s for- Vladimir Putin knows that Obama officials
JAMES FACKLER enact legislation and a constitu-
l

eign policy has been his recognition that like Ms. Power support treaties for the sake of Lexington, Ky. tional amendment. They must con-
e
treaties are only valuable when every supporting treaties, whatever their real useful-
al a

currently seek election with a finan-

party adheres to them. His de- ness. Open Skies is a product Mr. Uygur asserts that a central cial disadvantage.
cision this week to abandon There’s no sense in of the post-Cold War era of issue for progressives is money JOSEPH P. PETITO
ci on

the 1992 Open Skies accord
will cost the U.S. little, but it
sends the right message to
American adversaries.
The Trump Administration
staying in a treaty that good international feeling. But from corporate political action Bethesda, Md.
these days Russia, China and
Russia openly violates. Iran are seeking regional dom-
inance and often unite to work
against the interests of the Once-Great UC System’s Plan for Mediocrity
er s

began informing allies Thursday that the U.S. U.S. and its allies. There’s no reason to grant
Regarding your editorial “Califor- students like working hard, but this
would withdraw from the treaty in six months. them the advantage of abiding by arms agree-
m er

nia Defines Testing Down” (May 18): method works.

The agreement, which also includes dozens of ments they violate. University of California President In the U.S. such an approach would
European nations, lets countries conduct intelli- Advances in surveillance technology mean Janet Napolitano’s plan to stop using mean additional preadmission
gence-gathering flights over each other’s terri- the U.S. doesn’t need the flights to see inside the SAT and ACT in admissions is a courses for a semester or two, and
tory. In theory Open Skies is one of the more use- Russia, while the flights do help the Russians. natural outgrowth of the University much more work with unprepared
m rp

ful arms-control deals because it contributes to Withdrawing will also save about $250 million. of California’s 2015 plan for diversity students. Unfortunately, eliminating
transparency and confidence about an adver- The most serious risk is that pulling out will an- and faculty development. Faculty tests would be not only an academic
sary’s military. noy some of America’s NATO allies that plan to were told then to be on the lookout disaster but a social one as well.
But Russia used the flights to catalog critical remain in the agreement. But Open Skies is far for false claims of color blindness, EM. PROF. TOMASZ ARCISZEWSKI
American facilities and even fly over Mr. from the most serious issue in the trans-Atlantic myths of America’s meritocracy, deni- George Mason University
co Fo

als of bias, sexist language and Fairfax, Va.

Trump’s New Jersey estate. It regularly blocked relationship.
pathologizing cultural values. UC’s
U.S. flights considered legitimate under the Secretary of State Mike Pompeo said Thurs- plan to stamp out microaggressions If President Napolitano wants to
treaty. Moscow restricted surveillance missions day that Washington may “reconsider our with- on campus that perpetuate values experiment with offering college ad-
over Kaliningrad, where Russian forces are drawal should Russia return to full compliance and styles of dominant white culture mission without testing, she can look
massed miles from the Polish border. It also with the Treaty.” And Mr. Trump has said he’d was a Band-Aid for a deep wound at the City University of New York in
stopped flights in Georgia and over a Russian like to renegotiate the 2010 New Strategic Arms that predated college and prevented New York City and the result of their
military exercise. Reduction Treaty and expand it to include the assemblage of a student-body doing just that. It was an unmiti-
One problem with arms control is that its sup- China. That sounds like a mistake given how mosaic perfectly aligned with the gated disaster. Thousands of stu-
porters have never seen a violation large or fre- neither China nor Russia abide by other prom- overall population mosaic. dents who were admitted under the
quent enough to justify pulling the plug. “An- ises (see nearby). If meritocracy is a myth, then “open admissions” policy were to-
other shortsighted Trump move to abandon a But leaving the Intermediate-range Nuclear standardized tests are false bench- tally unprepared and flunked out at
marks that measure and reward priv- very high rates. Testing is necessary,
treaty that includes many close allies,” former Forces Treaty last year and Open Skies by the
n-

ilege, not academic potential. no matter what the social engineers

U.S. Ambassador to the United Nations Saman- end of 2020 at least sends an important message It is hard to believe that our best like or dislike.
tha Power tweeted. “This decision further chips about what this Administration expects when and brightest can think of no better RICHARD LEVY
away at decades of arms control progress.” negotiating arms-control deals. plan to achieve diversity and inclu- Washington
no

sion than by doing away with mea-

China Moves on Hong Kong surable academic standards. Diversity

is an admirable goal, but ditching
standardized tests is an end run
The racism of low expectations
has been prevalent in the U.S. since
the Lyndon Johnson administration.

C
hina’s forceful takeover of Hong Kong five years for those found guilty of participat- around affirmative-action hurdles in We now find that many minorities
appears to have begun, and threats ing or organizing unauthorized protests. the interest of fairness. The end re- still cannot meet the standards for
sult of the end run, without fixing admission to colleges that have high
against Taiwan are rising. That’s the Meanwhile, Taiwan President Tsai Ing-wen
precollege education, is a self-fulfill- expectations. Minorities can meet
message this week as the Na- was sworn in for a second ing prophecy that merit in America is high standards, and many of these
tional People’s Congress in Beijing plans a new four-year term this week and indeed a myth. qualified students resent that un-
Beijing moved to pass an national-security law. used her inaugural remarks to TED MORRISON qualified students are also admitted
onerous new security law for reject “one country, two sys- Spartanburg, S.C. to college.
Hong Kong and the Chinese Is Taiwan next? tems” for the island. Taiwan- The ACT, the SAT and other exams
navy plans to practice an am- ese can see that China isn’t I am a retired professor with clearly indicate the likelihood of suc-
phibious assault on an island keeping its promise of auton- about 50 years of teaching experi- cess for students seeking degrees. If
controlled by Taiwan. omy to Hong Kong. She called for “peace, par- ence in Europe, Asia, the U.S. and Af- California develops its own admis-
Under the Sino-British Joint Declaration, ity, democracy, and dialogue” between the two rica. I have discovered that, no mat- sions exam, it will likely lack credibil-
China promised Hong Kong legal autonomy and Chinese governments. Beijing reacted by at- ter the race or tribe, students have ity outside the state, and businesses
the same natural intellectual abilities and graduate programs will question
the preservation of basic liberties, including tacking Ms. Tsai’s party and saying reunifica-
and the differences in their perfor- the value of a once prestigious, mer-
freedom of speech, press and assembly. Yet Bei- tion is “inevitable.” mance reflect their different cultures, itocratic UC degree.
jing is now seeking to bypass the Hong Kong To underscore the point, Reuters quoted not race. ELIZABETH TEBEAUX
Legislative Council and impose the national-se- Chinese sources last week as saying the Peo- Dropping admissions testing be- College Station, Texas
curity law unilaterally. This rule-by-diktat ple’s Liberation Army is planning a large-scale cause the Latino and black students
means the end of the “one country, two sys- landing drill off Hainan Island in the South perform worse than Asian and white
tems” arrangement that Beijing promised for China Sea in August to simulate the possible students is based on the fundamen- Pepper ...
50 years after 1997. seizure of the Taiwanese-held Pratas Island in tally wrong assumption of the intel-
Enforcement of the national-security legis- the future. If Chinese President Xi Jinping lectual inferiority of these students.
And Salt
lation would erase the legal lines between needs a nationalist rallying cry, he might sign Obviously, this is pure racism. Even THE WALL STREET JOURNAL

Hong Kong and the mainland. By our deadline off on such an assault. worse, admitting unprepared stu-
dents would ultimately harm them
China’s Communist Party legislature hadn’t re- The only way to deter any of this is to make
and gradually corrupt the entire aca-
leased a draft bill, but rest assured the purpose sure Beijing officials know they will pay a heavy demic system.
is to silence and punish dissent to prevent a price. Hong Kongers may feel they have no I discovered in Africa that the best
repeat of last year’s mass protests in Hong choice but to protest in the streets even at the way to help my students, who were
Kong. For months Beijing has falsely accused risk of arrest and imprisonment. They may lose all black, was to treat them with
protesters of seeking independence from the but they will expose Beijing’s ugly side to the “tough love,” i.e., loving them and
mainland and acting on behalf of a foreign world. A bipartisan group in the U.S. Congress therefore offering a fair but very de-
“black hand.” is advancing legislation that would sanction of- manding environment, expecting ex-
At a hearing Monday Hong Kong prosecutors ficials who implement the national-security cellent performance from them. Yes,
signaled they may seek yearslong sentences for law. The U.S. will also have to sell more arms such an approach requires a lot of
work from the instructor, and not all
15 pro-democracy activists arrested for their to help Taiwan defend itself.
role in last year’s protests. They include Martin Mr. Xi wants the world to think his China is
Letters intended for publication
Lee, the father of the Hong Kong democracy a benign power that follows global rules, but should be emailed to wsj.ltrs@wsj.com.
movement, media tycoon Jimmy Lai, and other in Hong Kong and Taiwan we are seeing the Please include your city, state and
prominent advocates of peaceful protest. The true nature of the current Communist regime. telephone number. All letters are sub- “Well, if you can’t accept me
cases will now be heard in district court, which The world will have to adapt to this increas- ject to editing, and unpublished letters as I really am, have you
cannot be acknowledged.
has the authority to impose sentences of up to ingly dangerous reality. seen my Facebook page?”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
The Incredible
Shrinking
Quorum
By Devin Watkins
H
ow can Congress do its work
in a time of social distancing?
The Senate has remained in
session as usual, but the House took
steps last week to allow voting by
members who aren’t in the chamber.
Its resolution, passed May 15 with-
out Republican support, is constitu-
tionally faulty and could invalidate
every law enacted over the next few
months.
The House has always met in per-
son, but under H.Res. 965 one repre-
sentative can act as a proxy for up to
10 other representatives and vote on
their behalf. The Constitution allows
each congressional chamber to set
its own rules on voting, but that isn’t
the problem. Not only did the House
change the voting rules, it also
changed the quorum rules, which de-
termine whether enough members
are present to conduct a vote.
The Constitution requires
a majority, but under new
House rules as few as 20
members could be present.
Article I, section 5 of the Consti-
tution provides that “a majority of
each [chamber] shall constitute a
quorum to do business.” By allowing
each representative present to cast
11 votes—his own plus 10 proxies—
the new rule could reduce the
threshold from 218 members to 20.
The quorum requirement is a core
democratic protection. During the
Constitutional Convention, George
Mason observed: “If the Legislature
should be able to reduce the number
at all, it might reduce it as low as it
pleased & the [United] States might
be governed by a Juncto”—a cabal.
There are alternatives that would
be constitutional. The speaker
could keep a vote open all day and
allow representatives to come to
the floor individually or in small
groups, cast their votes and leave.
Another possibility is having a ma-
jority present for a quorum and al-
lowing lawmakers who aren’t pres-
ent to vote remotely.
Now that the House has passed
the rule, it’s up to the Senate, the
president and the courts to decide if
they will accept its validity. Senate
Majority Leader Mitch McConnell
could announce that he won’t con-
sider any such legislation valid and
refuse to act on it. The Senate as a
whole could create its own rule that
either accepts or rejects the validity
of the House rule. The president
could also veto any legislation that
passes the House without a quorum,
or he could refuse to sign or enforce
it.
If legislation makes it past the
Senate and the president, the courts
will have to consider eventual chal-
lenges. The Supreme Court has al-
ready held, in U.S. v. Ballin (1892),
that the presence or absence of a
quorum is a justiciable question. One
scenario might involve a House
member who asks for a quorum call
and, if the House journal doesn’t re-
no
cord which votes were by proxy, is
willing to testify that there was not
in fact a majority present.
If this rule gets to the Supreme
Court, the justices will likely be
guided by their holding in National
Labor Relations Board v. Noel Can-
ning (2014) that “longstanding ‘prac-
tice of the government’ ” is entitled
to “great weight in a proper inter-
pretation of constitutional provi-
sions.”
There will be a constitutional
cloud over all the legislation passed
during the next few months. The
House could erase this doubt by re-
turning to the original quorum rules.
Allow some people to vote by proxy,
but still require at least a bare ma-
jority to be present.
Mr. Watkins is an attorney with
the Competitive Enterprise Institute.
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The Crucial Reopening Question
By Joseph A. Ladapo
I
f reopening—and staying
open—is the goal, the most
important question that work-
places, schools, restaurants
and retailers should be asking
isn’t how to maintain social distanc-
ing on their premises. Nor is it how
to disinfect workspaces or whether
to mandate face masks. The most
important question is what they will
do when an employee, customer,
teacher or student tests positive for
Covid-19, and what they will do if
that person dies.
Thinking clearly about how to
handle new infections is critical to
building and maintaining public con-
fidence in reopening efforts. If or-
ganizations bungle their responses
to new infections that occur within
their facilities, it will serve as an in-
vitation for political leaders again to
engage in the knee-jerk, fear-fueled
policy making that led us down the
road of ineffectual lockdowns in the
first place.
Many organizations are asking the
questions that will make reopening
feasible: Can students attend in-per-
son classes in the fall? When can our
employees return to the office? How
soon will clients be ready to come in?
As businesses aim to attract custom-
ers, their communications largely fo-
cus on enhanced cleaning methods,
social-distancing protocols and face-
mask mandates for employees and
customers. Assurances that they will
“protect the health and safety” of em-
ployers and patrons is the theme of
their messages—and usually stated
explicitly.
But the novel coronavirus has so
far defied all efforts at containment.
Despite heavy-handed lockdowns
on
and face-mask mandates, the virus
has continued to spread in every
Three Economic Comorbitities for Covid-19
us ,
l
e
al a
Here’s an early
vote for Word of
the Year 2020: co-
ci on
morbidity.
This is among
the most impor-
POLITICAL tant medical ques-
ECONOMICS tions about the
er s
novel coronavirus.
By Joseph C.
Pre-existing medi-
Sternberg
m er
cal conditions, of-
ten dangerous in
their own right, seem to worsen the
virus’s course through some victims.
Doctors are scrambling to discern
m rp
why and how.
The same will be true on an eco-
nomic and political level. The corona-
virus is not creating a new normal so
much as it’s exacerbating the worst
co Fo
parts of the old normal. Here are the
three most dangerous comorbidities
via which coronavirus can pummel
the world economy:
• The Chinese Communist Party.
This comorbidity is serious in both a
medical and a political-economic
sense. The party’s obfuscation about
the early spread of the virus in Wu-
han has worsened the global death
toll by stymieing public-health re-
sponses elsewhere.
Meanwhile, the Chinese economy
n-
already was under strain before the
medical emergency. The annual
growth rate was falling as Beijing’s
post-2008 debt-fueled stimulus lost
steam. The world needs a healthy
Chinese economy, and China needed
a new round of economic reforms to
boost domestic productivity by un-
leashing private entrepreneurship
and welcoming new foreign invest-
ment. It needs those things even
more now. It won’t get them.
The coronavirus instead has stim-
ulated the worst instincts of the
party and its leader, Xi Jinping. Doc-
tors who early identified important
facts about the emerging coronavirus
were suppressed. Beijing’s default
public-health strategy is the econom-
ically ruinous lockdown, most re-
cently in Jilin province. These ten-
dencies are not compatible with
sustained economic recovery.
If coronavirus wreaks economic
havoc in China that then radiates out
to its region and the world, it will be
because of the party’s economic man-
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
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OPINION
A Miami coffee shop May 18
state in the U.S., according to the
Johns Hopkins Coronavirus Resource
Center. In New York, Gov. Andrew
Cuomo noted on May 6 that it was
“shocking” to find that two-thirds of
patients recently hospitalized in the
state were people who were shelter-
ing at home. “They were literally at
Organizations need a plan
for how to react when a
customer or employee
tests positive for Covid-19.
home,” he added for emphasis. How
can a virus that has spread during a
shutdown stop spreading when the
shutdown ends? It can’t, and we
must plan and prepare.
The White House provided a pre-
view of why it’s so important to be
prepared for Covid-19 infections, and
how an organization’s response can
agement style, not despite it. That’s
the definition of a comorbidity.
• The European Union’s identity
crisis. This coronavirus comorbidity
is a genetic trait: It has been baked
into the EU almost from the start.
Political leaders, businesses, trading
partners and voters have never
agreed on whether the EU ought to
function solely as a free-trade bloc of
nation-states or whether it’s some
bigger “European project” to forge a
new political and economic entity.
Hence chronic confusion about
what “solidarity” means. The edifice
almost collapsed in 2010 when lead-
ers had to decide on the fly what fi-
nancial aid fiscally frugal northern
member states owed to the likes of
Greece, Spain, Portugal and Ireland,
and what debt of economic reform
and discipline those states should
pay their benefactors in return.
Such questions will grow tougher
as the bloc confronts the economic
consequences of the virus.
Covid-19 is an exogenous event,
and the terrible death toll can only
elicit pity. Solidarity demands Ger-
man, Dutch and Austrian fiscal sup-
port for hard-hit Italy and Spain. Yet
Italy especially can’t afford to man-
age the virus because Rome previ-
ously refused to play by EU budget
and economic rules—a flagrant viola-
tion of another sort of solidarity.
The EU’s latest struggle with its
The People’s Republic vs. Jimmy Lai
By Jillian Kay Melchior
B
eijing is moving fast to stifle
Hong Kong’s democracy move-
ment. It seeks to lock up me-
dia tycoon Jimmy Lai and bankrupt
his newspaper.
If Mr. Lai, 72, spends years in
prison, at least he’ll have the satis-
faction of knowing that China’s lead-
ers consider him a dangerous adver-
sary. Mr. Lai is “pretty bold and bad-
ass in the way he expresses his
disdain for Beijing,” says Tom
Grundy, editor-in-chief of the Hong
Kong Free Press, another pro-democ-
racy publication.
In 1995 Mr. Lai founded Apple
Daily, a tabloid that titillates readers
with stories of sex, crime and celebri-
ties. But it also does serious journal-
ism. Its investigative reporters be-
devil the Hong Kong government,
churning out scoops on political cor-
ruption and police abuse. As the voice
of Hong Kong’s pro-democracy move-
ment, it doesn’t shy from overt politi-
cal activism. “They will literally paste
protest placards and hand out yellow
umbrellas,” a symbol of the freedom
movement, Mr. Grundy says.
The government now sees its
chance for revenge. Police arrested
Mr. Lai in February and again in
April and charged him with organiz-
ing and participating in unauthor-
ized protests last year. His presence
at the front of the marches is indis-
putable; the problem is that authori-
ties consider such peaceful protest
criminal.
At a preliminary hearing Monday,
authorities transferred Mr. Lai’s case
to a district court, which has the
Friday, May 22, 2020 | A17
every new infection as a reason not
to reopen. “It is too soon,” we often
hear. Not enough people are asking
these same media outlets and their
quoted experts exactly when a good
time to reopen would be.
What, therefore, should leaders
do when people connected to their
organizations contract Covid-19? For
universities and schools that are re-
starting in-person teaching, the an-
ANADOLU AGENCY VIA GETTY IMAGES
swer may be to provide testing,
make reasonable attempts at contact
tracing, and support those who are
quarantining while offering remote
learning for those at higher risk.
For workplaces, there could be
temporary transitions to remote
work with cleaning crews deployed
following a Covid-19 diagnosis. N95
masks could be distributed to em-
ployees, as opposed to cloth face
influence public perception. When coverings that are ineffective at pre-
the vice president’s press secretary venting infection for the wearer.
and the president’s personal valet All leaders should keep sight of
tested positive earlier this month, the organizational mission that
the media painted a picture of an spurred them to reopen in the first
administration caught off guard. The place. Closing shop for an indetermi-
subsequent implementation of new nate and extendible period is the
infection-prevention protocols in the wrong answer for any organization.
White House added to this percep- It appeases fear and lacks a sound
tion. All businesses and organiza- scientific basis.
tions are similarly vulnerable to re- If done right, reopening can
active decision-making, born out of evolve in a way that balances the
panic during times of crisis—such as things that make life worthwhile—
when a Covid infection or death is strong social connections, purpose-
tied to their establishment. ful work and pursuit of personal
Panic-driven decision-making growth—against the real human
doesn’t inspire public confidence. In- threats of the novel coronavirus. If
stead, preparing now for the inevita- done wrong, we’ll continue strug-
ble increase in Covid-19 infections gling to find our footing, creating
that will accompany reopening—and avoidable pain and suffering along
.
publicly articulating those plans—is the way, until we are finally rescued
what organizations must do to sup- by either herd immunity or a vac-
ly
port sustained reopening. cine, whichever comes first.
As if schools, businesses and en-
tertainment venues don’t have Dr. Ladapo is an associate profes-
enough to worry about, they are also
up against a media eager to frame
sor at UCLA’s David Geffen School of
Medicine.
lifelong identity crisis may not de- ceutical company? What is
stroy the bloc, but the arguments will commercial real estate worth now?
addle Europe perhaps for years. The Clear price signals, for both goods
U.S. can’t afford to see one of its and capital, are vital to making these
most important trading partners dis- judgments. Yet central banks’ correct
tracted by infighting—and the instinct to smooth out a potential li-
world’s most important exchange quidity panic in March has morphed
rate, between the dollar and euro, gy- into ad hoc economic management.
rating wildly—in the middle of a Consider the Federal Reserve’s will-
global economic disaster. ingness to buy so-called fallen-angel
corporate debt—bonds that boasted
an investment-grade credit rating be-
How much devastation is fore the pandemic but have declined
to junk status now. The Fed has no
self-inflicted, not caused idea how many of these companies
directly by the virus? will recover quickly—or at all—after
the virus. In many cases the junk rat-
Voters are right to wonder. ing could well be a warning that the
business should not be part of what-
ever “normal” comes next.
• Bad monetary policy. We all as- Doctors now believe that in many
sume we’ll eventually make the tran- patients, coronavirus goads the
sition into a “new normal.” Finding body’s immune system into destruc-
that is the task of hundreds of mil- tive overdrive. So too with monetary
lions of individuals making decisions policy, the economy’s first immune
about production and consumption. response to a crisis. The comorbidity
The world’s major central banks are is a monetary system already prone
making this task all but impossible. to violent overreactions to negative
Settling into the new normal in- stimuli.
volves answering questions such as i i i
these: Do department stores have a Voters are right to ask whether
role to play in meeting consumers’ the economic fallout from Covid-19 is
post-pandemic needs? Should Uber something the virus does to us or
buy GrubHub? Should companies something we do to ourselves. Solv-
bring home production that was pre- ing that riddle will be the main pre-
viously sent to China, and is it differ- occupation of our politics for the
ent for a shoemaker and a pharma- foreseeable future.
power to impose sentences of up to despite Apple Daily’s some 610,000
five years for the charges. It could subscribers, many in a prime demo-
even opt to impose consecutive sen- graphic because of their youth and
tences on Mr. Lai. China’s Commu- affluence. The newspaper is “basi-
nist Party media has already ren- cally cut off in Hong Kong from
dered its verdict: Mr. Lai is about 65% of the advertising mar-
“regarded as a traitor,” Global Times ket,” says Mr. Simon. Mr. Lai, who
wrote Monday. made his fortune in fashion before
Meanwhile, Apple Daily is fighting launching his media career, has per-
for survival. Beijing’s strategy is sonally infused some 400 million
“don’t shoot the journalist, just cut Hong Kong dollars (around US$50
off the paper,” says Mark Simon, an million) to Apple Daily in the past
executive at Mr. Lai’s media com- two years, Mr. Simon says.
pany. Beijing wants to drive the tab- Apple Daily’s finances have wors-
loid out of business by starving it of ened amid the pandemic. “In the
advertisers. “It’s effective,” Mr. Si- past, in the face of the advertising
mon says. “It hurts us, and it hurts blockade, advertising has been re-
us badly.” duced a lot. But now, it is almost
gone,” Mr. Lai told readers in April.
He pleaded with them to subscribe to
China seeks to imprison a offset the advertising hemorrhage.
“Many people say that if we lose
Hong Kong newspaperman Apple Daily, we lose freedom of ex-
and bankrupt his tabloid. pression, freedom of information,”
says Emily Lau, a pro-democracy for-
mer lawmaker who began her career
This strategy isn’t new. Since as a journalist. “It’s not just Apple
2003, Apple Daily has supported the Daily that they’re attacking. They’re
pro-democracy movement and led sending the signal out to everyone
campaigns against legislation that that if you attack Beijing, you will
would criminalize dissent and plans get similar treatment.”
to impose propagandistic “patriotic On Thursday, Beijing took the
education” in Hong Kong schools. first step toward unilaterally impos-
Mainland banks, airlines and prop- ing “national security” legislation of
erty developers pulled their ads the sort Apple Daily helped defeat in
first, followed by Hong Kong busi- 2003. Hong Kong’s Legislative Coun-
nesses. In 2014 Mr. Lai stepped cil is also pushing forward a bill that
down as publisher and executive would criminalize “disrespect” of the
chairman in an attempt to ease the national anthem. Today, the authori-
pressure on the paper. It didn’t ties have come for Mr. Lai. Soon it
work. could be anybody in Hong Kong.
Now Beijing’s intimidation cam-
paign extends to international com- Ms. Melchior is a Journal editorial
panies. They have begun to pull ads page writer.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Friday, May 22, 2020 THE WALL STREET JOURNAL.

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BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P 2948.51 g 0.78% S&P FIN g 0.35%
Lockdown Widens Retail Divide
Macy’s racks up loss
as sales decline 45%;
L Brands, TJX, Kohl’s,
Best Buy feel the pain
BY SUZANNE KAPNER
The coronavirus pandemic
is revealing the sharp contrast
between retailers that are
drawing shoppers and those
that are losing business, accel-
erating a split that had been
playing out before the health
BLUE HARVEST FISHERIES
Blue Harvest Fisheries unloads a fishing boat. The business’s output
is down 25% because of reduced demand and worker absenteeism.
Restaurant Closures Sink Seafood Industry
BY JESSE NEWMAN
AND JULIE WERNAU
The coronavirus crisis is
walloping seafood businesses,
prompting fishermen and pro-
cessors to overhaul operations
and look for new customers.
U.S. supermarket shoppers
are buying more fish and
shellfish to prepare at home
during quarantine, but busi-
ness owners say the rise isn’t
no
Starbucks Accelerates Plans
To Add Drive-Through Sites
BY HEATHER HADDON
Starbucks Corp. said it is
speeding up plans to build
stores with drive-throughs and
will close locations in unpopu-
lated malls as its dine-in ser-
vice remains suspended due to
the coronavirus pandemic.
The Seattle-based coffee
company said Thursday that
U.S. same-store sales are now
down 35% to 40% from last
year, after it closed dine-in op-
INSIDE
BUSINESS
Lockdowns spark
a boom in
online learning
for adults, too. B5
TECHNOLOGY: VIRUS RAISES DEMAND FOR TEMPERATURE SCANNERS B4
S&P IT g 1.40%
* * * **
crisis forced some chains to
temporarily close stores.
Department stores and ap-
parel retailers are feeling the
most pain. Their stores were
closed from mid-March
through April, and while some
buying shifted online, it wasn’t
enough to offset the lost sales
in physical locations.
On Thursday, Macy’s Inc.
offered a glimpse of the dam-
age wrought by the virus, say-
ing that first-quarter sales fell
by as much as 45% and that it
expects to record a roughly $1
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
enough to offset the loss of
sales to restaurants, where
70% of seafood is consumed,
according to market-research
firm Urner Barry.
Captains across the country
have docked vessels and dis-
tributors have rerouted what
fresh fish they can into freez-
ers, sometimes destroying the
rest. Prices for items like lob-
n-
ster tails and salmon have
plummeted as costs climb for
erations starting in March.
Sales in its key China market,
where Starbucks had closed
more than half of its stores
from January, remain 20%
lower than the same period
last year.
“We know that it will take
time to fully recover and post
positive comparable-store
sales growth,” chief executive
Kevin Johnson said in a letter
to employees.
The letter provided the
MARKETS
Virus shutdown
casts doubt on value
of exchange
trading floors. B10
DJ TRANS g 0.43%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.17%
billion operating loss when it
reports financial results July 1.
Victoria’s Secret parent L
Brands Inc. said quarterly
sales fell 37% and that it would
close about a quarter of the
lingerie brand’s stores in North
America. Kohl’s Corp. reported
a 41% drop in sales for the
spring quarter, while nearly $5
billion in sales disappeared at
off-price retailer TJX Cos.
Unlike the clothing sellers,
electronics chain Best Buy Co.
was able to make up for closed
stores with online orders and
More than any other protein,
seafood is eaten at restaurants...
Share of volume sold to food
services and retail, 2019*
Food service†
Seafood 70%
Chicken 60%
Turkey 59%
Beef 54%
Pork 54%
Eggs 38%
0 50%
But a boost to sales at grocery stores hasn't been nearly enough to make up for those losses.
0 10%
*Except for seafood (2018) †Fast food, restaurants, hotels, schools, etc. ‡Through May 11 **For the 10 weeks ended May 9
Sources: Urner Barry (volume, prices); Nielsen (change in sales)
processors trying to prevent
the virus from spreading in
seafood plants as it has in
meat slaughterhouses.
Seafood purveyors are mar-
keting more fish to consumers
and grocery stores.
Sean O’Scannlain, chief ex-
ecutive of Illinois-based For-
tune International, once sold
70% of his seafood to restau-
rants. Now, he is supplying
more salmon to supermarkets
company’s first business up-
date since it opened more
than 85% of its owned U.S.
stores to drive-through, deliv-
ery and carryout earlier this
month.
Less than half of its U.S.
company stores were open last
month. Starbucks, which said
it expects 90% of its stores to
reopen by early June, offered
no details on when cafe dining
service may resume.
Please turn to page B2
European Banks Remain Scared to Lend
In late March, Angelica Do-
nati, an Italian infrastructure
and real-estate entrepreneur,
started calling local banks
seeking a loan to shore up her
business after it was shut dur-
ing Rome’s battle to contain
the coronavirus.
Ms. Donati was expecting
the loan to come fast under a
government-guarantee plan.
This backstop in theory low-
ered the risk for banks and
sped the approval process. Of
six banks she dealt with, two
stopped taking her calls. She
is still in talks with the others
about what paperwork she
needs. She was told the pro-
cess may take two months
from the application date.
LIBOR 3M 0.360
curbside pickup. The chain,
which also now has about 700
stores offering in-store visits
by appointment, reported a 6%
drop in quarterly revenue.
Best Buy was “able to retain
approximately 81% of last
year’s sales during the last six
weeks of the quarter” even
though customers couldn’t en-
ter stores, Chief Executive
Corie Barry said Thursday.
Macy’s closed all of its
roughly 775 stores March 18. It
began reopening locations May
4, and Chief Executive Jeff
...and with restaurants closed, prices for many seafood varieties
have fallen sharply.
Year-to-date change in wholesale prices, per pound‡
Retail 20%
10
0 quires flexibility to constantly
–10
–20
–30
100% Jan. Feb.
Cod/scrod
Tilapia
Scallops
Salmon
Shrimp
Catfish
20 30 40
and shrimp to meal-kit compa-
nies like Blue Apron Holdings
Inc. and HelloFresh SE.
The company is approach-
ing 80% of its typical sales
volume, Mr. O’Scannlain said,
and has held on to its 500 em-
ployees, in some cases rede-
ploying truck drivers to pack
tilapia for meal kits.
“We’re doing whatever we
can to keep busy and find new
customers in a world that’s
JASON WHITMAN/NURPHOTO/ZUMA PRESS
The company said same-store sales are down 35% to 40% from last
year since it closed stores in March. A drive-through in Louisville, Ky.
By Giovanni Legorano
in Rome and Patricia
Kowsmann in Lisbon
“I thought bank loans guar-
anteed by the state was a good
move,” she said. “If only we
got them.”
Keeping businesses afloat
with loans is at the heart of
Europe’s strategy to fight the
effects of coronavirus. The Eu-
ropean Central Bank is offering
banks trillions of euros in ul-
tracheap money. Governments
are further sweetening the deal
and are on the hook for most
of the loans that turn sour.
But evidence is mounting
that the effort is stuttering.
NIKKEI (Midday) 20462.11 g 0.44%
Gennette said early results are
encouraging. The company ex-
pects to have all its stores re-
opened in some capacity over
the next month.
Mr. Gennette said its Herald
Square flagship in New York
City could begin offering curb-
side pickup in several weeks.
But Macy’s also said it is re-
evaluating its store strategy,
which could lead to more clo-
Please turn to page B2
 J.Crew landlords seek rent
from reopened stores........... B3
ly
Shrimp
Catfish
Lobster
tails
Salmon
March. April May
Sales of selected seafood, change
from previous year**
Lobsters
Crab
Anchovy/sardine
Tuna
50 60 70%
been turned upside down,” Mr.
O’Scannlain said.
Sales at Samuels & Son
Seafood Co., a Philadelphia-
based supplier to restaurants,
hotels and casinos, crashed
75% over a few weeks in
March, said owner Sam D’An-
gelo. Workers stockpiled what
they could in freezers, and
drove 10 tons of fresh lobster,
clams and mussels worth more
Please turn to page B6
When it comes to actual loans,
banks in Italy have processed
and approved requests for
around €13 billion ($14.3 bil-
lion). That is far below the
€300 billion the government is
making available. European
companies are particularly de-
pendent on bank lending, un-
like in the U.S. where capital
markets are relied upon much
more heavily.
For banks, the problem is
simple: No matter how much
money is thrown at them by
governments, there is a limit
to how much risk they can
take.
Nowhere is the problem
more evident than in southern
Europe, where the fragile
Friday, May 22, 2020 | B1
See more at WSJ.com/Markets
IBM’s New
CEO Sets
His First
Job Cuts
BY ASA FITCH
International Business
Machines Corp. is cutting an
unspecified number of jobs in
the first major workforce re-
duction under new Chief Exec-
utive Arvind Krishna, who is
trying to revive growth at the
tech company,
IBM said the cuts are aimed
at making it more agile, but
they come against the back-
drop of a major economic
slowdown triggered by a coro-
navirus pandemic that has
caused many of its customers
to dial back investments and
hold off on big software deals.
“IBM’s work in a highly
competitive marketplace re-
.
remix high-value skills, and
our workforce decisions are
made in the long-term inter-
ests of our business,” the com-
pany said Thursday.
The company didn’t dis-
close the scale of the job
losses. A person familiar with
the company’s plans said they
are thought to affect several
thousand people. IBM had
around 352,600 employees as
of the end of last year, accord-
ing to a January filing.
The cuts add to a growing
number of job losses across
the tech industry as firms con-
tend with the effects of the
novel coronavirus outbreak.
Hewlett Packard Enterprise
Co, Thursday announced a far-
reaching cost-cutting program,
including salary cuts, unpaid
leave and hiring freezes.
But IBM’s growth problems
predate the outbreak of the
Please turn to page B4
Amazon
Puts Off
Prime Day
To Autumn
BY DANA MATTIOLI
Amazon.com Inc. is taking
steps to return to prepandemic
business operations, including
scheduling its annual Prime
Day shopping promotion for
the fall and allowing unlimited
shipments of nonessential
goods to warehouses, people
familiar with the matter said.
The latter move will allow
the e-commerce company to lay
the groundwork for shipments
of a wider variety of products,
the people said. It indicates the
company is in a position to
process orders more quickly in
its warehouses and create room
for more inventory.
Yet even as Amazon moves
to return to wider product se-
lection and speedier deliveries,
the company may not be able
to reach the ultrafast shipping
times it had provided for
months, the people said.
Amazon.com is inching to-
Please turn to page B4
banking sector is still trying to
get rid of huge portfolios of
bad loans from the last de-
cade’s crisis. Corporate indebt-
edness in the region is also
high.
In the U.S., a $660 billion
lending program for small
businesses has also hit a se-
ries of problems, including
complaints that banks were
only lending to existing cus-
tomers. But U.S. banks are
stronger and mostly free of
troubled loans from the past.
Nonperforming loans cur-
rently make up about 7% of to-
tal loans in Italy, almost 10%
in Portugal and 3% in Spain,
compared with about 1% in
Please turn to page B6
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Friday, May 22, 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 Goldman Sachs.........B12
Airbnb .................. B12,R3
Albertsons Companies
.....................................B3
Amazon.com........B1,B12
AstraZeneca..........A2,A5
B Infrared Cameras........B4
Banco Comercial
Portugues..................B6
Bank of America.......B12
Barclays.....................B12
Best Buy . B1,B2,B11,B12
Bluebird Bio .............. B12
Blue Harvest Fisheries
Partners....................B6
Booking Holdings......B12
C Lesson Nine ................ B5
Campbell Soup..........B11
Canada Goose.............A2
Clorox ........................ B11
Clovis Oncology ........ B12
Coca-Cola...................B11
Continental Resources
.....................................A1
Coursera......................B5
D Moody's.....................B10
Dart Container............A2
E Nemacolin Woodlands
Expedia Group...........B12
F-G
Facebook ..................... A1
Flir Systems................B4
Fortune International.B1
Gilead Sciences...A2,B11
INDEX TO PEOPLE
A Ghosn, Carlos..............B3
Azaham, Max..............B4
B H
Baran, Christopher ..... R2
Barry, Corie............B1,B2
Brown, Sherrod.........B10
C Huang, Jensen............B3
Cannon, James............B4
Cooper, Matt...............B5
Curcio, Chris................R2
D its latest quarter after closing
D’Angelo, Sam ............ B1
Donati, Angelica.........B1
G
Gerard, Daniel...........B11
Open and Shut
The coronvirus pandemic forced many clothing retailers to
temporarily close and boosted sales at big-box chains that were
able to remain open.
Change in 1Q revenue from previous year
NET CHANGE,
COMPANY IN BILLIONS
TJX -$4.9
Macy’s* -2.5
Kohl's -1.7
L Brands -1.0
Best Buy -0.6
Home Depot 1.4
Walmart 10.7
Target 2.0
*Forecast
Source: the companies
In Retail,
The Divide
Worsens
Continued from page B1
sures beyond the 125 locations
it previously planned to shut
over the next three years.
Mr. Gennette said he ini-
tially expected sales would be
down 80% from year-ago levels
in reopened stores, but they
are down about 50%. “We ex-
pect a gradual recovery but
are encouraged by these early
results,” he said in a webcast
conversation with J.P. Morgan
analyst Matthew Boss.
Retail executives and ana-
lysts said the fallout from the
pandemic is likely to be felt
even as life starts to return to
normal, with more states loos-
ening restrictions and allowing
businesses to reopen.
“We will be in a fairly un-
precedented period of change
for some time,” Kohl’s CEO Mi-
chelle Gass said. The retailer
has reopened about half of its
more than 1,100 stores, but
shoppers are coming back
slowly. Ms. Gass said sales at
the reopened stores are about
half to a third of normal.
“As it relates to the balance
of the year, we are planning
the business very conserva-
tively,” Ms. Gass said.
Off-price chain TJX, which
reported a 52% dive in first-
quarter revenue after tempo-
rarily closing its stores and
websites, said it had seen
strong demand after reopening
some stores this month.
“We have been encouraged
with the very strong sales we
have seen with our initial re-
openings,” CEO Ernie Herrman
said. TJX, the owner of T.J.
Maxx, Marshalls and Home-
Goods, has reopened about
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Roche...........................A2
GrubHub......................B4 Ryzac...........................B5
H S
Home Depot..............B12 Samuels & Son Seafood
I .....................................B1
Sanofi..........................A2
IHS Markit ................ B12
Seek Thermal..............B4
International Business SelectQuote ................ B3
Machines...................B1 Shopify......................A10
Skillshare .................... B5
J Snap..........................A10
J.Crew Group...............B3 S&P Global................B10
Johnson & Johnson....A2 Starbucks....................B1
K T
Kroger........................B11 Target........................B12
L Taylor Shellfish Farms
.....................................B6
Litehouse Products.....R2 Thermoteknix..............B4
Lowe's.......................B12 Tiny Horse...................B4
M TJX ....................... B1,B11
Turning Point
Macy's....................B1,B2 Therapeutics...........B12
Marriott InternationalR2
McDonald's..................B2 U
Microsoft.....................B4 Uber Technologies
Moderna.........A2,A5,B11 ............................. B4,B12
Udemy .........................B5
United Airlines..........B11
NATI HARNIK/ASSOCIATED PRESS
N
V
Resort ....................... R2 Vale ............................. A2
Nvidia..........................B3 Visium Asset
P-R Management...........B10
Pfizer...........................A5 W
Regeneron Walmart...............B4,B12
Pharmaceuticals.....B11 Whistle Sports ........... B4
The company moved to focus on selling merchandise online and getting goods to shoppers using curbside pickup options.
Gualtieri, Roberto.......B6
O’Scannlain, Sean.......B1
P
Best Buy’s Sales, Profit Decline
But Still Top Analysts’ Estimates
Park, Andrew............B10
Hamm, Harold ............ A1 Parrish, Bill.................B4
Herrman, Ernie ........... B2 Price, Paula.................B2
Holz, Jared................B12 R
Ritterbusch, Jim.......B11 BY MICAH MAIDENBERG locations open using this to $77.98 Thursday. six weeks of the quarter” even
J
.
S model. Best Buy said in almost ev- though customers couldn’t
Best Buy Co. reported For its quarter that ended ery area that imposed stay-at- visit stores, Chief Executive
ly
Johnson, Kevin......B1,B2
Salisbury, Richard.......B4
K Shah, Seema.............B11
weaker sales and earnings for May 2, Best Buy said revenue home orders it was designated Corie Barry said in a state-
slid to $8.56 billion from $9.14 an essential retailer. ment.
Kempczinski, Chris ..... B2 Stanley, Marcus........B10
stores to combat the spread of billion a year earlier. Analysts Last month, the company The company said profit fell
Khan, Naved..............B12 Steele, Alex ................ B5
Krishna, Arvind...........B1
O
Onuekwusi, Justin....B11
Z
Zuckerberg, Mark.......A1
on
Strahan, Gary..............B4
the coronavirus, but the re-
tailer performed better than
expected amid a jump in on-
line orders.
expected $8.24 billion for the
latest period, according to
FactSet.
Comparable sales, covering
said it saw a jump in sales
during a nearly weeklong
stretch through March 20 as
consumers bought products as
to $159 million, or 61 cents a
share, compared with $265
million, or 98 cents a share,
the year earlier. After adjust-
In March, Best Buy closed sales from stores, websites and they prepared to stay home, ments, Best Buy said its profit
us ,
its stores to customers. It call centers open for at least but then sales fell sharply fol- fell to 67 cents a share, more
l
moved to focus on selling mer- 14 months, fell 5.7% in the U.S., lowing the store closures than the 49 cents a share that
e
al a
chandise online and getting its largest market. through April 11. analysts expected for that
goods to shoppers using curb- Lower sales for products Quarterly online sales in the metric.
side pickup options. The com- like home-theater equipment U.S. more than doubled, Best Best Buy also said that on
ci on
pany this month began allow- and mobile phones offset de- Buy said. April 27 it resumed in-home
ing customers back into some mand for computing devices The company was “able to installations and other ser-
stores by appointment and and games, the company said. retain approximately 81% of vices in about 80% of U.S. ZIP
PERCENTAGE CHANGE said Thursday it has about 700 Shares of Best Buy fell 4.4% last year’s sales during the last Codes for new orders.
er s
-52%
-45
Macy’s Finance Chief Set to Step Down
m er
-41
BY NINA TRENTMANN “This was a personal decision She participated in the com- Mr. Swartz said.
-37 that Paula reached,” a Macy’s pany’s earnings call on Feb. 25 The Macy’s spokeswoman
m rp
Macy’s Inc.’s chief financial spokeswoman said, declining to and gave no indication that she pointed to the company’s bench
-6 officer will leave the company at provide additional details. Ms. would leave, he said. She also of internal executive finance
the end of May, placing pressure Price and members of Macy’s spoke at a Bank of America talent. Analysts said they ex-
5 on the beleaguered retailer to fill board declined to comment. Corp. securities conference on pected Macy’s to quickly pluck
a key executive position while The move came within March 10. a replacement from its ranks.
co Fo
8 battling plummeting sales due in weeks of Macy’s embarking on Macy’s said it launched an Her exit doesn’t instill confi-
part to lockdowns related to the a turnaround strategy aimed at external search to replace Ms. dence in the company’s leader-
11 coronavirus pandemic. cutting $1.5 billion in costs. Price. ship, said Michael Binetti, a se-
Paula Price, who became fi- Macy’s, as part of that plan, The company might struggle nior equity analyst at Credit
nance chief in July 2018 after was set to shut down 125 to find suitable candidates in Suisse Group AG.
more than five years as a lec- stores—following closure of the current climate, recruiters Macy’s also exited the S&P
turer at Harvard University and roughly 100 stores that was an- say, as CFO candidates don’t 500 on Monday following a de-
1,600 of its roughly 4,500
stores world-wide. Initial sales
have been above last year’s for
several finance, accounting and
board roles at Ahold Delhaize
NV, CVS Health Corp. and Dollar
nounced in 2016—and slash
2,000 corporate jobs and close
several offices, including its
want to switch employers dur-
ing the pandemic-fueled eco-
nomic crisis.
cline in its market capitaliza-
tion. Its stock trades at roughly
$5.90, down from $17 in early
the roughly 1,100 stores re-
opened for at least a week.
Mr. Herrman said the com-
General Corp., will remain in her
current role until May 31, and
serve as an adviser to Macy’s
dual Cincinnati headquarters.
“This was not expected,” said
David Swartz, an equity analyst
“Having to lay off people,
closing stores, reducing inven-
tory, doing liquidation sales—
February, according to Factset.
Bricks-and-mortar retailers
have struggled for years to
n-
pany has been hitting its e-
commerce capacity limits after
a few hours each morning. He
through November, the New
York-based retailer said Tuesday.
at ratings-firm Morningstar Inc.,
on Ms. Price’s departure.
executives don’t like to do
these things,” Morningstar’s
compete with Amazon.com Inc.
and other online retailers.
said that unlike other chains
no
TJX has no plans to rely on
digital sales to get it through
the crisis.
Starbucks in the burger chain’s annual
shareholder meeting.
The Chicago-based com-
There is a deluge of excess
goods available, Mr. Herrman
said, ensuring that TJX will
To Expand pany is opening fewer stores
in most markets in response.
Its long-term growth plan will
have access to plenty of dis-
Drive Away also need to change as a result
5 CIGARS
5
counted merchandise to offer of the crisis, he said.
its customers. For the first Starbucks and other chains
only $
quarter, TJX booked an $877 are renegotiating their rent to
million net loss, including a Continued from page B1 try to shave costs, with mixed
$500 million charge for unsold Big restaurant companies, success.
inventory. including McDonald’s Corp. Starbucks said it is acceler-
For the spring quarter, and Starbucks, are dealing ating its plans to build more
Macy’s expects to swing to an with a long list of new costs to drive-through stores and to-go
operating loss between $905 operate safely during the pan- only locations, as it had begun
million and $1.1 billion, com- demic. to do in New York City before
pared with a profit of $203 McDonald’s chief executive the crisis. It will relocate
million a year ago. Contribut- Chris Kempczinski said Thurs- stores out of “low-traffic
ing to the loss was a $300 mil- day that changes in customer malls,” the company said.
lion write-down on unsold in- behavior brought by the coro- Plans to build more drive-
ventory, executives said. Kohl’s navirus bring continuing un- through and to-go only loca-
swung to a $541 million net certainty to its business. tions will occur in the next 12
loss in the first quarter, while L “We expect our perfor- to 18 months rather than three
Brands booked a nearly $300 mance will remain chal- to five years due to the pan-
million net loss. lenged,” Mr. Kempczinski said demic, it said. Starbucks said
By contrast, big-box chains it is also rolling out ads en-
such as Walmart Inc., Target couraging customers to order
Corp., Home Depot Inc. and ahead through its app, as have
Lowe’s Cos., whose stores re- many other restaurants trying
mained opened, experienced a to operate with less contact
sales surge. between customers and em-
Other chains are expected to ployees during the pandemic.
close tens of thousands of
stores in coming years as more
sales shift online. Just this
Shares in Starbucks rose
slightly to $78.05 on Nasdaq
on Thursday.
$ 32
week, Pier 1 Imports Inc. said it
would wind down its opera-
Starbucks said employees’
working hours won’t return to
value!
MATTHEW STOCKMAN/GETTY IMAGES
tions and permanently close its prepandemic levels for now,
540 remaining stores after it adding that demand from key
can liquidate the inventory. The groups, including office work- Includes 1 each of:
• HC Series
www.CigarsIntl.com/SA7909
furniture and housewares seller ers, is unlikely to revert to • Mark Twain Enter complete web address or search keyword: SA7909
filed for bankruptcy in Febru- previous levels soon.
ary. L Brands said Wednesday “It is important that we are
• Bahia
• Gurkha 1-888-244-2790
• 5 Vegas Mention code SA7909 | Item #: SP-CA64
it would close about 250 Victo- open and honest about the
ria’s Secret and Pink stores in current reality,” said Mr. John- Shipping Included. Purchase may be subject to state, local, or excise sales tax where
applicable. First-time purchasers only. One per customer. No sales to anyone under the age
North America this year, or a son, adding that it is extending of 21. We do not ship to Utah or South Dakota. For shipping information & restrictions please
quarter of the lingerie seller’s A store in Colorado. The company unpaid leave that it first rolled visit www.CigarsIntl.com/SHIP. Offer expires 6/15/20.
locations in the region. is encouraging orders on its app. out after the pandemic hit.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
SelectQuote
Stock Price
Jumps 35%
In Debut
BY KIMBERLY CHIN
SelectQuote Inc.’s shares
climbed 35% in its first day of
trading Thursday, in what is
set to be the largest U.S. initial
public offering since February,
as the coronavirus pandemic
continues to throw companies’
plans to go public into disarray.
The insurance-policy-com-
parison company’s stock
opened 31% above its reference
price at $26.20 on the New
York Stock Exchange under the
symbol SLQT.
A day before its trading de-
but, the Overland, Kan., com-
pany said it would sell 28.5
million shares in an initial pub-
lic offering for a price of $20
apiece. The company said it
will have about 162.7 million
shares outstanding following
the offering. Its closing price of
$27 gave SelectQuote a market
value of $6.48 billion, accord-
ing to FactSet.
The company said about a
quarter of the offering pro-
ceeds, or up to $150 million,
would go toward a prepayment
of a term loan which matures
in November 2024, while an
additional $100 million would
go toward paying outstanding
debts. The rest of the proceeds
will be used for working capi-
tal, capital expenditures and
general corporate purposes,
the company said in a securi-
ties filing.
As of March 31, the com-
pany had $411 million in debt.
It generated revenue of $337.5
million and $233.7 million in
2019 and 2018, respectively.
SelectQuote was founded in
1985 and provides comparative
quotes for building and operat-
ing insurance exchanges for life
insurance, Medicare, auto in-
surance and home-insurance
products.
The last company to make a
substantial public market debut
was contract drug-development
company PPD Inc. in February,
according to Renaissance Capi-
tal LLC, which provides IPO re-
search. The biotechnology firm
closed its first day of trading at
$30 a share, above its IPO price
range of $24 to $27 apiece.
The once-hot IPO market
has slowed amid market vola-
tility caused by the pandemic.
IPOs in the U.S. raised about
$2.6 billion in April, according
to Dealogic. Of that, $2.2 bil-
lion went toward blank-check
companies, called special-pur-
pose acquisition companies,
whose purpose is to raise
money for acquisitions.
Still, the IPO market may be
showing signs of thawing as
the U.S. stock market has
steadied.
Bankers say bigger IPOs,
such as for grocery chain
Albertsons Cos., could take
shape over the next few weeks.
no
J.Crew Landlords Pursue Rent Payments
As Stores Reopen on Eased Restrictions
BY SOMA BISWAS
Dozens of J.Crew Group
Inc.’s landlords, including
some of the biggest mall own-
ers in the country, are seeking
rent payments from the re-
tailer’s stores as they reopen,
according to court filings.
The chain’s landlords—in-
cluding Simon Property Group
Inc., CBL & Associates Man-
agement Inc. and Brookfield
Property REIT Inc.—say they
deserve to be paid rent on
stores as malls and shopping
centers reopen. Many states
are gradually easing restric-
tions on retailers that were
forced to close stores to slow
the spread of the new corona-
virus, and have issued guide-
lines for restarting operations.
MIKE SEGAR/REUTERS
J.Crew has asked the
bankruptcy court to allow it to
stop paying rent on all its
stores for 60 days—until July
6—saying it needs to preserve
cash after closing about 500
locations in March.
Simon, a landlord for 126
J.Crew stores, said that 30 of
its shopping centers reopened
in early May in Florida, Geor-
gia and other states.
J.Crew filed for chapter 11
protection in early May after
struggling for years before the
coronavirus pandemic
prompted it to close stores
and scrap plans to raise cash
* *
Ghosn Escape Suspects Face Extradition
Father and son
accused of helping
former Nissan
chairman flee Japan
A former Green Beret and
his son face up to four years in
a Japanese prison if they are
extradited for their suspected
role in smuggling Carlos Ghosn
out of Japan in a musical
equipment box.
By Sean McLain in
Tokyo, Mark Maremont
in Boston and Nick
Kostov in Paris
Michael L. Taylor, the 59-
year-old former Green Beret,
and his 27-year-old son, Peter
M. Taylor, both Americans,
were arrested Wednesday in
Massachusetts at the request
of Japanese authorities.
Tokyo prosecutors issued a
warrant in January for the ar-
rest of the Taylors on suspicion
they helped Mr. Ghosn, the for-
mer Nissan Motor Co. chair-
man, escape to Lebanon. Mr.
Ghosn, who was facing charges
of financial misconduct, has
said he is innocent and fled
Japan because he didn’t believe
he would receive a fair trial.
The Japanese arrest warrant
said the Taylors were sus-
pected of harboring a criminal
and aiding the illegal departure
of a person from Japan.
If charged with the crimes
named in the warrant and con-
victed, the men could face a
maximum penalty of four years
in prison.
Paul V. Kelly, an attorney
representing both Taylors, said
he expects to “fully challenge”
any extradition request on le-
on
gal and factual grounds. “Mi-
us ,
chael Taylor is a distinguished
l
veteran and patriot,” Mr. Kelly
e
al a
said. “And both he and his son
deserve a full and fair hearing
regarding these issues, both
ci on
before the courts and the exec-
utive branch.”
The Taylors knew that they
faced legal jeopardy following
the Japanese arrest warrants.
er s
They took legal advice on their
situation at the time, according
m er
to people familiar with the
matter, but ultimately decided
to go back to the U.S. anyway.
Michael Taylor was missing
m rp
Games, Remote Services Lift Nvidia Earnings
co Fo
BY ASA FITCH
Strong growth in computer
games and remote computing
services, driven by people stuck
at home during the coronavirus
pandemic, lifted earnings for
chip maker Nvidia Corp.
First-quarter revenue rose
39% from a year earlier to $3.08
billion, the Santa Clara, Calif.-
based company said Thursday.
Earnings per share totaled
n-
$1.47, more than double last
year’s figure.
The company told a bankruptcy court it needs to preserve cash. A store in New York City last week.
by spinning off its Madewell
chain.
A committee representing
J.Crew’s unsecured creditors
has also objected to the re-
tailer’s request to defer rent
payments, pointing out the
company hasn’t promised to
pay back the deferred rent.
J.Crew and its real-estate
adviser, Hilco Real Estate LLC,
BUSINESS NEWS
image from security camera video shows Michael L. Taylor, center, at Istanbul Airport in Turkey.
the U.S. and had no intention
of living the life of an interna-
tional fugitive in Beirut, he has
told friends.
Although he has close ties
to Lebanon, after being de-
ployed to that country in the
early 1980s, Mr. Taylor was
born and raised in the U.S. and
has lived in a suburb of Boston
for years. He served three
years as a football coach at a
Boston-area private school a
decade ago and more recently
has been running a vitamin-
water business.
Peter Taylor spends much of
his time in Lebanon but visits
the U.S. often, and he decided
to go to Massachusetts as gov-
ernments around the world im-
posed strict lockdowns to stem
the spread of coronavirus, ac-
cording to people familiar with
the matter.
A formal extradition request
hasn’t been made, but Tokyo
prosecutors plan to do so soon,
said spokesman Makoto
Okimura. Under U.S. extradi-
tion law, the federal govern-
ment first must prove to a
judge that the alleged crime is
The company said its data-
center sales rose 80% to a re-
cord $1.14 billion. Revenue at its
games segment increased 27%
to $1.34 billion.
“As the virus spread globally,
much of the world started
working and learning from
home and gameplay surged,”
Chief Financial Officer Colette
Kress told analysts. Nvidia had
seen a 50% increase in hours
played on its gaming platform,
as well as booming sales of lap-
tops and gaming consoles using
have been trying to negotiate
rent concessions with land-
lords and assessing which
stores will shut down for good.
A hearing is scheduled on
the matter before Judge Keith
Phillips of the U.S. Bankruptcy
Court in Richmond, Va., on
May 26.
The tension between the
company and its landlords
covered under an extradition
treaty with the foreign govern-
ment, and that the evidence is
strong enough to justify extra-
dition. If the judge agrees, the
secretary of state has the final
say.
Samer Korkor, a former fed-
eral prosecutor who was re-
sponsible for U.S.-Japan rela-
tions on criminal matters,
The crimes in the
warrant carry a
maximum penalty of
four years in prison.
including extradition, at the
Justice Department, said given
the high-profile nature of the
Ghosn escape, it was likely that
the decision to arrest the Tay-
lors and start extradition pro-
ceedings was considered at se-
nior levels of the U.S.
government.
The Japanese “were ex-
tremely upset by this escape,
Nvidia chips, she said.
Nvidia’s results provide an
indication of how some corners
of the tech industry might be
more resilient than others to
the impact of the prolonged ef-
fects of the pandemic.
The results reported by most
major U.S. tech companies in
recent weeks covered the first
three months of the year, and
reflect only a few weeks of
quarantine measures in March.
Nvidia’s latest earnings cover
the February-through-April pe-
echoes battles playing out in
other retail bankruptcies.
Modell’s Sporting Goods Inc.,
which filed for bankruptcy just
before government mandates
forced nonessential retailers to
close their doors, won court
approval to stop rent pay-
ments in March and April and
got that extended until the end
of May.
Friday, May 22, 2020 | B3
the U.S. Tokyo says it theoreti-
cally could seek extradition of
suspects from other countries
in the absence of a treaty.
Japan issued an arrest no-
tice for Mr. Ghosn through In-
terpol. He remains in Lebanon.
Even if Japan wins custody
of the Taylors, “it doesn’t have
any direct impact on whether
Mr. Ghosn may be extradited in
the future because Japan
doesn’t have an extradition
treaty with Lebanon,” said for-
mer Japanese prosecutor Yoji
Ochiai. “But it will help explain
how the escape happened and
who was involved.”
As criminal suspects in
Japan, the Taylors would face
the same conditions as Mr.
Ghosn, who was interrogated
for dozens of hours by prose-
cutors without his lawyer pres-
ent, in line with Japanese law.
Mr. Ghosn spent more than
four months in jail in two
DHA/ASSOCIATED PRESS
stints. After he was released on
bail, he wasn’t permitted to
speak to his wife except on
rare occasions, and he grew
frustrated that he couldn’t get
a trial date. Mr. Ghosn’s co-de-
fendant, former Nissan execu-
tive Greg Kelly, remains in
so they are going to put every Japan and has yet to receive a
resource behind this effort,” date for his trial. Mr. Kelly says
said Mr. Korkor, who teaches he is innocent.
criminal law at the University In an interview earlier this
of the District of Columbia’s year, Michael Taylor was care-
law school. ful not to confirm the scope of
Mr. Korkor said the Taylors his involvement with the Ghosn
.
can appeal to the State Depart- escape, but he said Mr. Ghosn’s
ment to block the extradition treatment in Japan resonated
ly
on humanitarian or political with him because of his own
grounds, but suggested that bitter experience with the U.S.
such an appeal had a low likeli- judicial system.
hood of success. A State De-
partment official referred re-
quests for comment to the
Justice Department.
Mr. Taylor pleaded guilty in
2013 to criminal charges re-
lated to a Pentagon contract in
Afghanistan after he was con-
A Justice Department fined for 14 months while
spokeswoman said officials awaiting trial. He said he made
there, in conjunction with the the plea to avoid a longer stay
State Department, “determined in jail.
that Japan’s provisional arrest Another extradition case
warrant was in compliance” highlights the potentially
with treaty provisions, pending lengthy process facing Mr. Tay-
a formal extradition request. lor and his son. In 2010, the
It is rare for Japan to seek U.S. arrested a former Ameri-
the extradition of criminal sus- can sailor wanted in Japan on
pects. No one was extradited to drug charges. He wasn’t extra-
Japan in 2018, and only two dited until 2013. The American
people in 2017. was convicted the next year in
The country has only two Japanese court and sentenced
extradition treaties, with the to 10 years in prison.
U.S. and South Korea, com- —Megumi Fujikawa in Tokyo
pared with more than 100 for contributed to this article.
riod, offering a broader look at sales, above analysts’ $3.25 bil-
the pandemic’s impact. The lion average forecast in a Fact-
company’s rollout of new prod- Set survey.
ucts has continued apace de- The company said its fore-
spite the global health crisis. cast reflects Nvidia’s purchase
Earlier this month, Chief Execu- of Mellanox Technologies Ltd.
tive Jensen Huang revealed an for about $7 billion.
advanced graphics-processing The results beat Wall Street
chip design and a new type of projections of $2.98 billion in
chip aimed at accelerating arti- sales and earnings per share of
ficial-intelligence calculations in $1.39. Nvidia’s shares were
data centers. lower in after-hours trading
Nvidia issued guidance for Thursday afternoon but
the current quarter, which ends trimmed losses from the regu-
in July, of about $3.65 billion in lar session.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B4 | Friday, May 22, 2020
Temperature Scanners Rushed to Market
Demand is rising for
devices to help detect
possible fevers and
mitigate risks
BY EVA XIAO
A coronavirus-triggered rush
for infrared cameras that iden-
tify people with elevated skin
temperature is causing makers
of the devices to beef up supply
chains and re-examine their
product lineups to meet the in-
creasing requests coming from
different businesses.
The first wave of demand
came in part from factories and
health-care companies, camera
makers say, but it has since ex-
panded as companies and gov-
ernments reimagine entertain-
ment, athletics, transportation
and education under the coro-
navirus.
Scanners that screen the
skin to infer body temperature
have been a small part of the
infrared market, with many
thermal-imaging firms focused
on other applications, from de-
tecting water leaks to intruders.
Those priorities changed as the
pandemic made scanners more
popular, straining supplies and
inviting more competition.
“Everybody and their broth-
ers jumped into this business,”
said Gary Strahan, founder of
Texas-based Infrared Cameras
Inc. and an industry veteran for
more than 30 years. Mr. Stra-
han said he started stockpiling
components in January as
Covid-19 spread in China and
has purchased millions of dol-
lars worth of sensors.
The cameras use orange and
yellow hues to highlight people
with higher skin temperatures
without the close contact re-
quired by traditional thermome-
ters. A person’s temperature is a
rough proxy for someone who
might have a fever—a common
symptom of Covid-19, though it
doesn’t account for those who are
asymptomatic but contagious.
Prices of infrared screening
systems can range from $2,000
to $15,000 or higher. The fast-
growing market for body-tem-
Large Firms Prepare for
Acquisition Binge Later
BY ANGUS LOTEN
After pushing the pause but-
ton during the coronavirus pan-
demic, big enterprise-technol-
ogy companies later this year
are expected to go on a shop-
ping spree for smaller tech
firms, industry analysts say.
The tighter market could
leave fewer options for cash-
strapped chief information offi-
cers, they say.
“What this means for CIOs is
likely higher prices and less
choice,” said Crawford Del
Prete, president of technology
research firm International
Data Corp.
no
Mr. Del Prete said many large
IT providers over the next few
years will be looking to fill gaps
or expand into new markets, in
part by targeting embattled
startups struggling to reignite
sales and raise capital.
The gaps include areas such
as cloud computing, collabora-
tion, access management and
other business continuity tools
that saw a surge in demand
during regional lockdowns.
Microsoft Corp. said Tues-
day that it was acquiring Softo-
IBM CEO
Sets First
Job Cuts
Continued from page B1
Covid-19 disease. Its share
price is little changed from 10
years ago, a period that has
seen tech-company stocks
surge. Big Blue’s stock is down
more than 20% during the past
three months.
Mr. Krishna took over IBM
last month, facing the twin
challenges of coping with the
pandemic and reorienting a
company that has suffered
through several years of de-
clining revenue and an anemic
share price. He withdrew full-
year guidance less than a
month into the CEO role, call-
ing the move “a tough deci-
sion.”
In an interview with The
Wall Street Journal this
Infrared cameras at a train station in Wuhan, China, were aimed at people to find those with elevated skin temperature.
perature scanners could exceed
$1 billion in sales by year’s end,
estimated industry publication
IPVM, pointing to growth from
businesses that had little need
for the devices before the pan-
demic. Historically, the scanners
were largely limited to airports,
said IPVM, adding that demand
onings for the first quarter.
could suddenly collapse in a few
us ,
months if the pandemic eases.
l
The rising interest in screen-
e
al a
ing body temperature has led
makers to prioritize that busi-
ness. Flir Systems Inc., a leader
ci on
in thermal imaging, said in Feb-
ruary that its skin-temperature
scanners weren’t a “large nee-
dle mover” for the company, in
part because orders placed dur-
er s
ing previous virus outbreaks
got canceled as concerns faded.
m er
m rp
motive, a robotic-process-auto-
mation maker that enables
co Fo
businesses to automate work-
place tasks, a capability many
businesses have turned to in
order to keep daily operations
running with a thinner work-
force. Financial terms of the
deal weren’t disclosed.
“For the largest players, we
certainly see this immediate
period as a potential opportu-
nity to make plays to aggregate
capabilities by acquiring
smaller businesses that may
n-
need liquidity,” said J. Neely,
managing director and global
M&A lead at consulting firm
Accenture PLC.
Large companies across the
economy are seizing similar op-
portunities to grow, sparking
worries about market consoli-
dation in several industries.
Walmart Inc. has leveraged
its position to grab more of the
retail market, reporting a 10%
increase in U.S. sales for the
quarter ended May 1, with
gains in stores and online.
Uber Technologies Inc. is in
talks to buy Grubhub Inc. The
move would hand it a ready
platform for delivery ordering.
month, Mr. Krishna said he
didn’t know how long the eco-
nomic downturn would last
and refused to predict whether
the company would furlough
employees or cut jobs.
The layoffs, which were re-
ported earlier by Bloomberg
News, hit several units of IBM,
including its Global Technol-
ogy Services division that of-
fers information technology
outsourcing. The company last
month said it took a $900 mil-
lion charge against earnings,
largely to cover restructuring
costs linked to GTS.
Other parts of IBM also
were affected by Thursday’s
announcement, according to
employee postings in an online
forum, including its Watson
artificial-intelligence unit that
was a priority for Mr.
Krishna’s predecessor, Ginni
Rometty, but delivered lacklus-
ter results.
The people that said they
were laid off worked at a vari-
ety of locations and divisions,
suggesting the cuts were
broad-based.
TECHNOLOGY
Three months later, Chief Exec-
utive James Cannon called the
burgeoning business unit “an
extraordinary priority” that
garnered $100 million in book-
The surge in demand has put
stress on the Oregon-based
firm’s supply chain and manu-
facturing capacity. Flir, which
buys components like circuit
boards from outside companies,
said it is working with General
Motors Co. to shore up its store
of parts. “We’ve been working
really hard to bolster those sup-
pliers to find alternate forms of
supply,” Mr. Cannon said.
School Health Corp., an Illi-
nois company that distributes
medical supplies to schools,
said it has fielded millions of
Team Whistle streams the series ‘No Days Off,’ profiling young athletes such as tennis’s Coco Gauff.
Streaming Company Whistle
Buys a Digital-Ad Specialist
BY SAHIL PATEL
Team Whistle, a digital me-
dia company known for its
sports and entertainment pro-
gramming on social platforms,
has acquired the marketing
firm Tiny Horse LLC, partly to
capture more business from
intensely competitive video
streaming services.
More than three-quarters of
Tiny Horse’s revenue has come
from marketing work on be-
half of streaming services, the
company said. Its streaming
clients include Amazon.com
Inc., AT&T Inc.’s WarnerMedia
and Netflix Inc.
Team Whistle will pay $30
million for Tiny Horse, mostly
in the form of equity shares,
according to a person familiar
with the matter.
Whistle Sports Inc., which
does business as Team Whis-
tle, has raised more than
$100 million since its forma-
tion in 2014. Its shareholders
include Discovery Inc., Snap
Inc. and Jeffrey Katzenberg’s
WndrCo LLC.
Tiny Horse will let the
company pitch advertisers on
deals that include brand mar-
dollars worth of inquiries for
thermal scanners. Many schools
anticipate temperature checks
as part of the path to reopen-
ing, said Mark Peters, general
manager at School Health.
Thermoteknix Systems Ltd.
founder Richard Salisbury esti-
mated the firm receives about
15 to 20 queries daily from U.S.
educational facilities including
universities and high schools.
The U.K.-based company said
sales of temperature scanners
have jumped to 120 a week from
five to 10 before coronavirus.
Businesses are turning to
temperature checks as they
plan to reopen and look to miti-
gate the risk of illness. Ford
Motor Co., which deployed
more than 380 infrared ther-
keting and performance-
driven customer acquisition,
said Michael Cohen, presi-
dent of Team Whistle.
“It will give us the ability
to sell larger, more compre-
hensive packages,” he said.
Whistle’s acquisition of
Tiny Horse also comes as the
competition among streaming
video services continues to
heat up.
Tiny Horse is Team
Whistle’s third
acquisition in the
last 15 months.
Netflix spent more than
$500 million on marketing in
the first quarter of 2020, ac-
cording to its recent earnings
report. Entertainment giants
such as WarnerMedia, which
will debut its HBO Max
streaming service next week,
and Comcast Corp.’s NBCUni-
versal, which is rolling out its
Peacock service, are expected
to spend hundreds of millions
* ***
mal-scanning systems across
100 facilities world-wide, said
ly
the infrared devices provide an
added layer of comfort for em-
ployees on top of other safety
measures, including mandatory
face masks.
There is a “learning curve
with any newly deployed tech-
nology,” a company spokes-
woman said. The temperature
scanners have produced a few
false positives but also accu-
rately identified people with fe-
vers, she said.
In addition to Ford, thermal
scanners will be used by,
among others, Las Vegas casino
the Venetian, the PGA golf tour
and the Baltimore Ravens’
training facilities.
U.S. officials are preparing
of dollars marketing those ser-
vices as well.
Tiny Horse also has an ad-
sales unit focused on helping
media companies sell stream-
ing ads, which will boost
Whistle’s ability to sell its own
streaming ad inventory on
platforms where it distributes
its own streaming channel,
WhistleTV, said Mr. Cohen.
With the Tiny Horse acqui-
sition, Team Whistle expects
to more than double its reve-
nue this year to exceed $100
million, said Mr. Cohen. The
company is on track to be
profitable for the 2020 calen-
dar year, he said.
Tiny Horse is Team Whis-
tle’s third acquisition in the
last 15 months, following mo-
bile video startup Vertical
Networks, which was backed
by Elisabeth Murdoch and
Snap, and the studio New
Form, originally backed by
Discovery and Hollywood
producers Ron Howard and
Brian Grazer.
Ms. Murdoch is the daugh-
ter of Rupert Murdoch, exec-
utive chairman of News Corp,
which publishes The Wall
Street Journal.
THE WALL STREET JOURNAL.
WSJ.com/Tech
to start checking passengers’
temperatures at roughly a
dozen airports. The tempera-
ture scanners would likely be a
mix of tripods that can screen
multiple people at once and
hand-held thermal devices.
Such scanners are already be-
ing used at transportation hubs
and office buildings in China.
“As people begin to travel
more, I think we’re going to
start seeing an opening up of
places [where] people were be-
ginning to congregate or be
able to be together,” said Bill
Parrish, co-founder of Seek
Thermal. The California-based
infrared company said it has
received inquiries from public
venues, such as amusement
parks and concert venues.
To prioritize body-tempera-
ture systems, Seek Thermal has
had to delay other projects. The
company also develops indus-
trial, firefighting and other infra-
red applications. Seek Thermal
said its temperature-scanning
QIANWEI ZHANG/THE WALL STREET JOURNAL
system currently accounts for
more than 50% of its business.
Evolving demand from cus-
tomers is raising the complexity
of systems, Thermoteknix’s Mr.
Salisbury said. Instead of stand-
alone thermal scanners, some
firms want to connect them with
existing closed-circuit television
networks, he said, raising cyber-
security and privacy concerns.
Requests from places like
football stadiums pose another
.
kind of challenge, Mr. Salisbury
said, with fans entering through
an outdoor entrance where hu-
midity and temperature aren’t
controlled.
More players are entering the
market, raising concerns among
industry veterans. Previously,
the Food and Drug Administra-
tion treated such systems as
medical devices and required
premarket approval, a process
that took months. In April, the
agency said it doesn’t plan to
block products that lack proper
clearance to increase the avail-
ability of temperature-screening
devices during the pandemic.
Manufacturers should still
follow existing requirements on
device performance and safety,
an FDA official said.
Amazon
Delays
Prime Day
Continued from page B1
ward a return to normal opera-
tions as it struggles to fulfill
demand because of the corona-
virus, upending operations and
shipping speeds that customers
had grown used to.
The Seattle-based company
this week decided to hold its
annual Prime Day event in Sep-
tember, according to people fa-
miliar with the matter. The two-
day sales event, which features
deeply discounted merchandise,
has typically been held in July.
TEAM WHISTLE
But strains on the company’s
warehouses due to surging de-
mand caused Amazon to post-
pone the event, the people said.
Amazon has seen fierce
competition during the pan-
demic. While revenue in the
first quarter was bolstered by
demand from surging orders,
higher costs due to a wave of
hiring, hazard pay and shipping
costs crimped profits. Net in-
come fell 29% from a year ear-
lier and the company missed its
earnings targets.
Walmart Inc., by contrast,
posted a 4% increase in earnings
while experiencing a 74% in-
crease in online shopping. One
advantage for Walmart is that its
stores offer curbside pickup for
online orders, a more inexpen-
sive form of fulfillment compared
with some Amazon shipments.
Last week, Amazon began
allowing its third-party sellers
of items unrelated to the coro-
navirus to ship inventory to its
warehouses without caps on
how much inventory they send,
according to one of the people.
In March, Amazon decided
to prioritize at its warehouses
items deemed essential during
the coronavirus outbreak, such
as cleaning products, health-
care items and shelf-stable
food. Amazon stopped accept-
ing shipments of items from
sellers that didn’t correspond
to the shopping needs of con-
sumers hunkering down during
the pandemic.
Last month, The Wall Street
the Journal reported that Ama-
zon was allowing sellers to again
ship those items to its ware-
houses, but with limits. As of last
week, those limits were removed.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Online Classes
Boom for Adult
Learners, Too
BY PARMY OLSON
From her home in Portland,
Ore., Peggy Dean perches her
iPhone on a tripod and records
five-minute lessons on subjects
ranging from modern calligra-
phy to watercolor. Since the
coronavirus struck, demand for
her videos has soared, with
viewing figures doubling from a
year ago.
The business of selling skills
online—from art to coding—has
been booming during the pan-
demic. Online educators say
adults are making time to learn
during lockdown, joining mil-
lions of children and college stu-
dents taking classes at home
and adding to the raft of in-
home activities gaining in popu-
larity. Teachers say online learn-
ing was already growing, and
lockdowns have accelerated
that, but competition is coming
from automated lessons pow-
ered by algorithms.
Ms. Dean, a former hair styl-
ist, posts her videos along with
roughly 6,000 other teachers to
Skillshare Inc., a New York-
based website that charges $99
a year for unlimited video
classes. Ms. Dean, one of the
site’s most-watched teachers,
said she makes six figures from
teaching online.
Daily viewers and time spent
on Skillshare have more than
tripled from last year, the com-
pany said. Revenue shared by
teachers like Ms. Dean rose 12%
between March and April, and
the company expects it to rise
again this month and next as
free-trial users start paying up.
Last month, the site’s top
teacher made $68,000 with vid-
eos about how to use Adobe
software, said Skillshare, which
has 500,000 paying subscribers.
All teachers earn a cut of a roy-
alty pool based on minutes
watched, with the top 500 earn-
ing about $2,000 a month on
How should I spend my stimulus money?
no
Can I pause my student loans?
Am I eligible for unemployment?
© 2020 Dow Jones & Co., Inc. All rights reserved. 6DJ7907
average but most other teachers
earning far less.
Ms. Dean, 33 years old, said
she regularly speaks to other
teachers on the site who say
they are also getting more view-
ers. “We’re all seeing those min-
utes skyrocket,” she said, adding
that her numbers have doubled
to 475,000 minutes in April
from last year.
March 16—just before Cali-
fornia and New York imple-
mented lockdowns—was “the
day everything shot up,”
Skillshare Chief Executive Matt
Cooper said. “It’s roughly 50/50
for people coming for profes-
sional reasons versus passion
and hobbies.”
Enrollments for video
courses on Udemy Inc., a San
Francisco-based learning site,
more than quadrupled between
February and March as shelter-
in-place orders started.
The company, which has
about 57,000 instructors, said
sign-ups surged for both profes-
sional certifications—topics like
stock trading and software—and
hobby skills like Pilates and uku-
lele, which grew 400% and
300%, respectively, between
February and March. The big-
gest rise, by more than 900%,
was in technical drawing.
A similar site, Coursera Inc.,
said 10 million people had
signed up for its classes be-
tween mid-March and mid-May,
a 600% annual increase. One-
tenth of those people are paying
for classes, with courses on
well-being and programming
the most popular.
Codecademy, owned by New
York-based Ryzac Inc., offers
automated coding lessons and
said new subscribers have dou-
bled since February.
Co-founder Zach Sims said
he hired more support staff and
er s
lesson designers—many of them
laid-off engineers—to cope with
m er
demand.
m rp
co Fo
n-
BUSINESS NEWS
The Gotham Writers Workshop, which is forced to meet on Zoom instead of in person, saw a 36% surge in revenue last month.
SKILLSHARE
Online teacher Peggy Dean
on
Online firms aren’t the only
beneficiaries of the recent
growth. In New York, Mike Dun-
phy has taught article writing
with Gotham Writers Workshop
us ,
Inc. as a side job for the past six
l
years. Since the coronavirus hit,
e
al a
he has been teaching two or
three online classes a week in-
stead of one, which he used to
ci on
do in person.
“They seem more engaged,”
he said of his new crop of stu-
dents, whom he teaches over
Zoom in groups of 15. Students
who came for physical lessons
in Manhattan would often start
off motivated, then stop travel-
Ten topics with largest increase in enrollments on Udemy, from
February to March
Technical drawing
Art for children
Pilates
Coding for children
Ukulele
Microsoft Teams
Meditation
Online course creation
Emotional intelligence
ly
Writing
0 200% 400% 600% 800% 1,000%
Source: the company
ing in after a few weeks. “It’s
easier to get to a Zoom class,”
Mr. Dunphy said.
Overall, the writing school
January 2021 look like,” Mr.
Steele said. “I don’t know that
we will sustain this.”
Teachers might not always
said revenue increased 36% in be necessary either, according
April, compared with last year, to Codecademy’s Mr. Sims. He
after pivoting its physical said automated platforms like
classes to Zoom. Its president, his will capture more online
Alex Steele, said that last month learners in the long run because
was the best in the company’s they are more engaging. They
27-year history and that it plans use games and bots to give in-
to hire more teachers to meet stant feedback, and can be per-
demand. Most new students are sonalized.
trying to fulfill personal goals, Trying to replicate the
such as writing a novel, though teacher-student experience over
some are looking for profes- video often lacks a personal
sional enhancement. “The big touch or interactivity, Mr. Sims
question is what will October or argued. It can work fine for fit-
Get the $$$ answers you need.
You asked, we answered. WSJ Money is
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with facts on stimulus money, student
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Friday, May 22, 2020 | B5
MIKE DUNPHY
ness classes, he added, but not
so well with languages or com-
puter science.
Language-learning apps
Duolingo Inc. and Babbel—oper-
ated by Lesson Nine GmbH—
each said new registrations
more than doubled in the U.S. in
March. Both are largely auto-
mated.
But many people still gravi-
tate to human teachers. In Ma-
drid, 31-year-old Lucia Casimiro-
Soriguer Esteva started taking
.
English lessons with a teacher
over WhatsApp, after lockdowns
took effect and she left her job.
She said the one-hour les-
sons, done as video calls, have
helped improve her employment
prospects, and she will continue
them after Spain’s lockdowns
lift. “It’s a very good way to im-
prove my English,” she said,
adding that video classes would
save her the time of traveling to
a physical class.
Ms. Dean of Skillshare is op-
timistic she will retain many of
her new students after the pan-
demic eases. She said new view-
ers tend to stick around and
that she is relatable as a
teacher, keeping bloopers in her
videos.
“It’s really important to show
up authentically,” she said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Friday, May 22, 2020 THE WALL STREET JOURNAL.

BUSINESS NEWS

Banks in probability the bank will re-

cover that credit,” Mr. Pin-
heiro said. “We don’t give out
some clients to request guar-
anteed banking loans. “It’s ob-
vious that if you ask a com-

Europe money; we provide credit.”

In Brussels, European Union
authorities are convening a
mercial entity to manage a
public initiative, it behaves
this way.”

Curb Loans meeting later this month with

bankers and business repre-
sentatives to figure out what
to do. In Italy, Prime Minister
Continued from page B1 Giuseppe Conte has asked
Germany. They are expected to banks for an “act of love” in
rise further. giving companies the liquidity
The European Commission they requested.
estimates the economies of It- Mr. Sabatini from ABI and
NADIA SHIRA COHEN FOR THE WALL STREET JOURNAL
The Italian government said
it is aware Italians are strug-
gling to obtain the loans.
“We invite banks to apply
the rules, which allow banks
to grant loans very quickly,”
Economy Minister Roberto
Gualtieri told national TV re-
cently.

aly, Spain and Portugal will many bankers acknowledge Companies say they can’t
shrink significantly this year. that besides the higher risk keep waiting.
That makes profits even less aversion due to dire economic Angelo Distefano, the
attainable and lending riskier. projections, there are other owner of a company distribut-
“Right now, banks are the hurdles. ing fruit and vegetables based
first to be interested in pro- The main one is that in It- in the northern Italian city of
viding liquidity to companies,” aly, bankers can be held legally Modena, asked his bank for a
said Giovanni Sabatini, general responsible for the decision to loan of €25,000, with a state
director of Italy’s banking issue the guaranteed loan and guarantee covering the full
lobby ABI. But “if I have to use can potentially face criminal amount.
resources for someone who, in sanctions if the credit turns The bank rejected his re-
any case, won’t survive, maybe bad. quest, saying his company
it’s better not to do it.” “You can’t ask a bank to didn’t match the bank’s poli-
According to Italy’s Trea- blindly lend money and then cies on loans. Mr. Distefano
sury, banks have granted a Angelica Donati, an entrepreneur in Rome, is still waiting for a loan after contacting several banks. say it is legally responsible for said that although his com-
temporary moratorium for it,” Corrado Passera, a former pany will likely lose 40% of its
payments on loans held by ened lending standards, ac- teed loans being available, makers that unless the bank is Italian minister and banker, sales this year, it was profit-
companies and households cording to an ECB survey. they aren’t getting the financ- careful, it could be forced to said. able and didn’t have credit
worth €240 billion so far. Meanwhile business associa- ing they need. request state help down the Another problem is that lines open with the bank. He
While demand for loans in tions say they receive daily In Portugal, Miguel Maya road. companies under debt restruc- said he was surprised by the
the eurozone has rocketed and complaints from firms saying Dias Pinheiro, chief executive “When we are mulling giv- turing aren’t eligible for state bank’s decision and was trying
banks have reported growth in that despite hundreds of bil- of Banco Comercial Portu- ing out credit, we need to be guarantees. to find out more about the
credit, they have also tight- lions in government-guaran- guês SA, recently told law- sure that there is a reasonable “Banks are being particu- reasons for it.
larly scrupulous to avoid any “I would have used that
risk,” said Maura Magioncalda, money to pay for the costs of
ADVERTISEMENT a lawyer with Pedersoli law the shutdown. We are receiv-
firm, who is working with ing no help,” he said.
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Still-high levels of corporate debt and sour loans are
making lending in Southern Europe more challenging.
Bank loans to nonfinancial corporations,
CLASS ACTION COMMERCIAL REAL ESTATE change from a year earlier

.
10%

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grilling option for the Memo-
rial Day holiday.
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Sellers Lack Spokesman Bill Dewey said
n-

 
 C * %  ) PUBLIC NOTICES the company’s e-commerce
sales are up nine times from
  $$ '  )& +  * (  $    $(   (9 , (&& (@  ;+
!8 !"F  ;+ ! !"F (5%
   

     
  

Customers last year, though they don’t
come close to making up for
no

!  )$ (  5 I   %,)(C%(&%  ($M &   5  & &  
& ?   )$% lost restaurant sales.
 
  
  
Some companies are also
  
  
   Continued from page B1 contending with coronavirus

    
  than $100,000 to a landfill. outbreaks among workers.

     
 33  33 4  4
4 33
5564
6
75 4534
  5 5363
3  The company laid off half of Blue Harvest Fisheries, a
443 485 3
  $9 : ;4
4 464 its 400 employees. fishing and processing com-
   34 4 7 4
< < 5
5
=> 3 <?!  63 3 "6
3 

As it works to stay afloat, pany in Massachusetts, closed

76
6  4
 73 3 4855  3 the company has expanded a its plant for three days in
    
           5 7 5  453
4  6434 4 fish market in the lobby of its April after two workers tested
 4 3 4
643  3 < 5
5# headquarters and added home positive for Covid-19.
            delivery. Samuels & Son also The closure cost Blue Har-
               !     33 75 453
<  46 3

 334? @ 3434653 443 485 retooled its main processing vest $200,000, said CEO Keith

           " "
  
   <! 3
 $= % 86 4 7
4
< $==& < 5
5# 5 
plant to package more fillets Decker, who said he is also
for grocers, and created pre- paying hourly workers an ex-
    
 # 
$    %&   %& 3 33 
5643 
835 <  3

4  4 4 3 334A5 334<5 4 pared meals like tuna meat- tra $1 an hour and has added
'   ! '$ (965 )<  $< 4
<  balls. “This is the art of sur- costly fogging and deep-clean-
$==$ < 5
5 33 * 4 9 @ +

<B 3, - ;.& '& 'C$ @ - ;.& '& vival,” Mr. D’Angelo said. ing procedures at the plant
 ( )*#+      
        '';!# U.S. seafood sales at gro- each day. At the same time, he
   

     "        334 5 7 
  3 5/
cery stores totaled $1.4 billion
for the four weeks to May 9, a
said, production is down 25%
because of reduced seafood
                 ! 8  3 4
643 3 73
47 333#
40% increase from a year ear- demand and worker absentee-
      
            
 33 3 453
4
 3 33 7 3/   > *6 >=>= <
lier, according to Nielsen. ism. “It’s a tightrope I’m walk-
The $2 trillion federal stim- ing,” Mr. Decker said.
           ! 34 4 3 7 6435 4 7 4

< 3 $,==# < 4

34 4 54
4  3 ulus package included $300 In Alaska, which makes up
< <  4
 3 453
33# < million for the seafood indus- 60% of the nation’s catch, ac-
% 
,  "  -      45 3
 3 4 
 4
5 8 3
53 ;
<5A 3 3 3 334A5 334<5# try, though companies and cording to the Alaska Seafood
         "         trade groups say the sum isn’t Marketing Institute, seafood
  
      !       NOTICE OF SALE
enough. A group of 15 distrib-
utors surveyed in April by the
companies are spending mil-
lions to prevent infection
                 " National Fisheries Institute among the armies of workers
  
  
       ! $       

      
 said they expect to lose $1.7 they bring to the state each

      
     billion, about 40% of their an- year. Executives say virus cases
    . 
                     
  
nual revenue, if current condi- there could hobble operations
 0   0 0
  0
  
/     -       0   "       
    (   
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tions last through year’s end. and devastate remote villages.
!
$   &   !    &              
     &# %      ' 
Only 20% of more than 500 Seafood companies face dif-
aquaculture businesses sur- ficult choices as restaurants
1  # .2''0 ++##3')! ( )1)1  ")*11
## +  
   #
,      
 &  veyed in March by Virginia reopen. Kim Gorton, CEO of
&
#20
#
Tech and the Ohio State Uni- Boston-based Slade Gorton &
versity said they would sur- Co., said restaurant customers
BANKRUPTCIES BUSINESS OPPORTUNITIES
vive the next six months with- that haven’t paid for previous
out outside support. deliveries are asking for new
 
  

 
  
 
  
        
    
  
     
   
 
  
  
THE MARKETPLACE ADVERTISE TODAY
With its Seattle oyster bars
shut down, Taylor Shellfish
Farms, one of the nation’s
supplies. As she deliberates
whether to extend more credit
to customers on shaky ground,
   
    
    (800) 366-3975 | sales.mart@wsj.com largest producers, is focused she said, her inventory loses
 

  !" 
   "  #$ on boosting online sales of its value every day.
       
    
  %&  !  
     
    !   
 " # $% oysters and clams. The com- “Seafood isn’t a Twinkie. It
    
 # 
   !&'  ( ' )    
    
*' +,- % ./'  



 
! © 2020 Dow Jones & Company, Inc. All Rights Reserved. pany has posted oyster-shuck- goes bad at some point,” she
ing video tutorials and is pro- said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, May 22, 2020 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
24474.12 t 101.78, or 0.41% Trailing P/E ratio 20.67 17.50 2948.51 t 23.10, or 0.78% Trailing P/E ratio * 24.56 22.07 9284.88 t 90.90, or 0.97% Trailing P/E ratio *† 27.85 23.78
High, low, open and close for each P/E estimate * 21.56 15.75 High, low, open and close for each P/E estimate * 22.69 17.15 High, low, open and close for each P/E estimate *† 26.97 20.92
trading day of the past three months. Dividend yield 2.70 2.24 trading day of the past three months. Dividend yield * 2.12 1.94 trading day of the past three months. Dividend yield *† 1.00 1.04
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809

31000 3500 10500

65-day moving average 65-day moving average

28500 3250 9750

65-day moving average

26000 3000 9000

23500 2750 8250

Session high
DOWN UP 21000 2500 7500
t

Session open Close

Close Open 6750

t

18500 2250

Bars measure the point change from session's open Session low
16000 2000 6000
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 968,182,461 20,196,882
Industrial Average 24718.46 24370.88 24474.12 -101.78 -0.41 29551.42 18591.93 -4.0 -14.2 5.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 446,132,103 10,138,453
Transportation Avg 8536.93 8401.20 8452.85 -36.13 -0.43 11304.97 6703.63 -16.9 -22.5 -1.6 Most-active issues in late trading Decl. volume* 508,419,388 9,877,237
Utility Average 765.22 752.10 754.02 -7.57 -0.99 960.89 610.89 -6.6 -14.2 2.3 Volume After Hours Issues traded 3,017 272
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 30173.28 29759.16 29896.76 -197.65 -0.66 34631.28 22462.76 3.1 -9.5 6.6 Advances 1,542 95
Helmerich Payne HP 12,258.1 18.65 ... unch. 18.66 18.15
Barron's 400 633.83 625.62 630.79 -0.57 -0.09 746.64 455.11 -4.4 -13.9 0.02 Declines 1,395 167
Physicians Realty Trust DOC 8,748.8 16.59 0.01 0.06 16.59 15.58
Unchanged 80 10
Nasdaq Stock Market West Pharmaceutical Svcs WST 6,815.9 211.02 ... unch. 211.99 210.10 New highs 30 0
Nasdaq Composite 9405.25 9254.85 9284.88 -90.90 -0.97 9817.18 6860.67 21.7 3.5 15.1 SPDR S&P 500 SPY 6,187.0 294.79 -0.09 -0.03 297.02 293.80 New lows 6 1
Nasdaq 100 9515.05 9361.83 9377.99 -107.03 -1.13 9718.73 6978.02 28.3 7.4 18.4 Energy Transfer ET 6,070.5 8.15 -0.03 -0.37 8.25 8.13 Closing Arms† 1.07 0.45
AT&T T 5,381.4 29.73 -0.04 -0.13 29.78 29.70 Block trades* 5,280 177
S&P

.
Ambev ADR ABEV 5,086.2 2.20 0.07 3.29 2.20 2.13
500 Index 2978.50 2938.57 2948.51 -23.10 -0.78 3386.15 2237.40 4.5 -8.7 7.4 Nasdaq NYSE Arca

ly
iShares Core MSCI EM IEMG 3,502.8 44.42 ... unch. 44.42 44.42
MidCap 400 1701.74 1676.49 1694.18 5.55 0.33 2106.12 1218.55 -8.6 -17.9 -0.3 Total volume*3,747,562,036 292,622,384
SmallCap 600 776.55 763.84 771.41 0.16 0.02 1041.03 595.67 -15.2 -24.5 -2.3 Percentage gainers… Adv. volume*1,723,220,207 88,254,290
Pyxus International PYX 97.4 2.55 0.25 10.87 2.72 2.21 Decl. volume*1,978,217,809 202,361,153
Other Indexes
Russell 2000
NYSE Composite
Value Line
1354.65 1333.99
11447.26 11287.43 11351.60 -68.44
418.47 412.05
1347.56

416.17
0.63

0.34
-0.60
0.05

0.08
on 1705.22
14183.20
562.05
991.16
8777.38
305.71
-10.2
-9.4
-19.0
-19.2
-18.4
-24.6
-0.5
-0.6
-6.8
Tilray
Ultra Clean Holdings
Palo Alto Networks
TLRY
UCTT
PANW
2,945.7
59.5
10.48
21.21
473.7 245.29
0.83
1.45
15.79
8.60
7.34
10.96
21.51
6.88 247.81 229.00
9.63
19.76
Issues traded
Advances
Declines
Unchanged
3,328
1,328
1,906
94
1,398
431
949
18
NYSE Arca Biotech 5659.39 5565.84 5594.13 -58.09 -1.03 5652.22 3855.67 25.2 10.4 15.7
e.l.f. Beauty ELF 106.2 15.20 0.77 5.34 16.10 14.43
New highs 58 8
us ,

NYSE Arca Pharma 648.40 638.28 643.79 -1.76 -0.27 670.32 494.36 10.3 -1.5 7.5 ...And losers New lows 13 11
l

KBW Bank 69.67 68.36 68.60 -0.47 -0.69 114.12 56.19 -27.7 -39.5 -8.7 830.0 17.15 -3.35 20.50 14.00 Closing Arms† 0.80 0.89
e
Syndax Pharmaceuticals SNDX -16.34
al a

PHLX§ Gold/Silver 126.48 121.51 124.55 -3.52 -2.75 129.26 66.21 88.1 16.5 13.5 Hewlett Packard Ent HPE 1,194.3 9.75 -0.61 -5.89 10.45 9.60 Block trades* 20,537 1,266
PHLX§ Oil Service 31.76 30.36 31.01 -0.33 -1.07 81.76 21.47 -60.8 -60.4 -41.2 TRI Pointe Group TPH 54.6 12.60 -0.65 -4.91 13.25 12.60 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1839.94 1789.52 1790.96 -49.83 -2.71 1979.50 1286.84 35.4 -3.2 19.1 Cosan Cl A CZZ 210.6 12.19 -0.35 -2.79 12.54 12.17 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 30.20 27.67 29.53 1.54 5.50 82.69 11.54 74.5 114.3 34.9 Hanesbrands HBI 63.8 9.60 -0.21 -2.14 9.81 9.60 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

er s

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

World The Global Dow 2654.29 –20.39 –0.76 –18.4 Surface Oncology SURF 5.95 2.07 53.35 7.66 1.15 50.6 Luckin Coffee ADR LK 2.01 -0.81 -28.72 51.38 1.91 -87.3
DJ Global Index 376.75 –2.68 –0.71 –13.2 Aurora Cannabis ACB 17.40 4.65 36.47 102.36 5.30 -82.4 ShiftPixy PIXY 5.36 -1.80 -25.14 30.44 3.21 -77.7
DJ Global ex U.S. 216.44 –1.59 –0.73 –17.9 SelectQuote SLQT 27.00 7.00 35.00 28.25 20.00 ... Entera Bio ENTX 2.08 -0.62 -23.03 4.10 1.35 -43.6
LMP Automotive Holdings LMPX 9.54 2.43 34.18 49.30 3.28 ... scPharmaceuticals SCPH 8.51 -2.33 -21.47 11.99 2.78 149.4
m rp

Americas DJ Americas 681.73 –4.57 –0.67 –10.4

Brazil Sao Paulo Bovespa 83027.09 1707.64 2.10 –28.2 Nabors Industries NBR 29.42 7.36 33.36 167.50 9.79 -77.0 NuCana ADR NCNA 6.11 -1.26 -17.10 16.00 3.81 -59.1
Canada S&P/TSX Comp 14884.85 –112.78 –0.75 –12.8 Bonso Electronics Intl BNSO 2.60 0.53 25.60 2.84 1.72 -7.8 NanoViricides NNVC 7.66 -1.43 -15.73 19.20 1.27 47.3
Mexico S&P/BMV IPC 35560.76 –466.22 –1.29 –18.3 Axcella Health AXLA 5.25 1.05 25.00 15.25 2.25 -62.5 Digirad DRAD 2.02 -0.37 -15.48 8.84 1.99 -69.0
Chile Santiago IPSA 2625.09 … Closed –21.3 FTS International FTSI 5.72 1.10 23.81 139.00 3.40 -95.7 Scienjoy Holding SJ 5.55 -1.00 -15.27 11.33 5.55 -43.8
BiondVax Pharma ADR BVXV 24.67 4.67 23.35 24.90 5.20 277.8 Phoenix Tree Holdings ADR DNK 8.04 -1.36 -14.47 13.90 5.42 ...
EMEA Stoxx Europe 600 340.26 –2.56 –0.75 –18.2
co Fo

AeroCentury ACY 3.45 0.65 23.21 9.32 0.71 -57.9 RumbleON Cl B RMBL 7.95 -1.30 -14.05 104.60 3.00 -91.7
Eurozone Euro Stoxx 321.11 –3.46 –1.07 –20.5
Belgium Bel-20 2940.62 –54.08 –1.81 –25.7 Century Casinos CNTY 5.09 0.92 22.06 10.41 1.01 -44.4 Liquidia Technologies LQDA 8.00 -1.30 -13.98 10.41 2.65 -16.8
Denmark OMX Copenhagen 20 1223.79 … Closed 7.7 BJ's Wholesale Club BJ 35.25 6.28 21.68 35.45 18.84 34.8 ATIF Holdings ATIF 1.79 -0.26 -12.68 4.79 1.38 -54.9
France CAC 40 4445.45 –51.53 –1.15 –25.6 Tilray TLRY 9.65 1.60 19.88 51.03 2.43 -78.5 WiMi Hologram Cloud ADR WIMI 3.86 -0.55 -12.47 6.00 3.67 ...
Germany DAX 11065.93 –157.78 –1.41 –16.5 Sonos SONO 11.51 1.88 19.52 16.88 6.58 11.6 500.com ADR WBAI 3.16 -0.45 -12.47 11.88 3.13 -68.4
–15.4 G. Willi-Food Intl WILC 15.50 2.50 19.23 15.52 8.75 61.3 GigaMedia GIGM 3.09 -0.43 -12.22 3.75 1.91 34.3
Israel Tel Aviv 1424.64 –12.92 –0.90
Italy FTSE MIB 17087.06 –126.06 –0.73 –27.3
Netherlands AEX 522.81 –8.26 –1.55 –13.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1206.28 –19.19 –1.57 –22.1 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 51022.76 –1119.99 –2.15 –10.6
Spain IBEX 35 6686.10 2.50 0.04 –30.0 Seneca Biopharma SNCA 125,628 23722.3 1.23 49.69 9.89 0.50 Renaissance Intl IPO ETF IPOS 281 3717 25.27 -1.73 26.50 19.14
Sweden OMX Stockholm 605.89 … Closed –11.0 General Electric GE 98,506 -14.8 6.48 0.93 13.26 5.48 WisdomTree 90/60 US Bal NTSX 2,660 3024 29.18 -0.82 31.66 22.00
n-

Switzerland Swiss Market 9790.85 … Closed –7.8 Ford Motor F 86,904 -14.1 5.63 2.55 10.56 3.96 West Pharmaceutical Svcs WST 16,490 2803 211.02 0.44 221.96 113.04
0.48 –10.3 Luckin Coffee ADR LK 80,207 449.4 2.01 -28.72 51.38 1.91 Xtrkr MSCI USA ESG Ldrs USSG 4,034 2617 27.20 -0.69 31.47 20.12
Turkey BIST 100 102648.93 491.40
–20.2
Surface Oncology SURF 78,863 17371.8 5.95 53.35 7.66 1.15 scPharmaceuticals SCPH 1,305 1951 8.51 -21.47 11.99 2.78
U.K. FTSE 100 6015.25 –51.92 –0.86
U.K. FTSE 250 16385.96 18.48 0.11 –25.1 SPDR S&P 500 SPY 77,799 -56.4 294.88 -0.69 339.08 218.26 iShares US Broker-Dealers IAI 641 1370 57.40 -1.13 72.96 42.54
no

Norwegian Cruise Line NCLH 77,040 112.8 14.03 9.78 59.78 7.03 ETFMG Travel Tech ETF AWAY 150 1350 17.52 0.64 26.69 11.24
Asia-Pacific
Aurora Cannabis ACB 67,286 854.6 17.40 36.47 102.36 5.30 Xtrackers Low Beta HY Bd HYDW 280 1328 48.47 -0.07 50.99 40.87
Australia S&P/ASX 200 5550.40 –22.65 –0.41 –17.0
ProSh UltraPro Shrt QQQ SQQQ 65,665 -13.7 9.96 3.11 48.08 9.57 Tottenham Acquisition I TOTA 250 1141 10.64 -0.09 10.85 10.10
China Shanghai Composite 2867.92 –15.81 –0.55 –6.0
Nano Dimension ADR NNDM 63,869 675.9 3.09 4.39 5.53 0.51 Physicians Realty Trust DOC 36,834 1135 16.58 -1.25 20.78 11.01
Hong Kong Hang Seng 24280.03 –119.92 –0.49 –13.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 30932.90 114.29 0.37 –25.0 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 20552.31 –42.84 –0.21 –13.1
Singapore Straits Times 2555.34 –6.60 –0.26 –20.7 Track the Markets
South Korea Kospi 1998.31 8.67 0.44 –9.1 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 11008.31 100.51 0.92 –8.2 global stock indexes, bond ETFs,
Thailand SET 1320.69 –1.51 –0.11 –16.4
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004296 23278 0.5
Americas
Argentina peso .0147 68.0292 13.6 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Brazil real .1801 5.5517 38.1 Czech Rep. koruna .04039 24.757 9.2

U.S. consumer rates Selected rates and Rates

Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7166 1.3955
.001244 804.10
7.4
8.8
Denmark krone
Euro area euro
.1468 6.8106
1.0952 .9131
2.2
2.4
notes and bonds major U.S. trading partners .000265 3775.60 Hungary forint .003146 317.84
New car loan Colombiapeso 15.1 7.6
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007006 142.74 17.9
benchmark over the past year 4.00% Mexico peso .0437 22.8631 20.8 Norway krone .1006 9.9425 13.2
Bankrate.com avg†: 4.27% 8%
Uruguay peso .02294 43.5900 17.4 Poland zloty .2426 4.1214 8.6
First Command Bank 2.75% Russia ruble .01410 70.943 14.3
One year ago 3.00 Yen Asia-Pacific
5.40% Fort Worth, TX 888-763-7600 4 s Sweden krona .1040 9.6174 2.7
t Australian dollar .6564 1.5235 6.9
Prime rate Switzerland franc 1.0306 .9703 0.3
t Think Mutual Bank 2.99% 2.00 China yuan .1405 7.1154 2.2
4.80 0 Turkey lira .1471 6.7981 14.3
Rochester, MN 800-288-3425 Hong Kong dollar .1290 7.7544 –0.5
Ukraine hryvnia .0374 26.7378 12.9
Tradeweb ICE Thursday Close India rupee .01322 75.638 6.0
t
4.20 Cambridge Savings Bank 3.24% 1.00 –4 s
UK pound 1.2220 .8183 8.5
t s Indonesia rupiah .0000680 14710 6.0
New car loan Cambridge, MA 888-418-5626 WSJ Dollar index Middle East/Africa
Euro Japan yen .009293 107.60 –1.0
3.60 PNC Bank 3.34% 0.00 –8 Kazakhstan tenge .002422 412.94 8.2 Bahrain dinar 2.6485 .3776 0.1
Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 710 30 Macau pataca .1252 7.9843 –0.4 Egypt pound .0631 15.8568 –1.2
3.00 2019 2020 Malaysia ringgit .2301 4.3465 6.3 Israel shekel .2844 3.5165 1.8
First National Bank of Omaha 3.49% month(s) years
J J A S ON D J FMAM New Zealand dollar .6120 1.6340 10.0 Kuwait dinar 3.2372 .3089 1.9
Omaha, NE 800-642-0014 maturity Pakistan rupee .00623 160.525 3.6 Oman sul rial 2.5976 .3850 –0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.709 ... Qatar rial .2745 3.643 –0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7054 1.4176 5.3 Saudi Arabia riyal .2662 3.7567 0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008109 1233.27 6.8 South Africa rand .0568 17.6042 25.8
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0053608 186.54 2.9
Yield (%) 52-Week Total Return (%) Taiwan dollar .03340 29.937 0.1 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03141 31.840 7.0 WSJ Dollar Index 93.42 0.15 0.17 4.31
Libor, 3-month 0.36 0.39 0.36 l 2.52 -0.83
U.S. Treasury, Barclays 2472.770 0.520 0.480 2.280 0.480 13.28 5.58 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.30 0.31 0.30 l 0.78 -0.02
1.300 33.13 12.59
Five-year CD, annual yield 0.81 0.83 0.81 l 1.97 -0.50 U.S. Treasury Long, Barclays 4873.240 1.200 2.710 0.980
Commodities
30-year mortgage, fixed† 3.60 3.58 3.51 l 4.22 -0.36 Aggregate, Barclays 2239.840 1.360 1.320 2.850 1.310 10.57 5.08 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.93 3.04 2.93 l 3.60 -0.24 Fixed-Rate MBS, Barclays 2225.160 1.310 1.010 3.030 0.930 7.42 3.97
Jumbo mortgages, $510,400-plus† 3.70 3.67 3.54 l 4.71 -0.81 DJ Commodity 524.45 -2.97 -0.56 647.86 433.70 -12.60 -18.35
High Yield 100, ICE BofA 2934.857 6.228 6.861 10.740 4.516 –2.664 1.613
Five-year adj mortgage (ARM)† 3.24 3.23 3.21 l 4.78 -0.07 TR/CC CRB Index 130.52 -0.39 -0.30 187.39 106.29 -26.23 -29.75
Muni Master, ICE BofA 575.934 1.335 1.555 3.441 0.959 4.718 3.882 Crude oil, $ per barrel 33.92 0.43 1.28 63.27 -37.63 -41.43 -44.45
New-car loan, 48-month 4.27 4.28 4.26 l 4.81 1.07
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 841.329 5.605 6.140 7.480 4.523 2.047 2.440 Natural gas, $/MMBtu 1.710 -0.061 -3.44 2.862 1.552 -33.67 -21.88
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. 1720.50 -30.10 -1.72 1756.70 1276.50 33.91 13.23

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B8 | Friday, May 22, 2020 THE WALL STREET JOURNAL.

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 Dec 109.00 109.90 107.80 108.40 –.55 50,980 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June .7193 .7199 .7158 .7170 –.0029 121,167
Contract Open July 11.21 11.32 10.87 10.98 –.21 314,936 Sept .7192 .7197 .7160 .7171 –.0029 3,616
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Oct 11.16 11.27 10.89 11.00 –.16 245,060 British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. July 319.00 320.25 316.25 317.75 –1.75 604,915 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.2235 1.2250 1.2186 1.2236 .0005 177,022
May 2.4680 2.4680 2.4465 2.4520 –0.0155 1,331 Dec 333.75 334.50 331.00 333.00 –1.00 358,266 July 25.95 26.00 25.90 25.90 –.05 1,576 Sept 1.2217 1.2254 1.2191 1.2240 .0004 2,241
July 2.4605 2.4680 2.4220 2.4320 –0.0280 102,510 Oats (CBT)-5,000 bu.; cents per bu. Sept 25.90 t
25.90 25.90 26.00 .10 2,611
July 319.00 322.00 316.75 319.75 1.75 3,059 Swiss Franc (CME)-CHF 125,000; $ per CHF
Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. June 1.0371 1.0374 1.0301 1.0313 –.0061 39,760
May 1746.80 1746.80 1723.40 1720.50 –30.10 528 Dec 275.00 276.00 s 273.25 274.50 –.50 1,268 July 58.15 58.70 57.32 58.06 –.15 82,864
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 1.0397 1.0401 1.0330 1.0341 –.0061 128
June 1751.70 1751.70 1715.30 1721.90 –30.20 229,231 Dec 58.77 58.98 58.03 58.70 –.09 65,322
July 846.75 848.50 833.75 835.00 –11.75 312,077 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Aug 1765.30 1765.30 1731.20 1736.90 –28.70 196,224
Nov 854.75 856.00 844.00 845.50 –8.50 176,615 July 124.20 127.25 124.15 127.00 2.05 7,647 June .6597 .6599 .6549 .6565 –.0036 131,472
Oct 1768.00 1774.00 1739.00 1744.80 –29.20 19,813
Dec 1778.80 1781.60 1743.80 1750.40 –31.30 66,903
Soybean Meal (CBT)-100 tons; $ per ton. Sept 125.05 126.25 124.55 126.00 2.05 2,246 Sept .6598 .6598 .6549 .6566 –.0036 1,082
July 285.50 t 282.00
285.90 282.50 –3.00 170,571 Mexican Peso (CME)-MXN 500,000; $ per MXN
Feb'21 1784.10 1784.10 1752.40 1753.50 –31.30 10,754
Dec 293.10 t 290.10
293.30 290.90 –2.20 76,750 Interest Rate Futures June .04291 .04380 .04280 .04346 .00029 103,800
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .04242 .04325 .04228 .04292 .00029 1,401
May … ... ... 2057.00 –97.10 24 July 27.25 27.55 27.05 27.11 –.25 171,578 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
June 2156.60 2159.30 2037.40 2062.30 –97.10 2,321
Euro (CME)-€125,000; $ per €
Dec 28.05 28.33 27.84 27.93 –.22 88,747 June 220-060 221-310 220-060 220-180 1.0 958,809
Sept 2139.40 2140.00 2030.90 2058.10 –90.30 4,256 June 1.0984 1.1014 1.0942 1.0961 –.0031 543,496
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 218-250 220-120 218-210 219-000 1.0 196,752
Sept 1.1005 1.1033 1.0964 1.0982 –.0031 4,409
Dec 2082.40 2086.20 2082.40 2049.90 –91.30 398 July 16.08 16.08 15.94 16.04 –.05 6,752 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 11.97 11.97 11.89 11.92 –.05 4,520 June 179-150 180-080 179-130 179-230 3.0 997,140
May ... ... ... 861.90 –68.00 40 Wheat (CBT)-5,000 bu.; cents per bu. Sept 177-290 178-220 177-280 178-050 2.0 95,400 Index Futures
July 935.50 937.10 851.30 866.50 –68.00 40,670 July 515.00 524.00 512.00 516.00 2.25 209,402 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 516.25 525.00 514.50 518.75 3.50 77,770 June 139-005 139-070 138-315 139-020 –.5 3,181,735 June 24545 24660 24300 24376 –143 74,128
May 17.430 17.430 17.430 17.335 –0.667 158 Wheat (KC)-5,000 bu.; cents per bu. Sept 138-230 138-300 138-230 138-250 … 343,363 Sept 24426 24542 24202 24268 –143 969
July 18.055 18.060 17.260 17.364 –0.667 117,582 July 454.00 460.75 449.25 454.50 1.25 130,852 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 460.00 467.25 456.00 461.75 2.00 42,972 June 125-190 125-217 125-180 125-195 –1.0 2,906,651 June 2971.50 2972.70 2937.00 2936.90 –31.60 106,589
July 33.53 34.66 33.26 33.92 0.43 291,719 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 125-132 125-162 125-125 125-140 –.7 785,484 Mini S&P 500 (CME)-$50 x index
Aug 33.93 35.05 33.78 34.34 0.40 239,349 May 126.000 126.025 125.850 126.025 .025 1,365 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 2972.25 2973.50 2933.00 2937.00 –31.50 3,133,060
Sept 34.38 35.42 34.24 34.81 0.43 319,064 Aug 129.175 129.950 128.325 128.875 –.125 15,903 June 110-082 110-086 110-080 110-085 .9 2,159,735 Dec 2939.50 2958.50 2920.25 2923.00 –31.50 41,913
Nov 34.83 35.86 34.83 35.42 0.48 118,893 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 110-124 110-130 110-122 110-127 .7 269,571 Mini S&P Midcap 400 (CME)-$100 x index
Dec 35.18 36.08 35.06 35.70 0.47 322,520 June 98.775 99.200 97.975 98.800 .400 37,912 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 1690.70 1700.00 1668.80 1693.10 7.80 69,256
Dec'21 37.87 38.49 37.78 38.05 0.14 135,985 Aug 97.850 98.325 96.875 98.225 .600 105,384 May 99.9475 99.9500 99.9475 99.9500 .0025 230,918 Sept 1673.90 1691.80 1667.00 1688.50 7.70 5
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. July 99.9500 99.9500 99.9450 99.9500 .0000 223,020
June 57.025 59.425 56.950 59.350 2.475 29,211
Mini Nasdaq 100 (CME)-$20 x index
June .9910 1.0182 .9809 .9890 –.0016 37,462 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 9494.75 9510.75 9352.00 9355.75 –129.75 203,441
July 55.800 57.450 55.375 57.175 1.375 62,107 June 105-245 105-305 105-225 105-255 .5 77,593
July 1.0361 1.0631 1.0247 1.0315 –.0054 73,526 Sept 9470.75 9495.00 9340.00 9340.75 –129.00 2,158
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100%
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 366.00 376.00 362.10 370.30 2.80 1,579 Mini Russell 2000 (CME)-$50 x index
June 99.7125 99.7125 99.6925 99.6975 –.0125 1,763,794
June 1.0492 1.0679 1.0276 1.0451 .0013 34,021 Sept 366.40 376.30 365.40 372.60 3.10 720 June 1346.60 1355.30 1327.00 1342.60 –1.70 547,769
Sept 99.7300 99.7300 99.7100 99.7150 –.0100 1,693,819
July 1.0599 1.0819 1.0454 1.0618 .0057 105,503 Milk (CME)-200,000 lbs., cents per lb. Sept 1329.80 1352.60 1326.00 1340.00 –1.50 4,956
Dec 99.7100 99.7200 99.7000 99.7050 –.0100 1,149,994
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 12.22 12.22 12.18 12.20 –.09 4,689 Mini Russell 1000 (CME)-$50 x index
March'21 99.7850 99.7950 99.7750 99.7800 –.0100 959,052
June 1.778 1.785 1.692 1.710 –.061 35,819 June 17.57 17.89 17.42 17.63 –.08 4,965 June 1629.30 1640.30 1618.50 1625.80 –10.50 8,194
July 1.910 1.916 1.832 1.852 –.057 337,877 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
Aug 1.989 1.997 1.911 1.933 –.064 70,263 July 2,397 2,411 2,326 2,340 –61 72,310
Currency Futures June 99.18 99.54 99.03 99.40 .27 29,868
Sept 2.049 2.058 1.973 1.993 –.067 141,055 Sept 2,377 2,381 2,303 2,315 –61 58,675 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 99.25 99.54 99.05 99.40 .26 928
Oct 2.138 2.148 2.062 2.081 –.068 101,555 Coffee (ICE-US)-37,500 lbs.; cents per lb. June .9302 .9304 .9275 .9297 –.0011 146,696
Jan'21 2.938 2.951 2.912 2.935 –.017 92,460 July 105.75 106.75 104.20 104.75 –.90 80,919 July .9295 .9307 .9280 .9301 –.0011 2,054 Source: FactSet

Cash Prices | wsj.com/market-data/commodities Thursday, May 21, 2020

Bonds | wsj.com/market-data/bonds/benchmarks
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
Thursday Thursday Thursday
Total Total
Energy Aluminum, LME, $ per metric ton *1454.0 Wheat,No.1soft white,Portld,OR-u 6.0800 return YTD total Yield (%) return YTD total Yield (%)
Copper,Comex spot 2.4520 close return (%) Index Latest Low High close return (%) Index Latest Low High
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.650 Iron Ore, 62% Fe CFR China-s 98.0 Food Mortgage-Backed Bloomberg Barclays
11.500
Broad Market Bloomberg Barclays
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w Shredded Scrap, US Midwest-s,m 261 Beef,carcass equiv. index

.
Steel, HRC USA, FOB Midwest Mill-s 490 2239.84 5.2 U.S. Aggregate 1.360 1.310 2.850 2225.16 3.6 Mortgage-Backed 1.310 0.930 3.030
Metals choice 1-3,600-900 lbs.-u 284.96

ly
Fibers and Textiles select 1-3,600-900 lbs.-u 266.27 U.S. Corporate Indexes Bloomberg Barclays 2180.37 3.8 Ginnie Mae (GNMA) 0.610 0.490 3.000
Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.7745
Burlap,10-oz,40-inch NY yd-n,w 0.5700 3209.82 2.1 U.S. Corporate 2.530 2.220 4.580 1311.96 3.5 Fannie mae (FNMA) 1.570 1.110 3.040
Engelhard industrial 1738.50 Butter,AA Chicago 1.6425
Handy & Harman base 1724.90 Cotton,1 1/16 std lw-mdMphs-u 0.5531 Cheddar cheese,bbl,Chicago 189.00 2944.74 1.8 Intermediate 2.020 1.760 4.400 2014.73 3.5 Freddie Mac (FHLMC) 1.550 1.080 3.040
1914.64 Cotlook 'A' Index-t *67.35
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
*1750.05
*1748.30
1789.74
1806.95
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
Grains and Feeds
on
24.500
3.25
Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
Coffee,Brazilian,Comp
Coffee,Colombian, NY
193.75
101.50
1.0195
1.5507
4670.50
672.40
830.38 -0.1
2.7
4.8
Long term
Double-A-rated
Triple-B-rated
3.390 2.950 4.930
1.660 1.660 3.360
3.100 2.570 5.350
575.93
405.90
460.45
1.8
1.7
1.7
Muni Master
7-12 year
12-22 year
1.335 0.959 3.441
1.326 0.924 3.447
1.791 1.224 3.690
Eggs,large white,Chicago-u 0.7650 High Yield Bonds ICE BofA 436.82 -0.9 22-plus year 2.777 1.765 4.123
Barley,top-quality Mnpls-u n.a.
us ,

American Eagle-e 1806.95 Flour,hard winter KC 14.20

Mexican peso-e 2082.89 Bran,wheat middlings, KC-u 75 431.73 -7.6 High Yield Constrained 7.519 5.151 11.400 Global Government J.P. Morgan†
Hams,17-20 lbs,Mid-US fob-u n.a.
l

Austria crown-e 1689.83

Corn,No. 2 yellow,Cent IL-bp,u 2.9950
Hogs,Iowa-So. Minnesota-u 65.86 356.22 -18.6 17.194 10.735 19.071 610.74 4.8 Global Government 0.590 0.390 1.310
e
Triple-C-rated
al a

Corn gluten feed,Midwest-u,w 112.0

Austria phil-e 1806.95 Pork bellies,12-14 lb MidUS-u n.a.
Corn gluten meal,Midwest-u,w 442.3 2934.86 -8.1 High Yield 100 6.228 4.516 10.740 863.53 7.5 Canada 0.780 0.590 1.740
Silver, troy oz. Pork loins,13-19 lb MidUS-u 2.0904
Cottonseed meal-u,w 253
Engelhard industrial 17.3300 Steers,Tex.-Okla. Choice-u 120.00 390.60 -7.3 Global High Yield Constrained 7.495 4.893 11.310 402.27 0.5 EMU§ 0.501 0.109 0.906
ci on

Hominy feed,Cent IL-u,w 105

Handy & Harman base 17.0980 Steers,feeder,Okla. City-u,w 149.31 769.04 1.3 France 0.200 -0.160 0.540
Meat-bonemeal,50% pro Mnpls-u,w 268 298.85 -9.1 Europe High Yield Constrained 5.649 2.464 8.183
Handy & Harman fabricated 21.3730 Oats,No.2 milling,Mnpls-u 3.4325 U.S Agency Bloomberg Barclays 548.21 2.3 Germany -0.370 -0.740 0.030
LBMA spot price *£14.2400 Fats and Oils
Rice, Long Grain Milled, No. 2 AR-u,w 28.75
(U.S.$ equivalent) *17.4700 Sorghum,(Milo) No.2 Gulf-u 8.0413 Corn oil,crude wet/dry mill wtd. avg.-u,w 49.7000 1854.39 4.8 U.S Agency 0.620 0.550 2.410 297.24 -0.3 Japan 0.220 -0.070 0.260
Coins,wholesale $1,000 face-a 15744 284.00 Grease,choice white,Chicago-h 0.2600
SoybeanMeal,Cent IL,rail,ton48%-u 1616.90 3.5 10-20 years 0.480 0.400 2.320 608.22 2.0 Netherlands -0.210 -0.540 0.150
er s

Other metals Soybeans,No.1 yllw IL-bp,u 8.1900 Lard,Chicago-u n.a.

*844.0 4238.76 11.1 20-plus years 1.550 1.170 2.860 1111.75 10.6 U.K. 0.420 0.390 1.330
LBMA Platinum Price PM Wheat,Spring14%-pro Mnpls-u 6.3300 Soybean oil,crude;Centl IL-u 0.2559
Platinum,Engelhard industrial 854.0 Wheat,No.2 soft red,St.Louis-bp,u 5.3600 Tallow,bleach;Chicago-h 0.3475 2772.68 1.6 Yankee 1.980 1.920 3.500 841.33 -4.6 Emerging Markets ** 5.605 4.523 7.480
m er

Palladium,Engelhard industrial 2088.0 Wheat - Hard - KC (USDA) $ per bu-u 4.6700 Tallow,edible,Chicago-u n.a. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
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;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 5/20
Global Government Bonds: Mapping Yields
m rp

Source: Dow Jones Market Data

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
Exchange-Traded Portfolios | WSJ.com/ETFresearch Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
Closing Chg YTD Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 0.125 U.S. 2 0.157 t l 0.161 0.205 2.254
co Fo

Thursday, May 21, 2020 Closing Chg YTD SPDR DJIA Tr DIA 245.02 –0.29 –14.1 0.625 10 0.683 l 0.683 0.570 2.429
ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 309.31 0.49 –17.6
Closing Chg YTD
SPDR S&P 500 SPY 294.88 –0.69 –8.4 2.000 Australia 2 0.265 t l 0.278 0.211 1.209 10.8 11.7 -104.5
ETF Symbol Price (%) (%) iShMSCI EAFE SC SCZ 50.52 –0.65 –18.9
CnsmrDiscSelSector XLY 121.41 0.36 –3.2 iShMSCIEmgMarkets EEM 37.20 –1.14 –17.1
SPDR S&P Div SDY 86.93 –0.01 –19.2 2.500 10 0.925 t l 0.958 0.856 1.644 24.2 27.5 -78.5
TechSelectSector XLK 96.14 –1.39 4.9
iShMSCIJapan EWJ 52.60 –1.07 –11.2
CnsStapleSelSector XLP 57.27 –1.11 –9.1
UtilitiesSelSector XLU 55.86 –1.01 –13.6 0.000 France 2 -0.552 t l -0.532 -0.461 -0.540 -70.9 -69.4 -279.3
EnSelectSectorSPDR XLE 38.72 –1.60 –35.5 iShNatlMuniBd MUB 114.20 0.21 0.3
VanEckGoldMiner GDX 35.66 –2.59 21.8 0.000 10 -0.051 t l -0.035 0.074 0.331 -71.7 -209.8
FinSelSectorSPDR XLF 22.00 –0.32 –28.5 iShPfd&Incm PFF 34.16 0.15 –9.1 -73.4
VangdInfoTech VGT 255.47 –1.24 4.3
FT DJ Internet 158.16 –0.96 13.7 iShRussell1000Gwth IWF 179.96 –0.64 2.3
FDN
VangdSC Val VBR 100.63 0.46 –26.6 0.000 Germany 2 -0.689 t l -0.673 -0.691 -0.623 -84.6 -83.4 -287.7
FT ValDivFd FVD 29.20 –0.44 –19.0 iShRussell1000 IWB 163.13 –0.67 –8.6
VangdSC Grwth VBK 187.08 –0.07 –5.8 0.000 10 -0.494 t l -0.465 -0.477 -0.059 -117.6 -114.8 -248.8
HealthCareSelSect XLV 99.41 –0.74 –2.4 iShRussell1000Val IWD 109.32 –0.55 –19.9
VangdDivApp VIG 113.49 –0.53 –9.0
InvscQQQI QQQ 228.87 –1.09 7.6 iShRussell2000 IWM 134.24 0.18 –19.0
iShRussell3000 IWV 170.99 –0.62 –9.3
VangdFTSEDevMk VEA 36.11 –1.10 –18.0 1.000 Italy 2 0.358 s l 0.353 1.094 0.590 20.1 19.2 -166.4
InvscS&P500EW RSP 96.22 –0.44 –16.9
VangdFTSE EM VWO 36.82 –1.02 –17.2
InvscS&P500LowVol SPLV 47.56 –0.92 –18.5 iShRussellMid-Cap IWR 50.47 –0.43 –15.3 1.350 10 1.627 t l 1.631 2.166 2.643 94.4 94.8 21.4
iShRussellMCValue IWS 72.36 –0.40 –23.6 VangdFTSE Europe VGK 46.44 –0.90 –20.8
iSh3-7YTreasuryBd IEI 133.44 0.01 6.1
iShCoreDivGrowth DGRO 36.18 –0.69 –14.0 iShS&P500Growth IVW 195.25 –0.84 0.8 VangdFTSEAWxUS VEU 44.25 –1.14 –17.7 0.100 Japan 2 -0.172 t l -0.162 -0.135 -0.155 -32.9 -32.3 -240.9
VangdGrowth VUG 188.54 –0.79 3.5
iShCoreMSCIEAFE IEFA 53.63 –1.07 –17.8 iShS&P500Value IVE 105.26 –0.63 –19.1 0.100 10 0.001 t l 0.003 0.018 -0.045 -68.1 -68.0 -247.4
iShShortCpBd IGSB 54.06 ... 0.8 VangdHlthCr VHT 190.41 –0.59 –0.7
iShCoreMSCIEM IEMG 44.42 –0.91 –17.4
n-

iShCoreMSCITotInt IXUS 51.03 –0.93 –17.6 iShShortTreaBd SHV 110.81 –0.01 0.3 VangdHiDiv VYM 77.02 –0.70 –17.8 0.400 Spain 2 -0.307 t l -0.301 0.107 -0.341 -46.4 -46.3 -259.5
VangdIntermBd BIV 91.78 0.02 5.2
iShCoreS&P500 IVV 295.81 –0.73 –8.5 iShTIPSBondETF TIP 121.63 –0.11 4.3
92.52 1.3
0.500 10 0.711 t l 0.723 0.988 0.874 2.8 4.0 -155.6
iShCoreS&P MC IJH 169.42 0.49 –17.7 iSh1-3YTreasuryBd SHY 86.64 –0.02 2.4 VangdIntrCorpBd VCIT 0.19
iShCoreS&P SC IJR 63.50 0.09 –24.3 iSh7-10YTreasuryBd IEF 121.65 0.07 10.4 VangdLC VV 136.27 –0.66 –7.8 0.500 U.K. 2 -0.042 t l -0.018 0.063 0.783 -19.9 -17.9 -147.1
66.02 –0.62 –9.2 iSh20+YTreasuryBd TLT 164.56 0.25 21.5 VangdMC VO 154.11 –0.58 –13.5
iShS&PTotlUSStkMkt ITOT
VangdMBS VMBS 54.57 0.07 2.6
4.750 10 0.174 t l 0.230 0.300 1.085 -50.9 -45.3 -134.4
no

iShCoreUSAggBd AGG 117.38 0.08 4.5 iShRussellMCGrowth IWP 148.37 –0.54 –2.8
iShSelectDividend DVY 78.55 –0.44 –25.7 iShUSTreasuryBdETF GOVT 27.99 0.07 7.9 VangdRealEst VNQ 72.59 0.08 –21.8 Source: Tullett Prebon
VangdS&P500ETF VOO 270.94 –0.72 –8.4
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
EFAV
USMV
64.15
59.19
–1.00
–0.67
–13.9
–9.8
JPM UltShtIncm
PIMCOEnhShMaturity
JPST
MINT
50.49
100.90
0.06
0.02
0.1
–0.7 VangdST Bond BSV 82.76 –0.11 2.7 Corporate Debt
iShEdgeMSCIUSAMom MTUM 123.14 –0.93 –1.9 SPDR BlmBarcHYBd JNK 99.96 –0.02 –8.7 VangdSTCpBd VCSH 81.66 0.06 0.8 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
iShEdgeMSCIUSAQual QUAL 93.09 –0.60 –7.8 SPDRBloomBar1-3MTB BIL 91.54 0.01 0.1 VangdShortTermTrea VGSH 62.23 ... 2.3
iShGoldTr IAU 16.48 –1.49 13.7 SPDR Gold GLD 162.25 –1.46 13.5 VangdSC VB 136.95 0.19 –17.3
that same company’s share price.
iShiBoxx$InvGrCpBd LQD 130.70 –0.08 2.1 SchwabIntEquity SCHF 27.73 –1.11 –17.5 VangdTotalBd BND 87.62 0.10 4.5 Investment-grade spreads that tightened the most…
iShiBoxx$HYCpBd HYG 81.03 –0.02 –7.9 SchwabUS BrdMkt SCHB 69.75 –0.70 –9.3 VangdTotIntlBd BNDX 57.36 0.14 1.4
Spread*, in basis points Stock Performance
iShJPMUSDEmgBd EMB 105.99 –0.03 –7.5 SchwabUS Div SCHD 50.65 –0.84 –12.6 VangdTotIntlStk VXUS 45.78 –0.99 –17.8 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShMBSETF MBB 111.14 0.06 2.9 SchwabUS LC SCHX 70.41 –0.79 –8.3 VangdTotalStk VTI 148.84 –0.60 –9.0
iShMSCI ACWI ACWI 69.87 –0.88 –11.8 SchwabUS LC Grw SCHG 95.18 –0.82 2.4 VangdTotlWrld VT 70.48 –0.86 –13.0 General Motors Financial … 4.000 Jan. 15, ’25 393 –66 502 … …
iShMSCI EAFE EFA 57.11 –1.16 –17.8 Schwab US TIPs SCHP 59.30 –0.13 4.7 VangdValue VTV 97.17 –0.71 –18.9 Marathon Petroleum MPC 4.700 May 1, ’25 275 –60 387 35.69 –3.07
Southwest Airlines LUV 5.250 May 4, ’25 488 –44 651 29.60 1.54
Valero Energy VLO 2.850 April 15, ’25 172 –42 255 65.73 –2.39
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks WPP Finance 2010 WPPLN 3.750 Sept. 19, ’24 170 –35 240 ... ...
Ryder System R 3.650 March 18, ’24 200 –32 n.a. 31.33 –0.85
Money Rates May 21, 2020 Shell International Finance RDSALN 2.250 Jan. 6, ’23 47 –31 87 ... ...
Noble Energy NBL 5.050 Nov. 15, ’44 495 –30 604 10.04 3.13
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. …And spreads that widened the most
Aircastle … 4.400 Sept. 25, ’23 1037 40 n.a. ... ...
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low AT&T T 5.250 March 1, ’37 218 31 252 29.77 0.61
April index Chg From (%) Energy Transfer Operating … 6.250 April 15, ’49 470 24 505 ... ...
level March '20 April '19 Federal funds Commercial paper (AA financial) JPMorgan Chase JPM 5.150 May 1, ’49 408 21 416 90.17 –1.27
Effective rate 0.0600 0.0600 2.4300 0.0600 90 days 0.16 0.06 2.53 0.04
U.S. consumer price index AerCap Ireland Capital DAC … 4.875 Jan. 16, ’24 899 19 856 … …
High 0.1500 0.1500 3.0000 0.1400
All items 256.389 –0.67 0.3 Libor General Motors GM 6.250 Oct. 2, ’43 484 19 580 25.80 1.26
Low 0.0300 0.0300 2.3500 0.0200
Core 266.089 –0.46 1.4 One month 0.16825 0.18213 2.44000 0.16825 Equinix EQIX 2.625 Nov. 18, ’24 114 17 140 644.40 –1.69
Bid 0.0500 0.0300 2.4000 0.0100
Three month 0.35950 0.38563 2.52488 0.35800 Brighthouse Financial BHF 4.700 June 22, ’47 456 16 n.a. 29.78 1.71
International rates Offer 0.0800 0.0500 2.5000 0.0500 Six month 0.57663 0.66538 2.56013 0.57663
One year 0.68488 0.76175 2.64475 0.68488 High-yield issues with the biggest price increases…
Week 52-Week Treasury bill auction
Latest ago High Low Bond Price as % of face value Stock Performance
4 weeks 0.090 0.090 2.335 0.000 Euro Libor Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
13 weeks 0.130 0.125 2.335 0.000 One month -0.448 -0.447 -0.360 -0.621
Prime rates Avis Budget Car Rental … 6.375 April 1, ’24 71.500 6.50 59.500 … …
26 weeks 0.150 0.155 2.340 0.080 Three month -0.311 -0.258 -0.142 -0.539
U.S. 3.25 3.25 5.50 3.25 Six month -0.133 -0.116 -0.052 -0.491 Sm Energy SM 6.750 Sept. 15, ’26 40.500 4.50 28.000 3.66 1.10
Canada 2.45 2.45 3.95 2.45 One year -0.068 -0.041 0.008 -0.441 L Brands LB 6.750 July 1, ’36 76.000 3.75 67.750 14.45 18.25
Japan 1.475 1.475 1.475 1.475 Secondary market
Value 52-Week Apache APA 5.250 Feb. 1, ’42 79.030 3.53 n.a. 12.05 0.84
Policy Rates Fannie Mae Latest Traded High Low
United Airlines Holdings UAL 4.875 Jan. 15, ’25 67.500 3.50 50.170 25.84 3.73
Euro zone 0.00 0.00 0.00 0.00 30-year mortgage yields
Hertz 5.500 Oct. 15, ’24 13.120 3.37 14.250 … …
DTCC GCF Repo Index …
Switzerland 0.50 0.50 0.50 0.50 30 days 2.252 2.265 3.627 2.196
Britain 0.10 0.10 0.75 0.10 Treasury 0.064 56.660 6.007 0.002 TransDigm TDG 7.500 March 15, ’27 96.500 3.00 90.000 375.35 2.74
60 days 2.306 2.315 3.637 2.249 MBS 0.047 41.950 6.699 0.011 Tallgrass Energy Partners TEP 6.000 March 1, ’27 86.875 2.63 78.250 ... ...
Australia 0.25 0.25 1.50 0.25

Overnight repurchase Other short-term rates Weekly survey …And with the biggest price decreases
U.S. 0.07 -0.02 3.40 -0.07 Latest Week ago Year ago
Sesi … 7.125 Dec. 15, ’21 35.500 –9.50 44.980 … …
Week 52-Week
U.S. government rates Latest ago high low Freddie Mac Macy's M 7.000 Feb. 15, ’28 63.500 –4.81 n.a. 5.37 5.92
30-year fixed 3.24 3.28 4.06 United States Steel X 6.250 March 15, ’26 58.535 –2.97 61.927 7.48 –5.56
Discount Call money 15-year fixed 2.70 2.72 3.51 Diamond Offshore Drilling DOFSQ 4.875 Nov. 1, ’43 6.750 –2.75 11.125 0.19 –1.04
0.25 0.25 3.00 0.25 2.00 2.00 4.25 2.00 Five-year ARM 3.17 3.18 3.68 Apache APA 2.625 Jan. 15, ’23 90.000 –2.58 89.000 12.05 0.84
Diamond Offshore Drilling DOFSQ 7.875 Aug. 15, ’25 6.750 –2.44 10.313 0.19 –1.04
Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates
EQM Midstream Partners EQM 6.500 July 15, ’48 83.061 –1.94 82.250 19.03 –1.70
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository Trust Service Properties Trust SVC 4.650 March 15, ’24 88.219 –1.83 n.a. 6.55 3.64
& Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett
Prebon rates as of 5:30 p.m. ET. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Friday, May 22, 2020 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Fortive FTV 58.28 Kroger
-0.82 KR Omnicom
32.12 -0.18 OMC 51.86 -0.58 SonocoProducts SON 49.25 1.32 ThermoFisherSci TMO 335.75 -5.40 VMware VMW 136.56 -3.51
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low.
FortBrandsHome FBHS 60.33 LHC Group LHCG 163.93 3.91
-0.20 ON Semi ON 15.63 -0.65 Sony SNE 62.74 -0.43 ThomsonReuters TRI 66.20 -0.90 Vodafone VOD 15.73 0.12
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four
that include primary market trades as well as quarters. FoxA FOXA 27.62 Line
-0.19 LN 1LifeHealthcare ONEM 37.88 -1.85
49.57 0.02 Southern SO 53.83 -1.00 3M MMM 145.81 -2.40 VornadoRealty VNO 35.75 -0.89
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. FoxB FOX 27.23 LKQ
-0.14 LKQ 25.52 OneConnectFinTech OCFT 15.44 -0.07
... SoCopper SCCO 35.48 -0.56 Tiffany TIF 126.36 0.67 VoyaFinancial VOYA 42.42 -0.40
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Franco-Nevada FNV 144.56 LPL Financial LPLA 68.14 -1.52
-3.08 OpenText OTEX 39.11 -0.42 SouthwestAir LUV 29.60 0.45 Toro TTC 67.90 0.25 VulcanMatls VMC 100.63 -0.50
Nasdaq ISE. standards FranklinRscs BEN 17.96 L3HarrisTech LHX 184.12 4.94
-0.24 Oracle ORCL 52.22 -0.68 Splunk SPLK 163.45 0.17 TorontoDomBk TD 40.29 -0.61
The list comprises the 1,000 largest companies
based on market capitalization.
lf-Late filing
q-Temporary exemption from Nasdaq FreeportMcM FCX 8.90 LabCpAm
-0.22 LH 172.32 1.80 Orange ORAN 11.17 -0.03 s Spotify SPOT 192.74 2.94 Total TOT 36.04 -0.45 W X Y Z
Underlined quotations are those stocks with requirements. FreseniusMed FMS 40.55 LamResearch LRCX 260.70 -10.47
-0.44 Orix IX 61.98 1.24 Square SQ 81.49 -0.55 ToyotaMotor TM 117.95 -1.87 WABCO WBC 136.37 -0.02
large changes in volume compared with the t-NYSE bankruptcy LamarAdv LAMR 68.37 -0.21OtisWorldwide OTIS 52.03 -0.95 StanleyBlackDck SWK 123.52 -3.61 TractorSupply TSCO 108.95 1.16 WEC Energy WEC 86.68 -0.62
issue’s average trading volume. v-Trading halted on primary market. G H I LambWeston LW OwensCorning OC
55.83 -0.44 47.13 1.69 Starbucks SBUX 78.05 0.29 TradeDesk TTD 304.42 7.32 WEX WEX 138.51 1.32
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being
GCI LibertyA GLIBA 65.16 0.54 LasVegasSands LVS 48.57 -1.60 PG&E PCG 11.83 -0.17 StateStreet STT 58.09 -0.29 Tradeweb TW 61.39 -0.28 W.P.Carey WPC 61.84 0.23
whose price changed by 5% or more if their reorganized under the Bankruptcy Code,
previous closing price was $2 or higher. or securities assumed by such companies. GDS Holdings GDS 59.57 -3.40 Lear LEA 105.61 -0.49
PLDT PHI 23.69 -0.11 SteelDynamics STLD 24.76 0.14 TraneTech TT 81.36 1.61 WPP WPP 36.23 -0.17
GFLEnvironmental GFL 17.25 -0.15 Leidos LDOS 99.40 0.49 PNC Fin PNC 103.19 -1.21 Stericycle SRCL 51.25 -0.98 TransDigm TDG 375.35 10.02 Wabtec WAB 57.10 -0.73
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Galapagos GLPG 204.10 -17.17
Lennar B LEN.B 44.36 1.20POSCO PKX 35.51 -0.44 Steris STE 156.30 -1.73 TransUnion TRU 81.10 -0.70 WalgreensBoots WBA 39.75 -0.39
changes in the closing prices from 4 p.m. the previous day. Gallagher AJG 91.00 0.31
Lennar A LEN 59.00 1.45 PPD PPD 27.66 -0.14 STMicroelec STM 23.97 -0.75 Travelers TRV 99.17 3.63 Walmart WMT 124.99 -0.46
Gaming&Leisure GLPI 33.55 0.83
LennoxIntl LII 195.22 3.34
PPG Ind PPG 95.09 -0.90 StoneCo STNE 24.70 0.29 s Trex TREX 124.81 2.71 WasteConnections WCN 91.13 -0.97
Trimble TRMB 39.38
GRMN 84.20 0.33 LeviStrauss LEVI 13.06 0.63
Thursday, May 21, 2020 Net Net PPL PPL 25.70 0.11 Stryker SYK 185.09 -5.89 -0.15 WasteMgt WM 98.93 -0.52
Garmin
Net Stock Sym Close Chg Stock Sym Close Chg LibertyBroadbandC LBRDK PRA
126.17 0.37 HealthSci PRAH 96.69 0.06 SumitomoMits SMFG 5.36 -0.05 Trip.com TCOM 24.98 -0.74 Waters WAT 185.26 ...
Gartner IT 116.27 -1.94
Stock Sym Close Chg Generac GNRC 114.44 1.43 LibertyBroadbandA LBRDA 123.89 0.11PTC PTC 69.89 -0.54 SunComms SUI 133.28 -0.44 TruistFinl TFC 33.47 -0.30 Watsco WSO 165.71 0.56
BeiGene BGNE 164.60 -1.20 Costco COST 301.97 -2.94
GeneralDynamics GD 138.67 1.68 LibertyGlobal C LBTYK 20.53 -0.24 Paccar PCAR 68.19 -0.84 SunLifeFinancial SLF 33.73 ... s Twilio TWLO 194.00 2.09 Wayfair W 163.50 0.83
A B C Berkley WRB 55.72 2.31 CoupaSoftware COUP 212.55 -1.32
GeneralElec GE 6.48 0.06 LibertyGlobal A LBTYA 20.89 -0.14 PackagingCpAm PKG 92.91 -0.53 SuncorEnergy SU 17.53 -0.82 Twitter TWTR 32.34 0.11 WellsFargo WFC 24.46 -0.06
BerkHathwy B BRK.B 174.94 -1.08 Credicorp BAP 134.34 1.33 TylerTech TYL 354.43 -7.20 Welltower
ABB ABB 18.54 -0.40 BerkHathwy A BRK.A 261906-2194.00 CreditAcceptance CACC 340.20 -7.95 GeneralMills GIS 59.95 -0.98 LibertyGlobal B LBTYB 24.80 1.85 PagSeguroDig PAGS 26.22 -0.71 Suzano SUZ 6.87 -0.20 WELL 46.42 0.67
PaloAltoNtwks PANW 229.50 -4.98 TysonFoods TSN 59.25 -1.40 WestPharmSvcs WST 211.02
ACADIA Pharm ACAD 51.57 -0.98 BerryGlobal BERY 40.66 -0.33 CreditSuisse CS 8.46 -0.09 GeneralMotors GM 25.80 0.32 LibertyFormOne A FWONA 30.33 -0.90 SynchronyFin SYF 18.13 0.02 0.93
Genmab GMAB 29.05 0.67 LibertyFormOne C FWONK 32.23 -0.95 PanAmerSilver PAAS 27.05 -0.70 SyneosHealth SYNH 59.55 -0.23 UBS Group UBS 10.02 -0.07 WesternDigital WDC 42.69 -0.29
ADT ADT 6.42 0.22 BestBuy BBY 77.98 -3.56 Cree CREE 50.96 -2.73
Genpact G 34.09 -0.14 LibertySirius C LSXMK 32.12 0.51 ParkerHannifin PH 166.73 -1.63 Synnex SNX 101.21 -1.34 UDR UDR 35.87 -0.41 WesternUnion WU 18.89 -0.24
AECOM ACM 35.63 0.11 BeyondMeat BYND 138.11 -2.39 CrowdStrike CRWD 80.60 -0.37
Gentex GNTX 25.30 -0.02 LibertySirius A LSXMA 32.10 0.17 Paychex PAYX 67.40 -0.41 s Synopsys SNPS 168.49 3.02 UGI UGI 30.80 -0.39 WestlakeChem WLK 43.85 -0.79
AES AES 12.31 -0.66 Bilibili BILI 33.93 1.23 CrownCastle CCI 150.83 -1.53 PaycomSoftware PAYC 274.28 0.81 Uber UBER 34.26 -0.22 WestpacBanking WBK 9.93
Aflac AFL 34.85 0.05 Bill.com BILL 70.67 -4.32 CrownHoldings CCK 62.12 -0.82 GenuineParts GPC 77.15 -0.07 LibertySirius B LSXMB 35.17 -0.69 Sysco SYY 52.48 -0.10 -0.35
Paylocity Ubiquiti UI 178.83 -2.96 WestRock
GileadSciences GILD 73.50 -0.39 EliLilly LLY 152.28 -0.85 PCTY 121.19 0.98 WRK 25.15 -0.28
AGNC Invt AGNC 13.05 -0.20 Bio-Techne TECH 266.75 -3.01 CubeSmart CUBE 25.25 0.17
GSK GSK 41.03 -0.28 LincolnElectric LECO 79.35 -0.11 PayPal PYPL 148.22 -2.72 T U V UltaBeauty ULTA 222.76 9.28 Weyerhaeuser WY 19.45 -0.03
ANGI Homesvcs ANGI 10.38 0.01 Bio-RadLab A BIO 466.79 -6.15 Cummins CMI 157.55 -2.98
LincolnNational LNC 35.94 0.35 Pegasystems PEGA 89.97 0.28 Unilever UN 48.25 -0.42 WheatonPrecMet WPM 44.61
GlobalPayments GPN 176.41 -4.06 -1.49
Ansys ANSS 266.28 -5.93 Bio-RadLab B BIO.B 466.33 -8.96 CyrusOne CONE 70.16 0.51 TAL Education TAL 54.66 0.06 Unilever UL 50.84 -0.59 Whirlpool
Globant GLOB 135.67 -1.90 Linde LIN 193.67 -2.32Peloton PTON 45.30 0.19 WHR 119.00 0.14
ASETech ASX 4.15 0.08 Biogen BIIB 304.46 -5.07 TC Energy TRP 41.51 -1.42 UnionPacific UNP 163.59 -2.44 Williams
ASML ASML 318.99 -6.65 BioMarinPharm BMRN 94.85 0.81 D E F GlobeLife GL 73.38 0.78 LiveNationEnt LYV 45.53 -2.20 PembinaPipeline PBA 25.28 -0.44
TD Ameritrade AMTD 34.49 -0.52 UnitedAirlines UAL 25.84
WMB 19.47 -0.25
0.93 Williams-Sonoma WSM 66.54
AT&T T 29.77 0.18 BioNTech BNTX 51.90 -1.14 DISH Network DISH 28.56 0.22 GlobusMedical GMED 54.59 4.35 LivongoHealth LVGO 57.95 -3.01 Pentair PNR 36.22 0.31
TE Connectivity TEL 76.29 -1.58 UnitedMicro UMC
0.18
2.47 0.02 WillisTowers WLTW 200.16
AbbottLabs ABT 90.39 0.30 BlackKnight BKI 73.43 -1.42 DTE Energy DTE 101.04 -2.21 GoDaddy GDDY 74.37 -0.78 LloydsBanking LYG Penumbra
1.35 -0.06 PEN 176.11 0.80
Telus TU 16.17 -0.02 UPS B
-2.47
UPS 97.31 0.13 Wipro
AbbVie ABBV 93.02 1.83 BlackRock BLK 508.51 -0.23 Danaher GoldFields GFI 8.17 -0.11 LockheedMartin LMT 368.82 6.31 People'sUtdFin PBCT 11.17 -0.23
TIM Part TSU 11.65 0.32 UnitedRentals URI 127.72
WIT 3.00 0.07
DHR 157.66 -1.33 -0.30 s Wix.com WIX 206.81
Abiomed ABMD 196.32 -0.04 Blackstone BX 53.61 -0.65 Darden GoldmanSachs GS 180.10 -1.34 Loews L PepsiCo
32.09 -0.10 PEP 130.21 -1.05
TJX TJX 54.30 3.45 US Bancorp USB 32.92
3.84
DRI 77.22 -1.10 -0.14 WooriFin WF 19.43 -0.50
AcceleronPharma XLRN 99.09 -3.64 Boeing BA 139.00 5.68 Datadog Graco GGG 46.45 -0.08 LogitechIntl LOGI 55.44 -1.82 PerkinElmer PKI 92.50 -0.25
T-MobileUS TMUS 94.39 -3.75 UnitedTherap UTHR 117.20
DDOG 69.89 -0.81 -2.98 Workday WDAY 163.83 4.29
Accenture ACN 193.50 -1.68 BookingHldgs BKNG 1595.68 -3.47 DaVita Grainger GWW 295.44 -0.63 Lowe's LOW 120.64 3.65 Perrigo PRGO 54.33 -0.75
TRowePrice TROW 114.65 -0.19 UnitedHealth UNH 286.91
GRFS 20.80 0.45 s lululemon
DVA 78.73 -1.24 LULU 267.53 9.15PetroChina PTR 34.74 -0.80 -1.08 WynnResorts WYNN 83.15 -3.71
ActivisionBliz ATVI 72.47 -1.31 BoozAllen BAH 74.87 0.28 Deere Grifols TaiwanSemi TSM 50.75 -1.09 UnivDisplay OLED 147.89
DE 142.81 0.50 Lumentum LITE 71.72 -2.62PetroleoBrasil PBR 7.18 0.19 -4.01 XP XP 28.48 0.98
AdaptiveBiotech ADPT 40.04 -0.29 BorgWarner BWA 29.90 0.15 DellTechC GrubHub GRUB 56.34 -1.18 TakeTwoSoftware TTWO 138.19 -8.65 UniversalHealthB UHS 105.57
DELL 44.39 -0.27 Lyft LYFT 30.39 -0.43PetroleoBrasilA PBR.A 6.90 0.10 2.29 XPO Logistics XPO 73.12 0.99
Adobe ADBE 382.17 -1.46 s BostonBeer SAM 513.73 -10.98 DeltaAir GpoAvalAcc AVAL 4.09 0.04 TakedaPharm TAK 19.17 0.08 VEREIT
DAL 23.16 0.44 VER 5.31 0.19 XcelEnergy XEL 60.15 -0.10
AdvanceAuto AAP 134.79 -0.93 BostonProps BXP 79.91 -0.92 DentsplySirona XRAY 41.96 0.26 GuardantHealth GH 95.86 -0.54 LyondellBasell LYB 60.26 -0.13
Pfizer PFE 37.26 -0.37
PhilipMorris PM 70.50 0.03
TandemDiabetes TNDM 87.63 2.46 VF VFC 56.29 0.31 Xilinx XLNX 87.24 -2.28
Guidewire GWRE 98.87 0.35
AdvMicroDevices AMD 54.65 -1.74 BostonSci BSX 34.79 -2.39 DeutscheBank DB 7.36 -0.15 M N Phillips66 PSX 77.09 -1.16 Target TGT 118.68 -0.95 VICI Prop VICI 18.33 0.41 Xylem XYL 61.97 -0.11
Aegon AEG 2.43 -0.08 BrightHorizons BFAM 106.03 0.23 DevonEnergy DVN 12.29 -0.13 HCA Healthcare HCA 108.05 1.63 TechData TECD 127.77 -4.28 VailResorts MTN 192.89 3.22 YamanaGold AUY 5.29 -0.21
HDFC Bank HDB 37.20 -0.57 M&T Bank MTB 96.77 0.65 PilgrimPride PPC 20.80 -0.54
AgilentTechs A 80.75 -0.96 Bristol-Myers BMY 61.14 -0.54 DexCom DXCM 399.37 -0.59 TeckRscsB TECK 9.47 -0.28 Vale VALE 9.13 -0.14 Yandex YNDX 40.63 -0.68
AgnicoEagle AEM 65.06 -1.73 BritishAmTob BTI HD Supply HDS 30.68 ... MGM Resorts MGM 15.99 -0.51 Pinduoduo PDD 60.00 -0.90
38.58 0.07 Diageo DEO 139.35 -0.50 TeladocHealth TDOC 174.99 3.72 ValeroEnergy VLO 65.73 -1.61 YumBrands YUM 88.01 -0.08
AirProducts APD 235.54 -4.26 Broadcom AVGO 274.80 -3.88 DiamondbkEner FANG 42.89 -0.77 HP HPQ 17.18 -0.12 MKS Instrum MKSI 99.79 -2.34 PinnacleWest PNW 72.28 -0.49
TeledyneTech TDY 339.22 6.22 VarianMed VAR 115.76 -4.15 YumChina YUMC 47.52 -1.96
AkamaiTech AKAM 101.00 0.42 BroadridgeFinl BR 117.79 -3.17 DigitalRealty DLR 130.75 -2.00 HSBC HSBC 24.40 -0.73 MPLX MPLX 19.69 -0.33 Pinterest PINS 18.69 -0.20
Teleflex TFX 351.50 -0.77 VeevaSystems VEEV 197.47 -4.70 ZTO Express ZTO 32.45 -1.83
Albemarle ALB 67.97 -0.17 BrookfieldMgt BAM 30.04 0.17 DiscoverFinSvcs DFS 40.75 -0.26 Haemonetic HAE 106.45 0.04 MSCI MSCI 333.35 -8.16 PioneerNatRscs PXD 92.93 0.50
Ericsson ERIC 8.63 -0.02 Ventas VTR 32.93 0.09 ZaiLab ZLAB 67.75 -4.29
Alcon ALC 62.00 0.27 BrookfieldInfr BIP 39.09 -0.36 DiscoveryB
Halliburton HAL 11.98 0.03 MagellanMid MMP 44.10 -0.32 PlainsAllAmPipe PAA 9.75 0.40
DISCB 35.50 -1.60 TelefonicaBras VIV 8.51 0.27 VeriSign VRSN 211.06 -4.75 ZebraTech ZBRA 244.15 2.66
AlexandriaRlEst ARE 145.43 -0.79 Brown&Brown BRO 38.73 0.38 DiscoveryA DISCA 20.67 -0.50 HartfordFinl HIG 37.11 2.10 MagnaIntl MGA 39.30 0.04 PlanetFitness PLNT 61.35 0.43
Polaris PII 83.06 0.47 Telefonica TEF 4.54 0.12 VeriskAnalytics VRSK 156.84 -2.70 Zendesk ZEN 80.18 -0.98
AlexionPharm ALXN 101.14 -2.77 Brown-Forman A BF.A 59.36 -3.48 DiscoveryC DISCK 18.65 -0.47 Hasbro HAS 68.80 -0.06 ManhattanAssoc MANH 76.79 3.09
TelekmIndonesia TLK 20.72 -0.30 Verizon VZ 53.97 -0.29 Zillow C
HealthcareAmer HTA 26.29 -0.10 ManulifeFin MFC 11.60 -0.03 s Pool POOL 238.35 7.56 Z 54.16 0.11
Alibaba BABA 212.16 -4.63 Brown-Forman B BF.B 65.65 -3.04 Disney DIS 117.83 -2.09 10xGenomics TXG 76.00 -2.00 VertxPharm VRTX 284.63 0.01 Zillow A ZG 53.43 0.02
AlignTech ALGN 235.96 -0.06 Bruker BRKR 41.52 -1.25 s DocuSign HealthpeakProp PEAK 24.22 0.28 MarathonOil MRO 5.94 -0.01 PostHoldings POST 85.48 -0.82
DOCU 132.85 4.08 TencentMusic TME 12.14 -0.06 ViacomCBS A VIACA 23.57 0.15 ZimmerBiomet ZBH 122.00 -4.60
Alleghany Y 501.11 2.21 Bunge BG 35.53 -0.06 DolbyLab Heico A HEI.A 77.16 1.10 MarathonPetrol MPC 35.69 -1.13 PrincipalFin PFG 37.00 0.88
DLB 58.65 0.34 Teradyne TER 61.74 -1.79 ViacomCBS B VIAC 19.84 0.21 ZionsBancorp ZION 30.73 -0.39
Allegion ALLE 94.00 -3.34 BurlingtonStrs BURL 202.38 18.45 DollarGeneral DG 178.41 -0.16 Heico HEI 93.11 2.09 Markel MKL 863.08 3.08 Procter&Gamble PG 111.62 -1.66
Tesla TSLA 827.60 12.04 Vipshop VIPS 15.10 -0.10 Zoetis ZTS 130.33 -3.01
AlliantEnergy LNT 46.03 -0.63 CACI Intl HenrySchein HSIC 57.18 -0.60 MarketAxess MKTX 472.93 -5.00 Progressive PGR 75.02 0.13
CACI 240.34 2.18 DollarTree DLTR 81.22 1.61 TevaPharm TEVA 12.02 0.02 VirBiotech VIR 37.06 -2.85 ZoomVideo ZM 172.03 -3.45
s AllogeneTherap ALLO 50.20 1.60 CBRE Group CBRE 40.75 1.15 DominionEner D Herbalife HLF 43.36 -0.67 Marriott MAR 91.35 -1.33 Prologis PLD 86.40 -0.72
78.60 -0.15 TexasInstruments TXN 113.46 -4.02 Visa V 190.62 -3.24 Zscaler ZS 75.63 -1.43
Allstate ALL 94.13 -2.86 CDW Hershey HSY 128.03 -2.42 Marsh&McLen MMC 104.54 0.56 Proofpoint PFPT 112.22 -3.46
CDW 107.21 -1.64 Domino's DPZ 375.24 -2.00 Textron TXT 26.95 -0.38 VistraEnergy VST 19.60 -0.39 s Zynga ZNGA 8.14 -0.01
AllyFinancial ALLY 16.13 -0.33 CF Industries CF Hess HES 47.24 -0.10 MartinMarietta MLM 178.63 -0.47 ProsperityBcshs PB 61.57 0.46

.
27.70 0.19 Donaldson DCI 45.15 -0.13
AlnylamPharm ALNY 141.86 -1.59 CGI GIB HewlettPackard HPE 10.36 0.08 s MarvellTech MRVL 29.10 0.14 PrudentialFin PRU 57.67 1.11
61.14 -0.50 DouglasEmmett DEI 28.24 0.18
Hill-Rom HRC 99.08 -0.46 Masco MAS 44.94 -0.98 Prudential PUK 27.38 -0.13

ly
New Highs and Lows | WSJ.com/newhighs
Alphabet C GOOG 1402.80 -3.92 CH Robinson CHRW 77.90 0.28 Dover DOV 90.84 -0.20
Alphabet A GOOGL 1406.75 -2.41 CME Group CME 178.18 -2.64 Dow Hilton HLT 77.66 -0.06 Masimo MASI 242.62 -6.33 PublicServiceEnt PEG 48.07 -0.68
DOW 35.82 -0.36 PublicStorage PSA 182.77 -1.15
Alteryx AYX 142.72 1.85 CMS Energy CMS 54.74 -0.70 DrReddy'sLab RDY 50.57 -1.17 HollyFrontier HFC 30.99 -0.76 Mastercard MA 294.26 -4.54
AlticeUSA ATUS 24.32 -0.39 CNA Fin CNA 29.26 1.15 DraftKings Hologic HOLX 52.56 -1.42 MatchGroup MTCH 84.00 -0.64 PulteGroup PHM 32.69 1.26
DKNG 28.55 -1.14
Altria MO 37.54 -0.23 CNH Indl CNHI 5.52 -0.16 Dropbox HomeDepot HD 240.88 2.69 MaximIntProducts MXIM 55.65 -1.33 Qiagen QGEN 42.93 -0.21 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
DBX 22.13 -0.10 and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
McCormickVtg MKC.V 170.40 -2.19 Qorvo QRVO 98.97 -4.36
s Amazon.com AMZN 2446.74 -51.20 CNOOC
Ambev
Amcor
Amdocs
Amedisys
ABEV 2.13 -0.04 CRH
AMCR 9.48 0.03 CSX CSX 67.80 -0.56 Dunkin'
DOX 62.95 0.28 CVS Health CVS 63.34 0.12 DuPont
AMED 191.80 2.23 CableOne CABO 1838.02 23.02 Dynatrace
DD
DT
48.87
on
CEO 115.78 -3.31 DukeEnergy DUK 82.34 -0.97 HondaMotor HMC 23.73 -0.38
CRH 29.81 -0.30 DukeRealty DRE 33.04 0.38 Honeywell
DNKN 64.79 0.41
...
36.05 -0.77
DR Horton
HON 137.69 1.66 McCormick MKC 170.56 -3.03
s HorizonTherap HZNP 47.93 0.48 McDonalds MCD 185.08 0.98
HormelFoods HRL 46.01 -1.98 McKesson
DHI 53.00 0.60 MedicalProp MPW 17.38 0.02
HostHotels HST 11.43 -0.11 Medtronic MDT 95.41 -2.67
Qualcomm
QuestDiag
MCK 145.82 -0.54 Quidel
QCOM 78.00 -2.63
DGX

R S
112.99 -0.97
QDEL 180.70 -6.09
session. % CHG-Daily percentage change from the previous trading session.

Stock
52-Wk %
Sym Hi/Lo Chg Stock
Thursday, May 21, 2020
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Amerco UHAL 302.82 3.14 CabotOil COG 18.63 -0.28 ENI E 17.96 -0.48
us ,

HowmetAerospace HWM 12.43 -0.32 MelcoResorts MLCO 15.06 -1.25 RELX RELX 22.85 -0.19 GladstoneLand LAND 14.54 -2.6 SelectQuote SLQT 28.25 35.0
Ameren AEE 69.30 -1.03 CadenceDesign CDNS 86.11 -1.98 EOG Rscs EOG 52.32 -0.33
AmericaMovil AMX 12.71 -0.20 CaesarsEnt CZR 11.01 0.08 EPAM Systems EPAM 223.86 -0.10 Huazhu HTHT 32.49 -1.79 MercadoLibre MELI 814.71 -13.60 RPM RPM 69.66 0.11 Highs HarpoonTherap HARP 25.00 9.9 Shopify SHOP 809.87 3.1
l

HorizonTherap HZNP 48.41 1.0 SiTime SITM 36.91 -0.7

AEP AEP 77.37 -0.38 CamdenProperty CPT 88.78 -0.65 E*TRADE Hubbell HUBB 117.79 -0.93 Merck MRK 76.55 -0.34 RalphLauren RL 74.57 3.17 ADC Therap ADCT 35.00 6.0
SocialCapHedIII IPOB.U 10.70 -0.7
ETFC 41.38 -0.76 Inphi IPHI 117.27 1.8
e
HUBS 190.45 -0.41 MercurySystems MRCY 86.32 1.91 RaymondJames RJF 64.78 -1.03 AMCI Acqn AMCI 10.48 0.6
AmerExpress AXP 89.83 -0.90 CampbellSoup CPB 47.18 -0.99 EastWestBncp EWBC 33.67 -0.74 HubSpot
al a

IntelliaTherap NTLA 20.97 3.9 SolenoTherap SLNO 4.39 2.7

Humana HUM 395.27 4.08 MetLife MET 33.49 0.33 RaytheonTech RTX 60.10 2.30 AllogeneTherap ALLO 51.03 3.3 SportsmansWrhs SPWH 10.00 5.3
AmericanFin AFG 60.51 2.43 CIBC CM 59.16 -0.39 EastmanChem EMN 65.40 -0.17 Kamada KMDA 9.22 14.1
Amazon.com AMZN 2525.45 -2.0 SPOT 196.75 1.5
AmHomes4Rent AMH 24.08 0.44 CanNtlRlwy CNI 82.12 -1.53 Eaton JBHunt JBHT 106.11 1.10 MettlerToledo MTD 723.00 -12.56 RealPage RP 64.19 0.87 KinsaleCapital KNSL 145.90 1.5 Spotify
ETN 78.29 0.36 ArcusBiosci RCUS 37.41 -0.6 SurfaceOncol SURF 7.66 53.4
HuntingtonBcshs HBAN 8.17 -0.04 MicrochipTech MCHP 87.63 -3.67 RealtyIncome O 51.75 0.31 KornitDigital KRNT 49.98 3.3
AIG
ci on

AIG 28.81 0.77 CanNaturalRes CNQ 18.45 -0.15 eBay EBAY 42.47 -0.24 AstraZeneca AZN 57.44 2.8 169.44 1.8
Lazydays LAZY 5.86 14.1 Synopsys SNPS
AmerTowerREIT AMT 228.16 -1.98 CanPacRlwy CP 241.02 -3.14 Ecolab HuntingIngalls HII 181.50 6.39 MicronTech MU 45.22 -1.42 ReataPharm RETA 158.36 1.10 Atomera ATOM 9.20 11.4
ECL 200.40 -2.05 LegacyAcqnWt LGC.WS 0.70 21.8 TenzingAcqn TZAC 12.17 17.0
AmerWaterWorks AWK 120.62 0.02 Canon CAJ 20.07 -0.53 Ecopetrol HyattHotels H 53.44 -0.49 Microsoft MSFT 183.43 -2.23 RegencyCtrs REG 42.09 0.72 BJ'sWholesale BJ 35.45 21.7 Trex TREX 125.96 2.2
EC 10.54 -0.12 LegacyAcqn LGC 11.36 0.7
AmericoldRealty COLD 34.61 0.01 CanopyGrowth CGC 18.25 1.32 EdisonInt IAA IAA 36.47 -0.95 MidAmApt MAA 113.82 2.33 RegenPharm REGN 560.98 -15.91 BigLots BIG 33.05 2.4 LincolnEduc LINC 3.91 15.1 Twilio TWLO 197.30 1.1
EIX 56.27 0.01
IAC/InterActive IAC 256.66 -2.37 MitsubishiUFJ MUFG 3.93 -0.04 RegionsFin RF 9.94 -0.11 BiondVaxPharm BVXV 24.90 23.4 LGVW.U 10.03 ... USAutoPartsNtwk PRTS 6.18 7.4
Ameriprise AMP 132.12 0.49 CapitalOne COF 60.92 -0.56 EdwardsLife EW 218.50 -2.46 LongviewAcqn
7.98 -0.19 MizuhoFin MFG 2.27 -0.01 ReinsGrp BostonBeer SAM 533.59 -2.1 Wix.com WIX 209.71 1.9
AmerisourceBrgn ABC 92.25 -0.48 CardinalHealth CAH 53.18 0.23 ElancoAnimal ELAN 18.94 -0.62 ICICI Bank IBN RGA 90.46 1.66 lululemon LULU 268.27 3.5
CITICCapAcqnWt CCAC.WS 0.53 31.3 MaidenHldgsPfdC MHpC 7.93 8.6 YunhongIntlWt ZGYHW 0.10 100.0
Ametek AME 84.86 0.03 Carlisle CSL 116.71 -0.11 Elastic IdexxLab IDXX 292.66 -2.88 MobileTeleSys MBT 9.21 -0.12 RelianceSteel RS 91.28 -0.02
ESTC 76.45 0.98 CampingWorld CWH 20.96 7.3 Zynga ZNGA 8.37 -0.1
MRNA 67.05 -6.42 RenaissanceRe RNR 171.15 -1.11 MaidenHldg6.7%PfdD MHpD 8.10 6.6
Amgen AMGN 224.78 -3.09 Carlyle CG 26.50 0.57 ElbitSystems ESLT 136.86 -1.05 IHS Markit INFO 67.09 -1.11 Moderna
er s

CarrierGlobal CARR 19.52 3.8 MaidenHldgsPfdA MHpA 9.11 5.3

Amphenol APH 90.21 -0.75 CarMax KMX 80.42 2.07 ElectronicArts EA 117.36 -2.19 ING Groep ING 5.69 -0.10 MohawkInds MHK 84.14 1.11 Repligen RGEN 140.31 1.23 Cellectis CLLS 21.72 6.8 MarvellTech MRVL 29.52 0.5 Lows
AnalogDevices ADI 111.01 -3.56 Carnival CCL 14.60 0.45 EmersonElec EMR 56.25 -0.56 IPG Photonics IPGP 155.86 -2.42 MolinaHealthcare MOH 181.72 4.75 RepublicSvcs RSG 80.81 -0.90 Celsion CLSN 2.70 36.6 Materialise MTLS 22.60 ... Akorn AKRX 0.17 -33.9
Anaplan PLAN 48.95 0.98 s CarrierGlobal CARR 19.45 0.72 Enbridge IQVIA IQV 143.20 -2.22 MolsonCoorsB TAP 36.79 -1.10 ResMed RMD 160.68 -1.08 CelsiusHldg CELH 9.00 5.4 MegalithFinUn MFAC.U 11.55 7.9
ENB 31.52 -0.51 Atento ATTO 0.75 6.5
m er

CRNC 33.08 5.9

CVNA 94.74 3.63 EncompassHealth EHC 73.22 1.23 ITT
AngloGoldAsh AU 25.96 -0.72 Carvana ITT 53.80 -0.23 Mondelez MDLZ 49.28 -0.47 RestaurantBrands QSR 53.34 0.77 Cerence MegalithFinWt MFAC.WS 0.86 34.6 B.Riley II BMRG.U 9.97 -0.2
48.30 0.07 s MongoDB ChannelAdvisor ECOM 13.74 1.7
AB InBev BUD 41.15 -1.03 CaseysGenStores CASY 150.33 2.11 EnelAmericas ENIA 7.57 0.24 IcahnEnterprises IEP MDB 208.92 2.30 RexfordIndlRealty REXR 39.12 -0.59 MinervaNeurosci NERV 14.82 6.5 CITICCapAcqnA CCAC 9.52 -0.5
Icon ICLR 164.74 0.35 MonolithicPower MPWR 202.44 -7.07 ReynoldsCnsmr REYN 33.77 -0.32 ChemoCentryx CCXI 60.19 1.0 MongoDB MDB 212.60 1.1
AnnalyCap NLY 6.34 -0.09 Catalent CTLT 78.30 -0.25 EnelChile DanaherPfdB DHRpB 971.58 -0.6
ENIC 3.84 0.14 Chipotle CMG 1038.13 -0.3 Netease NTES 402.07 2.9
IDEX IEX 151.56 -0.81 MonsterBev MNST 68.36 -1.05 RingCentral RNG 260.55 -3.81 Digirad DRAD 1.99 -15.5
Anthem ANTM 278.68 -1.32 Caterpillar CAT 114.06 -1.63 EnergyTransfer ET 8.18 -0.11 CorbusPharm CRBP 7.67 4.9 Okta OKTA 191.42 ... FalconMineralsWt FLMNW 0.04 -59.2
Aon AON 193.33 -1.94 Celanese CE 86.12 0.02 EnphaseEnergy ENPH 59.93 -4.24 IllinoisToolWks ITW 164.10 -0.90 Moody's MCO 253.77 -2.50 RioTinto RIO 51.82 -0.57 CueBiopharma CUE 30.99 6.2 1-800-FLOWERS FLWS 24.25 0.5 FirstNatlVA FXNC 13.56 -3.8
Illumina ILMN 349.42 -8.31 MorganStanley MS 40.30 -0.76 RobertHalf RHI 48.50 -0.49
m rp

ApartmtInv AIV 35.78 -0.09 CenovusEnergy CVE 4.28 -0.03 s Entegris ENTG 58.54 0.02 DLH Holdings DLHC 6.99 -2.8 OvidTherap OVID 5.83 7.2 Genfit GNFT 5.22 -3.3
ApolloGlbMgmt APO 44.96 -0.03 Centene CNC 65.65 0.33 Entergy Immunomedics IMMU 34.71 -0.13 Morningstar MORN 142.52 0.98 Rockwell ROK 203.73 -2.31 DanaherPfdB DHRpB 1067.29 -0.6 PassageBio PASG 24.40 7.8 GigCapital3Un GIK.U 9.80 ...
ETR 97.63 0.04
Apple AAPL 316.85 -2.38 CenterPointEner CNP 16.76 -0.16 EnterpriseProd EPD 18.79 -0.53 ImperialOil IMO 15.52 -0.09 MotorolaSol MSI 137.19 -1.40 RogersComm B RCI 39.60 -0.71 DocuSign DOCU 136.29 3.2 PhioPharmWt PHIOW 0.73 36.2 GuangshenRail GSH 9.70 -1.8
Incyte INCY 98.68 0.36 Mylan MYL 16.00 -0.32 Roku ROKU 114.70 -2.34 Entegris ENTG 59.53 ... Pool POOL 239.17 3.3 ITTechPkg ITP 0.45 7.1
ApplMaterials AMAT 55.02 -1.86 CentraisElBras EBR 4.32 0.13 Equifax EFX 146.70 -2.42
Infosys INFY 8.93 -0.07 MyoKardia MYOK 106.73 -1.64 Facebook FB 237.20 0.6 ProtoLabs PRLB 127.46 1.9 KBLMergerIV Wt KBLMW 0.04 -28.4
Aptargroup ATR 105.09 0.68 CenturyLink CTL 9.71 -0.19 Equinix EQIX 644.40 -11.08 Rollins ROL 38.64 -0.48
Fastly FSLY 44.25 4.0 Repay RPAY 23.03 3.5 KingsoftCloud KC 18.48 -8.7
Aptiv APTV 71.53 -0.18 CeridianHCM CDAY 64.21 -1.01 Equinor IngersollRand IR 29.41 0.39 NICE NICE 180.17 0.59 RoperTech ROP 365.06 -2.82
EQNR 15.06 -0.14 FateTherap FATE 33.81 8.2 SIGA Tech SIGA 6.20 0.5 LuckinCoffee LK 1.91 -28.7
Aramark ARMK 25.10 -0.31 Cerner CERN 67.12 -0.67 Equitable Ingredion INGR 78.81 -0.11 NRG Energy NRG 35.30 -0.20 RossStores ROST 96.87 5.98 10.30 ...
EQH 18.01 0.31 FinTechAcqnIII FTAC SPS Commerce SPSC 63.27 0.9 RandCapital RAND 1.36 ...
ArcelorMittal MT 9.18 -0.19 CharlesRiverLabs CRL 175.23 -0.63 EquityLife s Inphi IPHI 113.15 2.02 NVR NVR 3124.00 38.00 RoyalBkCanada RY 59.98 -1.89 G Willi-Food WILC 15.52 19.2 ScottsMiracleGro SMG 149.87 3.1 Scienjoy SJ 5.55 -15.3
ELS 60.64 0.36
co Fo

ArchCapital ACGL 27.45 0.91 CharterComms CHTR 516.96 4.16 EquityResdntl EQR 57.93 -1.00 Insulet PODD 193.89 -1.56 NXP Semi NXPI 98.89 -4.71 RoyalBkScotland RBS 2.60 -0.08 Genasys GNSS 4.92 6.2 Sea SE 78.54 7.5 WiMiHologram WIMI 3.67 -12.5
ArcherDaniels ADM 35.12 -0.23 CheckPoint CHKP 106.48 -1.31 ErieIndemnity A ERIE 174.29 1.87 Intel INTC 61.98 -1.12 Nasdaq NDAQ 113.99 -0.72 RoyalCaribbean RCL 43.35 2.62
arGEN-X ARGX 155.96 -5.57 Chegg CHGG 62.79 -0.22 EssentialUtil WTRG 41.03 0.52 ICE ICE 92.86 -0.59 NationalGrid NGG 55.25 -0.92 RoyalDutchA RDS.A 32.44 -1.01
AristaNetworks ANET 223.08 -1.62 Chemed CHE 477.21 3.46 EssexProp InterContinentl IHG 43.68 -0.73 NatlInstruments NATI 37.49 -0.70 RoyalDutchB RDS.B 30.48 -0.72
ESS 235.43 -0.43
ArrowElec ARW 67.19 -0.59 CheniereEnergy LNG 44.69 -1.07 EsteeLauder EL 177.88 -1.87 IBM
IntlFlavors
IBM 119.12 -2.26 NatlOilwell NOV 12.12 -0.88 RoyalGold
IFF 128.98 -1.30 NatlRetailProp NNN 30.70 0.56 Ryanair
RGLD 136.73 0.74 Dividend Changes
AscendisPharma ASND 146.84 0.64 CheniereEnerPtrs CQP 31.78 0.08 Etsy ETSY 74.31 -0.98 RYAAY 64.11 3.04
AspenTech AZPN 94.33 -0.90 Chevron CVX 92.04 -0.96 EuronetWorldwide EEFT 92.42 -1.80 IntlPaper IP 32.93 -0.07 Natura&Co NTCO 12.16 0.41 SAP SAP 116.19 -2.40 Dividend announcements from May 21.
Assurant AIZ 101.08 0.15 Chewy CHWY 40.19 0.74 Everbridge Interpublic IPG 16.33 -0.34 NetApp NTAP 45.47 -0.51 S&P Global SPGI 310.76 -3.24
EVBG 144.21 -3.08
s AstraZeneca AZN 55.28 1.50 ChinaLifeIns LFC Intuit INTU 290.00 -0.49 s Netease NTES 401.76 11.45 SBA Comm SBAC 281.29 -2.46 Amount Payable /
9.58 -0.28 EverestRe RE 206.01 6.78
IntuitiveSurgical ISRG 545.95 -6.36 Netflix NFLX 436.25 -11.42 SEI Investments SEIC 51.56 -0.28 Company Symbol Yld % New/Old Frq Record
Athene ATH 26.71 0.02 ChinaMobile CHL 35.58 0.63 Evergy EVRG 58.65 -0.46
Atlassian TEAM 180.25 -3.59 ChinaPetrol SNP 46.97 -1.47 EversourceEner ES InvitatHomes INVH 25.23 0.52 Neurocrine NBIX 121.17 -2.99 SK Telecom SKM 19.03 -0.05
78.82 -0.58 Increased
AtmosEnergy ATO 97.78 -1.63 ChinaUnicom CHU 6.02 -0.10 ExactSciences EXAS 83.18 -1.83 IonisPharma IONS 54.30 0.08 NewOrientalEduc EDU 117.35 -3.21 SS&C Tech SSNC 56.01 -0.73
IovanceBiotherap IOVA 38.15 0.90 NYTimes A NYT 38.18 1.57 SVB Fin American Tower REIT AMT 1.8 1.10 /1.08 Q Jul10 /Jun19
Autodesk ADSK 194.75 -1.89 s Chipotle CMG 1026.71 -3.25 Exelixis EXEL 24.62 -0.38 SIVB 190.85 -4.07
Autohome ATHM 80.78 -1.83 Chubb iQIYI IQ 16.50 -0.26 NewellBrands NWL 12.86 0.28 Salesforce.com CRM 175.26 -1.67
Clorox CLX 2.2 1.11 /1.06 Q Aug14 /Jul29
CB 113.08 8.47 Exelon EXC 36.44 -0.53
Northrop Grumman NOC 1.8 1.45 /1.32 Q Jun17 /Jun01
Autoliv ALV 63.90 -0.12 ChunghwaTel CHT 37.22 -0.06 Expedia EXPE 77.01 -2.57 IronMountain IRM 23.93 0.05 NewMarket NEU 427.02 -0.10 Sanofi SNY 47.44 -0.30
ADP ADP 133.32 -1.46 Church&Dwight CHD 70.97 -1.18 ExpeditorsIntl EXPD 72.19 -0.55 ItauUnibanco ITUB 4.07 0.26 Newmont NEM 63.48 -2.24 SantanderCons SC 15.59 -0.24
AutoZone AZO 1104.47 -8.54 ChurchillDowns CHDN 118.30 -2.17 ExtraSpaceSt EXR 86.93 -0.69 NewsCorp B NWS 11.55 -0.10 SareptaTherap SRPT 145.74 -4.35 Reduced
J K L
n-

Avalara AVLR 102.47 -1.34 Ciena CIEN 51.72 -1.23 ExxonMobil XOM 44.56 -0.81 NewsCorp A NWSA 11.38 -0.07 Schlumberger SLB 17.79 -0.42 Elmira Savings Bank ESBK 5.2 .15 /.23 Q Jun12 /Jun05
Avalonbay AVB 154.18 -1.65 Cigna CI 188.68 0.41 F5Networks FFIV 137.14 -3.24 JD.com JD 52.57 -1.74 NextEraEnergy NEE 228.90 -3.89 SchwabC SCHW 33.22 -0.47 Halliburton HAL 6.0 .045 /.18 Q Jun24 /Jun03
Avangrid AGR 40.28 -0.23 CincinnatiFin CINF 57.45 3.89 FMC FMC 91.87 -1.20 JPMorganChase JPM 90.17 -1.16 NielsenHoldings NLSN 13.42 -0.17 ScienceApplicat SAIC 84.36 0.67 Mesa Royalty Trust MTR 9.7 .0237 /.05073 M Jul31 /May29
Avantor AVTR 16.54 -0.46 Cintas CTAS 242.56 2.03 s Facebook FB 231.39 1.42 JackHenry JKHY 185.50 -4.97 Nike NKE 94.26 1.31 s ScottsMiracleGro SMG 149.58 4.50 Pennsylvania REIT PEI 6.8 .02 /.21 Q Jun15 /Jun01
AveryDennison AVY 105.91 0.16 CiscoSystems CSCO 44.64 -0.80 FactSet FDS 290.41 -0.50 JacobsEngg J 76.97 0.56 NiSource NI 22.99 -0.09 s Sea SE 77.81 5.41 VEREIT VER 5.8 .077 /.1375 Q Jul15 /Jun30
AxaltaCoating AXTA 21.31 0.15 Citigroup FICO 385.18 1.58 JamesHardie JHX 15.65 -0.19 NobleEnergy NBL 10.04 0.31 Seagate
no

C 45.00 -0.47 FairIsaac STX 51.26 -0.59

BCE BCE 39.01 -0.60 CitizensFin CFG 21.35 -0.32 Fastenal FAST 38.71 -0.38 JazzPharma JAZZ 110.85 -3.57 Nokia NOK 3.77 -0.05 SealedAir SEE 30.00 -0.03 Foreign
BHP Group BHP 45.54 -0.32 CitrixSystems CTXS 136.73 -0.71 FederalRealty FRT 79.97 0.82 J&J JNJ 146.71 -0.97 NomuraHoldings NMR 3.88 -0.01 SeattleGenetics SGEN 154.20 -1.58 Algonquin Pwr Nts 2079 AQNB 5.8 .3875 Q Jul01 /Jun15
BHP Group BBL 37.80 -0.32 Clarivate CCC 22.63 -0.01 FedEx FDX 115.77 -1.24 JohnsonControls JCI 29.41 0.67 Nordson NDSN 175.42 0.97 SempraEnergy SRE 121.08 -1.56 Algonquin Pwr Nts 2079 AQNB 5.8 .3875 Q Oct01 /Sep15
BP BP 23.38 -0.24 Clorox CLX 199.40 -4.84 Ferrari RACE 158.76 -0.03 JonesLang JLL 98.22 1.52 NorfolkSouthern NSC 170.56 -3.10 SensataTechs ST 35.35 -1.42 Assrd Grty Mun Hldg 5.6% AGOpF 5.5 .35 Q Jul15 /Jun30
B2Gold BTG 5.48 -0.04 Cloudflare NET 28.04 0.49 FiatChrysler FCAU 8.05 0.07 JuniperNetworks JNPR 23.31 -0.33 NorthernTrust NTRS 73.94 -0.82 ServiceCorp SCI 38.51 -0.33 Assrd Grty Mun Hldg 5.6% AGOpF 5.5 .35 Q Oct15 /Sep30
BWX Tech BWXT 57.39 0.15 Coca-Cola KO 45.17 -0.72 FidNatlFin FNF 27.43 -0.28 KB Fin KB 25.87 -0.45 NorthropGrum NOC 328.11 7.71 ServiceNow NOW 383.64 -6.52 Banco Santander Pfd. 6 SANpB 4.9 .25556 Q Jun05 /May21
Baidu BIDU 110.03 1.51 Coca-Cola Euro CCEP 36.85 0.13 FidNatlInfo FIS 136.50 -1.61 KKR KKR 26.55 -0.14 NortonLifeLock NLOK 20.23 -0.77 ShawComm B SJR 16.09 -0.08 Chubb CB 2.8 .78 Q Jul10 /Jun19
BakerHughes BKR 15.42 -0.19 Cognex CGNX 61.18 -0.22 FifthThirdBncp FITB 17.45 -0.25 KLA KLAC 172.43 -5.49 Novartis NVS 84.99 -0.96 SherwinWilliams SHW 570.00 6.71
Colliers International CIGI 0.2 .05 SA Jul13 /Jun30
Ball BLL 64.04 -0.15 CognizantTech CTSH 51.74 -0.82 58.com WUBA 50.25 -0.50 KT KT 9.82 -0.19 NovoNordisk NVO 64.82 -0.05 ShinhanFin SHG 23.71 -0.88
Enbridge 6.375% Nts 2078 ENBA 6.7 .3984 Q Jul15 /Jul01
BancoBilbaoViz BBVA 2.80 ... ColgatePalm CL 70.26 -0.21 FirstAmerFin FAF 49.07 0.82 KSCitySouthern KSU 146.34 -2.40 Novocure NVCR 63.19 -0.47 s Shopify SHOP 802.35 24.35
NuanceComms NUAN 20.97 0.04 Enbridge 6.375% Nts 2078 ENBA 6.7 .3984 Q Oct15 /Oct01
BancoBradesco BBDO 3.10 0.23 Comcast A CMCSA 38.95 -0.22 FirstRepBank FRC 98.55 -0.23 Kellogg K 61.37 -1.11 Sibanye-Stillwater SBSW 8.39 -0.39
Nucor NUE 40.00 -0.68 Frontline FRO 34.5 .70 Q Jun22 /Jun04
BancodeChile BCH 17.17 0.25 CommerceBcshrs CBSH 60.05 0.50 FirstEnergy FE 40.43 0.15 KeurigDrPepper KDP 26.88 -0.81 SignatureBank SBNY 97.95 -1.59
Granite REIT GRP.U 4.3 .1736 M Jun15 /May29
BancSanBrasil BSBR 4.52 0.29 SABESP SBS 7.57 0.71 Fiserv FISV 103.58 -2.22 KeyCorp KEY 10.71 -0.03 Nutrien NTR 32.61 0.34 SimonProperty SPG 56.00 0.33
BcoSantChile BSAC 16.21 0.26 ConagraBrands CAG 32.25 -0.48 FiveBelow FIVE 97.30 5.01 KeysightTechs KEYS 99.99 -2.93 NVIDIA NVDA 351.01 -7.79 SiriusXM SIRI 5.20 -0.04
Itau Unibanco Holding ADR ITUB 3.3 .00264 M Jul13 /Jun02
BancoSantander SAN 2.02 ... ConchoRscs CXO 56.72 -1.38 Five9 FIVN 103.34 -0.31 KilroyRealty KRC 55.97 0.61 Skyworks SWKS 114.13 -3.25 Medtronic MDT 2.4 .58 Q Jul17 /Jun26
BankofAmerica BAC 22.90 -0.01 ConocoPhillips COP 43.72 -0.43 FleetCorTech FLT 239.84 -0.75 KimberlyClark KMB 137.46 0.61
O P Q SlackTech WORK 31.64 0.29 Nordic American Tankers NAT 9.1 .20 Q Sep04 /Aug28
BankofMontreal BMO 46.72 -1.10 ConEd ED 69.92 -0.82 Flex FLEX 9.82 -0.39 KimcoRealty KIM 11.26 0.30 OGE Energy OGE 30.68 -0.44 Smartsheet SMAR 55.97 0.03 Prudentl 6.5% Perp Sub Cp PUKpA 6.2 .40625 Q Jun23 /Jun08
BankNY Mellon BK 34.98 0.14 ConstBrands A STZ 171.00 -1.47 FlirSystems FLIR 45.16 -0.42 KinderMorgan KMI 15.36 -0.29 ONEOK OKE 36.02 -0.49 SmithAO AOS 42.68 0.22 Prudentl 6.5% Perp Sub Cp PUKpA 6.2 .40625 Q Sep23 /Sep08
BkNovaScotia BNS 36.86 -0.28 ContinentalRscs CLR 13.88 ... Floor&Decor FND 48.86 2.58 KinrossGold KGC 7.15 -0.19 OReillyAuto ORLY 404.28 -2.83 Smith&Nephew SNN 41.16 0.20 RenaissanceRe Hldgs RNR 0.8 .35 Q Jun30 /Jun15
Barclays BCS 5.06 -0.11 Cooper COO 287.80 -8.51 FlowersFoods FLO 22.82 -0.05 KirklandLakeGold KL 39.02 -0.58 OccidentalPetrol OXY 14.25 -0.74 Smucker SJM 107.90 -2.31 SFL SFL 14.3 .25 Q Jun30 /Jun18
BarrickGold GOLD 26.26 -0.99 Copart CPRT 86.40 -0.29 FomentoEconMex FMX 64.88 -0.12 Knight-Swift KNX 38.56 -0.28 s Okta OKTA 187.74 0.04 Snap SNAP 17.55 -0.68 Willis Towers Watson WLTW 1.4 .68 Q Jul15 /Jun30
BauschHealth BHC 18.18 -0.13 Corning GLW 21.32 -0.26 FordMotor F 5.63 0.14 KoninklijkePhil PHG 44.72 -0.41 OldDomFreight ODFL 155.91 0.40 SnapOn SNA 132.87 -0.85
BaxterIntl BAX 86.56 -0.86 Corteva CTVA 24.55 -0.54 Fortinet FTNT 143.38 -2.24 KoreaElcPwr KEP 8.81 -0.01 Ollie'sBargain OLLI 83.41 3.40 SolarEdgeTech SEDG 136.51 -0.74 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BectonDicknsn BDX 238.94 -4.05 CoStar CSGP 643.60 -35.23 Fortis FTS 35.99 -0.74 KraftHeinz KHC 29.71 -0.53 OmegaHealthcare OHI 29.73 0.58 SolarWinds SWI 17.60 0.01 spin-off.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
TMktIdxInstPrem 82.35 -0.54 -8.8 FPA Funds ValueI 37.34 -0.19 -15.9 PRIMECAP Odyssey Fds TotBdAdml 11.52 +0.01 5.3 TotIntBdIxInv 11.46 +0.01 1.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. USBdIdxInstPrem 12.46 +0.01 5.6 FPACres 29.23 -0.14 -13.6 MFS Funds Instl Growth r 35.70 -0.21 -12.8 TotIntBdIdxAdm 22.92 +0.03 1.6 USGro 47.10 -0.31 9.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s Fidelity Advisor I Franklin A1 IntlEq 23.61 -0.29 -15.3 Schwab Funds TotIntlAdmIdx r 24.62 -0.22 -17.4 WellsI 26.48 -0.01 -2.3
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- NwInsghtI 31.66 -0.23 -3.2 CA TF A1 p 7.56 +0.02 ... Northern Funds 1000 Inv r 65.38 -0.46 -8.1 TotStAdml 72.40 -0.48 -8.7 Welltn 40.32 -0.09 -6.3
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes Fidelity Freedom IncomeA1 p 2.02 -0.01 -12.0 StkIdx 33.88 -0.27 -8.1 S&P Sel 45.44 -0.35 -8.0 TxMCapAdml 152.22 -1.09 -7.8 WndsrII 31.14 -0.21 -14.5
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete FF2020 14.85 -0.05 -5.6 FrankTemp/Frank Adv Oakmark Funds Invest TSM Sel r 51.01 -0.34 -8.8 TxMIn r 11.62 -0.12 -17.5 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not FF2025 13.05 -0.05 -6.6 IncomeAdv 2.00 -0.01 -12.1 OakmrkInt 16.86 -0.16 -32.4 TIAA/CREF Funds USGroAdml 122.05 -0.80 9.6 SmValAdml 43.24 +0.17 -26.3
tracked. NS-Fund didn’t exist at start of period. FF2030 15.94 -0.08 -8.0 FrankTemp/Franklin A Old Westbury Fds BdIdxInst 11.59 +0.02 5.3 ValAdml 37.92 -0.25 -18.2 TotBd2 11.44 +0.01 4.9
Freedom2020 K 14.83 -0.05 -5.6 Growth A p 110.00 -0.99 -2.0 LrgCpStr 13.46 -0.09 -10.7 VANGUARD ADMIRAL WdsrllAdml 55.26 -0.37 -14.5 TotIntl 14.72 -0.13 -17.4
Freedom2025 K 13.03 -0.05 -6.5 RisDv A p 63.13 -0.35 -9.1 Parnassus Fds 500Adml 272.95 -2.12 -8.0 WellsIAdml 64.15 -0.03 -2.3 TotSt 72.38 -0.47 -8.7
Thursday, May 21, 2020 Freedom2030 K 15.92 -0.08 -7.9 FrankTemp/Franklin C ParnEqFd 43.18 -0.46 -8.0 BalAdml 37.82 -0.13 -2.8 WelltnAdml 69.63 -0.16 -6.3 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD Freedom2035 K 13.13 -0.08 -10.2 Income C t 2.05 -0.01 -12.1 PGIM Funds Cl Z CAITAdml 12.12 +0.03 1.2 WndsrAdml 57.99 -0.38 -19.8 BalInst 37.82 -0.13 -2.8
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Freedom2040 K 9.10 -0.06 -11.3 FrankTemp/Temp Adv TotalReturnBond 14.40 +0.03 NA CapOpAdml r 140.53 -1.14 -10.9 VANGUARD FDS DevMktsIndInst 11.64 -0.12 -17.4
Fidelity Invest GlBondAdv p 10.01 +0.01 -4.2 PIMCO Fds Instl DivAppIdxAdm 30.81 -0.15 -8.5 DivdGro 27.57 -0.02 -9.7 DevMktsInxInst 18.19 -0.19 -17.4
American Century Inv BlackRock Funds TAUSCoreEq2 17.27 -0.08 -13.9
Ultra 55.79 -0.34 7.0 HiYldBd Inst 7.04 +0.02 -7.6 US CoreEq1 22.52 -0.13 -12.7 AMgr50% 17.86 -0.04 -3.9
Guggenheim Funds Tru AllAsset 10.60 ... NA EMAdmr 30.78 -0.17 -16.6 INSTTRF2020 23.08 -0.08 -4.3 ExtndInst 83.11 +0.03 -12.9
TotRtnBdFdClInst 28.46 +0.04 5.9 InvGrdCrBd 10.66 +0.02 NA EqIncAdml 66.04 -0.37 -16.2 GrwthInst 96.99 -0.83 3.6
American Funds Cl A BlackRock Funds A US CoreEq2 20.27 -0.10 -14.0 Balanc 23.71 -0.10 -3.1 INSTTRF2025 23.33 -0.10 -5.7
4.5 ExplrAdml InPrSeIn
Harbor Funds 88.43 +0.13 -9.0 11.04 -0.01 4.8
AmcpA p 32.37 -0.23 -3.6 GlblAlloc p 18.46 -0.08 -3.5 US Small 27.12 +0.02 -22.3 BluCh 116.29 -0.52 7.9 TotRt 10.69 +0.01 INSTTRF2030 23.39 -0.11 -6.9
CapApInst 82.25 -0.48 8.6
PIMCO Funds A ExtndAdml 83.11 +0.02 -12.9 InstIdx 263.77 -2.05 -8.0
AMutlA p 38.38 -0.22 -11.3 BlackRock Funds Inst US SmCpVal 23.82 +0.04 -30.6 Contra 14.07 -0.13 3.3 INSTTRF2035 23.43 -0.13 -8.1
Harding Loevner
IncomeFd 11.25 +0.03 NA
GNMAAdml 10.83 -0.01 3.6 InstPlus 263.78 -2.05 -8.0
BalA p 27.14 -0.09 -4.4 MultiAstIncome 10.17 ... -5.7 USLgVa 29.65 -0.17 -22.8 ContraK 14.10 -0.12 3.4
IntlEq INSTTRF2040 23.47 -0.14 -9.3
20.59 -0.34 NA
PIMCO Funds I2
GrwthAdml 96.98 -0.84 3.6 InstTStPlus 61.94 -0.41 -8.7
BondA p 13.84 +0.02 6.7 StratIncOpptyIns 9.67 +0.01 -2.1 Dodge & Cox CpInc r 9.15 +0.01 -9.3 Invesco Funds Y HlthCareAdml r 86.28 -0.57 INSTTRF2045 23.44 -0.15 -10.5
1.1 MidCpInst 42.15 -0.28 -13.1
GroCo Income 11.25 +0.03 NA
CapIBA p 55.44 -0.27 -11.6 Bridge Builder Trust Balanced 86.82 -0.28 -12.9 24.16 -0.16 13.1 DevMktY 38.09 -0.54 NA HYCorAdml r 5.52 +0.01 -5.5 INSTTRF2050 23.47 -0.16 -10.5
MidCpIstPl 207.88 -1.38 -13.1
GrowCoK PIMCO Funds Instl
CapWGrA 45.97 -0.33 -11.6 CoreBond 10.77 +0.01 4.4 Income 14.37 +0.02 3.4 24.21 -0.15 13.2 JPMorgan I Class InfProAd 27.10 -0.03 4.8 INSTTRF2055 23.57 -0.15 -10.4 SmCapInst 65.62 +0.09 -17.0
EupacA p 48.24 -0.42 -13.3 CorePlusBond 10.37 +0.01 3.1 Intl Stk 32.46 -0.39 -25.6 InvGrBd 11.92 +0.01 4.2 CoreBond 12.24 +0.02 NA IncomeFd 11.25 +0.03 NA
IntlGrAdml 102.02 -0.89 -0.7 IntlVal 29.79 -0.23 -20.6 STIGradeInst 10.80 +0.01 1.7
FdInvA p 55.32 -0.44 -10.5 Intl Eq 10.19 -0.07 -15.0 Stock 152.27 -0.95 -19.8 LowP r 40.75 -0.02 -18.6 EqInc 15.98 -0.09 NA Price Funds ITBondAdml 12.40 +0.02 6.0 LifeCon 20.45 -0.05 -2.3 STIPSIxins 24.94 ... 1.0
GwthA p 51.66 -0.33 1.0 LargeCapValue 11.27 -0.03 -17.3 DoubleLine Funds Magin 10.29 -0.09 0.9 JPMorgan R Class BlChip 130.21 -1.24 4.7 ITIGradeAdml 10.30 +0.02 4.2 LifeGro 32.94 -0.20 -8.9 TotBdInst 11.52 +0.01 5.3
HI TrA p 9.01 +0.03 -8.4 ClearBridge CoreFxdIncmI 10.93 +0.02 NA OTC 13.40 -0.08 4.8 CoreBond 12.25 +0.01 NA DivGro 47.82 -0.31 -10.0 LTGradeAdml 11.51 +0.05 7.2 LifeMod 27.24 -0.12 -5.6 TotBdInst2 11.44 +0.01 4.9
ICAA p 36.24 -0.18 -7.9 LargeCapGrowthI 54.88 -0.50 NA TotRetBdI 10.61 +0.01 1.0 Puritn 22.45 -0.13 -0.9 CorePlusBd 8.62 +0.01 NA EqInc 24.60 -0.13 -22.8 MidCpAdml 190.81 -1.26 -13.1 PrmcpCor 23.69 -0.15 -15.2 TotBdInstPl 11.52 +0.01 5.3
IncoA p 20.39 -0.09 -11.5 Columbia Class I Edgewood Growth Instituti SAIUSQtyIdx 14.35 -0.11 -2.2 Lord Abbett A EqIndex 78.52 -0.61 -8.1 MuHYAdml 11.24 +0.03 -3.0 STAR 26.32 -0.10 -3.7 TotIntBdIdxInst 34.39 +0.04 1.7
IntBdA p 14.04 +0.01 5.1 DivIncom I 21.28 -0.14 -12.4 EdgewoodGrInst 41.28 -0.47 7.2 SrsEmrgMkt 17.32 -0.14 -16.0 ShtDurIncmA p 4.07 ... -2.1 Growth 75.27 -0.59 2.6 MuIntAdml 14.45 +0.03 0.8 TgtRe2015 14.85 -0.03 -2.2 TotIntlInstIdx r 98.47 -0.88 -17.3
N PerA p 44.58 -0.36 -5.7 Dimensional Fds Fidelity SrsGlobal 10.91 -0.11 -17.2 Lord Abbett F HelSci 84.08 -0.52 3.3 MuLTAdml 11.80 +0.03 0.3 TgtRe2020 31.13 -0.11 -4.3 TotItlInstPlId r 98.49 -0.88 -17.3
NEcoA p 44.50 -0.42 -2.7 5GlbFxdInc 10.82 ... 0.8 500IdxInstPrem 102.47 -0.80 -8.0 SrsGroCoRetail 20.28 -0.12 14.3 ShtDurIncm 4.07 ... -2.1 LgCapGow I 46.02 -0.36 4.5 MuLtdAdml 11.09 +0.02 0.8 TgtRe2025 18.72 -0.07 -5.6 TotStInst 72.42 -0.47 -8.7
NwWrldA 62.12 -0.39 -11.9 DFARlEst 32.52 -0.05 -20.1 Contrafund K6 14.85 -0.12 2.7 SrsIntlGrw 16.04 -0.17 -8.4 Lord Abbett I MidCap 87.71 -0.46 -8.0 MuShtAdml 15.87 +0.01 0.7 TgtRe2030 33.94 -0.16 -6.9 ValueInst 37.92 -0.24 -18.2
SmCpA p 55.65 -0.13 -5.4 EmgMktVa 21.74 -0.08 -24.2 ExtMktIdxInstPre 55.54 +0.01 -13.0 SrsIntlVal 7.61 -0.10 -23.1 ShtDurInc p 4.07 ... -2.0 NHoriz 65.60 -0.07 10.5 PrmcpAdml r 126.93 -0.94 -12.0 TgtRe2035 20.69 -0.11 -8.1 WCM Focus Funds
TxExA p 13.13 +0.03 -0.6 EmMktCorEq 17.31 -0.06 -20.3 IntlIdxInstPrem 35.46 -0.38 -17.5 TotalBond 11.16 +0.02 3.3 Metropolitan West R2020 20.73 -0.07 NA RealEstatAdml 102.83 -0.04 -21.2 TgtRe2040 35.48 -0.22 -9.3 WCMFocIntlGrwIns 18.17 -0.10 -3.9
WshA p 42.22 -0.22 -11.8 IntlCoreEq 10.96 -0.10 -20.5 MidCpInxInstPrem 20.14 -0.10 -14.8 Fidelity SAI TotRetBd 11.39 ... 4.9 R2025 16.52 -0.07 NA SmCapAdml 65.62 +0.09 -17.0 TgtRe2045 22.12 -0.15 -10.4 Western Asset
Baird Funds IntSmCo 14.87 -0.11 -21.3 SAIUSLgCpIndxFd 15.89 -0.12 -8.1 TotalBd 10.66 +0.01 2.7 TotRetBdI 11.39 ... 5.1 R2030 23.82 -0.12 NA SmGthAdml 65.77 -0.08 -5.7 TgtRe2050 35.63 -0.23 -10.4 CoreBondI 13.35 +0.02 NA
AggBdInst 11.64 +0.01 4.7 IntSmVa 14.24 -0.11 -26.4 SeriesOverseas 9.58 -0.08 -11.1 First Eagle Funds TRBdPlan 10.71 ... 5.0 R2035 17.36 -0.10 NA STBondAdml 10.85 +0.01 3.5 TgtRet2055 38.68 -0.25 -10.4 CorePlusBdI 12.08 +0.02 NA
CorBdInst 11.89 +0.01 3.8 LgCo 22.66 -0.18 -8.0 SmCpIdxInstPrem 17.09 +0.01 -18.7 GlbA 51.35 -0.38 -11.4 MFS Funds Class I R2040 24.51 -0.15 NA STIGradeAdml 10.80 +0.01 1.7 TgtRetInc 13.83 -0.02 -1.2 CorePlusBdIS 12.07 +0.02 NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B10 | Friday, May 22, 2020
Shutdown Casts Doubt on Trading Floors
BY ALEXANDER OSIPOVICH
Investors won’t necessarily
benefit when the New York
Stock Exchange and other
market operators welcome
traders back to their closed
floors, new research suggests.
An academic study released
Thursday found that NYSE’s
crucial 4 p.m. auctions, which
determine end-of-day prices
for thousands of stocks, ran
more smoothly after the Big
Board closed its floor to cur-
tail the spread of the coronavi-
rus. NYSE has questioned the
study’s conclusions.
The floor closure, which be-
gan March 23 and ends next
week, is the first time in
NYSE’s 228-year history that it
has operated in all-electronic
mode. It prevented floor bro-
kers from executing trades in
the auctions, one of the few
times of the day when humans
on NYSE’s floor still play a sig-
nificant role.
Meanwhile, brokerages such
as Charles Schwab Corp. say
individual investors have got-
ten better prices on trades in
a popular options contract
since Cboe Global Markets Inc.
shut its Chicago trading floor
on March 16.
The new data casts fresh
doubt on the value of old-fash-
ioned trading floors, just as
exchanges are moving to re-
open them. NYSE plans to re-
open its floor Tuesday, while
Cboe says it could reopen its
floor as soon as June 1.
Only a few exchanges still
have floors, including Cboe,
the Chicago Mercantile Ex-
change, the Intercontinental
Exchange Inc.-owned NYSE
and the London Metal Ex-
change. Almost all trading—
from stocks to Treasury bonds
to cattle futures—can be done
S&P Fired Staffer After He Briefed Senate
BY CEZARY PODKUL The leveraged-loan market has doubled since 2008
to $1.2 trillion as of April.
In November, an S&P Global
Inc. employee briefed Senate Leveraged loans outstanding*
Banking Committee staff mem-
bers on the growing risks in
the $1.2 trillion market for
loans that finance private-eq-
uity buyouts.
In a meeting with Demo-
cratic Senate staff, Andrew
Park of S&P laid out how the
speculative debt would face a
torrent of credit-rating down-
grades once the economy
turned. That would hurt inves-
tors who bought bonds secured
by the loans, many of which
are rated by S&P.
A few weeks after the meet-
ing, one of S&P’s Washington
lobbyists called Mr. Park and
demanded to know why he at-
tended the meeting and what
was discussed, according to
Mr. Park. On Jan. 6, the firm
fired Mr. Park for failing to
clear his presentation with
compliance staff. That was a
violation of a company policy
requiring such clearance, S&P
no
said in a response to a wrong-
ful-termination complaint filed
by Mr. Park.
The coronavirus pandemic
made Mr. Park’s warnings look
prescient. Downgrades of loans
owed by heavily indebted cor-
porations have spiked sharply
since February, eclipsing levels
seen during the financial crisis,
according to S&P. More than
1,600 bonds tied to loans owed
by risky borrowers have been
put on watch for downgrades
by S&P, Moody’s Corp. and
Fitch Ratings. While deteriorat-
ing economic conditions have
hit businesses hard, the wave
of downgrades calls into ques-
tion the accuracy of at least
some of the original ratings.
Mr. Park filed his wrongful-
termination complaint against
S&P under the federal govern-
ment’s whistleblower laws,
saying he was retaliated
against for giving information
to the Senate staffers. He now
works for Americans for Finan-
cial Reform, the organization
that arranged the November
briefing and which lobbies for
tighter financial regulation, in-
cluding of credit-rating firms.
Mr. Park, 33 years old, told
the Democratic Senate staffers
that one source of risk was
companies gaming the system
by hiring the ratings firms that
tend to give their bonds the
highest grades. Mr. Park didn’t
work for S&P’s bond-rating
unit, but in his work as a se-
nior editor at an S&P-owned
news service that covered cor-
porate lending, he frequently
saw signs of this taboo behav-
ior, which both issuers and rat-
ings firms acknowledge hap-
With the floor closed, firms tended to enter orders in the
New York Stock Exchange's 4 p.m. closing auctions earlier,
resulting in what some observers consider a smoother process.
Percentage of closing-auction volume paired
off between buyers and sellers by 3:55 p.m.
00%
Last day New York Stock
Exchange floor was open
80
60
40
March 2
Sources: Edwin Hu and Dermot Murphy; MayStreet
electronically. But proponents
of trading floors say they pro-
vide a valuable service, by fun-
neling trades into one place
and allowing traders to exer-
cise human judgment about
how to execute them. That can
be especially useful for larger
and more complex transac-
tions, floor traders say.
Open-outcry trading floors
emerged centuries ago as
places where traders could
haggle over securities and
commodities. Traditionally,
floor traders enjoyed perks un-
available to those elsewhere,
such as quicker access to infor-
mation and the ability to col-
on
lect fees from firms sending
us ,
orders to the exchange.
l
The rise of electronic trad-
e
al a
ci on
er s
m er
$1.00 trillion
m rp
0.75
co Fo
0.50
0.25
0 opportunity
2000
n-
Downgrades of risky corporate borrowers surged in
April to levels that eclipsed the 2008 financial crisis.
Ratio of downgrades to upgrades†
20 times
15
10
5 part of Mr. Park’s presentation,
0 20
2007 ’10
*Chart tracks leveraged loans outstanding in the S&P/LSTA Leveraged Loan Index. Figure for 2020 is as of April, all other years are year end.
†Chart shows rolling three-month ratio of downgrades to upgrades for companies in the S&P/LSTA Leveraged Loan Index.
‡Market share is based on the value of rated deals. More than one firm can get hired on a deal, so shares can equal to more than 100%.
Sources: LCD, a unit of S&P Global Market Intelligence (ratio, leveraged loans); Asset-Backed Alert (market share)
pens but which they don’t like
discussing.
“Word got out about how I
was speaking about rating
shopping, and I was fired,” Mr.
Park said in an interview.
S&P said in a statement that
it did nothing wrong in firing
Mr. Park and that it will “vigor-
ously defend against all
claims” in his complaint, which
was filed with the Occupational
Safety and Health Administra-
tion.
Regulators have been
sounding alarms about the
market for the risky corporate
debt, known as leveraged
loans. Last May, Federal Re-
serve Chairman Jerome Powell
said loosening lending stan-
dards have spurred growth in
borrowing that was outpacing
companies’ ability to repay.
The following month, S&P
relaxed the ratings criteria it
uses to evaluate collateralized
loan obligations, or CLOs—a
type of bond whose payments
BANKING & FINANCE
Nasdaq
NYSE
April 13
ing put many floor traders out
of business. Advocates of elec-
tronic exchanges say they are
fairer than the floors they re-
placed.
For ordinary investors, the
closure of NYSE’s floor was a
nonevent. But it changed the
way big traders participate in
the exchange’s closing auc-
tions, which have grown in im-
portance in recent years as
Wall Street increasingly uses
them to execute big trades.
Nearly 7% of equities-trading
volume this year has occurred
in closing auctions at NYSE,
Nasdaq Inc. and elsewhere, ac-
cording to brokerage Rosen-
blatt Securities.
When NYSE closed its floor,
firms could no longer use “D
’05 ’10
’15
are tied to pools of leveraged
loans. The new criteria reduced
default expectations for loans
backing CLOs. S&P said in a
statement that additional data
and the evolution of the CLO
market justified the move.
CLO issuers are the biggest
buyers of leveraged loans,
making them an important in-
termediary between private-
equity firms looking to finance
takeovers and investors willing
to bankroll them. Ratings firms
stand in the middle, and their
grades are a crucial input into
the profit calculations of CLO
issuers, who pay for the rat-
ings.
S&P’s market share in U.S.
CLOs rose from 51% in the first
half of 2019 to 71% after the
methodology change, vaulting
over Fitch and Moody’s for the
first time in five years, accord-
ing to industry tracker Asset-
Backed Alert. CLO deals usually
get rated by two firms.
The ratings enable bankers
Traditionally, floor traders enjoyed perks such as quicker access to
information than traders elsewhere.
orders,” a popular way for
traders to buy or sell large
quantities of NYSE-listed
stocks in the closing auctions.
Under NYSE rules, such orders
must be routed through a
floor broker, and they can be
entered throughout the day,
until 10 seconds before 4 p.m.
That gives traders greater
flexibility than they have at
Nasdaq, which imposes
stricter limits on closing-auc-
tion trades after 3:55 p.m., but
it can fuel price swings in
NYSE stocks during the final
minutes.
In Thursday’s study, re-
searchers at New York Univer-
sity and the University of Illi-
nois at Chicago found that
closing the floor made the
$1.25 trillion
’15
S&P’s share of collateralized-
loan-obligation ratings surged
after a 2019 criteria change
Collateralized-loan-obligation
ratings market share in U.S.‡
100%
Moody’s
80
Fitch
60
40 S&P
’20 June 2015 ’16 ’17 ’18
to slice the pools of loans,
which are typically rated junk,
into bonds with various levels
of risk. The riskier, lower-rated
slices are first in line to suffer
losses and can earn higher re-
turns than the safer pieces.
The safest pieces are rated tri-
ple-A.
But investors rarely get a
complete picture of the risks
because issuers selectively dis-
close the best ratings on each
bond, leaving CLOs with patch-
works of missing grades. Rat-
ings firms enable the selective
disclosure by allowing issuers
to decide which of their grades
get published. In the past,
some ratings firms insisted on
making that decision them-
selves.
Mr, Park had studied finance
in college and worked as an an-
alyst for Pacific Investment
Management Co., the bond-
fund manager. In 2015, he
joined S&P, where his main
task was to summarize details
* * THE WALL STREET JOURNAL.
the point and didn’t look at
better ways to measure the
quality of its auctions.
“This flawed study ignores
real-world investor outcomes,”
NYSE Chief Operating Officer
Michael Blaugrund said. “The
only credible conclusion from
analyses evaluating the best
outcomes for investors is that
the NYSE closing auction, in
conjunction with its trading
floor, leads to the fairest
prices for investors.”
Cboe’s floor closure saved
money for investors in S&P
500 options, according to bro-
kers and data from Citadel Se-
curities, one of the biggest
electronic trading firms in op-
tions markets. S&P 500 op-
tions pay off if the index rises
SCOTT OLSON/GETTY IMAGES
above or below certain levels,
allowing investors to bet on or
hedge against market swings.
They gained popularity during
this year’s volatility.
In the first half of March,
investors trading 100 or fewer
S&P 500 options—a size often
associated with individual in-
vestors—traded at prices
process more orderly. slightly worse than those pub-
NYSE’s “indicative” auction licly posted by options ex-
prices, which are meant to changes, costing them an aver-
give investors a sense of clos- age $1.46 per order, according
ing prices for stocks, grew to Citadel Securities data. In
more accurate: The gap be- the second half of March, with
tween 3:55 p.m. indicative the floor closed, that flipped
prices and actual closing into a savings of $98.54 per
prices narrowed by about 1%, order, the data shows.
the study found. The reason for the striking
.
Traders also tended to join difference: When it closed its
the auctions earlier, poten- floor, Cboe activated a mecha-
ly
tially damping big moves at nism that lets investors get
the end of the day. Before the better prices for S&P 500 op-
floor closed, only 46% of NYSE tions than those publicly
closing-auction volume was
matched—or paired off be-
tween buyers and sellers—by
3:55 p.m. That jumped to 74%
posted, by routing their orders
to auctions where electronic
trading firms compete to exe-
cute them at better prices.
after the closure, the study Cboe says it is looking at
found. making the change permanent
NYSE says the study missed when it reopens its floor.
Fund’s
of CLO deals. When he wrote
up Bain’s 2019 deal, a reader
Lawsuit
inquired to ask if the ratings
were a typo, Mr. Park recalled. Against
In late October, after he
took a few days off to get mar-
ried, Mr. Park got an email
from Marcus Stanley, policy di-
Widow Is
rector for Americans for Finan-
Dismissed
cial Reform, inviting him to
speak about CLOs to some
staffers for Sen. Sherrod BY RACHAEL LEVY
Brown (D., Ohio), the ranking
member on the Senate Banking A judge dismissed a lawsuit
Committee. brought by a hedge fund
Mr. Park had met Mr. Stan- against the widow of one of
ley at a Washington event a the fund’s employees.
few weeks earlier and was fa- Visium Asset Manage-
miliar with his organization. ment LP filed the complaint
Mr. Park realized that it wasn’t last year in New York Su-
normally a reporter’s job to preme Court under a new
give such presentations, but he name, VA Management LP.
figured that it would be a good The firm sought more than
to develop $100 million it paid to money
sources, so he agreed. manager Sanjay Valvani from
’20
“You’re going to be thankful 2007 through 2016, among
you met me,” Mr. Stanley told other fees. It said in its com-
Mr. Park as they entered a Sen- plaint that “it would be fun-
ate office building for the damentally unfair for Val-
meeting, according to Mr. Park. vani’s past illegal activity and
Mr. Park created a 20-slide his violation of his fiduciary
PowerPoint presentation, duties to be permitted to per-
which he brought to the meet- petuate a super luxurious life-
ing. In it he explained that style for his spouse.”
while CLOs held up during the In 2016, federal prosecu-
2008 financial crisis, there tors charged Mr. Valvani with
were signs that they wouldn’t insider trading. He pleaded
do the same the next time the not guilty and later died in an
economy crumbled. apparent suicide. Mr. Val-
Rating shopping wasn’t a vani’s attorneys at the time
but the topic came up during
the discussion, according to Sanjay Valvani
Messrs. Park and Stanley and was charged
another guest at the meeting. with insider
’19 Mr. Park said he was asked a trading. He
question about rating shopping died in an
and answered it honestly based apparent
on his experience. suicide.
After his firing, Mr. Park
joined Americans for Financial
Reform to work for Mr. Stan- said he maintained his inno-
ley. Mr. Stanley said he hired cence.
Mr. Park because of his de- In dismissing the suit on
tailed understanding of finan- Wednesday, the judge cited
cial markets. “That’s why I statute of limitations among
sought him out,” he said. his reasons. “The statute of
On Dec. 3, Sen. Brown sent a limitations expired in 2014,
letter to banking regulators five years before this case was
asking for more oversight of filed” in 2019, he wrote.
leveraged loans and CLOs. He Asked about the case’s dis-
wrote that “in yet another echo missal, Visium’s founder Jacob
of the 2008 crisis, market par- Gottlieb said “this does not
ticipants have reported con- look promising.” It couldn’t be
cerns of ratings shopping.” The determined if he plans to re-
letter footnoted an S&P pre- file the suit. A spokesman for
sentation to his staff, though it Mr. Gottlieb, Jonathan Gast-
didn’t directly attribute the in- halter, didn’t comment.
formation to Mr. Park. The suit named Mr. Val-
By early December, credit vani’s estate as a defendant
ratings were getting attention and its administrator, Harjot
in Washington. Lawmakers be- Kaur Sandhu, his widow. “The
gan asking the Securities and allegations against Mr. Valvani
Exchange Commission about were both baseless and unjus-
boosting oversight, and one of tified, and we’re thankful that
the agency’s advisory commit- his family will not be caused
tees had started examining al- further pain unnecessarily,”
ternative ratings business said Michael Tremonte of Sher
models that would lessen the Tremonte LLP, a lawyer for
industry’s conflict of interest. Ms. Sandhu.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
STREETWISE | By James Mackintosh
Wishful Thinking Is a Risky Bet for Investors
Investors
are just as
prone to wish-
ful thinking as
anyone else,
but this week’s
wild stock swings showed that
even unwarranted hope can
be applied entirely rationally.
Monday brought news ev-
eryone wants, of progress to-
ward a vaccine. The progress
reported by Moderna was
small, but it was enough to
prompt a big shift in the
market as investors bought
into the idea that perhaps
there could be a V-shaped
recovery after all.
Individual stocks did ex-
actly what they should, dis-
playing a near-perfect re-
verse of what happened
during the February-March
bear market. United Airlines
was the top performer in the
S&P 500, leaping 21% just on
Monday, having lost 67% in
the bear market. Other lock-
down losers such as cruise
lines and hotel groups were
up more than 15%, while lock-
down winners such as Camp-
bell Soup and biotech stocks
fell. The four S&P stocks that
rose in the bear market—Re-
generon Pharmaceuticals,
Gilead Sciences, Kroger and
Clorox—all fell on Monday.
The scale of the moves
shows three things are going
on.
First, wishful thinking: In-
vestors are willing to bet on
what they want to happen,
acting first and doing the
analysis later to see if the
evidence backs it up. The
rally faded as the week wore
on and people realized that a
Moderna vaccine was far
from certain. Once again
there was a strong tendency
for winners to become losers
and vice versa, albeit not as
strong as on Monday.
Stocks Lose Momentum on Jobless Oil Prices Advance
Stocks slipped, paring gains
from earlier in the week, after
data showed another wave of
Americans applied for unem-
ployment benefits because of
the coronavirus pandemic.
By Caitlin Ostroff,
Akane Otani
and Xie Yu
Markets initially wobbled
between small gains and losses,
then dropped solidly into nega-
tive territory as the afternoon
progressed.
Thursday’s drawback came
after Labor Department data
showed about 2.4 million
Americans filed for unemploy-
ment benefits in the week end-
ing May 16, ex-
THURSDAY’S tending a swift
MARKETS and severe de-
terioration in
the labor market.
no
More than 38 million Ameri-
cans have filed applications
since mid-March, when the
pandemic brought business and
travel to a standstill.
The Dow Jones Industrial
Average fell 101.78 points, or
0.4%, to 24474.12 Thursday. The
S&P 500 lost 23.1 points, or
0.8%, to 2948.51 and the Nas-
daq Composite fell 90.90
points, or 1%, to 9284.88.
Despite Thursday’s decline,
stocks are still on pace for big
Prices Rise for 20-Year Treasury in Debut
BY JULIA-AMBRA VERLAINE
Prices for the revamped 20-
year Treasury bond climbed
Thursday in its debut session.
The yield on the newest
Treasury bond closed at 1.165%,
according to Tradeweb, a day
after the Treasury Department
sold the bond at a yield of
1.22%. Bond yields fall when
prices rise.
CREDIT The 20-year
MARKETS yield’s fall ex-
ceeded that of
the yield on the benchmark 10-
year note, which slipped to
0.677%, compared with 0.679%
on Wednesday.
The Treasury Department
auctioned its first 20-year
bonds since 1986 on Wednes-
day. While the auction was
completed at a slightly higher-
than-expected yield, analysts
said the results were similar to
last week’s 30-year bond auc-
tion and that investor demand
for long-term debt was healthy.
* * * * *
Second, investors are
highly uncertain in their as-
sessment of the probabilities
of a rapid return to normal
and a slow, extended recov-
ery—now known as V- and U-
(or swoosh-) shaped. Pretty
much everyone can agree that
a vaccine would make a fast
recovery much more likely, as
vaccinated consumers would
be both willing and allowed to
travel, shop and socialize. But
few investors have firm views
on how likely it is, so it
doesn’t take much to shift
them from expecting a slow to
a fast recovery, or back again.
T
hird, many stocks are
so beaten up that they
have become survival
plays, behaving more like op-
tions than traditional shares.
If the probability of airlines
or cruise companies going
bust falls even a little, it justi-
fies a big jump in their stock
price, so changes in the likeli-
hood of a V-shaped recovery
lead to enormous moves in
these lockdown losers.
The situation isn’t quite a
binary outcome, but it is
similar: As with the Brexit
vote, selecting stocks that
will win from a V means los-
ing in a U, and vice versa.
Stocks that stand to make
good money because of lock-
down did very badly on Mon-
day, with Campbell Soup off
almost 5%, a lot for a sup-
posedly defensive company.
Investors, probably rightly,
think that tinned food will be
in much less demand once
the world returns to normal,
onpanies both rose by less than
so a vaccine hurts.
us ,
But if all you care about is
l
how much you made, not
e
al a
whether you lagged behind
the market, the places to be
were high-quality stocks or
ci on
disruptive technology, or
both. Quality stocks—those
er s
m er
Share-price and index performance, Thursday
TJX
m rp
Dow industrials
S&P 500
Nasdaq Composite
Best Buy
co Fo
-4%
Source: FactSet
weekly gains, with investors at-
tributing the market’s broader
ascent to optimism that coro-
navirus vaccines might be
available later this year. The
Food and Drug Administration
has fast-tracked the process for
experimental vaccines, and
drugmaker Moderna this week
n-
reported positive results from
the first human study of its ex-
perimental coronavirus vaccine.
Still, a viable product is at
least months away. Some ana-
lysts caution that a sustained
market rebound may be prema-
ture. “Even if this is the vaccine
everyone is hoping for, it’s still
12 months before it comes to
the market,” said Seema Shah,
chief strategist at Principal
Global Investors. “What we’re
seeing today is more of a reality
check. You’ve got undue opti-
mism with the equity market.”
Among individual stocks,
Best Buy fell $3.56, or 4.4%, to
Asset managers and other
buyers actively scooped up the
majority of $20 billion worth of
government debt, leaving bond
dealers with around 25% of se-
curities. Treasury prices often
fall when dealers win larger
shares at the auctions. That is
because banks and securities
firms typically sell the bonds
later on, pressuring prices.
Traders said it will take time
to know what to anticipate from
the primary market for 20-year
Treasurys. “I’d expect the 20-
year to be a bit more volatile
than the other auctions for a
while,” said Tom Graff, a bond
manager at Brown Advisory.
Investors are carefully
watching how the 20-year bond
trades and its effect on bonds
with different maturities. By is-
suing more long-term debt, the
Treasury is ultimately changing
the dynamics of the so-called
back-end of the yield curve.
Credit markets and lenders
have traditionally relied on the
Share-price performance of S&P 500 components
20%
0 Airlines
PERCETNAGE CHANGE DURING BEAR MARKET*
–20
–40
Lost
ground
–60 Monday
–80
–100
–5
$60
40
20
0 Weekly
*Feb. 19 to March 23
Sources: FactSet; Refinitiv (Coca-cola share price)
with less leverage and more
stable earnings than aver-
age—and disruptive tech com-
the market on Monday, but
were still up. Both have fallen
much less than the market
since February. A safety-first
approach has worked, just as
it has over the long term.
What could make a cau-
tious approach go wrong
would be if the stocks turn
out to be wildly expensive, if
the economy roars back and
-2
$77.98 after the electronics re-
tailer reported lower first-quar-
ter sales and earnings.
TJX, parent of T.J. Maxx and
Marshalls, rose $3.45, or 6.8%,
to $54.30 after the company
said it has reopened more than
1,600 stores world-wide and
that its stores could be largely
reopened by the end of next
month.
In a sign of rising tensions
between Washington and Bei-
jing, President Trump tweeted
Wednesday that China’s “disin-
formation and propaganda at-
tack on the United States and
Europe is a disgrace.” That
comes on top of the Senate on
Wednesday approving legisla-
tion that could force Chinese
companies to give up their list-
ings on American stock ex-
changes.
“What the trade rhetoric
does is it does create uncer-
tainty in a market where there
30-year Treasury yield to pro-
vide guidance about what bor-
rowers should pay for long-
term loans. The 20-year
provides another reference
point. “Habits developed over
decades will have to be recon-
sidered—due to changes in Fed
policy and the decisions of
other investors,” said Jim Vo-
gel, an interest-rate strategist
at FHN Financial.
The 20-year bond signifi-
cantly boosts the Treasury’s
borrowing capacity. It is ex-
pected to add around $54 bil-
lion in issuance during a critical
time as the U.S. government
spends trillions of dollars to
combat the coronavirus pan-
demic and its detrimental ef-
fects on the economy.
Treasury officials estimate
that they will borrow a record
$2.99 trillion in the second
quarter, more than five times as
much as quarterly borrowing
during the height of the
2008-09 financial crisis.
Friday, May 22, 2020 | B11
MARKETS
Daily share-price change School of Business shows that
the highest-scoring 20% of
30% U.S. stocks on his operating-
Regeneron Pharmaceuticals Hopes of a vaccine profit-based measure of qual-
meant stocks put Moderna
United hope ity were tied with the 2000
in almost exactly 20 dot-com bubble for the most
the reverse of Remdesivir expensive since 1963. That
their bear-market S&P 500 hope doesn’t bode well for their fu-
performance. ture returns once the world
10
returns to normal and de-
mand for safety recedes.
Biggest
S
0 till, quality stocks are
bounce nowhere near as frothy
Monday as Coca-Cola was in
1998, which gives me some
–10
reassurance. High valuations
generally mean lower re-
United turns, but they have to be
Airlines –20 really high to make nothing
for 22 years.
Norwegian Another risk is that a re-
Cruise Line turn to normal allows the
–30
Federal Reserve to retreat
0 5 10 15 20 25 Jan. Feb. March April May from super-easy monetary
PERCENTAGE CHANGE MONDAY policy, and bond yields leap.
Quality stocks currently have
a lot of overlap with the big
disruptive tech companies,
1998 intraday high which have high prices in
Coca-Cola’s
share price part because investors antici-
pate long-term growth.
Higher yields make that
growth look less attractive
compared with the guaran-
teed return of bonds (another
way to think about it is that
1980 ’90 2000 ’10 ’20 a higher discount rate makes
future profits less valuable
.
today) so these stocks should
be less appealing.
ly
bond yields rise fast, or if the mean it isn’t as good as it Finally, quality stocks are
economy falls into depression. was. But it could never have unlikely to be able to resist
Coca-Cola shows the dan- grown fast enough to justify the downward pull of a new
ger of buying good companies
at the wrong price: Its stock
is back to its high of July
1998. An investor who held it
its 1998 valuation.
Quality companies are
cheaper than they were in
February using price-to-book
Great Depression. The S&P is
hardly down this year thanks
in large part to disruptive
tech and quality stocks pric-
then despite its extraordinary ratios (it’s hard to value using ing in a U-shaped recovery.
valuation of almost 50 times earnings at the moment), but Turn it into the L-shape of a
forward earnings—Warren in February they were ex- long recession or depression
Buffett, for example—has in tremely expensive on several and the best we can expect
almost 22 years banked only of the possible definitions. of quality stocks is that they
the dividend. Selling sugared At the most extreme, data will fall by less than the rest
water remains a great busi- compiled by Prof. Kenneth of the market. True bears
ness, even if health concerns French of Dartmouth’s Tuck should buy bonds or gold.
As Production Falls
BY AMRITH RAMKUMAR terbusch, president of energy
advisory firm Ritterbusch &
Oil prices climbed Thurs- Associates, said in a note.
day, advancing for the sixth The world’s largest crude
consecutive session with pro- exporter, Saudi Arabia, is set
ducers curtailing output in re- to cut supply to its lowest
sponse to low crude prices and level since 2002 next month,
0 2 4 6 8 the coronavirus crisis. even going beyond the output
U.S. crude futures for deliv- cuts that were part of the
ery in July rose 1.3% to $33.92 global agreement.
is lots and lots of uncertainty,” a barrel on the New York Mer- Brent crude, the global
said Justin Onuekwusi, head of cantile Exchange, extending a gauge of oil prices, rose 0.9%
retail multiasset funds at Legal recent recovery. to $36.06 a barrel.
& General Investment Manage- Crude futures collapsed last Thursday’s swings came af-
ment. month, sending front-month ter U.S. government data
In Europe, stocks were futures below $0 for the first Wednesday showed a five mil-
broadly lower, with the pan- time ever lion-barrel drop in crude-oil
continental Stoxx Europe 600 COMMODITIES due to a glut stockpiles during the week
dropping 0.7%. and lack of ended May 15. The figures
China early Friday broke available storage. showed domestic oil supply
with more than a quarter-cen- Oil has since staged a re- fell last week to 11.5 million
tury of tradition by not setting covery with the industry’s barrels a day, down from a re-
an economic growth target for storage crisis easing. Supply cent record of 13.1 million bar-
2020, an acknowledgment of curtailments and a nascent re- rels a day hit earlier in the
the challenges facing the bound in fuel demand are year.
world’s second-largest economy driving down stockpiles in the However, the Energy Infor-
as it grapples with uncertain- U.S. and China, supporting the mation Administration data
ties around the coronavirus price rebound. More people also showed gasoline demand
pandemic. are traveling as states and softening following a recent
Stocks moved lower in Asia countries ease lockdown mea- recovery. Motor gasoline sup-
amid the grim news. Hong sures to stop the coronavirus. plied by energy companies, a
Kong’s Hang Seng Index was That uptick in demand is proxy for demand, fell for the
down 3.5%, the Shanghai Com- coalescing with supply cuts to first time in six weeks.
posite and South Korea’s Kospi stabilize energy markets. Com- Many analysts expect fuel
were down 1% and Japan’s Nik- panies in the U.S. are shutting demand to remain fragile, with
kei was down 0.4%. U.S. stock in wells, while large suppliers much of the world still prac-
futures were down 0.4%. such as Saudi Arabia and Rus- ticing social distancing and
sia are curbing supply as part global travel still well below
of a global agreement reached normal levels.
last month. The accord ended
a production war between
Saudi Arabia and Russia.
“This supply whiplash dur-
The magnitude of global
supply cuts is still giving oil
traders confidence in the re-
cent rally, though. Prices re-
AUCTION RESULTS ing the past couple of months main below levels at which
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market- from a major Saudi production most companies can make
clearing yield. Rates are determined by the difference
between that price and the face value. increase to a dramatic decline money by producing. If they
FOUR-WEEK BILLS in output to multiyear lows continue rising, analysts ex-
Applications $223,013,049,600 has mirrored an unprece- pect some companies to start
Accepted bids $82,694,510,600
" noncompetitively $1,048,106,700
dented crude price swing both gradually boosting supply to
" foreign noncompetitively $394,000,000 down and back up,” Jim Rit- take advantage.
Auction price (rate) 99.993000
(0.090%)
Coupon equivalent 0.091%
Bids at clearing yield accepted 74.65%
Cusip number 9127962W8
The bills, dated May 26, 2020, mature on June 23,
2020.
EIGHT-WEEK BILLS
Applications
Accepted bids
$187,920,726,500
$72,357,750,900
" noncompetitively $198,621,300
" foreign noncompetitively $494,000,000
Auction price (rate) 99.983667
(0.105%)
Coupon equivalent 0.106%
Bids at clearing yield accepted 92.35%
Cusip number 9127963F4
The bills, dated May 26, 2020, mature on July 21,
2020.
NINE-YEAR, EIGHT-MONTH TIPS
JESSICA LUTZ/REUTERS
Applications $28,737,471,400
Accepted bids $12,000,015,400
" noncompetitively $34,420,400
Auction price (rate) 106.232149
-(0.470%)
Interest rate 0.125%
Bids at clearing yield accepted 29.48%
Cusip number 912828Z37
The Treasury inflation-protected securities, dated
May 29, 2020, mature on Jan. 15, 2030. The U.S. reported a five million-barrel drop in crude-oil stockpiles.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Friday, May 22, 2020
Job Losses Ease
But May’s Total
Still Looks Horrible
The unemployment rate, at 14.7% last month,
will probably be heading higher
The good news is the job market
isn’t deteriorating quite as badly in
May as it did in April. But actual
improvement will have to wait.
The Labor Department on
Thursday reported that a season-
ally adjusted 2.4 million U.S. work-
ers filed new claims for jobless
benefits in the week ended last
Saturday. That is down from 2.7
million a week earlier and the few-
est since mid-March, before the
Covid-19 crisis took hold. It is still
a figure that at any other time
would make economists blanch—
but it does suggest that the May
employment report won’t be quite
as brutal as April’s was.
Last week was the Labor Depart-
ment’s reference week for the
monthly employment report, the
pay period that it uses to tally jobs
and the unemployment rate. The
total number of claims filed be-
tween the March and April refer-
ence weeks came to 26.5 million.
Between the April and May refer-
ence weeks 12.2 million claims
were filed—still horrible, but not as
bad. Moreover, there is some lag
between what is actually happening
and what claims are showing. Some
people don’t file right away after
losing work, and that has been ex-
acerbated by difficulties with
Change in number of working
local-business hourly employees
from January levels
0%
–10
–20
–30
–40
–50
–60
–70
March April May
Note: Seven-day moving average
Source: Homebase
The 40% rule is a time-tried
tactic employed by pundits mak-
ing forecasts. If you say there is
a 40% chance of something im-
no
probable happening and it does,
you look great.
And if it doesn’t, you never
said the odds favored it.
But in the Covid-19 era, the
40% number economists are now
citing is how much they expect
gross domestic product to con-
tract, at an annual rate, in the
Best Buy’s Results Could Have Been Worse,
As Revenue, Earnings Top Estimates
Best Buy is a survivor, and last
quarter’s results show it.
The electronics retailer beat
both revenue and earnings-per-
share estimates for the quarter
ended May 2, retaining more than
90% of its overall sales this quar-
ter from the comparable period
last year despite shutting down
all of its U.S. stores starting
March 22. That is an impressive
number for a company that, as of
last year, pulled in less than 20%
of its domestic revenue through
online sales. Agility played a big
part: As of the third quarter last
year curbside pickup was avail-
able in only 10% of its stores, but
the retailer rolled that out to all
domestic stores in its latest quar-
ter.
Best Buy clearly benefited from
the stay-home shift: Computing,
gaming and small appliances were
categories that saw particularly
high demand. Its foray into fitness
equipment last year seems to have
been well timed. The company saw
a significant increase in demand
for such products as people
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
states’ overloaded claims systems.
Indeed, some data suggest a
stabilizing employment picture.
Data from scheduling-software
company Homebase shows that in
the seven-day period ended May
14, the number of hourly employ-
ees working at restaurants, retail-
ers and other small businesses was
down an average of 47% from Jan-
uary levels. That compares with
62% a month earlier. With states
relaxing restrictions and Main
Street businesses developing take-
out and curbside-pickup strategies,
some people are coming back to
work.
But these Main Street hourly
workers represent only a portion
of U.S. employment, and with de-
mand down sharply, strains are
emerging elsewhere. A running
count compiled by economists at
Evercore ISI counts 125 news re-
ports of job cuts, shutdowns and
other second-wave problems—such
as Uber Technologies’ decision to
on
lay off an additional 3,000 work-
ers—in just the past week.
Beyond layoffs, there also is the
hidden threat of all the new jobs
that aren’t being created as a re-
us ,
sult of the crisis. Typically, there is
l
a tremendous amount of churn in
e
al a
the labor market, with millions of
people leaving jobs every month
and millions of people taking on
ci on
new ones. But much of that hiring
has been put off, and some simply
won’t happen: Census Bureau fig-
ures continue to show that appli-
cations to start new businesses
er s
with planned employment con-
tinue to run well below their year-
m er
earlier levels.
So while April’s jobs report will
remain the worst in history, May’s
will likely go down as the second-
worst. The unemployment rate, at
m rp
14.7% last month, will probably be
heading even higher. There will be
some point at which the threat
from the new coronavirus will
have receded enough that the job
co Fo
market will begin to recover, and
with hope that will come soon. But
it isn’t here yet.
—Justin Lahart
OVERHEARD
n-
second quarter.
Bank of America’s economists on
Wednesday revised their second-
quarter GDP forecast to down an
annualized 40% from down 30%.
They join economists at J.P. Mor-
gan, Barclays and High Frequency
Economics with the same 40%
down forecast.
Others are gathered near the
mark: Goldman Sachs economists
forecast a 39% contraction while
IHS Markit has 39.5%.
adapted to routines outside the
gym.
But overall demand was hardly
robust. Rising unemployment and
weakness in consumer spending
led to a steep drop in electronics
and appliances sales across the
U.S., falling 65% in April from a
year earlier, according to the Cen-
sus Bureau.
Company’s ability to beat
the odds speaks to its
grip on appliances and
electronics market share.
Best Buy’s ability to beat the
odds speaks to its grip on appli-
ances and electronics market
share. Competitors selling in the
same category have been open for
brick-and-mortar business, includ-
ing behemoths like Walmart, Tar-
get, Lowe’s and Home Depot,
which all have online-shopping op-
ON
THE
An empty street in Key West, which would normally be teeming with tourists, on the last week of spring break.
Expedia Has a Virus Ace
Its homestay business may benefit as travelers flee densely populated cities
Expedia is giving new meaning
to the term “cabin fever.”
The global pandemic had re-
duced investors’ expectations for
quarterly results to virtually zero.
That explains why investors re-
acted only mildly to Expedia’s
first-quarter report after the bell
Wednesday in which revenue fell
15% from a year earlier.
While declining to give concrete
guidance for the second quarter,
which investors largely expect to
be the trough, the company also
dropped a small nugget of hope.
Expedia said business in May
has been looking “considerably
better” than late March and early
April, citing “really markedly bet-
ter” performance in its homestay
business, Vrbo. The company said
this is likely driven by people look-
ing to get out of densely populated
cities for the summer with their
families.
This, of course, should benefit
all alternative accommodation
players, including online travel
agent Booking Holdings and
Airbnb, the latter of which boasts
more than seven million listings
world-wide. But while smaller than
Airbnb, Expedia’s homestay busi-
ness may have a coronavirus upper
hand: SunTrust analyst Naved
Khan notes that whole homes have
been a historical focus for Vrbo,
many of which are in secondary
and tertiary towns. While Airbnb
With only some preliminary
May data available, and the
month of June yet to start, it is
at this point pretty impossible to
know just how bad second-quar-
ter GDP will actually be.
So economists’ dire forecasts
are mostly just placeholders to
say they think it will be really
bad. There is a chance the con-
traction could be worse than
40%, but penciling that in might
violate some rule.
tions as well. Pricing was likely
not a factor, either. On average,
Best Buy’s top-selling products in
20 different categories were 1.4%
more expensive than Amazon and
1.2% pricier than Walmart, accord-
ing to UBS’s research note from
May 15.
Best Buy has been able to suc-
cessfully fend off Amazon over the
years by doubling down on its
showrooms and building in-person
relationships with customers
through services like Geek Squad
and in-home consultations. Some
of that has resumed—Best Buy be-
gan opening some of its stores this
month and is offering consulta-
tions in store by appointment only.
But clearly, its brand is resilient
with consumers even without
these.
Like other retailers, Best Buy
will take a hit from consumers’
thinning wallets if the economy
weakens further. But its ability to
stand its ground even without
physical stores shows it has what
it takes to come out of the other
side stronger. — Jinjoo Lee
Expedia’s quarterly sales
$3.5 billion
3.0
2.5
2.0
1.5
1.0
0.5
0
2017 ’18
Source: the company
says the majority of its listings are
also whole homes, it also has a big
focus on shared rooms and urban
apartments, which may be less on-
trend at the moment.
In its first-quarter report, Expe-
dia said it changed its segment re-
porting such that it didn’t break
out revenues for Vrbo. As such, it’s
difficult to know exactly how
Vrbo’s business has performed
amid the pandemic. As of the
fourth quarter, Vrbo accounted for
just 9% of Expedia’s overall sales.
While the business is small, it
could offer some positive signs of
a more general travel recovery
trend as the country opens back
Biotech Firms Rush
To Sell Shares
Investor enthusiasm for biotech-
nology stocks is running hot. That
could be a sign that the sector’s
spring rally will soon wind down.
A broad index of small and me-
dium biotech stocks is just off highs
and has surged about 60% from the
lows in March. The new reality of
Covid-19, the disease caused by the
coronavirus, has meant renewed in-
terest in the sector, as some inves-
tors bet that the successful devel-
oper of a treatment or vaccine
could eventually make huge profits.
The outbreak has also meant fresh
government funding for research
and more latitude from regulators
on requirements to get drugs to pa-
tients.
There are other reasons for the
rally. As the November election ap-
proaches, talk has subsided of
“Medicare for All” or other policies
perceived as unfriendly to the drug
industry. A round of easing from
the Federal Reserve certainly
doesn’t hurt the performance of
speculative financial assets.
As a result, companies are selling
fresh stock to investors faster than
U.S. biotechnology follow-on
deal volume
$14 billion
12
10
8 the sector but also presents a dan-
6 While biotech shares are currently
4 can change quickly—the sector has
2
0 In such a scenario, investors will
2013 ’14 ’15 ’16 ’17 ’18 ’19 ’20*
*Through May 20
Source: Dealogic
THE WALL STREET JOURNAL.
JOE RAEDLE/GETTY IMAGES
.
ly
’19 ’20
up. Mr. Khan said property manag-
ers in the vacation rental space
with whom he spoke are seeing a
bounce in bookings, particularly in
destinations to which travelers can
drive rather than fly.
Investors should stay grounded
as well. Expedia’s gross bookings
in the first quarter were down 39%
year-over-year, an indication that
travel in the next few months
should continue to be light.
Time will tell just how desper-
ate travelers are to flee the coop.
But it seems more clear that those
who do leave are mainly looking
for another nest to inhabit.
—Laura Forman
you can say hydroxychloroquine.
There have been $9.3 billion
worth of follow-on stock deals from
public biotech companies this year
as of Wednesday, according to Dea-
logic data. At that pace, offerings
will soon blow past last year’s re-
cord volume of $14 billion for the
entire year.
The pace has quickened in recent
days. Moderna Inc. issued $1.2 bil-
lion of stock Monday, after saying it
had encouraging Phase 1 data for its
Covid-19 vaccine candidate.
The markets are wide open to
companies fighting other diseases
as well: Gene-therapy startup Blue-
bird Bio Inc. raised $500 million in
a follow-on offering, while cancer
specialists Turning Point Thera-
peutics Inc. and Clovis Oncology
Inc. also raised equity this week.
This certainly makes sense for
the companies ringing the register.
“I’m not surprised at all that com-
panies are taking advantage of
strong market conditions,” said
Jared Holz, health-care trading
strategist at Jefferies. After all,
most biotech companies burn cash
and will eventually need fresh fund-
ing for their drug-development
projects, he noted. It is better to
raise that money in strong markets
than in weaker ones, even for those
companies with no immediate cash
needs.
All that funding should improve
longer-term operating prospects for
ger to investors in the short term.
flying, recent history shows that
lost 35% or more of its value three
times since 2016.
be far less pleased with all the extra
shares they have been happily buy-
ing this spring.
—Charley Grant
 MANSION
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Home, Fat, $7.5 Million

Home Childhood
Make your house vacation cottage
a healthier place of Jackie Onassis
to be. M2 lists. M4

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, May 22, 2020 | M1

Working From Home These homeowners built luxurious home offices for
the occasional work-from-home day. Now that that’s
every day, they treasure the privacy, comfort and
Never Looked So Good views that come with a room of one’s own.

$100,000
Cost of the 400-square-foot
office in Houston

Chandelier: $6,000

Kristal Jackson Dayal, Nilesh and

Dillan Dayal, above, at their Houston
home, which has linked offices, left.

BY CECILIE ROHWEDDER

W
hen Nilesh Dayal
and his wife,
Kristal Jackson
Dayal, built their
9,400-square-foot

.
Mediterranean-style house in Hous-

ly
ton in 2016, they created a stately
home office they expected to use for
The hidden office cost after-dinner work, nighttime calls to
an additional $50,000 on foreign time zones and occasional
client meetings.
Now they are in there all day
long.
us ,

16th-century Italian “I have been on calls since 7 a.m.

and probably will be into the wee
l

fireplace: $20,000
e
hours of the evening,” says Mr.
al a

Dayal, partner at L.E.K. Consulting, a

global management-consulting firm,
ci on

where he heads the oil and gas prac-

tice. For remote work in the current
health crisis, he says, it has been es-
sential to have a dedicated work-
space away from the household and
er s

family, which includes son, Dillan,

10, and baby, Hope, born in April.
m er

The 400-square-foot office in his

$3.5 million home also gives Mr.
Dayal, 48, the space to walk around
while talking on the phone—one of
m rp

his habits.
For millions of Americans now
working remotely, the home office is
the room where it happens. While
18th-century Italian some professionals work from their
co Fo

desk: $20,000 couch, surrounded by kids and com-

motion, most cherish—or crave—a
separate space with a door, a desk
and few distractions.
FROM LEFT: PETER MOLICK PHOTOGRAPHY; ZONTINI STUDIOS

For home buyers, real-estate pro-

fessionals say, home offices are the
next room boom.
“Traditionally, kitchens and mas-
ter bedrooms were the most impor-
tant spaces buyers looked at,” says
Robin Kencel, a licensed broker
with Compass in Greenwich, Conn.
n-

Please turn to page M6

Reclaimed-wood floors: $20,000  The Dayals’ home has one large

no

office where the family gathers at

night and a smaller, hidden one.

Colorado Ranch
Looks to Set Record
Entrepreneur built ‘mini-country club’ for his family on 813 acres

BY KATHERINE CLARKE

OVER THE PAST seven years,

Egypt-born entrepreneur Charif
FOR SALE Souki has poured many millions of

$220 dollars into his 813-acre Colorado

ranch, he said, turning it into
MILLION something akin to a “mini-country
club” for his family.
His four oldest children have
FROM LEFT: DAVID O. MARLOW (2); BLAKE MARVIN

their own houses on the Aspen-

area property, each decorated in
their respective styles. Known as
Aspen Valley Ranch, the property
has a gym, a swimming pool and a
clubhouse with a theater and wine
room. A repurposed historic barn
is devoted to games, with arcade
games, air hockey, foosball, Skee-
ball and ping pong, and provides
storage for the family’s quads,
snowmobiles and dirt bikes.
The property is so large that a
couple of Mr. Souki’s friends who Charif Souki, a natural-gas entrepreneur, spent years building a family
Please turn to page M10 compound with seven private houses on his ranch near Aspen, Colo.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M2 | Friday, May 22, 2020
Does This House Make Me Look Fat?
Bigger homes, more technology and way more TVs are the enemies in the battle against the bulge
It isn’t bad enough
that we’re mostly
stuck at home
where the fridge is
so close, and that
we’re stress eating
while trying to do
our jobs on a card table in the
bedroom. We’re also fighting an
unexpected enemy in our quest to
not become Jabba the Hutt.
Our actual home design is mak-
ing us fat.
Larger homes in the U.S. today
are likely to have multiple TVs
and an extra refrigerator, accord-
ing to the U.S. Energy Information
Administration. High-end homes
may include walk-in pantries,
wine-tasting rooms, stocked mini-
fridges for the kids, juice bars and
coffee stations. It is no wonder
roughly four in 10 American
adults are obese, according to the
Centers for Disease Control and
Prevention.
“Now more than ever with
Covid-19, we need to think of our
kitchen as a gathering place—not
just cooking or eating places,”
says environmental-design psy-
chologist Toby Israel. Her Prince-
ton, N.J., consulting firm, Oasis by
Design, helps clients reimagine
their home’s design to suit their
lifestyles and create emotionally
healthy homes.
Dr. Israel reconfigured her own
home to emphasize gathering.
Adding skylights turned a narrow,
dark space into one filled with
lots of “mood-boosting light,” she
says. “I broke down a wall so that
we could enter our screened-in
porch directly from the kitchen.
This not only welcomed in more
light and fresh air, but enabled us
to see our backyard view of na-
ture, which research shows can
aid in healing.”
Last year, an analysis by the
Rand Corp., a nonprofit research
organization, found that even
though Americans average more
than five hours of free time each
day, we opt to spend most of it
looking at screens (televisions,
phones or other devices). That
bodes poorly for our health, as sep-
arate studies have linked prolonged
TV watching to weight gain.
Snacking in front of the TV com-
pounds the problem. In the U.S.,
53% of snackers do so two or three
times a day, according to Mintel, a
global consumer-research firm. An
additional 17% are “super snack-
ers,” consuming snack food four or
more times a day. Overall, 67% of
all snackers did so in place of one
or more of their daily meals, typi-
cally breakfast, says Beth Bloom,
associate director of U.S. food and
drink reports for Mintel.
Snacking is part of the reason
no
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Want to adapt your home in ways
er s
that promote healthier habits?
Here are tips from Toby Israel, an
m er
environmental-design psychologist
and founder of consulting firm Oa-
sis by Design based in Princeton,
N.J.
m rp
 GATHER TOGETHER
Ensure your kitchen has ample
seating and table space for family
gatherings and activities like home-
co Fo
work and crafting.
“The kitchen table is where family
memories are made,” Dr. Israel
says. “Kids can also help with food
prep and discuss healthy eating.”
Likewise, make the living room
or den a destination for inter-
acting, not just for TV. Gather-
ing in front of the fireplace
can become a family ritual on
chilly evenings.
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MANSION
SLIMIFYING YOUR HOUSE
healthy snacks and keep them
within easy reach. Indulgent treats
should be kept out of sight to mini-
mize temptation.
 BALANCE HOME TECHNOLOGY
There is nothing wrong with voice
automation and robotics that help
with household duties. But there
should be limits.
“I have my Alexa in the kitchen
while I cook,” Dr. Israel says. “It in-
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THE WALL STREET JOURNAL.
that less than half of Americans
sit around a dinner table at meal-
time, according to a survey last
year for June, a countertop-oven
manufacturer. Instead, 30% of re-
spondents say the couch is their
primary eating place, while an ad-
ditional 17% cite the bedroom as
their preferred dining spot.
Staying active is also key to a
healthy lifestyle, but Americans’
preference for larger homes is
taking away backyard space, ac-
cording to an analysis by real-es-
tate website Trulia. On average,
U.S. homes built
LESS THAN since 2015 oc-
50%
of Americans
cupy 25% of the
land on which
they sit, while
eat meals at a homes built in
dinner table 1975 occupy just
Source: June 13.9%. Urban ar-
eas with dense
populations had some of the
smallest yard spaces—Philadel-
phia has a 57.7% lot utilization
and San Francisco has a 44.2% lot
utilization, Zillow found.
We let home-automation sys-
tems control things like the win-
dow shades, the thermostat and
.
the volume with the touch of a
ly
button. And robots are there to
vacuum, mop, mow the lawn,
clean the pool, wash the windows
DELPHINE LEE (2)
and empty the litter box.
However, there are things that
homeowners can do to make
home less fattening without
throwing the robots out with the
bathwater.
Helen Rapoport, a picture-book
writer in Columbia, S.C., and her
husband, Mark Rapoport, a re-
tired attorney, resolved to adopt
healthier lifestyles in 2020. She
bought a new treadmill this year
and gets up early to exercise.
forms me and entertains me and The couple built a greenhouse
keeps me occupied while I’m chop- earlier this year, where they grow
ping up a million veggies.” Still, “ev- herbs, tomatoes, cabbage and egg-
ery kid should have a set of chores plant. And while they are longtime
they do themselves—get up and vegetarians, they have doubled
make their beds. Develop routine down on developing healthier eat-
and a sense of responsibility.” ing habits. They bought a blender
to make protein shakes and are
 INSTALL WINDOW COVERINGS trying a wider variety of nuts and
At night, use light-blocking shades leafy greens. Fruits and vegetables
in bedrooms. Darkness creates mel- are now displayed front and cen-
atonin, which helps control the ter in the fridge.
sleep-wake cycle. Raise the blinds The Rapoports have realized
during the day. Sunlight is known that there is only so much tofu a
to boost energy and improve person can eat before a chocolate
moods. craving kicks in. To fight the
temptation to snack, Ms. Rapo-
 USE THE PORCH port stashes chocolate chips in
Homes with front or back the basement freezer, far away
porches have an escape from from her home office. While at
over-air-conditioned or over- work, she knows to occasionally
heated rooms. Going outside step away from her desk—and re-
can also reduce exposure to indoor sist the siren call of the chocolate
pollutants, such as emissions from chips in the basement.
volatile organic compounds found “If I need to take a break, I will
in some building materials. jump rope,” she says.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY / NE Friday, May 22, 2020 | M3

PRIVATE PROPERTIES

In L.A., Not Your Average Rental House

BY KATHERINE CLARKE

L
os Angeles devel-
oper Ardie Tavan- FOR RENT
garian is known for
selling over-the- $350,000
top homes. Last year, a A MONTH
house he built in the Bel- 2 safe rooms,
Air area sold to a Chinese retractable roof, car
buyer for $75 million. turntable
But his latest creation, a
mega-mansion with two
safe rooms and a retract-
able roof for stargazing,
isn’t listed for sale. Instead,
the Pacific Palisades house
is hitting the market as a
rental asking $350,000 a
month.
As the real-estate indus-
try scrambles amid the cor-
onavirus pandemic, Mr.
Tavangarian said he de-
cided to rent rather than
sell the amenity-laden
home to capitalize on in-
creased demand for luxury
homes from renters, espe-
cially those coming from
hard-hit cities such as New
York.
The asking rent is ambi-
tious but not unprece-

SIMON BERLYN (3)

dented. Branden Williams of
Hilton & Hyland, who has
the listing with his wife and
A curved statement wall cost about $2 million.
business partner Rayni Wil-
liams, said they have rented
Los Angeles area homes for Monica Mountains and the
as much as $500,000 a ocean, the house sits on

IT’S EASY BEING

.
month in the past. roughly an acre of land next

ly
Green!
The property debuts at a door to a mansion owned
difficult time for the high- by Tom Hanks and Rita Wil-
end real-estate market, as son, records show. Mr. Tav-
sales have largely paused in
cities like New York. While
Los Angeles has notched a
few major sales during the
on angarian purchased the
land for about $7.25 million
in 2013. He declined to say
how much it cost him to
us ,

pandemic, the spring mar- build and furnish the home,

ket is still moving much although he did say a
l
e
more slowly than usual as curved, 40-foot-tall state-
al a

agents navigate restricted ment wall on the property

showing capabilities and alone cost roughly $2 mil-
ci on

rattled buyers. lion.

But Ms. Williams said the elite and wealthy aren’t property has already been The six-bedroom house
the Covid-19 crisis has led going to be in Europe this toured by Tesla chief execu- has a fully stocked wine cel- Visit our model cottage safely and
to significantly more de- summer and on their tive Elon Musk. A spokes- lar, spa and movie theater. privately to learn about building a
mand for high-end rentals. yachts, they might come to man for Mr. Musk didn’t re- A large garage doubles as beautiful, customized home in this exciting
er s

“It’s taken the rental L.A. and rent a very luxuri- spond to a request for an events venue, with a car new community. We are reserving sites
market to a whole new ous home in lieu of that comment. turntable that can be trans-
now to begin construction within your
m er

level,” she said of the pan-
demic. “If you figure that
yacht.” Perched atop a promon- formed into a dance floor.
Mr. Tavangarian said the tory overlooking the Santa The master suite, ac- ideal timeframe in 2020 or 2021.
cessed via a retinal scanner,
Offering a maintenance-free lifestyle in a
has a custom-designed roof
country setting with peace of mind for the
m rp

that retracts to reveal the

sky, either entirely open or future, these solar-powered, environmentally
through glass. It can also friendly cottages truly provide “green living” at
be used as a projection its finest! Enjoy your active retirement with free
screen to watch movies in Golf FORE Life at 3 local courses, just minutes
co Fo

bed, Mr. Tavangarian said. from the ocean and the city of Portland.
The house is fully fur-
nished with pieces Mr. Tav-
angarian said he hand-se-
lected, including a Damien
Hirst painting.
Outside, the property has
an infinity pool with a hid-
den Jacuzzi, custom ca- cumberlandcrossingrc.com LIKE US ON
banas, a “sauna pod” de- Cumberland, Maine
signed to frame the
mountain views, and an
Call today for your
n-

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A ‘sauna pod’ with mountain views
rounded by olive trees. private or virtual tour! 207-781-4460
no

A RARE GEM IN A PERFECT SETTING

STUNNING 360° VIEWS | 21 EXPANSIVE RESIDENCES | PRE-CONSTRUCTION PRICING FROM $5.9 TO OVER $10 MILLION

1500 BEACH ROAD, TEQUESTA, FL 33469 | SEAGLASSJUPITERISLAND.COM | FOR INQUIRIES CALL: (561) 781-5989
Artist’s Concept
ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE SELLER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO
BE FURNISHED BY A SELLER TO A BUYER OR LESSEE. This project has been filed in the State of Florida and no other state. This is not an offer to sell or solicitation of offers to buy the condominium units in states where such offer or solicitation cannot be made. Prices and availability are subject to change
at any time without notice. This is a limited time offer. Developer may withdraw offering at any time. We are pledged to the letter and spirit of the US Policy for achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which
there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. All real estate advertised herein is subject to the US Federal Fair Housing Act of 1968 which makes it illegal to make or publish any advertisement that indicates any preference,
limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin. Please check with your local government agency for more information. The sketches, renderings, pictures and illustrations are proposals only and the developer reserves the right to modify, revise
or withdraw any or all of the same at its sole discretion without notice. The renderings illustrate and depict a lifestyle, however, amenities, features and specifications are subject to change without notice. All information is deemed reliable but is not guaranteed and should be independently verified.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M4 | Friday, May 22, 2020 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

The Hamptons ‘Cottage’ Where a Young

Jackie Kennedy Onassis Spent Summers
BY KATHERINE CLARKE
A former owner was artist Adolph Gottlieb.

A
shingled Hamptons
house where Jacqueline
Kennedy Onassis spent
childhood summers is

RISE MEDIA/SOTHEBY’S INTERNATIONAL REALTY (2); BERT MORGAN/HULTON ARCHIVE/GETTY IMAGES (ONASSIS)
coming on the market for $7.5
million.
Known as Wildmoor, the three-
story East Hampton home dates
back to the late 1800s. In the early
1900s it belonged to Ms. Onassis’
grandfather, John Vernou Bouvier
Jr. When Ms. Onassis was a young
child, she spent every summer at
Wildmoor with her mother, Janet
Lee Bouvier, according to the book
“Jacqueline Kennedy Onassis:
Friend of the Arts.”
In 1925, before Ms. Onassis was
born, her grandparents had up-
graded to the larger East Hamp-
ton estate known as Lasata, ac-
cording to the book, though they
didn’t sell Wildmoor right away.
They allowed Ms. Onassis’ family
to stay there rent-free, according
to multiple accounts.
“The Bouviers lived on Park Av-
enue in Manhattan and spent each
summer in Wildmoor...near
Grandfather Bouvier’s splendid
summer house
Lasata, where FOR SALE even be original, Ms. Butler said.
A fireplace with patterned tiles
Janet kept her
horses,” accord- $7.5 The nearly 1-acre property also
includes a free-standing former

.
ing to the book,
MILLION carriage house. A former owner of

ly
“Of Men, the house, the late abstract ex-
4,500 sq. ft.,
Women and pressionist Adolph Gottlieb,
6 bedrooms,
Horses” by Fred turned it into a studio and used it
antique claw-
Glueckstein.
Located sev-
eral blocks from
the ocean, Wild-
on foot tub

second-floor
to paint and to display his work,
Ms. Butler said.
Ms. McAtee said she and her
siblings are selling the house be-
us ,

moor is a few terrace, ac- cause they don’t use it as much as

houses down cording to list- they used to, but are doing so
l
e
from Grey Gar- ing agent Paula with “mixed emotions.” Her sister
al a

dens, the famed Butler of So- was married in the home and Ms.
estate once theby’s Inter- McAtee had her own rehearsal
ci on

owned by “Little The future first lady on Long national Re- dinner in the garden.
Edie” Beale, a Island as a young girl. alty. The house “It has a special place in our
first cousin of still has many hearts,” she said.
Ms. Onassis. Wardwell who died in 2015. He The main house has six bed- historic details, including wood
Wildmoor is now owned by the bought the property around 1990, rooms and spans about 4,500 paneling, an antique claw-foot Former Mike Tyson home asks
er s

estate of the late Richard D. Spiz- according to his daughter Hillary square feet, with a gabled roof, bathtub and a fireplace clad in $8.5 million in Maryland M9
zirri, a lawyer with Davis Polk & McAtee, 58. wraparound porch and a large patterned tile. The wallpaper may
m er

SOUTH
m rp

ADIRONDACK BEACH
co Fo

WAT E RF R O N T E STAT E S
WITHOUT
THE
1,093
n-

CA M P IR
I RO
OQU
UOOII S CA MP M I D WO O
ODD
MILE
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CA M P RE
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Designed by Monteforte
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CA M
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ALL PRICES AND INFORMATION ARE SUBJECT TO CHANGE WITHOUT NOTICE. SEE SALES ASSOCIATE FOR MORE INFORMATION.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, May 22, 2020 | M4A

Art. Beauty. Provenance.

MIDTOWN, NEW YORK CITY
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Onassis estate in Martha’s Vineyard with timate lifestyle offering for equestrians, car vate clubs. 1.3± acres. 151± ft oceanfront. estate on 2 private acres off of famed vate clubs, & best hospitals.160 ft river +

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m er

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Spectacular 4-bed, 6-bath turnkey home
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Private tropical escape, 6 beds, 7 full & 1
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M4B | Friday, May 22, 2020 THE WALL STREET JOURNAL.

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Discover the unsearchable

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m er

Discover the forest

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Find a trail near you at

DiscoverTheForest.org
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
FROM LEFT: JUSTIN STEPHENS/ABC/GETTY IMAGES; MARY WILSON COLLECTION; KEYSTONE PRESSEDIENST/ZUMA PRESS
HOUSE CALL | MARY WILSON
A Life Supreme
The co-founder of the Motown group recalls her
childhood with Diana Ross and Florence Ballard
I
first caught sight of Diana
Ross from my apartment
window. She was the most
energetic and pretty girl I’d
ever seen. She was constantly
running and playing.
The first time I saw Florence
Ballard, we were teens in Detroit’s
Brewster-Douglass Projects. She
was proud and streetwise, in a re-
gal way. You didn’t mess with her
and you certainly didn’t want to
tangle with her 11 siblings.
By 1959, the three of us were
friends and became the Primettes
vocal group with Betty McGlown.
When Betty left, Barbara Martin
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no
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joined and we signed with Mo-
the three of us.
on
town as the Supremes in 1961.
Then Barbara left and it was just
For the first three years of my
us ,
life, I lived in Greenville, Miss. Then
we moved to Chicago so my father
l
e
could find a better job. My first
al a
memory was holding my mother’s
hand downtown as a guy was killed
ci on
in front of us. All I remember is the
blood on the sidewalk.
Soon after my younger brother
and sister were born, my parents
separated. My Aunt Ivory, whom I
er s
called “I.V.,” and Uncle John L. of-
fered to take me in.
m er
m rp
co Fo
n-
NY
MANSION
sing. I learned by listening to re-
cords. My favorites were LaVern
Mary Wilson, left, on Baker’s “Jim Dandy” and Joe Wil-
TV’s ‘Dancing With the liams’s “Alright, OK, You Win.”
Stars’ in 2019 and, below, From time to time, I saw my
with Diana Ross, center, real mother at family gatherings.
and Florence Ballard, But I thought she was my aunt.
left, in Paris in 1965. She was tall, beautiful and very
lovable. When I was 8, I met my
little cousins, who were actually
my younger brother and sister.
When I was 10, our neighbor,
told me that I.V. and John L.
weren’t my real parents. I was so
angry at my parents. I was con-
vinced all adults were liars. Soon
my real mother moved to Detroit
and got a housecleaning job. She
was able to take me back.
At first, I was upset. I had been
a little princess with beautiful
dresses. Plus, I had my own blue
bedroom. Now I had to live in the
projects with people who were
strangers to me. My brother and
sister and I slept in one room. My
sister was little and cute, but my
brother was a real brat.
After Diana, Flo, Betty and I be-
came the Primettes, we sang radio
hits. Then we went to Motown for
an audition. But the label wouldn’t
sign us until after we graduated
from high school.
That didn’t stop
us. Each day after
school, we hung out
on the lawn in front
of Motown’s Hitsville
U.S.A. headquarters.
We hoped to catch a
break.
My 12th-grade
English teacher, Mr.
Boone, said if I
wanted to graduate
and sing with “that
little group,” I’d bet-
My mother, Johnnie Mae,
agreed, and I went to live with
ter pass his class.
For my senior es-
say, I wrote a heartfelt paper
about my life up to that point. Mr.
them in southwest Detroit. They Boone asked to speak with me
had the cutest one-story house. privately. I was convinced he was
From then on, I came to believe going to fail me.
they were my parents, even Instead, he said he was moved
though my last name was Wilson by my writing and that the paper
and theirs was Pippin. was fabulous. He gave me an A
My first exposure to music with plus signs all over the page.
came from John L. He played re- One day in front of Motown, one
cords all the time in the base- of the producers came out. He told
ment—so much so that I’d wake us he needed hand claps on a re-
up each day singing. cord. We jumped and said, “We’ll
Nobody in my family could do it.” In January ’61, Motown
MA2592
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Joanna Dresser
617-357-0444 • jdresser@landvest.com
Sound Advice, Exceptional Results
www.landvest.com
Friday, May 22, 2020 | M5
MARY ON THE SUPREMES
Most electrifying moment? The
Royal Variety Performance in ’68
at the London Palladium. We
met the Queen Mother.
Favorite gown? Michael Tra-
vis’s rose silk crepe “Queen
Mother” gown with the dia-
mond pattern.
Favorite hit? “Reflections”
Lashes? We’d stock up at a
store in New York. I still wear
Maybelline and Fashion Fair
eyeliner.
Did you love singing Beatles
songs?  We did. They were
swarmed here, and we were
beloved in Britain.
Current at-home activity? Re-
organizing my house.
founder Berry Gordy said, “Wow,
you girls are serious.” He signed us.
Today, I live in a gated commu-
nity outside of Las Vegas. My house
has two floors and is about 7,000
square feet. It’s a dream house I
built from the ground up in 2019. I
love beauty and have it all around.
.
Since the Supremes’ gowns
ly
stayed with the group and I re-
mained a Supreme the longest, I
inherited them. I don’t keep any
of them at home. They’re either in
touring exhibits or in vaults.
Whenever I see them, I think
about the glamour, the TV ap-
pearances, the performances and
the love. I also think about three
girls from the projects who dared
to dream.
—As told to Marc Myers
Mary Wilson, 76, is a singer and a
founding member of the Su-
premes. She is the author of four
books, including her coffee-table
memoir, “Supreme Glamour”
(Thames & Hudson).
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Lanse L. Robb
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West End Ocean View
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Slater Anderson
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BassTerre on Goose Cove
19.5± Acres, Tremont, ME | $1,895,000
Story Litchfield
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515 Sawmill Road
259± Acres, Greenfield, NH | $980,000
Kristin Hayes Claire
603-494-9448 • kclaire@landvest.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6 | Friday, May 22, 2020 THE WALL STREET JOURNAL.

MANSION

The Luxury
Home Office $10,000
Cost of Heather Osmond’s
324-square-foot office
in Alpine, Utah

Chandelier: $1,200

Continued from page M1

“Now they’re asking, where am I
going to work?”
Remote work was on the rise
well before the coronavirus pan-
demic. In 2018, the latest figures
available, some 24% of those em-
ployed worked at least part of the
time from home, according to the Marble fireplace: $2,500
Bureau of Labor Statistics. Under
the Covid-19 quarantine, that per-
centage has surged. Even senior
executives, long reluctant to leave
the C-Suite, now realize they can
work from home and, economists
predict, some may want to keep

.
that option, changing homes and

ly
floor plans of the future.
Home listings that include the
word “office” have increased every
year since 2017, according to real-
estate listings website Realtor.com.
(News Corp, parent company of
The Wall Street Journal, also oper-
on
us ,

ates Realtor.com under license

from the National Association of
l

Chairs: $1,000 each

e
Realtors.) On average, homes with
al a

an office sell nine days faster and

fetch a price-per-square-foot pre-
ci on

mium of 3.4%, according to the

website.
The premium is declining, the
site notes, as more homes have an
office or a flexible space that can
er s

become one. In a survey conducted

by Realtor.com in the first two
m er

weeks of April, 6% of respondents

said the home office was the most Kate Spade rug: $2,000
important feature in their house.
For their next house, 8% said they
m rp

want more doors and separation

between rooms.
“It is highly likely that going
forward, there will be a premium
on residential environments that
co Fo

provide a dedicated quiet work-

space,” says Stuart Gabriel, direc-
tor of the Ziman Center for Real
Estate at UCLA.
High-end home offices now
come with cutting-edge technol- When Jared and Heather Osmond built their 13,000-square-foot, six-bedroom home, they created an office for each of them that reflected their
ogy and a sleek design that seam- individual tastes. Ms. Osmond, an interior designer, chose an elegant, feminine design, above, while Mr. Osmond, a real-estate developer, amateur
lessly blend into the style of the musician and member of the musical Osmond family, opted for an industrial, masculine style, below, that included darker shelves and a vintage Harley.

$25,000
n-

Cost of Jared Osmond’s

324-square-foot office in Alpine
no

Chandelier: $1,200

Bookcase: $10,000

Hidden walk-in closet 

ANN PARRIS/STEPHANIE BAUGHMAN/FULL FRAME HOME TOURS (3)

Leather chairs:
$1,200 each

Vintage Harley: $25,000

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
$95,000
Cost of the 290-square-foot
office in Fox Chapel, Pa.
Author Nikki Hopeman wanted space in her office that would hold about 1,000 books and that would be a quiet place to write her horror fiction.
house—often with large windows
for maximum daylight, storage for
cables and clutter, and big fire-
places for comfort away from
computer screens.
In the Dayals’ six-bedroom, 10-
bathroom home, the main office
has a 16th-century Italian stone
fireplace from Ancient Surfaces, a
New York-based vendor of archi-
tectural antiques. In the evening,
Ms. Jackson Dayal, 46, owner of
interiors firm Kristal Michelle De-
signs, often joins her husband by
the fire for reading with the chil-
dren. She especially likes the
cross etched in the stone mantel.
“It represents the foundation
for our family and our faith,” says
Ms. Jackson Dayal. “A home office
should be personal and reflect you
and your family.”
The couple paid more than
$100,000 for their main home of-
fice, plus $50,000 for a smaller,
hidden one adjacent to it.
In addition to the $20,000 fire-
place, it has a $20,000, 18th-cen-
tury Italian desk, reclaimed-wood
floors and walnut paneling with an
antique finish. Bronze doors lead-
ing to the area once belonged to
Harvard University. Floor-to-ceiling
bookshelves open to the hidden,
80-square-foot office behind.
There, the Dayals keep paperwork,
a printer, a desktop com-
9
puter with multiple
no
screens and photos
from Mr. Dayal’s alma
mater, the University DAYS
of Michigan. How much faster, on
When Jared and average, a home
Heather Osmond built with an office
sells
their 13,000-square-foot,
six-bedroom house in Al-
pine, Utah, in 2018, they also
installed two home offices: his and
hers. Mr. Osmond is a real-estate
developer, amateur musician and
part of the musical Osmond family
popular in the 1970s.
He and Ms. Osmond, owner of
Osmond Designs, an interior-de-
sign firm with three furniture
stores in the Salt Lake City area,
had different ideas about the de-
sign of the house.
Mr. Osmond, now 49, wanted a
contemporary, minimalist, “fish-
bowl kind of house,” Ms. Osmond,
44, recalls. She preferred a classic
family home with a warm, com-
fortable feel. They eventually com-
promised: She got her way on the
house, while he got a Harley-Da-
vidson motorcycle he had coveted.
In Mr. Osmond’s office, he
keeps another Harley—vintage—
along with an antique gas pump
and a worn leather jacket hanging
on a hook on an exposed brick
wall. Dark bookshelves, leather
armchairs and professional
awards give the space an indus-
trial, masculine vibe, compared
with Ms. Osmond’s elegant, femi-
nine office across the hall.
There, the desk has a cream lac-
quer finish and gold legs. The desk
chair is fuchsia. A rug by fashion
brand Kate Spade is boldly flow-
ered. Ms. Osmond added pink vel-
Friday, May 22, 2020 | M7
MANSION
Bookcase: $34,000
 A partial skeleton is a nod to
Ms. Hopeman’s writing genre.
.
ly
CRAIG THOMPSON
Desk: $3,000 Staircase: $11,000
on
vet armchairs with gold armrests; hide from the family. That family workspace to be open to the main puter.
us ,
a gold, globe-shape chandelier; includes sons Jacob, 19, and Wes- living area. Mr. Daugaard, 52, and his wife
and gold accents on white custom ley, 17, three Welsh Cardigan Cor- Now that Mr. Daugaard spends Heather Daugaard, 47, a nurse,
l
e
cabinetry. gis, four goats and 12 chickens. some 10 hours a day in the office, completed the 4,600-square-foot
al a
Inside the glass cabinets, Ms. With the whole family home he appreciates having a sweeping mountain-modern house with
Osmond stores personal pieces, during the quarantine, Ms. Hope- view of the Gallatin mountain four-bedrooms and a bunk loft in
ci on
such as the crown and sash she man shuts the door more often range. He also likes that he can 2018. The $3 million house, sur-
wore when winning the Mrs. Utah than usual. “They’re picking up on hear his sons Caden, 17, and rounded by aspen groves and a
competition, a framed flag that the idea that when the door is Ryken, 14, doing their homework conifer forest, overlooks the
draped the coffin of her late fa- closed, don’t even knock because on the kitchen island downstairs. South Fork Stream at Spanish
ther, a firefighter in Provo City, mom is busy doing something,” “It’s comforting to me hearing Peaks, where houses cost between
er s
and 16 tiny ceramic cows that she says. their voices,” he says. $2 million and $6 million.
were part of Mr. Osmond’s mar- Jamie Daugaard’s home office In Mr. Daugaard’s 104-square- Like his peers, Mr. Daugaard
m er
riage proposal. doesn’t have a door. When Mr. foot, $24,000 office, the walls are says that home offices are chang-
“It’s important to be in a space Daugaard, principal at Centre Sky lined with a long, built-in steel ing. At a minimum, they now have
that makes you happy,” says Ms. Architecture in Big Sky, Mont., de- desk where he spreads out plans, natural light, flawless connectivity
Osmond, who spends up to eight signed a house for himself at the drawings and models. The steel and an ottoman for work on a lap-
m rp
hours a day in her home office. Spanish Peaks Mountain Club in shelving has pockets for storage, top. “There is less of the tradi-
The Osmonds paid $405,000 for the area, he was already working and a laptop docking station con- tional office space with a mahog-
their 1-acre lot nestled against the from home a lot and wanted his nects to a 31-inch desktop com- any desk,” he says.
mountains and $3.7 million on con-
struction of the house, interiors
co Fo
and landscaping. They live there
with daughters Alexis, Paige and
Jocelyn, and son Landon, who
shoots hoops on the home’s indoor
basketball court. The two offices
cost a combined $35,000. Mr. Os-
mond’s $25,000 vintage Harley
cost as much as his office.
In Pennsylvania, architect Rob-
ert Gaskill, who owns Gaskill Archi-
tecture in Portersville and has a
background in educational design,
n-
says natural light and a view of na-
ture enhance creativity and perfor-
mance.
For the home office of
author Nikki Hopeman
in nearby Fox Chapel,
he designed large
windows with a view
of the wooded, 30-
acre lot. Ms. Hope-
Bison skull: $350
man, who writes horror
fiction, and her husband,
Ward Hopeman, a software
developer, bought the land for $1
million in 2014 and built a 5,000-
Unilux window and
square-foot, three-bedroom ranch
casement: $17,000
house with a 600-square-foot, two-
bedroom guesthouse.
Ms. Hopeman worked from
home even before the lockdown
and knew her office would need
space for roughly 1,000 books and
would be a refuge for undisturbed
reading and writing.
She decided, along with Mr.
Gaskill and Kristen Hancock, prin-
cipal at Pittsburgh-based design
firm Lmntl Dsgn, to create a light-
filled space in line with the
home’s industrial contemporary
style, but she added feminine
touches: a slender metal desk and
white, floor-to-ceiling shelving
reminiscent of grid-style paintings
by Dutch artist Piet Mondrian. Oak floor: $2,850
The cost of the office is an esti-
mated $95,000. The couple, both
46, spent $2.2 million to build the
house and an additional $300,000
on exterior work and landscaping.
$24,000
In a nod to Ms. Hopeman’s
genre, a partial skeleton is sitting
next to the door, while the single
WHITNEY KAMMAN
Cost of the 104-square-foot
drape by the windows is tied back Hot-rolled steel desk with
office in Big Sky, Mont.
with a zombie hand. floating cabinets: $10,250
Ms. Hopeman’s favorite part of
her home office is a spiral stair-
case that leads to a loft, where Architect Jamie Daugaard wanted a home office that had views of the Gallatin mountain range outside his
she goes to read and, she jokes, Montana home and that inside was within earshot of his family’s living areas.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M8 | Friday, May 22, 2020 THE WALL STREET JOURNAL.

ADVERTISEMENT

   
 
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THE WALL STREET JOURNAL. Friday, May 22, 2020 | M9

PRIVATE PROPERTIES

Former Mike Tyson Home The house spans about 19,000 square feet.

Aims for a Knockout

The former home of retired
professional boxer Mike Tyson is
coming on the market for $8.5

FROM LEFT: RING MAGAZINE/GETTY IMAGES; SEAN SHANAHAN

million.
Located in Bethesda, Md., the
house is owned by Monica Turner,
Mr. Tyson’s ex-wife. The couple
bought the home together in 1995
and lived there together into the
2000s, said
FOR SALE Ms. Turner, 54,

$8.5
in an interview.
Ms. Turner,
who grew up
MILLION in the area, Mr. Tyson with a white tiger in a circa 1989 photo.
7 bedrooms, said she kept
gym, sports the house after court, piano room, media room, Ms. Turner
court their divorce. and game room, according to list- recalled the
Roughly 30 ing agent Daniel Heider of TTR many adven-
minutes outside Washington, D.C., Sotheby’s International Realty. tures of living on the property with Congressional Country Club has because her youngest child has
the property overlooks the Con- The entryway has large win- the former heavyweight boxing hosted many professional golf graduated from college and the
gressional Country Club golf dows overlooking the garden and champion, including an incident in tournaments, including several home has too much space for her.
course. Ms. Turner, a medical doc- golf course. which Mr. Tyson lost his pet white U.S. Opens. Ms. Turner recalled Since retiring from boxing, Mr.
tor, said she has expanded the Ms. Turner said her favorite tiger cub, Kenya, on the grounds. the couple’s children bouncing on Tyson, 53, has starred in movies
property over the years, adding spot is the master suite, which After a frantic search by the couple a trampoline in the garden with such as “The Hangover.”
an adjacent lot and an extension has its own living room and fire- and their security guard, the cub signs supporting Tiger Woods, —Katherine Clarke
to the house. place. The master closet has a dry was found on a neighbor’s property. who competed on the course.
The seven-bedroom property cleaner-style conveyor belt for her “The neighbor yelled over, ‘I “They would be yelling, ‘Go Ti-
See more photos of notable
now spans about 19,000 square clothes, including the gowns Mr. think you may have lost your ger, Go,’ ” she said. homes at WSJ.com/RealEstate.
feet with a large gym, pool, sports Tyson bought for her, she said. dog,’ ” Ms. Turner said. Ms. Turner said she is selling Email: privateproperties@wsj.com

ADVERTISEMENT

Distinctive Properties

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

ly
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M10 | Friday, May 22, 2020
The previous owner was asking $88 million for
the ranch before declaring bankruptcy.
Located just outside Aspen with views of the valley, the property had been a working ranch since the late 1800s. Mr. Souki constructed new buildings on the property and renovated others.
Ranch Asks
$220 Million
Continued from page M1
were visiting from France before
the coronavirus lockdown are still
sheltering in place at the ranch
months later. “I hardly even know
they’re there,” said Mr. Souki, 67,
chairman of Texas-based Tellurian,
a liquefied natural-gas company.
“We’re confined in paradise.”
He’s now putting the ranch on
the market for $220 million. If it
sells for that price, it would set a
record for Colorado and be among
the most expensive residential
properties ever sold in the United
States.
Mr. Souki said he paid only $27
million to buy the ranch, which
was much less developed at the
time. The previous owner, a devel-
oper based in Bahrain, had been
asking $88 million for the property
before declaring bankruptcy, and
Mr. Souki bought it from the bank.
Mr. Souki declined to specify
how much he invested in the prop-
erty, but said he built a host of new
buildings for his family along with
the infrastructure to support them,
including plumbing, electricity, irri-
gation and access roads. The ranch
serves as his primary home, but he
said he always planned to sell
when it was completed.
“The person who buys it for $220
million and then asks to see the ac-
counts will not be embarrassed,” he
said. “In my own business, I always
bring projects in on time and on
budget. I have to say that has not
worked out for the ranch. It was an
investment, but at the same time it
was a labor of love.”
Local agents said the asking
price is an aggressive number and
unprecedented for the area. Recent
Colorado ranch sales have fallen far
short of it. Earlier this year, for ex-
ample, private-equity billionaire
Henry R. Kravis sold Westlands, a
much larger Colorado ranch at
roughly 4,600 acres, for $44.79 mil-
no
lion to billionaire Mike Bloomberg.
And Discovery Channel founder
John Hendricks has been trying to
unload his roughly 7,000-acre Colo-
rado ranch, about 180 miles west of
Aspen, for about three years. It was
most recently listed, complete with
an additional resort and car mu-
seum, for $279 million. Both of
those properties are much farther
from the central hub of Aspen,
however.
THE WALL STREET JOURNAL.
MANSION
DAVID O. MARLOW
A computer system keeps track of needed
PRICE PAID
$27
The biggest U.S. ranch sale in
recent years occurred in 2016,
when billionaire Stan Kroenke
maintenance across the property.
MILLION bought the roughly 535,000-acre
Waggoner Ranch in Texas for more
Owner says
than $500 million. That property
many millions
had been asking $725 million.
were spent on
But Mr. Souki said he believes
upgrades.
his property is special enough to
command the audacious price tag.
“For me, it’s almost a piece of
art,” he said. “The cost that goes
A repurposed into a nice painting is not very ex-
.
barn, left, is pensive. It’s canvas and paint.
ly
devoted to What it’s worth depends on what
entertainment, people have done with it.”
with arcade Mr. Souki was born in Egypt,
on games,
foosball,
Skee-ball and
ping pong.
raised in Lebanon and moved to
the U.S. in the 1970s to study, he
said. In 1996, he founded Hous-
ton-based Cheniere Energy, which
us ,
developed the first terminals to
liquefy natural gas and export it
l
e
from the Gulf Coast. Mr. Souki
al a
was ousted as chief executive of
that company in 2015 after activ-
ci on
Most of the houses span ist investor Carl Icahn took a
5,000 sq. ft. to 7,000 sq. ft. large stake in the firm.
Located just outside Aspen
with views of the valley, Mr.
Souki’s property had been a work-
er s
ing ranch since the late
1800s. He built a series
m er
of rustic modern
houses on the prop-
erty and renovated
and remodeled sev-
m rp
eral other struc-
tures in the same
style. In all, there
are now seven pri-
vate residential homes
co Fo
on the ranch totaling
more than 34,000 square feet
and comprising 31 bedrooms.
The clubhouse, which serves as a
gathering place for the family, has
a dining room for up to 14 people
and a commercial kitchen.
Other amenities on the ranch in-
clude a horse barn and a pool
house with a steam room and hot
tub.
The property requires a staff of
n-
up to 25 people, Mr. Souki said,
while a computer system keeps
track of needed maintenance.
“If a lightbulb is off, a central
computer system will tell us,” he
said.
A large portion of the ranch is
completely undeveloped, but up to
80,000 additional square feet of
living space could be built there,
Mr. Souki said.
Chris Souki, Mr. Souki’s son and
a real-estate agent at Coldwell
Banker Mason Morse Real Estate,
The pool and spa house,
is handling the sale of the property
which includes a gym
with colleague Carrie Wells.
The property requires a staff of up to 25.
FROM TOP: AUBREE DALLAS; DAVID O. MARLOW (3); KIYOSHI OTA/BLOOMBERG NEWS (SOUKI); DRAPER WHITE (3)
Mr. Souki’s four oldest children have their own houses
on the ranch, each decorated in their respective styles.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A SPECIAL SECTION OF THE WALL STREET JOURNAL.

5/22
R1
Bringing It Home Sorry, I’m Just Fine Decisions, Decisions School Spirit
What are your rights if People who work from A psychologist offers a Some universities are
you are recalled for work, home feel guilty about framework to help pressing alumni to offer
but live with a person being so fortunate. That people decide how much jobs to the struggling
who is at risk? R5 can be constructive. R6 to open up. R8 class of 2020. R10 2020

Navigating The
Road

Coronavirus
Ahead
The Issue No. 10
The Wall Street Journal
EXTRA

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The new fun in the sun: People visit Domino Park in Brooklyn, N.Y., where white circles have been drawn on the grass to facilitate social distancing.

It’s Going to
T
The O’Connors’ summer travel A recent survey asked 1,000 respondents to gauge
plans involve several trips—to the their travel appetites after restrictions ease. A total of
backyard. 27% said they were either unsure or wouldn’t feel com-
With a family visit to Sacramento, fortable taking a vacation by car even 60 days after the

Be a Crazy
Calif., on hold, and her three chil- easing of restrictions, 44% said they felt the same about
dren’s summer camps and swimming flying, and 58% said they were unsure or wouldn’t travel
lessons canceled, 37-year-old Glenda internationally, according to the survey by Mower, a New

Summer
O’Connor says she is buckling down at home in Port- York-based marketing firm.
n-

land, Ore. She recently spent more than $700 on out-
door upgrades including a movie projector for her
children, Fiona, 6, Gabriel, 3 and Cecilia, 1.
Weighing everything from her father’s health con-
no
“There’s what you’re allowed to do, and then what
you’re comfortable doing,” says Mary Gendron, a
managing director for Mower. It may take a while for
many people to reacclimate. “It’s not like flipping a

Figuring out which facilities
are running, and which
activities are allowed, will
make for some hard decisions
BY ANNE MARIE CHAKER
AND SARAH E. NEEDLEMAN
dition to how she feels about public restrooms during
the Covid-19 pandemic, she says it is unlikely that she
will make the 10-hour drive to see her parents.
“We are trying to make our house exciting,” says
Ms. O’Connor, a nurse.
As states begin to allow businesses and recre-
ational sites to reopen, summer’s traditional ecosys-
tem of pools, beaches and campsites is flickering back
to life—but restrictions are plenty and services often
limited. Figuring out which facilities are running,
which activities are allowed—and whether you’re
ready—can feel overwhelming.
switch,” she says.
For those who are thinking about venturing out for
recreation this summer, here’s a preview of what to
expect.
Beaches
As beaches open, there will be a lot of rules. In Cali-
fornia, some state parks and beaches are closed, while
others are open with restrictions. In Los Angeles
County, for instance, beaches reopened May 13 amid a
patchwork of restrictions: Surfing, swimming and
Please turn to the next page

Garden Tips & Tricks | Bart Ziegler

How to Plant Flowers in a Container It’s easier than in a bed, and requires less maintenance. But things can still go wrong.

4 Arrange the plants

1 Pick the right pot: Bigger is
better. More soil gives the roots more
room to expand. More soil also holds
more water. Avoid traditional
unglazed terra cotta pots. They lack
coatings, and the moisture seeps right
2 Keep moisture in the soil: To
keep your plants hydrated, mix into
the container soil moisture-retaining
beads, sold under such brands as Soil
Moist and Miracle-Gro Water Storing
Crystals. They absorb water like a
3 Pick the right plants: Limit the
plant types and colors so they
complement one another. It is easy to
accidentally create a garish combo in a
container since the plants intermingle.
Stick to annuals, which tend to bloom
logically: The industry
calls them thrillers, fillers
and spillers: a tall,
attention-getting plant in
the center surrounded by
shorter flowers and
vine-like plants dangling
over the sides. Good
thriller candidates are
plants with dramatically
variegated leaves, such as
coleus, Persian shield or
caladium. For fillers, try
nemesia or shorter
VANESSA CARVALHO/ZUMA PRESS

out. Instead, go for glazed pottery,
metal urns or the newer fiberglass,
resin or composite ones that can look
remarkably like clay. And since
waterlogged soil can be as bad for
plants as desiccated soil, choose a pot
with a drainage hole.
Kevin Hand/WALL STREET JOURNAL
sponge and release it when the soil
dries. After planting, cover the soil
with an inch or two of mulch to keep
moisture in. And buy a saucer to sit
beneath the pot. It will catch excess
water that the soil can suck up when it
is parched.
on and off throughout the summer;
perennials usually flower just a few
weeks. Make sure all of the plants in
one pot are either for sun or shade,
depending on where you put the pot.
And don’t skimp on quantity. You want
the arrangement to look abundant.
versions of snapdragons,
angelonia or verbena. For
spillers, petunias work
fine, as do calibrachoa,
lantana or sweet potato
vines with burgundy or
chartreuse leaves.

R2 | Friday, May 22, 2020
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
Q&A
TRAVEL UPDATE
As countries begin
to reopen, is there
any place abroad
where I can travel
right now?
A: Not easily. Under the U.S.
State Department’s “Do Not
Travel” advisory, American
citizens are still urged to
avoid all nonessential inter-
national travel, citing ongoing
health risks due to Covid-19.
Most airlines have drasti-
cally cut international flights,
paring back service from the
U.S. to just a few cities over-
seas, including Tokyo and Lon-
don. More international routes
are expected to start up again
in June, but for now, that
won’t do the average traveler
much good: Most nations
have closed their borders to
nonresidents, and even if you
do manage to get through,
you’ll likely face a two-week
quarantine.
Some countries are allow-
ing in residents of neighboring
nations, creating a “tourism
bubble,” but timetables for
fully reopening the borders
and ending mandatory quar-
antines remain uncertain. Italy,
one of the hardest-hit coun-
tries in Europe by the corona-
virus, began loosening its lock-
down in the past few weeks,
though the government hasn’t
indicated when it will rescind
the country’s ban on U.S. tour-
ists. Some destinations, in-
cluding Iceland, Portugal and
parts of Mexico, have sug-
gested that they might reopen
to U.S. travelers for at least
part of the summer season,
although there have been no
official announcements yet.
What about travel-
ing domestically?
Should I plan a
summer vacation
now that some
states are easing
their lockdowns?
A: Noting that cases of the
coronavirus disease have been
reported in every state, the
Centers for Disease Control
and Prevention strongly ad-
vises against all nonessential
travel within the U.S.—even
camping—warning that travel
“increases your chances of
getting and spreading
Covid-19.” That said, the CDC
website does offer advice for
minimizing risks while staying
in hotels or rental properties
or taking road trips. (For ex-
ample: “When you get to your
room or rental property, clean
and disinfect all high-touch
surfaces. This includes tables,
doorknobs, light switches,
countertops, handles, desks,
phones, remote controls, toi-
lets, and sink faucets.”)
State-mandated travel re-
strictions vary widely. A num-
ber of states, including Alaska,
Hawaii, Maine and Vermont,
require all out-of-state visitors
to self-quarantine for 14 days.
Violating the quarantine order
in Hawaii incurs a $5,000 fine.
In Florida, only visitors from
outbreak hot spots, such as
the New York tri-state area,
must quarantine. Beaches,
parks and campgrounds are
gradually reopening, but not
everywhere. The same goes
for hotels. Openings largely
depend on how slowly the vi-
rus spreads within state bor-
ders, as well as guidance from
county health officials.
? at this point, he says.
For more questions and answers on the coronavirus,
and continuing coverage, go to wsj.com and click on Testing and Treatment or
Live Updates. >> Order copies of this special print section at wsjshop.com.
For large quantity reprints of articles, visit djreprints.com.
Download a free digital copy of this special report at WSJplus.com/coronavirus.
It’s Going
To Be a
Crazy
Summer
Continued from the prior page
running are OK, but biking isn’t. Paddle-
boarding is allowed, but chairs, umbrel-
las and coolers aren’t.
In Maryland, Ocean City Mayor Rick
Meehan reopened the city’s beaches and
boardwalk earlier this month. Visitors
are permitted to bring chairs and blan-
kets, but gatherings of more than 10 peo-
ple aren’t allowed.
Heather Michaelson, a 47-year-old proj-
ect manager at a technology-systems com-
pany in Hanover, Md., took her two chil-
dren, Liora, 11, and Asher, 9, to Ocean City
last weekend. They rode bikes, flew a kite
and ate funnel cake. They wore face masks
in souvenir shops, and Ms. Michaelson
says some boardwalk benches were
blocked off. “It felt normal, with a twist of
weird,” she says.
Some beaches are open for swim-
ming in New York, New Jersey, Con-
necticut and Delaware, while at others
activities are limited to exercising on
the beach, surfing and fishing. Hours
may be scaled back.
In Cape May County, N.J., about two
dozen “social distancing ambassadors”
will remind beach and boardwalk visitors
to stay at least 6 feet apart. The ambas-
sadors, typically county employees, will
wear special vests to help make them
visible.
Swimming Pools
Many families are waiting to see whether
their local swimming pools will open this
summer.
In Maryland’s Montgomery County,
where pools and aquatic centers are
closed, Franklin Knolls Pool in Silver
Spring has asked its 438 members to pay
their regular summer dues of $280 to
$560 in the hopes that it might open this
summer. A portion may be refunded in the
event of a late opening; if the pool doesn’t
open this summer, the payments—minus a
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
n-
no
portion for upkeep costs—can be put to-
ward next year’s dues, says pool presi-
dent Greg McCarthy.
In Austin, Texas, where the municipal
government runs 45 aquatic facilities
including neighborhood pools and
splash pads, a spokesman says the sites,
which normally would have started to
open by now, remain closed. “This is
under evaluation to see if any opera-
tions are possible this summer,” a city
spokesman says.
Shirra Hanna, a 41-year-old con-
struction accountant in Austin whose
sons, 9-year-old Charlie and 5-year-old
Sam, are regulars at Austin city pools,
has been browsing $150 aboveground
pools online. “They have all been sold
out,” she says.
Some families are hiring profession-
als to build them pools. Pool sales in the
past two weeks are up at least 20%
from a year earlier, says Brett Abbott,
owner of Pool Builder Marketing, a con-
sulting service based in Austin.
Litehouse Products LLC, a chain of
pool and hot-tub stores based in
Strongsville, Ohio, expects sales to grow
10% to 50% this summer, says president
Chris Curcio—a boost that may have
saved the company. Interest in pools
was much lower before all the stay-at-
home orders. “Six weeks ago we weren’t
sure we were going to be in business”
Hotels and Short-term Rentals
At hotels, guests can expect everything
from temperature checks to dining be-
hind partitions.
Nearly 85% of Marriott International
Inc.’s 5,440 hotels in the U.S. are now
THE WALL STREET JOURNAL.
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open, according to a spokesman for the
chain. To minimize contact, guests are
encouraged to use a mobile app to check
in and out of rooms themselves. A new
feature being rolled out will also let
guests use the app as a room key.
Furniture throughout common areas
is being spaced farther apart. Signs will
remind guests to wash hands fre-
quently. Rooms won’t have pens, note-
pads or decorative pillows. Front-desk
clerks may be stationed behind glass di-
viders, a spokesman says.
Some Marriott properties are taking
additional steps. Guests at Palm Beach
Marriott Singer Island Beach Resort and
Spa in Singer Island, Fla., will see signs
in elevators and on gym equipment and
pool furniture indicating the last time
they were disinfected and by whom,
says Roger Amidon, general manager.
Pool visitors can request 8-foot-tall
plexiglass shields to separate them
from other guests poolside, and staff-
made partitions are available for res-
taurant diners.
At Nemacolin Woodlands Resort in
Farmington, Pa., which partially re-
opened on May 8, each guest will re-
ceive a face mask upon arrival. An
eight-page document detailing “health
and disinfection guidelines” says guests
will have their temperatures taken
when they enter, and anyone with a
confirmed temperature over 100 de-
grees will be redirected to nearby medi-
cal care.
Employees are instructed not to open
car doors for arriving guests, and the
bell carts are to be disinfected after
each guest is assisted.
The hotel is intentionally filling only
up to 200 of its 323 rooms, says Chris-
THE WALL STREET JOURNAL.
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
ly
topher Baran, director of sales and mar-
keting.
Airbnb Inc. is requiring hosts who
choose to participate in a special clean-
ing program to keep their properties va-
cant for at least 24 hours after guests
check out. The home-rental service re-
quires that they use certain approved
disinfectants as well as masks and gloves
for cleanings. Hosts who certify that they
have taken those steps will have their
listings specially marked.
Some consumers are gingerly resum-
ing hotel stays. Instead of a two-week va-
cation to Italy, Jami Weissman will be
staying with her family at a beachfront
hotel about a three-hour drive from her
home in Westchester County, N.Y., that
offers minimal interaction with other
.
Middle left: Glenda
O'Connor with her
daughter Cecilia, 1, and
her son, Gabriel, 3, in
their upgraded
backyard in Portland,
Ore. Middle right: A
man in mask and
gloves exercises on the
beach in Hollywood,
Fla., soon after
Broward County
started a phased
reopening. Above:
Visitors wear face
masks in Joshua Tree
National Park in
California, after the
park reopened.
Left: People rode and
walked on a path along
the beach in Huntington
Beach, Calif., on May 15,
as beaches across the
state were starting to
reopen with restrictions
in place to slow the
spread of the
coronavirus.
guests. “I don’t have to
go in an elevator, I can
park my own car and I
don’t have to walk
through the lobby,” says
the 43-year-old stay-at-
home mom.
Luxury-travel adviser
Anissa Klein, who helped
Ms. Weissman book her
trip, says clients are also
looking to stay in private
homes and cottages on
resort properties that
provide access to ser-
vices like housekeeping,
children’s programs and
outdoor activities such as
tennis, biking and water
sports.
Parks and Camping
Campgrounds can come
under various public or
private jurisdictions, so
openings and closures
may vary widely, even
within the same state. Cal-
ifornia State Parks spokes-
woman Gloria Sandoval
says state campgrounds
have been closed since
mid-March. But some
camping in the Mendocino
National Forest, which is
managed by the U.S. For-
est Service, reopened last
weekend.
In Pennsylvania, tent
and RV camping in state
parks resumed May 15 for certain
counties, while cabins and cottages
will open June 12, says Terry
Brady, a spokesman for the Penn-
sylvania Department of Conserva-
tion and Natural Resources. Pri-
vate campgrounds in the state
were allowed to reopen at the be-
ginning of this month.
Gary Quigley, owner of Yogi
Bear’s Jellystone Park at Kozy Rest,
a 34-acre campground in Harris-
ville, Pa., says he was surprised
when he learned that his campsite
could reopen in days. “We were
betting on June at least,” says Mr.
Quigley. He and his staff of eight
workers spent three 12-hour days
mowing the lawn, closing off the
playgrounds and ordering supplies
for the convenience store and pizza
shop. Even with new protocols rec-
ommending masks in public and
immediate-family-only games of la-
ser tag and cornhole, 95 campsites
out of 110 were filled on opening
weekend—more than the 80 sites
typical of past years, Mr. Quigley
says. “It’s the busiest spring we’ve
had,” he says.
The 164 campsites on As-
sateague Island National Seashore
in Maryland, managed by the Na-
tional Park Service, have been
closed since March 18, says Liz Da-
vis, the park’s chief of interpreta-
tion and education. Last Sunday,
the park’s beaches and trails re-
opened to visitors: 1,210 cars en-
tered the park, just below the
1,270 that entered on the year-ear-
lier Sunday, Ms. Davis says. She is
hoping some camping might re-
sume this summer; fees help pay
for maintenance.
In Silver Spring, Md., Sarah Big-
bee, a 32-year-old stay-at-home
mom with three boys ages 4, 2 and
9 months, is considering buying a
pop-up trailer or camper van with
the money she has saved for sum-
mer travel. She has spent recent
days exploring websites for parks
and campgrounds within Mary-
land, in the hopes that some might
be open for weekend jaunts. She
says determining what might be
open, however, feels like a guess-
ing game. “There’s not much clar-
ity,” she says.
Ms. Chaker is a Wall Street
Journal reporter in Washington,
D.C. She can
be reached at
anne-marie.chaker@wsj.com. Ms.
Needleman is a Journal reporter in
New York.
Email her at
sarah.needleman@wsj.com.
Friday, May 22, 2020 | R3
A Guide to Playing,
While Playing It Safe,
This Summer
Regardless of the rules in place at recreation
sites and accommodations, people should
take their own steps to protect themselves
from the coronavirus when out and about
this summer. Here’s how to…
Go swimming
Nowhere is social distancing more challenging
than an environment where you mix children,
play and water. It isn’t necessary or practical to
wear a face mask while swimming, says Linsey Marr, an expert
in virus transmission at Virginia Tech. There’s no evidence that
Covid-19 can be spread to people through water in pools, hot
tubs, spas and water play areas; proper maintenance, including
use of chlorine and bromine, should inactivate the virus in the
water, according to the Centers for Disease Control and Pre-
vention. But people should consider wearing a mask when they
are out of the water and near others, Dr. Marr says. “If the
pool is crowded, I wouldn’t get in,” she says. Disinfect flotation
devices when renting or borrowing, and use your own goggles,
snorkels or other gear worn on the face, she adds.
Rent a house
Many people are looking to rent homes so they
can avoid hotel lobbies and elevators. But
they’re still concerned about safety and cleanli-
ness. Fine Song, a family physician and medical
instructor at Duke University in Durham, N.C.,
says it isn’t necessary to bring your own linens, but if you plan
to cook, wash any dishes or cutlery provided before using
them. It can’t hurt to check with the host to be sure the house
will be cleaned and aired out to your satisfaction ahead of your
visit, says Dr. Song. He also suggests wiping down all high-
touch surfaces with disinfectant upon arriving, as an extra pre-
caution.
Head to the beach
Beach activity should be fine, as long as people
keep responsible distances, experts say. “I think
beaches are safe,” says Joseph Vinetz, a medical
professor specializing in infectious diseases at
the Yale School of Medicine. “There is ventilation, there is sun-
light.” Crowds, partying and contact sports are a bad idea. But
strolling on the beach and swimming in the water can and
should be enjoyed, he says, emphasizing there is no evidence
of Covid-19 transmission through seawater. “Keeping a standard
two-yard distance” from strangers is always advisable, he says.
Backyard barbecue
Before inviting friends over, think about setting
things up to help maintain distance between
people. Position chairs 6 feet apart, lay out
utensils and napkins for individuals instead of
letting people grab their own, and offer cloth
face coverings (or ask guests to bring their own). Experts say
don’t be shy about talking with friends about how they have
been sheltering in place, before deciding to mingle. “Have con-
versations about what’s your risk and where have you been.
We may not know 100%,” says Marissa Levine, a professor of
public health and family medicine at the University of South
Florida, Tampa.
Go camping
Camping can be a nice way to spend time as a
family, but be mindful at campsites. Keeping
distance from strangers and wearing face cov-
erings near others should become part of the
camp safety rules discussed with family ahead
of time, says Dr. Levine. Families should have a game plan, if,
say, another family invites them for a campfire or for a game
of cornhole, she says. “You can say, ‘As a family we are practic-
ing physical distancing,’ ” she says. “You have a choice to avoid
circumstances that put you in situations that make you less
comfortable.”
Keep children playing
Children want to be active and outdoors, and
there is no reason to keep them from doing
that, experts say. “We want kids to interact with
other kids in the neighborhood,” says Joseph Al-
len, an assistant professor of exposure assess-
ment science at the Harvard T.H. Chan School of
Public Health. “It just has to be a little different.” Choose
sports with minimal contact and set up rules about distancing.
A soccer game, a lacrosse ball toss, a pickup game of tennis
are all good choices, he says. Skip horseplay, tag or crowded
neighborhood games of basketball, where contact, touching
and heavy breathing is riskier for transmission.
Dr. Allen says maintaining a healthy, active lifestyle is im-
portant for children’s physical and mental health. “Getting out-
side and seeing other people is high on the list of things we
need to do,” he says.
—Anne Marie Chaker and Sarah E. Needleman
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R4 | Friday, May 22, 2020 THE WALL STREET JOURNAL.

SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

$57.7 million
in tourism tax revenue was
collected in Ocean City from
May to September 2019

7,000
Ocean City’s population

Up to

300,000
Visitors that Ocean City at-
tracts on summer weekends
Right, children
explored the
beach as families More than
practiced social
distancing on
the Ocean City
4,000
foreign students usually
boardwalk on May
spend the summer working
13. Below,
in Ocean City under the J-1
Marshall
visa program
Coulbourne, left,
stocked drinks at
the Dough Roller
restaurant. Below
right, co-owner
3 miles
Length of boardwalk
Shawn Harman
closed the Bahia
Marina early for
lack of customers.
10 miles
of beaches in Ocean City

More than

200
restaurants and bars

.
ly
10
Miniature-golf courses
on $1,800
us ,

Mother’s Day receipts this

year at the Dough Roller
l
e
restaurant, down from
al a

$20,000 to $30,000 on a
typical Mother’s Day
ci on

Sources: Town of Ocean City; Dough Roller

restaurant
er s

Visitors to the
Ocean City
m er

boardwalk on a

For Beach Towns, It

cool day earlier
this month.
m rp

All Starts Right Now

co Fo

recovery plan, Ocean

In Ocean City, Md., City fixtures like high-
businesses have a lot capacity bars and res-
of convincing to do taurants won’t be al-
lowed to operate at
prepandemic occu-
pancy levels until there

O
is a widely available
BY SCOTT CALVERT coronavirus vaccine or
an effective treatment.
CEAN CITY, Neither is expected be-
n-

Md.—The fore summer’s end.

Dough Roller Outdoor dining isn’t
restaurant’s 53- permitted yet, and Mr.
table dining Meehan on Monday
no

room sits quiet sent the governor a let-

and empty
steps from the
boardwalk. Pro-
prietor Kevin
Gibbs doesn’t
know when he will be allowed to of-
fer dine-in service or even if the
crowds of summers past will return.
And the clock is about to start
ticking.
“I have 110 days to make my
money for 365,” he says.
From Ocean City to the Jersey
Shore to Cape Cod, the window be-
tween Memorial Day and Labor Day
is make-or-break for hotels, restau-
rants, arcades and T-shirt shops. On
top of potential concerns about the
coronavirus pandemic, more than 38
million Americans have filed for un-
employment benefits, pinching dis-
posable incomes.
Mayor Rick Meehan says a speedy
but safe reopening is vital for this
town of 7,000 residents, which can
swell to 300,000 visitors on summer
weekends. “Just like the rest of the
country, we’re in an economic crisis
right now,” he says.
ter asking for the au-
thority to let bars and restaurants
open their outside areas at 50% ca-
pacity. A spokesman for Mr. Hogan
says that is part of the next phase
of Maryland’s gradual reopening,
though it isn’t clear when that
might take effect.
For the hundreds of Ocean City
businesses, reopening can’t come
soon enough, says Susan Jones, ex-
ecutive director of the Hotel Motel
Restaurant Association. A “We’re
ready for you” publicity campaign
spotlights stepped-up sanitizing and
other health measures. One reason
Ms. Jones says she feels optimistic
is that the town’s wide beach makes
social distancing easier.
Adam Showell Sr., majority
owner of Ocean City’s Castle in the
Sand Hotel, says while he expects
gross sales to drop, he anticipates
typical net income, thanks to a
roughly $500,000 forgivable loan
under the federal Paycheck Protec-
tion Program, deferred mortgage
payments, scaled-back renovation
plans and loyal guests.
“If we get a spike in cases, we’re
all in for a rude awakening,” says
Jeff Hicks, Castle in the Sand’s
food-and-beverage general manager,
taking a break from power-washing
patio chairs.
“We just have to mitigate that
risk as much as possible,” Mr.
Showell Jr. replies.
The lobby counter has large
Purell dispensers and a bucket-like
container that uses ultraviolet light
to sanitize room keys. A rack of
tourist brochures has been re-
moved, and a sign instructs people
not to sit in the chairs. Staff will
take employees’ temperature daily
and spray guest rooms with disin-
fectant.
Lenny Sawicki, a 64-year-old re-
tiree from Wilkes-Barre, Pa., says he
still plans to spend a week in July
at the hotel, a family tradition since
the early 1990s.
“It’s not going to stop us from a
vacation,” he says of the pandemic.
Marie Ferguson of Towson, Md.,
says it is far too soon for a beach
restaurant job in the shutdown and
now earns less as a grocery-store
cashier.
Many local businesses are getting
ready for whatever is in store. At
Bahia Marina, fuel pumps are on
and boats can be rented. Fish Tales,
its nearly 400-seat restaurant, is
open for takeout. Tables and chairs
are stacked up in the parking lot in
preparation for when reduced out-
door seating is allowed.
“This year is hold-on-to-what-
you-got. Our goal is to make it to
next year to be able to open up
again,” co-owner Shawn Harman
says. If he can operate Fish Tales at
75% capacity by July, he says, “it
won’t be a great year, but we’ll
manage.”
At the Dough Roller, near the
foot of the boardwalk, masked ca-
shiers take carryout orders from
behind plexiglass. Mr. Gibbs has
cordoned off some booths and ta-
bles so customers would be able to
maintain distance once he can
open the dining room, which ac-
GABRIELLA DEMCZUK FOR THE WALL STREET JOURNAL (4)

Town officials have eased some re-
strictions. The beach and boardwalk
reopened May 9. Last week, the town
allowed hotels and short-term rentals
to take guests after Maryland Gov.
Larry Hogan, a Republican, lifted a
statewide stay-at-home order and let
retail stores open at half-capacity.
Visitors, many not wearing masks,
have hit the boardwalk, where the
town blocked off some benches, and
signs remind people to keep 6 feet
apart.
But under Mr. Hogan’s statewide
“It was catastrophic two months
ago when all this started coming
down. I was scared to death. Now
I’m definitely optimistic,” Mr.
Showell says.
The 181-room beachfront hotel is
set to reopen today, and general
manager Adam Showell Jr. says he
hopes it will be about half full.
One concern is out-of-town visi-
tors could bring the coronavirus
with them to Ocean City, causing an
outbreak in an area largely spared
by the pandemic so far.
vacation. She and nine members of
her family canceled their weeklong
Ocean City condo stay.
“Everywhere you go it’s packed,”
says Ms. Ferguson, 50. “They’re not
going to wear masks at the beach.
It’s not going to happen.”
On a sunny mid-May afternoon,
Egan O’Brien, 48, of Annapolis, Md.,
is relaxing next to Ocean City’s
mostly empty beach. He says he
usually visits several times a sum-
mer but doesn’t know if he can af-
ford to this year because he lost his
counts for 60% of receipts. The res-
taurant, one of five his family owns
locally, also has a small outdoor
seating area.
Weak sales this summer will
spell trouble not only for his fam-
ily’s restaurants, he says, but for
merchants all over town. “It could
be a bloodbath here in the winter,”
he says.
Mr. Calvert is a reporter for The
Wall Street Journal in Baltimore.
Email scott.calvert@wsj.com.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
You Can’t
Leave It at
The Office
What rights do workers have
if they’re worried about a
vulnerable family member?
BY LAUREN WEBER
A
s governors across the coun-
try allow more businesses to re-
open, employers are calling on
workers to return—and prompt-
ing a wave of questions from
Wall Street Journal readers.
One of the most persistent queries: How do
I protect vulnerable loved ones and others
who share my household?
We consulted employment lawyers and
disability-rights experts on how workers
and employers should handle this concern.
The bottom line: Employers have no ob-
ligation under federal law to accommodate
workers who worry about bringing the vi-
rus home to family, says Chai Feldblum, a
former commissioner at the Equal Employ-
ment Opportunity Commission. Ms. Feld-
blum helped draft the 1990 Americans with
Disabilities Act, and is now a partner at
law firm Morgan Lewis.
While the ADA requires employers to
make reasonable accommodations to em-
ployees with disabilities, the law doesn’t
extend to family members. Even so, Ms.
Feldblum says, “employers might want to
accommodate anyway because it might be
good business practice”—a way to retain
good employees or set a tone of collabora-
tion and good faith.
Here are a few things she and other em-
al a
ployment experts advise for both workers
and employers:
ci on
It can’t hurt to ask. For those able to
MARTIN TAGNOLA
work from home, one obvious move is to re-
quest to continue. Many employers are try-
ing to accommodate workers’ needs right
er s
now, says Wendy Strobel Gower, program
m er
m rp
co Fo
n-
no
director at the Yang/Tan Institute
on Employment and Disability at
Cornell University. “If they’re al-
lowing others to work at home in
the same or similar positions, em-
ployees can make their request to
do the same because they live with
a vulnerable person,” she says,
“but the employer doesn’t have to
say yes.” In some cases, a worker
who feels their request was denied
on the basis of age or another pro-
tected category, while co-workers
in similar jobs are allowed to work
on
from home, may have reason to file
an EEOC charge alleging discrimi-
nation, she adds.
us ,
Think creatively. If working from
home isn’t an option, remember
l
e
there are safety measures employ-
ers can take to minimize risks.
“It’s not about eliminating the
risk,” says Michelle Barrett Fal-
coner, a partner at employment
law firm Littler Mendelson. “It’s
not possible [to eliminate risk] un-
til perhaps we have a vaccine that
everyone can get,” she says. “Until
Friday, May 22, 2020 | R5
then, we have to learn to operate Ms. Falconer suggests that some
in a more healthy and safe way by employers might be flexible about a
putting protocols in place.” leave of absence, if the employee
Ms. Falconer recommends com- shows flexibility as well. “Maybe the
panies consider the downsides of employee says, ‘Aunt Matilda lives
getting employees back to the with me and she has a heart condi-
workplace, given the costs it might tion and asthma, but we’re making
involve. If someone works in a arrangements so that a month or two
large office building, everything months from now she can go live
from elevator and restroom use to with my cousin Jeffrey,’ ” she says.
.
office-kitchen protocols will have
ly
to change, and that could fre- Check state and local orders.
quently slow down work. Some government orders explicitly
Understanding such potential urge employers to accommodate
complications may make it easier
to offer remote-work options to
those who ask because of concern
for family members.
workers who live with people with
underlying conditions, says Ms. Fal-
coner. Colorado’s May 4 public-health
order states that employers should
“provide to the greatest extent possi-
Consider the long term. A leave ble flexible or remote scheduling for
of absence might work for a few employees who may have child or el-
weeks, but the risks from corona- der care obligations, or who live with
virus could persist for months or a person who still needs to observe
even years. “Leave is always an Stay at Home due to underlying con-
option, but the question is: Can I dition, age, or other factor.”
come back?” says Ms. Gower. “If
you’re not doing it for a legally Ms. Weber is a reporter for The
protected reason, you’re at the Wall Street Journal in New York.
mercy of your employer.” Email lauren.weber@wsj.com.
PAID ADVERTISEMENT
IT’S TIME TO
STOP KILLING
ANIMALS
FOR FOOD
This is a real individual, with thoughts, fears, the
ability to feel love for his mother, his friends, his life.
He was raised in filth, never treated as a living being
but as a “thing,” then forced onto a truck, scared
and confused, not even knowing what a truck was.
Now he is about to lose his life in a place where
blood and offal are spattered on the floor and walls,
and he can smell the fear all around him.
A recent study found that slaughterhouses didn’t
consistently stun animals before hanging them
up by the legs and dismembering them, causing
excruciating pain.
What did he ever do to deserve this?
And what are you thinking, that you would pay for
his suffering, for him to be cut into pieces? He is
made of flesh and blood, and so are you. No one
needs meat. It causes heart disease, cancer, stroke,
high blood pressure, diabetes, and obesity.
Eat as if everyone’s life
depends on it, because it does.
We will help you: free vegan starter kits, mentors,
and recipes at PETA.org/Vegan.
© Aitor Garmendia
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R6 | Friday, May 22, 2020 THE WALL STREET JOURNAL.

SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

Doing
OK,
Except
For the
Guilt
People who can work
from home feel
conflicted about being
so fortunate

W
BY NANCY KEATES

hen people ask

how she’s doing,
Kathren Ca-
vanaugh tries
hard not to
sound too
cheerful. Four Ways to rus is revealing.
She can’t deny Process Guilt Krista Thomason, associate profes-
she is extremely happy with her life sor of philosophy at Swarthmore Col-
amid the global coronavirus pandemic. 1 Shift your guilt into grati- lege, sees it as valuable for a person to
Her husband’s general-contracting work tude, suggests Hilary Jacobs worry about being good, as long as it

.
has evaporated—but that’s given him Hendel, a psychotherapist in makes them think about what they can

time to focus on renovating their own
house, and they are cooking and working
out together more.
But she also feels a sense of unease
that things are good for her while they
are so bad for others. That guilt
spurred her to start volunteering last
ly
New York and author of “It’s do to change a situation instead of
Not Always Depression.” In- blaming themselves, since an appreci-
stead of feeling guilty for not ation of happiness during quarantine
on
being affected by the crisis,
feel grateful not to be af-
fected.
isn’t tied to other people’s suffering.
Guilt tends to promote reparative
action, such as helping those in need,
says Patricia Greenspan, a professor of
us ,

month for Meals on Wheels, delivering 2 Give yourself permission to people to cope with guilt is to accept philosophy at the University of Mary-
lunches to seniors. that they are feeling great even land, College Park, and author of
l

express feelings, says thera-

e
“The hardest thing has been realiz- pist and coach Christine Forte though the current crisis is terrible. “Practical Guilt.” She says those bene-
al a

ing what a bubble I live in. I don’t in Brooklyn, N.Y. She likens re- “You can’t push away the emotion. fiting from the crisis have an ethical
know anybody who knows anybody action to the coronavirus crisis You have to validate it,” she says. responsibility to contribute to efforts
ci on

who has the virus,” says the 62-year-
old strategic-planning consultant from
Lake Oswego, Ore.
Guilt is a subject that is coming up a
lot in therapists’ offices around the
er s
to survivor’s guilt, when peo-
ple think they don’t have a
right to be fine because others
have suffered. “Being able to
enjoy your life isn’t wrong,”
Then, she says, recognize that you
can feel bad about doing well in this
crisis at the same time that you feel
grateful you’re doing well.
“People are feeling really con-
to alleviate others’ suffering.
Make it better
Catherine Wilson, author of “Moral

country right now. Counselors say cli- she says. flicted right now,” says Jennie Stein- Animals: Ideals and Constraints in
ents who can work from home are ex- berg, founder of Through the Woods Moral Theory,” thinks that someone
m er

pressing discomfort with the dichotomy
between the improvement in their lives
during lockdown and the devastation
caused by the coronavirus pandemic.
m rp
3 Don’t compare yourself to Therapy Center in Los Angeles. She who feels guilty should think instead
other people, says Carla Marie likens the feeling to survivor’s guilt, about what kind of world would be an
Manly, a clinical psychologist when there is a sense of injustice. improvement on the one we are living
in Santa Rosa, Calif. “Stay in She recommends a positive action to in now. If people don’t feel bad about

They are asking themselves whether it is
fair that they are not experiencing the
same pain they are seeing in the news.
Of course, feeling guilty is a good po-
sition to be in. Few if any of the people
co Fo
your own lane,” she says.
There is no benefit to feeling
shame because others are
feeling pain. Instead, focus on
how you can bring joy to other
correct that feeling and to express
gratitude.
Gratitude is what has worked for
Jennifer O’Donnell, a 49-year-old
stay-at-home mom in Houston. She
enjoying themselves but see that they
can make life better for others, they
can use their energy and talent to ac-
tivate moral leadership, sparking inno-
vations to make society more just and

feeling guilty would want to change
places with those who are sick or have
lost their jobs. Yet the pain of guilt is
also real, and it is important that people
acknowledge it. For one thing, to ignore
it carries more-serious psychological
consequences. And to accept it has
broader societal benefits as people chan-
nel their guilt into volunteering and
other positive endeavors.
n-
people.
4 Allow yourself to hold two
opposing feelings at the same
time, says Alisa Kamis-Brinda
of Philadelphia based Serenity
Solutions. Instead of saying
“This stinks but I am grateful
for what I have,” say, “This
stinks and I am grateful for
what I have.”
—Nancy Keates
and her husband, an investor, have
friends in the oil business who are
suffering from the economic impact
of the coronavirus pandemic. “We
are really aware of how blessed we
are and how easily it could not be
like this for us,” she says.
Ms. O’Donnell is cherishing the
time she is spending during the lock-
down with her husband and three
daughters. She is also reaching out,
making an effort to connect to her
fair, she says.
Ben West, a 39-year-old Boulder,
Colo., entrepreneur, feels guilty that he
had to let two of his 26 employees go
as a result of the crisis. To alleviate
that emotion, Mr. West, who is in the
middle of launching a grill company, is
working to keep his startup going and
the rest of his staff in their jobs.
However, Mr. West is not conflicted
about how some aspects of his life
during quarantine are better. He now

Managing the negatives
“Ninety percent of my clients who are
doing well feel an edge of guilt,” says
Carla Marie Manly, a clinical psycholo-
no
community by getting to know the gets to see his 6-month-old daughter
farmers she buys vegetables from at before bed every night. He saw her eat
the market every week. And the fam- her first solid food, and he caught her
One way to stop the progression ily is giving money to their church’s first laugh.

gist in Santa Rosa, Calif. She warns pa-
tients of the toxicity of comparing them-
selves to other people: There is no
benefit to feeling bad because others are
feeling pain, and such guilt only leads to
anger, sadness and depression.
to anger is to process that feeling,
says Alisa Kamis-Brinda, owner of
Philadelphia-based therapy practice
Serenity Solutions, who is also seeing
many people racked with guilt right
now. She advises that the way for
community projects.
Indeed, guilt doesn’t have to be
destructive, some philosophers ar-
gue—in fact, properly understood,
it can motivate people to address
some of the inequities that the vi-
“It has let me fall in love with my
daughter a lot faster,” says Mr. West.
Ms. Keates is a Wall Street Journal
reporter in Portland, Ore. She can be
reached at nancy.keates@wsj.com.

From making sure you don’t look like a ghost
Joanna on your video call to sharing the best router to
Stern’s keep the Wi-Fi flowing, I’ve tried to alleviate your
Tech work-from-home headaches over the past few
Tips months with a variety of tech tips. Fifty of them
to be precise! Missed some? We’ve rounded up
all my remote-work tech advice in an ebook
available to Wall Street Journal subscribers at
wsjplus.com/workfromhome. Here are a few new
ones that you’ll find among the rest:
Improve Your Call Sound Quality
You’ve heard all the tips on improving call video
quality—but what about sound quality? Chances
Solutions to are, your headphones have a better mic than
readers’ tech your computer. Just make sure they’re set as the
problems audio input in your computer’s settings. If you’re
for working using corded headphones, holding the mic up to
from home your mouth doesn’t improve your voice. If you re-
ally want higher quality, try an external mic, like
the $130 Blue Yeti or the $250 Shure MV88+.
Keep some distance to avoid popping sounds.
And also consider your environment’s acoustics:
Books and fabric can help reduce echo.
Set Up Your Office Outdoors
Nothing like a beautiful day to…stare at a screen.
Make the best of working from home by setting
up outside with the right gear. An extra-long ex-
if you don’t have a table with an umbrella, con-
sider a super-cool screen visor. (You could just
make one with a spare cardboard box.) Weak Wi-
Fi on the patio? If you have a mesh network, like
an Eero, move a node as close as you can to a
window.
Master Microsoft Teams
Forget that “Proficient at Microsoft Office” bullet
on your résumé—you want to be proficient at Mi-
crosoft Teams now! That search box at the top
of the app? Type a slash (/) for a bunch of short-
cuts and commands, from making calls to setting
your status. Master the following keyboard short-
cuts: Ctrl+G to quickly jump to a chat or channel;
during calls, use Ctrl+Shift+M to mute/unmute
your microphone and Ctrl+Shift+O to switch your
camera on/off.
Use Your Phone as a
Rear-View Mirror
The other day I was on live TV from my base-
ment when I realized I could be the next BBC
dad—remember the viral video with his adorable
camera-bombing kids? So, I decided to launch the
front-facing camera on my iPhone and use it as a
rear-view mirror. During crucial video calls, prop
the phone next to your screen to see what’s hap-
to buy an actual rear-view mirror that clips to
your screen (a real product on Amazon.)
A Phone Stand to Charge and to Hold
Sitting is the new smoking for…your phone. All
right, not exactly but it is nice to be able to
glance up at a vertically propped smartphone
screen on your desk, rather than look at it lying
flat. If you want a basic stand, there are always
Popsockets and loads of inexpensive options on
Amazon. I prefer one that doubles as a wireless
charger: Samsung’s $80 option, the 15W, works
with both Android phones and iPhones alike.
Stop Typing the Same Thing Over and
Over
I’ve probably typed some variation of “send it to
my home address” and “let’s do a video call later
today” a good million times since I’ve started
working from home. That is, until I added them to
my text expander, a tool that turns a short phrase
into a big chunk of text. On a Mac, try out Apple’s
built-in tool (System Preferences > Keyboard >
Text). On Windows, use apps like PhraseExpress
and TextExpander.
Ms. Stern is The Wall Street Journal’s senior
personal technology columnist. Email
joanna.stern@wsj.com, and see more tech tips
JON KRAUSE

tension cord will keep that laptop charged up, and pening behind you. Of course, you could also opt at wsj.com/tech.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
Trauma
On the
Front Lines
Doctors and nurses face
a mental-health crisis
E
BY TE-PING CHEN
ven as they battle a virus that
has claimed more than 90,000
lives in the U.S., hospitals are
scrambling to address another
onslaught: a mental-health crisis
in their ranks.
As the Covid-19 pandemic
grinds on into its third month, many doc-
tors and nurses on the front lines say they
are physically and emotionally drained. The
psychological burdens are felt across the
spectrum of hospital staff, from specialists
being rerouted to Covid-19 care, to emer-
gency-medicine workers dealing with low
stocks of protective gear and the recurring
loss of patients who are forced to die alone.
“It’s heartbreaking,” says Elissa Epel,
vice chair of psychiatry at the University of
California, San Francisco. “We think of our
physicians as invulnerable, but we’re put-
ting them in untenable situations,” she
says. The recent suicides of two health-care
workers in New York in the treatment of
Covid-19 patients, Ms. Epel says, highlight
the urgency of the issue.
Hospitals across the U.S. have launched
extra efforts to support their workers. In
New York, the Northwell Health system has
set up a 24-hour “emotional support re-
source call center” for employees seeking
help. It has also posted tents outside its
hospitals where doctors, nurses and other
staff can stop and talk to people trained in
n-
psychological first aid, or, if they prefer,
scan a QR code that provides links to a vari-
ety of mental-health resources. A number of
health-care systems, including UCSF and
no
Kaiser Permanente, have rolled out a suite
of apps intended to reduce stress and im-
prove sleep for their workers. Some nurses
and doctors are convening in Zoom support
groups as well.
“Emergency physicians are drawn to the
field because they like looking after really
sick people,” says Michael Myers, a psychia-
try professor at the SUNY Downstate Medi-
cal Center who facilitates support groups
for doctors at the University Hospital of
Brooklyn. “But they are very vocal about
the fact that they’re just not used to so
much death.”
Others have also found it difficult. A
39-year-old nurse at Mount Sinai South
Nassau in Oceanside, N.Y., Nicholas De-
Luca usually works in the operating room,
but has been redeployed to an intensive-
care unit with Covid-19 patients. On occa-
sion, he says, he has seen as many as
three or four patients die on a shift—
something that is particularly heartbreak-
ing, he says, because they are passing
away alone, as their families, connected
through mediums like FaceTime, strain to
understand what is happening to them.
“It’s like when I used to talk to my
grandfather about World War II, all the
vivid memories that are hard to get out of
your mind, and you’re never going to get
over it. It’s something that sticks with you,”
says Mr. DeLuca, who at home tries not to
talk about what he is seeing at work to
avoid upsetting his wife.
Mr. DeLuca was a first responder during
9/11 in New York before he became a nurse
in 2006. Covid-19 is a different kind of chal-
lenge, he says: a day-in, day-out roller
coaster.
Mount Sinai Health System, where he
works, is launching a new center for re-
searching and addressing the impact of
Covid-19 on the mental health of its front-
on
us ,
l
e
al a
Top: A nurse takes a coronavirus patient to the intensive-care unit in Mount
ci on
Sinai Morningside Hospital in New York. Above: ER doctor Erik Blutinger sees a
gap between his work and public attitudes. Below: Megan Montagne at times
has lost sleep over her patients.
er s
line health workers. Dennis Charney,
Mount Sinai’s president for academic
m er
affairs, estimates that 25% to 40% of
first responders and health-care work-
ers in the U.S. will experience some
form of stress or post-traumatic stress
m rp
disorder as the result of the pandemic.
Even those used to dealing with
emergency medicine say the situation
has challenged traditional coping mech-
anisms. Before the coronavirus, Luis
co Fo
Quintero, a critical-pulmonary-care spe-
cialist at Northwell Health, says he was
able to leave work behind each time he
went home. But now, the New York-
based doctor says he worries about get-
ting his wife and baby son sick, and
about being exposed to coronavirus in
the community. For the first time in his
career, he says, he worries about his
own mortality. “I have to be cognizant
of everything around me,” Dr. Quintero
says. “It’s exhausting, because it seems
like we’re always thinking about
Covid-19 all the time.”
Given the likelihood that communi-
ties across the U.S. will continue to see
spikes in cases, the need for mental-
health care is even more urgent, says
Alison Holman, an associate professor
at the University of California, Irvine,
specializing in trauma research. Ms.
Holman’s research has found that “an-
ticipatory anxiety” can be profoundly
difficult for people to deal with—and
can make trauma worse once a difficult
event does occur.
“Human beings don’t like uncer-
tainty,” she says, adding that it’s impor-
tant for health-care systems to provide
mental-health resources even if their
local communities haven’t yet been
badly hit.
For physicians like 33-year-old Erik
Blutinger, an emergency-room doctor at
Mount Sinai Queens, the disconnect be-
tween what they see at work and the
more-relaxed public attitudes they en-
counter elsewhere has been especially
frustrating. “I’d come home emotionally
spent and turn on the TV and see re-
ports of people questioning the validity
of health experts like Dr. [Anthony]
Fauci, and playing down the impor-
tance of really staying inside,” Dr. Blut-
inger says of his experience at the
height of the crisis in New York.
Meanwhile, the emergency room
where he works, treating hundreds of
Covid-19 patients, “felt like a movie, a
horror film,” he says.
Though the crisis has been taxing on
the mental health of Americans gener-
ally, health-care workers are especially
vulnerable, says Curtis Reisinger, who
heads Northwell Health’s employee-as-
sistance program. The field is already
subject to heavy rates of burnout, he
says, and the coronavirus “is layering
on something of catastrophic propor-
tions, exacerbating fatigue.”
Surveys of health-care workers in
China earlier this year found high rates
of symptoms of depression (50%) and
anxiety (45%), with nurses reporting
more severe symptoms than physicians.
Once the immediate crisis recedes,
the emotional toll will continue to un-
fold as more health-care workers have
time to reflect on what they’re experi-
encing, says Edward M. Ellison, execu-
tive medical director of the Southern
California Permanente Medical Group:
“We do expect almost a PTSD [post-
traumatic stress syndrome] or second
wave of mental-health issues and anxi-
ety to address,” Dr. Ellison says.
Some doctors and nurses say they
are only now beginning to process the
events that have upended their profes-
sional lives.
In Boston, Megan Montagne, 31, had
just started a new job at Brigham and
Women’s Hospital when coronavirus
outbreaks began to spread. Originally
hired to work as a primary-care physi-
cian assistant, she spent weeks not
knowing what her duties would ulti-
mately look like. She watched online
videos about what it might be like to
work in an ICU and trying to prepare,
she says. She ended up deployed to a
respiratory-illness clinic, working with
Covid-19 patients.
Now she says she is managing the
stress as well as she can. At home she
tries to cook and garden and stay in
touch with friends. On occasion, though,
it catches up with her. On one recent
night, she found herself staying up as
late as 4 a.m., sleepless and anxious.
“When you’re at work, you’re dis-
tracted and you have to be strong for
the patients,” she says. “When you’re
not there, that’s when your brain has
time to process everything.”
Ms. Chen is a reporter for The Wall
Street Journal in Philadelphia. Email
te-ping.chen@wsj.com.
Friday, May 22, 2020 | R7
Making It Work:
A Lawyer Argues the
First Case That the
High Court Hears
Remotely
BY BRANDON SANCHEZ
The U.S. Supreme Court this month heard tele-
phonic arguments as the coronavirus pandemic
prevented in-person sessions. It represented a his-
toric chapter for the court and a potential tem-
plate for attorneys who might need to master re-
mote sessions if courtrooms remain virtual.
Lisa Blatt, a partner at Williams & Connolly LLP
in Washington, argued the first case under the
new format in early May. She represented Booking
Holdings Inc. in a case that weighed the com-
pany’s ability to trademark the name Booking.com.
The 55-year-old attorney has argued 40 cases
before the Supreme Court—more than any other
woman in U.S. history. Even with that experience,
she felt anxious.
“It’s the stress that something could go wrong,
that they’re not hearing you, and you’re not see-
ing them react,” Ms. Blatt said in an interview
shortly after arguing her case. “You don’t know if
they have a follow-up question or they’re not un-
derstanding you, because your time is very lim-
ited. It doesn’t feel to me like an oral argument so
much as an oral exam.”
The court hasn’t yet handed down a decision
in the case.
To prepare to argue remotely, Ms. Blatt de-
cided it would be best to order a lectern. She
wanted to replicate the experience of in-person
.
arguments.
ly
Her first lectern choice ended in disaster. “My
husband dropped it,” Ms. Blatt said, “and it kind of
made a dent in our wall,” breaking the lectern.
The second lectern they ordered was too heavy
to lift, so they didn’t even try. The third lectern
was portable and ended up being the centerpiece
for an in-house courtroom. “We could put it on a
table, so the third one did the charm. We decided
to do it on the first floor in the dining room, which
made the most sense because we could make it
look like a counsel table in a courtroom.”
Ms. Blatt’s case was initially scheduled for
March 23, but then postponed. After weeks of un-
certainty during which the court decided how to
operate in the Covid-19 era, her case was resched-
uled for early May, and she got to work. Because
she describes herself as superstitious (and usually
wears the same suit to court), the goal was to
stick as closely to her routine as possible.
The preparation process is extremely collabora-
tive. “You spend a lot of time tossing around
ideas,” she said. Colleagues help her map out
questions that will be asked, and how best to an-
swer them.
Peers pretend to be the justices during moot
court practice sessions that, until now, always
took place in person. Ms. Blatt could spend up to
a full day in a room with someone perfecting an
argument. To prepare for her most recent case,
those in-person rehearsals were replaced by tele-
phone calls.
The most difficult part was deciding where to
perform her oral argument: at home, or in an
empty office? She decided to stay home. A head-
set was ordered, an extension for her landline
phone cord was obtained, and that search for a
suitable lectern began.
Ms. Blatt also confronted possible land mines:
the dog and the doorbell. Neither could derail her
actual arguments taking place May 4.
Ms. Blatt’s son took Jackson, the family’s gold-
endoodle, for a two-hour walk to Washington’s
Rock Creek Park. They also asked their next-door
neighbors who have a dog, a loud barker, to crate
their pet during the day.
To silence the doorbell, Ms. Blatt’s husband, Da-
vid, served as a “bouncer,” stationed outside, ready
to intercept deliveries. And her daughter kept time
to help Ms. Blatt stay on-track while arguing.
The arguments, which took place on a Monday
morning, worked out well, she said.
There were a few moments when Justices So-
nia Sotomayor and Stephen Breyer couldn’t be
heard, or took a moment to respond.
A highlight for Ms. Blatt was hearing Justice
Clarence Thomas speak. “I have never had a ques-
tion from Justice Thomas, ever, in 40 arguments,”
she said. “His questions are piercing, right to the
point. It’s been really fun for the advocates to get
to hear from him.”
It was, however, tough to not be able to see the
justices’ faces. “I miss seeing them,” she said of
the nine justices. “We don’t get to see them very
much. In court is one of the only times you get.”
Mr. Sanchez is a Wall Street Journal reporter
(FROM TOP) MARCUS SANTOS/ZUMA PRESS JUDAH LAVALLE MEGAN MONTAGNE; LISA BLATT
in New York. Email brandon.sanchez@wsj.com.
Lisa Blatt at a lectern in her dining room.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
R8 | Friday, May 22, 2020
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
How to Be Smart
About Opening Up
Try these exercises to reckless.
figure out the risks you’re That sounds like a tall order.
willing to take on
And it is.
But I offer two exercises that
can help us go a long way toward
getting the insight we need to
us ,
move forward. The first helps us to
BY MARYANNE VANDERVELDE
A
imagine what we truly want, and
l
e
suggests strategies that might get
al a
s government controls on us closer to these goals. The second
our behavior diminish, we allows us to pick a framework for
ci on
all have a giant jumble of the overall kind of life we want to
decisions before us: Should live during this pandemic. It helps
I get my hair cut? Can I hug us clarify what experiences and
my mother or best friend? satisfactions we are willing to give
Do I go to a restaurant? Is it time to up in order to stay healthy, as well
er s
get on a plane?
In other words, which risks are worth
m er
taking for which rewards? All of us will
have to sharpen our decision-making
skills, because this is probably the most
Your goals might
significant strategic-planning project we seem daunting right
m rp
will ever have. now, but that is no
The choices aren’t obvious and will be
different for different people. But if we
reason to bury them.
go about assessing our own needs and
goals deliberately, we reduce the chances
co Fo
of taking an impulsive step that could
turn out to be dangerous, as well as the as how much safety we might be
chances that we will face negative conse- willing to risk in order to live a
quences from not taking a risk. Under- more full and rewarding life.
standing our choices also can help us Let’s start with the first exer-
communicate them to others. That’s es- cise. Your goals—such as taking a
pecially important for couples, who may long plane trip to see a faraway rel-
come down at opposite ends of the risk- ative—might seem daunting right
tolerance continuum. now, but that is no reason to bury
The dilemmas are particularly acute them. To visualize what you want
for older people. The virus death rate for the future and how you might
among the elderly is scary. But do any get there, try this: Draw a box on
n-
older people want to spend the rest of the left side of your paper; list
their lives locked away in their house or three things in this box that you
apartment? Will they be comfortable have missed or hated during your
never hugging their grandchildren again? period of isolation. Draw a similar
no
To make smart decisions in this new box on the right side of your paper;
world of risk, we need to figure out what list three things that would create
type of life we want going forward, what joy and happiness in your life sev-
safety trade-offs we are willing to make, eral months from now. In the mid-
and where we want to sit on the risk dle, for each of your three goals,
continuum from extremely cautious to draw many circles, and fill them by
Cooking in Quarantine:
Baked Spring Pasta With
Asparagus
TOTAL TIME: 50 minutes This pasta, as ooey-gooey-cheesy
SERVES: 8 as any comfort seeker could wish,
happens to sneak in a heaping
Kosher salt helping of vegetables, too, including
1 pound tubular pasta such asparagus, mint, parsley and no less
as rigatoni or penne than eight cups of spinach. Depend-
8 cups baby spinach ing on what looks good at the mar-
(about 10 ounces) ket, another green veggie, such as
½ cup mint leaves sugar snap peas, could augment or
even replace the asparagus. And
½ cup parsley leaves
most any herbs you need to use up
1 cup extra-virgin olive oil, can pinch-hit for the mint and pars-
plus more for drizzling ley. Basil, chives and/or tarragon
Kosher salt and freshly would be equally delicious. If the
ground black pepper weather is already too hot where
¾ pound asparagus, trimmed you are to turn on your oven, this
and cut into ½-inch pieces dish works perfectly well as an unbaked pasta.
8 ounces mozzarella cheese, Simply simmer the pasta in step 1 until com-
torn into pieces pletely cooked and toss with the vibrantly green
1 cup half-and-half spinach sauce you make in step 2. Skip the cheese
and half-and-half if you’d like to keep the dish ve-
¼ cup grated Parmesan, plus
gan—in which case it would make sense to stir in
more for serving
a hefty handful of nutritional yeast before serving
writing down actions that might
help you get from one side to the
other.
Often people have no idea how
to approach a problem; they are
stuck. This exercise can help them
get started on setting goals, identi-
fying the barriers and realizing all
the ways they can address them.
Once you understand what steps
out of isolation you would find
most rewarding, a second exercise
will help you consider what kind of
life you want to live, and the risks
you feel are worth taking to get
that life.
Try to figure out where you cur-
rently sit on the continuum be-
tween very safe/few rewards and
less safe/many rewards. Describe
five lifestyles you could pursue on
a scale of 1 to 5, with one being
very safe/few rewards and 5 being
less safe/many rewards. Print them
on index cards or any other paper
that can easily be moved around.
Each category can be arbitrary
and subjective. What may be high
risk for one person (for instance,
getting your hair cut by a relative
stranger) may be low risk for an-
other (you have known your hair
stylist for many years).
Here’s one example of five life-
styles—again, starting with the life
you would live if you play it as
physically safe as possible, but with
few rewards:
1. Total isolation with almost
no chance of illness. Stay in
your house or apartment, alone or
with family. Do not allow anyone
else inside unless an emergency oc-
curs. Do not have any in-person
contact with friends or other family
members. Have all groceries deliv-
ered. Disinfect anything that comes
into your house. See doctors only
by telemedicine; refuse any elective
medical procedures. Go outdoors
only when you are sure you will
not encounter other people. Work
only from home.
2. Significant isolation with a
very small chance of illness
or death. As above, but allow a
to provide some umami depth. Regardless, this
easygoing recipe will stand up well to most any
tweaking you bring to it based on what you
have on hand.
1. Preheat oven to 350 degrees. In a large pot
of boiling salted water, cook pasta until just al
THE WALL STREET JOURNAL.
trusted cleaning person or handy-
man to come into your house occa-
sionally; have a short conversation
with him or her, always wearing a
mask and gloves. Go to drug or gro-
cery stores occasionally, always
gloved and masked. Buy takeout
food. Exercise outside alone or with
your partner. If people approach
you, wave them away.
3. Some isolation with a small
chance of illness or death. As
above, but go to a wider variety of
stores. See a doctor or dentist if
necessary. Allow short conversa-
tions with people you meet outside
or in a store. Resume selected out-
door sports. Accept and initiate in-
vitations for drinks outside with
trusted friends. Go to your work-
place if you can drive yourself and
don’t have to interact with col-
leagues or customers.
4. A relatively large amount of
openness and some chance of
illness or death. As above, but ac-
cept and initiate invitations for
drinks or dinner, outside or inside,
with trusted friends. Resume outside
activities like restaurants you trust,
religious services, going to your job
and doing volunteer work—with so-
cial distancing. Go to salons, barber
shops, retail establishments or movie
theaters that facilitate social dis-
tancing. Travel only when necessary.
.
ly
5. Total openness with a sig-
nificant chance of illness or
death. Do any activity, including
going to any restaurant, gym, the-
ater, concert or sporting event—as
you did pre-Covid. Travel whenever
you want.
Now, place all the cards on your
dining-room table, from your first
preference for the life you want
right now to your last choice. Then
periodically, perhaps the first of
each month, reposition the cards or
notes. Ask yourself each time: Have
your ideas about risk changed? If
yes, why? If no, why not? Then act
accordingly.
This exercise should help you
think clearly about what you are giv-
ing up if you play it totally safe
through isolation, as well as the pos-
sibility of illness if you have a richer,
more interesting life. When people
envision and describe what their
lives might look like in different sce-
narios, they become more aware of
what they’re getting and giving up.
Finally, understanding your own
thinking can help you feel more set-
tled and respond better to others
who make different choices. This is
especially helpful when partners dis-
agree about their desired level of
risk and rewards.
We are just at the beginning of a
steep learning curve about our-
selves. We face risks we didn’t imag-
ine a few months ago—and yet tak-
ing pleasure in small things is more
important than ever. The more we
name our fears and desires, make
our own decisions about risk, and
understand how we got to those
choices, the stronger we will emerge
from this weirdest of times.
Dr. Vandervelde is a psychologist in
Seattle and author of six books,
including “Retirement for Two.” She
can be reached at reports@wsj.com.
dente (about 3 minutes short of the cook-
ing time specified on the package). Drain
and rinse pasta under cold water to halt
FROM TOP: AMELIA CHEN; JAMES JACKMAN FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES
cooking. Shake out excess water as much
as possible. Return pasta to pot and set
aside.
2. Make the sauce: In a blender or food
processor, combine spinach, mint, parsley
and 1 cup olive oil. Blend until smooth and
bright emerald green. Season with salt and
pepper to taste. Add sauce and asparagus
to pasta, and toss until sauce is evenly dis-
tributed and thoroughly coats pasta.
3. Transfer half the sauced pasta and
asparagus to a large oven-proof skillet,
preferably cast-iron. Dot the surface with
half the mozzarella. Transfer remaining
pasta to skillet and dot evenly with re-
maining mozzarella. Pour half-and-half all
over. Bake until asparagus is tender and
cheese has melted, about 30 minutes.
4. Remove skillet from oven and heat
broiler. Top pasta with ¼ cup Parmesan and
transfer to broiler. Broil until cheese is
browned in some spots, 2-3 minutes. Remove
from broiler. To finish, drizzle with olive oil and
sprinkle with more grated Parmesan, if de-
sired.
—Eleanore Park
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, May 22, 2020 | R9

SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

.
ly
on
Fertility specialist Randy Morris tests women for the coronavirus before retrieving eggs from their ovaries. The retrievals have to be carefully scheduled, and testing can get in the way.
us ,

cal and financial stresses on pa- use of a negative-pressure surgical

l
e
tients. It also has financial implica- room, if a patient were to test neg-
al a

tions for fertility clinics, which are ative at the start of treatment but

In Vitro Restarts, in a predicament similar to that of later become sick with Covid-19 be-
ci on

many businesses considering how fore an egg retrieval, according to

to reopen. Dr. Feinberg.

But It’s Complicated Egg retrievals are carefully

scheduled in relation to a series of
hormone injections to stimulate ‘Can we move forward?’
er s

patients’ ovaries and trigger the “Of course you’re thinking about
release of eggs that can be re- all these things and wanting to be
m er

virus, because anesthesia risks dis-
Coronavirus testing persing the virus into the air.
upsets the delicate Many doctors want to make sure
patients aren’t sick before helping
timeline of fertility
m rp
trieved and later fertilized. Delay- careful, but you’re also like, ‘Oh my
ing the procedure if a test result is God, can we move forward with
late or the patient tests positive this?’ ” says 35-year-old Morgan
can allow a woman to ovulate, Yeager of Chicago, adding that fer-

them conceive because the impact
medicine of the virus on pregnant women and
their babies isn’t well understood.
But there is opposition in the medi-
cal community to using diagnostic
co Fo
which means there will be no eggs
to retrieve, says Chicago area fer-
tility specialist Randy Morris.
Dr. Morris tests fertility patients
for the coronavirus before retriev-
tility treatments already come with
so many hurdles for women and
their families.
She began IVF treatment in Feb-
ruary, and her first egg retrieval

BY SARAH KROUSE

P
atients undergoing fertil-
ity treatments saw the
time-sensitive process
sidelined by the coronavi-
rus pandemic when nones-
sential medical procedures
were put on hold. Now, as hospitals
and doctors reopen their doors to
an array of services, these women
still face a potential roadblock: the
n-
tests for patients undergoing elec- ing eggs from their ovaries and any was unsuccessful. Ms. Yeager, who
tive procedures such as egg retriev- other procedure that requires anes- contributes to Savvy Cooperative, a
als while testing capacity remains thesia. Sourcing those tests and re- patient-owned group that gener-
largely constrained nationwide. ceiving results in time for the pro- ates health-care market and user-
The upshot is that fertility doc- cedure has been fraught, he says. experience research, received a
tors across the U.S., many of whom
are restarting in vitro fertilization
procedures after a several-week
pause, are struggling with whether
and how frequently to test patients ‘Every day there is a little twist that makes our life
for the coronavirus as well as how a little tougher,’ Dr. Morris says.
to source the tests they need.

lingering lack of widespread tests “How do you take that pipe

for Covid-19. dream of testing everyone and how
In vitro fertilization cycles typi- do you apply that to real-world When Dr. Morris first tried to coronavirus test—with a negative
cally involve patients taking hor- medicine?” says Eve Feinberg, who secure Covid-19 diagnostic tests for result—ahead of her second re-
no

mone injections for is on a pandemic task force at the patients in April, he says, multiple trieval last week.
several days before a American Society for Reproductive hospitals and labs in the area told When the American Society for
doctor retrieves eggs Medicine, which sets guidelines for him tests were prioritized for Reproductive Medicine in March
from their ovaries—a U.S. fertility practices. front-line health-care workers and advised that fertility specialists
$23,000 process that usually
involves going under
severely ill patients. He then heard
through a professional contact
pause elective treatments to pre-
serve scarce protective gear and
The typical cost of a Test stress
single cycle of in vitro anesthesia—to freeze about a lab in Michigan that had put less strain on health-care pro-
fertilization or fertilize. Some an- The debate resonates beyond phy- excess testing capacity. viders, it sparked a backlash
esthesiologists and sicians’ preferences and protocols. It helped for a few weeks, he among doctors and patients. The
state health officials Many IVF patients and their doc- says, but that lab’s turnaround group has since said it is fine to re-
2.3 to 2.7 require that patients
be tested for corona-
tors say that the procedures are
time-sensitive and essential—and
times soon slowed. Results that
were supposed to come back in 48
sume IVF cycles and recommends
that testing be part of reopening
The number of IVF
cycles that the virus to protect that the test question and potential to 72 hours were delayed, which procedures if it is available.
average patient health-care workers delays in conducting them add to threatened his ability to conduct Dr. Feinberg tests patients at the
goes through from exposure to the the emotional, psychological, physi- the egg retrievals in a timely man- start of a cycle and before egg re-
ner. One patient had to be tested trieval. Her practice at Northwest-
for coronavirus on a Sunday to ern Medicine’s Center for Fertility
comply with a state rule that re- & Reproductive Medicine in Chi-
quires patients undergoing anes- cago has access to testing through
thesia to test negative within 72 the large academic medical system,
hours of the procedure, he says. Dr. which decided that IVF patients
Morris struggled to find a shipping are eligible for it.
service that was open and able to While she and others work to
transport the test swab to the lab. navigate through the process, some
“Every day there is a little twist doctors see coronavirus testing as
that makes our life a little altogether unnecessary. Kevin
tougher,” he says. Doody says his Dallas-Fort Worth
Fertility treatments are deeply area fertility practice is in a locale
personal for patients, many of with few cases. He doesn’t test pa-
whom have been trying for a long tients for the virus and instead as-
TAYLOR GLASCOCK FOR THE WALL STREET JOURNAL (2)

time to have a child or face time sumes everyone is positive, and

pressure because of their age or
health. They also are lucrative for
providers and hospital systems at a
time when revenue has been
strained by a pandemic-induced
slowdown in nonessential proce-
dures. A single IVF cycle typically
costs about $23,000, according to
fertility-information website Fertil-
ityIQ, and the average patient goes
through between 2.3 and 2.7 cycles.
Treatments might need to be
Getting coronavirus test results quickly has been difficult, Dr. Morris says. abandoned midstream, or require
takes precautions such as requiring
all patients to wear masks.
“I’m not saying people are
wrong to be doing this,” Dr. Doody
says of doctors who do test pa-
tients for coronavirus. “I’m just
saying there are likely to be gaps
in our risk mitigation no matter
what we do.”
Ms. Krouse is a reporter for The
Wall Street Journal in New York.
Email sarah.krouse@wsj.com.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
R10 | Friday, May 22, 2020
SPECIAL REPORT | NAVIGATING THE CORONAVIRUS
Universities to Alumni:
Give Jobs to the Grads of 2020
Students need extra
help finding positions
BY FRANCESCA FONTANA
AND AMBER BURTON
M
atthew Garza is grad-
uating from Colby
College this month.
Like many members
of the class of 2020,
he doesn’t have a job
er s
lined up. But unlike many of his
peers, he isn’t too worried.
m er
That’s because Colby, a private
liberal-arts college in Waterville,
Maine, has pledged to find a job, in-
ternship or fellowship for every se-
m rp
nior within 90 days of graduation
by asking alumni to hire them.
“It’s really reassuring to know
that they’re making sure we’re not
being thrown into the wind,” says
co Fo
Mr. Garza, who majored in govern-
ment and philosophy and has been
looking for work in consulting.
With the class of 2020 entering a
job market ravaged by the coronavi-
rus pandemic, many colleges and
their alumni associations are step-
ping up to help, tapping their exten-
sive networks of former graduates to
create job-matching programs for se-
n-
no
What It Takes to Become a Contact Tracer
As layoffs continue to mount, one job is in
demand in almost all 50 states and urgently
requires workers.
To safely reopen the U.S. economy, the
nation needs an army of contact tracers—at
least 184,000 of them, according to one esti-
mate by researchers at the Milken Institute
School of Public Health at George Washing-
ton University.
Though tracer jobs vary slightly by city
and state, many require minimal previous
experience or just a quick training. The job
can usually be performed from anywhere, so
long as the worker has a good Wi-Fi connec-
tion and a phone.
Some career counselors are telling recent
college graduates and the newly unemployed
to go for the roles.
Jill Tipograph, co-founder of Early Stage
Careers, says spring grads who are still job
hunting should definitely consider contact
tracing—which can pay $17 to $25 an hour—
even if they aren’t considering careers re-
lated to public health. “No employer is going
to be questioning the fact that you changed
on
niors who have yet to find positions.
The efforts are aimed at sparing
the class of 2020 from the lasting
effects of graduating into a reces-
us ,
sion. College grads who entered the
job market during the early 1980s
l
e
recession had, 15 years after gradu-
al a
ation, wages that were 2.5% lower
than graduates who didn’t start out
ci on
in a slowdown, according to re-
search by Lisa Kahn, a University of
Rochester economist.
Of Colby’s 500 graduating se-
niors, 300 were still searching for
jobs when the school started its Pay
It Northward initiative earlier this
month. In past years, the college
says, about 95% of Colby graduates
have been employed by the end of
the summer after graduation. “It’s
going to be hard to imagine that will
still be the case unless we do some-
thing drastic,” says David Greene,
Colby’s president. “When you’re a
fresh grad, the alumni network is
really the only one you have.”
Pay It Northward is using Colby’s
network of 30,000 alumni, as well
as parents and other members of
the Colby community, to match new
grads with any jobs, internships and
fellowships that the alums or their
employers can provide. So far, the
campaign has elicited about 450 re-
sponses that have yielded more
than 500 opportunities for students
in the senior class, Mr. Greene says.
Other schools are expanding in-
ternship programs, leaning on
alumni to provide students with
short-term paid projects, some
which can be done remotely.
The University of Chicago in
April expanded its Micro-Metcalf
program, which matches students
with “micro-internships” that typi-
cally take 20 to 40 hours to com-
plete. The offerings include writing
grants for food banks and process-
ing mortgage closings. Students are
your path when over 30 million people are
unemployed,” she says. “They’re going to
want to know that you took initiative.”
Contact tracers determine who a sick per-
son has been in contact with during their ill-
ness—and who those people, in turn, came
into contact with. The idea is to track down
and quarantine potentially contagious indi-
viduals and isolate them to stop the spread
of disease.
Today’s tracer jobs don’t begin and end
with determining whom a Covid-positive per-
son has come into contact with, says Lori T.
Freeman, chief executive of the National As-
sociation of County and City Health Officials.
Tracers also help assess how equipped a per-
son is for isolation and quarantine, whether
they live in a multigenerational household and
need other living quarters, or if they are con-
cerned about buying groceries. Tracing teams
might also frequently check in over time,
monitoring people as they recover and be-
come asymptomatic.
Traci Fiatte, chief executive of nontechni-
cal staffing at Randstad US, says the firm is
paid either directly by the employer
or by grant from the university.
“Our alumni are really stepping
up,” says Meredith Daw, associate
vice president of career advance-
ment at the University of Chicago.
Nearly all of this spring’s 550 Met-
calf projects were funded or facili-
tated by alumni and donors, and
many students have been getting ex-
tensions from employers to
continue working with
them, the school says.
In addition to offering
micro-internships, the Uni-
versity of Colorado Boul-
der’s Leeds School of Busi-
ness has joined with alumni
and local business leaders
on a new mentorship pro-
gram designed to help
graduating seniors and re-
cent business-school grads
find work. The “Adopt-a-
Buff” program, which
launched in April and is
named for the university’s
buffalo mascot, pairs recent
grads with a mentor who
helps them make profes-
sional connections, identify
job opportunities and even prepare
for interviews.
“We have a very engaged busi-
ness and alumni community who
were asking how they could help
out,” says Sharon Matusik, dean of
the Leeds School of Business.
Since the program’s launch,
graduates have found jobs at com-
panies ranging from Lockheed Mar-
tin to a small marketing firm, Ms.
Matusik says.
Meanwhile, Jennifer Duncan, an
alumni career adviser at the Univer-
sity of Colorado Boulder, says her
office realized as early as March
that soon-to-be grads were going to
need extra assistance finding jobs. It
responded by launching a weekly
currently working to fill thousands of con-
tact-tracing roles as demand has ramped up
in the past four to six weeks. Several other
roles fall under the occupational umbrella of
“contact tracing,” Ms. Fiatte says, including
investigators and social connectors who
work with tracers to pursue more compli-
cated follow-up cases and help connect the
sick with social resources they need until
they recover.
Tracer job listings primarily come from lo-
cal and state health departments, but Ms. Fi-
atte says more companies are also starting to
build out internal contact-tracing plans as
THE WALL STREET JOURNAL.
Left: Sharon Matusik, dean of the University
of Colorado Boulder’s Leeds business school.
Bottom left: Anna Ritz, a graduating senior
at the university. Below: Heather Irvine and
other Eastern Michigan grads got $599
checks funded by an alumni group.
virtual job-search group in late March
in which graduating seniors gather
remotely to hear job-search tips and
get information on job openings and
other postgrad opportunities.
Anywhere from 20 to 80 people at-
tend each week, she says, adding that
demand for job-search help has in-
creased from alumni, as well.
Anna Ritz, a graduating senior at
the university, had hoped to work in
public relations for a large company
before the pandemic took hold. Now,
she says she would be happy simply
to get her foot in the door somewhere.
“There’s a lot of that ‘would have
been’ talk,” she says, adding that she
has moved past the disappointment
phase. Ms. Ritz says she is encour-
aged by the guidance she has received
from young alumni and says there are
still some opportunities to be found
using the college’s career services.
While some schools are offering
extra career support, others are pro-
viding recent graduates with finan-
cial assistance to ease any Covid-19
related challenges they may face as
they transition into work life.
Using a $2 million donation from a
consortium of alumni formed in 2019,
Eastern Michigan University is giving
each of its 2,200-plus spring gradu-
.
ates a monetary gift of $599.
ly
Graduates can use the money for
any purpose, says Denis Wolcott, a
spokesperson for GameAbove, the
alumni group funding the program.
The goal was to brighten spirits and
to show recent graduates that the
alumni have their backs, he says.
Recent graduate Heather Irvine re-
called jogging past the school’s empty
convocation center on the morning of
what would have been her graduation
day. Thinking about that moment still
makes her emotional, she says.
The following Monday Ms. Irvine
opened her email to find the gift
from GameAbove. “I freaked out,” she
says. “How many times in your life
do you open a $600 email?”
For her, the gift brought hope and
demonstrated that the alumni were
“walking the walk” by giving back.
She donated 10% of the gift back to
the university’s student emergency
fund and saved the rest. “The money
won’t last long, but the sentiment
will,” Ms. Irvine says.
Ms. Fontana and Ms. Burton are
reporters for The Wall Street Journal
in New York. Email them at
francesca.fontana@wsj.com and
amber.burton@wsj.com.
(FROM TOP) LEEDS SCHOOL OF BUSINESS, HEATHER IRVINE, ANNA RITZ; ILLUSTRATION BY PETER OUMANSKI
workers are recalled to the office. Most posi-
tions advertised are for a three-month con-
tract, with the potential for extension, she
says.
People applying to be contact tracers in
New York need to complete a free six-hour
course offered online by the Johns Hopkins
Bloomberg School of Public Health. The train-
ing is geared toward anyone with a high-
school education. In the first week it was of-
fered, starting May 11, some 150,000 people
enrolled. More than 20,000 passed the assess-
ment at the end of the course, earning a certif-
icate. —Kathryn Dill