* * * * * WEDNESDAY, FEBRUARY 24, 2021 ~ VOL. CCLXXVII NO. 44
00
DJIA 31537.35 À 15.66 0.05%
What’s
News
Business & Finance
T he Fed’s Powell, in Sen-
ate testimony, reaf-
firmed the central bank’s
commitment to maintaining
easy-money policies until
the economy has recovered
further from the effects of
the coronavirus pandemic. A2
 Tech stocks rebounded
from an early swoon after
Powell’s remarks. The Nas-
daq ended 0.5% lower af-
ter being down as much as
4%. The S&P 500 eked out
a 0.1% gain and the Dow
edged up 0.05%. A1, B13
 Facebook faces continuing
battles around the world
over how it handles news con-
tent after striking an agree-
ment with the Australian gov-
ernment to pay for content. A1
 Home Depot has fared
better than Macy’s during
the coronavirus pandemic
and both companies say
that shopping trends have
continued into 2021. B1
 The midflight breakdown
of a jet engine that spewed
debris over a Colorado town
is putting regulatory focus
on the design and strength
of engine coverings. B1
 Marriott named insider
Tony Capuano to be its new
chief executive, picking a
longtime veteran of the ho-
tel company for the post. B1
 The financial future of
Petrobras hung in the balance
as its board moved forward
with plans to approve Bolson-
aro’s pick of an army gen-
eral to lead the company. B1
 Jeff Blackburn, a top
Amazon executive and
close aide to Bezos, is leav-
ing the company after tak-
ing a yearlong sabbatical. B4
World-Wide
 Some of the world’s
biggest drugmakers are
joining forces with rivals
to help produce Covid-19
vaccines, forging unusual
alliances that promise to
substantially increase sup-
plies by this summer. A1
 Top officials responsible
for the security of the Capi-
tol during the Jan. 6 attack
told a congressional panel
that faulty intelligence ham-
pered their ability to pre-
pare for the deadly riot. A4
 Tech executives told sen-
ators the hack of government
systems by suspected Rus-
sian agents was likely wider
and more complex than had
previously been known. A4
 Iran said it was open to a
European proposal that
would bring its officials to-
gether with American nego-
tiators, even as it took an-
other step to violate terms
of the 2015 nuclear deal. A9
 Biden’s picks to lead HHS
and the Interior Depart-
ment faced skeptical Repub-
licans in confirmation hear-
ings. The Senate confirmed
Thomas-Greenfield as U.S.
envoy to the U.N. and Vilsack
as agriculture secretary. A4
 The chairwoman and
four other members of the
Texas power grid opera-
tor’s board are resigning
following blackouts during
the deep freeze last week. A3
 New York’s attorney
general said a grand jury
didn’t indict any Rochester
police officers involved in
the death of Daniel Prude. A3
 Died: Ahmed Zaki Yamani,
90, ex-Saudi oil minister. A10
CONTENTS
Arts in Review... A13
Business News...... B5
Crossword.............. A14
Heard on Street. B14
Markets.................... B13
Opinion.............. A15-17
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 13465.20 g 0.5% STOXX 600 411.32 g 0.4%
Tiger Woods Is Rescued, Hospitalized After Crashing SUV
ETIENNE LAURENT/EPA/SHUTTERSTOCK
DEMOLISHED: Firefighters and paramedics rescued golf legend Tiger Woods from an SUV he was driving after it rolled
over in a single-vehicle crash near Los Angeles on Tuesday. Mr. Woods underwent surgery for multiple leg injuries. A3
Facebook Faces More Fee Fights
As It Reaches Deal With Australia
BY JEFF HORWITZ
AND SARAH E. NEEDLEMAN
Facebook Inc. faces a con-
tinuing battle with publishers
and regulators around the
world over how the social-me-
dia company handles news con-
tent after striking an agreement
this week with the Australian
government to pay for content.
The agreement Facebook
reached with the Australian
government on Tuesday to re-
store news pages to its plat-
form comes as political lead-
ers elsewhere have pledged to
INSIDE
PERSONAL JOURNAL
New moms, turned off
by abusive posts, seek
kinder online parenting
forums. A12.
New WFH
Wear: Suits
That Are PJs
i i i BY JARED S. HOPKINS
Japanese clothiers
proffer hybrids for
Zoom—and naps
BY SURYATAPA BHATTACHARYA
AND MIHO INADA
TOKYO—Taichi Ito was on a
Zoom call brainstorming with
his advertising-agency col-
leagues when he mentioned
his pet peeve about his wife’s
Personal Journal A11-12
virtual meetings. It didn’t
Property Report... B6
Sports....................... A14 make sense for her to don a
Technology............... B4 business suit when nothing
U.S. News............. A2-7 much below the upper arms
Weather................... A14
World News..... A9-10
showed up on camera.
His colleagues agreed, so he
showed them a tailor-made so-
> lution he had sketched out: the
top half of a business suit
sewn to part of a sweatshirt
starting at around the elbows,
plus sweatpants—just enough
formality to fit within a video
Please turn to page A7
WSJ.com
10-YR. TREAS. À 2/32 , yield 1.363%
increase scrutiny on technol-
ogy companies, and as news
outlets plan to amp up pres-
sure to cut deals.
Facebook’s deal with Aus-
tralia gives it a path to avoid
required payments to publish-
ers for news content, as long
as the company works toward
reaching agreements with
publishers on its own accord.
“We appreciate the govern-
ment has created flexibility to
move forward making deals
with publishers, while giving
us 30 days’ notice before a
designation,” said Campbell
NTSB/REUTERS
BUSINESS & FINANCE
The design and
strength of jet engine
coverings draw
scrutiny in probe. B1
Big Rival Drugmakers
Unite to Make Shots
Some of the world’s biggest
drugmakers are joining forces
with rivals to help produce
Covid-19 vaccines, forging un-
usual alliances that promise to
substantially increase supplies
by this summer.
Normally, big pharmaceuti-
cal companies compete to sell
cancer, arthritis and other
drugs. The desperate need for
Covid-19 vaccines, however, is
turning fierce industry compet-
itors into fast pandemic friends.
Sanofi SA recently agreed to
help make a vaccine from Pfizer
Inc. and its partner BioNTech
SE after Sanofi’s experimental
Covid-19 shot suffered a five-
month setback, freeing up a
production line in Frankfurt.
“We were looking to con-
tribute,” said Thomas Tri-
omphe, executive vice presi-
dent for vaccines for Sanofi,
which plans to start perform-
ing a crucial final step in June
to make 125 million doses.
HHHH $4.
OIL $61.67 g $0.03 GOLD $1,804.40 g $2.30 EURO $1.2152 YEN 105.25
Tech
Stocks
Rebound
As Rate
Fears Ebb
Nasdaq Composite fell
4.5% since Feb. 12; Fed
chairman’s remarks
appear to quell selloff
BY MICHAEL WURSTHORN
Tech stocks rebounded from
an early swoon after Federal
Reserve Chairman Jerome Pow-
ell pledged anew to support the
economic recovery by keeping
interest rates low, easing con-
cerns about the impact of rising
rates on the monthslong rally in
major U.S. indexes.
The Nasdaq Composite In-
dex ended down 0.5% Tuesday
after falling as much as 4%
earlier in the day. The index,
which led the 2020 market
bounceback from the coronavi-
rus pandemic because of its
concentration in shares of
technology, biotechnology and
other firms promising to grow
faster than the economy, has
fallen 4.5% since Feb. 12.
Tuesday’s swings highlight a
midwinter shift in investor ap-
petite to economically sensitive
companies such as banks over
the past year’s favorites. The
reassessment is being driven
by expectations that Covid-19
Brown, Facebook’s vice presi- Tab product for mobile users in vaccinations will pick up,
dent of global news partner- the U.S. and other countries. broadening the scope of the
ships. If Facebook’s talks with The payments Facebook has economic recovery.
individual Australian publish- made to date aren’t overly The rise this month in U.S.
ers fail to satisfy the govern- costly for the company, whose interest rates is forcing a reas-
ment, the company could re- ad business drove it to a record sessment of the risks of hold-
impose its news ban rather $86 billion in revenue last year. ing shares that have risen
than be forced to comply with News content accounts for 4% sharply over the past year, in-
the new law’s terms for set- of what people see in their tensifying longstanding valua-
ting payments. “I am hopeful main newsfeed, Facebook said tion concerns. The yield on the
there will not be a need for when it announced that it 10-year U.S. Treasury note has
that step,” Ms. Brown said. would remove news from the risen more than a quarter of a
The compromise as envi- platform in Australia last week. percentage point so far this
sioned would be an alternative News publishers rely on the month, potentially raising bor-
to the voluntary payments that audience that Facebook and rowing costs for most compa-
Facebook has made to “part- Alphabet Inc.’s Google deliver. nies, crimping profits.
ner” news outlets for its News Please turn to page A6 Please turn to page A2
After Failures, Novavax Aims
For Vaccine Game Changer
Its Covid-19 shot could have advantages over competitors
BY GREGORY ZUCKERMAN AND PETER LOFTUS more powerful weapons against the pan-
demic, offering key possible advantages over
In January of last year, employees of its competitors. Some early data suggest the
Novavax Inc. met at a local Maryland bar to Novavax shot may be one of the first shown
discuss how they might salvage their ca- to stem asymptomatic spread of the corona-
reers. For decades, the small biotech had virus and also potentially provide longer-
tried to develop an approved vaccine, with lasting protection.
no success. The company had enough cash to If the two-shot regimen is authorized,
survive only another six months or so and Novavax will still face the challenge of mak-
its shares traded under $4, with a market ing and distributing it in large quantities.
value of $127 million. The firm sold some manufacturing assets in
Today, Novavax is advancing toward au- 2019 when it was desperate for cash.
thorization of a Covid-19 vaccine. Scientists Investors, who left the 33-year-old com-
believe that, if cleared, it could be one of the Please turn to page A8
Salesforce.
#1 CRM.
Novartis AG also agreed to
help Pfizer and BioNTech pro-
duce more doses, while Baxter Ranked #1 for CRM Applications based on
International Inc. and Endo In- IDC 2020H1 Revenue Market Share Worldwide.
19.8%
ternational PLC have agreed to
help Novavax Inc. produce its
shot.
“This is a time when the
pharma companies are saying,
‘We’ll go back to fighting
when this is over. We’ll take
you to the cleaners and maybe
drive you to bankruptcy, but
right now we need to be work-
ing together,’ ” said James 5.3%
Bruno, who consults for drug 4.8%
3.9%
companies. 3.8%
The collaborations, along
with the authorization of
newer vaccines and fine-tun- 2016 2017 2018 2019 2020H1
ing by the vaccine makers Source: IDC, Worldwide Semiannual
Software Tracker, October 2020.
themselves, could help signifi-
cantly boost global output, as
health authorities scramble to
Please turn to page A8
salesforce.com/number1CRM
 Toll seen mounting even after
vaccines......................................... A7 CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2020 salesforce.com, inc. All rights reserved. Salesforce.com is a registered trademark of
 Covid-19 vaccination scams salesforce.com, inc., as are other names and marks.
spread............................................ B4
A2 | Wednesday, February 24, 2021 * *** THE WALL STREET JOURNAL.

U.S. NEWS U.S. WATCH

ECONOMY on the world stage to spur other

Fed to Keep Easy-Money Policy

Home Prices Rose
10.4% Last Year
Home-price growth acceler-
Powell says central ated in December, as the num-
bank will maintain
ber of homes on the market
continued to decline.
near-zero rates while The S&P CoreLogic Case-
Shiller National Home Price In-
the economy lags dex, which measures average
home prices in major metropoli-
BY PAUL KIERNAN tan areas across the nation, rose
10.4% in the year that ended in
WASHINGTON—Federal Re- December, up from a 9.5% an-
serve Chairman Jerome Powell nual rate the prior month. De-
reaffirmed the central bank’s cember marked the highest an-
commitment to maintaining nual rate of price growth since
easy-money policies until the January 2014.
US SENATE TV/ZUMA PRESS
countries to do the same.
—Gordon Lubold
GEORGIA
Perdue Won’t Run
For Senate in 2022
Former Republican Sen. David
Perdue said he wouldn’t seek a
return to the Senate in 2022,
one week after announcing he
was exploring a bid and filing
early paperwork to do so.
“I am confident that whoever
wins the Republican primary next
year will defeat the Democrat
candidate in the general election
for this seat, and I will do every-

economy has recovered fur- House-buying demand has thing I can to make that happen,”
ther from the effects of the surged in recent months, driven he said in an email to supporters.
coronavirus pandemic. by record-low interest Mr. Perdue lost a runoff race
“The economy is a long way rates. Sales of previously owned for re-election in January to his
from our employment and in- homes, which make up the bulk Democratic opponent, now-Sen.
flation goals,” Mr. Powell said of the housing market, rose in Jon Ossoff.
in testimony to the Senate 2020 to their highest annual Mr. Perdue said last week that
Banking Committee, a state- Federal Reserve Chairman Jerome Powell testifying virtually before the Senate Banking Committee. level since 2006, according to the he would consider running for the
ment he has repeated in re- National Association of Realtors. seat now held by Democratic
cent weeks. news has been positive on that in recent weeks suggest some that the outlook for the econ- The supply of homes for sale Sen. Raphael Warnock, who de-
The Fed will therefore con- front when you look at the market participants may have omy was “extraordinarily un- has dropped, prompting buyers feated Republican Kelly Loeffler
tinue to support the economy drop in virus cases and you the opposite concern: that certain.” to compete for houses and in a different runoff last month.
with near-zero interest rates look at some of the recent prices could start to rise faster “Once we get this pandemic buoying prices. There were 1.07 Mr. Warnock must run again be-
and large-scale asset pur- economic data, the Fed is cer- than the Fed expects. under control, you know, we million homes for sale at the cause his race was a special elec-
chases until “substantial fur- tainly not ready to pivot on its Mr. Powell said Tuesday could be getting through this end of December, down 23% tion to fill the remainder of a
ther progress has been made,” policy stance.” that inflation could be some- much more quickly than we from December 2019, according term vacated by Republican Sen.
a standard that Mr. Powell Daily coronavirus cases what volatile over the next had feared, and that would be to NAR. Johnny Isakson, who retired due
said “is likely to take some have fallen from their early year and might rise due to a terrific,” Mr. Powell said Tues- —Nicole Friedman to illness. Mr. Ossoff was elected
time” to achieve. January peak, and recent eco- potential burst of spending as day. “But it’s not done yet. The to a full, six-year term.
Mr. Powell delivered the nomic data including retail the economy strengthens. But job is not done.” WASHINGTON A person close to Ms. Loeffler
Fed’s semiannual monetary- sales, industrial production, that, he said, would be a “good Mr. Powell said it will take said Mr. Perdue’s decision hasn’t
policy report to members of hiring and service-sector ac- problem to have” in a world more than lower unemploy- Biden, Trudeau Plan changed her own thinking about
the committee Tuesday and is tivity have indicated economic where economic and demo- ment to convince Fed officials Closer Cooperation a possible rematch with Mr. War-
set to do the same Wednesday growth picked up in the new graphic forces have been pull- that the labor market has re- nock. “She hasn’t ruled anything
at a hearing of the House Fi- year after slowing in late ing inflation down for a quar- covered. The jobless rate was President Biden met with his out,” the person said.
nancial Services Committee. 2020. ter of a century. at 6.3% in January, down from Canadian counterpart Tuesday, “I am prepared to defeat
The hearings come as Consumer confidence in the He said he wouldn’t expect a recent high of nearly 15% in agreeing to closer cooperation whatever Republican they come
steady progress on vaccina- U.S. rose in February for the inflation to reach “troubling April. Before the pandemic, on climate change, pandemic re- up with,” Mr. Warnock said.
tions and multiple rounds of second consecutive month as levels,” and wouldn’t expect the rate had fallen to a half- sponse, economic recovery and —Joshua Jamerson
fiscal stimulus have bright- Americans grew more upbeat any increase in inflation to be century low of 3.5%. security in an effort to empha-
ened the economic outlook, about current business and la- large or persistent. Mr. Powell said the Fed size the importance of U.S. rela- CALIFORNIA
the Fed chief noted. His re- bor-market conditions, the Mr. Powell painted a monitors several measures of tions with its northern neighbor.
marks suggested, however, Conference Board reported brighter picture of the econ- the labor market’s health, in- The virtual meeting between Governor Signs
that improvement won’t prod Tuesday. Still, nearly a year omy Tuesday than the last cluding the percentage of the Mr. Biden and Canadian Prime Relief Package
the Fed to tighten monetary after the crisis erupted in the time he appeared before law- population that is employed. Minister Justin Trudeau was
policy anytime soon. U.S., the nation has about 10 makers on Dec. 1. Covid-19 That share was 57.5% in Janu- meant to allow both sides to ad- Gov. Gavin Newsom signed a
“I think Powell was trying million fewer payroll jobs than cases and deaths at the time ary, down from 61% before the dress issues that have con- $7.6 billion coronavirus relief
to make a very clear case that in February 2020. were surging, parts of the pandemic. cerned Ottawa and contributed package Tuesday that will give
the Fed is committed to Inflation also remains be- country were tightening re- “When we say maximum to a strained relationship over at least $600 one-time pay-
achieving a complete recov- low the Fed’s 2% goal, a long- strictions on activities and employment, we don’t just the past few years. ments to 5.7 million people and
ery,” said Michelle Meyer, running worry among policy public vaccination campaigns mean the unemployment rate,” Following the meetings, set aside more than $2 billion in
head of U.S. economics at makers. hadn’t yet begun, prompting he said. “We mean the em- Messrs. Biden and Trudeau an- grants for struggling small busi-
Bank of America. “While the Rising U.S. Treasury yields Mr. Powell to warn at the time ployment rate.” nounced a new “partnership nesses.
road map” for jointly addressing Mr. Newsom, a Democrat,
key issues. The meeting, Mr. Bi- signed the law as Congress is
Lowe’s Cos. On Tuesday, Home
Powell Talk Share-price and index performance, Tuesday

Netflix
Depot fell 3.1% after the Atlanta
company said same-store sales
den’s first one-on-one session as
president with a foreign leader,
followed his phone call to Mr.
debating a much larger stimulus
package for the nation. The Cali-
fornia effort comes as the gov-
would be flat to slightly up this
Eases Slide Facebook

Amazon.com
fiscal year, compared with a
20% rise in the fiscal year that
Trudeau two days after his inau-
guration.
Mr. Biden said the two sides
ernor is facing a recall effort
fueled in part by widespread an-
ger over his handling of the cor-

In Tech Alphabet
ended last month. Lowe’s fell
2.2%.
Smaller stocks, also a recent
have doubled down on efforts to
tackle climate change in an ef-
fort to demonstrate leadership
onavirus, particularly its impact
on businesses.
—Associated Press
Apple winner as investors bet that lo-
Continued from Page One cally oriented U.S. firms would
The rebound following Mr. S&P 500 Technology sector benefit from stimulus-fueled in-
Powell’s testimony before Con- frastructure spending, also de-
gress shows that while inves- Nasdaq Composite clined. The Russell 2000 index
BEN GARVER/THE BERKSHIRE EAGLE/ASSOCIATED PRESS

tors continue to believe U.S. of small stocks fell as much as

Microsoft
stocks are the best place to in-
vest for the long term, sensitiv- Tesla
ity about the impact of rising
interest rates is acute. -2 % -1 0 1 2 dex had risen 44% over the past
“We’re seeing a nasty, vio- Source: FactSet
lent rotation,” said Mike Bailey,
director of research at FBB Cap- Tuesday’s early selling was veloper Moderna Inc. fell as
ital Partners, an investment heaviest in some of the shares much as 14%.
manager in Bethesda, Md. deemed by investors to be likely The declines moderated after
The broader market rose, pandemic winners and govern- Mr. Powell said in congressional
fueled by gains in energy, utility ment-stimulus beneficiaries. testimony that inflation re-
and financial shares. The Dow Electric car maker Tesla Inc. fell mains soft, quelling fears
rose about 16 points, while the as much as 13% just after the among some investors that the
S&P 500 added 0.1%. open and Covid-19 vaccine de- late February rise in interest
rates might force an accelera-
tion of central-bank rate-in-
crease plans. Instead, Mr. Pow-
ell signaled that rates will
remain low as the Fed seeks to
bolster job growth. Tesla ended
2.2% lower and Moderna closed
down 5.8%.
Tech selling has reduced the
altitude of some of the biggest
market winners of the pan-
demic, many from Silicon Val-
ley. Some in the market saw
signs that a retrenchment
might be at hand with last
month’s boom and bust in
shares popular on social media
forums such as GameStop
Corp., which fell 2.2% Tuesday.
“A lot of the stratosphere
stocks are getting dragged
down,” said Mr. Bailey of FBB
Capital.
Indeed, the selloff is the flip
side of an investment strategy
that has made the tech compa-
nies favorites among small in-
German Precision Since 1869 vestors who have piled into
stock and options trading over
Teutonia II Weltzeit the past year, with the Nasdaq
rising 44% in 2020 and setting
The Teutonia II Weltzeit is a watch for true connoisseurs!
When George Francis Train travelled around the 12 closing records in 2021.
world in 80 days back in 1870, he became a major
But over the past month, Ap-
ple Inc. has fallen 9.5% and food
sensation, so much so that he was the inspiration
delivery service DoorDash Inc.
behind Jules Verne’s famous novel. Nowadays,
has declined 10%. Tesla, whose
people always seem to be living life in the fast lane. 743% surge last year high-
Our Teutonia II Weltzeit, on the other hand, is the lighted the tech-led market re-
ideal stylish companion for wearers with a more relaxed bound from the coronavirus
approach to life, those who take time to get to know their selloff, is now down for 2021
destination and its people when travelling. and has lost around a quarter of
its value since the electric-car
For more information please contact: maker said on Feb. 8 that it had
spent $1.5 billion on bitcoin.
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some of the biggest gainers
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from the work-from-home trend
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Muhle Glashutte USA 727-896-4278 www.muhleglashutteusa.us such as home-improvement re-
tailers Home Depot Inc. and
3.6% Tuesday before rallying to
finish down 0.9%, deepening its
slide this week to 1.6%. The in-
six months.
The selling of the past week
amounts to a “valuation reset
for both small-caps and tech,
considering the epic tear of
both asset classes,” said Jason
Bulinski, chief investment offi-
cer at First Midwest Bank.
Those concerns were pro-
nounced enough to overcome
what on another day could have
been welcome news from the
Fed. Mr. Powell signaled in pre-
pared testimony before Con-
gress that despite signs of re-
covery since the pandemic
began, “the economy is a long
way from our employment and
inflation goals.”
Investors took the comment
as a sign that any Fed interest-
rate increases are “still several
years away,” said Paul Ash-
worth of Capital Economics.
The moderate tone softened the
rush into banks, with the Nas-
daq KBW Bank index of major
U.S. lenders rising 0.9%. It is up
19% for 2021.
The shift away from pan-
demic favorites has offered a
reminder of the risks of more-
volatile investments. FBB Capi-
tal has been cautious on stocks
and has been buying corporate
bonds as one play on the chang-
ing environment, Mr. Bailey
said. Michael Scanlon, a portfo-
lio manager of the John Han-
cock Balanced Fund at Manulife
Investment Management, has
scaled back his fund’s equity
holdings and has been selec-
tively buying high-yielding in-
vestment-grade corporate debt.
Yet rates remain low, the Fed
remains on hold and inflation
has yet to appear. Because of
that, many investors are wager-
ing that the selloff will soon
pass and that the tech highfliers
of recent years are due to re-
sume their ascent.
Mr. Scanlon said his fund
holds sizable stakes in Micro-
soft Corp., Google parent Alpha-
bet Inc. and Broadcom Inc. “In
this environment, you still want
to own companies with domi-
nant market shares and the
ability to grow,” he said.
CONDUCTING BUSINESS: City Hall and other municipal buildings
in Pittsfield, Mass., reopened to the public this week.
CORRECTIONS  AMPLIFICATIONS
In some editions Tuesday, begin opening Sephora stores
Johns Hopkins was misspelled inside its department stores
as John’s Hopkins in the this year. A Heard on the
source credit for a Page One Street column on Tuesday
graphic of U.S. deaths from about Kohl’s incorrectly said
Covid-19. that those store openings be-
gan last year.
Olympus Capital Asia in
January raised around $150
million to invest in American Notice to readers
companies that intend to ex- Wall Street Journal staff
pand in Asia. A Business News members are working re-
article on Monday about spe- motely during the pandemic.
cial-purpose acquisition vehi- For the foreseeable future,
cles incorrectly said the firm please send reader comments
raised $130 million. only by email or phone, using
the contacts below, not via
Kohl’s Corp. is scheduled to U.S. Mail.
Readers can alert The Wall Street Journal to any errors in news articles by
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THE WALL STREET JOURNAL. * * * * Wednesday, February 24, 2021 | A3

U.S. NEWS

Tallying Texas
Deaths Could
Take Months
Experts warn accurate the Associated Press.
An 11-year-old boy was
count of fatalities from found frozen in his bed, his
poisoning, hypothermia family told the Houston
Chronicle. A grandmother and
may never be known three grandchildren died in a
house fire as they were trying
BY ELIZABETH FINDELL to stay warm, the Chronicle
also reported. At least six

LM OTERO/ASSOCIATED PRESS
The harsh winter storm deaths occurred near the Abi-
that hit Texas and other states lene area, local media re-
last week has been blamed for ported, including a patient
dozens of deaths, though offi- who couldn’t get medical
cials said that it would be treatment due to a lack of wa-
weeks or months before the ter and three elderly men who
human cost of the freezing were found dead in subfreez-
weather and utility crisis is ing homes.
known and that it might never Harris County, which in- Ricki Mills, right, handed her daughter a cooking pan as residents of a Dallas apartment complex waited for a fire hydrant to be opened.
be fully accurate. cludes Houston, has confirmed
The failure of the state’s at least 15 hypothermia deaths Texas’ 254 counties to investi- firm that has been hired to a car crash happened because storm. An attorney for Doyle
electrical grid during the week- and one fatal fall on ice, accord- gate any recent deaths and de- help count deaths after events of ice, or whether a lack of Austin, a Houstonian whose
long cold snap left more than ing to its forensics institute. cide whether they might have such as Hurricane Katrina in water or power caused an ex- family found him unrespon-
four million Texans without Several others died from car- been related to the storm. Louisiana in 2005. Authorities isting medical condition to sive—a week shy of his 96th
electricity and heat, many for bon-monoxide poisoning after Cases that local registrars flag there primarily counted bodies flare or go untreated. birthday—after two days with-
days on end in subfreezing taking unsafe measures to stay as possibly storm-related will left behind as floodwater re- Mr. Jensen added that there out power and temperatures
temperatures. Many residents warm, according to the county’s be referred to state epidemiol- ceded, he said. In a case such is often little political will down to 11 degrees, said he
also lost access to water, and top executive. In Travis County, ogists to evaluate, said Chris as the storm in Texas, the re- among state officials to stan- died of hypothermia.
14.6 million were ordered to which includes Austin, the med- Van Deusen, a spokesman for porting is likely to be based on dardize the process or to deter- An Ercot spokeswoman said
boil water to make it safe to ical examiner’s office is busy the Texas Department of State local authorities’ opinions. mine the true cost of a disaster. it hadn’t yet reviewed the law-
drink. Power had been restored processing more than 80 cases Health Services. “Every county will kind of “Mass fatalities scare peo- suits, but said it was confident
in most of the state by Tuesday from last week to determine Calculating fatalities from do their own thing,” Mr. Jen- ple, and they’re very political,” blackouts were the right deci-
morning, but 7.5 million people causes of death, an official said. any large-scale crisis is diffi- sen said. Individual officials he said. sion to avoid a prolonged
in 204 counties remained un- Medical examiners don’t cult, and totals can be unreli- will have to weigh factors such Some lawsuits against the statewide blackout. “This is a
der boil-water orders. determine the circumstances able, said Robert Jensen, as whether a house fire or a Electric Reliability Council of tragedy,” she said. “Our
So far, nearly 80 people of a death. It will be up to offi- chairman of Kenyon Interna- carbon-monoxide poisoning Texas, which manages the thoughts are with all Texans
have died a result of the storm cials such as constables and tional Emergency Services, a occurred because people were Texas energy grid, are seeking who have and are suffering
and its effects, according to justices of the peace in each of London- and Houston-based trying to stay warm, whether to link specific deaths to the due to this past week.”

Crisis Leaves Behind Staggering Power Bills Grid

BY RUSSELL GOLD
AND KATHERINE BLUNT
The deep freeze sent electricity
prices in Texas spiking last week
Feb. 17
$9,002.04
Operator
The Texas energy crisis is
over, but the settling of the
for several days.

Average daily price in $8,000

Board
massive bills left behind has
just begun.
Residents, businesses and
February for electricity on the
Ercot market
6,000
Members
cities face soaring bills from
the deep freeze that last week
Resign
THOMAS RYAN ALLISON/BLOOMBERG NEWS

gripped the second-most-popu-

lous U.S. state after California, 4,000
sending electricity and natural- BY KATHERINE BLUNT
gas prices skyrocketing and
triggering blackouts that lasted The chairwoman and four
in places for four days. Feb. 1 2,000 other members of the Texas
Wholesale power prices on $20.97 per power grid operator’s board
Texas’ main power grid hit the megawatt hour are resigning after blackouts
ceiling price of $9,000 per left millions without electric-
megawatt hour for parts of 0 ity and heat during a deep
five straight days. That was ex- freeze last week.
Feb.1 7 14 20
ponentially higher than the av- A worker repaired a power line in Austin on Saturday. Some The Electric Reliability
erage price, which was $21.18 electrical customers face bills in the thousands of dollars. Source: Electric Reliability Council of Texas Council of Texas said in a reg-
per megawatt hour in 2020, ulatory filing that Chairwoman
according to the Electric Reli- fiscal year. ranging from fixed-price long- $1,100. “There is going to be some Sally Talberg will resign effec-
ability Council of Texas, or Er- “While we continue to as- term contracts to contracts “In my financial situation, it real pain, especially for cus- tive Wednesday, alongside
cot, the nonprofit that controls sess the financial impact of the that track the hourly fluctua- is a big deal,” he said. He plans tomers on variable rate plans Vice Chairman Peter Cramton
the grid. storm over the coming months, tions of the wholesale market. to work with the company to and plans tied to the wholesale and board members Vanessa
Now power retailers and we must rely on short-term While market watchers esti- pay the balance over a few market,” said Tim Morstad, the Anesetti-Parra, Raymond Hep-
municipal utilities are trying to debt to meet immediate cash mate that most Texas ratepay- months and then switch to a associate state director of the per and Terry Bulger. The res-
figure out how to pass on the needs,” said Denton’s chief fi- ers have fixed-rate plans, some fixed rate. “That way I don’t AARP. “Even customers with ignations from the 15-member
billions of dollars in costs to nancial officer, David Gaines. consumers with variable-rate get any surprises.” fixed plans, their rates will go board come as Ercot faces a
customers, some of whom face Ed Hirs, an energy econo- contracts are more exposed to Griddy said in a statement up too.” public backlash for resorting
bills in the thousands of dol- mist at the University of Hous- last week’s electricity spikes. that it is helping its customers Electric retailers, who pur- to widespread rolling black-
lars that may need to be ton, said “this is an incredible Adrian Soto, a 40-year-old manage their payments and chase power for customers outs amid the storm.
stretched out over time. transfer of billions of dollars restaurant server who lives in working with the state regula- from generators, were also Texas Gov. Greg Abbott last
In Denton, a North Texas from Texas consumers to gen- a 700-square-foot apartment tors and the grid operator to hurt. Just Energy Group Inc., week called for an investiga-
university city that suffered erators. There are going to be south of Houston, signed up “seek customer relief.” a Toronto-based company, said tion into Ercot and said its
outages and natural-gas supply some spectacular winners and for Griddy Energy LLC, which The Texas Public Utility it had sustained an estimated leaders and board members
shortages, city leaders are losers out of this. The big loser gives customers access to Commission, in an emergency $250 million loss, although it should step down. State lead-
looking to borrow up to is going to be the state of wholesale power prices in ex- meeting over the weekend, warned it was unable to pro- ers and residents have criti-
$300 million to cover fuel ex- Texas.” change for a flat monthly took steps to prevent consum- vide a more accurate forecast. cized the grid operator for
penses from last week, which Texas deregulated its power charge. ers from being cut off due to Rather than require custom- employing a number of direc-
amounts to around $2,000 for market in 1999. While resi- Usually, this means low lack of payment. ers to pay their entire bill at tors who reside out of state.
each of the city’s 150,000 resi- dents of Austin and some bills. But last week, he was Texas Gov. Greg Abbott is once, electric providers could In a joint resignation letter,
dents. other cities have traditional strapped on to the bucking urging new rules to prevent fu- allow for a payment plan and the board members acknowl-
On Feb. 16 alone, Denton of- utilities that furnish power for bronco of the state’s power ture runaway prices. municipal power companies edged that criticism and said
ficials said the municipal util- them, most Texans in Houston, market. He lost power for 2½ Still, Texans may experience may seek to securitize the debt they were stepping aside to
ity racked up a $75 million Dallas and other cities choose days. Having it on for the re- higher prices as electric com- and extend repayment over “allow state leaders a free
power bill, more than it spent their electric retailer. They are mainder was enough to push panies pass higher costs on to several years to cushion the hand with future direction and
on electricity for all of its last offered an array of options, his monthly charges above customers. impact. to eliminate distractions.”

Officers Involved in Daniel Prude’s Death Not Charged Tiger Woods Hospitalized After
BY BEN CHAPMAN prompted widespread demon- Car Rolls Over Near Los Angeles
AND DEANNA PAUL strations in Rochester. The chief
of the police department and BY ANDREW BEATON Mr. Woods was driving down
New York Attorney General two deputies resigned. Seven AND BEN COHEN a curvy hill in an area where
Letitia James said a grand jury officers involved in the incident police said accidents are com-
didn’t indict any police officer were suspended in September. Golf legend Tiger Woods mon. The car traveled several
involved in the death of Daniel An attorney who represents was hospitalized early Tues- hundred feet, indicating the car
Prude, a Black man who died Mr. Prude’s family said the day after a rollover accident was traveling faster than nor-
in March after Rochester Po- criminal-justice system had near Los Angeles left him with mal. The car hit the center me-
lice Department officers re- failed Mr. Prude. “It failed him serious injuries to both legs dian and then a tree before flip-
strained him and placed a when he was released from the and required him to be extri- ping multiple times and settling
mesh hood over his head. hospital, it failed him when the cated by firefighters and para- in brush. Authorities said that
“The criminal-justice system police responded and used medics, law-enforcement offi- wearing a seatbelt may have
TED SHAFFREY/AP

has frustrated efforts to hold deadly force against him, and it cials said. saved Mr. Woods’s life.
police officers accountable for failed him again today,” said Mr. Woods wasn’t able to The full extent of Mr.
the unjustified killings of un- the attorney, Elliot Shields. stand under his own power Woods’s injuries aren’t known.
armed African-Americans,” Ms. Late Tuesday, a New York before he was taken into sur- Parts of the car’s exterior were
James said at a press confer- Relatives of Daniel Prude held up a photo of him in September. judge granted a motion filed by gery at Harbor-UCLA Medical destroyed, but after the air
ence Tuesday. “History has un- Mr. Prude died in March after police officers in Rochester, N.Y., the attorney general to publicly Center, the nearest trauma bags deployed, the interior
fortunately repeated itself in restrained him and placed a mesh hood over his head. release the grand jury minutes. center, the Los Angeles County was “more or less intact,
the case of Daniel Prude.” Ms. James also released a Sheriff’s office said. which gave him the cushion to
The circumstances surround- Mr. Prude, who had a history setting of physical restraint” 204-page report Tuesday on her Sheriff Alex Villanueva said survive what otherwise
ing Mr. Prude’s death first be- of mental illness, into custody and acute intoxication with office’s investigation. Her office there was no immediate sign of would’ve been a fatal crash,”
came public in September after after responding to reports of the hallucinogenic drug PCP. recommended that New York impairment. No attempt to Mr. Villaneuva said.
his family held a news confer- a person acting erratically. Mr. The police officers who re- mandate de-escalation training draw blood from Mr. Woods Mr. Woods was removed
ence and released officers’ Prude died seven days later. strained Mr. Prude used a spit for all police officers and for was made at the scene. Mr. Vil- from the vehicle with emer-
body-camera footage. Ms. James The Monroe County Office sock as a protective device. state agencies to update their lanueva said that his condition gency rescue tools. The sheriff’s
launched the investigation into of the Medical Examiner ruled The mesh hood is used to pre- use-of-force policies to allow le- and signs of being under the office initially said the “jaws of
Mr. Prude’s death thereafter. Mr. Prude’s death a homicide. vent someone from biting or thal force as a last result. influence of narcotics, alcohol life” had been used before clari-
On March 23, Rochester Po- The autopsy report concluded spitting. The Rochester police union or medicine would be the sub- fying later that first responders
lice Department officers took he died of asphyxiation “in the The death of Mr. Prude declined to comment. ject of an investigation. used a pry bar and ax.
A4 | Wednesday, February 24, 2021 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

Cabinet Picks Encounter Opposition

BY ANDREW RESTUCCIA main united but GOP leader-
AND ELIZA COLLINS ship hadn’t yet counted the
votes.
WASHINGTON—President The Office of Management
Biden’s largely smooth cabinet and Budget is an arm of the
selection process hit a rough White House tasked with
patch this week, as Neera crafting the president’s budget
Tanden’s nomination to lead request to Congress and ana-
the Office of Management and lyzing proposed regulations.
Budget is in deepening peril Ms. Tanden has faced criti-
and some Democrats are dis- cism from lawmakers for her
cussing potential candidates to statements and social-media
replace her. posts while she led the Center
Two other nominees faced for American Progress, a cen-
skeptical Republicans in confir- ter-left think tank. Ms. Tanden
mation hearings on Tuesday. regularly criticized and in-
Meanwhile, the Senate con- sulted Republican lawmakers,
firmed Linda Thomas-Green- GRAEME JENNINGS/BLOOMBERG NEWS comparing Mr. McConnell to
SARAH SILBIGER/BLOOMBERG NEWS

field as U.S. ambassador to the Voldemort, the Harry Potter

ANNA MONEYMAKER/PRESS POOL

United Nations and Tom Vilsack villain, and referring to Ms.
as agriculture secretary. Mer- Collins as “the worst.”
rick Garland, Mr. Biden’s nomi- She also tangled with Sen.
nee for attorney general, is also Bernie Sanders (I., Vt.), at
expected to be confirmed with times criticizing him and argu-
bipartisan support next month. ing with some of his support-
Senate Minority Leader Mitch ers on social media. A person
McConnell (R., Ky.) will vote in familiar with Mr. Sanders’s
favor of Mr. Garland’s nomina- Xavier Becerra and Rep. Deb Haaland faced GOP questions while Neera Tanden appears unlikely to win confirmation to head OMB. thinking said Friday that the
tion, his office said. senator was expected to vote
California Attorney General long as all Democrats support director. Ms. Young worked nomination, including 15 sena- how she will vote. for Ms. Tanden.
Xavier Becerra, Mr. Biden’s them. Sen. Joe Manchin (D., frequently across the aisle in tors since Friday. She declined The Senate Homeland Secu- In opposing her nomina-
nominee for Health and Hu- W.Va.) is undecided on both her past role and could likely to detail which senators Ms. rity and Governmental Affairs tion, senators said her social-
man Services secretary, faced Mr. Becerra and Ms. Haaland, draw GOP support, said two Tanden has and hasn’t met Committee and Senate Budget media comments would strain
questions Tuesday from Re- his office said, and he threw senior House Democratic aides. with. Committee are both scheduled her relationships with law-
publicans who said he is too Ms. Tanden’s nomination to Another person being dis- Without Mr. Manchin, at to vote Wednesday on Ms. makers, making it difficult to
liberal and lacks public-health lead OMB into doubt late last cussed by some Democrats as least one Republican would Tanden’s nomination. do her job, and didn’t reflect
experience. “I’ll say what I’ve week when he said he would a possible candidate for OMB have to vote to confirm Ms. Ms. Murkowski said Tuesday Mr. Biden’s pledge to unify the
said to him privately. I’m not oppose confirming her. director is Gene Sperling, who Tanden because the Senate is she wants to see how the com- country.
sold yet,” said Sen. Richard “We still think there’s a led the White House National evenly divided between Demo- mittees vote on Ms. Tanden’s During her confirmation
Burr (R., N.C.), the ranking Re- shot, a good shot,” Mr. Biden Economic Council under for- crats and Republicans. Vice nomination. Sen. Chuck Grass- hearings this month, Ms.
publican on the committee. said Tuesday of Ms. Tanden’s mer Presidents Bill Clinton President Kamala Harris can ley (R., Iowa), a member of the Tanden apologized for her
Several Republicans on the nomination. and Barack Obama. break a tie. Budget Committee, said he was comments. She described her-
Senate Energy and Natural Re- Democrats close to the Asked if the White House So far, several Republicans still undecided on Ms. Tanden’s self as an “impassioned advo-
sources Committee suggested White House are discussing was considering other candi- have said they would vote nomination. cate” in her role at the Center
they weren’t satisfied with re- possible alternative candidates dates to lead OMB, White against her nomination, in- Senate Minority Leader for American Progress. But she
sponses from Rep. Deb Haa- to Ms. Tanden if her nomina- House press secretary Jen cluding Sens. Mitt Romney of Mitch McConnell (R., Ky.) added: “I understand that the
land (D., N.M.), Mr. Biden’s tion fails, according to people Psaki said on Tuesday: “There Utah, Susan Collins of Maine urged Republicans to stick to- role of OMB director calls for
nominee for interior secretary, with knowledge of the conver- is one candidate to lead the and Rob Portman of Ohio. Sen. gether in opposition to Ms. bipartisan action, as well as a
at a separate hearing and sations. One leading candidate: budget department. Her name Lisa Murkowski of Alaska, who Tanden’s nomination during a nonpartisan adherence to facts
wanted to hear more from her. Shalanda Young, a former is Neera Tanden.” is seen as one of the few re- lunch Tuesday, a person famil- and evidence.”
Mr. Biden’s nominees can House Appropriations Commit- Ms. Psaki said Ms. Tanden maining Republicans who iar with the remarks said. —Stephanie Armour
win confirmation in the Senate tee staffer whom Mr. Biden has met with 44 senators of might cross party lines on the Mr. McConnell told report- and Timothy Puko
without Republican votes as nominated to be deputy OMB both parties to discuss her nomination, hasn’t yet said ers he hoped they would re- contributed to this article.

SolarWinds Hack Was Wider Than Thought Auto Chip

BY DUSTIN VOLZ implications are significant,”
Mr. Warner said. “The foot-
Moscow has denied responsi-
bility.
Shortage
WASHINGTON—Technol-
ogy executives who responded
to the hack of federal govern-
holds these hackers gained
into private networks—includ-
ing of some of the world’s
In his opening remarks, So-
larWinds Chief Executive Offi-
cer Sudhakar Ramakrishna
Becoming
ment computer systems by
suspected Russian agents told
senators Tuesday the attack
largest IT vendors—may pro-
vide opportunities for future
intrusions for years to come.”
sought to highlight that Solar-
Winds appeared to be only one
front of a broader espionage
A Priority
was likely wider, more com- He called on Congress to campaign by Russia, appar- BY ALEX LEARY
plex and harder to trace than consider legislative and policy ently for over a year, without
had previously been known. proposals, such as the creation detection. WASHINGTON—The White
The executives said the at- of a federal entity akin to the He said SolarWinds was House plans to hold a meeting
SERGIO FLORES/REUTERS

tack, which compromised at National Transportation Safety still investigating how the with lawmakers Wednesday to
least nine federal agencies and Board to quickly examine ma- hackers first compromised the discuss supply-chain issues, in-
100 private companies, re- jor breaches for systemic company—allowing them easy cluding a global chip shortage
vealed systemic vulnerabilities problems, a mandatory report- access to infiltrate Solar- that is hurting U.S. auto mak-
in the software supply chain ing system paired with liabil- Winds’ customers—adding ers, according to people famil-
that all U.S. businesses and ity protection, and enforceable that his team had narrowed iar with the plans.
government institutions rely international cyberspace Hackers penetrated the network-management company’s software. possibilities down to three, President Biden has made
on. The executives suggested norms akin to prohibitions which he didn’t detail. supply-chain problems a prior-
further key victims have yet to against bombing ambulances both parties also expressed a ficials have described the The Biden administration ity, and the White House has
be publicly identified. in wartime. desire to encourage or require breach as one of the worst continues to attempt to under- said an executive order is im-
In the first Senate hearing Some powerful Republicans, the private sector to share U.S. intelligence failures on re- stand the full scope and sever- minent. The administration
since the so-called SolarWinds including Sen. Marco Rubio of more cyber threat information cord. ity of the hack but is looking has been holding meetings
hack was discovered in De- Florida, the panel’s vice chair- with the government. Such a In what has widely been de- to respond to Russia soon, of- with auto companies and sup-
cember, Intelligence Commit- man, and Sen. John Cornyn of lack has bedeviled Congress scribed as a Russian espionage ficials have said. pliers.
tee Chairman Sen. Mark War- Texas, signaled that they were for years despite a 2015 law operation, the hackers surrep- While the intelligence com- The White House didn’t
ner (D., Va.) said the hack open to passing a national intended to address shortfalls. titiously hijacked a software munity is still working to “fine- comment Tuesday.
drew attention to longstanding data breach reporting law. The SolarWinds hack, update of a SolarWinds tool tune the attribution” for the White House press secre-
cybersecurity issues that re- Such a measure has been de- named for SolarWinds Corp., widely used throughout the hack to Moscow, the adminis- tary Jen Psaki previously said
quire a federal response. bated in Congress for years the network-management soft- government and private sec- tration is “weeks, not months” Mr. Biden would sign an execu-
“Preliminary indications but never passed, in part be- ware firm whose software was tor. Many other companies away from retaliatory actions, tive order that would involve a
suggest that the scope and cause Republicans have been one of the primary entry and government agencies be- White House press secretary comprehensive review of sup-
scale of this incident are be- wary of enacting robust man- points for the hackers, was lieved to have been hit by the Jen Psaki said Tuesday. ply chains for critical goods,
yond any that we’ve con- dates on businesses. one of the most significant yet same team of hackers hadn’t —Robert McMillan actions to improve production
fronted as a nation, and its On Tuesday, senators in to be probed by Congress. Of- used SolarWinds software. contributed to this article. in the U.S. and working with
allies to address bottlenecks.
A White House official pre-

Faulty Intelligence Cited for Ill-Prepared Capitol Security viously said the administration
had asked embassies to iden-
tify ways foreign countries and
companies could help address
BY RACHAEL LEVY intelligence that we received, gence prior to the events of nal committees are currently Capitol like the one that took the chip shortage. Among
AND SIOBHAN HUGHES we planned for an increased January 6.” scrutinizing a law-enforce- place.” those involved are Jake Sulli-
level of violence at the Capitol Tuesday’s hearing was orga- ment response that amounts Meanwhile, the Capitol Po- van, the national security ad-
WASHINGTON—Top offi- and that some participants nized by Sens. Gary Peters (D., to one of the biggest lapses lice’s own intelligence branch, viser, and Brian Deese, Mr. Bi-
cials responsible for the secu- may be armed. But none of the Mich.) and Rob Portman (R., since the federal security ap- in the days leading up to Jan. den’s top economic adviser.
rity of the U.S. Capitol during intelligence we received pre- Ohio), the chairman and rank- paratus was overhauled fol- 6 and on the day itself, “issued The official said a broad re-
the Jan. 6 attack by Trump dicted what actually occurred.” ing member, respectively, of lowing the Sept. 11 attacks a daily intelligence report in view is under way to look at
supporters told a congressio- In questioning, Mr. Sund the Homeland Security and nearly two decades ago. which it assessed the potential critical supply chains “to iden-
nal panel Tuesday that faulty also said he had never seen a Governmental Affairs Commit- Republicans and Democrats for civil disobedience and ar- tify vulnerabilities and take
intelligence hampered their Jan. 5 report from the Federal tee, and by Sens. Amy Klobu- said Congress needed to an- rests as ‘remote’ to ‘improba- steps, such as spurring in-
ability to prepare for the Bureau of Investigation’s Nor- char (D., Minn.) and Roy Blunt swer key questions to make ble,’” Mr. Irving said. creased U.S. domestic produc-
deadly riot on the day law- folk, Va., field office that de- (R., Mo.), chairwoman and the Capitol safe in the future, Democratic senators tion, to address gaps over the
makers convened to certify tailed specific threats for the ranking member of the Rules from why it took so long to pushed back on the blame long term and support good
President Biden’s victory. following day, including a rally- and Administration Committee. call in the National Guard to that Mr. Sund, the former paying jobs.”
Testifying before a joint bi- ing call for war and the sharing The hearing is part of a whether there was credible in- Capitol police chief, placed on A run on chips has strained
partisan committee of sena- of maps of the Capitol. He tes- telligence about the attack be- the federal government’s in- global supplies of critical com-
tors, former U.S. Capitol Police tified that he had only learned fore it happened. telligence failures for the di- ponents in a range of elec-
Chief Steven Sund, who re- over the past 24 hours that his Sen. Mitt Romney (R., Utah) saster on Jan. 6, pointing to tronic devices that have been
signed after the attack, department had received it. On
Many senators said the hearing could serve the FBI Norfolk field office’s in demand as people work
blamed the disaster in part on the eve of the attack, he added, suggested changing as an opening into a larger Jan. 5 report, which officials from home. Auto makers have
what he called intelligence he held a call with top law-en- “commission-like effort” that previously said had been dis- been especially hard hit by
failures by federal law-en- forcement officials, including
the structure for would fully investigate the cir- tributed to law enforcement shortages of chips that go into
forcement agencies that sup- the FBI. “Nothing was men- securing the Capitol. cumstances leading to the riot. through a joint terrorism task numerous systems, from mod-
ported predictions of a pro- tioned of it,” he said. House Speaker Nancy Pelosi force in Washington. Like Mr. ules that manage engines to
Trump rally that day similar Washington’s acting police (D., Calif.) has called for a Sund, Mr. Irving and former automatic braking and assisted
to recent ones in Washington. chief, Robert Contee, said the 9/11-style commission to in- Senate Sergeant at Arms Mi- driving technologies.
He also faulted excessive FBI could have done more to wider bipartisan probe into vestigate what precipitated chael Stenger said they hadn’t Last week, associations rep-
bureaucracy for delays in de- warn his agency. While the the security failures that re- the security failure. seen the report. resenting technology compa-
ploying the National Guard, agency shared its report in an sulted in the breach of the Former House Sergeant at Many senators reacted to nies, the automotive industry
though another top security email on the evening of Jan. 5, Capitol by a mob of former Arms Paul D. Irving also the testimony by suggesting and other business interests
official disputed specifics of he said, “I would certainly President Donald Trump’s sup- blamed poor intelligence for that the structure for securing sent a letter to Mr. Biden call-
his account. think that something as vio- porters that included mem- the chaos on Jan. 6. In written the Capitol needs changing. ing it a national priority.
“A clear lack of accurate lent as the insurrection of the bers of far-right extremist testimony, he said the Capitol Oversight is currently exer- Senate Majority Leader
and complete intelligence Capitol would warrant a phone groups. Five people died, in- Police relies on intelligence cised by the Capitol Police Chuck Schumer (D., N.Y.) said
across several federal agencies call or something.” cluding a rioter shot by police from federal agencies such as Board, which consists of the Tuesday that work had begun
contributed to this event, and An FBI spokeswoman said and a Capitol Police officer the FBI and the Department of House and Senate sergeants at on a package to address com-
not poor planning by the the bureau followed “our nor- who succumbed a day later. Homeland Security, “neither of arms and the architect of the petition with China, noting
United States Capitol Police,” mal process” and “collected Four government watch- which assessed or forecast a Capitol, with the Capitol Police that semiconductor production
Mr. Sund said. “Based on the and shared available intelli- dogs and several congressio- coordinated assault on the chief holding a nonvoting role. is a priority.
THE WALL STREET JOURNAL. Wednesday, February 24, 2021 | A5

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A6 | Wednesday, February 24, 2021
Assault Case Gets
Pentagon Scrutiny
Secretary Austin
seeks answers after
distraught Marine’s
video goes viral
BY NANCY A. YOUSSEF
AND GORDON LUBOLD
Defense Secretary Lloyd Aus-
tin said he is seeking answers
after a U.S. Marine posted a
video describing her frustration
with her sexual-assault case,
bringing new attention to a
longstanding problem within
the ranks of U.S. armed forces.
In the video, which was
posted on TikTok on Friday and
has been viewed more than a
million times, a visibly dis-
traught woman said she was
outraged that her assailant
would be allowed to stay in the
military despite admitting guilt.
Facebook
Faces More
Fee Fights
Continued from Page One
In the hours after Facebook’s
decision to shut off news shar-
ing in Australia, news publish-
ers there saw traffic from
readers outside the country
drop about 20%, data from an-
alytics firm Chartbeat showed.
About 36% of people in the
U.S. get their news from Face-
book, according to a fall 2020
study from Pew Research, com-
pared with 23% who get it from
YouTube and 15% from Twitter.
If Facebook were to have to
pay for news content on a
global basis, the cost wouldn’t
be insignificant, said Cascend
Securities analyst Eric Ross.
The brouhaha between
Facebook and Australia’s news
“And this is exactly
why…females in the mili-
tary…kill themselves,” she
said. “This is exactly why no-
body…takes this seriously.”
Soon after taking office last
month, Mr. Austin announced
that he would create a task
force on sexual assault as a
top issue facing the depart-
ment. The video of the Marine
reflects concerns that have
plagued the military’s efforts
against sexual assault for
years, raising familiar ques-
tions about how perpetrators
appear to dodge accountability
while victims feel ignored.
At his first Pentagon news
briefing, Mr. Austin said Fri-
day that he found the video
deeply disturbing and that he
was asking his staff to look
into the case of the Marine.
Pentagon officials wouldn’t
identify the woman but con-
providers comes as it and
Google face antitrust lawsuits
in the U.S. and regulatory
scrutiny elsewhere. Australia
and other countries seeking
payment for news content on
behalf of publishers argue that
Facebook is abusing its market
power by trying to minimize
or avoid such expenses.
A 2019 Australian report
deemed the large platforms
threatened social-media up-
starts as well as advertisers
and the news industry.
Both Facebook and Google
have said their platforms help
journalism. As Facebook has
noted, publishers world-wide
seek to maximize the attention
their work receives on social
media without any promise of
compensation.
One U.S. news publisher
said the Facebook dispute in
Australia suggested the social-
media company has renewed
interest in paying publishers
after previously being reluc-
tant to do so. “We’re at a tip-
ping point,” said Maribel Perez
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Complimentary Online Event | March 4, 2021 | 12–4 p.m. ET
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U.S. NEWS
firmed she is a Marine.
The Marine Corps said her
case remains open but has of-
fered few details about it, cit-
ing the privacy of all involved.
The woman’s assailant was ex-
pected to be discharged from
the military in January, but
the move was suspended while
a panel reviewed the case, de-
fense officials said, including
whether he was receiving the
appropriate discharge.
In a statement, officials at
II Marine Expeditionary Force,
based at Camp Lejeune, N.C.,
where the woman currently
serves, said the allegation of
misconduct involved “the
wrongful appropriation and
distribution of personal infor-
mation,” which defense offi-
cials said were photos.
The statement also said the
woman in the video was safe
and had been “afforded the
Wadsworth, publisher of USA
Today, the flagship title of
Gannett Co., the largest news-
paper chain in the U.S. “There
is finally a much greater ap-
preciation of the value of cred-
ible journalism.”
USA Today participates in
the Facebook news tab offer-
ing via a licensing agreement.
Australia and other
countries argue that
Facebook is abusing
its market power.
Earlier this month Austra-
lian officials talked with their
counterparts from Canada, Ger-
many, France and Finland about
those countries making similar
rules on tech platforms paying
news publishers, said Steven
Guilbeault, Canada’s minister in
charge of cultural policy, add-
ing that the coalition of coun-
SPEAKERS
Jerome Powell
Chair
The Federal Reserve
REGISTER
© 2021 Dow Jones & Co., Inc. All rights reserved. 6DJ8276
A Marine now serving at Camp Lejeune says her assailant has been allowed to stay in the military.
opportunity to meet with se-
nior representatives in her
command.”
The case has drawn wide-
spread attention, including
from lawmakers who have
long demanded the Pentagon
address sexual-assault issues.
Sen. Kirsten Gillibrand (D.,
N.Y.) sent inquiries both to Mr.
Austin as well as to the Ma-
tries could expand over time.
Mr. Guilbeault said he is en-
couraged by developments in
Australia and intends to intro-
duce measures this spring that
have the support of its global
allies and relevant stakehold-
ers. On Monday, Prime Minis-
ter Justin Trudeau of Canada
spoke with his Australian
counterpart, Scott Morrison,
about potential cooperation in
pursuing regulation of online
platforms, according to a sum-
mary of the conversation re-
leased by Mr. Trudeau’s office.
“We need to find a solution
that is sustainable for news
publishers, small and large,
digital platforms, and for the
health of our democracy,” Mr.
Guilbeault said.
The battle over payments to
news outlets has simmered in
Europe for more than a de-
cade. A new European Union
copyright law passed in 2019
and the involvement of anti-
trust regulators gave news
media fresh leverage by,
among other things, creating
Author and Founder
Candor Inc.
* *** THE WALL STREET JOURNAL.
rine Corps, according to a
spokesman for her office.
For the past decade, the mil-
itary has said efforts to combat
sexual assault are a priority.
But the number of reported
cases has risen steadily during
that time, and complaints from
women have been consistent—
that commanders encouraged
them to drop their complaints,
new copyright control for
press outlets over the use of
their publications on the inter-
net by tech companies, except
in the case of very short ex-
tracts and hyperlinks.
In France, the only country
that has so far implemented
the EU law, Google signed li-
censing agreements in Novem-
ber for its News Showcase
product with several publica-
tions, including Le Monde. The
agreements came after a
French court reaffirmed an or-
der from the country’s anti-
trust regulator that Google
must negotiate.
Google said it has signed
News Showcase deals with
more than 500 publications in a
dozen countries, including Ger-
many, the U.K. and Australia.
Google in October pledged $1
billion over three years to such
licensing deals, but declined to
say on Tuesday how much of
that amount has been spent.
Facebook said that publica-
tions’ posting of their articles
to its platform constitutes a li-
Kim Scott
JOHN ALTHOUSE/ASSOCIATED PRESS
that they fear the repercus-
sions and that commanders
protect one another, according
to studies and official reports.
Within days of becoming
defense secretary, Mr. Austin
called for a sexual-assault task
force amid mounting congres-
sional pressure on military
leaders to do more to combat
the problem.
cense under the French law
and remains unchanged. The
company currently only shows
links, rather than rich pre-
views, when users post news
articles from French publica-
tions themselves, unless the
publication has given Face-
book explicit permission.
A Facebook spokesman said
the company is in talks in
France and Germany to launch
its Facebook News product,
which pays to license articles
from news outlets. The prod-
uct launched last month in the
U.K. with articles from publica-
tions including the Guardian.
News Corp, owner of The
Wall Street Journal, has a com-
mercial agreement to supply
news through Facebook. Last
week the company reached a
three-year deal with Google to
license content from its publi-
cation and produce new prod-
ucts for Google platforms.
—Sam Schechner,
Paul Vieira
and Jeffrey A. Trachtenberg
contributed to this article.
THE WALL STREET JOURNAL. * * * * Wednesday, February 24, 2021 | A7

U.S. NEWS

Toll Seen Mounting Even After Vaccines

BY MAX COLCHESTER
AND JASON DOUGLAS

LONDON—By the middle of

this year, all adults in Britain
are due to be offered a
Covid-19 vaccine in what is on
course to be the fastest inocu-
lation rollout in a major West-
ern country. But disease mod-
elers advising the U.K.
government recently made a
sobering projection: 56,000
more Covid-19 deaths by sum-
mer next year, even if the
country tiptoes out of lock-
down and the vaccines work.
The study points to the un-
comfortable prospect that even
with an effective vaccine, the
virus will continue to take a
toll on society and that some
restrictions may have to be pe-
riodically reintroduced to con-
trol the coronavirus’s spread.
The conclusion: Businesses
and governments around the
world need to prepare to live
with Covid-19, accepting that
the virus won’t disappear but
JACK HILL/ASSOCIATED PRESS

equally that lockdowns can’t go

on forever once hospitaliza-
tions are brought down to
manageable levels.
“We cannot escape the fact
that lifting lockdown will result
in more cases, more hospital-
izations and sadly more U.K. Prime Minister Boris Johnson, seen at a London coronavirus-testing center on Tuesday, said there is no credible route to a world completely free of Covid-19.
deaths,” British Prime Minister
Boris Johnson told Parliament Chris Whitty, England’s chief long term be treated like flu. rus to freely circulate among virus, modeling by Imperial younger patients especially.
on Monday as he mapped out a medical officer, said Monday. In the past five years, between about a fifth of the population. College London suggests, be- On the other hand, the vi-
slow and conditional route out He added that Covid-19 “is 4,000 and 22,000 people died Not everyone will accept the cause children won’t have been rus could mutate to render the
of lockdown. “There is there- likely to be a problem for the every year from influenza in vaccine. vaccinated. vaccines much less effective.
fore no credible route to a next few winters.” England. In the past year, Making matters worse is A relaxation of restrictions The long-term effects of
zero-Covid Britain or indeed a Epidemiologists have long Covid-19 has killed 130,000 that infection rates start from over the summer would cause Covid-19 infection on younger
zero-Covid world.” warned that Covid-19 will people in the U.K. a very high base in the U.K. infections to rise in the fall. people are still being under-
The caution doesn’t under- likely circulate for years, or In the U.S., Covid-19 has Even if restrictions aren’t fully stood. If they are damaging,
mine the value of a successful even decades, leaving society claimed more than 500,000 eased until August, Imperial then governments may prove
vaccine rollout. New data re- to cope much as it does with lives. Influenza is estimated to College estimates that could more wary about allowing
leased on Monday showed that other endemic diseases like have killed between 22,000
Businesses and result in 56,000 deaths by June younger people to resume life
Britain’s vaccination program— flu, measles and HIV. and 61,000 people in the U.S. governments need 2022. Modeling by the Univer- without vaccination or social
which has given at least one No vaccine is 100% effective over the past five seasons, de- sity of Warwick that also in- distancing.
shot to more than a third of and no population will be to- pending on the severity of the
to prepare to live formed U.K. government policy Part of the problem is re-
the country’s 53 million tally inoculated. So a big un- outbreak. with Covid-19. reached similar conclusions. flected in simple math. If 90%
adults—has significantly low- known in a vaccinated society The whole adult population Some modelers say those of a population takes a vaccine
ered infections and cut serious is what levels of infection gov- in England is expected to be estimates are too pessimistic that is 90% effective, that
illness by even more. ernments will be willing to live offered a Covid-19 shot by the and underestimate both vac- leaves 19% unprotected, said
But while the program is with before introducing re- end of July. The government in Modelers warn that it could cine uptake and its effective- David Sarphie, chief executive
paving the way for a gradual strictions, said David Salis- England is currently planning translate into a jump in cases ness in curbing transmission of of Bio Nano Consulting, which
unlocking of the country over bury, who previously chaired to ease nearly all restrictions when restrictions are eased. the disease as well as its sever- worked with Imperial College
the next four months, the gov- the World Health Organiza- by June 21 in four graduated With a vaccine that is 85% ef- ity. Other grounds for opti- to develop Covid-19 modeling
ernment isn’t treating it as a tion’s Strategic Advisory Group stages. But even with good fective and three-quarters of mism include improving treat- tools for governments and
silver bullet. “Vaccination will of Experts on Immunization. vaccine take-up, the virus will adult Britons inoculated, ments for those hospitalized businesses. “Nineteen percent
take the rates right down, but The British government still be present. Children won’t around half the population with severe Covid-19, which are of the U.K. population is 12.9
it will not get rid of this,” hopes that Covid-19 will in the be immunized, allowing the vi- would be left vulnerable to the lowering the risk of death for million,” he said.

FROM PAGE ONE

New Wear:
Suits That
Are PJs
Continued from Page One
frame. “I was thinking it was a
joke and he wouldn’t do it,”
said Yuki Ito, his wife.
TAICHI ITO

Working at an agency
named Whatever Inc., as Mr.
Ito does, may make it a little Taichi Ito in WFH Jammies—a dress shirt up top with a
easier to realize odd ideas. sweatshirt starting around the elbows.
Soon, Whatever was selling
what it named WFH Jammies— wearing when answering the can wear it at home and take a
a unisex dress-shirt-and-sweats door for deliveries or taking a nap, or if you want to go to
combo in white, blue, pink and quick walk to the convenience the Four Seasons Hotel for a
polka-dot—to the work-from- store. That’s when creative di- cocktail, you can put a Pucci
home crowd for about $95. rector Osamu Mizutani started jacket over it and that’s fine,”
Mrs. Ito, a tech-company thinking of what he calls referring to designer Emilio
business director who still “phase-free clothing,” free Pucci. She said customers
works at home—and when on from the strictures of Japa- should rest assured that most
work video calls wears a pair nese business attire. of Uniqlo’s clothes are com-
of WFH Jammies her husband Aoki’s Pajamas Suit comes fortable enough to sleep in.
gave her—said she appreciated in flexible knit fabric in solid, Japanese clothing retailer
clothing designers thinking of somber colors that aims to Workman Co., whose customer
people like her: “It’s so great
to have professionals support
fool the eye on-screen, a
stand-in for a work blazer and
base has traditionally been
blue-collar workers, this month THE QUEEN AND I
a lazy person.”
For the past year, the pan-
turtleneck. Even in person, the
ensemble can pass as formal,
introduced a “Reversible Work
Suit” for $45 including jacket JAMES TISSOT
demic has jumbled fashion with touches such as a zipper and pants. The two-piece suit
around the globe, blurring the on the pants—mostly for can be worn to a video meet-
line between working and show, as they are cinched with ing and turns into a blouson Celebrated painter. Legendary
lounging. Over time, the work- a pajama-like drawstring. Aoki with a detachable hood when story. Captivating composition.
from-home set has developed says the set, costing about the jacket is reversed. This original oil on panel by James
strange fashion habits. Earrings In designing its WFH Jam- Tissot, one of the most acclaimed
paired with house slippers. Col- mies, Whatever studied just artists of the Belle Époque, depicts
lared shirts matched with how much of a shirt shows on
sweats. In Japan, with its staid
Dual-use fashions camera, said Whatever cre-
the meeting of the Queen of Sheba
business culture, finding ways are designed as both ative director Masashi Kawa- and the biblical King Solomon —
to walk that fine line is crucial. mura. “We did some math, and a rare subject within the artist’s
Some Japanese clothing
Zoom-ready and we created some diagrams,” oeuvre. Utilizing a soft palette and
makers say it’s time to move lounging attire. he said, “to see what it would exceptional attention to detail, the
beyond merely wearing pre- look like if you are sitting in painting focuses solely on the Queen
pandemic formal wear from front of a laptop.” surrounded by her bowing maidens. In both composition and atmosphere,
the waist up. Zoom-era fashion In a prototype, the business
should be unabashedly dual- $135 total for top, bottom and end of the outfit was cut off
the work reveals Tissot’s mastery of light, shadow, detail and form. Signed
use, custom-designed to serve jacket, has been selling well halfway down the pocket, just “J.J. Tissot” (lower right). Panel: 14”h x 20”w. Frame: 201/4”h x 263/4”w. #31-2616
both as videoconference-ready since it appeared in hundreds enough to protect the careful
attire and lounging wear. of stores in December. Zoom user from discovery. The
Clothier Aoki Holdings Fast Retailing Co.’s Uniqlo company brought a fashion
Inc.’s answer is its Pajamas brand, at its showroom in To- designer on board to fine-tune
Suit (trademarked), a three- kyo’s tony Ginza neighborhood, details like fabric choices. The
piece ensemble available in is showing a spring/summer final product is a 100% cotton
men’s and women’s variations. collection on a female manne- shirt matched with a cotton
Aoki was long one of Japan’s quin working at her laptop in blend for the rest of the top
top retailers of moderately clothes that might or might and the bottoms, which it sells
priced men’s business suits, not be pajama substitutes. An- on a website for new design 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
the kind meant to be worn in other mannequin in light-blue ideas.
an office. No surprise, it is los- sweatpants and a sweatshirt What are the chances of a Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
ing money these days. looks ready for bed—except wearer’s being caught with Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
Sales staff were reporting she is standing next to a door only half a business shirt on?
that customers were asking with a jacket in hand. Not likely, Mr. Kawamura said:
for help finding clothing they A Uniqlo spokeswoman said “No one really raises their hand
wouldn’t be embarrassed to be of the sweatpants set: “You during an online meeting.”
A8 | Wednesday, February 24, 2021
Drugmaker
Rivals Ally
On Shots
Continued from Page One
vaccinate people amid the
threat of emerging variants
that might increase spread of
the virus. The reported U.S.
death toll from the novel coro-
navirus passed 500,000 people
on Monday.
Early supplies of shots have
been limited, as vaccine mak-
ers needed time to increase
production and overcome
early hiccups and problems
getting raw materials. The
companies are supplying
enough doses in the U.S. in
February to vaccinate 20 mil-
lion people, but output is pro-
jected to increase to 65 million
people in June, according to
analysts from Evercore ISI.
Overcoming rivalries might
be the easiest part of the tie-
ups, as partners must quickly
learn the complex vaccine-
Novavax
Aims for
Turnaround
Continued from Page One
pany for dead last year, are
betting that regulators will
authorize Novavax’s vaccine in
the next couple of months.
They have sent shares on Nas-
daq up to $243, up 118% so far
this year. Late last month,
Novavax released preliminary
data indicating its shot was
effective at protecting against
Covid-19, though less so
against a new strain identified
in South Africa that appears
to be a challenge for other
shots, too. Results of the vac-
cine’s late-stage U.S. trial
could be released late next
month.
Novavax now has a market
value of $16.4 billion, greater
than that of companies with
billions of dollars of annual
sales, including generic drug
giant Teva Pharmaceutical In-
dustries Ltd.
An authorization would re-
inforce just how much Covid
has upended the pharmaceuti-
cal world. The most advanced
vaccines have been introduced
by newcomers to the vaccine
market using previously un-
proven technologies that can
be designed and manufactured
more quickly than conven-
tional options. While vaccine
giant Merck & Co. recently
shut down its Covid-19 vaccine
effort after disappointing re-
sults, upstarts like Moderna
Inc. and BioNTech SE quickly
developed, tested and manu-
factured shots currently going
into arms around the world.
Novavax’s vaccine “looks as
strong as any vaccine, and it
may have better durability,”
says John Moore, an immunol-
ogist at Weill Cornell Medical
College in New York. Initially
skeptical of Novavax and its
shot, Dr. Moore said he grew
so encouraged by early study
data last year that he volun-
teered to be a study subject
and purchased some shares in
the company, which he has
since sold.
Huge demand
Much is riding on Novavax’s
success. Rollouts of shots from
Pfizer Inc. and partner BioN-
Tech, Moderna, and AstraZen-
eca PLC have been slower than
anticipated. The companies
have struggled to meet huge
demand. Novavax says it could
produce a couple billion doses
over the next year, beginning
around April, equal to or more
than those expected from
other companies. Last week,
Novavax announced a deal
with Geneva-based public-
health institution GAVI to allo-
cate doses around the globe.
“I admire their tenacity,
their persistence, their never-
say-die approach,” says Roger
Pomerantz, an infectious-dis-
ease and vaccine veteran who
is chief executive of biotech
ContraFect Corp. and a former
executive at Merck, which sev-
eral years ago passed on work-
ing with Novavax. “But at the
end of the day, you need to see
vaccines.”
Unlike shots from Pfizer
and Moderna, the two autho-
rized in the U.S., Novavax’s
vaccine doesn’t need to be
kept at freezing temperatures.
That’s an advantage for hospi-
tals, clinics and pharmacies
making process and install the
necessary equipment.
Transferring the know-how
to make mRNA vaccines, like
the ones from Pfizer-BioNTech
and Moderna Inc., is especially
challenging because the gene-
based technology behind the
shots is new, manufacturing
experts said. Especially diffi-
cult is increasing production
of the fatty envelopes that
help protect the molecules
carrying mRNA shots to their
cellular targets.
“It’s all being built from
scratch, and it’s taking awhile
to get that up and validated,”
said Jim Robinson, a manufac-
turing consultant who previ-
ously worked at Sanofi and
Merck & Co.
So far, only shots from
Pfizer-BioNTech and Moderna
are authorized in the U.S.,
though a vaccine from Johnson
& Johnson could get green-
lighted as soon as this week.
The production alliances
are the latest example of in-
dustry rivals coming together
to fight the pandemic, starting
with research tie-ups.
They build upon a yearlong
effort by the drug industry
Top, a scientist works at a purification machine that isolates the spike protein from a column containing Covid-19 at the Novavax
offices in Gaithersburg, Md. Above, a tray with cell cultures and a case of Covid-19 vaccine.
lacking freezer capacity.
While Novavax has devel-
oped some proprietary meth-
ods, its vaccine approach is
similar to those of proven vac-
cines, such as those for shin-
gles and hepatitis B—one rea-
son why some scientists are
fans.
The Pfizer and Moderna
shots are based on a newer
technology that delivers ge-
netic code through molecules
known as messenger RNA, in-
structing the body to create
the coronavirus’s signature
spike protein, which elicits an
immune response.
AstraZeneca’s vaccine,
based on a different technol-
ogy and authorized for use in
Europe and the U.K., delivers a
harmless chimpanzee virus
carrying similar directions.
Novavax’s vaccine injects a
synthesized, slightly modified
version of the spike protein,
rather than instructing the
body to create it. The com-
pany’s scientists first take a
common insect virus, called a
baculovirus, and insert DNA
instructions to create the
spike protein. They use the
newly infused baculovirus to
infect cells that originally
came from an armyworm in-
sect.
The cells are grown in large
bioreactors holding up to
6,000 liters of liquid—vats
that look like they come from
breweries—where the spike
protein is produced. The pro-
tein is isolated, purified and
injected into people as a vac-
cine, along with a compound,
called an adjuvant, that jump-
starts an immune response
and renders the vaccine more
effective.
Novavax’s bumpy history
shadows its efforts. Sixteen
years ago, its lead product was
a cream for postmenopausal
women dealing with hot
flashes. It wasn’t selling. Fac-
ing bankruptcy, the company
FROM PAGE ONE
and partners to crank up capa-
bilities to make everything
from the tiny vials that hold
the shots to raw ingredients
that make them.
The partnerships are bring-
ing together companies that
before the pandemic filed pat-
ents, ran competing advertise-
ments and deployed sales rep-
resentatives to secure sales for
their medicines.
Pfizer, which has cancer
drugs that compete with prod-
ucts from Sanofi and Novartis,
and BioNTech brought on
partners to help nearly double
its 2021 production target to
two billion doses.
“We’re continuously looking
at everything to try to create
more than the two billion
doses,” Pfizer Chief Financial
Officer Frank D’Amelio said in
an interview.
Production can’t start over-
night. Vaccine manufacturing
is complex and often requires
training staff, upgrading facili-
ties and buying new equip-
ment, such as pumps, tubes
and stainless steel bioreactors.
Regulators must sign off be-
fore production starts.
Sanofi will perform fill-fin-
turned to Gale Smith, now 71,
a molecular biologist who was
running its small vaccine
group.
As a graduate student, Dr.
Smith had helped invent the
approach of using baculovi-
ruses to shuttle the DNA of an
infectious agent into insect
cells to create vaccines, a
method that today is used for
a flu vaccine and another for
human papillomavirus, or HPV.
For the next decade or so,
the company employed Dr.
Smith’s approach to develop
vaccines for HIV, SARS, swine
flu, Ebola, Middle East respira-
tory syndrome and more. Each
time, Novavax achieved prom-
ising early results and gained
backing from government bod-
ies and nonprofits, including
the Gates Foundation.
Ultimately, either the shots
failed in further testing or the
epidemics ebbed, reducing the
need for a vaccine.
Disappointments
Executives tried to lift
staffers’ spirits amid the dis-
appointments. Most Fridays,
Chief Executive Stanley Erck, a
72-year-old Vietnam War vet-
eran, led employees to a
nearby bowling alley, where
they competed over pizza and
beer. Gregory Glenn, a pedia-
trician who runs research and
development, tried to per-
suade employees to stick
around.
“Where else can you do
something noble, interesting
and get paid for it?” he says
he told researchers.
Senior executives and oth-
ers began quitting, weighing
on Dr. Glenn. Driving home
one night a few years ago, he
broke down crying, he says. “I
felt I let them down and had
been overly enthusiastic,” he
says.
In 2014, Novavax purchased
a Swedish company that pro-
ish, a familiar step in the vac-
cine process, whereby vials are
filled with vaccines, capped
and readied for shipment, Mr.
Triomphe said. He said that
the company has six months
before giving priority to its
own Covid-19 vaccine.
Sanofi still had to buy ma-
chines to accommodate
Pfizer’s vials because Sanofi
uses different ones for its own
Partners quickly
must learn the
complex vaccine-
making process.
vaccines as well as freezers to
store at subzero temperatures.
“All these elements are very
different when you switch from
manufacturing one product to
another,” Mr. Triomphe said.
Sanofi said Monday it would
also help with fill-finish for
Johnson & Johnson’s vaccine.
Novartis also signed up to
do fill-finishing work for Pfizer
and BioNTech, and Novartis’s
duced an adjuvant, derived
from the bark of a Chilean
tree, to boost the immune re-
sponse generated by a vaccine.
Using the adjuvant,
Novavax began working on
shots to protect against respi-
ratory syncytial virus, or RSV,
which causes the hospitaliza-
tion of about 58,000 young
children a year in the U.S. and
can be deadly. In 2015, the
stock doubled as Mr. Erck said
the vaccine had the potential
to be “the largest selling vac-
cine in the history of vaccines
in terms of revenue.”
“I’m a biotech CEO, I admit
to being an optimist,” Mr. Erck
says.
The next year, the vaccine
failed in late-stage, or Phase 3,
trials. The morning after the
2016 presidential election,
about one-third of staffers
were greeted by messages
they were being laid off, due
to the RSV failure.
“It was a huge surprise, a
sad and gloomy day. People
were crushed,” says Kwanho
Roh, a cell biologist who sur-
vived the layoffs but saw a
third of his team let go before
Novavax share price
since the end of 2019
$300
200
100
0 Jersey office agreed to pro-
2020 ’21
Source: FactSet
THE WALL STREET JOURNAL.
Swiss plant is scheduled to de- Novavax, which has a vac-
liver doses as early as July,
said Steffen Lang, who over-
cine in the late stages of de-
velopment, doesn’t own a
sees the company’s manufac- manufacturing plant and has
turing and supply operations.
Mr. Lang said the company
to lean on other companies to
produce the shot.
is making tweaks to the plant’s
production line, hiring more
workers and shifting produc-
Baxter said last month that
one of its plants in Germany
would help fill and finish
tion of other products to make Novavax’s vaccine.
room. Likewise, Endo agreed to do
Novartis is speaking with similar work, upon the urging
companies about helping with of the U.S. government, said
earlier steps in mRNA vaccine Robert Polke, who oversees
production that are tougher to
scale, Mr. Lang said. He de-
manufacturing at the com-
pany.
clined to specify the compa- Endo had to make only min-
nies.
Both AstraZeneca PLC,
imal upgrades to its Rochester,
Mich., plant, which makes
which has a vaccine autho- sterile-injectable products and
rized in the U.K. and several had extra space.
other countries, and Moderna “It’s like I have the car, but
have signed deals with con- I may need to put some new
tractors to make their shots. tires in the back and put a
AstraZeneca, which has said new air filter in the engine,”
it will double output of its Mr. Polke said.
Covid-19 vaccine in April de- More companies might fol-
spite some recent manufactur- low. Merck, a pioneer in vac-
ing problems, continues to cines, is in discussions with
look for ways to expand pro- companies about lending its
duction. The company recently expertise after scrapping two
said it would increase supply Covid-19 vaccine programs
through an existing partner- with lackluster results. Teva
ship with Germany’s IDT Bi- Pharmaceutical Industries Ltd.
ologika GmbH. is holding similar discussions.
Washington, D.C.
Weeks later, they used their
baculovirus method to create
a vaccine that needed to be
tested in trials. However,
Novavax didn’t have the cash
to make the shots in bulk.
In March, Mr. Erck joined
other pharmaceutical execu-
tives in a meeting at the White
House to discuss Covid-19 vac-
cines. He was blunt about
Novavax’s challenges. “Frankly,
we need money,” he told Presi-
dent Trump, according to a
transcript of the conversation.
Novavax lined up about $2
billion in combined funding
from Operation Warp Speed,
the U.S. government’s initia-
tive to speed development of
Covid-19 vaccines, and the Co-
alition for Epidemic Prepared-
ness Innovations, a Norway-
based nonprofit. Novavax
raised additional money from
a big hedge fund.
Stirring buzz
To test the vaccine, Dr.
Glenn called researchers at the
PHOTOS: T.J. KIRKPATRICK FOR THE WALL STREET JOURNAL
University of Oklahoma, who
offered 15 baboons bred for
medical research. The subse-
quent trial, along with other
animal studies and early hu-
man trials, demonstrated
enough efficacy to stir buzz in
the industry.
In October, the company
pushed back the start of its
late-stage U.S. trial, falling fur-
ther behind rivals, due to the
complexities of manufacturing
the shots.
On Jan. 28, Novavax said an
interim analysis from a Phase
3 study showed its vaccine
was 89% effective at protect-
he left the company. ing people from the disease in
By 2019, after another RSV the U.K., where a worrisome
trial failed, Novavax had ce- strain of the coronavirus has
mented a reputation as the lit- been circulating. The vaccine
tle company that couldn’t. was just 49% effective overall
When Mr. Erck spoke at indus- in a separate, middle-stage
try conferences, sometimes as study in South Africa, where
few as three people came to another variant is spreading,
hear him, he says. In May of though the figure was 60%
that year, with the stock at 36 among those who weren’t HIV-
cents a share and in danger of positive.
getting tossed off the Nasdaq Like other Covid-19 vaccine
market, Novavax did a 1-for-20 makers, Novavax is reformu-
reverse stock split. It finished lating its shots to better han-
2019 down another 39%. dle the new virus strains.
In late 2019, Nasdaq re- Larry Corey, an infectious-
moved Novavax’s shares from disease specialist at the Fred
its biotechnology index, but Hutchinson Cancer Research
Dr. Smith was sure his team Center who helped set up the
was making further progress federally funded trials of sev-
tweaking their vaccine. eral of the Covid-19 vaccines,
As 2020 began, Novavax says Novavax’s vaccine has
was conducting late-stage tri- several potential advantages,
als on yet another vaccine, including a relatively low dose
this time for flu. The company level that should support mass
was also exploring options to production and enable sup-
advance its RSV vaccine, plies to be stretched out.
which has shown efficacy, in- “Its global applicability and
cluding holding discussions potential are very high,” Dr.
with regulators and potential Corey says.
commercial partners. Analysts at Sanford C.
Early data on the flu vac- Bernstein say if Novavax’s is
cine was impressive but staff- cleared, it could generate rev-
ers fretted about the dwin- enues of $5 billion this year.
dling cash. Mr. Erck knew it But Novavax executives, more
was his company’s final aware than most that vaccines
chance, and that some em- often fail in late trials, aren’t
ployees already had one foot ready to celebrate.
out the door. Investors have bet against
When the pandemic hit, ex- nearly 10% of Novavax shares,
ecutives made a difficult deci- a sign of their lingering
sion to shift to a Covid-19 vac- doubts. By comparison, stocks
cine, risking delays in their flu in the S&P 500 have an aver-
efforts. They had done work age short-rate—a measure of
on earlier coronaviruses, so shares sold short as a percent-
they figured they had a chance age of those outstanding—of
at success. 2.5%.
In January, Novavax or- Results of the large U.S.-
dered the gene for the spike based trial could be available
protein from a supplier with by late March. Mr. Erck says
an office in Shanghai, but it he is nervous but optimistic.
never came—flights from Others close to him remain on
China had been frozen. After a edge. His wife, Dr. Sarah
few days, the supplier’s New Frech, has recently been rub-
bing a favorite doll, something
duce the gene and drive the she does to bring good luck.
red-capped vial overnight to “She’s more superstitious
Novavax’s offices outside than I am,” he says.
THE WALL STREET JOURNAL.
Iran Open to Plan for Talks With U.S., EU
Tehran weighs meeting
with negotiators as it
curbs U.N. access to
nuclear facilities
Iran is open to a European
proposal that would bring its
officials together with Ameri-
can negotiators for the first
time since the U.S. withdrew
from the nuclear deal in 2018,
even as Tehran took another
step to violate the accord by
limiting international monitor-
ing of its nuclear activities.
By Sune Engel
Rasmussen
and Laurence Norman
Tehran said Tuesday that it
is weighing whether to partici-
pate in the talks suggested by
European Union officials. Iran
has rejected direct negotiations
with the U.S., as long as Ameri-
can sanctions remain in place
and the U.S. remains outside
the 2015 deal. But European of-
ficials have warned Iran in re-
cent days that it risks deepen-
ing its isolation if it misses the
opportunity for direct talks
with Biden administration offi-
cials, who would attend as
guests in the informal meeting.
“These diplomatic contacts
have to be discreet but I am
reasonably optimistic” that
Iran will join talks, Josep Bor-
rell, the EU’s chief diplomat,
said Monday.
Iranian government spokes-
man Ali Rabiei said Tuesday
North Korean Man’s
Border Breach Raises
Security Questions
BY TIMOTHY W. MARTIN
SEOUL—A North Korean de-
fector swam south across the
border, slipped through a
drainage conduit, popped up on
military cameras eight times
and strolled down a barricaded
road. Alarms blared twice.
This all transpired last
week before the man was de-
tected on camera by South Ko-
rea’s military, triggering an
hourslong manhunt.
The six-hour saga after the
man crossed one of the
world’s most fortified bor-
ders—the Korean demilita-
rized zone—was detailed in a
briefing Tuesday for local me-
dia by Seoul’s military.
South Korea’s Joint Chiefs
of Staff, which has conducted
a probe into the border
breach, declined to comment
to The Wall Street Journal.
The incident ignited criti-
cism by South Korean lawmak-
ers and military experts over
how well the country’s sol-
diers are monitoring a border
that is about 150 miles long
and more than 2 miles wide.
At a hearing Tuesday with
South Korea’s defense minis-
ter, opposition lawmaker Shin
Won-sik, a retired three-star
army general, questioned why
the military had been unaware
of a drainage area accessed by
Defector appeared
on South Korean
cameras eight times
before being spotted.
the North Korean man. “It’s
not like there was a mine-
field,” Rep. Shin said. “This
shows we didn’t really check
the terrain there.”
The penetrability of the
DMZ has been questioned in
recent months. In November, a
North Korean man made it
over a 10-foot-high border
fence and evaded detection for
half a day. A military investi-
gation said loose fence screws
had caused motion-detecting
sensors to fail.
In July, a runaway North
Korean who apparently had
been infected with Covid-19
went unidentified as he fled
back into the North, despite
being spotted seven times by
surveillance cameras and ther-
mal gear.
Maintaining round-the-
clock surveillance is a difficult
task and should be something
the South Korean government
considers outsourcing to pri-
* * * *
that Iran is “looking into the Eu-
ropean side’s proposal of an in-
formal meeting for a dialogue.”
Meanwhile, citing the U.S.
refusal to lift sanctions imposed
by the Trump administration,
Iran on Tuesday followed
through on a previous threat,
saying it would no longer grant
United Nations inspectors daily
access to its nuclear facilities,
or provide round-the-clock se-
curity footage of its activities at
these sites. Iran also will bar
the U.N. atomic agency, the In-
ternational Atomic Energy
Agency, from inspecting other
sites where it suspects nuclear-
related work might be taking
place.
The moves to curb interna-
tional scrutiny of its nuclear
facilities mark Tehran’s latest
effort to pressure the U.S. to
lift sanctions. In recent
months, Iran also has re-
started enrichment of uranium
at 20% purity, its highest level
since 2013 and a relatively
short step from producing
weapons-grade material.
Moreover, Iran has pro-
duced uranium metal, which
can be used in the core of a
nuclear weapon. The nuclear
deal, known as the JCPOA,
banned both actions.
“The E3 are united in un-
derlining the dangerous nature
of this decision,” the foreign
ministers of Britain, France
and Germany said in a state-
ment Tuesday. “It will signifi-
cantly constrain the IAEA’s ac-
cess to sites and to safeguards-
relevant information.
vate companies, said Kim
Young-jun, a professor at the
Korea National Defense Uni-
versity in Seoul. “We need a
paradigm shift,” Prof. Kim
said. “The military’s job is to
defend against actual war,
rather than watching if one or
two people come to our side.”
South Korea’s contingent of
active military personnel is
also declining, resulting from
the country’s falling birthrate
and a planned reduction in
mandatory service to 18
months for all enlistees. That
will winnow the ranks from
about 600,000 personnel in
2019 to about 530,000 by the
end of this year, according to
South Korean figures.
The lower numbers and
shorter stints add strain to
border surveillance, said Lee
Sang-ho, a professor at South
Korea’s Daejeon University,
who has advised the country’s
military.
“This is a huge problem,”
Prof. Lee said. “It’s not enough
time to train these people to
be able to perform the duties
and secure training.”
More than 33,000 North
Koreans have relocated to
South Korea, nearly all taking
a circuitous route through a
third country. Crossing the
DMZ is much rarer.
Last week, the North Ko-
rean man, wearing flippers, a
padded jacket and a diving
suit, waded through choppy
waters along the Korean Pen-
insula’s east coast, according
to South Korea’s semiofficial
Yonhap News Agency, citing
the country’s Joint Chiefs of
Staff. After dumping his gear
around 1 a.m. on Feb. 16, he
shimmied under barbed wire
and traversed through the
drainage conduit.
During the next three
hours, the man was caught on
camera eight times, with
alarms ringing twice, before
soldiers spotted him at about
4:15 a.m., according to Yonhap,
citing the Joint Chiefs of Staff.
South Korea’s military de-
tained the man for a little
more than three hours inside a
restricted area near the east-
ern border town of Goseong.
He was found lying on the
ground nearby, wearing a
jacket and covering his lower
body with leaves.
The man was a North Ko-
rean civilian who worked in
the fishing industry, Yonhap
reported, with the Joint Chiefs
of Staff declining to provide
other details. After he was
captured, he expressed a de-
sire to defect.
—Andrew Jeong
contributed to this article.
WORLD NEWS
Iranian Foreign Minister Javad Zarif says U.N. inspectors won’t have daily access to nuclear sites.
From its inception, the nu-
clear deal was controversial in
the Middle East, where long-
time American allies in Israel
and the Gulf opposed the U.S.’s
decision to lift sanctions on Iran
and recognize its right to enrich
uranium for civilian purposes,
albeit under tight restrictions.
A return to the deal requires a
complex, diplomatic choreogra-
phy, as both Washington and
Tehran insist the other side has
to make concessions first.
On Tuesday, Israeli Prime
Minister Benjamin Netanyahu
warned Iran that “with or
without agreements—we will
do everything so that you will
Greece is debating whether to allow a Chinese shipping company to increase its majority stake in the Port of Piraeus.
Europe Cools on Beijing Investments
BY DANIEL MICHAELS
AND VALENTINA POP
BRUSSELS—Some Euro-
pean countries are starting to
block Chinese involvement in
their economies, drawing
closer to positions advocated
by the U.S. amid growing anxi-
ety in Europe over China’s in-
creasingly aggressive geopolit-
ical posture.
Governments from the Bal-
tic to the Adriatic seas have
recently canceled public ten-
ders that Chinese state-owned
companies were set to win, or
are moving to ban Chinese
companies from investing or
contracting in their countries.
The shifts have been
prompted by a mix of national
security concerns and disap-
pointment with the perfor-
mance of Chinese contractors,
officials involved in the deci-
sions say. Several of the can-
celed projects fell within
China’s world-wide infrastruc-
ture initiative, Belt and Road,
which has disappointed sev-
eral participating countries.
The shift is largely taking
place in smaller European
countries, adding to tensions
within the European Union,
where big countries still
largely favor maintaining busi-
ness links with China.
Romania and Lithuania are
taking broad measures to ex-
clude Chinese companies from
certain public procurements.
Other moves are more tar-
geted. Authorities in Slovenia,
Croatia, the Czech Republic
and Romania have suspended
public tenders involving Chi-
nese companies for work on
nuclear-power plants, high-
ways, rail lines, security scan-
not arm yourselves with nu-
clear weapons.”
The Trump administration
left the nuclear deal in May
2018 partly because it didn’t
restrict Iran’s military foot-
print in the Middle East. Iran
rebuffed former President Don-
ald Trump’s attempts to nego-
tiate a broader agreement.
President Biden has said he
intends to rejoin the nuclear
deal if Iran comes back into
compliance. Mr. Biden wants to
use the pact as a starting point
for talks about longer nuclear
restrictions, constraining Iran’s
missile program and reeling in
its regional network of militias.
ners and a shipping-container
terminal. Greece is debating
whether to allow a Chinese
shipping company to increase
its majority stake in the coun-
try’s largest port.
China underestimated the
“Russia factor,” said Andreea
Brinza, vice president of Bu-
charest-based think tank the
Romanian Institute for the
Study of the Asia-Pacific. Eu-
ropean countries dominated
by Moscow during the Cold
War have lingering strategic
concerns, and as most of them
rely on U.S. security guaran-
tees, they want to show which
side they are taking in trade
disputes between Washington
and Beijing, she said.
“We are simply respecting
the strategic choices we’ve
made: our partnership with the
U.S., NATO and EU member-
ship,” said Romanian Dep-
uty Prime Minister Dan Barna
of his country’s cooling toward
China. The government said
this month that it would tighten
public-procurement rules, effec-
tively banning Chinese compa-
nies, after blocking Chinese
participation in the country’s
5G rollout and in refurbishing a
nuclear-power plant last year.
The Chinese Embassy in Bu-
charest and the Chinese
Chamber of Commerce in Ro-
mania didn’t respond to re-
quests to comment on the new
Romania regulation.
Lithuania’s government on
Feb. 17 prohibited Chinese se-
curity-scanner maker Nuctech
Co. from supplying equipment
to the country’s two airports,
saying a proposed deal was
“not in line with national se-
curity interests.”
State-controlled Nuctech,
Wednesday, February 24, 2021 | A9
Iran has refused to include
those core elements of its na-
tional defense in nuclear talks.
Hamid Aboutalebi, a former
presidential adviser and Ira-
nian ambassador, said Mr. Bi-
den’s position suggests the
new U.S. administration might
not be sincere about adhering
to the nuclear deal, but is ac-
tually aiming for the same
kind of broader security agree-
ment that Mr. Trump sought.
“The issue is whether the U.S.
will ever return and commit to
the JCPOA,” he said.
In a separate move that could
help smooth the resumption of
talks, South Korea, a U.S. ally,
Chinese investments in the EU
have waned due to restrictions
in both China and Europe.
Chinese FDI into the EU
$40 billion
30
20
10
0 its and Chinese restrictions on
’10 ’12 ’14 ’16
Notes: Data represents the combined value of
direct investment transactions, including
greenfield projects and acquisitions that result
in significant ownership control. Data include
EU-27 and the U.K. for 2020.
Source: Rhodium Group
which the U.S. government in
December listed among Chi-
nese entities banned from cer-
tain transactions with U.S. par-
ties, had won a tender launched
a year ago by state-owned Lith-
uanian Airports.
Nuctech said it was assess-
ing a response. “Not only is
this decision politically moti-
vated, but it also distorts com-
petition in the security-equip-
ment market to the detriment
of the Lithuanian taxpayers,” a
Nuctech spokeswoman said.
Canada last year abandoned
a plan to buy Nuctech scanners
for its embassies following
controversy around the an-
nounced deal. Norway, Croatia
and an EU directorate recently
also have stopped scanner ten-
ders involving Nuctech, al-
though none publicly linked
the cancellations to security.
“We are choosing the West-
ern technosphere. We are not
choosing the Chinese techno-
said Tuesday it was consulting
with Washington to release Ira-
nian cash it has withheld since
2019 due to sanctions. A break-
through would provide a much-
needed infusion of foreign ex-
change to the Iranian sanctions-
battered economy.
Under the 2015 nuclear
deal, about $130 billion in
funds, frozen under previous
American sanctions, were re-
patriated to Iran.
Despite Iran’s repeated
breaches of the nuclear deal,
Tehran softened its initial po-
VAHID SALEMI/ASSOCIATED PRESS
sition of slashing access for
the IAEA to a range of its nu-
clear related sites.
Under a deal struck over
the weekend in Tehran by U.N.
atomic chief Rafael Grossi,
Iran agreed to provide footage
and measurements of its de-
clared nuclear facilities after
several months if the U.S. lifts
sanctions. It also agreed to
provide footage of activities at
sites that make key nuclear
equipment, such as centrifuge
rotors and uranium ore mines.
Mr. Grossi said Tuesday that
it wasn’t yet clear whether
Iran would carry out its threat
to no longer report its plans
for building new nuclear facili-
ties or adjusting existing ones
to the IAEA, a key heads-up for
inspectors. Speaking at a nu-
clear-proliferation forum, Mr.
Grossi said failing to do so
would put Iran “in violation”
of its core nuclear obligations.
That could lead the IAEA
Board to take action against
Iran, diplomats said.
XINHUA/ZUMA PRESS
sphere,” said Laurynas Kasciu-
nas, chairman of the Lithuanian
parliament’s national security
and defense committee, which
oversees a national security re-
view board that had recom-
mended banning Nuctech.
Such policy reversals re-
main a minority amid exten-
sive Chinese business activity
across the EU. Chinese direct
investment into the bloc has
declined since a peak in 2016
because of new European lim-
financial outflows. But public-
’18 ’20
procurement wins in Europe
by Chinese companies have
ballooned recently, according
to a Wall Street Journal anal-
ysis of public data.
In response, the EU last
year issued guidelines for
weeding out bidders from out-
side the bloc that offered ex-
traordinarily low prices and
launched a study on the im-
pact of foreign subsidies in
Europe, covering areas includ-
ing procurement and corpo-
rate acquisitions.
New EU rules on member
states’ screening of foreign
investments for potential na-
tional security consequences
took effect in October, and
many EU countries have ad-
opted national versions.
Wariness of Chinese compa-
nies has risen largely in parts
of Eastern and Southern Eu-
rope, even as Germany and
France have pushed to deepen
economic ties. German Chan-
cellor Angela Merkel and
French President Emmanuel
Macron in December pressed
the EU to strike a preliminary
deal with China on an invest-
ment agreement that had been
under negotiation since 2013.
A10 | Wednesday, February 24, 2021
Venezuelans Add
To Labor Ranks
Around Region
BY JOHN OTIS
SOCORRO, Colombia—Cof-
fee grower Oscar Gamboa in-
creasingly relies on a new
source of labor for his harvest
in the steep hills of north-
ern Colombia: bedraggled and
hungry refugees escaping Ven-
ezuela’s economic collapse.
Many Colombians in the area
don’t want to do the grueling
work, or have moved to big cit-
ies. So while Venezuelan mi-
grants are often unfairly ma-
ligned as vagrants and thieves
here and in other South Ameri-
can countries, they are making
significant economic contribu-
tions across the region, accord-
ing to the International Mone-
tary Fund, policy groups,
Colombia’s central bank and cof-
fee producers like Mr. Gamboa.
“We coffee growers are
thanking God for the mi-
grants,” said Mr. Gamboa, not-
ing that about one-third of his
85 coffee pickers come from
neighboring Venezuela.
Fleeing food shortages and
unemployment, nearly two mil-
lion of the 5.4 million Venezue-
lans who have fled their coun-
try since 2015 have settled in
Colombia. Hundreds of thou-
sands have taken jobs many
Colombians avoid—from har-
vesting coffee to picking pota-
toes in the frigid Andes. The
newcomers have also founded
myriad small businesses.
To help them secure taxpay-
ing employment as well as
healthcare and schooling, the
Colombian government this
month unveiled a program to
legalize nearly all of the coun-
try’s roughly one million un-
documented Venezuelans, a
move that won praise from the
Biden administration, Pope
Francis and the United Nations.
Georgian Opposition Leader Arrested in Raid Mexico
BY THOMAS GROVE
MOSCOW—Police units in
the country of Georgia
stormed the offices of the big-
gest opposition party and de-
tained its leader, pushing the
former Soviet republic and
U.S. ally in the South Caucasus
region deeper into a political
crisis that threatens its ties
with the West.
Hours after the police de-
tained more than a dozen po-
litical activists during Tues-
day’s raid on the headquarters
of the United National Move-
ment, Georgia’s main opposi-
tion party, protesters gathered
outside the government build-
ing to demonstrate against
what they called a politically
motivated move to clamp
down on opposition.
Georgia has been one of the
most ardently pro-Western
countries in the region, but
Tuesday’s raid and detentions
have raised concerns it will
become the next former Soviet
state to see a broad crackdown
on the opposition.
“Force and aggression are
not the solution to resolving
Georgia’s political differences,”
the U.S. Embassy in Tbilisi
said. “Today, Georgia has
moved backward on its path of
becoming a stronger democ-
racy in the Euro-Atlantic fam-
ily of nations.”
The U.S. has called for calm
ISRAEL
Cleanup of Oil Spill
Could Take Months
Israel is undergoing a mass
cleanup of its beaches after an
oil spill from an unidentified ves-
sel left much of the country’s
120-mile Mediterranean shore-
line covered with black sticky
tar, in one of the country’s worst
ecological disasters.
The spill has affected 90% of
Israel’s coastline and the cleanup
could take months, if not years, Is-
rael’s Nature and Parks Authority
said. On Tuesday, Israel’s govern-
ment approved plans to allocate
$13.8 million to clean up its shores.
The first reports of the spill
came last week after a winter
storm created strong waves that
brought blobs of tar ashore in Is-
rael’s north. Israeli officials are
searching for the ship responsible
for the spill. —Felicia Schwartz
This open-door policy sur-
prised many in Colombia, a
country that, historically, has
resisted migration. But Presi-
dent Ivan Duque explained the
legalization program will help
his government vaccinate mi-
grants for the coronavirus,
identify and deport those who
commit crimes, and take ad-
vantage of the best and bright-
est by allowing them to pursue
their careers in Colombia.
Mr. Duque also claims to be
making the best of a worsen-
ing crisis. By the end of 2023,
the IMF predicts that up to 10
million Venezuelans—one-
third of the country’s precrisis
population—will have fled,
surpassing refugee outflows
from Afghanistan in the 1980s
and Syria in the 2010s.
“This marks a milestone in
immigration policy for Colom-
bia and for Latin America,”
Mr. Duque said in a
speech. “We hope that other
countries follow our example.”
But some South Americans
blame Venezuelans for taking
their jobs, tensions that
are inflamed by economic mis-
ery brought on by the
Covid-19 pandemic.
In recent years, mobs have
attacked a Venezuelan migrant
community in Ecuador and
burned down a squatter camp
just inside Brazil’s border with
Venezuela. Other countries
have taken a tough stance
against the influx: In Janu-
ary, Peru, the most popular
destination for Venezuelans af-
ter Colombia, sent tanks to its
border to halt of the flow of
migrants while the Chilean mil-
itary this month began deport-
ing undocumented Venezuelans
whom local officials accused of
provoking food shortages and
spreading the coronavirus.
Georgian opposition leader Nika Melia leaned from his office window during his arrest on Tuesday.
since the UNM party, led by
parliamentarian Nika Melia,
refused to accept the results
of parliamentary elections last
fall. In two rounds of voting,
the ruling party, Georgian
Dream, cemented its hold on
power. The party’s creator,
metals and real-estate tycoon
Bidzina Ivanishvili—who made
his fortune in Russia in the
1990s—is largely believed to
influence the government
OBITUARY
Architect of Saudi Oil
Supremacy Dies, 90
Sheikh Ahmed Zaki Yamani,
Saudi Arabia’s long-serving oil
minister and the public face of
the 1973 oil embargo that punc-
tuated the country’s newfound
role as an oil-market super-
power, has died. He was 90.
Mr. Yamani, who suffered from
poor health for years, died in Lon-
don, Saudi state TV announced
Tuesday. He was expected to be
buried in his hometown of Mecca,
his former colleagues said. His
son, Hani Yamani, said he had
died on Monday.
He served in the post for
nearly 25 years, starting in 1962.
When he took over the oil minis-
try, Saudi Arabia was a middling
producer in the oil-rich Mideast.
But the kingdom’s deposits, it
turns out, were much bigger
WORLD NEWS
Venezuelan laborers travel for seasonal work on iconic Colombian coffee farms, including in Los Morros, above, and Santander.
Luis Fernando Mejía, direc-
tor of Fedesarrollo, a Bogotá-
based economic research insti-
tute, acknowledged that
immigration, especially amid a
pandemic, is deeply unpopular.
But he said countries invari-
ably do better when they em-
brace newcomers.
from behind the scenes.
An opposition bloc of par-
ties, including UNM, boycotted
the second round, accusing the
ruling party of fraud, though
international monitors said
the elections were generally
free and fair.
For Russia, the detention of
Mr. Melia strikes at a party
that symbolized Georgia’s turn
from Moscow to the West un-
der U.S.-educated President
WORLD WATCH
than its neighbors’, and soon the
country’s output was soaring.
Amid a wave of oil-field nation-
alizations across the region, Mr.
Yamani led talks to take control
of the Saudi Arabia Oil Co., then
a joint venture between the pre-
decessors to Exxon Mobil Corp.
and Chevron Corp.
Key to Saudi Arabia’s market
dominance was Mr. Yamani’s in-
sistence that Saudi Arabia invest
in spare—or unused—production
capacity. It was an expensive
strategy, but it cemented Ri-
yadh’s ability to quickly ramp up
and down output, quickly influ-
encing global prices.
—Benoit Faucon
MEXICO
U.S. Denies Bail to
Spouse of ‘El Chapo’
The U.S.-born wife of impris-
oned drug lord Joaquín “El Chapo”
* *** THE WALL STREET JOURNAL.
grants are younger than Co-
lombians, which could boost
productivity and innovation.
Ana María Tribín-Uribe, a
Colombian economist and co-
author of the report described
the migrants as “very young
with most between the ages of
15 and 30.”
One example is Andrea
Flores, 26 years old, who
fled Venezuela in 2017 and
now runs a jewelry store in
Bogotá, the Colombian capital,
selling low-cost rings and
bracelets she buys from Co-
lombian and Chinese sources.
It is a tiny operation with just
one employee—her mother.
But Ms. Flores plans on open-
ing a health-food restaurant
and talks of using her college
A new report on Venezue- degree in political science to
lan migrants by Colombia’s launch a polling firm.
central bank said that on aver- “A lot of Colombians view
age the new arrivals Venezuelan migrants as delin-
are somewhat better educated quents and prostitutes,” Ms.
than their hosts, with 9½ Flores said. “But most migrants
years of schooling compared that I know came here to make
with 8½ years for Colombians. better lives for themselves and
The report also said the mi- to contribute to this country.”
parliamentary elections to
Georgian Dream. Opponents
charge that Mr. Ivanishvili
aims to push Georgia back into
Russia’s orbit, but the party
has generally followed a two-
track approach of normalizing
ties with Moscow while push-
ing forward with greater
Western integration.
Georgian authorities had
made it clear that they in-
tended to detain Mr. Melia,
VANO SHLAMOV/AGENCE FRANCE-PRESSE/GETTY IMAGES
who is accused of inciting op-
position-backed riots that
broke out in 2019 when a Rus-
sian lawmaker sat in the par-
liamentary speaker’s chair
during an assembly of parlia-
mentarians from Orthodox
Christian countries.
Mr. Melia has dismissed the
accusations as politically moti-
vated. His role in the protests
was unclear. Last week, a court
decided to remand Mr. Melia
into custody, and Parliament
voted to strip him of immunity.
Amid the rising tensions,
Mikheil Saakashvili in the Prime Minister Georgi Gakha-
mid-2000s. The leader, who ria resigned, publicly breaking
faced a five-day war in 2008 with the decision to jail the
with Russia over two separat- political leader, saying, “Con-
ist regions backed by Moscow, frontation and rivalry within
announced aspirations to join the country endanger the fu-
the North Atlantic Treaty Or- ture of Georgia’s democratic
ganization shortly after as- and economic development.”
suming power in 2004 and On Tuesday, the British am-
sent forces to Iraq, Afghani- bassador to Georgia, Mark
stan and Kosovo to boost ties Clayton, said he was shocked
with Washington. by the scenes at UNM head-
In 2012, his UNM party lost quarters.
Guzmán was ordered held without ECUADOR
bail at a court appearance after
her arrest for allegedly helping her Dozens of Inmates
husband run his drug empire and Killed in Prison Riots
carry out an escape from a maxi-
mum-security Mexican prison, the Dozens of Ecuadorean inmates
U.S. Justice Department said. were killed in bloody confronta-
Emma Coronel, 31 years old, tions between rival gangs in three
was arrested on Monday at prisons, the government said.
Washington’s Dulles Airport. She The head of Ecuador’s peniten-
faces charges of conspiring to tiary agency, Edmundo Moncayo,
distribute heroin, cocaine, meth- said the riots broke out Tuesday
amphetamine and marijuana in in a prison in the coastal city of
the U.S., according to an arrest Guayaquil, as well as two other
affidavit, signed by a Federal Bu- prisons in the provinces of Coto-
reau of Investigation agent. paxi and Azuay. At least 62 in-
For five years, as her hus- mates were killed, he said.
band was on the run and in President Lenin Moreno said
prison, Ms. Coronel acted as Mr. 800 police officers were sent to
Guzmán’s courier, sending in- regain control of the prisons.
structions to associates that About 20 police officers were in-
dealt with increasing heroin pro- jured, authorities said.
duction, paying bribes, buying Latin America’s notoriously
weapons, and helping to bust overcrowded prisons are hotbeds
Mr. Guzmán out of prison, the for deadly riots and bloody fights
affidavit said. between rival gangs.
—José de Córdoba —Ryan Dube
CARLOS VILLALON FOR THE WALL STREET JOURNAL (2)
In the short term, govern-
ments must shoulder the costs
of emergency food, shelter and
health services for migrants.
But the IMF study projected
that as they find jobs, pay
taxes and increase consump-
tion, Venezuelan migrants
could raise the gross domestic
product of their host countries
by between 0.1% and 0.3% be-
tween 2017 and 2030.
Perhaps their greatest im-
pact has been on Colombia’s
iconic coffee farms, where the
job requires long hours bend-
ing over bushes, stripping
their branches of ripe, red cof-
fee berries, then lugging them
in heavy sacks up along
muddy trails. When the har-
vest ends in one region, coffee
pickers pull up stakes and seek
work on other types of farms.
“I need workers and they
need jobs,” said Jorge Santos,
Mr. Gamboa’s neighbor, who
grows about 500 acres of cof-
fee. “Without the Venezuelans,
this would be very compli-
cated.”
Gives Nod
To State
Utility
BY ANTHONY HARRUP
AND JUAN MONTES
MEXICO CITY—Mexico’s
lower house of congress passed
a controversial bill that gives
priority to the state-owned
power utility over private gen-
erators, threatening to overturn
the electricity market and put-
ting billions of dollars of pri-
vate investments in jeopardy.
Lower house lawmakers
voted 304-179 to pass the bill
that cancels key parts of the
2013 energy overhaul giving
private and foreign investors a
greater role in the sector.
The ruling Morena party
backed the legislation, which
was submitted this month by
President Andrés Manuel Ló-
pez Obrador, a fervent oppo-
nent of the energy opening
made under his predecessor.
Mexico’s main opposition
party, the conservative Na-
tional Action Party, said the
changes would push up gener-
ation costs and electricity
rates, prove detrimental to the
environment, and unleash in-
ternational arbitration and
constitutional challenges.
Opposition lawmakers ob-
jected to a number of articles
in the bill, although the objec-
tions were expected to be
overruled by the majority. The
bill will then go to the Senate,
where approval is almost
guaranteed, Senate Majority
Leader Ricardo Monreal said.
If enacted, the legislation
will likely face legal challenges.
Under the bill, instead of
using the cheapest energy
first, power-grid operator
Cenace would have to take hy-
droelectricity first, then any
power generated by state-
owned electric utility CFE or
by independent power produc-
ers under contract to CFE, fol-
lowed by private solar and
wind power, and finally other
privately owned power plants.
Regulators would also be re-
quired to cancel permits for pri-
vate generators that built plants
under a 1992 law allowing com-
panies to generate electricity
for their own use in some cases.
New permits would be subject
to the current administration’s
state-oriented energy policy.
THE WALL STREET JOURNAL.
N.Y. Tax
Official
Rejects
Stock Levy
BY JIMMY VIELKIND
New York’s tax commis-
sioner warned legislators dur-
ing a Tuesday budget hearing
that reinstating the state’s
stock-transfer tax could
prompt migration of trading
activity to other areas.
Michael Schmidt, who was
appointed by Gov. Andrew
Cuomo in 2019, said the pan-
demic and federal limits on the
deductibility of state and local
taxes enacted in 2017 raised
the risk that high-income tax-
payers could leave New York if
additional levies are imposed.
Mr. Cuomo has proposed
raising $1.5 billion by increasing
taxes on people reporting $5
million or more of income, and
an additional $394 million by
delaying a scheduled decrease
in rates for middle-class payers.
The governor’s plan ad-
dressed part of a $10.2 billion
deficit in his proposed $193 bil-
lion budget; it also relies on $3
billion in additional federal aid,
though Mr. Cuomo has said he
is seeking at least $15 billion
from Congress and would aban-
don his proposed tax changes if
the funding materializes.
Democrats who control the
state Assembly and Senate say
they want to raise taxes even
if more federal funding arrives
so the state can increase fund-
ing for social-service programs
and maintain the amount of
funding it devotes to schools.
Mr. Cuomo proposed using
some federal pandemic aid to
supplant state school funding.
Some Democratic lawmakers
also support proposals for a tax
on financial transactions and a
“mark-to-market” tax on billion-
aires’ wealth. New York enacted
a stock-transfer tax in 1905 but
stopped collecting it in 1981.
The “mark-to-market” tax would
require billionaires to pay capi-
tal-gains taxes each year as their
assets appreciate, even if they
don’t sell. Mr. Schmidt pushed
back on both of those ideas.
“When you consider the ef-
fect that even a seemingly
small tax would have on trad-
ing-activity migration and rel-
evant location of jobs, I would
just say there’s a lot of uncer-
tainty about that, and I’d be
very cautious on banking on
Commissioner warns
reinstating transfer
tax could prompt
trading to relocate.
any revenue associated with a
financial-transaction tax pro-
posal,” he said.
Mr. Schmidt said the
“mark-to-market” tax would
require his department to
evaluate and audit assets on a
new scale. “That would be like
learning a completely different
sport than the sport we’re cur-
rently playing,” he said.
Major financial exchanges
in New York wrote a letter to
lawmakers earlier this month
saying such a tax could prompt
the relocation of their opera-
tions. On Tuesday, an industry
group estimated financial-ser-
vices firms employed 369,300
people in New York in 2019.
Proponents of the transac-
tion tax say most of it would
be paid by big financial firms
that conduct large trades.
“New York’s financial sector
is overgrown, raising the cost
of living for the many while
enriching a small sliver at the
top,” Michael Kink, executive
director of the Strong Econ-
omy for All coalition, which is
backed by labor unions, wrote
in budget testimony.
Mr. Schmidt said Mr.
Cuomo’s proposal for higher
rates would affect about
17,000 taxpayers, and the de-
layed tax cut for the middle
class would affect around 4.7
million filers. The highest-
earning 2% of taxpayers in
New York—roughly 188,000
filers—account for just more
than half of all income-tax
payments. Both Republican
and Democratic legislators
said they don’t want to delay
the middle-class tax cuts.
Tuesday’s hearing was one
of the last before members of
the Senate and Assembly ad-
vance budget counter propos-
als. The state’s current spend-
ing plan expires on March 31.
* *
GREATER NEW YORK
NYPD Targets Asian Hate Crimes
BY BEN CHAPMAN
New York City is increasing
police patrols and investiga-
tions to fight a rise in hate
crimes targeting Asian people
amid the pandemic, Mayor
Bill de Blasio said Tuesday.
At a briefing, Mr. de Blasio
said police would step up in-
vestigations and patrols of
subway stations. There were
28 coronavirus-related hate
crimes committed against
Asian people in New York
City in 2020, compared with
three such hate crimes in
2019, according to New York
Police Department figures.
There have been two hate
crimes against Asian people
in New York City so far this
year, according to the NYPD,
up from zero of such crimes
during the same period last
year.
The most recent incident
occurred on Feb. 15, according
to police officials, when an
unknown assailant allegedly
used hate speech against an
Asian man in Manhattan’s
Harlem neighborhood before
punching him and stealing his
phone.
Video of a Feb. 16 attack
on an older Asian woman in
the Flushing section of
Queens went viral on social
media, prompting actress Ol-
METRO MONEY | By Anne Kadet
Hosts Hire Pros to Polish Their Podcasts
Annette
Perel knows
that anyone
with a laptop
and a micro-
phone can
produce their own podcast
at home. The Manhattan
doula tried a few years ago,
recording a pop-culture
show with her niece. It
lasted four episodes.
So last year, in launching
a more ambitious effort—an
interview podcast featuring
people of color working in
the birthing world—she de-
cided to get help.
Most weeks, she goes to
Gotham Podcast Studio in
Manhattan to record her
hourlong “The Clearbirth
Podcast” with a guest. The
studio charges her about
$400 for each episode to han-
dle the production, recording,
editing and digital distribu-
tion—no drop in the bucket.
Ms. Perel, who works full
time running her doula busi-
ness, says she’d rather invest
the money than spend time
producing a podcast.
And though it’s been slow
to take off, getting 40 down-
loads an episode, the show
has produced several new
clients, not to mention new
connections with guests.
“I’m talking with the peo-
ple I want to meet,” Ms.
Perel says.
Last year, the number of
podcasts available online
through services such as Ap-
ple Podcasts and Spotify
more than doubled, to 1.7
million, according to Chart-
able, a Manhattan-based
podcast-reach and engage-
ment-measurement service.
And that, in turn, has
spurred huge demand for
services aimed at helping or-
dinary people become the
next Joe Rogan.
Here in New York City,
where 25% of the world’s top
100 podcasts are produced,
according to Chartable, fledg-
ling hosts are ponying up for
podcasting consulting and
coaching services, booking
sessions at podcast studios
and hiring freelance editors in
their efforts to break through.
While anyone can produce
a podcast at home for free,
these independent creators
are spending anywhere from
hundreds to $1,000-plus to
produce each episode.
The market is vast be-
cause it includes, well, just
about everyone with a
mouth. Dan Bobkoff, an exec-
utive producer of podcasts at
Axios who teaches a pod-
casting and storytelling in-
tensive class at NYU’s School
of Professional Studies, says
he’s been offering the non-
credit, $749 course six times
a year to meet demand from
people ranging from college
students to retirees.
Students have included a
professor launching a sci-
ence show and a dentist
NY
Deputy Inspector Stewart Loo, left, is commanding officer of the NYPD’s Asian Hate Crime Task Force.
ivia Munn to share the inci-
dent on Twitter, leading to an
arrest, according to NYPD of-
ficials.
That incident, which hasn’t
been determined to be a hate
crime by police, was widely
cited by politicians and com-
munity leaders who have
called on the city to step up
its efforts to protect Asian
residents.
Mr. de Blasio said Tuesday
Annette Perel records ’The Clearbirth Podcast,’ which deals with ‘all things pregnancy, birth and beyond,’ at Gotham Podcast Studio.
planning a politics podcast.
“I love the class because
it’s so diverse, in every sense
of the term,” Mr. Bobkoff says.
Matt Peters, co-founder
and co-owner of Gotham
Podcast Studio, launched the
business in 2017 after failing
to find a place to record his
own martial-arts podcast. It
has since outgrown its space
three times, and now has a
half-dozen competitors in
Manhattan.
While it’s possible to re-
cord a decent-sounding show
at home with a $150 setup,
it’s not so easy in noisy New
York City. “That’s one of the
things we bank on,” Mr. Pe-
ters says. “In rural Idaho this
wouldn’t work.”
B
asic studio time starts
at $60 an hour. Mr. Pe-
ters says there cur-
rently are more than 100
podcasts recording episodes
at his venue, including five
fellows hosting a three-hour
podcast about shoes and a
Jewish nonprofit producing
“Schmaltzy,” a food show.
Mr. Peters also is seeing
more demand for production
packages, charging $1,000 an
episode for a soup-to-nuts
service that offers every-
thing from guest booking to
transcription. Clients include
a Long Island nursing home
and a motivational speaker.
What do these people
have in common?
“Everyone wants to make
money,” he says.
Good luck with that! The
Interactive Advertising Bu-
reau, a digital ad-marketing
industry group, projects the
sector earned just under $1
billion in ad revenue last
year. That works out to
the rise in hate crimes
against Asians is driven by bi-
ases held by individuals who
blame Chinese and other
Asian people for Covid-19.
“From the very beginning,
even before we had a single
case in New York City, Asian-
American communities were
suffering discrimination.
Asian-American businesses
saw their customers no lon-
ger come,” Mr. de Blasio said.
roughly $550 for each pod-
cast. Most earned nothing.
On the other hand, few of
the million-plus podcasts
available online represent se-
rious efforts. Only 25% of
new shows make it past the
10-episode mark, says Dave
Zohrob, co-founder and CEO
of Chartable.
“The majority are people
in their basement just trying
it out,” he says. “It’s like
blogs back in the day.”
And for those producing a
quality, consistent show, the
economics aren’t as daunting
as one might imagine. Ad-
vertising sponsors typically
pay $25 to $35 for every
1,000 downloads. Assuming
two ads for each episode, a
solo podcaster producing a
weekly show could earn a
six-figure income off an au-
dience of 50,000.
It’s also possible for a
podcast with an even smaller
reach to pay handsomely if it
targets the right niche, says
Mathew Passy, a podcast
consultant based in Cherry
Hill, N.J. Some of his clients,
which include local financial
Wednesday, February 24, 2021 | A10A
said members of his Office for
the Prevention of Hate Crimes
would be meeting with com-
munity leaders this week to
discuss additional measures
city officials can take to ad-
dress the issue.
NYPD Deputy Inspector
Stewart Loo, who is com-
manding officer of the Asian
Hate Crime Task Force, said
JOSÉ A. ALVARADO JR. FOR THE WALL STREET JOURNAL
at Tuesday’s briefing that the
group comprised 25 detec-
tives of Asian backgrounds
who speak 11 Asian languages.
The group’s familiarity with
the city’s Asian communities
is key to effective investiga-
tion, Mr. Loo said.
“We are here to guarantee
there’s a strong appropriate
response to the hate that’s in-
fecting our city,” said Mr.
Loo. “The task force consists
of members that come from
the community to serve the
community.”
“It’s been a very tough time Police have made arrests in
for Asian communities.” 18 of the 28 hate crimes that
The mayor said the NYPD’s occurred against Asian resi-
Asian Hate Crime Task Force dents in 2020 and one arrest
would be ramping up investi- in the two cases that have oc-
gations in response to the curred so far this year, Mr.
rise in such crimes. Loo said.
Formed in October, the The nature of the crimes
task force is the first-ever varied, but in each case the
group within the NYPD dedi- perpetrator made a statement
cated to investigating crimes regarding the coronavirus or
targeting a single race. indicating bias against
Moreover, Mr. de Blasio Asians, he said.
LAYLAH AMATULLAH BARRAYN FOR THE WALL STREET JOURNAL (2)
own. One of the city’s lon-
gest-running examples is
“The Bowery Boys,” a meticu-
lously crafted, long-form New
York City history show that’s
been running since 2007.
Greg Young, who hosts the
show with his partner Tom
Meyers, says the podcast ran
for nine years before he was
able to quit his music indus-
try day job and devote him-
self full time to the show.
The hosts still record at
home and handle their own
production. “What we do,
technically, anyone could still
do,” Mr. Young says.
With a typical episode
advisers, doctors and law- getting 70,000 to 90,000
yers, charge advertisers downloads, the hosts earn
more than $500 for 1,000 income off sponsorship ads
downloads. and live events, along with
Mr. Passy says demand for merchandise and book sales.
his service has exploded dur- During the pandemic, sup-
ing the pandemic, requiring port from listeners on Pa-
him to expand his stable of treon, a donation platform
contract podcast editors for content creators, grew to
from three to 10. $6,300 a month and now ac-
counts for about half their
P
rofessionals needed a revenue, Mr. Young says.
new way to connect They earn every penny.
with their target mar- “The reading and research-
ket after the conference ing I love, but listening to
scene evaporated, he says. my voice for eight hours and
“And a lot of people were taking out the ‘ums’—that is
home and bored and needed the agonizing part,” he says.
something to do.” And then there’s the work
Among his most popular of updating several social-
offerings: A $2,500 “Podcast media accounts, maintaining
Setup” package that includes a website and creating spe-
strategy sessions, assistance cial content for Patreon sup-
with music and graphics, porters. “I’ve made it into a
media and technical training, 40-50 hour a week job,” Mr.
equipment consulting, mar- Young says.
keting advice and the pro- Still interested? The odds
duction of a short introduc- are long, but the podcast
tory episode. Editing and game is still open to every-
production services start at one, he says: “You can still
$125 an episode. record something in your
But it’s certainly possible bathroom.”
to produce a successful indy
podcast entirely on your anne.kadet@wsj.com
A10B | Wednesday, February 24, 2021 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Cuomo Mishandled Virus

In Facilities, Poll Says
BY JIMMY VIELKIND
Six out of 10 New Yorkers
say they believe Gov. Andrew
Cuomo did something wrong in
his handling of Covid-19 in the
state’s nursing homes, accord-
ing to a poll released Tuesday.
The poll by Marist College
Institute for Public Opinion
found the Democratic gover-
nor’s job-approval rating had
numbers are comparable to
what they were when he faced
the voters last time.”
Forty-one percent of adults
surveyed by Marist said Mr.
Cuomo had done something
unethical but not illegal re-
garding nursing homes. The
poll found 19% of respondents
said they believed he had done
something illegal and 27% said
they believed he had done
vaccines as possible, and
safely and smartly reopening
our state,” Mr. Azzopardi said.
Melissa DeRosa, the gover-
nor’s top aide, said during a
Feb. 10 meeting with state
lawmakers that the state in
August sidelined a legislative
request for the number of fa-
cility residents who died in
other places because of a U.S.
Department of Justice inquiry.

SETH WENIG/AGENCE FRANCE-PRESSE/GETTY IMAGES

slipped below 50%. Of the 953
adults surveyed Feb. 15 to 17,
49% said they approved and
44% said they disapproved of
the job he is doing. The poll
has a margin of error of plus
or minus 3.8 percentage points.
“Cuomo’s approval rating,
which was sky high in the
summer, has returned to its
pre-pandemic level,” Marist
Poll Director Lee M. Miringoff
said. “Should Cuomo decide to
seek a fourth term, these re-
sults suggest it will be a chal-
lenge. That said, his current
nothing wrong.
It was the third poll released
amid weeks of rising criticism
of the way Mr. Cuomo’s admin-
istration delayed a fuller ac-
counting of the number of New
Yorkers who died at long-term-
care facilities.
Rich Azzopardi, a senior ad-
viser to Mr. Cuomo, said the
results varied between polls,
and two other surveys showed
the governor’s job approval
above 50%. “We remain fo-
cused on fighting this pan-
demic, administering as many
Ms. DeRosa said the state was
concerned the information
would be politicized by the ad-
ministration of former Presi-
dent Donald Trump, according
to a transcript.
Federal prosecutors this
month also requested data on
nursing-home deaths in the
state as part of a broad in-
quiry, people familiar with the
matter have said. Mr. Cuomo
has said his administration
has been complying with the
Justice Department inquiry Forty-one percent of adults surveyed said Gov. Cuomo had done something unethical but not illegal.
and will continue to do so.

N.J. Governor Unveils $44.8 Billion Budget With No Tax Hikes

BY JOSEPH DE AVILA tions committee, said Mr. Mur- nue following the business clo- enue collections. And while in-
phy’s budget plan was a “rea- sures put in place to curb the come, sales and corporate tax
New Jersey Gov. Phil Mur- sonable proposal that makes spread of Covid-19, and esti- revenues haven’t fully bounced
phy is proposing a $44.8 billion use of anticipated resources to mated a two-year budget back to pre-pandemic levels,
budget that boosts spending on address the expected needs of shortfall of about $10 billion. they are much better than the
education, economic-develop- the people of New Jersey.” The Murphy administration state projected last spring.
ment programs and pension This is the first year of Mr. said those revenue projections Mr. Murphy’s budget pro-
CHRIS PEDOTA/ASSOCIATED PRESS

payments, as state revenue col-
lections continue to outper-
form the dire predictions made
at the start of the pandemic.
The governor’s spending
plan calls for about $200 mil-
lion to help jump-start the
economy with grants and
loans for small businesses and
other initiatives and an in-
crease in education spending
of more than $600 million.
Mr. Murphy also has pro-
posed making a $6.4 billion
pension payment for the fiscal
year beginning in July, which
would be the first full payment
to the state’s underfunded re-
tirement system since 1996.
In a recorded budget ad-
dress released Tuesday, Mr.
Gov. Murphy’s budget would raise economic-development spending.
Murphy said the state needs to
begin planning for its future
beyond the pandemic.
“It is the time for us to also
lean into the economic policies
that will not just get us
through the remaining months
of the pandemic, but which
will supercharge our re-emer-
gence from it and the recovery
Murphy’s tenure that he hasn’t
asked for income-tax in-
creases. Last year, the legisla-
ture approved raising income
taxes on millionaires, a goal
sought by the governor since
his first year in office in 2018.
Using about $319 million gen-
erated by the newly enacted
millionaires tax, 760,000 fami-
lies in New Jersey will be eli-
that awaits on the other side,” gible for a rebate up to $500
said Mr. Murphy, who is up for this year under the governor’s
reelection this year. budget proposal.
The Murphy administration Mr. Murphy’s budget plan
will now begin budget talks shows how far the state’s fis-
with leaders in the Demo- cal health has come since the
cratic-controlled state Legisla- beginning of the pandemic.
ture. State Sen. Paul Sarlo, the Like many other states, New
Democratic chairman of the Jersey budget officials pro-
Senate budget and appropria- jected big declines in tax reve-
didn’t become reality in large
part because of federal stimu-
lus funds. New Jersey poured
$2.39 billion in federal funds
into small-business relief,
rental assistance, education
spending and other programs.
The state also benefited from
more than $38 billion in federal
stimulus money used for en-
hanced unemployment benefits,
stimulus checks and Paycheck
Protection Program loans.
High-wage earners recov-
ered incomes more quickly
than low-wage workers, boost-
ing income-tax revenues, ac-
cording to the Murphy admin-
istration. The stock market
boom from the second half of
2020 also helped drive up rev-
posal also relies on incorporat-
ing more than $4 billion in bor-
rowed funds from the previous
year’s budget that the state still
needs to repay. Republican law-
makers said it was irresponsible
to use these funds because reve-
nue collections were improving.
“It’s further proof that
there was absolutely no need
for the Murphy administration
to borrow $4.3 billion last No-
vember,” said state Sen. Ste-
ven Oroho, the Senate Repub-
lican budget officer.
The Murphy administration
has said it made financial
sense to take on low-interest
debt, rather than making deep
cuts to spending or a smaller
pension contribution.

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© 2021 Dow Jones & Company. All Rights Reserved.
How ‘Chosen
Families’ Are
Stepping Up
BY RAY A. SMITH
W
hen Janice M.
Bonsu experi-
enced difficulty
breathing during awareness that the nuclear family is
a bad bout with
Covid-19 in late needs,” said Margaret K. Nelson,
December, she frequently Face-
Timed with a longtime friend more Middlebury College in Vermont.
than 4,000 miles away.
“I couldn’t lay down flat be-
cause I couldn’t breathe and I was
like, ‘What if I stop breathing?’ ’’ ture, according to an analysis of
said the 27-year-old, fourth-year
medical-school student. “She
would usually stay on FaceTime
until I fell asleep,” said Ms. Bonsu,
who has been living with her par-
ents in Pickerington, Ohio, during
the pandemic. Her friend,
Che’anna Poole, lives in Hawaii.
“She really is like a sister,” Ms.
Bonsu said.
Ms. Poole belongs to what Ms.
Bonsu calls her chosen family, a
group of close-knit friends she de- Lindsay Mahowald and Diana
veloped familial-
like bonds with.
20%
Since pandemic
quarantining began
last March, chosen
families, a term
first popularized by U.S. households that follow a
members of the gay traditional family structure
and lesbian commu-
nity in the 1970s
and 1980s and later
by other demographics, have been
a lifeline for many people.
“Covid made voluntary families
even more important than nor-
mal,” said Dawn O. Braithwaite, a
professor of interpersonal and
family communication at the Uni-
versity of Nebraska-Lincoln.
In Ms. Bonsu’s case, her chosen
family swooped in when she and
her parents came down with the
virus. Other people turn to their
chosen families because they live
far from their biological or legal
families or they’re estranged from
them. Some individuals reached
BY ANNE MARIE CHAKER
T
he coronavirus pandemic has
caused another kind of perva-
sive affliction, Harvard re-
searchers say: loneliness.
More than one-third of 950
Americans reported feeling lonely
at least “frequently” in the previous
four weeks, according to a newly re-
leased survey by researchers at
Harvard’s Graduate School of Edu-
cation, conducted in October. That’s
higher than the quarter of respon-
dents who recalled feeling serious
loneliness in the two months before
the pandemic, and 28% of respon-
dents said they had experienced in-
creases in the frequency of their
loneliness. Young adults and moth-
ers felt especially isolated, the sur-
vey reported.
Social disruption has hit people
in myriad ways: A college student
living back at home may feel dis-
connected from their normal social
life, while an overworked parent
may feel detached from their usual
support system. And even people
managing to cultivate an active
Zoom-led social life may still feel
disconnected.
But it is possible to take steps
to reduce loneliness, says Richard
Weissbourd, a senior lecturer in
Harvard’s Graduate School of Edu-
GETTY IMAGES
cation who directs the Making
Caring Common project, which has
studied community and interfamily
relationships over the course of
FAMILY & RELATIONSHIPS
PERSONAL JOURNAL.
out to their chosen families when
they wanted a break from being
cooped up with their biological or
legal families under quarantine.
“The pandemic heightened our
insufficient to meet all of our basic
professor emeritus of sociology at
Fewer than 20% of American
households reported following the
traditional nuclear family struc-
2020 Census Bureau data by the
Center for American Progress, a
research and policy institute.
In June, the center surveyed
1,528 self-identified LGBT adults
and found that less than half said
they were “most likely” to rely on
their biological family for support
when sick. Instead, millions of
people turn to their chosen fami-
lies for caregiving and support, ac-
cording to the report. Co-authors
Boesch say those
numbers highlight
the need for law-
makers to design
paid family- and
medical-leave pol-
icies that include
a broader range
of caregivers.
Eric Bellmore,
a 48-year-old
technology manager at Central
Michigan University in Mount
Pleasant, Mich., refers to his group
of longtime friends as “framily,”
shorthand for “the friends we call
family,” he said. “They’re the ones
that I’ve had to lean on so hard for
the last year.”
When Mr. Bellmore’s wife, Ali-
cia Bellmore, was being treated for
cancer amid the pandemic, his
framily pitched in to help him and
his neurologically-disabled 17-year-
old-daughter Morgan. The friends
dropped off or sent meals, but he
also credits them for “being there
Loneliness Hits
Young Adults
Especially Hard
In Pandemic
the pandemic.
Dr. Weissbourd spoke with the
Journal about the rise in loneli-
ness and what we can do about it.
How does loneliness vary by
age group?
“I think it’s in our consciousness
that the elderly are the ones who
are lonely, but young people are
lonely, too,” Dr. Weissbourd says.
Levels of loneliness among young
people in their late teens and early
20s were the highest in adults ages
18 to 65: 61% of young people ages
THE WALL STREET JOURNAL.
so that I can call or just vent be-
cause there was so much going
on,” he said.
During the summer, a framily
member hosted Mr. Bellmore’s fam-
ily for two months in Ann Arbor,
Mich., near the hospital where his
wife was receiving treatment.
“We’ve been tight for 15 to 20
years,” Mr. Bellmore said of the
friend. “He said, ‘You guys are fam-
ily anyway; just come stay at my
place.’ It was one of the kindest
things anyone has ever done for us.”
Since the pandemic began, Erik
Ireland, a 55-year-old voice actor
and podcaster, has been taking
safety very seriously, not visiting
his elderly parents who live about
four hours away, and relying more
on close friends he considers his
chosen family.
“My chosen family basically took
their place for me this year,” said
Mr. Ireland, who lives with his fi-
ancé, Joe Grey, in Laytonville, Calif.
Three of his neighboring cho-
sen family members have formed a
Covid bubble that gets together at
each other’s homes for dinners
and game nights. Three others live
18 to 25 reported serious loneliness
in the prior month, compared with
24% in adults ages 55 to 65, accord-
ing to the research, which was pub-
lished in a Making Caring Common
project report.
Even without a pandemic, the
late teens and early 20s can be a
disconcerting time. “They are not
anchored to their families and may
be grappling with some life-defining
decisions,” from relationships to ca-
reer paths, he says. It is normally
an intensely social time, and con-
nections with peers are often very
Wednesday, February 24, 2021 | A11
in Los Angeles, San Francisco and
Ohio. The friends, all men, partici-
pate in almost-weekly video chats
that started last March.
The term chosen family arose
amid the gay-liberation movements
of the 1970s and 1980s, chronicled
in anthropologist Kath Weston’s
1991 book “Familes We Choose: Les-
bians, Gays, Kindship.” Gay and les-
bian individuals ostracized by their
families, or who lived in the closet,
would form family-like bonds with
other homosexuals or sympathetic
heterosexuals.
In a 2010 study, Dr. Braithwaite
and her colleagues found that
more “voluntary families” were
“supplemental,” meaning members
still got along with their biological
or legal families but sought alter-
native kinds of support.
“There always have been peo-
ple that have formed these bonds
in different ways, but outside of
the LGBTQ community almost no-
body used the term chosen fam-
ily,” said Dr. Nelson. Her 2020
book, “Like Family: Narratives of
Fictive Kinship,” explores how the
concept of “fictive kin” is also
important. “Since the pandemic,
they don’t have access to young
people in the same way,” he adds.
Are there other groups that are
especially lonely?
Mothers of young children also
reported high levels of loneliness.
While 35% of parents overall re-
ported frequent loneliness, that
number soared to 51% for mothers
in particular. Dr. Weissbourd says
the pandemic has generated huge
stress for mothers while also de-
pleting their social reserves and
CLOCKWISE FROM TOP RIGHT: BRENT OLSON; ERIC BELLMORE; KIANNA STRANG
Top left, Janice Bonsu
holds the son of her close
friend, Che'anna Pooleeft.
Above, Erik Ireland,
seated, in red coat, and
fiancé Joe Grey, far left,
with chosen family. At
left, Eric and Alicia
Bellmore, in back row on
far right, stayed with
friends in Wisconsin,
shown, and Michigan.
common among the
white middle class. “Peo-
ple might just say these
are the people I think of
like family but nobody
involved in them actually
gives them a name.”
In recent years how-
ever, some non-LGBT mil-
lennials and Gen Z mem-
bers have adopted the
term. Celeste Alana Brown, a 27-
year-old who lives in San Antonio,
and works in education policy, de-
pended more on her chosen family
of five friends since the pandemic
restricted visits to her mother, fa-
ther and stepmother, who vulnera-
ble to the virus.
When her godfather died after
an altercation with police in Sep-
tember, “my chosen family
showed up in every way, including
but not limited to helping with
the [funeral] services, providing
our family with food and showing
up for me on the bad days,” she
said. When she came down with
Covid, “they were giving me daily
juice and deliveries and really just
showing up without me having to
say what I needed.”
Unlike her, some members of
her chosen family, whom she met
through community organizing in
2020, are estranged from their
families. The past year made their
chosen family essential. “It re-
minded me of the importance of
spending time with people that
love you for you and choose you,”
she said.
limiting their ability to replenish
connections.
What can people do to make
themselves feel less lonely?
Make a point to check in at least
once a week with a relative who
lives alone, he suggests. Have a con-
versation with an employee at the
grocery store. Take extra time to
chat with the crossing guard or a
mail person. Enjoy an over-the-
fence laugh with a neighbor. “A lot
of people are so depleted right now
that a simple hello can be really
meaningful,” he says.
How can parents help children feel
less lonely?
The pandemic has disrupted kids’
normal social relationships, from
school and sports teams to grand-
parents and friends. Social media
can sometimes make it worse. “So-
cial media is such a curated self-
display, filled with posing, and a
lot of what they see is how happy
people are,” he says. “That can
magnify loneliness.”
He suggests taking advantage
of the many pandemic-prompted
online resources now available for
kids, such as online art classes,
group music lessons and even on-
line puppy training. Many libraries
have created virtual reading clubs
and sketch classes for children.
And masked, outdoor get-togeth-
ers with trusted families can be
another good option.
 A12 | Wednesday, February 24, 2021 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

FAMILY
& TECH WHAT YOU CAN DO
JULIE
JARGON Hannah Howard,

M
elanie Parker had a
holding her
daughter,
Simone Mulira.
S maller social networks are
promising moms a kinder
alternative to large forums
difficult labor with and often act to mitigate
the birth of her negativity. Here are a few.
first baby in Au- SOME OF
gust and was THE GROUPS Peanut. This app for hope-
grieving because women have turned to ful and expectant moth-
she wasn’t able to hold and nurse for support and camaraderie ers, and moms of all
her baby immediately after her have left them stages, uses AI to flag
emergency C-section. feeling even more language that contains
To find solace, she followed a negative sentiments. If
isolated.
lot of new mothers on Instagram, someone’s post is flagged,
and saw a post from a woman they are given an opportunity
who’d had a similar birth experi- to rephrase it to be more
ence: a photo showing the woman supportive.
separated from her newborn by a
plastic sheet. But Ms. Parker’s Taavi. An iOS app created by
heart sank when she read a com- a mom who was tired of so
ment beneath the picture: “I can’t much judgment and mom-
even imagine not being able to shaming, it connects women
hold and nurse my baby.” based on where they are in
“Mom-shaming isn’t always pregnancy or motherhood,
overt,” said Ms. Parker, who works and puts them in groups with
in financial services in New York. no more than 15 members.
“It’s often that side comment that
feels like your truth but comes out Band of Mothers. This plat-
as judgment.” She deleted her In-
stagram account.
Among the things women learn
about when they have their first
New Moms Seek Kinder form for moms includes a
podcast, a comedy show and
an online marketplace, and it
has an app it describes as a
baby are all the social-media
groups for new moms. The online
communities, which once supple-
mented in-person meetups, have
Online Parenting Forums “safe space for moms.”

become the primary source of in-

formation and connection for
many during the pandemic.
But some of the groups women
have turned to for support and ca-
maraderie have left them feeling
even more isolated. Age-old de-
bates over best parenting practices
FROM TOP: ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL; JULIE NAPEAR
ing to some moms. Fortunately,
there are alternative apps and ser-
vices designed to reduce toxicity.
(I’ve listed a few alongside this
column.)
After Hannah Howard had her
first baby last April, she and her
But everything had shut down in
the weeks before her baby was
born, and the family quarantined
with her parents in New Jersey.
Browsing a forum on sleeping
in the What to Expect app, Ms.
Howard, a Brooklyn-based food
where parents can share joys and
concerns with others going
through similar experiences. That
said, we know becoming a parent
is a stressful time for all—espe-
cially over the last year—and
sometimes emotions can run
“Asking a question in those
groups is opening the door to feel-
ing inadequate,” she said. The
most heated discussions she has
seen have been around vaccines,
discipline and food.
She belonged to a Facebook

are becoming more heated, accord-
The Hunter family, from left, Zechariah, Zoë, SheRae
(holding Xara), Kyle and Mikah.
husband, Anthony Mulira, like writer, came across a post from a high.” She continued, “Our team of group for mothers interested in
many parents, woman who wrote, “I will never moderators works around the natural foods. Women often came
struggled to get mom-shame anyone for their deci- clock to address situations that vi- to the group seeking natural reme-
their baby to sions in parenting. However…” olate our rules so that conversa- dies for various childhood ail-
sleep. They tried It went on to detail the sup- tions can get back on track to be- ments like skin rashes. Ms. Hunter
everything from posed negative effects of letting ba- ing supportive.” said someone would always com-
cuddling her to bies cry. As she read on, Ms. How- Facebook said it provides group ment that vaccines were the cause,
letting her cry it ard felt increasingly bad about her administrators and moderators which would kick off a discussion
out, but nothing own experiments with sleep train- with a number of tools to manage about whether vaccines cause au-
was working. ing, even though many top pediatric their groups and prevent conflict. tism, although there is no credible
In normal sleep experts say it’s fine to let ba- Facebook also encourages mem- link. Ms. Hunter, whose son has
times, Ms. How- bies cry for a certain period. bers of groups to report abusive autism, found such comments to
ard might have From there, Ms. Howard said, posts and to block such people so be hurtful. “It wasn’t good for me,
talked about the she went down a rabbit hole of they can’t view things the report- so I started to get away from
bedtime strug- mom’s groups on Facebook and In- ing member shares in the group. those groups,” she said.
gles with other stagram, only to find more SheRae Hunter, a photographer
new moms dur- haughty, judgmental chatter. in Winchester, Va., had her fourth For more Family & Tech columns,
ing stroller Christine Mattheis, a vice presi- child in December 2019 and says advice and answers to your most
walks in the park dent at What to Expect, said, “The she has found some Facebook pressing family-related technology
or at mommy- What to Expect Community was mom groups to be increasingly questions, sign up for my weekly
and-me classes. created to be a supportive place toxic. newsletter.

Richard
Varner and
his BMWs.

MY RIDE | A.J. BAIME

With BMWs, Love at First Sight

Richard Varner, 66, chief finan-
cial officer and partner in the
MotoAmerica motorcycle rac-
ing series and the chairman of
the board of the Petersen Au-
tomotive Museum, on his 1973
BMW E9 racing and road cars,
as told to A.J. Baime.
I GREW UP in Wichita. In the
spring and fall, it was hot and
there was no air-conditioning
at my junior high, so the win-
dows would be open. My
friends and I sat in the back
of the room in history class
and we would hear cars and
motorcycles roaring down Ol-
iver Avenue. We bet pennies
and nickels on what kind of
motorcycle was going by.
That was our window into
the world. It was like staring
through a knothole in a fence,
with the whole world on the
other side.
At the beginning of the
1970s, the cool cars were
Corvettes and Camaros and
Mustangs. But everything
changed when we started to
see BMWs. I remember the
first one I saw, at a dealer-
ship the size of a gas station
on Second Street in Wichita.
I remember driving by and
seeing a 3.0 liter BMW E9
road car—called a CS model—
in California five years ago,
and a tuner and restoration
man named Jeff Tighe, who
has a specialty in BMWs, re-
stored it over the span of
about 2½ years. The engine is
not original. The architecture
of this car is so well designed
that you could drop in a later
model engine, upping the
power output a good 40%, and
the vehicle remains immensely
drivable. We lowered the sus-
pension. The car is kind of a
hot rod, and I drive it every
day I am in California, where I
keep an office.
The E9 racing car is
badged as a CSL model. Built
out in Germany back in the
day, it is a racing version of
the CS road car, and you can
see the development of the
racing ideology of the era
just by looking at it. It has a
shopping cart full of aerody-
namics: air dam on the front,
wing on the back, wing on
the back of the roof, flares
over the wheels. They were
trying to find every aerody-
namic advantage they could
to make the car go faster.
It was originally raced in
Germany and came over to
the U.S. sometime around the
early 1980s, and it has some
Hollywood history. It was
owned at one time by the son
of Buster Crabbe, who was an
Olympic swimmer and an
early Tarzan in the movies. I
bought it from the documen-
tarian and podcaster Adam
Carolla in 2018. I had some
work to do on this car and am
just now preparing to race it
in Vintage Auto Racing Asso-
ciation competition. I put my
number on from when I
played football at the Univer-
sity of Nebraska—No. 67.
These cars remind me of
those days when I used to sit
in history class dreaming
about going fast, and all the
wonderful people I have met
in the car world ever since.
For someone who loves me-
chanical things, it has been a
great life.
JESSICA PONS FOR THE WALL STREET JOURNAL (2)

and thinking it was the most

beautiful car I had ever seen.
E9 was BMW’s code for a se-
ries of vehicles built in the
1960s and ’70s. I read all
about the E9 in magazines; it
was this pioneering German
four-seater that you could
drive at 100 mph all day long.
Fast forward all these
years, and I own two 1973
BMW E9s, and the relation-
ship between the two is, to
me, interesting. I found the Mr. Varner’s 1973 BMW CSL features racing number 67.
 THE WALL STREET JOURNAL.
TELEVISION REVIEW | JOHN ANDERSON
Punky Brewster Is Now a Mom
PEACOCK (2)
‘P
unky Brewster,” the
“Punky-Powered” sitcom
of the mid-’80s starring
the bubbly Soleil Moon
Frye, had a relatively
brief life on NBC, an-
other in syndication and was the
inspiration for a Saturday morning
cartoon. The very phrase “Satur-
day morning cartoon” summons
up the kind of nostalgia that Pea-
cock’s rebooted “Punky Brewster”
is intended to kindle. Rather than
the fragrant recycling effort it ac-
tually suggests.
This is not the fault of the cast.
Ms. Moon Frye—who was 8 years
old when she made her debut as
Punky—has maintained enough of
a presence on various TV series
that fans won’t be too shocked
that she’s now playing a 40-ish di-
vorced mom of three, living in the
spacious Chicago apartment left to
her by her adoptive father, Henry
(who was played in the original
show by George Gaynes; the late
actor’s photo occupies a place of
honor in the new, Punkified living
room). She is a charming presence,
and so are the young actors play-
ing her kids—the teenage Hannah
(Lauren Lindsey Donzis), the youn-
ger Diego (Noah Cottrell) and the
even younger and evidently gen-
der-curious Daniel (Oliver De Los
MUSIC REVIEW
Bridging Centuries
And Continents
BY LARRY BLUMENFELD
YOHAN GIAUME, a composer and
trumpeter trained at conservato-
ries in his native France, and an
ethnomusicologist, has spent much
of the past 15 years traveling,
searching for “roots on which to
grow,” he told me, and for insights
into how musical traditions from
the Americas, Africa and Europe
have intermingled over centuries
and may flower anew. But when he
arrived in New Orleans in 2009, he
hadn’t yet heard Louis Moreau
Gottschalk’s music.
New Orleans proved revelatory.
In that city, Mr. Giaume encoun-
tered the legacy of Gottschalk, the
towering figure of 19th-century
music who serves as muse on his
new release, “Whisper of a Shadow,
Opus 1: Musical Conversations With
Louis Moreau Gottschalk” (Life Cel-
ebration Project). And there he met
local musicians grounded in a rare
combination of musical traditions
whose common senses of purpose
and rhythm guide this album’s di-
verse cast of 22 players.
Gottschalk, a virtuoso pianist
and the first American composer
of international renown, was born
in New Orleans in 1829. His father
was from London, of Jewish de-
scent; his mother, a Louisiana Cre-
ole with roots in Saint-Domingue
PASCAL SENTENAC
(now Haiti). Many of his composi-
tions, especially “Bamboula (Danse
des Nègres),” combine Romantic-
era European concert music with
African traditions adopted
ARTS IN REVIEW
Santos). Daniel and Diego are ad-
opted; Hannah seems to be the bi-
ological child of Punky and her ex,
Travis (Freddie Prinze Jr.), who,
like Seinfeld’s neighbor Kramer, is
given to barging in unannounced
and often at inopportune times.
Given that Punky’s resuscitated sex
life is to be a recurring part of the
storyline, this open-door policy
could well lead to situations of the
lowly comic and cringe-inducing
variety. Likewise, the fact that
Hannah and Punky are both dat-
ing, and even run into each other
one night with their beaus in tow.
The overall tone of “Punky
Brewster” redux feels like it’s been
hidden under someone’s mullet
since 1984. What distinguished the
show from the competition then
and now is the adoption angle,
which is a significant one: The
original “Punky Brewster” was a
landmark of sorts, in that Punky
had been abandoned by her
mother at a shopping mall and be-
came the first regularly scheduled
prime-time network foster child
(Henry adopted her in season 2).
The new show’s prepubescent wild
card, its element of conflict, its
chief purveyor of precocious wise-
crackery, is Izzy (Quinn Copeland),
who has also been abandoned by
her mother, and thus worms her
throughout the New
World; they are precur-
sors to a wide range of
music, including jazz.
As he researched, Mr.
Giaume realized that his
and Gottschalk’s travels
traced similar paths,
nearly two centuries
apart. He sensed a kin-
ship with Gottschalk,
who left for Paris before
his teens and who, biog-
rapher Frederick Starr
wrote, “felt himself to be
perpetually in exile from
his New Orleans home,
an uprooted wanderer.”
Here, Mr. Giaume’s re-
workings of Gottschalk’s
themes and his own orig-
inal compositions—which
range from ethereal to
raucous, stately to tightly
swung—form an imagi-
nary “conversation” be-
tween musical nomads across time
and space. They are also present-
day exchanges among an interna-
tional ensemble of open-minded
musicians.
On the opening track, “Le Poète
Mourant,” the first instrumental
voice to command attention,
cloaked in a gauze of bowed
strings, belongs to Evan Christo-
pher’s clarinet. If Gottschalk is Mr.
Giaume’s lodestar, Mr. Christopher
is his guide to a hometown the
clarinetist adopted more than 20
years ago. Mr. Christopher has
long used the highly emotive,
way into Punky’s heart and home.
Izzy has been the biggest escape
artist at Fenster Hall—the same
facility from which Henry had to
extract Punky after she entered
the system back in 1984—and has
been under the jurisdiction of so-
cial worker Cherie (Cherie John-
son, of the original series), who
blues-informed clarinet style in-
digenous to New Orleans as a vehi-
cle for fresh musical expression,
an approach that befits and ele-
vates Mr. Giaume’s concept. Be-
yond him, the ensemble here fea-
tures New Orleans musicians of
the highest order, including drum-
mer Herlin Riley, bassist Roland
Guerin and trumpeter Nicholas
Payton; a string quartet of leading
French players; percussionists
from Guadeloupe and Martinique;
and pianist Aaron Diehl, who has
earned acclaim with both jazz en-
sembles and symphony orchestras.
Wednesday, February 24, 2021 | A13
of episode 1, after 36 silent years.
(Mom goes all but unmentioned
for several subsequent episodes.)
Punky tells her indignant three-
some that they don’t just need to
make space for Izzy in their apart-
ment, “you need to make space for
her in your hearts.” Everyone
groans, including the kids. But in
both versions of the show, the cat-
alyst is the relatively rare occur-
rence of outright child abandon-
ment that situates their
characters. The intentions are
good—mainstreaming adoption
and foster care in pop culture. But
the real-life foster-care system is
much more concerned with chil-
dren separated from their parents
over alleged negligence or abuse,
which is often the result of pov-
erty. It would be interesting to see
a show tackle foster care from that
angle. This is not that show.
It is, instead, a gently comic
program in which every episode
has a moral and which mines its
own past in various ways—Punky’s
unbridled color sense and her mis-
matched sneakers, for instance.
But if viewers are looking for a
blithe skip
Soleil Moon Frye, down Mem-
left, and Quinn ory Lane,
Copeland and “Punky
Freddie Prinze Jr., Brewster”
below, in ‘Punky trips on the
Brewster’ untied laces
of its pink
and orange
Converse. The incessant laugh
track, for one thing, is a throw-
back to the general mediocrity of
so many network comedies of the
’60s, ’70s and ’80s, and is a means
of strong-arming giggles out of its
more vulnerable and sentimental
viewers. It’s difficult to tell
whether the dialogue by executive
producers Steve and Jim Armogida
(“School of Rock,” “Grounded for
Life”) is as insipid as it seems or if
apparently greases the bureau- that laugh track is just throwing
cratic wheels so Punky can imme- things off balance and stifling the
diately foster Izzy. rhythm. Much of “Punky Brewster”
Unlike the old show, this “Punky would be funnier, and perhaps
Brewster” doesn’t make much out even endearing, if it weren’t trying
of the hard facts of foster care—it quite so hard to be both.
doesn’t make much of a deal at all
about the fact that Punky’s mother Punky Brewster
calls her on the phone at the end Thursday, Peacock
Gottschalk often took
inspiration from poetry
(especially that of Os-
sian, the purported an-
cient author of epic
works published by the
18th-century Scottish
poet James Macpher-
son). Mr. Giaume draws
upon these texts and
new ones, including orig-
inal poems performed by
spoken-word artist
Chuck Perkins, who is
something of a contem-
porary griot in New Or- Composer and trumpeter Yohan
leans. In “Mascarade,” Giaume, left
Mr. Perkins’s angry verse
about minstrelsy (in
Gottschalk’s time and for this piece from “Quan’ patate
ours) establishes an la cuite,” a folk song he learned as
ironic tension with mu- a boy from his Saint-Dominguan
sic based on Gottschalk’s governess. Mr. Giaume’s interpre-
“The Banjo”; at a time tation begins as meditative and
before recordings, this then explodes into celebratory Af-
piece notably and faith- rican rhythms from throughout
fully documented an in- this hemisphere, replete with
fluential style of Black djembe and other hand drums.
American banjo masters, The album ends with another
as transposed to piano. suite. Here, Mr. Giaume interprets
Mr. Giaume is also mak- “Morte!!”—Gottschalk’s solo-piano
ing a point about musi- reflection on death—via the New
cal continuity over time, Orleans jazz funeral tradition, in
as Copland-esque strings which a theme is played first as a
and woodblock beats dirge and then in up-tempo re-
give way to a walking bassline and lease. The point of that ritual is to,
Mr. Diehl’s bebop-inflected solo. as participants like to say, “cut the
Mr. Giaume uses “Bamboula” as body loose,” freeing the soul. With
the basis for a three-track suite. his music, Mr. Giaume seems in-
First, to spare accompaniment, Mr. tent on loosening the grip of the
Perkins considers the contempo- nostalgia that often threatens to
rary relevance of Congo Square, bury classical music and jazz, and
where enslaved Africans gathered to reveal an essential soulfulness
to drum and dance just down the that transcends categories. This al-
street from Gottschalk’s childhood bum, billed as “Opus 1,” may cause
home, seeding the rhythm of much listeners to wonder where such
of this hemisphere’s music, includ- liberating acts will lead him.
ing the repeated right-hand figures
of this Gottschalk masterwork. Fi- Mr. Blumenfeld writes about jazz
nally, Mr. Giaume teases out the and Afro-Latin music for the
melody Gottschalk appropriated Journal.
A14 | Wednesday, February 24, 2021 THE WALL STREET JOURNAL.

SPORTS
Olympic Preparations Are Scrambled
gives all the more motivation for
this year,” said Biles. “I know at
least I can be consistent and strive
for that, because everything else is
kind of out of my control at this
The pandemic has made the run-up to the Tokyo Games anything but normal for star athletes point.”
Biles is not the only superstar
American athlete whose Olympic
preparations have been so scram-
bled that even making it to the
Games will be an impressive feat.
Allyson Felix had competed just
once during the pandemic until
running in an American Track
League indoor meet last Sunday in
Fayetteville, Ark. She ran a per-
sonal best for an indoor meet of
22.59 seconds in the 200 meters,
though she hadn’t competed at the
distance indoors since 2003, when
she was 17. She’s now 35.
The pandemic at times forced
Felix’s training into the Los Ange-
les-area streets. So if you hap-
pened to be cruising down San Vi-
cente Boulevard and thought you
spotted a nine-time Olympic med-
alist working out, you probably
did.
“It just feels like, ‘Wow, there’s
a lot stacked against us,’ ” Felix
said. “But I think everybody in
some way is trying to figure this
thing out.”
Sydney McLaughlin, the world
silver medalist in the 400-meter
hurdles and Felix’s training part-
ner, went nearly 500 days between
competitions until Feb. 13, when
she ran in an indoor meet in
Staten Island, N.Y.
McLaughlin had trouble at times
even training on actual competi-
tion surfaces during the pandemic
because of California’s Covid clo-
sures. “We’ve had the police called
on us a couple times
BY LOUISE RADNOFSKY “You don’t really want to go to for sneaking into
AND RACHEL BACHMAN the Olympic Games and perform a tracks,” she said, add-

O
n her way to becoming
the greatest gymnast
of all time, Simone
Biles began each year
by writing out her
goals: short-term, medium-term
and long-term. Her training to
meet them drew heavily on the
competition calendar, which gave
her very specific deadlines and
clear windows when she could take
a break.
As she prepares to step
into the Ariake Gym-
nastics Centre in To-
kyo at the Olympic
Games this summer,
Biles is contending
The scheduled
with something to- start date for the
tally unfamiliar. The
rescheduled Tokyo
most-decorated fe-
Olympics
male gymnast in
world championship
history has not competed
since October 2019.
Coronavirus has not just delayed pened, she said.
the arrival of a second Olympics
that Biles expects to be her last.
It’s also wiped from the buildup
any certainty around the smaller
events that have normally served
as important stepping stones.
It’s possible that Biles this year
will go from a few domestic meets
straight to the biggest stage of the
sport, giving an international de-
but of a record-shattering vault
and a fresh floor routine at the
place least conducive to trying
something different.
brand new skill for the first time,” ing that no one was
said Biles’s coach, Cecile Landi, arrested.
who is still hoping that an interna- The marathon may
tional event will take place before provide the most vivid
the Games that can serve as a example of how bi-
dress rehearsal for Biles. zarre this pre-Olympic
On the other hand, the layoff runway has been. In
has created some strategic oppor- the time between qual-
tunities. ifying for the Olympic
Biles said she and her coaches Games and when she’ll
had used her dramatically cleared travel to Tokyo, Ali-
schedule to add the unthinkable phine Tuliamuk will
upgrade to her skills: a Yurch- have conceived, car-
enko double pike vault. ried and given birth to
Footage recorded in her a baby—who will be
gym—in which she six months old when
July 23
flips on to the vault
to launch two soar-
ing turns in the air
the Games open.
Tuliamuk, the top
female finisher in the
FROM TOP: MATTHIAS SCHRADER/ASSOCIATED PRESS, ALEKSANDRA SZMIGIEL/REUTERS
with her body bent U.S. Olympic marathon
at the waist—has al- trials on Feb. 29, 2020,
ready sent shock became pregnant soon
waves through the after the Tokyo Games
gym world. With earlier Simone Biles, top, hasn’t competed since October 2019, while Allyson Felix were postponed. A daughter, Zoe,
competition deadlines to was forced to do some of her training on Los Angeles-area streets. was born on Jan. 13.
hit, it would never have hap- Tuliamuk said in an email that it
elite American athletes have been or previewing their skills to judges, had been difficult to train with the
“It was just something fun we spending what would have been and who has been boosted by rest- added risks of a pregnancy during
were working on. And then, given the most important competitive ing and extra time and anticipa- a pandemic.
the extra year we had, we’re like, months of their lives in the run-up tion. The results could change the “I couldn’t just go for a run with
‘We could actually make this hap- to the Games training, and waiting, conventional wisdom for many anyone that wanted to run,” she
pen if we train it seriously.’ And and trying not to wonder “what sports about peaking and recov- wrote. “Even with my teammates
that’s how that came about,” Biles if?” ery. who took extra precautions there
said in an interview. If the Tokyo Games happen, Without guaranteed events as was always the chance that one of
Athletes who become Olympi- they’ll be weird in many ways, yardsticks, Biles has had to adjust us could get the virus and give it
ans, rather than world-class stunt from locked-down athletes to, po- the way she focuses her 32 to 34 to all of us.”
artists, are the ones who can rise tentially, spectator-free venues. hours a week of training, homing Tuliamuk’s agent, Hawi Ke-
to an occasion and thrive on com- Weirdest of all may be the mystery in on other goals she could still flezighi, said her next race will ei-
petition. Yet where professional of who shines after such a long meet, such as consistency in her ther be a tune-up in June or the
sports leagues have played through time off: who suffers from not test- performance in training. women’s Olympic marathon itself
the pandemic in the U.S., many ing themselves against their rivals “Not having a season last year on Aug. 7.

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THE WALL STREET JOURNAL.
OPINION
Google and Facebook on the Barbie
Hey Austra-
lia, the 1830s
called and
they want
their media
business
model back.
BUSINESS
WORLD It sounds
terrible to
By Holman W.
m o d e r n
Jenkins, Jr.
ears, but in
the early
days of the newspaper indus-
try, the “party press era,” pa-
pers were PR organs. Their
job was to win elections and
capture lucrative government
advertising. Australia appar-
ently seeks to create a similar
dynamic, albeit with a legal
and regulatory cloak thrown
over it. Why should we care?
Because legislators every-
where are watching closely.
They see the same opening to
suborn—er, support—a free
press made vulnerable by the
collapse in digital ad reve-
nues. Our own venerated Sen.
Bernie Sanders is among
them.
Australia’s rationale is dis-
ingenuous even by political
standards, exploiting the un-
popularity of Google and
Facebook as a foil. No matter
how often it is insinuated
otherwise, the U.S. internet
ad giants do not steal news-
paper content; they send mil-
lions of readers to newspaper
websites every day and help
them generate billions of dol-
lars in ad views.
The problem is that the ad-
vertising these readers see
doesn’t pay nearly as well as
advertising did in pre-inter-
‘America Is Back,’ but Europe Has Moved
President Bi-
den set out to
declare a tri-
umphant U.S.
return to the
trans-Atlan-
POLITICS tic alliance.
“America is
& IDEAS
back,” the
By William
president said
A. Galston
in his speech
this week to
the Munich Security Confer-
ence. The leaders of France
and Germany promptly made
it clear that the four years of
the Trump presidency had
changed the relationship.
France’s President Em-
manuel Macron renewed his
call for Europe’s “strategic
autonomy,” which would re-
quire the Continent to be
prepared to defend itself.
Germany’s Chancellor Angela
Merkel bluntly stated that
the interests of the U.S. and
Europe wouldn’t always con-
verge, which most listeners
took as a reference to the
European Union’s recent
trade pact with China, along
with Germany’s determina-
tion to complete the Nord
Stream 2 natural-gas pipe-
line from Russia. The U.S.
may be back, but it can’t ex-
pect to reclaim its old seat
at the head of the table.
Underlying the muted re-
sponse to Mr. Biden’s speech
is what the European Council
on Foreign Relations calls a
“massive change” in Euro-
pean public opinion toward
the U.S. The group’s recent
poll finds: “Majorities in key
The Equality Act Makes Women Unequal
By Inez F. Stepman
A
ll people are created
equal, but Congress is
considering a bill that
would make some people
more equal than others.
H.R. 5, styled the Equality
Act, would redefine “sex” un-
der federal civil-rights laws to
include “sexual orientation”
and “gender identity,” over-
riding basic biology along
with millennia of tradition.
This isn’t only a question
of semantics. Nor is it merely
an attempt to prohibit em-
ployment discrimination
against sexual minorities. A
2020 ruling by the U.S. Su-
preme Court already does
that.
The Equality Act would go
much further by making it il-
legal to distinguish “identity”
from biology and thereby pri-
oritize transgender people
over women. By erasing sex
as a distinct legal category,
the measure threatens to
open up female-only spaces
and opportunities designed
to increase representation
for girls to biological men,
which can endanger the
net days. This isn’t Google’s
and Facebook’s fault but Aus-
tralia’s Parliament neverthe-
less would put the onus on
them to compensate publish-
ers for the fact that their
news products, while still val-
ued by readers, no longer are
valued quite so highly by ad-
vertisers.
Google promptly surren-
dered, recognizing a threat by
politicians to dictate its core
search results. It agreed to
funnel payments to local me-
dia owners through a differ-
ent window, greasing them
for participating in a separate
project called News Show-
case. (The Journal’s publisher
is a recipient of such a deal.)
This seems to have satisfied
the politicians for now.
Facebook, with a different
business model, is obviously
at the mercy of its two billion
users who decide which news
links to share. While figuring
out how to respond, Facebook
banned its local users from
sharing any news links at all.
This went over about as well
as you would expect, and yet
many normally Facebook-un-
friendly tech bloggers rallied
to the company’s defense. The
word “shakedown” was
widely employed.
Australia is right to be
concerned about the travails
of the press. The public needs
high-quality news gathering.
For the 150 years after the
party press era ended, an ex-
tremely virtuous circle pre-
vailed, connecting the quality
of the readers we attracted
with the quality of advertis-
member states now think the
US political system is broken,
that China will be more pow-
erful than the US within a de-
cade, and that Europeans
cannot rely on the US to de-
fend them.”
These beliefs are driving
fundamental changes in Euro-
pean policy preferences.
“Large numbers think Euro-
peans should invest in their
own defense,” the poll found,
“and look to Berlin rather
than Washington as their
most important partner. They
want to be tougher with the
US on economic issues. And,
rather than aligning with
Washington, they want their
countries to stay neutral in a
conflict between the US and
Russia or China”—a stance
endorsed by at least half the
electorate in each of the 11
countries surveyed.
In every country except
Poland and Hungary, plurali-
ties agreed with the state-
ment that after voting for
Donald Trump in 2016, the
American people can no lon-
ger be trusted. In Germany,
a majority endorsed this
sentiment.
For decades, Europeans be-
lieved that American politics
would oscillate within defined
boundaries that assured our
reliability. Mr. Trump’s elec-
tion undermined this belief,
and Mr. Biden’s victory didn’t
restore it. The revolt against
elites in both major U.S. po-
litical parties isn’t going
away, and populists may
someday be back in power.
safety of women and girls.
The Equality Act would
threaten the existence of
women’s prisons, public-
school girls’ locker rooms, and
women’s and girls’ sports
teams. It would limit freedom
of speech, freedom of associa-
tion, accurate data collection,
and scientific inquiry. It would
threaten the rights of physi-
cians who doubt the wisdom
H.R. 5 erases ‘sex’ as
a legal category, with
dire consequences.
of performing life-changing,
reproduction-limiting proce-
dures, and parents who seek
to protect their minor chil-
dren from such treatment.
This isn’t hyperbole. Simi-
lar state laws have already
resulted in such harm. In Cal-
ifornia, Catholic hospitals
have faced lawsuits for de-
clining to perform life-alter-
ing “gender affirmation” sur-
gery in September 2016. In
Connecticut, two biologically
male athletes won a com-
ers we attracted with the
quality of our news reporting.
Unfortunately, the Aussie
money grab would institute
the opposite of a virtuous cir-
cle, putting politicians in
charge of subsidizing media
owners, and doing so behind
an anti-transparency fig leaf
provided unhappily by Google
and Facebook. Our world is
already awash in proposals,
including from Sen. Sanders,
to undermine a free press by
addicting its owners to tax
dollars.
Why an antitrust
exemption for news
outlets is better than
Australia’s scheme.
Is there a better approach?
In the U.S., a newspaper lobby
calling itself the News Media
Alliance, along with friends in
Congress, has argued for waiv-
ing our indiscriminate and
Procrustean antitrust preju-
dice against cooperative acts
by competitors. Let U.S. media
outlets join forces to control
the terms under which their
content is searchable and link-
able. If they so choose, let
them create their own ad plat-
form to compete with Google
and Facebook.
The truth is, media compa-
nies have always been free to
block the internet ad giants
from linking to their stories,
but it would be suicide to do
so. They want the traffic.
The problem goes deeper
than the destruction of politi-
cal guardrails. Sixty-one per-
cent of Europeans believe
that the U.S. political system
is “broken.” This figure in-
cludes 66% of the French, 71%
of Germans and, remarkably,
81% of British respondents. In
a such a system, gridlock and
drift are the most likely out-
comes.
Macron and Merkel
respond coolly to
Biden, and public
opinion backs them.
In Europe’s eyes, America’s
decline coincides with China’s
rise. Fifty-nine percent of Eu-
ropeans—including 56% of
Germans, 58% of the British,
and 62% of the French—be-
lieve that within 10 years,
China will displace the U.S. as
the world’s leading power.
This helps explain why in
case of disagreement between
the U.S. and China, 60% of
Europeans believe that their
country should remain neu-
tral, compared with 22% who
say that they should take
America’s side.
This stance extends to the
threat from Russia. Amid ten-
sion between the U.S. and
Russia—which seized the Cri-
mea and threatens Ukraine’s
territorial integrity—59% pre-
fer neutrality, while 23% want
to cast their lot with Amer-
bined 15 girls state champi-
onship races, allegedly taking
opportunities for further
competition and scholarships
from female runners in June
2019. Alaska’s Equal Rights
Commission opened an inves-
tigation into a women’s shel-
ter after it turned away a bi-
ological male in September
2019. H.R. 5 would impose
the most extreme form of
these laws on the whole
country.
The bill is so broad that
even some who support the
measure in principle have
called for Congress to carve
out exceptions. Writing in the
Washington Post in 2019, ten-
nis legend and activist Mar-
tina Navratilova asked Con-
gress to exempt athletic
competitions. “The reality,”
Ms. Navratilova wrote, “is
that putting male- and fe-
male-bodied athletes together
is co-ed or open sport. And in
open sport, females lose.”
Women forced to compete
against male athletes risk not
only losing competitions, but
also serious injury. Ask Ta-
mikka Brents, whose orbital
bone was fractured by trans-
They also want leverage to
extract more revenue to sus-
tain news gathering. Would
this be a home run or a sin-
gle? Who knows? But at least
news outlets would continue
to be rewarded for quality re-
porting rather than for their
coziness with officials.
The alternative is one I’ve
pointed to for 20 years: News-
papers might live on as char-
ity instruments of the super-
wealthy whose main goal is
political and public patronage.
We’ve already seen plenty of
this, with big-city papers in
the U.S. essentially spiraling
down to their residual value
as organs of influence. Jeff
Bezos’ motive in buying the
Washington Post certainly
wasn’t profit. The Philly In-
quirer and Daily News first
passed into the hands of a lo-
cal PR mogul and then a local
cable-TV philanthropist. The
Boston Globe was acquired by
a hedge fund operator with
local sports interests. San Di-
ego’s paper was sold to a
property developer with wa-
terfront ambitions.
I could go on. It’s worth re-
membering that the party
press era wasn’t all bad. Hun-
dreds of newspapers in the
U.S. were born and thrived in
the early 19th century. To
gain the influence they
sought, they needed to be
reasonably credible and com-
prehensive even while deliv-
ering the party line. This
model is demonstrably mak-
ing a modern comeback and
that’s OK, but room should be
allowed for other models too.
ica. Astonishingly, the Poles—
the most anti-Russian people
in Europe—opt for neutrality
over taking the U.S. side, 45%
to 36%.
As perceptions of Amer-
ica’s weakness mount, more
Europeans are starting to fa-
vor being tougher on the U.S.
on economic issues. These
Europeans resist American
pressure to distance them-
selves from China, which they
regard as an important trad-
ing partner, and they will be
in no rush to renegotiate
their trade relationships with
the U.S. “America First” has
triggered a reaction—Europe
First.
The weakening of America
has also heightened European
perceptions of Germany’s sig-
nificance. A majority of coun-
tries surveyed regarded Ger-
many as the most important
power. Germany—long the
staunchest defender of Amer-
ica’s role in Europe—now re-
gards France as its most im-
portant ally.
No one can predict how
these attitudes might change
in the face of a military
threat from the east. And if
the Biden administration
masters the pandemic, un-
locks economic growth and
stabilizes American political
institutions, Europeans may
reconsider their views about
the trans-Atlantic alliance.
Still, the Biden administration
is learning the truth of Hera-
clitus’ ancient maxim: You
cannot step into the same
river twice.
gender MMA fighter Fallon
Fox in the latter’s first profes-
sional fight as a woman. Ms.
Brents said she felt “over-
whelmed” by the fight.
The reason that some con-
texts require separation of the
sexes is obvious: Women have
unique physical vulnerabili-
ties. Female inmates are kept
separate from male inmates
for just this reason. How can
we possibly reduce the num-
ber of sex crimes against
women if the law refuses to
recognize such basic differ-
ences?
Under the guise of fairness,
the Equality Act would forbid
policy makers from ever tak-
ing into consideration the dif-
ferences between men and
women that are necessary in
order to guarantee safety and
equality of the sexes.
The Equality Act isn’t
about protecting people from
discrimination; it’s about com-
pelling adherence to gender
ideology. Don’t let its name
fool you.
Ms. Stepman is a senior
policy analyst at Independent
Women’s Forum.
Wednesday, February 24, 2021 | A15
BOOKSHELF | By Sheila A. Smith
Life After
The Quake
Every Human Intention
By Dreux Richard
(Pantheon, 419 pages, $28)
E
ven before the Covid-19 pandemic, Japan was buffeted
by crises. Economic stagnation left the country with
dim prospects. An aging society compounded the
problem. Younger Japanese barely remember the era of
wealth that catapulted their nation to the world’s No. 2
position.
Nature struck an even deeper blow to the country’s
psyche. On March 11, 2011, a 9.0-magnitude earthquake
occurred off the northeastern coast of Honshu, triggering a
devastating tsunami. More than a quarter million people
were displaced and nearly 20,000 were killed. A meltdown
at the Fukushima Daiichi nuclear plant followed. The world
watched in horror as the greater Tokyo area, with a
population of 38 million, seemed at risk. The Japanese people
averted that nightmare, but 10 years later the trauma of what
could have been still lingers.
In “Every Human
Intention: Japan in the New
Century,” American journalist
Dreux Richard offers an
eclectic collage of stories
about Japan in the decade
since the earthquake. Three
complex dilemmas organize
Mr. Richard’s idea of Japan:
decline, diaspora (or
immigration) and reform.
The strongest in the series
are the stories from Japan’s
increasingly depopulated rural
towns. Mr. Richard visits the
port city of Wakkanai, on the
northernmost tip of the country.
Once a thriving economy, Wakkanai has declined as the
region’s fishing stock was depleted and trade with the
nearby Russian island of Sakhalin evaporated. Mr. Richard
presents a rich array of voices to capture the city’s public-
policy challenges as well as the plight of its elderly. Efforts
at revitalization are regularly rebuffed. “I’m annoyed by the
notion that people in Wakkanai should feel chastened,”
laments the city’s former mayor, Yokota Kōichi, “that a city
in decline should dare nothing.”
To explore the difficulties faced by Japan’s African
immigrants—which officially number almost 22,000 but are
estimated to be up to twice that with visa overstayers—Mr.
Richard relies mostly on Prosper Anyalechi, a permanent
resident from Nigeria who has been in Tokyo since 1991, to
tell his own story. Expectations for Mr. Richard’s insights
ought to be high, as the author reported extensively on the
subject for the Japan Times newspaper between 2011 and
2016. According to Mr. Richard, few African migrants have
more than a tenuous claim to a home in Japan; most live in
isolation away from the society that hosts them. They have
limited access to legal visas, and many who seek opportunity
there end up staying beyond the term of their permits.
As Mr. Richard points out, when the economy was more
vibrant and labor more in demand, Japan’s immigration
bureaucrats habitually looked the other way. Now the
migrants rely on informal networks of communication
between Africa and Japan for tips on jobs, connections and
schemes to make money. Lucrative plots to send containers
of auto parts home to Africa entice would-be entrepreneurs,
while Tokyo’s red-light districts seem replete with Nigerian
owners and bouncers. The suggestion that even the most
well-intentioned migrant will eventually fall to the seedier
side of Japanese life permeates the success stories here.
Stories of decline, reform and survival in a
post-Fukushima Japan already hobbled by
economic stagnation and an aging society.
But Mr. Richard treads lightly on the question of race and
does not examine, for instance, how the African experience
compares with those of other foreigners in Japan—Chinese,
Korean, Filipino, American. Why are the Japanese whose lives
intersect with Mr. Anyalechi’s and others like him absent for
much of the story? And what keeps Mr. Anyalechi in Japan?
Even those with wives and children in Nigeria seem to resist
their homeland’s call as they become disillusioned with their
lives in Japan.
The final section of the book focuses on the reconstitution
of Japan’s nuclear regulatory agency after Fukushima. Here
Mr. Richard uncovers an intriguing group: the academics
who for years toiled outside the close-knit institutional
network of Japan’s “nuclear village.” Before 2011, oversight of
the nuclear industry fell to the Ministry of Economy, Trade
and Industry, the same bureaucracy that urged the industry’s
success. Regulation was lax, to the jeopardy of public safety.
After Fukushima a new agency had to be designed, one
dedicated to public safety rather than industry profitability.
Though it’s wonky in parts, there is drama in Mr. Richard’s
telling. Staffing the new agency was critical, resulting in a
tug of war between those inside or affiliated with the
industry and those new academics brought in to be “neutral.”
Scientists accustomed to accepting ambiguity in their
findings were caught off guard by the public’s hunger for
certainty. After one particularly contentious public hearing,
during which scientists refused to say definitively whether
Japan’s nuclear plants rested on an active fault, one reporter
expostulated: “What good are you to society? You clowns.”
Mr. Richard organizes these many disparate stories of
individual lives under the banner of Japan’s sweeping social
challenges. For anyone who has lived in Japan, these stories
will be recognizable, even if the specific subcultures are
unfamiliar. I happily followed Mr. Richard as he described
life in a declining peripheral port, or in the Nigerian
diaspora, or as a scientist called upon to make post-
Fukushima Japan safe again. But the stories are discon-
nected; the journey is often difficult to follow and the final
destination unclear. At times Mr. Richard chooses to be a
journalist and at others to inhabit his characters. The book
is at its best when he writes as a journalist.
A decade after Japan’s worst disaster since World War II,
Japanese society is still aging rapidly and the bureaucracy
still trying to cope with an increasing number of foreigners.
Nuclear power continues to be on the agenda, though the
public remains uneasy about it. A global pandemic has added
to Japan’s churn of 21st-century transformation. Mr. Richard
leaves us worried for the lives we encounter in a globalizing
Japan, but they may be no more or no less precarious for
being lived in Japan. If these early decades are anything to go
by, the 21st century will force ever greater changes on all of us.
Ms. Smith is a senior fellow for Japan studies at the Council
on Foreign Relations.
A16 | Wednesday, February 24, 2021 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

More Green Blackouts Ahead Multiple Power Sources Fail and Texas Freezes

Y
ou’d think the Texas blackouts would power on during extreme weather. They have Your editorial “Texas Spins Into power plant failures (both wind and
trigger some soul-searching about the been able to avoid more blackouts by ordering the Wind” (Feb. 18) misplaces the gas) causing 3.2 million customers
blame for the rolling blackouts in to lose power. Then, as now, more
vulnerability of America’s electrical energy conservation. But Texas shows that
Texas on its “frozen turbines.” Here power was lost from frozen gas fa-
grid. Not in today’s hothouse conservation isn’t enough, as in Michigan, we have more than a cilities than frozen wind turbines;
of climate politics. The Biden Biden’s regulators are government mandates make thousand wind turbines that oper- only 6% of their electricity came
Administration is already ignoring the electrical America more reliant on elec- ate without failure in far more se- from wind at that time. There was
moving to stop an examina- tric power for everything vere winter weather than Texas has an investigation, of course. The Fed-
tion of grid vulnerability to grid’s vulnerability. from heating to cars. ever seen. The difference is that our eral Energy Regulatory Commission
promote unreliable renewable Most Texans use electricity wind turbines are equipped with op- reported a key finding: “The lack of
energy sources. for heating. Many pipeline gas tional cold-weather packages; ap- any state, regional or reliability
Regulators have been warning for years that compressors are electrified due to federal parently the turbines in Texas are standards that directly require gen-
the grid is becoming shakier as cheap natural emissions rules so the blackouts limited gas de- not. This is an extra-cost option erators to perform winterization left
gas and heavily subsidized renewables replace liveries to power plants. They also shut down that wind-turbine manufacturers of- winter-readiness dependent on plant
fer, just as auto makers offer op- or corporate choices.” Texas power
steady coal and nuclear baseload power. “The water pumps and treatment centers.
tional cold-weather packages for producers could have equipped their
nation’s power grid will be stressed in ways Yet progressives want to make Americans the cars they sell. Michigan gas wind turbines and gas systems for
never before experienced” due to “an unprece- even more dependent on the grid by banning pipelines and power plants are also this weather. They choose not to.
dented resource-mix change,” the North Ameri- gas hookups in homes and mandating electric winterized, and continue to operate JOHN RICHTER
can Electric Reliability Corporation (NERC) cars. This is a recipe for blackouts nationwide in severe weather. It isn’t the fault Great Lakes Renewable Energy
warned in 2011. as coal and nuclear plants retire because they of wind-turbine technology that Association
It added: “Environmental regulations are can’t compete against subsidized renewables. some of the wind turbines in Texas Bingham Farms, Mich.
shown to be the number one risk to reliability New England’s grid operator in 2018 predicted froze; it was the result of a cost-
over the next one to five years.” But the Obama outages in the winter of 2024-2025 in most cutting purchase decision that back- Where did the electric-vehicle ad-
Federal Energy Regulatory Commission (FERC) cases it analyzed. fired. vocates plug in their cars in Texas
This isn’t the first time. Ten years last week? Just curious.
refused to consider how climate policies would Blame in part New York Gov. Andrew Cuomo,
ago, in February 2011, Texas had un- SHEILA DONOFRIO
affect reliability. Since 2011 about 90 gigawatts who has blocked new gas pipelines from Penn- usually cold weather that led to Warren, Mich.
(GW) of coal capacity have shut down, replaced sylvania to his state and New England. He has
by some 120 GW of wind and solar and 60 GW also ordered the Indian Point nuclear plant,
of gas power capacity. which has historically provided a third of the
But renewables don’t generate power Big Apple’s power, to close this April. Renew-
around-the-clock as gas, nuclear and coal do. ables generate 2% of downstate power, so New
Public Employee Unions Serve Despite Covid
Gas plants depend on just-in-time fuel deliver- York will depend more on gas, which means Bemoaning modest raises for state held by women. A majority of our
ies, which aren’t reliable in extreme weather. less for New England. New York’s grid operator employees, Carol Platt Liebau at- members are black and brown, most
Government-made pipeline bottlenecks con- recently warned of “resource gaps” and “en- tempts to divide and conquer so that of them classified as essential. We
strain deliveries in the Northeast. Liberals also ergy shortfalls.” ultrawealthy individuals can continue are front-line nurses, child social
to enjoy lower effective tax rates than workers and substance-abuse coun-
say Texas could have better weathered the Arc- i i i
working-poor and middle-class fami- selors. And we have suffered the
tic blast if its grid didn’t rely almost entirely In 2018 FERC finally began examining these lies (“Public Employee Unions Are physically and economically harmful
on in-state power. grid resilience challenges. But its new Demo- Having a Fine Old Lockdown,” Cross effects of Covid-19 at alarming rates.
But the Southwest Power Pool, north of cratic Chairman, Richard Glick, closed the in- Country, Feb. 13). Pitting private- and Our union’s death toll stands at 22
Texas, and the Midwest power grid—both of quiry last week. He cited the lack of regulatory public-sector workers against each members.
which rely heavily on wind backed by gas—also action, but the real reason is that grid resil- other, Ms. Liebau deflects attention Union workers are partnering with
experienced power outages last week due to ience conflicts with the Biden climate agenda. from the affluent interests: the multi- community organizations to ensure
declining surging demand, wind production Mr. Glick also ordered a review of FERC’s millionaires and billionaires whose net that providing human services lies at
and gas shortages. California relies on gas and gas-pipeline permitting to address effects on worth soared in recent months. the heart of our state budget. We are
imports to back up its solar power. But last “environmental justice communities” such as U.S. billionaires increased their committed to tackling the structural
summer California couldn’t get enough power Native Americans and minorities and “ways in wealth by $1.1 trillion since the start racism and skewed tax system leading
of the pandemic last March. Connecti- to the economic disparities plaguing
from its neighbors amid a heat wave that which the Commission may mitigate those ef-
cut’s 17 billionaire residents are $3.8 our state and nation. Leaving things
strained the entire Western grid. Hydropower fects.” He is soliciting public comment on a billion wealthier. Ending tax breaks unchanged would be immoral, unjust
from the Northwest and coal from Utah compressor station in Weymouth, Mass., that for the superwealthy would place Con- and a recipe for economic disaster.
couldn’t stop blackouts. has increased gas flow to New England. necticut in a better position toward an ROB BARIL
The wind lobby says Texas should have re- Sen. Elizabeth Warren and the climate lobby economic recovery by funding human President, SEIU 1199 New England
quired thermal (nuclear, gas, coal) plants to be want the compressor shut down to keep more services and stabilizing revenue than Meriden, Conn.
weatherized to withstand single-digit tempera- gas in the ground, no matter if the resulting nickel-and-diming public employees. CALLIE GALE HEILMANN
tures. Perhaps, but wind still performed the power shortfalls and price spikes harm low-in- SEIU 1199NE represents 7,000 state Co-director, Bridgeport Generation
worst during the blackout, generating power come communities. “On top of being unlawful, workers in Connecticut, in a labor Now
at 12% of its capacity compared to 76% for nu- the Order is bad policy,” Republican Commis- sector of jobs that are predominantly Bridgeport, Conn.
clear, 39% for coal, and 38% for gas, according sioner James Danly said in dissent, adding it “im-
to a data analysis by the Center of the American pairs regulatory certainty and arrogates to the
Experiment. Commission authority it does not have.” Biden’s Many Policies Often Seem to Conflict
The ice-cold reality is that grid regulators When the blackouts arrive, don’t say Ameri- Walter Russell Mead is correct in on foreign-affairs matters that have
across the U.S. are struggling to keep the cans weren’t warned. his assessment of President Biden’s nothing behind them diminish U.S.
early policy instincts being a return influence, don’t inspire “global ad-
to Obama objectives and strategies miration for U.S. values” and are a
No Speech Coddling in Chicago (“The Antidote to Trump Isn’t
Obama Redux,” Global View, Feb. 9).
disservice to our allies abroad.
Close affiliation with Black Lives

M
ost college administrators are no ing its commitment to “free, robust, and unin- Unfortunately the Obama path Matter doesn’t send a positive mes-
doubt exhausted by constant student hibited debate and deliberation.” In 2016 the rarely achieved the stated results. sage to the overall U.S. population.
What comes to mind is the contra- The actual implications of President
demands that range from the type of university’s incoming freshman received a
diction between President Biden’s Biden’s policies as currently ad-
cereal served in the dining letter informing them that pronounced priorities and the real- vanced don’t enhance peace and
hall to the latest intersec- A new journal from “we do not support so-called world impact of his early achieve- prosperity. Notwithstanding his
tional fad. So those running students who refuse trigger warnings, we do not ments, such as they are. stated intentions, the impact of
the University of Chicago cancel invited speakers be- Shutting down the Keystone XL early initiatives have the Biden bus
must be pleasantly surprised to be cancelled. cause their topics might pipeline works against his overarch- headed in the wrong direction.
by the arrival of Chicago prove controversial and we ing desire to move toward full em- RANDAL S. SCOTT
Thinker on their campus this do not condone the creation ployment. In addition, the alterna- Fairfax, Va.
school year. It’s an online journal by conserva- of intellectual safe spaces where individuals tives to movement of oil by pipeline
tive and libertarian students who refuse to be can retreat from ideas and perspectives at will exacerbate our carbon footprint
canceled. odds with their own.” and global-warming concerns. The Image, Feeling Good and
minimum wage of $15 per hour
Their mission statement makes the point: The Chicago Thinker’s latest posts include
guarantees a net reduction in entry-
The $15 Minimum Wage
“We demand not to be coddled. Embracing the stories on the “insane COVID rules and snitch level jobs across the country and In “The Minimum Wage’s Racially
experience of unfettered inquiry and free ex- culture” at today’s universities, a definition has dire consequences for very Discriminatory Roots” (Upward Mo-
pression is precisely the point of these years of conservatism offered “in defiance of egre- small businesses. Strong statements bility, Feb. 17), Jason Riley cites a
of intense study: to rigorously confront and gious caricatures,” and a piece on “how left- new Congressional Budget Office re-
challenge our most deeply-held beliefs—and ism ruined ‘Stargirl,’” a superhero TV series port, a 2014 analysis by Joseph Sabia
to emerge from the experience as more based on the character from DC Comics. Good Lack of Accountability and and Richard Burkhauser and a labor
thoughtful, informed human beings.” for the Chicago Thinker—and even more for study by Willian Even and David Mac-
They build on a firm foundation. In 2015 the university that promises never to coddle
Mediocrity Are Partners pherson from 2007-09; all of which
the university released a statement reaffirm- the students running the publication. As I read the quote in John F. Co- unequivocally conclude that many
gan and John B. Taylor’s “What low-skilled workers would be dis-
George Shultz Taught Us About Mak- placed if the federal minimum wage

Connecticut’s Covid Vaccine Lesson ing Policy” (op-ed, Feb. 10) regarding
the importance of accountability, I
were set at $15. In the Navy, we had
an adage: “An ounce of image is

‘I
was reminded of Andy Kessler’s “Me- worth a pound of performance.”
’m going to focus on the old business The Democratic Governor is right that com- diocrity Is Now Mandatory” (Inside When Nancy Pelosi calls for a $15
motto, KISS: Keep it simple, stupid.” plexity is the enemy of speed. It’s also the en- View, Feb. 8). One can describe all of minimum wage, she gets “an ounce of
That’s how Connecticut Gov. Ned La- emy of equity. Decisions about who is or isn’t his examples of rising mediocrity as image” without the follow-up demand
mont put it Monday in an- an “essential worker” are arbi- consequences of diminished account- for a pound of performance. Few peo-
nouncing his decision to base Gov. Lamont makes a trary. Many people in their ability. Outside of government and ac- ple actually look at downbeat empiri-
Covid-19 vaccine eligibility early 60s are retired, includ- ademia, as Mr. Kessler points out, it cal evidence or educated prognostica-
strictly on age. The more
smart decision to base ing large numbers of public- isn’t possible to avoid accountability tions contained in studies or history;
eligibility on age. forever, and its salutary effects are instead they listen to upbeat panegy-
states prioritize social “eq- safety workers.
eventually manifested in improved in- rics spouted by Speaker Pelosi claim-
uity,” the more complicated Minorities have signifi- dividual and institutional perfor- ing that “27 million people will get a
and inequitable vaccine distri- cantly higher Covid death mance. However, it seems that there is raise, 70% of them women.”
bution becomes. rates than whites, but outcomes differ far more continuing pressure to reduce or elim- Jason Riley is a realist, Nancy
After seniors older than age 65, Connecticut by age than race or underlying conditions. A 58- inate accountability throughout our Pelosi is a politician.
had planned to vaccinate “essential workers” year-old black retiree is 10 times more likely to society—witness the ever-increasing LT. CDR. JEFFREY R. SMITH (USN, RET.)
and younger people with underlying health con- die from the virus than a 40-year-old black suppression, cheered on by many jour- Alameda, Calif.
ditions like diabetes. The Centers for Disease worker. People of all races develop more health nalists, of dissenting views on such is-
Control and Prevention had recommended conditions as they age, and their immune sys- sues as climate change, race or trans-
these groups be prioritized to “mitigate health tems weaken. genderism, no matter how factually Pepper ...
well supported and carefully and com-
inequities” and “promote justice.” Younger mi- Some social-justice activists are criticizing
passionately presented, or the spread
And Salt
norities are more likely to be “essential work- Mr. Lamont for not caring about “equity,” but
of the toxic antiaccountability critical THE WALL STREET JOURNAL
ers” and have comorbidities. it would be unconstitutional to prioritize eligi- race theory through our institutions.
But as Mr. Lamont explained, “A lot of compli- bility based simply on race. It’s fine for govern- Individual accountability and basing
cations result from states that tried to finely slice ments to set up more inoculation sites in low- one’s arguments on facts that can be
the salami and it got very complicated to adminis- income communities to improve vaccine access, verified by others are the foundation
ter. . . The CDC said grocery and food service but other schemes to make distribution equita- of a successful society. Unless the
workers [get priority]. Then we started getting ble get political and are open to gaming. leaders of our institutions grow spines
calls of, ‘I’m not in a grocery [store] but I’m in a Consider California, which created special and reassert such values, mediocrity
convenience store and it’s a convenience store access codes for vaccine appointments that will indeed become the new normal.
that serves . . . we have doughnuts, we have cof- community groups were supposed to distribute ALAN VAN DYKE
Chicago
fee, we have food.’ How about, ‘I’m a big box store, to minorities. The Los Angeles Times reports
but I also have food; I think we should all be prior- that affluent whites are widely sharing the
Letters intended for publication should
itized as well.’ . . . Those are the type of questions codes, taking appointments that were supposed be emailed to wsj.ltrs@wsj.com. Please
we had. And it was very difficult.” to be reserved for minorities. You can imagine include your city, state and telephone
Or how about people a few pounds short of the political uproar. Bravo to Mr. Lamont for number. All letters are subject to
the public-health definition of obesity? If they thinking of the larger public good, and under- editing, and unpublished letters cannot “We not only acknowledged him,
be acknowledged.
ate more doughnuts, could they qualify? standing that simple can be smart. he’s now on the Board.”
THE WALL STREET JOURNAL. Wednesday, February 24, 2021 | A17

OPINION

China’s Reckless Labs Put the World at Risk

By Mike Pompeo time that WIV poses a huge risk ducts secret bioweapons re-
And Miles Yu to global health. Two 2018 State search with the PLA.

T
Department cables warned of its The negligence at China’s bio-
he Chinese Communist biosafety problems. They even labs, especially WIV, was so dan-
Party is obsessed with vi- predicted that SARS-CoV-2’s gerous that the PLA dispatched a
ruses. Its army of scien- ACE2 receptor, identified by general to take over the facility
tists claim to have discov- WIV scientists, would enable hu- soon after the outbreak in Wu-
ered almost 2,000 new man-to-human transmission. han. Xi Jinping’s first speech on
viruses in a little over a decade. It Yuan Zhiming, then director of the outbreak highlighted “les-
took the past 200 years for the rest WIV’s biosafety level 4 lab, sons learned” about “shortcom-
of the world to discover that many. warned, “The biosafety labora- ings” and “leaking holes” in
More troubling is the party’s negli- tory is a double-edge sword: It China’s management of biologi-
gence on biosafety. The costs and can be used for the benefit of cal material and biological-secu-

HECTOR RETAMAL/AFP VIA GETTY IMAGES

the risk to world health are enor-
mous, as evidenced by a novel coro-
navirus that escaped Wuhan. This
situation can’t continue. The world
must hold the Chinese Communist
Party accountable and punish Beijing
if it fails to uphold global biosafety
standards, including basic transpar-
ency requirements.
Beijing is obsessed with
viruses, but not biosafety.
We are paying a high
price for its lapses.
The most recent example of this
malfeasance is playing out around us.
The evidence that the virus came
from Wuhan is enormous, though
largely circumstantial, and most signs
point to the Wuhan Institute of Virol-
ogy, or WIV, as the source of
Covid-19. In America, concern about
the site is now broad and bipartisan.
The Biden administration stated that
it has “deep concerns” about the
World Health Organization’s investi-
gation into the early days of the pan-
demic, particularly Beijing’s interfer-
ence with the investigators’ work.
The world has known for a long
humanity, but can also lead to a rity system. He demanded that
disaster.” He listed the shortfalls “a new biological-security law”
prevalent among China’s biology be made part of the “national-
labs, including a lack of “opera- security system.”
tional technical support, profes- The Chinese Communist
sional instructions” and “feasi- Party’s recklessness has already
ble standards for the safety cost the world too much, and its
requirements of different protec- obfuscation guarantees this won’t
tion zones and for the inocula- be the last such tragedy. It or-
tion of microbiological animals dered the destruction of virus
and equipment.” samples collected from the earli-
The Chinese public took note, Guards outside the Wuhan Institute of Virology during a WHO visit Feb. 3. est patients. It banned the re-
with several bloggers alleging lease of key data. It silenced jour-
that WIV’s virus-carrying animals ture SARS- or MERS-like coronavirus finding that WIV didn’t even make nalists, doctors and scientists. And it
are sold as pets. They may even outbreaks will originate from bats, the top 20 in terms of quality. impeded the WHO’s investigation.
show up at local wet markets. After and there is an increased probability The People’s Liberation Army, or Beijing doesn’t want the world to
the Wuhan outbreak, one since-dis- that this will occur in China.” At the PLA, has admitted to developing bio- know the true origin of the coronavi-
appeared blogger asked a WIV re- time, WIV housed tens of thousands weapons. In 2011 China informed the rus and its serious biosafety lapses.
searcher to debate the lab’s bio- of bat virus samples and experiment International Biological and Toxin The Chinese government must
safety practices in public. The offer animals. Weapons Convention Review Confer- change course. It must be open
was ignored. China resisted international moni- ence that its military experts were about its biosafety systems, fix its
Beijing has a moral and legal obli- toring at WIV. The lab was built with working on the “creation of man- errors and curtail its dangerous am-
gation to take biosafety seriously, French assistance, but China abro- made pathogens,” “genomics laying bitions. Lives and livelihoods across
especially given the kind of research gated its promise to allow French sci- the foundation for pathogen trans- the world are on the line. We all
going on at WIV. In 2015, WIV’s Dr. entists to participate in essential re- formation,” “population-specific ge- have a responsibility to make sure
Shi Zhengli co-wrote an article titled search there. China then accredited netic markers,” and “targeted drug- that the Chinese Communist Party
“A SARS-like Cluster of Circulating WIV through its own agency as its delivery technology making it easier isn’t given a free pass.
Bat Coronaviruses Shows Potential only level 4 facility, and the country’s to spread pathogens.” A 2015 PLA
for Human Emergence” in which she National Health Commission quickly study treated the 2003 SARS corona- Mr. Pompeo served as U.S. secre-
admitted that her team had engi- approved it to handle some of the virus outbreak as a “contemporary tary of state (2018-21) and director
neered “chimeric” and “hybrid” vi- world’s most dangerous viruses. The genetic weapon” launched by foreign of the Central Intelligence Agency
ruses from horseshoe bats. In a 2019 Chinese Ministry of Science and forces. And in January 2021, the (2017-18). Mr. Yu served as Secre-
article titled “Bat Coronavirus in Technology completed a comprehen- State Department confirmed that tary Pompeo’s principal China policy
China,” Ms. Shi and her co-authors sive safety and management survey people had fallen mysteriously ill at and planning adviser. Both are fel-
warned, “It is highly likely that fu- of China’s 75 bioresearch labs in 2016, WIV in fall 2019, and that WIV con- lows at the Hudson Institute.

‘White Nationalism’ Isn’t American Minorities’ Biggest Problem

“End the violence
toward Asians,” said
the promotional fli-
ers. “Let’s unite
against white na-
tionalism.”
Demonstrators
UPWARD
MOBILITY gathered in New
York on Saturday in
By Jason L.
the wake of a spate
Riley
of unprovoked vio-
lent attacks on
Asian-Americans. Earlier this month,
Noel Quintana, a 61-year-old native
of Manila, was slashed in the face
with a box cutter while commuting
to work on a crowded subway car.
He survived but required about 100
stitches to close his wounds. Other
victims have been less fortunate.
In Milwaukee last September, a
36-year-old Hmong American named
Ee Lee was sexually assaulted in a
city park and died at a hospital from
“blunt force trauma to her head.”
The suspects fled on bicycles.
In San Francisco last month, Vicha
Ratanapakdee, 84 and originally from
Thailand, was on his regular morning
walk when a passerby knocked him to
the ground and ran away. Ratanapak-
dee died from his injuries a few days
later. Across the Bay, in Oakland’s
Chinatown, police have documented
an uptick in assaults, particularly on
the elderly. On Jan. 31, a man was
caught on camera in separate inci-
dents approaching a 91-year-old man
and 55-year-old woman from behind
and shoving them to the pavement.
The woman lost consciousness.
“It’s not unique to Chinatown or
to the Asian community, the increase
in crime we’ve seen across the city
and across the county,” said the dis-
trict attorney for Alameda County,
which includes Oakland, at a news
conference earlier this month. “But
we have seen in the last several
weeks and month a very specific in-
crease in crimes committed against
Asians.”
Some have attributed these at-
tacks to the previous administra-
tion’s coronavirus rhetoric, while
others see them as part of a broader
increase in crime rates during the
pandemic. Maybe it’s both. What’s
harder to demonstrate is that these
attacks stem from a rise in “white
nationalism,” as that New York flier
claims. Despite efforts to shoehorn
such incidents into the left’s favorite
political narrative, all the suspects in
the attacks described above are
black. There have been white-su-
premacist attacks on Asians, such as
the 2012 shooting at a Sikh temple
in Wisconsin, which killed six. But
are white nationalists responsible
for blacks committing crimes against
Asians?
Racial paranoia and
taboos feed crime against
Asians and black distrust
of Covid-19 vaccinations.
Liberals continue to pretend that
racism and prejudice are one-way
streets—that only whites can be
perpetrators, while blacks can only
be victims. But criminals and vic-
tims come in all colors. Surveillance
cameras have caught young black
men playing the so-called knockout
game, which involves sucker-punch-
ing random white pedestrians for
amusement. And federal data have
long shown that while in most cases
the victim and perpetrator of a vio-
lent crime are of the same race,
black-on-white violent-crime rates
far exceed the reverse scenario.
Liberals skirt these plain truths
out of a belief that it helps them po-
litically, and perhaps it does. Racial
paranoia helps civil-rights activists
raise money, and it helps Democrats
get elected by scaring black voters
to the polls. But it also comes with a
downside for blacks: It undermines
trust in American institutions and
society.
According to the Centers for Dis-
ease Control and Prevention, as of
Feb. 16, blacks were only 6% of
Covid-19 vaccine recipients, even
though they are 13% of the U.S. popu-
lation. “Across the 34 states report-
ing data on vaccinations by race/eth-
nicity, there is a largely consistent
pattern of Black and Hispanic people
receiving smaller shares of vaccina-
tions compared to their shares of
cases and deaths and compared to
their shares of the total population,”
explains an analysis by the Kaiser
Family Foundation.
Some point to a general and long-
standing lack of trust in government
among many blacks. Often invoked is
the infamous Tuskegee experiment
begun in the 1930s, in which black
men were promised but never given
treatment for syphilis. But my creep-
ing suspicion is that something more
sinister has taken place.
In recent years, and at a much
louder volume than before, black
Americans have been encouraged by
liberal elites to hate their country
and to distrust others based on race
and ethnicity. This is the message
that undergirds everything from the
New York Times’s “1619 Project” to
workplace “diversity” training and
critical race theory. Now it’s work-
ing to undermine public health.
Blacks aren’t going to fight the virus
any differently than other groups.
We’re in this together, and the new-
fangled racial separatism that now
operates under the guise of woke-
ness does no one any good, espe-
cially black Americans.

Biden’s Stimulus Bill Is a $1.9 Trillion Clunker

By Mitt Romney sive price tag is justified for urgent cause the pandemic severely exacer- unemployment benefits beyond by schools and universities. Stun-

D
emocrats are anxious for any
excuse to blow up the Senate
filibuster, the last procedural
hurdle to one-party government.
Their latest is that Republicans op-
pose the president’s $1.9 trillion
stimulus package. Despite having
passed five bipartisan Covid-19 relief
bills to date—including one barely
seven weeks ago—they claim our op-
position demonstrates historic in-
transigence.
No, it demonstrates that the $1.9
trillion bill is a clunker. It would
waste hundreds of billions of dollars,
do nothing meaningful to get kids
back to school, and enact policies
that work against job creation. The
Congressional Budget Office’s recent
analysis of the plan found that more
than a third of the proposed fund-
ing—$700 billion—wouldn’t be spent
until 2022 or later, undermining the
administration’s claim that the mas-
pandemic-related needs.
The Biden stimulus is unsound
economic policy. High unemploy-
ment isn’t the result of too little
money in American pockets; it’s be-
cause of the pandemic. Sending out
checks won’t get consumers back
into restaurants, bars, salons, malls,
hotels or airplanes. Near-record lev-
els of savings are evidence that con-
sumers are able to spend. When
Covid is finally in the rearview mir-
ror, they will come roaring back.
Congress should target assistance to
those who need it and help speed
the delivery of vaccines—not borrow
hundreds of billions more to check
items off a political wish list, deep-
ening the nation’s debt and risking
inflation.
The bill is also filled with bad pol-
icies and sloppy math. It calls for
$350 billion for states and localities.
If you live in New York, you might
think that sounds about right be-
bated your state’s existing financial
woes. But New York is the exception.
Florida hasn’t even had to dip into
its rainy-day fund. California has a
multibillion-dollar surplus. Utah’s
revenues rose by double digits.
JP Morgan found that 21 states
had revenue increases in 2020.
Other states drew on rainy-day
funds—which is what they are there
for. Only a few are in severe finan-
cial distress. The same is true of cit-
ies and counties: Some are hurting,
but the great majority aren’t. Most
local tax revenue comes from prop-
erty taxes, which are far less volatile
than sales or income taxes. Sending
out hundreds of billions of dollars to
states and localities regardless of
need is both wasteful and harmful.
It would create incentives for the
mismanagement that got some
states into fiscal trouble in the first
place.
Extending federal supplemental
March 14 is a good idea that merits
bipartisan support. But the Biden
stimulus calls for checks of $400 a
week in addition to state checks
Senate Republicans are
eager to get aid where it’s
needed, reopen schools
and encourage work.
through September. At that level, the
majority of the unemployed would
make more by not working. Employ-
ers already complain that they can’t
find employees.
The Biden stimulus calls for $170
billion for education yet has no real-
istic plan to reopen K-12 schools.
Further, of the $80 billion Congress
has already authorized for educa-
tion, $68 billion hasn’t yet been used
ningly, the CBO says only 4% of the
K-12 spending in the Biden bill would
occur in 2021 and that some educa-
tion and labor funds would remain
unspent in 2029, after a potential Bi-
den second term. If the administra-
tion is unable to make good on its
commitment to get students back in
classrooms five days a week in his
first 100 days, the unspent money
should be given directly to students
and parents to spend on tuition at
schools that are open or on tutors,
summer programs or home-school
efforts. We can’t let unreasonable
demands by teachers unions keep
schools closed that can safely re-
open.
Senate Republicans will support
whatever is needed to expand Covid
testing, accelerate vaccine delivery
and support health providers. We
will likewise support robust assis-
tance for those who have been
crushed financially by the pandemic,
including by losing their jobs. A
group of us proposed a $618 billion

Notable & Quotable: Muppets

PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
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Professional Information Business:
Ingrid Verschuren, Deputy Head
Elizabeth Elizalde reporting for
the New York Post Feb. 21:
Anyone who streams “The Muppet
Show” on Disney+ will see a de-
claimer first—warning of “offensive
content.”
Disney released five seasons of the
iconic show for streaming on Friday,
allowing viewers to enjoy watching
Kermit the Frog, Miss Piggy, Fozzie
Bear and their celebrity guests as
part of its $6.99-a-month service.
The disclaimer shown prior to
each episode warns viewers that the
show features “stereotypes” and
“mistreatment of people or cultures.”
“This program includes negative
depictions and/or mistreatment of
people or cultures. These stereotypes
were wrong then and are wrong
now,” the disclaimer states.
“Rather than remove this content,
we want to acknowledge its harmful
impact, learn from it and spark con-
versation to create a more inclusive
future together,” the disclaimer says.
“Disney is committed to creating
stories with inspirational and aspira-
tional themes that reflect the rich di-
versity of the human experience
around the globe,” the statement
adds.
It’s unstated precisely what Disney
considers to be offensive on the
show, but some characters depict Na-
tive American, Middle Eastern and
Asian people.
And in season five, legendary
country singer Johnny Cash is seen
performing in front of a Confederate
flag.
compromise measure that matched
President Biden’s proposed health
and vaccine funding, extended en-
hanced federal unemployment bene-
fits, provided economic relief for
those with the greatest need, and in-
cluded nutrition funding, small-busi-
ness assistance, and resources to get
children safely back to school.
We stand ready to negotiate a
plan that helps America recover,
both physically and financially, from
this dread disease. We are willing to
compromise in an attempt to get the
administration to come down from
its ill-considered $1.9 trillion plan
and instead provide need-based re-
lief. We have shown a willingness to
compromise—which the president
and Democratic congressional lead-
ers have yet to reciprocate.
Mr. Romney, a Republican, is a
U.S. senator from Utah.
A18 | Wednesday, February 24, 2021 THE WALL STREET JOURNAL.

BUSINESS & FINANCE
© 2021 Dow Jones & Company. All Rights Reserved.
S&P 3881.37 À 0.13% S&P FIN À 0.50%
Home Depot Thrives, Macy’s Sags Probes of
Shoppers treat
retailers differently,
but executives at both
see shift ahead
BY MATT GROSSMAN
AND SUZANNE KAPNER
Home Depot Inc. and
Macy’s Inc. said pandemic-
fueled shopping trends have
continued into 2021, driving
demand for home improve-
ments and home goods.
Executives at both chains
also said consumer spending
could shift in the second half
Key Short-Term
Bond Spread
Signals Stress
BY JULIA-AMBRA VERLAINE
The spread between the
two-year Treasury yield and a
key interest rate set by the
Federal Reserve is the narrow-
est since the depths of the
coronavirus market selloff, a
potential sign of financial-sys-
tem stress.
The two-year Treasury
yield, which closed Tuesday at
0.115%, is 0.015 percentage
point above the interest rate
on excess reserves, or IOER. It
traded as low as 0.105% earlier
in February. The Fed pays
banks on the reserves held
above and beyond those re-
quired by central-bank regula-
tory policy as part of its effort
to maintain liquidity in the fi-
nancial system.
When the coronavirus sent
markets and the economy into
a tailspin in March, the Fed cut
IOER by 1 percentage point to
0.10%—alongside other inter-
ventions—to shore up short-
term lending markets and sup-
port economic activity. The
spread between IOER and the
two-year yield has typically
been above 0.05 percentage
point since the Fed cut the rate
to its lowest ever in March.
Traders said the shrinking
of this spread reflects appetite
for short-term debt as inves-
tors gobble up safe assets and
park their cash. It also high-
lights a key tension point in fi-
nancial markets: to what ex-
tent is Fed support for
INSIDE
PROPERTY REPORT
Rising home prices
in Atlantic City
suggest a life
after casinos. B6
FINANCE
Puerto Rico is closer
to resolving the largest
municipal-debt default
in U.S. history. B12
TECHNOLOGY: COVID-19 VACCINE CYBER SCHEMES GROW B4
* * * **
S&P IT g 0.25%
of the year depending on the
course of the health crisis.
The two retailers have been
on opposite sides of the
Covid-19 pandemic. Home De-
pot’s revenue increased 20% in
the company’s latest fiscal
year as Americans spent more
time—and money—fixing and
renovating their homes. An-
nual sales at Macy’s tumbled
nearly 30% as consumers
bought less apparel for going
outside, including to work.
“The strong and consistent
demand environment we’ve
seen over the past nine
months has continued into
February,” said Richard
markets taking asset prices to
unsustainable levels, and how
vulnerable does that leave
bond markets and other areas
exposed to sudden reversals.
Analysts have been watch-
ing Treasury auction results to
gauge whether increased fiscal
spending and a supply surge
of Treasury bonds would push
short-term Treasury prices
down and yields up.
So far, that hasn’t hap-
pened. But bond traders are
concerned that inflation could
rise in coming months and
years as the government
prints money to support the
economy and cover future bor-
rowing costs.
Traders contend that short-
term yields would be higher if
the central bank wasn’t an-
choring rates. The Fed has
been buying $80 billion in
Treasurys each month since
June and slashed rates to near
zero in March to stabilize fi-
nancial markets.
The idea is that low interest
rates and bond buying boost
spending by providing cheap
credit to businesses and
households. Some bond inves-
tors fear too much cheap
credit will mean inflation.
“What is typically the
downside to something that
looks perfect? Debt,” said
Kevin Walter, co-head of
global Treasurys trading at
Barclays. He notes that the
Treasury issued more than
Please turn to page B13
Marriott Names Insider as New Boss
BY CRAIG KARMIN
Marriott International Inc.
has tapped Tony Capuano as
its new chief executive officer,
picking a longtime veteran of
the world’s largest hotel com-
pany to steer it through the
industry’s most crippling pe-
riod in memory.
Mr. Capuano, 55 years old,
has been with the company for
25 years and was most re-
cently a group president re-
sponsible for leading Mar-
riott’s global development,
design efforts and operations.
He takes over the top spot
Petrobras Board Advances Bolsonaro’s CEO Pick
BY SAMANTHA PEARSON
AND LUCIANA MAGALHAES
SÃO PAULO—The financial
future of Brazil oil giant Petro-
bras hung in the balance Tues-
day as its board moved for-
ward with plans to approve
President Jair Bolsonaro’s con-
troversial appointment of an
army general to the company’s
helm in an apparent bid to
force the firm to subsidize fuel
prices.
Mr. Bolsonaro’s nomination
of Gen. Joaquim Silva e Luna,
who was once a fellow army
officer and has no experience
in the oil industry, has roiled
markets, wiping billions of dol-
DJ TRANS À 0.16%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.01%
McPhail, Home Depot’s finance
chief. However, the company
declined to give a forecast for
the full year citing uncertainty
about the coronavirus, the
distribution of vaccines and
fiscal policy.
“We are limited in our abil-
ity to forecast demand for the
year, particularly as it relates
to the back half,” Mr. McPhail
said Tuesday.
Macy’s Chief Executive Jeff
Gennette said he expects the
department-store chain’s ap-
parel business to recover to-
ward the second half of the
year, as more people get vacci-
nated and start planning
Short-term Treasury
yields have tumbled...
0.4 percentage point
Yield spread, two-year
Treasury minus interest
rate on excess reserves
0.3
0.2
0.1
0 0.4
April 2020 ’21
Inflation expectations
have been rising...
2.0%
1.5
Five-year, five-year
1.0 inflation expectations
The expected five-year average
inflation rate, five years
in the future
0.5
0 0 Monthly
April 2020
Sources: RyanALM, Tradeweb ICE (Treasury), FactSet (IOER, Fed Funds target rate); Tullett Prebon (Treasurys);
Federal Reserve Bank of St. Louis (inflation expectations, inflation protected securities)
after former CEO and Presi-
dent Arne Sorenson died last
week. Mr. Sorenson had been
diagnosed with stage-2 pan-
creatic cancer in 2019.
Stephanie Linnartz, 52, a
Marriott group president over-
seeing consumer operations,
technology and emerging busi-
nesses, is the company’s new
president.
In running Marriott, a 1.4
million-room global lodging
behemoth, Mr. Capuano as-
sumes one of the most chal-
lenging jobs in all of American
business. The hotel sector is
still reeling from the effects of
lars off Petrobras’s market
value and raising fears about
government meddling in the
economy.
Petrobras said late Tuesday
that its 11-member board
agreed to hold an extraordi-
nary shareholder meeting to
assess the president’s nomina-
tion, without setting a date.
While the intention of the
meeting is to replace the cur-
rent CEO, Petrobras will first
have to determine whether Mr.
Bolsonaro’s nominee meets the
criteria for the top job set in
the company’s bylaws, accord-
ing to a person familiar with
the situation.
Analysts said Petrobras’s an-
LIBOR 3M 0.188
events like weddings and going
back to workplaces.
“What we’re expecting is
that we’re going to see much
of what we saw in the fourth
quarter going through the first
half,” Mr. Gennette told ana-
lysts on Tuesday. “We expect
that the home businesses are
going to continue to be strong.
And then when you look at
some of the luxury businesses
that customers have been
spending on, like fine jewelry
and fragrances, some on de-
signer skin care, all those cate-
gories are strong.”
Mr. Gennette said he sees
consumers doing much of their
...reflecting strong
auction demand even
as longer-term yields
have risen.
TUESDAY
1.2% 1.363%
Yield, 10-year
Treasury
1.0
0.8
0.6
April 2020 ’21
...in part because the Fed has commit-
ted to keeping rates low for years.
2.0%
1.5
1.0
0.5
’21 Jan. 2020
the coronavirus pandemic,
which has caused global travel
to dry up, brought hotel clos-
ings in cities across the U.S.
and forced rounds of layoffs
and furloughs industrywide.
Mr. Capuano is also replac-
ing a beloved CEO who made a
point of connecting with ev-
eryone from the company’s
group leaders to housekeepers.
In an interview Tuesday,
Mr. Capuano said he would
continue with the same sort of
management style as Mr. So-
renson, who before his illness
was on the road more than
200 days a year visiting Mar-
nouncement, which also raised
the possibility of the substitu-
tion of several board members,
suggested the president could
come out victorious in his ef-
forts to shake up the com-
pany’s management.
The market closed before
Petrobras’s announcement,
leaving investors bracing for
further swings in the com-
pany’s share price Wednesday.
Petrobras’s preferred shares on
Tuesday climbed 11%, recover-
ing some of the ground lost the
day before, when they plunged
roughly 20%, the second-big-
gest daily loss in market value
since the early 1990s, accord-
Please turn to page B2
NIKKEI (Midday) 29923.82 g 0.77%
Wednesday, February 24, 2021 | B1
shopping online even after the
pandemic abates. Macy’s ex-
pects digital sales to reach $10
billion within the next three
years. Mr. Gennette has been
focused on reducing costs as-
sociated with digital sales,
which accounted for 44% of
Macy’s net sales in the most
recent quarter.
Macy’s returned to a profit
in the holiday quarter—its fis-
cal fourth quarter—after losing
more than $4 billion the first
nine months of the year. Net
Please turn to page B2
 Heard on the Street: Macy’s
shares don’t fit ..................... B14
‘Real’ rates, excluding
inflation, have picked up
while remaining negative.
0.5%
Yield, 10-year Treasury
inflation-protected
securities
0 However, large pieces of de-
–0.5
–1.0
–1.5
April 2020 ’21
Fed funds target rate
RANGE: 0-0.25%
’21
riott hotels and employees.
“I will very much embrace
that style,” he said. “There is
simply no substitute for face-
to-face interaction.”
Calling the pandemic “the
most challenging crisis in the
history of the company and
travel industry,” Mr. Capuano
said his most crucial task was
“getting us to the point where
consumers feel safe” at hotels
and Marriott can rebuild de-
mand. Its hotel occupancy lev-
els stood at 35% in the fourth
quarter, about half of where
they were a year earlier.
Please turn to page B6
The Brazil oil company’s stock recovered some ground it lost
after Jair Bolsonaro’s apparent bid to force fuel-price subsidies.
See more at WSJ.com/Markets
Faulty Jet
Engine
Intensify
BY ALISON SIDER
The midflight breakdown of
a jet engine that spewed a trail
of metal over a Colorado town
is putting regulatory focus on
the design and strength of en-
gine coverings.
Four minutes into the Hono-
lulu-bound United Airlines
Holdings Inc. flight from Den-
ver on Saturday, pilots and pas-
sengers heard a bang, and the
plane’s right engine began vi-
brating, according to the Na-
tional Transportation Safety
Board’s preliminary analysis of
the cockpit’s voice recorder.
Within 20 minutes, the plane
had landed on the runway back
at Denver International Airport,
with no injuries to anyone on
the ground or aboard the plane.
bris plunged from the sky,
landing in yards and a soccer
field. Photos and videos taken
by passengers show the air-
plane’s right engine, stripped of
its front coverings, oscillating
and in flames.
Investigators have homed in
on a fan blade that had weak-
ened over time and broke off at
its base. That fast-spinning
blade remnant appears to have
sheared a second blade roughly
in half. But investigators are
still trying to understand why
the engine’s front external
cover, known as the cowling,
was then ripped away, accord-
ing to NTSB Chairman Robert
Sumwalt. Something similar
happened in a handful of other
engine failures caused by bro-
ken fan blades in recent years.
“Certainly, we don’t expect
the cowling to separate like
that,” Mr. Sumwalt said this
week, during a briefing with
reporters. He added that the
safety board’s investigators
would examine the engine’s
maintenance and inspection re-
cords.
Meanwhile, Pratt & Whitney
engines on Boeing 777 jets like
those on Saturday’s United
flight will have to undergo in-
spections before those planes
can fly again, according to an
emergency order by the Federal
Aviation Administration on
Tuesday.
The FAA’s order, described
as an interim measure, means
it will be some time before
planes with these engines fly
again. Boeing Co. recom-
mended airlines ground them
and regulators in Japan or-
dered airlines there to stop fly-
ing them. Korean Air and Asi-
ana Airlines have grounded all
777 jets with Pratt & Whitney
powered engines that have
been in operation.
The FAA said it will review
the results of thermal acoustic
image inspections that can de-
tect cracks on the interior sur-
faces of the fan blades that
can’t be seen otherwise on a
rolling basis. Those results will
determine how frequently such
inspections will have to be per-
formed going forward.
Pratt & Whitney, a unit of
Raytheon Technologies Corp.,
declined to comment Tuesday
Please turn to page B2
UESLEI MARCELINO/REUTERS
 B2 | Wednesday, February 24, 2021
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 F
Amazon.com ............... B4
American Airlines.......B5
Assured Guaranty.....B12
AstraZeneca................A8
AT&T.......................B3,B5
Autonomy Capital.....B12
B
Baxter Intl .................. A1
BioNTech.....................A1
Bitfinex ....................... B5
Boeing ......................... B2
C
Carlyle ......................... B3
Carnival ..................... B14
Catapult Technologies
.....................................B3
Comcast.......................B5
CoreLogic.....................B6
CoStar Group .............. B6
Crackr Barrel...............B3
Crocs............................B3
D Moderna.................A8,B4
Dish Network..............B5
DoorDash...................B14
Driftwood Capital.......B6
Drizly.........................B14
E Novavax.......................A1
Endo International ..... A1
Enseo...........................B3
INDEX TO PEOPLE
B Gennette, Jeff ............ B1
Bezos, Jeff..................B4
Blackburn, Jeff............B4
Blow, Charles..............B5
Buser, Curt..................B3
C
Capuano, Tony.............B1
Cochran, Sandra..........B3
D V
Davis, Jeffrey..............B6
E
Eisele, Pamela ............ B4
F-G
Finn, Jed......................B3
Folino, Paul ................. B6
Garay, Joshua ............. B6
CHAD SCHNELL/ASSOCIATED PRESS
The engine of United Airlines Flight 328 broke apart and caught
fire soon after the airliner’s takeoff from Denver on Saturday.
Engine
Cover
Is Focus
Continued from page B1
on the FAA order. On Sunday,
the engine maker said it was
working with regulators and in-
vestigators.
Such damage to external en-
gine sections isn’t supposed to
happen under current manufac-
* **** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Petroleo Brasileiro......B1
Futu...........................B14 Pfizer...........................A1
G R
Riot Blockchain.........B13
GoldenTree Asset
Management...........B12 Royal Caribbean Group
Grubhub.....................B14 ...................................B14
H S
Home Depot................B1 Sanofi..........................A1
I Silvergate Capital.....B13
iFinex...........................B5 SolarWinds ................. A3
Infinity Q Capital Stone Point Capital....B6
Management...........B12 T
Insight Partners..........B6 Tencent......................B14
M Tesla..........................B13
Tether..........................B5
DAVID PAUL MORRIS/BLOOMBERG NEWS
Macy's..................B1,B14
Magna Hospitality......B6 Thomson Reuters.......B3
Marathon Patent Group U
...................................B13
Uber Technologies
Marriott.......................B1
............................. B5,B14
MBIA ......................... B12
Ulta Beauty.................B5
Medtronic....................B3
United Airlines............B1
UP Fintech.................B14
Morgan Stanley..........B3
W
N
Wells Fargo.................B6
Nexstar Media............B5
X With more renovations happening, Home Depot revenue in the latest quarter rose 25%. A store in Pleasanton, Calif.
Novartis ...................... A1
Xiaomi.......................B14
the latest period, as more Quarterly total revenue, change from previous year
O-P
Overstock.com .......... B13
Z
Zillow...........................B6
Retailers shoppers used online ordering
during the pandemic, Chief Ex- 30%
4Q 2020
Home Depot
Cautious ecutive Craig Menear told ana-
lysts on a conference call.
Higher spending on big-
20 s25%
Menear, Craig..............B2
On Outlook ticket items such as appli-
ances, vanities and flooring
also helped drive growth in the
10
0
H P quarter. Sales for do-it-your-
Hair, Princell ............... B5 Pluta, Thomas...........B13 Continued from page B1 self projects continued at the –10
income in the three months to strong pace set earlier in 2020,
Hasker, Steve..............B3 S Jan. 30 totaled $160 million, while sales to professional cus- Macy's
–20
Hill, Marc Lamont.......B5
Sarphie, David............A7 compared with $340 million a tomers notched faster growth. t18%
J T year earlier. Sales for the quar- Mr. McPhail estimated that
–30
Jassy, Andy.................B4 Tomasello, Ryan..........B6
ter fell 19% to $6.8 billion. if late-2020 demand levels
K Home Depot’s revenue in its continue into this year, compa-
fiscal fourth quarter was rable sales—a figure that cor- –40
Khan, Shad..................B5 Valeika, Ray................B2 $32.26 billion, a 25% increase. rects for changes in store
Knutson, David...........B5 Velissaris, James......B12 Profit rose 15% to $2.86 billion, count—will be flat or slightly –50
L W as costs increased. Digital positive in 2021. On that basis, FY 2018 ’19 ’20
Lee, Kewsong..............B3 Walter, Kevin..............B1
sales continued to accelerate, Home Depot’s sales rose about *Fiscal years end late Jan./early Feb.
jumping 83% year over year in 20% in 2020. Source: S&P Capital IQ
Linnartz, Stephanie....B1 Wilke, Jeff .................. B4
M Y
McPhail, Richard.........B1 Youngkin, Glenn..........B3
Petrobras Doria. One of Petrobras’s non-
government board members,
Marcelo Mesquita, accused the
the economy and leading to the
resignation of the then-chief
executive of Petrobras, Pedro
That has effectively side-
lined the small-government,
free-market crusade Mr.
CEO Pick president in a television inter-
view of “flirting with commu-
nism.”
Parente.
“Bolsonaro plays to the
crowd,” said Adriano Pires, an
Guedes had promised. Neither
Mr. Guedes nor Mr. Bolsonaro’s
office responded to calls seek-
Advances Under the Workers’ Party,
Petrobras was used as a vehicle
for government intervention in
oil-industry consultant in Rio
de Janeiro. However, he said,
Petrobras recently introduced
ing comment.
Mr. Bolsonaro called Petro-
bras’s leaders “cowards” over
the economy. Between 2011 and internal rules about how much the weekend for recent fuel-
Continued from page B1 2016, the company spent about the company’s prices could di- price increases.
ing to Economatica, a São $30 billion on gasoline and die- verge from the international Mr. Castello Branco had won
Paulo-based analysis firm. Bra- sel subsidies to keep fuel prices market, limiting the extent to the market’s trust after cutting
zil’s benchmark Bovespa stocks low and combat inflation. It which Mr. Bolsonaro could the company’s debt load, to
index rose 2.3%. also lost billions of dollars to meddle in the company. $66.2 billion at the end of the
Petrobras last week an- corruption in a scandal that en- The appointment of figures third quarter of last year, from
nounced an almost 10% in- snared company executives and such as Mr. Castello Branco $95.5 billion at the end of the
crease in the price of gasoline politicians, say investigators. and Mr. Guedes had soothed first quarter of 2019, his first
and an almost 15% increase in Mr. Bolsonaro, a former investors worried about Mr. quarter in the job.
the price of diesel fuel. Mr. Bol- army captain who has pro- Bolsonaro’s erratic years in “The work he’s been doing
sonaro last week promised fessed to know nothing about congress. since starting there is very
changes at the company, but economics, picked University of The president in the past good, and we see this interrup-
the nomination of a new CEO Chicago-educated economist year ramped up government tion as very bad, especially the
In responses last year to rec-
ommendations the NTSB made
after the Southwest incident,
still surprised employees and
investors.
The right-wing president’s
Paulo Guedes as economic min-
ister. He also appointed Chi-
cago alumnus Roberto Castello
spending and filled his admin-
istration with fellow military
men, appointing them to key
way it’s been done,” said Ian
Arbetman, an analyst at the
Brazilian firm Ativa Investi-
FAA Administrator Steve Dick-
son said the agency was work-
ing with Boeing on a design
intervention at Petrobras was
widely seen among investors as
a pivotal moment in his two-
Branco to head Petrobras,
promising him the freedom to
set fuel prices based on the in-
posts such as health minister.
And his free-spending ways—
he spent as much as $10 billion
mentos.
Mr. Silva e Luna briefly
served as defense minister in
change for the type of engine
involved in the incident and
was reviewing design and certi-
year-old administration, a sign
that he was going to put poli-
tics above economics ahead of
ternational oil market. Mr. Cas-
tello Branco’s term ends March
20, but the board had been ex-
a month to help the poor cope
during the pandemic—have re-
sulted in ballooning debt.
2018.
—Jeffrey T. Lewis
contributed to this article.
fication standards for engine his 2022 re-election bid. Subsi- pected to renew it, analysts
casings to determine whether dizing fuel prices would likely said.
broader changes were needed cost the state firm billions of Some investors believe the
beyond that engine type. dollars a year, crippling its fi- shake-up at Petrobras may only
The engine failure Saturday nances and diminishing its be the start to an intervention- For more information:
was the third in a string of
strikingly similar incidents in-
ability to find and produce
more oil.
ist era for Mr. Bolsonaro’s ad-
ministration. Shares in Brazil’s In Memoriam wsj.com/inmemoriam
volving the same type of Pratt “The government is step- biggest power companies fell
& Whitney-made engine on ping away from plans to imple- Monday after Mr. Bolsonaro   
  ! 5#! 
# .#

turing and inspection systems, Boeing 777 aircraft. In all three ment structural reforms aimed told supporters over the week- /  5 1 #;  9!
     '() ! #" 5 9!
which have ushered in an era of cases, a fan blade showing at reducing mandatory govern- end that he planned to “stick .#
. '(%   $  
record airline safety in the U.S. signs of fatigue largely broke ment spending and liberalizing his finger” in that sector too.  2! <" <=#  5
and globally. The incident off, and a second blade was the economy,” said analysts at Others came to Mr. Bolson- 9!
+ #   ! 
raises concerns about whether also fractured. In all three Capital Economics, the London aro’s defense. Arthur Lira, the  ! #$  $ 5
engine coverings are too vul- cases, damaged engine cover- consulting firm. Political con- new head of Brazil’s lower con- . .#
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2!$  2! ?#  <=# 
nerable to damage from engine ings broke off. cerns are largely to blame for gress and an ally of the presi- !   @&& 2$
. '((7 
components flying forward at The FAA said it had been the underperformance of Bra- dent, said the sharp losses in       ! $   
great speed, in addition to evaluating a Dec. 4 engine fail- zil’s currency, the real, they the company’s shares were no .#
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questions about why the fan ure on a Japan Airlines flight to said, adding that it was likely more than a “hysterical bub- $   # 0 $"
blades broke, some safety ex- Tokyo when the weekend inci- to be one of the few emerging- ble.” He said that Congress ! !  ! #$   3
.
'((( ,!$  + 2$ #; 
perts said. dent happened. market currencies to depreci- “has all the tools to keep Brazil 5 .  !#! $ 
Alan Diehl, a former U.S. avi- A shielding ring surrounding ate against the U.S. dollar over on the right tracks.” #$ *# 2!$  ,!$  +
ation accident investigator, said the engine is designed to pre- the next two years. Mr. Bolsonaro’s move also  !  ! $ 

investigators and regulators vent rapidly spinning internal Mr. Bolsonaro’s political en- put a focus on the future of Mr.    ! 3  0#
will need to think about the in- parts from shooting through emies have leapt on the deci- Guedes. The former banker is   #$ # "A B
 C #"" 2D  
tegrity of the structures that the engine’s outer casing. sion as a turnabout from his unlikely to quit soon, said one .#
D +32 ! $# + " .#
D
house aircraft engines and how Ray Valeika, a former main- pledge in winning the 2018 senior Brazilian banker. “It’s + ! . .#
D 3  .
they are designed and certified. tenance and engineering chief elections that he would under- like someone in a bad marriage  # 2D 3? 4
If one were to fail, that can at Delta Air Lines Inc., said the take a series of free-market who stays put nonetheless,” .#
D ,!$  + 2$D 5
 
   
  . .#
 5 9! .#

pose a danger to the rest of the prospect that a broken fan policies and overhauls after the person said. “He likes being     9   , ! 4
aircraft. “They’re going to have blade can shoot forward out of nearly 14 years of governance a minister.”   
  
 !   !  " !  5 # 2 2!#"   9 
to re-examine that,” he said. the engine rather than through under the leftist Workers’ But as the pandemic has   #   !$    ! 5  $  ##  . 
Concerns about engine cov- the sides of the casing necessi- Party led Brazil’s economy into ravaged Brazil, killing a quarter  ! !   %&   #!  2!#"
   9  $  
erings also came to the fore af- tates a new approach to how crisis. of a million people and spark-  !      % &'   ! 4  2#   
    !  $#
 #  0" !  $ 
ter a Southwest Airlines flight these elements are designed “Yet again Bolsonaro has ing calls for Mr. Bolsonaro’s    $ #!$ 
    '()  *" +

in April 2018, when remnants of and approved by regulators. gone against the very things impeachment, the president  ,
   -*
. '(%' $ !   ! #  
engine blades broke off and bat- It is possible, he said, that that helped elect him,” said has reverted to the corporat- ! $  !  / 01 ! =  ""

tered front engine coverings. more-efficient fan blades aren’t São Paulo’s powerful governor, ism that marked his 27 years  2! -*
   3

    " $$  !
When airflow and severe vibra- behaving in the way that regu- former businessman João as congressmen, protecting the 2!$# "" $ 4     #!    /1 -
2#  '(%'    5
3

 /31 <6+   /1
tion then broke up the damaged lators expected when the test- interests of his political base,  ? " #!   
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cover, fragments were hurled ing systems and regulations analysts said. 6 # "  '(%'  $ $$   
  
into the wings and body of the were designed. The crisis at Petrobras be- 5 2$ ! ! ! #   !  !   !

6 $  !   #

EVARISTO SA/AGENCE FRANCE-PRESSE/GETTY IMAGES

Boeing 737. One piece blasted Engines are tested to make gan when the company said   "" $ # " 
out a cabin window, partially sure they can survive if a fan last Thursday that it would $" 
. '(7)   .   E $$  $
5  8 *     $   , ! 4 5 # 2
sucking out the passenger. blade breaks off. But those tests raise the price of gasoline. Mr.   , ! <=#  !! &@7
9! 2 $ " 
After that deadly Southwest differ from conditions during Bolsonaro reacted with anger,   
. '(7( !  $  # 2!#" . %&%7)'& 
engine failure, then-acting Fed- flight in key ways, according to warning that “something     0#!$ 2  !AFF !
#
F  
eral Aviation Administration a safety board report following would have to change.” Truck- !     9!
. '( ! 5  $  ##  .  A
chief Dan Elwell said the agency a 2018 engine failure on an- ers have also threatened to   $ :  *#   2! + @7&& 
 ! 0
2!$#  9!
+ #   ! 2!#" . %&%)7&()

would conduct a broad safety other United flight to Hawaii, strike this month and paralyze
review focused on potential also linked to a weakened fan Brazil, a country with few rail
threats from structural failures blade that broke off. In that in- networks and heavily depen-
of front engine coverings. Air-
borne breakups of such ancillary
cident, fan blade fragments spi-
raled forward and engine cover-
dent on road transport.
In 2018, truckers complain-
IN MEMORIAM
EVERY WEDNESDAY AND SATURDAY
parts typically haven’t been con- ing pieces broke off. ing about the high price of die-
sidered in safety analyses or —Doug Cameron sel fuel went on strike for 10 For more information visit: wsj.com/InMemoriam
mandatory certification stan- and Eun-Young Jeong Joaquim Silva e Luna, the CEO- days, halting the flow of goods © 2021 Dow Jones & Company, Inc. All Rights Reserved.

dards for modern jet engines. contributed to this article. designate, has no oil experience. around the country, slamming
THE WALL STREET JOURNAL.
Carlyle
Ramps Up
Ambitions
For Funds
BY CHRIS CUMMING
Carlyle Group Inc. has set
its highest fundraising target
ever, betting that low yields
on safe assets will continue to
drive demand for alternative
investments.
The firm plans to raise at
least $130 billion in new lim-
ited-partner commitments by
2024, according to a presenta-
tion to investors Tuesday.
If publicly traded Carlyle
hits the target, it would mean
a boost of more than 50% to
the firm’s assets under man-
agement, which stand at $246
billion. The goal represents a
ramp-up of Carlyle’s fundrais-
ing ambitions after the firm
exceeded its previous target of
raising $100 billion between
2016 and 2019, collecting $108
billion during that period.
Carlyle detailed the goal,
along with a slate of other
strategic priorities, including
boosting its insurance and cap-
ital-markets businesses, during
the online presentation.
“Industry trends should be
helpful to our ambitions,” said
Kewsong Lee, who became
sole chief executive last year
with the retirement of former
co-CEO Glenn Youngkin.
“Our goals are to raise
larger funds and do bigger
deals,” said Curt Buser, Car-
lyle’s chief financial officer.
Large firms such as Carlyle
have benefited in recent years
as investors have concentrated
more money among fewer pri-
vate-equity managers. The
coronavirus pandemic accen-
tuated this trend, as economic
uncertainty encouraged inves-
tors to back sponsors that
have experience with previous
downturns, and travel restric-
tions made fundraising diffi-
cult for newer firms with
fewer established investor re-
lationships. Carlyle last year
raised $27.5 billion and in-
vested $18.3 billion.
March 2, 2021, 11:00 a.m.–1:30 p.m. ET | Online
SPEAKERS
Dario Gil
SVP and Director of IBM Research,
IBM
Kai-Fu Lee
Chairman and CEO, Sinovation Ventures;
President, Sinovation Ventures Artificial
Intelligence Institute
Juan Perez
Chief Information and
Engineering Officer, UPS
Carissa Rollins
Chief Information Officer, UnitedHealthcare
Founding Sponsor:
© 2021 Dow Jones & Co., Inc. All rights reserved. 6DJ8296
Morgan Stanley Courts Startups
BY JUSTIN BAER
Morgan Stanley is betting a
partnership in Silicon Valley
will lead to new long-term cli-
ents for its wealth-management
business.
The bank said Tuesday that
it struck a deal with Wilson
Sonsini Goodrich & Rosati to
take over the stock plans the
law firm manages for thou-
sands of clients. Terms of the
deal weren’t disclosed.
Startups often offer stock as
part of an employee’s pay. Wil-
son Sonsini created its own
MEDTRONIC
Pandemic Pressures
Sales of Equipment
Medtronic PLC reported higher
revenue for the latest earnings
period but said the Covid-19 pan-
demic was detracting from sales
for some of its divisions as peo-
ple delayed medical procedures
during the crisis.
The Irish medical-technology
company logged earnings of $1.27
billion, a decline from $1.92 billion
in the prior-year period. Sales
were $7.78 billion, up from
$7.72 billion.
Revenue from the company’s
largest segment, its cardiac and
vascular group, declined 4% to
$2.71 billion.
The resurgence of Covid-19
cases in December and January
weighed on procedure volumes
for the cardiac, vascular and re-
storative-therapies divisions. How-
ever, sales of diagnostics and
therapies related to the pandemic
boosted results for its minimally
invasive therapies segment.
—Matt Grossman
THOMSON REUTERS
Transition Proceeds
To Technology Firm
Thomson Reuters Corp. re-
ported higher revenue for the fi-
nal quarter of 2020 and said it
plans to enhance its technology
focus, as part of a two-year road
Presenting Sponsors:
BUSINESS & FINANCE
stock-plan software decades
ago to help clients track the
value of their employees’ hold-
ings as companies matured
from early-stage startups and
raised outside money to finance
their growth.
Morgan Stanley is pushing
into stock-plan administration
as an early entree into the fi-
nancial lives of a new genera-
tion of customers. Some of
those clients, the bank hopes,
will turn to it for more lucrative
services, such as advice, as
their needs grow more com-
plex. The digitization of finance
Crocs forecasts a rise of 40% to 50% in revenue in the first quarter and 20% to 25% for the year.
mapmap to streamline the
company.
The Toronto-based news and
information company expects to
spend $500 million to $600 mil-
lion over the next two years to
transition from a content provider
to a content-driven technology
company.
Chief Executive Steve Hasker
said the company is starting the
program with strength in its legal,
tax and accounting, and govern-
ment businesses.
Revenue rose 2% to $1.62 bil-
lion. Earnings fell to $562 million
from $1.32 billion in the prior-year
period, which was boosted by a
tax benefit.
OVERVIEW
This historic moment is demanding the most from chief information officers
as business leaders. Join us to explore how the Covid-19 crisis continues to
reshape company operations and how quantum computing is inching closer
to mainstream adoption. CIOs will also break into peer-to-peer discussions
across a range of issues critical to leadership and management.
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has unleashed low- or no-cost
services, such as commission-
free trades and zero-fee invest-
ment funds, that money manag-
ers are deploying to attract new
clients.
The Wilson Sonsini agree-
ment aims to give Morgan
Stanley a leg up in cementing
connections with startups and
their employees before a possi-
ble public offering. Some will
become millionaires overnight;
Google Inc., LinkedIn, Twitter
Inc. and Lyft Inc. are among the
companies the law firm helped
take public.
CORPORATE WATCH
For the first quarter of 2021,
Thomson Reuters said it expects
revenue to rise 1.5%, or 2.5% on
an organic basis. The company
also raised its annual dividend by
10 cents to $1.62 a share.
—Dave Sebastian
CROCS
Sales, Earnings Jump
On Strong Demand
Crocs Inc. posted a jump in
revenue amid continued strong
demand for its plastic footwear
during the Covid-19 pandemic.
The Broomfield, Colo., company
reported earnings of $183.3 mil-
Wednesday, February 24, 2021 | B3
Morgan Stanley paid $900 rate and institutional solutions
million to acquire Solium Capi-
tal Inc. in 2019, adding a plat-
form that specialized in pri-
for Morgan Stanley’s wealth-
management business, said.
The Wilson Sonsini clients’
vately held firms and last year
bought E*Trade Financial Corp.,
which manages stock plans for
employees will gain access to
other services, including Mor-
gan Stanley’s financial-wellness
hundreds of companies, for $13 programs, self-directed invest-
billion. ing accounts and student-loan
“This agreement, along with consolidation plans offered by
the acquisition of Solium and E*Trade, and the bank’s net-
the corporate-services business work of financial advisers. The
from E*Trade, is a part of our partnership may also forge
long-term strategy to be the stronger ties between those cli-
premier provider of financial ents and other Morgan Stanley
solutions to workplace employ- businesses, including its invest-
ees,” Jed Finn, head of corpo- ment bank.
to make the HBO app available
for subscription in hotel rooms,
powered by Catapult Technolo-
gies LLC’s in-room entertainment
platform.
Guests at participating hotels
that subscribe to Enseo will be
able to view the HBO library free,
regardless of whether they have
HBO subscriptions, the companies
said.
Privately held Enseo said HBO
ANDREY RUDAKOV/BLOOMBERG NEWS
is also available on its EnseoCon-
nect touchless remote that can
be accessed through smart
devices.
— Dave Sebastian
CRACKER BARREL
Declining Restaurant
Sales Dent Results
Cracker Barrel Old Country
lion, which included a tax benefit, Store Inc. reported a 20% de-
up from $19.9 million in the prior- crease in revenue as Covid-19
year quarter. continued to hurt restaurant sales.
Revenue jumped 57% to $411.5 “Despite the challenges we
million. Crocs expects continued faced in the second quarter, we
revenue growth in 2021, forecast- expect to return to stronger lev-
ing a rise of 40% to 50% in the els of performance in the back
first quarter and an increase of half of the year,” Chief Executive
20% to 25% for the full year. Sandra Cochran said.
—Colin Kellaher The restaurant chain’s net in-
come fell 77% to $14 million in
AT&T the second quarter ended Jan. 29,
WarnerMedia in Deal
on $677.2 million in revenue.
Cracker Barrel‘s comparable-
For App in Hotels store restaurant sales fell 22%.
The company guided for such
AT&T Inc.’s WarnerMedia said sales to fall between 11% and 14%
it has reached an agreement with in the current quarter.
technology-service provider Enseo —Allison Prang
B4 | Wednesday, February 24, 2021
Amazon Executive
Jeff Blackburn
To Leave Company
BY SEBASTIAN HERRERA
Jeff Blackburn, a top Ama-
zon.com Inc. executive and
close aide to Chief Executive
Jeff Bezos, is leaving the com-
pany after taking a yearlong
sabbatical.
Mr. Blackburn announced
his departure in a memo to
the company Tuesday re-
viewed by The Wall Street
Journal. He said he isn’t retir-
ing and would soon share
what he will be doing next.
“I hope that, on the margin,
I pushed [the senior executive]
team and Amazon to be even
more bold, see around corners,
think big,” Mr. Blackburn
wrote. “What an amazing 22
years it has been together—I
will cherish it, forever.”
Mr. Blackburn’s departure
comes after a wave of leader-
ship changes at the online
Mr. Blackburn was a
key player in the rise
of the fast-growing
ad business.
commerce giant. Mr. Bezos said
earlier this month he would
step down as CEO to become
executive chairman after head-
ing the company for more than
26 years. Jeff Wilke, a longtime
executive and CEO of Amazon’s
consumer-facing businesses, is
retiring from the company on
Monday. Other recent depar-
tures have included Steve Kes-
sel, who led Amazon’s physical
store efforts, and Maria Renz,
another longtime executive
who was vice president of de-
livery experience and once
served as Mr. Bezos’ technical
adviser.
The Wall Street Journal re-
ported in July 2019 that Mr.
Blackburn intended to take a
Twitter Finds India a Growth Opportunity, Challenge
India's government is
increasingly asking Twitter to
remove or block content.
Number of removal requests
3,000
First half 2020
2,500
2,772
2,000
1,500
1,000
500
0 it didn’t remove the handles.
2017 ’18 ’19
Source: Twitter
ADVERTISEMENT
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
sabbatical for all of 2020, with
plans to return to the com-
pany this year. He decided to
take the leave after having put
in many years at the company,
Amazon said at the time.
Before his leave, he headed
Amazon’s entertainment, busi-
ness-development and adver-
tising businesses, which in-
clude Amazon studios, Prime
Video and music, as well as
mergers and acquisitions and
advertising.
As a member of the so-
called “S-team” of top com-
pany executives, Mr. Blackburn
served as one of Mr. Bezos’
closest advisers. He joined in
1998, four years after Amazon
was founded, to work on prod-
uct development and opera-
tions. At Amazon, he is cred-
ited with spurring innovation
and was a key player in the
launch and rise of Amazon’s
fast-growing advertising busi-
ness. Amazon’s sales in the
segment that includes adver-
tising revenue rose 66% in its
fourth quarter from the previ-
ous year to roughly $8 billion.
Amazon’s top executive
team still remains and in-
cludes many veterans. Dave
Clark, who joined the company
around the same time as Mr.
Wilke, succeeded Mr. Wilke as
consumer chief. Andy Jassy,
longtime head of the com-
pany’s booming cloud-comput-
ing business, is succeeding Mr.
Bezos. He is set to start as
CEO in the third quarter.
“Thank you for more than
two decades of leadership,”
Mr. Bezos wrote in response to
Mr. Blackburn’s memo.
“Though it’s not quite ready to
be shared, jblack has kept me
in the loop on his next chapter,
and I can assure you it’s a very
exciting one! I predict that Jeff
will be every bit as amazing in
his new role as he’s been in all
his roles at Amazon.”
GeekWire earlier reported
Mr. Blackburn’s departure.
BY NEWLEY PURNELL
As Twitter Inc. looks over-
seas for growth, India stands
out as its fastest-growing ma-
jor market, one filled with op-
portunity—and increasingly
thorny political challenges.
The San Francisco company
in recent weeks blocked, un-
blocked and then blocked again
hundreds of local accounts for
posting material New Delhi
called inflammatory amid long-
running protests by farmers.
Twitter’s moves came after the
government threatened legal
action, which could have re-
sulted in a fine or imprison-
ment for Twitter executives, if
’20 Twitter finds itself in an
awkward position, analysts say,
BMW
TECHNOLOGY
A fraudulent website that invited the public to buy doses of Moderna’s Covid-19 vaccine. Three men were criminally charged.
Covid-Vaccine Scams Spread,
Preying on an Anxious Public
BY BROOKE HENDERSON
Consumers researching
ways to protect against the
novel coronavirus might have
stumbled upon what appeared
to be a new website from
Moderna Inc., announcing in
capital letters, “You may be
able to buy a Covid-19 vaccine
ahead of time,” and offering
doses for $30 each.
The sham site was one of
many pandemic-related cyber
schemes to emerge in the past
year. Scammers are taking ad-
vantage of widespread anxiety
about Covid-19, enticing peo-
ple to give up their personal
data and money with the
promise of a vaccine. After a
U.S. Department of Home-
land Security investigation of
the site, three Baltimore-area
men were arrested on Feb. 11,
charged with conspiracy to
commit wire fraud.
As of last week, Homeland
Security investigators had
seized roughly $33 million in
illicit proceeds and analyzed
almost 80,000 Covid-19 do-
as it publicly stands by its com-
mitment to allow individuals to
express opinions while also
abiding by New Delhi’s increas-
ing assertiveness over social
media. Twitter’s balancing act
highlights a growing conun-
drum for social-media compa-
nies as they run up against gov-
ernments in key markets where
they seek growth as developed
countries become saturated.
“The problem they face is
striking the right balance be-
tween ideology and being prag-
matic,” said Ashutosh Sharma,
a New Delhi-based vice presi-
dent at research firm Forrester.
Twitter said in a statement
this month that it remains
“committed to safeguarding
the health of the conversation
occurring on Twitter, and
main names, according to a
spokeswoman for the agency.
Scammers also have posed
as representing Pfizer Inc. and
BioNTech SE, which offer the
other vaccine so far approved
for emergency use in the U.S.
In December, the Maryland
U.S. attorney’s office shut
down two similar though un-
related schemes that mim-
icked drug companies and
aimed to collect personal in-
formation for phishing attacks.
One, at regeneronmedi-
cals.com, claimed to be linked
to Regeneron Pharmaceutics
Inc., the biotechnology com-
pany that provided the treat-
ment used on former Presi-
dent Trump late last year
when he had Covid-19. An-
other, at mordernatx.com, had
the look of the Cambridge,
Mass.-based biotech’s actual
website, modernatx.com.
“Patients should never try
to secure a vaccine online—no
legitimate vaccine is sold on-
line,” said Pamela Eisele, com-
munications director for
Pfizer. Moderna didn’t respond
strongly believe that the
Tweets should flow.”
India values freedom of ex-
pression, the Ministry of Elec-
tronics and Information Tech-
nology said in a statement at
the time, but added that it was
disappointed that Twitter
blocked the accounts “unwill-
ingly, grudgingly and with
great delay.”
Twitter says it reviews ev-
ery report it receives from the
government as quickly as
possible.
New Delhi’s legal demands
on Twitter in India, the world’s
biggest democracy, have been
rocketing. Twitter’s latest avail-
able data shows it received
2,772 requests to remove or
temporarily block content in the
first half of last year, a 254% in-
BOATING
 
THE WALL STREET JOURNAL.
to requests for comment. A
representative for Regeneron
Pharmaceuticals Inc. said the
company is aware of the im-
postor website and appreci-
ates the work done by investi-
gators on the matter.
France-based international
police agency Interpol has
warned that phishing schemes
and fake websites are imper-
sonating government and
health authorities in Europe.
In Maryland, Homeland Se-
curity Investigations, an arm
of the U.S. Department of
Homeland Security, used an
undercover agent to buy
$6,000 worth of doses from a
fake site, Modernatx.shop. Af-
ter looking at the source code,
investigators determined a
web tool was used to copy
Moderna’s actual website, the
U.S. attorney’s office in Balti-
more said. The undercover
agent was told to send half of
the payment through the Fed-
eral Credit Union in Vienna,
Va., to 22-year-old Kelly La-
mont Williams, according to
an affidavit.
crease from the previous six
months. Twitter complied with
about 14% of cases, down from
almost 37% in the previous pe-
riod. Some Indian officials have
pointed to the fate of TikTok, a
video-sharing app owned by
China’s ByteDance Ltd. that In-
dia banned last year, to suggest
that New Delhi is willing to take
strong action against Twitter.
India’s IT and commerce
ministers have joined and pub-
licly promoted a homegrown
rival, Koo, that launched last
year and emulates Twitter’s
design and functionality. It has
gained millions of followers
amid the controversy.
Twitter has for some time
enjoyed a huge runway in In-
dia for potential user growth,
said Forrester’s Mr. Sharma.
The software firm has raised close to $100 million and is valued
at $290 million, according to people familiar with the matter.
WSJ.com/Tech
U.S. DEPARTMENT OF JUSTICE
Using Mr. Williams’s phone,
the affidavit says, investiga-
tors asked an alleged accom-
plice, Odunayo Baba Olu-
walade, 25, where to send the
money. He told Mr. Williams to
send the payment through
Square Inc.’s Cash App and
money-transfer service Zelle,
the affidavit alleges. A third
man, 22-year old Olakitan Olu-
walade, allegedly also was in-
volved. Legal counsel for the
men declined to comment.
The men were released un-
der the supervision of the U.S.
Office of Probation and Pre-
trial Services and haven’t en-
tered a plea. A preliminary
hearing is scheduled for March
5. If convicted, the defendants
could face up to 20 years in
prison.
“As the public seeks vac-
cines ... fraudsters are waiting
to take advantage of their des-
peration,” said Special Agent
James Mancuso, who leads
Baltimore’s Homeland Security
Investigations unit. “We want
to remind the public to exer-
cise extreme caution online.”
But having become embroiled
in a national controversy, and
with a local alternative in
place, policy makers “can ban
Twitter and say you have this
Indian option,” he said.
A Twitter spokeswoman de-
clined to comment on the po-
tential for any ban on its ser-
vice or on competition from
rival services.
A spokeswoman for the IT
ministry said that “there is no
proposal to ban Twitter,” but
that the company, like other
social-media platforms, is
obliged to follow Indian laws.
She said that if a service “is
abused by a few” to foment
unrest, it “will have to be re-
sponsible.”
—Rajesh Roy
contributed to this article.
VIDMOB

   
 
 



 
 
   

 

 

VidMob Raises $50 Million


  BY SAHIL PATEL vice chairman of Omnicom Me-
 
 


 dia Group, also participated.

   
   VidMob Inc., a software VidMob has now raised
firm that provides tools and
services for marketers to cre-
ate and improve their digital
advertising, closed a Series C
funding round for $50 million
SHOWROOM as it targets new business in
areas such as e-commerce.
ADVERTISE TODAY The round included partici-
pation from marketing soft-
ware giant Adobe Inc., stock
(800) 366-3975 media provider Shutterstock
sales.showroom@wsj.com Inc. and venture-capital funds
including Prefix Capital.
Ad-industry veterans such
For more information visit:
as Michael Kassan, the chair-
wsj.com/classifieds
man and chief executive of As-
cential PLC-owned MediaLink,
former Dentsu Aegis Americas
CEO Nick Brien, former Nielsen
© 202 Dow Jones & Company, Inc.
All Rights Reserved.
U.S. Media president Lynda
Clarizio and Mainardo de
Nardis, the former executive
close to $100 million and is
valued at $290 million, ac-
cording to people familiar
with the matter.
VidMob’s software helps
marketers analyze the quality
of the creative content in their
digital ads and use data and
other insights to help improve
and enhance the performance
of the ads. The New York com-
pany operates a marketplace
connecting clients with ad-in-
dustry creatives such as copy-
writers.
VidMob aims to grow its
business by investing in areas
such as e-commerce, providing
marketers a way to tie the cre-
ative content in ads to online
sales. Further international ex-
pansion is also in the works.
THE WALL STREET JOURNAL.
Pandemic Accounting Scrutinized
Some companies’
adjusted metrics strip
out impairment costs
but not federal aid
BY JEAN EAGLESHAM
AND NINA TRENTMANN
After its business was hit by
the pandemic, retailer Ulta
Beauty Inc. appears to have
used some accounting cosmet-
ics to add a gloss to its financial
results.
Operating income at the
once-fast-growing chain, which
temporarily closed stores dur-
ing the health crisis, plummeted
to $13 million for the nine
months through October, a frac-
tion of the $613 million earned
in the same period in 2019. Two
coronavirus-related items af-
fected the math: a $40 million
impairment charge for the value
of some stores that reduced the
operating income, and $51 mil-
lion of federal tax credits that
increased it.
Ulta also reported a much
healthier $98 million “adjusted
operating income.” This tally,
designed to strip out one-time
items, added back the $40 mil-
lion impairment cost,
which boosted the adjusted
number, but didn’t take off the
$51 million of federal aid. If that
aid had been removed, the ad-
justed-operating-income num-
ber would have been half of
what the company reported.
About a year into the pan-
demic, regulators are ramping
up their scrutiny of potentially
misleading coronavirus disclo-
sures by companies. A senior
Securities and Exchange Com-
mission official warned in De-
cember that companies should
be consistent in positive and
negative adjustments when
showing the impact of the pan-
demic.
An Ulta spokeswoman de-
nied cherry-picking data to flat-
Crypto Firms Bitfinex, Tether Settle Probe
BY PAUL VIGNA
The New York attorney gen-
eral’s office settled Tuesday a
nearly two-year investigation
into the finances and corporate
practices of the companies that
operate the Bitfinex cryptocur-
rency exchange and the stable-
coin tether.
Hong Kong-based iFinex
Inc., which operates the Bit-
finex exchange, and Tether
Ltd. agreed to pay $18.5 million
to the attorney general’s office.
Additionally, Tether agreed to
publicly release quarterly
statements detailing its re-
serves.
The attorney general’s office
said the companies made sev-
eral public misrepresentations,
regarding the dollar reserves
backing for tether in 2017 and
a situation in 2018 when Bit-
finex lost access to about $850
million of its customers’ funds
that it had placed with an out-
side company. When Bitfinex
lost those customer funds, it
borrowed money from the
tether reserves to cover the
loss, something it didn’t dis-
close publicly. That money has
since been paid back, though
Bitfinex is still trying to re-
cover the original $850 million.
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The Five StarWealth Manager award, administered by Crescendo Business Services, LLC (dba Five Star Professional), is based on 10 objective criteria. Eligibility criteria – required: 1. Credentialed as a registered investment adviser or a registered investment adviser representative; 2. Actively licensed as a registered investment adviser or as a principal of a registered investment
adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by Five Star Professional, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five
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considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations.Wealth managers do not pay a fee to be considered or placed on the final list of Five StarWealth Managers. Award does not
evaluate quality of services provided to clients. Once awarded, wealth managers may purchase additional profile ad space or promotional products.The Five Star award is not indicative of the wealth manager’s future performance.Wealth managers may or may not use discretion in their practice and therefore may not manage their clients’assets.The inclusion of a wealth
manager on the Five StarWealth Manager list should not be construed as an endorsement of the wealth manager by Five Star Professional or this publication.Working with a Five StarWealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment
by Five Star Professional in the future. For more information on the Five Star award and the research/selection methodology, go to fivestarprofessional.com. 314 HudsonValley-area wealth managers were considered for the award; 20 (7% of candidates) were named 2020 Five StarWealth Managers. 661Westchester-area wealth managers were considered for the award; 93
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* * * *
CHARLES REX ARBOGAST/ASSOCIATED PRESS
Shelves are sanitized at an Ulta store in Chicago. The cosmetics retailer temporarily closed many shops during the pandemic.
ter the adjusted metric. She
said the impairment cost was a
legitimate one-time charge
caused by the impact
of Covid-19 on some stores, not
a direct cost of the pandemic
such as cleaning supplies.
An SEC spokeswoman de-
clined to comment.
About one in three compa-
nies put a dollar amount related
to the impact of the coronavirus
in their earnings for the quarter
that ended in December, ac-
cording to a review of 199 fil-
ings from S&P 500 companies
by data provider Calcbench.
The financial pain inflicted
includes everything from re-
duced revenue to increased bad
debts, impaired assets and re-
structuring costs. On the plus
side, several companies re-
ported savings on travel and
trade-show expenses.
While metrics that don’t fol-
low generally accepted account-
ing principles, or GAAP, have
been criticized, they can be
used to help investors disentan-
The settlement ends a long-
running saga that had been
keenly followed in the crypto
industry. Both Bitfinex and
tether are key cogs in the trad-
ing markets. If the attorney
general’s office had charged
them criminally, it could have
had ramifications for the mar-
ket as a whole.
“This resolution makes clear
that those trading virtual cur-
rencies in New York state who
think they can avoid our laws
cannot and will not,” Attorney
General Letitia James said in a
statement. The attorney gen-
eral said the companies “reck-
lessly and unlawfully covered
up massive financial losses to
keep their scheme going.”
A significant result of the
probe is the agreement to pro-
duce reports on the reserves
for tether, something the com-
pany has long been criticized
for not doing. Tether agreed to
produce the report quarterly
for the attorney general’s office
for the next two years, which
will break down the reserves
by type and percentages.
The company said it will
also release that report pub-
licly. Additionally, as part of
the agreement, the companies
will discontinue any trading ac-
FIVE STAR WEALTH MANAGERS YOU NEED TO KNOW
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BUSINESS NEWS
Ulta Beauty’s share price
$400
350
300
250
200
150
100
9 '20
Sources: FactSet (shares); MyLogIQ (adjustments)
gle the financial effect of what
companies consider a one-time
event from the performance of
the underlying business.
American Airlines Group
Inc. racked up an $8.9 billion
net loss last year and a non-
GAAP net loss excluding special
items that—unusually for this
measure—came in even wider
New York Attorney General Letitia James said the companies
‘recklessly and unlawfully covered up massive financial losses.’
tivity with New York residents.
“Bitfinex and Tether are
pleased to have reached a set-
tlement of legal proceedings
with the New York Attorney
General’s Office,” said Stuart
Hoegner, the general counsel at
Bitfinex and Tether. “The set-
tlement amount we have
agreed to pay to the attorney
general’s office should be
viewed as a measure of our de-
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Black News
Channel
Broadens
Its Reach
BY LILLIAN RIZZO
Black News Channel has ex-
panded its reach more than
20-fold in about seven
months, part of its new chief
executive’s ambitious plan to
shake up the cable-TV news
landscape and provide an al-
ternative that looks through
the lens of Black Americans.
Since he took over the chan-
nel in July, Chief Executive Prin-
cell Hair has struck distribution
deals with Comcast Corp.’s
Xfinity, AT&T Inc.’s DirecTV,
Dish Network Corp. and others,
boosting its potential audience
to more than 52 million house-
holds from about 2.5 million.
Mr. Hair also led a revamp
Companies in the S&P 500 agency says companies must of the network’s lineup, signing
adjusting earnings before ensure comments on the effects high-profile commentators
interest, tax, depreciation and of the pandemic are accurate Charles Blow and Marc Lamont
amortization and not misleading. Hill, whose shows will provide
Restaurant chain Cheese- coverage and analysis the net-
Ebitda adjustments for Covid-19 cake Factory Inc. agreed in De- work’s executives and news-
Other Ebitda adjustments cember to pay $125,000 to re- casters believe Black Americans
Q solve SEC civil charges it misled aren’t getting anywhere else.
131 investors last spring by saying “We’re standing on the fore-

its locations could continue to front of a tremendous opportu-
Q 8 120 operate, when it estimated it nity when you look at the sto-
only had about four months’ ries of the past year: the
worth of cash left. A spokes- pandemic, the George Floyd
Q 15 120 woman for Cheesecake Factory, murder and the ensuing civil
which didn’t admit the SEC’s unrest, a very contentious
Q 13 120 findings in its settlement, de- presidential election, record
'21 clined to comment. unemployment, and all of these
One area of Covid-19 ac- stories disproportionately im-
counting that the SEC said it pact Black and brown commu-
would scrutinize closely is any nities,” Mr. Hair said in an in-
at $9.5 billion. changes to revenue to compen- terview. “These are the stories
Like Ulta, the airline added sate for losses because of the that we have to get out.”
back into its adjusted metric crisis. When Mr. Hair, a TV veteran
coronavirus costs, in this case Another bugbear of regula- whose résumé includes stints
some $3 billion, and federal tors is companies that exclude at CBS, CNN, Turner Broadcast-
pandemic aid, which totaled one-time virus costs quarter af- ing and NBC Sports, took the
about $4 billion. ter quarter, or try in other ways helm in July, he said he com-
The SEC doesn’t dictate how to use the pandemic as cover to missioned research and analy-
companies report coronavirus remove some regular expenses sis to see what was needed to
costs and income. But the from their non-GAAP numbers. attract viewers. The research
showed that Black Americans
feel underserved with news
coverage choices, and that the
community is an untapped
driver of economic growth.
The network’s relaunch
that is faster than the tradi- comes as cable-TV news be-
tional banking system. comes further fragmented, and
In a market that trades 24 audiences are divided among
hours a day, seven days a week major networks such as CNN,
around the globe, stablecoins Fox News and MSNBC. Recently,
have become a necessary com- One America News Network
ponent, and none is larger than and Newsmax, growing Fox
tether. There were about $2.8 News rivals, have widened their
billion tethers in circulation audiences. Last year, Nexstar
when the attorney general’s of- Media Group Inc. launched
fice launched its probe, and NewsNation on the formerly
there are more than $34 billion known WGN-America with the
today. promise of no-bias news cover-
KATHY WILLENS/ASSOCIATED PRESS
Tethers are pegged at $1, age during prime-time hours.
and the company long declared Black News Channel is
that it had cash reserves to largely backed by NFL team
back every tether in circula- Jacksonville Jaguars owner
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public accounting. There have ham FC of the English Premier
been allegations and studies League. Mr. Khan started to in-
for years claiming that the vest in the network, which was
company was printing “un- co-founded by former Oklahoma
backed” tethers and using congressman J.C. Watts, a few
them to manipulate the mar- years ago. He declined to say
ket. how much he has invested in
sire to put this matter behind Tether has therefore Black News Channel, but he said
us and focus on our business.” emerged as one of the most he raised his level of investment
Tether is a stablecoin, a spe- contentious assets in the since Mr. Hair became CEO.
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signed to mimic the value of “Contrary to online specula- revamp will be effective in
the dollar. Tether isn’t an in- tion, there was no finding that March, kicking off with a daily
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or ether but has become a key without backing, or to manipu- Your Day With Sharon and
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JESSICA KOURKOUNIS/REUTERS
The New Jersey city’s home prices rose 35% in January from a year earlier, while gambling revenue fell 17% in 2020. The boardwalk in May.
Atlantic City’s Home Prices
Suggest a Life After Casinos
BY WILL PARKER
The demolition of Atlantic
City’s Trump Plaza Hotel and
Casino last week was a re-
minder that the city’s heyday
as a gambling mecca has long
since passed. But the recent
surge in home prices there
raises the prospect that the
city could reclaim its status as
a desirable seaside getaway.
Atlantic City home prices
rose 30% in the fourth quarter
from a year earlier, making the
New Jersey city one of the
country’s biggest gainers, ac-
cording to the National Asso-
ciation of Realtors. Prices con-
tinued to rise in January,
jumping 35% compared with a
year earlier, according to data
collected by real-estate bro-
kerage Redfin. New Jersey
gambling revenue, meanwhile,
tumbled 17% in 2020.
Atlantic City home-price
gains followed efforts by local
officials and real-estate inves-
tors to transform the town
from a place where gamblers
would try their luck at table
games to a place where more
people wanted to live and
work permanently.
“They want to build up the
Atlantic City economy where
it’s based off of businesses and
activities that are not casino
Marriott
Installs
New CEO
Continued from page B1
Still, he added that he was
hopeful. He noted signs of a
travel recovery in China,
where Marriott has 383 hotels,
and said he sensed a great
deal of pent-up demand in the
U.S. to travel again.
He said predictions that
business travel won’t return to
anywhere near the previous
levels before the pandemic are
overblown. But he added that
Marriott will aim to adapt to
emerging trends, including
serving the so-called bleisure
travelers who look to combine
work trips with vacations.
He said Marriott would
make sure hotels are armed
with sufficient bandwidth for
plenty of video calls and
emailing.
The new CEO said that
Covid-19 has led Marriott to
rethink some practices in ways
that could continue even after
the pandemic is under control.
Mr. Capuano pointed to “inno-
MARRIOTT INTERNATIONAL
New CEO Tony Capuano has been with Marriott for 25 years.
THE PROPERTY REPORT
related,” said Joshua Garay, a
New York real-estate broker.
Locals have pushed to create
more jobs in the cybersecurity
industry and to add more fam-
ily friendly offerings, including
a recently announced plan for
an indoor water park on the
boardwalk.
Mr. Garay is working with
the owners of the former At-
lantic Club Casino Hotel, which
closed in 2014, to renovate its
hotel and potentially to develop
new condominiums. Other in-
Many seek seaside
residences to work
from home during
the pandemic.
vestors have begun building or
have plans for new apartments,
restaurants, hotels and other
family-oriented attractions.
The city’s reimagination
was already under way before
the pandemic accelerated it.
Buyers from the Philadelphia
area in particular are helping
fuel housing demand, brokers
say, as many seek seaside resi-
dences to work from home
during the pandemic.
vations in housekeeping,”
though he declined to say
whether Marriott would look
to reduce the number of staff
if guests continued to prefer
unmade beds to letting outsid-
ers into their rooms. He also
said hotels could rely more on
touchless features in rooms.
Marriott features 30 hotel
brands, some of which it as-
sumed after acquiring Star-
wood Hotels & Resorts World-
wide Inc. Brands include Ritz
Carlton, W Hotels, Edition and
Sheraton. While some in the
lodging industry have sug-
gested that the company has
too many brands and that dis-
tinctions among them can
blur, Mr. Capuano said he was
comfortable with that number.
“Customers say they like
the breadth of choice,” he
said. “The critical thing is to
make sure each brand has a
distinct point of view.”
Marriott didn’t look far be-
yond its top corporate ranks
for Mr. Sorenson’s successor,
which came down to Mr.
Capuano and Ms. Linnartz.
Marriott insiders have long
assumed that one or the other
would emerge as the next
CEO, even before Mr. Sorenson
made his illness public, say
people familiar with the com-
pany’s thinking.
A new development 600
North Beach, a 250-unit rental
apartment building near the
boardwalk, opened in 2019 as
the first large market-rate
rental project built in Atlantic
City in several decades, ac-
cording to Wasseem Boraie,
Boraie Development LLC’s
vice president.
His firm is developing a
second phase on land it ac-
quired next door and is con-
sidering a separate second-
home development, he said.
“We’re looking at it 10 years
out,” Mr. Boraie said. “I just
think that the demand is going
to be there.”
Atlantic City isn’t so much
abandoning gambling as at-
tempting a return to its roots as
a popular oceanside destination.
The initial hotels and
boardwalk were built in the
19th century and tourism
reached a peak in the 1920s,
with a proliferation of night-
clubs and restaurants and salt-
water taffy treats.
After the city went into de-
cline in the second half of the
20th century, it turned to
gambling in the 1970s to bring
back tourists and boost the
economy.
Atlantic City offered the
first legal casinos in the east-
ern part of the country. It be-
Hotel Sellers Finance Lodging Deals
BY KONRAD PUTZIER
The lodging industry is un-
der such stress that some
property sellers are willing to
lend to prospective hotel buy-
ers the way auto dealers fi-
nance vehicle sales: offer
cheap rates and sometimes
with little money down.
Banks and owners want to
get rid of unprofitable hotels
that offer little near-term
prospect for recovery. But un-
loading them at bargain prices
would lead to losses. So some
DRIFTWOOD CAPITAL
are turning to what is known
as seller financing.
With the typical hotel pur-
chase, a property buyer pays
the seller the full purchase
price upfront and finances the
deal in part with mortgages.
But these loans have been
harder to come by with the
lodging business struggling.
Seller financing is the real-
estate equivalent of buying a
car with dealership financing.
A hotel buyer pays only part
of the price upfront, usually
between 25% and 50%. The
rest is treated as a loan from
the seller to the buyer, and in-
terest rates are often far lower
than for traditional mortgages.
For sellers, the practice
avoids painful write-downs in
the present, but it risks merely
delaying a reckoning. By lend-
ing to the new owner, they re-
main tied to the hotel and at
risk of losses if the still-soft
lodging market doesn’t re-
cover soon enough.
Seller financing is an “old
banking trick,” said Mark Edel-
stein, chair of law firm Morri-
son & Foerster’s global real-es-
tate group. When borrowers
can’t pay their mortgage, the
bank could declare a default,
but that would normally require
it to put aside capital to cover
for potential losses. Selling the
came a popular destination, at
least until nearby states built
their own casinos and lured
high rollers away.
More investors have taken a
chance on Atlantic City since
the state took control of the
city’s finances in 2016, Mr. Bo-
raie said. At that time, the city
faced possible bankruptcy fol-
lowing the collapse of the ca-
sino industry after the last fi-
nancial crisis.
New projects like Bourré, a
New Orleans-inspired restau-
rant and concert venue built
on the site of a former strip
club, reflect the city’s re-
formed image. The developer,
Pat Fasano, has plans for ho-
tels, apartments and office
space in the works as well.
Developments such as these
have been further encouraged
by the federal Opportunity
Zones program, which allows
investors to defer taxes on
real-estate investments in the
city and other select areas un-
der guidelines from the U.S.
Treasury Department.
Many property investors
look to the recent revival of
Asbury Park, another once-
rundown town on the Jersey
Shore where developers now
flog $1 million condos. They
believe Atlantic City is ripe for
a similar rebirth.
To buy the Hilton Dallas Southlake Town Square hotel, Driftwood Capital got a loan from the seller.
mortgage at a discount also
would lead to a loss on paper.
Selling the mortgage or
property with seller financing
can avoid both scenarios and
turns a troubled loan into a
new, performing one. “If it
doesn’t work out the second
time, you end up owning it
again,” Mr. Edelstein said.
These loans were common
after the savings-and-loan crisis
of the early 1990s, though even
at these lower rates a number of
borrowers still defaulted. They
made a comeback last year in
the hotel sector, where the pan-
demic temporarily closed thou-
sands of properties and sent
revenue into a tailspin. While
the hotel-mortgage market is
showing signs of recovery and
seller financing is still the ex-
ception, brokers and investors
say it is more common among
properties in distress.
In Midtown Manhattan, an
investor group including
Magna Hospitality Group re-
cently took over a 239-room
hotel across the street from
Pennsylvania Station. Magna
THE WALL STREET JOURNAL.
Bids for Data Firm
Rise Alongside Hot
Housing Market
BY PETER GRANT
CoreLogic Inc., once a
sleepy data firm, is the focus
of a takeover battle as the hot
housing market drives up the
value of home- and mortgage-
data services.
The country’s largest pro-
vider of information on home
values, mortgages and other
housing statistics for financial
firms and real-estate brokers
agreed this month to accept
an all-cash bid of $80 a share,
or about $6 billion. The bid
came from private-equity
firms Stone Point Capital LLC
and Insight Partners.
That bid won out over a
competing all-stock offer at a
nominally higher value from
CoStar Group Inc., one of the
world’s largest providers of
commercial real-estate data
and online marketplaces.
But CoStar wasn’t ready to
give up. Last week, it boosted
its all-stock bid to about $96 a
share at the time, or around
$6.9 billion. That represented a
premium of 17% to CoreLogic’s
share price before CoStar made
its offer.
If CoStar prevails, the Wash-
ington, D.C.-based data com-
pany plans to use CoreLogic to
challenge Zillow Group Inc. for
dominance of the multibillion-
dollar online home-sales mar-
ketplace.
CoStar last year made its
first push into the home-sales
market by buying Homesnap
Inc. for $250 million.
The fight for control of Core-
Logic is a vivid sign of investor
interest in businesses tied to
the housing market, which has
been roaring throughout much
of the pandemic.
U.S. home sales last year
surged to their highest level in
14 years, fueled by record low
interest rates and a pandemic
that sent buyers searching for
more spacious homes to ac-
commodate remote work. That
activity has stoked the reve-
nue of residential brokerages
like Realogy Holdings Corp.
and home builders like Toll
Brothers Inc.
Residential real-estate-data
firms also have been riding
the upswing.
“With housing white-hot,
there’s inevitably going to be
more demand for data: every-
thing from for-sale housing, to
residential development, and
even single-family rental
paid $34 million to buy the ho-
tel’s mortgage from Wells
Fargo & Co. and then took over
the property from its owner.
Wells Fargo agreed to lend the
buyer around two-thirds of the
purchase price, according to
people familiar with the matter,
and Magna committed to cover-
ing operating losses and reno-
vation costs.
But the property owner,
which owns the hotel but not
the land it rests on, is still on
the hook for ground-lease pay-
ments. That scared off poten-
tial buyers, who might have to
cover operating losses for
years. By extending a loan to
the buyer, Wells Fargo was
able to drive up the price, the
people said.
In some cases, banks don’t
issue a new loan but simply
extend the hotel’s old mort-
gage to the new owner. That’s
another way of providing
cheap money because the
price of new hotel mortgages
rose over the past year. Inter-
est rates are between 1 and 2
percentage points higher on
homes,” said Ryan Tomasello,
an analyst at Keefe, Bruyette
& Woods.
CoreLogic enjoyed a banner
year in 2020. The company had
$1.17 billion in revenue the first
nine months of the year, com-
pared with $1.09 billion for the
first three quarters of 2019. Its
database holds billions of hous-
ing-related records that banks
rely on to make mortgages, and
that insurance companies use
to write policies.
Its share price has more
than doubled since the begin-
ning of 2020, thanks to the
housing-market rally and take-
over interest.
Data and technology-driven
services are expected to be-
come even more important to
the home-buying experience in
the years to come, Mr. Toma-
sello said.
“A lot of housing demand is
being driven by millennials
and first-time buyers,” he said.
“They are the ones who are
going to be more demanding
of a tech-enabled home-search
and home-buying experience.”
Interest in acquiring
CoreLogic goes back to at
$1.17B
CoreLogic’s revenue in the first
nine months of 2020
least June, when a pair of pri-
vate-equity firms made the
first bid for Irvine, Ca.-based
CoreLogic.
That bid was valued at $65 a
share, or about $5.2 billion.
That unsolicited bid, combined
with the strong housing market,
attracted the attention of other
investors. Suitors included a
venture of Warburg Pincus LLC
and the private-equity firm
GTCR LLC, according to people
familiar with the matter.
CoreLogic’s chairman, Paul
Folino, said in a written state-
ment when the company chose
Stone Point and Insight that
the bid was in cash “with a
high degree of regulatory cer-
tainty and a closing expected
in the near term.”
But that was before CoStar
increased its bid. The board is
now weighing CoStar’s com-
peting offer and a decision is
expected as early as this week.
average than before the pan-
demic, said Jeffrey Davis, se-
nior managing director at real-
estate-services firm JLL,
although rates have been fall-
ing from their peak last year.
Carlos Rodriguez Sr., chief
executive of Florida investment
firm Driftwood Capital, said
he recently bought a Pittsburgh
hotel and struck a deal with
the property’s lender to keep
the existing mortgage. And in
December, Driftwood paid $64
million for the 248-room Hilton
Dallas Southlake Town Square
hotel but got a loan from the
seller for about 75% of the
price, according to Mr. Rodri-
guez. The deal saves Driftwood
millions in annual interest pay-
ments, he said. Most banks
would only lend up to about
55% of the sales price, he said,
and adding a second loan on
top of the mortgage can get
pricey.
“He got to sell his hotel,”
Mr. Rodriguez said of the pre-
vious owner, “and we needed
to invest less money than we
would typically have to put in.”
THE WALL STREET JOURNAL. Wednesday, February 24, 2021 | B7
B8 | Wednesday, February 24, 2021 THE WALL STREET JOURNAL.

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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
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NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. C3.ai AI 121.12 -5.10 Cleveland-Cliffs CLF 16.83 -0.56 DiscoveryB DISCB 55.12 -3.07 EnphaseEnergy ENPH 170.89 3.03 FirstHorizon FHN 16.71 0.11 Gentex GNTX 35.73 0.05 HowmetAerospace HWM 29.08 0.43
Market listed securities. Prices are composite dd-Indicates loss in the most recent CVS Health CVS 69.64 -0.84 Clorox CLX 187.36 -0.41 DiscoveryA DISCA 52.95 -2.34 Entegris ENTG 103.99 -0.31 s FirstRepBank FRC 172.71 2.91 GenuineParts GPC 104.85 0.28 HuanengPower HNP 13.75 -0.03
quotations that include primary market trades four quarters. CableOne CABO 1996.84 0.86 Cloudflare NET 77.28 -1.10 DiscoveryC DISCK 44.14 -1.86 Entergy ETR 91.16 2.08 FirstSolar FSLR 86.97 0.36 GileadSciences GILD 63.68 -0.43 Huazhu HTHT 57.24 0.14
as well as trades reported by Nasdaq BX FD-First day of trading. CadenceDesign CDNS132.60 -0.56 Coca-Cola KO 50.54 -0.09 s Disney DIS 197.09 5.33 EnterpriseProd EPD 21.79 0.26 FirstEnergy FE 33.53 -0.35 GSK GSK 34.38 -0.06 s Hubbell HUBB 180.25 2.06
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CaesarsEnt CZR 85.77 1.06 Coca-Cola Euro CCEP 52.43 -0.38 DocuSign DOCU 243.60 0.09 Equifax EFX 171.87 1.94 Fiserv FISV 115.60 2.24 GlobalPayments GPN 197.90 1.84 HubSpot HUBS 503.61-24.56
Cboe, NYSE National and Nasdaq ISE. standards CamdenProperty CPT 107.59 2.65 Cognex CGNX 83.16 -1.12 DolbyLab DLB 97.49 3.81 Equinix EQIX 658.82 -5.65 FiveBelow FIVE 190.21 -0.08 Globant GLOB 213.01 -1.63 Humana HUM 378.29 -1.60
The list comprises the 1,000 largest lf-Late filing CampbellSoup CPB 46.33 0.20 CognizantTech CTSH 72.88 -0.37 DollarGeneral DG 195.18 -3.59 Equinor EQNR 18.91 0.52 Five9 FIVN 178.09 11.31 GlobeLife GL 96.17 -0.37 JBHunt JBHT 144.51 -1.04
companies based on market capitalization. q-Temporary exemption from Nasdaq s CIBC CM 92.40 1.15 ColgatePalm CL 77.49 0.22 DollarTree DLTR 102.98 -1.90 Equitable EQH 29.05 -0.30 FiverrIntl FVRR 276.17 -2.02 GoDaddy GDDY 81.66 -0.53 s HuntingtonBcshs HBAN 15.72 0.15
requirements. CanNtlRlwy CNI 108.91 1.53 Comcast A CMCSA 53.34 0.84 DominionEner D 72.04 0.87 EquityLife ELS 62.55 0.94 FleetCorTech FLT 279.85 -3.80 GoldmanSachs GS 319.21 2.34 s HyattHotels H 86.42 2.79
Underlined quotations are those stocks with FLEX 18.20 -0.30 GoodRx
t-NYSE bankruptcy CanNaturalRes CNQ 28.90 0.29 s Comerica CMA 69.59 1.45 Domino's DPZ 366.74 1.58 EquityResdntl EQR 68.52 1.64 Flex GDRX 47.82 -1.82 IAA IAA 61.02 0.06
large changes in volume compared with the
issue’s average trading volume. v-Trading halted on primary market. CanPacRlwy CP 363.50 0.06 s CommerceBcshrs CBSH 75.24 0.99 DoorDash DASH 173.50 -4.57 ErieIndemnity A ERIE 253.16 -0.68 Floor&Decor FND 98.17 -0.01 Graco GGG 69.23 -0.16 IAC/InterActive IAC 244.26 -5.94
vj-In bankruptcy or receivership or Canon CAJ 22.03 -0.17 CiaSiderurgica SID 6.50 ... Dover DOV 121.98 -0.16 EssentialUtil WTRG 44.77 0.03 FomentoEconMex FMX 69.68 0.08 Grainger GWW 379.58 2.24 ICICI Bank IBN 17.26 0.31
Boldfaced quotations highlight those issues being reorganized under the CanopyGrowth CGC 35.31 -1.70 ConagraBrands CAG 34.97 0.49 s Dow DOW 62.12 -0.36 EssexProp ESS 269.17 5.05 FordMotor F 11.62 -0.08 Grifols GRFS 16.09 0.19 IdexxLab IDXX 525.22-11.69
whose price changed by 5% or more if their Bankruptcy Code, or securities s CapitalOne COF 122.54 -0.04 ConocoPhillips COP 52.10 1.22 DrReddy'sLab RDY 61.12 ... EsteeLauder EL 291.90 6.45 Fortinet FTNT168.77 -1.58 GuardantHealth GH 160.15 0.20 IHS Markit INFO 89.46 -1.98
previous closing price was $2 or higher. assumed by such companies. CardinalHealth CAH 51.98 -0.15 ConEd ED 67.67 -0.30 DraftKings DKNG 60.27 -0.10 Etsy ETSY 210.75 -2.37 Fortis FTS 39.56 -0.14 Guidewire GWRE 120.25 -2.83 II-VI IIVI 84.65 -2.82
Carlyle CG 36.23 0.07 ConstBrands B STZ.B222.25 -7.80 Dropbox DBX 23.18 0.68 EverestRe RE 239.98 -1.83 Fortive FTV 67.44 0.35 HCA Healthcare HCA 175.07 0.25 ING Groep ING 10.98 0.16
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CarMax KMX 119.26 -0.12 ConstBrands A STZ 222.38 -0.11 DukeEnergy DUK 89.04 0.69 Evergy EVRG 54.35 1.94 FortBrandsHome FBHS 87.54 0.60 HDFC Bank HDB 79.87 -0.23 Invesco IVZ 22.58 -0.15
changes in the closing prices from 4 p.m. the previous day. Carnival CCL 26.46 0.49 ContextLogic WISH 21.17 -0.84 DukeRealty DRE 41.04 0.37 EversourceEner ES 80.19 1.54 FoxA FOXA 34.12 -0.57 HP HPQ 27.38 0.26 IPG Photonics IPGP 228.78 -0.58
Carnival CUK 22.14 0.25 ContinentalRscs CLR 24.49 1.18 Dun&Bradstreet DNB 23.64 0.10 ExactSciences EXAS 138.71 -3.61 FoxB FOX 32.87 -0.52 HSBC HSBC 29.85 -0.13 IQVIA IQV 191.05 0.91
Net Net
CarrierGlobal CARR 37.10 -0.20 s Cooper COO 391.44 0.77 DuPont DD 68.69 -0.71 Exelon EXC 40.80 0.20 Franco-Nevada FNV 112.20 -4.29 Halliburton HAL 20.94 -0.19 IcahnEnterprises IEP 67.10 -0.49
Tuesday, February 23, 2021
Stock Sym Close Chg Stock Sym Close Chg
Carvana CVNA 280.27 -1.67 Copart CPRT 111.21 -1.32 Dynatrace DT 50.63 0.14 eXpWorld EXPI 63.45 -6.86 FranklinRscs BEN 27.07 -0.27 HartfordFinl HIG 51.87 0.84 Icon ICLR 208.62 0.37
Net Catalent CTLT 112.80 -1.52 23.16 0.44 Expedia EXPE 159.69 -0.92 FreeportMcM FCX 37.85 -0.23 Hasbro HAS 91.38 -0.38 IEX 196.81 -0.49
Corning GLW 37.65 -0.30 ENI E IDEX
Stock Sym Close Chg Aon AON 231.28 2.56 BoozAllen BAH 76.96 -0.31 s Caterpillar CAT 220.18 2.12 s Corteva CTVA 46.43 -0.25 EOG Rscs EOG 67.85 1.75 ExpeditorsIntl EXPD 91.66 -1.53 FreseniusMed FMS 35.15 -0.45 HealthcareAmer HTA 28.44 0.72 IllinoisToolWks ITW 201.53 0.51
ApolloGlbMgmt APO 50.47 -0.53 BorgWarner BWA 44.88 0.24 Celanese CE 136.96 -0.56 s Futu FUTU 167.19 -7.33 HealthpeakProp PEAK 30.72 0.54
CoStar CSGP 866.98 -9.69 EPAM Systems EPAM 371.63 6.74 ExtraSpaceSt EXR 126.50 5.76 Illumina ILMN 464.54 -6.02
A B C Appian APPN 180.99 -7.51 BostonBeer SAM 1042.82 12.92 Cemex CX 6.49 0.16 Costco COST 342.15 -8.06 s EastWestBncp EWBC 71.35 0.70 ExxonMobil XOM 55.05 0.75 Heico A HEI.A 122.92 2.92 ImperialOil IMO 22.66 0.02
Apple AAPL 125.86 -0.14 BostonProps BXP 101.14 4.68 CenovusEnergy CVE 7.32 0.13 CoupaSoftware COUP 339.58 -4.47 EastmanChem EMN 112.36 -1.05 F5Networks FFIV 186.77 -6.02
G H I Heico HEI 132.37 2.78 Incyte INCY 79.02 -0.90
ABB ABB 29.29 -0.49
ApplMaterials AMAT 116.14 0.91 BostonSci BSX 38.75 -0.45 Centene CNC 59.30 1.02 Credicorp BAP 164.08 1.14 Eaton ETN 130.86 0.01 FMC FMC 104.82 -0.18 GDS Holdings GDS 108.66 0.62 HenrySchein HSIC 65.62 -0.35 Infosys INFY 17.38 -0.23
AECOM ACM 57.78 0.76
Aptargroup ATR 128.28 -0.82 BridgeBioPharma BBIO 65.94 0.27 CenterPointEner CNP 20.78 0.11 CreditSuisse CS 14.30 ... EatonVance EV 73.51 0.34 Facebook FB 265.86 5.53 GFLEnvironmental GFL 29.08 -0.36 Hershey HSY 147.98 -0.27 IngersollRand IR 45.58 1.81
AES AES 27.22 0.22
s Aflac Aptiv APTV 151.66 -5.33 BrightHorizons BFAM 169.06 2.93 CentraisElBras EBR 5.84 0.59 Cree CREE 117.92 0.82 eBay EBAY 61.37 -0.19 FactSet FDS 302.79 -1.08 GSXTechedu GSX 97.51 -1.26 s Hess HES 68.26 2.85 Inphi IPHI 164.23 -2.06
AFL 49.26 0.05
Aramark ARMK 38.49 0.36 BristolMyers BMY 60.72 -0.27 CeridianHCM CDAY 92.28 -1.02 CrowdStrike CRWD 218.39 -7.44 Ecolab ECL 211.16 4.62 FairIsaac FICO 458.57 -0.77 Gallagher AJG 123.13 2.23 HewlettPackard HPE 14.47 ... Insulet PODD 260.74 4.23
AGCO AGCO 126.11 -0.39
ArcelorMittal MT 23.53 -0.46 BritishAmTob BTI 37.16 0.49 Cerner CERN 70.07 -0.84 CrownCastle CCI 161.64 -3.68 Ecopetrol EC 12.88 0.43 Farfetch FTCH 66.51 -1.47 Gaming&Leisure GLPI 43.76 0.57 HighwoodsProp HIW 42.07 0.69 Intel INTC 61.12 0.41
AGNC Invt AGNC 16.33 -0.18
ArchCapital ACGL 35.15 -0.01 Broadcom AVGO 471.90 -4.46 CharlesRiverLabs CRL 282.98 -0.61 CrownHoldings CCK 97.85 -2.31 EdisonInt EIX 55.92 0.57 Fastenal FAST 46.80 0.48 Gap GPS 24.65 -0.04 s Hilton HLT 121.95 1.99 InteractiveBrkrs IBKR 72.48 -1.04
Ansys ANSS 375.56 -7.64
s ArcherDaniels ADM 57.02 0.17 BroadridgeFinl BR 143.66 -3.84 CharterComms CHTR 602.77 6.27 Cummins CMI 250.90 1.63 EdwardsLife EW 85.22 1.88 Fastly FSLY 77.91 1.52 Garmin GRMN 126.03 -1.62 Hologic HOLX 75.50 0.93 ICE ICE 111.42 -0.30
ASETech ASX 7.82 -0.12
s Ardagh ARD 24.00 4.25 BrookfieldMgt BAM 43.20 -0.22 CheckPoint CHKP 114.03 -1.91 CureVac CVAC 100.10 -2.85 ElancoAnimal ELAN 30.86 0.28 FateTherap FATE 95.48 -5.48 Gartner IT 182.92 -1.56 HomeDepot HD 267.24 -8.61 InterContinentl IHG 74.05 -0.07
ASML ASML 576.07 -2.43
AresMgmt ARES 50.71 0.41 BrookfieldInfr BIP 52.95 -0.51 Chegg CHGG 99.37 -4.41 Elastic ESTC 153.02 -2.44 FedEx FDX 254.63 -0.04 Generac GNRC 333.04 -3.66 HondaMotor HMC 28.04 0.15 IBM IBM 120.71 -0.15
AT&T T 29.18 -0.14
AbbottLabs ABT 120.80 -1.75 arGEN-X ARGX 345.57 -9.36 BrookfieldPropREIT BPYU 18.32 ... CheniereEnergy LNG 69.49 0.75 D E F ElectronicArts EA 141.17 -1.09 Ferrari RACE 196.81 0.09 GeneralDynamics GD 167.35 0.93 Honeywell HON 205.04 1.42 IntlFlavors IFF 138.92 -1.64
AbbVie ABBV 106.27 -0.79 AristaNetworks ANET287.08 -5.08 BrookfieldRenew BEPC 47.26 1.04 CheniereEnerPtrs CQP 40.82 -0.43 s EmersonElec EMR 86.80 0.63 FidNatlFin FNF 40.79 0.12 GeneralElec GE 12.59 0.09 HorizonTherap HZNP 84.28 0.52 IntlPaper IP 50.17 0.77
ArrowheadPharm ARWR 81.75 -3.25 Brown&Brown BRO 46.93 0.75 Chevron CVX 99.63 1.24 DISH Network DISH 30.95 -1.31 Enbridge ENB 35.62 0.56 FidNatlInfo FIS 136.72 1.19 GeneralMills GIS 56.82 0.65 HormelFoods HRL 47.34 0.06 s Interpublic IPG 26.58 0.09
t AbCelleraBio ABCL 38.83 -1.54
AscendisPharma ASND 152.89 -0.49 Brown-Forman A BF.A 69.56 0.15 Chewy CHWY 109.78 1.10 DTE Energy DTE 125.62 3.47 EnelAmericas ENIA 7.55 0.01 FifthThirdBncp FITB 35.08 0.20 GeneralMotors GM 51.11 -0.87 DR Horton DHI 77.90 0.44 Intuit INTU 399.09 -2.46
Abiomed ABMD 321.69 -1.06
AspenTech AZPN 153.50 0.36 Brown-Forman B BF.B 75.03 0.32 s ChinaEastrnAir CEA 24.21 1.74 DadaNexus DADA 37.98 -1.17 EnergyTransfer ET 7.72 0.25 s FirstCitizBcshA FCNCA 783.71 1.51 Genmab GMAB 36.70 -1.55 HostHotels HST 16.59 -0.10
AcceleronPharma XLRN 137.43 -3.96 Continued on Page B9
AstraZeneca AZN 49.31 -1.26 Bruker BRKR 63.05 0.04 ChinaLifeIns LFC 10.97 0.04 Danaher DHR 223.85 -1.65
Accenture ACN 256.19 3.56
Athene ATH 45.59 -1.05 BuildersFirstSrc BLDR 41.73 0.35 s ChinaPetrol SNP 58.23 1.89 Darden DRI 134.31 -0.69
ActivisionBliz ATVI 96.42 -0.16
Atlassian TEAM 241.46 0.45 Bunge BG 77.41 -0.78 s ChinaSoAirlines ZNH 37.93 4.99 DarlingIngred DAR 66.13 -0.98
Adobe ADBE 467.80 0.47
AdvanceAuto AAP 166.19 -1.51
AdvMicroDevices AMD 84.74 -0.63
AtmosEnergy ATO 89.63 0.22
Autodesk ADSK 290.25 -7.45
BurlingtonStrs BURL 264.91 0.27
s CBRE Group CBRE 77.88 2.63
Chipotle
s Chubb
CMG 1416.24-14.30
CB 168.75 0.19
Datadog
DaVita
DDOG 98.67
DVA 101.28
-1.03
1.30 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Autohome ATHM 125.16 -2.98 CDW CDW 157.18 -2.14 ChunghwaTel CHT 39.46 0.35 DeckersOutdoor DECK 324.35 -3.69
Aegon AEG 4.85 -0.04
Autoliv ALV 90.32 -2.75 CF Industries CF 46.75 -0.12 Church&Dwight CHD 81.03 0.51 s Deere DE 337.41 -0.10
AffirmHldgs AFRM 102.01 -2.82
AgilentTechs A 122.42 -1.08 ADP ADP 172.07 1.25
AutoZone AZO 1185.19 -3.40
CGI GIB 75.57 -0.45
CH Robinson CHRW 89.78 -0.04
s ChurchillDowns CHDN 228.01 1.59
Ciena CIEN 54.22 -0.27
DellTechC DELL 80.56
DeltaAir DAL 48.34
-0.21
0.60
Money Rates February 23, 2021
AgnicoEagle AEM 60.76 -1.54
AirProducts APD 263.33 -2.15 Avalara AVLR 163.62 -2.98 CME Group CME198.75 3.28 Cigna CI 212.67 3.52 DentsplySirona XRAY 53.36 0.42
Airbnb ABNB 187.59 -7.75 Avalonbay AVB 180.74 2.46 CMS Energy CMS 55.69 0.91 CincinnatiFin CINF 98.41 1.43 DeutscheBank DB 12.03 0.04 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
AkamaiTech AKAM 97.64 -0.42 Avangrid AGR 45.23 0.76 CNA Fin CNA 44.20 0.03 Cintas CTAS 336.71 -3.79 DevonEnergy DVN 21.59 0.34 guide to general levels but don’t always represent actual transactions.
Albemarle ALB 154.62 -1.87 Avantor AVTR 28.00 -0.01 CNH Indl CNHI 15.20 -0.03 CiscoSystems CSCO 45.51 0.08 DexCom DXCM 406.78 -5.28
Alcon ALC 71.98 0.42 AveryDennison AVY 175.74 3.43 CNOOC CEO 131.60 2.08 Citigroup C 66.74 1.22 Diageo DEO 166.38 0.87
Week —52-WEEK— Week —52-WEEK—
AlexandriaRlEst ARE 163.63 -2.17 AxonEnterprise AXON 169.14 -0.86 CRH CRH 44.31 0.25 s CitizensFin CFG 44.45 1.21 DiamondbkEner FANG 71.01 2.61 Inflation Latest ago High Low Latest ago High Low
AlexionPharm ALXN 152.93 -1.88 BCE BCE 43.65 0.07 CRISPR Therap CRSP 135.30 -3.26 CitrixSystems CTXS 136.81 1.71 DigitalRealty DLR 137.30 -0.30
s BHP Group BHP 78.65 1.10 CSX CSX 91.69 -0.89 Clarivate CLVT 29.10 -0.23 DiscoverFinSvcs DFS 95.30 -0.09
Jan. Index Chg From (%)
Alibaba BABA 252.75 -1.25
level Dec. '20 Jan. '20 Low 0.0200 0.0200 1.5500 0.0100 Commercial paper (AA financial)
AlignTech ALGN 567.81-11.73 BHP Group BBL 64.96 0.49
Alleghany Y 626.10 6.10 BP BP 24.23 0.60 Bid 0.0700 0.0700 1.5700 0.0100 90 days 0.11 n.a. 2.53 0.04
Allegion ALLE 108.79 -0.20 Baidu BIDU 322.61-13.18 U.S. consumer price index Offer 0.1000 0.1000 1.6000 0.0500
AlliantEnergy LNT 48.23 1.10
Allstate ALL 108.01 2.70
BakerHughes BKR 23.91 -0.22
Ball BLL 86.51 -1.56 Dividend Changes All items 261.582 0.43 1.4
Treasury bill auction
Libor
AllyFinancial ALLY 42.29 -0.34 BallardPower BLDP 29.75 -0.55 Core 269.755 0.20 1.4 One month 0.11763 0.10825 1.61263 0.10575
AlnylamPharm ALNY 153.21 5.14 s BancoBilbaoViz BBVA 5.57 0.16 Dividend announcements from February 23. 4 weeks 0.025 0.030 1.575 0.000 Three month 0.18750 0.18863 1.63763 0.17525
Alphabet A GOOGL 2060.12 5.86 BancoBradesco BBDO 3.90 -0.10 International rates 13 weeks 0.030 0.040 1.505 0.000 Six month 0.20375 0.20263 1.62863 0.19500
Alphabet C GOOG 2070.86 5.98 BancodeChile BCH 22.43 -0.10 Amount Payable /
BancSanBrasil BSBR 7.42 0.31 Company Symbol Yld % New/Old Frq Record 26 weeks 0.045 0.060 1.440 0.045 One year 0.28463 0.30263 1.64575 0.28463
AlticeUSA ATUS 33.52 0.35
BcoSantChile BSAC 23.17 0.10 Week 52-Week
s Altria MO 44.29 -0.13
BancoSantander SAN 3.60 0.07 Increased Latest ago High Low Euro Libor
AlumofChina ACH 12.56 -0.34
BanColombia CIB 35.79 0.48 Allstate ALL 2.0 .81 /.54 Q Apr01 /Mar04
Secondary market
Amazon.com AMZN 3194.50 13.76 One month -0.576 -0.576 -0.360 -0.621
Ambev ABEV 2.76 0.06 s BankofAmerica BAC 35.52 0.37 Chicago Rivet & Machine CVR 1.5 .22 /.10 Q Mar19 /Mar05 Prime rates Fannie Mae
Amcor AMCR 11.37 0.07 s BankofMontreal BMO 83.38 2.66 Home Depot 2.2 1.65 /1.50 Mar25 /Mar11 U.S. Three month -0.550 -0.547 -0.142 -0.574
BankNY Mellon BK 43.83 0.10
HD Q 3.25 3.25 4.75 3.25 30-year mortgage yields
Amdocs DOX 77.48 0.33 Mueller Industries MLI 1.3 .13 /.10 Q Apr02 /Mar19 Canada Six month -0.527 -0.535 -0.052 -0.543
Amedisys AMED 280.27 -4.33 s BkNovaScotia BNS 58.88 1.70 2.45 2.45 3.95 2.45 30 days 2.309 2.103 3.017 1.751 One year -0.491 -0.495 0.008 -0.511
s Amerco UHAL 555.15 11.41 s Barclays BCS 8.97 0.40 Japan 1.475 1.475 1.475 1.475
Initial 60 days 2.341 2.139 3.081 1.804
Ameren AEE 71.86 0.86 BarrickGold GOLD 20.16 -0.37
AmericaMovil AMX 13.13 0.05 BauschHealth BHC 31.57 -0.06 Matador Resources MTDR 0.5 .025 Mar31 /Mar24 Secured Overnight Financing Rate
Policy Rates
AmericaMovil A AMOV 13.17 -0.32 BaxterIntl BAX 78.14 -0.73 0.03 0.05 1.64 0.01
AmerAirlines AAL 20.66 0.22 BectonDicknsn BDX 247.70 1.68
Foreign Euro zone 0.00 0.00 0.00 0.00 Other short-term rates
AEP AEP 78.09 1.32 BeiGene BGNE 332.47 3.11 AngloGold Ashanti ADR AU 0.4 .48051 A Apr05 /Mar12 Switzerland 0.00 0.00 0.50 0.00 Value 52-Week
s AmerExpress AXP 136.94 0.99 BentleySystems BSY 48.03 1.99 Betterware de Mexico BWMX 3.0 .4313 Q Mar04 /Feb25 Week 52-Week Latest Traded High Low
s AmericanFin AFG 111.43 0.99 Berkley WRB 69.13 0.94 Britain 0.10 0.10 0.75 0.10 Latest ago high low
GasLog GLOG 3.4 .05 Q Mar11 /Mar04
AmHomes4Rent AMH 31.65 0.59 BerkHathwy A BRK.A3710551804.98 GasLog Ptrs Pfd. A GLOPpA 10.2 .53906 Q Mar15 /Mar08 Australia 0.10 0.10 0.75 0.10 DTCC GCF Repo Index
AIG AIG 44.37 0.27 BerkHathwy B BRK.B 245.53 0.56
GasLog Ptrs Pfd. B GLOPpB 10.1 .5125 Q Mar15 /Mar08
Call money Treasury 0.023 64.300 1.720 0.002
AmerTowerREIT AMT 223.17 -1.90 BestBuy BBY 115.50 -1.23 Overnight repurchase 2.00 2.00 3.50 2.00
AmerWaterWorks AWK 153.15 1.34 BeyondMeat BYND 149.42 -1.44 GasLog Ptrs Pfd. C GLOPpC 10.3 .53125 Q Mar15 /Mar08 MBS 0.077 28.500 1.703 0.011
AmericoldRealty COLD 37.45 0.20 Bilibili BILI 129.26 0.15 Mercer International MERC 1.9 .065 Q Apr07 /Mar31 U.S. 0.01 0.08 1.65 -0.07
s Ameriprise AMP 226.50 0.62 Bill.com BILL 171.95 -1.06 Novo Nordisk ADR NVO 1.3 .94936 SA Apr07 /Mar29 Notes on data:
AmerisourceBrgn ABC 106.47 0.35 Bio-Techne TECH 376.86 -0.14 RELX ADR RELX 2.3 .46927 SA Jun08 /Apr30 U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Ametek AME 119.94 -0.20 Bio-RadLab A BIO 594.48 -9.06
Sibanye-Stillwater ADR SBSW 4.2 .8659 SA Apr02 /Mar19 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary
Amgen AMGN 232.46 0.99 Biogen BIIB 279.08 -5.55 Discount
Amphenol APH 127.39 -2.60 BioMarinPharm BMRN 82.15 1.09 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is
Special 0.25 0.25 2.25 0.25 as of February 22, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted
AnalogDevices ADI 157.70 -1.54 BioNTech BNTX 111.97 -2.63
Anaplan PLAN 77.54 -2.57 BlackKnight BKI 77.24 -1.00 Hercules Capital HTGC 8.2 .05 Mar15 /Mar08 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
AngloGoldAsh AU 20.96 -0.20 BlackRock BLK 703.16 0.02 National Presto Inds NPK 0.9 5.25 Mar12 /Mar01 Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
AB InBev BUD 65.02 0.67 Blackstone BX 69.30 -0.22 Effective rate 0.0700 0.0800 1.6000 0.0600
AnnalyCap NLY 8.34 -0.02 Boeing BA 212.12 -0.76 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Anthem ANTM 304.58 8.89 BookingHldgs BKNG 2359.37 9.35 ratio; SO: spin-off. High 0.0800 0.0900 1.6500 0.0800 Tullett Prebon Information, Ltd.

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THE WALL STREET JOURNAL. Wednesday, February 24, 2021 | B9

BIGGEST 1,000 STOCKS

Continued From Page B8 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 LennoxIntl LII 288.35
-1.30 Mastercard MA 350.42 9.76 NewOrientalEduc EDU 182.56 -1.90 PTC PTC 140.13 -2.82
RH RH 502.87 2.35 SempraEnergy SRE 123.56 0.90 TE Connectivity TEL 129.04 -0.89 US Foods USFD 37.28 -0.29 WalgreensBoots WBA 48.41 -0.45
IntuitiveSurgical ISRG 744.71 3.31 LeviStrauss LEVI 23.07
-0.50 MatchGroup MTCH 161.33 4.62 NYTimes A NYT 52.57 0.83 Paccar PCAR 93.33 t RLX Tech RLX 20.12 0.28
-1.35 SensataTechs ST 58.59 -0.44 Telus TU 20.48 -0.03 t UWM UWMC 8.04 0.03 Walmart WMT 135.47 -2.22
Invitae NVTA 42.72 -2.09 LiAuto LI 26.99
-0.85 MaximIntProducts MXIM 94.19 -1.13 NewellBrands NWL 24.06 -0.08 PackagingCpAm PKG 133.54 -0.78
RPM RPM 81.56 -0.99 ServiceCorp SCI 49.82 -0.27 s TJX TJX 70.23 0.68 Uber UBER 56.00 0.69 WarnerMusic WMG 35.54 -0.81
InvitatHomes INVH 29.85 0.35 LibertyBroadbandC LBRDK 147.04
-0.07 McAfee MCFE 19.45 -0.02 Newmont NEM 56.84 -0.65 PagSeguroDig PAGS 58.05 -0.30
RalphLauren RL 117.13 -0.25 ServiceNow NOW 551.75 1.49 T-MobileUS TMUS 119.22 1.31 Ubiquiti UI 327.74 -8.03 WasteConnections WCN 97.54 -1.17
iQIYI IQ 24.75 0.87 LibertyBroadbandA LBRDA 143.38
-0.14 McCormick MKC 84.37 0.41 NewsCorp A NWSA 23.43 0.07 PalantirTech PLTR 26.75 s RaymondJames RJF 118.93 -0.58
-1.25 ShawComm B SJR 17.62 -0.02 TRowePrice TROW 161.60 -0.37 UltaBeauty ULTA 328.06 0.15 WasteMgt WM 109.92 -0.64
IronMountain IRM 32.10 0.29 LibertyGlobal A LBTYA 25.28
-0.35 McCormickVtg MKC.V 83.59 ... NewsCorp B NWS 23.08 -0.03 PaloAltoNtwks PANW377.86 -6.49
RaytheonTech RTX 73.99 0.99 TaiwanSemi TSM 129.10 -4.47
SherwinWilliams SHW 696.59-12.04 UltragenyxPharm RARE 140.22 -4.47 Waters WAT 278.88 -0.93
ItauUnibanco ITUB 5.00 0.35 LibertyGlobal C LBTYK 25.15
-0.34 McDonalds MCD 211.32 -0.74 NextEraEnergy NEE 74.71 -0.39 ParkerHannifin PH 286.01 3.70
RealPage RP 86.91 -0.08 ShinhanFin SHG 29.69 0.42 TakeTwoSoftware TTWO 185.95 -3.90 UnderArmour A UAA 21.81 -0.35 Watsco WSO 246.25 2.03
s LibertyFormOne C FWONK 46.32
-0.03 McKesson MCK 180.58 2.59 NielsenHoldings NLSN 23.48 -0.12 Paychex PAYX 90.88 0.49
RealtyIncome O 62.38 0.28 Shopify TakedaPharm TAK 17.15 -0.20
SHOP 1300.24-81.06 UnderArmour C UA 18.30 -0.24 Wayfair W 262.90 -4.06
J K L LibertyFormOne A FWONA 41.03
-0.01 MedicalProp MPW 22.28 0.23 Nike NKE 136.13 -0.54 PaycomSoftware PAYC 377.36 -3.38
Redfin RDFN 90.70 -3.71 Tapestry
Sibanye-Stillwater SBSW 18.74 -0.67 TPR 40.64 -0.31 Unilever UL 55.42 1.11 Weibo WB 59.11 0.81
LibertyBraves A BATRA 29.80
-0.05 Medtronic MDT 118.00 2.25 NiSource NI 22.61 0.23 Paylocity PCTY 193.33 -2.63
RegencyCtrs REG 55.22 1.41 SignatureBank SBNY 213.47 -3.68Target TGT 186.36 -2.63 UnionPacific UNP 206.96 0.13 WellsFargo WFC 37.14 -0.12
JD.com JD 99.47 1.81 s LibertyBraves C BATRK 29.39
0.12 MelcoResorts MLCO 20.44 1.34 Nokia NOK 3.95 -0.01 PayPal PYPL265.00 -8.85
RegenPharm REGN 468.03 7.45 SimonProperty SPG 115.12 2.35 TataMotors TTM 21.93 0.97 UnitedAirlines UAL 50.61 0.91 Welltower WELL 70.60 0.71
Joyy YY 123.09 0.32 -0.05 MercadoLibre MELI 1775.79-13.03 NomuraHoldings NMR 6.08
LibertySirius C LSXMK 44.12 ... Pegasystems PEGA 140.98 s RegionsFin RF 21.26 0.55
-5.57 SiriusXM TeckRscsB TECK 23.04 -0.21
SIRI 5.95 -0.07 UnitedMicro UMC 9.81 -0.10 WestFraserTimber WFG 66.74 -1.99
s JPMorganChase JPM 150.61 1.20 LibertySirius A LSXMA 44.90
-0.08 Merck MRK 74.54 -0.39 Nordson NDSN187.82 3.44 Peloton PTON 126.89 1.14 RGA 124.80 0.48 Skyworks SWKS 183.75 -0.18 TeladocHealth TDOC 256.00-12.76 UPS B UPS 160.81 -0.79
ReinsGrp WestPharmSvcs WST 274.29 1.64
JackHenry JKHY 149.31 -3.55 -5.74 s MetLife
LightspeedPos LSPD 75.11 MET 57.43 -0.01 s NorfolkSouthern NSC 257.89 -2.35 PembinaPipeline PBA 27.73 0.19
s RelianceSteel RS 135.54 0.17 SlackTech WORK 42.42 -0.44 TeledyneTech TDY 380.91-17.20 s UnitedRentals URI 306.36 7.87 s WestAllianceBcp WAL 93.56 1.38
JacobsEngg J 116.23 0.48 EliLilly 1.80 MettlerToledo MTD 1110.46-17.43 NorthernTrust NTRS 97.55
LLY 202.48 -0.08 PennNational PENN 119.39 1.57 Smartsheet SMAR 74.30 -4.21 Teleflex TFX 395.15 8.61 US Bancorp USB 51.61 0.67
RenaissanceRe RNR 162.30 3.36 WesternDigital WDC 67.15 -0.71
JamesHardie JHX 31.01 0.59 -0.14 MicrochipTech MCHP 154.93 -0.26 NorthropGrum NOC 298.68
LincolnNational LNC 56.92 0.74 Pentair PNR 55.69 -0.09 RGEN 206.51 -4.26 s SmithAO Ericsson
AOS 61.76 -0.09 ERIC 12.61 -0.10 UnitedHealth UNH 329.51 1.87 WesternUnion WU 23.33
Repligen -0.57
JazzPharma JAZZ 157.47 -4.21 Linde 7.57 MicronTech MU 88.23 1.95 NortonLifeLock NLOK 19.83
LIN 258.64 -0.68 Penumbra PEN 280.61 0.58 Smith&Nephew SNN 40.58 0.54 TelefonicaBras VIV 8.40 0.02 UnitySoftware U 110.61 -4.85
RepublicSvcs RSG 88.96 -0.04 WestlakeChem WLK 87.20 -0.25
J&J JNJ 160.44 -1.43 PEP 132.78 0.79 Telefonica TEF 4.47 -0.03 UnivDisplay OLED209.63 1.20
LithiaMotors LAD 370.49
-0.25 Microsoft MSFT 233.27 -1.24 NorwegCruise NCLH 28.62 0.06 PepsiCo ResMed RMD 200.09 0.07 Smucker SJM 114.38 0.11 s WestpacBanking WBK 19.02 0.32
JohnsonControls JCI 55.98 -0.34 LiveNationEnt LYV 90.33
1.48 MicroStrategy MSTR 691.23-184.77 Novartis NVS 86.50 -1.41 PerkinElmer PKI 131.02 1.30 s Snap TelekmIndonesia TLK 24.43 1.98
SNAP 70.45 7.04 UniversalHealthB UHS 133.79 2.01
RestaurantBrands QSR 59.86 -0.92 WestRock WRK 45.10 1.26
s JonesLang JLL 172.06 5.50 LloydsBanking LYG 2.19
0.07 MidAmApt MAA 142.30 3.61 Novavax NVAX 243.23 -1.86 PetroChina PTR 37.47 0.81 s SnapOn 10xGenomics TXG 176.09 -2.61
SNA 197.37 3.21 VEREIT VER 38.33 1.18
RingCentral RNG 390.71 -8.17 Weyerhaeuser WY 35.03 -0.45
KB Fin KB 39.18 0.26 LockheedMartin LMT 346.23
5.76 MiratiTherap MRTX 200.94 0.67 NovoNordisk NVO 71.68 -1.07 PetroleoBrasil PBR 8.47 0.53 Snowflake SNOW 269.08 -0.57 Tenaris TS 18.17 -0.18 VF VFC 79.72 -1.09
RioTinto RIO 90.51 0.14 WheatonPrecMet WPM 39.64 -0.13
KE Holdings BEKE 70.56 -6.13 Loews L 50.45
1.03 s MitsubishiUFJ MUFG 5.45 -0.02 Novocure NVCR 172.95 -8.09 PetroleoBrasilA PBR.A 8.81 0.99 SOQUIMICH SQM 56.74 -1.27 TencentMusic TME 25.67 0.80 VICI Prop VICI 28.30 -0.11
s RobertHalf RHI 82.79 1.74 Whirlpool WHR 192.81 0.12
KKR KKR 45.12 -0.23 -2.44 MizuhoFin MFG 3.07 -0.03 NuanceComms NUAN 44.92
LogitechIntl LOGI110.58 -0.28 Pfizer PFE 33.91 -0.35 SolarEdgeTech SEDG 295.58 6.88 Teradyne TER 129.78 -2.61 VailResorts MTN 303.51 -4.43
RocketCos. RKT 20.00 -0.41 s Williams WMB 23.84 0.93
KLA KLAC 318.78 2.62 Lowe's -3.82 MobileTeleSys MBT 8.49 -0.02 s Nucor
LOW 168.59 NUE 60.86 0.99 PhilipMorris PM 86.44 -0.06 Sony Tesla
SNE 112.43 -0.85 TSLA 698.84-15.66 Vale VALE 17.90 0.37
Rockwell ROK 245.41 1.46 Williams-Sonoma WSM 128.60 1.03
KSCitySouthern KSU 212.62 -1.08 LufaxHolding LU 15.96
0.61 Moderna NTR 56.00 -0.50 Phillips66 PSX 85.53 1.57 TevaPharm TEVA 10.61 -0.23 ValeroEnergy VLO 75.81 1.56
Kellogg K 59.28 0.02 MRNA 150.17 -9.20 Nutrien RogersComm B RCI 43.84 0.21 Southern SO 58.92 -0.37 WillisTowers WLTW 226.08 1.18
lululemon LULU 322.85
1.36 MohawkInds MHK 177.93 4.23 NVIDIA NVDA 565.68 -8.55 Pinduoduo PDD 187.91 -0.33 SoCopper SCCO 79.27 -2.26 TexasInstruments TXN 172.85 -0.24 VarianMed VAR 175.73 -0.30
KeurigDrPepper KDP 31.79 0.11 Roku ROKU 415.87-21.41 Wipro WIT 6.30 -0.14
LumenTech LUMN 12.190.21 MolinaHealthcare MOH 225.14 0.79 PinnacleWest PNW 75.50 0.91 s SouthwestAir LUV 56.72 1.93 TexasPacLand TPL 1114.08 14.07 Vedanta VEDL 11.61 0.14
Rollins ROL 35.39 0.31 Wix.com WIX 339.11 3.28
s KeyCorp KEY 20.75 0.26 Lyft LYFT 57.72
0.90 MolsonCoorsB TAP 46.98 1.86 O P Q Pinterest PINS 84.56 3.57
RoperTech ROP 387.84 3.92 Splunk s Textron
SPLK 153.80 -7.02 TXT 52.20 1.59 VeevaSystems VEEV 291.00 -2.11 Workday WDAY 261.73 -8.22
KeysightTechs KEYS 139.57 1.94 LyondellBasell LYB 103.00
0.08 Mondelez MDLZ 54.80 0.48 s PioneerNatRscs PXD 145.24 5.77 Spotify ThermoFisherSci TMO 458.81 -4.47
SPOT336.31-13.60 Ventas VTR 54.62 0.44
KimberlyClark KMB 131.99 0.93 ONEOK OKE 45.62 -0.48 RossStores ROST 120.26 -1.24 s ThomsonReuters TRI 88.85 8.49 s WynnResorts WYNN 136.48 9.73
MongoDB MDB 380.69-11.87 OReillyAuto ORLY 453.97 PlainsAllAmPipe PAA 8.52 0.05
s RoyalBkCanada RY 88.89 0.98 Square SQ 256.59-11.49 VeriSign VRSN 192.06 -1.17 XP XP 46.65 0.59
-2.70
KinderMorgan KMI 15.29 0.12
KingsoftCloud KC 61.31 0.57
M N MonolithicPower MPWR 371.66 -1.00 OakStreetHealth OSH 57.17 -1.70
Playtika PLTK 31.50 0.49
RoyalCaribbean RCL 90.05 3.82
3M
StanleyBlackDck SWK 172.92 -0.59 MMM 176.17 0.05 VeriskAnalytics VRSK185.36 -0.88 XPO Logistics XPO 115.48 -1.07
PlugPower PLUG 46.58 -2.02 Starbucks SBUX 101.37 -0.44 Toro TTC 101.34 1.34 Verizon VZ 57.03 0.58
KinrossGold KGC 6.72 -0.21 M&T Bank MTB 159.38 4.11 MonsterBev MNST 88.32 -0.85 OccidentalPetrol OXY 26.06 -0.41 RoyalDutchA RDS.A 41.07 0.65 s TorontoDomBk TD 62.00 1.05 XcelEnergy XEL 61.93 1.51
MCO 276.04 -0.99 Okta Pool POOL 318.25 3.82
RoyalDutchB RDS.B 39.03 0.55 StateStreet STT 74.06 0.52 VertxPharm VRTX 216.44 1.48 Xilinx XLNX 130.35 -0.94
KirklandLakeGold KL 35.60 -1.25 MGMGrowthProp MGP 33.22 0.71 Moody's OKTA 270.58 -3.89
PrincipalFin PFG 58.68 -0.90 s SteelDynamics STLD 42.83 0.79s Total TOT 47.14 1.59 ViacomCBS A VIACA 64.41 -1.59
Kohl's KSS 55.75 -0.22 s MGM Resorts MGM 39.59 2.07 MorganStanley MS 77.50 0.10 OldDomFreight ODFL 211.62 -0.14 RoyaltyPharma RPRX 46.92 -1.10 ToyotaMotor TM 152.73 0.29 XPeng XPEV 37.91 -0.09
Procter&Gamble PG 127.52 0.94 RYAAY 110.32 -1.43 Stellantis STLA 16.19 0.26 ViacomCBS B VIAC 64.37 -1.77
XYL 98.85 -0.63
KoninklijkePhil PHG 56.66 0.23 MinisoGroup MNSO 29.71 -0.66 Morningstar MORN 229.03 -4.08 OmegaHealthcare OHI 37.63 -0.37
Progressive PGR 89.75
Ryanair
1.96 TractorSupply TSCO 165.20 0.26 Viatris VTRS 15.22 -0.28
Xylem
MOS 29.53 -0.17 Omnicom OMC 70.70 SAP SAP 124.86 -0.87 Steris STE 173.27 -1.95 Yandex YNDX 67.28 1.36
KoreaElcPwr KEP 10.72 -0.07 MKS Instrum MKSI 168.20 1.50 Mosaic 0.12
Prologis PLD 104.55 -0.17 TradeDesk TTD 791.09-54.13 Vipshop VIPS 36.42 -0.06
S&P Global SPGI 325.18 -7.34 STMicroelec STM 40.08 -0.54 YatsenHolding YSG 19.24 -0.93
KraftHeinz KHC 37.12 -0.11 MPLX MPLX 24.66 0.15 MotorolaSol MSI 178.55 -2.00 ON Semi ON 40.28 -0.16
PrudentialFin PRU 85.37 -0.74 Tradeweb TW 69.61 -0.19 VirBiotech VIR 63.85 -4.92
NICE233.20 -7.33 OpenText OTEX 45.10 SBA Comm SBAC248.79-10.91 StoneCo STNE 88.19 0.63 YumBrands YUM 104.65 -0.36
Kroger KR 33.03 -0.56 MSCI MSCI 415.15 1.55 NICE -0.50
Prudential PUK 40.01 0.14 TraneTech TT 153.20 0.31
NIO NIO 49.11 -1.57 SEI Investments SEIC 57.65 -0.03 Stryker SYK 246.56 3.41 VirginGalactic SPCE 44.16 -2.97 YumChina YUMC 60.12 -1.38
L Brands LB 51.08 0.33 MagellanMid MMP 43.09 0.51 OpendoorTech OPEN 28.04 -1.59
PublicServiceEnt PEG 57.77 0.68 TransDigm TDG 604.30 14.17
SK Telecom SKM 24.80 0.10 SumitomoMits SMFG 7.19 ... Visa V 212.11 3.79 ZTO Express ZTO 35.36 -0.63
LKQ LKQ 38.54 -0.45 MagnaIntl MGA 85.83 -0.92 NRG Energy NRG 38.28 1.38 Oracle ORCL 64.50 0.05 s PublicStorage PSA 242.34 4.58 TransUnion TRU 87.18 0.68 s Vistra
SS&C Tech SSNC 67.46 0.50 SunComms SUI 154.34 2.67 VST 23.38 0.33
ZLAB 161.68 -5.11
s LPL Financial LPLA 135.41 0.98 ManhattanAssoc MANH 124.12 -3.20 NVR NVR 4699.58 43.55 Orange ORAN 11.97 0.13 Travelers TRV 149.33 1.46 ZaiLab
PulteGroup PHM 45.92 0.48 SunLifeFinancial SLF 49.74 -0.42 VMware VMW 144.18 0.31 s ZebraTech ZBRA498.02
L3HarrisTech LHX 187.83 -0.49 ManulifeFin MFC 19.42 -0.11 NXP Semi NXPI181.08 -4.53 Orix IX 84.67 -0.09 StoreCapital STOR 34.15 0.94 Trex TREX 91.16 -9.03 9.71
Qiagen QGEN 53.44 -1.35 SuncorEnergy SU 20.93 0.41 Vodafone VOD 18.52 0.12
LabCpAm LH 247.15 3.29 MarathonPetrol MPC 55.77 0.92 Nasdaq NDAQ 140.34 -1.28 OtisWorldwide OTIS 63.23 ... SVB Fin SIVB 522.86-13.87 Trimble TRMB 73.63 1.11 Zendesk ZEN 149.56 -2.98
Qorvo QRVO 172.22 -0.06 SunRun RUN 60.33 -3.06 VornadoRealty VNO 42.85 2.17
LamResearch LRCX 562.65 -5.15 MaravaiLifeSci MRVI 32.81 -0.95 Natera NTRA 111.09 0.08 OwensCorning OC 82.69 0.31 Salesforce.com CRM 235.64 -5.31 s Trip.com TCOM 40.91 0.91 Zillow C Z 168.87 -0.75
Qualcomm QCOM 137.12 -2.34 Suzano SUZ 14.13 -0.05 VulcanMatls VMC 165.99 4.00
LamarAdv LAMR 88.10 0.54 Markel MKL 1109.04 23.95 NationalGrid NGG 59.07 0.75 OzonHoldings OZON 62.30 -4.09 Sanofi SNY 46.41 0.05 s TruistFinl TFC 58.73 -0.34 Zillow A ZG 175.08 1.35
t QualtricsIntl XM 43.24 -2.36 SynchronyFin SYF 38.48 -0.34
LambWeston LW 83.07 2.32 MarketAxess MKTX 549.14 8.07 Natura&Co NTCO 18.10 -0.60 PG&E PCG 11.23 -0.18 Sasol SSL 13.43 -0.22 ZimmerBiomet ZBH 161.87 1.53
s LasVegasSands LVS 64.38 2.64 s Marriott MAR149.55 6.99 s NatWest NWG 5.21 0.13 s PNC Fin PNC 173.22 2.70
QuantaServices PWR 78.21 0.30
Schlumberger SLB 27.74 0.20
Synopsys Twilio
SNPS253.21 -1.48
Twitter
TWLO410.59 1.38
TWTR 73.17 2.68
W X Y Z s ZionsBancorp ZION 54.17 0.81
QuantumScape QS 55.46 -9.30 s Sysco SYY 79.13 0.47
Lear LEA 169.79 0.03 Marsh&McLen MMC 118.33 -0.06 NetApp NTAP 69.33 -1.74 POSCO PKX 62.10 1.22 SchwabC SCHW 62.67 -0.28 TylerTech TYL 462.12 2.50 WEC Energy WEC 84.02 1.98 Zoetis ZTS 159.52 -0.64
QuestDiag DGX 117.49 1.28
Leidos LDOS 93.51-10.29 MartinMarietta MLM 335.81 7.71 NetEase NTES 120.25 2.79 PPD PPD 36.33 -0.25 ScottsMiracleGro SMG 221.56 -3.48 T U V TysonFoods TSN 68.19 -0.17 s WEX WEX 229.92 3.10 ZoomVideo ZM 388.16 -6.18
Lemonade LMND 129.28 -7.97 MarvellTech MRVL 48.84 -0.85 Netflix NFLX 546.15 12.37 PPG Ind PPG 134.97 0.52 R S Sea SE 251.81 -1.15 UBS Group UBS 15.61 -0.12 W.P.Carey WPC 70.45 1.62 ZoomInfoTech ZI 53.43 2.11
Lennar A LEN 85.60 0.62 Masco MAS 53.73 -0.63 Neurocrine NBIX 108.59 -2.45 PPL PPL 27.48 ... Seagate STX 72.21 -1.27 TAL Education TAL 83.66 -1.17 UDR UDR 43.48 1.04 s WPP WPP 61.13 0.95 Zscaler ZS 206.51 -6.94
Lennar B LEN.B 68.88 -0.07 Masimo MASI 248.22 -1.80 NewFortressEner NFE 48.62 -0.53 PRA HealthSci PRAH 127.73 0.43 RELX RELX 24.52 0.12 Seagen SGEN 157.03 -0.55 TC Energy TRP 44.48 -0.58 UGI UGI 39.61 -0.63 Wabtec WAB 74.54 0.41 Zynga ZNGA 11.40 -0.29

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
HanmiFinancial HAFC 17.69 2.0 NatlPrestoInds NPK 109.32 2.3 SignetJewelers SIG 49.46 0.6 Travel+Leisure TNL 58.45 4.8 WintrustFin WTFC 73.37 1.9 CentricusAcqn CENHU 10.35 -1.0 NovusCapII NXU.U 10.70 -0.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE HarborOneBncp HONE 12.29 0.7 NatlStorage NSA 40.18 4.8 SimmonsFirstNat SFNC 29.64 1.6 Travelzoo TZOO 15.51 -2.0 WolverineWwide WWW 36.23 0.4 ChurchillCapV A CCV 10.53 -0.9 ON24 ONTF 46.37 -9.1
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Harsco HSC 22.01 5.9 NatWest NWG 5.26 2.6 SkylineChamp SKY 45.10 0.5 TriCoBancshares TCBK 44.39 0.6 WorldFuelSvcs INT 36.76 -2.5 ClassAccel CLAS.U 10.40 -1.0 OrientalCulture OCG 4.00 -14.4
in the latest session. % CHG-Daily percentage change from the previous trading session. Heidrick&Strug HSII 38.36 0.8 NY CmntyBcp NYCB 12.54 3.6 SkyWest SKYW 60.60 6.9 TriMas TRS 36.09 1.2 WorthingtonInds WOR 67.97 0.6 CloopenGroup RAAS 21.21 -15.1 PathfinderAcqn PFDRU 10.40 -0.4
HeliosTechnologies HLIO 65.90 1.6 NewtekBusSvcs NEWT 22.77 2.9 Slam SLAMU 10.64 5.1 Trip.com TCOM 41.85 2.3 WyndhamHtls WH 65.84 0.8 CloverHealth CLOV 9.68 -8.6 PetcoHealth WOOF 20.73 -2.1
HercHoldings HRI 84.77 4.1 NexstarMedia NXST 141.90 9.2 SmartFinancial SMBK 21.89 0.3 TriStateCapital TSC 24.84 0.4 WynnResorts WYNN 138.26 7.7 Datto MSP 22.69 0.7 Pharming PHAR 12.68 -4.3
Tuesday, February 23, 2021
Hess HES 68.27 4.4 NicoletBankshares NCBS 76.14 1.5 SmithAO AOS 62.10 -0.1 TritonIntl TRTN 59.19 1.9 XeniaHotels XHR 19.59 3.0 DecarbonizationII DCRNU 10.62 -2.5 PivotalInvIII PICC.U 10.45 -1.0
52-Wk % 52-Wk % 52-Wk % Hilton HLT 122.31 1.7 NorfolkSouthern NSC 262.17 -0.9 Smith-Midland SMID 11.74 1.6 TrueBlue TBI 22.24 1.1 Xperi XPER 22.13 1.4 DimeComPfdA DCOMP 24.90 -0.2 Poshmark POSH 57.73 -7.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg HoeghLNG Ptrs HMLP 16.65 0.1 Nucor NUE 61.00 1.7 Snap SNAP 72.95 11.1 TruistFinl TFC 59.89 -0.6 ZebraTech ZBRA 500.27 2.0 DragoneerGrwA DGNR 10.85 -4.1 ProgressAcqn PGRWU 10.20 ...
HomeBancShares HOMB 24.79 2.9 ONE GroupHosp STKS 6.75 ... SnapOn SNA 198.06 1.7 Trustmark TRMK 32.29 1.0 ZionsBancorp ZION 54.37 1.5 DuneAcqnA DUNE 9.95 1.4 PrudentialNts2060 PFH 24.97 -0.6
BrightView BV 16.73 0.6 Deere DE 338.77 ...
Highs BrixmorProp BRX
BrooklineCapWt BCACW
20.35 -0.3
5.46 29.8
Deluxe
Denbury
DLX
DEN
42.57
42.00
1.4
3.9
HomeStreet
HorizonBancorp HBNC
HMST 44.25
19.00
1.9
1.3
OasisPetrol
OldNatlBncp
OAS
ONB
57.77
19.20
0.5
1.2
SolidBiosci
Sonos
SLDB
SONO
9.95
39.02
41.8
2.0
TuscanWt
UMB Fin
THCBW
UMBF
7.94 18.0
85.42 3.3 Lows
ECPEnvlGrwOpps ENNVU
E2open ETWO
10.73 -1.1
8.81 -3.0
QilianIntl
QualtricsIntl
QLI
XM
5.69 -9.4
39.53 -5.2
ABMIndustries ABM 44.68 0.8 Hubbell HUBB 180.26 1.2 OlympicSteel ZEUS 18.99 2.8 SouthState SSB 85.35 -0.3 US Lime&Min USLM 144.15 1.8 EzgoTech EZGO 6.96 -12.0 RLX Tech RLX 17.50 1.4
BrynMawrBank BMTC 39.31 0.5 DieboldNixdorf DBD 15.28 4.7
Aflac AFL 49.93 0.1 HuntingtonBcshs HBAN 15.75 1.0 OrthofixIntl OFIX 47.66 5.5 SoMO Bancorp SMBC 36.41 1.6 Umpqua UMPQ 17.56 0.7 AbCelleraBio ABCL 35.73 -3.8 EdtechX II A EDTX 10.00 0.3 RMGAcqnIIA RMGB 10.54 -1.9
BurgundyTechWt BTAQW 2.38 -14.6 Disney DIS 198.94 2.8
AZZ AZZ 52.23 1.7 SouthsideBcshs SBSI 36.36 1.5 UnicoAmerican UNAM 8.60 11.5 AcutusMedical AFIB 21.77 -4.9 EvaxionBiotech EVAX 6.77 -10.9 RMGAcqnIII RMGCU 10.51 -1.0
CAI Intl CAI 49.04 2.2 DormanProducts DORM 104.97 -0.5 HyattHotels H 86.95 3.3 Oshkosh OSK 119.75 6.1
AcmeUnited ACU 37.50 10.2 SouthwestAir LUV 57.42 3.5 Unifirst UNF 244.37 0.3 AltimarAcqnII ATMR.U 10.35 ... EvoAcqn EVOJU 10.22 -0.1 RelianceGlobal RELI 3.77 -5.0
CBIZ CBZ 31.13 0.2 Dow DOW 62.97 -0.6 Imax IMAX 20.99 -0.4 Ovintiv OVV 23.50 3.2
AdvDrainageSys WMS 109.70 4.7 SpiritAirlines SAVE 38.38 4.5 UnionAcqnIIWt LATNW 1.60 12.0 AltimeterGrw2 AGCB 11.25 -4.3 FigureAcqnI FACA.U 11.11 -3.6 RevolutionAccelWt RAACW 1.90 -12.3
CBRE Group CBRE 82.05 3.5 EagleBancorp EGBN 49.94 1.1 IndependentBank INDB 87.82 0.4 OxfordIndustries OXM 77.27 0.5
AequiAcqn ARBGU 11.14 -1.3 SpiritofTexas STXB 21.00 3.1 UnitedBancorpOH UBCP 14.75 0.2 ApolloStratGrII APGB.U 10.50 -1.5 FinservAcqnII FSRXU 10.65 -2.7 RosecliffAcqnI RCLFU 10.17 -0.6
CBTX CBTX 29.31 1.8 EastWestBncp EWBC 71.64 1.0 IndepBankMI IBCP 21.68 0.9 PDC Energy PDCE 31.66 2.2
AGYS 60.55 -1.4 ArkGlobal ARKIU 10.28 -0.7 SVF Invt SVFA 11.75 -2.6
Agilysys CF Bankshares CFBK 19.41 -0.3 EasternBankshares EBC 17.58 -0.1 IndependentBank IBTX 73.03 1.4 PGT Innovations PGTI 23.96 0.9 StandexInt SXI 98.86 0.7 UnitedBkshrsWV UBSI 38.16 1.6 FortressCap FCAX.U 10.30 -0.8
66.97 4.6 AssurantNts2061 AIZN 25.21 ... SanaBiotech SANA 31.57 -14.1
AlaskaAir ALK CIT Group CIT 49.09 ... EmersonElec EMR 87.16 0.7 IntlBcshs IBOC 44.48 1.4 PNC Fin PNC 174.01 1.6 Starrett A SCX 7.54 18.2 UtdCmtyBks UCBI 34.55 1.2 FortressValueIII FVT.U 10.40 -2.1
Auddia AUUD 2.70 2.0 SareptaTherap SRPT 77.01 0.9
AlbanyIntl AIN 83.67 1.3 CMLifeSciII CMIIU 13.28 24.9 EnergyRecovery ERII 16.54 7.4 Interpublic IPG 26.75 0.3 PacificMercBncp PMBC 7.53 1.1 SteelDynamics STLD 42.87 1.9 UnitedRentals URI 308.86 2.6 FrazierLifeA FLAC 10.26 -2.4
Babcock&WilcxNt26 BWSN 24.51 -0.5 ScionTechII SCOBU 10.43 0.5
AlleghenyTechs ATI 20.87 1.1 CSI Compressco CCLP 2.35 9.6 EnerpacTool EPAC 25.41 0.9 InvestorsBancorp ISBC 13.21 1.8 PacificPremBncp PPBI 40.27 -0.6 StifelFinancial SF 61.87 1.6 USCopperIndex CPER 26.21 1.6 GTT Comm GTT 2.14 -9.6
BankofAmPfdPP BACpP 24.77 0.4 SelectiveInsPfdB SIGIP 24.05 -0.2
AllegianceBcshs ABTX 38.83 1.1 CVB Fin CVBF 22.33 1.2 Enerplus ERF 5.17 4.5 iStar STAR 17.25 -0.6 PacWestBancorp PACW 38.58 1.7 StockYardsBncp SYBT 51.46 0.6 USGasolineFd UGA 31.38 1.3 GlobalIntPpl SDH 4.06 -5.1
BaoshengMedia BAOS 5.35 -5.8 SenseiBiotherap SNSE 16.00 -8.3
AlphaMetal AMR 16.08 6.8 CadenceBancorp CADE 21.83 2.2 EnstarGroup ESGR 223.89 -0.6 JPMorganChase JPM 152.31 0.8 ParkNational PRK 129.32 2.0 SummitMaterials SUM 26.32 4.0 US12moOilFd USL 21.40 1.0 GlobusMaritime GLBS 4.76 -0.2
BigCommerce BIGC 53.19 -7.2 SevenOaksAcqnWt SVOKW 1.68 -9.5
Altabancorp ALTA 36.52 2.4 CIBC CM 93.04 1.3 Entercom ETM 6.35 ... JohnBeanTech JBT 144.96 4.9 People'sUtdFin PBCT 18.77 3.9 SunCokeEnergy SXC 7.07 4.5 UnivestFin UVSP 26.01 1.1 GoresMetroII GMIIU 10.50 -0.8
SimonPropAcqn SPGS.U 10.45 -1.3
Altria MO 44.99 -0.3 JonesLang JLL 172.97 3.3 PeoplesBncpOH PEBO 33.21 0.7 SustOppsAcqnUn SOAC.U 14.18 -2.3 UrbanOutfitters URBN 32.92 3.2 Bioventus BVS 13.06 -4.1 Imara IMRA 11.85 -6.6
CapitalBancorp CBNK 16.78 2.8 EstablishLabs ESTA 73.92 8.0 SocialLvgI SLAC.U 10.65 -0.7
AltusMidstream ALTM 58.12 2.5 124.43 ... 2.80 -0.9 KeyCorp KEY 20.83 1.3 PerformanceFood PFGC 55.43 -0.7 SustOppsAcqnA SOAC 12.72 -2.7 ValleyNatlBncp VLY 12.66 1.6 BiteAcqn BITE.U 10.14 -0.2 JFrog FROG 56.12 -2.6
CapitalOne COF EucratesBioWt EUCRW SpartanAcqnIII SPAQ.U 10.53 -1.6
Amerco UHAL 557.23 2.1 CapitalaFinNts22 CPTAG 24.41 0.2 EuronetWorldwide EEFT 154.49 0.9 Kforce KFRC 50.89 0.8 PinnacleFinPtrs PNFP 83.23 1.8 Sysco SYY 80.10 0.6 VascularBiogenics VBLT 3.17 -7.6 BlueWaterA BLUW 10.13 ... JustEnergy JE 3.41 -10.1 Spartan II Wt SPRQ.WS 1.99 -20.8
AmerExpress AXP 138.31 0.7 CarpenterTech CRS 43.01 1.6 Exponent EXPO 98.13 0.1 KiteRealty KRG 19.33 -0.5 PioneerNatRscs PXD 145.56 4.1 TCF Financial TCF 46.10 0.9 VelocityAcqn VELOU 10.33 2.3 bluebirdbio BLUE 24.24 -1.7 KinsTechA KINZ 10.15 -0.1 SportsTekAcqn SPTKU 10.20 ...
AmericanFin AFG 111.95 0.9 CAT 220.74 1.0 ExtraSpaceSt EXR 131.06 4.8 Knowles KN 21.50 0.9 PlayaHotels PLYA 7.49 2.3 Tegna TGNA 18.93 2.6 VerbTechnologyWt VERBW 1.00 -10.1 BroadscaleAcqn SCLEU 10.42 -1.1 KinnateBio KNTE 27.61 -8.3
Caterpillar SustDevtAcqnI SDACU 10.71 -0.1
AmerVanguard AVD 20.00 0.8 CathayGenBncp CATY 40.48 1.4 FBK 42.23 2.0 Koppers KOP 37.68 -0.2 Popular BPOP 66.76 3.0 TJX TJX 71.06 1.0 Veritex VBTX 29.92 1.4 BrookfieldFinNts BAMI 24.00 0.6 KismetAcqnThree KIIIU 10.10 0.1
FB Financial SwitchbackII SWBK.U 11.27 -3.1
Ameriprise AMP 227.96 0.3 ChickenSoupPfdA CSSEP 26.56 1.3 FNB FNB 12.05 1.4 KornFerry KFY 64.25 2.4 PremierFinl PFC 30.95 0.7 Terex TEX 42.91 2.4 Vistra VST 23.48 1.4 BrookfieldFinNts BAMH 23.81 0.1 KismetAcqnTwo KAIIU 10.10 0.3 TelusIntl TIXT 29.21 -2.5
AmerisBancorp ABCB 49.35 1.5 ChinaEastrnAir CEA 24.47 7.7 FNCB Bancorp FNCB 7.98 -3.4 Kraton KRA 43.72 0.3 PrimorisSvcs PRIM 36.26 3.1 TexasCapBcshs TCBI 78.51 1.6 WEX WEX 230.40 1.4 BrookfldInfrPfdA13 BIPpA 24.78 -0.5 KukeMusic KUKE 7.68 -9.5 TailwindIntlAcqn TWNI.U 10.35 -0.6
AmplitechWt AMPGW 3.36 17.9 ChinaPetrol SNP 58.40 3.4 FtacAthena FTAAU 10.74 7.4 LCI Inds LCII 153.63 0.1 PriorityIncmPfdE PRIFpE 24.94 1.1 Textainer TGH 29.17 4.8 WPP WPP 61.42 1.6 BrooklineCap BCAC 9.77 -4.3 LazardGrowthI LGACU 10.30 -0.8 TalisBiomed TLIS 16.26 -14.2
AptIncmREIT AIRC 43.18 0.6 ChinaSoAirlines ZNH 37.94 15.1 FalconMinerals FLMN 4.39 1.6 LCNB LCNB 18.90 1.5 PriorityTechn PRTH 9.28 6.3 Textron TXT 52.21 3.1 WSFS Financial WSFS 48.12 -0.4 Bumble BMBL 61.62 -2.6 MediromHlthcr MRM 12.00 -7.4 ThayerVenturesA TVAC 10.07 -1.1
AppliedIndlTechs AIT 86.65 0.6 Chubb CB 171.14 0.1 FedAgriMtg C AGM 86.46 -1.9 LPL Financial LPLA 135.78 0.7 ProspectCapital PSEC 8.03 -6.8 ThayerVentures TVACU 11.50 -1.3 WarriorMetCoal HCC 25.90 7.1 CBRE Acqn Wt CBAH.WS 1.61 -5.5 MoringaAcqn MACAU 10.40 -0.6 ThunderBridgeIII TBCPU 10.36 ...
ArchResources ARCH 56.96 10.3 ChurchillDowns CHDN 233.48 0.7 FederalSignal FSS 38.13 1.3 LakelandFin LKFN 68.66 2.3 ProsperityBcshs PB 75.62 1.5 Thermon THR 20.94 1.7 WashTrBcp WASH 50.78 0.2 CCNeubergerIII PRPC.U 10.39 0.8 MotorsportGames MSGM 25.02 -6.7 TrepontAcqnI A TACA 10.04 -1.2
ArcherDaniels ADM 57.41 0.3 CimarexEnergy XEC 57.61 9.6 FirstBancorpNC FBNC 41.31 2.0 LasVegasSands LVS 64.94 4.3 ProvidentBncp PVBC 12.57 -0.2 ThomsonReuters TRI 89.97 10.6 WaterstoneFinl WSBF 20.73 2.8 CF Acqn IV A CFIV 10.22 ... MusicAcqn TMAC.U 10.40 -1.2 UWM UWMC 7.37 0.4
ArctosNthStar ANAC.U 10.42 4.0 CitiTrends CTRN 84.20 9.4 FirstBanCorp FBP 10.82 2.9 LegacyHousing LEGH 17.10 2.3 PublicStorage PSA 246.21 1.9 TianRuixiang TIRX 65.00 11.6 WebsterFin WBS 55.41 1.5 CF Acqn IV Wt CFIVW 1.80 -6.6 NebulaCaravelA NEBC 10.13 -1.7 VallonPharm VLON 5.81 -3.7
Ardagh ARD 24.07 21.5 CitiusPharmWt CTXRW 2.89 19.2 FirstCitizBcshA FCNCA 795.80 0.2 LibertyFormOne C FWONK 47.91 -0.1 QCR Holdings QCRH 44.00 -0.4 TimkenSteel TMST 9.26 26.8 WestBancorp WTBA 23.69 0.5 CF Acqn VI CFVIU 10.50 -0.4 NebulaCaravelWt NEBCW 1.50 ... VectoIQ II VTIQU 10.81 -0.7
ArrowFinancial AROW 33.00 0.8 CitizensFin CFG 44.56 2.8 FirstCmwlthFin FCF 13.83 1.3 LibertyBraves C BATRK 29.63 0.4 RBB Bancorp RBB 19.80 1.5 TorontoDomBk TD 62.16 1.7 WestAllianceBcp WAL 94.39 1.5 CFFinanceIII CFAC 10.09 -3.1 NeuroBoPharm NRBO 4.45 -10.9 VentouxCCM VTAQ 10.04 1.3
AtlUnionBkshs AUB 38.21 1.3 CleanHarbors CLH 87.18 1.5 FirstFinBkshs FFIN 45.92 1.3 LifeStorage LSI 87.21 2.0 RBC Bearings ROLL 197.12 -0.3 Total TOT 47.15 3.5 WestpacBanking WBK 19.07 1.7 CNOFinDeb2060 CNOpA 24.94 0.6 NexPointStratPfdA NHFpA 21.65 -0.2 VirpaxPharm VRPX 5.41 -6.4
Atlas ATCO 13.72 1.0 CoastalFinl CCB 25.22 2.0 FirstFinIN THFF 44.19 0.6 LoralSpace LORL 43.27 0.6 RE/MAX RMAX 41.25 -2.4 TowneBank TOWN 29.23 0.6 WhitingPetrol WLL 34.93 0.1 CarLotz LOTZ 8.22 -3.9 NorthernStrII A NSTB 10.10 -2.5 VirtuosoAcqn VOSOU 10.20 -0.4
Auddia AUUDW 1.00 -5.3 ColfaxUn CFXA 186.94 -0.3 FirstFoundation FFWM 23.49 2.8 Luxfer LXFR 20.36 0.1 RLJ Lodging RLJ 16.05 -0.2 TransGlobeEner TGA 1.49 0.7 Williams WMB 23.89 4.1 CatchaInvt CHAA.U 10.42 -0.5 NorthernStrII Wt NSTB.WS 1.87 -16.4 VoyagerTherap VYGR 6.21 -3.1
AvisBudget CAR 55.09 7.9 ColumbiaBanking COLB 47.36 1.3 FirstHawaiian FHB 29.03 1.3 MGM Resorts MGM 39.91 5.5 Rafael RFL 47.67 -5.6
Axogen AXGN 22.89 1.0 ColumbusMcKinn CMCO 49.72 0.2 FirstInterBanc FIBK 46.66 0.2 MVB Financial MVBF 32.50 1.9 RamacoRscs METC 5.32 2.2
BCB Bancorp BCBP 13.59 0.5 Comerica CMA 69.75 2.1 FirstMerchants FRME 44.67 -0.5 MagnoliaOil MGY 11.69 13.1 RaymondJames RJF 120.04 -0.5
BHP Group BHP 78.70 1.4 CommerceBcshrs CBSH 75.35 1.3 FirstRepBank FRC 173.84 1.7 Manitowoc MTW 16.39 1.5 RegionsFin RF 21.28 2.7
BOK Fin BOKF 88.53 1.8 CommercialMetals CMC 25.18 1.1 FlushingFin FFIC 21.60 1.4 Manpower MAN 98.58 2.9 RelianceSteel RS 136.04 0.1 ADVERTISEMENT
BTRS Wt BTRSW 9.99 -4.8 CommBkSys CBU 73.00 0.7 Forterra FRTA 23.95 0.6 MarathonOil MRO 11.30 9.4 ReliantBancorp RBNC 22.03 ...
Bally's BALY 63.17 4.1 ComputerTask CTG 7.60 4.7 Frank'sIntl FI 5.27 17.0 Marriott MAR 149.67 4.9 Renasant RNST 41.41 -0.2
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FuweiFilms
GMS
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9.90
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35.26
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MatadorRscs MTDR
MatthewsIntl MATW
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RepublicFirstBncp FRBK
RobertHalf RHI
54.87
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BankofAmerica BAC 35.89 1.1 CorePoint CPLG 9.14 3.7 GeminiTherap GMTX 14.84 1.6 MerchantsBancorp MBIN 35.30 0.7 RoyalBkCanada RY 89.69 1.1
BankofHawaii BOH 92.75 2.6 Corteva CTVA 46.90 -0.5 GencorIndustries GENC 14.60 -1.5 MercuryGeneral MCY 60.77 0.8 RuthsHospitality RUTH 22.75 2.1
BankofMontreal BMO 83.79 3.3 Crawford A CRD.A 10.14 -3.7 GermanAmerBncp GABC 41.37 3.6 MetaFinancial CASH 45.07 1.5 SITE Centers SITC 13.44 1.9

 
BkNovaScotia BNS 59.18 3.0 Crawford B CRD.B 9.79 -1.0 GlacierBancorp GBCI 54.69 1.2 MetLife MET 57.95 ... Sabre6.5%Pfd SABRP 187.68 0.3


BankJamesFinl BOTJ 15.00 3.0 CrescentPoint CPG 4.00 2.6 GoldenEnt GDEN 23.50 3.1 MidPennBancorp MPB 26.00 -0.5 SandySpringBncp SASR 38.73 1.6
BankUnited BKU 42.13 0.6 CubeSmart CUBE 37.77 3.3 GoresVII GSEVU 10.78 6.0 MineralsTechs MTX 73.61 -0.4 ScrippsEW SSP 19.67 2.2
Banner BANR 54.34 0.7 CuentasWt CUENW 1.69 -5.6 GrahamHoldings GHC 624.08 1.0 MitsubishiUFJ MUFG 5.51 -0.4 SculptorCapMgmt SCU 26.37 -1.4
BarHarborBkshs BHB 26.73 2.0 Cullen/Frost CFR 107.17 1.2 GrayTelevision A GTN.A 18.73 5.6 MontroseEnvl MEG 47.00 6.2 SeacoastBkgFL SBCF 37.03 1.6
Barclays BCS 9.01 4.7 CustomersBancorp CUBI 28.18 0.7 GrayTelevision GTN 20.00 2.9 MuellerWater MWA 13.23 -0.9 SeaSpine SPNE 19.81 2.2
BelFuse A BELFA 17.05 0.9 Cutera CUTR 37.87 1.1 GreatAjaxNts24 AJXA 24.84 0.7 Napco Security NSSC 32.40 -0.9 SelectQuote SLQT 30.12 -0.2
BoydGaming BYD 57.82 1.0 DHI Group DHX 3.17 4.7 HVBancorp HVBC 18.00 0.6 NI NODK 18.30 3.7 SensientTech SXT 80.03 -0.7
BridgewaterBcshs BWB 15.24 0.3 DawsonGeophys DWSN 4.47 3.4 HamiltonLane HLNE 97.48 -1.5 NatlBankHoldings NBHC 39.58 3.2 ServisFirstBcshs SFBS 49.91 3.5

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B10 | Wednesday, February 24, 2021 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
31537.35 s 15.66, or 0.05% Trailing P/E ratio 32.29 21.07 3881.37 s 4.87, or 0.13% Trailing P/E ratio * 45.01 25.82 13465.20 t 67.85, or 0.50% Trailing P/E ratio *† 40.12 29.10
High, low, open and close for each P/E estimate * 20.88 18.39 High, low, open and close for each P/E estimate * 22.92 19.27 High, low, open and close for each P/E estimate *† 30.43 24.15
trading day of the past three months. Dividend yield 1.90 2.39 trading day of the past three months. Dividend yield * 1.48 1.79 trading day of the past three months. Dividend yield *† 0.72 0.92
All-time high 31613.02, 02/17/21 All-time high 3934.83, 02/12/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833

32200 4050 14400

31000 3925 13800

29800 3800 13200

28600 3675 12600

Session high
DOWN UP
65-day moving average 65-day moving average 65-day moving average
t

Session open Close 27400 3550 12000

Close Open
t

26200 3425 11400

Session low
Bars measure the point change from session's open
25000 3300 10800
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,262,949,522 54,401,674
Industrial Average 31653.38 31158.76 31537.35 15.66 0.05 31613.02 18591.93 16.5 3.0 7.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 617,422,486 5,359,104
Transportation Avg 13456.38 13182.86 13403.11 21.69 0.16 13403.11 6703.63 33.2 7.2 8.5 Most-active issues in late trading Decl. volume* 632,413,156 48,739,357
Utility Average 840.87 828.99 835.85 5.47 0.66 926.14 610.89 -8.7 -3.3 7.1 Volume After Hours Issues traded 3,323 287
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41158.38 40086.39 41011.26 -7.44 -0.02 41733.23 22462.76 28.1 4.6 13.1 Advances 1,257 59
Finl Select Sector SPDR XLF 13,264.4 32.75 -0.16 -0.49 32.95 32.72
Barron's 400 931.73 912.13 928.76 -1.61 -0.17 941.02 455.11 35.9 9.0 8.7 Declines 1,974 219
Petroleo Brasileiro ADR PBR 6,139.9 8.58 0.11 1.30 8.63 8.34
Unchanged 92 9
Nasdaq Stock Market Zynga ZNGA 4,920.5 11.41 0.01 0.04 11.49 11.37 New highs 205 4
Nasdaq Composite 13526.09 13003.98 13465.20 -67.85 -0.50 14095.47 6860.67 50.2 4.5 22.4 SPDR S&P 500 SPY 4,870.0 387.39 -0.11 -0.03 387.88 386.99 New lows 43 0
Nasdaq-100 13259.85 12758.12 13194.71 -29.03 -0.22 13807.70 6994.29 49.3 2.4 24.1 Palantir Technologies PLTR 4,475.9 26.93 0.18 0.67 26.99 26.52 Closing Arms† 0.69 3.05
Kinross Gold KGC 3,654.6 6.71 -0.01 -0.15 6.75 6.70 Block trades* 6,809 375
S&P
AMC Entertainment Hldgs AMC 3,594.6 7.32 -0.38 -4.94 7.70 7.16
500 Index 3895.98 3805.59 3881.37 4.87 0.13 3934.83 2237.40 24.1 3.3 12.2 Nasdaq NYSE Arca
iShares 1-3Y Treasury Bd SHY 3,487.2 86.36 ... ... 86.36 86.34
MidCap 400 2538.25 2467.18 2530.73 3.71 0.15 2544.55 1218.55 29.7 9.7 9.9 Total volume*7,415,405,016 326,543,034
SmallCap 600 1294.47 1262.94 1288.53 -7.98 -0.62 1297.90 595.67 36.1 15.2 10.8 Percentage gainers… Adv. volume*1,682,133,926 206,919,498
RCM Techs RCMT 2,385.8 5.93 1.88 46.42 6.36 4.07 Decl. volume*5,719,107,489 114,746,008
Other Indexes
R.R. Donnelley Sons RRD 810.9 3.38 0.98 40.63 3.48 2.34 Issues traded 4,115 1,490
Russell 2000 2248.42 2169.08 2231.31 -19.76 -0.88 2299.00 991.16 42.0 13.0 12.9
Advances 1,135 777
NYSE Composite 15404.68 15089.98 15359.13 18.66 0.12 15423.02 8777.38 16.9 5.7 6.0 Arlo Technologies ARLO 185.7 8.06 1.38 20.66 8.20 6.65
Declines 2,927 667
Value Line 630.12 613.64 628.23 -0.83 -0.13 629.94 305.71 23.6 10.5 3.9 Upwork UPWK 509.5 60.68 9.11 17.67 64.65 51.57
Unchanged 53 46
NYSE Arca Biotech 5948.25 5772.76 5909.03 -31.56 -0.53 6319.77 3855.67 18.3 3.0 8.0
Oshkosh OSK 887.1 119.64 10.02 9.14 127.94 109.00
New highs 223 132
NYSE Arca Pharma 692.01 684.93 686.15 -5.86 -0.85 725.03 494.36 9.8 -0.5 7.7 ...And losers New lows 79 36
KBW Bank 116.94 115.12 116.55 1.03 0.89 116.55 56.19 17.1 19.0 0.7 AMC Entertainment Hldgs AMC 3,594.6 7.32 -0.38 -4.94 7.70 7.16 Closing Arms† 1.32 0.65
PHLX§ Gold/Silver 141.92 136.62 140.90 -2.78 -1.93 161.14 70.12 31.1 -2.3 20.5 Halozyme Therapeutics HALO 67.5 45.00 -2.21 -4.68 47.21 43.02 Block trades* 46,153 1,169
PHLX§ Oil Service 53.93 50.48 53.54 -0.51 -0.95 55.28 21.47 -3.2 20.8 -27.6 GameStop Cl A GME 486.6 42.95 -2.02 -4.49 45.25 42.69 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3105.04 2960.36 3083.88 -18.13 -0.58 3238.92 1286.84 76.6 10.3 31.7 Matador Resources MTDR 93.7 20.50 -0.89 -4.16 21.73 19.80 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 27.01 22.50 23.11 -0.34 -1.45 82.69 19.97 -17.0 1.6 11.9 Square Cl A SQ 1,593.0 246.55 -10.04 -3.91 262.00 241.16 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 674.03 0.26 0.04 4.3 Solid Biosciences SLDB 9.74 2.87 41.78 9.95 1.93 232.4 Workhorse Group WKHS 16.47 -14.88 -47.46 42.96 1.32 363.8
MSCI ACWI ex-USA 344.40 0.05 0.01 5.5 TimkenSteel TMST 7.99 1.69 26.83 9.26 2.16 50.5 The9 ADR NCTY 53.79 -27.78 -34.06 89.20 2.04 478.4
MSCI World 2789.21 1.10 0.04 3.7 Yunhong CTI CTIB 2.94 0.57 24.05 8.37 0.65 105.6 AirNet Technology ADR ANTE 3.75 -1.60 -29.91 6.94 0.63 268.9
MSCI Emerging Markets 1398.20 0.53 0.04 8.3 Ardagh Group Cl A ARD 24.00 4.25 21.52 24.07 9.20 31.4 Universal Security UUU 6.67 -2.54 -27.58 19.88 0.30 918.3
Americas MSCI AC Americas 1517.59 1.29 0.09 3.4 Big Rock Ptrs Acqn BRPA 43.61 7.55 20.94 76.99 9.80 310.1 Lion Group Holding ADR LGHL 3.51 -1.23 -25.95 8.93 1.75 ...
Canada S&P/TSX Comp 18330.09 –86.65 –0.47 5.1 Sunesis Pharmaceuticals SNSS 4.28 0.72 20.22 11.30 1.12 -58.4 Dragon Victory Intl LYL 2.22 -0.75 -25.25 4.94 0.85 105.6
Latin Amer. MSCI EM Latin America 2342.13 58.97 2.58 –4.5 Friedman Industries FRD 8.90 1.49 20.11 9.90 3.72 58.9 Birks Group BGI 1.94 -0.65 -25.10 3.70 0.32 150.2
Brazil Sao Paulo Bovespa 115227.46 2559.76 2.27 –3.2 Lensar LNSR 9.50 1.49 18.60 12.71 3.16 ... Sino-Global Shipping Amer SINO 8.10 -2.71 -25.07 12.28 1.37 305.0
Chile Santiago IPSA 3068.44 –54.76 –1.75 7.4 LS Starrett SCX 7.25 1.12 18.17 7.54 2.51 51.0 Tengasco TGC 3.54 -1.17 -24.84 6.60 0.37 444.4
Mexico S&P/BMV IPC 45268.33 321.73 0.72 2.7 AMC Entertainment Hldgs AMC 7.70 1.15 17.56 20.36 1.91 17.6 Riot Blockchain RIOT 48.80 -15.96 -24.64 79.50 0.51 3773.0
EMEA Stoxx Europe 600 411.32 –1.74 –0.42 3.1 Frank's International FI 4.06 0.59 17.00 5.27 1.49 14.0 Ebix EBIX 23.20 -7.30 -23.93 64.14 8.75 -23.6
Eurozone Euro Stoxx 410.26 –1.47 –0.36 3.2 Comstock Mining LODE 6.34 0.90 16.54 9.85 0.33 1029.5 Datasea DTSS 3.52 -1.09 -23.64 6.24 1.35 46.7
Belgium Bel-20 3826.95 0.53 0.01 5.7 Tuscan Holdings THCB 20.68 2.88 16.18 25.20 9.16 105.8 NantKwest NK 32.38 -9.87 -23.36 45.42 2.52 562.2
Denmark OMX Copenhagen 20 1428.56 –27.34 –1.88 –2.5 China So Airlines ADR ZNH 37.93 4.99 15.15 37.94 18.45 39.6 Nautilus NLS 20.54 -6.17 -23.10 31.38 1.20 520.5
0.22 4.1 Magnolia Oil Gas MGY 11.64 1.35 13.12 11.69 3.23 56.9 Marathon Patent Group MARA 28.56 -8.55 -23.04 49.41 0.35 2899.1
France CAC 40 5779.84 12.40
Germany DAX 13864.81 –85.23 –0.61 1.1
Israel Tel Aviv 1553.38 –32.47 –2.05 3.6
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 22939.38 –69.80 –0.30 3.2 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
Netherlands AEX 664.06 –7.69 –1.14 6.3
Russia RTS Index 1455.33 … Closed 4.9 Sundial Growers SNDL 392,320 -32.0 1.26 -11.89 3.96 0.14 TimkenSteel TMST 48,517 13019 7.99 26.83 9.26 2.16
South Africa FTSE/JSE All-Share 65921.60 –1441.22 –2.14 11.0 AMC Entertainment Hldgs AMC 262,833 116.2 7.70 17.56 20.36 1.91 Invesco BuyBack Achievers PKW 5,362 5662 79.41 0.08 79.79 39.13
1.72 ProSh UltraPro Shrt QQQ SQQQ 192,440 249.8 13.63 0.81 162.15 11.76 Brainsway ADR BWAY 1,562 5001 8.75 -12.76 12.17 5.10
Spain IBEX 35 8252.10 139.90 2.2
5.6 Yunhong CTI CTIB 181,534 13468.6 2.94 24.05 8.37 0.65 Amplitech Group AMPG 2,548 4101 8.78 3.29 19.80 0.54
Sweden OMX Stockholm 811.76 –8.23 –1.00
Castor Maritime CTRM 179,550 11.1 1.11 -9.76 2.60 0.11 Unico American UNAM 244 3439 5.81 11.52 8.60 3.95
Switzerland Swiss Market 10609.03 –88.35 –0.83 –0.9
Turkey BIST 100 1517.86 –32.75 –2.11 2.8 Apple AAPL 156,944 53.4 125.86 -0.11 145.09 53.15 BNY Mellon US SC Core BKSE 204 2753 93.75 -0.05 94.84 51.52
U.K. FTSE 100 6625.94 13.70 0.21 2.6 Zomedica ZOM 154,045 -11.7 1.89 -10.00 2.91 0.06 Gores Holdings V GRSV 9,850 2587 10.65 -1.93 21.74 9.66
0.37 2.8 Palantir Technologies PLTR 144,071 71.2 26.75 -4.46 45.00 8.90 Friedman Industries FRD 431 2242 8.90 20.11 9.90 3.72
U.K. FTSE 250 21057.72 76.63
NIO ADR NIO 141,723 6.5 49.11 -3.10 66.99 2.11 First Trust TCW Sec Plus DEED 270 2035 25.94 0.50 26.59 25.01
Asia-Pacific MSCI AC Asia Pacific 216.67 0.33 0.15 8.4
Onconova Therapeutics ONTX 137,084 176.2 1.48 -5.13 1.93 0.19 Dune Acquisition Cl A DUNE 480 1910 10.24 1.39 10.24 9.95
Australia S&P/ASX 200 6839.20 58.31 0.86 3.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3636.36 –6.09 –0.17 4.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 30632.64 312.81 1.03 12.5
0.01 4.2
Track the Markets
India S&P BSE Sensex 49751.41 7.09
Japan Nikkei Stock Avg 30156.03 … Closed 9.9
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 2890.70 9.49 0.33 1.6 currencies and commodities at
South Korea Kospi 3070.09 –9.66 –0.31 6.8 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 16443.40 33.24 0.20 11.6 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1500.61 22.47 1.52 3.5 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004342 23028 –0.2
CREDIT MARKETS Argentina peso .0112 89.4516 6.4 Europe
Brazil real .1838 5.4411 4.8 Czech Rep. koruna .04697 21.288 –0.9
Canada dollar .7944 1.2589 –1.2 Denmark krone .1634 6.1210 0.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001419 704.70 –0.8 Euro area euro 1.2152 .8229 0.5
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000278 3594.50 5.0 Hungary forint .003388 295.18 –0.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007839 127.56 –0.2
A consumer rate against its Money Market/Savings Accts Mexico peso .0488 20.5112 3.2 Norway krone .1181 8.4700 –1.3
benchmark over the past year 2.50% Uruguay peso .02323 43.0550 1.7 Poland zloty .2696 3.7092 –0.6
Bankrate.com avg†: 0.09% 14% Asia-Pacific Russia ruble .01351 74.042 0.02
Euro
s

Colorado Federal Savings Bank 0.45% One year ago 2.00 Sweden krona .1207 8.2822 0.7
Australian dollar .7911 1.2641 –2.8
1.60% Greenwood Village, CO 877-484-2372 t 7 Switzerland franc 1.1049 .9051 2.3
China yuan .1546 6.4665 –1.0
1.50 Turkey lira .1407 7.1070 –4.4
VirtualBank 0.45% s Hong Kong dollar .1290 7.7540 0.01
Federal-funds 1.20 0 Ukraine hryvnia .0358 27.9500 –1.4
Yen India rupee .01382 72.379 –0.9
t

target rate Miami, FL 877-998-2265 1.00 UK pound 1.4114 .7085 –3.2

Tradeweb ICE Indonesia rupiah .0000710 14093 0.3
0.80 First Internet Bank of Indiana 0.50% 0.50 –7 s Japan yen .009501 105.25 1.9 Middle East/Africa
Money market Tuesday Close
Indianapolis, IN 888-873-3424 WSJ Dollar Index Kazakhstan tenge .002410 414.94 –1.5 Bahrain dinar 2.6520 .3771 0.01
account yields t
0.40 CFG Community Bank 0.56% 0.00 –14 Macau pataca .1251 7.9920 0.01 Egypt pound .0638 15.6784 –0.4
t
Malaysia ringgit .2473 4.0435 0.5 Israel shekel .3059 3.2687 1.7
Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021
0.00 New Zealand dollar .7345 1.3615 –2.2 Kuwait dinar 3.3056 .3025 –0.5
BankDirect 0.60% month(s) years
MAM J J A S O N D J F Pakistan rupee .00629 158.920 –0.9 Oman sul rial 2.5974 .3850 ...
Richardson, TX 877-839-2737 maturity Philippines peso .0206 48.638 1.3 Qatar rial .2746 3.641 –0.01
2020 2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7574 1.3203 –0.1 Saudi Arabia riyal .2666 3.7506 –0.03
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009007 1110.23 2.3 South Africa rand .0687 14.5465 –1.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0051680 193.50 4.5
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03590 27.851 –0.9
Yield (%) 52-Week Total Return (%) Thailand baht .03331 30.020 –0.1 WSJ Dollar Index 85.00 –0.01–0.01 –0.0002
Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.19 0.19 0.18 l 1.64 -1.77 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Barclays 2391.380 0.790 0.770 1.320 0.400 2.138 5.012
Money market, annual yield 0.09 0.09 0.09 l 0.50 -0.20
Five-year CD, annual yield 0.45 0.47 0.45 l 1.38 -1.12 U.S. Treasury Long, Barclays 4255.900 2.090 1.970 2.090 0.980 –2.367 8.654 Commodities
30-year mortgage, fixed† 3.12 2.91 2.83 l 4.22 -1.35 Aggregate, Barclays 2242.110 1.370 1.320 2.310 1.020 2.729 5.354 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.50 2.40 2.32 l 3.43 -1.44 Fixed-Rate MBS, Barclays 2221.320 1.570 1.460 2.690 0.930 2.343 4.202
Jumbo mortgages, $548,250-plus† 3.16 2.94 2.85 l 4.36 -1.66 DJ Commodity 826.42 0.59 0.07 826.42 433.70 40.12 12.96
High Yield 100, ICE BofA 3347.095 3.408 3.295 10.740 3.261 4.935 5.662 Refinitiv/CC CRB Index 192.50 -0.12 -0.06 192.62 106.29 14.25 14.72
Five-year adj mortgage (ARM)† 3.15 3.13 2.85 l 3.69 -1.20
Muni Master, ICE BofA 592.053 0.982 0.738 3.441 0.725 1.934 4.745 Crude oil, $ per barrel 61.67 -0.03 -0.05 61.67 -37.63 23.59 27.10
New-car loan, 48-month 4.03 4.02 4.02 l 4.50 0.45
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 908.176 4.705 4.565 7.480 4.295 0.312 4.804 Natural gas, $/MMBtu 2.879 -0.074 -2.51 3.354 1.482 55.87 13.39
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 1804.40 -2.30 -0.13 2051.50 1477.30 9.56 -4.69
THE WALL STREET JOURNAL. Wednesday, February 24, 2021 | B11

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures May 134.90 138.65 s 134.20 138.30 3.35 108,855 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March .7929 .7951 s .7908 .7941 .0004 155,129
Contract Open March 18.76 18.94 s 18.25 18.41 –.37 70,256 June .7926 .7950 s .7908 .7941 .0005 4,947
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. May 17.41 17.52 s 16.95 17.01 –.43 424,324 British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. March 550.75 559.50 550.00 553.75 2.75 183,406 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March 1.4068 1.4119 s 1.4055 1.4109 .0031 169,236
Feb 4.1875 0.0350 697 May 550.50 559.25 549.75 552.50 2.00 749,224 May 29.95 29.95 29.95 29.95 –.05 2,309 June 1.4074 1.4121 s 1.4060 1.4113 .0031 4,475
May 4.1555 4.2335 s 4.0975 4.1875 0.0385 152,488 Oats (CBT)-5,000 bu.; cents per bu. July 29.80 29.80 29.80 29.80 –.05 2,453 Swiss Franc (CME)-CHF 125,000; $ per CHF
March 351.25 362.50 348.50 363.00 11.75 490 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Gold (CMX)-100 troy oz.; $ per troy oz. March 1.1164 t 1.1047
1.1181 1.1050 –.0123 49,627
May 358.75 370.00 s 357.75 369.50 11.25 2,933 91.38 91.48 s 90.50 91.37 .46 52
Feb 1809.60 1811.30 1796.40 1804.40 –2.30 1,980 March June 1.1177 t 1.1074
1.1207 1.1077 –.0124 779
Soybeans (CBT)-5,000 bu.; cents per bu. May 92.40 93.21 s 91.44 92.67 .26 122,380 Australian Dollar (CME)-AUD 100,000; $ per AUD
March 1809.40 1813.00 1794.60 1804.80 –2.40 2,210 March 1406.00 22.25 70,941
April 1809.30 1815.20 1794.50 1805.90 –2.50 374,837 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March .7916 .7936 s .7881 .7912 –.0012 139,378
May 1387.50 1428.25 1383.75 1408.50 21.00 339,586
March 108.75 110.65 108.60 109.50 .50 3,122 June .7919 .7937 s .7884 .7915 –.0012 1,698
June 1812.20 1817.60 1797.40 1808.60 –2.60 68,362 Soybean Meal (CBT)-100 tons; $ per ton. May 112.40 114.35 112.20 113.10 .65 8,022 Mexican Peso (CME)-MXN 500,000; $ per MXN
Aug 1816.80 1817.40 1799.70 1810.50 –2.70 19,513 March 423.30 433.50 422.40 426.50 3.40 28,738
May 422.70 433.00 421.90 426.00 3.10 179,332
March .04814 .04868 .04805 .04859 .00045 159,172
Oct 1819.00 1820.30 1808.80 1811.90 –2.60 7,519
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures June .04770 .04820 .04762 .04814 .00045 3,820
March 48.00 49.53 s 47.71 49.26 1.36 32,226 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Feb … … … 2333.80 –57.00
May 47.30 48.67 s 47.03 48.37 1.15 202,047 March 1.2164 1.2186 1.2140 1.2149 –.0025 672,350
June 2392.00 2410.00 2294.00 2344.70 –58.20 7,604 March 192-060 192-300 190-240 191-150 –19.0 716,409
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 1.2190 1.2209 1.2161 1.2172 –.0025 16,752
Platinum (NYM)-50 troy oz.; $ per troy oz. June 190-140 191-070 189-020 189-250 –19.0 469,104
March 12.85 12.91 12.82 12.84 –.05 1,056 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Feb 1237.40 –42.60 3 Index Futures
May 13.20 13.23 13.13 13.15 –.05 7,962 March 162-150 162-250 161-230 162-050 –7.0 826,749
April 1281.60 1287.00 1218.10 1239.70 –42.60 65,944 Wheat (CBT)-5,000 bu.; cents per bu. June 160-290 161-080 160-050 160-190 –7.0 418,630 Mini DJ Industrial Average (CBT)-$5 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 666.50 667.75 656.50 665.75 1.75 28,169 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Feb 27.686 –0.397 301 March 31500 31615 31103 31492 26 94,301
May 671.00 672.50 661.25 670.25 .50 181,779 March 135-110 135-175 135-065 135-135 3.0 2,711,200 June 31398 31495 30996 31372 21 501
May 28.310 28.470 27.335 27.742 –0.389 107,479 Wheat (KC)-5,000 bu.; cents per bu. June 134-080 134-150 134-035 134-105 3.0 1,161,721
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. S&P 500 Index (CME)-$250 x index
March 645.00 645.50 635.00 641.00 –3.50 18,748 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 3918.60 3894.90 3840.80 3877.90 4.30 24,554
April 62.16 63.00 s 60.67 61.67 –0.03 452,697 May 651.50 652.25 640.25 647.25 –3.75 110,748 March 125-085 125-137 125-082 125-112 2.5 2,467,692 June … … … 3867.70 4.40 22
May 61.90 62.71 s 60.44 61.43 0.03 261,212 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 124-282 125-017 124-280 124-315 2.7 1,280,718 Mini S&P 500 (CME)-$50 x index
June 61.44 62.20 s 59.99 60.96 0.06 268,757 March 139.325 139.900 137.975 138.575 –.750 9,805 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 3878.00 3896.00 3804.75 3878.00 4.50 2,571,205
July 60.75 61.53 s 59.41 60.37 0.10 160,151 April 143.275 143.675 141.975 142.600 –.675 12,793 March 110-157 110-162 110-156 110-157 –.1 1,670,303 June 3870.00 3885.50 3795.00 3867.75 4.50 64,389
Dec 57.75 58.41 s 56.53 57.43 0.22 314,732
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 110-147 110-155 110-147 110-151 .2 750,562 Mini S&P Midcap 400 (CME)-$100 x index
Feb 115.725 115.850 115.050 115.625 –.100 2,315 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec'22 53.50 54.18 s 52.75 53.42 0.22 121,019 March 2530.80 2540.00 2460.50 2528.20 3.50 50,794
April 122.900 122.975 120.800 121.200 –1.850 147,177 Feb 99.9250 99.9250 99.9250 99.9250 210,403
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 2538.80 5.40 3
Hogs-Lean (CME)-40,000 lbs.; cents per lb. April 99.9300 99.9300 t 99.9200 99.9250 154,944 Mini Nasdaq 100 (CME)-$20 x index
March 1.8732 1.8924 s 1.8345 1.8680 .0094 31,802 April 85.575 86.875 85.400 86.425 1.300 101,933 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 13227.00 13335.75 12757.25 13192.00 –32.25 234,377
April 1.8625 1.8855 s 1.8272 1.8609 .0101 113,224 June 93.175 93.850 s 92.825 93.625 .525 53,071 March 93-015 3.0 144,038
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 13223.25 13324.00 12748.75 13180.75 –32.00 5,783
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 2000 (CME)-$50 x index
March 1.8618 1.8722 s 1.8121 1.8586 .0169 30,652 March 1024.20 1030.40 s 989.80 1018.10 –3.70 840 March 99.8375 99.8425 99.8350 99.8400 –.0050 1,087,149 March 2255.00 2268.40 2168.80 2231.20 –18.90 570,164
April 1.9418 1.9600 s 1.9019 1.9425 .0116 127,851 May 899.40 905.90 s 861.10 890.10 –.10 1,777 June 99.8450 99.8550 99.8450 99.8500 –.0050 1,107,799 June 2248.40 2262.90 2165.40 2226.60 –18.90 2,235
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. Dec 99.7800 99.7850 99.7750 99.7850 … 935,664
Feb 15.63 15.64 15.61 15.64 .03 3,196
Mini Russell 1000 (CME)-$50 x index
March 2.949 2.964 2.854 2.879 –.074 19,326 March'23 99.6050 99.6350 t 99.6050 99.6250 .0150 1,216,434 March 2164.20 2206.10 2152.50 2199.40 2.20 10,217
2.921 2.932 2.842 2.857 –.079 182,103
March 16.24 16.36 t 15.77 15.86 –.50 3,693
April
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
May 2.945 2.956 2.873 2.885 –.075 205,434
March 2,596 2,596 2,596 2,596 14 1,967
Currency Futures March 89.98 90.27 89.93 90.17 .17 38,934
June 2.995 3.001 2.923 2.933 –.074 71,780 June 89.99 90.22 89.91 90.14 .16 1,410
May 2,505 2,507 2,470 2,499 9 108,745 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Sept 3.039 3.047 2.977 2.986 –.069 89,597 Coffee (ICE-US)-37,500 lbs.; cents per lb. March .9521 .9533 .9486 .9496 –.0028 182,029
Oct 3.046 3.056 2.989 2.996 –.068 131,733 March 133.25 136.75 s 132.85 136.85 3.40 336 June .9535 .9541 .9496 .9505 –.0028 690 Source: FactSet

Cash Prices | wsj.com/market-data/commodities Tuesday, February 23, 2021 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
Aluminum, LME, $ per metric ton *2153.5 Wheat - Hard - KC (USDA) $ per bu-u 6.6600 Total Total
Energy Copper,Comex spot 4.1875 Wheat,No.1soft white,Portld,OR-u 7.3000 return YTD total Yield (%) return YTD total Yield (%)
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.350 Iron Ore, 62% Fe CFR China-s 172.8 close return (%) Index Latest Low High close return (%) Index Latest Low High
Food
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.000 Shredded Scrap, US Midwest-s,m 402 Mortgage-Backed Bloomberg Barclays
Steel, HRC USA, FOB Midwest Mill-s 1200 Beef,carcass equiv. index Broad Market Bloomberg Barclays
Metals choice 1-3,600-900 lbs.-u 198.49 2221.32 -0.4 Mortgage-Backed 1.570 0.930 2.690
Fibers and Textiles 2242.11 -2.1 U.S. Aggregate 1.370 1.020 2.310
Gold, per troy oz select 1-3,600-900 lbs.-u 187.17
Broilers, National comp wtd. avg.-u,w 0.8316 U.S. Corporate Indexes Bloomberg Barclays 2165.11 -0.6 Ginnie Mae (GNMA) 1.540 0.290 2.660
Engelhard industrial 1807.00 Burlap,10-oz,40-inch NY yd-n,w 0.7000
1799.65 0.8992 Butter,AA Chicago 1.5100 1313.00 -0.3 Fannie mae (FNMA) 1.580 1.110 2.690
Handy & Harman base Cotton,1 1/16 std lw-mdMphs-u 3348.97 -3.1 U.S. Corporate 2.020 1.740 4.580
Handy & Harman fabricated 1997.61 Cotlook 'A' Index-t *95.60
Cheddar cheese,bbl,Chicago 141.25
LBMA Gold Price AM *1798.80 Hides,hvy native steers piece fob-u n.a.
Cheddar cheese,blk,Chicago 157.00 3085.64 -0.9 Intermediate 1.270 1.080 4.400 2013.35 -0.5 Freddie Mac (FHLMC) 1.580 1.080 2.710
*1807.45 Milk,Nonfat dry,Chicago lb. 109.75
LBMA Gold Price PM Wool,64s,staple,Terr del-u,w n.a. 4840.51 -6.7 Long term 3.280 2.730 4.930 592.05 -0.6 Muni Master 0.982 0.725 3.441
Krugerrand,wholesale-e 1878.66
Coffee,Brazilian,Comp 1.2719
Maple Leaf-e 1896.72
Grains and Feeds Coffee,Colombian, NY 1.8390
670.90 -4.1 Double-A-rated 1.740 1.300 3.360 418.53 -0.8 7-12 year 1.012 0.712 3.447
Eggs,large white,Chicago-u 1.1150
American Eagle-e 1896.72 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.85 894.58 -2.8 Triple-B-rated 2.260 2.010 5.350 478.41 -0.8 12-22 year 1.402 1.095 3.690
Mexican peso-e 2185.98 Bran,wheat middlings, KC-u 180 Hams,17-20 lbs,Mid-US fob-u n.a.
Austria crown-e 1773.63 Corn,No. 2 yellow,Cent IL-bp,u 5.4350 High Yield Bonds ICE BofA 467.12 -0.3 22-plus year 1.977 1.682 4.123
Hogs,Iowa-So. Minnesota-u 79.43
Austria phil-e 1896.72 Corn gluten feed,Midwest-u,w 184.9 Pork bellies,12-14 lb MidUS-u 1.7720 501.20 1.2 High Yield Constrained 4.077 3.955 11.400 Global Government J.P. Morgan†
Silver, troy oz. Corn gluten meal,Midwest-u,w 643.8 Pork loins,13-19 lb MidUS-u 0.9224
Engelhard industrial 27.8500 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u n.a. 475.28 4.0 Triple-C-rated 7.010 6.939 19.071 599.25 -2.6 Global Government 0.850 0.390 0.930
Handy & Harman base 27.6300 Hominy feed,Cent IL-u,w 165 Steers,feeder,Okla. City-u,w 154.63
Handy & Harman fabricated 34.5380 Meat-bonemeal,50% pro Mnpls-u,w 338 3347.10 0.5 High Yield 100 3.408 3.261 10.740 836.34 -3.2 Canada 1.300 0.590 1.300
LBMA spot price *£19.5700 Oats,No.2 milling,Mnpls-u 3.7900 Fats and Oils -2.2
452.13 1.1 Global High Yield Constrained 4.104 4.037 11.310 411.49 EMU§ 0.299 0.010 0.794
(U.S.$ equivalent) *27.4450 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.7500
Coins,wholesale $1,000 face-a 21255 Sorghum,(Milo) No.2 Gulf-u 7.6375 Grease,choice white,Chicago-h 0.4000 342.51 1.4 Europe High Yield Constrained 2.588 2.564 8.183 771.46 -2.8 France 0.190 -0.160 0.430
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 425.00 Lard,Chicago-u n.a. U.S Agency Bloomberg Barclays 539.82 -2.2 Germany -0.220 -0.740 -0.120
LBMA Platinum Price PM *1268.0 Soybeans,No.1 yllw IL-bp,u 13.9550 Soybean oil,crude;Centl IL-u 0.5101
Platinum,Engelhard industrial 1255.0 Wheat,Spring14%-pro Mnpls-u 7.5350 Tallow,bleach;Chicago-h 0.4575 1853.46 -0.7 U.S Agency 0.620 0.460 1.500 292.62 -0.9 Japan 0.380 0.040 0.380
Palladium,Engelhard industrial 2388.0 Wheat,No.2 soft red,St.Louis-u 7.0325 Tallow,edible,Chicago-u 0.5250
1621.24 -0.4 10-20 years 0.480 0.340 1.420 601.16 -2.8 Netherlands -0.100 -0.540 0.080
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 4095.56 -4.2 20-plus years 2.050 1.170 2.140 1023.77 -6.5 U.K. 1.070 0.390 1.130
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 2/22
Source: Dow Jones Market Data 2871.16 -2.2 Yankee 1.590 1.370 3.500 908.18 -2.7 Emerging Markets ** 4.705 4.295 7.480
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
Exchange-Traded BANKRATE.COM® MMA, Savings and CDs
Portfolios Average Yields of Major Banks Tuesday, February 23, 2021
Global Government Bonds: Mapping Yields
Largest 100 exchange-traded funds, 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
latest session selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
National average
Tuesday, February 23, 2021 Savings 0.07 0.05 0.05 0.07 0.10 0.15 0.18 0.16 0.27 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Closing Chg YTD Jumbos 0.14 0.06 0.06 0.08 0.12 0.16 0.20 0.16 0.28 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
ETF Symbol Price (%) (%) Weekly change 0.125 U.S. 2 0.115 s l 0.113 0.123 1.348
ARKInnovationETF ARKK 139.04 –3.30 11.7 Savings 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.00 1.125 10 1.363 t l 1.370 1.090 1.470
CnsmrDiscSelSector XLY 164.95 –0.66 2.6 Jumbos -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.01 -0.01
CnsStapleSelSector XLP 65.09 0.14 –3.5 5.500 Australia 2 0.130 t l 0.137 0.114 0.679 2.1 2.4 -67.1
EnSelectSectorSPDR XLE 48.57 1.65 28.2
32.91 0.61 11.6 1.500 10 1.575 t l 1.615 1.096 0.934 21.4 25.1 -54.1
FinSelSectorSPDR
HealthCareSelSect
XLF
XLV 113.95 –0.17 0.4 Consumer Savings Rates 0.000 France 2 -0.623 t l -0.611 -0.602 -0.612 -73.1 -72.4 -196.3
IndSelSectorSPDR XLI 91.55 0.31 3.4
InvscQQQI 321.48 –0.30 2.5 Below are the top federally insured offers available nationwide according to Bankrate.com's
QQQ
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
0.000 10 -0.062 s l -0.093 -0.277 -0.203 -142.3 -145.6 -167.8
InvscS&P500EW RSP 136.19 0.27 6.8
iShCoreDivGrowth DGRO 46.12 0.22 2.9 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 0.000 Germany 2 -0.683 s l -0.685 -0.702 -0.631 -79.2 -79.8 -198.1
iShCoreMSCIEAFE IEFA 72.29 0.14 4.6
iShCoreMSCIEM IEMG 67.42 0.51 8.7 High yield savings 0.000 10 -0.314 s l -0.336 -0.510 -0.429 -167.5 -170.0 -190.4
iShCoreMSCITotInt IXUS 71.21 0.21 6.0
Bank Yield Bank Yield 0.050 Italy 2 -0.326 s l -0.351 -0.213 -0.211 -46.4 -156.1
iShCoreS&P500 IVV 388.94 0.11 3.6 -43.5
iShCoreS&P MC IJH 252.66 0.16 9.9 Phone number Minimum (%) Phone number Minimum (%)
iShCoreS&P SC IJR 106.03 –0.56 15.4
0.900 10 0.643 s l 0.597 0.743 0.909 -71.9 -76.7 -56.5
iShS&PTotlUSStkMkt ITOT 90.37 –0.09 4.8
Money market and savings account Six-month CD
TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 0.100 Japan 2 -0.111 l -0.111 -0.131 -0.164 -22.0 -22.4 -151.4
iShCoreUSAggBd AGG 115.51 0.03 –2.3
iShSelectDividend DVY 107.22 0.52 11.5 (800) 355-3063 (800) 799-1424 0.100 10 0.120 l 0.120 0.043 -0.061 -124.1 -124.4 -153.6
iShESGAwareUSA ESGU 89.47 0.04 4.0 Live Oak Bank $1 0.60 Goldwater Bank $5,000 0.50
iShEdgeMSCIMinUSA USMV 66.91 0.16 –1.4
(866) 518-0286 (480) 281-8200
0.000 Spain 2 -0.449 s l -0.468 -0.492 -0.455 -55.7 -58.1 -180.5
iShEdgeMSCIUSAMom MTUM 166.92 –0.87 3.5
iShEdgeMSCIUSAQual QUAL 118.62 0.30 2.1 Comenity Direct $100 0.60 BankDirect $10,000 0.50 0.100 10 0.370 s l 0.323 0.125 0.218 -99.1 -104.1 -125.6
iShGoldTr IAU 17.20 –0.17 –5.1 (833) 755-4354 (877) 839-2737
iShiBoxx$InvGrCpBd LQD 132.44 0.08 –4.1
0.125 U.K. 2 -0.026 t l -0.023 -0.121 0.523 -13.5 -13.6 -82.8
iShiBoxx$HYCpBd HYG 87.44 0.24 0.2 One-month CD One-year CD 4.750 10 0.720 s l 0.681 0.312 0.575 -64.1 -68.3 -90.0
iShJPMUSDEmgBd EMB 111.36 0.12 –3.9 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.71
iShMBSETF MBB 109.51 –0.09 –0.6 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
(713) 358-9400 (800) 845-5025
iShMSCI ACWI ACWI 94.91 0.07 4.6
iShMSCI EAFE EFA 76.13 0.09 4.3 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67
iShMSCI EAFE SC
iShMSCIEmgMarkets
SCZ
EEM
71.73
56.09
–0.01
0.45
4.9
8.6
(877) 707-1995
Presidential Bank, FSB $1,000 0.10
(888) 205-8388
Live Oak Bank $2,500 0.65
Corporate Debt
iShMSCIJapan EWJ 71.01 –0.22 5.1 (800) 799-1424 (866) 518-0286 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShNatlMuniBd MUB 116.08 –0.09 –1.0
expectations
iSh1-5YIGCorpBd IGSB 55.02 0.05 –0.3 Two-month CD Two-year CD
iShPfd&Incm
iShRussell1000Gwth
PFF
IWF
37.50
244.39
–0.08 –2.6
–0.27 1.3 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 Investment-grade spreads that tightened the most…
iShRussell1000 IWB 220.33 0.03 4.0 (713) 358-9400 (800) 845-5025 Spread*, in basis points
iShRussell1000Val IWD 146.05 0.33 6.8 State Bank of India California $1,000 0.15 Goldwater Bank $5,000 0.80 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShRussell2000Gwth IWO 315.34 –1.47 10.0 (877) 707-1995 (480) 281-8200 –6 23
iShRussell2000 IWM 221.76 –0.88 13.1
Bank of America BAC 4.100 0.35 July 24, ’23 24
iShRussell2000Val IWN 153.49 –0.32 16.5
VirtualBank $10,000 0.15 Comenity Direct $1,500 0.75 Toyota Motor Credit TOYOTA 1.350 0.28 Aug. 25, ’23 17 –6 n.a.
iShRussellMid-Cap IWR 73.44 –0.01 7.1 (877) 998-2265 (833) 755-4354 HSBC Bank USA … 7.000 3.22 Jan. 15, ’39 101 –5 n.a.
iShS&P500Growth IVW 64.74 –0.17 1.4
Three-month CD Five-year CD GA Global Funding Trust GBLATL 1.625 1.28 Jan. 15, ’26 69 –4 55
iShS&P500Value IVE 135.74 0.38 6.0
iShShortTreaBd SHV 110.52 ... –0.0 Goldwater Bank $5,000 0.35 Connexus Credit Union $5,000 1.01 Manufacturers and Traders Trust … 3.400 1.41 Aug. 17, ’27 83 –3 83
iShSilver SLV 25.71 –2.13 4.6 (480) 281-8200 (800) 845-5025 Volkswagen Group of America Finance VW 0.875 0.57 Nov. 22, ’23 46 –3 49
iShTIPSBondETF TIP 125.93 0.02 –1.3 BrioDirect $500 0.25 First Internet Bank of Indiana $1,000 0.96 Caterpillar Financial Services … 0.650 0.31 July 7, ’23 20 –2 19
iSh1-3YTreasuryBd SHY 86.36 0.01 –0.0
(877) 369-2746 (888) 873-3424 –2 n.a.
iSh7-10YTreasuryBd IEF 116.44 0.08 –2.9 Guardian Life Global Funding GUARDN 0.875 0.95 Dec. 10, ’25 37
iSh20+YTreasuryBd TLT 141.77 –0.29 –10.1 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95
iShRussellMCGrowth IWP 106.12 –0.85 3.4 (713) 358-9400 (480) 281-8200
iShUSTreasuryBdETF GOVT 26.61 –0.04 –2.3 …And spreads that widened the most
JPM UltShtIncm
PIMCOEnhShMaturity
JPST
MINT
50.81
102.10
...
–0.03
0.0
0.1
High yield jumbos - Minimum is $100,000 Banco Bilbao Vizcaya Argentaria BBVASM 1.125 1.10 Sept. 18, ’25 53 20 54
SPDR BlmBarcHYBd JNK 109.30 0.33 0.3
Money market and savings account Six-month CD Canadian Natural Resources CNQCN 6.250 3.95 March 15, ’38 175 11 171
SPDRBloomBar1-3MTB BIL 91.51 ... –0.0
SPDR Gold GLD 169.12 –0.23 –5.2
National Australia Bank NAB 2.648 3.14 Jan. 14, ’41 93 10 n.a.
CFG Community Bank 0.66 BankDirect 0.50
SchwabIntEquity SCHF 37.70 0.13 4.7 Altria MO 4.500 4.02 May 2, ’43 181 9 177
(888) 205-8388 (877) 839-2737
SchwabUS BrdMkt SCHB 95.35 0.01 4.8
SchwabUS Div SCHD 68.52 0.23 6.8 BrioDirect 0.60 Goldwater Bank 0.50 Discover Bank … 4.200 0.55 Aug. 8, ’23 44 8 39
SchwabUS LC SCHX 94.62 0.01 4.0 (877) 369-2746 (480) 281-8200 Apple AAPL 3.450 2.99 Feb. 9, ’45 78 7 73
SchwabUS LC Grw SCHG 130.84 –0.28 1.9 Luana Savings Bank 0.55 Presidential Bank, FSB 0.50 Bank of America BAC 4.125 0.47 Jan. 22, ’24 25 7 n.a.
SchwabUS SC SCHA 100.03 –0.63 12.4 (800) 666-2012 (800) 799-1424
Schwab US TIPs SCHP 61.33 ... –1.2 MetLife MET 4.050 3.02 March 1, ’45 82 7 80
SPDR DJIA Tr DIA 315.39 0.06 3.1 One-month CD One-year CD
SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY
461.34
387.50
0.19
0.12
9.9
3.6 Lone Star Bank 0.20 Connexus Credit Union 0.71 High-yield issues with the biggest price increases…
SPDR S&P Div SDY 112.90 0.55 6.6 (713) 358-9400 (800) 845-5025 Bond Price as % of face value
TechSelectSector XLK 132.68 –0.28 2.0 State Bank of India California 0.15 CFG Community Bank 0.67 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
UtilitiesSelSector XLU 60.71 0.83 –3.2 (877) 707-1995 (888) 205-8388 3.00 84.170
VanEckGoldMiner GDX 33.44 –2.25 –7.2
WeWork WEWORK 7.875 11.15 May 1, ’25 89.250
VangdInfoTech VGT 362.63 –0.57 2.5
VirtualBank 0.10 Live Oak Bank 0.65 Carnival CCL 6.650 5.51 Jan. 15, ’28 106.440 2.66 105.608
VangdSC Val VBR 159.93 0.18 12.5 (877) 998-2265 (866) 518-0286 TransAlta TACN 6.500 5.23 March 15, ’40 115.264 1.51 n.a.
VangdSC Grwth VBK 286.68 –0.94 7.1
Two-month CD Two-year CD Royal Caribbean RCL 7.500 5.24 Oct. 15, ’27 112.500 1.25 n.a.
VangdExtMkt VXF 181.53 –0.76 10.2
VangdDivApp VIG 141.66 0.12 0.3 Lone Star Bank 0.20 Connexus Credit Union 0.81 American Airlines AAL 3.750 9.21 March 1, ’25 82.000 0.63 78.750
VangdFTSEDevMk VEA 49.37 0.04 4.6 (713) 358-9400 (800) 845-5025 Navient NAVI 7.250 2.53 Jan. 25, ’22 104.250 0.48 104.875
VangdFTSE EM VWO 54.78 0.57 9.3 State Bank of India California 0.15 Goldwater Bank 0.80 CF Industries CF 4.950 3.49 June 1, ’43 122.562 0.38 122.063
VangdFTSE Europe VGK 62.48 0.05 3.7
(877) 707-1995 (480) 281-8200 0.32 152.500
VangdFTSEAWxUS VEU 61.80 0.26 5.9 Sprint Capital … 8.750 3.18 March 15, ’32 151.571
VangdGrowth VUG 258.43 –0.16 2.0 VirtualBank 0.15 Comenity Direct 0.75
VangdHlthCr VHT 227.71 –0.36 1.8 (877) 998-2265 (833) 755-4354
VangdHiDiv VYM 96.94 0.26 5.9 …And with the biggest price decreases
VangdIntermBd BIV 90.91 0.10 –2.1 Three-month CD Five-year CD
VangdIntrCorpBd VCIT 95.25 0.14 –1.9 Goldwater Bank 0.35 Connexus Credit Union 1.01 Genworth Financial GNW 6.500 7.20 June 15, ’34 94.035 –1.73 97.467
VangdLC VV 182.38 0.04 3.8
(480) 281-8200 (800) 845-5025 Occidental Petroleum OXY 7.950 6.06 June 15, ’39 120.750 –1.72 n.a.
VangdMC VO 220.98 0.03 6.9
VangdMBS VMBS 53.78 ... –0.5 Lone Star Bank 0.25 First Internet Bank of Indiana 0.96 CF Industries CF 5.375 3.61 March 15, ’44 127.500 –1.69 130.099
VangdRealEst VNQ 90.22 0.62 6.2 (713) 358-9400 (888) 873-3424 Howmet Aerospace HWM 6.750 3.67 Jan. 15, ’28 118.578 –1.67 120.778
VangdS&P500ETF VOO 356.22 0.13 3.6 State Bank of India California 0.25 Goldwater Bank 0.95
VangdST Bond BSV 82.65 0.02 –0.3
Teva Pharmaceutical Finance Netherlands … 4.100 4.95 Oct. 1, ’46 87.780 –1.00 89.550
(877) 707-1995 (480) 281-8200 Netflix NFLX 6.375 2.75 May 15, ’29 126.500 –0.75 128.750
VangdSTCpBd VCSH 83.02 0.08 –0.3
VangdSC VB 213.91 –0.36 9.9 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Ball BLL 4.000 1.55 Nov. 15, ’23 106.500 –0.68 107.250
VangdTotalBd BND 86.00 –0.02 –2.5
VangdTotIntlBd BNDX 57.31 –0.06 –2.1
compounding and rate stated for the lowest required opening deposit to earn interest. CD Intesa Sanpaolo ISPIM 5.710 2.74 Jan. 15, ’26 113.500 –0.60 114.134
VangdTotIntlStk VXUS 63.70 0.25 5.9 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
VangdTotalStk VTI 203.98 –0.01 4.8 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 97.24 0.19 5.0 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 126.12 0.31 6.0 Internet: www.bankrate.com Source: MarketAxess
B12 | Wednesday, February 24, 2021 NY THE WALL STREET JOURNAL.

BANKING & FINANCE

Puerto Rico Nears Debt Deal Redemptions Halted

BY ANDREW SCURRIA the territory defaulted. Former
President Donald Trump in his
On $1.8 Billion Fund
Puerto Rico moved closer to final months in office over-
resolving the largest municipal- hauled the board’s member- BY GUNJAN BANERJI said that the firm was re-
debt default in U.S. history as ship, installing several of his quired to “put in place protec-
creditors owed $11.7 billion co- own selections at a critical Investment firm Infinity Q tions to help preserve assets
alesced around a settlement, the juncture in the restructuring. Capital Management LLC for shareholders and ensure
most Wall Street support yet Justin Peterson, a Trump asked the Securities and Ex- that they are kept informed
amassed for a restructuring of appointee and former bond- change Commission to halt re- about the status of their in-
the territory’s core public debts. holder adviser who joined the demptions on one of its mu- vestment.”
Creditors agreed to cut $18.8 board in October, called the tual funds and forbid its chief The firm has been trying to
billion in general obligation settlement a “significant mile- investment officer from trad- value the swap positions and
debt by around three-fifths to stone in ending bankruptcy for ing after discovering issues is working with an indepen-
$7.4 billion, wagering that mar- the people of Puerto Rico” that valuing the fund’s holdings. dent valuation expert to do so,
ket demand for risky municipal “would not have been possible The SEC informed the in- an effort that will take several
debt will help generate profits without the flexibility of credi- vestment firm last week that days and weeks, the filing

MARK RALSTON/AFP/GETTY IMAGES

for them while easing Puerto tors in reaching a deal.” it had evidence Chief Invest- stated. Infinity Q is also trying
Rico’s exit from bankruptcy. If approved, the deal would ment Officer James Velissaris to determine whether values
The proposed settlement curtail the legal battles that “had been adjusting parame- that were previously calcu-
released Tuesday would lower have raged since Puerto Rico ters” of pricing models that lated for other positions are
Puerto Rico’s interest pay- filed for bankruptcy in 2017, were used to value derivatives reliable.
ments to bondholders to levels costing taxpayers in the terri- in the fund’s portfolio, the “The fund was unable to
that its financial supervisors tory more than $858 million in firm said. As a result, incor- calculate an NAV on February
believe it can support after fees and expenses for lawyers, rect valuations were likely re- 19, 2021, and it is uncertain
years of population loss and bankers and other profession- ported to investors. when the fund will be able to
economic decline. San Juan in 2017, the year Puerto Rico filed for bankruptcy. als as of last month. Some rul- Infinity Q had about $3 bil- calculate an NAV that would
“We achieved a fair, sustain- ings stemming from that liti- lion in assets under manage-
able, and consensual agreement out if sales-tax collections ex- municipals maintained by S&P gation have undermined ment at the end of January,
that puts Puerto Rico on a path ceed certain projections. Large Dow Jones Indices. longtime assumptions among with roughly $1.8 billion be-
to recovery and is an important bondholders including Golden- The stronger the market investors about the safety of longing to its Infinity Q Diver-
The SEC said
tool to lift the weight of bank- Tree Asset Management LP demand for Puerto Rico bonds, some types of municipal sified Alpha Fund, according Infinity Q’s investing
ruptcy from the people and and Autonomy Capital are the less restructured debt bonds, although Puerto Rico’s to an SEC filing. The fund em-
businesses of Puerto Rico,” said backing the settlement, along needs to be issued to compen- struggles have been viewed in ployed so-called alternative
chief had changed
David Skeel, chairman of the fi- with bond guarantors Assured sate bondholders, and the some quarters as an isolated strategies, including volatility pricing models.
nancial oversight board that Guaranty Ltd. and MBIA Inc. stronger the incentive for incident within the typically and betting on and against
steered negotiations. A sustained rally in high- them to sign on to a settle- staid tax-exempt market. stocks, according to disclo-
Some bonds covered by the yield municipal bonds, includ- ment. While Puerto Rico debt The bankruptcy came after sures.
deal gained value in recent ing Puerto Rico’s, helped to was largely held before its years of heavy borrowing and Halting redemptions is an enable it to satisfy requests
months, buoyed by fixed-in- ease the deal, according to bankruptcy by traditional mu- service cutbacks in Puerto unusual move, since mutual for redemptions of fund
come investors’ appetite for bondholders and advisers in- nicipal holders and individual Rico that affected everything funds offer freedom to cash shares,” the filing states.
high-yielding municipal debt volved in the talks. Yield-hun- investors, many bonds mi- from schools to electricity ser- out at any time, and it sug- Lawyers for Mr. Velissaris
and expectations that Puerto gry investors are drawn to risky grated over time into the vice and pushed many resi- gests severe problems at the said in a statement that he
Rico’s court-supervised bank- municipal bonds in part due to hands of hedge funds that dents, who are U.S. citizens, to firm. Third Avenue Manage- “acted in good faith” and has
ruptcy is nearing its end. The the U.S. Federal Reserve’s com- bought at depressed prices in depart for the mainland, sap- ment LLC halted redemptions always been focused on “deliv-
agreement marks the culmina- mitment to ultralow rates. hopes of profiting from a deal. ping the tax base and squeez- in one of its credit funds in ering and preserving value for
tion of months of private talks Expectations that federal Any restructuring requires ing budgets. 2015, a move that shocked the investors.” A spokeswoman for
between finance officials and support for Puerto Rico will approval from the federal The territory’s financial market, left a black mark on Mr. Velissaris said that he is
creditors to assess the long- increase with the White House judge overseeing Puerto Rico’s troubles have strained its rela- the firm and spurred worries on “administrative leave.”
term damage to Puerto Rico’s and both houses of Congress bankruptcy case and still faces tionship with Washington and about the wider bond market. Documents procured from
economy stemming from the under Democratic control are obstacles, including objections slowed the release of federal Infinity Q said in a state- an archived version of the
Covid-19 pandemic. also fueling the rally in debt by Gov. Pedro Pierluisi and aid following the devastating ment that the firm is “cooper- firm’s website show that the
Investment firms that par- from the territory, according other elected leaders to reduc- 2017 hurricane season. ating with the SEC investiga- Infinity Q Diversified Alpha
ticipate would exchange their to analysts and investors. The ing pension benefits of public The board said it expects to tion” and has cut off Mr. Strategy launched in October
claims for a mix of $7 billion in S&P Municipal Bond Puerto employees. file a debt-adjustment plan in- Velissaris’s access to trading. 2014 to provide returns that
cash, $7.4 billion in restruc- Rico Index returned 5.65% The agreement was final- corporating the deal in federal The SEC approved Infinity are “uncorrelated to equity
tured bonds and tradable secu- over the past year even after a ized under the oversight board court next month. Creditors Q’s request to halt redemp- and fixed income markets.”
rities known as contingent post-pandemic selloff, outper- that has been supervising will have the chance to vote tions Monday, and a spokes- —Dave Michaels
value instruments that only pay forming other baskets of risky Puerto Rico’s finances since before it can be approved. person for the commission contributed to this article.

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C4)()4'  +(#(, (#5 #     %&   
THE WALL STREET JOURNAL. * * * * Wednesday, February 24, 2021 | B13

MARKETS

Stocks Bounce Back After Powell Talk

BY MICHAEL WURSTHORN Treasury yields. Share-price and index performance, Tuesday higher. lowed comments by Tesla Chief
AND JOE WALLACE Those concerns weighed “We’ve been emphasizing Executive Elon Musk, who said
1%
heavily on investors on Tues- more the broader economy and over the weekend that prices
Stocks ended a wild session day morning. getting exposure to midsized for bitcoin and ethereum
not far from where they Before Mr. Powell’s com- Dow Jones companies,” said Tom Hainlin, seemed high.
started, thanks to a bounce- ments, the tech-heavy Nasdaq 0 Industrial Average national investment strategist The electric-vehicle maker
back in shares of technology Composite Index dropped as S&P 500 at U.S. Bank Wealth Manage- this month disclosed that it
companies. much as 4% and investor favor- Nasdaq Composite ment. had bought $1.5 billion in bit-
The broad S&P 500 index ites including Tesla and Mod- -1 Russell 2000 The move in yields has also coin. Mr. Musk has also be-
ended up eking out a 0.1% gain erna logged double-digit revived interest in pockets of come a prominent cheerleader
to snap a five-session losing losses. After Mr. Powell started the fixed-income market, Mr. for cryptocurrencies.
streak after falling as much as talking, shares of technology Hainlin added, specifically no- Shares of technology firms
-2
1.8% earlier in the session. Fed- companies recouped most of nagency mortgage-backed se- and other stocks that have per-
eral Reserve Chairman Jerome their losses, helping to allevi- curities and corporate debt. formed well during the pan-
Powell kicked off the turn- ate pressure on the Dow indus- Bond yields, which move op- demic came under pressure.
around by tamping down infla- trials, which also closed higher. -3 posite of prices, also eased fol- Palantir Technologies extended
tion worries that had reared The blue-chip index added lowing Mr. Powell’s comments, its recent slide, losing $1.25, or
from a recent 15.66 points, or less than 0.1%, helping to take some heat off 4.5%, to $26.75. Payments firm
TUESDAY’S rise in bond to 31537.35. -4 the stock market. Square fell $11.49, or 4.3%, to
MARKETS yields. The Nasdaq remained stuck
9:30 a.m. noon 4 p.m.
The yield on the 10-year U.S. $256.59.
“The economy in the red, closing down 67.85 Treasury note was at 1.363% Home Depot said growth
is a long way from our employ- points, or 0.5%, to 13465.20. Wynn Resorts from as much as 1.381% earlier could slow this year, pulling
ment and inflation goals,” Mr. The tech-heavy index has fallen in the day. Yields remain below shares down $8.61, or 3.1%, to
MGM Resorts International
Powell said at a hearing of the five of the past six trading ses- prepandemic highs, but inves- $267.24.
Senate Banking Committee sions, leaving it off 4.5% from Marriott International tors say it is the speed at Other corners of the stock
Tuesday morning, adding that its Feb. 12 high. which yields have increased, market considered overheated
Nasdaq Composite
a substantial recovery “is likely The rise in bond yields “nat- rather than their level, that is also swooned.
to take some time.” urally does cause investors and Home Depot hurting stocks. Shares of blank-check com-
A sharp rise in yields on U.S. cause markets to re-examine Palantir Technologies
“At the moment, none of panies broadly fell, with an
government bonds in recent the view on equities,” said Paul those indicators are flashing ETF dedicated to the trend,
days has sapped investors’ ap- Jackson, global head of asset Moderna red—they are not even amber Defiance Next Gen SPAC De-
petite for riskier assets, includ- allocation research at Invesco. -6% -4 -2 0 2 4 6 8 yet—but they are not as green rived ETF, shedding nearly 7%.
ing stocks. Investing in government Source: FactSet as they were six months ago,” Reddit darlings GameStop and
Shares in technology com- bonds is beginning to look she said, referring to the level Magnite fell $1.03, or 2.2%, to
panies, which have powered more attractive for the first portfolios, though. casinos Wynn Resorts and of yields and expectations of $44.97 and $6.52, or 11%, to
the broader market higher for time in months, he said. Most of those moves involve MGM Resorts International, when the Fed is likely to raise $52.72, respectfully.
much of the past year, are seen But “the level at which bond pulling some money out of which were up $9.73, or 7.7%, interest rates. Overseas, the Stoxx Europe
as particularly vulnerable, yields become truly problem- growth stocks and putting to $136.48 and $2.07, or 5.5%, Tesla fell $15.66, or 2.2%, to 600 shed 0.4%, led lower by
thanks to high valuations. atic for equities is a long way some of those gains into re- to $39.59, respectively, and $698.84 after declining almost tech stocks. Early Wednesday,
Their profits become less valu- from where we are now,” Mr. opening stocks and other com- Walt Disney, up $5.33, or 2.8%, 9% on Monday. The move came Japan’s Nikkei was down 0.8%
able in today’s terms when in- Jackson added. panies more tied to the econ- to $197.09. Airlines, including as the price of bitcoin tumbled. and Hong Kong’s Hang Seng
vestors apply a higher discount Some investors say they are omy. Southwest Airlines and The latest bout of volatility Index was down 1.2%. U.S.
rate, thanks to rising 10-year already re-evaluating their Tuesday’s favorites included Alaska Air Group, also traded in cryptocurrency markets fol- stock futures were down 0.1%.

Key Rate Bitcoin Takes Swift Fall After Record High

Spread BY CAITLIN OSTROFF

Narrows This year’s furious rally in

cryptocurrencies lost steam
Tuesday, knocking prices for
bitcoin and ether from recent
Continued from page B1 highs, alongside drops in other
$350 billion in debt in Febru- risky assets including tech
ary, compared with $197 bil- stocks.
lion a year ago. Bitcoin fell 13% to $48,016
Traders contend Fed policy after hitting a record of
is helping to artificially hold $58,332 on Sunday, according
down rates, leaving Treasury to CoinDesk. The decline
markets vulnerable to a sharp pushed its market cap, the
reversal once inflation rears value of all bitcoin in circula-
its head. tion, to $895 billion from
Yet inflation is running be- more than $1 trillion last
ARTUR WIDAK/NURPHOTO/ZUMA PRESS

low 2%, having only rarely ex- week. Ether, the second-larg-
ceeded that Fed target in re- est cryptocurrency by total
cent years, and the job-market market value, contracted 14%
recovery remains to $1,540.
CREDIT middling. A broad
MARKETS Another cor- CURRENCIES turn in mar-
ner of U.S. mar- kets toward
kets is sending warning sig- caution, coupled with histori-
nals: The 10-year break-even cally high prices, likely trig-
rate, which tracks annual in- gered the correction, analysts
flation expectations over the and investors said. Cryptocurrencies have slipped as the yields on safe bonds rise, giving investors less incentive to bet on riskier assets.
next decade, traded as high as “The types of moves we
2.24% last week. were seeing in 2021 were par- interview. She also signaled Performance of corporate reserves. Tesla That said, it can be difficult
The yield on the bench- abolic,” said Joel Kruger, a that she supported research cryptocurrencies against shares ended Tuesday’s ses- to tell when bitcoin’s fall
mark 10-year U.S. Treasury strategist at cryptocurrency into a Federal Reserve-backed the dollar this year sion down 2.2% after falling as might stop, said Mr. Hanbury,
closed at 1.363% Tuesday, ac- exchange LMAX Digital. digital dollar. much as 13% earlier in the day. who monitors bitcoin but
150%
cording to Tradeweb—down “When you see moves like Bitcoin and ether are the Shares of cryptocurrency doesn’t hold any in his portfo-
slightly from Monday after that, it’s obvious these mar- two leading cryptocurrencies. Ether and blockchain-related firms lio. Past corrections have var-
Fed Chairman Jerome Powell kets are going to be due for a They operate separately, but came under pressure as bit- ied widely in their steepness,
reiterated that the central pullback.” are both created when com- coin fell. Riot Blockchain Inc. making it hard to assess when
bank remains committed to Assets—crypto or other- puter “miners” solve complex 100 and Marathon Patent Group investors might want to add
supporting the economy with wise—that gained the most mathematical equations to un- Inc. both fell more than 20%. exposure. “You can kind of end
near-zero interest rates and during the pandemic have lock or mint new coins. Shares of online retailer Over- up chasing your tail,” he said.
asset purchases until the slipped in recent days as in- Bitcoin was created as a stock.com Inc., which allows
economy has made “substan- vestors bet on economies store of value and a means to payments in bitcoin, fell more
tial further progress.” opening up. U.S. government facilitate decentralized trans- 50 than 7%. Silvergate Capital AUCTION RESULTS
The difference between the bond yields have risen to their actions. Ether is part of a Bitcoin Corp., a La Jolla, Calif.-based Here are the results of Tuesday's Treasury auctions.
All bids are awarded at a single price at the market-
break-even rate and the Trea- highest level in a year. When wider ethereum network, bank that has for several years clearing yield. Rates are determined by the difference
between that price and the face value.
sury yield recently widened to yields on safe bonds rise, that which has a broader focus to served crypto firms as a core
more than 1 percentage point. makes speculative assets, such store items including financial 0 part of its business, saw 52-WEEK BILLS
Applications $118,056,324,800
For some this is a sign that as cryptocurrencies and shares contracts and applications. shares decline 20%. Accepted bids $37,772,353,300
Jan. Feb.
inflation isn’t far off, and that in companies with profits far Unlike bitcoin, ether’s supply Where bitcoin’s price might " noncompetitively $233,772,600
" foreign noncompetitively $5,000,000
financial markets remain vul- in the future, less attractive. isn’t capped and its supply Sources: Kraken (ether); CoinDesk (bitcoin) stabilize is hard to say. Cryp- Auction price (rate) 99.929222
nerable to bubbles. There are other catalysts schedule is determined by tocurrencies are notoriously (0.070%)
Coupon equivalent 0.071%
“I would characterize the weighing on cryptocurrencies. members of ethereum’s com- A steady stream of institu- volatile and prone to large Bids at clearing yield accepted 94.97%
phase we are in now as an era Over the weekend, the crypto munity, according to CoinDesk. tional demand has been cred- swings in a single day. Deter- Cusip number 912796D30
of hyperstimulation between world’s richest advocate, Tesla Both have been caught in ited with driving much of bit- mining a fair value for bitcoin The bills, dated Feb. 25, 2021, mature on Feb. 24, 2022.
fiscal and monetary policy,” Inc. Chief Executive Elon an investing frenzy as traders coin’s rally since the start of is much harder than valuing TWO-YEAR NOTES
said Thomas Pluta, global Musk, tweeted that bitcoin chased spectacular gains. Ad- 2020, when it traded near stocks, investors say. Applications $159,310,624,000
Accepted bids $72,997,992,300
head of linear rates trading at and ether “seem high.” vocates see the currencies, in- $7,000. Billionaire hedge-fund “I would guess that a pull- " noncompetitively $117,816,600
JPMorgan Chase & Co. “The Treasury Secretary Janet dependent of governments managers have disclosed pur- back actually adds to its ap- " foreign noncompetitively $200,000,000
Auction price (rate) 100.011965
byproduct is all this cash Yellen this week called bitcoin and central banks, as a hedge chases, with Paul Tudor Jones peal because it takes some of (0.119%)
sloshing around the system a highly speculative, ineffi- against the debasement of calling it a “great speculation.” the froth off,” said William Interest rate 0.125%
Bids at clearing yield accepted 58.77%
chasing assets like crypto, cient form of digital currency traditional fiat currencies. Earlier this month, Tesla Hanbury, a fund manager at Cusip number 91282CBN0
commodities and meme that is often used for illegal Skeptics dismiss them as disclosed that it had bought U.K.-based Waverton Invest- The notes, dated March 1, 2021, mature on Feb. 28,
stocks.” transactions, in a newspaper speculative. $1.5 billion in bitcoin for its ment Management. 2023.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Fidelity LowP r 52.53 -0.02 8.0 JPMorgan I Class Income NA ... NA ExtndAdml 137.74 -0.89 10.4 VANGUARD FDS IdxIntl 20.46 +0.02 5.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. 500IdxInstPrem134.81 +0.17 3.6 Magin 13.04 +0.01 -0.1 CoreBond NA ... NA PIMCO Funds Instl GNMAAdml 10.70 ... -0.2 DivdGro 33.19 +0.13 -0.2 MdCpGrAdml 95.22 -0.28 4.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Contrafund K6 19.28 -0.02 2.1 NASDAQ r 169.11 -0.84 4.5 EqInc NA ... NA IncomeFd NA ... NA GrwthAdml 132.97 -0.19 1.9 INSTTRF2020 NA ... NA SmValAdml 68.69 +0.15 12.5
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, ExtMktIdxInstPre 92.13 -0.59 10.4 OTC 18.50 -0.01 5.6 JPMorgan R Class Price Funds HlthCareAdml r 90.77 -0.21 -0.2 INSTTRF2025 NA ... NA TotBd2 11.18 -0.01 -2.2
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r FidSerToMarket 13.52 ... 4.7 Puritn 27.06 +0.02 4.0 CoreBond NA ... NA BlChip 170.48 +0.34 3.0 HYCorAdml r 5.98 ... 0.7 INSTTRF2030 NA ... NA TotIntlInstIdx r136.86 +0.15 5.4
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not IntlIdxInstPrem 47.45 -0.02 4.0 SrsEmrgMkt 27.11 +0.02 8.6 Lord Abbett A DivGro 60.95 +0.11 1.6 InfProAd 28.02 +0.01 -1.1 INSTTRF2035 NA ... NA TotItlInstPlId r136.89 +0.15 5.4
available due to incomplete price, performance or cost data. NE-Not released by Lipper; MidCpInxInstPrem 28.93 ... 7.1 SrsGlobal 15.13 ... 5.5 ShtDurIncmA p 4.22 ... 0.6 EqInc 33.76 +0.11 8.1 IntlGrAdml 171.07 -1.67 6.7 INSTTRF2040 NA ... NA TotSt 99.21 -0.01 4.8
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SAIUSLgCpIndxFd 20.33 +0.03 3.6 SrsGroCoRetail 24.21 -0.22 6.3 Lord Abbett F Growth 101.40 +0.21 4.6 ITBondAdml 12.32 ... -1.9 INSTTRF2045 NA ... NA VANGUARD INSTL FDS
SeriesBondFd 10.52 -0.01 -2.2 SrsIntlGrw 18.19 -0.03 2.3 ShtDurIncm 4.21 ... 0.4 HelSci 100.88 -0.82 2.1 ITIGradeAdml 10.29 ... -1.4 INSTTRF2050 NA ... NA BalInst 45.22 -0.02 2.0
SeriesOverseas 12.63 -0.03 1.9 SrsIntlVal 10.70 +0.02 6.0 Metropolitan West LgCapGow I 64.66 +0.17 5.6 LTGradeAdml 10.91 -0.05 -7.0 INSTTRF2055 NA ... NA DevMktsIndInst 15.89 +0.01 4.2
Tuesday, February 23, 2021 TotalBond 11.12 -0.01 -1.5 TotRetBdI 10.97 ... -1.7 MidCap 117.31 -0.11 3.7 MidCpAdml 273.63 +0.13
SmCpIdxInstPrem 28.25 -0.25 13.1 6.7 IntlGr 53.77 -0.53 6.7 DevMktsInxInst 24.84 +0.01 4.2
Net YTD Net YTD Net YTD Fidelity SAI TRBdPlan 10.28 -0.01 -1.8 NHoriz 84.29 -0.63 2.4 MuHYAdml 11.95 -0.03 ExtndInst 137.73 -0.90
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem112.85 -0.02 4.8 0.4 IntlVal 42.43 +0.27 5.4 10.4
USBdIdxInstPrem 12.15 ... -2.1 TotalBd 10.57 -0.01 -1.4 MFS Funds Class I R2020 23.42 +0.01 2.9 MuIntAdml 14.76 -0.04 -0.3 LifeCon NA ... NA GrwthInst 132.98 -0.19 1.9
American Century Inv Baird Funds EmMktCorEq 26.20 +0.07 8.0 Fidelity Advisor I Fidelity Selects Growth I 164.59 -0.17 1.7 R2025 20.04 +0.01 3.5 MuLTAdml 12.13 -0.04 -0.4 LifeGro NA ... NA InPrSeIn 11.42 +0.01 -1.0
Ultra 77.21 -0.16 1.7 AggBdInst 11.53 -0.01 -1.9 IntlCoreEq 15.33 ... 5.2 NwInsghtI 38.04 -0.06 3.3 Softwr r 27.84 -0.17 2.7 ValueI 46.79 +0.18 3.7 R2030 29.62 +0.03 4.1 MuLtdAdml 11.23 -0.01 ... LifeMod NA ... NA InstIdx 343.30 +0.43 3.6
American Funds Cl A CorBdInst 11.92 -0.01 -1.7 IntSmCo 21.30 -0.03 5.0 Fidelity Freedom Tech r 28.09 -0.28 4.5 MFS Funds Instl R2035 22.24 +0.03 4.7 MuShtAdml 15.94 ... 0.1 PrmcpCor 31.68 +0.03 9.3 InstPlus 343.32 +0.43 3.6
AmcpA p 40.77 +0.13 4.2 BlackRock Funds IntSmVa 20.31 +0.03 6.2 FF2020 17.66 ... 2.9 First Eagle Funds IntlEq 31.11 -0.07 1.5 R2040 32.04 +0.05 5.3 PrmcpAdml r167.70 +0.03 9.0 STAR NA ... NA InstTStPlus 77.49 -0.01 4.8
AMutlA p 46.09 +0.13 3.3 HiYBlk 7.83 -0.01 1.1 TAUSCoreEq2 24.52 +0.02 6.7 FF2025 15.97 ... 3.4 GlbA 63.03 +0.17 2.9 Nuveen Cl I PRIMECAP Odyssey Fds RealEstatAdml127.80 +0.71 6.2 TgtRe2015 NA ... NA MidCpInst 60.45 +0.03 6.7
BalA p 30.80 -0.02 2.0 HiYldBd Inst 7.83 ... 1.2 US CoreEq1 31.51 +0.03 6.2 FF2030 20.04 ... 3.9 Franklin A1 HYMunBd NA ... NA AggGrowth r 59.64 -0.39 11.1 SmCapAdml 102.55 -0.32 10.0 TgtRe2020 NA ... NA MidCpIstPl 298.11 +0.14 6.7
BondA p 13.52 -0.01 -1.8 BlackRock Funds A US CoreEq2 28.90 +0.01 7.2 FF2035 17.42 -0.01 5.1 CA TF A1 p 7.73 -0.02 -0.8 Old Westbury Fds Schwab Funds SmGthAdml 100.72 -0.97 7.1 TgtRe2025 NA ... NA SmCapInst 102.55 -0.32 10.0
CapIBA p 65.12 +0.09 3.3 GlblAlloc p 22.16 ... 2.9 US Small 44.04 -0.15 14.6 FF2040 12.45 ... 6.0 IncomeA1 p 2.38 +0.01 4.4 LrgCpStr 17.93 -0.02 4.6 1000 Inv r NA ... NA STBondAdml 10.83 ... -0.2 TgtRe2030 NA ... NA STIGradeInst 11.00 ... ...
CapWGrA 62.10 +0.10 4.6 BlackRock Funds Inst US SmCpVal 41.29 +0.07 19.9 Freedom2025 K 15.94 -0.01 3.4 FrankTemp/Frank Adv Parnassus Fds S&P Sel NA ... NA STIGradeAdml 11.00 ... ... TgtRe2035 NA ... NA STIPSIxins 25.82 +0.02 0.8
EupacA p 72.61 -0.13 4.7 StratIncOpptyIns 10.42 ... 0.8 US TgdVal 27.95 +0.04 18.5 Freedom2030 K 20.02 -0.01 3.9 IncomeAdv 2.36 +0.01 4.4 ParnEqFd 55.37 +0.16 3.2 TSM Sel r NA ... NA TotBdAdml 11.33 -0.01 -2.2 TgtRe2040 NA ... NA TotBdInst 11.33 -0.01 -2.2
FdInvA p 72.47 +0.08 4.8 Bridge Builder Trust USLgVa 41.05 +0.20 9.4 Freedom2035 K 17.40 ... 5.1 FrankTemp/Franklin A PGIM Funds Cl Z TIAA/CREF Funds TotIntBdIdxAdm 22.93 -0.03 -1.9 TgtRe2045 NA ... NA TotBdInst2 11.18 -0.01 -2.2
GwthA p 69.93 -0.06 3.5 CoreBond 10.56 ... -1.9 Dodge & Cox Freedom2040 K 12.45 ... 6.0 Growth A p 138.65 -0.16 2.4 HighYield 5.57 ... 1.7 EqIdxInst 29.07 ... 4.6 TotIntlAdmIdx r 34.22 +0.03 5.4 TgtRe2050 NA ... NA TotBdInstPl 11.33 -0.01 -2.2
HI TrA p 10.33 -0.01 2.6 CorePlusBond 10.42 ... -1.5 Balanced 108.34 +0.12 6.4 Fidelity Invest RisDv A p 80.59 +0.12 0.5 TotalReturnBond NA ... NA VANGUARD ADMIRAL TotStAdml 99.25 -0.01 4.8 TgtRet2055 NA ... NA TotIntBdIdxInst 34.41 -0.05 -1.9
ICAA p 46.32 +0.10 4.3 Intl Eq 14.05 -0.03 5.2 Income 14.45 -0.01 -1.4 Balanc 29.21 -0.02 3.3 Guggenheim Funds Tru PIMCO Fds Instl 500Adml 358.94 +0.45 3.6 TxMCapAdml205.45 +0.10 4.0 TgtRetInc NA ... NA TotStInst 99.27 -0.01 4.8
IncoA p 24.45 +0.01 3.8 LargeCapGrowth 21.18 -0.06 3.0 Intl Stk 47.06 +0.03 7.7 BluCh 173.32 -0.90 6.3 TotRtnBdFdClInst 29.00 -0.04 -2.0 AllAsset 13.11 +0.03 5.7 BalAdml 45.21 -0.02 2.0 TxMIn r 15.87 +0.01 4.2 TotIntBdIxInv 11.47 -0.01 -1.9 ValueInst 49.21 +0.18 6.0
N PerA p 62.81 -0.13 3.8 LargeCapValue 15.62 +0.08 6.1 Stock 212.07 +0.42 10.1 Contra 16.83 ... 2.7 Harbor Funds InvGrdCrBd 10.96 -0.01 -2.4 CAITAdml 12.25 -0.03 -0.6 USGroAdml 177.45 -1.57 4.4 USGro 68.51 -0.60 4.4 WCM Focus Funds
NEcoA p 61.98 -0.08 4.2 Columbia Class I DoubleLine Funds ContraK 16.87 ... 2.7 CapApInst 107.16 -0.80 2.8 ShortT 9.84 ... 0.2 CapOpAdml r193.52 -0.15 9.0 ValAdml 49.21 +0.18 6.0 WellsI 28.36 +0.01 0.1 WCMFocIntlGrwIns 25.59 -0.19 3.4
NwWrldA 92.93 +0.05 5.7 DivIncom I 26.81 +0.07 3.9 CoreFxdIncmI 11.21 ... -0.8 CpInc r 11.05 +0.01 3.5 Harding Loevner TotRt 10.40 ... -1.6 DivAppIdxAdm 38.43 +0.03 0.2 WdsrllAdml 73.89 +0.13 7.6 Welltn 45.05 ... 1.6 Western Asset
SmCpA p 85.09 -0.69 7.0 Dimensional Fds TotRetBdI 10.61 ... -0.6 GroCo 34.88 -0.32 6.1 IntlEq 29.51 -0.11 3.8 PIMCO Funds A EMAdmr 45.39 +0.11 8.9 WellsIAdml 68.71 +0.03 0.1 WndsrII 41.64 +0.07 7.5 CoreBondI NA ... NA
TxExA p 13.56 -0.04 -0.1 5GlbFxdInc 10.90 ... 0.1 Edgewood Growth Instituti GrowCoK 34.97 -0.32 6.1 Invesco Funds Y IncomeFd NA ... NA EqIncAdml 83.21 +0.26 4.9 WelltnAdml 77.80 +0.01 1.6 VANGUARD INDEX FDS CorePlusBdI 12.19 ... -2.6
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 B14 | Wednesday, February 24, 2021
MICHAEL NAGLE/BLOOMBERG NEWS
The company has been posting strong revenue growth but that momentum will be tough to keep up going forward.
DoorDash Delivers Investors a Feast
Coming fourth-quarter results may mark the peak of shareholders’ appetite
DoorDash is a newly minted $65
billion public food-delivery company
trading near its highs just as the
pandemic is beginning to wane and
restaurants are opening back up.
What could possibly go wrong?
The nearest catalyst could be de-
ceiving. The company is set to dish
out fourth-quarter results on Thurs-
day, its first report as a public com-
pany. All signs point to a capstone
end to a phenomenal year for the
platform, which commands 53% of
the market, according to data re-
leased Friday by Edison Trends.
The fourth quarter is seasonally
strong for food delivery, given cold
weather and holidays, but Covid-19
has made 2020 a particular boon.
Earlier this month, Grubhub said it
grew sales 48% year over year in the
fourth quarter, while Uber Technol-
ogies said its Uber Eats business
grew revenue 224% in the same pe-
riod. It makes sense, then, based on
rivals’ performance, that investors
would be bidding up DoorDash’s
stock ahead of its earnings.
Uber has yet to turn a profit, but
its shares are up 70% over the past
year on its food-delivery growth,
even as its ride-share bookings were
down 43% as of January. Similarly,
DoorDash said it lost money in the
nine-month period ended Sept. 30,
though its revenue more than tri-
Six-month share price returns
80%
60
Norwegian Cruise Line
Carnival
Royal Caribbean
40
20
0 4
–20
–40
Sept. 2020
Sources: FactSet (shares); the company (actual sales); Visible Alpha (projection sales)
Overthinking Stocks Threatens Cruise Carnival
If you are confused by the sav-
age recovery of so-called “reopen-
ing” stocks, you are clearly over-
thinking things. Yes, sectors like
hotels, amusement parks and casi-
nos are soaring, even as revenues
remain severely depressed. But
markets’ new mantra seems to
channel the age-old design princi-
ple: “Keep it simple, stupid.”
Look no further than cruise
stocks. Shares of the three major
cruise lines are up an average of
53% over the past six months, even
though there has been little in the
way of an actual restart in the in-
dustry. As Royal Caribbean
Group’s chief executive officer,
Richard Fain, said on his com-
pany’s fourth-quarter conference
call Monday, most of its ships are
still sitting idle after almost a
year, and most of its global opera-
tions have been suspended at least
through April. Meanwhile, Carni-
val Corp. apparently has decided
that if it can’t sell cruise tickets, it
will just sell stock instead. The
company said on Monday it was
raising $1 billion in common stock,
also indicative of strong investor
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
DoorDash's quarterly net income
$50 million
0 rants open back up, it is unlikely
–50
–100
–150
–200
–250
1Q 2019
Sources: the company (actuals); Visible Alpha (4Q 20 estimate and 1Q 21 to 4Q 21 projections)
pled. As revenue growth inevitably
moderates with comparisons becom-
ing increasingly difficult as 2021
goes on, investors’ patience will be
tested. Estimates compiled by Visi-
ble Alpha forecast another two years
of losses ahead for the company.
DoorDash’s “first to market”
growth strategy in the U.S. suburbs
and in ancillary categories like con-
venience delivery certainly served it
well. But competitors are moving
onto this turf. Grubhub said its own
restaurant inventory rose 75% in
2020 in suburban and rural areas.
Royal Caribbean's annual sales
$12 billion
10
8
6 gered species in the world of re-
2 season than expected. Net sales
0 ended Jan. 30 compared with a year
Jan. ’21 2018
demand for the sidelined industry.
Hope floats, apparently. Esti-
mates compiled by Visible Alpha
show analysts expect Royal Carib-
bean’s revenue to remain down
from 2019 levels by 74% this year
and not exceed pre-pandemic lev-
els until 2023. UBS analyst Robin
Farley argues that while bookings
look to be down for the second
half of this year on an absolute ba-
sis compared with a normal year,
booking volume is likely to be well
above service capacity, given
cruise lines’ plan for a phased re-
entry of select ships at a time. She
also noted cumulative advance
bookings for the first half of next
year are within historical ranges
and seem to be at higher prices, a
sign of pent-up consumer demand.
An analysis of booking trends
done by cruise review site Cruise
Critic is also encouraging. The site
said it saw a 40% increase in
cruise shoppers in January versus
December, with the majority of
bookings for trips this year rather
than next year. But future cruising
may be contingent upon certain
protocol being put in place: 81% of
ON
THE
PROJECTIONS
ESTIMATE
1Q ’20 1Q ’21
And earlier this month, Uber said it
was paying more than $1 billion to
buy alcohol-delivery platform Drizly.
While these moves are validating to
DoorDash’s model, they also imply
growth may be more costly.
Investors should keep an eye on
pricing. Regulators capped commis-
sions food-delivery players can
charge their restaurant customers
amid the pandemic in many cities,
with some officials looking to set
permanent limits. Meanwhile, con-
sumer fees on DoorDash’s platform
can exceed 50% of the food’s cost it-
’19 ’20 ’21 ’22
PROJECTIONS
Cruise Critic readers polled in Jan-
uary and February said they would
cruise if there was a vaccination
requirement to sail. While it is still
unclear at this point what the reg-
ulations will be for future passen-
gers to cruise, Royal Caribbean’s
Mr. Fain did refer to vaccines as
“the ultimate weapon” on Monday.
Deutsche Bank analyst Chris
Woronka argued in a note this
week that historically it has
“proven unwise to fight a thesis
trade”—in this case pent-up de-
mand for vacations—no matter
what consensus expectations may
be. The risk, he notes ironically, is
that analysts’ forecasts will catch
up to or even exceed those of in-
vestors. This would set the stocks
up for disappointment if actual
earnings fall short of estimates
once cruising resumes.
The more positive consideration
analysts give these stocks, in other
words, the riskier investing in
them becomes. When it comes to
analyzing the recovery trade, per-
fect may be the enemy of the
good.
—Laura Forman
self. DoorDash’s continued growth
implies consumers have been will-
ing to shell out for its service be-
cause of Covid-19. But once restau-
that this level of tolerance will hold.
Early data from OpenTable sug-
gests people miss dining out: Port-
land, Ore., showed a 23-percent-
age-point increase in bookings just
four days after indoor dining re-
opened earlier this month. On Feb.
12, nationwide restaurant bookings
were down just 14% year over year,
OpenTable said.
And then there is the lockup to
consider: An early lockup expira-
tion will release 20% of shares held
by directors and 40% of shares
held by all other equity holders,
likely creating significant volatility
around mid-March. There is a sec-
ond final lockup period that ex-
pires either 180 days after its ini-
tial-public-offering filing is dated
or around its second earnings re-
lease, whichever comes first.
Relative to competitors, DoorDash
seems best-positioned to appeal to
the post-pandemic consumer. But
like all food delivery players, its days
of peak growth may now be behind
it. Soon enough, investors looking
for sustainable profits post-pan-
demic will need to order off a differ-
ent menu. —Laura Forman
Macy’s Provides
Few Reasons to Bet on It
Macy’s belongs to an endan-
tail. That comes with one benefit:
Every sign of life can be enough to
keep investors on board.
Macy’s did have a better holiday
were down 18.7% in the quarter
earlier, better than the 22.6% de-
’23
cline that analysts polled by Visible
Alpha expected. But that was still a
steeper revenue decline than the
14.4% drop that department stores
around the country experienced
over the same period, according to
data from the U.S. Census Bureau.
Net income was a positive sur-
prise, coming in at $160 million
compared with the $14.3 million
analysts expected. That was mostly
thanks to greatly reduced operat-
ing expenses.
The department-store chain re-
duced operating costs by $900
million for the full year and ex-
pects to keep expenses at that de-
pressed level going forward. For
the full year, Macy’s incurred a net
loss of $3.9 billion.
It is important to remember that
behind Macy’s cost reductions are
expectations that it will sell less go-
ing forward. Macy’s thinks fiscal
2021 net sales will be 15.5% lower
than fiscal 2019 levels at the high
end of its guidance. That isn’t a high
bar: Sales also declined in 2019.
So it makes little sense that
Macy’s share prices are almost
back to their pre-pandemic levels.
Lower costs won’t guarantee better
profitability either. As a percentage
of sales, operating expenses are ex-
pected to increase this year com-
pared with 2019 levels.
There are other caveats buried
in Macy’s good news. The holiday
THE WALL STREET JOURNAL.
China’s
Robinhoods
Are Doing
Just Fine
Online brokers aren’t
seeing woes from frenzy
In a gold rush, sell shovels. In a
U.S. stock-trading mania, be an on-
line broker—a Chinese one, that is.
The day-trading craze fueled by
platforms such as Robinhood
reached a climax last month as indi-
vidual investors pushed stocks like
GameStop through the stratosphere.
Investing in closely held Robinhood
is tough, but investors jumped into
Chinese online brokers.
Shares of Nasdaq-listed Futu
and Up Fintech have nearly qua-
drupled this year. These brokers
charge low commissions to enable
mostly Chinese investors to trade
U.S. and Hong Kong stocks.
Futu, backed by Tencent, said
this week that daily active users of
its app are above one million. That is
up from 580,000 last quarter, ac-
cording to Morgan Stanley. The new
users will bring in higher commis-
sions, but let Futu make more
money from margin finance and
other services. It made about 40% of
its revenue from interest and other
income for 2020’s third quarter.
Futu and Up Fintech, known as
Tiger Brokers, had a strong 2020,
thanks to stay-at-home traders, a
record bull market and a strong
pipeline of initial public offerings.
Futu’s operating profit rose fivefold
in the first nine months of 2020,
while Tiger, backed by phone
maker Xiaomi, turned profitable.
This year will likely be even bet-
ter: Average daily turnover in the
Hong Kong market more than dou-
bled year over year in January,
while turnover in the U.S. has in-
creased 62%, according to Citi.
Turnover in Hong Kong hit the
equivalent of $39.16 billion on Mon-
day, a record. And more customers
could be coming: China is consider-
ing allowing individuals to use their
$50,000 foreign-exchange quota to
buy overseas securities, an official
at China’s foreign-exchange regula-
tor told local media last week.
Yet Futu is trading at 86 times
this year’s expected earnings,
while Tiger is at 113 times, accord-
ing to S&P Global Market Intelli-
gence. They may move higher, as
long as the market is exuberant,
but a reversal would be hard and
swift. —Jacky Wong
season brought in seven million
new customers, many of them
younger than the existing customer
base and the majority coming to
Macy’s through online channels.
The bad news was that its existing
customers didn’t show up in the
same way, with active customer
count declining. Given supply
crunches during the holiday season,
the new customer numbers should
be taken with a pinch of salt: There
is a possibility that some of the
new customers were there as a last
resort and won’t return.
Macy’s share price is cheap rela-
tive to peers, trading at roughly
0.23 times forward revenue,
roughly half the multiple of Kohl’s
and Nordstrom. But there is a good
reason: Macy’s underperforms both
competitors on operating margins
and returns on invested capital.
However you try to spin it, it is
hard to come up with a compelling
reason to bet on Macy’s.
—Jinjoo Lee
Profitability and growth measures
10%
0
–10 Macy's
Kohl's
Nordstrom
–20
2019 2019 Five-year
operating return on compound
margin invested annual net
capital income growth
through 2019
Sources: FactSet; S&P Global Market Intelligence