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 24206.86 g 390.51 1.6%
What’s
News
Business & Finance
M nuchin and Powell of-
fered contrasting visions
about rebounding from the
pandemic, with the Treasury
secretary recommending a
wait-and-see approach to
more federal aid and the Fed
chief suggesting a recovery
would be at risk without it. A1
 Walmart, one of the few
retailers positioned to suc-
cessfully navigate a global
pandemic, reported a surge
in quarterly sales. A1
 National restaurant chains
and other stable busi-
nesses are prodding their
landlords for rent relief. A1
 J&J, besieged by lawsuits,
will stop selling baby pow-
der made with talc in the
U.S. and Canada, citing a de-
cline in customer demand. B1
 Home Depot posted an
11% drop in quarterly earn-
ings as costs from boost-
ing workers’ pay and bene-
fits offset higher sales. B1
 Facebook is making a big
push into online shopping
through Facebook Shops,
enlisting small businesses to
sell through its platform. B4
 Oil prices are staging a
furious comeback from last
month’s collapse, lifted by re-
cord supply cuts and a pickup
in global fuel demand. A1
 U.S. stocks fell as investors
grew more skittish about a
potential coronavirus vac-
cine. The Dow lost 1.6%. B11
 Joe Rogan is taking his
podcast exclusively to Spotify
in a licensing deal worth
more than $100 million. B1
 The Nasdaq Stock Mar-
ket has determined that
Luckin should be delisted. B3
World-Wide
 Trump’s threat to cut off
funding to the WHO and re-
voke U.S. membership over
the group’s handling of the
coronavirus heightened ten-
sions with China and sparked
a new round of accusations be-
tween the two countries. A4
 The U.S. is nearing a deal
with Sudan to resolve claims
over al Qaeda’s 1998 embassy
bombings in Africa, helping
clear the way to remove
Khartoum’s designation as a
state sponsor of terrorism. A4
 States are expected to
ask the government to repay
them at least an estimated
$45 billion spent fighting the
coronavirus, with Trump
likely to decide whether their
costs will be covered in full. A6
 The Trump administra-
tion extended a public-health
order allowing it to reject
migrants crossing U.S. bor-
ders without giving them ac-
cess to the asylum system. A3
 The Senate Intelligence
panel advanced Ratcliffe’s
nomination to be intelligence
chief on a party-line vote. A3
 Attorneys for Flynn
asked a federal appeals court
to force the trial judge over-
seeing his criminal case to
dismiss it as the Justice De-
partment had requested. A4
 Hong Kong authorities
said they would extend social-
distancing rules to June 4,
casting doubt on the anniver-
sary vigil for victims of the Ti-
ananmen Square massacre. A8
 American women had
babies at record-low rates
last year and pushed U.S.
births down to their small-
est total in 35 years. A3
CONTENTS
Business News.. B3,5
Crossword.............. A14
Equities....................... B9
Heard on Street. B12
Life & Arts....... A11-13
Markets..................... B11
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
* * * * *
NASDAQ 9185.10 g 0.5% STOXX 600 339.49 g 0.6%
In South Korea, Schools Prepare for Students to Return
PARK CHUL-HONG/YONHAP/ASSOCIATED PRESS
EXTRA CREDIT: A high-school cafeteria in Gwangju, South Korea, is disinfected Tuesday, the day before students were set
to return, as the government urged education officials to be vigilant about preventive measures against the virus.
Walmart’s Mix of Open Stores,
E-Commerce Pays Off in Crisis
us ,
e
al a
BY SARAH NASSAUER
ci on
Walmart Inc. is reaping the
rewards of being one of few
retailers positioned to suc-
cessfully navigate a global
pandemic, reporting a surge in
er s
quarterly sales as consumers
turned to its giant stores to
m er
stock up on food and house-
hold goods.
The country’s largest re-
tailer said U.S. comparable
sales, those from stores and
m rp
digital channels operating for
at least 12 months, rose 10% in
Starbucks,
co Fo
Others
Press for
Rent Cuts
BY ESTHER FUNG
n-
AND HEATHER HADDON
National restaurant chains
and other stable businesses are
no
prodding their landlords for
rent relief as the economic pic-
ture sours, setting the stage for
court battles and protracted
clashes between big tenants and
property owners.
A number of blue-chip com-
panies that made rent payments
the past two months have indi-
cated they reached their limit
with June.
Chipotle Mexican Grill Inc.
and Shake Shack Inc. said they
are lobbying property owners to
renegotiate the leases or offer
deferred rent payments. Star-
bucks Corp. sent a letter to
landlords asking for a range of
concessions, including changes
to lease terms and base rent for
at least 12 months, starting next
month.
Restaurant and cafe opera-
tors are starting to reopen out-
lets again as more states like
Florida, Texas and South Caro-
lina begin to relax lockdown or-
ders. But many of these compa-
nies said that social-distancing
guidelines restrict them to only
about a quarter to half their
normal capacity, forcing them
to modify their operations and
cut expenses.
Rents usually account for
Opinion.............. A15-17 around 8% of sales at restau-
Property Report... B6
Sports....................... A14 rants. Now, with the pandemic
Technology............... B4 causing restaurants to shut out-
U.S. News............. A2-4 lets or cut down on capacity to
Weather................... A14
World Watch.......... A9
maintain social distancing, it
can represent as much as 20%
of sales, according to Jeffrey
> McNeal, president of Fessel In-
ternational, a restaurant and
hospitality consulting firm.
Please turn to page A6
 Havens suddenly not so safe
for commercial real estate... B6
WEDNESDAY, MAY 20, 2020 ~ VOL. CCLXXV NO. 118
10-YR. TREAS. À 9/32 , yield 0.711%
on
l
the quarter ended May 1. It
was a period when the new
coronavirus upended con-
sumer buying habits, forced
many competitors to close
temporarily and led more than
30 million people to file for
unemployment.
Walmart’s U.S. foot traffic
fell in the quarter, but spend-
ing per transaction rose 16.5%.
Sales got a boost in April
when shoppers spent govern-
ment stimulus money, the
company said. E-commerce
sales jumped 74% as millions
U.S. crude-oil futures*
$35 a barrel
30
Trump bans travel
from most of Europe
25
20
Global producers
15 agree to cut supply
10
March 9 April
*Most actively traded contract
Oil Rallies as Drivers
Get Back on the Road
BY AMRITH RAMKUMAR
Oil prices are staging a furi-
ous comeback from last
month’s collapse, lifted by re-
cord supply cuts and a pickup
in global fuel demand that
many investors hope heralds a
swift economic recovery.
With prices still below levels
at which most producers can
make money, companies from
Exxon Mobil Corp. to EOG Re-
sources Inc. are curtailing out-
put and shutting off productive
wells. Those supply cuts come
Many in France Say Goodbye to Hello Kiss on Cheek
The fate of la bise is on the line as the country begins to reopen
BY JOSHUA ROBINSON
AND NICK KOSTOV
PARIS—In cafés, in offices
and almost everywhere in be-
tween, it has always been per-
fectly normal in France to
greet people by touching their
face with your face.
La bise, as the customary
double cheek kiss is known, is
so deeply entrenched in
French life that it is deployed
OIL $32.50 À $0.68
of customers switched to or-
dering online for home deliv-
ery or picking up groceries in
Walmart parking lots.
The company said it ab-
sorbed about $900 million in
additional costs related to
Covid-19, including raising
wages for warehouse workers
and paying bonuses to its
store staff. It hired 235,000
new hourly workers to help it
staff stores. Even so, Walmart
reported a higher operating
profit for the period.
Overall, Walmart’s global
Tuesday
$31.96
May
Source: FactSet
with rising factory activity in
China boosting fuel consump-
tion while economic growth in
what is the world’s largest con-
sumer of raw materials returns
to normal. Demand for gasoline
is also on the mend there and
in parts of the U.S. and Europe,
with drivers returning to their
vehicles.
Fueled by another gain Tues-
day, the most actively traded
U.S. crude-oil futures contracts
have risen to $31.96 a barrel af-
ter hitting a low of $11.57 last
Please turn to page A2
i i i
as casually as a handshake.
Even President Emmanuel Ma-
cron greets foreign leaders
with it, as President Trump
discovered to his surprise in
2018.
When the country emerged
last week from two months of
seclusion, the first awkward
greetings raised a serious
question about life in the age
of social distancing: Is France
prepared to kiss la bise good-
WSJ.com
GOLD $1,744.20 À $12.40
ly
revenue rose 8.6% to $134.62
billion and net income rose 4%
to $4 billion. Excluding gains
on its investment in China’s
JD.com, earnings per share
were $1.18, slightly better than
Wall Street was expecting.
Walmart has benefited from
lockdown-related store clo-
sures among other retailers,
Please turn to page A4
 Heard on the Street: Don’t be
spooked by rising costs..... B12
 Crisis adds to Home Depot’s
staff expenses........................... B1
‘Wolf Warrior’
Chinese Diplomats
Take Fight to World
Foreign Ministry adopts aggressive new
stance as Beijing asserts itself globally
BY CHUN HAN WONG
AND CHAO DENG
Beijing’s envoy in Paris
promised a fight with France
should China’s interests be
threatened, then engaged in
a public spat with his host
country over the coronavirus
pandemic. The Chinese em-
bassy in Sri Lanka boasted of
China’s handling of the pan-
demic to an activist on Twit-
ter who had fewer than 30
followers. Beijing canceled a
nationwide tour by the
Prague Philharmonic Orches-
tra after a tussle with the
city’s mayor over Taiwan.
As China asserts itself
globally, its diplomats
around the world are taking
on foes big and small.
The brash new attitude,
playing out on social media,
in newsprint and across ne-
gotiating tables, marks a
turn for China’s once low-
key diplomats. It’s part of a
bye?
Over two months as the
Covid-19 pandemic spread, the
greeting all but vanished,
along with the handshake, the
hug and even the fist bump.
During his May 8 procession
down the Champs-Élysées on
the anniversary of World War
II victory, the normally tactile
Mr. Macron greeted officials,
troops and colleagues with lit-
Please turn to page A10
HHHH $4.00
EURO $1.0924 YEN 107.69
Powell,
Mnuchin
Differ on
Perils for
Economy
Fed chief recommends
more federal aid, while
Treasury leader urges
wait-and-see approach
BY NICK TIMIRAOS
AND KATE DAVIDSON
WASHINGTON—The U.S.’s
top two economic-policy lead-
ers Tuesday offered contrasting
visions about rebounding from
the coronavirus pandemic, with
Treasury Secretary Steven
Mnuchin recommending a wait-
and-see approach to more fed-
eral aid and Federal Reserve
Chairman Jerome Powell sug-
gesting a recovery would be at
risk without it.
.
Mr. Mnuchin, appearing
alongside Mr. Powell at an on-
line congressional hearing, re-
flected the Trump administra-
tion’s belief that the biggest
danger to the nation’s econ-
omy is waiting too long to re-
start activity after two months
in which millions of people
have sheltered at home to slow
the spread of infections.
“There is the risk of perma-
nent damage” to keeping com-
mercial activity closed down
too long, Mr. Mnuchin told the
Senate Banking Committee.
Mr. Mnuchin echoed com-
ments by President Trump and
other administration officials
who are predicting a V-shaped
recovery—a sharp downturn
followed by a strong bounce-
back—just as the Republican
president seeks re-election in
the fall.
Mr. Powell, meanwhile,
challenged the premise that
there is a trade-off between
Please turn to page A2
deliberate shift within the
Foreign Ministry, spurred on
by Chinese leaders seeking
to claim what they see as
their nation’s rightful place
in the world, in the face of
an increasingly inward-look-
ing U.S.
China’s state media de-
scribe it as a “Wolf Warrior”
ethos—named for a national-
istic Chinese film franchise
about a Rambo-like soldier-
turned-security contractor
who battles American-led
mercenary groups.
The feuding has escalated
as the Foreign Ministry
seeks to enforce China’s nar-
ratives on the coronavirus
pandemic, bickering with
Western powers and even
some friendly countries.
In Venezuela, a major re-
cipient of Beijing’s aid, the
Please turn to page A10
 Accusations fly between
Trump, Beijing over WHO... A4
INSIDE
FREDERIC J. BROWN/AFP/GETTY
BUSINESS & FINANCE
Johnson & Johnson
halts U.S. sales
of talc-containing
baby powder. B1
 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 | Wednesday, May 20, 2020
Oil Prices
Stage a
Comeback
Continued from Page One
month. Prices started the year
above $60. Brent crude futures,
the global gauge of oil prices,
have rebounded to $34.65.
As more lockdown measures
imposed to halt the spread of
the coronavirus pandemic are
eased around the world, some
investors predict a long-term
increase in oil prices. The turn-
around is a boon to the beaten-
down energy industry and un-
derscores investors’ hopes for a
global economic recovery. Oil
tends to rally when more peo-
ple are traveling, factories are
operating and ships laden with
goods are moving around the
world, trends that also often
boost stock prices.
The S&P 500 rose Monday to
a two-month high, led by a 7.6%
rebound in energy stocks, which
mirrored gains in crude prices.
The broad equity index fell 1%
Tuesday with U.S. crude-oil
prices still rallying.
“As we see transportation
demand recover and the globe
reopening, that will help the oil
price gradually grind higher,”
said Rob Thummel, a senior
portfolio manager who man-
ages energy assets at the in-
vestment firm Tortoise. “We’ve
still got a long way to go.”
Oil’s recent gains come with
investors wagering on brighter
days ahead for the world econ-
omy. Those hopes are pushing
up other commodities sensitive
to growth such as copper and
aluminum and supporting Trea-
Leaders
Differ on
Recovery
Continued from Page One
economic growth and protect-
ing the public’s health. Fear of
coronavirus infection is the
economy’s biggest hurdle, he
said, and the recovery will be
held back until people believe
it is safe to resume commer-
cial activities involving per-
son-to-person contact.
“The No. 1 thing, of course,
is people believing that it’s
safe to go back to work so they
can go out,” Mr. Powell said.
“That’s what it will take for
people to regain confidence.”
For the third time in a
week, Mr. Powell suggested
additional spending by Wash-
ington could be needed to pre-
vent long-term damage from
high unemployment and waves
of bankruptcies. “The scope
and speed of this downturn
are without modern precedent
and are significantly worse
than any recession since World
War II,” the Fed chief said.
Before the pandemic hit,
no
Mr. Trump repeatedly faulted
Mr. Powell, whom he ap-
pointed as Fed chairman, for
not providing more stimulus
Editor, Writer Left Her Mark on Journal
BY WSJ STAFF
Karen Blumenthal, a jour-
nalist and author who spent
25 years as an editor, bureau
chief and columnist at The
Wall Street Journal, died
Monday in Dallas following a
heart attack. She was 61.
Ms. Blumenthal served as
the Journal’s Dallas bureau
chief for eight
OBITUARY years, oversee-
KAREN ing a dozen re-
BLUMENTHAL porters cover-
1959-2020 ing eight
states. In that
position she edited a story on
the attacks of Sept. 11, 2001,
that was part of a package
that won the 2002 Pulitzer
Prize for breaking-news re-
porting. She wrote a WSJ col-
umn on personal finance for
five years, and served as busi-
ness editor of the Dallas
Morning News.
“Karen was long a beloved
and admired colleague and
member of the WSJ family,”
Journal Editor in Chief Matt
Murray said. “She also was a
highly accomplished journalist
and leader whose work
touched many people and ex-
emplified the highest stan-
dards.”
Ms. Blumenthal started at
the Journal in 1984 and last
Number of rigs drilling for oil
and gas in the U.S.
800 rigs
600
400
200
0 –15
Jan. March
Source: Energy Information Administration (stockpiles, select fuel); Baker Hughes (rigs)
sury yields. Yields rise when
bond prices fall and tend to
climb when investors are antici-
pating a pickup in growth and
inflation.
Underpinning those bets is
an uptick in movement by con-
sumers around the world.
U.S. motor gasoline supplied
by energy companies, a proxy
for demand from drivers, rose
nearly 40% in the three-week
period ended May 8, according
to government data. Demand
for distillate fuel including die-
sel—commonly used by trucks,
trains and boats—is also climb-
ing, though jet-fuel consump-
tion remains weak.
Real-time gasoline demand
indicators such as daily re-
quests for driving directions on
Apple Inc.’s Maps app also show
a recent surge.
President Trump, a Republi-
can, touted the energy rally
with a tweet on Monday, writ-
ing “OIL (ENERGY) IS BACK!!!!”
He recently called for higher
prices to support the energy in-
on
us ,
l
e
al a
ci on
er s
m er
m rp
Left, Treasury Chief Mnuchin at a Cabinet meeting Tuesday. Fed Chairman Powell, right, during the hearing.
co Fo
during a period of steady eco-
nomic growth. Now, the tables
are turning, with the Fed call-
ing for more stimulus and the
administration more hesitant.
Mr. Powell and other senior
central bank officials have in-
dicated they don’t think a V-
shaped recovery is likely. This
has fueled their concern that
the government’s initial relief
measures might prove insuffi-
cient to nurse the economy
n-
through a shock with no mod-
ern parallel and with interest
rates already near zero.
In a speech Tuesday, Boston
Fed President Eric Rosengren
said he expected the unem-
ployment rate to peak near
20% this year and to stay
wrote regularly in the publica-
tion in 2013. She was also an
adjunct professor at three uni-
versities and published 12
books—three on personal fi-
nance for adults and nine
works of nonfiction for young
readers. She was active with
her temple in Dallas and
helped raise millions of dol-
lars for the city’s public li-
braries.
Born and raised in Dallas,
Ms. Blumenthal was valedicto-
rian at Hillcrest High School
CORRECTIONS  AMPLIFICATIONS
U.S. Citizenship and Immi-
gration Services, the govern-
ment agency that processes
immigration applications, is
asking Congress to approve a
10% surcharge to application
fees as part of its funding pro-
posal. On Monday, a U.S. Watch
article and its headline about
the proposed surcharge incor-
rectly said the agency will be-
gin attaching a 10% surcharge.
South Korea hasn’t had a
full coronavirus lockdown. An
Exchange article Saturday
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com
or by calling 888-410-2667.
U.S. NEWS
Change in U.S. crude-oil stockpiles
All data are weekly
15 million barrels
10
5
0 lice union official to head the
–5
–10
May
Jan.
dustry, and the U.S. was instru-
mental in the completion of a
globally coordinated supply cut
last month.
Hedge funds and other spec-
ulative investors are positioning
for a long-term rebound. They
recently pushed net bets on
higher U.S. crude prices to their
highest level since September
2018, Commodity Futures Trad-
ing Commission data show.
Reinforcing that optimism is
a drop in stockpile hubs around
the world. Inventories of crude
oil in China have started to de-
cline, and U.S. stockpiles fell
during the week ended May 8
for the first time since January.
They also dropped at a major
hub in Cushing, Okla., fueling
bets that the worst of the in-
dustry’s storage crisis has
passed. For much of April, trad-
ers were struggling to find
available storage, and ships car-
rying oil were floating at sea
with nowhere to go.
Those trends are starting to
reverse. While U.S. stockpiles
above 10% through year-end.
“This outlook is both sober-
ing and a call to action,” he
said. “Now is the time for both
monetary and fiscal policy to
act boldly to minimize the eco-
nomic pain from the pandemic.”
The nonpartisan Congres-
sional Budget Office, which re-
leased its updated economic
forecast Tuesday, said it antic-
ipates a “gradual and incom-
plete pattern of recovery” over
the next year and a half. The
CBO expects the economy will
grow faster in 2021 than it
projected last month, but will
still be 1.6% smaller than it
was at the end of 2019, while
the jobless rate remains above
9% through the end of 2021.
in 1977 and an Angier B. Duke
scholar at Duke University,
where she served as editor of
the Chronicle, the student
newspaper. On her website
she credits the Chronicle with
revealing to her the two loves
of her life: journalism and her
future husband, Journal travel
columnist Scott McCartney. In
2009, Duke honored her with
its Futrell Award for outstand-
ing achievement in communi-
cations and journalism.
She also earned her M.B.A.
about SoftBank Group Corp.
incorrectly referred to the
country’s social-distancing
measures as a lockdown.
The job title of Charles
Rechsteiner, business integra-
tion manager at Autodesk
Inc., was given incorrectly as
director of facilities and cor-
porate real estate in a Busi-
ness & Finance article Friday
about artificial-intelligence-
powered occupancy sensors.
The June 2020 contract
* *** THE WALL STREET JOURNAL.
Products supplied of select fuel
in the U.S. U.S. WATCH
10 million barrels a day
Motor
TRUMP ADMINISTRATION
Nomination for ATF
8 gasoline
Head Is Withdrawn
6
President Trump withdrew his
nomination of a former top po-
U.S. Bureau of Alcohol, Tobacco,
4
Firearms and Explosives after
some Republican senators ex-
pressed concern that he would
2 restrict the rights of gun owners.
Distillate
fuel Chuck Canterbury, the former
head of the national Fraternal
0 Order of Police, wouldn’t have
Jan. March May
had enough Republican support
March May
to advance beyond the Senate
Judiciary Committee, people fa-
miliar with the matter said.
are still near a record high in crude oil fell below zero a bar- The White House confirmed
March 2017, traders said falling rel for the first time ever on Tuesday it was pulling his nomi-
supply will likely prevent them April 20, with investors desper- nation but didn’t say why or in-
from reaching their maximum ate to avoid being stuck with dicate who, if anyone, it had in
capacity moving forward. The actual oil. mind to lead the agency.
number of rigs drilling for oil The turmoil drove changes The move means the ATF, at
and gas in the U.S. is at a re- to products including the U.S. the forefront of the Trump ad-
cord low in data going back to Oil Fund, the largest exchange- ministration’s efforts to fight vi-
1991 and less than half of what traded fund tied to crude. The olent crime, will remain without
it was at the start of the year, fund and others like it now hold a permanent, politically ap-
data from Baker Hughes show. futures for oil to be delivered pointed director. Mr. Canterbury
“We believe the historic and several months from now would have been the first one in
prolific oil production growth rather than near-dated futures more than five years. Regina
by U.S. shale may have been that can go haywire around ex- Lombardo has served as the
forever altered,” EOG Chief Ex- piration. Front-month U.S. agency’s acting director since
ecutive William Thomas said on crude futures for June delivery October.
the company’s earnings call this expired without any apparent Mr. Canterbury couldn’t be
month. issues on Tuesday. reached for comment.
Saudi Arabia, the world’s Traders said the shift has in- —Sadie Gurman
largest crude exporter, recently stilled more confidence in the
said it would cut supply to the crude market, reinforcing the ECONOMY
lowest level since 2002 next nascent optimism about the re-
CBO Sees Recovery
.
month. The output cut goes be- covery in demand.
yond record-setting global sup- “We are in a ‘buy the dip’ oil Going Through 2021
ly
ply reductions that were part of market” as investors use any
the deal producers reached last price drops as buying opportu- The Congressional Budget Of-
month. nities, said Gary Ross, chief ex- fice said the economy’s recovery
Oil’s bounceback also reflects
shifts in market structure after
April’s chaos. One price for U.S.
ecutive of Black Gold Investors
LLC and founder of consulting
firm PIRA Energy Group.
from the downturn related to cor-
onavirus responses will drag on
through the end of next year, as
investment collapses and the la-
bor market experiences its sharp-
have laid out a more optimis- est deterioration since the 1930s.
FROM LEFT: EVAN VUCCI/ASSOCIATED PRESS; DANIEL ACKER/BLOOMBERG NEWS
tic scenario that they said jus- Gross domestic product will
tifies waiting to see how the likely be 5.6% smaller in the
economy fares before provid-
ing more aid to businesses,
fourth quarter of 2020 than a
year earlier, the CBO said Tues-
households and state and local day, despite an expected pickup in
governments. Mr. Trump has
said he wants to suspend the
payroll tax and eliminate capi-
economic activity in the coming
months. Though the CBO raised
its projection for GDP growth in
tal-gains taxes to spur more the fourth quarter of 2021 to
hiring and investment. 4.2% from 2.8% in an April fore-
“We’re going to have a really cast, the outlook continued to de-
good third quarter. It’s already pict a long road to recovery.
happening,” Mr. Trump said at That owes to the suddenness
the Capitol later Tuesday. and severity of the current down-
House Democrats narrowly turn, as well as expectations that
approved a $3 trillion relief social-distancing measures will re-
package last week. The bill, main in place, to some degree, for
which is unlikely to become law, at least another year. The CBO
included $1 trillion in funding estimated GDP will shrink 11.2%
for state and local governments in the current quarter from the
and a second, larger round of January-to-March period.
The Fed has slashed rates to payments from the IRS. —Paul Kiernan
near zero and bought more Mr. Mnuchin signaled a shift
than $2 trillion in Treasury and Tuesday toward taking on more WASHINGTON
mortgage securities to stabilize risk in federal lending pro-
financial markets. It has prom- grams designed to help busi- Bank Regulator
ised to lend trillions of dollars nesses and governments bridge Expected to Leave
more, backed by more than a loss in revenues. At issue is
$200 billion in funds from the how the Treasury Department A top U.S. bank regulator is
Treasury. Congress has appro- plans to invest $454 billion expected to step down this week
priated nearly $2.9 trillion so Congress provided in March to after completing an overhaul of
far to support households, cover losses on emergency loan rules governing billions of dollars
businesses, health-care provid- programs created by the Fed. of lending in low-income neigh-
ers and state and local govern- “Our intention is that we borhoods, according to people fa-
ments, or around 14% of na- expect to take some losses on miliar with the matter.
tional economic output. these facilities,” he said. “That Joseph Otting, who has
“I do think we need to take is our base case scenario.” served as comptroller of the cur-
a step back and ask over time This marked a shift from rency since November 2017, has
is it enough, and we need to be last month, when he said the made it a priority to overhaul
prepared to act further,” Mr. Treasury was looking at “a rules for the Community Rein-
Powell said Tuesday. base case scenario that we re- vestment Act, a 1977 law to end
Mr. Trump’s top advisers cover our money.” the practice of “redlining,” in
which banks wouldn’t lend in
lower-income communities.
Mr. Otting, a former bank
CEO, told Senate lawmakers last
week that he sought to acceler-
ate completion of the change
at Southern Methodist Univer- amid the coronavirus pandemic.
JUSTIN CLEMONS FOR THE WALL STREET JOURNAL
sity while working at the “It will drive more dollars into
Journal and starting a family. low- to moderate-income com-
She returned to the Jour- munities across America,” he said
nal’s pages in 2019 to write a at a May 12 hearing.
piece on what it was like to be The pending rule change has
married to someone so ob- generated objections from Demo-
sessed with the business of cratic lawmakers and community
travel. groups, who say Mr. Otting’s ap-
She is survived by her hus- proach could allow banks to
band, her two daughters, meet their obligations with in-
Abby McCartney and Jen Mc- vestments in a few large proj-
Cartney, her mother, Beverly ects, inadvertently restricting
Blumenthal, and brother, Brad community lending.
Blumenthal. Karen Blumenthal —Andrew Ackerman
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
for West Texas Intermediate
futures expired on Tuesday. A Published daily except Sundays and general legal holidays.
Periodicals postage paid at New York, N.Y., and other mailing offices.
Markets article Tuesday about
Postmaster: Send address changes to The Wall Street Journal,
crude-oil futures incorrectly 200 Burnett Rd., Chicopee, MA 01020.
said Monday was its final day All Advertising published in The Wall Street Journal is subject to the applicable rate card,
of trading. copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc.,
1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to
accept an advertiser’s order. Only publication of an advertisement shall constitute final
Notice to readers acceptance of the advertiser’s order.
Wall Street Journal staff Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
members are working re- Need assistance with your subscription?
motely during the pandemic. By web: customercenter.wsj.com; By email: wsjsupport@wsj.com
For the foreseeable future, By phone: 1-800-JOURNAL (1-800-568-7625)
please send reader comments Reprints & licensing:
By email: customreprints@dowjones.com
only by email or phone, using By phone: 1-800-843-0008
the contacts below, not via
WSJ back issues and framed pages: wsjshop.com
U.S. Mail.
Our newspapers are 100% sourced from sustainably certified mills.
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
 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. * * * * * Wednesday, May 20, 2020 | A3

U.S. NEWS
After Days of Heavy Rain, Flooding Threatens Central Michigan
Migrant Ban
Is Extended
Indefinitely
BY MICHELLE HACKMAN grants crossing the border ille-
AND ANDREW RESTUCCIA gally posed a public-health risk
to border agents and local hos-
WASHINGTON—The Trump pitals—and could spark an out-

KATY KILDEE/MIDLAND DAILY NEWS/ASSOCIATED PRESS

administration extended a pub- break if kept in border deten-
lic-health order allowing it to tion.
reject migrants crossing U.S. “Every week, our border
borders without giving them agents encounter thousands of
access to the asylum system unscreened, unvetted and unau-
until the government deter- thorized entries from dozens of
mines the new coronavirus no countries. And we’ve had this
longer poses a danger to the problem for decades,” he said.
public. “With the national emergencies
The Centers for Disease Con- and all of the other things that
trol and Prevention published we’ve declared, we can actually
the indefinite extension on do something about it.”
Tuesday. The order was intro- Administration officials said
duced in March for a duration the coronavirus-related travel
of 30 days and extended in and immigration restrictions DELUGED: Tyler Marciniak waded down a street Tuesday in Beaverton, in Michigan’s Gladwin County. Gov. Gretchen Whitmer later
April for another 30 days. are temporary and aren’t meant declared a state of emergency for Midland County and residents in several cities were ordered to evacuate after floodwaters overwhelmed
The public-health order al- as a backdoor effort to achieve two dams. The governor warned that downtown Midland, a city on the Tittabawassee River, could be swamped by 9 feet of water.
lows the government to turn Mr. Trump’s longstanding pol-
back any migrants it encoun- icy goals. Administration data
ters crossing the border—in- show that border officials have

Some Students Give College Board

cluding unaccompanied chil- expelled more than 20,000 mi-
dren and anyone asking for grants at the southern border
humanitarian protection—with- since the order was announced.
out taking them into custody or The flow of migrants has

Failing Grade Over A.P. Test Snags

allowing them to file asylum slowed sharply as countries
claims. It is distinct from re- across Latin America imple-
strictions on nonessential mented stay-at-home orders
travel across the Mexican and and shut their own borders to
Canadian borders, which were travel.

.
introduced at the same time Some of the president’s ad- BY MELISSA KORN has used to communicate Board on Sunday said it would
but which the government ex- visers have privately argued about technical issues, like allow anyone who had trouble

tended for only an additional that some of the immigration
30 days on Tuesday. limits should remain in place at
“This order has been one of least until a vaccine is widely
the most critical tools the de-
partment has used to prevent
the further spread of the virus
and to protect the American
deployed in the U.S. and Latin
America, which could take
more than a year.
Democrats, immigrant advo-
onment exams on May 11.
people,” acting Homeland Secu- cates and medical professionals
us ,
ly
Jackson Merrick thought he saying students had used out- loading their answers for this
had nailed his Advanced Place- dated internet browsers or up- week’s exams to submit emailed
ment physics and U.S. govern- loaded pictures of their re- answers, immediately after the
He hand-wrote his re-
sponses, snapped pictures of
the pages and was notified
sponses in the wrong format.
“Instead of owning up to that,
they essentially put the onus
on students.”
test. The email option isn’t
available to those who received
error messages last week.
Kristen Curley is disap-
that he had successfully up- Ms. Marsden asked members pointed she won’t benefit from

rity Secretary Chad Wolf said in have criticized the administra- loaded them through the Col- of a Facebook group for A.P. hu- the new policy, after her gov-
l

a written statement. tion over the CDC order. “ lege Board’s online portal. man-geography teachers about ernment test went awry. Ms.
e
al a

President Trump said in The administration points to At 11:32 p.m. that night, Mr. the error rates for their classes. Curley, a senior at Garden City
JACKSON MERRICK

March he would use an emer- its immigration and travel re- Merrick, a senior at the Poto- She said 328 teachers reported High School in New York,
gency public-health law to tem- strictions as some of the most mac School in Virginia, received back that about 1,000 of their spent an hour on hold with the
ci on

porarily block migrants’ access important tools it has used to
to the U.S. asylum system at fight the spread of the virus in
the southern border, saying mi- the U.S.
er s
two emails that added unex-
pected tumult to the end of his
high-school career: “Unfortu-
nately, there was an issue with
your submission,” each started.
18,000 students were unable to
submit their exams; many other
students reported trouble log-
Jackson Merrick got error ging in, and rushed to complete
messages when submitting two the tests in the allotted time.
College Board after receiving
an error message upon com-
pleting her test.
“It looks as though you
were unable to submit one of

“Don’t worry, you can take a Kristine Yacamelli, an A.P. your responses,” the message
Senate Panel Backs Nominee makeup exam later in June.”
advanced-placement exams.
calculus teacher at Fox Chapel read. “Don’t worry, you can
m er

Mr. Merrick was one of thou-
For Director of Intelligence sands of high-school students
around the world whose A.P. ex-
ams were marred by technical
BY WARREN P. STROBEL dinates 17 U.S. intelligence issues, and who now face the
m rp
after the exam was over. Area High School near Pitts- complete this form to report
“We share the deep disap-
pointment of students who
burgh, said nine of her 55 stu-
dents who took that subject
the problem and request a
makeup exam.”
were unable to submit re- test last week couldn’t upload Ms. Curley said the “don’t
sponses,” the College Board their responses successfully worry” language seemed flip-

agencies with annual budgets
WASHINGTON—The Senate of more than $80 billion and
Intelligence Committee ap- tens of thousands of employees.
proved the nomination of Rep. An Intelligence Committee
John Ratcliffe (R., Texas) as in- official said the panel’s closed-
co Fo
prospect of retaking the tests in
early June because the College
Board didn’t receive their an-
swers the first time around.
This is the first year the
has said in its latest daily up- because the “submit” button pant, as if retaking the test
dates on the tests. The organi- seemed to malfunction. was no big deal.
zation declined to make Trevor Some even took snapshots She said she was given a
Packer, senior vice president of of their efforts on test day, so few options, including: sign up
the A.P. program and instruc- she was confident the mis- for the makeup test, which she

telligence chief on a party-line door vote was along party College Board has offered A.P. tion, available for an interview. takes weren’t on their end. was told would invalidate any
vote, moving him a step closer lines, with eight Republicans tests online, pushed there by Mr. Packer told teachers in “Obviously it’s technology, possible score from her first
to becoming President Trump’s backing the nomination, and the coronavirus pandemic and a College Board web group obviously you’re going to have exam, or wait for a formal in-
director of national intelligence. seven Democrats opposing it. widespread school closures. that 99.4% of the 220,000 A.P. glitches. But it seems like vestigation, the findings of
Mr. Ratcliffe’s nomination Mr. Ratcliffe, a third-term The test administrator hasn’t human geography test-takers they’re unwilling to admit it which would take up to two
will be taken up by the full congressman, is a member of broken out the error rate for were able to submit their tests could be them,” she said of the weeks—after the cutoff for
Senate. Senate Majority the House Intelligence Commit- most individual tests, but said successfully, and 99.7% of cal- College Board. signing up for the retest.
Leader Mitch McConnell (R., tee and a former U.S. attorney there has been a problem with culus students did the same. Some of Ms. Yacamelli’s stu- “I worked this entire year to
Ky.) said that vote would take for the eastern district of Texas. less than 1% of the nearly 2.6 “The system has performed as dents had time-stamped photos take this test and get this
place “as soon as possible.” Democratic lawmakers have million exams taken so far. designed,” he wrote on May 13. of their answers, but, she said, credit. And all of a sudden it’s
If confirmed, Mr. Ratcliffe said he lacks the qualifications Some students said they Elizabeth Marsden, a the College Board declined to just like, ‘Whoops, our system
would take over from acting to lead U.S. intelligence agen- pressed submit but the an- teacher at the American accept those via email. messed up,’ ” Ms. Curley said.
national intelligence director cies and was a partisan cheer- swers wouldn’t load, while School of Belo Horizonte in Under pressure from stu- “I don’t really think it’s fair
n-

Richard Grenell. leader for Mr. Trump during others, like Mr. Merrick, saw Brazil, has been upset by the dents and teachers to revise its that I would have to go through
The post oversees and coor- the president’s impeachment. no sign of trouble until well language the College Board retesting policy, the College this entire process again.”
no

U.S. Birthrates Fall to Record-Low Level

BY JANET ADAMY Annual number of births

American women had babies 4 million

at record-low rates last year
and pushed U.S. births down to You’re two feet away from the
their smallest total in 35 years, perfect fit and one step away
according to federal figures re-
 from ultimate comfort.
leased Wednesday.
TOM SHERLIN/THE DAILY TIMES/ASSOCIATED PRESS

About 3.75 million babies

were born in the U.S. in 2019,
2019
down 1% from the prior year,
provisional figures from the 2 3.7 million Get 25% off your first order
Centers for Disease Control and 35-YEAR LOW
Prevention’s National Center
for Health Statistics showed.
After peaking in 2007, births
in the U.S. have decreased for
Use code WS25
The general fertility rate fell 1 11 of the last 12 years.
2% to 58.2 births per 1,000
Free shipping - Made in the USA
women aged 15 to 44, its low-
est level since the government
began tracking the figure in 0
1909.
The data are the latest sign The total fertility rate—a snapshot of the average number of babies 1910 190 2000
of how American childbearing, a woman would have over her lifetime—ticked down to 1.7 in 2019. Source: Centers for Disease Control and Prevention
which began declining during
the 2007-09 recession, never agers saw the sharpest drop, sign that some births are just that cohort than they were for
fully rebounded when the econ- with a 5% decline in their birth- being delayed. “Women are still people born after World War
omy bounced back. Millennials rate. Since peaking in 1991, the having children,” he said. II,” Prof. Brasher said.
have been slower to form fami- teen birthrate has fallen 73%. “They’re just holding off until a That would continue to pres-
lies than previous generations, The total fertility rate—a later point in time until they sure the age balance of the
in part, economists say, be- snapshot of the average num- establish their education and population, exacerbating a
cause they are less financially ber of babies a woman would establish their career.” shortage of young workers to
secure than those before them. have over her lifetime—ticked A leveling-off of births help offset the Medicare and
“There are a lot of people down to 1.7 in 2019, a slight de- among Hispanic women, who Social Security costs of Amer-
out there who would like to cline from the previous year account for nearly a quarter of ica’s aging baby boomers.
have two children, a larger and another record low. U.S. births, is also driving the The NCHS data also showed
family, and there’s something In almost all years since overall decline. They had about that the share of babies born
going on out there that makes 1971, that rate has been below 885,900 babies last year, down preterm last year hit its highest
people feel like they can’t do the level of 2.1 needed for the slightly from 2018. level in more than a decade,
that,” said Melanie Brasher, as- population to replace itself, The economic fallout from with just over 1-in-10 being
sistant professor of sociology without accounting for immi- the coronavirus pandemic is ex- born before 37 weeks of gesta-
at the University of Rhode Is- gration. pected to further depress births tion. The rate of women deliv-
land, who studies fertility. Brady Hamilton, a statisti- in the coming years, experts ering via caesarean section fell
Birthrates fell or held steady cian who co-wrote the new re- say. “People that were products slightly to 31.7%, continuing a
for women of all ages except port, said an uptick in births of the Great Depression, the decade of general declines in
those in their early 40s. Teen- among women in their 40s is a birthrates were much lower for the procedure.
 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 | Wednesday, May 20, 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

U.S., Sudan Work to Reset Ties Attorneys

Through reparations,
For Flynn
nation aims to get off
America’s list of state
Seek Case
sponsors of terrorism Dismissal
BY JESS BRAVIN
AND JESSICA DONATI BY ARUNA VISWANATHA

WASHINGTON—The Trump Attorneys for Michael Flynn

administration is nearing a asked a federal appeals court
deal with Sudan to resolve to force the trial judge over-
claims over al Qaeda’s 1998 seeing his criminal case to dis-
bombings of U.S. embassies in miss it as the Justice Depart-
Africa, helping clear the way ment had requested.
to remove Khartoum’s desig- In a petition filed on Tues-
nation as a state sponsor of day, an attorney for President
terrorism. Trump’s first national-security
The plan is part of U.S. ef- adviser said the trial judge, Em-
forts to support the civilian- met Sullivan, had overstepped
led transitional government in his authority when he ap-
Sudan, whose armed forces pointed a retired judge to argue
last year ousted President against dismissing the case.
Omar al-Bashir, a military dic- Tuesday’s filing said Judge Sul-
tator who seized power in livan had no grounds on which
1989. Earlier this year, Sudan to look past the government’s
CORINNE DUFKA/REUTERS

settled terrorism-related decision to drop the case.

claims from the 2000 al Qaeda Mr. Flynn pleaded guilty in
suicide bombing of the USS 2017 to lying to the Federal Bu-
Cole during its call at Aden, reau of Investigation about his
Yemen, which the Bashir re- contacts with Russia’s ambassa-
gime allegedly had assisted. dor to the U.S. in the weeks be-
“Following extensive nego- On Aug. 7, 1998, rescue workers at the site of a nearby building that collapsed when the U.S. Embassy was bombed in Nairobi, Kenya. fore Mr. Trump’s inauguration,
tiations, we believe that we but this year sought to with-
have reached a common un- plain that the State Depart- of law that the Sudan-back “While no amount of money to restore its position within draw his plea and argued that
derstanding with Sudan on the ment’s plan gives short shrift terrorists found so threatening can compensate for the loss of the international community. he had been set up by the FBI.
contours of a future bilateral to victims who were foreign 20 years ago.” life and injuries that were suf- If Sudan gets off the State De- This month, the Justice De-
claims agreement” over the nationals, because their deaths Those complaints have won fered in the attacks on our partment’s terrorism-sponsor partment agreed and moved to
embassy bombings, a State De- would be worth about 10% of sympathy from some lawmak- Embassies in Nairobi and Dar list, leaving only Iran, North drop the case, saying there
partment official said Tuesday. an American’s. ers, including Rep. Bennie es Salaam, the agreement un- Korea and Syria with that des- were improprieties in how the
Victims would receive more According to plaintiffs’ law- Thompson (D., Miss.). der discussion would secure ignation, it could gain access FBI had handled the interview

.
than $300 million altogether, a yers, the plan would pay $10 “I gather that there are significant compensation for to international markets and of Mr. Flynn that was at the
congressional aide said. million for each U.S. govern- some Gulf States who may be both U.S. national and non- restructure debts. heart of the case.

The 1998 attacks in Kenya ment employee who was an
and Tanzania killed hundreds American national when killed,
and injured thousands, and but only $800,000 for each
various groups of victims are
represented by different legal
teams. Twelve Americans died.
On Monday, the Supreme
government employee who
was a foreign national. Injuries
for the U.S. nationals would be
worth from $3 million to $10
on son said in an April letter to
Court unanimously rejected million, compared with
us ,
ly
willing to put up the settlement U.S. national victims of those The U.S. also has reasons Many current and former
money, likely to facilitate future attacks,” the official said. for restoring ties. It stands to prosecutors have since argued
business in Sudan,” Mr. Thomp- The official said Washing- gain an opportunity to recali- that the Justice Department’s
House committee chairmen.
But “a two-tiered system
that blatantly disrespects the
ton had gone out of its way to
secure at least some compen-
sation for non-U.S. nationals.
A congressional aide said
brate geopolitics in a strategic
region of northeast Africa,
along the important Red Sea
waterway. Sudan shares bor-
leadership was treating Mr.
Flynn with leniency not af-
forded to other defendants,
and said Judge Sullivan should
service of the Kenyans and the State Department’s plan ders with seven other nations, probe the Justice Department’s

Sudan’s bid to delete $4.3 bil- $400,000 for foreign nationals. Tanzanians who were working may be the only opportunity including some that are grap- legal basis to drop the case.
l

lion in punitive damages from “The value of a life is not in our Embassies as U.S. Gov- for victims to recover compen- pling with militant groups, an- In Tuesday’s strongly
e
al a

a $10.2 billion verdict victims dependent on where a person ernment employees would be sation from the impoverished other factor that makes it a worded 44-page filing, attor-
won against Khartoum in fed- is born,” Doreen Oport, who wrong and inconsistent with East African nation. The State strategic ally for the U.S. in ney Sidney Powell disagreed,
eral court. Still, the odds of worked for the embassy in the law,” he wrote. “In fact, Department official said the the region. contending Mr. Flynn, a retired
ci on

collecting on that judgment Nairobi and now lives in
are steep, making a U.S.-nego- Texas, said in a statement the
tiated settlement the most lawyers released. “The State
plausible way that victims Department is betraying U.S.
would see any compensation. victims and the American
er s
many of these so-called ‘for- settlement would resolve all The State Department de- lieutenant general, had been
eign service nationals’ have claims by U.S. nationals. The clined to say whether the set- subject to “egregious” miscon-
since moved to America and U.S. didn’t have power to set tlement was a final step to duct. She also asked that Judge
become citizens.” aside litigation by foreign na- getting removed from the list, Sullivan recuse himself from
The State Department offi- tionals, the official said. or what else Sudan needs to the case, saying that he has

Some of the plaintiffs com- principles of equality and rule cial defended the plan. Still, Khartoum has reasons do to succeed. shown bias against Mr. Flynn.
m er

Accusations Fly Between Trump, China Over WHO

m rp

BY GORDON LUBOLD have been stopped by China, The WHO said Tuesday that
AND DREW HINSHAW U.S. Farm Goods In the 10 weeks ended May 1.17 million metric tons of cot- that should have been stopped it “was considering the con-
7, gross sales of U.S. corn and ton, 1.6 million metric tons of by China is terrible.” tents” of Mr. Trump’s letter.
President Trump’s threat to Sales Are Rising pork were up around eight times soybeans and 244,532 metric Mr. Trump wrote in his Dr. Tedros has also previ-
cut off funding to the World and cotton sales were three tons of pork in the past 10 Monday letter that the WHO ously denied that the WHO
co Fo

Health Organization and re- times higher than they were in weeks, according to the USDA ignored early reports of the was too deferential to China
voke U.S. membership over the China has significantly the same period in 2017, before data. virus spreading in China, and has said the organization’s
group’s handling of the coro- stepped up purchases of U.S. ag- the start of the U.S.-China trade In January, the two countries failed to share information interactions with Beijing were
navirus heightened tensions riculture products in the past war. Soybean exports to China agreed on phase one of a trade with other countries, made appropriate.
with China and sparked a new two months, according to U.S. rose roughly a third in the same deal in which China committed misleading claims and ne- The WHO has relied heavily
round of accusations between officials, even as purchases in period, according to U.S. Depart- to increase purchases of U.S. glected to urge China to allow on U.S. funding. In the two-
the two countries. other sectors fall short of expec- ment of Agriculture data. goods and services by $200 bil- for an independent investiga- year period ending at the
In a four-page letter to tations under the first phase Chinese importers bought lion over 2017 levels. tion into the virus’s origins. close of 2019, the U.S. contrib-
WHO Director-General Tedros U.S.-China trade deal. 1.19 million metric tons of corn, —Lucy Craymer By late December, the WHO uted $893 million to the
Adhanom Ghebreyesus on office in Beijing knew there group, or 15% of its budget, ac-
Monday, Mr. Trump said the was a “major public health” cording to WHO records. The
organization had shown an “trying in vain to slander Global health officials ton denies and many scientists concern in Wuhan, and before administration has previously
“alarming lack of indepen- China’s prevention and control broadly agree that the out- have dismissed as groundless. that, Chinese media had high- said the U.S. provided $453
n-

dence” from Beijing and failed efforts in order to distract break originated in China, Mr. Trump and senior U.S. lighted evidence of a new vi- million to the WHO in fiscal
to adequately respond as Chi- from its own mishandling of with many of the first con- officials have alleged that the rus, the letter said. At the year 2019.
nese government officials the crisis.” firmed cases of the new virus virus might have accidentally same time, a local doctor had China contributed just un-
sought to cover up the emerg- Wu Zunyou, a chief expert linked to a large animal and escaped from one of two labo- told China’s health authorities der $86 million during that
no

ing health threat. at China’s Center for Disease seafood market in Wuhan. Sci- ratories in Wuhan but haven’t of the new coronavirus affect- period. Beijing has increased
The WHO has contested Control and Prevention, said entists say the virus likely publicly shared any evidence ing about 180 people, and Tai- its funding to the group as a
many of the assertions Mr. Tuesday that China shared in- came originally from bats—but backing that claim. Beijing and wan had communicated infor- result of the pandemic. In re-
Trump made in the letter, formation with the WHO and it isn’t known exactly where or the labs deny that claim. mation to the WHO about the cent months, China has an-
which came as the organiza- other countries in the early how it jumped to humans. “I’m very disappointed in new virus, the letter stated. nounced a further $50 million
tion convened a virtual 194- days of the epidemic quickly Chinese officials have sug- China,” Mr. Trump told report- “Yet the World Health Or- in contributions to the WHO.
nation summit to evaluate the and transparently. gested, without presenting ev- ers Tuesday afternoon, again ganization chose not to share Chinese President Xi Jin-
global response to the pan- U.S.-China relations have idence, that the outbreak questioning the country’s re- any of this critical information ping also pledged $2 billion to
demic, and China’s Foreign deteriorated in recent months stemmed from U.S. soldiers sponse to the pandemic. Ear- with the rest of the world, fight the pandemic around the
Ministry spokesperson, Zhao as each side has aired allega- visiting Wuhan for a sports lier in the day, he said: “To probably for political reasons,” world in his remarks at the
Lijian, accused the U.S. of tions about the virus’s origins. competition, which Washing- lose lives over this that could the letter stated. World Health Assembly.

Walmart’s Some of those shoppers will

go back to old habits, Mr.
Biggs said, but added: “I think
Walmart's quarterly
comparable U.S. sales, change
from a year ago
Share and index performance,
year-to-date
Walmart
Wholesale Corp.
On Tuesday, Kohl’s Corp.
posted a $541 million quar-
Walmart said. It cut expenses
by spending less on travel,
consultant fees and marketing.

Sales Edge this time people are going to

remember who was really
there for them.”
10% 10%
terly loss and 41% drop in rev-
enue after it was forced to
close its department stores. In
Walmart has shifted its e-
commerce strategy over the
past year, cutting costs at sev-

Pays Off Shares of Walmart traded

higher early on Tuesday but
ended the day down 2%. The
stock has gained nearly 30%
Continued from Page One from a year ago and is hover-
and slow shipping speeds at ing near a record of $132.33
some online players. reached last month.
“It is a big advantage being The coronavirus shutdowns
an omnichannel retailer and I have forced many retailers to
think that is showing right now. lay off staff and pushed over
We had backups in our fulfill- the edge some chains that
ment centers too” but were were already struggling with
able to quickly use stores to fill the shift to online buying and
online orders, Walmart finance competition from Amazon.com
chief Brett Biggs said. “That is Inc. This month luxury retailer
something that our competi- Neiman Marcus Group Inc., ap-
tors, they can’t all do it.” parel seller J.Crew Group Inc.
Walmart withdrew its fi- and J.C. Penney Co. have filed
nancial forecasts for the rest for bankruptcy protection.
of its fiscal year, citing the un- Walmart, meanwhile, has
certainty and restrictions stayed open. The country’s
caused by the virus. However, largest seller of groceries,
executives said the company which account for more than
was well positioned to operate half of its U.S. sales, has bene-
through the crisis. fited as shoppers purchase
The number of new custom- ground beef, toilet paper and
ers trying Walmart’s online cleaning supplies and other
grocery pickup and delivery necessities at its more than
services grew fourfold since 4,700 U.S. stores.
mid-March. It has also struggled to
8
6
4
2
0 –30
FY2016 ’17 ’18 ’19
Note: Fiscal years end in Jan/Feb
Sources: the company (sales); Factset (performance)
keep up with the unprece-
dented demand. Inventory fell
6.1% in the quarter due to out-
of-stock goods, Walmart said.
It isn’t just toilet paper or
Clorox wipes that are hard to
find. With millions of people
working from home, items
such as office chairs and lap-
tops have been cleaned out in
some areas, Chief Executive
Doug McMillon said.
0
–10
–20
’20 ’21 Jan. Feb. March
“We are working intensely
to improve in-stocks for high
demand items and adjust or-
der volumes,” he said.
While overall consumer
spending dropped sharply in
March and April, the dollars
flowed to those companies
that sold groceries or were
able to stay open, including
Amazon and big chains such
as Target Corp. and Costco
contrast, Home Depot Inc. said
its comparable sales rose 6.4%
in the quarter but profit fell
due to higher costs.
S&P 500 Like other open chains,
Walmart said its U.S. sales
spiked in March, then slowed
during the first half of April.
Sales of food and health-care
products rose strongly, while
sales of discretionary goods
such as clothes didn’t, the
company said, mirroring
trends seen across retail as
April May
buying habits shifted.
Longer-term “online sales
will be higher, scale players
will matter even more and
Walmart by default will have a
bigger share when this is
done,” said Simeon Gutman,
retail analyst at Morgan Stan-
ley. “The question is what hap-
pens to the margins.”
Strong sales helped offset
additional expenses related to
coronavirus, including the
shift to lower-margin online
sales and temporary closures
of optical and auto-care areas,
eral small websites it acquired
in recent years to focus on
building up walmart.com.
Among the changes: adding
third-party sellers to wal-
mart.com, delivering online
orders from stores and adding
online grocery service to many
stores.
During the quarter Walmart
started temporarily using
about 2,500 stores to ship out
online orders, Mr. McMillon
said.
The big-box retailer, which
has been checking staff tem-
peratures before their shifts
and giving them masks and
gloves to wear, is looking at
ways to start testing staff for
coronavirus.
“We are pursuing strategies
for testing associates for the
virus, including antibody test-
ing,” Mr. McMillon said.
As of last month, around
10% of Walmart’s staff or
150,000 workers were on coro-
navirus-related leave, The Wall
Street Journal reported.
 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. Wednesday, May 20, 2020 | A5

FIDELITY WEALTH MANAGEMENT

A NEW KIND
OF RETURN ON
INVESTMENT.
Introducing Fidelity Rewards

.
The first rewards program of its kind.

ly
1
on 1

on everyday purchases
us ,
l
e
al a
ci on

Exclusive access to many of our

highest-yielding money market funds
er s
m er

3 layers of advanced identity protection2

m rp
co Fo

Trade options online free from commissions

or contract fees3
n-

EASY TO USE EXCLUSIVE BENEFITS

no

Check your eligibility at Fidelity.com/Rewards

Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, contact Fidelity Investments by
calling 800-544-5115 to receive a copy of Characteristics and Risks of Standardized Options. Supporting documentation for any claims, if applicable, will be furnished upon request.
Eligible assets include those invested through Fidelity® Wealth Services, Fidelity® Strategic Disciplines, or a combination of both registered as an individual account, a joint account, or
certain types of revocable trusts. Fidelity Rewards+SM lth
Services and Fidelity® Strategic Disciplines. While there are no program enrollment fees, eligible accounts are charged an advisory fee.
1
back, cardmembers must qualify for the highest tier.
You may be eligible to earn additional Points on eligible Net Purchases, in addition to the Points you may earn in the Fidelity® Rewards Visa Signature® Card Program if you qualify and are
registered into the Fidelity Rewards+ program. Earn up to 2% cash back on purchases when you use your Fidelity Rewards Visa Signature Card and earn up to an additional 1% as a
participant in the Fidelity Rewards+ program. Eligibility and applicability of the additional Points are determined by Fidelity Brokerage Services, LLC. Fidelity Rewards Visa Signature Card
Program, managed by Elan Financial Services, and Fidelity Rewards+, managed by Fidelity, are separate programs. Full details for the Fidelity Rewards+ program appear in the Fidelity
Rewards+ Terms and Conditions and in the Program Rules for Fidelity Rewards Visa Signature Card Program.
The creditor and issuer of this card is Elan Financial Services, pursuant to license from Visa U.S.A. Inc.
"Only card" claim based on research conducted in April 2020 by Competiscan, LLC of publicly available consumer cash back credit
2
The Identity Theft Insurance is underwritten and administered by American Bankers Insurance Company of Florida, an Assurant company under group or blanket policy(ies). The
description herein is a summary and intended for informational purposes only and does not include all terms, conditions, and exclusions of the policies described. Please refer to the
actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions. Review the Summary of Benefits.
3
Fidelity waives commissions for all online options trades. In addition, the $0.65 per contract fee for Fidelity Rewards+ customers is waived for an unlimited number of contracts per
trade. This waiver is limited to 100 trades per year for the Gold tier and 250 trades per year for the Platinum tier. The contract fee is waived for all trades for the Platinum Plus Tier.
Note that an Options Regulatory Fee (from $0.03 to $0.05 per contract) will apply to both buy and sell transactions and that sell orders are subject to an activity assessment fee
(from $0.01 to $0.03 per $1,000 of principal). All non-Fidelity regulatory fees are subject to change.

Investing involves risk, including risk of loss. You could lose money by investing in a money market fund.
Before investing, consider the funds’ investment objectives, risks, charges, and expenses. Contact Fidelity
for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
© 2020 FMR LLC. All rights reserved. 919063.1.0
 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 | Wednesday, May 20, 2020 * *** THE WALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

Governors Take Steps to Ease Restrictions

BY JENNIFER CALFAS
AND RUTH BENDER
Coronavirus
Daily Update
States rolled back more
restrictions imposed to slow As of 9:32 p.m. EDT
the spread of the new coro- May 19
navirus and tensions height-

1,527,895
ened in some places over
government responses to the
pandemic.
Ohio Gov. Mike DeWine said U.S. cases
Tuesday he was lifting the

4,896,312
state’s stay-at-home orders
and replacing them with an
advisory, encouraging resi-
dents to stay in their homes World-wide cases
whenever possible and con-

91,878
tinue social distancing. The
Republican governor said
Covid-19, the disease caused
by the coronavirus, was be- U.S. deaths
coming one of the state’s lead-

323,221
ing causes of death.
“What we do individually
will be what saves Ohioans
collectively,” he said. World-wide deaths
Ten more counties in Wash-

289,392
ington state, including Spo-
kane County in the east and
much of the Olympic Peninsula
in the west, will be allowed to U.S. recoveries
JOE RAEDLE/GETTY IMAGES

apply to enter the next reopen-

1,688,564
ing phase, Gov. Jay Inslee said.
In New York, the region
near Albany was cleared to en-
ter its first phase of economic World-wide recoveries
reopening on Wednesday as
new cases and deaths in the Source: Johns Hopkins University Center
state continued to fall. Workers measured 6 feet between tables on Tuesday as the Havana Classic cigar shop prepared to open in Miami. for Systems Science and Engineering
Connecticut will begin to
loosen restrictions Wednesday, at its beaches over Memorial state’s four U.S. attorneys told contact with positive cases. lion cases and over 91,000 Washington state filed law-
allowing some restaurants to Day weekend. Mr. Newsom in a letter urging Maryland Gov. Larry Hogan deaths, including 1,498 between suits against two gyms that

.
resume outdoor dining. West Justice Department officials him to adjust the restrictions. said his state would offer ap- 8 p.m. Monday and the same were open despite the gover-
Virginia will take further steps warned California Gov. Gavin The reopening plan, for exam- pointment-free testing and ex- time Tuesday. nor’s orders. State Attorney

Thursday, letting more cus- Newsom on Tuesday that his
tomers inside restaurants. plan for easing the state’s lock-
Beaches around the U.S. down could disfavor religious
will have social-distancing re-
strictions over the coming hol-
iday weekend. Virginia Beach
plans to reopen with 50% ca-
groups.
California’s March stay-home
order and another this month
outlining plans for a staggered
on
pacity Friday, and two Rhode reopening treat churches and
us ,
ple, lets restaurants, factories,
malls and offices operate with
social distancing earlier than
in-person religious services.
Spokespeople for
Newsom didn’t respond to re-
quests for comment.
Mr.
Public-health experts say
pand eligibility to those without
symptoms or knowledge of be-
ing exposed to the disease.
Nearly 4.9 million people
world-wide have confirmed in-
fections of the new coronavirus,
according to data compiled by
Johns Hopkins University, and
ly
Experts caution that official
numbers probably understate
the extent of the pandemic.
Reflecting the stresses lead-
ers in many countries face as
they try to balance the need to
revive economies against the
risk of a new wave of infection,
General Bob Ferguson said both
business owners had received
more than one warning and
“were endangering public
health.”
In Oregon, the state Supreme
Court late Monday temporarily
halted a county judge’s ruling

Island beaches will be open on religious services less favorably that to reopen safely, communi- more than 323,000 have died court challenges have been that nullified the Democratic
l

Memorial Day with reduced than secular activities, the head ties need widespread testing from Covid-19, the disease multiplying in jurisdictions governor’s virus-related restric-
e
al a

parking. New York City, mean- of the Justice Department’s and contact-tracing systems to caused by the virus. The U.S. where coronavirus measures tions. The lawsuit was brought
while, won’t permit swimmers civil rights division and the find people who have come into has reported more than 1.5 mil- remain in place. by a number of churches.
ci on

Florida Ousts Covid-19 Data Developer Eateries have to decide, and some early
test cases are under way. Shop-
ping center owner Palm

Want Rent Springs Mile Associates sued

er s

BY ARIAN CAMPO-FLORES coronavirus response coordina- ity essentially crashed.” Jones was terminated because retail chain Ross Dress for
tor. It is used by public-health “As a word of caution, I she was “disruptive.” It said Less Inc. over unpaid rent for

Relief
m er

Florida’s health department officials, researchers and the would not expect the new Ms. Jones had made “unilat- three stores in Hialeah and
ousted the developer of the media, among others, to ana- team to continue the same eral decisions to modify the Lake Worth, Fla. “While the
state’s Covid-19 online dash- lyze the pandemic’s progression level of accessibility and department’s Covid-19 dash- Leases do contain a force ma-
board after she publicly criti- in the state. transparency that I made cen- board without input or ap- jeure provision, the provision
cized a decision to strip her of In an email Friday to a group tral to the process during the proval from the epidemiologi- Continued from Page One does not apply to these circum-
m rp

management of the site and of users who rely on the data,
warned of a lack of transpar- Ms. Jones said she was sending
ency. a final notice after learning that
The developer, Rebekah day that her office was no lon-
Jones, created the dashboard, ger managing the dashboard.
co Fo
first two months,” she wrote.
“After all, my commitment to
both is largely (arguably en-
tirely) the reason I am no lon-
ger managing it.”
cal team or her supervisors.”
A spokesman for the health
department said Ms. Jones has
until Thursday to resign or she
will be terminated.
That has many firms leaning
on their landlords for help with
another rent payment due in
less than two weeks, and
mounting evidence that the U.S.
stances,” said the landlord’s
complaint filed in the U.S. Dis-
trict Court for the Southern
District of Florida. The owner is
asking for all rent and charges

which visually displays Covid-19 She made reference to numer- Ms. Jones didn’t respond to At a news conference Tues- economy could be under pres- for the remaining term of the
case and death data obtained ous emails she said she had re- a request for comment. day, Mr. DeSantis dismissed sure for an extended period. leases, amounting to more than
by epidemiological staff at the ceived from users in the previ- A statement provided by a the controversy over Ms. The Congressional Budget Office $5.5 million.
Florida Department of Health. ous week “ever since the spokeswoman for Gov. Ron De- Jones as a “nonissue” and de- on Tuesday said an economic Attorneys for the apparel re-
The site earned praise from Dr. dashboard went down, the data Santis said the health depart- fended the state’s dashboard recovery would drag on through tailer filed a motion to dismiss
Deborah Birx, the White House was hidden, and the functional- ment decided to terminate Ms. as a “heck of a tool.” the end of next year, and that the case last week. Ross Dress
gross domestic product will For Less and Palm Springs Mile
likely be 5.6% smaller in the Associates didn’t respond to a

States Seek More Funds From FEMA fourth quarter of 2020 than a
year earlier.
“We are a strong tenant with
significant growth ahead of us,
request for further comment.
Landlords are generally re-
luctant to cut rent because ac-
counting rules still allow them
BY RACHAEL LEVY Money Back claimed even without moving to and we expect our landlords to book income if rent is de-
n-

AND SUSAN PULLIAM a 100% reimbursement rate,” will partner with us during this ferred as long as it isn’t re-
39 states and territories have asked FEMA to cover 100% of their Mr. Dixon said. difficult time period,” Chipotle’s duced. Temporary rent forgive-
States are expected to ask coronavirus costs, instead of just 75%. Washington says it asked The president has told New chief financial officer, Jack Har- ness or discounts would also
the federal government to re- FEMA for 100% coverage, but FEMA didn’t include the state in a York Gov. Andrew Cuomo that tung, told investors in April. reduce their property valua-
tally shared with the Journal.
no

pay them at least an estimated FEMA would reimburse the In Starbucks’ letter, which tions, which could hurt an
$45 billion spent fighting the States and territories seeking 100% reimbursement state at 100%, which Mr. was reviewed by The Wall owner’s ability to get a loan.
coronavirus, with President Cuomo said last month would Street Journal, an executive “We are not offering forgive-
Trump likely to decide whether save New York hundreds of said the company “will require ness,” said Sandy Sigal, chief
their costs will be covered in Wash. N.H. millions of dollars, according to concessions to support modi- executive officer of NewMark
Mont. N.D. Vt. Maine
full. Minn. a transcript of Mr. Cuomo’s fied operations and adjust- Merrill Cos., which owns more
Ore.
Under the law governing the Idaho Wis.
Wis.
comments. ments to lease terms and base than 70 shopping centers in
S.D. N.Y. Mass.
Federal Emergency Manage- Wyo. Mich. But the president hasn’t for- rent structures, so we can with- California, Illinois and Colo-
ment Agency, states are al- Neb. Iowa Pa. mally approved the measure, stand this uncertainty to- rado. “We understand the situa-
Nev. Ohio
lowed to receive reimburse- Utah Ill. Ind. according to the House Com- gether.” tion and are doing our best.”
Colo. W.Va. Va.
ment for 75% of their expenses Calif. Kan. Mo. Ky. mittee on Oversight and Re- Many landlords privately Franchisees for Dunkin’
fighting the virus. Yet 39 states N.C. R.I. form, which sent a letter to the fumed over this request, even Brands Global Inc., Applebee’s
Tenn.
and territories have asked Ariz. N.M. Okla. Ark. S.C. Conn.
president last week urging him though Starbucks paid its rent and Yum Brands Inc. are also
FEMA to waive that rule, re- Miss. Ala. Ga. to do so. in full for April and May at negotiating with their land-
N.J.
questing full reimbursement of Texas As of last week, FEMA had most stores. A company with a lords, the companies said. Some
expenses, such as medical sup- La. Del. set aside about $6 billion for $86 billion market capitaliza- tenants are considering extend-
plies, testing and other ser- Fla. Md. reimbursing states, according tion should be able to raise ing leases in exchange for de-
vices, according to a FEMA Alaska Hawaii D.C. to an agency spokesperson. debt or more equity in the capi- ferred rent to be forgiven.
spokeswoman. FEMA has about $80 billion in tal markets, enabling it to meet Dunkin’ executives have be-
Mr. Trump can waive the U.S. territories remaining funds that could po- its obligations, these landlords come directly involved in lease
FEMA rule, the spokeswoman American Samoa, Northern Mariana Islands, tentially be used. said. negotiations for franchisees in
said, and the National Gover- Source: FEMA Puerto Rico and U.S. Virgin Islands Washington, the first state to Conflicts are already erupt- about 1,000 properties. Land-
nors Association has asked him report a Covid-19 infection, is ing. In Plano, Texas, a sheriff lord responses have been
to waive costs for all states and governments.” vices. Unemployment has serving as a test case on the re- padlocked shops owned by one mixed, President Scott Murphy
territories. A stimulus bill that Such widespread requests for swelled to highs not seen since imbursement issue. retail tenant that was behind on said, with more offering rent
narrowly passed the Demo- reimbursement are unprece- the Great Depression, portend- Casey Katims, a federal liai- rent. The owners of a Maryland deferrals than abatements.
cratic-controlled House in a dented. FEMA is being flooded ing deep losses in tax revenues son for Washington Gov. Jay In- pizza restaurant said they had “We’ve had a couple cold re-
party-line vote last week in- by requests from states across that fund state budgets. slee, said the state expected to their locks changed on them actions from landlords. They’ve
cluded a provision for 100% re- the nation, many with strained California Gov. Gavin Newsom spend more than $500 million and their utilities turned off af- said, ‘you are doing fine. You
imbursement, though it is un- budgets, that now want to be said in recent days his state is primarily on protective equip- ter not paying one month’s have a drive-through. I have 10
likely to pass the Republican- made whole for deals made to facing a $54 billion shortfall. ment, meaning it could be out at rent. Lawyers are now involved other retail establishments that
controlled Senate. buy supplies in a chaotic mar- Other states have warned of pay least $125 million if Mr. Trump in the case, they said. Some have gone to zero revenue,’” he
The White House initially ketplace with middlemen charg- cuts and furloughs for law en- declines to approve its waiver. landlords have initiated law- said.
declined to comment. After ing inflated prices. forcement, firefighters and other In lieu of that, Washington suits to collect unpaid rent. Other public restaurant com-
The Wall Street Journal asked FEMA typically receives re- essential workers. had for weeks requested that Some big tenants said the panies are pleading a similar
about the president’s plans, the quests for reimbursement from “This is devastating their bud- the president permit the state pandemic qualifies as a force case. Steakhouse chain Ruth’s
administration told governors an individual state or a small gets,” said Beth Zimmerman, a to apply its Cares Act money to majeure, or an event outside Hospitality Group Inc. re-
late Monday that states could group affected by disasters. former FEMA official who is now bridge the gap, an official said, their control that prevents ported same-store sales at its
use money from Cares Act President George W. Bush, for advising states at consulting firm which the White House said them from meeting contractual owned restaurants plunged 84%
funding to cover the 25% gap instance, directed full reim- IEM. “All of this is a perfect later it would allow. obligations, opening the door to last month and said it was con-
in coronavirus costs from bursement to Louisiana for storm.” “We have been told that if rent negotiations. Others said sidering closing some company-
FEMA. certain projects after Hurricane Chris Dixon, who tracks state costs are higher than usual due they were hindered from ac- owned locations. “We’ve been
After this article was pub- Katrina. Mr. Trump directed and local spending for software to the emergency, we should cessing their stores. But most in regular contact with all our
lished online, White House full reimbursement, for a time, company Deltek Inc., said he ex- document the current market property owners said that nei- landlords about abatements
spokesman Hogan Gidley said to Puerto Rico after Hurricane pected states to spend at least pricing to demonstrate that ther the pandemic nor the eco- and lease modifications, and we
the measure “is another exam- Maria. $45 billion, the amount allo- lower-cost options were not nomic fallout count as a force expect that they will partner
ple of the Trump Administra- All this is happening as cated to FEMA’s disaster fund in available,” said Mr. Katims. majeure. with us during this difficult
tion providing important flexi- states face shortfalls that will March to address the pandemic. “We have not been provided a Some lawyers have now said time,” said Chief Financial Offi-
bility for state, local, and tribal force many to cut back on ser- “I expect all of that will be specific pay scale by FEMA.” it is inevitable the courts will cer Arne Haak 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. Wednesday, May 20, 2020 | A7

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
A8 | Wednesday, May 20, 2020
Europe Reopens to Find New World Hong
BY MARCUS WALKER
Kong
To Extend
ROME—Europeans, living
through the most unsettling
months in memory, are
breathing with relief as they
leave the strains of lockdown
behind. But the strange new
world that awaits the conti-
nent in the pandemic’s next
phase is inspiring more fear
than hope.
Children are playing again
in town squares. Commuter
traffic is gingerly returning to
streets where, not long ago,
curious ducks, foxes and wild
boars wandered while the hu-
mans were hiding.
Shops, bars and restaurants
are open again in Italy, ground
zero of Europe’s coronavirus
pandemic. Romans are ventur-
ing out for their morning
espresso, showing off their
newfound skill of forming a
line. Most wear surgical
masks, though sometimes un-
der the chin.
Normality is far off. The vi-
rus lingers, ready to strike
back if people relax too much.
Everyday activities must fol-
low new rules. An almighty
economic slump has only just
begun. The livelihoods of tens
of millions of people hang in
the balance.
Even the Eternal City is
asking itself if life will ever be
the way it was.
Enzo De Siena wonders if
the coming years will hold a
place for him. The 52-year-old
craftsman has restored an-
tique furniture at his work-
shop near Rome’s exquisitely
pretty Campo de’ Fiori mar-
ketplace since 1985, after
learning his trade from his fa-
ther. “When people are wor-
ried about their survival, they
don’t care about 18th-century
chairs,” he said.
Italy has muddled through
many an economic downturn
since then, but has never suf-
fered such a breakdown of its
everyday rhythms as now.
“This is a science-fiction
screenplay. The uncertainty is
total,” he said.
Mr. De Siena has a few
commissions again. But for
most Italians, he said, la
no
© 2020 Dow Jones & Co., Inc. All rights reserved. 6DJ7909
Patrons carefully enjoyed a Milan cafe on Monday, as Italy, hit hard by the virus, opens in phases.
grande incertezza—the great
uncertainty—is only begin-
ning. His hope for an eco-
nomic recovery competes with
dread about resurgent virus
infections.
“A second wave would be a
catastrophe,” he said.
His fallback is to close the
workshop for two years, re-
treat to the countryside and
live as a sheep farmer.
During the lockdown, some
63% of Italians suffered from
insomnia, anxiety, panic, de-
pression or other signs of
stress induced by the crisis,
according to a survey commis-
sioned by the national psy-
chologists’ association.
“I don’t expect to return to a
normal situation,” said Andrea
Bergamaschi, a young architect
from near Bergamo, the Italian
city hit hardest of all by the
us ,
coronavirus. Death overshad-
ows economic worries there.
al a
When the father of a close
friend died in March, Mr. Ber-
gamaschi had to quarantine at
ci on
home, keeping what distance he
could from his elderly parents,
who share the house. He devel-
oped a light fever that wouldn’t
go away, but wasn’t sick
er s
enough for the overstretched
health system to test him. He
m er
stayed indoors for six weeks.
m rp
co Fo
n-
While we look for ways to navigate the
coronavirus pandemic, we’re also thinking
about what comes next. Over the coming
months, we’ll bring you conversations with
the leaders changing how we live, work
and play—streamed to your living room.
THE CORONAVIRUS PANDEMIC
Mr. Bergamaschi began ven-
turing outdoors again on May
4. He keeps several meters’
distance when he meets
friends.
“Too many people underes-
timate the seriousness of what
happened here,” he said.
Europeans’ experiences of
the pandemic have been as di-
verse as the continent itself.
In Italy and Spain, the con-
European pandemic
experiences have
been as diverse as
the continent itself.
on
tagion became a slaughter,
decimating the post-World
War II generation that built a
l
prosperous, integrated Europe.
e
The disease overwhelmed hos-
pitals and nursing homes,
shocking societies built
around the extended family.
Lockdowns were among the
strictest in the world.
In Germany, more people
experienced the spring of
2020 as a disquieting stayca-
tion than a national tragedy.
Overall mortality barely rose
VIRTUAL SERIES:
THE FUTURE OF CONNECTIVITY
Tim Berners-Lee
Creator of the World Wide Web
Co-Founder and CTO, Inrupt
John Bruce
Co-Founder and CEO, Inrupt
* * THE WALL STREET JOURNAL.
couldn’t cope with the sort of
public-health disaster that
shook northern Italy. This
month, Poles flocked to parks,
forests and the seaside as soon
as the government began to re-
lax lockdown rules. But many
people remain tense. In shops,
pensioners reprimand the
young for neglecting to wear
masks and putting them at risk.
Europe’s lockdowns had
their silver linings, for those
healthy and solvent enough to
see them.
CLAUDIO FURLAN/LAPRESSE/ZUMA PRESS
Two months of deserted
streets let the beauty of cities
shine, free of the normal con-
gestion of traffic and tourists.
Other Italians rediscovered
spending time with their fam-
ily, cooking, reading books,
playing musical instruments,
or talking with the neighbors
from their balcony.
“It was like a strange return
to the 1970s, complete with
above normal. People still longer hair,” said Beppe Sev-
wandered the streets of Berlin, ergnini, a journalist and au-
even though the shops, cafes, thor who lives in Lombardy,
cinemas and nightclubs were the center of Italy’s coronavi-
closed. Young people working rus outbreak. Even so, he said,
in creative industries lounged the loss of social contact was
in parks and talked about how painful for this most outgoing
easily and quickly they got of nations.
their government subsidies “Italy is a land of physical
against the crisis. contact, where people touch,
Full recovery is uncertain embrace, slap on the shoulder,
even in Germany, whose man- grab by the arm. We miss
ufacturers rely on global trade that,” Mr. Severgnini said.
and whose service sectors are For some, lockdown was
often surprisingly inefficient. hell. Italian support centers
But the German state has used against domestic violence re-
its financial muscle to prop up ported a more-than-70% in-
ly
companies, cover furloughed crease in phone calls from
workers’ wages and postpone women suffering abuse.
the day of reckoning. Around one-third were calling
The French and British ex-
periences have been more
mixed. Both countries’ govern-
ments showed early overconfi-
for the first time.
“Psychiatric cases rose a
lot, and vulnerable people
couldn’t get treatment,” said
dence, taking decisive action Manuela Dell’Anna, a psychia-
late despite the example of trist from Milan.
northern Italy’s explosive out- Among her traumatized pa-
break in February. In both tients are many doctors and
countries, public opinion is on nurses who worked on the
the side of a slow reopening front line in Lombardy when
for fear of a second wave. wards and corridors over-
Central European countries flowed with Covid-19 patients.
such as Poland escaped West- “We are all under a great
ern Europe’s heavy death toll level of stress,” she said. “This
but not the fear. Poland locked will stay in our minds. You
down before the virus could never return fully from a voy-
spread far, knowing its thinly age. We’ll never be the people
equipped health system we were before.”
Meet us online
May 27 at 12:30PM EDT
Register Now: wsj.com/rsvp
FREE ADMISSION
Curbs as
Vigil Nears
BY NATASHA KHAN
HONG KONG—Authorities
said they would extend social-
distancing rules to contain the
coronavirus to June 4, casting
doubt over the annual candle-
light vigil held on that date to
remember victims of the 1989
Tiananmen Square massacre.
A ban on public gatherings
of more than eight people is
among the measures Hong
Kong has in force, having
avoided a total lockdown to
battle the Covid-19 pandemic
that has wreaked havoc on the
world. Even as the number of
locally transmitted cases has
dwindled to zero on most
days, government officials
have said some restrictions
need to remain in place even
as bars and gyms reopen.
“Right now, our main con-
sideration is public health—
there is no other consider-
ation,” Hong Kong’s top official
in charge of public health, So-
phia Chan, said Tuesday, citing
the lingering risk of outbreak.
The group that organizes the
commemoration—the biggest
mass remembrance on Chinese
soil of the 1989 military shoot-
.
ing of students—is discussing
internally how to proceed, said
Lee Cheuk-yan, chairman of the
Hong Kong Alliance in Support
of Patriotic Democratic Move-
ments of China.
Police need to give a go-
ahead for the vigil, which has
taken place on June 4 every
year since 1990. Two recent
applications for protest rallies
were rejected by police as a
public-health danger even
though organizers pledged to
keep people apart.
“No one in the city will be-
lieve there are no political
considerations behind this,”
said Mr. Lee. “Why are other
measures relaxed except for
this?” he added, citing the
gradual reopening of schools
beginning next week.
 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.
Europe Trails U.S. in Funding a Vaccine
Bloc acted slowly to
shoulder drugmakers’
costs for developing,
producing candidates
PARIS—As pharmaceutical
giants edge closer to a potential
vaccine for the new coronavirus,
governments demanding access
to any supplies are running up
against a hard reality: the bill.
By Denise Roland,
Noemie Bisserbe
and Nick Kostov
The tension was cast into
relief last Thursday when
Sanofi SA Chairman Serge
Weinberg took a call from
French Prime Minister Édouard
Philippe, a person familiar
with the matter said. Mr. Phi-
lippe wanted to know why the
chief executive of the com-
pany—one of France’s corpo-
rate crown jewels—had told an
interviewer the U.S. would be
first in line for its potential
coronavirus vaccine.
Mr. Weinberg said that
Sanofi hadn’t promised to pri-
oritize the U.S., but that the
executive was simply stating
the obvious: The company will
start manufacturing the vac-
cine in countries that help it
shoulder the financial risk of
ramping up production before
its vaccine is proven to work.
Europe is lagging behind
the U.S. in funding its share of
the billions it will cost to man-
ufacture vaccine doses on an
unprecedented scale. Still, Eu-
ropean governments expect
their citizens to be among the
earliest recipients of any vac-
cine against Covid-19, because
the continent is home to phar-
maceutical giants like Sanofi
and AstraZeneca PLC that are
developing some of the world’s
most promising candidates.
On Tuesday, President Em-
manuel Macron summoned Mr.
Weinberg and other Sanofi offi-
cials to the Élysée Palace, where
the company pledged that any
vaccine it developed would be
treated as a public good avail-
able to all, a presidential aide
said. Sanofi declined to com-
GERMANY
Court Puts Limits
On Foreign Spying
Germany’s foreign-intelligence
agency, which is banned from
spying on Germans, now faces
strict limits on its overseas ac-
tivities after the country’s con-
stitutional court decided that the
protections against arbitrary sur-
veillance Germans enjoy applied
to everyone world-wide.
While Tuesday’s ruling now
needs to be interpreted by the
government and put into law by
the end of next year, it is likely to
force the Federal Intelligence Ser-
vice, or BND, to greatly reduce or
even stop all but the most tar-
no
geted interception of international
electronic communications.
The case, brought by press-
freedom activists, focused on
the BND’s harvesting and storing
of international electronic com-
munications by tapping into tele-
communication infrastructure.
The BND is already obliged to
filter out communications if they
involve German nationals or orig-
inate on German soil.
But the plaintiffs had argued
the practice was also capturing
communications by foreign jour-
nalists, lawyers and others who
should enjoy the same constitu-
tional protections from surveil-
lance that they would in Ger-
many.
—Bojan Pancevski
AGENCE FRANCE-PRESSE/GETTY IMAGES
CHINA TEMBLOR: School students slept outdoors after a magnitude 5 quake struck southwestern
China’s Yunnan province Tuesday, killing four people and injuring more than 20, the China Earthquake
Networks Center said. Quakes are frequent in the area, on the slopes of the Tibetan plateau.
* *
An aide to Emmanuel Macron, center, said Sanofi pledged to the French president that any vaccine it developed would be available to all.
ment on the meeting.
In normal vaccine develop-
ment, companies wait until they
have solid proof that the prod-
uct works before they increase
production, and even then they
roll out supplies only gradually.
To defeat a virus that has
killed hundreds of thousands of
people and devastated econo-
mies world-wide, however, gov-
ernments are expecting drug
companies to have hundreds of
millions of doses ready to go as
soon as clinical trials show that
a vaccine is effective. But com-
panies say they can’t assume
the risk of manufacturing vac-
cine doses that may turn out to
on
be ineffective without financial
us ,
support from governments and
l
other funders.
e
al a
The U.S. has pivoted quickly
to commit funds to certain
vaccines, thanks to a govern-
ci on
ment organization called the
Biomedical Advanced Research
and Development Authority,
which was set up in 2006 to
prepare for biological threats
er s
like pandemics and bioterror-
ism. Barda has a long history
m er
of providing funds for the de-
WORLD WATCH
m rp
GLOBAL ECONOMY
Shutdown Batters
Poorest Nations
co Fo
The coronavirus pandemic is
causing a humanitarian emer-
gency in the world’s poorest
countries, and it won’t likely end
until rich nations are able to
safely reopen their economies,
the head of the World Bank said.
“The human toll in the devel-
oping world—in the poorest
countries, in particular—from the
shutdown is devastating,” World
Bank President David Malpass
n-
said. “The question is: How long
will it last? And for the develop-
ing world, that depends heavily
on the reopening of the ad-
vanced economies.”
The World Bank estimates
that 60 million people world-
wide are likely to fall into ex-
treme poverty—subsisting on
less than $1.90 a day—this year,
while hundreds of millions more
could lose their jobs. Such a
backslide could have health im-
plications beyond the coronavi-
rus, such as stunting growth in
children who can’t get enough
nutrition, Mr. Malpass said.
For poor nations that rely
heavily on tourism, crude oil or
other commodities, the pan-
demic’s impact on domestic
economies is compounded by
declining exports and foreign in-
vestment.
—Paul Kiernan
THE CORONAVIRUS PANDEMIC
Macron Loses
Absolute Majority
PARIS—A group of lawmak-
ers broke away from French
President Emmanuel Macron’s
centrist political party on Tues-
day, depriving the leader of an
absolute majority in the Na-
tional Assembly at a critical
juncture in his efforts to steer
France out of the pandemic.
The defections leave Mr.
Macron’s party, Republic on the
Move, with 288 of the 577
seats in France’s National As-
sembly, down from 308 when
he was elected. To pass legisla-
velopment and manufacture of
new vaccines to prepare the
U.S. for a flu pandemic. The $2
trillion coronavirus stimulus
package included $3.5 billion
for Barda to support manufac-
turing, production and pur-
chase of vaccines, drugs and
diagnostics for Covid-19.
Barda has handed Sanofi
ISRAEL
U.A.E.-Tel Aviv Flight
Opens New Chapter
A United Arab Emirates com-
mercial airline flew its first publicly
acknowledged direct flight from its
capital Abu Dhabi to Israel on
Tuesday, a milestone in relations
between two Middle East nations
with no formal diplomatic ties.
Etihad Airways Flight 9607
landed at Tel Aviv’s Ben Gurion
International Airport with 14
tons of medical aid for Palestin-
ians to help cope with the coro-
navirus pandemic.
While Israel and the U.A.E.
have cultivated deeper relations
over the years, the Gulf nation
doesn’t officially recognize Israel.
The pandemic is creating fresh op-
portunities for Israel to strengthen
its ties with its Arab neighbors,
according to Israeli, Emirati and
United Nations officials.
Israel has taken a more public
approach in recent years in seek-
ing to build relations with the
Arab countries, which have main-
tained a more cautious position.
Ambassador Lana Zaki Nus-
seibeh, the top U.A.E. diplomat at
the U.N., framed the flight as one
meant to help the Palestinians
rather than a move to improve
ties with Israel. There have been
570 coronavirus cases in the
West Bank and Gaza, according
to a Palestinian government tally.
—Dion Nissenbaum
Wednesday, May 20, 2020 | A9
British government announced
a deal to secure 100 million
doses of a vaccine under de-
velopment by the University of
Oxford and AstraZeneca. The
deal is the first of several
agreements the partners ex-
pect to sign to deliver the vac-
cine across the globe, a com-
pany spokesman said.
The EU has contributed €1.4
billion ($1.53 billion) to the
Coronavirus Global Response,
a fund aimed at supporting the
development and global distri-
bution of diagnostics, treat-
ments and vaccines for coro-
navirus. It isn’t yet clear how
the EU-led fund, which has so
far raised €7.4 billion, will dis-
tribute money between proj-
ects and how it will ensure fair
access around the world.
What the EU truly lacks is a
body that can coordinate its
ABACA/PRESS POOL
spending on vaccines. Officials
are rushing to create a Euro-
pean equivalent to Barda from
a standing start. They intend
to evaluate various vaccine
candidates over the coming
weeks and provide more clar-
ity on funding plans in the
tion, Mr. Macron will now have France, of our planet,” said Paula summer, according to a person
to rely more heavily on his po- Forteza, co-president of the new familiar with the talks be-
litical alliance with Modem, a political group, adding that the tween vaccine makers and the
smaller centrist party that has government should focus on so- European Commission.
moved in lockstep with the cial justice and the protection of “In Europe they woke up
president in the past. the environment rather than very late to this,” that person
The lawmakers announced short-term economic policies. said, adding that officials at
the move in a videoconference A spokeswoman for Repub- the commission and in member
Tuesday, saying they planned lic on the Move declined to states didn’t appreciate the
.
to caucus in the National As- comment. Earlier this month, role of governments in sup-
sembly as a new group called porting emergency vaccine de-
ly
Republic on the Move’s parlia-
“Ecology democracy solidarity.” mentary whip Gilles Le Gendre velopment. “There was not a
The group, which totals 17 wrote to party lawmakers sense of urgency.”
members, also includes law- about the encrypted messaging Sanofi has held talks with
makers that defected from Mr.
Macron earlier in his term.
“We are at a historical tip-
ping point, and the decisions that
app Telegram, saying that any
defections would represent a
breach of trust with Mr. Ma-
cron and voters.
the commission as well as a
number of member states
about how to finance manufac-
turing for a vaccine in Europe,
will be taken in the next weeks, —Noemie Bisserbe people familiar with those
months will shape the future of and Stacy Meichtry talks said. One option is for
countries to promise to buy a
certain number of doses in ad-
$30 million to support early re- woman. Barda has also pledged vance, people familiar with the
search into a vaccine. If that up to $483 million for a vaccine talks said. European countries
candidate goes on to show developed by U.S. biotech Mod- use these advance purchase
promise, the company antici- erna Inc., another front-runner agreements to buy supplies of
pates that Barda will provide that has shown early promise the seasonal flu vaccine.
hundreds of millions of dollars in human studies. European officials are try-
in further support to start man- The U.K., which left the EU ing to avoid a repeat of the
ufacturing doses on a large in January, has also moved to fight for resources that
scale while it is still in testing, secure access to a vaccine for erupted across the continent
according to a company spokes- its citizens. On Sunday, the early in the crisis.
dessert at tiffany’s
Tiffany & co. dessert service
Iconic firm. Important pattern. Unmatched craftsmanship.
Tiffany & Co.’s rare and desirable Vine pattern is on display
in this unique gilded silver dessert service. Every single
utensil in this complete 49-piece service is hand-crafted
with a different flower and vine motif, and no two pieces
are exactly alike, giving this flatware set the exquisite
finishing touches expected from Tiffany & Co. Marked
“TIFFANY & CO. / STERLING / M.” Circa 1880-1891. Original
custom-fitted case: 141/4”w x 121/4”d x 11/2”h. #31-1193
622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
 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 | Wednesday, May 20, 2020
Cheek Kiss
Imperiled
In France
Continued from Page One
tle more than a half-bow from
4 feet away.
In the early days of the
pandemic, the French clung to
a custom as deeply rooted as
shrugging and correcting each
other’s grammar. On March 5,
ten days before France im-
posed strict rules on confine-
ment, 91% of people were still
happy to greet those they
knew with a kiss, according to
French polling firm IFOP. Less
than three weeks later, that
had plunged to 14%.
“It’s going to feel unnatu-
ral,” said Pasa Omerasevic,
who was used to witnessing
dozens of bises a day by run-
ning a cocktail bar named
China’s
Diplomats
Battle Foes
Continued from Page One
Chinese embassy lashed out at
local legislators who described
the pathogen that causes
Covid-19 as the “China corona-
virus.” Those legislators, the
embassy said in a March state-
ment on its website, were suf-
fering from a “political virus.”
“Since you are already very
sick from this, hurry up to ask
for proper treatment,” the
statement said. “The first step
might be to wear the masks
and shut up.” China’s Foreign
Ministry and the embassy
didn’t respond to requests for
comment.
One of Beijing’s most aggres-
sive diplomats is its envoy in
Paris, Lu Shaye.
“Every time the Americans
make an allegation, the French
media always report them a
day or two later,” Mr. Lu told
French newspaper L’Opinion
last month about coverage of
China’s handling of the corona-
virus. “They howl with the
wolves, to make a big fuss
about lies and rumors about
China.” Mr. Lu and the embassy
didn’t respond to requests for
comment.
Economic power
For decades, Chinese diplo-
mats had largely heeded the
words of Deng Xiaoping, the re-
formist leader who exhorted
his countrymen to “hide our
light and bide our time”—keep-
ing a low profile while accumu-
lating China’s strengths.
Beijing became more outspo-
ken as its economic power
grew. This trend accelerated
under Chinese leader Xi Jin-
ping, who has staked his legiti-
macy on a “China Dream” of re-
storing national glory and
pursued an increasingly uncom-
no
promising posture in interna-
tional affairs.
Much of the growing asser-
tiveness is aimed at stoking na-
tional pride back home—a key
tool in the ruling Communist
Party’s political playbook—and
rebalancing the international
order in ways that promote the
party’s interests. Under Mr. Xi,
China has cast itself as a re-
sponsible world power, offering
leadership in global governance
and pouring loans and aid into
developing countries.
“Chinese citizens increas-
ingly expect the Chinese gov-
ernment to stand tall and be
proud in the world,” said Jes-
sica Chen Weiss, a Cornell Uni-
versity associate professor who
has studied the role of nation-
alism in China’s foreign rela-
tions. “What China really wants
under Xi Jinping is a world that
is safe for his continued leader-
ship.”
In pursuing a more pugna-
cious style, the Communist
Party is pushing to capitalize
on a U.S. retreat from global in-
stitutions under President
Trump’s “America First” ap-
proach. China has worked to in-
crease its influence in interna-
tional organizations, such as
the United Nations, that the
Trump administration has dis-
paraged.
Mr. Xi has ramped up the
Communist Party’s control over
the Foreign Ministry, whose of-
ficials had been suspected by
some within the party to be less
ideologically committed due to
their interactions with foreign
cultures and counterparts.
Last year, Qi Yu, a specialist
in ideological training with no
Bluebird. For now, bars, cafés
and restaurants remain closed.
When they reopen, he said,
“everyone will have that mo-
ment: Do we kiss? Don’t we?
What are we supposed to do?”
For public health officials,
the answer is clear: La bise
must go.
Although proper execution
of the ritual tends not to in-
volve direct contact between
mouth and skin—it’s more a
coming together of cheeks ac-
companied by a kissy sound—
the shared air space makes la
bise, epidemiologically speak-
ing, a disaster: the close
breathing, the face touching,
the noses and mouths crossing
mere inches from each other.
“La bise is putting the virus
directly on the surface of
someone’s face,” said Sylvie
Briand, an executive of the
World Health Organization.
“You don’t want people to
have to wash their face every
time they do la bise.”
Infectious-disease experts
aren’t the only ones happy to
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
prior diplomatic experience, be-
came the Foreign Ministry’s
Communist Party secretary—an
unusual appointment for a post
traditionally held by a vice for-
eign minister. A former deputy
chief of the party’s powerful
personnel department, Mr. Qi
has reiterated his demands for
a more combative posture in
foreign affairs.
Chinese diplomats must
“firmly counterattack against
words and deeds in the interna-
tional arena that assault the
leadership of China’s Commu-
nist Party and our country’s so-
cialist system,” he wrote in an
essay published in December.
Chinese diplomats have dis-
played flashes of truculence in
the past, chiefly on core inter-
ests like disputed territorial
claims, foreign visits by the Da-
lai Lama and perceived pro-in-
dependence activism by other
figures Beijing sees as separat-
ist threats. They have pushed
Beijing’s narratives on a much
wider range of issues lately,
from its treatment of Muslim
minorities to Chinese aid and
loans to developing countries.
In Prague, Chinese diplomats
have tussled with Mayor
Zdeněk Hřib, a 38-year-old
from the Pirate Party, who flies
the Tibetan flag at city hall. At
a New Year’s gathering in the
mayor’s official residence last
year, Mr. Hřib refused a de-
mand from the Chinese ambas-
sador to kick out a Taiwanese
representative mingling with
other diplomats, according to
diplomats present and Czech
media reports.
Mr. Hřib had also insisted on
removing a “one China” clause,
THE WALL STREET JOURNAL.
FROM PAGE ONE
say au revoir to la bise. Social shaking hands, the expectation
distancing was finally a cure had been for women to deploy
for the awkwardness of kissing la bise nearly all of the time.
1968, according to Philippe
Lichtfus, an author and expert
on social mores. As French so-
landing on a suitable option.
The moment of the elbow-
check has come and gone. A
co-workers when entering the “It bothers me a little when
office. Decorum demands a I don’t know someone well,”
round robin of it, kissing each said Anaïs Mortier, a recep-
ciety relaxed, it became nor-
mal to greet almost every ac-
quaintance with a kiss or two.
“foot check” proposed by
some politicians was met with
more contempt than British
person in the room before get- tionist in a medical office.
ting anything done. Still, she said, “when I
“It’s been a relief,” said know the person, it’s a mark
“Everyone does it for any
reason at all,” Mr. Lichtfus
said, speaking of the situation
wine.
Mr. Lichtfus suggested this
should be a chance to rethink
Aude Picard- of politeness.... before the coronavirus. “It’s what really goes into a saluta-
Wolff, the It feels weird not necessarily intimate, but tion.
mayor of a vil- to say hello it’s warmer than a handshake. “We never learn to really
lage near Lyon. from a dis- It’s less formal than the hand.” look at people, to face them in
Long before tance.” La bise being profoundly a respectful way,” he said.
the coronavi- The stranger French also means that people “These are things we need to
rus, she wrote complaint isn’t can’t agree on the proper way work on since we’re now de-
to colleagues new. The to execute it. Parisians prefer prived of one of the senses:
alerting them French essayist two kisses. People in parts of touch. Maybe it’s a chance to
she no longer So great to see you! Montaigne in Brittany are more restrained relearn a bit of sincerity.”
wanted to kiss the 16th cen- with only one, according to That is, if la bise stays
them. A normally punctual tury was railing against kiss- the crowdsourced website gone. Though France broke the
person, she had begun arriving ing greetings as “an unpleas- CombiendeBises.com (“How habit in the space of three
deliberately late to meetings ant custom, and particularly Many Bises”). weeks in March, Mr. Lichtfus
to skip the skin-to-skin nice- insulting to women, who Parts of the country close thinks it will creep back as
ties. might have to lend their lips to the Swiss border and the French life returns to café-
“If somebody offers you to every fellow with three South go up to three. And packing, touchy-feely nor-
their cheek, you don’t really footmen at his heels.” four, while time-consuming, malcy.
have a choice,” she said. The modern version of the isn’t unheard of. “It’s so French, like a ba-
For women, in particular, la casual double kiss in France is Since the pandemic began, guette under the arm,” Mr.
bise can feel like a burden. much more recent, dating back France has cycled through al- Omerasevic said. “You feel like
While men have the option of only to the social upheaval of ternatives to la bise without it can’t disappear completely.”
Party’s top foreign-policy com-
mittee, Mr. Lu said Chinese dip-
lomats must battle with the
West and convince more coun-
tries to “accept China, as a ma-
jor Eastern power, standing at
the top of the world.”
In Paris, where Mr. Lu ar-
rived last summer, he and the
Chinese embassy have racked
up more than 50 media engage-
ments in less than a year, in-
FROM TOP: MANAURE QUINTERO/REUTERS; CARLOS GARCIA RAWLINS/REUTERS
cluding interviews, briefings
and newspaper op-eds—nearly
.
three times as many as his pre-
decessor had logged over five
ly
years in the job.
“I hope I don’t have to fight
against France. The best is for
us to work together,” Mr. Lu
said in August at his first me-
dia briefing as envoy in Paris,
when asked how he would help
China speak up internationally.
“But if anything that harms our
fundamental interests happens,
then I would have to fight.”
In April, the Chinese em-
bassy sparked outrage through-
out France after it published an
essay, attributed to a “Chinese
diplomat stationed in Paris,”
that claimed nursing-home
Li Baorong, China’s ambassador caregivers had abandoned resi-
in Venezuela, spoke in front of dents to die. The essay also ac-
boxes with humanitarian aid cused Taiwanese authorities,
from China on March 28, above. whom some French lawmakers
Left, Chinese Foreign Ministry supported, of using a racist slur
spokesman Zhao Lijian. against the World Health Or-
ganization’s director-general—
nese lab. After Beijing’s envoy allegations that Taipei denied.
to Australia hinted at economic The embassy later published
repercussions for Canberra’s a clarification, saying the essay
push for a coronavirus inquiry, wasn’t referring to French
China this month suspended nursing homes and didn’t allege
imports from four Australian that French lawmakers used
meat-processing companies, the racist slur.
citing regulatory violations. It In his April interview with
also imposed antidumping and L’Opinion, Mr. Lu dismissed
antisubsidy tariffs totaling claims that Chinese diplomacy
80.5% on Australian barley. has become aggressive.
Australia described the meat- “Rather, it’s a form of proactive
related infractions as “minor diplomacy,” he said.
technical breaches” and denied
dumping or subsidizing its bar-
ley exports to China. Pushing back
Twitter has emerged as a The U.S. and some other
key battleground for Chinese Western governments have
diplomats, especially after the pushed back against Beijing, ac-
Foreign Ministry promoted cusing China of bungling its ini-
Zhao Lijian, a prolific Twitter tial coronavirus response and
user previously assigned to the calling for an international
embassy in Pakistan, as one of probe into the pathogen’s ori-
China diplomatic Twitter Total monthly tweets its spokesmen in August. Mr. gins. Some analysts say the
accounts created* Zhao added fuel to a U.S.-China squabbling has cost China a
Tweets Retweets spat over the coronavirus’s ori- chance to earn global goodwill,
18 accounts
20 thousand gins by pushing a theory to his exposing the limits of Beijing’s
16 more than 600,000 followers reliance on abrasive rhetoric
that the pathogen was brought and material assistance to dis-
14
to China by the U.S. military— suade critics and win favor.
15
12 an allegation that Washington China is “making a lot of
has denied. headway because they have a
10 lot of resources,” but its ap-
8 10 proach hasn’t won it many
Hundreds of tweets friends, said Oriana Skylar
6 Chinese diplomatic accounts Mastro, a Georgetown Univer-
4 5 now total at least 137, up from sity assistant professor who
38 a year ago, according to the studies Chinese security policy.
2 Alliance for Securing Democ- Signs of dissatisfaction with
0 0 racy, a Washington-based bi- the Wolf Warrior approach
partisan advocacy group. The have begun to surface among
2019 ’20 Nov. Jan. 2020 March
most active send out hundreds China’s diplomatic old guard.
Note: 2020 data through April 22. An additional 31 accounts were created prior to 2019. of tweets each month, on par Fu Ying, a vice foreign min-
Sources: Alliance for Securing Democracy; Twitter with the most active diplomatic ister from 2009 to 2013, wrote
accounts of Russia. a newspaper commentary in
which refers to China’s territo- governments struggled to con- “Total death in #China April stressing that China must
rial claims over Taiwan, from tain the coronavirus, Beijing #pandemic is 3344 till today, pay attention to how its mes-
Prague’s sister-city pact with trumpeted its iron-fisted re- much smaller than your west- sages are received by interna-
Beijing. sponse and won praise for pro- ern ‘high class’ governments,” tional audiences. “A country’s
Beijing responded by calling viding critical medical gear to the Chinese embassy in Sri power in international dis-
off a 14-city China tour by the countries in need. It also Lanka wrote on Twitter last course relates not just to its
Prague Philharmonic Orchestra. pushed back at critics who month in response to a Sri right to speak up on the global
After Mr. Hřib moved to scrap questioned its early handling of Lankan activist who had criti- stage, but more to the effec-
the sister cities agreement, the the contagion. cized the Chinese government tiveness and influence of its
Chinese embassy issued a Face- In February, the Chinese em- as “low class.” discourse,” Ms. Fu wrote in the
book post warning Prague to bassy in Nepal said it lodged The activist, Chirantha Am- party’s flagship People’s Daily.
“change its approach as soon as complaints with Nepal’s Kath- erasinghe, who had fewer than In a recent interview widely
possible.... Otherwise, the city’s mandu Post and “reserves the 30 followers at the time and shared on Chinese social media,
own interests will suffer.” Plans right of further action” after now has just over 40, said he Yuan Nansheng, a retired Chi-
for China tours by other Czech the English-language newspa- was surprised the embassy re- nese diplomat whose posts in-
music ensembles have since un- per, with a circulation of less sponded by seemingly mocking cluded ambassador to Zimba-
raveled. than 100,000, ran a syndicated other countries with higher bwe and consul-general in San
“They didn’t see us as a opinion piece criticizing China’s death tolls. The embassy didn’t Francisco, said China’s diplo-
partner,” Mr. Hřib said in an in- coronavirus response that fea- respond to queries. macy “should get ‘stronger’ and
terview, referring to the Chi- tured an image of a Chinese China’s ambassador to not simply ‘harder.’ ”
nese government. “They saw us yuan note with Mao Zedong France, Mr. Lu, has risen “History proves that when
as their subordinates.” The em- wearing a face mask. through the Foreign Ministry’s foreign policy gets hijacked by
bassy didn’t respond to re- Diplomats and state media ranks over the years as he ad- public opinion, it inevitably
quests for comment. have denounced U.S. Secretary vocated for tougher diplomacy. brings disastrous results,” he
The pandemic has provided of State Mike Pompeo for In a 2016 paper, published said.
the biggest test of China’s Wolf claiming that the coronavirus when he was policy-research —Drew Hinshaw contributed
Warrior diplomacy. As other may have spread from a Chi- director for the Communist 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.
Some Hospital Visits Will Be Allowed
A two-week state pilot
program would affect
16 facilities, including
nine in New York City
BY CHARLES PASSY
New York will launch a pilot
program that allows 16 hospi-
tals to resume patient visits,
Gov. Andrew Cuomo said.
The move comes after thou-
sands of people were left to
struggle or die alone during the
height of the novel coronavirus
pandemic because of concerns
about spreading the illness.
“It is terrible to have some-
one in the hospital and then
that person is isolated, not be-
ing able to see their family
and friends,” he said Tuesday.
The program would run for
Fire Island’s population surges from about 400 year-round residents to roughly 10,000 people in the summer. Locals are uncertain of whether visitors will come amid the crisis.
Fire Island Gears Up for Challenging Season
BY STEPHANIE YANG
Fire Island, a popular sum-
mer getaway for New York
City residents, has been a rare
coronavirus-free haven. Now
business owners and officials
are trying to determine how to
best accommodate an influx of
seasonal visitors without ex-
posing the community to in-
fection.
Like other vacation hot
spots, Fire Island, off the
southern shore of Long Island,
has been generally isolated
from the pandemic, but relies
heavily on tourism and sum-
mer guests for economic sup-
port. Locals are facing both
the uncertainty of whether
visitors will brave the trip out,
and if they do, how to keep
them safely distanced.
“There’s no playbook for
this,” said Suzy Goldhirsch,
president of the Fire Island
Association, who added the
community has been preparing
for the past eight weeks.
Out on the island, face
masks are required in close
quarters and grocery stores,
and restaurants offer only
pickup and delivery. The big-
gest obstacle likely will be en-
no
forcing social-distancing mea-
sures, particularly if the island
sees its usual jump in foot
traffic.
During the summer, the is-
land population surges from
about 400 year-round resi-
dents to an estimated 10,000
people, Ms. Goldhirsch said,
though the exact number is
hard to pinpoint.
Summer visitors start to
swell over Memorial Day week-
end, though the first wave of
new arrivals was in March, Ms.
Goldhirsch said, as home-
owners fled the coronavirus in
New York City, where cases
have neared 200,000, compared
with 350,000 in the state.
“We are gearing up for a
full-court press here,” said
Jimmy Mallott, mayor of the
island’s largest village of
Ocean Beach.
Kushner Cos. Will Move to the General Motors Building
BY PETER GRANT
Kushner Cos., the real-es-
tate business owned by the
family of senior White House
adviser Jared Kushner, is mov-
ing its headquarters out of the
office tower at 666 Fifth Ave.,
the building at the center of
the Kushners’ push into the
Manhattan real-estate market
just before the 2008 crash.
Kushner Cos. is moving to
the top floor of the General
Motors Building on the south-
east corner of Central Park,
one of the most coveted office
addresses in the city, according
* *
GREATER NEW YORK
two weeks and include nine
hospitals in New York City and
others on Long Island and in
Westchester County and up-
state locales.
Elected officials and hospi-
tal representatives said they
hoped the program would con-
tinue beyond the pilot phase,
with other hospitals included.
“We look forward to getting
this program started and using
it as a guide for more expan-
sive visitation policies down
the road,” said Brian Conway,
spokesman for the Greater
New York Hospital Association.
The governor also said the
state’s Capitol Region, which
includes Albany, would begin
reopening Wednesday. It is the
seventh region in New York to
do so, having met coronavirus
benchmarks.
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
Scott Hirsch, above, says he
has rules on tap for when his
Island Mermaid restaurant is
allowed to reopen. Right, Dave
Anderson, general manager at
the Fire Island Ferries, takes a
ride to Ocean Beach.
n-
Fire Island broker Joanie
Woletsky said the year started
off as her busiest yet for home
sales and rentals. But as Me-
morial Day weekend has drawn
closer, more short-term rent-
ers have canceled, she said. At
the same time, she is fielding
new inquiries and others are
asking to extend their stays.
“People are looking for al-
ternatives for the summer be-
cause nobody wants to fly,”
she said. “There are a lot of
degrees of nervousness, some
people are more comfortable
and some people still don’t
want to leave the house.”
Andre Reid, a Manhattan
resident who is preparing to
stay on Fire Island this sum-
mer, said he plans to spend
less time at beaches and social
gatherings in an attempt to
keep his distance this year. He
said two of his four friends
have backed out of their home
share because of virus con-
cerns. However, he believes
to people familiar with the
matter. The family had been
looking for new Manhattan
digs following its distressed
sale of control of 666 Fifth Ave.
to Brookfield Asset Manage-
ment in the summer of 2018.
Brookfield, which valued the
deal at $1.29 billion, last year
launched a $400 million over-
haul of the 39-story building. As
part of that renovation Brook-
field has been vacating 666
Fifth of tenants including Kush-
ner Cos., which occupies about
15,000 square feet in the tower.
The move comes as the
commercial real-estate indus-
NY
Mr. Cuomo noted the de-
clining daily number of deaths
related to the virus, with 105
reported statewide on Monday,
the lowest figure since March
25, when 101 were recorded.
While the pandemic’s eas-
ing has given leaders state-
wide reason to cheer, it has
set off some conflicts.
Officials from Nassau and
Suffolk counties, have an-
nounced plans to limit access
to their county-run beaches to
local residents. Their actions
are designed to keep the areas
from being overcrowded. But
the moves effectively block res-
idents of New York City, where
swimming at city-run beaches
is prohibited for now, from
seeking parts of the Long Is-
land shore as an alternative
during Memorial Day weekend.
other New Yorkers may warm
to the idea.
“I honestly feel people are
going to want to come. You
can’t do anything in the city,
you can’t do anything in
Brooklyn,” Mr. Reid said.
Mr. Reid said his biggest
concern is overcrowding on
ferries, the main method of
transport between Fire Island
and the rest of mainland Suf-
folk County, which has about
35,000 coronavirus cases.
Dave Anderson, general
manager of the Fire Island
Ferries, said that during peak
hours—which usually occur
around the summer holidays
and on weekends—social dis-
try has been in upheaval as a
result of the pandemic. Ten-
ants are falling behind on rent,
landlords are defaulting on
loans and investors are looking
for steeply discounted prices.
Kushner Cos. has closed one
discounted acquisition. In
April, the company purchased
a $30 million loan backed by a
Brooklyn apartment building
sold by SL Green Realty Corp.,
New York’s largest office build-
ing owner. The real-estate in-
vestment trust has been trying
to shore up its balance sheet in
the wake of a collapsed Man-
hattan property sale. Kushner
Wednesday, May 20, 2020 | A10A
The limitations don’t apply trains during an initial pilot.
to state-run beaches on Long
Island, including Robert Moses
State Park and Jones Beach
The authority plans to expand
the procedure to buses, the
Long Island Rail Road and
State Park.
Meanwhile, New York City
Mayor Bill de Blasio and De-
Metro-North Railroad.
In New Jersey, Gov. Phil
Murphy said Tuesday the
partment of Education Chan- state’s 18,000 licensed phar-
cellor Richard A. Carranza said macists have been authorized
Tuesday that public schools to administer Covid-19 tests at
would continue virtual learn- their pharmacies. People will
ing through the summer for be able to get tested at these
students who need such sup- locations without a doctor’s
port. Nearly 178,000 students note, he said. CVS will be of-
will participate in the program. fering self-swab Covid-19 tests
The Metropolitan Transpor- in 50 sites statewide by the
tation Authority on Tuesday end of the month, he said.
showcased a new way of ster- New Jersey recorded 162
ilizing empty subway cars us- Covid-19 deaths on Tuesday,
ing ultraviolet light. Prelimi- raising the statewide total to
nary tests indicate that the 10,586.
procedure kills the virus, offi- —Jimmy Vielkind, Paul
cials said, adding that 150 de- Berger and Joseph De Avila
vices will be fitted on subway contributed to this article.
ly
will drive potential patients to
the nearest hospital, which
could take up to an hour and a
half on a busy afternoon, Mr.
Levine said.
With many businesses
closed, the season has gotten
off to a slower start than
usual. Patrick Tobin, 30 years
old, who was visiting the area
from Boston and took a trip to
Fire Island on Saturday, said
he didn’t know what to expect
when he got to the beach.
“We weren’t sure if we
were going to get kicked off,
or if there would be hundreds
of people,” he said. Once
there, Mr. Tobin and his
friends spent the day on a
nearly empty beach sunbath-
ing and playing Frisbee.
Fewer summer visitors,
while limiting infection risks,
would also weigh on income
for local businesses and home-
JOHNNY MILANO FOR THE WALL STREET JOURNAL (3)
owners.
Silvana Morici typically
rents her place in Ocean Beach
to two other families for three
weeks during the summer, to
help cover her mortgage. Both
families have canceled their
stays this year, but Ms. Morici
said she doesn’t plan to find
new renters.
“With what’s going on, I
don’t want to put my neigh-
bors in a situation where I
bring in strangers,” she said.
Scott Hirsch, owner of the
tancing might not be possible, Island Mermaid restaurant and
though all riders are required chairman of the Ocean Beach
to wear masks. So far average Chamber of Commerce Advo-
ridership has been at about cacy Committee, said Fire Is-
25% of full capacity, he said. land businesses receive most
“We can’t stress enough for of their annual revenue during
our ridership to be socially re- July and August. He has
sponsible. If you don’t feel started planning additional
well, please for the safety of measures for when restaurants
others, stay home,” Mr. Ander- are allowed to open, including
son said. night curfews and temperature
The seclusion of Fire Island checks for staff, throwaway
also means less access to med- menus and a door-opening
ical attention if residents get service for diners.
sick. Ocean Beach Fire Chief “If we are able to properly
Ian Levine said those with cor- thread the needle and take
onavirus-related symptoms care of guests, we could very
are encouraged to call their well have a fairly vibrant July
doctors from home. A spe- and August. But it remains to
cially designated ambulance be seen,” Mr. Hirsch said.
paid about 90 cents on the for what was then a record
dollar, according to people fa- price of $1.8 billion. The highly
miliar with the matter. leveraged deal ran into trouble
Kushner Cos. is subleasing when the global-financial crisis
20,500 square feet of space on hit, sending Manhattan rents
the 50th floor of the General and occupancies plummeting.
Motors Building for 10 years The Kushner family’s ef-
from Itaú Unibanco Holding SA, forts to salvage their invest-
Brazil’s largest bank. Kushner is ment in 666 Fifth Ave. became
paying about $100 a square a lightning rod for critics of
foot, about half of what Itaú is the Trump administration.
paying, according to people fa- They alleged that some of the
miliar with the matter. A repre- investors that showed an in-
sentative for Itaú didn’t respond terest in investing in the trou-
to a request for comment. bled property, such as Anbang
Kushner Cos. was based in Insurance Group Co. of China,
New Jersey before it pur- may be doing so to curry favor
chased 666 Fifth Ave. in 2007 with Jared Kushner, who is the
Judges
Clear Way
For June
Primary
BY JIMMY VIELKIND
A panel of federal judges
confirmed that New York’s
presidential primary would
continue as planned on June
23, upholding an earlier deci-
sion that blocked state offi-
cials from canceling it because
of the coronavirus pandemic.
Judges of the Second Cir-
cuit Court of Appeals on Tues-
day upheld a May 5 ruling by
District Judge Analisa Torres,
who concluded that scrapping
the primary would have vio-
lated the constitutional rights
of former presidential candi-
date Andrew Yang, as well as
delegates for him and Vermont
Sen. Bernie Sanders.
Democratic commissioners
of the State Board of Elections
took the unprecedented step
of canceling the June presi-
dential primary on April 27,
when more than 12,000 people
were hospitalized as a result
of the virus.
Commissioner Douglas Kell-
ner said the Democratic Party
has settled on former Vice
President Joe Biden as its
standard-bearer, and holding a
.
primary amounted to an un-
necessary “beauty contest”
that could put voters and poll
workers at risk.
Mr. Kellner said Tuesday
that the board won’t appeal
the Second Circuit’s decision,
“so we can focus all of our at-
tention on the daunting tasks
of managing the primary elec-
tion in a way that minimizes
the risks to the public and to
election workers.”
Republicans canceled their
presidential primary in March
when only President Trump
filed the required petitions to
appear on the ballot. The pres-
idential primary initially was
scheduled for April 28, but
Gov. Andrew Cuomo, a Demo-
crat, moved it to June because
of the pandemic.
Voters in most of the state’s
counties will cast ballots on
June 23 in primary elections
for the House of Representa-
tives, as well as state and local
offices. Eight Western New
York counties in the 27th con-
gressional district will vote for
a new representative to suc-
ceed Chris Collins, who re-
signed his seat when he
pleaded guilty to a charge of
insider trading.
The Board of Elections re-
lied on a statute enacted as
part of the state budget on
April 3. It allowed the board,
in light of the pandemic, to re-
move from the primary ballot
any presidential candidate—
and people running to support
them as delegates at the
party’s nominating conven-
tion—who had publicly sus-
pended their campaign.
Attorneys for Mr. Yang, who
filed the initial lawsuit chal-
lenging the board’s April 27
decision, said canceling the
presidential primary stripped
the candidate and his delegates
of their constitutional rights.
Supporters of Mr. Sanders said
that although he suspended his
campaign, he is still accumu-
lating delegates to influence
the party rules and platform at
the Democratic National Com-
mittee’s convention in August.
Mr. Yang wrote on Twitter
that he is “thrilled that de-
mocracy has prevailed for the
voters of New York!”
Both Messrs. Yang and
Sanders have endorsed Mr. Bi-
den. The former vice president
has amassed 1,464 delegates;
274 delegates are at stake in
New York. A candidate needs
1,991 delegates to secure the
party’s nomination.
husband of President Trump’s
daughter Ivanka Trump.
Mr. Kushner sold his stake
in 666 Fifth Ave. and other as-
sets to a trust controlled by
other family members to avoid
potential conflicts after join-
ing the Trump administration.
The financial problems facing
the building were solved by the
Kushners’ sale of a 99-year lease
of the property to a venture
controlled by Brookfield. The
Kushners retained an interest in
that venture but Brookfield is in
charge of the building’s redevel-
opment and is changing its
name to 660 Fifth Avenue.
 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.
A10B | Wednesday, May 20, 2020
METRO MONEY | By Anne Kadet
Crossroads of the World Bides Its Time
Ben Pack, a
homeless mu-
sician cur-
rently living
in the door-
way of a va-
cant storefront on Broadway,
says he took up residence in
Times Square last fall be-
cause of the crowds:
“380,000 people a day nor-
mally hit Times Square,” he
said.
Last week, surveying a de-
serted Times Square from
his perch, he shook his head.
Before the pandemic, he
could earn $80 in a few
hours performing with his
guitar. Now that the throngs
have vanished? “I’ve been
getting maybe $6 a day,” Mr.
Pack said.
Of all the shutdown
scenes, there is perhaps no
sight as strange as an empty
Times Square—the so-called
crossroads of the world.
Due to its reliance on
tourists and office workers,
the city’s most crowded
neighborhood is now among
the most desolate.
According to the Times
Square Alliance, the number
of people passing through
has dropped to less than
35,000 a day, from 350,000
to 400,000.
But it feels even quieter.
On a recent visit, Times
Square looked even sleepier
than Montague Street, the
retail strip in Brooklyn
Heights where I do my shop-
ping. An informal storefront
survey bore out my suspi-
cions.
On Montague Street, you
can still frequent the super-
market, bakery, dry cleaner,
bodega, liquor store and a
wash-and-fold shop. Most
restaurants are open for
takeout. Even the florist is
taking orders. Of the strip’s
69 storefronts, 55% are open
for business.
Along Broadway and Sev-
enth Avenue in Times
Square, however, just eight
of the 91 storefronts I sur-
PREP YOUR CAR
FOR SUMMER
Summer is coming — and that means sand, dirt and
mud tracked into your vehicle! Luckily, FloorLiner is
a breeze to clean and keeps your vehicle’s interior
protected and spotless.
no
FloorLiner™
Made in the USA
© 2020 MacNeil IP LLC
While there aren’t many people in Times Square these days, photos of the area are appearing in the media more than ever.
veyed—less than 10%—were
open. Most of the area’s res-
taurants have shut, while the
souvenir shops and chain
stores had no choice but to
close.
R
etail real-estate ex-
perts said they aren’t
surprised. With every-
one bunkering at home,
us ,
shopping strips in residential
l
neighborhoods have more
e
al a
customers these days.
They also feature a
greater concentration of es-
ci on
sential businesses that have
been allowed to stay open,
said Steven Soutendijk, an
executive managing director
with Cushman & Wakefield,
er s
who represents both land-
lords and tenants in Manhat-
m er
tan retail-lease deals.
m rp
co Fo
n-
TechCare®
Auto. Home. Pet. Find Your Fit.
1-800-441-6287 or 1-630-769-1500
NY
GREATER NEW YORK
The small businesses that
characterize neighborhood
shopping strips also have
proven more nimble than the
big chains in adjusting their
operations to remain open,
on
he noted.
While he’s confident the
tourists and office workers
will return, “Times Square is
likely to be impacted longer
than other markets,” Mr.
Soutendijk said.
There’s still life in Times
Square, of course. The Red
Lobster is open for delivery
and takeout, for instance.
The most popular order? The
$38.99, 1,070-calorie Ulti-
mate Feast for one featuring
lobster tail, two kinds of
shrimp, crab legs and sides.
The location’s off-premise
sales have grown during the
* * THE WALL STREET JOURNAL.
The Naked Cowboy, mean-
while, is still out strumming
every day at Broadway and
West 45th Street, clad only
in his hat, white briefs and
American flag face mask. “I
don’t feel I can avoid doing
what I do,” he said.
So if Times Square has
proven to be a largely nones-
sential neighborhood, why
should we care about its fu-
ture?
In normal times, it turns
out, Times Square is as es-
sential to the city as a neigh-
borhood can get. According
to the Alliance, the area em-
ploys 180,000 workers, pro-
vides 15% of New York City’s
economic output and gener-
ates $2.5 billion in tax reve-
nue for the city.
W
hile New York City
shops likely will re-
main closed for
weeks and Broadway shows
are canceled through the
summer, Times Square Alli-
LUCAS JACKSON/REUTERS
ance President Tim Tomp-
kins hopes civic leaders will
recognize the area’s signifi-
cance—both as an economic
engine and international
symbol of the city—and sup-
port its theaters, hotels and
restaurants reopening in a
lockdown, though not nearly to 94% during the lock- thoughtful and appropriate
.
enough to offset the loss of down—a much sharper de- manner to bring back tour-
dine-in sales, a spokes- cline than the roughly 52% ists.
ly
woman said. to 73% fall in outdoor adver- “One of the quickest
tising reach citywide. things we can do to get
H
ot dog vendor John Surprisingly, the cost of money into our coffers is to
Galanopoulos, who
has occupied a corner
of West 46th Street and
Broadway for 40 years, re-
advertising in Times Square
dropped just 26% in the
shutdown, says Chris Gadek,
vice president of growth and
make ourselves welcoming,”
he said.
Perhaps we’ll know New
York City is truly on the re-
cently returned after a short marketing for AdQuick.com, bound when the menacing
hiatus. Before the lockdown, which provided the figures. Elmo characters and fake
he typically sold 150 to 200 One reason? While there comedy-club ticket hawkers
$3 dogs a day. Now he’s sell- aren’t many people in Times return.
ing about 10, but he’ll keep Square these days, photos of “The moment there is a
going. “It gives me a little the area—which has become buck to be made in Times
energy instead of staying symbolic of the lockdown’s Square off a naive tourist,
home and being depressed,” impact—are appearing in the someone will be out there
he said. media more than ever, vastly trying to make it,” Mr.
It’s odd to see the digital amplifying billboard reach, Tompkins said. “That will be
billboards aglow when no- said Anna Bager, president a sign we are returning back
body is watching. Indeed, the and CEO of the Out of Home to normal.”
advertising reach of Times Advertising Association of
Square’s signs has fallen 85% America. anne.kadet@wsj.com
DIFFERENT NATIONAL ORIGINS.
SAME FAIR HOUSING RIGHTS.
It is illegal for landlords and real estate agents to deny you housing
opportunities because of your ethnicity. The Fair Housing Act prohibits
housing discrimination based on national origin. If you believe you
have experienced a violation of your rights, file a complaint.
Go to hud.gov/fairhousing or call 1-800-669-9777
Federal Relay Service 1-800-877-8339
FAIR HOUSING: THE LAW IS ON YOUR SIDE.
A public service message from the U.S. Department of Housing and Urban Development
in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits
discrimination because of race, color, religion, national origin, sex, familial status or disability.
 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.
FAMILY & TECH | JULIE JARGON
Curb Your
Kids’ Summer
Slide
With Tech
Online resources can help parents and children
make the most of endless free time
M
any parents are
viewing summer
with a mix of
relief and
dread: relief
that home
schooling is coming to an end, and
dread that what likely follows is
three months of…nothing.
Summer has always been a time
when academics have slipped, but
it’s usually a small price to pay for
outdoor activities and socializing.
Now, with many
camps, community
pools and recreation
centers closed due to
the coronavirus pan-
demic—not to mention
libraries, the corner-
stone of summertime literacy ef-
forts—parents and educators
worry the downtime will be
wasted on YouTube and video-
games, leaving stu-
dents further behind
than ever.
Students will return
to school in fall 2020
with only an estimated
70% of the reading
gains achieved in a
typical school year,
and gains in math will
be even smaller, ac-
cording to the non-
profit education-ser-
vices firm NWEA.
“This summer, the
gap is going to be
huge for all students
but even more so for
students who lack
technology,” said Daniel Dome-
nech, executive director of the
FROM TOP: LEGO EDUCATION; AGE OF LEARNING, INC.; GOOGLE
School Superintendents Associa-
tion. “There’s interest in many dis-
tricts to continue online education
over the summer, but it will run
into the issue of whether all stu-
dents will have the technology and
whether they will participate.”
The pandemic has exposed the
digital haves and have-nots. But
even for families that have been
able to access remote-learning pro-
grams, online school has been a
poor replacement for the real thing.
Some school districts are get-
ting creative about closing the
tech gap and preparing for sum-
no
Coronavirus Risk to Kids Could Affect Reopening Decisions
WHEN THE PANDEMIC started,
health experts noted one saving
grace of the virus that causes
Covid-19: Its effect on children
seemed minor, even undetectable,
in most cases.
Now there is evidence that the
virus can cause serious illness in
children. Though such cases are
very rare, they have parents wor-
ried and might influence decisions
to reopen summer camps, day-care
centers and schools.
One disturbing development is a
new condition doctors said is simi-
lar to Kawasaki disease, a rare
childhood illness. The Centers for
Disease Control and Prevention is-
sued an advisory on the condition
last week and named it multisys-
tem inflammatory syndrome in
children, or MIS-C.
MIS-C appears to be rare enough
that it likely won’t affect most deci-
sions to reopen camps and schools,
some health and policy experts
said. But others said the syndrome
might make decision makers—par-
ticularly parents—wary as so much
is unknown about it.
“It will definitely impact the
conversation and it very well may
cause some pause,” said James
Schneider, chief of pediatric criti-
cal care at Northwell Health’s Co-
hen Children’s Medical Center in
New Hyde Park, N.Y., which has
FAMVELD/SHUTTERSTOCK
seen about 40 children hospital-
ized with the syndrome.
It isn’t clear how many MIS-C
cases there are nationwide. Re-
searchers are scrambling to com-
pile the cases and estimate there
LIFE&ARTS
mer. In Cleveland, where an esti-
mated 40% of families don’t have
access to high-speed internet,
schools delivered more than 4,000
wireless hot spots and more than
15,000 laptops and iPads to fami-
lies when instruction moved online
in March. The district plans to let
families keep those devices over
the summer.
Some parents opted out of on-
line school when juggling their
jobs and acting as both tutor and
tech support proved too difficult.
Others, like my husband and me,
have stuck it out through gritted
teeth, if only for the daily struc-
ture it offers, and the alternative
to lower-quality screen time.
For parents who have access to
technology—not to mention the
on
time required to keep kids on task
and engaged—there are numerous
options, many free or discounted. I
consulted education
and literacy experts
us ,
and did my own re-
l
search to come up
e
al a
with this list. There’s
something here for
every age group.
ci on
Varsity Tutors: The
online education com-
pany offers free
weekly virtual “sum-
er s
mer camps,” typically
five one-hour sessions
m er
where kids can brush
up on art skills or be-
gin to speak Manda-
rin. varsitytutors.com
Camp Edmo: An on-
m rp
line camp with instruction in sci-
ence, technology and nature. Slid-
ing-scale tuition means families can
pay the full price or use a discount
code if they can’t afford the $15-an-
co Fo
hour rate. campedmo.org
iD Tech: The company’s virtual
camps range from 3-D modeling to
making your own Roblox and
Minecraft games. idtech.com
Camp Supernow: Designed for
ages 5 to 11, this virtual camp of-
fers home science experiments,
arts and crafts, theater games and
meditation. campsupernow.com
CodeWizardsHQ: Live online
classes teach kids 8 to 18 how to
code for virtual-reality games,
n-
YOUR HEALTH | SUMATHI REDDY
Early in the crisis, experts thought the virus had just a minor effect on children.
are hundreds across the country.
New York state is investigating 137
reported cases and three deaths;
New York City says it has had 145
reports of the condition using an
old definition of the syndrome.
There are reports of the condition
in at least 14 other states.
Several European countries
have reported cases, including
Switzerland, France and Italy. At a
virtual meeting of United Kingdom
experts last week, they estimated
they have seen 75 to 100 cases, in-
cluding at least one death. The
U.K. experts said they don’t think
MIS-C should affect decisions on
schools reopening there. “The risk
remains extremely low and it
Read Along by Google, left; an Adventure Academy multiplayer game, above.
multiplayer games and computer-
vision apps. codewizardshq.com
Camp KiwiCo: The monthly sub-
scription-based service ships boxes
filled with hands-on engineering,
art and science projects for kids
and adults of all ages. For summer,
it plans free five-day sessions of
themed DIY activities and videos
for users with or without a crate
subscription. kiwico.com
Storyline Online: This children’s
literacy website streams videos of
celebrities reading children’s
books. Reading Partners, a non-
profit literacy program, has orga-
nized several of the book readings
by grade level. readingpartners.org
Reading IQ: A subscription-based
service offering a large online li-
brary of books across age groups
and reading levels, including books
in Spanish. readingiq.com
Read Along by Google: A new An-
shouldn’t be a factor taken into ac-
count when decisions are made
about how and when to reopen
schools,” said Liz Whittaker, clini-
cal lecturer in pediatric infectious
diseases and immunology at Impe-
rial College London.
The illness, distinguished by a
persistent fever, skin rashes and
stomach pain, causes inflammation
throughout the body and can re-
sult in heart failure and toxic
shock. It seems to appear in other-
wise healthy children several
weeks after they are infected with
Covid-19 usually without initially
exhibiting symptoms. The affected
children range in age but many are
school age or teenagers.
Wednesday, May 20, 2020 | A11
ly
droid app from Google has speech
recognition technology that can
detect when a child is struggling
or reading correctly.
Story Time on Facebook’s Portal:
Families who have a Facebook Por-
tal videochat system can connect
with far-flung friends and rela-
tives, or with someone sitting in
the same room, to read stories to-
gether through an augmented-real-
ity program with animation and
virtual masks of story characters.
Bright by Text: Reading Partners,
the nonprofit literacy program,
has partnered with the nonprofit
Bright by Text to deliver text mes-
sages to parents in English or
Spanish with free reading activi-
ties and tips on how to boost kids’
literacy skills. brightbytext.org
Audible Stories: Amazon’s audio-
book division is offering free in-
stant streaming of children’s sto-
“It would be inaccurate to say
that children have escaped from
this Covid-19 pandemic com-
pletely unscathed because these
complications are serious,” said
Adrienne Randolph, a senior asso-
ciate in critical care medicine at
Boston Children’s Hospital who is
overseeing a national “Overcom-
ing Covid-19” study with the CDC
that aims to quantify and better
define MIS-C. She said experts
working on the study expect to
have a more detailed accounting
of the number of U.S. cases within
two weeks.
Many experts said parents
should be reassured that MIS-C af-
fects an ex-
tremely small
percentage of
children and has
A very rare syndrome
caused very few has parents worried and then we started
deaths.
“It’s probably
officials wary because so seeing
hundreds of little is known about it. wasaki-like con-
thousands of chil-
dren in the New
York area who
have been exposed to the virus so it
seems like it’s a really small number their children back. “I never in my
that are getting this,” said Steven
Kernie, chief of pediatric critical
care medicine at NewYork-Presbyte-
rian Morgan Stanley Children’s Hos-
pital and Columbia University. Chil-
dren are treated with steroids, he
said, and usually recover in three or
four days but must follow up with
cardiologists to see if there is any
long-term heart damage.
Andrew Janowski, an instructor
of pediatric infectious diseases at
Lego Education’s Spike
Prime projects use Lego bricks,
hardware and coding skills
.
ries across six languages.
stories.audible.com
Apple Learning from Home: Apple,
maker of the iPhone and iPad, cu-
rated a list of educational apps
from the App Store and of chil-
dren’s audio books from iTunes.
Freckle Math: A free website
with math questions and games
tailored to kids’ individual skill
levels. The site also has learning
activities in language arts, social
studies and science. freckle.com
Adventure Academy: Online mul-
tiplayer games with math-related
quests for ages 8 to 13 are avail-
able from Adventure Academy’s
subscription service. There also
are games teaching science, social
studies and language arts.
adventureacademy.com
Lego Education: Lego Education
has activities by grade level
through grade 8 to help teach kids
math and science concepts.
education.lego.com
National Math Foundation: This
nonprofit has several math and
movement activities that can be
done inside or in the backyard to
help keep young kids active while
learning basic math. There are
also tips for how the activities can
be adapted for older children and
those with special needs.
nationalmathfoundation.org
Flocabulary: The subscription-
based online learning site has in-
teractive math lessons for all
grade levels, from addition and
subtraction to statistics and prob-
ability, as well as lessons in lan-
guage arts, social studies, science
and life skills. flocabulary.com
Washington University School of
Medicine/St. Louis Children’s Hos-
pital, said regional factors should
be taken into consideration when
deciding when to reopen schools,
camps and other gathering places.
Camps—particularly overnight
ones—usually mix children from
different areas.
The news has many families re-
thinking their plans. Lauren and
Tomer Meir had intended to send
their 4-year-old son and 6-year-old
daughter to camp this summer.
Now they are unsure. “A lot of par-
ents were taking solace in the fact
that children weren’t affected that
much,” said Mrs. Meir, a 38-year-
old communica-
tions strategist
in West Bloom-
field, Mich. “But
news
about this Ka-
dition.”
When schools
reopen, some
parents aren’t sure they will send
life thought I was going to be re-
searching home-school and cyber-
school options,” said Melissa
Smith, a crisis worker in Bucks
County, Pa., whose sons are 5 and
7. She hasn’t decided about camp,
noting, “I’m not delusional in
thinking my kids would do a great
job keeping face masks on or do a
good job with social distancing.”
—Denise Roland
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.
A12 | Wednesday, May 20, 2020
CLOCKWISE FROM TOP: TYE EYDEN (2); KIM MCCULLOUGH (2)
Reunited With a Porsche Named Hal
Kim McCullough, 59, a
former VP of marketing for
Jaguar Land Rover North
America living in Pompton
Plains, N.J., on her 1970
Porsche 914/6, as told to
A.J. Baime.
When I was growing up,
my father, Ed McNeilly, ran
the Volkswagen, Porsche
and Audi advertising ac-
counts at the firm Doyle
Dane Bernbach. This was
the real “Mad Men” era in
advertising. Every two
years, my father got a new
car, and he had three differ-
ent Porsches: a 911 Targa in
the late 1960s, a 1970 914/6,
and a 1972 911. I loved all of
these cars, but the 914 re-
ally spoke to me.
This car was tangerine-
colored—bright orange—and
it had black trim. It re-
minded me of Halloween,
which happened to be my
birthday, so I named the car
Hal. Cars can connect with
us in such a deep way. For
me, at 10 years old, I felt
no
very close to Hal.
ADVERTISEMENT
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds

  
" # 
THE WALL STREET JOURNAL.
LIFE & ARTS
MY RIDE | A.J. BAIME
.
ly
on
us ,
l
e
al a
ci on
er s
m er
Kim McCullough and her
husband, Mitch, in their 1970
Porsche 914/6 at the Ramshorn
Rally in Montana in 2019, near
m rp
left, and standing by the car,
far left. Its interior, above left.
co Fo
It was the first year of 1970 Porsche 914/6 and my turned out, hosted a Cars & Hal. The car was in fabulous to Porsches from 1989 or
the 914 model, which was a father’s name. On Aug. 5, Coffee on the first Sunday shape. The interior was all before. We had never owned
joint development between 2018, I struck gold. of each month, and Aug. 5 original, and the first chance a car that could qualify—un-
Porsche and Volkswagen and An ad came up for this was that first Sunday. He I had to sit in Hal was a very til now. It turned out Hal’s
was marketed in the U.S. as orange 914/6 for sale from a told us we had to call him important moment for me. previous owner, Randy, was
the new entry-level Porsche. man named Randy Stenson, back because he was setting My father died in 1988, and going on this same rally. It
It came with either a 1.7-li- at Rock Lake Motors in Wis- up for the event. So not un- knowing that he had spent was a fantastic coming-out
ter flat four-cylinder or a consin. The ad said, “The til later in the day did we so much time in Hal, that I party for Hal, a perfect way
more powerful 2.0-liter flat original owner of this 914-6 connect. My husband told had spent so much time in to create new memories to
six-cylinder. The larger en- [sic] was Ed McNeilly, EVP him that I was the daughter Hal, and that the interior go with the old.
gine model was more rare, of Doyle Dane Bernbach, of Ed McNeilly, and they was original—all of these There are still two other
and that is what Hal was. Porsche’s U.S. advertising made a deal over the phone. memories flooded in. Porsches out there that my
My father sold Hal in 1972 agency.” I yelled to my hus- [The price was $89,000.] Mitch and I have always father owned when I was
n-
to a neighbor in Armonk, N.Y. band Mitch, “Oh my God! Because Mitch and I are wanted to do this event young—a light-yellow late
I always dreamed of finding It’s Hal! And he’s for sale!” involved in the vintage-car called the Ramshorn Rally— 1960s 911 Targa and a white
the car one day, but I had no I couldn’t believe it. I was community, we have a truck a 1,500-mile, nearly week- 1972 911. I have no other in-
information. Regularly, in re- so emotional that I had my and trailer, so Mitch drove long event in and around formation, but I am deter-
cent years, I would Google husband call. The owner, it out to Wisconsin to pick up Montana—but it is limited mined to find them.
Readers Write on Charity Woes
BY BRANDON SANCHEZ
PORSCHE
Betsy Morris’s May 12
article about nonprofits
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
struggling during the coro-
navirus pandemic struck a
chord with readers, partic-
ularly those with ties to
the nonprofit world. Many
organizations have can-
celed fundraisers and face
the prospect of government
$  -  . /* 0   !
  
" "   1 234$44 &  &! contracts drying up. Mean-
   )#   #5 . /* )  )! while, demand for services
   # "   # 6 * 
 &  ! is outpacing revenue, espe-
   

 
  
" # 
$  " 
  #534$44    0! cially at food banks. Here Volunteers pack boxes at Capital Area Food Bank in Washington, D.C.
      )   )# "   4  0   ! is a sampling of responses.
! )   "    )   )! I cannot understand why people do not

 
   
   )# 
$     %! Your article resonated as I have served on simply send in the cost of the “luncheon,”
   /# ! 4! 17 89 2    !
   )#  ! #$* + ,   &)! a variety of nonprofit boards of directors for or whatever other fundraiser. If the mis-
%   # 
$ #$ 1 #5   %0! the past 25 years in addition sion of the enterprise really motivates
      # 2: 5 &  ! to my time in the Army and as a tech your support, why do so many people re-
%)  
"     )! entrepreneur. In that time I have watched the quire they be entertained or featured on
nonprofit world deal with three recessions. some society page? Charitable contribu-
;11<1+3<<31<1;3/1 When I graduated from West Point in 1994, tions should not come with strings at-
(   )#  ! & 
 #  #5/* .  &   &!
#$* + ,    ) 
 ) / *
 #5 )0   ! over $100 billion was donated to charity that tached.
&)! year in the U.S. Last year $450 billion was —Bob Schafer, Lincolnshire, Ill.
=#3/1+;1< donated, so for 25 years it has been on a
% % 2
 
*4 /*    0! steady increase with three very small dips I have part of the solution to the fund-
 %  74 #   )   &0! during the three recessions. raising problems nonprofits are facing. A
& 2
) 
 $" 
#$$ 
    !
What is different this time, though, is that few weeks ago I basically invented the vir-
#3>18+3=># during each of those three recessions organi- tual telethon (probably not the only one to
 ;*4?
@ #8 )0 >*
 #5/*    ! zations could still hold their galas, their races invent it, but there was no model, and I
  
" # 
$  % ;*4?
@ 1;  &  %   0)! and their face-to-face meetings; they just created it from scratch). We raised over
$ 
  %    & ;*4?
@ 1; 8# & # "4*
    &! knew they were going to raise a little less $32,000 in 12 hours for our local COVID re-
&! '    ! 
 " #"$ #%$ &%
%  $ '(
)  * + '
 %
, -

 



money. As you pointed out in your article, to- lief effort (at a cost of less than $75, plus


    
 
      day those organizations have lost access to my time), with me creating and running



     most forms of traditional fundraising. everything from my recliner.
—Shawn Olds, Falls Church, Va. —Sean Spence, Columbia, Mo.
 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 TOP: KEN HOWARD/METROPOLITAN OPERA; CHRIS LEE
The Unstoppable Power of Music
Streams of classical performances have exploded in popularity in the time of social distancing
BY BARBARA JEPSON
UNDER NORMAL circumstances,
classical-music videos posted online
by opera companies, orchestras and
soloists may take years to exceed the
million-viewer mark, if they reach it
at all. But consider these startling
numbers, gathered after music insti-
tutions canceled the remainder of
their seasons in response to the cor-
onavirus restrictions: When the Met-
ropolitan Opera offered Bizet’s “Car-
men” to the public as the first of its
free, ongoing “Nightly Opera
Streams” of past performances, its
website crashed due to the unprece-
dented demand; rebroadcasts have
subsequently attracted about 7.9 mil-
lion people world-wide.
In the orchestral realm, when the
Seattle Symphony streamed a Sep-
tember 2019 performance of Mah-
ler’s First on two evenings, about
132,000 listeners tuned in, com-
pared with 4,835 individuals who
had purchased tickets for one of the
three original live concerts. Since
the Boston Symphony Orchestra
launched its “BSO at Home” series,
its website and social media plat-
forms have received more than six
million interactions, with website
traffic 124% higher than usual. And
pop tenor Andrea Bocelli’s Easter
recital of sacred-music favorites
BY SIMONE J. WICHA
ONE OF MY PROUDEST accom-
no
plishments as director of the Blan-
ton Museum of Art has been the
installation of Ellsworth Kelly’s
“Austin,” a chapel-like building
with luminous stained-glass win-
dows. Since opening in February
2018, it has drawn crowds from all
over. But the power of this art-
work was no match for the corona-
virus. On March 13 I closed the
doors to “Austin,” as well as to the
rest of the museum.
The cost of this pandemic in hu-
man and economic terms has been
well-chronicled. But the cultural
cost to theaters, museums and
other arts institutions and their
visitors has also been great. It has
been heartbreaking to see my col-
leagues at our country’s cultural
institutions forced to furlough or
lay off staff as they struggle with-
out admission fees.
Whatever the public thinks a
museum may be, it is, above all, a
collection of people: curators,
teachers, accountants, marketers,
designers, retailers, carpenters—
individuals from all walks of life.
Another accomplishment that I
cherish is weaving together the
team of 70 thoughtful and dedi-
cated people who make the Blan-
ton what it is. But our closing had
idled them.
As the principal art museum for
Austin and a robust teaching re-
source for the University of Texas
at Austin, the Blanton serves
200,000 visitors annually and
houses more than 19,000 works,
from old masters to contemporary
art. Although we are part of the
university, we are not immune
from financial pressures. The uni-
versity provides about 18% of our
annual operating budget, which av-
erages $7.7 million, meaning we
are heavily dependent on admis-
LIFE & ARTS
CULTURAL COMMENTARY
on
us ,
l
e
al a
ci on
er s
m er
m rp
with organ accompaniment drew for classical music than we usually
more than 2.8 million concurrent think? Or does the enthusiastic re-
viewers, making it the largest si- sponse to these classical webcasts
multaneous audience for a classical merely reflect the chance to hear
co Fo
livestream in YouTube history. (The free concerts in the privacy of our
latest count is nearly 40 million.) homes, without the usual scheduling
For decades, there have been dire issues, transportation hassles, and
warnings and disheartening statis- total expenses involved? We can’t
tics about shrinking classical audi- know for sure.
ences—because of aging patrons, But one thing is clear: Music is
changing tastes and more competi- engaging more people right now
tion for the entertainment dollar. Do than most other art forms. What ac-
these recent, higher numbers mean counts for its powerful effect on us?
there’s a larger, untapped audience The ancient Greek philosophers
n-
CULTURAL COMMENTARY
The Creative Way We Avoided Layoffs
Ellsworth Kelly’s ‘Austin’ at the Blanton Museum of Art; bucking industry trends, the museum has managed to keep all
its staffers employed during the coronavirus downturn
sions from visitors and fundrais- grammatic and departmental ex-
ing. But with the doors closed penses. We did not feel we could
there were no visitors, and dona- rely on additional income from ad-
tions were suddenly being weighed missions, rentals and shop sales
against support of the rapidly in- for the remainder of our fiscal
creasing needs of medical centers year, which ends Aug. 31. We also
and food banks. had to account for what was re-
I decided that our survival stricted as well as what was al-
strategy had to be keeping every- ready spent. We didn’t want to cut
one employed in a whole new way, the amount needed to support
all while they worked from home. staff, whether our doors were
So I shifted our program from be- closed or open. That left us cut-
ing visitor-driven to something ting all remaining programmatic
new. I started by doing an analysis and departmental line items we
of our budget. Of our overall ex- could find, from installation costs
penses, 60% represents staff costs and supplies to advertising and
with the remaining 40% being pro- summer programs.
Wednesday, May 20, 2020 | A13
ly
Plato and Aristotle recognized mu-
sic’s uncanny ability to influence the
emotions and prescribed which of
the “modes”—akin to major and mi-
nor harmonic scales—were suitable
for students and soldiers. Research
with functional MRIs has demon-
strated that listening to music acti-
vates multiple areas of the brain
and involves higher-level cognitive
functioning. Might it then provide a
more absorbing level of distraction
from the coronavirus pandemic?
When words fail, music can help
us speak—a therapeutic result ob-
served in shellshock victims follow-
ing World War I. After the 9/11 at-
tacks, Kurt Masur’s memorial
performance of the consoling
Brahms “German Requiem” with the
New York Philharmonic provided an
opportunity for a stricken city to ex-
press collective grief for the dead.
(On May 25, the 2001 concert will
be rebroadcast on Facebook and
YouTube at 5:30 p.m. EDT.) Al-
though the event was broadcast na-
tionwide by “Live From Lincoln
Center” on PBS, hundreds of people
stood on the plaza in a light rain,
listening to the 75-minute “Re-
quiem” via an audio-video hookup.
The personal and economic dis-
ruptions of the coronavirus crisis
will change our world even more
than 9/11 did. Although it may
I asked my department heads,
ranging from communications and
membership to facilities and collec-
tions management, to come up with
a list of rainy-day initiatives that
they’d always wanted to accomplish
but never could, due to the nor-
mally never-ending cycle of plan-
ning and staging exhibitions. These
weren’t to be make-work jobs. This
had to be mission-centric, both to
have our staffers feel like they were
adding value and to have them
make the type of impact we and
any donor would expect to see.
After developing a list of about
30 projects, we gave all our staff
A Met Opera production of Wagner’s
‘Götterdämmerung,’ left; Kurt Masur
leads the New York Philharmonic in
Brahms’s ‘German Requiem,’ below
sound clichéd, the best works in the
Western classical canon have an in-
herent nobility, order and spiritual
sustenance that may be particularly
meaningful in times of uncertainty.
I especially value music’s immersive
qualities—the heightened aware-
ness that comes from tracking how
themes recur, coalesce or clash, or
noticing the way a performer brings
out an inner voice in the larger
compositional fabric.
Early in the pandemic, I kept re-
turning to the latest album by Ice-
landic pianist Víkingur Ólafsson,
which includes sprightly solo pieces
by the 18th-century French com-
poser Jean-Philippe Rameau. Hun-
gry for all-too-elusive good news, I
savored their cheerful insouciance.
Later, as media images of ex-
hausted medical personnel, corona-
virus sufferers on ventilators and
stacked coffins awaiting burial lin-
gered in memory, I sat glued to my
laptop, watching the Met’s rebroad-
cast of Wagner’s “Ring” cycle, a
personal favorite, for four nights.
As usual, I reveled in the low brass
passages, long-lined vocal writing
and fateful, if convoluted, story line.
Yet this time around, I was more
aware of how Wagner repeatedly
sustains harmonic tension by delay-
ing the resolution of dissonance.
And my reactions were different.
One of my favorite moments occurs
during Act Three of the second op-
era, “Die Walkure,” when the de-
spondent Sieglinde learns that she
is carrying the child of Siegmund,
her murdered husband. The Valkyrie
.
Brünnhilde announces that this fu-
ture hero will be Siegfried, trigger-
ing a brief, rhapsodic outburst by
Sieglinde known as the “Transfor-
mation” motif. The motif recurs in
the final opera, “Götterdämmerung,”
most notably at the end, when it
helps signal the beginning of a re-
newed, better world. Normally, I
find its stirring melody exhilarating.
But during the rebroadcast, when
the “Transformation” theme re-
turned, it helped me to express my
often-delayed reactions to unex-
pected or tragic events.
Now, as the coronavirus curve
flattens but the death toll continues
its inexorable rise, the “Funeral
March” to Beethoven’s “Eroica”
Symphony has become an earworm.
The somber beauty of its opening
theme gives way to lyrical grace.
The soaring fugue near the end, fol-
lowed by the blazing brass and pro-
pulsive rhythms that precede the
opening theme’s return, is a testa-
ment to human resilience in the
face of loss.
One day we will gather once
more in the world’s concert halls to
the heartening sounds of live perfor-
mance. Until then, I’m grateful for
the opportunity to experience such a
wealth of classical music commu-
nally via online videos, livestreams
and rebroadcasts. Sheltering in
place, we can still journey into a
composer’s world, briefly leaving
this one behind.
Ms. Jepson reviews classical albums
and concerts for the Journal.
members a questionnaire asking
them to rate themselves on skills
ranging from visual literacy to
writing to Photoshop. By matching
skills to project requirements, we
were able to reassign to various
tasks 32 staff members whose jobs
had been most at risk, even enlist-
ing several as project managers.
While others, like our curators—
who always welcome time for
writing and research—could more
easily work from home, everyone
has been part of the redesigned
museum in some way.
We introduced online “behind-
the-scenes” talks alongside virtual
exhibitions, which you’ve seen at
other museums during the quaran-
tine, but the bulk of the work
wasn’t sexy. These were, however,
essential projects that advanced
our mission and stretched our ca-
pabilities. So security guards now
spend their days going through
images on the Blanton website,
writing alternative text descrip-
ELLSWORTH KELLY FOUNDATION/BLANTON MUSEUM OF ART, THE UNIVERSITY OF TEXAS AT AUSTIN
tions for the visually impaired. It
turned out that the museum’s pri-
mary maintenance guy, who nor-
mally handles paint touch-ups and
AC repair, has beautiful handwrit-
ing. The development department
now has him writing thank-you
notes to donors. Staffers who nor-
mally plan events or install art are
now assembling digital dossiers on
our more obscure artists, the kind
for which the best research lurks
in the corners of the internet
rather than in books.
So far, the plan has worked and
our team is paid. But it is a fragile
equation that will continue to de-
pend on philanthropic investment
and constant innovation. We will,
in time, open our doors again. But
for now we are keeping the mu-
seum going—all of us.
Ms. Wicha is the director of the
Blanton Museum of Art.
 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 | Wednesday, May 20, 2020 THE WALL STREET JOURNAL.

SPORTS
BY JOSHUA ROBINSON AND BEN COHEN
Belmont
O
ne of the greatest
coaches in the history
of sports has conducted
his last eight-hour
Kicks Off
The Crown
workout. He’s done
barking multilingual orders that
pushed his players to the brink of
hallucination. No one will puke in
his practices anymore. Now the re- BY JIM CHAIRUSMI
tired taskmaster spends his time HORSE RACING’S Triple Crown
working on abstract paintings in- will be run out of order in 2020.
spired by Salvador Dali and Jackson In a normal year, the Ken-
Pollock while listening to Charles tucky Derby and Preakness
Mingus and Wynton Marsalis. Stakes would have already been
“This,” he says, “is an excellent completed. But due to the coro-
combination.” navirus pandemic, the sports
If most Americans have never calendar, including the dates for
heard the name Ratko Rudic, it’s horse racing’s most prestigious
only because most Americans don’t races, has been shaken up.
follow water polo. He’s as feared as The Belmont Stakes will now
Bill Belichick but as beloved as John be contested as the opening leg
Wooden. He’s as stirring as Vince of the Triple Crown for the first
Lombardi, as enduring as Mike time in history.
Krzyzewski, as worldly as Gregg The New York Racing Associa-
Popovich and the only legendary tion announced Tuesday that the
coach whose practices involve train- Belmont Stakes, originally
ing burly men in Speedos to drown scheduled for June 6, will take

‘Belichick’ of the Pool

and be drowned. place on June 20 at Belmont
Rudic has the most Olympic ap- Park in Elmont, N.Y.—without
pearances (9) for the most coun- spectators, with the race short-
tries (5) with the most medals (5 as ened from 1½ miles to 1
a coach, 1 as a player), the most 1/8 miles.

Provides a Pep Talk

gold medals (4) and the most lon- The Belmont has been run at
gevity (28 years between his first 1½ miles since 1926.
and last gold) of any coach, accord- “While this will certainly be a
ing to Olympics historian Bill Mal- unique running of this historic
lon. race, we are grateful to be able
And his former players say he’s to hold the Belmont Stakes in
the most inspiring leader they’ve Water polo legend Ratko Rudic shares lessons from a legendary career 2020,” NYRA president and CEO
ever met. Dave O’Rourke said in a state-
“He always knew that he could ment.
get more out of a player than the “no-holds-barred wrestling” in the The purse of the Belmont has
player even knew,” said UCLA water deep end. It was quite literally sink been cut from $1.5 million to $1
polo coach Adam Wright. or swim. “You can be drowning a million.

.
After stints coaching the national guy, holding him under water for 20 The Kentucky Derby has al-
teams of Yugoslavia, Italy, the U.S., seconds...then he’ll escape and do ready been moved from May 2

ly
Croatia and Brazil, it took a pan- the same thing to you,” Wigo said. to Sept. 5 at Churchill Downs in
demic for Rudic to retire at 71, leav- Rudic actually had more in com- Louisville, Ky., while the Preak-
ing the Italian club team Pro Recco mon with a player of that era than ness Stakes was pushed back
and returning to Zagreb with his on another coach. He delighted in ri- from May 16 to Oct. 3 at Pimlico

FROM TOP: DAVID EULITT/KANSAS CITY STAR/TNS/ZUMA PRESS; HRVOJE POLAN/AGENCE FRANCE-PRESSE/GETTY IMAGES; EVERS/CSM/ZUMA PRESS
paint brushes and jazz records. diculously intense practices. He Race Course in Baltimore.
But whether or not retirement came out of retirement—twice. He Simon Bray, a former trainer
sticks—he’s unretired twice before was so dedicated to mastering his and current analyst on the rac-
and plans to keep advising Recco— sport that he told players he ing network TVG, said the re-
us ,

he will never be done dispensing wouldn’t marry a girlfriend because vamped schedule could make
l

his lessons. At a time when the he was already married to water things easier for the top con-
e
al a

world badly needs a pep talk, Ratko polo. He’s even known for his iconic tenders in this year’s races.
Rudic still has wisdom to share. shrug. Rudic is Michael Jordan with “Most top flight horses re-
“Sometimes,” Rudic said in an in- a better mustache. spond well to four to six weeks
ci on

terview last week, “you have to be a rest and recovery between races.
little bit different than others.” Provoke Conflict The new schedule affords them
On the morning of the 1992 gold that,” Bray said. “The distance
Eat Your Vegetables medal game, Rudic heard an alarm- change of the Belmont from 1½
The low point of Rudic’s career was ing rumor about some of the play- miles to 1 1/8 miles makes the
er s

the 2000 Olympics. His team didn’t ers on his Italian team: They had challenge less daunting. The
medal and he berated the referees Ratko Rudic, whose water polo teams won four Olympic gold medals, retired this started packing their bags. [Belmont] distance is what has
m er

with such Rudician fervor that he month. His former players say he’s the most inspiring leader they’ve ever met. In their defense, it was the last denied so many potential Triple
was suspended by the sport’s gov- day of the Olympics, and they were Crown winners.”
erning body for one year. “They got a certain vegetable,” was 4,000 meters. There was one going home regardless of how they Thirteen horses have swept
When the suspension lifted, he Wright said, “that we didn’t get.” day when Team USA’s players swam did against heavily favored Spain. all three races of the Triple
was desperate for a job. There was The American players couldn’t 14,000 meters. Rudic didn’t care. “When I saw this, Crown, most recently completed
m rp

one country desperate for a coach. understand what he was screaming
This is how Rudic found himself in in Italian, but they were pretty sure
charge of a U.S. team with gradu- he wasn’t offering his compliments
ates from Stanford and Berkeley. to the chef. “It was like the end of
“He looked at us as these privi- the world,” Wright said. “It was
co Fo
“The training is training, and it’s
very difficult to tell them: ‘OK,
die,’ ” Rudic said.
A player’s life under Rudic was
simple: train, sleep, eat. “I would
I was very angry,” he said. He told by Justify in 2018.
his players that preparing to go
home was preparing to lose. And
then he made them unpack.
“I obliged them to put everything

leged, snot-nosed, apple-cheeked very clear at that point that he eat with my wife and I would just back,” he said. “So you have ten-
kids,” said Layne Beaubien. would do anything and everything keep eating and keep eating and sion.”
But their impressions of each to protect the team.” keep eating,” said former U.S. cap- Italy won gold in an epic game
other quickly changed. The Ameri- tain Wolf Wigo, now the coach at that went to triple overtime and in-
cans got their first glimpse of Ru- Sink or Swim the University of California, Santa cluded Rudic squabbling with
dic’s fierce commitment to his new Ratko Rudic’s water polo workout Barbara. “She’d be done. An hour Spain’s players and Spain’s coach.
team on their very first trip. They plan is legendarily insane. later, I’m still eating.” His strategy worked. “We needed
had traveled overseas to train with Before he learned what it was Two-a-day practices lasted from this kind of motivation,” Rudic said.
the Italians, Rudic’s former players, like to play for a tyrant, the longest 8 a.m. till 12 and 5 p.m. till 9 p.m. His players say this was another
and the two national teams were Beaubien had ever swum in a train- “We need to suffer” was Rudic’s part of Rudic’s coaching genius.
having dinner together when calam- ing session was 3,000 meters. The mantra. A favorite Rudic drill was “He created the common enemy,”
ity struck. weekly baseline test under Rudic something his players described as Beaubien said. “Which was him.” Sir Winston won the 2019 Belmont.
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
50s 40s 1 2 3 4 5 6 7 8 9 10 11 12 Down 31 Taylor in fashion
no

d t
Edmonton 50s <0
50s 60s 50s
60s 0s 13 14 15 16
1 Messy digs 33 It’s right on the
Vancouver
V C g y
Calgary
60s map
10s 2 With 14-Across,
Seattle p
Winnipeg 17 18 19
70s 20s “Some nerve!”
50s 80s 34 Wayne’s
P d
Portland 40s 60s 30s 20 21 22 sidekick
Helena t
Montreal Augusta
A t 3 Really exist
40s Bismarckk ttawa
Ottawa 40s
Billings 70s 23 24 25 26 4 Stands for 35 In the past
Eugene 40s
t
Boston 50s
Boise 70s Mpls./St.. Paul
Pau Toronto
T Albany
A b
bany
27 28 29 speakers 36 “Fine with me”
50s 60s
50s oux FFalls
Pierre Sioux ll
Milwaukee k t
Detroit Buffalol rtford
Hartford
5 “Argo” setting
60s 50s 30 31 37 Soulful James
Reno L k City
Salt Lake
Chicago
Ch
Chic g Cleveland
Cleve
Cl l d 60s New ew YYorkk 70s
Des Moines
Cheyenne
C h y Omahah Phhil d lphi
Philadelphia 80s 6 Manhattan
Sacramento di p
p i gfi ld Indianapolis
Pittsburgh
Pit b g h 32 33 34 35 36 37 38 38 Bum
Denver Springfield
90s purchaser
an Francisco
San
Topeka Kansas 60s Charlesh
Charleston 50s Washington
hington
hi gton D.C.
DC
39 40 41 41 Critter carrier
70s LLas C d
Colorado City h
Richmond d 100+ 7 Uzo of “Orange
60s VegaVegas 60s p g
Springs hit
Wichita St.. Lou
LLouis LLouisville
Lou
50s h
Nashville l i h
Raleigh 42 43 44 45 46 47 48 Is the New Black” 42 Aquafina rival
Santaa FFe C h
Charlotte
Los A
Ange l
Angeles
Oklahoma
klahoma
ahoma City Memphis hi 8 Almost
90s 70s
Columbia
l b 49 50 51 43 “Brideshead
San Diego
Ph i
Phoenix
60s AAlbuquerque
b q q 70s AAtlanta t
Warm Rain Revisited” writer
80s 80s LLittlee Rockk 9 Faux-modest
Birmingham
gh
h 52 53
Tucson
Tuc D ll
Dallas Jackson
Jack reply to “You’ve Waugh
El Paso Cold T-storms
Worth
Ft. Wor
F th 70s 80s JJacksonville 54 55 56 57 58 59 got talent!”
30s 90s k ill 44 Like fake fruit
40s A ti
Austin Mobile
b Stationary compared to the
l d
Orlando Snow 60 61 62 10 Ducklings’ dads
t
Houston ew Orleans
New
60s 80s San
an Antonio
A t i Tampa 90s real thing
50s Honolulu Showers Flurries 63 64 65 11 Dormant
A h g
Anchorage 100s Miami 45 Negligent
70s 90s 12 Brings to bear shepherd of
Ice
MEET THE FACULTY | 15 Sierra Nevada rhyme
U.S. Forecasts Today Tomorrow Today Tomorrow By Samuel A. Donaldson offering 46 Country’s ___
City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; Across 26 Pitcher with 50 English 21 “Horatio, ___ do Young Band
Omaha 71 59 s 74 60 c Frankfurt 74 53 pc 78 54 pc
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice talent? teacher? forget myself”:
Orlando 93 70 s 93 72 t Geneva 75 53 pc 77 54 pc 1 Kick off 47 Grade
Today Tomorrow Philadelphia 65 48 pc 70 53 pc Havana 89 73 t 91 72 t Hamlet
City Hi Lo W Hi Lo W Phoenix 87 63 s 92 67 s Hong Kong 88 81 t 90 80 r 6 Gaping mouth 27 Words of 52 Chemistry 48 Area of expertise
Anchorage 57 45 c 55 46 c Pittsburgh 64 48 c 68 56 sh Istanbul 81 62 pc 71 56 pc warning teacher? 22 Layer of cement
Atlanta 74 56 t 77 62 c Portland, Maine 62 45 s 72 55 s Jakarta 90 78 t 92 78 t 9 Like some 51 Pleasant retreat
Austin 95 69 s 91 71 pc Portland, Ore. 62 50 sh 58 47 c Jerusalem 95 68 pc 96 66 s threats 28 Remains 54 Inter ___ 23 Travel mug part
Baltimore 65 48 pc 67 54 c Sacramento 78 53 s 84 53 pc Johannesburg 70 44 pc 68 45 pc steadfast 53 Previously,
Boise 54 44 sh 60 39 c St. Louis 71 58 pc 71 59 c London 79 54 pc 78 59 t 13 Severe pang 55 Good name for 24 Popular site for previously
Boston 58 44 s 70 52 s Salt Lake City 61 49 c 69 54 pc Madrid 87 55 s 89 59 s 30 Banned spray a florist cinephiles
Burlington 74 52 s 79 53 s San Francisco 69 53 s 68 52 pc Manila 95 83 t 96 82 t 14 See 2-Down 57 Ph.D. applicant’s
Charlotte 62 55 r 69 55 t Santa Fe 79 38 pc 77 39 s Melbourne 60 49 pc 55 43 r 31 ___ Empires 56 Black ball 25 Buggy version, hurdle
Chicago 66 53 c 70 57 c Seattle 62 48 c 58 47 sh Mexico City 82 58 t 82 58 t 16 Compact Chevy (video game maybe
Cleveland 63 49 pc 69 57 sh Sioux Falls 72 59 s 70 60 c Milan 81 62 pc 80 62 pc SUV series) 60 Duma denial 58 Noob’s question
Dallas 83 67 s 86 70 t Wash., D.C. 65 50 c 69 57 sh Moscow 59 39 pc 52 40 c 29 Modern, in
Denver 82 45 pc 72 45 pc Mumbai 90 84 pc 91 83 pc 17 “For crying out 61 “The Bass Munich 59 QB goals
32 Shop teacher?
Detroit
Honolulu
65 51 c
86 71 sh 87 73 pc
66 55 pc
International Paris
Rio de Janeiro
80 58 s
78 67 s
84 61 pc
79 68 s
loud!” Rock” author
Previous Puzzle’s Solution
Today Tomorrow 39 Tony winner Wyld
Houston 94 71 s 91 72 pc Riyadh 102 77 pc 103 74 pc 18 Lacking legal S A W N B L A S T C H A I
Indianapolis 64 53 c 68 57 sh City Hi Lo W Hi Lo W Rome 72 59 t 81 56 s Daisy
force 62 New England T R I O R O M E O H E F T
Kansas City 72 59 sh 74 62 r Amsterdam 71 54 pc 78 57 pc San Juan 90 77 pc 89 77 pc I D L E I N P A T I E N T S
Las Vegas 79 63 s 87 67 s Athens 83 65 pc 80 64 t Seoul 67 48 pc 72 56 pc 40 Service offering fish R O L L I N G S T O N E
19 Fill fully U R I N E E I T A L Y
Little Rock 79 60 c 80 65 pc Baghdad 108 76 pc 110 75 s Shanghai 84 65 pc 76 65 pc
Los Angeles 74 58 s 79 59 s Bangkok 93 81 t 93 81 c Singapore 90 79 c 91 79 t
42 Blade bead 63 Memo opening P S E U D D
I A L T O N E S
20 Drama R I P N R A A S L
Miami 88 73 c 88 74 t Beijing 87 60 pc 78 57 t Sydney 74 57 pc 66 50 sh L O N E S T A R S T A T E
Taipei City 85 75 r 81 76 t
teacher? 45 Succeed in show 64 Psychic skill, for A A H S K I T E L
Milwaukee 61 49 pc 61 50 pc Berlin 67 46 pc 68 51 pc
Minneapolis 75 56 s 72 61 c Brussels 76 55 pc 81 59 pc Tokyo 67 56 sh 65 60 sh business short W I N E S T O R E M I L L Y
23 Bookkeeping E R O D E A S P E E O
Nashville 72 58 sh 74 61 sh Buenos Aires 72 59 sh 62 51 r Toronto 64 44 s 66 49 s G A L V E S T O N B A Y
New Orleans 82 72 s 90 76 pc Dubai 99 83 pc 101 82 pc Vancouver 62 48 r 59 48 pc teacher? 49 Sailor’s “cease!” 65 Distorts I N F E R I O R T O A R N O
New York City 66 47 pc 66 53 s Dublin 68 50 pc 63 50 pc Warsaw 61 36 pc 59 36 pc D O O R R I G E L D O O M
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 79 63 pc 75 66 t Edinburgh 70 49 pc 65 50 pc Zurich 74 50 pc 77 51 pc OW E S A D O R E A N N 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.
THE WALL STREET JOURNAL.
OPINION
Coronavirus and Policy Chaos
With
of the Wu-
the
e m e r ge n c e
han virus,
our situation
b e c a m e
globally cha-
BUSINESS
otic in the
WORLD
special sense
By Holman W.
that infor-
Jenkins, Jr.
mation theo-
rists use the
term: unpredictably complex.
Those who talk of govern-
ments “following the sci-
ence,” “acting on the science,”
most of whom could not give
a coherent account of the sci-
ence of anything, are like
dogs who yap because the
other dogs are yapping.
Consider an irony: Suppose
the Trump administration had
responded quickly and com-
petently to the virus’s emer-
gence. It still couldn’t have
spared the U.S. the pandemic
but it might have made sure
hospitals were better supplied
and obviated the indiscrimi-
nate lockdowns first ad-
vanced in the name of flatten-
ing the curve. Would the
policy kibitzers have followed
their own logic and said we
should permit and endure the
higher rate of infections and
deaths that would be sustain-
able without the feared over-
whelming of our health-care
system?
I doubt it. The forces shap-
ing events were not rational.
A pivotal moment for the
world was Britain’s about-
face away from a strategy of
accepting a widespread epi-
demic. As we now learn, it
was a political adviser to the
British government who
Heed Powell’s Call for Fiscal Stimulus
The man re-
sponsible for
U.S. monetary
policy told
Congress and
the Trump ad-
POLITICS ministration
last week that
& IDEAS
monetary pol-
By William
icy by itself
A. Galston
couldn’t jump-
start a recov-
ery, and that the fiscal mea-
sures enacted during the past
three months probably
wouldn’t be enough to sustain
one.
In the past week, Federal
Reserve Chairman Jerome
Powell did everything but set
his hair on fire to get the at-
tention of the Trump adminis-
tration and Senate Republi-
cans. In repeated public
statements, his tone was mea-
sured, but his sense of ur-
gency was unmistakable.
Americans are reeling from
“the biggest shock our econ-
omy has felt in modern
times,” he told the Peterson
Institute for International
Economics last Wednesday.
“The scope and speed of this
downturn are . . . significantly
worse than any recession
no
since World War II.”
Thirty-six million Ameri-
cans have filed for unemploy-
ment insurance in two months.
During the second quarter, Mr.
Powell said in a “60 Minutes”
appearance Sunday, the econ-
omy could contract 20% to
30% on an annual basis. Un-
employment could reach 25%,
equaling its peak during the
Great Depression.
At issue is not only the
It’s Deadly to Fear the Emergency Room
By Yves Duroseau
W
New York
hen my hospital dis-
charged its 1,000th
Covid-19 patient, it
was cause for celebration—a
testament to the great work
done by selfless health-care
workers during this difficult
time. Yet that same day, I
walked around our emergency
room and noticed that it had
only about half the volume of
patients we normally see on a
Thursday. Where did all our
patients go?
It is a question shared by
many emergency departments
in New York City. At Lenox
Hill we’ve seen the number of
patients complaining of chest
pain drop by nearly a quarter,
as well as a 39% decrease in
patients diagnosed with an
acute stroke. Sadly this
doesn’t mean New Yorkers are
getting healthier. The Centers
for Disease Control and Pre-
vention reports that between
March 11 and May 2, the city
foisted the lockdown strategy
on its science staff, not the
other way around.
The American public
elected Donald Trump for his
mouth, not for his Ph.D. in
public administration, as has
been amply fulfilled in the vi-
rus crisis. But I’m not sure we
wouldn’t be in almost exactly
the same position today if
someone else were president.
In fact, Mr. Trump has re-
verted in strikingly routine
fashion to the pattern of poli-
ticians everywhere, chasing
the applause meter in a crisis.
He was for the lockdown and
against the lockdown. The
cure can’t be worse than the
disease. The only thing that
matters is saving lives what-
ever the cost. He’s been on
every side of every question
(review the transcripts and
you’ll see the same has been
true of New York’s Gov. An-
drew Cuomo).
Mr. Trump’s 73-year-old
mouth still occasionally
serves the purpose for which
it was elected. It has done so
in recent days by repeatedly
suggesting that politicians
who try to stand in the way
of human beings wanting to
engage in productive activity
to meet their material and so-
cial needs can expect to be-
come unemployed politicians.
All this has been largely
lost on a press incapable of
functioning without reducing
every public question to a du-
alism of incompatible stances.
The most unappreciated
factor in our policy chaos,
though, may have been a se-
ries of early comments by sci-
entists who should have
us ,
l
e
al a
depth of the recession but
also its duration. An extended
ci on
downturn, Mr. Powell said
May 13, could leave “lasting
damage to the productive ca-
pacity of the economy,” erod-
ing workers’ skills and sad-
er s
dling households with
crushing debt burdens.
m er
“All of us are affected,” Mr.
Powell reminded the Senate
Banking Committee this Tues-
day, “but the burdens are fall-
ing most heavily on those
m rp
least able to carry them.”
April’s jobs report confirms
that job losses are greatest
among African-Americans, La-
tinos, women and the working
co Fo
class. Tucked away in the
Fed’s most recent economic
report is a stunning statistic:
Of all the Americans working
in February and earning less
than $40,000 a year, 39% had
lost their jobs. This is a low-
wage depression.
Mr. Powell expressed con-
cern in his congressional tes-
timony that rescue packages
enacted so far wouldn’t ward
off a long recession. “There is
n-
a growing sense that the re-
covery may come more slowly
than we would like,” he said
May 13, “and that may mean
that it’s necessary for us to do
more.” The government may
need to keep workers and
businesses on life support for
“three or six more months,”
he told “60 Minutes” Sunday,
adding that more aid to states
and localities for vital services
“deserves a careful look.”
Government decisions shut
down the economy, but simply
reversing those decisions
won’t restore the status quo
had 5,293 excess deaths not
identified as confirmed or
probably associated with
Covid-19. Excess mortality
means deaths beyond what
would normally be expected
for that period, based on his-
torical data, suggesting that
New Yorkers are dying at an
alarming rate from diseases
that don’t necessarily have
much to do with the virus.
‘Shelter in place’
doesn’t apply if you’re
having a heart attack.
You hardly have to be a
doctor to come up with a hy-
pothesis for why New Yorkers
are choosing to stay out of
emergency rooms. Patients are
afraid that going to the ER will
put them at a greater risk of
contracting the coronavirus.
The other day, for example,
we were contacted by a man
suffering from daylong, in-
known better, conforming to
the Xi Jinping victory pag-
eant by suggesting that China
had shown that a highly com-
municable upper respiratory
virus could be extinguished at
a plausible cost.
In dribs and drabs, the re-
ality has been leaking out of
China. The virus is not con-
tained, defeated, vanquished.
China is bearing an extrava-
gant and perhaps deeply irra-
tional cost to make it seem
Western rights and
freedoms now prove a
strength in adapting
to the pandemic.
like it has. In Jilin province, a
city the size of Seattle is the
latest to be sealed off. Now
100 million are being com-
pelled to stay home in an ex-
panding lockdown. A prepos-
terous order went out last
week to test all 11 million in-
habitants of Wuhan in 10 days
to corral a new outbreak
there.
In most of China, interna-
tional travel is all but impos-
sible—globe-trotters and mi-
grants are required to
quarantine up to 35 days.
An exception is Shanghai, a
city of 24 million and China’s
vital financial capital. But this
compromise with reality also
seems guaranteed to compro-
mise the Communist Party’s
rhetorical goal of ridding
on
China of the virus.
China, with 63 million visi-
tors, was No. 4 on the list of
ante. In many sectors, demand
has collapsed. Although air-
lines and hotels are operating,
they have few customers. The
reason is pervasive fear, which
will keep Americans from pa-
tronizing restaurants, bars,
movie theaters and other busi-
nesses long after states allow
them to reopen. The economy
will return to normal only
when Americans no longer
worry about contracting
Covid-19—once reliable thera-
peutics and an effective vac-
cine are widely available. As
The Fed chairman’s
advocacy for spending
might save the U.S.
from a depression.
Mr. Powell put it to “60 Min-
utes,” there is “no trade-off”
between economic health and
physical health: “When the
public is confident that it’s safe
to go out, they’ll go out.”
In the best case, demand
will remain depressed, and
unemployment elevated, well
into 2021. Many households
will struggle to pay for food,
shelter and medical care.
Many small businesses will
shut their doors permanently.
Faced with hundreds of bil-
lions of dollars in lost reve-
nue, states and localities will
be forced to slash essential
services and lay off workers,
prolonging the downturn.
In these circumstances, one
might think that extending
federal assistance to workers
tense abdominal pain. After
some effort, we finally con-
vinced him to present to our
ER, where we diagnosed and
treated his early appendicitis.
He went home the same day.
Had he let anxiety get the bet-
ter of him and stayed home,
he likely would have suffered
a much worse case of appen-
dicitis—potentially fatal.
Such cases unfold every day,
and many don’t have a happy
ending. Committed to shelter-
ing in place, serious about so-
cial distancing, and fearful of
contagion, too many people
avoid seeking medical care.
This is a public-health disaster,
one we rarely discuss, even
though it claims many lives,
particularly of the elderly, im-
migrants, minorities and other
vulnerable communities.
It is time to take this crisis
seriously. Public-health and
medical professionals need to
remind the public that emer-
gencies are still emergencies,
and that the risk of death for
people suffering from many
countries with the most trav-
elers in 2018. Others in the
top five constitute a who’s
who of countries hard hit by
the pandemic: France, Spain,
the U.S. and Italy. It would
take a book to draw out the
implications that leap to mind
intuitively. Even China’s top
government virologist now
admits when addressing a
foreign audience: “This is
very likely to be an epidemic
that coexists with humans for
a long time, becomes sea-
sonal, and is sustained within
human bodies.”
It might seem an unduly
strong statement but the U.S.
and China are in a contest
now over which world power
can emerge from this chaos
with the most realistic policy
toward the virus. Through a
virtue of our political process
(and no virtue of our leaders),
the U.S. is winning. The rights
and freedoms so recently seen
as a Western weakness in
dealing with the pandemic are
proving a strength. Our citi-
zens are pushing back against
unsustainable lockdowns.
They are forcing a messy ac-
commodation with the virus.
It won’t meet anybody’s
idea of rational central plan-
ning, but it will allow us to
move forward and it’s not
clear China has yet found a
realistic way to do so. And
this despite enormous evi-
dence that Chinese individu-
als and businesses, from
their adoption of masks to
their reformatting of assem-
bly lines, are as capable as
any of fashioning smart, non-
authoritarian solutions to the
coronavirus.
and households as well as
states and localities would be
a no-brainer. Apparently not.
On Monday, White House se-
nior economic adviser Kevin
Hassett told reporters that the
Trump administration has ad-
opted a “wait and see” stance:
“It’s possible that we will see
a strong enough economy that
we don’t need a phase four”
stimulus.
Yes, it’s possible. But most
economists outside the White
House think it’s unlikely. Mr.
Powell describes the economic
outlook as “highly uncertain
and subject to significant
downside risk.” And delay isn’t
cost-free. With every passing
month, more businesses will
fail, more workers will leave
the labor force, and more
households will suffer.
Mr. Hassett has acknowl-
edged that it may be necessary
to replenish the Paycheck Pro-
tection Program and provide
relief for hard-hit sectors of
the economy. And in an inter-
view Friday with the Journal’s
Gerald Seib, he said that Presi-
dent Trump is “absolutely
open” to negotiating more aid
for states, but only for difficul-
ties stemming from Covid-19,
not for “old problems.”
This provides a point of de-
parture for talks between the
administration and Congress.
Aid to states and localities
was the focus of bipartisan
concern during Tuesday’s Sen-
ate Banking Committee hear-
ing. Reasonable bipartisan
proposals to deliver this assis-
tance are already on the table.
The right time to begin nego-
tiations isn’t July; it’s today.
other diseases far exceeds the
risk of contracting Covid-19
while seeking medical care.
Conversely, patients have to
trust that their health-care
providers are taking every
precaution to prevent trans-
mission of disease.
Doctors and nurses undergo
temperature checks before the
start of their shifts, and are
required to wear masks and
gloves. Patients must wear
masks as well, and visitors are
allowed on a very limited basis
after a screening and tempera-
ture check. We are following
all the CDC’s infection-control
guidelines, with emergency
departments adhering to so-
cial-distancing protocols and
separating suspected and con-
firmed Covid-19 patients from
others.
Our emergency rooms are
safe. Staying away when you
need care is dangerous.
Dr. Duroseau is chairman
of emergency medicine at Le-
nox Hill Hospital.
Wednesday, May 20, 2020 | A15
BOOKSHELF | By Philip Terzian
How They
Became Us
One Mighty and Irresistible Tide
By Jia Lynn Yang
(Norton, 324 pages, $26.95)
I
t turns out that, as with tariffs and the origins of the
Civil War, there is no Final Word on immigration in the
United States. It is a problem that has vexed the
republic from its start, has agitated the politics of this
epoch and many others, and is subject to periodic
upheavals in public sentiment. We are indeed “a nation of
immigrants,” as we tell ourselves. But immigration law is
largely a reflection, at any given time, of what kind of
immigrants we welcome to our shores and what kind we
stop at the border. Dividing these two categories is a
matter of ever-shifting judgment and debate.
Jia Lynn Yang is an editor at the New York Times and a
daughter of immigrants. “Led to believe that the United
States had always welcomed immigrants like my parents,”
she writes, “I lacked the imagination for most of my life to
envision a different America in which my family had been
turned away.” Accordingly, “One Mighty and Irresistible
Tide: The Epic Struggle Over American Immigration,
1924-1965” is an effort to
understand precisely what
kind of nation of immigrants
we are and how we arrived
at this moment in our
history.
This is very much a
journalist’s account. Ms. Yang
is disturbed to learn that,
until very recently, many
prominent Americans held
views on race, nationality and
.
an ideal social order that we
now consider distasteful. And
ly
while she is wise to confine her
timeline to the past century,
the history is imparted through
the stories of political partici-
pants whose lives are now mostly forgotten—the bumptious
Brooklyn champion of immigrants Rep. Emanuel Celler, the
irascible red-baiting Nevada Democrat Sen. Pat McCarran—
or altogether too well known: John, Robert and Edward Ken-
nedy. This can get a little tedious at times.
Ms. Yang’s framework, however, is instructive. She begins
with the Immigration Act of 1924, which was largely a
reaction to the previous four decades of mass immigration
and included the notorious Asian Exclusion Act, which
would have barred her family’s entry in the 1970s. Of
course, the 1924 legislation was very much a product of
its times. Its severely restrictive national-origins provision
reflected the widespread belief, especially prevalent in
elite opinion, that the essence of American nationality was
grounded in its British and Western European origins. The
1924 act was specifically intended to draw in a limited num-
ber of the right kinds of people while keeping out the wrong
kinds of people (Eastern and Southern Europeans, Jews, Ar-
menians, Asians, and Africans). And there was, then as now,
an argument about what such phrases as “the melting pot”
really meant: Is America a glorious refuge for all people or a
civic ideal to which all must conform?
There can be little doubt that the rationale behind
these provisions was, by modern standards, bigoted and
discriminatory. But the 1920s were the high tide of eugenics
in the United States, and the protection of an idealized
American type—founded on the “old stock” of the colonial
era—enjoyed widespread and academically sanctioned
support. Moreover, to the extent that any kind of immigra-
tion moratorium might be justified, there were reasons for
such attitudes in the early 1920s. In a nation of 114 million,
more than 20 million foreigners had arrived in the previous
half-century. The United States had just lost 116,000 dead
in a war fought on European soil that was probably the
source for an influenza epidemic that had killed 670,000
men, women and children. Nor did the Bolshevik
Revolution go unnoticed, especially when in 1920 a bomb
exploded on Wall Street, killing 38 and wounding hundreds.
Deciding exactly whom we should welcome to
our shores is a matter of ever-shifting public
debate and ever-changing public sentiment.
Ms. Yang notes that, in the wake of popular approval for
the 1924 act, the subject of immigration was effectively
muted for some time: “The Atlantic Monthly, one of the
nation’s premier publications, did not run a single article
about immigration between 1925 and 1953.” But there’s a
lesson here as well. Among opponents of the act was
Secretary of State Charles Evans Hughes, who worried that
the insult of Asian exclusion would reverberate in Japan,
our erstwhile Great War ally. Just as legislation tends not
to settle matters for all time, it isn’t immune to the law of
unintended consequences. This became dramatically
evident in the late 1930s and ’40s, when the Immigration
Act left the United States unable (and to some degree
unwilling) to admit refugees from Nazi Germany—the
great majority of whom perished in concentration camps—
or to relieve the predicament of displaced persons in the
immediate postwar era.
Then Cold War politics intervened. Ms. Yang, whose
approach is admirably thorough if not always even-handed,
is good at highlighting the cross-currents of policy in that
era. For example, the McCarran Act of 1950 was intended
to ensure “internal security” against subversives at home
and expand federal powers against potential subversives
from abroad by excluding aliens from the Soviet Union
and its satellites. But exceptions to these rules—for
victims of Soviet tyranny, including Hungarian and Cuban
refugees—dramatized the contrast between American
ideals and practice. And just as the Holocaust had
discredited eugenics, the nascent civil-rights movement
set the stage for reform. Lyndon Johnson’s Immigration
and Nationality Act (1965) repudiated the national-origins
formula of 1924.
In theory, this feature of Johnson’s Great Society com-
ported with modern principles of racial justice and human
rights. Better yet, as LBJ explained, it was “not a revolu-
tionary bill. It does not affect the lives of millions.” Except
that, eventually, it did. For the 1965 act not only included
generous provisions for “family reunification,” adding mil-
lions more immigrants than expected, but for the first time
put limits on numbers from our own hemisphere, yielding
an estimated 13 million “undocumented aliens.” And here
we are.
Mr. Terzian, a contributing writer at the Washington
Examiner, is the author of “Architects of Power: Roosevelt,
Eisenhower, and the American Century.”
 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 | Wednesday, May 20, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Treasury Secretary Warren Judge Sullivan Is Within Rights on Flynn

S
enate Democrats on Tuesday lashed gressional Oversight Committee report Monday As a former assistant prosecutor, I and the law, as Attorney General Wil-
Treasury Secretary Steven Mnuchin and noted that Treasury has disbursed only $37.5 bil- strenuously disagree with the senti- liam Barr insists, and whether it is
ments expressed by Prof. Alan M. brought in good faith.
Federal Reserve Chair Jerome Powell for lion of the $500 billion Cares Act funds, which
Dershowitz in “Judges Are Umpires, Judge Sullivan should be ap-
not doing enough to help busi- were used for the Fed’s Second- Not Ringmasters” (op-ed, May 14). plauded, not condemned, for appoint-
nesses and workers while Mnuchin and Powell ary Market Corporate Credit He observes that the Constitution ing guardians to protect the best in-
warning them not to bail out fear Democratic attacks Facility on May 11. empowers federal judges to decide terests of the American public.
companies. If you want a pre- Treasury and the Fed keep only actual cases and actual contro- JOEL I. RACHMIEL
scription for a slow economic on business loans. fiddling with the rules for the versies. Since there is no longer a Florham Park, N.J.
recovery, there it is. Main Street lending facilities controversy, he implies there is no
Congress has appropriated including the stake that banks longer a case for Judge Emmet Sulli- In criminal matters, even though
$500 billion to backstop Federal Reserve lend- are required to retain in loans they issue as well van to decide. the parties may agree to a course of
ing facilities for mid-sized and large companies as leverage limits for borrowers. “I think it’s But under the federal rules of action, it does not require that a
as well as local governments, plus $670 billion pretty clear if Congress wanted me to lose all criminal procedure, the government judge approve the request. Judges
cannot dismiss a criminal indictment rule in such matters based on the “in-
for Paycheck Protection Program loans to small of the money, that money would have been de-
without asking the court for its per- terest of justice” standard. In 1979
business. These funds were needed to keep signed as subsidies and grants as opposed to mission to do so. To appoint third- the Hillside Strangler case was as-
businesses liquid amid government-ordered credit support,” Mr. Mnuchin said last month. party “friends of the court” to assist signed to a county superior-court
lockdowns so workers have jobs to return to He clarified during Tuesday’s hearing that a judge in that important decision- judge. The assigned prosecutor re-
once the pandemic recedes. Treasury is willing to “take losses in certain making process is not unusual. quested that the criminal case be dis-
One problem is Mr. Mnuchin has been too scenarios.” Such as? Your May 15 editorial “Judge Sulli- missed as the district attorney’s of-
willing to bend to Democrats who want to use Mr. Powell said the Fed expects to have the van vs. Justice Ginsburg” cites the fice didn’t believe it could convict the
the business relief to attack the Trump Adminis- Main Street facility up and running by the first justices’ unanimous May 7 opinion in defendants. The trial judge, Ronald
tration. Following Democratic claims about sup- week of June. Businesses needed the cash U.S. v. Sineneng-Smith as another George, believed that the public had a
posedly unworthy businesses receiving loans, weeks ago. Even now many will be reluctant to clear indication that Judge Sullivan is right to hear the case and denied the
Treasury and the Small Business Administration borrow because the Fed’s restrictions on divi- overstepping his authority. Sineneng- request as not being in the interest of
Smith involves the acceptance of new justice. The local DA was dismissed
have rewritten the PPP terms and imposed re- dends and executive compensation continue for legal arguments first brought up by and the state attorney general was
strictions not stipulated by Congress. a year after the loan is repaid. amici in briefs requested by the Court appointed by the court. Both defen-
Chief among these is the requirement that Many also won’t want to become political of Appeals on its own volition, and dants were convicted and sentenced
businesses use 75% of loans for payroll to qual- targets. In a McClatchy News op-ed this month, which the trial court never had the to life. That trial judge later became
ify for loan forgiveness. Treasury says this man- Elizabeth Warren and Joe Biden called the $500 opportunity to consider in the first the chief justice of California.
date fulfills Congress’s apparent intent that billion a “slush fund for big businesses” that instance, as it should have. As Justice While it is fair to critique the ulti-
loans be used to retain workers, but it has de- President Trump will use “to reward his politi- Ruth Bader Ginsburg writes: “No ex- mate judicial decision in the Flynn
terred many small businesses and especially cal friends and punish his political enemies.” traordinary circumstances justified matter and how it is reached, it is ill-
restaurants with high overhead costs from ap- There’s no evidence for their claim. the panel’s takeover of the appeal.” advised to criticize a judge who is
plying. Yet Mr. Mnuchin has refused to relax They also threatened to prosecute business Judge Sullivan isn’t taking over the fulfilling his judicial responsibility to
Michael Flynn case; he is trying to be an independent third-branch-of-
this requirement, which our sources say is be- executives and Administration officials who
decide whether the government’s mo- government decision maker.
cause he doesn’t want to get hammered by make “wasteful, corrupt deals.” “Every Trump tion to dismiss should be granted. In JUDGE EUGENE M. HYMAN
Democrats for letting businesses prioritize pay- administration official and business executive

.
doing so, he must decide whether Superior Court of California (Ret.)
ing landlords over workers. contemplating such deals should hear us loud that dismissal is justified by the facts Los Altos, Calif.

ly
Several hospitals that are reorganizing in and clear,” they warned. This is a great way to
bankruptcy court want to use PPP loans to retain chill political contributions to Republicans and
workers, but the SBA says “PPP loans to debtors the business recovery at the same time. Ms.

repayment of unforgiven loans.” Public compa-

on
in bankruptcy would present an unacceptably Warren’s former aide Bharat Ramamurti sits on
high risk of an unauthorized use of funds or non- the Congressional Oversight Commission.
Politicians closed the economy and denied
Runners, Walkers, Masks and Social Division
Regarding “Runners Rile Walkers
Over Mask Manners” (Page One, May
tween us when I run past you, but if
you are in the middle of the trail, I
nies have been warned they could be prosecuted companies their customers. Now some are try-
13): Fear and social-virtue signaling can give you only 3 feet. Second, if
us ,

if they apply for loans that the government later ing to blame businesses for accepting the loans
seem to have taken over for science you are on a bike, please call out “on
l

determines they don’t need. government offered. This is unfair and destruc- regarding mask wearing. Close con- your left” or ring a bell and slow
e
Mr. Mnuchin’s low tolerance for risk is also en- tive, and it would be nice if Mr. Mnuchin or
al a

tact is defined as at least 15 minutes down enough for us runners and

cumbering the Federal Reserve’s lending. A Con- someone in the Administration said so. of face-to-face (less than 6 feet) in- walkers to make some room for you.
teraction. Unless someone coughs Third, please be kind. If we cannot be
ci on

and expels virus-containing droplets
The Covid-19 Deregulation into someone’s face, the risk of get-
ting Covid-19 from a jogger, walker
together with our friends during this
time, then we can at least be kind to
one another in these shared spaces.

T
he Trump Administration’s long parade attempted in reasonable good faith” to meet the or bicyclist is negligible. Other than There are so many things we cannot
of deregulation—on everything from Ti- applicable regulations or the guidelines from the specific close-contact situations, do right now, but we can be outside.
er s

tle IX, to net neutrality, to environmental- Centers for Disease Control and Prevention. mask wearing for someone without a Let’s not ruin it for everyone by tat-
cough is of no measurable benefit. tling on our neighbors.
impact statements, to joint em- Meantime, agencies are di- MELISSA VAN BUHLER
m er

Yelling and writing articles to shame

ployers—is among its biggest
achievements. Amid the coro-
navirus pandemic, this work
has thankfully continued.
Trump looks to make rected to review their 600 others so you feel more virtuous are Issaquah, Wash.
waivers permanent to pandemic regulatory actions the manners we should condemn. It
“and determine which, if any, is always bad when science loses to In addition to seeing the pandemic
help the recovery. would promote economic re- the politics of shame. through blue- or red-tinted glasses,
m rp

In reaction to Covid-19, fed- covery if made permanent.” In MICHAEL F. RAAB, M.D. we now have a new tribal divide:
eral agencies and departments some instances, such as for Sanibel, Fla.runners versus walkers. Several
have taken more than 600 regulatory actions, the waivers allowing Medicare patients to dial weeks ago I posted a comment about
many of them temporary, per the White House’s a doctor from home, this might require con- I have run on the same trail every this issue in a private online forum
tally. Truck drivers hauling emergency supplies gressional action. Sunday for the past year, and begin- for residents of my city. A runner
co Fo

ning in April I gained a lot of com- (wearing a headset but no mask,

have more flexibility about hours on the road. But thanks to a waiver from the Health and
pany. I used to have this lovely trail which isn’t required) came up behind
Seniors on Medicare can consult doctors by Human Services Department, patients can also along a lake largely to myself—now I me as I walked on a public sidewalk.
iPhone. Colleges can ramp up distance learning talk to physicians via consumer services such as have newbie runners (who can’t work Startled, I jumped to the side to
without the usual red tape. FaceTime. Normally this might not satisfy pri- out in a gym), adults who have not maintain a social distance. The run-
On Tuesday the Administration entered the vacy and security rules under HIPAA, the Health been on bicycles since they were chil- ner seemed clueless or feigned igno-
next phase of pandemic deregulation. At a cabi- Insurance Portability and Accountability Act. In dren, and crowds of walkers who rance about my distress. Although
net meeting, President Trump signed an execu- March, however, HHS pledged not to “impose spread out across the entire trail. my state health department’s Stay
tive order telling government agencies to “com- penalties” if doctors use FaceTime for “good Rather than complaining about all my Safe Ohio Order says nonrelated indi-
bat the economic consequences of COVID-19 faith provision of telehealth services” during the new trail mates, I am friendly to ev- viduals using outdoor spaces should
with the same vigor and resourcefulness with pandemic. If thousands of people have enjoyed eryone. I think it is time to revisit as much as reasonably possible main-
which the fight against COVID-19 itself has been this waiver without incident, there’s a strong ar- the etiquette of being on trails and tain social distancing of at least 6
sidewalks because we all have to feet, I discovered that many residents
waged.” This means going on the hunt for rules gument for keeping it.
n-

share them. First, stay to the right— who responded to my post were all
“that may inhibit economic recovery.” Since Mr. Trump’s order is asking agencies to all the way to the right. I would love too eager to gaslight, heckle or ridi-
The order says the government should “give identify superfluous or suffocating rules, it’s dif- to give you 6 feet of distance be- cule me. As an example, one woman
businesses, especially small businesses, the con- ficult to know what other specific fruit it might said that because I startle so easily, I
fidence they need to re-open by providing guid- bear. But every little bit will help. The economic
no

should stay at home and use a tread-

ance on what the law requires.” It suggests that news is unprecedented, with 36.5 million Ameri- The Arbitrary Lockdowns
the bureaucracy—say, the Occupational Safety cans having filed for unemployment benefits in Violate the Constitution
and Health Administration—decline to take en- eight weeks. Deregulation will help the country
forcement action against companies that “have get back on its feet. Regarding your editorial “Caesar,
God and the Lockdowns” (May 12):
The First Amendment to the Consti-
Cleaning Up a Chinese Coffee Spill tution protects the right to exercise
one’s religion and the right of the
mill instead. As the diatribes contin-
ued for days, I deleted my comment
and accompanying posts. I also now
avoid certain streets during runner
rush hour.
LISA S. KALSON
Dublin, Ohio

T
people to peaceably assemble with-
alk about a major spill. Nasdaq on Tues- partly to work around Beijing’s limits on foreign out interference from the govern- To Lockdown or Reopen: A
day moved to delist China’s Luckin Coffee, websites in China. They’re also a legal gray area ment. The U.S. Supreme Court in its
a company billed until recently as the next affording few definite rights to shareholders if Smith (1990) decision held that en-
Twofer for the Democrats
big competitor to Starbucks. In- such arrangements sour. forcement of neutral laws of general Regarding Republican Rep. Dan
vestors might ask what took Nasdaq moves to delist Investors also know, or applicability do not violate the Free Crenshaw’s “Why Does Reopening Po-
the exchange—and American should know, that Chinese Exercise Clause of the First Amend- larize Us?” (op-ed, May 19): From the
regulators—so long.
a company with companies often don’t adhere ment. The question here is, are these Democrats’ point of view advocating
The Chinese company ad- accounting problems. to American auditing stan- gubernatorial edicts both neutral and continued lockdown is a sure winner.
generally applicable? When gover- If Republicans reject it, they can be
mitted last month that some dards. Beijing and Washington
nors prohibit groups of, say, 10 or accused, with the inevitable new
executives had fabricated have never agreed on sharing more from congregating in a church cases and deaths, as money-obsessed
some $310 million of sales between April and De- audit papers with U.S. regulators. Such papers or, for that matter, on a street cor- murderers. If they accept it, they can
cember 2019, a large portion of which it reported are treated as state secrets in China, presumably ner, but allow hundreds to line up in be accused as incompetent managers
to investors during that time. The company has because officials worry such documents might a Costco, are they really applying of a moribund economy. So, if you are
since ousted its chief executive and says it will sometimes reveal untoward dealings between the law generally? a Democrat, what’s not to like?
appeal Nasdaq’s decision. private Chinese companies and the ruling Com- Is choosing one business or group GEORGE NEWMAN
The company first sold shares to the public munist Party. over another based on “essentiality,” Montclair, N.J.
last year and in January had a market value of $12 These perils are so well known that no one whatever that means, truly neutral?
billion. Investors bought the hype that Luckin, should cry over investors’ spilled macchiato in Are these decisions supported by
founded in 2017, could challenge Starbucks and the Luckin saga. If they deserve any sympathy, scientific facts? Are 50 parishioners Pepper ...
wearing masks and gloves, sitting 10
other incumbents in one of the world’s largest it’s because more than a decade of Federal Re-
feet apart in a church that holds 500
And Salt
and fastest-growing consumer markets. serve low-interest-rate policies pushed them really more dangerous to the general THE WALL STREET JOURNAL
Those investors surely understood the risk further out to sea in search of yield. health and welfare of the public than
they were taking. Some of those risks were dis- U.S. regulators and exchanges nonetheless 10 people lined up in a small gas-
closed in the company’s prospectus, which have a stake in maintaining a rule of law that’s station store? Food procurement has
warned that Western-style internal controls the same for everyone. The Securities and Ex- been defined as essential. It’s time
might be lacking. Other perils will be familiar to change Commission and Public Company Ac- to nourish our souls with spiritual
anyone who has invested in Chinese stocks. The counting Oversight Board have both warned in- food, and that means safely reopen-
company used a corporate structure called a vestors to be wary of accounting at listed ing God’s house.
variable-interest entity by which important Chinese companies. RANDY KELLY
Cardiff-by-the-Sea, Calif.
pieces of intellectual property or the like aren’t Before these American efforts go further, per-
owned directly by the company and its share- haps someone in Beijing could wise up and vol-
Letters intended for publication
holders. VIEs usually involve related parties like untarily cooperate more closely with U.S. agen- should be emailed to wsj.ltrs@wsj.com.
executives or their families. cies. China’s honest companies stand to benefit Please include your city, state and
VIEs remain common for Chinese listings from rules that boost accounting standards and telephone number. All letters are sub-
abroad to circumvent Beijing’s restrictions on deter the serial embarrassments that have ject to editing, and unpublished letters “He wants to know
cannot be acknowledged.
foreign ownership, and Luckin’s VIE was used marred Chinese listings abroad. if he should wash his elbows.”
 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.
A Political Assault on Antibody Tests
By Manish Butte
And Andrew Bogan
T
ests for Covid-19 antibod-
ies are now available, but
news reports suggest—and
some physicians are advis-
ing their patients—that an-
tibodies may not provide immunity.
This assertion defies generations of
immunology research and is a politi-
cal attack on reliable tests.
Here’s how the immune system
works: On viral infection, it reacts
with two surges, “innate” and “adap-
tive” immunity. The innate response
comes within minutes to hours and
triggers alarms that result in effects
across the body such as fever. Tissues
and cells produce “interferons,” mol-
ecules that incapacitate many viruses
and recruit white blood cells.
For mild infections, innate re-
sponses are sufficient to defeat the
foe. But some viral infections require
a second wave of response, and
adaptive immune responses arrive
four or five days after infection. Mo-
lecular bits of the offending patho-
gen, known as antigens, are brought
If a positive test doesn’t
indicate immunity, how in
the world did patients ever
recover from infection?
to the lymph nodes, where white
blood cells called T and B lympho-
cytes respond. These lymphocytes
head out to the front lines—the in-
fected tissues, such as the lung for
Covid-19. The wave of T cells that
arrive at the battlefront deploy the
principal weapon in their arsenal,
the release of cytotoxins, to kill vi-
rally infected cells. The over-aggres-
sive immune response causes much
of the devastation in severe cases of
the disease.
Meanwhile, B cells pump out anti-
bodies that over several weeks adapt
to the pathogen. After the war is
over, a few T and B cells linger in
the lymph nodes and in the mucosa
of the airways, forming an “immuno-
Prepare Nursing Homes for the Next Covid Wave
By Betsy McCaughey
N
ursing-home residents make
up less than 1% of the U.S.
population, but in many states
they account for half of all Covid-19
deaths. In some states it’s higher,
such as Minnesota (81%), New
Hampshire (77%) and Pennsylvania
(71%), according to data from the
Kaiser Family Foundation. Shutting
down the economy and ordering the
public to stay at home didn’t prevent
these deaths. These people were al-
ready staying home.
The most effective way to
save lives would be to
improve infection control
in assisted-living facilities.
Public-health officials are warning
that Covid-19 could surge again in
no
the winter. The single most effective
way to save lives would be to im-
prove infection control in nursing
homes and prepare to rush supplies
of masks, gloves and other personal
protective equipment to these facili-
ties. Overlooking nursing homes was
the biggest lost opportunity in the
battle against Covid-19.
When the pandemic hit, the White
House marshaled federal agencies,
the military and private industry to
rush ventilators to hospitals in hot
zones like New York and erect field
hospitals to handle patient overflow.
It was an impressive accomplish-
ment. Yet nursing homes were ig-
nored, despite early warnings they
would be the deadliest places. Nurs-
ing-home residents accounted for
roughly half of deaths in Italy and
Spain as of early April.
The carnage at the Life Care Cen-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Neal Lipschutz Karen Miller Pensiero
Deputy Editor in Chief Managing Editor
Jason Anders, Chief News Editor; Louise Story, Chief
News Strategist, Product & Technology Officer
Thorold Barker, Europe; Elena Cherney, News
Features & Special Projects; Andrew Dowell, Asia;
Anthony Galloway, Video & Audio; Alex Martin,
Print & Writing; Michael W. Miller, Features &
Weekend; Emma Moody, Standards;
Shazna Nessa, Visuals; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Stephen Wisnefski, Professional News
Gerard Baker, Editor at Large
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
WALL STREET JOURNAL MANAGEMENT:
Joseph B. Vincent, Operations;
Larry L. Hoffman, Production
EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
A serologic antibody test for Covid-19 in Rome, May 6.
logical memory” that is programmed
to fight faster and stronger the next
time that pathogen shows up. Such
cell memory provides “protective
immunity,” which Thucydides first
hypothesized in 430 B.C.
There is not a straightforward
test to pick up the T-cell response
during infection, nor for the pres-
ence of memory afterward. But the
presence of antibodies can be de-
tected from a blood sample using a
serologic assay. For decades, these
tests have been used as proof of im-
mune response, a proxy for a van-
quished invader, arising from either
infection or vaccination.
Antibody tests come in two broad
forms. One is the lateral flow kit,
which works like home pregnancy
tests and can be used at a doctor’s
office for rapid results. The other is
the enzyme-linked immunosorbent
assay, or Elisa, which are typically
run in a lab. Used appropriately,
on
both of these antibody tests can pro-
vide valuable information. A lateral
flow kit is rarely as sensitive as the
lab test. But in a survey looking for
antibodies as evidence of past infec-
us ,
tion in hundreds or thousands of
l
people, the test is reliable enough to
e
al a
yield information about the progres-
sion of the pandemic, the infection
rate in a population, and the fatality
ci on
rate.
The laboratory-based tests autho-
er s
m er
ter in Kirkland, Wash., was another
red flag. The first patient tested
positive on Feb. 28. More than 40
people died, including several staff
members. Employees were untrained
m rp
in infection control and the use of
personal protective equipment. In-
fected patients weren’t given masks,
even when they were transferred to
a hospital. Hand sanitizer, masks
co Fo
and gowns were in short supply, ac-
cording to a federal investigation.
Kirkland turned out to be a preview
of what would happen across the
country.
Even in normal times, nursing
homes are cauldrons of infection.
Each year some 380,000 residents die
from infection, according to the Cen-
ters for Disease Control and Preven-
tion. Not all deaths are preventable;
the elderly are vulnerable to infec-
tious diseases. But lax standards are
n-
a major problem. Patients with super-
bugs are seldom separated from
other residents, and caregivers go
from one bed to the next without us-
ing disposable gowns and gloves,
spreading bacteria and viruses. A
quarter of nursing-home residents
contract dangerous drug-resistant
bacteria, according to Columbia Uni-
versity School of Nursing research.
It was predictable that nursing
homes would become the riskiest
place during a pandemic. Yet state
and federal officials treated them as
an afterthought. The CDC and the
Centers for Medicare and Medicaid
Services didn’t begin tracking nurs-
ing-home deaths until the end of
April.
Worse, several states refused to
disclose which nursing homes were
affected, making it impossible for
families to choose a safer location
for their loved ones. New York held
out until May 5, finally releasing the
information in response to a public-
records request.
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Ramin Beheshti, Chief Technology Officer;
Natalie Cerny, Chief Communications Officer;
Kamilah Mitchell-Thomas, Chief People Officer;
Edward Roussel, Chief Innovation Officer;
Christina Van Tassell, Chief Financial Officer
OPERATING EXECUTIVES:
Kenneth Breen, Commercial;
Jason P. Conti, General Counsel;
Tracy Corrigan, Chief Strategy Officer;
Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer;
Nancy McNeill, Corporate Sales;
Thomas San Filippo, Customer Service;
Josh Stinchcomb, Advertising Sales;
Suzi Watford, Chief Marketing Officer;
Jonathan Wright, International
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
Wednesday, May 20, 2020 | A17
OPINION
that antibody levels fall over time.
But that is observed in every re-
sponse to infection or vaccination.
The memory of B cells means the
body can produce antibodies when
needed in the future. If levels of pro-
tective antibodies didn’t wane rap-
idly after infections, the blood would
become thick with antibodies over a
typical winter season. What isn’t
known: Will immunity last a life-
TIZIANA FABI/AFP VIA GETTY IMAGES
time? Or, like tetanus, will it require
a booster a decade later? Or will it
require a seasonal shot as new
strains emerge, as with influenza?
Many have suggested using an
“immunity passport” system—a li-
cense to return to work—while
awaiting an effective vaccine. It’s a
terrible idea. It would create a per-
verse incentive to get infected inten-
tionally to escape the lockdown—the
rized by the Food and Drug Adminis- opposite of the public-health goal.
tration for emergency use—those And it’s plainly discriminatory and
from Abbott, Ortho Clinical Diagnos- violates American health privacy
tics, Roche and others—are excel- traditions. Immunity passports have
lent. Several tests have published no place in a free society.
sensitivity and specificity values as Still, you should consider talking
high as 99.6% to 100%. These tests to your physician and getting tested
are consistent with other antibody for antibodies if you suspect a prior
tests, such as those for mononucleo- infection, or if you wish to partici-
sis and hepatitis infections, that are pate in a seroprevalence survey. Our
in routine use without much concern understanding of the disease has
about their accuracy. been improved by seroprevalence
Given the reliability and perfor- studies in cities like Robbio, Italy,
mance of these tests, it appears to and Gangelt, Germany, and in states
be politics, not science, that is be- such as California and New York.
hind the claim that the presence of Many other such antibody studies
specific antibodies in those who’ve are under way. Furthermore, anti-
recovered from Covid-19 doesn’t in- body testing is the only way to iden-
dicate protective immunity. This is tify convalescent serum donors for
baffling. If it’s true, how does anyone treatment of severely ill patients,
recover from a severe infection? and it is also required to qualify for
If these antibodies aren’t protec- some vaccine trials.
ly
tive, then global efforts to develop a So far the data have shown
vaccine are pointless. Vaccines try to Covid-19 is more widespread and
arm T and B cells so they fight thus less lethal than previously
quickly when exposed to the virus. If
antibodies detected in a person who
has recovered don’t confer immu-
nity, then neither would antibodies
thought. More antibody data will en-
able better policy. These accurate
and sensitive tests should be made
widely available, not disparaged.
developed in response to a vaccine.
The far more likely scenario, which Dr. Butte is an associate professor
is true of other coronaviruses, is and chief of pediatric allergy, immu-
that antibodies do offer protection nology and rheumatology at UCLA’s
for a significant duration, so that a David Geffen School of Medicine. Mr.
successful vaccine could be devel- Bogan, a molecular biologist, is
oped. managing member of Bogan Associ-
Fear has arisen from the finding ates LLC.
New York made its deadliest mis- deaths have been nursing-home resi-
take on March 25. As hospitals be- dents, Gov. Phil Murphy said that
came inundated, the state mandated when the “postmortem” is done on
that nursing homes accept all pa- this pandemic, nursing homes will
tients being discharged from a hos- be “at or near the top of the list.”
pital regardless of whether they had States shouldn’t wait. They should
Covid-19. The basic principle of in- be working with nursing-home oper-
fection control is identify and iso- ators now to designate which facili-
late. The New York edict did the op- ties will handle Covid patients if the
posite, dispersing the infection to virus surges next fall, and how to
any facility with an empty bed. Pa- supply these facilities and train their
tient advocates warned of the dan- staffs.
gerous consequences. On May 11 the Most important, all nursing
state reversed the edict. homes need rigorous infection con-
New York excludes from its nurs- trol. The past 90 days have shown
ing-home death toll residents who how lax standards turn deadly when
were hospitalized before dying. But a pandemic targets the elderly.
data from 37 states with more com-
plete reporting suggest that nation- Ms. McCaughey is chairman of the
ally 51% to 53% of Covid-19 deaths Committee to Reduce Infection
are nursing-home residents, accord- Deaths, a former lieutenant governor
ing to health-care analysts Phil Ker- of New York, and author of “Next
pen, Greg Girvan and Avik Roy. Pandemic,” forthcoming from En-
In New Jersey, where 52% of counter Books.
Give Yourself a Haircut
By Lance Morrow to balance your cuttings—alternate
T
your snips, trimming first from the
he coronavirus lockdowns have left side of the head and then from
left many Americans in need of the same place on the right side,
a haircut. I started cutting my working back and forth, so that the
own hair years ago. For a long time, cut remains even and your head
I went to an Italian barber named doesn’t become lopsided.
Frank, who charged $12. But after The hair on top of the head is the
each of Frank’s haircuts, I looked in easiest: Hold the hair straight up and
the mirror and beheld a geek I didn’t take a bit at a time. The hardest part
quite recognize—a little raw around is the back of the head. You must do
the sidewalls. He had subtly re- that by feel. You will be surprised at
shaped my personality. It took about how quickly you become adept at it.
a week for regrowth to repair the
damage. I stuck with Frank out of
habit, but when he retired, I learned It’s easier than you think.
to do it myself. I’ve been a new man
ever since. Now is the time to try, so
The truth is, it’s easy. The first turn up the lights and grab
thing to do is to get rid of the elec-
tric clippers, except for trimming a sharp pair of scissors.
sideburns. Get a good, sharp pair of
scissors. For a while I cut my hair
with the tiny scissors of a Swiss It is perhaps easier to cut hair by
Army knife, which did a good job but feel than by direct sight. Your fingers
was somewhat laborious. may give you a more accurate “pic-
Have good lighting, not only over- ture” of the sides and back than your
head but preferably on either side. eyes can, because your eyes are in
Close the stopper in the bathroom the front of your head and become
sink. Lay a couple of tissues over the frustrated at the unaccustomed task
stopped drain so that you can put the of trying to figure out what’s going
hair clippings on them and then gather on behind themselves.
and throw them in the trash when you If you wear hearing aids, remem-
are finished. Don’t let clippings go ber to remove them, lest you make
down the drain. It will clog. an expensive snip. Never cut your
Here is the secret: Don’t chop. hair when you are angry, or if you
Snip. In small snippets. Use the left have drunk more than two glasses of
hand (or for lefties, the right) to hold wine.
your hair straight out from your Isolation is the perfect situation
skull, passing the hair through fore- in which to learn this skill. If you
finger and index finger to get the make a mistake, regrowth will cor-
measure of the proposed snip and rect the error. At worst, you’ll look
then holding the hair taut between like the prime minister of Britain for
thumb and forefinger when you clip. a couple of days.
Work rapidly but minutely.
The crucial thing is to clip only a Mr. Morrow is a senior fellow at
small length of hair at each snip, and the Ethics and Public Policy Center.
Speakeasies
And Social
Distancing
By Paul H. Robinson
P
olicy makers see lockdown de-
cisions as a balance between
economic damage and public
health. Equally important can be
community perceptions of the legiti-
macy of the restrictions, for these
may determine the extent of compli-
ance and ultimately the success of
the lockdown program. That’s a les-
son the country should have learned
from Prohibition.
Prohibition created a shock to ev-
eryday life for the nation, just as
the coronavirus is doing for the
globe. Much social life at the time
involved drinking alcohol. There
were good public-health arguments
for prohibiting alcohol, and the loss
of economic productivity from
hung-over or absent employees was
substantial.
Prohibition’s lesson: When
laws are too heavy-handed,
it can promote disrespect
for the law in general.
Yet not everyone supported the
aggressive policy of Prohibition, and
that mixed support quickly pro-
duced mixed compliance. Even pub-
.
lic officials and what we would now
call social influencers openly vio-
lated Prohibition. President Harding
continued to serve whiskey at White
House parties. As a senator, he ini-
tially opposed Prohibition, then
voted for it. Bootlegger George
Cassiday, known as “the man in the
green hat,” operated out of House
and Senate office buildings. He
wrote in the Washington Post in
1930: “I would say that four out of
five senators and congressmen con-
sume liquor either at their offices or
their home.”
Public noncompliance sent impor-
tant signals that Prohibition ought
not be taken too seriously. Many
came to see drinking more as a reg-
ulatory violation than a crime. As
noncompliance begot noncompli-
ance, the entire regime collapsed on
itself and the 18th Amendment was
repealed in 1933.
While public defiance of Prohibi-
tion is well known from the stock
Hollywood “speakeasies” of the era,
what is less well known is that non-
compliance increased for other of-
fenses as well. Violent crime in-
creased every year from 1920 until
repeal. Per capita homicide rates
dramatically rose. A study of Chi-
cago homicide records shows that
the rate of non-alcohol-related ho-
micides increased. Prohibition ap-
pears to have created a general tol-
erance of lawlessness.
This experience demonstrated
that criminal law’s moral credibility
can have a significant effect on the
public attitudes toward legal norms.
Systematic and open noncompliance
on alcohol prohibition shaped peo-
ple’s views about the criminal law’s
moral authority generally.
Similarly, today’s policy makers
should be concerned about open
public resistance to lockdown rules.
Police in various cities have broken
up large gatherings, and many states
have experienced large protests that
violated coronavirus restrictions in
the course of objecting to them. Par-
ticularly damaging are violations by
the officials who impose the restric-
tions: Chicago’s Mayor Lori Lightfoot
went to a salon to get a haircut. New
York Mayor Bill de Blasio headed to
the YMCA for a workout.
The government can’t control ev-
eryone, so what is to be done? In
striking the proper balance when
determining the severity of a lock-
down, it’s critical to assess what
measures can gain public support,
so that people can reasonably ex-
pect others to comply and will con-
tinue to see noncompliance as
wrong.
Whether a community sees lock-
down restrictions as legitimate or as
gross overreach may depend, for in-
stance, on whether the restrictions
are designed for a city or a sparse
rural county. Imposing severe lock-
down conditions appropriate for the
former may ignite public noncompli-
ance in the latter, perhaps ulti-
mately legitimizing noncompliance
everywhere.
Even if the government officials
believe they have sound technical
reasons for their restrictions, their
program may fail unless they con-
vince the general public of this.
Even in an emergency, minidictator-
ships won’t win the day. Success de-
pends on social compliance, which
in turn depends on community per-
ception that the law deserves to be
obeyed.
Mr. Robinson is a law professor
at the University of Pennsylvania
and a co-author of “Pirates, Prison-
ers, and Lepers: Lessons from Life
Outside the Law.”
 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 | Wednesday, May 20, 2020 THE WALL STREET JOURNAL.

NursesCare
FamiliesCare
NeighborsCare
ResearchersCare
GrocersCare
DoctorsCare
PharmacistsCare
TeachersCare

.
ly
CommunitiesCare on
us ,

EssentialWorkersCare
l
e
al a
ci on
er s

WeCare
m er
m rp

NovoCare
co Fo

At Novo Nordisk, diabetes care

won’t stop…because it can’t.
n-

We’re working hard to keep our insulin and

other diabetes medicines available and affordable
no

for the people who rely on them.

If you need help paying for your

Novo Nordisk insulin or other
diabetes medicines during this
time, we’re here to help.

844-668-6463 NovoCare.com

NovoCare® is a registered trademark of Novo Nordisk A/S.

Novo Nordisk is a registered trademark of Novo Nordisk A/S.
© 2020 Novo Nordisk All rights reserved. US20CAREPAT00016 May 2020
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P 2922.94 g 1.05%
J&J Halts U.S. Sales of Talc Powder
Demand drops amid
lawsuits alleging
product hurt women
who used it for years
BY PETER LOFTUS
Johnson & Johnson, be-
sieged by lawsuits, will stop
selling baby powder made with
talc in the U.S. and Canada, cit-
ing a decline in customer de-
mand amid safety concerns
about one of its most famous
products.
Casinos Reopen to Lines of Waiting Gamblers
BY KATHERINE SAYRE
Casinos in Louisiana and
Mississippi are reopening this
week, offering a glimpse of
how the mostly closed indus-
try might recover in a world
of social distancing.
Shirley Martinez, 45 years
old, drove two hours from her
home in Houston to Lake
Charles, La., with her sister
and 85-year-old mother for
the casinos’ reopening on
Monday. Her mother was
ready to play slots after being
on lockdown—with hand sani-
tizer and masks in tow. “She
said, ‘It’s open, let’s go,’” Ms.
Martinez said.
Though far smaller than the
hubs in Las Vegas and New
Jersey’s Atlantic City, which
remain closed, Louisiana and
Mississippi are among the
country’s biggest gambling
markets. Casinos in the two
states are opening their doors
Monday and Thursday, respec-
tively, after two-month clo-
sures. The return to business
is testing industry leaders’
hope that gamblers bored at
home will venture out to ca-
sino floors despite lingering
fears about the pandemic.
Casino executives are pro-
moting their safety plans, in-
cluding tests for employees,
temperature scans, sanitizing
procedures, masks, no-contact
guest services and fewer slot
machines and seats at table
Estimated net flows into and out of U.S. mutual
and exchange-traded funds, by target
APRIL U.S. equity funds
$ billion
–$18 billion
1
 AND JULIET CHUNG
–1
–
19 ’
Performance, year-to-date
% S&P 500 low in 2020
 Corp. and cable network MSG
–
–
Jan. Feb. March
Sources: Morningstar (net flows); FactSet (indexes)
Spotify Pays Over $100 Million for Rogan Podcast
BY ANNE STEELE
Joe Rogan is taking his
podcast exclusively to Spotify
Technology SA in a licensing
deal worth more than $100
million, according to a person
familiar with the matter.
The licensing agreement is
one of the largest such deals
in the rapidly growing busi-
ness of podcasts.
The comedian, television
host and mixed martial arts
commentator has become one
of the most influential and lu-
crative podcast hosts in recent
years, especially with his pop-
TECHNOLOGY: FACEBOOK LAUNCHES SHOPPING PLATFORM B4
S&P FIN g 2.52% S&P IT g 0.40%
* * * **
The move Tuesday comes as
J&J faces thousands of law-
suits alleging the talc powder
has harmed women who had
used it for years. Some of the
lawsuits have led to costly jury
verdicts against the company.
J&J, which has been fighting
the lawsuits and verdicts and
says its talc-containing powder
is safe, said it would continue
to sell a version of Johnson’s
Baby Powder that is made of
cornstarch in the U.S. and Can-
ada. And the company will con-
tinue to sell talc-containing and
cornstarch baby powder out-
us ,
l
e
al a
ci on
GREGORY BULL/ASSOCIATED PRESS
er s
m er
m rp
More than 50 tribal casinos have reopened so far, including the Viejas Casino and Resort in Alpine, Calif.
games for social distancing.
At one point this year, all
989 commercial and tribal ca-
co Fo
sinos in the U.S. were closed,
according to the American
Gaming Association. Since
then, commercial casinos in
Sector-focused funds
+$16 billion
n-
no
19 ’
Amazon.com
Microsoft
Apple
S&P 500
Russell 2000
April May
ular “vodcast”—video pod-
cast—format on YouTube.
Mr. Rogan, 52 years old,
had so far withheld his pod-
cast from Spotify, saying the
Stockholm-based streaming
service doesn’t pay enough
and he had been generating
significant revenue on other
services such as Alphabet
Inc.’s YouTube.
Mr. Rogan’s full library, dat-
ing back 11 years, is to hit the
streaming service on Sept. 1,
and become exclusive to Spo-
tify after that, before the end
of the year. His video pod-
casts, which will also appear
THE WALL STREET JOURNAL.
DJ TRANS g 1.13% WSJ $ IDX g 0.06%
side of those countries, where
it says consumer demand is
significantly higher.
“Demand for talc-based
Johnson’s Baby Powder in
North America has been declin-
ing due in large part to changes
in consumer habits and fueled
by misinformation around the
safety of the product and a
constant barrage of litigation
advertising,” J&J said in a
statement posted on its web-
site Tuesday afternoon.
J&J has faced lawsuits alleg-
ing its talcum powder was re-
sponsible for cancer in some
on
South Dakota and Arkansas
and more than 50 tribal casi-
nos reopened. By Monday, the
total number of casinos open
was 82, the group said.
“It’s going to take time,”
said the group’s chief execu-
Investors Fuel Stock Rebound
With Bets on a Few Sectors
BY DAWN LIM
When the stock market
plunged in March, John Rogers
Jr. sensed a discount of a
lifetime.
Mr. Rogers’s Chicago invest-
ment firm moved quickly, in-
creasing holdings in the media
sector. Ariel Investments
added to its holdings of Via-
comCBS Inc., television-station
operator Tegna Inc., People
magazine publisher Meredith
Networks Inc.
The firm believes advertis-
ers will return to cable and me-
dia companies once the spread
of the new coronavirus is un-
der control. They were among
other bets—including a dental-
products company and a ski-re-
sort operator—Ariel has made
since March.
“When you get this panic
buying at the bottom, you
on Spotify, will no longer be
available on YouTube.
Spotify has spent hundreds
of millions of dollars acquiring
entire companies, including
Gimlet Media and Bill Sim-
mons’s the Ringer. The com-
pany has said its investment
in podcasts is helping convert
people who use its free tier
into paying subscribers.
The deal with Mr. Rogan is
a multiyear licensing agree-
ment for an amount of time
that couldn’t be learned. It
will likely be worth more than
$100 million based on mile-
stones and performance met-
LIBOR 3M 0.374
NIKKEI (Midday) 20584.64 À 0.74% See more at WSJ.com/Markets
women who used it for years.
As of March, about 19,400
plaintiffs had filed lawsuits
against the company over the
product in U.S. courts, alleging
it caused ovarian cancer and a
rare cancer called mesothe-
lioma.
“I’m delighted to hear that
they finally started taking steps
to remove talc-based baby
powder from the market,” said
Ted Meadows, an attorney with
the Beasley Allen law firm in
Montgomery, Ala., who repre-
sents plaintiffs in the talc liti-
gation.
tive, Bill Miller. “The experi-
ence is going to be different
for some period of time, ap-
propriately, but I think that
the industry will get its swag-
ger back.”
Louisiana was the fifth-
don’t have a lot of time to sit,”
said Mr. Rogers, Ariel’s chair-
man and investment chief. He
said he is confident the compa-
nies he is wagering on will ride
out the pandemic, and expects
his roughly $10 billion value in-
vestment firm will hold those
stocks for years.
The pandemic ushered in
the worst economic slump
since the Great Depression, but
investors have sent the S&P
500 soaring by 31% since the
March lows. The large rebound
has been confounding in its
swiftness and magnitude. The
disconnect has sparked debate
and discussion at family dinner
tables and in corporate board-
rooms.
The rally has been powered
disproportionately by shares in
some of the biggest companies,
and by investors making tar-
geted bets on a few sectors.
They have favored areas in-
cluding health-care and energy
rics, according to the person
familiar with the matter.
Last year, the creators of
popular true-crime podcast
“My Favorite Murder” signed
a two-year deal worth at least
$10 million with E.W. Scripps
Co.’s Stitcher unit, according
to people familiar with the
matter, in what was then one
of the largest of its kind.
Launched in 2009, the Joe
Rogan Experience has built an
avid fan base discussing wide-
ranging topics from neurosci-
ence, sports and health to
comedy and culture. His show
Please turn to page B5
Wednesday, May 20, 2020 | B1
Staff Costs
Hit Profit
He said he hopes J&J will
take steps to compensate thou-
sands of women who have been
injured by the powder.
At Home
J&J didn’t give any indica-
tion that stopping sales would
mean resolving the litigation.
Depot
The company said it would
continue to defend the product, BY MATT GROSSMAN
its safety and what it called un-
founded allegations against the Home Depot Inc. reported
product and the company in an 11% decline in quarterly
court. earnings as costs from boost-
The company, in denying the ing workers’ pay and benefits
allegations and fighting the during the coronavirus pan-
lawsuits, has won some cases demic offset higher sales
Please turn to page B2 from locked-down customers
doing more projects around
the house.
Home Depot was among a
small group of retailers
whose stores have remained
open as much of the country
was forced to shut down.
That led to higher sales,
driven in part by strong
growth online, but also in-
creased expenses as the com-
pany took steps to support
its employees.
.
The added employee bene-
fits—which included weekly
ly
bonuses and expanded paid
time off—totaled $640 mil-
lion in the quarter ended May
3. Chief Financial Officer
Richard McPhail said much of
that was from paid-leave ex-
penses that won’t recur in
the future.
“We have seen the full im-
pact occur all in the first
quarter,” Mr. McPhail said.
He added that other en-
hanced compensation, such
as higher overtime pay, has
continued into the second
quarter.
Revenue rose a better-
than-expected 7.1% in the
quarter. The rise partially re-
flected more interest in do-it-
yourself projects, the com-
pany said, as people faced
stay-at-home orders during
the pandemic.
“Clearly, the customer is
reengaged with DIY,” Chief
Executive Craig Menear said.
largest commercial casino Sales from Home Depot’s
market with $2.56 billion in digital platforms grew by
annual revenue in 2018, ac- about 80% in the quarter as
cording to the most recent re- people favored online shop-
port from the association. ping over in-person browsing
Mississippi was the seventh- during the pandemic, Mr.
Please turn to page B2 McPhail said. He added that
the online sales bore out the
company’s past technology
investments.
“Demand for buy online,
pick up in store really took
off,” Mr. McPhail said.
Customers spent an aver-
age of $74.70 per transaction
during the quarter, up 11%
from a year earlier, while the
companies, and those benefit- number of transactions fell
ing from shelter-in-place or- 3.9%.
ders and remote working. Am- The pattern reflected peo-
azon.com Inc. and Microsoft ple’s desire to limit trips to
Corp. have been two of the big- the store, Mr. Menear said.
gest beneficiaries in the rally The company said compa-
and lifted broad market in- rable sales—which includes
dexes because of their outsize transactions at stores opened
weighting. more than a year—rose 6.4%
With interest rates near overall and 7.5% in the U.S.
zero and the Federal Reserve’s during the period.
moves to support markets, Home Depot’s report came
some investors also feel there on the same day as Walmart
aren’t better investment op- Inc., which also reported
tions than stocks. This view- strong revenue growth,
point is so prevalent it has boosted by e-commerce sales.
earned a shorthand: TINA Home Depot said that de-
(There Is No Alternative). spite positive sales trends in
Investors’ choices and the the first quarter and the first
thinking behind their invest- two weeks of the current
ments raise questions about quarter, it was withdrawing
whether a broad market recov- its guidance for the year be-
ery is actually in the works. cause of uncertainties related
Investors have been “buying to the pandemic.
Please turn to page B11 Shares of Home Depot fell
3% Tuesday to $238.10. The
 Growth stocks outperform stock, a member of the Dow
value equities........................... B11 Please turn to page B2
INSIDE
PATRICK T. FALLON/BLOOMBERG NEWS
DISNEY+
ENTERTAINMENT PROPERTY REPORT
Disney+ loses More colleges are
its architect as going online this fall,
new rivals launch which is bad news for
streaming services. B4 student housing. 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 | Wednesday, May 20, 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 Johnson & Johnson....B1
Alphabet......................B1
Amazon.com..........B1,B2
American Airlines.......B3
Apollo Global
Management...........B11
Apple...........................A2
Applebee's International
.....................................A6
AT&T............................B4
B
Blackstone Group ..... B11
Blue Vista Capital
Management.............B6
Boeing ....................... B11
Bytedance....................B4
C Student Housing
Caesars Entertainment
.....................................B2
Carnival ..................... B12
Chevron ..................... B11
Chipotle Mexican GrillA1
Comcast.......................B4
CVS Health..................B2
D-E
Delta Air Lines ........... B3
Dollar Shave Club.......B5
Dunkin' Brands Global
.....................................A6
EOG Resources...........A1
E.W. Scripps................B1
Exxon Mobil.........A1,B11
F-J
Facebook......................B4
Home Depot...B1,B2,B11
IFOP...........................A10
INDEX TO PEOPLE
B Hirz, Dave ................... B2
Bahnsen, David.........B11
Bahuguna, Anwiti.....B11
C Juniac, Alexandre de..B3
Campbell, Rebecca......B4
Chapek, Bob................B4
F Mayoral, Jackie...........B2
Furner, John..............B12
G-H
Gimber, Hugh............B11
Guggenheim, Greta.....B6
J&J Halts
U.S. Sales
Of Talc
Continued from page B1
in court but lost some costly
verdicts, too.
In February, a New Jersey
jury ordered J&J to pay $750
million in punitive damages to
four people who said their use
of J&J’s talcum powders
caused mesothelioma. The
judge reduced the amount to
$186.5 million, and J&J is ap-
pealing the verdict.
Johnson’s Baby Powder rep-
resents only about 0.5% of the
company’s U.S. consumer-
health sales. The business re-
ported nearly $1.5 billion in
sales last year, a fraction of
J&J’s more than $82 billion in
total global sales for the year.
J&J relies more on prescrip-
tion-drug and medical-device
sales.
Yet Johnson’s is a popular
brand familiar to generations.
The negative publicity about
the safety concerns have
dented the company’s reputa-
tion, surveys have found. J&J
shares have suffered over con-
cerns that its ultimate liability
will be hefty, even though some
of its losses have been reduced
or reversed on appeal.
J&J also has faced an un-
usually large caseload of law-
suits over a range of other
products in recent years.
The baby-powder lawsuits
have generally alleged that talc,
a mineral that is crushed to
create Johnson’s Baby Powder,
can cause inflammation that
leads to cancer.
Some of the lawsuits further
allege that asbestos in the pow-
der contributed to cancer. As-
Profit Hit
At Home
Depot
Continued from page B1
Jones Industrial Average, has
bounced back strongly since
its selloff in March. Shares
are up 9% this year, despite
the declines Tuesday, and is
the second-best performer on
the Dow, behind only Micro-
soft Corp.
Overall, for the first quar-
ter, Home Depot’s earnings
fell to $2.25 billion from
$2.51 billion as expenses rose
17%.
The company’s latest per-
share earnings of $2.08 in-
cluded 60 cents of costs from
the added employee benefits;
analysts polled by FactSet
were expecting earnings of
Rite Aid.......................B2
K Ross Dress for Less...A6
Ruth's Hospitality......A6
Katerra ........................ B6
Kellogg.......................B12 S
Kohl's.........................B11 Sanofi..........................A9
Kroger..........................B2 Santander Consumer
USA...........................B5
L
Scion Group.................B6
Live Nation Senseonics..................B5
Entertainment........B12 Shake Shack ............... A1
Luckin Coffee..............B3 Skogen's Foodliner.....B2
M Smart & Final Stores.B2
Madison Realty Capital SoftBank Group..........B6
Sony.............................B5
.....................................B6
McDonald's................B12 Southwest Airlines .... B3
Spotify Technology.....B1
Meredith......................B1
Starbucks....................A1
MGM Resorts
International.............B2
Solutions...................B6
Microsoft ............... B1,B4
Moderna....................B11 T
Mondelez International Tegna...........................B1
...................................B12 Tesla............................B3
MSG Networks ........... B1 Toyota Motor..............B4
TPG RE Finance Trust B6
N
23andMe......................B5
NewMark Merrill........A6
U
Nortech Systems........B5
Norwegian Cruise Line United Airlines............B3
Holdings..................B12 V-W
P-R ViacomCBS ............ B1,B4
Walgreens Boots
Palm Springs Mile
Associates................A6 Alliance.....................B2
Penn National Gaming Walmart
......A1,B1,B2,B3,B11,B12
.....................................B2
Pier 1 Imports.............B5
Walt Disney.........B4,B12
Popeyes Louisiana Y-Z
Kitchen......................B3
Procter & Gamble.....B11
Yum! Brands...............A6
ZipRecruiter................B5
Rechsteiner, Charles .. A2
J Rogers, John...............B1
Ross, Gary...................A2
Jacobson, Paul............B3
S pay they gave to front-line
Stritch, Michael........B11
M workers as coronavirus-related
T costs pile up and the labor
Mayer, Kevin...............B4
Thummel, Rob ............ A2
Meadows, Ted.............B1 W Amazon.com Inc., Kroger
N-R Weinberg, Serge.........A9
Niccollai, John T. ........ B2
Nocella, Andrew ......... B3
Z
Zuckerberg, Mark ....... B4
on
Johnson & Johnson’s
us ,
talc-related plaintiffs at
l
quarter's end
e
al a
20,000 1Q 2020 19,400
ci on
15,000
er s
10,000
m er
5,000
m rp
0 cers, drugstore chains and es-
2016 ’17 ’18 ’19
Source: the company
co Fo
bestos, a mineral that was once
widely used in construction,
has been linked to increased
risk for mesothelioma.
J&J, of New Brunswick, N.J.,
has repeatedly said its talcum
powder doesn’t contain asbes-
tos. Last October, J&J recalled
about 33,000 bottles of its baby
powder after the Food and Drug
Administration said a labora-
tory test found a small amount
n-
of asbestos in one bottle.
J&J said it issued the recall
out of an abundance of caution
and said subsequent testing of
no
the same bottle and lot by dif-
ferent labs found no asbestos.
J&J has tried to counter the
allegations publicly by running
newspaper advertisements and
creating a website, “factsabout-
talc.com,” with information
about tests that the company
says support the product’s
safety.
J&J said Tuesday it will
wind down commercialization
of the talc-based powder in the
U.S. and Canada in the coming
months, and existing inventory
will be sold through retailers
until it runs out.
Home Depot's quarterly
comparable U.S. sales, change
from a year ago
8%
1Q 2020
+6.4%
6 wants to do is accidentally
4 Lake Charles and the Shreve-
2 Rouge and the New Orleans
0
FY2018 ’19 ’20
Note: Fiscal years end in Jan/Feb
Source: the company
$2.30 a share.
Revenue rose to $28.26
billion from $26.38 billion,
and surpassed the average
analyst estimate of $27.56
billion on FactSet.
A worker cleans an egg display at a Ralphs supermarket, owned by Kroger, which extended its special pay to May 23.
Workers Push Back Against Plans
To Curtail Coronavirus Hazard Pay
BY JAEWON KANG
AND SHARON TERLEP
Some of the biggest U.S. re-
tailers are ending the extra
market shifts in their favor.
Co. and Rite Aid Corp. are
among the major companies
that have ended or plan to
stop paying higher wages for
tens of thousands of workers
in stores and warehouses and
on the road.
Workers and unions are
pushing back, saying they still
face extra risk at work.
“As long as we are wearing
gloves, as long as we are
wearing masks and social dis-
tancing, it seems obvious to
me that we are working in
hazardous circumstances,”
said John T. Niccollai, presi-
dent of United Food & Com-
mercial Workers Local 464A,
based in Little Falls, N.J. “It is
manifestly unfair to eliminate
the hazard pay at this point.”
As the Covid-19 pandemic
spread in the U.S., many gro-
sential retailers introduced a
’20
temporary $2 hourly increase,
a one-time bonus or both. Now
Casinos
Reopen
To Lines
Continued from page B1
largest at $2.14 billion. The
top three states are the still-
closed Nevada, Pennsylvania
and New Jersey.
In Deadwood, S.D., 13 of the
historic Old West town’s 21 ca-
sinos reopened since May 7,
according to the gaming asso-
ciation. Mayor David Ruth, a
table games manager at the
local Silverado-Franklin hotel
and casino, said he encoun-
tered visitors driving in from
nearby states and as far away
as New York, Florida, Texas
and New Mexico. There are
still quite a few people staying
home, he said, but he expects
more to arrive come Memorial
Day weekend.
The Deadwood casinos ha-
ven’t lowered their occupancy
limits, but they are imple-
menting social distancing, he
said. Slot machines are all on,
but when a customer picks
one, staff post signs making
neighboring machines tempo-
rarily unavailable.
“The last thing an operator
take out someone’s favorite
machine,” Mr. Ruth said.
In Louisiana, casinos in
port area—which attract
drive-in visitors from Texas—
along with casinos in Baton
area suburbs, were allowed to
reopen starting Monday. The
state logged a total of 34,709
cases of Covid-19 and 2,440
deaths as of Monday. In early
April, the state ranked second
in per capita Covid-19 deaths
behind New York. A decline in
Covid-19 cases and hospital-
izations since then led the
state to lift some restrictions
last week.
Casinos must comply with a
25% occupancy limit and make
BUSINESS & FINANCE
some are curtailing that pay
as they grapple with rising ex-
penses and expectations of a
U.S. recession.
For retailers, labor has al-
ready become expensive as
minimum wages climbed in re-
cent years. Adding to costs are
new needs, such as securing
protective equipment for staff
and spending more to sanitize
stores and distribution cen-
ters. Home Depot Inc. said
Tuesday it spent $850 million
on extra pay, benefits and
safety measures in its latest
quarter.
At the same time, more than
36 million Americans have filed
for unemployment since
March, creating a new talent
pool for employers with large
hourly staff and high turnover.
In recent months, Walmart
Inc. and Amazon have hired
more than 400,000 people.
Amazon is offering extra
pay for warehouse workers
through the end of May, in-
stead of ending the practice
on May 16 as originally
planned, and will return to
regular wages in June. The e-
commerce giant has been pay-
ing warehouse and delivery
workers an additional $2 an
hour, along with double over-
time pay, since mid-March. An
Mississippi casinos can reopen on Thursday. The Ameristar Casino in Vicksburg, Miss., in March.
50% of table-game seats and
slot machines available, ac-
cording to regulators. Anyone
entering the casinos must un-
dergo temperature checks.
“We want to be sensitive to
the fact that Louisiana was a
hot spot,” said Ronnie Jones,
chairman of the state’s Gam-
ing Control Board.
Harrah’s New Orleans,
owned by Las Vegas-based
Caesars Entertainment Corp.,
will remain closed under a
more-restrictive order from
Mayor LaToya Cantrell. The
city began a cautious reopen-
ing after being a hotbed of
Covid-19 cases. “A casino is
considered high-risk in terms
of contact intensity, volume,
and potential for visitors con-
gregating in large groups and
presents significant challenges
in mitigation,” a spokesman
for Ms. Cantrell said.
In Mississippi, casinos can
reopen starting Thursday with
a maximum 50% occupancy.
About 60 people waited
outside L’Auberge in Baton
Rouge and another 95 outside
Margaritaville in the Shreve-
port area when doors opened
Monday morning, and guests
complied with social distanc-
ing and temperature checks,
according to Penn National
* *** THE WALL STREET JOURNAL.
PATRICK T. FALLON/REUTERS
Amazon spokeswoman said Mr. Hirz said the increase
the company viewed the extra wasn’t intended to persuade
pay as an incentive rather staffers to come to work but
than hazard pay. rather to thank them. Still,
Kroger extended a $2 Smart & Final doesn’t plan to
hourly wage increase one final make a permanent change be-
.
time to May 23 and offered a cause the chain already pays
one-time payment of $400 for more than $17 an hour on av-
ly
full-time staff and $200 for erage, Mr. Hirz said.
part-time staff. The special Jackie Mayoral, who works
pay was set to expire in mid- at a Kroger-owned Ralphs
May. The Cincinnati-based
company said the extension
will amount to $130 million
and that it has spent $700
store in Hollywood, Calif., has
been staying home since mid-
April, when she tested positive
for Covid-19. She said extra
million on bonuses and vari- pay should be extended for
ous safety measures since grocery workers until the lock-
March. down lifts.
Pharmacy chain Rite Aid “They are still putting their
ended its $2-per-hour bonus life on the line,” said Ms. May-
pay on May 16, after extending oral, 54. The grocery store is
it for two weeks. Competitors
CVS Health Corp. and Wal-
greens Boots Alliance Inc.,
located on Sunset Boulevard,
and 10% of the workforce
there has tested positive. “It’s
paid bonuses rather than a slap in the face.”
higher hourly wages. CVS said Skogen’s Foodliner Inc.,
it would pay a second round of which operates the Festival
bonuses in June. Foods grocery chain in Wis-
“We have been extending as consin, has been reviewing
needed,” said Dave Hirz, chief whether to extend the bonus
executive of Smart & Final pay, but is unsure on how
Stores Inc., a chain of ware- long. “These guys are doing
house food stores. His com- wonderful things to be work-
pany in March introduced a ing in front of people, but we
$2.25 hourly wage increase for don’t know,” said Mark Sko-
front-line workers and plans gen, chief executive of Festival
to offer the pay at least Foods. “When is the danger
through the end of May. gone?”
ROGELIO V. SOLIS/ASSOCIATED PRESS
Gaming Inc. Kim Ginn, L’Au-
berge’s general manager, said
revenues actually exceeded an
average Monday, though it
isn’t clear whether that will
continue through the week.
“Surprisingly, you still have
the music, you still have the
people, you still have the
sounds of the slot machines,
and you still feel that same
energy on the floor,” she said.
Penn National has five casi-
nos each in Louisiana and Mis-
sissippi, representing one-
fourth of the company’s
portfolio.
In Mississippi, MGM Re-
sorts International owns the
Beau Rivage on the Gulf Coast
and Gold Strike in Tunica, near
Memphis, Tenn. MGM Resorts
acting CEO Bill Hornbuckle said
the Gold Strike will open
Thursday, with plans to reopen
Beau Rivage a week later. Never Miss A
Company safety plans in- Story, Style or
clude handwashing stations in
the middle of casino floors Trend.
and having guests use mobile
phones for check-ins or res- read more at
taurant alerts to make visits wsj.com/magazine
as contact-free as possible.
That isn’t ideal for hospital-
ity, Mr. Hornbuckle said, but
“for today’s circumstances, we © 2020 Dow Jones & Company, Inc.
All rights reserved. 1DJ7719
think it’s appropriate and we
think people will appreciate it.”
 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.
Luckin Is
On Brink
Of Nasdaq
Delisting
BY JING YANG
The Nasdaq Stock Market
has determined that Luckin
Coffee Inc. should be delisted,
after the Chinese coffee chain
disclosed last month that as
much as $310 million of its
sales last year were fabricated
by some employees.
Luckin, an upstart rival to
Starbucks Corp. in China, said
in a regulatory filing Tuesday
that it received a written notice
from the exchange’s listing
qualification staff.
The notice said the decision
to delist was due to “public in-
terest concerns” arising from
the disclosure of fabricated
sales, as well as Luckin’s “past
failure to publicly disclose ma-
terial information.”
Xiamen-based Luckin said it
plans to request a hearing be-
fore a Nasdaq panel, and that it
will remain listed pending the
hearing’s outcome. It said such
hearings typically occur within
30 to 45 days from the time
they are requested. The shares
have been suspended from
trading since April 7 and will
resume trading on Wednesday,
Nasdaq said.
Luckin went public in May
2019 and raised a total of $651
million in its initial public of-
fering by selling American de-
positary shares at $17 apiece. It
returned to the capital markets
again in January this year, rais-
ing $865 million. The shares hit
a record closing high of $50.02
in mid-January, giving Luckin a
market capitalization of over
$12 billion that month.
On April 2, Luckin disclosed
that its chief operating officer
and several employees fabri-
cated 2.2 billion yuan in sales
between the second and fourth
quarter of 2019. The fabrica-
tions amounted to half the
sales Luckin reported or ex-
pected to collect for the nine-
month period. The shares last
traded at $4.39.
Airlines See Glimmer of Hope
As New Bookings Trickle In
BY ALISON SIDER
AND DOUG CAMERON
Airline executives said peo-
ple are starting to book flights
again, a potential inflection
point after the coronavirus
pandemic decimated travel de-
mand in recent months.
Top U.S. carriers said Tues-
day at an industry conference
and in filings that new book-
ings have started to trickle in
and cancellations have slowed.
United Airlines Holdings
Inc. said it would restore some
no
capacity in July. Southwest
Airlines Co. said its flights are
25% to 30% full. It previously
expected its planes to be at
most 10% full this month.
“We have seen a little bit of
a bounce off the bottom,” Paul
Jacobson, Delta Air Lines
Inc.’s chief financial officer,
said at a webcast conference.
Delta said sales have ex-
ceeded refunds on some days
recently, a reversal of the re-
cent trend. The bookings are a
signal of plans for leisure
travel in June and July, Mr. Ja-
cobson said.
“But we have to be careful
that those actually translate
into trips and don’t just can-
JUSTIN SULLIVAN/GETTY IMAGES
Passengers traversing the United terminal at George Bush airport last week in Houston.
* * * * * *
Companies Stick to China Plans
BY TREFOR MOSS
SHANGHAI—Relations be-
tween the U.S. and China are
at their lowest point in de-
cades, and the Covid-19 pan-
demic has rattled consumers
the world over. U.S. companies
and brands are doubling down
on China anyway.
To understand why, look no
further than the hundreds
lined up around the block in
central Shanghai, many of
them defying coronavirus so-
cial-distancing advice, to get
their hands on chicken sand-
wiches from Popeyes Louisi-
ana Kitchen.
Popeyes, the latest U.S.
brand to plant its flag in
China, opened on Friday, the
first of 1,500 planned loca-
tions in China.
“Chinese people still like
America and American
brands,” said 18-year-old Oli-
ver Kong, one of those waiting
in line outside the new Pop-
eyes. “McDonald’s is my favor-
ite, but I’m excited to try
something new.”
From Popeyes to Walmart
Inc., Tesla Inc. to Exxon Mobil
Corp., companies are betting
that the country’s long-term
growth potential still out-
weighs the mounting case
against further expansion—in-
cluding geopolitical tensions
and slowing growth. While the
pandemic has spurred busi-
nesses to rethink supply
chains to reduce dependency
on China, companies that are
producing in China for Chinese
customers are bulking up their
local presence.
Concern about China’s own
rising domestic players is an
increasingly important factor,
on
too. Yet China bulls argue that
us ,
committing resources to the
l
country is still worth it.
e
al a
“If you’re not active in this
market, then China will come
to your market. It’s better to
ci on
battle them here than wait un-
til they show up on your door-
step,” said Jörg Wuttke, presi-
dent of the European Union
Chamber of Commerce in
er s
China.
The Chinese economy shrank
m er
6.8% in the January-March pe-
m rp
co Fo
cel,” he said, adding that even
with the uptick, demand is
still a fraction of what it typi-
cally would be during the usu-
ally busy summer months.
Air travel all but ground to
a halt in April as lockdowns,
international travel restric-
tions and fear of infection
kept people home. Airline ex-
ecutives have said they believe
it could take years for demand
n-
to return to last year’s levels,
before the pandemic hit.
The industry is trying to
develop common rules to re-
vamp the handling of passen-
gers at airports and onboard
aircraft, including temperature
checks and the wearing of
masks. The International Air
Transport Association said
Tuesday that it is working
with the aviation arm of the
United Nations to lobby gov-
ernments to adopt industry-
wide standards, which would
include screening passengers
before they enter airport
buildings.
“The restart will go much
more smoothly if governments
cooperate,” said Alexandre de
Juniac, IATA’s chief executive.
Southwest said new book-
ings have exceeded cancella-
BUSINESS NEWS
People looking at a Tesla car on display at a showroom in Beijing. The car maker is expanding local production of some models.
riod, its first contraction in
four decades as the country
reeled from the coronavirus.
Economists warn the recovery
will be shaky, marked by surg-
ing unemployment and dwin-
dling consumer confidence.
The political risks of oper-
ating in China—which have
risen as leader Xi Jinping re-
asserts the state’s grip on so-
ciety—have been ratcheted up
further by the two-year trade
war between Washington and
Beijing, and more recently by
public recriminations over the
origins and handling of the
coronavirus crisis.
Aside from a few flare-ups,
most notably with the Na-
tional Basketball Association,
there has been little lasting
consumer backlash against
American products and
brands.
“China’s government wel-
comes companies that align
with their strategy and sup-
port the industries of the fu-
ture,” said Ker Gibbs, presi-
dent of the American Chamber
of Commerce in Shanghai.
Some foreign business execu-
tives in China privately admit
they fear that could change if
tions this month so far, and
the airline expects its revenue
decline in June to be less
steep than in previous months,
albeit still down 80% to 85%
from a year earlier.
Planes are starting to fill
up, too, in part because air-
lines have cut so many flights
from schedules. American
Airlines Group Inc. said its
flights are now 35% full on av-
erage, compared with 15% in
April.
Delta said earlier this week
that it would restore 100
flights in June, in part to en-
sure that planes don’t fill up
above the 60% cap the airline
has set for economy cabins.
United’s scheduled capacity
for July is expected to be
down about 75% from year-
earlier levels, compared with
May and June schedules that
were 90% below the year-ear-
lier levels, the company said.
“We’re now seeing a lot of
this start to stabilize,” said
Andrew Nocella, United’s chief
commercial officer. “Cancella-
tions are coming down, and
we start to see North Ameri-
can demand start to inflect
and start to look a little bit
positive.”
Foreign Bets
U.S. investment in China over
the past decade has been
stable—unlike Chinese
investment in the U.S.
U.S. FDI in China
Chinese FDI in the U.S.
$50 billion.
40
30
20
10
0 is our fastest-growing mar-
2010 ’12 ’14 ’16
Source: Rhodium Group
the U.S.-China relationship
continues to unravel. But in
most cases, U.S. companies re-
main committed to China, Mr.
Gibbs said.
U.S. foreign direct invest-
ment in China has been stable
for the past decade, averaging
$14 billion a year, equivalent
This announcement appears as a matter of record only.
Wednesday, May 20, 2020 | B3
NOEL CELIS/AGENCE FRANCE-PRESSE/GETTY IMAGES
to between 10% and 12% of
China’s total inward FDI, ac-
500 new stores over the next
five to seven years, remain un-
cording to official data. changed since their announce-
In an April survey of U.S. ment in 2019. Costco Whole-
companies by the American sale Corp. is preparing to open
Chamber of Commerce in at least two new China stores,
China, 40% said the uncertainty having opened its first in
resulting from the Covid-19 Shanghai last year to a warm
pandemic would decrease their welcome.
planned investments here, Meanwhile, Tesla is rapidly
while 36% said they would stick expanding its Shanghai fac-
to investment plans. Yet the tory—which started building
.
lure of China and its unrivaled the Model 3 sedan in Decem-
pool of 1.4 billion consumers is ber—as it prepares for local
ly
undimmed for some. production of the Model Y
Tim Hortons, a coffee chain compact crossover vehicle.
that, like Popeyes, is owned by In a sign of continuing Chi-
Canada’s Restaurant Brands
International Inc., said last
Tuesday it would open 1,500
coffee shops in China, up from
nese government support for
Tesla, the auto maker recently
secured a $563 million loan
from the state-run Industrial
just a few dozen today. “China and Commercial Bank of
China, according to a May 7
’18 ket,” said Sami Siddiqui, presi- regulatory filing, to fund the
dent of RBI Asia-Pacific, and expansion. The company had
“will become even more rele- borrowed $492 million from
vant” in the future. Chinese banks last year.
Retailers see similar oppor- Though the pandemic has
tunities to tap into the Chi- severely hit demand for lei-
nese middle class’s appetite sure and travel in China, a
for new experiences and af- spokesperson for Universal
fordable quality. Walmart said Parks & Resorts said the com-
last month that its plans to pany is sticking with plans to
more than double its footprint open a $6.5 billion theme park
in China, by opening around in Beijing next year.
May 2020
$2,600,000,000
$1,100,000,000
EIG Global Project Fund V, L.P.
The Fund is part of EIG’s
Direct Lending Platform
that invests primarily in
secured loans of energy
and infrastructure projects
and companies on a global basis.
EIG also successfully raised
$1.5 billion for the
Direct Lending Platform
through separately managed
accounts to invest alongside the
Fund, bringing the total capital raised
for the Platform to $2.6 billion.
Credit Suisse Securities (USA) LLC acted as
advisor and placement agent.
 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 | Wednesday, May 20, 2020
Exit Hits Disney+ at Crucial Time Facebook
Launches
Architect of streaming
service leaves behind a
success, but new rivals
will present challenge
BY ERICH SCHWARTZEL
AND JOE FLINT
LOS ANGELES—The depar-
ture of Kevin Mayer—just six
months after overseeing the
launch of Walt Disney Co.’s
streaming service, Disney+—
leaves a big hole at what has
become a bright spot for a
company widely hit by the
pandemic.
While the rest of Disney, in-
cluding its movie studio, ESPN
sports empire and especially its
theme parks, has been rocked
by the coronavirus, Disney+ has
flourished, picking up more
than 54 million subscribers
since it launched late last year.
Still, the streaming platform
faces speed bumps. The shut-
down of most television and
movie production has ham-
pered plans to increase its orig-
inal content, and new rivals, in-
cluding AT&T Inc.’s HBO Max
and Comcast Corp.’s Peacock,
are coming on the scene.
After more than two de-
cades climbing the ranks at
Disney, Mr. Mayer is leaving
his role as head of direct-to-
consumer and international
operations to become chief ex-
ecutive of short-video app Tik-
Tok, owned by Chinese tech gi-
ant Bytedance Ltd. Disney
tapped Rebecca Campbell, who
has held several senior posts at
the company and is one of its
highest-ranking female execu-
tives, to succeed him.
Mr. Mayer was put in charge
of Disney’s streaming strategy
after years of crafting the com-
CBS Leaves Its Fall TV Slate Largely Untouched
BY JOE FLINT
Coming off its 12th consecu-
tive season as the most-
watched broadcast network,
CBS is doing very little tamper-
ing with its fall schedule, a de-
cision based on both its desire
for stability and a lack of new
shows to choose from because
of the production shutdown
amid the pandemic.
The network, a unit of Via-
comCBS Inc., is bringing back
23 current shows and adding
only three new shows for the
fall. Returning are longtime
staples including “Survivor,”
“Blue Bloods,” “Mom” and the
three-series “NCIS” franchise.
The new shows are a reboot
of “The Equalizer” starring
Queen Latifah, a “Silence of the
Lambs”-inspired drama called
“Clarice” and “B Positive,” a
new romantic comedy from
producer Chuck Lorre starring
Thomas Middleditch, best
known for his work on HBO’s
“Silicon Valley.”
no
ALL STAR SAMPLER
10
Hand-Rolled Cigars
RATED
94
RATED
91
PLUS
FREE
SHIPPIN
$19.95
Compare similar at $75
$75
Special Introductory Price!
CALL NOW! Limited Supply 1-800-237-2559
Mention code TCSA319 OR VISIT OUR WEBSITE
THOMPSONCIGAR.COM/TCSA319
Promo Code TCSA319 OFFER VALID UNTIL 6/15/2020 – Shipping is Included – (1OASST28-SP).
Purchase may be subject to state, local or excise taxes where applicable. First-time purchasers only.
One per customer. No sales to anyone under the age of 21. We do not ship to Utah or South Dakota.
Only good in the USA.
Kevin Mayer left as Walt Disney Co. direct-to-consumer chief to become CEO of TikTok.
pany’s biggest deals. Being ap-
pointed to oversee the com-
pany’s priority was seen as a
vote of confidence in the exec-
utive, whom many considered
a candidate for the CEO job
that eventually went to Bob
Chapek.
He has instead become the
latest top-ranking lieutenant of
Robert Iger, the company’s
longtime CEO-turned-executive
chairman, to leave after a suc-
cession battle and as the com-
pany faces the challenges
posed by the pandemic.
In an interview Monday, Mr.
Mayer said he left not because
he lost out on the CEO job, but
that the TikTok role was too
good to pass up. “The only rea-
son I’m leaving is for what I
think of as a once-in-a-lifetime
opportunity,” he said.
on including “High Fidelity,” be-
Several shows being pro-
us ,
duced by Disney’s Marvel Stu-
l
e
al a
ci on
Last week, the Fox network
and the CW Network unveiled
their fall schedules. NBC and
er s
ABC have yet to disclose their
programming strategy for the
m er
2020-21 television season.
So far this season, CBS is
first in viewers with an average
prime-time audience of 7.67
million, which is down 15%
m rp
from last season, according to
Nielsen. NBC and ABC are also
down, 10% and 3%, respectively.
Fox, which benefited from its
coverage of the Super Bowl, is
co Fo
up 17%.
With production still shut
down, there is no guarantee
that CBS will be able to pull
this lineup together by Septem-
ber. CBS Entertainment Presi-
dent Kelly Kahl expressed opti-
mism that the engines can be
restarted before the end of
summer.
“It feels like things are mov-
ing forward,” Mr. Kahl said in
an interview. “We are hopeful
n-
we can have a fairly normal fall
schedule. It probably won’t
Super
P
Premium
RATED
92
G ning, fleet management and
TECHNOLOGY
dios for debuts this year and in
2021 have been delayed by the
production shutdown. Disney
has also pushed would-be the-
atrical releases to Disney+ in
the coming months, including
the children’s book adaptation
“Artemis Fowl” and a filmed
version of the blockbuster mu-
sical “Hamilton.”
Mr. Mayer said he wasn’t
concerned by new streaming
competitors entering the fray.
“The marketplace is a big
growing pie,” he said.
Mr. Mayer had little creative
experience before taking on
Disney+. Some shows the ser-
vice ordered ended up being
shifted to sister platform Hulu,
cause they were deemed too
adult. A reboot of the Disney
Channel show “Lizzie McGuire”
for Disney+ has also had cre-
ative issues, and its future is in
The sitcom ‘Mom’ is among the network staples that will return.
look like most years where 90%
of our shows premiere in one
week.”
Mr. Kahl said the network is
in constant contact with state
officials, health experts and the
Hollywood unions about condi-
tions for a return to production.
On the creative front, pro-
ducers are trying to figure out
what shows will look like in a
Quantum Tools Take On Traffic Congestion
BY SARA CASTELLANOS
An affiliate of Toyota Mo-
tor Corp. along with Japanese
quantum-computing company
Jij Inc. are using Microsoft
Corp. services to experiment
with ways to tackle traffic
congestion.
Microsoft, at its virtual de-
veloper conference this week,
is expected to announce recent
work with companies such as
Toyota Tsusho Corp. as part of
an update on its quantum-
computing services division,
Azure Quantum.
Toyota Tsusho’s goal over
the next several years is to see
how quantum computers could
help speed up solutions to
problems related to mobility
services, including route plan-
traffic-jam analysis, said Toru
Awashima, Tsusho’s project
general manager.
Toyota Tsusho, which
counts the car maker as its top
shareholder, has been working
with other quantum-comput-
ing companies including D-
Wave Systems Inc. since 2016
to determine how the technol-
ogy could eventually solve mo-
bility problems.
“We need to find a very
fast and good solution for
those kinds of complex opti-
mization problems,” Mr.
Awashima said. “Quantum
computing is one of the prom-
ising candidates for that.”
To that end, Toyota Tsusho
and quantum-computing firm
THE WALL STREET JOURNAL.
WSJ.com/Tech
Ms. Campbell, the new head
of Disney+, rose through Dis-
ney’s ABC television-stations
division. She started as a pro-
Shopping
gramming executive and then
general manager at WPVI-TV
Philadelphia before running
Platform
the flagship WABC-TV New
York station and then the BY MARIA ARMENTAL
whole group.
She is charismatic and well Facebook Inc. is making a
liked within the company, peo- big push into online shopping
ple who have worked with her through Facebook Shops, en-
said, and is seen as a loyal sol- listing small businesses to sell
dier. She is also close to Mr. their wares through its plat-
JESSE GRANT/GETTY IMAGES FOR DISNEY
Iger, Disney insiders said. form and giving them access to
In 2017, Ms. Campbell was its technology at the same time
named to a senior position with the coronavirus pandemic has
the corporate division that in- upended business world-wide.
cludes Disney+, heading opera- “It’s clear at this point that
tions in Europe, the Middle Covid isn’t just a health emer-
East and Africa. After being re- gency,” Facebook Chief Execu-
placed last year in that role by tive Mark Zuckerberg said
an executive who came over in Tuesday, referring to Covid-19,
Disney’s acquisition of Twenti- the disease caused by the new
eth Century Fox film and TV coronavirus that has forced
studios, she was named presi- businesses to close physical
limbo as Disney and show star dent of Disneyland Resort. stores. “It’s also the biggest
Hilary Duff try to get on the Like Mr. Mayer, Ms. Camp- economic shock that we’ve felt
same page, according to people bell isn’t seen as a creative ex- in our lifetime.”
familiar with the matter. ecutive, although ABC’s day- Small businesses, Mr. Zuck-
Since the pandemic forced time-programming division erberg said, will be able to per-
all employees to work from reported to her when she ran sonalize virtual storefronts to
home, Mr. Mayer has been the station group. While she show specific products that are
managing the rollout of Dis- has limited experience in the considered more relevant and
ney+ in several new interna- streaming world, she has more use augmented reality to let
tional markets. The success of operational experience than customers virtually try on
those launches, he said, had her predecessor did when he things such as sunglasses, lip-
persuaded him that the service started at the service. A Disney stick or makeup or sample
could continue without him. “I spokeswoman said Ms. Camp- what furniture might look like
am convinced that this team bell wasn’t available to com- in a room.
can replicate these launches ment. The virtual shops will ap-
.
and continue to grow the ser- Mr. Mayer is joining TikTok pear on the businesses’ Face-
vice in my absence,” he said. as usage of the short-video app book and Instagram accounts
ly
Mr. Mayer’s portfolio at Dis- is surging, drawing scrutiny and, eventually, on the Messen-
ney includes more than just from some lawmakers worried ger and WhatsApp messaging
Disney+. He oversees other about Chinese tech intrusions tools.
streaming efforts at Hulu and
ESPN+, along with global ad-
vertising sales and interna-
tional distribution for the Dis-
in the U.S. “This is a natural
next step for me,” Mr. Mayer
said. “It’s a new way for me to
have one more go at it.”
The move, which Facebook
said was months in the making
and was done with partners
such as Shopify Inc., comes a
ney Channel and other —Shan Li day after the company released
networks. contributed to this article. results from a survey of small-
business owners that found
that as of April nearly one-
third of small and midsize
businesses had stopped operat-
ing.
“Small businesses need a
haven’t been aired in the U.S. way to find new buyers,”
“We are ready for just about Shopify CEO Tobias “Tobi”
any contingency this fall. We Lütke said Tuesday, speaking
are not going to be going dark,” with Mr. Zuckerberg.
he said. Facebook, Mr. Zuckerberg
CBS tends to be relatively said, is building a dedicated
conservative when it comes to shopping tab on Instagram, for
JESSICA BROOKS/CBS/ASSOCIATED PRESS
tinkering with its lineup—and example, and a destination in-
that attitude has strengthened side Explore, a feed that helps
given the uncertainty surround- users discover things they
ing the industry and a desire to might be interested in based
not alienate the network’s core on factors such as people they
audience with lots of new follow or social-media posts
shows. they like. Live shopping fea-
“There are an awful lot of tures, he said, will be added.
unknowns out there, Let’s give “For years, people have used
the audience and the advertis- our apps to buy and sell things
ers what is known and what from the early days of posting
they like. This is a winning a photo of a bicycle with the
post-Covid world. And there schedule,” Mr. Kahl said. caption ’for sale,’ to selling
may be a financial effect on Of the three new shows, two your coffee table on Market-
production as well given the are built on existing intellectual place and now shopping styles
health-safety measures shoot- property and the third comes from your favorite brands and
ing will require. Mr. Kahl said it from a producer, in Mr. Lorre, influencers on Instagram,” Mr.
was too soon to speculate on who has many hits to his name Zuckerberg said in a statement
how costs could rise. including “Young Sheldon” on posted on the company’s blog.
Should the lockdown drag CBS. His pilot for “B Positive” “It was the people who use
on, Mr. Kahl said, the network was the only finished pilot CBS our apps who envisioned social
has options including acquiring had in hand when production commerce,” he added. “We’re
shows and existing content that shut down. helping them make it a reality.”
nology.
Azure Quantum’s competi-
tive advantage lies in prepar-
ing developers for commer-
cial-grade quantum
computers, said Matthew
Brisse, an analyst at research
firm Gartner Inc.
“This is truly their leg up,”
said Mr. Brisse, research vice
president of infrastructure
SYLVIA LEDERER/XINHUA/ZUMA PRESS
strategies at Gartner. Develop-
ers capable of using commer-
cial-grade quantum computers
when they launch in the next
few years will be in high de-
mand, and businesses are find-
ing that they should start pre-
paring now, Mr. Brisse said.
Companies in the financial
services, automotive and phar-
Microsoft’s Azure Quantum unit gives developers an online platform maceutical sectors have al-
to create algorithms and applications. Its lab in the Netherlands. ready started experimenting
with quantum computing.
Jij conducted a traffic optimi- have the potential to sort Azure Quantum provides
zation experiment last month through a vast number of pos- developers with an online
using Azure Quantum. The sibilities in nearly real time platform to create algorithms
companies found that quan- and come up with a probable and applications for quantum
tum algorithms running on solution. While traditional computers without having to
traditional computers could computers store information rewrite their code when hard-
reduce waiting time for driv- as either zeros or ones, quan- ware and algorithms get more
ers stopped at red lights from tum computers use quantum advanced. Developers can also
25 seconds to about 20 sec- bits, or qubits, which represent experiment with quantum al-
onds, representing a reduction and store information as both gorithms on traditional ma-
in wait time of about 20%, ac- zeros and ones simultaneously. chines, as the Toyota Tsusho
cording to Jij. A commercial-grade quantum project did, and customers
Jij, founded in late 2018 by computer hasn’t been built yet. also have access to early-stage
theoretical physicists, helps Microsoft announced its quantum-computing hardware
business customers such as foray into quantum computing from other vendors.
Toyota Tsusho experiment services aimed at software de- Azure Quantum is currently
with quantum computing ser- velopers last November. Micro- available to a select number of
vices from vendors including soft joins Alphabet Inc.’s Google undisclosed customers, said
Microsoft. and International Business Ma- Julie Love, principal group
By harnessing quantum chines Corp. in a race to com- program manager at Microsoft
physics, quantum computers mercialize the emerging tech- Quantum Systems.
 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.
Santander Settles Predatory-Loan Cases
BY BEN EISEN
AND ANNAMARIA ANDRIOTIS
Santander Consumer USA
Inc. has reached a $550 mil-
lion deal with nearly three
dozen states to settle charges
of predatory auto lending to
low-income and subprime
borrowers.
The settlement, announced
Tuesday, resolves charges
that one of the largest sub-
prime auto lenders in the U.S.
made loans borrowers
couldn’t afford to repay.
The states also claim that
Santander failed to monitor
dealers that falsified borrow-
ers’ incomes and other infor-
mation when submitting loan
applications.
“Over the last several
years, we have strengthened
our risk management across
the board—improving our
policies and procedures to
Sony Buys Full
Ownership of
Financial Unit
BY RIVER DAVIS
TOKYO—Sony Corp. said it
would spend $3.7 billion to take
full control of its banking and
insurance unit, calling the
Japan-centered business a
hedge against uncertainty
caused by the new coronavirus
and global tensions.
With the move, the con-
glomerate bucked criticism
from New York-based hedge
fund Third Point LLC, which
has said Sony has too many
businesses and should consider
selling its stake in the financial-
services unit.
Instead, Sony said it would
reassume 100% control of Sony
Financial Holdings Inc. nearly
13 years after the unit had an
initial public offering in Tokyo.
It currently owns 65% of Sony
Financial.
“As the world grapples with
coronavirus and geopolitical
risks, the financial services
business is important because
it has a stable business plat-
form in Japan,” said Sony Chief
Executive Kenichiro Yoshida at
an online briefing.
Though little known else-
where, Sony Financial is a sig-
nificant presence in Sony’s
home country, offering life in-
surance, auto insurance and
banking products such as for-
eign-currency accounts.
The unit has produced con-
sistent profits—generally
around 15% to 25% of Sony’s to-
Spotify Gets
Joe Rogan
no
Podcast
Continued from page B1
consistently ranks at the top
of Apple’s podcast rankings,
sitting at No. 2 on Tuesday.
Mr. Rogan’s many sponsors
include 23andMe, Dollar
Shave Club and ZipRecruiter.
“We’re going to be working
with the same crew doing the
exact same show,” Mr. Rogan
said as he announced the deal
on his podcast Tuesday. “The
only difference will be it will
now be available on the larg-
est audio platform in the
world.”
He also assured fans the
podcast will still be available
free on both Spotify’s ad-sup-
ported and premium tiers.
The deal comes after a year
in which Spotify, the largest
music-streaming service by
subscriptions, has made heavy
investments in podcasting as
it recasts itself as more than
just a music service. The com-
pany sees exclusive and origi-
nal podcasts as a way to dif-
ferentiate itself from other
music services.
It became the single biggest
podcasting platform earlier
this year, according to Midia
Research.
U.S. ad revenue from pod-
casts rose an estimated 42%
last year, to $678.7 million, ac-
cording to the Interactive Ad-
vertising Bureau.
Dow Jones & Co., publisher
of The Wall Street Journal,
has a content partnership with
Spotify’s Gimlet unit.
identify and prevent dealer
misconduct, and tightening
standards to ensure afford-
ability,” Santander said in a
written statement.
Thirty-three states and the
District of Columbia accused
Santander of extending loans
that were too big relative to
borrowers’ incomes, charging
excessive fees and failing to
monitor dealership loan-ap-
proval practices.
California Attorney General
Xavier Becerra said Santander
profited by extending high-in-
terest loans to buyers “who
were doomed from the start”
to default.
The settlement includes
$65 million of restitution for
consumers.
It also involves $433 mil-
lion in loan forgiveness, in-
cluding for customers who
have had cars repossessed
but still owe money to San-
tal operating profit in recent
years—with less volatility than
segments such as videogames
that fluctuate around the tim-
ing of new console and game
releases.
More recently, the business
of selling televisions and audio
equipment has taken a hit from
store closures and supply-chain
on
problems during the pandemic.
us ,
The company has said it ex-
l
pects operating income to fall
e
al a
by at least 30% in the year end-
ing March 2021 assuming that
business operations return to
ci on
normal by the end of 2020.
Sony said Tuesday it would
pay ¥2,600 (about $24) a share,
a 26% premium to Monday’s
closing price, to retake 100%
er s
control of Sony Financial. The
financial company’s shares rose
m er
nearly 17% to ¥2,412 in the
minutes after the Nikkei news-
paper reported the planned
transaction. Trading in Sony Fi-
nancial shares was then halted.
m rp
Sony’s lineup also includes
the PlayStation videogame
business, smartphone compo-
nents, Hollywood movies and
audio equipment.
co Fo
Third Point, the New York
fund, has said Sony shares suf-
fer from a conglomerate dis-
count, meaning investors value
the whole less than the sum of
the parts because they fear
management can’t properly run
such a diverse cast of busi-
nesses. In June, the fund said it
had invested $1.5 billion in
n-
The chain, founded in 1962, is seeking bankruptcy-court approval to wind down its operations quickly.
Pier 1 Imports Abandons Revival,
Will Close All Remaining Stores
BY AISHA AL-MUSLIM
AND COLIN KELLAHER
After nearly 60 years of
selling home décor and acces-
sories, Pier 1 Imports Inc. is
permanently closing its retail
stores in the wake of the coro-
navirus pandemic, though it
hopes to sell its intellectual
property and e-commerce
business.
The Fort Worth, Texas, re-
tailer on Tuesday sought bank-
ruptcy-court approval to wind
down its operations as soon as
possible after its roughly 540
stores are able to reopen their
doors and liquidate inventory.
The retailer is abandoning
efforts to emerge from bank-
ruptcy as a viable business af-
ter lenders that had explored
taking it over backed away,
leaving Pier 1 with no choice
but to shut down for good, ac-
cording to court papers.
“It is now clear that Pier 1’s
future does not involve any
BUSINESS NEWS
tander.
The lender also agreed to
waive balances for customers
who have very low credit
scores and who had stopped
paying their loans as of the
end of last year.
In addition to the penalty,
Santander agreed to factor its
borrowers’ ability to repay its
loans into its underwriting.
It agreed not to fund
loans that, when combined
with other debt payments and
monthly costs, would eat up a
borrower’s entire income.
Most auto-loan financing is
arranged through dealerships,
and lenders that fund the
loans are supposed to care-
fully review borrowers’ appli-
cations.
Lenders have been approv-
ing consumers for auto loans
that they can’t afford, includ-
ing loans with larger monthly
payments than borrowers’ in-
Sony Financial has made up to 25% of the parent company’s operating profit recently—with less volatility than segments like videogames.
Sony and called on the com-
pany to consider spinning off
its image-sensor business—
which supplies Apple Inc. and
other smartphone makers—and
selling its stake in Sony Finan-
cial.
Mr. Yoshida said the diverse
businesses were a strength and
helped the company grow. The
latest acquisition gives Sony
the opportunity to “foster new
synergies by leveraging its
brick-and-mortar retail loca-
tions,” the company said in
court papers.
The decision marks a rever-
sal for Pier 1, which said just
three weeks ago it was hoping
to restructure while laying the
groundwork to reopen a “criti-
cal mass” of its stores by June
1 as state and local govern-
ments eased restrictions on
nonessential shopping.
Pier 1, founded in 1962,
plans to begin going-out-of-
business sales with help from
liquidation firm Gordon Broth-
ers Retail Partners LLC in a
number of stores around May
22 and then reopen the rest of
its remaining locations as
more states relax stay-at-home
restrictions, court papers said.
The retailer is in talks with
several potential buyers about
its intellectual property and e-
commerce platform and one of
them might emerge as the lead
bidder for some of the assets,
the company disclosed in
Wednesday, May 20, 2020 | B5
comes, The Wall Street Jour- ers’ auto-loan applications
nal reported last year. that would have determined
More consumers are sign- whether they could afford the
ing up for loans that are financing, the states said in
larger than their car’s pur- their complaints.
chase price, the Journal re- It accepted stated-income
ported, increasing their loans without requiring docu-
chances of default. mentation from dealers or
consumers that would prove
the income listed on the ap-
$65M
plication, the states said.
Loan applicants’ housing
costs were also rarely veri-
fied, and Santander didn’t
Amount of restitution for have measures in place to
consumers under settlement catch falsified figures, the
states alleged.
When a loan application
didn’t include housing costs,
Consumer lawyers say the Santander would assume a
practices often result in re- lower figure than what was
possessed cars and damaged reasonable for the area, ac-
credit scores that make it cording to the complaints.
harder for people to qualify The settlement highlights
for affordable financing. lenders’ reliance on dealer-
Santander didn’t verify ships to boost loan sales.
several numbers in consum- There was internal tension
ly
technologies,” he said. stake in medical-equipment
Other technology giants maker Olympus Corp. Mr.
have been pushing into finance. Yoshida said he is going to con-
Last year, Apple introduced a tinue reviewing Sony’s lineup.
credit card. The company said Tuesday
Over the past decade, Sony it would rename itself Sony
has shown some willingness to Group Corp. next year to stress
cut ties with poorly performing the role of headquarters in
or peripheral business seg- managing the group’s portfolio
ments. In 2017, it sold its bat- of businesses.
tery business to Murata Manu- Sony’s conglomerate strat-
facturing Co., and last year it egy showed its advantages in
sold its more than $700 million recent quarters as gains from
Dozens of Public Firms
Plan to Keep SBA Aid
BY INTI PACHECO
At least 30 public companies
MARK HERTZBERG/ZUMA PRESS
that received loans under the
Small Business Administration’s
Paycheck Protection Program
say they plan to keep the
money, and some are telling in-
vestors to brace for scrutiny.
The Treasury Department,
after ruling that businesses with
access to other sources of capi-
tal weren’t eligible for the for-
givable loans, gave public com-
panies until Monday to return
the funds. More than 230 re-
ceived more than $1 billion as
part of the rescue package, ac-
cording to an analysis of public
court papers. The proposed filings through April 27—news
deadline for bids is July 1. that prompted an outcry and
Pier 1, which filed for chap- new guidance on eligibility.
ter 11 bankruptcy in February AutoNation Inc., Shake
and temporarily closed its Shack Inc. and the owner of
stores in March due to the Ruth’s Chris Steak House were
pandemic, said it worked with among those that said they
its financial and legal advisers would return the money. They
to analyze all available alter- were eligible under the rules
natives before deciding to liq- Treasury initially gave, they
uidate. said, and didn’t realize the
“This decision follows funding would run out before
months of working to identify smaller businesses could ap-
a buyer who would continue to ply. In the week before Mon-
operate our business going day’s deadline, 14 more public
forward,” Pier 1 said. “Unfor- companies said they were giv-
tunately, the challenging retail ing back the money.
environment has been signifi- In the same period, at least
cantly compounded by the 30 others said they were keep-
profound impact of Covid-19, ing the money—around $110
hindering our ability to secure million in all—a decision some
such a buyer and requiring us said could lead to an audit of
to wind down.” their applications. Those com-
Pier 1 closed almost half of panies, whose market capital-
the roughly 940 stores it had izations range from about $4.5
at the time of the bankruptcy million to $560 million, say
filing. It won permission in they believe they are eligible.
bankruptcy court to temporar- An audit, they say, could harm
ily stop paying rent. their business by reducing li-
at Santander over how to
handle dealerships that were
found to have falsified appli-
cations, according to the
states’ complaints.
The lender, the states said,
tracked problematic dealers
but often failed to cut ties
with them if they were deliv-
ering enough profitable loans.
Santander’s loans, which
often come with double-digit
interest rates, are typically
packaged into bonds and sold
to investors.
Last year, Santander issued
$8.3 billion worth of these
bonds, more than twice the
amount of the next largest
subprime auto lender, accord-
ing to data from Finsight.
Santander in 2017 settled
claims stemming from its
subprime auto-lending prac-
tices with the attorneys gen-
eral of Delaware and Massa-
chusetts.
.
BRITTA PEDERSEN/DPA/ZUMA PRESS
image sensors offset setbacks
in its game and electronics
units. Resilient demand for
smartphones with new fifth-
generation wireless technology
made Sony’s image-sensor
business a bright spot amid
widespread losses in the Janu-
ary-March quarter.
Sony shares closed 3.2%
higher in Tokyo trading com-
pared with a 1.5% rise in the
Nikkei Stock Average.
quidity and leading to penalties.
Senseonics Holdings Inc., a
medical-technology company in
Germantown, Md., said in a se-
curities filing that it would keep
the $5.8 million it got. The 191-
employee company blamed the
controversy about loans to pub-
lic companies on a “lack of clar-
ity regarding loan eligibility.” It
said if it was determined to be
ineligible, the result could be
“significant civil, criminal and
administrative penalties.”
Nortech Systems Inc., a ser-
vice provider for electronics
manufacturers based in Wayz-
ata, Minn., warned investors
that a negative finding in an au-
dit by the Treasury Department
could force it to return its $6.1
million loan. Nortech employed
784 people and generated $116
million in revenue last year.
A spokeswoman for Senseon-
ics said it is monitoring the
evolving guidance and will use
the funds only for authorized
purposes. “We expect to make
decisions over the next few
weeks based on any further up-
dates or changes to the guid-
ance and, if appropriate, would
promptly return a portion of the
loan at that time,” she said.
Nortech didn’t respond to
requests for comment.
Late last month, Treasury
Secretary Steven Mnuchin asked
publicly traded companies to re-
turn their loans. The depart-
ment updated guidance to say
“a public company with sub-
stantial market value and access
to capital markets” would prob-
ably be unable to demonstrate
that it needed a government-
backed loan to stay afloat.
 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 | Wednesday, May 20, 2020
THE PROPERTY REPORT
MIKE BLAKE/REUTERS
The sprawling California State University System said it will operate primarily online in the fall. A graduate poses at the university system’s San Diego State campus.
Web Classes Dent College Housing
BY KEIKO MORRIS classes for its new medical,
AND MELISSA KORN dental and other graduate stu-
dents.
Many investors have long
wagered that the student-
housing sector was a safe bet
even during tough economic
Other institutions have said
they would make decisions in
the coming weeks.
“Everybody’s got heart-
on
periods. The pandemic is burn,” said Shawn Lubic, di-
us ,
threatening that notion. rector of student housing capi-
l
Student demand for off- tal markets at Cushman &
e
al a
campus housing typically stays Wakefield, which advises in-
constant, especially at large vestors and markets proper-
public universities, because ties in the sector. “We’re at
ci on
even during bad times college the mercy of the schools.”
enrollment tends to remain Student Housing Solu-
stable. tions, which serves students
Now, after a strong start near three Florida campuses
before the coronavirus out- including Florida State Univer-
er s
break, many student housing sity, said it has leased for the
facilities are trailing their fall about 60% of its proper-
m er
year-ago rates for locking in ties. That’s about 15 percent-
new tenants as families await age points behind preleasing
confirmation of campus re- levels at this time last year.
openings. “Operators believe student
An online fall semester housing is recession proof,”
m rp
could prove disastrous for said Jennifer Pearce, chief ex-
them, and in some places it’s ecutive of Student Housing So-
already shaping up that way. lutions. “But we’re not pan-
The sprawling California State demic proof.”
University System, with 23 Many colleges are still
co Fo
campuses and more than poised to open in the fall,
480,000 students, said this which has kept student hous-
month it would operate pri- ing demand broadly in line
marily online in the fall. East- with previous years. Preleasing
ern Washington University has for the U.S. student-housing
said it would be mostly online industry through April stood
as well, and Harvard Medical at nearly 65%, which was
School is planning remote barely changed from a year
ADVERTISEMENT
Business Real Estate & Auctions
n-
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
AUCTIONS GEORGIA
no
   
ago, according to real-estate near Midwest and Sunbelt
data-analytics firm RealPage. state schools, where Covid-19
Still, analysts say the pan- hasn’t been as prevalent and
demic has undermined the no-
tion that student housing is
always a safe bet, and some
warn that even campuses
economies are opening back
up.
American Campus Chief Ex-
ecutive Bill Bayless says leas-
planning to open could soon ing for the fall semester is
change their minds. shaping up similar to last year,
“It just takes one outbreak and he anticipates students
to shut it all down again,” said will return to their university
John Pawlowski, a senior ana- towns even if some classes re-
lyst at real-estate research main online.
firm Green Street Advisors. The only publicly traded
company purely dedicated to
student housing manages
65%
nearly 138,000 beds world-
wide and picked up 985 new
students in March and April
after campus dorms were
Preleasing level for student- closed, a rare surge of new
housing industry through April tenants for that time of the
year, Mr. Bayless said.
The company reported pre-
leasing levels at 76.6% for the
Green Street last week 2020-21 academic year, higher
downgraded industry giant than the year-earlier rate of
American Campus Communi- 76.2%.
ties Inc. to sell from hold, cit- Others reported a more
ing concerns that occupancy dramatic slowdown. Blue
could take a near-term hit. Vista Capital Management
American Campus shares are LLC, which with affiliates
down 20%, compared with a owns or manages more than
7.8% gain for the S&P 500 35,000 beds near schools in-
stock index, since March 13. cluding Syracuse and the Uni-
Other analysts have noted versity of Southern California,
American Campus Communi- was 7 percentage points ahead
ties’ properties are located of last year before the pan-
Havens Suddenly Not So Safe
For Commercial Real Estate
OHIO
THE WALL STREET JOURNAL.
ly
demic; now it’s 5 points be-
hind, at 65% preleased.
For schools that do open,
off-campus housing may be
better-suited for social dis-
tancing than traditional col-
lege dormitories because many
feature private bathrooms and
bedrooms for each student,
and students don’t need to
rely on communal dining halls.
Scion Group, which has
more than 55,000 beds near 55
campuses around the country,
including the University of
Florida and Purdue University,
said it’s already deep into dis-
cussions with at least two
schools to reserve large blocks
of space in off-campus build-
ings so students aren’t
crammed together in dorms
amid continuing health con-
cerns.
The schools are looking to
switch from doubles and tri-
ples to single-occupancy
rooms, said Scion President
Robert Bronstein. Some are
planning to keep entire build-
ings empty, in case they need
facilities for students under
quarantine.
“Medium to long term, it is
very much going to change the
dynamic” between schools and
their off-campus housing oper-
ators, Mr. Bronstein said.
Builder
Katerra to
Get New
CEO, Cash
BY KONRAD PUTZIER
Construction startup Kat-
erra is replacing its chief exec-
utive and has secured new
funding, as the firm tries to
navigate a sharp industry
slowdown caused by the pan-
demic.
Paal Kibsgaard, the former
chief executive of oil services
firm Schlumberger Ltd. and
most recently Katerra’s chief
operating officer, is taking
over the helm on July 1. Mi-
chael Marks, who co-founded
the company in 2015, is step-
ping down, Katerra said.
Katerra said Mr. Marks
wants to focus full-time on his
venture-capital firm, WRVI
Capital.
In his statement, Mr. Marks
said “operational excellence
will be instrumental to our
long-term success as we come
out of the Covid crisis, and
now is the right time to put
Paal’s experience to work as
CEO.”
Katerra also said it would
receive $200 million in new
funding from its biggest
backer, SoftBank Group Corp.,
.
bringing its total venture fund-
ing to more than $2 billion.
Katerra has said it aims to
make the construction process
cheaper and faster by assem-
bling more building parts in
factories. The company em-
ploys around 8,000 people and
is currently building about
6,000 apartments around the
globe. It has signed contracts
with the Saudi Arabian gov-
ernment to build more than
12,000 homes in the country.
But its growth has been
bumpy. Some of its U.S. proj-
ects had delays and cost over-
runs, and in December the
company closed its Phoenix
factory. The company’s other
co-founder, Fritz Wolff, left the
board last year.
The coronavirus pandemic
adds another challenge. The
company had to temporarily
wind down projects in Wash-
ington state and New Jersey
following government orders
restricting construction work,
and saw its India projects shut
down, although some are
starting again, Mr. Kibsgaard
said.
A prolonged economic mal-
aise could also hurt its busi-
ness. “If there is a slowdown
in the startup of new projects,
that is something we need to
be prepared for,” Mr. Kib-
sgaard said.
 


 BY KONRAD PUTZIER
   
 



More office- and apartment-
building owners are falling be-
 
hind on their mortgages, a sign

     the economic shutdown is

         harming stabler property types
 
 
    and raising the prospect of
  


 
   widespread industry damage.
EMIL LENDOF/THE WALL STREET JOURNAL

     !" Office leasing has mostly

 !"    
 #  "$%
dried up in recent weeks and
-+.  ./ 0.1-.
  
  companies increasingly say
213141 01-. 002.5-.6 78/   
         they want to use less office
49 .6 :2
-3 1
6
1 .     

  


-.12.
.1 '
. ;. ' 0.-
space in the future and let
 
    
65 012:1 . 6 - ./ 82-8
21
  
 !     more employees work remotely.
1
296 95-11 - 531< 71       " # $%$& 
  At the same time, the economic
10.= 
281.= 1. 56= 13  '()* +, #     and business collapse is leaving
9.12=  41 $
231-
-3 21       " -)  . 
    
 /   " '
 0
many people unable or
# 
= >2 ?5- @ - $1222 3'4   5* 0
 78  9   *  0 : unwilling to pay rent for their
.1 2 93 41 :2
-6/121
.  6 
   ;7 " 6<%&;0 : #
-1.2A      # " # 6<:2&;0 :
apartments.
 * # " .
Owners of hotels and retail The owner of the 500,000-square-foot Whale Building in Brooklyn
properties were the first to run is negotiating to hand over the building mortgage lender.
out of money and start to de-
fault back in March, but those Building is negotiating to hand sion, but Madison Realty Capi-
types of real estate already over the building to its mort- tal decided it would rather hand

  looked vulnerable. gage lender, TPG RE Finance over the property than pay off
 
     

 

Hotels are the most econom- Trust Inc., the firm said during the outstanding $81.4 million in

     
  
 /1 '  0
 / 1 ==

># 0 7
 (  /
COMMERCIAL PROPERTIES
 ! " !
!#$ %   
&' &( )*+ ,!)!
short-term stays and easy can-
'  0
ically sensitive because of their an earnings call last week. debt and meet obligations to
=
The owner, Madison Realty another investor in the build-
OHIO
cellation policies. Shopping Capital, bought the former in- ing, according to TPG RE Fi-
centers were already under as- dustrial building in 2015 and nance Trust. Madison didn’t re-
 sault from e-commerce before
malls started to shut down un-
converted it into offices. At the
time, tech companies were
spond to a request to comment.
TPG RE Finance Trust also
  



 

 )
*  +,*- ,*, * der government orders. flocking to New York and downgraded a mortgage backed
               *.-  -  ,*,/ 0 - -
       
 
  !  "   
 Offices and rental apartments postindustrial offices in the hip- by a high-end rental apartment
 .. *  - 
.. *.-
  

      
    
 # $

 * &, ,* &. ! &. , seemed safer bets. Because of- per parts of Brooklyn and Man- building in downtown Houston

   
 %  
 &'  
(




        
 - 1!  +,/ 2 " . fice properties have long-term hattan were in high demand. after the owner was late on
& 2. . leases backed by corporate “The sponsorship bought it loan payments, according to
   





 

     
  


 

  
 

guarantees, income hasn’t fallen to convert it to creative office public records.
 
  


 

    as quickly. And people always and, you know, I think there In April and May, 354 apart-
     
  ! "## $
  %&'  #$#  %  
  &#

   '& (&(&  (&&  need a place to live. wasn’t a tremendous amount of ment and office properties
 

& (
 ) ** 
&
)* +++%,*)% - - * )%
        But the severity of the eco- demand for that,” Greta started missing payments on
   + ,,,&--

& )   
& ./ 0 2  3  2 
  0 nomic downturn hasn’t spared Guggenheim, chief executive of $7.1 billion in mortgages, ac-
  !
 ./ 01 2   
  33
%
 0   

any type of real estate this the lender, said during the call. cording to data from Trepp
./22%423% 5   & *- %& ./22%23% 522 **
%
          
    

    66778  
 *- 9& --:   !
" 
" spring, and a number of prop- The property was valued at LLC, which includes only loans
--;

<&   ** 9 ##  ! erties are already troubled. In more than $150 million in 2018, packaged into mortgage bonds.
    ** 
 = $' >6676 
" 
"
Brooklyn, the owner of the according to filings with the Se- That is up from around $4.2
!!!" ,,,&--

& .''&/ $'#+++%,*)%
500,000-square-foot Whale curities and Exchange Commis- billion in February and March.
 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. Wednesday, May 20, 2020 | B7

BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
Carlisle CSL 115.05 0.51 ConstBrands A STZ 168.90 0.39 DukeRealty DRE 31.87 -0.58 EversourceEner ES 78.23 -1.00 Garmin GRMN 82.05 0.16 Gentex GNTX 25.25 -0.18
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. G H I IT 115.40 -3.40 GenuineParts GPC 76.40 -0.91
Carlyle CG 24.96 -0.08 ContinentalRscs CLR 13.44 -1.24 Dunkin' DNKN 63.31 -0.30 ExactSciences EXAS 83.09 -0.69 Gartner
Market listed securities. Prices are composite dd-Indicates loss in the most recent KMX 78.95 -0.80 Cooper Generac GNRC 110.12 -1.29 GileadSciences GILD 72.34 -2.42
CarMax COO 298.36 -3.81 DuPont DD 47.78 -0.32 Exelixis EXEL 24.88 -0.81
quotations that include primary market trades four quarters. CCL 14.11 -0.61 Copart EXC 36.71 -0.83 GCI LibertyA GLIBA 63.16 -0.63 GeneralDynamics GD 136.19 -3.29 GSK GSK 40.93 -0.35
Carnival CPRT 83.93 -0.05 Dynatrace DT 36.49 1.60 Exelon
as well as trades reported by Nasdaq BX FD-First day of trading. CarrierGlobal CARR 17.77 0.22 Coresite 18.04 -0.70 Expedia EXPE 76.35 -2.84 GDS Holdings GDS 63.34 2.12 GeneralElec GE 6.21 -0.06 GlobalPayments GPN 179.91 -0.19
COR 121.55 -0.95 ENI E
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Carvana CVNA 88.91 -9.68 Corning GLW 20.84 -0.13 EOG Rscs EOG 50.66 -1.78 ExpeditorsIntl EXPD 71.92 -1.77 GFLEnvironmental GFL 17.78 ... GeneralMills GIS 60.73 -0.85 Globant GLOB 134.08 3.09
Cboe, NYSE National and Nasdaq ISE. standards CaseysGenStores CASY 145.48 -4.29 Corteva CTVA 23.99 -0.02 EPAM Systems EPAM 218.64 -3.29 ExtraSpaceSt EXR 87.45 0.32 Galapagos GLPG 219.20 -3.41 GeneralMotors GM 24.69 -0.12 GlobeLife GL 70.75 -3.19
The list comprises the 1,000 largest lf-Late filing Catalent CTLT 76.77 1.03 CoStar CSGP 674.66 15.94 E*TRADE ETFC 40.37 -1.04 ExxonMobil XOM 43.94 -1.40 Gallagher AJG 90.22 -0.08 Genmab GMAB 29.12 -0.28 GlobusMedical GMED 49.23 -0.56
companies based on market capitalization. q-Temporary exemption from Nasdaq Caterpillar CAT 112.08 -2.94 Costco COST 304.63 1.87 EastWestBncp EWBC 32.78 -2.12 F5Networks FFIV 138.93 -2.24 Gaming&Leisure GLPI 31.14 1.39 Genpact G 33.73 -1.25 Continued on Page B8
Underlined quotations are those stocks with requirements. Celanese CE 83.88 -0.43 CoupaSoftware COUP 212.74 2.84 EastmanChem EMN 63.40 0.47 FMC FMC 89.18 -1.65
large changes in volume compared with the t-NYSE bankruptcy CenovusEnergy CVE 4.01 -0.43 Credicorp BAP 132.91 -2.90 Eaton ETN 76.34 -1.93 Facebook FB 216.88 3.69
issue’s average trading volume. v-Trading halted on primary market. Centene CNC 66.91 -0.83 CreditAcceptance CACC 343.36 -0.61 s eBay EBAY 42.40 -0.10 FactSet FDS 287.42 -3.89
vj-In bankruptcy or receivership or
Boldfaced quotations highlight those issues
whose price changed by 5% or more if their
being reorganized under the
Bankruptcy Code, or securities
CenterPointEner CNP 17.04 -0.45 CreditSuisse CS
CentraisElBras EBR 4.14 -0.15 Cree
8.31 -0.16 Ecolab
CREE 49.65 0.26 Ecopetrol
ECL 201.24 -3.65 FairIsaac
EC 10.30 -0.25 Farfetch
FICO 369.08 2.41
FTCH 13.43 -0.97 Dividend Changes
CenturyLink CTL 9.58 -0.11 CrowdStrike CRWD 78.55 2.45 EdisonInt EIX 57.42 0.24 Fastenal FAST 38.56 -0.51
previous closing price was $2 or higher. assumed by such companies. CeridianHCM CDAY 64.40 -0.48 CrownCastle CCI 152.56 -3.84 EdwardsLife EW 215.20 -1.23 FederalRealty FRT 77.77 -1.05 Dividend announcements from May 19.
Cerner CERN 67.78 -0.60 CrownHoldings CCK 62.61 -0.09 ElancoAnimal ELAN 19.41 -0.30 FedEx FDX 114.79 -4.40
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CharlesRiverLabs CRL 169.88 -1.90 CubeSmart CUBE 25.15 0.21 Elastic ESTC 73.91 2.41 Ferrari RACE 158.25 -4.51 Amount Payable /
changes in the closing prices from 4 p.m. the previous day. CharterComms CHTR 520.44 2.65 Cummins CMI 157.79 -4.24 ElbitSystems ESLT 135.34 -0.94 FiatChrysler FCAU 8.00 -0.47 Company Symbol Yld % New/Old Frq Record
CheckPoint CHKP 105.50 -0.94 CyrusOne CONE 69.69 -0.06 ElectronicArts EA 118.54 1.42 FidNatlFin FNF 27.07 -0.31
Chegg CHGG 61.03 -1.17 EmergentBiosol EBS 86.44 -3.08 FidNatlInfo FIS 135.44 -0.90 Increased
Tuesday, May 19, 2020 Net Net Chemed CHE 467.96 2.19 D E F EmersonElec EMR 55.70 -0.72 FifthThirdBncp FITB 17.03 -0.84 Marine Petroleum Trust Un MARPS 16.8 .1038 /.06545 Q Jun29 /May29
Net Stock Sym Close Chg Stock Sym Close Chg CheniereEnergy LNG 43.13 -0.39 Enbridge ENB 32.08 0.08 58.com WUBA 51.12 -0.82
Stock Sym Close Chg CheniereEnerPtrs CQP 31.89 -0.24 DISH Network DISH 26.76 0.02 EncompassHealth EHC 72.14 2.12 FirstAmerFin FAF 47.05 -0.44 Reduced
Aptiv APTV 70.00 -0.18 Brown-Forman A BF.A 61.21 -0.95 Chevron CVX 89.62 -2.93 DTE Energy DTE 102.86 -0.38 EnelAmericas ENIA 7.77 -0.02 FirstRepBank FRC 97.61 -3.47
Aramark ARMK 25.08 -0.53 Brown-Forman B BF.B 67.11 -0.56 DHR 159.12 -3.12
CHWY 40.05 -1.03 Danaher ENIC 3.66 0.03 FirstEnergy FE 40.36 -0.75 Cross Timbers Royalty Tr 14.2 .0563 /.08589 M Jun12 /May29
CRT
A B C ArcelorMittal MT 9.19 -0.16 Bruker BRKR 43.15 0.15
Chewy
ChinaLifeIns LFC 9.85 0.03 Darden DRI 75.82 0.37
EnelChile
ArchCapital ACGL 24.28 -0.09 Bunge BG 35.14 -0.29 Datadog DDOG 70.06 2.65
EnergyTransfer ET 7.95 0.14 Fiserv FISV 102.48 -2.57 Permian Basin Royalty Tr PBT 13.6 .0165 /.02305 M Jun12 /May29
ABB ABB 18.62 -0.06 ChinaMobile CHL 35.73 -1.49 s EnphaseEnergy ENPH 67.04 2.62 FiveBelow FIVE 94.28 -0.26 Permianville Royalty Tr PVL 21.8 .0153 /.029 M Jun15 /May29
ArcherDaniels ADM 34.82 -0.62 BurlingtonStrs BURL 177.97 -0.70 ChinaPetrol SNP 47.81 -0.51 DaVita DVA 80.21 -0.50
ACADIA Pharm ACAD 51.04 -1.02 arGEN-X ARGX 163.21 -1.47 CACI Intl CACI 236.11 -3.03 Entegris ENTG 57.47 0.44 Five9 FIVN 103.80 0.15 San Juan Basin Royalty Tr SJT 4.6 .0043 /.03215 M Jun12 /May29
ChinaUnicom CHU 6.28 -0.14 Deere DE 136.15 -1.75
ADT ADT 6.41 0.11 AristaNetworks ANET 219.76 4.14 CBRE Group CBRE 37.97 -1.12 Entergy ETR 96.56 -2.86 FleetCorTech FLT 233.88 -3.89
AECOM ACM 33.92 -0.77 s Chipotle CMG 1009.08 10.50 DellTechC DELL 44.04 0.26 EnterpriseProd EPD 18.48 0.31 Flex FLEX 9.97 -0.26 Initial
ArrowElec ARW 65.78 -0.16 CDK Global CDK 38.28 -0.23 Chubb CB 102.03 -3.31 DeltaAir DAL 21.76 -0.10
AES AES 12.81 -0.23 AscendisPharma ASND 143.19 2.42 CDW CDW 105.99 -0.52 Equifax EFX 146.21 0.11 FlirSystems FLIR 44.85 -1.18 MetLife Pfd. F 4.9 .49479 Jun15 /May29
Aflac AFL 33.63 -0.84 ChunghwaTel CHT 37.03 -0.32 DentsplySirona XRAY 41.08 0.51 Equinix EQIX 650.13 -9.59 Floor&Decor FND 46.40 -1.30
METpF
AspenTech AZPN 94.87 0.88 CF Industries CF 27.19 0.80 Church&Dwight CHD 72.11 -0.98 DeutscheBank DB 7.06 -0.07
AGNC Invt AGNC 12.99 0.09 Assurant AIZ 97.98 -0.31 CGI GIB 60.87 -0.97 Equinor EQNR 14.46 0.07 FlowersFoods FLO 23.09 -0.11 Stocks
ANGI Homesvcs ANGI 10.61 ... s Ciena CIEN 51.17 -0.19 DevonEnergy DVN 12.31 -0.81 Equitable EQH 17.23 -0.95 FomentoEconMex FMX 63.78 -2.16
AstraZeneca AZN 53.57 0.12 CH Robinson CHRW 75.96 -1.88 Cigna CI 191.78 -1.73 DexCom DXCM 404.57 -9.87
Ansys ANSS 262.41 -1.10 5.30 -0.01 Mercurity Fintech ADR MFH 1:2 /May19
ASETech ASX 4.06 -0.21
Athene ATH 26.31 -1.30 CME Group CME 179.76 -6.04 CincinnatiFin CINF 52.09 -1.08 Diageo DEO 139.20 -0.90 EquityLife ELS 59.49 -0.85 FordMotor F
Atlassian TEAM 181.28 -0.88 CMS Energy CMS 55.31 -0.78 EquityResdntl EQR 57.72 -2.74 Fortinet FTNT 144.82 0.15
ASML ASML 306.25 1.36 Cintas CTAS 238.98 2.55 DiamondbkEner FANG 41.84 -1.60 ErieIndemnity A ERIE 170.94 1.21 Fortis FTS 37.03 -0.25 Foreign
AtmosEnergy ATO 96.30 -2.22 CNA Fin CNA 27.25 -0.42 CiscoSystems CSCO 44.61 -0.46 DigitalRealty DLR 131.41 -0.02 EssentialUtil WTRG 39.90 -1.33 Fortive
AT&T T 28.96 -0.49 Autodesk ADSK 194.71 4.61 FTV 59.11 -0.08 Enel Chile ADR ENIC 6.5 .21637 SA May21 /May20
CNH Indl CNHI 5.55 -0.40 Citigroup C 44.43 -1.24 DiscoverFinSvcs DFS 39.75 -1.31 EssexProp ESS 230.99 -9.61 FortBrandsHome FBHS 59.59 -0.83
AbbottLabs ABT 88.22 -2.05 Autohome ATHM 76.68 1.13 CNOOC CEO 117.85 -0.87 CitizensFin CFG 20.67 -0.91 DiscoveryB DISCB 38.06 -0.44 EsteeLauder EL 174.58 -3.67 FoxA
AbbVie ABBV 91.20 -0.27 Autoliv ALV 63.40 1.14 FOXA 27.57 0.10 Special
CRH CRH 29.33 -0.71 CitrixSystems CTXS 137.17 -2.72 DiscoveryA DISCA 21.05 -0.23 Etsy
Abiomed ABMD 190.79 -0.26 ADP ADP 133.10 -3.30 ETSY 77.08 -1.10 FoxB FOX 26.94 0.09
CSX CSX 65.96 -0.43 Clarivate CCC 23.16 -0.39 DiscoveryC DISCK 19.14 -0.16 EuronetWorldwide EEFT 90.13 -0.59 Franco-Nevada FNV 148.82 1.58 Camping World Cl A CWH 1.8 .0732 Jun30 /Jun15
AcceleronPharma XLRN 99.76 -4.84 AutoZone AZO 1104.41 21.41 CVS Health CVS 63.61 -0.12 Clorox CLX 201.72 -2.23 Disney DIS 114.37 -2.48
Accenture ACN 190.09 -2.66 s Avalara AVLR 105.36 4.16 Everbridge EVBG 152.19 -2.65 FranklinRscs BEN 17.93 -0.41
CableOne CABO 1866.23-63.91 Cloudflare NET 28.04 -0.03 s DocuSign DOCU 127.22 4.30 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
ActivisionBliz ATVI 73.03 0.15 Avalonbay AVB 154.65 -3.83 EverestRe RE 186.36 6.00 FreeportMcM FCX 9.14 -0.04
CabotOil COG 18.21 -0.26 Coca-Cola KO 44.54 -0.43 DolbyLab DLB 55.75 0.31
AdaptiveBiotech ADPT 40.07 0.77 Avangrid AGR 40.36 -0.64 s CadenceDesign CDNS 85.44 2.07 Evergy EVRG 57.74 -0.67 FreseniusMed FMS 39.73 -0.36 ratio; SO: spin-off.
Adobe ADBE 372.20 4.23 Coca-Cola Euro CCEP 36.58 -0.27 DollarGeneral DG 181.48 -0.57
Avantor AVTR 17.25 -1.03 CaesarsEnt CZR 10.51 0.04 s Cognex CGNX 60.85 0.98 DollarTree DLTR 79.99 1.40
AdvanceAuto AAP 135.82 4.71 AveryDennison AVY 102.81 -1.68 CamdenProperty CPT 88.89 -2.03 CognizantTech CTSH 51.48 -1.44 DominionEner D 78.83 -1.02
AdvMicroDevices AMD 55.47 0.88 AxaltaCoating AXTA 20.94 -0.06 CampbellSoup CPB 49.62 -1.32 ColgatePalm CL 69.25 -0.97 Domino's DPZ 370.01 5.51
Aegon
AgilentTechs A
AEG 2.44 -0.03
81.97 -1.69
BCE BCE 39.71 0.28
BHP Group BHP 44.85 0.06
CIBC CM 58.77 -1.81
CanNtlRlwy CNI 81.31 0.39
Comcast A CMCSA 38.21 0.12 Donaldson DCI 44.49 -0.91
Comerica CMA 32.14 -1.51 DouglasEmmett DEI 27.57 -0.42
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
AgnicoEagle AEM 68.01 1.90 BHP Group BBL 37.33 -0.09 CanNaturalRes CNQ 18.00 -0.74 CommerceBcshrs CBSH 57.27 -1.77 Dover DOV 89.56 -0.96
AirProducts APD 236.03 -2.92 BP BP 22.91 -0.60
AkamaiTech AKAM 97.30 -0.80
Albemarle ALB 63.51 -0.42
B2Gold BTG 5.55 0.29
BWX Tech BWXT 57.42 -0.32
CanPacRlwy CP 231.66 -0.46
Canon CAJ 20.37 -0.07
SABESP SBS 6.87 -0.25 Dow DOW 35.64 -1.10
ConagraBrands CAG 33.04 -0.97 DrReddy'sLab RDY 48.67 -0.64 Money Rates May 19, 2020
Alcon ALC 60.11 -0.39 CanopyGrowth CGC 17.30 0.98 ConchoRscs CXO 57.33 -1.94 DraftKings DKNG 29.57 0.02
Baidu BIDU109.75 2.16 CapitalOne COF 60.25 -3.15 ConocoPhillips COP 42.67 -0.93 Dropbox DBX 21.75 0.16 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
AlexandriaRlEst ARE 145.31 -0.05 BakerHughes BKR 14.51 -0.83
AlexionPharm ALXN 101.22 -1.50 CardinalHealth CAH 51.56 -0.65 ConEd ED 70.88 -2.23 DukeEnergy DUK 83.29 -1.63
Alibaba BABA 217.20 1.92
Ball BLL 64.28 -0.07 guide to general levels but don’t always represent actual transactions.
BancoBilbaoViz BBVA 2.79 -0.23
AlignTech ALGN 224.37 -5.05 BancoBradesco BBDO 2.83 -0.08 Week —52-WEEK— Week —52-WEEK—
Inflation
New Highs and Lows | WSJ.com/newhighs
Alleghany Y 469.40-17.71 BancodeChile BCH 16.46 -0.28 Latest ago High Low Latest ago High Low
Allegion ALLE 94.25 -1.63 BancSanBrasil BSBR 4.13 -0.20 April index Chg From (%)
AlliantEnergy LNT 46.32 -1.42 BcoSantChile BSAC 15.64 -0.38 Low 0.0300 0.0300 2.3800 0.0200
s AllogeneTherap ALLO 48.15 -0.19 BancoSantander SAN 1.95 -0.17
level March '20 April '19 Commercial paper (AA financial)
Allstate ALL 97.27 -1.77 Bid 0.0500 0.0500 2.4000 0.0100
BankofAmerica BAC 22.21 -0.72 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE 90 days 0.17 0.26 2.53 0.04
AllyFinancial ALLY 15.96 -0.61 BankofMontreal BMO 46.80 -0.89 American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low U.S. consumer price index Offer 0.0800 0.0800 2.5000 0.0500
AlnylamPharm ALNY 142.41 -2.46 BankNY Mellon BK 33.52 -0.21 in the latest session. % CHG-Daily percentage change from the previous trading session.
Alphabet C GOOG 1373.49-10.46 BkNovaScotia BNS 36.65 -1.66
All items 256.389 –0.67 0.3 Treasury bill auction Libor
Alphabet A GOOGL 1374.40-10.78 Barclays BCS 5.01 -0.16 Core 266.089 –0.46 1.4
Alteryx AYX 137.53 8.57 Tuesday, May 19, 2020 4 weeks 0.090 0.095 2.365 0.000 One month 0.17088 0.18388 2.44000 0.17075
BarrickGold GOLD 28.10 0.90
AlticeUSA ATUS 24.66 0.44 BauschHealth BHC 17.93 0.57 52-Wk % 52-Wk % 52-Wk % 13 weeks 0.130 0.125 2.335 0.000 Three month 0.37413 0.42400 2.52488 0.37413
Altria MO 37.12 -0.48 BaxterIntl BAX 86.52 -0.30 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg International rates 26 weeks 0.150 0.155 2.340 0.080
s Amazon.com AMZN 2449.33 23.07 Six month 0.59038 0.65863 2.57063 0.59038
BectonDicknsn BDX 263.20 -1.57 Imara IMRA 30.80 2.4 SturmRuger RGR 61.64 4.0
ABEV 2.09 -0.04 Week 52-Week One year 0.72188 0.76875 2.66563 0.71825
Ambev BeiGene BGNE 168.82 2.57 Highs IntelliaTherap NTLA 20.43 4.0 SyndaxPharm SNDX 21.97 -7.9
Secondary market

.
Amcor AMCR 9.40 -0.24 Berkley WRB 51.32 -0.60 JD.com JD 56.50 -2.3 TakeTwoSoftware TTWO 143.22 5.0 Latest ago High Low
Amdocs DOX 61.68 -0.69 BerkHathwy B BRK.B 172.49 -2.97 ACM Research ACMR 69.25 3.3 JawsAcquisition JWS.U 10.35 0.6 TranslateBio TBIO 21.95 1.0
ADC Therap ADCT 31.88 3.8 KGC 7.63 7.2 TRVN 1.50 10.9 Euro Libor

ly
Amedisys AMED 189.94 -3.26 BerkHathwy A BRK.A 258700-4200.00 KinrossGold Trevena Fannie Mae
Amerco UHAL 294.80 -3.48 BerryGlobal BERY 40.88 -1.23
AllogeneTherap ALLO 49.81 -0.4 LHC Group LHCG 164.31 0.4 Trex TREX 124.50 -2.9 Prime rates
Amazon.com AMZN2485.00 1.0 LibertyMediaRt LSXMR 8.10 20.5 Tuscan THCB 10.16 0.2 30-year mortgage yields One month -0.446 -0.436 -0.360 -0.621
Ameren AEE 70.65 -1.58 BestBuy BBY 83.48 -3.68 Anterix ATEX 57.00 -0.1 LogitechIntl LOGI 56.22 1.8 TwistBiosci TWST 42.17 -3.0 U.S. 3.25 3.25 5.50 3.25
AmericaMovil AMX 12.37 -0.62 BeyondMeat BYND 136.20 6.17 ArcturusTherap ARCT 62.97 2.8 MaidenHoldings MHLD 1.43 0.9 UnitedTherap UTHR 124.78 -0.7 Canada 2.45 2.45 3.95 2.45 30 days 2.284 2.333 3.680 2.196 Three month -0.292 -0.231 -0.142 -0.539
AEP AEP 77.14 -2.74 s Bilibili BILI 35.22 1.56 Avalara AVLR 106.91 4.1 MaidenHldgsPfdA MHpA 8.85 8.6 VBI Vaccines VBIV 2.69 15.2 Six month -0.124 -0.112 -0.052 -0.491
AmerExpress AXP 87.26 -1.15 Bill.com BILL 78.50 2.38 Avaya AVYA 14.64 1.9 MercadoLibre MELI 827.33 1.4 Vermillion VRML 2.80 7.0 Japan 1.475 1.475 1.475 1.475 60 days 2.335 2.381 3.690 2.249
Bilibili BILI 36.26 4.6 MongoDB MDB 203.00 3.1 Vicor VICR 58.99 3.2 One year -0.065 -0.041 0.008 -0.441
AmericanFin AFG 55.88 -2.13
AmHomes4Rent AMH 24.04 0.13
AIG AIG 27.63 -0.82
AmerTowerREIT AMT 229.97 -6.06
AmerWaterWorks AWK 120.17 -2.34
AmericoldRealty COLD 34.01 -0.77
Ameriprise AMP 128.54 -3.39
Bio-Techne TECH 260.05 -6.74
Bio-RadLab A BIO 463.75 -7.67
Biogen

BioNTech
BIIB 310.08 -5.82
BioMarinPharm BMRN 93.89 -1.47
BNTX 50.59 -9.58
BlackKnight BKI 74.15 -0.66
BlackRock BLK 501.20-15.23
BioXcelTherap BTAI
BostonBeer

CelsiusHldg CELH
51.83 -3.7
SAM 526.87 4.0
CadenceDesign CDNS 87.00 2.5
CaledoniaMining CMCL 15.14 2.7
8.20 13.6
ChannelAdvisor ECOM 13.56 -3.7
ChemoCentryx CCXI 59.46 -4.2
onNetease
Netflix
Neurocrine
Newmont
NiuTech
NovaMeasuring NVMI
NVIDIA
NTES
NFLX
NBIX
NEM
NIU

NVDA
399.83 3.6
458.97 -0.3
127.28 -3.6
69.13 1.7
10.66 13.7
45.86 1.4
363.50 0.6
WheatonPrecMet WPM
WidePoint
YamanaGold
ZTO Express ZTO
ZaiLab
WYY
AUY

ZLAB
ZentalisPharm ZNTL
Zynga ZNGA
47.05
0.76
5.52
35.64
76.39
44.80
8.17
3.2
16.4
10.1
0.8
3.7
12.6
1.0
Policy Rates
Euro zone
Switzerland
Britain
0.00
0.50
0.10
0.00
0.50
0.10
0.00
0.50
0.75
0.00
0.50
0.10
Other short-term rates
Week
Latest ago
52-Week
high low
Latest

DTCC GCF Repo Index

Value 52-Week
Traded High Low

Chipotle CMG 1020.73 1.1 OceanFirstPfdA OCFCP 25.44 0.6 Australia 0.25 0.25 1.50 0.25
AmerisourceBrgn ABC 89.63 0.43 Blackstone BX 52.86 -0.71 Call money Treasury 0.084 42.800 6.007 0.002
Lows
us ,

ChurchillCapIII CCXX.U 10.65 -1.2 OneConnectFinTech OCFT 16.94 -4.8

Ametek AME 84.01 0.73 Boeing BA 130.44 -5.00 ChurchCapIII Wt CCXX.WS 1.65 4.7 PLMR 65.89 6.2
Amgen AMGN 227.43 -5.76 BookingHldgs BKNG 1547.56 -9.87 CIEN 52.15 -0.4
Palomar
PanAmerSilver PAAS 27.11 7.6 ANTE 0.63 7.7
Overnight repurchase 2.00 2.00 4.25 2.00 MBS 0.081 52.380 6.699 0.011
l

Ciena AirNetTech
Amphenol APH 89.12 0.68 BoozAllen BAH 72.15 1.50 Cognex CGNX 62.20 1.6 PayPal PYPL 149.72 -0.6 Atento ATTO 0.78 -1.3 U.S. 0.07 0.13 3.40 -0.07
e
AnalogDevices ADI 106.33 -2.01 BorgWarner BWA 28.89 -0.65 CryoPort CYRX 26.61 6.6 PhioPharmWt PHIOW 0.17 139.8 CentricBrands CTRC 0.30 -29.5
al a

Anaplan PLAN 46.26 1.58 s BostonBeer SAM 519.29 20.06 DLH Holdings DLHC 6.25 3.7 Pinduoduo PDD 69.50 -5.1 Culp CULP 5.28 -4.8
Notes on data:
AngloGoldAsh AU 27.39 0.72 BostonProps BXP 77.82 -3.11 DocuSign
eBay
DOCU 130.36 3.5
EBAY 43.18 -0.2
Repay
RoyalGold
RPAY
RGLD
21.34 3.0
139.16 2.1
500.com WBAI 3.13 -4.8
GalileoAcqnWt GLEO.WS 0.15 -10.5
U.S. government rates
AB InBev BUD 41.26 -1.85 BostonSci BSX 35.43 -0.99 EnphaseEnergy ENPH 70.36 4.1 S&P Global SPGI 317.29 -0.2 GulfIslandFab GIFI 2.67 -0.4
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
AnnalyCap NLY 6.23 0.03 BrightHorizons BFAM 105.41 -3.07 EsportsEntWt GMBLW 2.25 -12.1 SSR Mining SSRM 22.50 7.2 LSB Inds LXU 1.04 -5.4 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary
ci on

Anthem ANTM 281.10 1.14 Bristol-Myers BMY 62.71 -0.89 EvokePharma EVOK 1.83 4.2 SandstormGold SAND 9.02 3.2 LyraTherap LYRA 12.50 12.1 widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository
Aon AON 195.54 -1.30 BritishAmTob BTI 37.50 -0.64 Futu FUTU 14.66 11.1 Schrodinger SDGR 67.50 12.6 MainStreetBcshs MNSB 12.31 -8.1 0.25 0.25 3.00 0.25
GFL Env Un GFLU 52.00 -0.9 Sea SE 72.80 -1.8 PureAcqnWt PACQW 0.50 -1.0 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
ApartmtInv AIV 35.22 -1.27 Broadcom AVGO 271.95 -1.58
ApolloGlbMgmt APO 43.25 -0.26 BroadridgeFinl BR 119.57 0.13 GalianoGold GAU 1.33 3.2 ServiceNow NOW 389.67 2.1 SeacorMarine SMHI 1.55 -12.4 Federal funds billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
GrafIndustrial GRAF 10.53 2.1 SkySolar SKYS 3.65 24.7 Senseonics SENS 0.46 -2.3
Apple AAPL 313.14 -1.82 BrookfieldMgt BAM 29.91 -0.90 HeclaMiningPfB HLpB 60.25 -0.4 SportsmansWrhs SPWH 9.18 4.3 TenzingAcqn TZAC 9.57 -10.1 Effective rate 0.0600 0.0600 2.4300 0.0600
ApplMaterials AMAT 55.47 1.11 BrookfieldInfr BIP 40.11 0.41 I-Mab IMAB 27.40 27.6 Spotify SPOT 179.69 8.4 XFinancial XYF 0.73 -2.6
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Aptargroup ATR 103.73 -0.42 Brown&Brown BRO 38.39 -0.17 iClickInteract ICLK 5.52 4.4 SproutSocial SPT 26.64 7.4 Zhongchao ZCMD 1.63 8.1 High 0.1500 0.1500 3.0000 0.1400 Tullett Prebon Information, Ltd.
er s

ADVERTISEMENT
m er

Business Real Estate & Services

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

 

co Fo


 
 

  

n-

  ! "#

((,'-%&., */ $012(34$&% 54*5,43$,( $0  (3&3,(6 $0)%21$0. #&4,7*2(,6 *//$),( &01 1,8,%*5',03 %&01
no

,8,4&% 54*5,43$,( #$%% -, *//,4,1 #$37 0* 4,(,48,
$ %   %&
9 : %; $3< = 2%(&
>
: %$),6 4*#0/$,%16 *%*4&1* $3<6 &4,1*6 $(($*06 ,)*(6
*0*4&6 <, = ?$)3*4$&


          

   ! " #$%%$&'( )*'+



 
       
      
 
     
  




 
  


  
  
   
   

  
  #

 
  
 ! " 


 
      
 "

     

    
          
    
  
  
    
     
$       %"  & '(
$        %  ) *

0  3 4 // & >1 @ 0 1  + &&2 34   0   B )   & )"
3 * 5   6 ?  @C 9 ( &=?  @C
0 ) ) A @ & @    " 0 7  83 9  : -& 0 $!#D   @ 2
0    ,   3  8  ;-8< '     3 3 3 9    
 +3 @ 2 0 1= 3 + 0 &&  
 
  ! "# >  ? 9  @3 ;E& 3   2<
  0 /  :  @ , '?&  !" #$ %&'()('***

 
  
  
 
    
 


  
               !"#$% & '     
 ( (#)% * 
+ ,-   .! )/!/!)
P2JW141000-0-B00800-1--------NS
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.

B8 | Wednesday, May 20, 2020 NY THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Continued From Page B7 Net Net Net Net Net Net Net Net Net
Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
Stock Sym Close Chg Icon ICLR 159.24 -2.93 Line LN 49.47 -0.06 MarvellTech MRVL 27.37 -0.21 NielsenHoldings NLSN 13.34 -0.46 Pentair PNR 35.22 -0.44 RingCentral RNG 263.18 0.12 Southern SO 53.57 -0.85 3M MMM 148.38 -0.89 Vodafone VOD 15.46 -0.25
GoDaddy GDDY 74.48 -0.59 IDEX IEX 151.15 -3.48 LKQ LKQ 24.92 -0.86 Masco MAS 45.16 0.73 Nike NKE 91.51 0.47 Penumbra PEN 168.86 -4.46 RioTinto RIO 51.82 0.40 SoCopper SCCO 35.91 0.28 Tiffany TIF 127.98 0.32 VornadoRealty VNO 37.46 -0.41
GoldFields GFI 8.56 0.63
IllinoisToolWks ITW 161.30 -3.41 LPL Financial LPLA 67.06 -1.34 Masimo MASI 246.02 -0.80 NiSource NI 23.05 -0.12 People'sUtdFin PBCT 11.02 -0.52 RobertHalf RHI 48.17 -0.40 SouthwestAir LUV 27.69 0.60 Toro TTC 65.77 0.36 VoyaFinancial VOYA 41.86 -1.18
GoldmanSachs GS 177.83 -4.05
Illumina ILMN 342.55 -1.59 L3HarrisTech LHX 179.89 -1.03 Mastercard MA 290.73 0.83 NobleEnergy NBL 9.23 -0.62 PepsiCo PEP 131.73 -3.79 Rockwell ROK 202.63 -2.54 Splunk SPLK 159.06 4.05 TorontoDomBk TD 40.26 -1.31 VulcanMatls VMC 99.06 -2.18
Immunomedics IMMU 33.22 -0.70 LabCpAm LH 167.01 -0.08 MatchGroup MTCH 85.72 2.12 Nokia NOK 3.69 0.04 PerkinElmer PKI 91.30 -2.02 RogersComm B RCI 39.80 -0.18 s Spotify SPOT 175.03 13.60 Total TOT 35.35 -0.34
Graco
Grainger
GGG 46.32
GWW 286.51
0.09
-4.41
ImperialOil IMO 15.00 -0.45 LamResearch LRCX 261.66 4.19 MaximIntProducts MXIM 55.05 -0.09 NomuraHoldings NMR 3.84 -0.03 Perrigo PRGO 55.04 0.08 Roku ROKU 116.02 -2.43 Square SQ 79.25 2.62 ToyotaMotor TM 118.22 -1.25 W X Y Z
Incyte INCY 94.92 -1.54 LamarAdv LAMR 66.32 1.02 McCormickVtg MKC.V 173.03 -4.08 Nordson NDSN 172.44 -0.57 PetroChina PTR 35.36 -0.36 Rollins ROL 39.20 -0.21 StanleyBlackDck SWK 121.89 1.23 TractorSupply TSCO 109.06 -0.70
Grifols GRFS 20.34 -0.01 WABCO WBC 136.32 0.01
Infosys INFY 8.79 -0.17 LambWeston LW 55.86 -0.51 McCormick MKC 172.52 -3.81 NorfolkSouthern NSC 167.66 -3.07 PetroleoBrasil PBR 6.72 -0.12 RoperTech ROP 357.75 -8.59 Starbucks SBUX 75.86 -0.37 TradeDesk TTD 294.10 -2.63
GrubHub GRUB 57.43 -0.24 WEC Energy WEC 86.69 -0.93
IngersollRand IR 28.48 -0.22 LasVegasSands LVS 48.25 -0.14 McDonalds MCD 179.57 -0.26 NorthernTrust NTRS 73.37 -2.57 PetroleoBrasilA PBR.A 6.50 0.02 RossStores ROST 89.89 -0.74 StateStreet STT 56.74 -1.72 Tradeweb TW 60.50 -1.67
GpoAvalAcc AVAL 3.95 -0.08 WEX WEX 132.68 -2.70
Ingredion INGR 77.78 -2.21 Lear LEA 102.19 -0.59 McKesson MCK 144.63 1.95 NorthropGrum NOC 327.03 -4.14 Pfizer PFE 37.68 -0.39 RoyalBkCanada RY 60.03 -1.61 SteelDynamics STLD 24.19 -0.17 TraneTech TT 80.41 -0.98
GuardantHealth GH 96.78 2.36
MedicalProp MPW 17.47 -0.09 W.P.Carey WPC 60.55 1.58
Inphi IPHI 109.37 0.83 Leidos LDOS 97.82 -0.91 NortonLifeLock NLOK 20.23 0.29 PhilipMorris PM 68.51 0.26 RoyalBkScotland RBS 2.61 -0.11 Stericycle SRCL 51.24 -0.38 TransDigm TDG 361.20 -9.32
Guidewire GWRE 96.19 1.32
Medtronic MDT 97.03 -1.87 WPP WPP 35.22 -1.06
Insulet PODD 195.66 -5.60 Lennar B LEN.B 44.11 1.10 Novartis NVS 85.23 0.38 Phillips66 PSX 75.22 -1.06 RoyalCaribbean RCL 42.15 -1.55 Steris STE 157.65 -1.89 TransUnion TRU 78.50 -0.41
HCA Healthcare HCA 103.86 -1.74
MelcoResorts MLCO 15.48 -0.06 Wabtec WAB 55.69 -0.95
Intel INTC 60.29 0.37 Lennar A LEN 58.43 1.83 NovoNordisk NVO 64.47 0.69 PilgrimPride PPC 20.43 -1.00 RoyalDutchA RDS.A 32.16 -0.66 STMicroelec STM 23.85 -1.04 Travelers TRV 93.27 -2.03
HDFC Bank HDB 35.87 -0.66 s MercadoLibre MELI 805.96 11.40 WalgreensBoots WBA 39.77 -0.63
HD Supply HDS 29.41 -0.37
ICE ICE 92.96 -3.04 LennoxIntl LII 189.27 -4.55 Novocure NVCR 62.86 -2.38 s Pinduoduo PDD 63.09 -3.37 RoyalDutchB RDS.B 30.22 -0.77 StoneCo STNE 24.26 -0.14 s Trex TREX 119.18 -3.58
InterContinentl IHG 43.96 0.39 LeviStrauss LEVI 12.43 -0.64 Merck MRK 77.55 -2.17 Walmart WMT124.95 -2.71
HP HPQ 16.73 0.61 NuanceComms NUAN 20.52 -0.14 PinnacleWest PNW 72.59 -2.27 s RoyalGold RGLD 137.08 2.80 Stryker SYK 188.26 -3.66 Trimble TRMB 39.24 0.60
IBM IBM 120.29 -1.27 LibertyBroadbandC LBRDK 126.57 -0.54 MercurySystems MRCY 82.04 -3.18 WasteConnections WCN 91.57 -0.02
HSBC HSBC 24.90 -0.36
Nucor NUE 40.41 -0.45 Pinterest PINS 18.66 0.14 Ryanair RYAAY 59.75 1.54 SumitomoMits SMFG 5.35 -0.02 Trip.com TCOM 25.80 0.27
IntlFlavors IFF 128.84 -3.06 LibertyBroadbandA LBRDA 124.59 -0.42 MetLife MET 32.39 -1.03 WasteMgt WM 98.33 -1.33
Haemonetic HAE 101.25 -2.12
Nutrien NTR 32.43 -0.43 PioneerNatRscs PXD 89.65 -3.73 SAP SAP 117.23 -0.25 SunComms SUI 133.60 -0.08 TruistFinl TFC 32.34 -1.81 Waters WAT 183.99 -4.25
IntlPaper IP 32.01 -0.79 LibertyGlobal C LBTYK 21.00 -0.36 MettlerToledo MTD 714.06 -4.64 s NVIDIA NVDA 352.22 2.21 PlainsAllAmPipe PAA 9.04 0.04 s S&P Global SPGI 311.09 -0.54 SunLifeFinancial SLF 33.02 -0.75 Twilio TWLO 183.24 -0.15
Halliburton HAL 11.15 -0.36
Interpublic IPG 16.05 -0.57 LibertyGlobal A LBTYA 21.50 -0.34 MicrochipTech MCHP 88.14 -0.88 Watsco WSO 160.61 -2.33
Polaris PII 79.40 -0.16 SBA Comm SBAC 284.30 -5.03 SuncorEnergy SU 17.20 -0.03 Twitter TWTR 29.88 0.24
HartfordFinl HIG 34.34
Hasbro HAS 67.97
-0.91
-0.29
Intuit INTU 286.75 -3.62 LibertyGlobal B LBTYB 23.56 0.75 MicronTech MU 45.12 -0.80 O P Q Pool POOL 229.01 -0.55 SEI Investments SEIC 50.88 -1.85 Suzano SUZ 7.15 -0.06 TylerTech TYL 352.85 0.77
Wayfair W 161.39
WellsFargo WFC 23.95
7.55
-1.46
IntuitiveSurgical ISRG 531.00 -7.41 LibertyFormOne A FWONA 31.17 0.07 Microsoft MSFT 183.63 -1.28 PostHoldings POST 87.31 -0.81 SK Telecom SKM 18.72 -0.06 SynchronyFin SYF 17.63 -0.33 TysonFoods TSN 58.36 -2.47
HealthcareAmer HTA 26.28 0.12
InvitatHomes INVH 25.24 -0.18 LibertyFormOne C FWONK 32.84 -0.05 MidAmApt MAA 111.12 -3.24 OGE Energy OGE 30.15 -0.64 PrincipalFin PFG 35.30 -1.47 Welltower WELL 45.20 0.07
HealthpeakProp PEAK 24.07 0.01 SS&C Tech SSNC 56.25 -0.62 SyneosHealth SYNH 57.79 -0.24 UBS Group UBS 9.84 -0.12 WestPharmSvcs WST211.57
IonisPharma IONS 53.50 -1.52 LibertySirius C LSXMK 33.25 0.66 MitsubishiUFJ MUFG 3.92 0.02 ONEOK OKE 35.11 0.04 Procter&Gamble PG 112.44 -3.77 -6.83
Heico A HEI.A 74.01 -0.79 OReillyAuto ORLY 409.78 -0.11 Progressive PGR 75.87 -0.75
SVB Fin SIVB 183.13 -4.33 Synnex SNX 98.31 -0.15 UDR UDR 35.89 -1.00 WesternDigital WDC 41.74 -0.64
iQIYI IQ 17.66 -0.67 LibertySirius A LSXMA 33.44 0.50 MizuhoFin MFG 2.23 -0.07 Salesforce.com CRM 176.04 3.54 Synopsys SNPS 162.02 2.15 UGI UGI 30.33 -0.63
Heico HEI 88.51 -2.31
IronMountain IRM 23.46 -0.21 LibertySirius B LSXMB 34.70 1.95 MobileTeleSys MBT 9.11 0.21 OccidentalPetrol OXY 14.37 -0.70 Prologis WesternUnion WU 18.76 -0.64
HenrySchein HSIC 57.05 0.64 Okta OKTA 180.78
PLD 84.68 -2.15
1.35 Proofpoint PFPT 113.97 -0.15
Sanofi SNY 47.20 -0.44 Sysco SYY 51.38 -1.32 Uber UBER 33.40 -0.22 WestlakeChem WLK 42.02 -1.88
ItauUnibanco ITUB 3.77 -0.21 EliLilly LLY 156.70 -1.26 Moderna MRNA 71.67 -8.33 SantanderCons SC 15.53 -0.09 Ubiquiti UI 176.02 0.13
Herbalife HLF 43.25 1.39
LincolnElectric LECO 78.08 -0.45 MohawkInds MHK 82.44 -3.53 OldDomFreight ODFL 153.34 -1.11 ProsperityBcshs PB 57.59 -2.65
SareptaTherap SRPT 145.46 -1.31 T U V UltaBeauty ULTA 210.22 -2.35
WestpacBanking WBK 9.89 -0.27
Hershey
Hess
HSY 130.91
HES 45.86
-1.36
-3.25
J K L LincolnNational LNC 34.89 -1.51 MolinaHealthcare MOH 176.67 2.92 Ollie'sBargain OLLI 78.85
OmegaHealthcare OHI 30.40
1.49 PrudentialFin PRU 54.98 -2.14
0.93 Prudential PUK 27.05 -0.42 Schlumberger SLB 17.11 -0.84 TAL Education TAL 55.94 0.93 Unilever UN 48.02 -1.29
WestRock WRK 24.97
Weyerhaeuser WY 18.52
-0.91
-0.65
Linde LIN 190.25 -2.00 MolsonCoorsB TAP 37.83 -0.72 SchwabC SCHW 32.99 -1.22 TC Energy TRP 43.97 -0.82 Unilever
HewlettPackard HPE 10.04 0.05 s JD.com JD 54.26 -1.27 LiveNationEnt LYV 44.87 -1.28 Omnicom OMC 52.29 -0.88 PublicServiceEnt PEG 48.50 -0.85 UL 50.67 -1.78 s WheatonPrecMet WPM 46.70 1.46
Mondelez MDLZ 49.89 -1.08 ScienceApplicat SAIC 82.67 -2.02 TD Ameritrade AMTD 34.15 -1.36 UnionPacific UNP 159.26
Hill-Rom HRC 98.50 -2.61 JPMorganChase JPM 88.67 -1.78 LivongoHealth LVGO 60.91 1.88 ON Semi ON 15.48 -0.13 PublicStorage PSA 183.58 0.22 0.14 Whirlpool WHR 118.48 -0.11
s MongoDB MDB 200.22 6.05
Hilton HLT 75.29 2.22 JackHenry JKHY 188.75 -2.16 LloydsBanking LYG 1.37 -0.05 s OneConnectFinTech OCFT 15.98 -0.81 PulteGroup PHM 31.39 0.26 ScottsMiracleGro SMG 142.94 -1.97 TE Connectivity TEL 76.37 0.10 UnitedAirlines UAL 23.68 -0.45 Williams WMB 19.42 -0.16
MonolithicPower MPWR 201.81 -3.01 s
HollyFrontier HFC 29.46 -1.40 JacobsEngg J 74.28 -2.90 LockheedMartin LMT 371.48 -6.06 OpenText OTEX 39.73 -0.31 Qiagen Sea SE 68.27 -1.22 Telus TU 16.26 0.04 UnitedMicro UMC 2.43 -0.10 Williams-Sonoma WSM 68.15 -2.13
MonsterBev MNST 67.15 0.53 QGEN 42.25 -0.07
Hologic HOLX 52.89 0.41 JamesHardie JHX 15.43 1.02 Loews Oracle ORCL 52.34 -0.81 Qorvo Seagate STX 50.17 0.79 TIM Part TSU 10.73 -0.44 UPS B UPS 96.43 0.33 WillisTowers WLTW 202.99 -1.75
L 31.06 -0.59 Moody's MCO 253.92 -5.33 QRVO 98.33 -0.71
HomeDepot HD 238.10 -7.25 JazzPharma JAZZ 113.02 -2.70 s LogitechIntl LOGI 55.61 0.97 MorganStanley MS 39.33 -0.95 Orange ORAN 10.93 -0.53 Qualcomm QCOM 78.09 -1.85 SealedAir SEE 29.94 -0.51 TJX TJX 50.26 0.50 UnitedRentals URI 124.75 -4.58 Wipro WIT 2.89 -0.04
HondaMotor HMC 23.70 -0.17 J&J JNJ 149.02 -1.50 Lowe's Morningstar MORN 141.95 -1.21 Orix IX 59.89 0.11 QuestDiag DGX 110.22 1.18 SeattleGenetics SGEN 157.16 -1.79 T-MobileUS TMUS 98.60 -3.30 US Bancorp USB 31.99 -0.97 Wix.com WIX 191.68 -2.08
LOW 116.87 0.14 SempraEnergy SRE 126.10 2.10 TRowePrice TROW 114.19 -3.03 s UnitedTherap UTHR 118.44 -0.82
Honeywell HON 131.95 -4.09 JohnsonControls JCI 29.00 -0.53 lululemon LULU 251.41 -4.24 MotorolaSol MSI 137.03 1.51 OtisWorldwide OTIS 52.31 0.18 Quidel QDEL 186.05 3.25 WooriFin WF 19.69 -0.52
HorizonTherap HZNP 46.21 0.02 JonesLang JLL 93.85 -0.31 Lumentum LITE 74.40 3.14 Mylan MYL 16.05 -0.41 OwensCorning OC 44.07 -1.41 SensataTechs ST 35.97 -0.02 TaiwanSemi TSM 50.81 -1.06 UnitedHealth UNH 289.05 -4.31 Workday WDAY 157.42 6.86
ServiceCorp SCI 37.06 -0.47 s TakeTwoSoftware TTWO 142.24 6.71 UnivDisplay OLED 149.58
HormelFoods HRL 47.39
DR Horton DHI 51.98
-0.76 JuniperNetworks JNPR 23.26 -0.18 Lyft
0.07 KB Fin
LYFT 30.69 0.26
KB 25.95 -0.53 LyondellBasell LYB 58.07 -1.30
MyoKardia MYOK 106.03 -4.08
NICE NICE 176.86 1.15
PG&E
PLDT
PCG 11.86
PHI 23.87
-0.41
0.17
R S s ServiceNow NOW 382.88 8.01 TakedaPharm TAK 18.83 -0.14 UniversalHealthB UHS 100.51
0.16
0.38
WynnResorts WYNN 82.03
XP XP 26.50
0.56
-1.07
HostHotels HST 11.55 -0.23 KKR KKR 25.87 0.02 NRG Energy NRG 35.35 -0.18 PNC Fin PNC 101.13 -2.93 RELX RELX 22.37 -0.40 ShawComm B SJR 16.12 0.05 TandemDiabetes TNDM 81.00 -3.33 VEREIT VER 4.97 -0.01 XPO Logistics XPO 68.33 -1.58
HowmetAerospace HWM 12.05
Huazhu HTHT 34.43
-0.29 KLA
0.84 KT
KLAC 172.52 0.21
KT 9.97 -0.05
M N NVR NVR 3137.09 36.46 POSCO
PPD
PKX 35.98
PPD 26.39
0.22 RPM RPM 68.94 -0.75
-1.21 RalphLauren RL 69.26 -0.67
SherwinWilliams SHW 563.74 -8.51 Target TGT 123.17 -1.37 VF
ShinhanFin SHG 24.29 -0.04 TechData TECD 133.81 0.15 VICI Prop VICI 17.24
VFC 54.84 -1.61
0.72
XcelEnergy XEL 59.70
Xilinx XLNX 86.81
-0.43
-0.35
NXP Semi NXPI 99.04 -3.03
Hubbell HUBB 117.75 -1.51 KSCitySouthern KSU 142.62 3.64 M&T Bank MTB 91.54 -5.01 Nasdaq NDAQ 112.63 -2.31 PPG Ind PPG 93.22 1.37 RaymondJames RJF 62.86 -2.10 Shopify SHOP 753.01 14.99 TeckRscsB TECK 9.66 -0.21 VailResorts MTN 188.54 -0.51 Xylem XYL 60.57 -1.45
HubSpot HUBS 188.66 0.64 Kellogg K 62.43 -1.32 MGM Resorts MGM 15.16 -0.15 NationalGrid NGG 55.61 -1.64 PPL PPL 25.35 -0.78 RaytheonTech RTX 57.94 0.04 Sibanye-Stillwater SBSW 8.60 0.30 TeladocHealth TDOC 175.66 3.46 Vale VALE 9.07 0.06 s YamanaGold AUY 5.47 0.50
Humana HUM 394.47 2.10 KeurigDrPepper KDP 27.22 0.26 MKS Instrum MKSI 98.69 1.35 NatlInstruments NATI 37.60 0.40 PRA HealthSci PRAH 92.24 -2.19 RealPage RP 61.65 -3.45 SignatureBank SBNY 94.62 -5.10 TeledyneTech TDY 327.83 -2.35 ValeroEnergy VLO 64.05 -0.30 Yandex YNDX 40.69 -0.23
JBHunt JBHT 102.08 -0.56 KeyCorp KEY 10.21 -0.50 MPLX MPLX 19.36 0.22 NatlOilwell NOV 12.04 -0.74 PTC PTC 68.91 -0.06 RealtyIncome O 52.59 -0.48 SimonProperty SPG 56.87 -0.04 Teleflex TFX 345.65 -7.43 VarianMed VAR 116.26 -2.71 YumBrands YUM 86.86 0.10
HuntingtonBcshs HBAN 7.88 -0.38 KeysightTechs KEYS 96.00 -0.85 MSA Safety MSA 116.85 -4.51 NatlRetailProp NNN 31.06 0.26 Paccar PCAR 68.55 -1.42 ReataPharm RETA 150.00 -2.83 SiriusXM SIRI 5.45 -0.06 Ericsson ERIC 8.59 -0.05 VeevaSystems VEEV 196.04 -1.13 YumChina YUMC 48.75 2.19
HuntingIngalls HII 173.50 -6.91 KilroyRealty KRC 53.86 -1.39 MSCI MSCI 337.53 -9.22 Natura&Co NTCO 11.32 -0.30 PackagingCpAm PKG 90.92 -2.79 RegencyCtrs REG 41.65 0.34 Skyworks SWKS 112.55 -0.14 TelefonicaBras VIV 8.11 -0.22 Ventas VTR 32.43 0.17 s ZTO Express ZTO 34.64 0.27
HyattHotels H 53.81 0.17 KimberlyClark KMB 135.27 -2.46 MagellanMid MMP 43.90 0.80 NetApp NTAP 44.68 0.03 PagSeguroDig PAGS 27.32 -0.02 RegenPharm REGN 557.60 -2.68 SlackTech WORK 29.69 0.69 Telefonica TEF 4.28 -0.46 VeriSign VRSN 212.41 -4.67 s ZaiLab ZLAB 76.05 2.68
IAA IAA 35.79 -1.65 KinderMorgan KMI 15.34 -0.15 MagnaIntl MGA 38.25 -1.53 s Netease NTES 395.69 13.81 PaloAltoNtwks PANW 227.15 1.01 RegionsFin RF 9.64 -0.39 Smartsheet SMAR 55.63 1.84 TelekmIndonesia TLK 21.59 -0.30 VeriskAnalytics VRSK 158.06 -0.26 ZebraTech ZBRA 240.55 4.75
IAC/InterActive IAC 259.13 5.15 KingsoftCloud KC 22.61 -0.41 ManhattanAssoc MANH 73.47 -1.34 s Netflix NFLX 451.04 -1.54 s PanAmerSilver PAAS 26.90 1.90 ReinsGrp RGA 85.87 -4.42 SmithAO AOS 41.98 -1.52 10xGenomics TXG 78.20 1.00 Verizon VZ 54.38 -1.34 Zendesk ZEN 77.87 1.87
ICICI Bank IBN 7.88 -0.31 s KinrossGold KGC 7.56 0.51 ManulifeFin MFC 11.40 -0.50 s Neurocrine NBIX 119.93 -4.48 ParkerHannifin PH 164.13 -1.01 RelianceSteel RS 91.42 -2.05 Smith&Nephew SNN 39.33 -0.74 TencentMusic TME 12.55 0.16 VertxPharm VRTX 282.28 -1.85 Zillow C Z 51.09 1.47
IdexxLab IDXX 294.84 -1.09 KirklandLakeGold KL 40.48 0.95 MarathonOil MRO 5.82 -0.26 NewOrientalEduc EDU 126.48 3.79 Paychex PAYX 65.60 -0.73 RenaissanceRe RNR 163.40 -1.50 Smucker SJM 110.54 -3.46 Teradyne TER 61.12 0.47 ViacomCBS A VIACA 23.06 0.61 Zillow A ZG 50.71 1.27
IHS Markit INFO 67.25 -1.89 Knight-Swift KNX 39.26 0.21 MarathonPetrol MPC 34.50 0.13 NYTimes A NYT 37.13 -0.44 PaycomSoftware PAYC 279.69 -4.21 Repligen RGEN 135.62 -0.09 Snap SNAP 17.48 -0.01 Tesla TSLA 808.01 -5.62 ViacomCBS B VIAC 19.64 0.59 ZimmerBiomet ZBH 123.95 1.28
ING Groep ING 5.52 -0.29 KoninklijkePhil PHG 43.01 -0.24 Markel MKL 846.54 2.48 NewellBrands NWL 12.64 -0.02 Paylocity PCTY 120.84 1.84 RepublicSvcs RSG 81.01 -1.20 SnapOn SNA 132.87 -1.52 TevaPharm TEVA 12.01 0.24 Vipshop VIPS 15.90 -0.72 ZionsBancorp ZION 29.22 -1.02
IPG Photonics IPGP 154.16 3.94 KoreaElcPwr KEP 8.80 -0.26 MarketAxess MKTX 478.56-14.10 s Newmont NEM 67.38 1.12 s PayPal PYPL 145.39 -0.85 ResMed RMD 162.57 -4.60 SolarEdgeTech SEDG 134.86 6.86 TexasInstruments TXN 112.68 -1.74 VirBiotech VIR 33.98 -6.12 Zoetis ZTS 134.34 2.92
IQVIA IQV 140.86 2.30 KraftHeinz KHC 29.91 -0.96 Marriott MAR 90.67 -2.95 NewsCorp B NWS 11.28 ... Pegasystems PEGA 87.47 0.11 RestaurantBrands QSR 52.35 ... SolarWinds SWI 17.42 0.51 Textron TXT 26.49 -0.70 Visa V 189.36 -2.02 ZoomVideo ZM 173.68 8.99
ITT ITT 52.89 -0.51 Kroger KR 31.76 -0.50 Marsh&McLen MMC 105.53 -1.47 NewsCorp A NWSA 11.10 -0.06 Peloton PTON 44.80 1.19 RexfordIndlRealty REXR 38.69 -0.29 SonocoProducts SON 47.13 -1.07 ThermoFisherSci TMO 342.78 -4.19 VistraEnergy VST 19.53 -0.39 Zscaler ZS 75.24 1.43
IcahnEnterprises IEP 48.18 -1.42 s LHC Group LHCG 160.75 0.57 MartinMarietta MLM 174.85 -6.02 NextEraEnergy NEE 230.50 -4.95 PembinaPipeline PBA 25.07 0.87 ReynoldsCnsmr REYN 34.22 -0.98 Sony SNE 63.05 -1.02 ThomsonReuters TRI 67.97 0.09 VMware VMW 139.31 0.28 s Zynga ZNGA 8.04 0.08

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
EdgewoodGrInst 40.82 -0.29 6.0 Magin 10.24 -0.07 0.4 Invesco Funds Y TotRt 10.67 +0.03 4.3 CapOpAdml r139.29 -1.40-11.7 WdsrllAdml 54.62 -0.76-15.4 WndsrII 30.78 -0.43-15.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity OTC 13.20 -0.06 3.2 DevMktY 38.01 -0.04-16.6 PIMCO Funds A DivAppIdxAdm 30.60 -0.46 -9.1 WellsIAdml 63.75 -0.22 -2.9 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e 500IdxInstPrem101.56 -1.06 -8.8 Puritn 22.33 -0.07 -1.5 JPMorgan I Class IncomeFd NA ... NA EMAdmr 30.55 -0.02-17.2 WelltnAdml 69.11 -0.40 -7.0 SmValAdml 41.93 -0.78-28.5
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Contrafund K6 14.72 -0.02 1.8 SAIUSQtyIdx 14.24 -0.14 -3.0 CoreBond 12.20 +0.04 4.1 PIMCO Funds I2 EqIncAdml 65.51 -1.06-16.9 WndsrAdml 57.22 -0.94-20.9 TotBd2 11.40 +0.03 4.5
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxInstPre 54.24 -0.64-15.0 SrsEmrgMkt 17.17 -0.05-16.8 EqInc 15.85 -0.26-17.9 Income NA ... NA ExplrAdml 86.30 -0.99-11.2 VANGUARD FDS TotIntl 14.60 -0.09-18.0
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not IntlIdxInstPrem 35.14 -0.35-18.2 SrsGlobal 10.83 -0.07-17.8 JPMorgan R Class PIMCO Funds Instl ExtndAdml 81.16 -0.96-15.0 DivdGro 27.29 -0.34-10.6 TotSt 71.57 -0.77 -9.7
available due to incomplete price, performance or cost data. NE-Not released by Lipper; MidCpInxInstPrem 19.89 -0.18-15.8 SrsGroCoRetail 20.00 -0.11 12.7 CoreBond 12.22 +0.04 4.1 IncomeFd NA ... NA GNMAAdml 10.83 +0.02 3.6 INSTTRF2020 22.94 -0.08 -4.9 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SAIUSLgCpIndxFd 15.74 -0.17 -9.0 SrsIntlGrw 15.87 -0.11 -9.4 CorePlusBd 8.59 +0.02 2.7 Price Funds GrwthAdml 96.07 -0.42 2.6 INSTTRF2025 23.16 -0.10 -6.3 BalInst 37.52 -0.20 -3.6
Lord Abbett A DevMktsIndInst 11.54 -0.09-18.1

.
SeriesOverseas 9.45 -0.07-12.3 SrsIntlVal 7.55 -0.07-23.7 BlChip 129.22 -0.08 3.9 HlthCareAdml r 85.93 -1.02 0.7 INSTTRF2030 23.21 -0.12 -7.6
SmCpIdxInstPrem 16.58 -0.33-21.2 TotalBond 11.10 +0.03 2.8 ShtDurIncmA p 4.06 ... -2.4 DivGro 47.64 -0.56-10.4 HYCorAdml r 5.47 +0.01 -6.4 INSTTRF2035 23.24 -0.14 -8.9 DevMktsInxInst 18.04 -0.15-18.1

ly
Tuesday, May 19, 2020 Lord Abbett F EqInc InfProAd 27.08 +0.02 4.7 ExtndInst 81.16 -0.96-14.9
TMktIdxInstPrem 81.43 -0.87 -9.8 Fidelity SAI 24.36 -0.42-23.6 INSTTRF2040 23.26 -0.16-10.1
Net YTD Net YTD Net YTD USBdIdxInstPrem 12.42 +0.04 5.2 TotalBd 10.61 +0.03 2.2 ShtDurIncm 4.06 +0.01 -2.3 EqIndex 77.82 -0.82 -8.9 IntlGrAdml 100.62 -0.36 -2.1 GrwthInst 96.07 -0.43 2.6
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret INSTTRF2045 23.22 -0.18-11.3
Lord Abbett I ITBondAdml 12.36 +0.04 5.6 InPrSeIn 11.03 +0.01 4.7
Fidelity Advisor I First Eagle Funds Growth 74.43 -0.13 1.5 INSTTRF2050 23.26 -0.18-11.3
American Century Inv Baird Funds EmgMktVa 21.57 +0.05-24.8 GlbA ShtDurInc p 4.06 +0.01 -2.3 HelSci ITIGradeAdml 10.24 +0.03 3.6 InstIdx 261.42 -2.74 -8.8
NwInsghtI 31.34 -0.15 -4.2 50.99 -0.32-12.0 83.90 -1.12 3.0 INSTTRF2055 23.35 -0.18-11.3
Ultra 54.93 -0.11 5.3 AggBdInst 11.59 +0.04 4.2 EmMktCorEq 17.12 -0.01-21.2 Metropolitan West LTGradeAdml 11.38 +0.11 6.0 InstPlus 261.43 -2.75 -8.8
Fidelity Freedom FPA Funds LgCapGow I 45.56 -0.07 3.4 IntlVal 29.49 -0.28-21.4
TotRetBd 11.35 +0.03 4.5 MidCpAdml 188.73 -1.73-14.0 InstTStPlus 61.26 -0.65 -9.7
American Funds Cl A
AmcpA p

BalA p
BondA p
CapIBA p
32.11 -0.19 -4.3
AMutlA p 38.19 -0.48-11.7
26.99 -0.13 -4.9
13.78 +0.04 6.2
55.14 -0.42-12.0
CorBdInst
BlackRock Funds
11.83 +0.04 3.2

HiYldBd Inst 6.96 +0.02 -8.7

BlackRock Funds A
GlblAlloc p 18.34 -0.07 -4.2
BlackRock Funds Inst
IntlCoreEq
IntSmCo
IntSmVa
LgCo
TAUSCoreEq2
US CoreEq1
10.86 -0.09-21.2
14.72 -0.09-22.1
14.13 -0.08-27.0
22.46 -0.24 -8.9
17.01 -0.22-15.2
22.21 -0.27-13.9
onFF2020
FF2025
FF2030
14.74 -0.04 -6.3
12.95 -0.05 -7.3
15.80 -0.08 -8.8
Freedom2020 K 14.72 -0.05 -6.3
Freedom2025 K 12.93 -0.04 -7.3
FPACres
Franklin A1
28.94 -0.19-14.5

CA TF A1 p 7.52 +0.01 -0.6

IncomeA1 p 2.00 -0.02 NA
FrankTemp/Frank Adv
TotRetBdI 11.35 +0.04 4.7
TRBdPlan 10.67 +0.03 4.6
MFS Funds Class I
ValueI
MFS Funds Instl
37.00 -0.55-16.7
MidCap
NHoriz
R2020
R2025
R2030
86.78 -0.55 -9.0
64.67 -0.20 8.9
20.56 -0.09 -6.9
16.37 -0.09 -7.9
23.59 -0.15 -8.9
MuHYAdml 11.18 +0.02 -3.5
MuIntAdml 14.38 +0.02 0.3
MuLTAdml 11.73 +0.02 -0.3
MuLtdAdml 11.05 +0.01 0.4
MuShtAdml 15.85 +0.02 0.6
LifeCon
LifeGro
LifeMod
PrmcpCor
STAR
20.32 -0.05 -2.9
32.66 -0.22 -9.6
27.05 -0.12 -6.3
23.42 -0.25-16.1
26.07 -0.10 -4.6
MidCpInst 41.69 -0.38-14.0
MidCpIstPl 205.62 -1.88-14.0
SmCapInst 64.01 -0.89-19.1
STIGradeInst 10.78 +0.02 1.5
STIPSIxins 24.93 +0.02 0.9
Freedom2030 K 15.78 -0.08 -8.7 IncomeAdv NA ... NA IntlEq 23.43 -0.12-15.9 R2035 17.18 -0.12 -9.7 TgtRe2015 14.77 -0.03 -2.7
CapWGrA 45.58 -0.30-12.4 MultiAstIncome 10.11 ... -6.3 PrmcpAdml r125.82 -1.19-12.7 TotBdInst 11.49 +0.03 5.0
US CoreEq2
us ,

19.97 -0.25-15.3 Freedom2035 K 13.00 -0.09-11.1 FrankTemp/Franklin A Northern Funds R2040 24.25 -0.18-10.4 TgtRe2020 30.93 -0.11 -4.9
EupacA p 47.67 -0.26-14.4 StratIncOpptyIns 9.60 ... -2.7 RealEstatAdml101.91 -1.42-21.9 TotBdInst2 11.40 +0.03 4.5
US Small 26.30 -0.54-24.7 Freedom2040 K 9.00 -0.07-12.3 Growth A p 109.01 -0.66 NA StkIdx 33.58 -0.35 -8.9 PRIMECAP Odyssey Fds TgtRe2025 18.58 -0.08 -6.4
FdInvA p 54.86 -0.33-11.2 Bridge Builder Trust SmCapAdml 64.01 -0.89-19.1 TotBdInstPl 11.49 +0.03 5.0
l

US SmCpVal 23.00 -0.62-33.0 Fidelity Invest RisDv A p NA ... NA Oakmark Funds Invest Growth r 35.30 -0.36-13.8 TgtRe2030 33.67 -0.18 -7.6
GwthA p 51.13 -0.16 ... CoreBond 10.74 +0.04 4.1 SmGthAdml 64.53 -0.60 -7.5 TotIntBdIdxInst 34.31 +0.05 1.4
e
USLgVa 29.22 -0.42-23.9 AMgr50% 17.71 -0.05 -4.7 FrankTemp/Franklin C OakmrkInt 16.66 -0.14-33.2 Schwab Funds TgtRe2035 20.52 -0.13 -8.9
al a

HI TrA p 8.93 +0.03 -9.3 CorePlusBond 10.33 +0.03 2.7 STBondAdml 10.84 +0.01 3.4 TotIntlInstIdx r 97.65 -0.62-18.0
ICAA p 35.85 -0.28 -8.9 Intl Eq 10.05 -0.09-16.2 Dodge & Cox Balanc 23.49 -0.15 -4.0 Income C t NA ... NA Old Westbury Fds 1000 Inv r 64.72 -0.67 -9.0 STIGradeAdml 10.78 +0.02 1.5 TgtRe2040 35.17 -0.25-10.1 TotItlInstPlId r 97.67 -0.62-18.0
IncoA p 20.28 -0.17-11.9 LargeCapValue 11.09 -0.14-18.6 Balanced 85.83 -0.93-13.9 BluCh 114.51 -0.31 6.3 FrankTemp/Temp Adv LrgCpStr 13.30 -0.08-11.7 S&P Sel 45.03 -0.47 -8.8
TotBdAdml 11.49 +0.03 5.0 TgtRe2045 21.92 -0.17-11.3 TotStInst 71.62 -0.76 -9.7
IntBdA p 14.02 +0.02 4.9 ClearBridge Income 14.29 +0.05 2.8 Contra 13.94 -0.02 2.4 GlBondAdv p 9.99 -0.01 -4.4 Parnassus Fds TSM Sel r 50.45 -0.54 -9.8 TotIntBdIdxAdm 22.86 +0.03 1.4 TgtRe2050 35.29 -0.28-11.3 ValueInst 37.59 -0.65-18.9
ci on

N PerA p 44.08 -0.22 -6.7 LargeCapGrowthI NA ... NA Intl Stk 32.22 -0.34-26.1 ContraK 13.96 -0.03 2.4 Guggenheim Funds Tru ParnEqFd 43.01 -0.32 -8.3 TIAA/CREF Funds TotIntlAdmIdx r 24.42 -0.15-18.0 TgtRet2055 38.32 -0.30-11.3 WCM Focus Funds
NEcoA p 44.19 -0.10 -3.3 Columbia Class I Stock 150.17 -2.52-20.9 CpInc r 9.04 +0.01-10.4 TotRtnBdFdClInst 28.28 +0.09 5.3 PGIM Funds Cl Z BdIdxInst 11.55 +0.04 4.9 TotStAdml 71.60 -0.76 -9.7 TgtRetInc 13.76 -0.02 -1.7 WCMFocIntlGrwIns 17.77 -0.11 -6.0
NwWrldA 61.37 -0.21-13.0 DivIncom I 21.17 -0.31-12.8 DoubleLine Funds GroCo 23.84 -0.13 11.6 Harbor Funds TotalReturnBond NA ... NA VANGUARD ADMIRAL TxMCapAdml150.71 -1.52 -8.7 TotIntBdIxInv 11.43 +0.01 1.4 Western Asset
SmCpA p 54.79 -0.10 -6.9 Dimensional Fds CoreFxdIncmI NA ... NA GrowCoK 23.88 -0.14 11.6 CapApInst 81.30 +0.02 7.3 PIMCO Fds Instl 500Adml 270.52 -2.84 -8.8 TxMIn r 11.52 -0.10-18.2 USGro 46.57 -0.03 8.3 CoreBondI NA ... NA
TxExA p 13.07 +0.01 -1.0 5GlbFxdInc 10.81 ... 0.7 TotRetBdI NA ... NA InvGrBd 11.86 +0.03 3.6 Harding Loevner AllAsset 10.51 +0.01-11.2 BalAdml 37.52 -0.20 -3.6 USGroAdml 120.65 -0.08 8.3 WellsI 26.32 -0.09 -2.9 CorePlusBdI NA ... NA
WshA p 41.92 -0.50-12.4 DFARlEst 32.32 -0.43-20.6 Edgewood Growth Instituti LowP r 40.29 -0.50-19.5 IntlEq 20.47 -0.16 NA InvGrdCrBd 10.60 +0.05 -1.5 CAITAdml 12.06 +0.02 0.7 ValAdml 37.59 -0.65-18.9 Welltn 40.02 -0.23 -7.0 CorePlusBdIS NA ... NA
er s

ADVERTISEMENT
m er

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
m rp

CAREERS CAREERS CAREERS CAREERS CAREERS

3JRO ;*O)JQO/(
#)).RJj(O - #RR.'/(j/( 3JRO ;*O)JQO/( mO'()RKO "j/H SOh l.*H "*j/RK )OOH) j 3JRO
dSOh l.*Ha SOh l.*Hc m_ \_ 8Kjh - !._a U; m" 58# !.*O !.*,.*j(J./ )OOH) 3JRO ;*O)J` ;*O)JQO/( J/ Sla Sl (. Q&G, j/jGf(JRjG (..G) (.
)OOH) j N'GG`(J0O #)).RJj(O - #RR.'/(j/( (. QO/(a 8O/J.* mO&OG.,O* 6Oj0 UOjQa J/ Sla Sl +'j/(JNf NJ/4G *J)H J/ OgJ)(J/L ,.*(N.GJ.) - /Oh
#)).RJj(O - #RR.'/(j/(
co Fo

h.*H J/ J() .NNJRO J/ SOh l.*Ha SOh l.*H_ 9O`
),./)JiJGJ(JO)= ;*O,j*O j/Q j/jGfeO 0./(KGfa
+'j*(O*Gfa j/Q j//'jG NJ/j/RJjG )(j(O0O/()_ ;*O`
@85O40 ,//4<O>H8 'O08<H40 >59 *$O8- %<4546O/H ,j*O hOOHGf j/Q 0./(KGf O)(J0j(OQ j/Q
'OEO/O45 4- A8/8>0<$ >59 @H>HO/HO</ 0./(KGf NJ/jG *O('*/) N.* N'/Q) j/Q 0j/jLOQ jR`
!!"B33B"B3 R.'/() j/Q QOGJ&O* *O,.*() (. J/&O)(.*)_ 9O&JOh
j//'jG j/Q 0./(KGf NJ/j/RJjG )(j(O0O/() N.* O/`
HW) #)-)QF> !:5P@<Y #@<F<D) ,Y)<D0 U#!#,TB F< @<-)8)<-)<L FY)<D0 @< LW) )1)D5L@3) EQF<DW :& LW) (J(JO) iON.*O (KOf j*O J))'OQ (. J/&O)(.*) j/Q
&)-)QF> Y:3)Q<=)<LB @P P))?@<Y L: $>> LW) 8:P@L@:< :& I)<@:Q ,PP:D@FL) '@Q)DL:Q F<- *W@)& %D:<:=@PL @< R.'/(O*`,j*(JO)_ !jGR'Gj(O j/Q j**j/LO (KO ,jf`
LW) '@3@P@:< :& J)P)FQDW F<- ILFL@PL@DPS 0O/( .N 0j/jLO0O/( j/Q ,O*N.*0j/RO NOO)_
;*O,j*O j//'jG j'QJ(OQ NJ/j/RJjG )(j(O0O/()
HW) *W@)& %D:<:=@PL 8Q:3@-)P )18)QL@P) F<- W@YW @=8FDL LW:5YWL >)F-)QPW@8 @< W:5P@<Y $<F<D) F<-
j/Q R.GGji.*j(O hJ(K J/(O*/jG L*.',) j/Q Og(O*`
LW) P)D:<-FQ0 =:QLYFY) =FQ?)L L: LW) #!#, %1)D5L@3) X&$D)S /jG j'QJ(.*) (. O/)'*O (Kj( j'QJ(OQ NJ/j/RJjG
HW) *W@)& %D:<:=@PL F>P: P)Q3)P FP F ?)0 )D:<:=@D F-3@P:Q L: LW) ')85L0 '@Q)DL:Q :& '@3@P@:< :& )(j(O0O/() R.0,Gf hJ(K ZO/O*jGGf #RRO,(OQ
#RR.'/(J/L ;*J/RJ,GO) dZ##;c_ [jRJGJ(j(O (KO J)`
J)P)FQDW F<- ILFL@PL@DP F<- @P Q)P8:<P@E>) &:Q -)3)>:8@<Y W@YW @=8FDL )D:<:=@D F<F>0P)P LWFL @<&:Q=
)'j/RO .N j'QJ(OQ NJ/j/RJjG )(j(O0O/() (. J/&O)`
#!#, 8:>@D0 F<- PLQFL)Y@D Y:F>PS (.*)_ ;*.Q'RO jRR.'/(J/L )'00j*JO)a *O,.*()a
j/Q )(j(O0O/() N.* )'i0J))J./ (. )O/J.* 0j/`
jLO0O/(a R.'/(O*,j*(JO)a j/Q j'QJ(.*)_ 8',,.*(
,88>@DF<LP =5PL 8:PP)PP F VWS'S @< %D:<:=@DPB :Q F -)YQ)) LWFL @<D>5-)P FL >)FPL 69 P)=)PL)Q W:5QP @<
(KO i')J/O)) ./ Gj'/RKJ/L /Oh N'/Q) j/Q 0j/`
n-
dSOh l.*Ha SOh l.*Hc m_ \_ 8Kjh - !._a U;
)OOH) j N'GG`(J0O #)).RJj(O - #RR.'/(j/( (.
h.*H J/ J() .NNJRO J/ SOh l.*Ha SOh l.*H_ 9O`
),./)JiJGJ(JO)= <*Lj/JeO j/Q 0jJ/(jJ/ NJ/j/RJjG
*OR.*Q) N.* i..HJ/L j/Q (*jRHJ/L ,j*(/O* Rj,J(jG
jRR.'/() j/Q *OR./RJGJ/L (KO)O j0.'/() (.
ZO/O*jGGf #RRO,(OQ #RR.'/(J/L ;*J/RJ,GO)
dMZ##;7c Rj,J(jG jRR.'/()_ "..H QONO**OQ R.0`
,O/)j(J./ J/ 5_8_a Y./L V./La j/Q 5/J(OQ VJ/L`
Q.0 Z##;_ 9OR./RJGO Z##; /O( J/R.0O (.
0j/jLO0O/( ij)J) /O( J/R.0O_ #))O)) NJ/j/`
RJjG .,O*j(J./) j/Q 0jHO iO)( ,*jR(JRO) *OR.0`
0O/Qj(J./) (. 0j/jLO0O/(_ \/)'*O ,*.,O*
0j(RKJ/L .N Og,O/)O) j/Q *O&O/'O) N.* i.(K
0j/jLO0O/( ij)J) J/R.0O j/Q Z##; J/R.0O_
!jGR'Gj(O j/Q *O,.*( ,j*(/O* R.0,O/)j(J./_
!.0,'(Oa ,*.RO))a j/Q (*jRH ,j*(/O* QJ)(*Ji'`
(J./)_ TjJ/(jJ/ Rj,J(jG jRR.'/()_ !jGR'Gj(Oa *O`
,.*(a j/Q (*jRH QONO**OQ R.0,O/)j(J./ jR`
(. J0,GO0O/( LG.ijG NJ/4G 0*H( R.0,O(J(J&O j,,)
if O)(jiGJ)KJ/L ONNJRJO/( ).N(h QOGJ&O*f ,*.`
RO))O) - Q)L/J/L - QOGJ&O*J/L ).G'(J./) N*./( (.
ijRH_ 9O+4)= Tj)(O*4) J/ j/f NJOGQ .* O+'J& - D
f*) .N Og, O/)'*J/L )(jiJGJ(fa ,O*N.*0j/ROa -
j&jJGjiJGJ(f N.* KJLK N*O+'O/Rf (*jQJ/L J/ i')_`
R*J(JRjG j,,)_ ;*J.* Og, 0')( J/RG D f*) .N Og, ')`
J/L ,O*N.*0j/RO .*JO/(OQ Q&G,0( (ORK/J+'O)a
J/RG eO*.`LR R.QJ/La .NN`KOj, Qj(j HOO,J/La R.`
.,O*j(J&O 0'G(J(j)HJ/La ]`J/(O**',() (K*OjQJ/La -
Ij&j`/j(J&O J/(O*NjRO) J0,GO0O/(j(J./% h.*HJ/L
h^ ! - !bb Gj/L'jLO)a J/RG 86Ua "..)(a -
!TjHOa (. J0,GO0O/( R.0,GOg NOj('*O)% ,*.&J`
)J./J/L G.h`Gj(O/Rf ('/OQ )O*&O*) J/RG S5T#
R./NJL'*j(J./a !;5 J).Gj(J./a (K*OjQ) j))JL/`
0O/()a /O(h.*Ha !;5 - 0O0.*f )'i)f)(O0)
('/J/L% j,,GfJ/L 'G(*j`G.h Gj(O/Rf ).G'(J./)a J/RG
X/N.*0j(JRja 8.Gj* NGj*O /O(h.*H Rj*Q)a
<,O/</G.jQ )(jRHa - 8.GjRO 0O))jLJ/L% .,(J`
0JeJ/L Wj&j &J*('jG 0jRKJ/O) N.* ,O*N.*0j/RO -
(*j/)jR(J./)_ 9O+4)= Tj)(O*4) J/ [J/_a [J/4G
\/L4La .* *OG_ .* O+'J& - D f*) .N Og, Q)L/J/La
i'JGQJ/La ijRH`(O)(J/La - 0*H(J/L )f)(O0j(JR
+'j/(J(j(J&O J/QOg )(*j(OLJO)_ T')( J/RG j( GOj)(
D f*) .N Og, R./Q'R(J/L JQOj LO/O*j(J./ - 0*H(
R.00O/(j*f N.* )jGO) - J/)(J('(J./jG RGJO/()a J/RG
KOQLO N'/Q - *Oj`0./Of RGJO/()a (. Rj,('*O *OG`
O&j/( 0*H( (KO0O) - KJLKGJLK( (*jQO .,,.*('/J`
(JO)% LO/O*j(J/L - 0*H(J/L JQOj) N.* 0'G(J`R'*`
*O/Rf ,*.Q'R()% LO/O*j(J/L - R./Q'R(J/L ,*JRJ/L
.N [1 &.Gj(JGJ(f QO*J&j(J&O)a J/RG &.G)hj,)a
&j*)hj,)a - N.*hj*Q &.Gj(JGJ(f jL*OO0O/()%
,*.&JQJ/L +'j/(J(j(J&O R./(O/( (. RGJO/() J/ .*QO*
(. J0,*.&O (KO +'jGJ(f .N (KO [1 N*j/RKJ)O if
JQO/(JNfJ/L 0*H( (*O/Q)a ,*.Q'R( O/(*f ,.J/()a -
*OGj(J&O &jG'O .,,.*('/J(JO)% ,O*N.*0J/L ,*JRJ/La
KOQLJ/L - *J)H`0j/jLO0O/( .N &j/JGGj - NJ*)(
LO/O*j(J./ Og.(JR [1 QO*J&j(J&O)a J/RG QJLJ(jGa
(.'RK - ij**JO* .,(J./)% ,O*N.*0J/L ,*JRJ/L -

)D:<:=@DP F<- 7 P)=)PL)Q W:5QP @< PLFL@PL@DPB FDD:5<L@<YB :Q DF>D5>5PS jLOQ jRR.'/()a Kj/QGJ/L R.0,GOg J/&O)(.*
(*j/)jR(J./)a j/Q NJOGQJ/L iO),.HO *O+'O)()
K5F>@&0@<Y )18)Q@)<D) &:Q LW@P )1)D5L@3) >)3)> 8:P@L@:< @<D>5-)P $3) :Q =:Q) 0)FQP :& P8)D@F>@/)-
N*.0 (KO NJ*04) )O/J.* 0j/jLO0O/( j/Q X/&O)`
)18)Q@)<D) LWFL =F0 @<D>5-) LW) &:>>:2@<YC
(.* 9OGj(J./) L*.',_ ;j*(JRJ,j(O J/ i')J/O)) J0`
,*.&O0O/( ,Gj/) if R.GGji.*j(J/L hJ(K QO&OG.,`
" (+.:!E+<1@ 6B$<<+<1@ $<= !9<=C!E+<1 .:,:$.!/ $<= :!9<9?+! 69B+!5 $<= $<$B5,:, E9 $,,:,, O*) (. j'(.0j(O 0j/'jG *O,.*() j/Q J0,*.&O
i')J/O)) ,*.RO))O)_ !.GGji.*j(O hJ(K J/(O*/jG
no
R.'/() N.* O0,G.fOO) j/Q ,j*(/O*)_ !.0,'(O
QONO**OQ R.0,O/)j(J./ *O('*/)_ !..*QJ/j(O
hJ(K (KO (jg QO,j*(0O/( J/ (KO ,*.Q'R(J./ .N
Q*jN( j/Q NJ/jG V`F *O,.*(J/L (. jGG ,j*(/O*)_ ;*.`
,.)O /Oh R.0,O/)j(J./ j**j/LO0O/() ',./
(KO Gj'/RK .N /Oh i')J/O)) GJ/O)_ !./Q'R( KJ)`
(.*JRjG j/jGf)O)_ [JOGQ iO),.HO jRR.'/(J/L *O`
)(jiJGJ(fa J/RG G.h ,j')O LR R./NJL'*j(J./a G.h
.&O*KOjQ R./NJL'*j(J./a - R./NJL'*j(J./ N.*
KJLK N..(,*J/( j,,)% -a J/ OgOR'(J/L Q'(JO)a '(J`
GJeJ/L Wj&j Nj0JGf Gj/L'jLO) dWj&ja V.(GJ/a
Z*..&fca J/RG R.*O #;X) d(K*OjQJ/La J.a 0L0(a
IQiRa R.GGOR(J./)a '(JGJ(JO)a g0Ga )+Gca N*j0Oh.*H)
*J)H`0L0( .N )OR./Q LO/O*j(J./ Og.(JR .,(J./)
- 0'G(J`R'**O/Rf .,(J./) J/ ZF] - \T [1a J/RG
Q'jG QJLJ(jG)a h.*)(`.N .,(J./)a - ij)HO( .,(J./)%
- ,O*N.*0J/L JQOj LO/O*j(J./ ')J/L J/(O*O)( *j(O
QO*J&j(J&O)a )hj,(J./)a Rj,)a NG..*)a - ),*OjQ
.,(J./)_ #,,Gf (. K((,)=^^hhh_Qi_R.0^Rj`
*OO*)^O/^,*.N^*.GO`)Oj*RK_K(0G - )Oj*RK if

$<= 6.9):!E E/: ,/9.E $<= B9<1-E:.? +?6$!E 97 +,,C:, $<= E.:<=, +< E/: /9C,+<1 $<= ?9.E1$1:
L*.',)a J/RG'QJ/L X/&O)(.* 9OGj(J./)a [*./( <N` +'O)() N*.0 &j*J.') J/(O*/jG L*.',)a J/RG'QJ/L d),*J/La L*,Ra /O((fa IO((fa L*jQGOa I'/J(ca - (ORK` ,*.N4G)a HOfh.*Q #[C?FAEBF_
4<$<!: +<=C,E.+:,3 /J+'O) dj),OR( .*JO/(OQ ,*.L4La N'/R(J./jG
NJROa 6jga j/Q UOLjG (. j/jGfeO *OjG`(J0O Qj(j )O/J.* 0j/jLO0O/(a (KO N*./( .NNJROa j/Q (KO GO`
" %.9>+=+<1 :!9<9?+! $=>+!: $<= $<$B5,+, +< E/: $.:$ 97 1:<:.$B :!9<9?+! =:>:B96?:<E,@ !$6+E$B N.* J))'j/RO (. ,*.),OR(J&O J/&O)(.*) j/Q J/(O*` LjG QO,j*(0O/(_ #'(.0j(Oa *O`O/LJ/OO*a j/Q J0` ,*.L4La - Q.0jJ/ ),ORJNJR Gj/L'jLO)c_ #,,Gf (. 8.:)7/ *55=)26E)7: '.A.=75./+"%; 3!.,61 -7C,*E 49 $&
$<= ?9.E1$1: ?$.D:E,@ $<= $<5 9E/:. ,+1<+4!$<E /9C,+<1 +,,C:,3 /jG j/jGf)J)_ 6KO )'RRO))N'G Rj/QJQj(O hJGG Kj&O ,GO0O/( jRR.'/(J/L ,*.RO))O)_ 6O)( j/Q J/(O` K((,)=^^hhh_Qi_R.0^Rj*OO*)^O/^,*.N^*.GO` "6:6,.<.:E 8./A)2.-0 ##( %68 !$8/*4$A@* 2- H$2 9,A0'
L*j(O &j*J.') (f,O) .N ).N(hj*O_ #))J)( J/ j/j` )Oj*RK_K(0G - )Oj*RK if ,*.N4G)a HOfh.*Q H9 K. 4A@?20D "4*2$@( "$@2I-@' %$3$/,G@' 8-% .82-*82-@
j "jRKOG.*4) QOL*OO J/ #RR.'/(J/La .* j *OGj(OQ
" &9<+E9.+<1@ $<$B52+<1@ $<= :>$BC$E+<1 1:<:.$B $<= .:1+9<$B :!9<9?+! E.:<=, $<= 4<$<!+$B $<= NJOGQ .N )('Qfa ,G') (h. dEc fOj*) .N Og,O*JO/RO GfeJ/L (KO .&O*jGG J/R.0O j/Q Rj)K .N (KO 0j/` V;CB]@@?C_ 5,.G/$1 8GG/258*2,-@ 4@2-I =$I8 @,/4*2,-@ *48* 8%4$A$
:!9<9?+! =:>:B96?:<E, E/$E /$>: $ =+.:!E #:$.+<1 9< /9C,+<1 $<= ?9.E1$1: 4<$<!: +<=C,E.+:,3 *, G/8*&,A. 6$@* GA85*25$@D "$3$/,G@ 4-2* *$@*@ 8-% GA,3
j/jGfeJ/L R.0,j/f NJ/j/RJjG )(j(O0O/()a J/` jLO0O/( R.0,j/f_ 6KO )'RRO))N'G Rj/QJQj(O 32%$@ 5,%$ 5,3$A8I$ *, 8554A8*$/0 *$@* 64@2-$@@ /,I25 8-%
" ':$=+<1 $<= =+.:!E+<1 E/: ;9.D 97 :86:.+:<!:= :!9<9?+,E, $<= $<$B5,E,3 RG'QJ/L ijGj/RO )KOO()a J/R.0O )(j(O0O/()a hJGG Kj&O j "jRKOG.*4) QOL*OO J/ #RR.'/(J/La [J` &4-5*2,-8/2*0D =8A*252G8*$@ 2- %$3$/,G2-I @G$52$58*2,-@
" * E.$!D .:!9.= 97 E+?:B5@ 6.9>:< $<= /+1/ 0C$B+E5 .:,CBE,3 Rj)K NG.h)a j/Q )RKOQ'GO .N J/&O)(0O/()% ,O*` /j/ROa \R./.0JR)a .* j *OGj(OQ NJOGQ .N )('Qfa @454 8@ 4@$A @*,A2$@ 8-% %$@2I-@D ;,/3$@ ,A A$5,..$-%@
N.*0J/L 0j/jLO0O/( j/Q J/RO/(J&O NOO RjGR'Gj` ,G') (h. dEc fOj*) .N Og,O*JO/RO hJ(K ZO/O*jGGf @,/4*2,-@ &,A 5,.G/$1 2@@4$@ 8-% GA,6/$.@D ,@@2@* 2- *4$
(J./)% R./Q'R(J/L j'QJ()% j/Q^.* j,,GfJ/L ZO/` #RRO,(OQ #RR.'/(J/L ;*J/RJ,GO) dZ##;c% jL` #))J)(j/( 3JRO ;*O)JQO/( %$3$/,G.$-* ,& /,I258/ 8-% G40@258/ @G$52$58*2,-@D ",543
IF>FQ0 QF<Y)P &Q:= +66;B ";( A +6;6BO7( D:==)<P5QFL) 2@LW )18)Q@)<D)S #!#, 8Q:3@-)P )1D)>>)<L O*jGGf #RRO,(OQ #RR.'/(J/L ;*J/RJ,GO) dZ##;c L*OLj(J/L j/Q *O,.*(J/L ./ NJ/j/RJjG j/Q^.* ,O*` m" 58# !.*O !.*,.*j(J./ )OOH) #))J)(j/( 3JRO .$-*@ %$@2I-@' 2@@4$@' @,/4*2,-@' *2G@ 7 *A250@ 8@ -$$%$%D
(. ,*O,j*Oa R./).GJQj(Oa j/Q NJ/jGJeO NJ/j/RJjG ).//OG Qj(j% 5_8_ ,j*(/O*)KJ, (jgj(J./ *O+'J*O` #,//86,A8*$@ 22*42- *4$ ,I2/$ &A8.$2,A0' &,@*$A@ 8 *$8.
E)<)$LPS ;*O)JQO/(a J/ Sla Sl (. m*J&O j/ .,O*j(J./jG O/` 8GGA,854 *, @,&*28A$ %$3$/,G.$-* 8-% %$/23$A0D ,5*23$/0
)(j(O0O/()_ #G(O*/j(J&OGfa (KO O0,G.fO* hJGG jR` 0O/()% 0.QOGGJ/L% j/Q *OO/LJ/OO*J/L ,*.RO))O) &J*./ N.* ;*., 6*jQJ/L !./(*.G) P 3.GRHO* ,Gj(`
j/Q h.*HNG.h)_ #,,GJRj/() )K.'GQ )'i0J( j *O` $-I8I$@ 2.GA,32-I @,&*28A$ %$/23$A0 *4A,4I4 "$3>G@ 8-%
RO,( N.'* dCc fOj*) .N Og,O*JO/RO j/jGfeJ/L N.*0 j,,) if ,O*N.*0J/L QjJGf .,O*j(J./jG ,*4$A ,I2/$ GA85*25$@D ;*80@ 54AA$-* 2- -$2 L: *$54-,/,I2$@
#:Q =:Q) @<&:Q=FL@:< FE:5L LW) #!#,B 3@P@L :5Q 2)EP@L) FL DDD1+->1&4E :Q D:<LFDL Z)QQ@ #@L/8FLQ@D? R.0,j/f NJ/j/RJjG )(j(O0O/()a J/RG'QJ/L ijG` )'0O (. m_ \_ 8Kjh - !._a U;a FFAA #&O/'O .N (j)H)a RKj/LO - /Oh )*&R)a - J/RJQO/( - ,*.i` *, .82-*82- 8 42I4 /$3$/ ,& @461$5* .8**$A $1G$A*2@$D J2-D
FL 6.6AN[;A7O77S j/RO )KOO()a J/R.0O )(j(O0O/()a Rj)K NG.h)a (KO #0O*JRj)a SOh l.*Ha SOh l.*H F]]DA_ GO0 0L0( (. O/)'*O j )(jiGO .,O*j(J/L O/&J*./_ <$C42A$.$-*@( &854$/,AB@ %$IA$$ 2- 5,.G4*$A @52$-5$'
j/Q )RKOQ'GO .N J/&O)(0O/()% ,O*N.*0J/L 0j/` 8'i0J))J./) 0')( *ONO*O/RO ##Wk`2W_ S. 9O+4)= "jRKOG.*4) J/ !8a !.0, \/L4La .* *OG_ 5,.G4*$A $-I2-$$A2-I' 2-&,A.8*2,- *$54-,/,I0' ,A A$3
jLO0O/( j/Q J/RO/(J&O NOO RjGR'Gj(J./)% R./` ,K./O RjGG) ,GOj)O_ m_ \_ 8Kjh J) j/ O+'jG O0` NJOGQ .* O+'J& - B f*) .N ,*.L*O))J&OGf *O),./)J` /8*$%' ,A &,A$2I- $C4238/$-* G/4@ .2-2.4. ,& " 0$8A@ ,&
,554F5<8685H LF6=80; ,G.f0O/( .,,.*('/J(f O0,G.fO* j/Q Q.O) /.( $1G$A2$-5$ 2- GA,5$@@ $15$//$-5$?.,%$//2-I' 2,A0M,2'
Q'R(J/L j'QJ()% j/Q^.* j,,GfJ/L ZO/O*jGGf #R` iGO Og, Q)L/J/La Q&G,J/La - 0.QJNfJ/L ).N(h
GBGB",20"BI"BG."M- RO,(OQ #RR.'/(J/L ;*J/RJ,GO) dZ##;c (. ,*O` QJ)R*J0J/j(O jLjJ/)( j/f j,,GJRj/( ./ (KO ij)J) ,A M,2 548A*2-ID ;G$52$5 @02//@ ,A ,*4$A A$C42A$.$-*@( )
)f)(4) ')J/L )RJO/(JNJR j/jGf)J) - 0j(K 0.QOG) 0$8A@ ,& $1G$A2$-5$ 22*4 G$I8 @,&*28A$ %$3$/,G.$-*D
,227O<>HO45 98>97O58; #F58 3(: GBGB ,j*Oa R./).GJQj(Oa j/Q NJ/jGJeO NJ/j/RJjG )(j(O` .N *jROa R.G.*a *OGJLJ./a LO/QO*a LO/QO* JQO/(J(fa (. ,*OQJR( - 0Oj)'*O .'(R.0O - R./)O+'O/RO)
0O/()_ #,,GJRj/() )K.'GQ )'i0J( j *O)'0O (. m_ ,*OL/j/Rfa /j(J./jG .*JLJ/a jLOa 0JGJ(j*f )O*&JRO " 0$8A@ ,& $1G$A2$-5$ 2- @C/D " 0$8A@ ,& $1G$A2$-5$ 2- 8G2
GSIS *@L@/)<PW@8 J)R5@Q)- OGJLJiJGJ(fa &O(O*j/ )(j(')a )Og'jG .*JO/(j(J./a
.N Q)L/_ ;*J.* Og, 0')( J/RG B f*) .N ,*.L*O)` 2-*$IA8*2,- 8-%?,A %$3$/,G.$-* 5@8 F5$A*2$$% @0@*$.
\_ 8Kjh - !._a U;a FFAA #&O/'O .N (KO #0O*J` )J&OGf *O),./)JiGO Og, QONJ/J/La Q.R'0O/(J/La - 8A542*$5*E 5$A*2$58*2,-D " 0$8A@ ,& 5,-@4/*2-I ,A 5/2$-*
#!#, @P F< %R5F> X88:QL5<@L0 %=8>:0)Q Rj)a SOh l.*Ha SOh l.*H F]]DA_ 8'i0J))J./) 0j*J(jG )(j(')a QJ)jiJGJ(fa .* .(KO* Rj(OL.*f ,*.`
?$O/ >554F5<8685H DO77 $>E8 D88K7C <FH"4-- 9>H8/ =8&O55O5& N459>C: N>C 33: GBGB1 JF>7O)89 (OR(OQ if Gjh_ 0jJ/(jJ/J/L ,*.ROQ'*O)a 8U#) - H/.hGOQLO @$A325$@ %$/23$A0 $1G$A2$-5$D " 0$8A@ ,& $1G$A2$-5$ 2-
0')( *ONO*O/RO ##98`2W_ S. ,K./O RjGG) ij)O (. )',,.*( ,Gj(N.*0) - O/)'*O R./)J)(O/Rf @G$528/2/8*2,- 2- &4-5*2,-8/ 8A$8 F5A.' %$G/,0.$-*' $*5DED
<>59O9>H8/ DO77 =8 <45/O98089 F5HO7 H$8 98>97O58 40 F578// > /878<HO45 O/ 6>98 -046 >5 8>07O80 ,GOj)O_ m_ \_ 8Kjh J) j/ O+'jG O0,G.f0O/( .,` .N )*&R GO&OG)% ,*.RO))J/L '/)(*'R('*OQ Qj(j .N " 0$8A@ ,& $1G$A2$-5$ 22*4 @,&*28A$ 8A542*$5*4A$ 8-% @,8
<FH"4-- 9>H81 ,.*('/J(f O0,G.fO* j/Q Q.O) /.( QJ)R*J0J/j(O iJL Qj(j ,*.RO))J/L j,,) (. QO(O*0J/O i')_ @$A325$@ 2.G/$.$-*8*2,-D <$G/0 22*4 A$@4.$ *,( &A8-3
jLjJ/)( j/f j,,GJRj/( ./ (KO ij)J) .N *jROa /OOQ)% h.*HJ/L h^ iJL Qj(j OR.)f)(O0)% '(JGJe`
%,- !,**/2$6' +.. #44A54 ;*A$$*' H$2 9,A0' H9 +...MD
R.G.*a *OGJLJ./a LO/QO*a LO/QO* JQO/(J(fa ,*OL` J/L Tj,9OQ'ROa YJ&Oa ;JLa - Ym[8 (. J/LO)(
ANNOUNCEMENTS CAREERS /j/Rfa /j(J./jG .*JLJ/a jLOa 0JGJ(j*f )O*&JRO OGJ` '/)(*'R('*OQ Qj(j ,j((O*/) J/(. *OGj(J./jG Qj(j` #)).RJj(O
LJiJGJ(fa &O(O*j/ )(j(')a )Og'jG .*JO/(j(J./a 0j*J` T.*Lj/ 8(j/GOf 8O*&JRO) Z*.', X/R_ )OOH) #)`
(jG )(j(')a QJ)jiJGJ(fa .* .(KO* Rj(OL.*f ,*.(OR(OQ ij)O)% - J/ OgOR'(J/L Q'(JO)a '(JGJeJ/L 8:Ua
)$%,+("& *"'#!,&', ;U^8:Ua 8KOGG 8R*J,()a <*jRGOa Tj*HU.LJR #Q` ).RJj(Oa Tj*HO( 9J)H J/ Sla Sl (. ,*.&JQO J/QO`
if Gjh_ ,O/QO/( *O&JOh .N jGG 0*H( *J)H) *OG (. [J*04) O+`
"(-% #($& 3$%0*-%% *--/ 0J/a TJR*.0')O dSO(R..Gca 8:U ;G') - #/j`
8/UNHZRV )RX65NVXN U/R 85V1V0P GfeO*a 8S<2^9S<2a - 3J)J._ #,,Gf (. 'J(f J/&O)(0O/() ,.*(N.GJ._ 9O+4) Tj)(O*4) J/
2.-!*1 )-&, +&-- !0&' #))J)(j/( 3JRO ;*O)JQO/( aVZ2N6XZRV $5ZT0/PN5XP _0XS` K((,)=^^hhh_Qi_R.0^Rj*OO*)^O/^,*.N^*.GO` \R./.0JR)a "')_a [J/4Ra #RR(L .* *OG NJOGQ - D f*)
Og, J/ ,.)J(J./ .NNO*OQ .* D f*) j) 8* TL* .* *OG
"<@A = B<6.9/ 601<)7=@<03 @0 50>* '#,* m" 58# !.*O !.*,.*j(J./ )OOH) #))J)(j/( 3JRO #)).RJj(O #c2Z0WVRP` <@! N/ .RJWV ZRX65N )Oj*RK_K(0G - )Oj*RK if ,*.N4G)a HOfh.*Q
V;CC?]@A?_ .RR',j(J./_ 9O+4) D f*) Og, h^= h.*HJ/L h^R.0`
B5B@/64 =<* 8<99 :/ .>*<+</1 703@<3>0>B95 ;*O)JQO/(a J/ Sla Sl (. ,*.&JQO J/)JLK( - J/,'( mO'()RKO "j/H SOh l.*H "*j/RK )OOH) #)).` 2ZWRP65. U/R Z 0VH2D WVJ _\$ ,GOg mO*J&j(J&O)% h.*HJ/L h^Og.(JR) ,jf.NN)a
@A*0>(A = 3=@>*=9 &03 .*07/BB, &03<2=@<03 J/(. 0O(K.Q.G.LJO) N.* hK.GO)jGO R*OQJ( *J)Ha .,` RJj(Oa 6ORK/.G.Lf 8O*&JRO 8,ORJjGJ)(a J/ Sla Sl X/1.2VF Z0Z2DBVRS 9V- =PNVP 50 ,*JRJ/L - *J)H`ij)OQ ;-U j((*Ji'(J./% h.*HJ/L
,<* A=B BA083 = B<(3<+<7=3@ */1>7@<03 <3 O*j(J./jG *J)Ha 0*H( *J)Ha j) hOGG j) R*OQJ( - 0*H( (. X0,GO0O/( ;O*G )R*J,() N.* j,, R.0,./O/()a &/1. 8X5` "2VX "0T /R RV2 U5V2W b A jR*.)) N'/R(J./) (. )(*Oj0GJ/O *O,.*(J/L ,*.`
;<*>B/B =@ 6=35 907=@<03B =31 <3 %!$ <3?)/91 *J)H`hOJLK(OQ j))O()_ 9O+4)= Tj)(O*4) J/ [J/_a QOi'L 8KOGGa Wj&ja - ;U^8:U ,*.L*j0) N.* (*.'` RO))% - 3jG'O`j(`9J)H d3j9c - .,(J./ *J)H )O/`
8(j(J)(JR)a .* *OG_ NJOGQa .* O+'J& - D f*) .N Og, DRP /U VF. 50 4/Y /UURW /R ZXX Z2N
@/B@<3(, 1/, "!+23-+$)(* 8<99 <3B@=99 =3
h.*HJ/L h^ !.0,*OKO/)J&O !j,J(jG #/jGf)J) -
iGO)K..(J/L - J/&O)(JLj(J./)a - (*.'iGO)K..(
mj(jij)O \**.*) d<*jRGO \gjQj(ja ;U^8:U - /XXLS )2N` V1.2 H22 ZXX.N (ZX6 b #)).RJj(O )J(J&J(JO) dMZ*OOH)7c_ 9O+4) E f*) Og, h^= J/(O*jR(`
J/L h^ (*jQJ/L QO)H) ./ QjJGf ij)J)% '(JGJeJ/L N*./(
=++0*1=:9/ >3<@ +0* 50>- &#'#% #0#.#'0# mO'()RKO "j/H SOh l.*H "*j/RK )OOH) #)).`
9O&JOh d!!#9c - m.QQ [*j/H #R(a O&jG'j(J/L 8:U 8O*&O* Qj(jij)O)a !'*Ga - 8KOGGc_ 9O+4)= MO DRP /U VF. 50 4/Y /UURW /R ZXX Z2N .NNJRO (*jQJ/La *J)H - ,*JRJ/L )f)4) dl.Qj - 61c%
9J)Ha - R./Q'R(J/L !j,J(jG TL0(_ ;*J.* Og, /XXLS cL22 NR1 /U VF. 1PN 50X2 VF. RJj(Oa J/ Sla Sl (. ,j*(JRJ,j(O J/ (KO Q)L/ - j*` - ')J/L \gROGa 3"#a "G..0iO*La - ;.hO*;.J/(_
"jRKOG.*4) J/ !8a #,,GJOQ !8 .* *OG_ NJOGQ .* RKJ(OR('*O .N (KO j,, R.0,./O/() - J/&O)(JLj(O
"3(%5$!3163-. 0')( J/RG D f*) .N ,O*N.*0J/L !!#9 0.QOGJ/La
)(*O)) (O)(J/La )RO/j*J. Q)L/a 0.QOG )O/)J(J&J(f
O+'J& - B f*) .N ,*.L*O))J&OGf *O),./)JiGO Og,
0jJ/(jJ/J/L KJLK &jG'O ,jf0O/( ,*.RO))J/L
HQ N6V U22H50T P322P, PUNHR WVJ 50 - ,*.,.)O j,,*.,*Jj(O (ORK/.G.LJO) (. iO ')OQ_
9O+4) F f* Og, h^,*.&JQJ/L :# N.* !!#9 *O,.*(`
J/L_ 6. j,,Gfa &J)J( K((,=^^hhh_0.*Lj/)(j/GOf_
)($&! *+"#&('% (O)(J/La - !!#9 *O,.*(J/L% JQO/(JNfJ/L HOf *J)H [0WHP V0J5R/0 HQ S<VN Z0W &* ZP 9O+4)= "jRKOG.*4) J/ !8a !.0, \/L4La .* *OG_
j,,) J/ j/ j'(.0j(OQ j,, K.)(J/L O/&J*./ N.* R.0^ji.'(^Rj*OO*)^Rj*OO*)Oj*RK_K(0G 8R*.GG
Q*J&O*) ')J/L +'j/(J(j(J&O j/jGf)J) - )O/)J(J&J(f HV22 ZP &bb WVJ /0 N51V P0PNJV NJOGQ .* O+'J& - B f*) .N ,*.L*O))J&OGf *O),./)J` Q.h/ - O/(O* DFC]@EB j) MW.i S'0iO*7 - RGJRH
8hJN( #GGJj/RO Zj(Ohjfa 8hJN( #GGJj/RO #RRO))a iGO Og, Q)L/J/La Q&G,J/La - 0.QJNfJ/L ).N(h
*4.# & %342# :"2'54,.874+8 /457 .4$7" (O)(J/L% R./Q'R(J/L Rj,J(jG J0,jR( RjGR'Gj(J./) #GGJj/RO TO))jLJ/L Y'ia [JG(O*J/La - Y.()Rj/_ PDPN1P+ VF.RN 2J2 L0WRPN0W0T /U M8Oj*RK I.i)_7 S. RjGG) ,GOj)O_ \<\
+:,8+"$58 4.5":"85"# 4. /7'5 -,3 #, & J/ *O),./)O (. *O+'O)() N*.0 *J)H 0L0(a i')_a - T')( J/RG j( GOj)( B f*) .N ,*.L*O))J&OGf *O),./` )RX6NXNLR % WPT0 YPN .RXNXP` )f)(4) ')J/L Qj(j j/jGf(JR) (. ,*OQJR( - 0Oj)'*O
5_8_ *OL'Gj(.*)% ,O*N.*0J/L +'j/(J(j(J&O 0.QOG` )JiGO Og, QONJ/J/L J/(OL*j(J./ )(*j(OLf - J/(OL*j` ZRX6NXNR .NNR0P` WPT0 .NNR0P` 8;>_$ .'(R.0O - R./)O+'O/RO) .N Q)L/_ ;*J.* Og, #)).RJj(O
7"':4.9 0,:") (4$7" #'5'%'8" 24856%342#4.9 ; GJ/L - *J)H j,,O(J(O j/jGf)J) (. O/)'*O R.0,GJ` 0')( J/RG B f*) .N ,*.L*O))J&OGf *O),./)JiGO Og,
749762"1"2 ,35:"'$7 %- +7,." #,." !,: -,3) (J./ O/&J*./ *O+4() h^J/ j &J*('jGJeOQ )Kj*OQ .R0X.2VP % VF. HQ H60 % 6/H N/ T.*Lj/ 8(j/GOf 8O*&JRO) Z*.', X/R_ )OOH) #)`
j/RO h^ [OQO*jG 9O)O*&O 8',O*&J).*f #))O))` K.)(J/L O/&J*./ '(JGJeJ/L Og(O/)J&O j'(.0j(J./% R./Q'R(J/L i')_ J/(OGGJLO/RO j/jGf)J) (K*.'LK ).RJj(Oa 8O/J.* #,,GJRj(J./ 8',,.*( #/jGf)( J/
0O/( .N !j,J(jG ;Gj//J/L L'JQj/RO% R./Q'R(J/L RUXNR+ .R/U 50 Z.. /U /Y4XN /R5V0NW J/(OL*j(OQ Qj(j hj*OK.')O (. 0OO( i')_ *O+4()%
2025'0&5#920 8),(+47%3-.$#$*7,/ iJL Qj(j j/jGf)J) ')J/L 8:U - 6jiGOj'a - jQ`
QO(O*0J/J/L - O&jG'j(J/L ,*.Q'R(`R.0,./O/( X0X.NP 50 X1.2F PDP+ P.RY Z02DP5P j/jGfeJ/L HOf ,O*N.*0j/RO J/QJRj(.*) (. JQ J0`
Sla Sl (. ,*.&JQO ,*.Q'R(/ )',,.*( - 0L0( .N
J/(OL*j(J./ )O+'O/RO) (. )',,.*( j,, *OGOj)O)% N*./( - 0JQQGO .NNJRO j,,) N.* !*OQJ( ,*.Q'R() -
&j/ROQ Qj(j &J)'jGJej(J./ - RjGR'Gj(J./ ')J/L 0jJ/(jJ/J/L <*jRGO Qj(jij)O)a ,O*N.*0J/L P322P+ NVZ1 2VZWRP6. VF.+ .R5/R VF. ,*.&O0O/()a ,O*N.*0 *..( Rj')O j/jGf)J)a - )O` 8OR'*J(JeOQ ,*.Q'R() L*.',_ 9O+4) "jRKOG.*4) J/
6jiGOj'% j,,GfJ/L H/.hGOQLO .N )(j(J)(JR) - R.GQ^K.( ijRH', - *OR.&O*f ,*.ROQ'*O)a - R./` HQ ZT52V 1N6W2TP % 8XRL1 .RXNXP` GOR( .,(J0jG ).G'(J./)% (*j/)Gj(J/L R.0,GOg *O` !.0, \/L4La !8a .* *OG NJOGQ .N )('Qf - B f*)
BUSINESS OPPORTUNITIES 0.QOGJ/L (. i'JGQ j/jGf(JR ,*.RO))O) - ).G'` 50X2 X0N0L/LP 50NTRN0` 7$$ % ,.*(J/L /OOQ) J/(. (ORK/JRjG ),ORJNJRj(J./) if Og, J/ ,.)J(J./ .NNO*OQ .* B f*) j) #,, 8',,.*(
(J./) j( )RjGO (. )',,.*( *J)H 0./J(.*J/L - Rj,J` Q'R(J/L ,O*N.*0j/RO ('/J/L% h.*HJ/L h^ 5/Jg -
8KOGG 8R*J,( QOi'LLJ/L% i'JGQJ/L - 0j/jLJ/L LPZTV /U 7c8+ PRJ0T ZP 11YR /U ,O*N.*0J/L *O+4( Lj(KO*J/La j/jGf)J)a Q)L/a Q.R` #/jGf)(a m&G,*a .* *OG .RR',j(J./ J/ (ORK/.G.Lf
(jG 0L0( QORJ)J./ 0jHJ/L% )',,.*(J/L (KO '0O/(j(J./a - Q&G,0(% i'JGQJ/L "X Qj)Ki.j*Q) - NJOGQ_ 9O+4) B f*) Og, h^= ;*.Q'R(J./ TL0(% X6XU
Q&G,0( .N 0.QOG) N.* *J)H +'j/(JNJRj(J./a )(*O)) )*&R L*.',) h^ &O*J(j)^)'/ RG')(O*OQ O/&J*./% ZRX6NXNRV NVZ1+ % 30H2WT /U L05N
j,,GfJ/L X/N.*0j(J./ 6ORK/.G.Lf X/N*j)(*'R('*O ,O*N.*0J/L mj(j 8.'*RO Q)L/% ,O*N.*0J/L Qj(j dX/RJQO/( TL0( - ;*.iGO0 TL0(c% <'(jLO
"!(/ %* &- +2) !//%!33# $0.35 &05 (O)(J/La - Rj,J(jG jGG.Rj(J./ )(*j(OLf% ,O*N.*0J/L NPN0T YPW /0 =8 NPN0T UR1HR3S &jGJQj(J./ - '/J( (O)(J/L .N i')_ j/jGf(JRjG *O` TL0( - 9O).G'(J./% ;O*G% 5/Jg% 8fij)O% <*jRGO%
NJ/4G )(j(O0O/( - !!#9 0.QOG *O)'G( j/jGf)J)a - UJi*j*f dX6XUc N*j0Oh.*H 0O(K.Q.G.Lf (. Q&G, - )..RF G' NRJ2 RV-S =Z52 RP1P
1!(,5& .' 6-$/4 iO/RK0j*H 0.QOG j))O))0O/(% - J/ OgOR'(J/L OgOR'(O ,Gj(N.*0 *OGOj)O )(*j(OLJO)% - J/ OgO` ,.*()% Q&G,J/L - QJ*OR(J/L ).N(h )f)(_ (O)(J/L - T88:U% ;'((f% 3J \QJ(.*% 3J0 \QJ(.*% #'(.)f)%
&8+7 /)#++ ">/.?8//8/ ;8<8+=7 A08.1 ">/.?8// !18;.A R'(J/L Q'(JO)a '(JGJeJ/L <*jRGOa 2OiU.LJR ?V00VN6 8NVRBVR` 85V1V0P &/R.` &jGJQj(J./ ,*.ROQ'*O)a ,*.L4La - Q.R'0O/(j` T:% mO*J&j(J&O) 6*jQJ/L% !*OQJ( mO*J&j(J&O)%
Q'(JO)a '(JGJeJ/L 8#8a 8:Ua - "')J/O)) X/(OGGJ` EK c2Z0WVRP^(ZRN2VD 9/ZW` (J./% - J/ OgOR'(J/L Q'(JO)a '(JGJeJ/L - 8:Ua 8OR'*J(JeOQ ;*.Q'R()% mJ)j)(O* 9OR.&O*f% X/N*j`
"9 7>1!0#/.?2 "#?, *(/3 $8 7#9 >7 A= :3@45 781-)=3 LO/RO 6..G)_ #,,Gf (. K((,)=^^hhh_Qi_R.0^Rj` 8O*&O*a 6.0Rj(a !./(*.G`Ta ;O*G ,*.L4La 8KOGG
)R*J,()a mj(jL'j*Qa 2Oi8,KO*O T:a ZO/O.)a c2Z0WVRP` <@ OCAIES 9VU ?8Q:8S !.L/.)a *OGj(J./jG Qj(jij)O)a #LJGO TO(K.Q.G` )(*'R('*O TjJ/(O/j/RO_ 9O+4) j/f j0.'/( .N
.6 9=> 7>1!0#/8 # '(%* .?/>18; "#?, *(3 &/@ $%?) *( *OO*)^O/^,*.N^*.GO`)Oj*RK_K(0G - )Oj*RK if .Lfa WX9#a 8O*&JRO S.ha R./NG'O/RO (..G)_ #,` Og, h^= #ZXU\ j) 8R*'0 0j)(O*% - 8,G'/H_ 6.
,*.N4G)a HOfh.*Q V;CA>BA>E_ 1TU^18U6a Tf8:Ua !./(*.G`Ta - 8O*&JROS.h_ =LPN YV ZLN6RBVW N/ HR3 50 ]8
+, +? 298. ?%B@ %?! A/@ 3.+?#+3C@ +, ?@5@. %A .+,)0 #,,Gf (. K((,)=^^hhh_Qi_R.0^Rj` ,Gf (. K((,)=^^hhh_Qi_R.0^Rj*OO*)^O/^,*.N^*.GO` j,,Gfa O0jJG *O)'0O (. W.j//j Uj' j(
.R100N2DS WU9O)'0O)$0.*Lj/)(j/GOf_R.0 h^N.GG.hJ/L
'9. B9.@ +?:9 #%CC EE>-=<6-6=;4 9. 19 A9 *OO*)^O/^,*.N^*.GO`)Oj*RK_K(0G - )Oj*RK if )Oj*RK_K(0G - )Oj*RK if ,*.N4G)a HOfh.*Q
V;CAFE?A>_ I.i Xm /.(OQ J/ )'iIOR( GJ/O= DFC>@ED_ S. RjGG)
/AA3,"DD#AB7?%?#+%C+?#0#9BD+?5@,A9.,-$%?)-#! ,*.N4G)a HOfh.*Q V;C@EFBA@_ ,G)_ \<\
 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. Wednesday, May 20, 2020 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
24206.86 t 390.51, or 1.59% Trailing P/E ratio 20.44 17.65 2922.94 t 30.97, or 1.05% Trailing P/E ratio * 24.56 22.07 9185.10 t 49.72, or 0.54% 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 2.73 2.22 trading day of the past three months. Dividend yield * 2.12 1.94 trading day of the past three months. Dividend yield *† 1.00 1.04
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809

30000 3500 10500

27500 3250 9750

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

22500 2750 8250

Session high
DOWN UP
t

Session open Close 7500

20000 2500
Close Open
t

Session low 17500 2250 6750

Bars measure the point change from session's open

15000 2000 6000
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 875,092,397 20,984,601
Industrial Average 24599.50 24202.96 24206.86 -390.51 -1.59 29551.42 18591.93 -6.5 -15.2 5.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 235,266,743 10,281,364
Transportation Avg 8424.91 8227.80 8228.93 -93.93 -1.13 11304.97 6703.63 -21.7 -24.5 -2.5 Most-active issues in late trading Decl. volume* 636,217,014 10,640,504
Utility Average 771.69 761.32 761.40 -11.78 -1.52 960.89 610.89 -3.9 -13.4 2.7 Volume After Hours Issues traded 3,007 271
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 30016.48 29568.34 29570.86 -318.43 -1.07 34631.28 22462.76 0.3 -10.5 6.3 Advances 1,141 128
SPDR S&P 500 SPY 13,505.4 291.99 0.02 0.01 292.39 291.27
Barron's 400 630.89 619.18 619.18 -7.00 -1.12 746.64 455.11 -9.4 -15.4 -0.6 Declines 1,801 136
Ambev ADR ABEV 12,449.9 2.11 0.02 0.87 2.12 2.09
Unchanged 65 7
Nasdaq Stock Market Surface Oncology SURF 10,871.9 2.66 ... unch. 2.66 2.66 New highs 28 3
Nasdaq Composite 9317.25 9183.25 9185.10 -49.72 -0.54 9817.18 6860.67 18.0 2.4 14.7 Itau Unibanco Holding ADR ITUB 6,553.0 3.77 ... unch. 3.79 3.76 New lows 9 2
Nasdaq 100 9422.90 9296.25 9298.54 -33.39 -0.36 9718.73 6978.02 24.8 6.5 18.1 T-Mobile US TMUS 4,657.2 98.70 0.10 0.10 99.59 97.91 Closing Arms† 1.78 0.93
Petroleo Brasileiro ADR PBR 4,266.3 6.72 ... unch. 6.87 6.71 Block trades* 5,501 161
S&P

.
Ford Motor F 2,734.4 5.30 ... unch. 5.33 5.28
500 Index 2964.21 2922.35 2922.94 -30.97 -1.05 3386.15 2237.40 2.0 -9.5 7.1 Nasdaq NYSE Arca

ly
iSh iBoxx $ Invt Gr Cp Bd LQD 2,551.2 129.58 0.20 0.15 129.58 129.38
MidCap 400 1688.49 1652.33 1652.63 -21.43 -1.28 2106.12 1218.55 -13.0 -19.9 -1.2 Total volume*4,123,224,514 277,192,058
SmallCap 600 766.86 747.55 747.78 -15.94 -2.09 1041.03 595.67 -20.4 -26.8 -3.3 Percentage gainers… Adv. volume*1,920,426,832 92,897,349
AMAG Pharmaceuticals AMAG 105.7 8.43 1.12 15.32 8.43 7.31 Decl. volume*2,165,963,207 183,646,997
Other Indexes
Russell 2000
NYSE Composite
Value Line
1339.12 1307.27 1307.72 -25.97
11409.66 11248.54 11248.97 -153.26
414.88 406.05 406.11 -5.54
-1.95
-1.34
-1.35
on 1705.22
14183.20
562.05
991.16
8777.38
305.71
-15.4
-11.6
-23.2
-21.6
-19.1
-26.5
-1.5
-0.9
-7.6
Armour Residential REIT ARR
Mistras Group
Carriage Services
MG
CSV
68.1
50.1
59.4
8.34
3.94
16.80
0.61
0.26
1.01
7.89
7.07
6.40
8.50
4.04
17.00
7.73
3.68
15.71
Issues traded
Advances
Declines
Unchanged
3,344
1,248
2,030
66
1,394
409
973
12
NYSE Arca Biotech 5625.54 5506.63 5507.09 -74.32 -1.33 5581.40 3855.67 21.8 8.7 15.1
Tronox Holdings TROX 480.2 6.74 0.33 5.15 6.74 6.41
New highs 71 23
us ,

NYSE Arca Pharma 653.43 644.32 645.77 -4.74 -0.73 670.32 494.36 11.7 -1.2 7.6 ...And losers New lows 11 20
l

KBW Bank 69.02 66.79 66.82 -2.44 -3.53 114.12 56.19 -31.4 -41.1 -9.5 100.5 2.11 -0.59 2.73 2.10 Closing Arms† 0.69 0.71
e
Pyxus International PYX -21.85
al a

PHLX§ Gold/Silver 130.46 126.38 129.26 4.53 3.63 129.26 66.14 91.7 20.9 14.9 VolitionRX VNRX 69.8 2.89 -0.26 -8.26 3.14 2.81 Block trades* 22,950 1,064
PHLX§ Oil Service 30.87 29.46 29.47 -1.49 -4.81 86.91 21.47 -66.1 -62.4 -42.2 Urban Outfitters URBN 1,078.1 16.85 -1.08 -6.02 18.25 16.50 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1815.34 1774.84 1775.61 -6.93 -0.39 1979.50 1286.84 29.2 -4.0 18.7 Ocular Therapeutix OCUL 152.0 6.08 -0.37 -5.74 6.45 5.96 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 30.74 28.37 30.53 1.23 4.20 82.69 11.54 104.2 121.6 36.4 Moderna MRNA 2,253.8 67.78 -3.89 -5.43 72.28 67.11 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 2634.55 –6.14 –0.23 –19.0 ShiftPixy PIXY 9.69 3.30 51.64 31.20 3.21 -68.1 Timber Pharmaceuticals TMBR 4.11 -2.01 -32.84 14.16 3.00 -65.1
DJ Global Index 374.03 –0.57 –0.15 –13.8 Dynavax Technologies DVAX 6.51 1.65 33.95 7.20 1.80 -0.6 Gamida Cell GMDA 4.35 -1.55 -26.27 7.70 2.60 -39.6
DJ Global ex U.S. 215.66 2.09 0.98 –18.2 Protara Therapeutics TARA 33.97 8.17 31.68 42.49 8.80 105.7 Bellerophon Therapeutics BLPH 13.00 -3.16 -19.55 26.00 3.19 39.8
Acer Therapeutics ACER 4.53 1.03 29.43 20.78 1.08 -77.0 Model N MODN 26.14 -5.90 -18.41 35.84 15.00 41.1
m rp

Americas DJ Americas 674.82 –6.15 –0.90 –11.3

Brazil Sao Paulo Bovespa 80742.35 –451.94 –0.56 –30.2 I-Mab ADR IMAB 26.16 5.66 27.62 27.40 9.30 ... Sorrento Therapeutics SRNE 5.42 -1.08 -16.62 10.00 1.39 50.6
Canada S&P/TSX Comp 14885.48 246.58 1.68 –12.8 Iterum Therapeutics ITRM 4.38 0.93 26.96 7.65 1.40 -37.9 Aprea Therapeutics APRE 30.92 -6.16 -16.61 53.11 15.10 ...
Mexico S&P/BMV IPC 35862.04 –1250.42 –3.37 –17.6 Sky Solar Holdings ADR SKYS 3.28 0.65 24.71 3.65 1.00 118.9 Phathom Pharmaceuticals PHAT 35.00 -6.76 -16.19 47.94 18.51 ...
Chile Santiago IPSA 2609.31 –23.25 –0.88 –21.8 Oncternal Therapeutics ONCT 3.11 0.59 23.17 9.80 2.24 -56.9 Clovis Oncology CLVS 7.52 -1.44 -16.07 17.61 2.93 -56.8
Opera ADR OPRA 6.97 1.27 22.28 14.94 4.60 -27.0 BioNTech ADR BNTX 50.59 -9.58 -15.92 105.00 12.53 ...
EMEA Stoxx Europe 600 339.49 –2.10 –0.61 –18.4
co Fo

Galmed Pharmaceuticals GLMD 5.96 1.05 21.38 7.70 3.02 -12.6 Gossamer Bio GOSS 12.64 -2.38 -15.85 27.15 7.52 -39.1
Eurozone Euro Stoxx 320.44 –2.33 –0.72 –20.7
Belgium Bel-20 2960.89 –65.80 –2.17 –25.2 Sigma Labs SGLB 2.65 0.42 18.83 17.00 1.97 -79.5 Tricida TCDA 26.58 -4.97 -15.75 44.30 18.03 -28.7
Denmark OMX Copenhagen 20 1208.53 9.65 0.80 6.4 Lumos Pharma LUMO 13.89 2.11 17.91 32.40 6.74 -8.7 DBV Technologies ADR DBVT 4.55 -0.83 -15.43 13.49 2.02 -51.3
France CAC 40 4458.16 –40.18 –0.89 –25.4 Overstock.com OSTK 17.87 2.69 17.68 29.04 2.47 63.6 Vir Biotechnology VIR 33.98 -6.12 -15.26 75.00 11.65 ...
Germany DAX 11075.29 16.42 0.15 –16.4 Venus Concept VERO 2.97 0.45 17.66 11.85 2.06 -65.2 1st Constitution Bancorp FCCY 11.04 -1.94 -14.95 22.91 9.01 -41.9
0.14 –15.4 PrimeEnergy Resources PNRG 92.00 13.50 17.20 170.99 47.68 -32.0 Elmira Savings Bank ESBK 10.82 -1.86 -14.67 17.40 10.73 -33.3
Israel Tel Aviv 1423.75 2.03
Italy FTSE MIB 17034.54 –366.91 –2.11 –27.5
Netherlands AEX 520.45 0.56 0.11 –13.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1177.24 9.36 0.80 –24.0 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 51950.14 568.08 1.11 –9.0
–30.8 Nano Dimension ADR NNDM 315,282 36396.8 3.40 341.67 5.83 0.51 JPMorgan Mgd Futures JPMF 746 9829 20.76 0.78 28.10 17.29
Spain IBEX 35 6609.10 –170.20 –2.51
0.36 TOP Ships TOPS 150,771 237.0 0.15 -4.14 13.60 0.08 ShiftPixy PIXY 39,712 9426 9.69 51.64 31.20 3.21
Sweden OMX Stockholm 605.52 2.15 –11.1
n-

Switzerland Swiss Market 9764.23 23.46 0.24 –8.0 Sorrento Therapeutics SRNE 112,721 489.6 5.42 -16.62 10.00 1.39 Gamida Cell GMDA 3,315 3013 4.35 -26.27 7.70 2.60
Closed –10.9 General Electric GE 107,638 -5.4 6.21 -0.96 13.26 5.48 Gossamer Bio GOSS 7,045 1604 12.64 -15.85 27.15 7.52
Turkey BIST 100 101982.96 …
–20.4
Ford Motor F 94,608 -5.5 5.30 -0.19 10.56 3.96 Central Federal CFBK 107 1505 10.10 -0.25 15.00 8.44
U.K. FTSE 100 6002.23 –46.36 –0.77
U.K. FTSE 250 16320.08 90.05 0.55 –25.4 SPDR S&P 500 SPY 93,960 -47.0 291.97 -1.03 339.08 218.26 WisdTr ICBCCS S&P Ch 500 WCHN 83 1487 28.89 -0.07 31.01 24.40
no

United Airlines UAL 81,076 162.8 23.68 -1.86 96.03 17.80 Mudrick Cap Acqn Cl A MUDS 604 1404 10.39 0.10 10.64 7.35
Asia-Pacific
Delta Air DAL 70,548 53.7 21.76 -0.46 63.44 17.51 iSh ESG MSCI USA Leaders SUSL 1,060 1231 51.31 -1.00 59.33 38.16
Australia S&P/ASX 200 5559.50 98.96 1.81 –16.8
T2 Biosystems TTOO 68,327 455.3 0.81 9.08 3.21 0.24 Turning Point Therap TPTX 3,691 1060 55.75 -12.75 67.54 31.00
China Shanghai Composite 2898.58 23.16 0.81 –5.0
Norwegian Cruise Line NCLH 65,360 90.7 12.43 -3.49 59.78 7.03 IQ S&P Hi Yd Low Vol Bd HYLV 327 1036 23.95 -0.25 25.79 20.38
Hong Kong Hang Seng 24388.13 453.36 1.89 –13.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 30196.17 167.19 0.56 –26.8 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 20433.45 299.72 1.49 –13.6
Singapore Straits Times 2581.33 42.05 1.66 –19.9 Track the Markets
South Korea Kospi 1980.61 43.50 2.25 –9.9 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 10860.44 119.89 1.12 –9.5 global stock indexes, bond ETFs,
Thailand SET 1309.95 23.42 1.82 –17.1
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Tues YTDchg Tues YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004292 23300 0.6
Americas
Argentina peso .0147 67.8991 13.4 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1738 5.7544 43.2 Czech Rep. koruna .03973 25.171 11.0

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7171 1.3945
.001222 818.60
7.4
10.7
Denmark krone
Euro area euro
.1465 6.8250
1.0924 .9155
2.4
2.7
notes and bonds major U.S. trading partners .000261 3833.94 Hungary forint .003123 320.22
Money market accounts Colombiapeso 16.8 8.4
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .006981 143.24 18.3
benchmark over the past year 4.00% Mexico peso .0422 23.6808 25.1 Norway krone .1002 9.9806 13.7
Bankrate.com avg†: 0.30% 8%
Uruguay peso .02269 44.0800 18.7 Poland zloty .2401 4.1653 9.8
Capital One 1.50% Russia ruble .01381 72.422 16.7
Federal-funds One year ago 3.00 Yen Asia-Pacific
2.00% Glen Allen, VA 877-514-2265 4 Sweden krona .1033 9.6816 3.4
target rate t s
Australian dollar .6537 1.5298 7.4
DollarSavingsDirect 1.50% Switzerland franc 1.0291 .9717 0.4
t 2.00 China yuan .1409 7.0992 2.0
1.50 0 Turkey lira .1475 6.7778 13.9
Money market New York, NY 866-395-8693 Hong Kong dollar .1290 7.7506 –0.5
Ukraine hryvnia .0377 26.5471 12.1
Tradeweb ICE Tuesday Close India rupee .01321 75.710 6.1
account yields 1.00 PurePoint Financial 1.50% 1.00 –4 s UK pound 1.2251 .8163 8.2
t t s Indonesia rupiah .0000677 14769 6.4
Woodland Hills, CA 855-486-7873 WSJ Dollar index Japan yen .009286 107.69 –0.9 Middle East/Africa
Euro
0.50 TAB Bank 1.50% 0.00 –8 Kazakhstan tenge .002406 415.70 8.9 Bahrain dinar 2.6484 .3776 0.1
Ogden, UT 800-355-3063 1 3 6 1 2 3 5 710 30 Macau pataca .1252 7.9860 –0.4 Egypt pound .0633 15.7888 –1.6
0.00 2019 2020 Malaysia ringgit .2300 4.3486 6.3 Israel shekel .2848 3.5116 1.7
UFB Direct 1.70% month(s) years
J J A S O N D J FMAM New Zealand dollar .6077 1.6455 10.8 Kuwait dinar 3.2328 .3093 2.1
San Diego, CA 844-678-2718 maturity Pakistan rupee .00623 160.500 3.5 Oman sul rial 2.5970 .3851 0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.667 –0.1 Qatar rial .2745 3.643 –0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7058 1.4168 5.3 Saudi Arabia riyal .2662 3.7561 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 .0008162 1225.17 6.1 South Africa rand .0545 18.3382 31.0
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0053308 187.59 3.4
Yield (%) 52-Week Total Return (%) Taiwan dollar .03339 29.945 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 .03132 31.930 7.3 WSJ Dollar Index 93.64 –0.06–0.06 4.55
Libor, 3-month 0.37 0.42 0.37 l 2.52 -0.81
U.S. Treasury, Barclays 2467.320 0.540 0.530 2.370 0.480 12.83 5.51 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.30 0.31 0.30 l 0.78 -0.02
1.350 31.70 12.30
Five-year CD, annual yield 0.81 0.83 0.81 l 1.97 -0.50 U.S. Treasury Long, Barclays 4835.540 1.300 2.790 0.980
Commodities
30-year mortgage, fixed† 3.59 3.55 3.51 l 4.22 -0.35 Aggregate, Barclays 2231.240 1.440 1.390 2.930 1.310 9.99 4.95 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.98 3.07 2.95 l 3.61 -0.19 Fixed-Rate MBS, Barclays 2222.980 1.460 1.150 3.100 0.930 7.22 3.93
Jumbo mortgages, $510,400-plus† 3.67 3.63 3.54 l 4.71 -0.83 DJ Commodity 520.71 1.07 0.21 647.86 433.70 -15.30 -18.93
High Yield 100, ICE BofA 2906.135 6.531 6.471 10.740 4.516 –4.020 1.281
Five-year adj mortgage (ARM)† 3.22 3.23 3.21 l 4.78 -0.10 TR/CC CRB Index 129.57 0.49 0.38 187.39 106.29 -28.79 -30.26
Muni Master, ICE BofA 573.184 1.430 1.629 3.441 0.959 4.337 3.717 Crude oil, $ per barrel 32.50 0.68 2.14 63.27 -37.63 -48.40 -46.77
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 825.269 5.850 6.025 7.480 4.523 0.062 1.784 Natural gas, $/MMBtu 1.830 0.047 2.64 2.862 1.552 -29.97 -16.40
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. 1744.20 12.40 0.72 1756.70 1272.00 37.12 14.79

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
 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 | Wednesday, May 20, 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 110.55 111.70 109.45 110.20 –.65 51,134 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. May .7177 .7206 .7159 .7202 .0040 762
Contract Open July 10.84 10.98 10.72 10.85 .05 327,810 June .7173 .7212 .7159 .7201 .0039 119,650
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Oct 10.93 10.98 10.78 10.90 … 239,213 British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. July 320.75 325.50 320.50 321.25 .50 600,778 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.2200 1.2297 1.2185 1.2282 .0089 176,747
May 2.4320 2.4320 2.4105 2.4230 0.0180 1,390 Dec 332.75 336.75 332.50 334.25 1.50 350,623 July 25.80 25.80 25.80 25.80 … 1,360 Sept 1.2215 1.2302 1.2191 1.2287 .0089 2,227
July 2.4245 2.4385 2.4035 2.4180 0.0140 102,247 Oats (CBT)-5,000 bu.; cents per bu. Sept 25.90 t
25.90 25.90 25.90 –.01 2,614 Swiss Franc (CME)-CHF 125,000; $ per CHF
Gold (CMX)-100 troy oz.; $ per troy oz. July 318.00 321.00 315.25 315.75 –3.00 2,918 Cotton (ICE-US)-50,000 lbs.; cents per lb. June 1.0294 1.0319 1.0286 1.0306 .0019 38,925
May 1749.30 1749.50 1749.30 1744.20 12.40 986 Dec 271.75 274.00 269.75 272.75 3.25 1,189 July 57.99 59.49 57.92 59.20 1.40 85,138 Sept 1.0332 1.0345 1.0316 1.0335 .0019 154
June 1734.80 1751.60 1727.20 1745.60 11.20 248,145 Soybeans (CBT)-5,000 bu.; cents per bu. 58.04 59.26 58.04 59.17 1.24 60,571
July 846.00 848.50 839.25 842.50 –2.50 320,540
Dec Australian Dollar (CME)-AUD 100,000; $ per AUD
Aug 1746.80 1763.90 1739.60 1757.90 11.20 172,164 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June .6519 .6586 .6510 .6567 .0052 129,240
Nov 853.25 856.00 848.50 850.25 –2.50 171,620
Oct 1754.40 1771.20 1746.80 1765.40 11.80 18,813 July 126.95 127.75 s 126.65 127.75 .95 7,418 Sept .6528 .6585 .6511 .6567 .0052 1,159
1763.00 1779.60 1754.20 1773.40 12.80 64,432
Soybean Meal (CBT)-100 tons; $ per ton. 125.30 125.95 s 125.25 126.20 1.15 2,116
Dec
July 285.00 t 283.50
286.00 284.60 –.50 173,057
Sept Mexican Peso (CME)-MXN 500,000; $ per MXN
Feb'21 1762.00 1780.50 1762.00 1776.80 13.20 10,900 June .04185 .04247 .04184 .04229 .00033 100,175
Dec 292.30 t 291.00
293.30 292.50 .20 75,617
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures Sept .04163 .04193 .04133 .04177 .00033 1,043
May … ... ... 2069.40 47.60 24 July 27.33 27.56 26.95 27.09 –.23 177,435 Euro (CME)-€125,000; $ per €
June 2045.60 2152.80 1984.60 2074.70 47.60 3,100
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Dec 28.16 28.36 27.75 27.89 –.24 86,083 June 1.0921 1.0982 1.0908 1.0952 .0032 539,383
June 218-260 220-020 217-180 219-000 29.0 1,035,966
Sept 2035.60 2132.00 1977.00 2063.80 47.60 3,487 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 1.0944 1.1003 1.0929 1.0973 .0031 4,076
Sept 217-030 218-150 216-010 217-140 29.0 86,891
Dec 2017.80 2044.90 2011.80 2056.60 47.40 397 July 16.03 16.17 15.91 16.07 … 6,834 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 11.94 11.94 11.90 11.94 –.01 4,454 June 178-140 179-050 177-260 178-200 15.0 1,006,314 Index Futures
May ... ... ... 885.00 20.30 8 Wheat (CBT)-5,000 bu.; cents per bu. Sept 177-000 177-200 176-100 177-030 15.0 22,828
July 861.00 897.30 849.00 889.60 20.30 41,630 July 496.75 501.50 496.25 498.75 1.75 200,524
Mini DJ Industrial Average (CBT)-$5 x index
Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 24479 24765 24120 24158 –349 74,062
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 500.00 504.00 499.50 501.50 1.50 77,502 June 138-215 139-015 138-185 138-275 8.5 3,284,301 Sept 24435 24648 24022 24054 –351 898
May 17.700 17.880 17.700 17.892 0.428 215 Wheat (KC)-5,000 bu.; cents per bu. Sept 138-130 138-245 138-100 138-185 8.5 199,424
July 17.370 18.010 17.340 17.901 0.433 113,600 July 447.50 449.25 440.25 441.50 –4.75 123,739
S&P 500 Index (CME)-$250 x index
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 2945.30 2975.60 2914.70 2918.80 –29.10 103,561
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 455.00 455.50 447.25 448.25 –4.50 40,221 June 125-132 125-200 125-125 125-175 5.2 3,262,206 Sept … … … 2910.20 –29.00 11
June 32.83 33.44 31.34 32.50 0.68 23,344 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 125-072 125-145 125-070 125-120 5.2 461,335
May 127.150 127.500 126.900 127.425 .825 1,918
Mini S&P 500 (CME)-$50 x index
July 32.39 32.91 31.13 31.96 0.31 306,243 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 2945.00 2976.25 2914.25 2918.75 –29.25 3,135,866
Aug 33.01 33.38 31.73 32.47 0.20 244,399 Aug 132.325 132.625 131.400 131.925 –.625 15,515 June 110-070 110-081 110-067 110-076 0.7 2,290,339 Dec 2935.25 2961.00 2901.25 2905.25 –28.75 40,311
Sept 33.56 33.90 32.40 33.01 0.14 313,882 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 110-115 110-124 110-109 110-120 1.0 153,924
June 98.600 99.250 97.425 98.775 .050 41,956
Mini S&P Midcap 400 (CME)-$100 x index
Dec 34.63 34.90 33.72 34.17 0.10 337,614 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 1672.50 1693.00 1648.20 1649.90 –22.70 70,442
Aug 98.325 99.350 97.525 99.075 .225 103,564 99.9475 99.9500 99.9475 99.9500 .0025 229,073
Dec'21 37.70 37.84 36.96 37.24 –0.06 131,629 May Sept 1666.60 1686.50 1647.30 1645.40 –23.00 5
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. July 99.9350 99.9400 99.9350 99.9400 .0050 217,021
June 57.600 58.650 56.550 56.650 –1.000 30,937
Mini Nasdaq 100 (CME)-$20 x index
June 1.0264 1.0280 .9657 .9736 –.0328 49,771 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 9316.25 9417.25 9283.75 9300.75 –24.75 196,019
July 57.900 58.475 56.225 56.275 –1.375 59,258 June 105-080 105-230 105-045 105-140 7.0 74,140
July 1.0544 1.0592 1.0026 1.0125 –.0254 71,300 Sept 9316.75 9400.00 9270.00 9285.00 –25.50 2,137
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 350.00 356.10 348.10 354.30 8.10 1,587
Mini Russell 2000 (CME)-$50 x index
June 1.0510 1.0563 1.0225 1.0452 .0194 43,024 June 99.6750 99.6950 99.6650 99.6925 .0225 1,760,425 June 1331.10 1350.70 1303.80 1307.50 –25.70 550,084
Sept 354.80 359.00 352.50 357.50 8.10 714 Sept 99.7000 99.7250 99.6950 99.7200 .0250 1,672,341
July 1.0626 1.0703 1.0381 1.0550 .0124 96,256 Sept 1330.30 1346.80 1301.70 1305.30 –25.50 4,901
Milk (CME)-200,000 lbs., cents per lb. 99.6850 99.7050 99.6800 99.7000 .0200 1,132,473
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 12.26 12.32 12.25 12.27 .03 4,567
Dec Mini Russell 1000 (CME)-$50 x index
June 1.769 1.857 1.763 1.830 .047 79,199 March'21 99.7700 99.7850 99.7600 99.7800 .0200 960,326 June 1626.50 1631.80 1608.70 1609.30 –15.70 8,189
June 16.70 17.41 16.64 17.28 .62 4,902
July 1.951 2.027 1.942 1.985 .026 318,628 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 2.097 2.164 2.078 2.122 .012 136,292 July 2,401 2,445 2,392 2,435 31 72,606
Currency Futures June 99.64 99.76 99.25 99.37 –.31 31,285
2.187 2.248 2.163 2.206 .008 101,064 Sept 99.66 99.77 99.28 99.37 –.32 857
Oct Sept 2,376 2,416 2,369 2,406 27 58,139 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Jan'21 2.970 3.030 2.943 2.980 –.013 93,903 Coffee (ICE-US)-37,500 lbs.; cents per lb. June .9322 .9324 .9255 .9284 –.0031 152,054
April 2.530 2.569 2.509 2.532 –.009 70,608 July 107.50 108.70 106.30 107.05 –.70 80,456 July .9315 .9327 t .9260 .9289 –.0031 2,069 Source: FactSet

Cash Prices | wsj.com/market-data/commodities Tuesday, May 19, 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—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks
months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Tuesday Tuesday Tuesday
highs and lows for different types of bonds
Total Total
Aluminum, LME, $ per metric ton *1441.5 Wheat - Hard - KC (USDA) $ per bu-u 4.5400
Energy 6.0800
return YTD total Yield (%) return YTD total Yield (%)
Copper,Comex spot 2.4230 Wheat,No.1soft white,Portld,OR-u 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
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.500 Shredded Scrap, US Midwest-s,m 261 Broad Market Bloomberg Barclays
Beef,carcass equiv. index

.
Metals Steel, HRC USA, FOB Midwest Mill-s 498 2222.98 3.5 Mortgage-Backed 1.460 0.930 3.100
choice 1-3,600-900 lbs.-u 286.55 2231.24 4.8 U.S. Aggregate 1.440 1.310 2.930
Fibers and Textiles

ly
Gold, per troy oz select 1-3,600-900 lbs.-u 267.21 U.S. Corporate Indexes Bloomberg Barclays 2177.53 3.6 Ginnie Mae (GNMA) 0.880 0.490 3.070
Engelhard industrial 1736.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Broilers, National comp wtd. avg.-u,w 0.7745
Butter,AA Chicago 1.6050 3181.06 1.3 U.S. Corporate 2.640 2.220 4.580 1310.82 3.5 Fannie mae (FNMA) 1.690 1.110 3.110
Handy & Harman base 1737.95 Cotton,1 1/16 std lw-mdMphs-u 0.5645
1929.13 Cheddar cheese,bbl,Chicago 178.25 2012.96 3.4 Freddie Mac (FHLMC) 1.670 1.080 3.110
Handy & Harman fabricated Cotlook 'A' Index-t *66.75 2929.09 1.3 Intermediate 2.130 1.760 4.400
Cheddar cheese,blk,Chicago 185.00
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
*1756.90
*1734.70
1812.30
1829.73
1829.73
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
Grains and Feeds
Barley,top-quality Mnpls-u
on
24.500
3.25

n.a.
Milk,Nonfat dry,Chicago lb.
Coffee,Brazilian,Comp
Coffee,Colombian, NY
Eggs,large white,Chicago-u
98.50
1.0314
1.5601
0.7650
4599.95
665.83
821.03 -1.1
1.2
3.9
Long term
Double-A-rated
Triple-B-rated
3.500 2.950 4.930
1.740 1.670 3.360
3.240 2.570 5.350
573.18
403.87
457.79
1.3
1.2
1.1
Muni Master
7-12 year
12-22 year
1.430 0.959 3.441
1.416 0.924 3.447
1.886 1.224 3.690
Flour,hard winter KC 14.05
Mexican peso-e 2109.05 Bran,wheat middlings, KC-u 75 High Yield Bonds ICE BofA 434.08 -1.5 22-plus year 2.873 1.765 4.123
us ,

Hams,17-20 lbs,Mid-US fob-u 0.36

Austria crown-e 1711.10 Corn,No. 2 yellow,Cent IL-bp,u 3.0250 Hogs,Iowa-So. Minnesota-u 69.11 426.98 -8.6 High Yield Constrained 7.804 5.151 11.400 Global Government J.P. Morgan†
l

Austria phil-e 1829.73 Corn gluten feed,Midwest-u,w 112.0 Pork bellies,12-14 lb MidUS-u n.a.
Silver, troy oz.
e
Corn gluten meal,Midwest-u,w 442.3 2.1559 351.76 -19.7 Triple-C-rated 17.452 10.735 19.071 609.04 4.5 Global Government 0.620 0.390 1.370
al a

Pork loins,13-19 lb MidUS-u

Engelhard industrial 17.3000 Cottonseed meal-u,w 253 Steers,Tex.-Okla. Choice-u n.a.
Handy & Harman base 17.3900 Hominy feed,Cent IL-u,w 105 2906.14 -9.0 High Yield 100 6.531 4.516 10.740 860.46 7.1 Canada 0.830 0.590 1.850
Steers,feeder,Okla. City-u,w 149.31
Handy & Harman fabricated 21.7380 Meat-bonemeal,50% pro Mnpls-u,w 268 401.41 0.3 EMU§ 0.525 0.109 0.934
-8.4
ci on

Fats and Oils 386.23 Global High Yield Constrained 7.772 4.893 11.310
LBMA spot price *£14.3100 Oats,No.2 milling,Mnpls-u 3.4225
(U.S.$ equivalent) *17.3500 Rice, Long Grain Milled, No. 2 AR-u,w 28.75 Corn oil,crude wet/dry mill wtd. avg.-u,w 49.7000 296.41 -9.8 Europe High Yield Constrained 5.827 2.464 8.183 766.83 1.0 France 0.230 -0.160 0.570
Coins,wholesale $1,000 face-a 16107 Sorghum,(Milo) No.2 Gulf-u 7.9700 Grease,choice white,Chicago-h 0.2600 U.S Agency Bloomberg Barclays 547.10 2.1 Germany -0.340 -0.740 0.070
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 286.10 Lard,Chicago-u n.a.
LBMA Platinum Price PM *814.0 Soybeans,No.1 yllw IL-bp,u 8.2750 Soybean oil,crude;Centl IL-u 0.2557 1851.79 4.6 U.S Agency 0.630 0.550 2.480 296.60 -0.5 Japan 0.240 -0.070 0.260
Platinum,Engelhard industrial 826.0 Wheat,Spring14%-pro Mnpls-u 6.6825 Tallow,bleach;Chicago-h 0.3475
1615.80 3.4 10-20 years 0.480 0.400 2.380 606.46 1.7 Netherlands -0.170 -0.540 0.190
er s

Palladium,Engelhard industrial 2043.0 Wheat,No.2 soft red,St.Louis-bp,u 5.1800 Tallow,edible,Chicago-u 0.4275

4216.89 10.5 20-plus years 1.600 1.170 2.950 1100.65 9.5 U.K. 0.500 0.390 1.440
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;
2752.11 0.8 Yankee 2.060 1.920 3.500 825.27 -6.4 Emerging Markets ** 5.850 4.523 7.480
m er

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 5/18
Source: Dow Jones Market Data *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
Exchange-Traded BANKRATE.COM® MMA, Savings and CDs
Portfolios Global Government Bonds: Mapping Yields
m rp

Average Yields of Major Banks Tuesday, May 19, 2020

MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Type
Largest 100 exchange-traded funds, selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
latest session National average
Savings 0.16 0.08 0.08 0.13 0.21 0.34 0.39 0.36 0.55 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Tuesday, May 19, 2020 Jumbos 0.31 0.09 0.08 0.14 0.25 0.36 0.41 0.36 0.57 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Closing Chg YTD Weekly change 0.125 U.S. 2 0.185 s l 0.173 0.202 2.200
co Fo

ETF Symbol Price (%) (%)

Savings 0.00 0.00 0.00 -0.01 -0.01 -0.03 -0.03 -0.02 -0.03 0.625 10 0.711 t l 0.728 0.643 2.393
CnsmrDiscSelSector XLY 119.42 –0.36 –4.8
Jumbos -0.02 0.01 0.00 0.00 -0.01 -0.03 -0.04 -0.03 -0.03
CnsStapleSelSector XLP 57.23 –1.84 –9.1 2.000 Australia 2 0.276 s l 0.272 0.214 1.221 9.0 9.9 -97.9
EnSelectSectorSPDR XLE 37.84 –2.80 –37.0
FinSelSectorSPDR XLF 21.59 –2.44 –29.9 2.500 10 0.988 s l 0.922 0.855 1.652 27.7 19.3 -74.1
FT DJ Internet FDN 155.89 0.01 12.1 Consumer Savings Rates 0.000 France 2 -0.536 t l -0.494 -0.495 -0.552 -72.1 -66.7 -275.3
FT ValDivFd FVD 28.89 –1.70 –19.8
HealthCareSelSect XLV 100.03 –1.20 –1.8 Below are the top federally insured offers available nationwide according to Bankrate.com's
InvscQQQI QQQ 226.86 –0.25 6.7 weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
0.000 10 -0.015 t l -0.010 0.022 0.289 -72.6 -73.9 -210.4
InvscS&P500EW RSP 94.92 –1.38 –18.0 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 0.000 Germany 2 -0.677 s l -0.698 -0.701 -0.645 -87.1 -284.5
InvscS&P500LowVol SPLV 47.73 –1.34 –18.2
-86.2
iSh3-7YTreasuryBd IEI 133.42 0.14 6.1 High yield savings 0.000 10 -0.463 s l -0.471 -0.471 -0.101 -117.4 -120.0 -249.4
iShCoreDivGrowth DGRO 35.81 –1.67 –14.9
Bank Yield Bank Yield 1.000 Italy 2 0.350 t 0.386 0.799 0.621 21.3 -158.0
iShCoreMSCIEAFE IEFA 53.14 –1.25 –18.5 l 16.4
iShCoreMSCIEM IEMG 44.26 –0.78 –17.7 Phone number Minimum (%) Phone number Minimum (%)
iShCoreMSCITotInt IXUS 50.61 –1.09 –18.2 1.350 10 1.643 t l 1.669 1.783 2.673 93.2 94.0 28.0
iShCoreS&P500 IVV 292.99 –1.03 –9.4 Money market and savings account Six-month CD
iShCoreS&P MC IJH 165.04 –1.36 –19.8 HSBC Direct $1 1.60 Live Oak Bank $2,500 1.10 0.100 Japan 2 -0.165 s l -0.173 -0.140 -0.161 -35.0 -34.7 -236.1
iShCoreS&P SC IJR 61.52 –2.04 –26.6 (844) 867-5750 (866) 518-0286 0.100 10 0.001 s l -0.010 0.016 -0.055 -73.8 -244.8
-71.0
n-

iShS&PTotlUSStkMkt ITOT 65.20 –1.09 –10.3

Comenity Direct $100 1.55 Sallie Mae Bank $2,500 1.10
iShCoreUSAggBd AGG 116.99 0.11 4.1
(833) 755-4354 (877) 346-2756
0.400 Spain 2 -0.282 t l -0.260 0.042 -0.345 -46.8 -43.3 -254.5
iShSelectDividend DVY 77.48 –1.81 –26.7
iShEdgeMSCIMinEAFE EFAV 63.90 –1.29 –14.3 DollarSavingsDirect $1 1.50 First Internet Bank of Indiana $1,000 1.06 0.500 10 0.722 t l 0.803 0.802 0.871 1.1 7.5 -152.1
iShEdgeMSCIMinUSA USMV 59.07 –1.15 –10.0 (866) 395-8693 (888) 873-3424
iShEdgeMSCIUSAMom MTUM 123.08 –0.46 –2.0 0.500 U.K. 2 -0.022 t l 0.007 0.088 0.718 -20.7 -16.6 -148.3
iShEdgeMSCIUSAQual QUAL 92.18 –1.17 –8.7 One-month CD One-year CD 4.750 10 0.248 t l 0.258 0.303 1.036 -47.0 -135.7
no

iShGoldTr IAU 16.68 0.79 15.0 -46.3

iShiBoxx$InvGrCpBd LQD 129.38 0.08 1.1
VirtualBank $10,000 0.65 Comenity Direct $1,500 1.55
iShiBoxx$HYCpBd HYG 80.20 0.12 –8.8 (877) 998-2265 (833) 755-4354 Source: Tullett Prebon
iShJPMUSDEmgBd EMB 104.02 0.08 –9.2 M.Y. Safra Bank, FSB $1,000 0.30 Ally Bank $0 1.35
iShMBSETF
iShMSCI ACWI
MBB
ACWI
110.92
69.33
–0.01
–1.01
2.6
–12.5
(212) 652-7200
Presidential Bank, FSB $1,000 0.10
(877) 247-2559
Goldman Sachs Bank USA $500 1.35
Corporate Debt
iShMSCI EAFE EFA 56.60 –1.38 –18.5
(800) 383-6266 (855) 730-7283 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
iShMSCI EAFE SC SCZ 49.82 –0.82 –20.0
iShMSCIEmgMarkets EEM 37.14 –0.80 –17.2 that same company’s share price.
iShMSCIJapan EWJ 52.38 –1.17 –11.6
Two-month CD Two-year CD
iShNatlMuniBd MUB 113.84 0.33 –0.1 VirtualBank $10,000 0.65 Comenity Direct $1,500 1.60 Investment-grade spreads that tightened the most…
iShPfd&Incm PFF 33.94 0.06 –9.7 (877) 998-2265 (833) 755-4354 Spread*, in basis points Stock Performance
iShRussell1000Gwth IWF 178.07 –0.59 1.2 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Presidential Bank, FSB $1,000 0.10 First Internet Bank of Indiana $1,000 1.46
iShRussell1000 IWB 161.43 –0.94 –9.5
107.97 –1.63 –20.9 (800) 383-6266 (888) 873-3424
iShRussell1000Val IWD Southwest Airlines LUV 4.750 May 4, ’23 509 –109 711 27.69 2.21
iShRussell2000 IWM 130.06 –1.97 –21.5 Applied Bank $1,000 0.05 NBKC Bank $1,000 1.44
iShRussell3000 IWV 169.04 –0.98 –10.3 (800) 616-4605 (913) 341-1144 Sabine Pass Liquefaction SPLLLC 5.625 March 1, ’25 295 –56 n.a. ... ...
iShRussellMid-Cap IWR 49.85 –0.86 –16.4 General Motors GM 6.750 April 1, ’46 530 –50 602 24.69 –0.48
iShRussellMCValue IWS 71.30 –1.41 –24.8 Three-month CD Five-year CD
iShS&P500Growth IVW 193.34 –0.55 –0.2 ONEOK OKE 5.850 Jan. 15, ’26 440 –50 516 35.11 0.11
VirtualBank $10,000 0.65 First Internet Bank of Indiana $1,000 1.67
iShS&P500Value IVE 104.29 –1.67 –19.8
iShShortCpBd IGSB 53.89 0.11 0.5 (877) 998-2265 (888) 873-3424 Pershing Square Holdings PSHNA 5.500 July 15, ’22 380 –42 395 ... ...
iShShortTreaBd SHV 110.82 ... 0.3 First Internet Bank of Indiana $1,000 0.60 Comenity Direct $1,500 1.65 Valero Energy VLO 2.850 April 15, ’25 210 –36 255 64.05 –0.47
iShTIPSBondETF TIP 121.40 –0.12 4.1 (888) 873-3424 (833) 755-4354 Cimarex Energy XEC 4.375 June 1, ’24 480 –36 n.a. 26.03 –3.16
iSh1-3YTreasuryBd SHY 86.66 0.06 2.4 Goldwater Bank $5,000 0.60 Connexus Credit Union $5,000 1.56
iSh7-10YTreasuryBd IEF 121.54 0.28 10.3
iSh20+YTreasuryBd TLT 163.66 0.37 20.8 (480) 281-8200 (800) 845-5025 …And spreads that widened the most
iShRussellMCGrowth IWP 146.58 –0.53 –3.9
iShUSTreasuryBdETF GOVT 27.96 0.22 7.8 High yield jumbos - Minimum is $100,000 ViacomCBS VIAC 4.200 May 19, ’32 352 136 n.a. 19.64 3.10
JPM UltShtIncm JPST 50.41 0.04 –0.0 Tapestry TPR 4.250 April 1, ’25 827 48 777 12.86 –3.96
PIMCOEnhShMaturity MINT 100.82 0.03 –0.8 Money market and savings account Six-month CD Nordstrom JWN 5.000 Jan. 15, ’44 720 31 687 15.75 –5.18
SPDR BlmBarcHYBd JNK 98.90 0.12 –9.7
SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 CIT Bank 1.55 Live Oak Bank 1.10 Marriott International MAR 3.600 April 15, ’24 453 23 459 90.67 –3.15
SPDR Gold GLD 164.26 0.97 14.9 (855) 462-2652 (866) 518-0286
SchwabIntEquity SCHF 27.51 –1.22 –18.2 First Internet Bank of Indiana 1.26 Sallie Mae Bank 1.10 FedEx FDX 4.250 May 15, ’30 248 20 263 114.79 –3.69
SchwabUS BrdMkt SCHB 68.95 –1.06 –10.3
SchwabUS Div SCHD 50.46 –1.62 –12.9
(888) 873-3424 (877) 346-2756 Roper Technologies ROP 2.350 Sept. 15, ’24 129 15 162 357.75 –2.34
SchwabUS LC SCHX 69.79 –0.94 –9.1 ableBanking,adivisionofNortheastBank 1.25 First Internet Bank of Indiana 1.06 Southwest Airlines LUV 2.625 Feb. 10, ’30 464 14 448 27.69 2.21
SchwabUS LC Grw SCHG 94.29 –0.59 1.5 (877) 505-1933 (888) 873-3424
Schwab US TIPs
SPDR DJIA Tr
SCHP
DIA
59.24
242.22
0.05
–1.51
4.6
–15.0 One-month CD One-year CD High-yield issues with the biggest price increases…
SPDR S&PMdCpTr MDY 301.26 –1.38 –19.7 VirtualBank 0.65 Comenity Direct 1.55 Bond Price as % of face value Stock Performance
SPDR S&P 500 SPY 291.97 –1.03 –9.3 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
SPDR S&P Div SDY 85.44 –1.98 –20.6
(877) 998-2265 (833) 755-4354
TechSelectSector XLK 95.41 –0.37 4.1 M.Y. Safra Bank, FSB 0.30 Ally Bank 1.35 Ithaca Energy IAECN 9.375 July 15, ’24 70.000 4.00 n.a. ... ...
UtilitiesSelSector XLU 56.12 –1.65 –13.2 (212) 652-7200 (877) 247-2559
VanEckGoldMiner GDX 37.21 3.56 27.1 United Airlines Holdings UAL 4.250 Oct. 1, ’22 69.000 4.00 65.750 23.68 –1.86
Presidential Bank, FSB 0.10 CIT Bank 1.35
VangdInfoTech VGT 252.88 –0.30 3.3
(800) 383-6266 (855) 462-2652 American Airlines AAL 5.000 June 1, ’22 43.000 3.25 44.250 9.64 –2.33
VangdSC Val VBR 97.50 –1.79 –28.9
183.63 –0.78 –7.6
PDC Energy PDCE 6.125 Sept. 15, ’24 93.998 3.25 n.a. 12.22 –6.22
VangdSC Grwth VBK
112.75 –1.54 –9.6
Two-month CD Two-year CD
VangdDivApp VIG
VirtualBank 0.65 Comenity Direct 1.60 CrownRock CRROCK 5.625 Oct. 15, ’25 93.230 3.22 n.a. ... ...
VangdFTSEDevMk VEA 35.86 –1.08 –18.6
VangdFTSE EM VWO 36.74 –1.00 –17.4 (877) 998-2265 (833) 755-4354 Cengage Learning CNGO 9.500 June 15, ’24 60.500 3.00 n.a. 12.75 –0.97
VangdFTSE Europe VGK 45.79 –1.48 –21.9 Presidential Bank, FSB 0.10 First Internet Bank of Indiana 1.46 Olin OLN 5.625 Aug. 1, ’29 87.750 2.91 87.000 11.32 –5.03
VangdFTSEAWxUS VEU 43.97 –1.15 –18.2
(800) 383-6266 (888) 873-3424 American Axle & Manufacturing AXL 6.250 March 15, ’26 89.500 2.75 87.250 6.43 –3.16
VangdGrowth VUG 186.50 –0.44 2.4
VangdHlthCr VHT 190.92 –1.27 –0.4 Applied Bank 0.05 CIT Bank 1.45
VangdHiDiv VYM 76.41 –1.66 –18.5 (800) 616-4605 (855) 462-2652 …And with the biggest price decreases
VangdIntermBd BIV 91.45 0.19 4.8
VangdIntrCorpBd VCIT 91.83 0.26 0.5 Three-month CD Five-year CD Townsquare Media TSQ 6.500 April 1, ’23 75.000 –7.75 n.a. 4.25 –4.71
VangdLC VV 134.95 –0.97 –8.7 VirtualBank 0.65 First Internet Bank of Indiana 1.67
VangdMC VO 152.41 –0.79 –14.5 Occidental OXY 4.625 June 15, ’45 58.188 –2.69 n.a. 14.37 –4.64
(877) 998-2265 (888) 873-3424
VangdMBS VMBS 54.47 –0.04 2.4 Coty COTY 6.500 April 15, ’26 81.013 –2.00 88.000 3.25 –4.97
VangdRealEst VNQ 71.89 –1.34 –22.5 First Internet Bank of Indiana 0.60 Comenity Direct 1.65
VangdS&P500ETF VOO 268.52 –0.94 –9.2 (888) 873-3424 (833) 755-4354 Hertz HTZ 5.500 Oct. 15, ’24 11.000 –2.00 n.a. 2.96 –6.62
VangdST Bond BSV 82.79 0.10 2.7 Goldwater Bank 0.60 Connexus Credit Union 1.56 Ascent Resources Utica Holdings ASCRES 7.000 Nov. 1, ’26 64.500 –1.80 71.000 ... ...
VangdSTCpBd VCSH 81.46 0.10 0.5 (480) 281-8200 (800) 845-5025
VangdShortTermTrea VGSH 62.24 0.02 2.3 Targa Resources Partners NGLS 6.500 July 15, ’27 98.618 –1.63 n.a. ... ...
VangdSC VB 133.67 –1.23 –19.3 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Royal Caribbean Cruises RCL 7.500 Oct. 15, ’27 64.750 –1.56 70.500 42.15 –3.55
VangdTotalBd BND 87.30 0.13 4.1 compounding and rate stated for the lowest required opening deposit to earn interest. CD
VangdTotIntlBd BNDX 57.18 0.12 1.1 Viking Cruises VIKCRU 5.875 Sept. 15, ’27 52.500 –1.50 59.750 ... ...
VangdTotIntlStk VXUS 45.47 –1.02 –18.4
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
VangdTotalStk VTI 147.02 –1.06 –10.1 which may be checks. Rates are subject to change. *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.
VangdTotlWrld VT 69.88 –1.01 –13.7 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more
VangdValue VTV 96.31 –1.69 –19.6 Internet: www.bankrate.com 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.
Vaccine Skepticism Drives Down Stocks
Stocks fell as investors grew
more skittish about a potential
coronavirus vaccine that
sparked a big rally the previ-
ous day.
By Alexander
Osipovich, Joe Wallace
and Chong Koh Ping
The Dow Jones Industrial
Average fell 390.51 points, or
1.6%, to 24206.86. The index
traded modestly lower for
most of the session, before its
losses accelerated in the final
hour.
The declines came a day af-
ter the blue chips notched their
biggest rally in
TUESDAY’S more than a
MARKETS month, fueled
by promising
data on a vaccine under devel-
opment at Moderna. Some of
that optimism evaporated
Tuesday afternoon when a re-
port on medical-news site
STAT cast doubt on the data.
The S&P 500 and Nasdaq
Composite also tumbled after
the report was posted online.
The S&P fell 30.97 points, or
1%, to 2922.94, while the tech-
heavy Nasdaq—which had been
European
Bonds Get
Lift From
Fund Plan
BY CAITLIN OSTROFF
Bond yields in Europe’s
riskiest economies fell after
France and Germany proposed
a recovery fund to support
countries hit by the coronavi-
rus.
Investors took the proposed
€500 billion ($546 billion)
fund as a sign that the Euro-
pean Union’s richest members
would support nations with
limited fiscal reserves. In par-
ticular, that could help highly
indebted
CREDIT Southern Eu-
MARKETS ropean coun-
tries such as
Italy and Greece whose bor-
rowing costs have risen during
the pandemic. The new finan-
cial support would come on
top of a €540 billion coronavi-
rus response plan already
agreed upon by European
Union member states.
The yield on Italy’s 10-year
bond fell to 1.649% from
1.761% Monday—its lowest in
more than a month. Yields on
Greek bonds fell below 2% for
the first time since mid-April,
and yields for Spanish and
Portuguese 10-year bonds fell.
Yields fall when prices rise.
“We see yesterday’s an-
nouncement as pretty signifi-
cant. With France and Ger-
many at the table, I would
expect something similar to
what has been proposed to
no
come through,” said Moham-
med Kazmi, a portfolio man-
ager at Union Bancaire Privée.
The pandemic has stirred
up long-held worries about the
stability of the eurozone.
Wealthier members including
Germany and the Netherlands
have pushed back on calls for
full joint debt issuance, where
all eurozone countries would
share the burden of financing
the region’s recovery—and
make them liable if one nation
defaults.
Monday’s proposal stopped
short of joint issuance. The
fund would be financed by
debt issued by the European
Commission, the EU’s execu-
tive body, and the proceeds
disbursed through grants and
funds to severely affected re-
gions and sectors. The debt
would be repaid by member
states, though how much the
main beneficiaries would con-
tribute wasn’t immediately
clear. Analysts expect Ger-
many’s willingness to extend
grants will bring more reluc-
tant nations on board.
Some Northern European
nations have already pushed
back. Austria’s chancellor said
Monday that aid should be
given through loans, not
grants. Another concern is
that the fund would go into ef-
fect next year, even though
countries face a more immedi-
ate need to finance recoveries
as lockdowns ease.
In U.S. government bond
markets, the yield on 10-year
Treasurys fell to 0.711% from
0.741% Monday. Yields on 30-
year Treasurys fell to 1.433%
from 1.456% Monday.
* * * * *
up for most of the day—
dropped 49.72 points, or 0.5%,
to 9185.10.
The moves demonstrated
how investors are pinning their
hopes on a vaccine that would
allow the economy to quickly
reopen. Analysts warn that de-
veloping such a vaccine will be
a long, bumpy road.
“Investors are just pausing
for a breather after yesterday’s
excitement about the potential
development of a vaccine,” said
Hugh Gimber, strategist at J.P.
Morgan Asset Management.
A successful vaccine would
clear the way for a faster re-
covery in economic growth, he
said, but “clearly there’s a long
way to go before that would
come into practice.”
The Dow was also dragged
down by shares of Walmart
and Home Depot, two big con-
stituents of the index.
Both companies are among
a small group of retailers that
are positioned to perform well
during the pandemic because
their stores have remained
open and consumers have
stocked up on household
goods.
But the stocks tumbled fol-
Growth Shares Outperform Value Equities
Gap between the performance
of the Russell 1000 Growth
Index and the Russell 1000
Value Index
30 percentage points
20
on
10
us ,
l
0 thing that investors say has
e
al a
–10
ci on
–20
–30
1994 2000 ’10 ’20
er s
Note: Figure for 2020 is through Tuesday.
Source: FactSet
m er
Soaring Silver Prices Lure Haven-Seeking Investors
m rp
BY AMRITH RAMKUMAR
Silver prices are surging,
making the metal one of the
co Fo
market’s best-performing as-
sets in the second quarter, with
investors seeking havens that
hold their value during times of
economic uncertainty.
Front-month silver futures
advanced 2.5% to $17.892 a troy
ounce Tuesday, extending a re-
cent rally. They rose 14% in the
past four ses-
COMMODITIES sions and re-
bounded 52%
from a low hit in March. For
n-
the second quarter, they are up
27%, a sharp recovery from a
selloff earlier in the year.
In March, a stock-market
selloff pushed investors to sell
a range of assets to raise cash,
including precious metals nor-
mally considered safer like
gold and silver. Precious met-
als are bouncing back, with
many analysts seeking to pro-
tect against another market
downturn because of the coro-
navirus. Heavy haven buying
has lifted gold prices back
near a 7½-year high.
Still, gold’s recent gains pale
in comparison to silver’s. Silver
has lagged behind gold for
years and tends to be more vol-
atile, in part because roughly
half of global demand comes
from industrial uses. That can
make silver more sensitive to
the world economy.
While silver’s industrial uses
held prices back in the past,
they provided a short-term
boost recently with investors
Bets on a
Few Sectors
Fuel Stocks
Continued from page B1
the safer, long-term, secular-
growth stories such as U.S.
technology and health-care
stocks,” said Anwiti Bahuguna,
head of multiasset strategy at
Boston-based money manager
Columbia Threadneedle. She
has been reducing her portfo-
lio’s allocation to equities since
February, partly because of the
economy’s deterioration.
MARKETS NEWS
Share-price and index performance, Tuesday
2%
1 lapse from late February to

-1
-2
-
9:30 a.m. noon
Source: FactSet
lowing their mixed quarterly
results.
Walmart reported strong
online sales in the first quarter,
but its shares, which have been
trading near records, slid $2.71,
or 2.1%, to $124.95. The coun-
try’s largest retailer said its
U.S. foot traffic fell in the quar-
ter, while spending per trans-
action rose 16.5%.
BY AKANE OTANI
Shares of fast-growing com-
panies are racing past their
value counterparts, on pace to
outperform the latter by the
widest margin since the dot-
com era.
Growth stocks are typically
companies that promise to de-
liver faster-than-average profit
growth in the future—some-
been particularly attractive in
the current economic down-
turn.
Value stocks, on the other
hand, typically trade at a low
multiple of their book value.
After rallying the past
month, the Russell 1000
Growth Index is up 1.2% for the
year, while the Russell 1000
Heavy haven buying has lifted gold and silver prices, but gold’s gains pale in comparison to silver.
piling into wagers on a long-
term economic recovery as
businesses reopen. Those hopes
lifted growth-sensitive materi-
als from oil to copper, lately.
At the same time, demand
for havens remains steady, and
ultralow interest rates are mak-
ing precious metals more at-
tractive to yield-seeking inves-
tors looking for assets other
than bonds. With many ana-
“It’s very much a picture of
people buying what is safer,
what’s defensive and what’s
worked over the last decade,”
Ms. Bahuguna said.
Tech companies did heavy
lifting in the rally that followed
the market’s low on March 23.
The technology-heavy Nas-
daq Composite Index rose
more than 34% through May
18. Meanwhile, the S&P 500
rose 32% and the Russell 2000
index of small-cap companies
gained 33%.
Investors in exchange-traded
funds and mutual funds went
from buying broad exposure to
U.S. equities in March to
wagering on specific sectors in
April.
Investors in April took a net
S&P 500
Walmart
Home Depot
4 p.m.
At Home Depot, sales rose,
reflecting more interest in do-
it-yourself projects. But shares
dropped $7.25, or 3%, to
$238.10 after the company re-
ported higher expenses and
profit that fell short of analyst
forecasts.
The U.S. stock market has
hovered in a relatively tight
trading range for the past
Value Index is down 21%.
If the year were to end to-
day, the former index would
have outperformed the latter
by the most since 1999, accord-
ing to Dow Jones Market Data.
The divergence between the
two categories of stocks is so
vast that some analysts and in-
vestors question how much
longer it can last.
Conventional investment
theory suggests value stocks,
which include banks, oil com-
panies and industrial conglom-
erates, start to do better than
growth stocks when the econ-
omy begins to recover from a
downturn.
That is because many value
stocks are particularly sensitive
to ebbs and flows of economic
activity.
lysts expecting market volatil-
ity to persist, demand for phys-
ical silver bars and coins has
gone up, while exchange-traded
funds like the iShares Silver
Trust have posted big inflows.
“We think safe-haven de-
mand for silver will continue to
be a key driver of prices going
forward,” Capital Economics
analysts said in a recent note.
Still, some analysts remain
$18 billion out of mutual funds
and exchange-traded funds that
invest across the U.S. stock
market, according to Morning-
star U.S. fund data.
They channeled $16 billion
31%
Amount S&P 500 has risen
since the March lows
into sector-focused funds, a
monthly high for such invest-
ments since 2014. Some health-
care and technology ETFs took
in heavy inflows, as investors
Wednesday, May 20, 2020 | B11
three weeks, with the S&P 500
largely staying between 2800
and 3000.
That calm stretch contrasts
with the market’s swift col-
mid-March, or the sharp re-
bound that followed, as inves-
tors digested the impact of the
Covid-19 pandemic and lock-
down measures that brought
much of the U.S. economy to a
halt.
For markets to break out of
that range, investors would
need clear evidence that steps
to reopen the U.S. economy are
working, said Michael Stritch,
chief investment officer of
BMO Wealth Management.
Meanwhile, the safest bets
are large companies that can
operate best during the pan-
demic, he added. “Bigger com-
panies—well-capitalized mem-
bers of the S&P 500 that are
able to execute online—are as-
serting their dominance,” Mr.
Stritch said. “For the economy
to move forward, we need to
get smaller businesses on pace
as well.”
All of the S&P 500’s 11 sec-
tors declined Tuesday. Energy
stocks and financials were the
In theory, they should be
among the biggest beneficiaries
of a recovery.
ly
“In our view, the extreme
current valuation gap between
the most expensive and least
expensive stocks will most
likely be closed when an im-
proving economic environment
causes the low valuation stocks
to ‘catch up’ to the current
market leaders,” Goldman
Sachs Group Inc.’s chief U.S. eq-
uity strategist, David Kostin,
wrote in a note.
Stocks like Best Buy Inc., Or-
acle Corp. and H&R Block Inc.
trade at lower-than-average
valuations but are delivering
above-average returns on capi-
tal at the moment, Mr. Kostin’s
team found in an analysis.
The catch? That playbook
wary that silver prices could
reverse again, particularly if
good news about the economy
pushes investors to sell havens
and buy riskier options like
stocks. Drivers of silver prices
are hard to predict, however,
because positive news about
growth can also mean a pickup
in industrial demand.
Elsewhere in commodities
Tuesday, most-actively traded
sought exposure to businesses
involved in fighting the corona-
virus and companies behind
the technology for people to
work from home.
David Bahnsen started buy-
ing U.S. stocks in late March.
The investment chief for
wealth-management firm
Bahnsen Group saw few attrac-
tive alternatives to stocks. He
also wanted to take advantage
of the Federal Reserve’s aggres-
sive actions to buoy markets.
In late March, Mr. Bahnsen
bought companies including
energy giants Chevron Corp.
and Exxon Mobil Corp., and fi-
nancial companies Apollo
Global Management Inc. and
Blackstone Group Inc., believ-
ing they had sold off too much
worst performers, falling 2.9%
and 2.5%, respectively.
Declines in Boeing, Procter
& Gamble, Chevron and Exxon
Mobil also weighed on the
Dow.
Among the other retailers
reporting quarterly results,
Kohl’s posted a sharp drop in
revenue and a loss, pulling
shares down $1.44, or 7.7%, to
$17.38.
Overseas, the pan-continen-
tal Stoxx Europe 600 dropped
0.6%
At midday Wednesday in
Tokyo, the Nikkei 225 was up
0.7%, the Shanghai Composite
was down 0.3% and South Ko-
rea’s Kospi was up 0.3%. S&P
500 futures were up 0.5%.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
52-WEEK BILLS
Applications $106,519,100,300
Accepted bids $35,161,067,400
" noncompetitively $219,026,400
" foreign noncompetitively $5,000,000
Auction price (rate) 99.838222
(0.160%)
Coupon equivalent 0.162%
Bids at clearing yield accepted 70.77%
Cusip number 9127962Y4
The bills, dated May 21, 2020, mature on May 20,
2021.
hasn’t worked for years. In fact,
.
while value stocks had some
brief moments in 2019, they
have failed to shine after the
2007-08 financial crisis or dur-
ing the more than decadelong
bull market that followed, fall-
ing far behind shares of tech-
nology companies in particular.
But investment firm Re-
search Affiliates, among others,
said it believes that is only fur-
ther reason to question the du-
rability of growth’s run.
The gap between value and
growth stocks’ valuations looks
so extreme that “the stage is
set for potentially historic out-
performance of value relative
to growth over the coming de-
cade,” the investment firm
founded by Rob Arnott said in
a note.
ANDREY RUDAKOV/BLOOMBERG NEWS
U.S. crude-oil futures for July
delivery rose 1% to $31.96 a
barrel, extending a recent re-
bound with drivers returning to
the road and consuming more
fuel. Brent crude futures for
July delivery, the global gauge
of oil prices, inched down 0.5%
to $34.65 a barrel but have also
surged lately. Record supply
cuts have helped oil recover
from an April collapse.
and that they would increase
their dividends long term.
He kept buying in April as
new clients came in. In the past
several weeks, he has pulled
back clients’ exposure to cor-
porate and municipal bonds
and plans to deploy that cash
to buy stocks over the next
nine or so months.
“There’s no precedent for
[the Fed] increasing their bal-
ance sheet and it not boosting
equity prices higher,” said Mr.
Bahnsen, whose $2.3 billion
firm invests clients’ money
with outside money managers
but invests their stockholdings
in-house.
—Heather Gillers
and Gunjan Banerji
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Wednesday, May 20, 2020
Investors Should
Be Skittish of
Large Gatherings
Live entertainment will face enormous challenges
even if fans are ready to jump in
Fans of in-person entertainment
might seem anxious to return, but
early looks can be deceiving.
Walt Disney Co. reopened its
Shanghai Disneyland theme park
last week following more than
three months of closure. The park
was allowed to operate at only
30% capacity, with some rides shut
down and all visitors required to
wear masks. It still sold out that
first day, even with those limita-
tions. The company also is begin-
ning a “phased reopening” of the
Disney Springs retail and restau-
rant complex near its Disney
World resort in Florida this week.
Other American companies in
the live entertainment business
are still at a complete standstill
but have been broadcasting posi-
tive signs of demand ready to
spring back. Concerts still aren’t
allowed by lockdown rules, but
Live Nation, the world’s largest
concert promoter that also owns
the Ticketmaster service, told in-
vestors on its May 7 earnings call
that 90% of fans who have bought
tickets to shows and are eligible
for refunds haven’t taken them. In-
stead, they have chosen to hold on
and wait for their shows to be re-
scheduled. Chief Executive Michael
Rapino said “I think our refund
rate says everything.”
Even cruise ship fans seem anx-
ious to dive back in. In its first-
quarter earnings call Thursday,
Norwegian Cruise Line Holdings
Chief Executive Frank Del Rio re-
ported “a significant amount of
new cash bookings” and advance
The retailer reported that total revenue jumped to $134.6 billion.
Don’t Be Spooked by
no
Walmart’s Rising Costs
Walmart tries to live by its twin
mottoes of Everyday Low Prices
and Everyday Low Costs. The lat-
ter has been a challenge, but inves-
tors should take it in stride.
The retailer reported Tuesday
that total revenue jumped to
$134.6 billion for the fiscal first
quarter, which ended April 30—an
8.6% increase from a year earlier.
Both its top and bottom lines ex-
ceeded analysts’ expectations. Of
particular note was Walmart’s e-
commerce sales, which grew by
74% year over year—a substantial
acceleration from the previous
quarter’s pace of 35%. Walmart
shares gave back early gains and
fell 2% Tuesday.
Investors might be wary of Wal-
mart’s cost of sales, which grew by
9.7%, also topping estimates and
putting a damper on operating-in-
come growth. Walmart said
Covid-19 related costs—increased
wages, benefits and heightened
sanitation measures—added up to
nearly $900 million during the
quarter. The shift to e-commerce
already had been a drag on profit-
ability even before the pandemic.
The company also said gross mar-
gins were negatively affected by a
shift to sales in lower-margin cate-
gories such as groceries and con-
sumables.
One obvious solution is to sim-
ply sell more, as Walmart U.S.
Chief Executive Officer John
Furner pointed out on the re-
tailer’s last earnings call. Revenue
was on a steady growth trajectory
well before the pandemic; the sud-
HEARD STREET
Disney’s parks, experiences
and product revenue
$30 billion
25
20
15
10
5
0 Projections
FY2017 ’18 ’19 ’20
Note: Fiscal year ends in September
Sources: the company (actual); FactSet (projections)
ticket sales during the month of
April. This is despite what he ac-
curately described as “horrific
news flow” during the month. Pas-
sengers on two of the company’s
ships that were sailing in March
on
later tested positive for Covid-19.
On the same day, rival Carnival
Corp. said that less than 38% of
us ,
customers affected by canceled
l
cruises have requested refunds
e
al a
and that booking trends for the
first half of 2021 are “within his-
torical ranges.” This is after two of
ci on
the ships operating under the
company’s Princess brand became
the most visible hot spots early in
the pandemic. Congress is now
looking into the company’s ac-
er s
tions, and a criminal probe is un-
der way in Australia.
m er
Essentially, these are signs that
m rp
co Fo
n-
den e-commerce boost is already
having an effect on operating in-
come, which grew by 5.6% in the
first quarter from a year earlier af-
ter the previous quarter saw a 12%
year-over-year drop.
Since mid-March there has been
a fourfold increase in new custom-
ers for pickup and delivery, and
Walmart has seen indications
those customers are returning. A
customer who shops in both the
physical store and through the
Walmart app or website spends
twice as much as a customer who
shops in stores only, the company
said during its last earnings call.
Walmart’s in-person experience
also seems relatively well-posi-
tioned to thrive in a low-contact
world. Its supercenters, many of
which are open 24 hours and aver-
age 178,000 square feet, might re-
assure customers skittish about
keeping a safe distance.
Some of Walmart’s added costs
will bleed into coming quarters. It
already announced a second round
of associate bonuses, which will af-
fect second-quarter results. But
the rush of new customers should
go a long way toward offsetting
those costs in the long run.
Much of this already is priced
into Walmart’s shares, which last
month reached a record and have
outpaced the broad U.S. market by
17 percentage points this year.
Tuesday’s lukewarm response to a
solid beat shows some skepticism.
Investors should have more
faith.
—Jinjoo Lee
THE WALL STREET JOURNAL.
FINANCIAL ANALYSIS & COMMENTARY
ON
THE
SAM MCNEIL/ASSOCIATED PRESS
’21 ’22
Disney requires face masks for all visitors to its Shanghai theme park, which is operating at 30% of capacity.
.
all live entertainment segments lenged by the realities of the pan- franchisees suggesting changes that
ly
have dedicated fans eager to get demic. Once cruises, concerts and range from closing public soda ma-
back to normal soon. Disney Chair- theme parks do reopen, all will be chines to cleaning restrooms every
man Robert Iger said as much in operating at diminished capacity half-hour. Disney’s Shanghai re-
his company’s fiscal second-quar-
ter call this month, stating “we be-
lieve people will resume familiar
activities once this crisis ends.”
for quite some time. That alone
could create a false sense of de-
mand, as the most devoted fans will
be quick to snap up limited tickets.
opening featured more staffers than
visitors in some locations. And Mr.
Del Rio promised to do “everything
humanly possible within the bounds
Foo Fighters frontman Dave Grohl Much of the public is still skit- of what technology offers us today”
put it more colorfully, writing in tish. A Reuters poll late last month to make his cruise lines safe.
an essay for the Atlantic: “I don’t of more than 4,000 American Time will tell if he and his peers
know when it will be safe to re- adults who typically have fre- can deliver on that. Cruise ships,
turn to singing arm in arm at the quented large gatherings like sport- concerts and theme parks have
top of our lungs, hearts racing, ing events, concerts or theme parks plenty of fans who will gladly jump
bodies moving, souls bursting with found that only 40% would return back in once they are able to do so,
life. But I do know that we will do before a vaccine is available. but these are enormous businesses
it again, because we have to.” And demand is only part of the that also require participation from
Perhaps—but investors should problem. Every company whose more casual customers too. They
never think like fans. A high degree business requires bringing custom- will need time—and some medical
of skepticism should accompany ers together faces new and rising breakthroughs—to get comfortable
predictions of a V-shaped recovery costs. McDonald’s recently sent a lining up again.
—Dan Gallagher
for the business models most chal- 59-page “reopening guide” to its
U.S. homeownership rate
OVERHEARD
69%
68
Makers of an old malaria drug 67
aren’t the only ones cheering
President Trump’s surprise state- 1Q
ment that he takes it regularly 66
65.3%
to ward off coronavirus. A cookie
KENNETH MARTIN/ZUMA PRESS
company also got a boost, and it 65
wasn’t the first time.
Perhaps it was autocomplete,
or maybe people were just un- 64
sure how to spell hydroxychlo-
roquine, but Google searches for 63
Hydrox cookies took off imme- 2000 ’05 ’10 ’15 ’20
diately. The cookies are similar
to Oreos, but were discontinued Source: Commerce Department
by Kellogg in 2003.
For Home Builders,
Well before coronavirus was
a story, though, Hydrox already
had gotten a boost from then-
candidate Trump when he lam-
basted Oreo maker Mondelez
International for moving some
jobs to Mexico. “I love Oreos, A Better Kind
I’ll never eat them again,” he
said at a 2015 campaign rally.
There was a brief campaign to
boycott the brand and the
look-alike was revived by Leaf
Of Recession
Brands that same year.
The very first question on The coronavirus pandemic is for home builders it still doesn’t
Hydrox’s Amazon page: “Do hammering home builders, but come close to what they experi-
these cookies help make Amer- they could emerge from the crisis enced after the housing bust and
ica great again?” Possibly, but with less damage than other in- financial crisis, when they were at
Amazon lists Hydrox as only dustries. the epicenter of the problem.
the 26th bestselling sandwich Construction on new homes Indeed, the retrenchment of the
cookie with 18 varieties of plummeted last month. The Com- housing market that occurred fol-
Oreos ahead of it. Their taste merce Department on Tuesday re- lowing the last recession may
and ability to hold together in ported that housing starts fell a make it more resilient this time
a glass of milk are matters of seasonally adjusted 30% in April around. The homeownership rate,
fierce debate. It should come from a month earlier, which came which peaked at 69.2% in 2004
as little surprise, though, that on top of a 19% decline in March. now stands at 65.3%. Lending stan-
most people prefer the cookie That brought the level of construc- dards are tighter, low interest
that doesn’t sound like you tion begun on new homes to its rates have helped people reduce
need a prescription to eat it. lowest level since February 2015, their mortgage payments and as a
when a spate of bad winter group homeowners are carrying
weather idled construction crews. far lower debt loads.
Restrictions on construction ac- Moreover, heading into the cor-
tivity played some part in the de- onavirus crisis, new-home con-
cline in starts, but the sudden col- struction activity remained muted
lapse in the economy probably by historical standards. Last year’s
mattered more. With unemploy- level of housing starts was around
ment reaching levels last seen dur- the same as in 1993, when the U.S.
ing the Great Depression, home population was about one-fifth
builders are understandably wor- lower than it is now. Even exclud-
ried about what housing demand ing the last downturn, housing is
will look like in the months and typically beset by excesses heading
DAMIAN DOVARGANES/ASSOCIATED PRESS
years ahead. into a recession. This time it defi-
That said, their moods have nitely isn’t.
brightened a bit this month. On That doesn’t mean home build-
Monday, the National Association ers won’t suffer at all, of course.
of Home Builders said that its Until the crisis has passed, it will
measure of builder sentiment rose be hard to sell new homes and if
in May after plumbing its lowest unemployment stays high, sales
levels in eight years in April. could be soft for a while. But there
While for many businesses the are much worse businesses to be
coronavirus crisis is the biggest in at the moment.
economic shock in living memory, —Justin Lahart