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T
Business & Finance
he Supreme Court
curbed the FTC’s long-
time practice of seeking to
recover ill-gotten gains in
court from companies and
individuals who cheat or
mislead consumers. A1
 Intel CEO Gelsinger said
a global chip-supply short-
age could stretch two more
years, as the U.S. semicon-
ductor giant posted weaker
quarterly earnings. B1
 Initial jobless claims
fell to 547,000 last week, a
new pandemic low that adds
to evidence of a strength-
ening labor market. A2
 Major airlines this week
reiterated confidence that
the travel market, at least for
leisure, is rebounding from
deep pandemic losses. B1
 Credit Suisse asked in-
vestors for up to $2 billion
in fresh capital after losses
from Archegos swelled more
than previously disclosed. B1
 The ECB will keep its
aggressive monetary stim-
ulus in place and lag be-
hind the Fed in phasing it
out, Lagarde said. A8
 U.S. stocks fell, with the
S&P 500, Dow and Nasdaq
all retreating 0.9%. B11
 SEC chief Gensler hired
veteran defense attorney
and former prosecutor
Alex Oh to run the agency’s
enforcement division. A3
 AT&T added more cell-
phone users, fiber-optic inter-
net customers and HBO view-
ers in the first quarter. B2
 Blackstone Group swung
to a record quarterly
profit, reporting net in-
come of $1.75 billion. B10
World-Wide
 Biden sought to assert U.S.
leadership in global climate
talks, committing to a sharp
reduction in the nation’s
greenhouse-gas emissions at
a summit that drew prom-
ises from other world lead-
ers to take action and calls
for rich nations to shoul-
der more responsibility. A1
 India reported more
than 314,000 new corona-
virus cases, the world’s
biggest-ever single-day
jump of new infections. A1
 Russia ordered some of
its troops to begin with-
drawing from the Ukrainian
border in a move that could
help de-escalate tensions
with Kyiv and the West. A7
 A group of Senate Re-
publicans released the out-
line of a $568 billion infra-
structure plan, putting out
a GOP alternative to Biden’s
$2.3 trillion proposal. A4
 House Democratic leaders
made a last-minute lobbying
push to keep healthcare pro-
visions in Biden’s planned
antipoverty and education
proposal due next week. A5
 The House approved leg-
islation that would make
Washington, D.C., the 51st
state, but the bill faces an
uphill battle in the Senate. A4
 The Senate passed a bill to
expedite the Justice Depart-
ment’s review of hate crimes in
response to a wave of violence
against Asian Americans. A4
 Australia canceled an infra-
structure deal between China
and the state of Victoria after
concerns the accord could pose
a national-security risk. A16
CONTENTS
Arts in Review A10-11
Banking & Finance B10
Business News...... B3
Crossword............... A11
Heard on Street. B12
Mansion............. M1-14
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
FRIDAY, APRIL 23, 2021 ~ VOL. CCLXXVII NO. 94
NASDAQ 13818.41 g 0.9% STOXX 600 439.63 À 0.7%
DANISH SIDDIQUI/REUTERS
Preparations are made to cremate the body of a Covid-19 victim in New Delhi on Thursday.
India Hits Global Record
For Daily New Virus Cases
BY SHAN LI
AND VIBHUTI AGARWAL
NEW DELHI—India re-
ported more than 314,000 new
coronavirus cases, the world’s
biggest-ever single-day jump
of new infections, as the coun-
try struggled to keep a surge
of infections from overwhelm-
ing its healthcare system.
Hospitals in New Delhi and
other hard-hit cities have been
turning away patients and
running low on oxygen, beds
and other medical supplies.
“We are in dire need of oxy-
gen,” said A.C. Shukla, head of
the intensive-care unit at
Friends Dreamed
Of Fortune
On Robinhood
Three photographers joined the online
trading frenzy, emboldened by early wins
BY RACHEL LOUISE ENSIGN
Chris Garcia set up a sec-
ond monitor at his desk in
mid-January to display his
Robinhood Markets Inc. bro-
kerage account. He turned to
it often, watching his bal-
ance grow to $23,400, more
than four times his initial in-
vestment.
Mr. Garcia, a 32-year-old
school photographer, made
more money in a few days
from the market than a
month’s work at his day job.
“What color lambo you
buying?” he texted his
friends Mike Norkin and Alex
Ela, also photographers, jok-
ing about market riches de-
Markets..................... B11 livering six-figure Lambor-
Opinion.............. A13-15
Sports........................ A12 ghini sports cars. “I’m
Technology............... B4 buying three,” said Mr. Nor-
U.S. News............. A2-6 kin, 41. His Robinhood ac-
Weather................... A11
World News. A7-8,16
count had ballooned to
$52,500.
After the pandemic dis-
> rupted their livelihood tak-
ing school photos, the three
California friends discovered
the thrill of online trading—
for a time, making more
money than they ever
thought possible. They
WSJ.com
10-YR. TREAS. À 3/32 , yield 1.554%
Delhi’s Mata Chanan Devi hos-
pital. “Suppliers have stopped
answering our calls.”
Coronavirus cases in India
have exceeded 200,000 new
daily cases for seven straight
days, hitting the record on
Thursday. The rapid spread of
the virus has moved the coun-
try to the center of the global
pandemic and quickly over-
whelmed a nation that ap-
peared to have Covid-19 largely
under control only weeks ago.
India had sought for months
to avoid the strict lockdowns
that pummeled its economy
last year, but New Delhi went
into lockdown for six days,
looked ahead to building
savings and paying off debt.
On a typical day, the three
men exchanged at least 50
group texts and held video
meetings to discuss invest-
ments. They logged their ac-
count balances on a shared
spreadsheet. At night, they
played online videogames to-
gether, swapping usernames
to reflect various stocks they
liked. They saw other gam-
ers doing the same.
“When you’re in ‘Call of
Duty,’ there’s a rush when
you win your match, and
you’re doing well,” Mr. Gar-
cia said. “With Robinhood,
you’re seeing your account
go up, and it’s that same eu-
phoric feeling.”
Small investors have long
been part of the market eco-
system, trading tips at bar-
bershops, in mailed newslet-
ters and through old-school
online message boards like
Yahoo! Finance.
The current frenzy,
whether in stocks like
GameStop Corp. or crypto-
currencies like Dogecoin, is
different. Social media and
Please turn to page A9
HHHH $4.00
OIL $61.43 À $0.08
starting Monday. Other areas
have followed, with the state
of Jharkhand imposing a week-
long lockdown starting Thurs-
day and India’s most populous
state, Uttar Pradesh, ordering
a weekend lockdown.
The World Health Organiza-
tion reported this week that
global Covid-19 infections con-
tinue to rise. In the U.S., where
more than a quarter of the pop-
ulation is now fully vaccinated,
the seven-day average of newly
reported cases is trending
Please turn to page A7
 U.S. ‘do not travel’ list spans
80% of globe................................ A5
Home Prices Hit High, Sales Fall
Existing-home sales fell 3.7% in March from February and the
median price rose to a record $329,100 amid tight supply. A3
Existing-home sales
7million
6
5 48 Hours
4
3
2
1 cious power play to create a Eu-
0 week. They came together out
March April May June July Aug. Sept. Oct.
2020
Note: Seasonally adjusted annual rate
Flying Trapeze, Dueling Banjos—
Employee Talent Shows Are Intense
i i
Contests bring out the fondant pros
and ukulele players among us
BY TE-PING CHEN
Rebecca Welch was planning
to bake a cake, but she didn’t
want to seem like a showoff.
Her company had organized
a friendly virtual bake-off, an
exercise intended to boost em-
ployee spirits amid the pan-
demic. Ms. Welch had a vision
of the cake she wanted to cre-
ate: an intricately painted
“Wizard of Oz”-themed fondant
confection. Still, she worried
GOLD $1,781.20 g $11.10
World Leaders
Pledge Efforts
On Emissions
Developing nations at
Biden climate summit
ask for wealthier
countries to do more
BY ANDREW RESTUCCIA
AND TIMOTHY PUKO
WASHINGTON—President
Biden sought to assert U.S.
leadership in global climate
talks, committing to a sharp re-
duction in the nation’s green-
house-gas emissions at a sum-
mit Thursday that drew
promises from other world
leaders to take action and calls
for rich nations to shoulder
more responsibility.
“No nation can solve this cri-
sis on our own,” Mr. Biden said
at the start of the two-day vir-
tual climate summit at the
White House. “All of us, and
particularly those of us that
represent the world’s largest
economies, we have to step up.”
The climate summit is aimed
at jump-starting global efforts
Court Limits FTC’s
Power in Fraud Cases
BY BRENT KENDALL
WASHINGTON—The Su-
preme Court curbed the Fed-
eral Trade Commission’s long-
time practice of seeking to
recover ill-gotten gains in court
from companies and individu-
als who cheat or mislead con-
sumers, upending a central en-
forcement tool the agency has
relied on for decades.
The court, in an opinion by
Justice Stephen Breyer, ruled
unanimously on Thursday that
a 1973 law, which gives the
FTC the right to seek court in-
junctions to stop fraudulent or
deceptive commercial activity,
doesn’t grant the commission
the power to seek financial
judgments as well.
The court said that if the
FTC wants to seek financial
recoveries on behalf of de-
frauded consumers, it needs to
rely on other, more limited le-
gal provisions that require it
March 2021
6.01 million
Nov. Dec. Jan. Feb. March
2021
Source: National Association of Realtors
i JP Morgan for a $4 billion line
colleagues might think it was
excessive.
“I went back and forth on
what was appropriate,” says
Ms. Welch, who works at a
trade magazine in Los Angeles.
“I wanted to create something
nice and good, but not be, like,
I’m better than everyone else.”
The pandemic has raised the
game in company competitions.
While pre-coronavirus contests
frequently featured communal
Please turn to page A9
EURO $1.2018 YEN 107.97
to reduce emissions as part of
the Paris agreement, which
calls on countries to ratchet up
their climate commitments ev-
ery five years. The deal relies
largely on international pres-
sure, rather than legally bind-
ing enforcement mechanisms,
to persuade countries to make
deep emissions cuts.
China, the No. 1 emitter and
the world’s No. 2 economy, said
it would reduce but not elimi-
nate coal consumption, and it
called on wealthy countries like
the U.S. to do more. Several
other countries pledged to cut
future emissions and expand
their use of renewable energy.
Scientists and activists have
said that without major action
this decade from the U.S.,
China, the European Union, In-
dia and other top emitters,
countries won’t be able to
meet the Paris agreement’s
goal of keeping average global
Please turn to page A6
 China, India vow to help, on
their own terms....................... A6
to go through detailed admin-
istrative proceedings aimed
first at identifying and halting
the fraudulent conduct.
The commission had argued
such an approach would be
slow and ineffective. Relying
on those means alone, it said,
would leave the commission
able to stop only future fraud-
ulent conduct while allowing
defendants to keep profits
they already made at consum-
ers’ expense.
“If the commission believes
that authority too cumber-
some or otherwise inadequate,
it is, of course, free to ask
Congress to grant it further
remedial authority,” Justice
Breyer wrote.
Aside from the FTC’s future
enforcement approach, Thurs-
day’s ruling could undermine
scores of investigations cur-
rently pending at the agency
as well as cases pending in
Please turn to page A2
‘Super
League’
Flopped in
BY JOSHUA ROBINSON
An alliance of the world’s
most powerful soccer clubs had
secretly plotted for three years
before they launched an auda-
ropean “Super League” this
of frustration over a system
they felt was ancient, broken,
and above all, failing to pay gi-
ants like Manchester City, Real
Madrid and Juventus their due.
Yet when the Super League
launched last weekend, it was
nonetheless a scramble. The
rebel clubs were sorting out le-
gal details and had only just se-
cured a firm commitment from
of credit. Two of the 12 teams
signed on at the last minute.
One adviser warned: “This is
going to be spectacularly diffi-
cult. Are you sure you want to do
this now?” according to a person
familiar with the project. They
plowed ahead, convinced the
strength of the most celebrated
brands in the world’s most popu-
lar sport would ensure the Super
League became a reality.
The 12 clubs were lashing
together their futures for the
next 23 years. The Super
League lasted barely two days.
By Tuesday night, the project
was in tatters after an uproar
Please turn to page A8

A2 | Friday, April 23, 2021
Jobless Claims Fall to New Pandemic Low
BY AMARA OMEOKWE
Worker filings for jobless
benefits declined to 547,000
last week, a new pandemic
low that adds to evidence of a
strengthening labor market
and overall economic recov-
ery.
Initial unemployment
claims, a proxy for layoffs, fell
39,000 last week from an up-
wardly revised 586,000 the
prior week, the Labor Depart-
ment said Thursday. That put
new claims on a seasonally
adjusted basis below 600,000
for two consecutive weeks in
mid-April, their lowest levels
since early 2020. The four-
week moving average, which
smooths out volatility in the
weekly figures, was 651,000,
also a pandemic low.
The median sales price for
previously owned homes
climbed to a record in March
as a shortage of homes during
the pandemic limited transac-
tions, the National Associa-
tion of Realtors said sepa-
ANDY NEWMAN/FLORIDA KEYS NEWS BUREAU/ASSOCIATED PRESS
EASY DOES IT: A loggerhead sea turtle returned to the wild Thursday at Sombrero Beach in Marathon, Fla., after a three-month
recovery. The reptile, dubbed ‘Sparb’ was found off the Florida Keys in late January with severe wounds and missing a front right flipper.
NASA
Helicopter on Mars
Makes Second Flight
NASA’s little Mars helicopter
aced its second test flight
Thursday, soaring even higher
and longer than before.
The 4-pound chopper, named
Ingenuity, hovered longer and
also flew side to side this time,
according to NASA’s Jet Propul-
sion Laboratory in California. It
achieved the intended altitude of
16 feet and even accelerated
sideways 7 feet. This hop lasted
52 seconds, 13 seconds longer
than the first one.
“Go big or go home!” JPL
tweeted.
The success came three days
after Ingenuity made the first
powered flight by an aircraft on
another planet. The helicopter
carried a bit of wing fabric from
the Wright Flyer that made sim-
ilar history in Kitty Hawk, N.C., in
1903.
Flight controllers had to wait
four hours before learning
Thursday’s outcome. Like it did
during Monday’s 10-foot-high
hop, the helicopter sent back a
black and white photo showing
its shadow against the dusty,
rock-strewn surface now known
as Wright Brothers Field.
—Associated Press
THE WALL STREET JOURNAL
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rately. Existing-home sales
dropped 3.7% in March from
February to a seasonally ad-
justed annual rate of 6.01 mil-
lion, marking the second
straight month of sales de-
clines.
Jobless claims remain
higher than their pre-pan-
demic levels—the weekly av-
erage in 2019 was about
218,000—but last week’s drop
extended a downward trend
since the start of this year
and raised expectations for
further declines in coming
weeks.
“This dip in jobless claims
looks good in isolation but
what really matters is that it
confirms that last week’s un-
expected plunge was no
fluke,” said Ian Shepherdson,
chief economist at Pantheon
Macroeconomics, in a note to
clients.
A confluence of factors has
offered signals that the eco-
nomic recovery is accelerat-
ing, including a surge last
month in retail sales and jobs
U.S. WATCH
FLORIDA
Ruling Undercuts
Marijuana Initiative
The Florida Supreme Court
dealt a potentially fatal blow to
supporters of a proposed consti-
tutional amendment aimed at le-
galizing marijuana under certain
circumstances.
The justices ruled Thursday
that the initiative’s ballot sum-
mary is “misleading” in part be-
cause it doesn’t spell out that
recreational marijuana posses-
sion and distribution is still a
federal crime.
“The point is that a summary
should not contain language that
is affirmatively misleading and
creates a risk that voters will be
confused,” the majority justices
wrote in a 5-2 ruling.
The ruling came after Attor-
ney General Ashley Moody re-
quested an advisory opinion on
whether the marijuana initiative
was valid.
A group called Make It Legal
Florida had been gathering peti-
tion signatures in hopes of plac-
ing the initiative on the 2022
ballot. Now, they will have to
start all over again.
The proposal would permit
Floridians 21 and older to pos-
sess up to 2.5 ounces of mari-
juana for personal use, with
U.S. NEWS
Filings for jobless benefits
1.6 million
1.4
1.2
1.0
0.8
0.6 Pre-pandemic weekly record: 695,000
0.4
0.2 2019 weekly average: 218,000
0 labor market, and claims will
July 2020
Note: Seasonally adjusted
Source: U.S. Employment and Training Administration via St. Louis Fed
added as Covid-19 vaccination
totals increased and the econ-
omy more fully reopened.
Economists surveyed by The
Wall Street Journal in April
forecast on average that U.S.
gross domestic product grew
at a 5.59% annual rate in the
first quarter of 2021. That
some restrictions over where it
could be used. The court major-
ity objected to the summary be-
cause they said it implies Floridi-
ans would be completely free of
criminal exposure despite federal
law.
Florida voters in 2016 ap-
proved a constitutional amend-
ment permitting medical use of
marijuana.
—Associated Press
NEW HAMPSHIRE
Drilling Rig Falls Into
Contoocook River
A drilling rig operating at a
construction site in Peterbor-
ough tipped over and fell into
the Contoocook River, town offi-
cials said Thursday. No one was
hurt.
The rig was working at the
retaining-wall part of a bridge
project at Route 202. Town offi-
cials posted on Facebook that a
small amount of fuel leaked, but
it was quickly contained, and the
Department of Environmental
Services has been notified.
“Removal is expected to take
considerable time,” the post said.
“Given that large equipment will
be required for removal, there
are likely to be additional road
closures in the near future.”
—Associated Press
Week ended April 17
547,000
’21
was up from an average fore-
cast of 2.21% growth from the
January survey.
Recent federal stimulus aid
has sent many households di-
rect cash payments. Mean-
while, about a third of U.S.
adults age 18 or over have
been fully vaccinated, and
COLORADO
New Details Emerge
In Boulder Killings
The man accused of killing 10
people at a crowded Colorado
supermarket last month armed
himself with 10 high-capacity
ammunition magazines, devices
banned in the state after previ-
ous mass shootings, a prosecu-
tor said Thursday.
Boulder County District Attor-
ney Michael Dougherty said Ah-
mad Al Aliwi Alissa, 22, pos-
sessed the magazines that hold
more than 15 rounds unlawfully
but that investigators don’t be-
lieve he purchased the maga-
zines illegally.
The high-capacity magazines
were banned in Colorado after
the 2012 mass shootings at a
suburban Denver movie theater
and at Sandy Hook Elementary
School in Connecticut.
The magazines were found
on Mr. Alissa and in a car parked
outside the King Soopers store
in Boulder after the March 22
attack, Mr. Dougherty said.
The suspect hasn’t been
asked to enter a plea yet and
the public defenders who repre-
sent him are prohibited from
talking to the media about the
case under office policy.
—Associated Press
CORRECTIONS  AMPLIFICATIONS
A chart with an April 16
Page One article about U.S.
consumer spending showed the
changes in Bank of America
debit- and credit-card spending
in various market segments,
for March from February. The
chart incorrectly contained a
label that referred to indus-
trial-production data.
The S&P 500 index was up
4.2% for the year as of March
18. A March 19 Page One article
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling
* *** THE WALL STREET JOURNAL.
more than half have received
at least one dose, according
to the Centers for Disease
Control and Prevention.
Continuing jobless claims—
a proxy for the number of
people receiving benefits
through regular state pro-
grams—fell to 3.67 million in
the week ended April 10, a de-
cline of 34,000 from the prior
week. The four-week moving
average in continuing claims
also fell.
“I do think that we are see-
ing real improvement in the
continue to gradually move
lower probably through the
rest of this year,” said Gus
Faucher, chief economist at
PNC Financial Services Group.
He added that the pace of
vaccinations and business re-
openings bodes especially
well for activity at services
businesses, such as dining as
well as leisure and hospital-
ity.
Consumer spending is the
driving factor for U.S. eco-
High Court
Undercuts
FTC Power
Continued from Page One
court. It isn’t clear whether
any previous defendants in
now-final cases might attempt
to use the ruling to try to re-
open consideration of financial
penalties they paid previously.
The FTC brings an array of
consumer-protection and anti-
trust-enforcement actions tar-
geting everything from finan-
cial scams and false
advertising to more sophisti-
cated deceptive practices in-
volving large companies.
It has used the 1973 law to
recoup billions of dollars from
defendants alleged to have en-
gaged in deceptive or unfair
business practices. Recent no-
table cases include settle-
ments and refunds involving
Volkswagen AG, Western
Union Co. and the University
of Phoenix. Those settlements
included neither an admission
nor denial of wrongdoing.
In testimony submitted to
Congress this week, the com-
mission said it had used its
cases to return $11.2 billion in
ill-gotten gains to consumers
in the past five years. Not all
money it has collected goes
back to victims.
Critics have called the
FTC’s longstanding approach
heavy-handed and excessively
punitive. Business groups in-
cluding the U.S. Chamber of
Commerce and the trade as-
sociation for the pharmaceu-
tical industry filed briefs with
the high court supporting the
challenge to the FTC’s au-
thority.
The case stemmed from a
multibillion-dollar payday-loan
scheme operated by business-
man and race-car driver Scott
Justices Narrow
Juvenile Protections
WASHINGTON—The Su-
preme Court held that juvenile
offenders need not be found
permanently incorrigible before
being sentenced to life impris-
onment with no chance of pa-
role. The ruling ends a series
of decisions that had expanded
protections for children con-
victed of serious crimes.
The 6-3 vote on Thursday
divided the court along conser-
vative-liberal lines over the
meaning of recent precedents
that forbid mandatory life
without parole for juveniles
about auto makers incorrectly
said the S&P 500 index was up
6.16%.
The medical examiner’s of-
fice in Washington said on
April 19 that Capitol Police Of-
ficer Brian Sicknick died of
natural causes after the Jan. 6
attack on the U.S. Capitol.
Some articles published in The
Wall Street Journal initially re-
ported Mr. Sicknick was struck
by a fire extinguisher, and oth-
888-410-2667.
.
nomic growth, accounting for
roughly two-thirds of output.
Peggy Shell, chief executive
and founder at Creative
Alignments, a Boulder, Colo.-
based staffing firm, said she
recently added three new
staffers to the company,
bringing the total to 26 part-
and full-time workers.
Two more workers are
scheduled to start. Ms. Shell
said vaccines are helping
drive the optimism she is
hearing among clients.
“I do think that this hope
of the country opening even
more has allowed people to
feel even more comfortable in
their growth plans,” she said.
Still, the U.S. economy as
of March had roughly 8.4 mil-
lion fewer jobs than before
the pandemic started. Overall,
about 17.4 million Americans
were collecting unemploy-
ment benefits through state,
federal and pandemic-related
programs in the week ended
April 3, up from 16.9 million
the prior week.
Tucker. Mr. Tucker was con-
victed in 2017 for charging ille-
gally high interest rates and ly-
ing about the costs of loans,
and later sentenced to over 16
years in prison.
In civil proceedings, the
FTC secured a judgment or-
dering Mr. Tucker and several
corporate defendants to pay
$1.3 billion, the largest liti-
gated award it had ever ob-
tained. Mr. Tucker challenged
the FTC’s powers to pursue
the monetary judgment on be-
half of consumers, arguing the
commission didn’t have unbri-
dled authority to extract mon-
etary payments in court.
Thursday’s ruling effec-
tively wiped out the civil judg-
ment against Mr. Tucker and
the related defendants, though
other funds connected to the
criminal proceedings—about
$500 million—have been dis-
tributed to consumers, and
prosecutors last year auc-
tioned off exotic sports cars
seized from Mr. Tucker.
The commission had been
making contingency plans for
a loss at the Supreme Court,
but FTC officials had warned
that losing their long-assumed
authority would undermine
their mission.
“The Supreme Court ruled
in favor of scam artists and
dishonest corporations, leaving
average Americans to pay for
illegal behavior,” said FTC Act-
ing Chairwoman Rebecca Kelly
Slaughter, a Democrat. “With
this ruling, the court has de-
prived the FTC of the strongest
tool we had to help consumers
when they need it most.”
Republicans on the FTC
have suggested lawmakers
could restore FTC authority in
a way that placed some limits
on how it could use the power
to seek money judgments.
Maureen Ohlhausen, a for-
mer Republican commissioner
and acting FTC chairwoman,
said of the court ruling: “I
think it will restore the FTC’s
role as Congress envisioned it.”
convicted of murder. The ma-
jority opinion, by Justice Brett
Kavanaugh, narrowly applied
such decisions, finding only
that trial judges passing sen-
tence must have the option to
impose lesser punishment on
juveniles.
The dissent, by Justice So-
nia Sotomayor, accused the
majority of misreading the
substance of those precedents
to deny constitutional rights
the court had found protected
juveniles from cruel and un-
usual punishments.
Thursday’s case concerned
Brett Jones, a teenager who
was convicted in 2005 of mur-
dering his grandfather.
—Jess Bravin
ers later quoted police state-
ments that he died of injuries
sustained during the riot. An
amplification has been ap-
pended to those articles online.
Notice to readers
Wall Street Journal staff
members are working remotely
during the pandemic. For the
foreseeable future, please send
reader comments only by email
or phone, using the contacts
below, not via U.S. Mail.
 .

THE WALL STREET JOURNAL. Friday, April 23, 2021 | A3

U.S. NEWS

Prices of Daunte Wright’s Funeral Brings Calls for Policing Overhaul

Existing
Homes Hit
A Record
BY NICOLE FRIEDMAN

The relentless climb in U.S.

home prices and tightening
supply threaten to cool the hot-
test housing market in 15 years,
sending frustrated home buyers
to the sidelines.
The median price for exist-
ing home sales rose to
$329,100 in March, a new high
according to the National Asso-
ciation of Realtors. Prices
soared 17.2% last month from a
year earlier, marking the big-

BRIDGET BENNETT FOR THE WALL STREET JOURNAL

gest price increase in NAR data
going back to 1999.
Steepening prices, combined
with a scarcity of inventory
that has left the U.S. housing
market millions of homes short
of buyer demand, have taken
some steam out of the market.
NAR said Thursday that ex-
isting-home sales dropped 3.7%
in March from February, the
second straight month of sales
declines.
The supply constraints are
creating a fiercely competitive MINNEAPOLIS—At a packed for change to prevent future kill- bors Minneapolis. Officers pulled The officer, Kim Potter, re- Amy Klobuchar and Rep. Ilhan
bidding climate where homes funeral for Daunte Wright, the ings by police. him over for having an expired signed from the department and Omar, as well as families whose
are sitting on the market for 20-year-old Black man killed by “We are fighting for a federal registration and found a warrant has been charged with second- relatives have been killed by police,
shorter periods than ever be- police, remembrances of his law. Why a federal law?” Mr. for his arrest on a weapons degree manslaughter. An attor- including relatives of George Floyd.
fore. The typical home that bright smile drew tears and calls Sharpton asked. “Because if we charge, police say. Police have ney for Ms. Potter didn’t re- “My son had a smile that was
sold in March spent only 18 for police reform drew cheers. keep having to fight state by characterized the shooting as an spond to a request for comment. worth a million dollars,” said Mr.
days on the market, the fastest The crowd at Shiloh Temple state, we’ll never solve this.” accident. Body-camera footage Mr. Sharpton’s words were Wright’s mother, Katie (above
pace on record, NAR said. International Ministries repeat- Mr. Wright was fatally shot shows an officer threatening to echoed by other speakers at the right). “He was loved by so many.
“The softening sales activity edly applauded as the Rev. Al on April 11 by a police officer in use a Taser and then pulling her funeral, which was attended by He’s going to be so missed.”
is not due to demand going Sharpton spoke about pushing Brooklyn Center, which neigh- gun and shooting Mr. Wright. Minnesota Gov. Tim Walz, Sen. —Erin Ailworth
away. Demand remains strong,”
said Lawrence Yun, NAR’s chief
economist.

Prosecutors Get a Path to More Police Cases

Severe winter weather in
February, including widespread
power outages in Texas, doesn’t
seem to have had much of an
impact on home sales, NAR
data suggest.
Spring is when many fami-
lies try to buy homes so they
can move before the start of a
new school year, one reason it
BY ZUSHA ELINSON case is unique because the dropped to seven.
AND DAN FROSCH video footage of his kneeling The numbers have risen
on Mr. Floyd showed that his again in the wake of wide-
Tuesday’s murder convic- actions didn’t involve a split- spread protests sparked by the
tion of Derek Chauvin in the second decision in which he murder of Mr. Floyd. Last year,
death of George Floyd will feared for his life. Such a de- 16 officers were charged with
JEFF WHEELER/STAR TRIBUNE/TNS/ZUMA PRESS

is the busiest time of year.
Some real-estate executives say
inventory is likely to increase
in the coming months, as sell-
ers try to take advantage of
seasonal activity. Increased
vaccination rates could also
make sellers feel more comfort-
able about the potential risk of
letting strangers tour their
homes.
Supply did edge up in March
to 1.07 million homes for sale,
which was 3.9% higher than in
February. But that amount was
28.2% lower than what was
available in March 2020. At the
current sales pace, there was a
2.1-month supply of homes on
the market at the end of March.
“It’s such a frustrating mar-
ket right now for buyers,” said
Dan Canfield of Accel Realty
Partners. Around Boise, Idaho,
most houses receive 15 to 25
offers, he said, though some at-
tract nearly 100. Even buyers
who can pay cash are facing
competition and struggling to
get offers accepted, he said.
likely make prosecutors more
willing to charge police offi-
cers after fatalities, according
to district attorneys and law-
enforcement researchers.
Guilty verdicts against po-
lice officers who kill people in
the line of duty have histori-
cally been rare. Of the 140 po-
lice officers charged in fatal
shootings since 2005, seven
were convicted of murder and
37 were convicted of lesser
crimes, according to research
by Philip Stinson, a Bowling
Green State University crimi-
nologist who studies the topic.
There are about 1,000
deadly police shootings a year,
Mr. Stinson has found.
But increased attention to
police misconduct, more video
evidence and the precedent of
a jury handing up a high-pro-
file conviction against Mr.
Chauvin are all likely to com-
pel prosecutors to be more ag-
gressive in such cases, the
prosecutors said.
“In the past, we knew that
People rallied in Minneapolis after the Chauvin verdict Tuesday.
juries were reluctant to con-
vict police officers,” said Steve
Wagstaffe, district attorney in
California’s San Mateo County
and past president of the Cali-
fornia District Attorneys Asso-
ciation. The Chauvin verdict
will factor into prosecutors’
decisions in the future if they
believe that “juries will be
more willing to conclude that
there can be an officer who
was a bad apple and hence
willing to convict,” he said.
High legal standards for
charging police officers is one
fense is common and fre-
quently successful.
Los Angeles District Attor-
ney George Gascón, whose of-
fice is looking at reopening old
police-shooting cases, said the
verdict sent a message that ju-
ries are willing to hold police
accountable. But he said laws
need to be changed to “create
a different legal scheme that is
actually a vehicle for account-
ability for police when they
use excessive force.”
reason prosecutors have been The number of prosecutions
reluctant to pursue such cases. against officers has ebbed and
The Supreme Court has given flowed along with public at-
police leeway to make split- tention to high-profile inci-
second, life-or-death decisions dents.
based on their perceptions of According to data collected
danger. Officers can use by Mr. Stinson, prosecutions
deadly force if they reasonably of officers for murder or man-
believe that their lives or the slaughter rose after the 2014
lives of others are threatened, death of Michael Brown in
although there are variations Ferguson, Mo., but dropped
in different states. several years later. In 2015, 18
John DeCarlo, a former po- officers were charged, up from
lice chief in Connecticut and a six the prior year, and 14 offi-
professor at the University of cers were charged in 2016. By
New Haven, said the Chauvin 2017, however, the number had
murder or manslaughter in fa-
tal shootings. In the first four
months of this year, 12 have
been charged.
“Prosecutors do feel pres-
sure,” Mr. Stinson said.
Law-enforcement unions
worry that prosecutors will
become too zealous in going
after police following the
Chauvin verdict.
“There is an epidemic of
overly aggressive prosecutors
across the country right now,”
said Jim Pasco, executive di-
rector of the Fraternal Order
of Police, a police labor organ-
ization that represents
roughly 330,000 officers. “If a
police officer faces the possi-
bility of prosecution for per-
forming the kind of appropri-
ately aggressive policing
which keeps our citizens safe
in our cities and towns, it’s go-
ing to have a really deleterious
effect on public safety.”
Mr. Pasco said that he re-
spected the verdict in the
Chauvin trial.

SEC Appoints New

Enforcement Director
BY DAVE MICHAELS
WASHINGTON—Securities
and Exchange Commission
Chairman Gary Gensler has
hired a veteran defense attor-
ney and former prosecutor to
run the agency’s enforcement
division, the first major hire
announced under the regula-
tor’s new leadership.
Alex Oh, a partner at Paul,
Weiss, Rifkind, Wharton &
Garrison LLP, will assume
command of the 1,300-person
division, which enforces civil
securities laws, the SEC an-
nounced Thursday. Ms. Oh had
recently co-chaired Paul
Weiss’s anticorruption and
foreign-bribery practice and
worked on other types of se-
curities and accounting cases,
according to her law firm bio.
Ms. Oh, 53 years old, suc-
ceeds Stephanie Avakian and
Steven Peikin, who co-managed
the Wall Street regulator’s en-
forcement program from 2017
to 2020. Ms. Avakian is now a
top partner at Wilmer Cutler
Pickering Hale and Dorr LLP,
and Mr. Peikin leads Sullivan &
Cromwell LLP’s investigations-
and-enforcement practice.
“I am committed to work-
ing tirelessly to uncover and
prosecute violations of the
law, whether by businesses or
their leaders, so that we can
keep American capital mar-
kets the strongest in the
world,” Ms. Oh said.
Ms. Oh, a graduate of Yale
Law School, was a federal pros-
ecutor in Manhattan earlier in
her career. Her hiring continues
a trend of SEC chiefs picking
former federal prosecutors to
run the SEC’s civil-enforcement
program. Four of her recent
predecessors—Mr. Peikin, An-
drew Ceresney, George Canellos
and Robert Khuzami—worked
as white-collar prosecutors.
She is also the latest example
of a white-collar defense attor-
ney returning to government to
oversee enforcement. Some crit-
ics of that so-called revolving
door say it feeds conventional
thinking about how to resolve
investigations, while many law-
yers say it allows talented liti-
gators to temporarily lend their
expertise to the public sector.
The SEC mostly resolves its
investigations through settle-
ments, and monetary fines re-
mained steady during the
Trump administration. The
SEC obtained $4.7 billion in fi-
nancial penalties during the
2020 fiscal year, the highest
haul in the agency’s history.
The SEC is expected to em-
phasize enforcement cases
against Wall Street banks and
other major financial institu-
tions more than it did during
the Trump administration,
when the program stressed
the protection of individual in-
vestors against fraud.

A4 | Friday, April 23, 2021
GOP Outlines Infrastructure Plan
Senators’ $568 billion
proposal includes
spending on roads,
transit and broadband
BY ANDREW DUEHREN
AND SIOBHAN HUGHES
WASHINGTON—A group of
Senate Republicans released
the outline for a $568 billion
infrastructure plan, putting
out a GOP alternative to Presi-
dent Biden’s $2.3 trillion plan
as lawmakers seek a biparti-
san compromise on the issue.
The two-page Republican
plan—which includes spending
on roads, transit systems, and
broadband internet over five
years—doesn’t provide specif-
ics on how it would cover the
cost of the bill, a central issue
in the talks. The GOP proposal
calls for collecting user fees
for electric vehicles and repur-
posing existing federal spend-
ing, while opposing Mr. Bi-
den’s proposed tax increases
on companies.
Of the $568 billion in the
outline, $299 billion would go
toward roads and bridges, an
increase from the $115 billion
the Biden administration’s
plan proposes. The GOP plan
also dedicates $61 billion to
public transit systems, $20
billion to rail and $65 billion
for broadband.
Overall, though, the GOP of-
fer is a fraction of the size of
Mr. Biden’s proposal, which
will likely limit its support
among Democrats. Mr. Biden
said at a meeting with a bipar-
tisan group of lawmakers this
week that he wanted to see a
Republican offer on infrastruc-
ture by mid-May.
The group of Senate Repub-
licans, which included Sens.
Shelley Moore Capito (R.,
W.Va.), Roger Wicker (R.,
Miss.), Pat Toomey (R., Pa.)
and John Barrasso (R., Wyo.),
said they had sent the White
House their offer earlier
Thursday.
“I think that we see this as
an offer that is on the table
and deserves a response and I
think we will get a response,
and we look forward to that
and we’re ready to get to
work,” said Mrs. Capito, the
top Republican on the Senate
Environment and Public Works
Committee. She later called the
offer a “beginning document.”
White House press secretary
Jen Psaki said the GOP pro-
posal marked a starting point
for discussions but didn’t com-
ment on the details. She said
Mr. Biden planned to meet with
lawmakers at the White House
sometime next week after his
planned speech to Congress on
Wednesday.
“We certainly welcome any
good-faith effort, we certainly
U.S. Moves
To Unwind
California
Car Fight
BY TIMOTHY PUKO
WASHINGTON—The U.S.
Transportation Department
said Thursday it is moving to
end a legal battle with Califor-
nia over the state’s authority to
regulate tailpipe emissions, set-
ting the stage for the Biden ad-
ministration to impose tougher
fuel standards nationwide.
President Biden had prom-
ised tougher fuel standards as
a candidate in his platform for
addressing climate change.
The Wall Street Journal re-
ported Wednesday that the
move was expected this week.
“The transportation sector
is the biggest contributor to
greenhouse gases in our econ-
omy—which means it can and
must be a big part of the cli-
mate solution,” Transportation
Secretary Pete Buttigieg said.
Under the action, the Na-
tional Highway Traffic Safety
Administration is proposing to
withdraw parts of a rule ap-
proved under the Trump ad-
ministration to preempt states
from issuing their own limits
on greenhouse-gas emissions
from tailpipes and their own
mandates on zero-emissions
vehicles. NHTSA, which is an
arm of the Transportation De-
partment, cited concerns that
Trump administration action
had exceeded the agency’s le-
gal authority.
.
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
Senators
Pass Bill
Snapshot of Two Proposals
Senate Republicans’ $568 billion outline, figures are in billions
On Hate
Roads and bridges
$299
Broadband infrastructure
$65
Public transit
systems
$61
Airports
$44 Crimes
BY KRISTINA PETERSON
$35 $14
$20
$13 Ports and inland
waterways WASHINGTON—The Senate
Drinking water Water Rail Safety $17 overwhelmingly passed legisla-
and wastewater storage tion Thursday to expedite the
Justice Department’s review of
President Biden’s $2.3 trillion plan, figures are in billions hate crimes in response to the
recent wave of violence
Home- and community-based Job creation against Asian Americans.
Transportation care for disabled and elderly Buildings and innovation
The result of two weeks of
$620 $400 $286 $280
substantive, bipartisan negoti-
Electric Bridges, Affordable housing National Workforce ations, the bill passed 94-1 on
vehicles highways, $213 Science development Thursday afternoon. The House
$174 roads Foundation $48 is expected to consider the bill
$115 $50 in May, a Democratic aide said.
“I cannot tell you how impor-
Worker Climate Innovation
tant this bill is to the AAPI com-
rehab technology and job creation
programs $35 $30 munity, who often have felt very
$40 invisible in our country,” said
Sen. Mazie Hirono (D., Hawaii),
Research referring to the Asian American
Remove infra-
Pacific Islander community. “We
Public transit Disaster lead pipes structure
$45 $40
in the Senate are going to stand
$85 safe- with our AAPI community, and
guarding
Domestic Monitoring Clean Education indeed any community that is
$50 High-speed Improve power grid Upgrade and
manufac- industrial energy $137 billion discriminated against on the ba-
broadband $100 build public
turing capacity $46
$100 schools sis of race.”
Airports $52 $50 The legislation would desig-
$100
Passenger $25 nate an official at the Justice
and freight Small business Department to expedite the re-
Semi-
trains $31 Improve water
$80 conductors view of hate crimes. It also re-
system safety Expanding
$50 Pandemic pre- quires the attorney general to
$66 child care access
paredness $30 $25 billion issue guidance to state and lo-
cal law-enforcement agencies
Note: Totals are rounded estimates Manufacturing Utilities on how to establish online re-
Sources: Senate Republicans; The White House $300 billion $266 billion porting for hate crimes, collect
data and raise public aware-
see this as that, but there are a our crumbling infrastructure education proposals that could committee, no commitments ness about hate crimes during
lot of details to discuss,” Ms. and the funding is totally re- top $1 trillion. there, we’re basically just lin- the coronavirus pandemic.
Psaki said of the GOP proposal. gressive and anti-working Some moderate Democrats ing out our principles,” she Anti-Asian hate crimes in 16
Mr. Biden’s proposal in- class,” he said. have said that they would be said. of the largest U.S. cities in-
cludes $621 billion to modern- Lawmakers on Capitol Hill open to reviewing the Republi- Republicans also main- creased 149% between 2019
ize transportation infrastruc- are trying to determine can offer. A bipartisan group tained they would oppose the and 2020, according to an
ture, $400 billion to help care whether they would be able to of lawmakers has held meet- corporate tax increase the analysis by researchers at Cal-
for the aging and those with reach a bipartisan compromise ings recently to discuss the White House is seeking. Some ifornia State University, San
disabilities, $300 billion to on infrastructure, long an is- possibility of a compromise. Democrats have said they are Bernardino.
boost the manufacturing indus- sue that Republicans and Dem- “When you throw out a hesitant about raising the cor- In March, a gunman killed
try, $213 billion on retrofitting ocrats have said they could number like $2 trillion or porate rate to 28%, with some eight people at three Atlanta-
and building affordable hous- work together on. With nar- $800 billion, what’s really im- expecting the party to ulti- area spas, including six
ing and $100 billion to expand row control of the House and portant is what is in there. mately rally around raising it women of Asian descent. Au-
broadband access, among other You know, what are the details to 25%. thorities have said they are in-
items. It would also raise the of those proposals and then Intersecting with the Biden vestigating whether the kill-
corporate tax rate to 28% from ultimately how you’re going to administration’s push on infra- ings were racially motivated.
21% and increase taxes on U.S.
The GOP offer is a pay for it,” Sen. Mark Kelly structure are the semi-regular Lawmakers from both par-
companies’ foreign earnings to fraction of the size (D., Ariz.) said Wednesday. authorizing bills on infrastruc- ties pointed to the legislation’s
cover the cost of the eight-year Sen. Joe Manchin (D,. ture Congress is aiming to passage as proof that the Sen-
spending plan over 15 years.
of President Biden’s W.Va.) said the Republican pass in the coming months. ate remained capable of bipar-
Senate Republicans had $2.3 trillion plan. outline could begin further Passing legislation along party tisan collaboration. This year,
criticized Mr. Biden’s plan as conversations. lines through a budget maneu- Democrats passed a $1.9 tril-
being too sprawling, and The release of the Republi- ver called reconciliation would lion coronavirus relief package
stretching the traditional defi- can plan does little to settle likely force Democrats to ex- without any GOP support,
nition of infrastructure. GOP Senate, Democrats have the the debate about how to pay clude provisions without a di- while Senate Republicans are
lawmakers had been discuss- ability to move forward with for the package. The White rect budget impact, affecting expected to block a slew of
ing a $600 billion to $800 bil- an infrastructure plan along House has said it is opposed elements of the authorizing Democratic bills passed by the
lion plan in recent days, with party lines, though some in to relying on user fees to pay bills. House later this year.
the ultimate product coming the party have sought to reach for the infrastructure package, The Senate is expected to “Over the past six years,
below that range after a series a bipartisan agreement first. though some Democrats on take up legislation focused on we’ve had too few opportuni-
of meetings. One possible avenue floated Capitol Hill have said they are water infrastructure next ties to work together on
“As you can see, it consists by some Democrats is for law- open to that idea. week. House Transportation timely, bipartisan legislation,’’
of actual, real infrastructure,” makers to come together on a Mrs. Capito said the GOP and Infrastructure Committee Senate Majority Leader Chuck
Mr. Toomey said of the GOP narrower infrastructure pack- plan wouldn’t include raising Chairman Peter DeFazio (D., Schumer (D., N.Y.) said on the
plan. age before moving forward the gas tax, instead floating Ore.) said he was moving for- Senate floor on Thursday. “Let
Sen. Bernie Sanders (I., Vt.) with a second, broader pack- the possibility of collecting a ward with crafting a biparti- this be a reminder that when
said the Republican plan fell age along party lines. The vehicle-miles-traveled tax that san authorizing bill on surface senators of good will work
far short of what was neces- White House is expected to would collect revenue from transportation. “We have to do with each other, at the end of
sary. “It goes nowhere near soon roll out a second package electric vehicles. an authorization no matter the day we can achieve a good
what has to be done to rebuild focused on antipoverty and “We’ve talked about that in what by Oct. 1,” he said. result.”
House Clears Legislation for D.C. Statehood
BY ELIZA COLLINS know it’s not always equal.
There are other ways that this
WASHINGTON—The Demo-
cratic-controlled House ap-
proved legislation Thursday
can be done,” said Sen. Mark
Kelly (D., Ariz.), who isn’t spon-
soring the legislation. Asked if
that would make Washington,
D.C., the 51st state, but the bill
faces an uphill battle in the
he would be open to other
ideas, such as returning the
city to Maryland, he said:
Senate amid broad Republican “We’ll have to see what the de-
opposition and hesitation from tails of any proposal ultimately
some centrist Democrats. look like.”
Proponents cast the bill as a Even if all 50 Democrats did
civil-rights priority, saying the end up supporting the legisla-
city’s residents deserve full tion, the current 60-vote
self-rule and representation in threshold in the Senate would
Congress. Critics call it an ef- block it from passage. Some
CHIP SOMODEVILLA/GETTY IMAGES
fort by Democrats to gain two supporters say it is another
more senators and point to reason Democrats need to abol-
possible constitutional hurdles. ish the legislative filibuster to
Thursday’s party line vote of allow for bills to advance with
216-208 marks the second time a simple majority. So far, there
the House has approved the isn’t enough support within the
measure, which is backed by Democratic caucus to remove
the Biden administration. How- the rule.
ever, Majority Leader Chuck If it became a state, D.C.
Schumer (D., N.Y.) hasn’t com- Democrat Eleanor Holmes Norton, D.C.’s nonvoting House delegate, spoke Wednesday. would be the smallest geo-
mitted to bringing it up for a graphically, at just around 66
vote in the Senate, where cur- would remain as a two-square- Washingtonians “pay taxes, election—and it is expected square miles. The city has
rent rules require 60 votes for mile federal area under the leg- fight in our wars, power our that its elected federal officials slightly more than 700,000 res-
passage, and only 45 of the 50 islation. D.C. would be the first economy yet do not have a full would be Democrats. idents, putting it ahead of Ver-
senators in the Democratic cau- new state admitted to the U.S. voice in our democracy,” House “Let’s be clear what HR 51 is mont and Wyoming. Some Re-
cus are currently sponsoring since Hawaii in 1959, and pro- Speaker Nancy Pelosi (D., Calif.) all about: It’s about Democrats publicans have proposed
the legislation. ponents have already designed told reporters Thursday. adding two new progressive having most of the current dis-
“I believe strongly in D.C. American flags that fit 51 stars. Republicans argue that Con- U.S. senators to push a radical trict returned to Maryland, just
statehood, and we will try to Supporters say that residents gress doesn’t have the author- agenda,” said Rep. James as the western half of the dis-
work a path to get it done, ab- of Washington, nearly half of ity to make D.C. a state with Comer (R., Ky.), the top Repub- trict was returned to Virginia
solutely,” Mr. Schumer said whom are Black, deserve the regular legislation, and instead lican on the Oversight Commit- in 1847, but local leaders have
Tuesday when asked if he in- same representation as other it would require amending the tee, ahead of the vote Thurs- opposed such a move.
tended to bring the legislation Americans. Residents pay fed- Constitution, a much higher day. Sen. Roger Marshall (R.,
up for a vote. But he didn’t pro- eral taxes, register for selective bar that requires ratification by Even as support within the Kan.) introduced a bill Thurs-
vide any time frame. service and fight in the military, three-quarters of the states. Democratic Party has grown, a day that would make the city
Were the bill to become law, but they don’t have a full voice They say the city is too closely small group of centrist Senate part of Maryland. Under such a
most of present-day Washing- in Congress, and local leadership tied to the federal government Democrats remain undecided proposal, D.C. residents would
ton, D.C., would take the name can be overruled by the federal and charge Democrats want on whether they would support be able to vote for the House
State of Washington, Douglass government. D.C. residents cur- statehood to increase their vot- the legislation. and Senate in that state but not
Commonwealth, in honor of rently have a nonvoting delegate ing power in Congress. “I fundamentally, I think like gain two new senators.
Frederick Douglass. An area in the House, Democrat Eleanor The city votes heavily Demo- most Americans, believe that Statehood legislation was
around the White House, the Holmes Norton, and no repre- cratic—93% of voters backed everybody has a right to repre- first brought up for a vote in
Capitol and the Supreme Court sentation in the Senate. President Biden in the 2020 sentation in Congress, and you the House in 1993 and failed.
 .

THE WALL STREET JOURNAL. * * * * Friday, April 23, 2021 | A5

U.S. NEWS

Democrats Want L.A. Turns Corner on Virus

Drug Pricing in After Rough Start to 2021
Antipoverty Plan Low rate of infection,
BY KRISTINA PETERSON government to negotiate over even as vaccination
AND ANDREW DUEHREN drug prices in Medicare has lags behind, spurs
been a longtime goal of Demo-
WASHINGTON—House Dem- crats and is popular across a theories by experts
ocratic leaders made a last- swath of voters. Former Presi-
minute lobbying push to keep dent Donald Trump, a Republi- BY TALAL ANSARI
healthcare provisions in Presi- can, backed the idea as a can- AND IAN LOVETT
dent Biden’s planned antipov- didate in 2016, but many
erty and education proposal Republicans diverge from Dem- LOS ANGELES—At the start
due next week, in the face of ocrats over what kind of re- of the year here, hospitals
uncertainty over the White straints and penalties to put were full, restaurants were
House’s plans. on pharmaceutical companies. empty, and three times more
For months, Democratic One complication is that Covid-19 cases were being re-
leaders have said they expect Democrats don’t agree on how ported every day than in any

ROGER KISBY/BLOOMBERG NEWS

to lower prescription-drug to use the roughly $456 billion
prices for seniors and shore up the Congressional Budget Of-
the Affordable Care Act as part fice has estimated that earlier
of Mr. Biden’s early legislative legislation would generate
agenda. But disagreements over 10 years. Democratic lead-
among Democrats over how to ers have said they want to use
use the savings generated by the savings to reduce costs for
lower Medicare drug prices people getting healthcare un-
and the complexity of tackling der the ACA’s exchanges.
The coronavirus-relief pack-
age passed earlier this year in-
The White House creased subsidies for two years
to people who buy ACA health
said the president plans, lowering payments for
almost 14 million people now
was still thinking insured on the individual mar-
through his priorities. ket. Mrs. Pelosi said Thursday
she wanted to make those ex-
panded subsidies permanent.
The New Democrats, a bloc
healthcare led to hesitations at of centrist House Democrats,
the White House, according to released a letter Thursday call-
Democratic aides, sparking ing on Mr. Biden to expand the
worries that the provisions ACA as part of the coming pro-
would be dropped. posal. But progressive Demo-
House Speaker Nancy Pelosi crats, including Senate Budget
(D., Calif.) made clear Thurs- Committee Chairman Bernie
day that she was digging in Sanders (I., Vt.) and Congres-
over including healthcare in sional Progressive Caucus
the next legislative push. Chairwoman Pramila Jayapal
“Lowering health costs and (D., Wash.), are pushing to
prescription drug prices will make sure that a big chunk of
be a top priority for House the savings is plowed back into
Democrats to be included in Medicare.
the American Families Plan,” Republicans said Democrats’
she said Thursday. proposal would curtail drug
The White House said Mr. companies’ ability to develop
Biden was still thinking new treatments and make the
through the priorities he U.S. more reliant on Chinese
wanted to focus on during a medical manufacturing.
joint address to Congress set “The pandemic has further
for next week and declined to proven we can’t let the
specify what might be ex- speaker’s government price
cluded from the plan. control scheme stop the devel-
While the details of the sec- opment of lifesaving cures and
ond package are still being treatments,” the top three Re-
worked out, people familiar publicans of the House Energy
with the measure said it could and Commerce, Ways and
cost more than $1 trillion, with Means and Education commit-
funding for child care, paid tees wrote in a letter to House
leave, universal prekindergar- Republicans Wednesday. The
ten education and tuition-free GOP released its own proposal
community college. that emphasizes transparency
Mr. Biden drew on his cam- in pricing, capping insulin
paign’s corporate-tax proposals costs, and revamping Medi-
to pay for his infrastructure care’s prescription-drug bene-
agenda, reserving tax increases fit with an out-of-pocket cap.
on high-income households for Drug companies have op-
this next phase of the plan. posed price negotiations in
Among the ideas he could tap: Medicare, which they say
Setting the top individual tax would eat into their profits
rate at 39.6%, paring back a tax and mean less money for the
break for high-income business development of new treat-
owners, imposing limits on ments.
itemized deductions and rais- —Ken Thomas
ing taxes on estates. and Stephanie Armour
Empowering the federal contributed to this article.
other U.S. county.
Now Los Angeles County has
one of the lowest rates of infec-
tion per capita of the nation’s 10
most populous counties. Res-
taurants are packed, hospitals
have open beds, and researchers
are studying possible reasons
for one of the pandemic’s big-
gest turnarounds, which has oc-
curred despite vaccination rates
lower than the national average.
Their theories include high im-
munity caused by previous
spikes and a common variant in
California that may be keeping
out more infectious strains.
As case rates have fallen
across the country in recent
months, California has led the
way. It now has the lowest per
capita Covid infection rate in
the continental U.S., according
to the Centers for Disease
Control and Prevention, thanks
in large part to Los Angeles
County, where a quarter of the
state’s 40 million people live.
About 20% of Covid tests
were coming back positive in
Los Angeles County in early
January, with more than 15,000
new cases and 250 deaths re-
ported most weekdays and
more than 1,600 intensive care
beds taken by coronavirus pa-
tients. In the past week, the
positivity rate has been hover-
ing around or below 1%. There
are around 400 new cases and
fewer than 50 deaths reported
most days and just under 500
people are currently hospital-
ized with Covid-19.
“It’s a dramatic decrease,”
said Barbara Ferrer, Los Ange-
les County’s director of public
health. She said it would take
months before there were de-
finitive answers about why the
Covid rates have come down
so sharply, but several factors
are likely at play.
Over the course of the pan-
demic, Los Angeles County has
confirmed 1.18 million
Covid-19 cases. But close to
40% of the population may
have actually been infected al-
ready, said Shira Shafir, an as-
sociate professor of epidemiol-
ogy at the University of
California, Los Angeles. That
isn’t high enough for herd im-
munity, but may have left a
large chunk of population not
susceptible to the virus.
California officials aim to fully reopen the state’s economy on June 15. Above, Santa Monica Pier.
Seven-day average of
reported Covid-19 infections Latest Daily Cases
in Los Angeles County
In U.S. Edge Higher
16,000 infections
14,000
Newly reported Covid-19
12,000 cases in the U.S. were up from
a day earlier but continued their
10,000 downward trend nationwide.
The U.S. reported 62,857
8,000 new cases for Wednesday, ac-
cording to the latest data com-
6,000 piled by Johns Hopkins Univer-
sity. The number was up from
4,000 61,273 reported a day earlier,
and down from 75,375 re-
2,000 ported a week earlier. Not all
states report data on a daily
0 basis. There have now been
Dec. 2020 2021 April more than 31.86 million cases
Source: Los Angeles County Department reported in the U.S. in total.
of Public Health
In addition, a California Angeles officials have chosen
variant, which emerged late to keep some in place even
last year as a cause for rising when state rules allowed them
infections here, may be keep- to scale back.
ing out the more dangerous Restaurants were closed,
U.K. variant that has driven even for outdoor dining, for
rising infection rates in the more than two months over
Midwest, according to health the winter, along with schools,
researchers. The California gyms, museums and movie
variant is 20% more transmis- theaters. Those measures
sible than the original strain helped the county to get where
of Covd-19, while the U.K. vari- it is today, Dr. Ferrer said.
ant, is about 50% more trans- In the past few weeks, Los
missible, according to the CDC. Angeles has been one of the
Vaccinations are spreading last major metro areas in the
fast but lag the national aver- country to begin reopening.
age. Just over 37% of Los An- Public school students are re-
geles County residents 16 or turning to classrooms part-
older received at least one time, while restaurants, gyms
dose as of April 9. According to and museums are welcoming
the latest data from the CDC, limited numbers of people. In
51.5% of all American adults trendy neighborhoods like
have received at least one dose Echo Park, would-be diners
“You have fewer susceptible are crowding sidewalks, wait-
people, more people getting ing for an available table.
vaccinated, and we’re still “Every day, I had to check
holding steady on our safety the numbers to see if I could
requirements,” Dr. Ferrer said. cover payroll or not,” Ar-
Unlike states that reopened mando De La Torre, 61, who
their economies entirely last owns a small chain of taco res-
month, such as Texas and Ari- taurants in Los Angeles called
zona, California has been slow Guisados, said of the situation
to relax regulations. And Los a few months ago. “Now
The seven-day moving av-
erage of daily new cases,
which helps smooth out states’
irregular data schedules, was
62,962 as of Wednesday, ac-
cording to a Wall Street Jour-
nal analysis of Johns Hopkins
data. The 14-day average was
67,122. When the seven-day
average is lower than the 14-
day average, as it has been
since Saturday—the longest
stretch in more than a
month—it indicates case num-
bers are falling.
Some states are seeing in-
fections edge higher. Michigan’s
latest rise in new Covid-19
cases rivals highs reached dur-
ing the prolonged fall surge.
—Adam Martin
things are getting better every
week.”
Hospitals—which in Janu-
ary were so overrun with
Covid patients that hallways,
waiting rooms and doorways
were used to treat patients—
now have more than 1,000
available beds.
But health researchers and
local officials said the threat
of another surge in cases will
persist until at least 70% of
the population is vaccinated or
have some form of immunity.
“I think for right now, until
we get more of the population
vaccinated and approach more
towards herd immunity, we al-
ways have a certain level of
risk of outbreak and additional
surges,” said Johnese Spisso,
chief executive of the UCLA
Hospital System.
Dr. Ferrer said she re-
mained particularly concerned
about low vaccination rates
among Black and Latino men,
19% and 17% of whom have re-
ceived at least one shot, re-
spectively. They have also
been among the groups hard-
est hit by Covid-19.

‘Do Not Travel’ List Spans 80% of Globe HUBBARD FLIGHT ECO.
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HEALTHY PLANET.
The U.S. State Department
has added more than 100
countries to its Level Four:
Do Not Travel advisory list,
citing “unprecedented risks”
posed by the Covid-19 pan-
demic as cases rise again
globally.
“This update will result in
a significant increase in the
number of countries at Level
4: Do Not Travel, to approxi-
mately 80% of countries
world-wide,” the State De-
partment said earlier this
week ahead of the update.
It recommended Americans
ELIJAH NOUVELAGE/BLOOMBERG NEWS

reconsider travel abroad.

The new additions include
Canada, Israel, Germany,
Mexico, France, India and the
U.K, among others.
The advisory list isn’t le-
gally binding, and travelers
may go to the countries on
the list but are encouraged to
reconsider all travel.
The State Department said The State Department added more than 100 countries, including Canada, Israel, Germany, Mexico
the new classifications lean and India to its Do Not Travel list, citing the ‘unprecedented risks’ from the Covid-19 pandemic.
on the Centers for Disease
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cans make better-informed new coronavirus cases logged Increased Caution, and Level abroad to return home imme-
decisions about the safety of
international travel,” a de-
in a seven-day period since
the start of the pandemic.
3: Reconsider Travel. Under
Level 4, the State Depart-
diately.
That advisory was lifted in
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A6 | Friday, April 23, 2021
Senators Urge Tesla Scrutiny
BY REBECCA ELLIOTT
Two U.S. senators have ex-
pressed concern about what
they said may be an emerging
pattern of safety concerns in-
volving Tesla Inc. vehicles in
the wake of a fatal crash in
Texas.
In a letter Thursday to
America’s top automotive-
safety regulator, Sen. Richard
Blumenthal of Connecticut and
Sen. Ed Markey of Massachu-
setts urged the agency to de-
velop recommendations for im-
proving advanced driver-
assistance systems such as
Tesla’s Autopilot.
The National Highway Traf-
fic Safety Administration has
opened a probe into the week-
end crash, one of more than
two dozen investigations into
Tesla-involved crashes. The
agency has said that most of
those investigations are related
to the vehicles’ advanced
driver-assistance features.
“We fear safety concerns in-
volving these vehicles are be-
coming a pattern, which is in-
Talks Draw
Pledges on
Emissions
Continued from Page One
temperature rises to 1.5 de-
grees Celsius above preindus-
trial levels. Temperature in-
creases above that threshold
could be devastating for some
ecosystems and could result in
rising seas that flood major
cities, among other risks, ac-
cording to the United Nations.
Mr. Biden used the summit
to unveil a new target that
calls for cutting U.S. emissions
50% to 52% from 2005 levels
by 2030. The year 2005 is a
common baseline for such cli-
mate targets.
In 2019, the most recent
year for which complete data
are available, U.S. emissions
were about 13% below 2005
levels, according to the Envi-
ronmental Protection Agency.
Emissions last year were pro-
jected to be down 21% from
that 2005 baseline, due in part
to a slowdown related to the
pandemic. But this year, emis-
sions are tracking higher again
as the economy recovers.
“The signs are unmistakable,
the science is undeniable and
the cost of inaction keeps
mounting,” Mr. Biden, a Demo-
crat, said at the summit, which
featured 40 world leaders, with
allies and rivals such as Russia
and China among them.
Major companies, including
Apple Inc., Johnson & Johnson
and Walmart Inc., have en-
dorsed the president’s 50% tar-
get. Critics among congressio-
nal Republicans and the energy
industry said Mr. Biden’s plan
every
one
deserves a decent
place to live.
credibly worrisome and
deserves your undivided atten-
tion,” the Democratic senators
wrote about Tesla in the letter.
A Saturday crash involving a
Tesla Model S has increased
scrutiny of the car maker’s ad-
vanced driver-assistance sys-
tem, known as Autopilot, be-
cause the local constable has
said that he believed no one
was in the driver’s seat at the
time of the incident. One of the
two men who died in the crash
in a suburban neighborhood
north of Houston was found in
the front passenger’s seat, the
other in the back seat, local of-
ficials have said.
Tesla Chief Executive Elon
Musk said Monday that data re-
covered so far showed Autopi-
lot wasn’t enabled. He didn’t
specify whether that meant at
the time of the crash or at any
time during the preceding
drive. Tesla didn’t respond to
requests seeking clarification.
NHTSA said that it had re-
ceived the letter and would re-
view it.
Rep. Kevin Brady (R., Texas),
President Biden and some of his team listening to U.N. Secretary-General António Guterres during the climate-change summit.
could hurt the economy by rais-
ing the price of energy.
“What they put out today
addresses the risks of climate
change, but it doesn’t address
the key challenge of affordable
and reliable energy,” said Mike
Sommers, leader of the Ameri-
can Petroleum Institute, the
largest U.S. trade group for oil-
and-gas companies.
President Xi Jinping of China
said at the summit that his
country would reduce coal con-
sumption starting in 2026. Mr.
Xi’s promise offered a peak but
not an end to China’s coal con-
sumption and didn’t meet the
expectations of climate cam-
paigners who were hoping for a
more ambitious emissions-re-
duction timetable.
Instead, Mr. Xi reiterated the
timetable he had already set
forth for China reaching peak
carbon emissions before 2030
and achieving carbon neutral-
ity—net-zero carbon-dioxide
Learn more at
habitat.org.
U.S. NEWS
who represents the area where
the crash took place, on Thurs-
day joined the growing chorus
of lawmakers seeking more in-
formation.
“I support progress that’s
being made and the develop-
A fatal crash in
Texas on Saturday
involved a Tesla
Model S.
ment of new technologies for
autonomous and semi-autono-
mous vehicles, but we need an-
swers to what happened,” Mr.
Brady, the top Republican mem-
ber on the House Ways and
Means Committee, said on a
call with reporters.
Another federal organiza-
tion, the National Transporta-
tion Safety Board, also has
launched an investigation into
the incident. The board, which
has the power to issue safety
emissions—by 2060.
Prime Minister Narendra
Modi of India made public a
new partnership with the U.S.
to expand renewable energy.
Prime Minister Justin Trudeau
of Canada said his country
would aim for a reduction in
carbon output below 2005 lev-
els of between 40% to 45% by
the end of the decade. British
Prime Minister Boris Johnson
said the U.K. was putting into
legislation its intention to cut
emissions by 78% from 1990
levels by 2035. That goal, made
public earlier in the week, is a
step up from a previous target
of a 68% emissions cut by 2030.
The EU approved this week
a trillion-dollar plan aimed at
making the 27-country bloc
climate-neutral by 2050 and
improving its overall ecologi-
cal performance.
China, the world’s No. 1
emitter, and many developing
nations said they shouldn’t
China, India Vow to Help, on Own Terms
China and India, both with
huge and growing appetites
for energy, will play outsize
roles in efforts to curb green-
house-gas emissions as the
world seeks to come up with
more ambitious targets on cli-
mate change.
By Sha Hua in Hong
Kong and Phred
Dvorak in Tokyo
The two countries are simi-
lar in many ways. They have
massive populations topping
1.3 billion, and both are heavy
users of coal, the worst fossil
fuel in terms of carbon emis-
sions. China alone consumed
more than half of the world’s
coal in 2019, according to the
International Energy Agency.
India is currently a distant No.
2 with 11% of the global share,
but its share is expected to
rise to around 14% by 2030.
Both countries’ leaders, who
have signaled they don’t want
to be seen as acting at the be-
hest of the U.S., argued at the
virtual two-day climate summit
hosted by the White House,
which began Thursday, that
their nations should shoulder
different responsibilities than
developed nations in the fight
against climate change.
But there are also significant
differences in their approaches.
While India defines itself as a
developing country with a lon-
ger timeline for reducing emis-
sions and as a potential recipi-
ent of money and technology to
recommendations, has said its
review will focus on both the
operation of the vehicle and the
post-crash fire, which local offi-
cials have said took hours to
extinguish. Batteries used in
electric vehicles can reignite af-
ter initial flames are put out, as
this one did, said Palmer Buck,
chief of The Woodlands Fire
Department, which responded
to the incident.
The senators’ letter speaks
to a tension that regulators face
with driver-assistance features
such as collision warning or
adaptive cruise control. The
technology can help make driv-
ing safer but introduces new
risks.
Tesla says that driving with
Autopilot enabled is safer than
driving without it. Hours before
the Saturday crash, Mr. Musk
tweeted: “Tesla with Autopilot
engaged now approaching 10
times lower chance of accident
than average vehicle.”
NHTSA doesn’t have any
rules in place specifying how
companies must go about en-
suring that drivers are paying
shoulder the same responsibil-
ities as developed countries to
combat climate change, argu-
ing that wealthy nations were
allowed to release greenhouse-
gas emissions into the atmo-
sphere unchecked for decades
while they industrialized.
“Developed countries need to
increase climate ambition and
action and make concrete ef-
forts to help developing coun-
tries accelerate the transition to
green and low-carbon develop-
ment,” Mr. Xi said.
Marshall Islands President
David Kabua, whose country is
threatened by sea-level rise,
also pressed for help from
wealthy nations. “Too often,
vulnerable countries hear the
excuse that state emission cuts
are too costly, but political sig-
nals, especially from the major
economies, shape decisions on
investment and innovation for
low-carbon pathways,” he said.
Many nations’ leaders are
help, China increasingly wants
to position itself as a climate
leader and a provider of tech-
nological and financial support.
“China and India are among
the world’s biggest emitters, so
without them it will be impos-
sible to achieve the Paris
Agreement,” said Byford Tsang,
a London-based senior policy
adviser at E3G, a think tank
that advocates for strategies to
reduce carbon emissions.
In China’s case, he said, the
question isn’t whether the
country can reach its own
goals but whether it can do
what is needed to keep the
temperature rise at 1.5 degree
Celsius, a goal set by the Paris
Climate Agreement.
China will reduce coal con-
sumption starting in 2026,
Chinese President Xi Jinping
said at the summit. He also re-
iterated his pledge from Sep-
tember that China would reach
peak carbon emissions before
2030 and to achieve carbon
neutrality—net-zero carbon-
dioxide emissions—by 2060.
But he stopped short of
promising a carbon-emissions
cap, as some climate cam-
paigners had hoped. Mr. Xi
“obviously did not want to
make any big announcement
under U.S. pressure,” said
Lauri Myllyvirta, lead analyst
at the Center for Research on
Energy and Clean Air.
Indian Prime Minister Nar-
endra Modi unveiled a new
partnership with the U.S. to
expand renewable energy. He
.
* *** THE WALL STREET JOURNAL.
SCOTT J. ENGLE VIA REUTERS
The remains of a Tesla vehicle in The Woodlands, Texas.
attention while driver-assis- sual alerts, to remind them to
tance systems are engaged. The stay engaged.
NTSB has said that lack of reg- Consumer Reports on Thurs-
ulation puts people at risk. day said it had done tests this
The Texas crash has left week in which it was able to
questions about whether or get a different Tesla model’s
how the vehicle could have Autopilot to operate without
been operating without anyone anyone in the driver’s seat. The
in the driver’s seat. vehicle didn’t send any warn-
Tesla has said that drivers ings about an empty driver’s
using Autopilot must remain seat, Consumer Reports said.
attentive with their hands on Tesla didn’t respond to a re-
the wheel and that it has safety quest for comment on the Con-
features, including aural and vi- sumer Reports finding.
fuel-based energy projects. And
the U.S. International Develop-
ment Finance Corp., an agency
that helps finance projects in
developing nations, will transi-
tion to a portfolio that is net-
zero in emissions by 2040. The
president added that the U.S.
continues to support an effort
BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES
to send $100 billion from rich
countries to developing nations.
Mr. Biden’s new emissions
goal would nearly double the
target set by Mr. Obama, which
called for a 26% to 28% cut by
2025 from 2005 levels. The Bi-
den administration said this
week that the U.S. is on track to
meet that target.
Global progress has been
slow since the Paris accords
went into effect. Several of its
biggest advocates found it diffi-
cult to fulfill their ambitions,
and within a year, China’s emis-
sions began accelerating again
after a brief slowdown.
skeptical of U.S. promises on U.S. officials said they see
climate following decades of multiple paths toward achieving
sharp policy shifts, including their goals, through a combina-
President George W. Bush aban- tion of federal policies and ac-
doning the 1997 Kyoto Protocol tion by states, companies and
negotiated under the Bill Clin- other subnational groups. Mr.
ton administration and Presi- Biden has proposed a $2.3 tril-
dent Donald Trump withdraw- lion infrastructure package that
ing from the Paris climate deal includes measures to reduce
that President Barack Obama emissions, such as a proposed
played a central role in negoti- standard mandating that U.S.
ating in 2015. electricity be produced with
Developing nations are also low-carbon energy sources.
pursuing billions of dollars in fi- The 24-page climate plan the
nancial assistance to help them U.S. submitted to the U.N. on
lower their emissions, adapt to Thursday includes broad top-
the effects of climate change line options for reaching the
and offset the costs of limiting target. A federal climate task
their reliance on fossil fuels. Mr. force set up by Mr. Biden will
Biden said the U.S. would dou- release a more-detailed plan
ble by 2024 the annual climate- later this year, officials said. Fi-
related financing it provides to nal negotiations aimed at in-
developing countries. creasing national climate tar-
Under a plan released by the gets is scheduled by the U.N. for
White House, federal agencies November in Glasgow.
will move toward ending U.S. —Katy Stech Ferek, Sha Hua
government investment in for- and Paulo Trevisani
eign carbon-intensive, fossil contributed to this article.
didn’t add another climate have polluted have to act more.”
goal or upgrade India’s exist- Under its current policies,
ing ones. “We in India are do- India’s carbon emissions will
ing our part,” Mr. Modi said. rise 50% by 2040, the IEA fore-
Climate negotiators are casts. That is more than any
seeking to set more aggressive other country for which the IEA
climate targets to reach the did projections, and is enough
goals agreed to in the Paris to cancel out the forecast fall in
Agreement by building momen- emissions from all of Europe.
tum ahead of a United Nations In 2019, China had 9.8 bil-
climate conference in Glasgow, lion tons of carbon emissions.
Scotland, in November. The country’s climate scien-
Developing countries want tists expect emissions to pla-
richer countries to make good teau at 10.5 billion tons, based
on pledges from the Paris cli- on China’s current policies.
mate negotiations to mobilize Mr. Xi also said that China
$100 billion a year in public would “strictly control coal-
fired power generation proj-
ects” as well as “strictly limit
the increase in coal consump-
Leaders signaled tion” through 2025 before
they don’t want to be starting to reduce it over the
following five years.
seen as acting at the This leaves room for China
behest of the U.S. to further increase coal con-
sumption in the next four
years. China proposed 73.5
gigawatts of new coal-fired
and private financing to aid
the effort. Top Indian officials
power last year, more than
five times as much as the rest
made financial support among
their top requests to John
of the world combined. In
2020, coal supplied nearly 57%
Kerry, the Biden administra- of China’s energy, according to
tion’s climate envoy, when he China’s statistics bureau.
visited this month. But the picture may not be
India has reduced its carbon as bad as it seems on the sur-
intensity—or how much carbon face. A number of the coal-fired
dioxide is emitted per unit of power plants that China has ap-
gross domestic product—by proved may never get built be-
26% versus 2005 levels, India’s cause they aren’t economically
environment minister, Prakash viable or likely desired by Bei-
Javadekar, said at an April jing, said Zhang Xiliang, the di-
speech sponsored by the French rector of the Institute of Energy,
Embassy in India. “We all have Environment, and Economy at
to act,” he said. “But those who Tsinghua University.
 .

THE WALL STREET JOURNAL. Friday, April 23, 2021 | A7

WORLD NEWS
Russia to Scale Back Ukraine Border Force
The move comes a day
after Putin warned of
tough response to any
international threat
Russia’s Defense Ministry or-
dered some of its troops to be-
gin withdrawing from the
Ukrainian border in a move that
could help de-escalate tensions
with Kyiv and the West, but its

By Ann M. Simmons
in Moscow and
Georgi Kantchev
in Slovyansk, Ukraine

continuing military presence in

the volatile region appears
likely to keep nerves on edge.
On Wednesday, Russian
President Vladimir Putin
warned adversaries that Mos-

RUSSIAN DEFENSE MINISTRY/ASSOCIATED PRESS

cow would deliver a swift and
harsh response to any foreign
threat amid a vast buildup of
forces along the frontier be-
tween the two countries.
The defense ministry said it
had deployed more than
10,000 personnel and 1,200
units of equipment to partici-
pate in military exercises in
Crimea, which Russia seized
from Ukraine in 2014, in what
it had described as a snap test
of combat readiness in re-
sponse to “threatening mili-
tary activities” by the U.S. and
its partners in the North At-
lantic Treaty Organization.
These troops would be de-
ployed back to their perma-
nent bases by May 1, defense
officials said Thursday.
But an undisclosed number
of troops also have been de-
ployed for exercises along Rus-
sia’s western border near east-
ern Ukraine, where a conflict
has been festering between
Kyiv and Kremlin-backed sepa-
ratists. The defense ministry
didn’t say when they would re-
turn to base.
Western officials estimate
that Russia has sent between
80,000 and 100,000 troops
near Ukraine’s border, larger
than the force the Russians
deployed when they seized
Crimea and sent troops into
A Russian military vehicle is loaded onto a plane during maneuvers in Crimea, an area seized from Ukraine in 2014. The image was released by Russia’s Defense Ministry.
eastern Ukraine.
The buildup raised fears of
triggering full-scale war be-
tween Ukrainian forces and
Kremlin-backed separatists in
eastern Ukraine, and follows a
recent escalation of fighting
along the demarcation line in-
side Ukraine. Kyiv said several
of its soldiers had been killed
in cease-fire violations.
President Biden had called
on Russia to dial down ten-
sions, and NATO said Russia
should end its military buildup.
State Department spokes-
man Ned Price said Thursday
that the U.S. was aware of
Russia’s announcement that it
would begin withdrawing
troops from the border of
Ukraine, and that Washington
would continue to monitor the
situation. “We’ve heard words.
I think what we’ll be looking
for is action,” Mr. Price said.
“Any steps towards de-esca-
lation by Russia would be im-
portant and well overdue,” a
NATO official said. The alliance
“will continue to closely moni-
tor Russia’s unjustified military
buildup in and around Ukraine.”
Completing a surprise check
of the combat readiness of
troops taking part in exercises
in Crimea, Russian Defense
Minister Sergei Shoigu said
they “demonstrated their capac-
ity for solid national defense.”
Ukraine’s leadership reacted
with caution to news of Rus-
sia’s partial withdrawal. Presi-
dent Volodymyr Zelensky said
the troop withdrawal “propor-
tionally reduces tension.”
“Ukraine is always vigilant,
yet welcomes any steps to de-
crease the military presence &
de-escalate the situation in
Donbas,” he said in a tweet,
referring to a region bordering
Russia. “Ukraine seeks peace.”
Mr. Putin, meanwhile, re-
sponded to an earlier invitation
by Mr. Zelensky to meet in
Ukraine’s war-torn east, saying
Ukrainian president
says the withdrawal
‘proportionally
reduces tension.’
the Ukrainian leader would be
welcome to discuss bilateral re-
lations in Moscow. “If President
Zelensky wants to start restor-
ing these relations, we will only
welcome it,” Mr. Putin said.
To solve the conflict in the
Donbas, Mr. Putin said, Mr.
Zelensky should communicate
with the separatists in the
breakaway territories in Do-
netsk and Luhansk, where eth-
nic Russians make up a major-
ity of the population.
Igor Korotchenko, a pro-
Kremlin military expert in Mos-
cow, said Russia had shown that
it is ready to act by force if nec-
essary, but the withdrawal of
such a significant number of
forces “could be interpreted as
the fact that the Ukrainian crisis
is being de-escalated,” he said.
Russia would again be
“ready to concentrate its
forces where there might be
threats to its national inter-
ests,” he said.
“This is not [an] olive
branch…it’s reasonable prag-
matism,” he added.
Some Ukrainian officials
saw the news as a sign that
Moscow’s main goal was to in-
timidate Kyiv and pressure the
West rather than to invade.
“Putin conducted a strate-
gic bluff designed to scare
NATO and Ukraine—but we
were not afraid,” said Oleksiy
Arestovych, an adviser on na-
tional security in the Zelensky
administration. “The bluff is
over and it failed.”
Experts on the region’s se-
curity issues, however, warned
that the extent of Russia’s
withdrawal and the precise ar-
eas affected remain unclear.
“The statement is a positive
development, but I would not
count the matter resolved,”
said Michael Kofman, senior
research scientist at the Rus-
sia Studies Program of CNA, a
nonprofit research group in
Arlington, Va.

India Sets perts said the latest surge has

SHIELDED
Confirmed daily Covid-19
cases in India been fueled by factors includ-
3, cases As of April 
ing a relaxation of social dis-

Record for 5,

314,644
tancing and wearing masks.
There were also potential
superspreader events. Millions

New Cases
Continued from Page One
downward, but the average na-
tionwide caseload remains high.
In Europe, Germany’s first
nationwide lockdown rules are
set to come into force on Satur-
day, as the government seeks
to harmonize the country’s re-
sponse to the current surge in
coronavirus infections. Italy
and France, by contrast, are
preparing a gradual relaxation
of restrictions in coming weeks.
On Thursday, the rising toll
of the virus was evident at
Delhi’s hospitals. Outside, fam-
ily members waited for news of
their loved ones as ambulances
brought more patients. Inside,
long lines stretched through
emergency wards, doctors and
THIS SPRING
,
traveled to the town of Harid-
war in the northern state of
Uttarakhand this month to cel-
ebrate Kumbh Mela, where
Hindus come to bathe in the
5, Ganges river, one of the
world’s biggest gatherings.
,
Politicians addressed tens of
thousands at election rallies.
“The dominating factor to
WeatherTech Side Window Deflectors allow you
5, me is the social events, eco- to crack your windows and enjoy the fresh spring
nomic activities and careless- air without the spring rain. They’re custom fit for
ness of religious activities,”
 said Rakesh Mishra, director your vehicle make and model and have a sleek and
Feb. Jan. of the CSIR Centre for Cellular seamless appearance.
2020 2021 and Molecular Biology, which
Source: Johns Hopkins University operates one of the 10 state-
run labs tasked with genomic
An official at India’s health sequencing of the virus.
ministry said demand for oxy- Every wedding, political
gen had reached about 60% of rally, shopping center and res-
the country’s total daily oxy- taurant was back to its pre-
gen production and is ex- pandemic levels, he said. “They
pected to rise further. To keep were very, very crowded.”
hospitals supplied, he said, the Indian health officials said
SIDE WINDOW

relatives of patients said. government had restricted the they have also detected the
Across the city, many were use of oxygen in certain indus- presence of several highly in-
DEFLECTORS

trying desperately just to be
admitted. Raj Sharma, 46
years old, said he had been
making frantic calls to hospi-
tals across Delhi. Four family
members tested positive for
Covid-19, and two are in ur-
gent need of medical care.
After finding a bed for his
uncle on Wednesday, Mr.
Sharma was told by hospital
authorities that he would need
to arrange for an oxygen cylin-
der. Otherwise, his uncle would
be sent home. “Most private
hospitals have refused to admit
my family members,” Mr.
Sharma said. “They say they
have no oxygen, no remdesivir.”
Hospitals across the city re-
ported acute shortages of oxy-
gen, with many saying they
had only enough left to last
another 12 to 18 hours.
Sir Ganga Ram, a private
hospital in Delhi, received
5,000 cubic meters of oxygen
on Wednesday, averting a cri-
sis, said D.S. Rana, the chair-
man of the hospital. All of the
hospital’s 519 Covid-19 beds
were filled and its intensive-
care unit had 142 patients who
were relying heavily on oxy-
gen. He expected the latest
supply of oxygen would be ex-
hausted by the end of the day.
“The situation may get crit-
ical if the hospital doesn’t get
supplies on time,” he said.
tries and asked the railway de-
partment to run a special “Ox-
ygen Express” to transport
liquid medical oxygen and oxy-
gen cylinders across the coun-
try to regions most in need.
India is also aggressively ex-
panding its vaccine rollout,
opening availability to all
adults starting May 1, after re-
stricting doses to those 45 and
older. The Serum Institute of
India, the world’s biggest vac-
cine maker, said Wednesday it
would start selling the vaccine
by AstraZeneca PLC for 400
rupees, or about $5.30, per
dose to states and 600 rupees
to private hospitals when vac-
cinations opened for all adults.
India had administered
about 135 million doses as of
Thursday. About 1.5% of its
population of more than 1.3
billion people have received
both doses. The country is
aiming to vaccinate 300 mil-
lion people by August.
The two local vaccine manu-
facturers, the Serum Institute of
India and Bharat Biotech, can
produce in total about 70 mil-
lion to 80 million doses a
month. Efforts to ramp up could
take months, according to com-
pany and government estimates.
The soaring number of
cases has led to questions
about what caused such a
rapid rise. Public-health ex-
fectious variants, including
ones first identified in the
U.K., Brazil and South Africa,
as well as one that might have
started in India known as the
double-mutant variant.
The Indian variant gets its
name because it has two mu-
tations, seen separately before
in other variants but never to-
gether in the same variant.
Little is known about it so far,
although scientists in India,
the U.S. and other countries
are studying it in labs to see
how the virus responds to an-
tibodies. In other variants, one
mutation has made the virus
more infectious and better at
evading antibodies, while the
other mutation has proven ad-
ept at sidestepping the body’s
immune response.
In India, this variant made
up 70.4% of the samples col-
lected during the week ended
March 25, compared with
16.1% three weeks earlier, ac-
cording to Covid CG, a track-
ing tool from the Broad Insti-
tute of MIT and Harvard. The
tool uses data from the GISAID
Initiative, a global database
for coronavirus genomes.
“This double-mutant does
Auto. Home. Pet. Find Your Fit.
have more efficiency in spread- © 2021 MacNeil IP LLC 1-800-441-6287 or 1-630-769-1500
ing, better than other variants
around,” Dr. Mishra said.
“That’s why we are seeing these
numbers increasing” in India.

A8 | Friday, April 23, 2021
ECB Will Maintain Alliance
Monetary Stimulus Failed in
48 Hours
BY TOM FAIRLESS
FRANKFURT—The Euro-
pean Central Bank will keep its
aggressive monetary stimulus
in place and lag the Federal
Reserve in phasing it out, ECB
President Christine Lagarde
said, as the eurozone wrestles
with a fresh wave of Covid-19
infections that likely tipped
the bloc back into recession
early this year.
A resurgence of the pan-
demic in Europe and a sluggish
rollout of vaccines have kept
businesses shut across swaths
of the continent, driving a di-
vergence with the U.S. econ-
omy, which is benefiting from
a hefty dose of government
spending and speedier shots.
At a news conference, Ms.
Lagarde said the eurozone
economy wouldn’t return to its
pre-pandemic size until the sec-
ond half of next year. That
would be more than a year after
the Congressional Budget Office
expects the U.S. economy to
have regained its precrisis size.
Divergence between the ECB
and Federal Reserve has sweep-
ing implications for the prices
of bonds and other financial as-
sets. “If you look at expecta-
tions in the United States and
the euro area, we are not on the
same page,” Ms. Lagarde said.
Federal Reserve policy mak-
ers will meet on April 27-28 to
MARTIN LAMBERTS/ECB/EPA/SHUTTERSTOCK
Central bank President Christine Lagarde says the eurozone economy
won’t return to its pre-Covid size until the second half of 2022.
consider their next move. The
Fed recently signaled that, un-
like the ECB, it wouldn’t try to
check a recent rise in Treasury
yields, prompting them to in-
crease further. But Fed officials
in recent weeks have pushed
back on the notion that signs
of a strong economic recovery
had boosted the prospects of a
rate increase this year.
The ECB said Thursday it
would keep its key interest
rate at minus 0.5% and con-
tinue to buy eurozone debt un-
der an emergency €1.85 tril-
lion bond-buying program,
equivalent to $2.2 trillion,
through at least March 2022.
It said it would buy those
bonds at a “significantly
higher pace” during the first
months of this year, repeating
a pledge made last month.
The eurozone economy is
likely to grow at an annualized
rate of 6% in the second quar-
ter of 2021, after contracting 1%
in the first three months of the
year, according to JPMorgan.
The U.S. economy is expected
to grow at an annualized rate
of almost 10% in the second
quarter after about 5% in the
first quarter, JPMorgan said.
ECB officials are expected
to reconsider the pace of their
bond-buying program at a pol-
icy meeting on June 10, when
they will publish fresh fore-
casts for growth and inflation.
WORLD NEWS
Continued from Page One
that swept up fans and rival
clubs. The teams failed to antic-
ipate political pushback from
U.K. Prime Minister Boris John-
son and others.
What remained was a jarring
realization: The biggest brands
in world soccer weren’t nearly
as powerful as they thought.
The Super League clubs
were left to deal with the hu-
miliation of a stunning own
goal that caused fans to accuse
them of being greedy billion-
aires. But they made their
doomed play because, despite
their popularity, their valuable
businesses are rarely stable.
Operating in the Wild West
that is the European game, they
live in a world without salary
caps or player trades. Huge
sums come in from global
broadcast rights, but they
spend money to swipe talent
from each other in an endless
game of financial brinkmanship.
They launched their plan de-
spite having laid almost no
groundwork. The Super League
had no broadcast partner and lit-
tle concrete data on what its
market would look like, accord-
ing to several people familiar
with the plan. When the news
exploded into the open on Sun-
day, they were caught without a
strategy for countering backlash.
The Super League clubs were
aiming to head off changes by
UEFA, the sport’s European
governing body, to the conti-
nentwide Champions League
tournament. The Champions
League rakes in more than $3
billion a year in television and
commercial payments and aired
in nearly 200 countries around
the world. It brings together
the top teams not just from
England, Germany and other
powers, but also sides like Dan-
ish champion Midtjylland. In
theory at least, any team can
qualify on merit and win.
The Super League clubs
deemed the Champions League
to be a subpar product with too
many dud games, too few mar-
Members of Real Madrid, one of the clubs involved in the Super League, line up ahead of a match.
quee matchups—and not
enough guaranteed payouts.
“There are games that no-
body watches. The truth is I
struggle to watch them. In
Spain, in England, in Italy,” Real
Madrid President Florentino
Perez said on Spanish radio
Wednesday. “Somebody has to
give us another format, to earn
more money. As without earning
more money, this will all die.”
He was exaggerating only a
little. Teams like his run up
huge debt. Barcelona revealed
it was more than $1 billion in
the red last year. Real Madrid
owes upward of $400 million,
according to recent filings. Ital-
ian teams are feeling the pain.
Which is why two of the
three key architects of the proj-
ect happened to be Mr. Perez
and Juventus President Andrea
Agnelli, scion to the Agnelli for-
tune. The third was Manchester
United’s vice chairman, Ed
Woodward, who made public
his resignation from the club
on Tuesday in the aftermath of
the Super League’s demise.
They worked closely with a fi-
nancial firm in Madrid called
Key Capital Partners, which had
a long relationship with Mr.
Perez’s construction company.
As Mr. Perez presented it on
internal calls leading up to the
announcement, the situation
was urgent. “These clubs are
going to lose millions of euros,
and they cannot [afford to] do
that,” he said in Spanish.
“Apart from those in England.”
Those in England were in a
slightly different situation. Over
the past 25 years, they have rid-
den one of the most powerful fi-
THE WALL STREET JOURNAL.
nancial waves in sports. By
founding the Premier League in
1992, they designed a product
specifically for television,
buoyed by lavish contracts with
broadcasters around the world.
In doing so, English soccer
opened up a decisive advantage
over the European leagues. The
league’s longtime “Big Four”—
Manchester United, Liverpool,
Arsenal and Chelsea—could
count on earning tens of mil-
lions more by qualifying for the
Champions League each year.
Then the Premier League’s Big
Four swelled to a Big Six in the
The Super League
fell quickly after a
scrambled launch
and public outcry.
mid-2010s with the rise of Man-
chester City and Tottenham. Sud-
denly, it had six teams vying for
four Champions League spots.
By last Friday, the Super
League had 12 teams ready to
go, though signs of trouble
were appearing. Three big Eu-
ropean clubs—Germany’s Bay-
ern Munich and Borussia Dort-
mund and France’s Paris Saint-
Germain—rebuffed entreaties
to join. “The feeling in the
group was that 12 was enough
to launch,” a person close to
the project said.
The last two clubs to join the
Super League weren’t as com-
mitted to the project as the
others. Their owners were
.
JUANJO MARTÍN/EFE/ZUMA PRESS
never really in it for the money.
Chelsea, owned by the Russian
oligarch Roman Abramovich,
has run the club at a loss for
years in order to accumulate
trophies. And Manchester City
was acquired by a member of
the royal family of Abu Dhabi in
2008 as part of a larger revamp
of the emirate’s image.
Their weaker commitment to
the project became a problem
on Sunday when the public im-
mediately rejected the idea and
politicians seized on the issue.
In an appearance before Premier
League representatives on Tues-
day, the U.K.’s Mr. Johnson
vowed to drop a “legislative
bomb” on the effort that threat-
ened to reclassify soccer clubs
as protected institutions.
The Super League members
were prepared to stomach
abuse—from fans, from rival
clubs, from UEFA. They were
even prepared for legal chal-
lenges. Except they never saw
Mr. Johnson’s cameo coming,
people familiar said.
That evening, as Chelsea
prepared to play at home, word
circulated that the club was
drawing up papers to withdraw
from the project. Man City was
close behind, announcing its
exit. Just after midnight in Ma-
drid, the rest of the six Premier
League clubs confirmed their
intent to do the same.
By the next morning, Liver-
pool co-owner John W. Henry
was apologizing to fans. “I
alone am responsible for the
unnecessary negativity brought
forward over the past couple of
days,” he said in a video. “That’s
something I won’t forget.”

THE WALL STREET JOURNAL.
Rivals
Show
Talent
Continued from Page One
skits and group challenges, in a
Zoom era, they are often more
solo affairs. Some stuck-at-
home employees are tackling
them with zeal, working over-
time to turn out Instagram-
worthy creations. Others are
navigating tricky social nice-
ties, not wanting to seem like
they are too competitive or em-
barrass themselves, all while
still aiming to win.
Ms. Welch, 32, went ahead
with her creation, spending
several nights watching You-
Tube tutorials and struggling to
keep her fondant from crack-
ing. Her cake was bested by a
Friends
Chased a
Fortune
Continued from Page One
investing-made-easy apps like
Robinhood have given new in-
vestors a chance to operate in
concert with millions of others
world-wide. They connect on-
line, much like multiplayer
videogames, and drive manias
in individual stocks. The Rob-
inhood app logged more than
2.6 million downloads just in
March 2020, according to JMP
Securities. Robinhood declined
to comment for this article.
Many rookie traders, accus-
tomed to sharing birthday
photos and daily online mus-
ings, showed few qualms
about making investments
based on what friends shared
in group texts or what strang-
ers posted on Facebook. As
much as anything, their in-
vesting is a social activity.
Messrs. Garcia, Norkin and
Ela were among the retail
traders who, emboldened by
early wins and a community of
online cheerleaders, took
greater risks in a roller-
coaster market.
“Do u have more than 1k on
RH,” Mr. Ela texted Mr. Garcia,
asking about the balance of
his Robinhood account. “If so
I recommend using margin.”
“Yeah, and no idea wth that
is,” Mr. Garcia said, using an
acronym for “what the hell.”
By the beginning of the
year, all three friends were
amplifying their bets using
margin loans, money they bor-
rowed from Robinhood to buy
more securities. These loans
are typically used by hedge
funds and the wealthy. Access
to borrowed funds for anyone
with $2,000—not the $1,000
Mr. Ela mentioned—is a cen-
tral feature of the Robinhood
Gold account.
Over eight months, Mr. Ela,
30, poured his savings and big
chunks of his pay into the
market, about $30,000 in all.
Mr. Norkin, who has three
young children, invested a
similar amount. Mr. Garcia, a
new father, funded his account
with $4,500 in savings and
pandemic stimulus checks. It
seemed like they couldn’t lose.
Chance meeting
Mr. Garcia, who runs a pho-
tography studio in Lemoore,
Calif., met Messrs. Ela and
Norkin in Las Vegas during the
School and Sports Photogra-
phers Association of California
conference in January last
year. The pandemic was still
weeks off, and the three men
played craps and blackjack.
The annual conference is
known as SPAC, an acronym
the men later learned also re-
ferred to an investment vehi-
cle. Afterward, they promised
to keep in touch.
Messrs. Ela and Norkin
have a photo studio in Lake
Elsinore, Calif., about an
hour’s drive from downtown
Los Angeles. They met
through the local Rotary Club
when Mr. Ela was a teenager.
Back then, Mr. Norkin would
call Mr. Ela for help with com-
puter problems. Mr. Ela was
invited to join Mr. Norkin and
his family for restaurant din-
ners. It was a luxury Mr. Ela’s
single mother could rarely af-
ford on a paycheck earned
working nights at 7-Eleven.
Mr. Ela joined Mr. Norkin’s
photography studio after grad-
uating from the University of
California, Merced. His busi-
ness degree left him with
about $85,000 owed for stu-
colleague’s beach-themed en-
try; Ms. Welch says she felt re-
assured that she hadn’t been
the only one trying hard.
While competitions are al-
ways anxiety-inducing, they are
especially so when your col-
leagues are the ones judging,
says Grace Habermann, 26, who
works at a credit union in Lex-
ington, Ky., and sang Fleetwood
Mac’s “Landslide” during her
company’s recent talent show
while accompanying herself on
the ukulele.
“It’s really nerve-racking to
put yourself out there, like, feel
free to have an opinion,” says
Ms. Habermann, who says the
$200 grand prize helped moti-
vate her. She came in third,
winning $50.
Many managers take pains
to stress the lighthearted na-
ture of such competitions. “It
was just as a fun, zero-stakes
event,” says Noah Clark, 24, a
Stamford, Conn.-based strategy
consultant for IBM, of the re-
Alex Ela at the photography studio, top, in Lake Elsinore, Calif., and Mike Norkin and his three children at home in the same city.
dent loans and credit-card
debt, he said.
When the pandemic
reached California, schools
closed and the photography
business dried up. Over text,
the men exchanged tips about
applying for federal Paycheck
Protection Program loans.
Over the summer, the
friends got together, and while
they were catching up in Mr.
Norkin’s living room, they dis-
covered each had downloaded
the Robinhood app.
Mr. Norkin was initially
wary of investing after losing
money on technology stocks
and gold many years earlier,
he said. At first, Mr. Garcia
said he also counted himself a
conservative investor. Trading
was something his parents,
immigrants from Mexico, had
never done.
By fall, they had a routine:
At 5:30 a.m., they logged onto
Robinhood and discussed po-
tential investments before the
market opened.
The friends were enthusias-
tic about the electric-vehicle
industry and bought shares of
auto makers Tesla Inc. and
Lordstown Motors Corp. as
well as graphite miner West-
water Resources Inc., which
produces a mineral for batter-
ies used in electric vehicles.
They tried to game the topsy-
turvy pandemic economy, buy-
ing an oil exchange-traded
fund with the ticker GUSH, a
bet on rising gas consumption.
They dabbled in such volatile
stocks as Canadian cannabis
firm Sundial Growers Inc.
Mr. Ela used his Robinhood-
FROM PAGE ONE
cent company gingerbread
competition he participated in.
Mr. Clark baked 50 ginger-
bread pieces, which he assem-
bled into a replica of the Eiffel
Tower, complete with mint and
Sour Patch Kids candy decora-
tions. “It was pretty much two
days of nonstop work,” he says.
His creation won, though
“not by as much as you might
expect,” he says, noting that a
colleague’s remake of a “Die
Hard” movie trailer, filmed us-
ing a figurine that rappelled off
a gingerbread skyscraper, also
got numerous votes.
Some say ginning up compe-
tition can be a good way to
bond. “There’s a lot of fun trash
talking; it’s a different way to
connect,” says Keyana Corliss,
an employee at data company
Databricks, who’s part of an in-
formal Slack channel for Pelo-
ton workout enthusiasts, where
employees frequently compete
to see who can rack up the
most monthly minutes on their
issued debit card to tap money
from his brokerage account for
a vacation to Mexico with his
girlfriend. Mr. Norkin and his
wife took a road trip to Yel-
lowstone. He introduced her to
the trading app, and they
picked stocks together.
With their portfolios rising,
the friends egged each other
on to take bigger risks as 2020
drew to a close.
Mr. Ela, the most daring,
made 1,600 trades last year,
far more than his friends. He
joined an investing group on
chat app Discord and dis-
Chris Garcia and his baby daughter at home in Lemoore, Calif.
machines.
Databricks also hosted a tal-
ent show in February. “We’re
highly competitive folks here,
so creating an opportunity to
compete and show what you’re
capable of outside work is a lot
of fun,” says Amy Mackreth,
vice president of marketing.
The company brought in a pro-
duction company to assist, and
help narrow down which videos
to screen at the event.
Ms. Mackreth considered
submitting a video of her per-
forming the flying trapeze, but
decided against it after learn-
ing the company’s chief people
officer was planning a similar
entry: “She’s very, very good,
and I’m just mediocre.”
To prevent technical
glitches, many virtual competi-
tions aren’t live, and simply in-
volve submitting a photo or
video for later viewing.
Some say that format makes
it easier to participate. “It’s not
as much performance anxiety,
cussed stocks with strangers,
including an X-ray technician
in Texas and a journalist in In-
dia, almost all bulls. He often
made as much as $700 in a
morning buying and selling
shares during December and
January.
Mr. Norkin dreamed of
stocks and woke up nights to
check his portfolio. He joined
different Facebook groups that
focused on investing tips. In
January, he sold his Tesla
stake for a $14,000 profit.
The friends bought
GameStop that month, when it
.
Friday, April 23, 2021 | A9
for sure,” says Johnny Antonini, Mary van Dijk, a corporate
25, a Chicago-based video edi-
tor whose guitar performance
communications manager at
veterinary pharmaceutical com-
of “Dueling Banjos” recently pany Bimeda, says the com-
won him a $25 Amazon gift
card at his company’s talent
pany’s talent show was a re-
prieve, offering a fun peek at
show. Mr. Antonini played both
parts and came in third place,
after a horror movie parody
colleagues’ hidden talents.
Originally, says Ms. van Dijk,
their team floated the idea to
and a slideshow of another col- Bimeda’s 850 employees on a
league’s drawings. tentative basis, in case no one
Sumukh Torgalkar, 36, a Liv- felt comfortable competing:
ermore, Colo.-based compliance “We thought, look, if just two
analyst who moonlights as a people reply, we’ll can it.”
stand-up comedian, says he In the end, 10 acts signed up.
previously didn’t feel comfort- The winner sang “O Holy
able appearing in his company’s Night” in an evening gown.
talent show. He didn’t want to Around 160 people tuned in
blur the lines between work live, with the recording made
and hobbies, and felt awkward available for employees to
competing with co-workers: watch later, said Ms. van Dijk,
“As someone who gets paid to who helped organize the event
do comedy, I don’t want to feel but didn’t compete.
like I’m a ringer in the com- “You couldn’t pay me
pany talent show.” enough money in the world to
But after a year of peering make me perform,” she says.
into colleagues’ homes on video “My skills are copywriting and
calls, he says he plans to partic- editing, and that’s not anything
ipate in this spring’s event: people would want to see.”
child and considered opening
a Roth IRA for her. Mr. Ela
planned to pay off his student
loans and credit-card debt he
accumulated while in college.
‘To the moon’
Mr. Ela read that a SPAC, or
special-purpose acquisition
company, planned to buy elec-
tric-vehicle firm Lucid Motors
Inc. SPACs are essentially
large pools of cash listed on
an exchange. Their purpose is
to find a private company, buy
it and take it public.
Starting in January, the
friends bought shares of the
SPAC, Churchill Capital Corp.
IV, or CCIV. Mr. Ela used mar-
gin to bet 80% of his portfolio.
On Feb. 22, CCIV shares
spiked in the morning, and Mr.
Ela’s portfolio rose to a high
of $89,000, about triple what
he put in. The deal was an-
nounced after the market
closed. The SPAC nosedived.
Robinhood prevents users
from trading after 3 p.m. PST,
leaving the friends powerless
to get out.
Mr. Ela’s 30th birthday was
the next day. He checked his
account when he woke up and
saw CCIV opened down 39%
from the prior close—leaving
him, on paper, about $50,000
poorer. The plunge prompted
Robinhood to ask him for
money to pay down the mar-
gin loan, a demand known as a
margin call. He had to sell
stock to make the payment.
“I just wanna throw up,” he
texted his friends.
Messrs. Norkin and Garcia
also took losses on CCIV and
other electric-vehicle stocks
DAMON CASAREZ FOR THE WALL STREET JOURNAL (3)
over the next two weeks. Fac-
ing their own margin calls,
they realized they hadn’t fully
understood the debt they took
on. The app prominently fea-
tures a metric called “buying
power” that includes margin.
But they had a hard time find-
ing any similar disclosure of
what they might owe if their
bets on stocks soured and
triggered margin calls.
Later that day, Mr. Ela said
he cried thinking about his
massive loss. He cheered up
after a dinner of Korean bar-
was below $80 a share. They becue with a group that in-
traded in and out of the stock cluded Mr. Norkin. His friends
as it began to climb to im- brought him bottles of tequila,
probably high levels. whiskey, beer and cans of
The stock of GameStop and mixed drinks as gifts.
other buzzy companies lifted In the friends’ group text
the trading accounts of the next morning, Mr. Ela was
Messrs. Norkin and Garcia to silent for the first time in
personal highs. months. “We gave him enough
On the morning of Jan. 28, alcohol to go to the moon,”
the app didn’t allow Mr. Ela to Mr. Norkin wrote, borrowing
buy GameStop. He could only internet jargon for a hot stock.
sell and trade options. “Dudes Mr. Ela wasn’t hung over, just
some shady s— is happening,” discouraged. All of them were.
he texted his two friends. “Time for us to not quit our
During trading that day, the day jobs,” Mr. Garcia texted
stock climbed to a high of his friends after their bust.
nearly $500 a share. Then it In the weeks since, they
nosedived after the buying re- have stopped updating their
strictions kicked in. The spreadsheet. Their studios
friends wanted to buy after have rebounded as more stu-
the price drop. “We need to dents return to school. And
sue. This is rigging at its fin- when they text, it is usually
est,” Mr. Norkin texted. “This about photography or their
is worth a civil war.” personal lives.
Robinhood said it never in- Mr. Ela, the biggest risk
tended to harm customers; it taker, has pulled all of his
limited the option to buy cer- money from the market and
tain stocks to meet demands plans to start paying off debt.
from its clearinghouse. Mr. Garcia, once the most cau-
Mr. Garcia texted a link to a tious, put all his money into
Reddit post describing how to Tesla, Coinbase Global Inc. and
file a complaint with the Secu- a SPAC run by hedge-fund bil-
rities and Exchange Commis- lionaire William Ackman. Mr.
sion. “Hold the line Norkin is hanging onto his po-
boys!!!…The whole world is sitions, hoping for a rebound.
starting to step in and buy Mr. Garcia is up close to
GME.” GameStop shares tum- $700 from his initial invest-
bled to below $100 within a ment. Messrs. Norkin and Mr.
few days. Ela each lost about a third of
The friends remained opti- what they put in.
mistic and continued to muse “We all joked about having
about spending their gains. matching Lamborghinis,” Mr.
Mr. Norkin wanted to buy a Norkin said. “But at the end of
house and build his retirement the day, the three of us are
fund after years of pouring grounded and rooted enough
money into his business. Mr. to just want to provide for our
Garcia was expecting his first families.”
 .

A9A | Friday, April 23, 2021 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

JFK Terminal Revamp Scaled Back Transit
Bomber
Port Authority approves
deal to cut $2.3 billion Gets Life
from Terminal 4
improvement project Sentence
BY REBECCA DAVIS O’BRIEN
BY PAUL BERGER
A federal judge in Manhat-
The public agency that runs tan handed down a life sen-
John F. Kennedy International tence Thursday to a man con-
Airport on Thursday approved victed of terrorism charges for
a deal to scale back and delay setting off a pipe bomb in
plans for a $3.8 billion rede- 2017 in one of New York City’s
velopment of the airport’s busiest transit hubs.
busiest terminal. At about 7:20 a.m. on Dec.
Under the revised deal, the 11, 2017, Akayed Ullah deto-
company that leases Terminal nated a low-tech device—made
4 will start work before the in his Brooklyn apartment
end of the year on a more lim- with Christmas lights, screws
ited $1.5 billion modernization and a battery—in an under-
of the Queens facility. ground passageway connect-
A potential second con- ing the Port Authority Bus
struction phase, which more Terminal and the Times
closely resembles original Square subway station. The
plans, has been delayed for explosion injured four people,
several years pending the re- including Mr. Ullah, and cre-
turn of air travel to pre-pan- ated havoc during rush hour.
ANGUS MORDANT/BLOOMBERG NEWS

demic levels. At the time, authorities said

Seth Lehman, an analyst at it appeared the bomb didn’t
Fitch Ratings, said the renego- explode as planned.
tiated contract is a positive Mr. Ullah, a Bangladeshi im-
sign for the airport’s operator, migrant who was 27 years old
the Port Authority of New at the time, told investigators
York and New Jersey. he was inspired by Islamic
The bistate agency, which State. He was convicted after a
operates the region’s three trial in November 2018 on six
major airports, last year de- The operator of John F. Kennedy International Airport’s Terminal 4 believes air traffic may not return to pre-Covid levels until 2024. counts, including charges of
layed a $15 billion makeover of using a weapon of mass de-
JFK, as Covid-19 wreaked 2025 but now appear to be de- travel plummeted last year in bonds to pay for the up- add 10 new gates: eight for re- struction and providing mate-
havoc on the airline industry. layed by years. and is recovering slowly. grades. Delta, which uses Ter- gional jets and two for nar- rial support to a foreign ter-
“It’s a good sign that redevel- Port Authority board mem- Passenger numbers at JFK minal 4 as a hub, will pay debt row-body aircraft. That would rorist organization.
opment in general at JFK seems bers approved the new Termi- for the week beginning April 12 service on $1.4 billion of the allow Delta to consolidate all At trial, Mr. Ullah’s lawyer
to no longer be postponed in- nal 4 contract at a board meet- were down 69% compared with bonds, agency officials said. its operations, some of which said he had intended only to
definitely,” Mr. Lehman said. ing Thursday. The agency’s a similar period in 2019, accord- The remaining debt service are at Terminal 2, into Termi- kill himself when he detonated
Port Authority officials are executive director, Rick Cotton, ing to agency data. Terminal 4’s will be covered by other Ter- nal 4 by the end of 2022. the bomb that he had strapped
in the process of renegotiating said he is disappointed that the operator has said it believes air minal 4 revenues, they said. Delta’s move will pave the to his chest with zip ties be-
deals with other private-sector pandemic had forced a 60% re- traffic may not return to pre- A spokeswoman for Delta re- way for Terminal 2 to be demol- fore boarding the subway that
consortia of airlines, terminal duction in budget for the termi- pandemic levels until 2024. ferred questions to the Port ished to make way for a planned morning.
operators and developers that nal redevelopment in the near Terminal 4 is operated by Authority. Roel Huinink, presi- expansion of Terminal 1. During the sentencing hear-
are financing the majority of term. But he said the approval JFK International Air Terminal dent and chief executive of The work at Terminal 4 will ing Thursday, federal defender
the airport-wide developments. of the revised deal is a vote of LLC, a partnership between JFKIAT, said the terminal oper- add 150,000 square feet and Amy Gallicchio asked U.S. Dis-
The airport’s six terminals confidence in JFK and in the Netherlands-based Royal ator is excited that the develop- include renovations to the ter- trict Judge Richard J. Sullivan
eventually will be replaced by eventual return of air traffic. Schiphol Group and Delta Air ment can finally move forward. minal’s arrivals and departures to go no higher than the 35-year
four larger and more modern Terminal 4 accounted for Lines Inc. Under the renegotiated hall. It is a big reduction from mandatory minimum sentence,
facilities. The upgrades were about one-third of JFK’s 62 Port Authority officials said deal, a northern concourse at the 500,000 square feet envi- calling Mr. Ullah, now 31 years
supposed to be completed in million passengers in 2019. Air JFKIAT will issue $1.5 billion Terminal 4 will be extended to sioned under original plans. old, a “deeply troubled soul”
who was sorry for his actions.
“He was searching for

N.Y. Boosts Funding for Nonprofit Arts Groups

meaning and direction in his
life,” Ms. Gallicchio said, add-
ing that he wasn’t an actual
operative of Islamic State.
Federal prosecutors sought
BY CHARLES PASSY said Freeman Klopott, a sell because capacity guidance a life sentence, citing the ex-
spokesman for the state’s bud- can change. The government plosion’s enduring effects on
As New York’s arts groups get division, is to make sure support could go a long way to the victims, two of whom pro-
continue to grapple with the cultural organizations have the quell concerns, she said. vided written statements to
pandemic’s economic impact, resources they need to recover “There’s a lot of expense in the court. One described per-
the state is providing a mea- from the Covid-19 pandemic. a complete sea of uncertainty,” manent hearing loss and emo-
sure of relief with its largest State funding generally is a Ms. Davidson added. tional shock, and the other said
cultural financial commitment small component of most non- State officials said the in- she had lost her job because
in recent years. profit cultural groups’ bud- crease in arts funding speaks she was afraid to commute.
The state will funnel $100 gets. Grants generally range to the fact that culture is in- Prosecutors have said that in
million in grants and assistance from a few thousand dollars to creasingly being seen as an his first law-enforcement inter-
to nonprofit arts organizations around $135,000, depending economic driver for the state, views, Mr. Ullah said he chose
during the coming year as part on the size of the organization be it in arts-rich New York his time and place because
of the $212 billion annual bud- and its needs, according to of- City or smaller upstate com- “there would be more people to
get that was approved earlier ficials. Even the state’s $100- munities that pride them- terrorize.” Judge Sullivan noted
this month. That is in marked million commitment this year selves on their arts offerings. his statements, saying, “I don’t
HIROYUKI ITO/GETTY IMAGES

contrast to the cultural funding is far less than New York City’s Mara Manus, executive di- think he really ever accepted
over the past decade, which annual cultural budget, which rector of the New York State responsibility for that crime.”
was about $40 million a year, is typically well above $150 Council on the Arts, the
according to state officials. million and has been as high agency that oversees cultural
NEW YORK CITY TAXI AND LIMOUSINE COMMISSION/AP

Moreover, officials pointed as $206.9 million in recent funding, pointed to research

to other budgetary efforts to times, according to the city’s that showed before the pan-
support cultural groups and Department of Cultural Affairs. demic the arts sector ac-
businesses in both the for-profit Art groups and businesses Cultural groups such as the Chamber Music Society of Lincoln counted for $123 billion annu-
and nonprofit realms. Among also are eligible for support Center say the state’s increased commitment is a welcome sign. ally of the state’s economy and
them: $100 million in tax cred- from the federal government, provided 504,000 jobs.
its to musical and theatrical including through the Save our many years. “This is stunning,” is a longtime state grant recip- Daniel O’Donnell, a Demo-
productions in New York City. Stages Act, a pandemic-relief said Elizabeth Sobol, president ient, said the assistance in the cratic state assemblyman who
State officials also noted bill championed by New York and chief executive of the next year is crucial. She notes represents parts of Manhattan
that for-profit arts groups may Sen. Chuck Schumer. Saratoga Performing Arts Cen- that her group is having to and has been a cultural advo-
be eligible for grants through Still, cultural groups are ter in Saratoga Springs. make financial commitments cate, said the real test will be
an $800 million pool of fund- hailing the state’s increased Suzanne Davidson, execu- for concerts it is planning in whether the state continues to
ing that has been set aside for commitment as a welcome tive director of the Chamber the coming months, but it fund at this level after the pan-
small businesses. sign, particularly given how Music Society of Lincoln Cen- doesn’t yet know how many demic. “I hope it’s a first step Akayed Ullah’s low-tech device
The goal of these efforts, funding has stayed flat for so ter, another organization that tickets it will be allowed to in a long process,” he said. injured him and three others.

Gov. Cuomo Urged to Approve Covid Workplace-Safety Bill

BY JIMMY VIELKIND enforcing provisions of the the federal Occupational
law, sponsors say. Either the Safety and Health Administra-
ALBANY—Democratic state department’s commissioner or tion last year issued unen-
lawmakers are calling on Gov. the state attorney general forceable guidance regarding
Andrew Cuomo to sign a bill could seek an injunction Covid-19.
that would require employers against an employer for viola- “What we need are guide-
to adopt safety plans for deal- tions, the legislation says. lines that are concrete, that
ing with Covid-19 and other Under the bill, an employee are clear for employers to fol-
airborne diseases, and that also could sue their employer low, and for workers to have
would enable workers to sue for violating the protection some kind of recourse when
them if they don’t comply. standard “in a manner that their lives are put on the line
The measure, passed earlier creates a substantial probabil- when employers don’t want to
this week and called the HERO ity that death or serious phys- follow the science,” she said at
Act, would direct the state De- ical harm could result” from a Wednesday news conference
partment of Health to develop workplace conditions, unless with labor leaders urging Mr.
a model infection-control plan the employer couldn’t reason- Cuomo to sign the bill.
addressing air filtration, social ably know about the violation. Groups representing the
distancing, workplace cleaning Democrats who dominate state’s employers said during a
and the use of personal pro- the state Assembly and Senate separate news conference that
tective equipment such as face gave final approval to the they didn’t have any substan-
masks. measure this week, but Mr. tive input on the development
Employers would be re- Cuomo still must act on the of the legislation and were
ANGUS MORDANT/BLOOMBERG NEWS

quired to adopt a plan that ap- bill before it can become law. concerned about its provisions.
plied to their industry, the leg- An administration official said Greg Biryla, the New York
islation says. the Democratic governor is re- state director of the National
The measure also would al- viewing the legislation, and Federation of Independent
low employees to form joint previously has advanced work- Business, said the law could
workplace-safety committees place protections against air- lead to costly lawsuits and
with managers to review borne illnesses. would increase the price of li-
safety policies and their im- State Assemblywoman Kar- ability insurance.
plementation. ines Reyes, a Democrat from “It’s the latest potential
Under the measure, employees could sue their employer for violating the protection standard. The state Department of Queens who sponsored the roadblock to recovery in New
Labor would be charged with bill, said it is needed because York,” he said.

THE WALL STREET JOURNAL.
GREATER NEW YORK
Councilman Pleads
Guilty to Tax Fraud
BY KATIE HONAN
A New York City council-
man pleaded guilty in Manhat-
tan federal court to a misde-
meanor tax-fraud charge for
filing fraudulent information
on income and expenses tied
to his real-estate management
business, prosecutors said
Thursday.
Chaim Deutsch, a Democrat
who represents parts of
Brooklyn, failed to pay
$82,000 in taxes owed to the
federal government between
2013 and 2015, according to a
criminal complaint. Prosecu-
tors in the U.S. attorney’s of-
fice for the Southern District
of New York said he also
falsely claimed personal ex-
penses as business expenses.
Mr. Deutsch, 52 years old,
was first elected in 2014 and
Chaim Deutsch,
a Democrat,
failed to pay
$82,000 in
federal taxes
between 2013
and 2015.
for part of his time in office
he was the sole owner of
Chasa Management Inc., a
real-estate management busi-
ness, prosecutors said.
The councilman faces up to
a year in prison and will have
to pay restitution for unpaid
taxes, according to the U.S. at-
torney’s office.
His lawyer, Henry Mazurek,
said his client would repay the
taxes he owes.
Mr. Deutsch “looks forward
to completing his elected
term,” Mr. Mazurek said.
Mr. Deutsch is term-limited
and set to leave office at the
end of the year.
Council Speaker Corey
Johnson issued a statement
Thursday calling on Mr.
Deutsch to resign, saying he
failed the people of his dis-
trict.
“He can no longer serve his
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.
* * NY Friday, April 23, 2021 | A9B
GREATER NEW YORK
constituents in good faith,”
Mr. Johnson said.
In response, Mr. Mazurek
said Mr. Deutsch wouldn’t step
down.
“Mr. Deutsch’s ability to
carry out his duties as city
councilman has not been di-
minished by his guilty plea to-
day,” Mr. Mazurek said.
A spokeswoman for the
council said it also is looking
to remove Mr. Deutsch from
his committees, including his
role as chair of the veterans
committee, and from his role
in allocating some city funds
to organizations in his district.
In February, Mayor Bill de
Blasio signed into law a bill
that prevents former lawmak-
ers from running for city of-
fice if they have been con-
victed of public corruption.
“There must be real conse-
quences for committing tax
fraud and we will support the
actions taken by City Council
MIKE SEGAR/REUTERS
on this matter,” mayoral
spokesman Bill Neidhardt said
about Mr. Deutsch’s guilty
plea.
The city’s Department of
Investigation, the U.S. attor- IN BLOOM: The cherry trees were flowering Thursday on a chilly Earth Day in Manhattan’s Riverside Park, when temperatures didn’t
ney’s office and the Internal climb above the 40s. Warmer weather is expected Friday and the thermometer could hit 70 degrees on Saturday.
Revenue Service conducted a
joint probe into Mr. Deutsch’s NEW YORK CITY New York City,” said Anne Ore- CONNECTICUT munity colleges, which have
tax filings. deko, supervising attorney of the been designed with the help of
“New York City Council Suit Over Woman’s racial-justice unit at the Legal Relief Funds Marked Connecticut employers to make
Member Chaim Deutsch ad- Shackling is Settled Aid Society. For Job Training sure they are meeting their im-
mitted today that he de- The lawsuit charged that the mediate employment needs.
frauded the IRS in connection A woman who says she was woman, identified as Jane Doe, Gov. Ned Lamont is proposing About $3.7 million would be
with his real-estate business,” shackled by police for hours was driven around to various spending $103 million in new used to extend the operating
said U.S. Attorney Audrey while in active labor has settled holding cells and then to Kings federal Covid-19 relief money on hours of 10 Connecticut Technical
Strauss. a lawsuit against New York City County Hospital after her arrest. job training, with the goal of Education and Career System
Margaret Garnett, the com- for $750,000, her lawyers said She was handcuffed in the am- getting people who lost employ- programs. Another $2 million
missioner of the city’s Depart- Thursday. bulance en route to the hospital ment during the pandemic back would be used to train 1,000
ment of Investigation, said the The woman, who filed the even though she was in active to work. people who are currently or were
conviction was “dispiriting.” lawsuit anonymously, was ar- labor, the lawsuit said. Connecticut has 140,000 un- previously in prison, and other $2
“Rather than set an exam- rested for a minor charge in 2018 All the charges against the employed workers, but also has million is earmarked to train “at-
ple of integrity and fidelity to when she was more than 40 woman ultimately were dis- industries, including healthcare, risk and disengaged” youth.
the rule of law, this city coun- weeks pregnant, she said in the missed, her lawyers said. information technologies and Money also would be used
cilman’s actions placed per- suit filed in Brooklyn federal court. A spokesperson for the city manufacturing that have an- for wraparound programs, such
sonal advantage over the pub- She was handcuffed and shackled law department confirmed that nounced major hiring initiatives, as free transportation to training
lic interest, and undermined during labor and after she gave a $750,000 settlement was he noted. classes and Wi-Fi hot-spot cards
public trust in elected offi- birth to her son, according to the reached Wednesday. Mr. Lamont said that under to ensure those being trained
cials,” she said. lawsuit filed by the Legal Aid So- Asked about the case at a his plan, which still needs legis- have internet access.
Starting in 2018, city coun- ciety and Emery Celli Brinckerhoff virtual news briefing Thursday, lative approval, $95.5 million of The governor was joined by
cil members were prohibited Abady Ward & Maazel LLP. Mayor Bill de Blasio said, “Obvi- the money from the American numerous business and educa-
from earning most outside in- “Shackling pregnant people is ously, I think that that was inhu- Rescue Plan Act would be used tion leaders Thursday in making
come in exchange for a signifi- a dehumanizing and pointless mane.” for things such as certificate the announcement.
cant pay raise. practice that has no place in —Associated Press programs in Connecticut’s com- —Associated Press
DIFFERENT NATIONAL ORIGINS.
SAME FAIR HOUSING RIGHTS.
It is illegal for landlords and real estate agents to deny you housing
opportunities because of your ethnicity. The Fair Housing Act prohibits
housing discrimination based on national origin. If you believe you
have experienced a violation of your rights, file a complaint.
Go to hud.gov/fairhousing or call 1-800-669-9777
Federal Relay Service 1-800-877-8339
FAIR HOUSING: THE LAW IS ON YOUR SIDE.
A public service message from the U.S. Department of Housing and Urban Development
in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits
discrimination because of race, color, religion, national origin, sex, familial status or disability.

A10 | Friday, April 23, 2021
FILM REVIEW
Electronica’s Female Trailblazers
FROM TOP: PEGGY WEIL/METROGRAPH PICTURES; CLARA ROCKMORE FOUNDATION/METROGRAPH PICTURES
BY JOHN ANDERSON
T
here’s no small amount
of genius afoot in “Sis-
ters With Transistors,”
which has a great title
and a provocative prem-
ise: that the frontiers of
electronic music were blazed by
women, liberated not only by the
endless possibilities of electronica
but by the fact that they were art-
ists in a “DIY” genre. Independent
of the male-dominated, unwelcom-
ing worlds of record companies,
radio, studios and even musicians,
they were free to make the “beau-
tiful noise” rhapsodized in Laurie
Anderson’s narration. All they
needed were audio tape, razors,
adhesive and as many reel-to-reel
recorders as could be patched to-
gether. The sounds were every-
where. The possibilities endless.
The rejection often spontaneous.
The technology? It was exploding
throughout the period recalled
(mostly 20th century), although the
documentary’s director, Lisa
Rovner, avoids getting bogged down
in circuitry and wires in favor of an
intoxicating montage technique, a
torrent of images that amounts to a
bedazzling visual interpretation of
the music being heard. As someone
says, electronic music is not just
about listening to sound, or even
how the sound changes. (There is a
fleeting glimpse of Philip Glass,
whose minimalism is not unrelated
TELEVISION REVIEW | JOHN ANDERSON
Monumentally Meh
CREATED BY Sierra Teller Ornelas,
Michael Schur and its star, Ed
Helms, the comedy series “Ruther-
ford Falls” tackles two great Amer-
ican pastimes—giving offense and
taking offense—without wanting to
offend at all. Which does seem a
waste. There’s a caustically funny
show buried somewhere beneath
“Rutherford Falls.” It might have to
be made in Canada.
“It’s not a great time for people
who love statues,” says the mayor
of Rutherford Falls, Deidre Chisen-
hall (Dana L. Wilson), which is
about as provocative as matters
get. The statue alluded to is in the
middle—literally—of the main
thoroughfare of Ms. Chisenhall’s
upstate New York town. Distracted
motorists keep driving into it, be-
cause the otherwise unremarkable
bronze monument occupies the
center of a too-narrow street.
How did it get there? Was the
road built around it? Was the town
built around the statue? Viewers
will wonder, and keep wondering.
The point is that Lawrence Ruther-
ford—the subject of the memo-
rial—was not a slave-owning gen-
eral. He didn’t massacre the
indigenous Minishonka, whose de-
scendants have grown up side-by-
side with the white Rutherfordians
and now take their money at the
Running Thunder casino. He made
PEACOCK
his fortune selling toothbrushes to
fur traders. Moving his likeness
ARTS IN REVIEW
to the work heard in the movie.) It’s
also about how those musical
changes influence one’s disposition.
While this may be something that
can be said of all music, the exam-
ples of electronica used in the film
often deliver a physical as well as
emotional kick. So does the simpa-
tico imagery.
There’s a reflex among humans
to impose narrative connections
on whatever series of pictures
they see projected. Something sim-
would seem to be a simple act of
civic improvement, not politics.
But to Nathan Rutherford (Mr.
Helms), the most ardent and per-
haps only defender of his family’s
legacy, the proposal to move “Big
Larry” is an affront, an outrage, a
scandal. A slap in the face to ev-
erything American. “Respect his-
tory, that’s all I’m trying to say,”
Nathan insists.
Insist away, Nathan. Everybody
will get it. “Rutherford Falls” is
not subtle, sly or especially amus-
ing, especially given its trivializing
take on current events. For all the
watered-down particulars, the se-
ries is really about Civil War statu-
ary, Christopher Columbus, repara-
tions, political correctness, “cancel
culture” and corporate blackmail:
Rutherford Inc., a vast multina-
tional that makes “everything from
missile guidance systems to wet
wipes,” was founded by Nathan’s
forebears and still uses Big Larry
as its logo. Whenever Nathan—a
nonvoting member of the board of
directors and a huge pain to the
company’s PR department—puts
his foot in his mouth, the corpora-
tion gags. And when the Minis-
honka decide to get litigious, Na-
than is the ostensible target. But
Rutherford Inc. is what they really
have in mind.
Mr. Helms, who can do the
obliviously nerdy like no one else,
is playing a character rather finely
ilar is true about music, especially
for ears trained in the tradition of
Western harmonies—those ears
take on a sonic search for the fa-
miliar, which may not be there.
Many of the women profiled by
Ms. Rovner—among them Delia
Derbyshire, Suzanne Ciani, Laurie
Spiegel and Eliane Radigue—were
aspiring to something completely
new, and pure, which leads to a
rather derisive digression about
Wendy Carlos, whose “Switched-
wrought by the largely indigenous
writers of “Rutherford Falls,” a
staff apparently politically correct
enough to do the politically incor-
rect. There are as many strivers,
climbers, schemers and snobs
among the Minishonka as there
are clueless narcissists among
their neighbors. Casino operator
Terry Thomas (Michael Greyeyes)
isn’t above using white guilt to his
own ends, while kidding himself
into thinking his intentions are
motivated solely by historical
grievance, rather than his own
ego.
Nathan, though, is a special
case, even if he is something of a
type: a guy so obsessed about his
family’s place in history that he
Maryanne Amacher, above, and Clara Rockmore playing the theremin,
left, in Lisa Rovner’s documentary ‘Sisters With Transistors’
On Bach” (1968) was not only a
commercial smash but main-
streamed the Moog synthesizer. It
is recalled as something of a be-
trayal, a retrograde effort to make
electronics conform not just to the
marketplace, but to an existing
sensibility that the women were
trying to explode.
The marketplace, notably the
advertising world, was more wel-
coming than the music industry.
(Ms. Ciani, we’re told, found much
success doing commercial work for
adventurous companies.) In film,
the strangeness of the music saw
it relegated to sci-fi, with which it
remains associated. Theremin vir-
tuosa Clara Rockmore, seen in the
early moments of “Sisters,” was
giving electronic music concerts as
early as the ’30s, on the instru-
ment she helped develop with the
Russian inventor Léon Theremin.
(Anyone interested in the music,
or Stalinism, should seek out Ste-
ven M. Martin’s 1993 doc, “Ther-
emin: An Electronic Odyssey.”) The
sound of the instrument is virtu-
ally synonymous with the cine-
matic arrival of extraterrestrials.
Similarly, Bebe Barron, working
with her husband, Louis, produced
the first fully electronic movie
score, for the 1956 classic “Forbid-
den Planet.” Delia Derbyshire, an-
doesn’t really live in the present
tense. To the writers’ credit, he
sounds that way.
In his efforts to keep the statue
in its place—the very spot of Big
Larry’s 1638 treaty signing with
the Minishonka, it should be
noted—Nathan also finds support-
ers in unwanted places. A local
nicknamed “Psycho Debbie,” for
instance (“She thinks Bill Gates is
a lizard in a human suit,” someone
observes). Or Prof. James Tobias
Kaufman (Paul F. Tompkins), a
comically alcoholic academic who
gets Nathan on his podcast and
then congratulates the Rutherford
family for having introduced
“whiteness” to the region. At the
headquarters of Rutherford Inc.,
.
THE WALL STREET JOURNAL.
other sonic frontierswoman,
whose acknowledged influences in-
cluded the air assault on her na-
tive Coventry during the Blitz of
World War II, recorded the theme
for “Doctor Who” in 1963.
“Sisters With Transistors” is
available at Metrograph.com, and
includes a live screening and panel
discussion at 8 p.m. Friday. (This
The movie captures the
pioneers of this DIY
genre with
hallucinogenic visuals.
will be followed by an on-demand
window and a series of special
events.) That the film is online be-
cause of the Covid-19 pandemic
might be considered a silver lining:
Not only will more people be able to
see it, but they can, and should, ex-
perience it through headphones. A
big screen would be nice, too, given
Ms. Rovner’s hallucinogenic way
with pictures. But the sound, as she
would probably agree, is paramount.
Mr. Anderson is a Journal TV critic.
Joe Morgenstern is on vacation.
Jesse Leigh, Ed
Helms, Dana L.
Wilson and Jana
Schmieding in
‘Rutherford Falls’
the engines of
damage control
are humming.
But by playing
both sides of a
very hot topic,
“Rutherford Falls”
fails to hum, roar
or even sputter to
any satisfying de-
gree. You can feel
the brakes being
applied, and the
consequent lurch.
The one truly sym-
pathetic character
in the show is Na-
than’s best friend
and pariah-of-the-reservation Rea-
gan Wells (Jana Schmieding), who
is sweet, smart and has the un-
gratifying job of running the Min-
ishonka cultural center, which is
adjacent to the casino and gets
mistaken for a gift shop by intoxi-
cated gamblers. Why she has trou-
ble with her own tribe will be re-
vealed but, thankfully, it’s not
because she straddles the two
worlds of Rutherford Falls. No,
Reagan’s basic problem is that
she’s too nice, too eager not to
bruise anyone’s feelings. Ms.
Schmieding makes it funny. “Ruth-
erford Falls” doesn’t.
Rutherford Falls
Peacock
 .

THE WALL STREET JOURNAL. Friday, April 23, 2021 | A11

ARTS IN REVIEW

MUSIC REVIEW

A Lively
Triple-Header

’Heart & Soul’ is

the new set from
Eric Church
REID LONG

BY BARRY MAZOR

K
2011, and “The Outsiders,” 2014) toric country themes included. edly all joined him, producer Jay more attempt at country hip-
that also reached number 1 on the That “&” specialty record includes Joyce and additional instrumental- hop—though its defiant lyric re-
nowledgeable and respect- pop charts. His 44th birthday is the single “Through My Ray-Bans,” ists in quick, Covid-limited rota- minds us that there were outlaws
ful of country’s history, May 3, yet it wasn’t until 2020 which at once acknowledges his tions at a makeshift North Caro- in country before gangsta rap be-
but not shackled by it, that his rise to leadership in coun- well-known personal style, the in- lina studio where the tracks were came a genre. (“When it comes to
Eric Church has tested the try music won him the CMA Enter- tense camaraderie of his audi- written and recorded.) raisin’ hell ’bout to take y’all to
genre’s boundaries and tainer of the Year award. With his ences, and the desire to snap back The “Heart” songs define that school,” he sings—quite South-
achieved commercial suc- electric live shows sidelined by from the losses of the pandemic term expansively. “Heart on Fire,” ernly.) Obvious pun title aside,
cess during his 15-year career—not Covid-19, expectations for his next and the 2017 massacre at a Las Ve- a recent video single, sounds much “Bad Mother Trucker” surprises in
a simple combination today. release have been high. gas country music festival. like the sort of upbeat, dance- a good, contemporary way—recall-
He has saluted traditional coun- Which brings him—and us—to Storytelling lyrics predominate friendly country tune Alan Jackson ing Kay Adams’s 1966 gender-
try and Merle Haggard (in the “Heart & Soul” (EMI Nashville), a throughout. No story seems more featured 20 years back, and it’s bender country trucking song
2006 track “Pledge Allegiance to 24-track set with three parts: urgent than “Stick That in Your nostalgic about a pickup-truck “Little Pink Mack,” but marrying
the Hag”) and what the roots rock “Heart” and “Soul,” with nine Country Song,” on the “Heart” re- date—with Elvis and Guns N’ it to a sentiment out of Aretha
of your younger years can mean cord, a recent single that decries Franklin’s “Respect”—adding up
and keep on meaning, too (with empty Detroit factories, soldiers to respect for the experienced
the hit 2012 single “Springsteen”). woman behind the rig’s wheel.
And he has sung about the varied, And while country/soul racial lines
life-altering records he plays ob- are being deliberately blurred,
sessively—from George Jones to
Pointed, memorable there’s the story of “Lynyrd
James Brown, New Grass Revival recordings for tough Skynyrd Jones,” a guitar picker
to Jeff Tweedy—on his remarkable whose mama met his daddy at a
multigenre 2015 album, “Mr. Mis-
times, with frankness Skynyrd show in the ’70s. That fa-
understood.” and hope. ther shows up for the first time at
He has taken chances, too—us- her funeral, and it’s “Curtis
ing sold-out arena tours and tele- Lowe,” the Black hero of the
vision appearances to introduce Skynyrd ballad that described
wider audiences to such distinctive returning from war blinded and him.
new music makers as Ashley maimed, underpaid teachers, and The 24 songs were developed in
McBryde and Rhiannon Giddens, the failure to raise these subjects relatively short order, and, yes, a
fighting scalpers on behalf of fans, tracks each, plus a six-track addi- in commercial country songs—all Roses on the radio. That leads into few go places songs like these
and introducing into songs such tional record, “&,” for his fan-club to a pulsing, relentless heartbeat “Heart of the Night,” which is ex- have before, affectionately repro-
politically charged issues as recre- members only. The project seems rhythm. It was written by Nash- plicitly in the Springsteen “let’s duced. Overwhelmingly, though,
ationally “smoking a little smoke” right for this time when audiences ville songwriters Davis Naish and break out of this town” roots-rock Eric Church and company have
to get high and gun reform, too. are constructing their own play- Jeffrey Steele. mode. (“Put lightning in this Thun- stepped up to the challenge of de-
Though in the Johnny Cash “chal- lists for tastes as genre-jumping as Most of the songs are either derbird till the metal comes alive. livering more than a double al-
lenging friend to all” tradition, Mr. Church’s. written by Mr. Church alone or in The rhythm of the road will give bum’s worth of pointed, memora-
he’s not notably partisan. The album titles tell part of the collaboration with celebrated Mu- these horses wings to fly.”) ble recordings for tough times,
He has accumulated 10 Grammy story. “Heart” leans toward pump- sic City performing writers he’s The “Soul” album songs are with frankness, hope—and engag-
nominations, multiple CMA and ing roots rock and country songs worked with for years, including particularly potent musically— ing sounds.
ACM awards, 19 Top 20 country on heart-related themes, and Jeff Hyde, Casey Beathard, Luke fresh and often funny. The funky
records, and three number 1 coun- “Soul,” as you’d expect, more to- Laird, Jeremy Spillman, Luke Dick “Break It Kind of Guy” is more a Mr. Mazor reviews country and
try albums, including two (“Chief,” ward R&B balladry with some his- and Travis Meadows. (They report- blues-rock screamer than one roots music for the Journal.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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U.S. Forecasts Today Tomorrow Today Tomorrow By Matt Gaffney 13 Foul smelling casually
City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W
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A12 | Friday, April 23, 2021
BY BEN COHEN
O
ne of the only things
that Bruce Fraser and
James Lackey have in
common is that both
have personal experi-
ence being entranced by the magic
of Stephen Curry.
Few people have been mesmer-
ized by Curry for longer than
Lackey, a teacher in Canada who
happened to be the coach of his
eighth-grade basketball team. But
last week, as he watched another
electric Curry performance, a pe-
culiar thought crossed Lackey’s
mind.
“I’ve never seen Steph play this
well,” he told his son. “Ever.”
Fraser, a coach for the Golden
State Warriors and the unofficial
Curry whisperer on Steve Kerr’s
staff, felt a similar way from the
bench. Nothing about Curry sur-
prises him anymore, and nothing
about his brilliance gets old.
That’s because something new is
always possible with Curry on the
floor.
“We’ve seen it before, but we
haven’t seen it at this level,” Fra-
ser said. “It’s at another level
now.”
Five years after his nightly de-
struction of the basketball ortho-
doxy became the most exhilarat-
ing show in sports, Curry now
finds himself coming off the sin-
gle greatest scoring run of his ca-
reer.
He’s been so dazzling
that even a spellbound
Boston Celtics coach Brad
Stevens couldn’t help but
marvel from the other
side of the court during a
recent game as Curry be-
came a human eraser for
everything he drew on his
whiteboard. They held
him to 47 points that
night. In his next game,
he would score 49.
“I hate competing
against him, but man do I
love watching him,” Ste-
vens said. “You just never
feel good when you’re an
opponent. You always feel
like you’re the next line of
a fairy tale.”
Once upon a time, there was a
basketball player who broke his
sport. To anyone who had the
pleasure of watching this revolu-
tion as it happened in 2016, it was
hard to imagine that Curry hadn’t
peaked, if only because it was
hard to imagine him ascending to
greater heights. As it turned out,
that was a failure of imagination.
He wasn’t close to happily ever af-
ter.
Curry’s basketball genius has
always been the ability to make
things happen that are not sup-
posed to happen. He wasn’t sup-
posed to be a force in college. He
wasn’t supposed to be a genera-
tional talent in the NBA. He
wasn’t supposed to change the
U.S. Gymnastics Tries to
Execute a Shift in Coaching
BY LOUISE RADNOFSKY
THE CULTURE OF GYMNASTICS
in the U.S. was long personified by
Bela Karolyi exhorting Kerri Strug
to vault through injury, from which
she crawled off the competition
floor at the 1996 Olympics. Brutal
coaching was often idealized and
the sport’s national governing body
exerted little control over the mem-
ber gyms that train athletes.
Five years of ugly revelations
about the dangers of that approach
have placed that governing body,
USA Gymnastics, under intense
pressure to execute a dramatic cul-
ture shift and prove it can create a
healthier environment for the
sport’s young athletes.
USA Gymnastics says it is now
trying to work with club owners to
create, by 2024, a system of accred-
itation for gyms that would allow
parents to consider their safety
standards—not just how equipped
they are to create medal winners.
It is also planning to expand
mandatory training for the 3,500
clubs that operate under its um-
brella, starting this year with con-
cussion training and a course called
“Tough Coaching or Emotional
Abuse: Knowing when the line has
been crossed.”
The changes come as the sport
continues to grapple with the fall-
out from the sex-abuse scandal in-
volving former national team physi-
cian Larry Nassar. That unleashed a
long and still largely unresolved
round of lawsuits filed by former
child athletes that raised broader
allegations about their training.
More recently, the criminal jus-
tice system has gotten involved on
coaching matters. John Geddert, the
2012 Olympic team head coach and
a longtime friend of Nassar, was
charged earlier this year with felo-
nies in which his aggressive train-
SPORTS
This Is Stephen Curry’s Hottest Stretch
Five years after he revolutionized basketball, the NBA’s best shooter is still getting better
game with his shooting, and the
best shooter ever definitely wasn’t
supposed to get better. He once
admitted that he believed he
could improve, only to immedi-
ately acknowledge that it was an
odd thing for him to say. “I might
be delusional,” Curry warned.
He was also right. It has never
been so thrilling to watch him
wreck basketball—not in eighth
grade, not in college and not in
2016.
“Nobody’s ever shot the ball
like this in the history of the
game,” Kerr said. “Even by Steph’s
own lofty standards, this is above
and beyond.”
The numbers can get dizzying.
The NBA’s other players have five
ing tactics were characterized by
Michigan prosecutors as human-
trafficking crimes, or “modern slav-
ery.” Geddert died by apparent sui-
cide the same day that two dozen
charges against him were an-
nounced.
USA Gymnastics last year hired a
vice president of athlete health and
wellness, Kim Kranz—a physical
therapist and former children’s hos-
pital director of sports medicine—in
part to implement new and safer
training protocols. She says the
door to mandatory training had
been opened by a 2018 federal law
that initiated sexual abuse preven-
tion requirements for national gov-
erning bodies.
“We need to set some standards
for clubs. Just basic expectations,”
said Kranz. “I come from the
healthcare system, so I sort of
equate it to the things that hospi-
tals have to do to make sure that
they’re operating safely.”
Within four years, she hopes to
have a system in which gymnastics
clubs would advertise the training
they had taken, and the standards
they have met, potentially through
a grading system akin to the one
used to rate gymnasts themselves.
Current voluntary training mate-
rials include topics of creating
healthy boundaries with athletes,
safe return to gymnastics after inju-
ries, and understanding and coach-
ing Gen Z.
Much remains uncertain about
the shift, including whether USA
Gymnastics will even remain the
governing body of the sport after
the lawsuits against it are resolved.
Still, enough has already changed
to surprise some coaches, said Paul
Greene, a sports lawyer who repre-
sents athletes and coaches in inter-
nal proceedings, including in gym-
nastics.
“I think you have certain coaches
Golden State
Warriors star
Stephen Curry is
coming off the
single greatest
scoring run of his
NBA career.
games this sea-
son with 10
threes. Curry
has six. There
have been 25
games in his-
tory when a
player hit 11
threes or more.
Klay Thompson
and Damian Lil-
lard have two.
Curry had two in the last week.
The rest of humanity combined
has 10. Curry has 11.
The statistics are one thing.
The aesthetics are something else.
It was riveting to watch him do
this once. It’s surreal to see him
do it again.
What’s different now is how
he’s doing it.
The tinkering began when the
Warriors’ run of five straight Fi-
nals appearances ended in 2019.
Curry was facing a situation that
would soon become familiar to
lots of people around the world.
“His job has changed,” said Bran-
don Payne, his longtime personal
trainer.
It’s hard to shoot as much as
Kerri Strug is carried by coach Bela Karolyi during the 1996 Olympics. Strug injured her ankle in the team competition.
that are well-intentioned and felt
like they’re doing the right thing by
coaching the way that they were
raised to coach, by the way they
were mentored to coach, and all of
a sudden they’re getting a letter
saying that’s not acceptable any-
more and they’re going to be sanc-
tioned for it,” he said.
He added that there is now a lot
of pressure when an allegation
comes in “to push the complaint
forward and investigate the com-
plaint, and there’s also pressure
now internally to sanction people.”
The extent to which abuse allega-
tions are embedded in American
gymnastics is hard to overstate.
Many of the members of the cur-
rent U.S. women’s national team
have trained at gyms where promi-
nent coaches have been accused of
abuse. Every single member of the
2012 and 2016 Olympic teams has
identified herself as a victim of
abuse by coaches or by Nassar. So
have members of the 1996, 2000
and 2004 teams.
And allegations have been lev-
eled against coaches on every
Curry does. It’s harder when the
whole point of the other team’s
defensive scheme is to not let you
shoot. The only way for Curry to
shoot more was to get more cre-
ative.
He was already spectacular at
contorting his body in strange
ways to create just enough space
to get his shot off. In the five sea-
sons between 2015 and 2019, he
managed to shoot 60% on step-
back threes, according to NBA
data. The problem was that Curry
didn’t take many of them, as step-
backs accounted for 8% of his
threes. This season, 16% of his
threes are coming from stepbacks,
and he’s still hitting 52% of them.
Problem solved.
The other weapon he’s added to
his shotmaking arsenal is the deep
three. This is a curious twist. If
there were any player who was al-
ready synonymous with deep
threes, it was the guy who warms
up from the half-court logo. But
since he drilled the iconic shot of
his career, a 37-footer in Okla-
homa City during his 2016 ram-
page, he’s tilted the floor by ex-
tending his range even farther.
Curry took less than 5% of his
threes from 30 to 40 feet in the
five years he went to the Finals,
according to Stathead. This year
that number is 10%. The really as-
tonishing thing: He’s been more
efficient from 30 to 40 feet than
Zion Williamson inside 5 feet.
Olympic team going back to at least
1984. They include 1984 head coach
Don Peters, who was barred from
the sport decades later after he was
accused of having sex with teenage
gymnasts he coached, and 2008
coach Marvin Sharp, who was found
dead in jail after he was charged
with creation of child pornography
and sexual assault at his gym.
Michigan closed its investigation
into Geddert, leaving unanswered
the question of how a jury might
have considered the charges against
him. But his case showed how the
behavior of coaches who were once
celebrated as “tough” could be re-
cast as criminal.
“Whether it would persuade a
jury beyond a reasonable doubt,
we’ll never know,” said Deborah
Tuerkheimer, a law professor at
Northwestern University specializ-
ing in criminal law, evidence, and
feminist legal theory.
“There is criminal behavior
which is not recognized as such be-
cause it is so culturally normal-
ized,” said Eric Lewis, a partner at
Lewis Baach Kaufmann Middlemiss.
.
THE WALL STREET JOURNAL.
FROM TOP: KYLE TERADA/REUTERS; EZRA SHAW/GETTY IMAGES
But the dirty secret behind his
basketball mastery is that he’s
also perfectly happy to obliterate
teams in traditional ways. Curry
has the stamina to flutter around
the court in search of a shot, but
it’s his strength that allows him to
finish around the basket, a cruel
form of punishment for the poor
guys he drags to the perimeter in
their futile effort to stop him from
launching threes. “When you take
something away defensively,”
Payne said, “you always give
something up.”
His dominance has reached the
point that coaches have decided
the most effective defense is sim-
ply double-teaming him as soon as
he crosses half-court. This might
seem irrational. They are choosing
to be on the wrong side of a 4-
on-3 situation and daring anybody
else to beat them. What choice do
they have?
Necessity isn’t the mother of
basketball invention. Desperation
is.
When he thinks about how
Curry refined his game, what
stands out to Fraser is his consis-
tency. This is the hottest streak of
his life, but it’s almost as if he’s
transcended streakiness.
It’s no longer a surprise when
Curry has one of those great
games. It’s simply normal.
“What would be a career night
for anyone else,” said Lackey, “is
just another Monday for Steph.”
DAVID MADISON/GETTY IMAGES
Lewis, who is advising a group of
British gymnasts as they pursue an
abuse case against their sports gov-
erning body in the U.K., said that in
many countries, child endanger-
ment and anti-bullying laws could
be also used against coaches.
In the U.S., he said, the Traffick-
ing Victims Protection Act also has
a civil remedy that individuals can
pursue.
Greene, the sports lawyer, said
that the iconic moment of Strug’s
vault in 1996, which came after she
was urged to continue by Karolyi,
might play out much differently to-
day. “He might be banned for that
kind of behavior today,” he said.
A lawyer for the retired Karolyi,
David Berg, declined to make him
available for an interview but de-
fended him, saying that Strug’s pain
was followed by a gold medal and
an important place in American
history.
“Ban Bela? Honor him and every
coach who ever pushed a youngster
to play through pain—and just per-
haps, to achieve great things,” said
Berg.

THE WALL STREET JOURNAL.
OPINION
The Democrat Fighting H.R.1
Behind
Democrats’
the
push for their
federal take-
over of con-
gressional
POTOMAC elections is
their insis-
WATCH
tence that it
By Kimberley
will sweep
A. Strassel
away “racist”
voting laws
and increase voter turnout.
No wonder they had no inter-
est this week in hearing from
a Democratic legend who
knows—and can prove—that
they are full of it.
That Democrat is Bill
Gardner, New Hampshire’s
secretary of state. Mr. Gard-
ner has been overseeing
Granite State voting since
Dec. 2, 1976, a week before
Stacey Abrams’s 3rd birthday.
In December, a bipartisan
vote of the New Hampshire
Legislature elected him to a
23rd two-year term. The lon-
gest-serving secretary of
state in U.S. history, he’s an
institution, famous for his
apolitical commitment to the
state’s constitution and its
first-in-the-nation primary.
Mr. Gardner was invited
(by Republicans) to testify at
Tuesday’s Senate Judiciary
Committee hearing, which
the Democratic majority ti-
tled “Jim Crow 2021: The Lat-
est Assault on the Right to
Vote.” Ms. Abrams got most
of the headlines; the media
and Senate Democrats barely
acknowledged Mr. Gardner’s
presence. And no wonder. It
isn’t only that Mr. Gardner
vehemently opposes his
party’s H.R.1 bill, which
would federally impose pro-
cedures such as early and ab-
sentee voting on the states.
He also has incontrovertible
Biden’s Refugee Decision Is a Moral One
HOUSES OF Joe Biden come the stranger.
WORSHIP said on the The Torah (“You shall not to Medina. The Muslim com- ing to reach safety. Mr. Biden
By Sabeeha campaign
Rehman and trail that he
Walter Ruby would raise
the refugee-
s e tt l e m e n t
ceiling to 125,000 during his
first year in office. Last week
the White House announced
it would maintain Donald
Trump’s 15,000-refugee cap.
President Biden walked back
the decision hours later un-
der heavy criticism from his
own party.
“We are going to increase
the number,” Mr. Biden said
Saturday. “Problem was the
refugee part was working on
the crisis that ended up at
the border with young peo-
ple. We couldn’t do two
things at once, so now we are
going to raise the number.”
There is a crisis here, but
it is a moral one. Rejecting
refugees and turning away
unaccompanied minors would
violate basic American prin-
ciples. It would also disre-
gard a central principle of
the three Abrahamic faiths.
As a Jew and a Muslim—and
as Americans—we urge our
Catholic president to uphold
our shared imperative to wel-
Will Biden Use Every Tool Against Beijing?
By Thomas Feddo
P
resident Biden has a
powerful weapon with
which he can defend
against Beijing’s attempts to
overpower Washington: the-
Committee on Foreign Invest-
ment in the U.S., an inter-
agency panel that reviews the
national security implications
of foreign investment in Amer-
ican companies. Though Cfius,
as the body is known, has been
mostly quiet since its creation
in 1975, a Trump administra-
tion overhaul gave the com-
mittee the authority and re-
sources it needs to protect
from theft and compromise
U.S. innovation and infrastruc-
ture. Foreign investment in
American businesses can allow
a backer access to or influence
over highly valuable intellec-
tual property, sensitive data or
key infrastructure. But will the
new administration use Cfius
to its full potential?
In 2018, Congress passed
and President Trump signed
the Foreign Investment Risk
Review Modernization Act, or
Firrma, to modernize the com-
mittee and expand its jurisdic-
tion. Perhaps the most biparti-
san major legislation of the
last decade, Firrma found
overwhelming support because
evidence that the narrative
behind it is a crock.
“Just because you make
voting easier, it does not
raise turnout automatically,”
Mr. Gardner told the commit-
tee. It can have the opposite
result by undermining “the
trust and confidence voters
have in the process.” He
called it a “fine balance.” The
New Hampshire evidence
makes the case.
By Democrats’ definition,
New Hampshire has some of
the most “suppressive” voter
laws anywhere. In the hear-
ing and in a subsequent in-
terview with me, Mr. Gardner
explained that some of these
rules are part of the state’s
constitution. That document
requires that residents show
up to vote in person unless
they are physically disabled
or out of town. That means
no mail-in voting. The state
constitution requires that the
final vote tally for each can-
didate be publicly declared at
each polling place the night
of the election after the polls
close. This is one reason New
Hampshire doesn’t allow
early voting, which can cause
the counting to stretch for
days.
New Hampshire is one of
four states that don’t allow
provisional ballots—again,
because it would derail the
public reading of tallies. The
state requires voter identifi-
cation. It also requires in-
person registration at a town
hall or at a polling place on
Election Day; it went out of
its way to become exempt
from the 1993 federal “motor
voter” law that allows regis-
tration by motor-vehicle of-
fices and other bureaucracies.
Racist? Suppressive? Oner-
ous? Hardly. For the past five
followers and made his way spent years desperately try-
wrong nor oppress a
stranger, for you were
strangers in the land of
Egypt”) and the Quran
(“Was not the earth of God
spacious enough for you to
flee for refuge?”) make the
point clearly. The Christian
Bible includes countless
verses calling for the faith-
ful to welcome foreigners.
All three faiths’ history is
steeped in stories of refuge.
Moses, Jesus, and Muham-
mad all fled persecution and
violence.
During the Passover Seder,
Jews remember their history
as slaves in Egypt—and the
past 2,000 years of wander-
ing from country to country
to escape persecution. This
goes a long way to explain
why American Jews are
among the most supportive
of a more open immigration
policy.
The baby Jesus was taken
from Bethlehem to Egypt,
and then to Nazareth, as a
displaced person in a village
far away from home. When
the Prophet Muhammad’s life
was threatened, he quietly
left Mecca at night with his
America’s technological and
military advantages have been
instrumental in protecting our
interests. A threat to those ad-
vantages is a threat to the
whole country.
The revamped Cfius did
much to shield the U.S. from
this risk even in the few years
after Firrma was passed. Be-
tween the new law’s enact-
ment and January 2021, the
Trump fixed up an
interagency panel that
can filter predatory
Chinese investment.
committee reviewed more than
$400 billion in cross-border
business deals. In 2020 alone
Cfius reviewed more transac-
tions than any year since 2005.
Cfius considered five times as
many transactions in 2019 as
in 2009, and Mr. Trump pro-
hibited more committee-re-
viewed transactions based on
national security risks than all
previous presidents combined.
Under the law that created
Cfius, the president alone has
the authority to stop a cross-
border deal.
Then-Treasury Secretary
presidential elections, New
Hampshire has been in the
top five states for voter turn-
out. It’s been third in the
past four presidential elec-
tions, last year pulling 72.2%
of its voting age population
to the polls. That exceeded
U.S. turnout by nearly 11
points; in 2016 the figure was
14.5 points.
New Hampshire’s experi-
ence aside, Mr. Gardner of-
fered the committee a con-
trasting (and more honest)
history of voting in Oregon,
the first state to shift to vot-
ing by mail. He recalled that
New Hampshire’s
secretary of state
blows up the claims
of ‘voter suppression.’
in the early 1990s, Oregon’s
secretary of state pitched him
on joining him in that move.
Mr. Gardner declined. Before
Oregon introduced all-mail
voting in 1996, it had rou-
tinely been in the top 11
states for voter turnout in
presidential elections, and of-
ten beat New Hampshire. It
has never topped New Hamp-
shire since, and in 2012 fell
as low as 17th.
The Granite Stater says he
believes deeply in making
voting straightforward and
accessible, and New Hamp-
shire does that in many ways,
including same-day registra-
tion. “But I’ve seen what ways
to make it easier actually
work and what ways don’t
work,” he says. They aren’t all
equal, and H.R.1’s provisions
would likely do the opposite
of what Democrats claim.
munity wouldn’t exist today
if the people of Medina had
refused him and his people
refuge. The date of the
prophet’s migration marks
the beginning of the Hijra
calendar.
Jews, Muslims and
Christians have a
shared imperative to
welcome the stranger.
The premise that America
is a place of refuge from op-
pression and violence seeped
into the DNA of what would
become the U.S. The Pilgrims
who landed at Plymouth Rock
in 1620 sought a haven to
practice their faith freely.
That ethical imperative was
carved into the Statue of Lib-
erty with the words of Emma
Lazurus: “Give me your tired,
your poor, your huddled
masses, yearning to breathe
free.”
Today millions of refugees
languish in refugee camps
around the world. Many have
Steven Mnuchin, as Cfius’s
chairman, led the effective im-
plementation of Firrma. As it
wrote carefully tailored regula-
tions to guide investors, Trea-
sury engaged with nearly 60
foreign allies on the impor-
tance of screening investments
for national-security risks and
urged roughly four dozen na-
tions to maintain security
amid the pandemic. Through
the implementation of the new
legislation and the improve-
ment of internal business pro-
cesses, the committee cut
clearance times dramatically
despite the record case num-
bers. Treasury also established
a dedicated enforcement team
to look for investment deals
that haven’t been reviewed,
particularly venture-capital in-
vestments that could pose na-
tional-security risk.
While many critical ques-
tions remain, the Biden admin-
istration has taken some steps
that signal a willingness to
combat the Chinese govern-
ment’s machinations. The
White House is organizing al-
lies in unified opposition to
Beijing. The administration is-
sued a joint statement with
Japan highlighting the threat
Beijing poses to the interna-
tional order and convened a
virtual summit with the Quad
Mr. Gardner also provided
the committee a chart show-
ing U.S. voter turnout in
presidential elections since
1952. He tells me he doesn’t
think it is an accident that
five of the six highest-turn-
out years were in the 1950s
and ’60s, before the begin-
ning of federal efforts to
meddle in state elections
with laws like the 1971 Fed-
eral Election Campaign Act
and the 1993 National Voter
Registration Act. People lose
trust, and even pride in their
unique state systems. (An-
other factor might be the
26th Amendment, ratified in
1971, which lowered the vot-
ing age to 18.)
Mr. Gardner has also is-
sued a statement blasting
Speaker Nancy Pelosi and
other Democrats for their
“attack” on his state and
pointing out that the Cali-
fornia system she wants to
impose on the country has
resulted in her state being
ranked 46th, 49th, 49th and
43rd for turnout in the past
four presidential elections.
“There are 435 members of
Congress; New Hampshire
has two of them,” he tells
me. Just five or six big
states “have about half of all
the members, and they’ll be
writing our voting laws. I’m
not telling them how to vote.
Why are they telling us in
New Hampshire how to
vote? Especially given our
record.”
And that’s the real ques-
tion. Democrats’ “Jim Crow”
claims are completely at odds
with the evidence. If they are
going to continue with H.R.1,
they should at least be hon-
est that the goal is to rig the
system.
Write to kim@wsj.com.
has revoked some of his pre-
decessor’s cruelest policies—
such as a travel ban from
predominantly Muslim coun-
tries—but hasn’t provided
details on how much he’ll
raise the refugee ceiling. He
must take those steps as
quickly as possible.
It would be impossible for
the U.S. to accept everyone
who seeks refuge here. But
this country can do much
more—especially after four
years of anti-immigration
policies. Remaining true to
our most deeply held values,
religious and national, means
we cannot continue to turn
away so many.
Let us therefore wade into
the Rio Grande and call out
to those huddled masses:
“Take my hand, and I will
lead you to the shore. Take
my hand, and I will bring you
into the welcoming arms of
America. Take my hand.”
Ms. Rehman and Mr. Ruby
are authors of “We Refuse to
Be Enemies: How Muslims
and Jews Can Make Peace,
One Friendship at a Time,”
just out from Arcade.
nations—Australia and India
plus the U.S. and Japan—to
promote stability in the Indo-
Pacific region. Mr. Biden’s
Commerce Department issued
subpoenas to Chinese compa-
nies over national security
concerns, and the State De-
partment imposed sanctions
on 24 Chinese officials for un-
dermining Hong Kong’s auton-
omy in March. The U.S. Navy
has sailed ships through the
Taiwan Straits several times
since Mr. Biden took office.
Still, without the effective
use of Cfius, America and its
allies opposing Beijing will re-
main vulnerable. Rapidly de-
veloping technologies in fields
like machine learning, quan-
tum computing, autonomous
vehicles, robotics and biotech
will dramatically affect our
way of life. The U.S. must
maintain leadership in innova-
tion and infrastructure, while
clearing foreign capital to fund
the next generation of indus-
try-leading companies. The
Trump administration handed
Mr. Biden a powerful tool to do
so. The world is watching to
see how he uses it.
Mr. Feddo served as assis-
tant Treasury secretary for in-
vestment security, 2019-21. He
is founder of Rubicon Advisors.
.
Friday, April 23, 2021 | A13
BOOKSHELF | By Melissa Holbrook Pierson
Theater
Of Emotions
Of Human Kindness
By Paula Marantz Cohen
(Yale, 159 pages, $24)
M
ore than 400 years after Londoners first flocked to
performances of “The Merchant of Venice” and
“Julius Caesar,” Shakespeare’s plays are still getting
around. They have been transposed to the 1960s, the future,
the Jazz Age. There are productions set in prisons foreign
and domestic. Peter Brook has deployed actors from Burkina
Faso, India, France and Japan on a single stage. “Cymbeline”
has been performed in South Sudan, “King Lear” in Belarus;
there’s been a hip-hop “Othello.” Age is no barrier: Starting
in grade school, my son attended Shakespeare summer
camp. Every day he disappeared into another world. He
emerged weeks later in startlingly adept performances that
made it clear the youngsters not only appreciated but
understood the double or triple meanings of the centuries-
old puns and poetry they declaimed.
The most moving theater I’ve ever witnessed was
provided by high-schoolers. The display of pure viciousness
(born of cascading greed, fear, guilt, despair) in this 21st-
century “Macbeth” left me sobbing. Macduff beat the
usurper to death—with a
shield. No refined swordplay
ballet, no circumspect off-
stage fight. Just raw and
repeated bashing, symbolic
and frighteningly real.
It is this nearly infinite
elasticity—the ability of
Shakespeare’s knottiest works
to seamlessly shapeshift to any
age, any place, by virtue of
their essential insights—that
directs Paula Marantz Cohen’s
novel study of his mature
plays, “Of Human Kindness:
What Shakespeare Teaches Us
About Empathy.” Her thesis is
that in conceiving progressively more nuanced characters
who express their humanity in stereo—with a dual focus
on their own troubled lives and their relationships with
others—the playwright schooled himself in empathy.
Harold Bloom, she notes, asserted that Shakespeare
“invented the human,” but what exactly did he mean? His
formulation suggests what Ms. Cohen’s contention makes
explicit: The ability to empathize—per the dictionary, “the
power of entering into the experience of or understanding
objects or emotions outside ourselves”—can be considered
humanity’s foundation. She finds empathy central to the
manifold power of Shakespeare’s work, the element which
has allowed it to outlast the time that gave rise to it.
So it is an especially gratifying paradox that it was the
specifically Elizabethan worldview that enabled Shakespeare
to transcend it. He was heir to the medieval idea of a
“Great Chain of Being,” which saw every aspect of reality as
reflective of a hierarchy with divine perfection at the top,
descending—through angels, humans of well-ordered degree,
animals, plants and minerals—to evil’s pure chaos. Ms.
Cohen contends that the dualism and struggle inherent in
this perspective was a template Shakespeare would both
“develop . . . and deviate from” and which would lead him
to “acquire greater empathy for different kinds of people—
and to elicit empathy in those attentive to what he wrote.”
Shakespeare’s characters grew more nuanced
over time, reflecting the aging playwright’s
deepening concern with empathy.
She proceeds to demonstrate the progress of Shake-
speare’s expanding “kindness,” as simplified in the book’s
title, over the course of eight plays. First, though, comes a
discussion of those plays in which it is largely absent
(“Richard III”) or nascent (as in the “Second Henriad” plays:
“Richard II,” the two parts of “Henry IV,” and “Henry V”).
Ms. Cohen locates one source of the playwright’s emotional
awakening in a biographical item: Sometime before 1595,
Shakespeare became part-owner of the Lord Chamberlain’s
Men, a troupe that would have consisted of the variety of
types and personalities necessary to act any play. Working
within such a relatively diversified community, the author
suggests, must have enlarged his scope of contact and concern.
Ms. Cohen herself invokes similar generosity by incorpo-
rating her Drexel University students’ own responses to
Shakespeare throughout—listening to those whose experi-
ences are wildly different than one’s own being the fullest
enactment of empathy. As the university’s student body grows
increasingly diverse, she finds classroom perspectives deep-
ening on a wealth of issues in the works. Students coming of
age in the time of #MeToo and a heightened awareness of
systemic racism have different takes on such plays as “As You
Like It” and “Othello” than students a generation before. In
this way, “Of Human Kindness” performs its own central idea.
The author takes pains to construct a sort of family tree
of characters’ antecedents, testimony to the suggestions of
Otherness Shakespeare introduced over time. Thus Othello
is a more developed Shylock, as both Iago and Othello are
“driven to villainy by a wound to their humanity.” Lear is
Hamlet confronting the estrangements of old age. And
“Antony and Cleopatra” is a more chiaroscuro, “late-life
rewrite of Romeo and Juliet.” In essence, Shakespeare used
his own plays as a developmental workshop.
Ms. Cohen’s writing is not always elegant, but it is
straightforward, persuasive and eminently sympathetic. It
conveys the pure thrill of close reading: the almost dizzying
effect of peeling away layers on a great work of art to find
further strata beneath—the intense pleasure of getting it.
Shakespeare’s waning in the academic canon has the
potential to be a “profound loss to humanity,” Ms. Cohen
maintains. Her book is both a proof and a cri de coeur, a
150-page expansion of Ben Jonson’s 10-word threnody:
“He was not of an age but for all time!” Shakespeare’s most
profound creations cannot be diminished by changing
attitudes, Ms. Cohen shows, because as the plays turn in
time, new facets forever catch the light. The empathy they
manifest is never so needed as now: On the day we mark
Shakespeare’s birth, it turns out the gift is ours once again.
Ms. Pierson is the author, most recently, of “The Secret
History of Kindness.”
Coming in BOOKS this weekend
The Cold War: A cultural history • Illuminated manuscripts
vs. printed books: A Renaissance rivalry • Richard Wright’s
‘lost’ novel • The daring ‘girl stunt reporters’ of America’s
Gilded Age • Sam Sacks on Jhumpa Lahiri • & much more
 .

A14 | Friday, April 23, 2021 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden’s 10-Year Climate Plan Fixing Property Taxes: More Than a Rate Cut

W
as President Biden trying to impress (Cafe) standards. Mr. Biden has also proposed Thiru Vignarajah’s “Why Strug- As a school-board member, I often
China’s Xi Jinping at Thursday’s cli- sweetening federal tax credits for buying elec- gling Cities Should Cut Property heard taxpayers mention that prop-
Taxes” (Cross Country, April 17) is erty taxes “fall unfairly on the coun-
mate pep rally by committing to re- tric cars—currently $7,500—but soon consum-
enlightening. But I am surprised he try’s poorest homeowners,” to quote
duce U.S. greenhouse gas ers will have no choice but to doesn’t address the greatest prop- Mr. Vignarajah. Those advocates for
emissions by half below 2005 He’s committing the buy them when their gas vehi- erty-tax injustice of all: The principle the poor were usually affluent home-
levels by 2030? His pledge cles expire. of taxing a hypothetical capital gain owners urging across-the-board per-
tees up sweeping new govern-
U.S. to a far-fetched The Biden goal will re- on an investment that hasn’t been centage cuts. Their “tax relief” would
ment controls over the econ- CO2 goal without quire the electric grid to be sold. If we treated stocks and bonds have disproportionately benefited
omy of the kind you might see totally rebuilt in 10 years. Ac- similarly, the appeal of those invest- owners of expensive homes. They
in one of Mr. Xi’s five-year
a vote of Congress. cording to the Natural Re- ments would disappear overnight. never suggested a simpler approach:
plans. Mr. Biden now has a 10- sources Defense Council, the When a property owner suffers a reducing the assessed value of homes
year version of central eco- U.S. will also have to double loss of value, such as during the by a fixed-dollar amount before com-
nomic planning. its share of carbon-free power to 80% from housing bubble, he seldom receives puting the tax payable. Mr. Vignara-
much, if any, relief in assessed value. jah doesn’t either.
Mr. Biden’s virtual world summit was in- 40% today—half of which is now provided by
Some states assess every year, others He does nail a major point: Tax as-
tended to coax China and other emerging coun- nuclear—to have any hope of achieving Mr. every two or three years. In any sessors undervalue expensive homes
tries to make more aggressive emissions reduc- Biden’s pledge. event, they are being taxed on an un- and overvalue the least expensive
tions. The U.S. accounts for less than 15% of All coal plants would have to shut down, and realized, hypothetical gain. This vio- homes. But if Mr. Vignarajah and
global CO2 emissions, Mr. Biden told world natural gas plants would be phased into obsoles- lates a basic principle of investing. other reformers are serious about
leaders. Emissions in the U.S. and Europe have cence. Wind and solar energy would have to in- We should only pay tax on fully real- making the property tax less regres-
been falling since 2005 as natural gas and re- crease six to seven fold. The Obama Clean Power ized capital gains. sive, there is a better way.
newables have replaced coal power. Plan, which the Supreme Court blocked in 2016, ED CONNOR FRED D. BALDWIN
But rising emissions from China have looks modest by comparison. It sought to reduce Ormond Beach, Fla. Carlisle, Pa.
swamped these declines. At the Paris climate CO2 power emissions by 32%. Most homes would
summit in 2015, China committed only to begin also have to be electrified. So if you like your gas
reducing emissions in 2030, and it has contin- stove, you won’t be able to keep it. Farmers The Cause of the Pacific War and Its Miseries
ued to build coal plants and expand industrial would also have to adopt “climate-smart agricul- When watching grainy newsreels likes of the Hull note, the Molotov-
production. China’s CO2 emissions increased by ture and forestry,” EDF says. of World War II or walking through Ribbentrop Pact and the Molotov-
more between 2015 and 2018 than the U.K.’s to- i i i seemingly endless rows of white Matsuoka Pact, demonstrate the vola-
tal emissions in 2018. Unlike Mr. Xi, the U.S. President doesn’t have marble crosses in a military ceme- tility of civilization itself.
All of the CO2 commitments made in Paris, legal authority to decree sweeping emissions tery, one has to wonder: How did LT. CMDR. JEFFREY R. SMITH, USN (RET.)
including Barack Obama’s to reduce U.S. emis- reductions across the economy. But liberals ar- such a large number of people in Alameda, Calif.
sions by 26% to 28%, would reduce the Earth’s gue that Section 115 of the Clean Air Act, titled their prime end up trapped in sink-
temperature increase by a mere 0.17 degree Cel- “International Air Pollution,” allows the Envi- ing ships, face down in the brine, or Mr. McMeekin argues that the So-
sius by 2100—not even close to the 1.5 degrees ronmental Protection Agency to regulate emis- scattered on the beaches of the Pa- viet-Japanese Neutrality Pact of April
cific? How did all these fallen sol- 1941, which paved the way to Pearl
that is supposedly needed to head off dooms- sions that “may reasonably be anticipated to
diers get corralled into the heca- Harbor and war with the U.S. instead
day. Yet Mr. Biden now wants to double down endanger public health or welfare in a foreign tombs of history? of the Soviet Union, was a product of
on Mr. Obama’s futile climate gesture. country.” The catch is that EPA can only do so Sean McMeekin’s “The Other Day Stalin’s clever spycraft and diplo-
i i i if there is regulatory “reciprocity” among other of Infamy in 1941” (op-ed, April 13) macy. But Japan’s defeat in the
What would the U.S. have to do to achieve nations. helps to answer this question. It can Nomonhan Incident, the 1939 war
Mr. Biden’s new emissions pledge? Start with Mr. Biden is essentially doing an end-run begin with some minion such as against the Soviets in Mongolia, had
some perspective. The Obama regulatory fusil- around the Constitution, which requires ap- Treasury Secretary Harry Dexter already discredited the Japanese
lade got the U.S. only about halfway to his Paris proval by two-thirds of the Senate for the Presi- White enlisting in Stalin’s Operation army’s “strike north” strategy. As a
pledge—and most of the reductions during his dent to enter a treaty. The emissions reductions Snow and crafting the “Hull note.” result, the Japanese navy’s “attack
Presidency were from natural gas displacing that foreign leaders pledged on Thursday aren’t One insulting letter lights the fuse south” battle plans in the Pacific had
coal in power due to market forces. legally binding, but Mr. Biden intends to use and then ships full of men sink, bat- the upper hand internally. More than
talions rush into machine-gun fire Soviet machinations, battlefield re-
Amid last year’s Covid-19 lockdowns, green- regulation to bind Americans.
and atomic bombs roast cities. The sults shaped Japan’s decision.
house gas emissions fell to about 21% below Businesses will be conscripted as foot sol- destruction and carnage stemming ROBERT V. HAMILTON
2005 levels. In other words, even with the econ- diers in the progressive war on fossil fuels. Mer- from scraps of paper, hosting the McLean, Va.
omy shut down and a large share of the popula- cenaries like Google, Apple and Microsoft have
tion stuck at home, the U.S. was less than half- already enlisted. America’s founders believed
way to Mr. Biden’s goal. that the Constitution’s separation of powers
Some green groups have done their own would safeguard individual liberty, but this as-
back-of-the envelope analysis of what it would sumes Congress guards its power.
Consider Terms Limits, Fine—but for Whom?
take to achieve Mr. Biden’s 10-year plan. Take Mr. Biden will face no resistance to his regu- Your editorial “Biden Commissions the Supreme Court, and he was the
a recent Environmental Defense Fund (EDF) re- latory overreach from Democrats in Congress. the Court” (April 10) focuses on court longest-serving Justice in U.S. history.
packing. But there is another way to Twenty-three of the 25 longest-
port that argues for a “strong whole-of-govern- They will happily finance his 10-year plan to re-
correct a politically tilted court: term serving senators in U.S. history were
ment approach.” This includes eliminating new make the economy, starting with his $2.3 tril- limits. Justice Stephen Breyer, whom in office since the 17th Amendment
gas-powered cars by 2035, presumably by lion much-more-than-infrastructure proposal you quote in opposition to court was ratified in 1913, allowing for the
ramping up corporate average fuel economy that is the Green New Deal in disguise. packing, has spoken favorably of lim- direct election of senators. Even the
its, suggesting that 18-year terms 25th-longest served for more than 35
would take pressure off justices to years, longer than members of to-
A 43.4% Capital Gains Tax? stay on the Supreme Court until day’s Supreme Court will be around.

T
death do them part. Chief Justice Mr. Biden should consider term limits
he one consistent theme of the Biden and you get to 43.4%. And that’s merely the fed- John Roberts has suggested 15-year for the Senate, not the court. Better
Presidency so far is that he nearly al- eral rate. Add 13.3% in California and 11.85% in terms to keep justices from losing yet, repeal the 17th Amendment so
ways chooses to side with the Demo- New York (plus 3.88% in New York City), which touch and becoming institutions unto senators can’t stretch their tenures as
themselves. Term limits would pro- easily into lifetime appointments. At
cratic left. So it was again on also tax capital gains as regular
vide a greater assurance that presi- least the justices usually know when
Thursday as Biden officials Make that above 55% income, and you are heading dents of both parties will appoint our to retire.
leaked that they will soon pro- if you live in New toward the 60% rate range. justices, helping the higher court re- BRIAN GLASS
pose raising the federal tax on Keep in mind this is on the flect the will of the people. Glen Allen, Va.
capital gains to 43.4% from a York or California. sale of gains that are often in- IAN SILVERMAN
top rate of 23.8% today. flated as assets are held for Greenlawn, N.Y.
The midday leak to the Bi- years without adjustment for Biden’s U.N. Ambassador
den-sympathetic Bloomberg News managed to inflation. Oh, and Mr. Biden also wants to elimi- President Biden, who has ordered a
tank stocks, with the S&P 500 falling the most nate the step-up in basis on capital gains that commission to “study the Supreme
Gets America Dead Wrong
in more than a month. Treasury yields also fell accrues at death. All of this would add up to the Court,” including the possibility of Your editorial “The Ambassador of
on the news, as investors discounted the pros- highest rate on capital income since before the term limits, was a member of the U.S. Blame America First” (April 16) is a
Senate for 36 years. That’s as long as reminder of how America’s elites
pects for growth. Nothing like higher taxes to Steiger capital-gains tax cut of 1978.
Justice William Douglas served on seem more at ease vilifying the land
take some of the bloom off the “Biden boom,” We’ll have more to say on the Biden tax pro- of the free than expressing pride in
as Democrats are now calling the post-Covid posals in the days ahead, and stocks may bounce it. It shouldn’t be a heavy ask of our
economic recovery. back as corporate earnings soar. But the lesson Look Out for Ponzi Schemes, leaders to exude and articulate a uni-
The leakers told Bloomberg that Mr. Biden that investors should have learned by now is fying love of country, especially when
will tax capital gains for taxpayers who earn that Bernie Sanders was right when he pre- Including the Legal Ones adversaries would like nothing more
more than $1 million at the personal income tax dicted that Joe Biden would be the most left- Regarding Randy Maniloff’s op-ed than for tribal divisions to destroy us.
rate, which he also wants to raise to 39.6% from wing President since FDR. Moderate Joe was al- “Ponzi’s Foundation for Madoff’s Pyra- The moral relativism in U.N. Am-
37%. Add the 3.8% ObamaCare tax on investment, ways a mirage. mid” (April 16): As an attorney, I often bassador Linda Thomas-Greenfield’s
object to boilerplate provisions in remarks betrays a lack of perspective
partnership agreements that give and appreciation for America’s spe-
Hoosiers Lead the Voucher Way managers broad powers to distribute
cash to investors. In light of the com-
cial place in history. The founding
documents in which she sees white

T
mon-law requirement to only pay divi- supremacy have inspired people
en years ago in these columns, we ents have made their choices for their children, dends from profits, these provisions around the world yearning for liberty.
hailed Indiana for its leadership in es- the nonpartisan Legislative Services Agency developed to allow distributions from Do we always live up to our beauti-
tablishing one of America’s most ambi- does a projection of how the money will be dis- any source including “borrowings and ful ideals? No. We aren’t perfect. But
tious school voucher pro- tributed based on anticipated investments from subsequent inves- there’s a reason millions still flock
grams. On Thursday the Indiana passes student enrollment. Accord- tors.” This allows a Ponzi scheme, I al- here for a better life and ethnic mi-
Indiana Legislature built on ing to this projection, 92% of ways object. Had Madoff simply made norities from Nigeria, Taiwan and In-
that achievement by approv-
a major expansion Indiana students will be in his distributions to existing investors dia are among the most prosperous
ing a budget that will take the of school choice. traditional public schools, and from future investments without ex- groups in this country. It’s the unique
planation and lies, his fate may have American system, the same one so
program to 48,000 students a 93% of all education funding
been different. many of our most fortunate citizens
year from about 37,000. will go to these schools. DANIEL KOLBER hate. The enemies of liberty around
The choice provisions in the budget have This is before the $3 billion in federal fund- Riverdale, Ga. the world are watching this with glee.
three main components. The first would lift the ing that Indiana will receive from the latest KENNETH PARKS
income cap for eligibility to $145,000 a year Covid spending bill, almost all of which will go Bedford, N.Y.
from $96,000. This would make as much as 90% to the public schools. The budget further cov- Differences of Sex, Not Only
of the population eligible for the program. The ers the $600 million gap needed to make
bill would also increase the voucher amount to teacher pay in the state competitive, as identi-
Gender, Explain Golf Divide Pepper ...
90% of tuition support levels, and eliminate the fied by the Next Level Teacher Compensation In “Gender Gap on the Golf
Course” (op-ed, April 15), Peter Funt
And Salt
existing tiered system. Commission last year.
Another provision would establish Educa- Since 2011, when Indiana pushed through its leaves out one reason male golfers THE WALL STREET JOURNAL
don’t use colored golf balls: the pre-
tion Savings Accounts for children with special first voucher plan, more than a quarter-million
dominance of color blindness in men.
needs. The budget also increases the per stu- Hoosier students have benefited. In an inter- I’m a serious golfer with an inher-
dent grants for charter schools to $1,000 next view with Today’s Catholic, former Gov. Mitch ited color blindness, so using a col-
year and $1,250 in the second year from $750 Daniels explains the moral logic of choice this ored ball would make the game im-
today. All this became possible when lawmak- way: “Providing poor and minority families the possible for me. My preference for
ers learned last week that increased tax reve- same choice of schools that their wealthier playing with a white ball has nothing
nue meant they had more than $2 billion to neighbors enjoy is the purest example of ‘social at all to do with gender. My wife tells
work with than they’d previously thought. justice’ in our society today.” me that pink of any shade is beautiful
The teachers unions are unhappy. Their beef The good news is that Republicans such as but I have to take her word for it.
is that money to expand choice is taken from Todd Huston and Rep. Bob Behning in the state NORMAN MARSHALL
Palm Coast, Fla.
traditional public schools. And this year they House and Rodric Bray, Brian Buchanan and
lobbied local school boards to pass resolutions Jeff Raatz in the Senate have stepped up to re-
Letters intended for publication should
opposed to school choice. ject the idea that unions should have a monop- be emailed to wsj.ltrs@wsj.com. Please
But that common union line about choice oly over K-12 education dollars. Once again include your city, state and telephone
robbing public schools isn’t true. Though the Hoosiers are leading the way in establishing an number. All letters are subject to “I lost interest in the Academy
final breakdown of the $1.9 billion in extra edu- education system that gives parents and chil- editing, and unpublished letters cannot Awards when they started giving
be acknowledged.
cation spending won’t be known until after par- dren a choice. out Participation Oscars.”

THE WALL STREET JOURNAL.
Anticop Movement Wants Road Anarchy Too
By Heather Mac Donald
T
raffic laws didn’t kill
Daunte Wright, but critics
of the police are using his
death to call for an end to
their enforcement. Like-
wise with George Floyd and laws
against counterfeiting.
On April 11 Brooklyn Center,
Minn., police stopped Wright, 20, for
an expired vehicle registration. Offi-
cers then discovered that Mr. Wright
had an open warrant for failing to
appear in court on charges of illegal
gun possession and fleeing from ar-
rest. After following instructions to
get out of his car, Wright fought
with the cops and lunged back into
the driver’s seat when they at-
tempted to arrest him on the out-
standing warrant. One of the officers
reached for her Taser but, she
claims, mistakenly grabbed her pistol
instead. She fired one lethal shot.
The death of Daunte
Wright bolsters demands
to get police officers out
of traffic-law enforcement.
Floyd allegedly passed a counter-
feit $20 bill, a federal offense, at a
Minneapolis convenience store on
May 25, 2020. The cashier called po-
lice after Floyd refused to return the
cigarettes he bought. Floyd intermit-
tently resisted arrest, prompting the
responding officers to put him face
down on the ground, handcuffed. Of-
ficer Derek Chauvin kept his knee on
Floyd’s neck and collarbone for
nearly eight minutes. Floyd passed
out and died. A jury convicted Mr.
Chauvin of second-degree murder.
Wright’s and Floyd’s deaths were
caused by a combination of their
own actions and those of the arrest-
The Permanent Truth About Temporary Inflation
Of all the silly
things Washington
types are saying
about the econ-
omy, few are more
dangerous than
the myth of “tran-
POLITICAL
ECONOMICS sitory inflation.”
This is the view
By Joseph C.
that a rapid runup
Sternberg
in a wide range of
prices this spring
doesn’t matter because the inflation
is temporary or there’s a baseline ef-
fect related to last year’s pandemic
shutdowns or we’re in an auspicious
lunar cycle or something.
As with all the best myths, the
notion of transitory inflation con-
tains a kernel of truth. Consumer
prices are rising, by some 2.6% in
the 12 months leading to March, and
producer-price inflation of 4.2% in
the same span augurs more price
rises for households to come. But it’s
hard to interpret such numbers if
you’re an economist. Inflation data
compare prices today with prices
this time last year, and this time last
year the economy was in the depth
of a deflationary pandemic shut-
down.
This creates a double whammy
within inflation data. This year’s
Cuomo Finishes the Pandemic as He Started It, by Failing Seniors
By Allysia Finley
N
ew York Gov. Andrew Cuomo
turned out not to be the hero
the media hailed early in the
coronavirus pandemic. His adminis-
tration’s March 2020 directive that
nursing homes admit Covid patients
likely cost hundreds if not thou-
sands of lives. A year later, his pol-
icy of prioritizing vaccine distribu-
tion based on “social equity” and
interest-group lobbying again
proved dangerous for the oldest
New Yorkers.
Vaccine supplies are now suffi-
cient that every adult in every U.S.
state is eligible to receive a shot,
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ing officers. But leftist politicians
and commentators are blaming the
laws the men violated in the first
place. “No one should die over a
traffic stop,” New York City Council-
man Brad Lander said. CNN’s John
Avlon asserted that “passing a coun-
terfeit bill can get you killed in the
U.S.” Yale legal scholar James For-
man Jr. and a law student wrote in
the Washington Post that “having
expired tags or temporary plates”
must be added to the list of actions
that can “shatter Black lives”—never
mind that Wright’s abortive arrest
was not for expired tags but for fail-
ing to answer to gun charges.
Calls are escalating to take the
police out of traffic enforcement and
retail theft response. New York state
Attorney General Letitia James has
proposed that New York City police
cease routine traffic stops. Urban
League President Marc Morial told
CNN that police departments should
“discontinue the discredited broken-
windows policing of the 1990s,” in-
cluding traffic enforcement. Instead,
the thinking goes, unarmed civilian
traffic agents and speeding cameras
should enforce the rules of the road.
Berkeley, Calif., has already banned
officers from making stops for many
traffic offenses, and jurisdictions like
Lansing, Mich., and the District of
Columbia are following suit.
But it is precisely high-crime ar-
eas that most need traffic enforce-
ment. The National Highway Traffic
Safety Administration, an office of
the Transportation Department, has
a program based on the “nexus of
crashes and crime.” For decades, re-
search has found that neighborhoods
with the highest rates of fatal acci-
dents also have the highest rates of
violent crime. And when the police
pay inadequate attention to traffic
violations, “people feel they may
break the law with impunity,” ac-
cording to a 2000 study.
In Oakland, Calif., nearly 60% of
prices are compared with an abnor-
mal situation last year. Today’s
prices then are pushed upward by
pent-up demand that is being un-
leashed as lockdowns ease. This de-
mand may dissipate somewhat over
the coming year, moderating infla-
tionary pressure. Maybe.
That’s a concise statement of why
some argue one shouldn’t worry
about a passing spike in inflation.
Here’s why it’s wrong:
What ordinary people know and
economists too often forget is that
while inflationary spikes may come
and go, higher prices are forever.
This spring’s inflation surge will lead
to a permanently higher baseline. A
lower inflation rate in the future will
only moderate future increases from
that new, higher base. The one thing
that almost certainly will not happen
is that prices will fall substantially
to undo some of this allegedly “tran-
sitory” inflation. The Federal Re-
serve will fight tooth and nail to
prevent that.
The other part of the orthodox
discussion of transitory inflation is
to ask: So what? Conventional
theory holds that wages eventually
catch up to prices. It all evens out in
the end.
Sure, on average and given
but three months ago officials had
to ration them. “New York is man-
dating social equity and fair distri-
bution,” Mr. Cuomo declared Jan. 11.
At first, vaccination was limited to
anyone over 65 and workers Mr.
Cuomo deemed “essential,” includ-
ing police, firefighters, bus drivers,
grocery clerks and teachers. A large
share of the supply was allocated
for government unions and their
members.
Restaurants and taxi and car-ser-
vice companies lobbied for their em-
ployees to be declared essential. Mr.
Cuomo demurred at first. “It’s a
cheap, insincere discussion,” he
said. “Yes, I would like to see res-
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OPINION
A police stop in Boston
fatalities and serious injuries occur
on only 6% of the city’s streets, over-
whelmingly in minority neighbor-
hoods. Blacks in Oakland are twice
as likely as others to die or be se-
verely injured in traffic incidents,
and black pedestrians are three
times as likely to die, according to
an Oakland equity study.
Yet Oakland police were ordered
to decrease their traffic involvement
sharply following a Stanford study
accusing them of racial profiling.
The result has been growing disor-
der. Councilman Loren Taylor re-
ported last month his constituents’
sense of a “general lawlessness and
a lack of accountability for driving
however you want to in the city.”
Traffic deaths were up 22% in Oak-
land in 2020. Most of the victims
were black.
Milwaukee has documented the
inverse correlation between car
stops and nonfatal shootings, rob-
beries and car thefts. When traffic
enforcement declines, those crimes
increase, says former Police Chief
Edward Flynn. It is a truism of polic-
ing that “criminals are bad drivers,”
enough time, nominal wages might
rise to match the nominal price
level. This is not an automatic or
uniform function, however. At the
moment some industries are strug-
gling to fill the jobs required to
satisfy surging but unevenly dis-
tributed demand. Those wages will
rise. It’s a great time to be a con-
Reduced living standards
aren’t an accident.
They’re the whole point
of today’s economic policy.
struction worker or a plumber. But
many millions of other people re-
main unemployed. Hotel concierges
and sandwich makers in deserted
office districts will be waiting a
long time for their wages to rise
“eventually.”
Nor will any individual house-
hold’s wages necessarily rise fast
enough to meet the higher costs of
that individual household’s con-
sumption. The government’s highly
stylized estimates about price
movements are based on a fictional
average consumer’s fictional aver-
taurant workers eligible. But what
does eligibility mean when you
don’t have enough?”
He reversed himself the next day,
Feb. 2, allowing local officials to ex-
pand eligibility to these workers.
Many upstate counties declined, but
New York City threw open the gates.
“Good!” Mayor Bill de Blasio
tweeted. “This will help us reach
more New Yorkers while driving eq-
uity in our Vaccine for All cam-
paign.”
By this point about half of New
York adults were eligible, which
made it difficult for seniors to get
appointments. Yet leftist groups
kept complaining that not enough
minorities were getting vaccinated.
They pushed Mr. Cuomo to expand
eligibility to younger adults with
chronic conditions like hyperten-
sion, diabetes and obesity, because
sufferers are disproportionately
black and Latino.
These conditions are associated
with higher risk of severe Covid
symptoms, but old age is a much
greater risk factor. One study esti-
mated that among patients hospital-
ized for Covid, those 65 to 74 were
5.77 times as likely to die than those
18 to 39. The difference between a
diabetic and healthy patient (after
controlling for age, sex, race and
ethnicity) was only 19%.
Mr. Cuomo initially refused to ex-
tend eligibility to those with chronic
conditions: “We’re not even a third
of the way there on the current eli-
gible population. To now say to four
million people, ‘OK, you’re eligible,
too, but we’re nowhere near getting
to you.’ It’s meaningless.” But again
.
Friday, April 23, 2021 | A15
having been bludgeoned into passiv-
ity by the city’s anticop activists.
As for shoplifting and the use of
phony currency, stores are under
pressure not to call the police or
even to detain offenders. The effec-
tive decriminalization of shoplifting
in San Francisco unleashed wide-
spread looting, as this page noted
last November. In New York and Chi-
cago, gangs of thieves regularly ram-
BOSTON GLOBE VIA GETTY IMAGES
page through stores grabbing high-
end items, confident in their
impunity. The victims of such preda-
tion are not only corporations but
immigrant small-business owners.
This process of decriminalization
has been going on for several years
and is rapidly accelerating. Left-wing
district attorneys decline to prose-
cute arrests that are said to have a
disparate impact on blacks for crimes
Mr. Flynn says. “They don’t follow including subway fare evasion, tres-
traffic laws or update their vehicle passing, resisting arrest, disorderly
registration. Years ago, I learned conduct, public intoxication and even
that expired inspection stickers were some gun-possession offenses.
the quickest way to find a warrant Such a retreat isn’t what the law-
fugitive.” abiding residents of high-crime
Police veterans doubt that un- neighborhoods want. “I cringe when
armed civilian agents would be able I hear people say black communities
to keep order. Felons would be like- are over-policed,” Sandra Wortham,
lier to flee an unarmed agent—if the sister of a slain Chicago police offi-
agent is lucky. Like most unwinding cer, wrote to the Chicago Sun-Times.
of police authority in the name of ra- “My neighborhood is not over-po-
cial equity, forbidding uniformed liced. My lived experience has shown
traffic enforcement would endanger me that policing that tackles the
the people the reformers claim to be small things prevents the big
protecting. things.”
Last September a North Minneap- The solution to the rare but tragic
olis high-school principal publicly police-involved deaths of unarmed
begged for more police enforcement civilians is not to get the police out
after one of her seniors was fatally of law enforcement. It is improved
gunned down. “We are literally in a tactical and antistress training for
city that is completely and entirely officers, combined with an unequivo-
out of control,” said Mauri Melander cal message from political and com-
Friestleben in a self-made video. “I munity leaders to anyone who comes
can see outright laws getting broken, in contact with police: Comply with
traffic laws, people driving outright officers’ lawful commands, and don’t
through red lights, speeding, going resist arrest.
60 to 70 miles per hour. We got kids
on skateboards getting hit by cars.” Ms. Mac Donald is a senior fellow
Yet the police do nothing, she said, at the Manhattan Institute.
age consumption, but there is enor- amid another inflation surge.
mous variation around both Some economists argue this was
averages. a positive development for the U.K.
For example, a high-earning, two- economy, and in a very limited
income household in which both sense they’re right. The option to
adults work from home (and may increase prices faster than wages
have gotten raises over the past became a primary coping mecha-
year) experiences fuel-price inflation nism for companies trying to sur-
very differently from a blue-collar vive the recession. On a related
single parent who must drive a car note, an overall reduction in infla-
to and from work every day and tion-adjusted labor costs helped
hasn’t seen a nominal wage increase. Britain maintain a level of global
The pay raises the first household competitiveness that otherwise
receives will reassure the Fed this would have been impossible given
transitory-inflation adventure is go- the political class’s resistance to
ing according to plan as wages catch deep regulatory reforms. Inflation
up. Meanwhile the Fed deliberately became a substitute for making the
ignores the fuel-price inflation that U.K. more competitive the honest
causes the second household so way, by turbocharging productivity.
much grief at the pump. One suspects some in Washington
Indeed, the point of this exercise now aspire to follow the same play-
might be that wages will not rise to book. Reduced inflation-adjusted la-
match the price level. This has been bor costs are one way to maintain
the U.K.’s experience with bouts of some modicum of U.S. competitive-
transitory inflation (sometimes ness while the Biden administration
nearly 5% a year) in the years since saddles the economy with productiv-
the 2008 financial panic. The Bank of ity-killing higher taxes and stiffer
England “looked through” temporary regulations. It’s time to stop talking
inflation, while wage increases mate- about inflation (transitory or other-
rialized belatedly and feebly. Instead wise) as a side effect of the govern-
British households suffered a decline ment’s various economic wishes and
of some 6.7% in inflation-adjusted commands. Inflation is the ingredi-
earnings between 2009-14, and an- ent Democrats hope prevents this
other, more modest decline in 2017 policy soufflé from collapsing.
he acquiesced within days. All you workers last summer found that po-
had to do to qualify was assert that lice, firefighters, teachers and child
you had a health condition from a care workers were no more likely to
long list. have been infected than other city
By mid-February, some three- residents.
fourths of New York’s adult popula- Yet when cases climbed this
tion was eligible. But unless you spring, a large number of seniors in
were a government worker whose New York still weren’t protected.
union received a dedicated alloca- As a result, hospitalizations and
tion or had a special arrangement deaths in New York—especially in
with providers, scheduling a vaccine New York City, where seniors had
appointment online was like betting to vie for vaccines with more “es-
a single number on a roulette wheel. sential workers”—dropped much
more slowly than in other states
like California, Connecticut and
In prioritizing vaccines, Florida, all of which prioritized
vaccinating seniors.
New York put ‘equity’ and Connecticut’s Democratic Gov.
special interests ahead of Ned Lamont took heat for basing
vaccine eligibility strictly on age,
the elderly and vulnerable. but that policy appears to have
saved lives. Connecticut has fully
vaccinated 78% of seniors, compared
An 80-year-old had no better odds with 63% in New York. In December
than a 30-year-old Uber driver. New and January, Connecticut had 12%
York now has administered the few- more deaths (adjusted for popula-
est shots per person to those over tion) among residents over 65 than
65 in the Northeast and the sev- New York. But as more seniors got
enth-lowest in the country, although the shots, many fewer got sick and
its overall vaccination rate is higher died in Connecticut. In February, se-
than average. nior deaths were 75% higher in New
Some argued that prioritizing York than Connecticut; in March,
“essential workers” would reduce deaths in New York were nearly four
virus cases. It didn’t. People are times as high.
more likely to catch Covid at home Total deaths have also been about
or social gatherings than in an es- 50% lower in Connecticut than New
tablishment or other workplaces, in York over the past two months. The
part because of differences in mask Empire State was unfortunate to be
use. Like most states in the North- the center of the early Covid out-
east, New York experienced an up- break. Its bad luck has been com-
tick in cases this spring as lock- pounded by bad leadership.
downs were eased and people
started socializing more. An anti- Ms. Finley is a member of the
body survey of New York City public Journal’s editorial board.

A16 | Friday, April 23, 2021
Taiwan’s Defense Levels Stoke Concerns
China’s military buildup
in region raises chance
of conflict, U.S. believes;
a focus on capabilities
BY ALASTAIR GALE
An increase in Chinese mili-
tary activity near Taiwan and
U.S. concerns about Beijing’s
intentions are putting a new fo-
cus on the island’s capabilities
to deter any future invasion.
While there are no signs of
an imminent move by Beijing
to take the self-ruled island,
which China claims, U.S. offi-
cials have said they believe
the chances of conflict have
gone up, especially since
China’s crackdown on Hong
Kong showed it could assert
its authority without major in-
ternational repercussions.
U.S. officials, former Tai-
wanese military leaders and
security experts say they be-
lieve that means Taiwan needs
to do more to ensure it can in-
flict enough damage to dis-
courage an invading force or
hold it off until the arrival of
help—possibly from the U.S.
After years of increases in mil-
itary spending, China now has
around 100 times as many
ground force personnel as Tai-
wan and a military budget 25
times as large, according to
JAMAL TARAQAI/EPA/SHUTTERSTOCK
Damaged cars are removed from a hotel in Quetta, Pakistan, hit by a deadly bombing. China’s envoy, a hotel guest, was out at the time.
Pakistan Probes Hotel Bombing
BY SAEED SHAH
ISLAMABAD, Pakistan—Au-
thorities are investigating
whether the Chinese ambassa-
dor was the target of a suicide
bombing in a restive Western
province, Pakistani officials
said, in what could be the lat-
est attack in the country di-
rected at a Chinese target.
Pakistan is a close ally of
China and has been one of the
main recipients of money
through Beijing’s Belt and
Road Initiative, but recent at-
tacks have illustrated the se-
curity threat posed by China’s
presence in the country.
The bomb ripped through
the parking lot of a hotel in
the western city of Quetta on
Wednesday night, killing at
least five people and wound-
ing around a dozen more, Pak-
istani officials said.
The Chinese ambassador,
Nong Rong, was staying at the
hotel, which is in a heavily
guarded part of the city. He
was due to return there from a
dinner meeting outside the
hotel when the blast occurred,
ERIC IRENG/ASSOCIATED PRESS
An Indonesian navy hospital ship searched Thursday for the KRI
Nanggala submarine, which could run out of oxygen on Saturday.
Pentagon data.
“From my perspective, we
are really far behind what we
need,” said Lee Hsi-min, chief
of the general staff of Taiwan’s
military until 2019. Mr. Lee
said Taiwan needed to invest
more in military assets that
raise its ability to wage guer-
rilla-style warfare such as sea
mines, missile attack boats
and portable rocket launchers.
Secretary of State Antony
Blinken said this month that
the U.S. was committed to en-
suring Taiwan has the ability
to defend itself, a reference to
an American law that has al-
lowed for arms sales to the is-
land. But Mr. Blinken declined
to say what the U.S. would do
if China attacked Taiwan,
keeping to a longstanding U.S.
government stance of ambigu-
ity intended to deter conflict.
Some U.S. foreign-policy ex-
perts advocate the U.S. making
an explicit commitment to in-
tervene if China attacks Tai-
wan. The Defense Department
is studying hypothetical sce-
narios to counter a Chinese
blockade or attack on Tai-
wan—from sending in Ameri-
can troops and Navy vessels to
missile attacks—but one re-
cent opinion poll showed the
U.S. public wouldn’t support
the deployment of American
troops to defend Taiwan.
Military drills in Taiwan
Pakistani officials said.
It wasn’t clear who was be-
hind the attack. Interior Min-
ister Sheikh Rashid Ahmed
pointed the finger at unnamed
foreign powers that he said
were attempting to destabilize
the country, a likely reference
to India. Islamabad frequently
accuses India of being behind
attacks in Pakistan, an allega-
tion New Delhi denies.
The Pakistani Taliban, a ji-
hadist group known more for
attacking the government and
security forces, claimed re-
sponsibility for Wednesday’s
attack.
In the past, separatist in-
surgents in the western prov-
ince of Balochistan, where
Quetta is the regional capital,
have claimed responsibility for
attacks on Chinese targets.
The separatist movement is
secular and accuses Pakistan
and China of exploiting local
natural resources.
In recent years, targets of
Baloch separatist attacks have
included a hotel in the Chi-
nese-built port of Gwadar, the
Chinese consulate in the
WORLD NEWS
Taiwan forces take part in a drill. Experts say Taiwan needs to do more to prepare for an invasion.
scheduled to start on Friday
are meant to sharpen Taipei’s
responses and show allies the
Taiwanese military isn’t falling
behind.
The annual Han Kuang exer-
cises begin with a week of com-
puter simulations of Chinese
actions, including electronic
and cyberattacks, psychological
warfare and uprisings among
pro-China groups inside Tai-
wan. Taiwan’s defense minister
said this week the simulations
were lengthened this year to al-
southern city of Karachi, and
the partly Chinese-owned
stock exchange in Karachi.
A spokesman for one insur-
gent group, the Baloch Libera-
tion Army, said in an inter-
view that it wasn’t involved in
the attack. “However, our or-
ganization will continue its
military and political activities
against China and Pakistan un-
Investigators are
looking into
whether China’s
envoy was a target.
til their full withdrawal from
Balochistan,” said the spokes-
man, Jeeyand Baloch.
China’s Foreign Ministry
confirmed that its ambassador
was staying at the hotel, and
said he was outside of the ho-
tel at the time of the bombing.
The ministry said it wasn’t
aware of any Chinese citizens
being injured in the blast.
WORLD WATCH
INDONESIA
Hopes for Missing
Submarine Crew Dim
Indonesian navy ships
searched Thursday for a subma-
rine that likely sank too deep to
retrieve, making survival chances
for the 53 people on board slim.
Authorities said oxygen in the
submarine would run out by
early Saturday.
The diesel-powered KRI
Nanggala 402 was participating
in a training exercise Wednesday
when it missed a scheduled re-
porting call. Officials reported an
oil slick and the smell of diesel
fuel near the starting position of
its last dive, about 60 miles
low more time to fully review
all scenarios of Chinese attack.
The drills shift to live-fire
exercises in July, which are
also intended as a show of
force to deter Beijing from ag-
gression.
“It’s not in our consideration
how long it would take for oth-
ers to arrive. I will fight on as
long as you want,” Defense
Minister Chiu Kuo-cheng said
at a recent press conference.
Taiwan’s military ranks,
however, have fallen over the
“We trust that Pakistan will
ascertain the truth, bring the
perpetrators to justice and
guarantee the safety of Chi-
nese individuals and organiza-
tions in Pakistan,” minis-
try spokesman Wang Wenbin
said Thursday.
Islamabad is seeking to at-
tract Chinese private companies
to set up factories in the coun-
try, and has also urged busi-
nesses from elsewhere to come
to Pakistan, where terrorist at-
tacks are down in recent years.
Pakistan’s economy was strug-
gling even before the Covid-19
pandemic. The country was
forced to turn to the Interna-
tional Monetary Fund for help.
“There is a big issue of se-
curity, but the foundation of
this relationship is strong and
China has taken a position
that it will not retreat despite
these obstacles,” said Mustafa
Hyder Sayed, executive direc-
tor of the Pakistan-China Insti-
tute, a think tank in Islam-
abad.
—Josh Chin in Taipei and
Waqar Gillani in Islamabad
contributed to this article.
north of Bali, though there was
no conclusive evidence that they
were linked to the submarine.
He said rescuers found an un-
identified object with high mag-
netism at a depth of 165 to 330
feet and that officials hope it is
the submarine. The navy believes
the submarine sank to a depth of
2,000-2,300 feet, much deeper
than its estimated collapse depth.
—Associated Press
ISRAEL
Official Says Reactor
Wasn’t Targeted
The Israeli military said
Thursday that a Syrian missile
that reached deep into Israeli
.
THE WALL STREET JOURNAL.
from 275,000 three years ear-
lier. More than 2.5 million re-
servists receive only a handful
of days of training every cou-
ple of years.
Alexander Huang, a former
deputy minister in Taiwan’s
mainland affairs council,
which coordinates policy to-
ward China, said an underly-
ing factor affecting Taiwan’s
preparedness was that most
Taiwanese don’t believe China
would attack.
“Even in the past two years,
when we started to see the
I-HWA CHENG/BLOOMBERG NEWS
trade war and U.S.-China stra-
tegic competition, [and] shows
of force by [China’s military]
around our air defense identi-
fication zone, poll numbers
tell us that Taiwan’s percep-
tion in a general sense is that
China won’t do it,” he said.
The head of the U.S. Indo-
Pacific Command, Adm. Phil
last decade with the phasing Davidson, recently forecast
out of conscription in re- that China could attempt to
sponse to public pressure, take over Taiwan within the
with many young Taiwanese next six years.
more interested in pursuing In testimony to Congress’s
other careers. Compulsory U.S.-China Economic and Secu-
military service now consists rity Review Commission in
of four months of basic train- February, Oriana Skylar Mas-
ing, down from two years tro, an expert on the Chinese
maintained for decades. military at Stanford University,
Although salaries have been said she had been told by Chi-
improved as Taiwan tries to nese military leaders that they
build an all-volunteer force, believe they will have the ca-
the number of active-duty sol- pabilities to force unification
diers fell to 165,000 last year with Taiwan within a year.
Australia Scraps
China Infrastructure
Deal, Citing Risks
BY MIKE CHERNEY to review and reject agreements
between foreign countries, local
SYDNEY—Australia’s fed- governments and universities.
eral government canceled an Foreign Minister Marise
infrastructure deal between Payne said the decision to can-
China and one of Australia’s cel the Victoria deal, which was
most populous states, follow- made with the new law’s pow-
ing concerns that the arrange- ers, is aimed at prioritizing
ment could pose a national se- Australia’s national interest and
curity risk. ensuring there is consistency in
The state of Victoria, which its foreign relations. She said
includes Melbourne, Austra- Australia isn’t seeking to target
lia’s second-largest city, signed one country, noting that offi-
on to Beijing’s Belt and Road cials also canceled two other
Initiative, a foreign-policy pro- deals involving Syria and Iran.
gram in which China is invest- The Chinese Embassy in Can-
ing billions of dollars in infra- berra said the Belt and Road
structure projects world-wide. Initiative seeks to improve eco-
Leaders in Victoria previ- nomic cooperation and has been
ously said the deal would in- beneficial to participants. It
crease investment and create said the deal with Victoria
jobs. But officials in Canberra, would have promoted economic
the capital, have been worried growth and canceling it is an-
China is using the initiative to other unreasonable and provoc-
build influence, according to ac- ative move made by Australia.
ademics and former diplomats. “It further shows that the
“The federal government Australian government has no
wants as much as it can to have sincerity in improving China-
a unified position on key China Australia relations,” a spokes-
foreign-policy questions,” said person said.
Richard Maude, executive di- The Victoria deal pledged co-
rector of policy at Asia Society operation on infrastructure
Australia, and a former senior projects, as well as on biotech-
Australian diplomat. “They nology, advanced manufacturing
don’t want the national gov- and technological innovation.
ernment position being under- Melbourne is home to many of
cut by things that state govern- Australia’s biotech startups and
ments might be doing.” healthcare companies.
Australian officials have be- Canceling the China deal
come more concerned with deepens a diplomatic rift be-
Chinese influence in the coun-
try’s affairs even as its eco-
tween China and Australia. Re-
lations deteriorated last year
nomic ties with China have after Australia’s center-right
deepened. Australia has fre-
quently blocked efforts by Chi-
government pushed for an in-
ternational probe into the ori-
nese companies to buy Austra- gins of the coronavirus. Since
lian firms and lawmakers have then, China warned its citizens
been scrutinized by authori- not to travel to Australia and
ties for their ties to China. placed restrictions or tariffs
Australia also banned Chi- on certain Australian imports
nese telecommunications giant such as beef, barley and wine.
Huawei Technologies Co. from Ms. Payne said she didn’t
the rollout of 5G mobile net- expect China to retaliate, add-
works due to security con- ing that Australia has wel-
cerns and has passed laws comed China’s growth and it
criminalizing foreign interfer- has been good for the global
ence in its politics. economy. She said if China had
Last year, Australia’s Parlia- any concerns, she hoped they
ment passed a law that gave the would be raised directly with
federal government new powers the government.
territory and set off air raid si- RUSSIA
rens near the country’s top-se-
cret nuclear reactor was the re- Putin, Belarus Leader
sult of a misfire and not a Discuss Closer Ties
deliberate attack.
The missile landed in south- Russian President Vladimir Pu-
ern Israel early Thursday, tin hosted his Belarusian counter-
prompting Israel to respond with part for talks on closer integration
airstrikes on the missile launcher between the two ex-Soviet neigh-
and other targets in Syria. bors, discussions that were criti-
The army’s chief spokesman, cized by the Belarusian opposition.
Brig. Gen. Hidai Zilberman, said Belarusian President Alexander
the Israeli air force was already Lukashenko has grown increas-
operating in Syrian airspace ingly dependent on Russia’s finan-
when the antiaircraft missile cial and political support after
was fired. He said the projectile, massive protests against his dis-
identified as a Russian-made puted re-election in August. His
SA-5 missile, missed its target trip to Moscow raised speculation
and flew some 200 miles before that he could accept the Kremlin’s
exploding in southern Israel. push for a stronger union.
—Associated Press —Associated Press

BUSINESS & FINANCE
© 2021 Dow Jones & Company. All Rights Reserved.
S&P 4134.98 g 0.92%
Airlines Prepare for a Rebound
Southwest, American Airlines say that travel demand has turned a corner, and their finances are starting to improve
recall flight attendants, after a year of sustaining heavy losses during the coronavirus pandemic.
pilots in anticipation of
United Airlines
increased leisure travel
BY ALISON SIDER
Major airlines this week re-
iterated confidence that the
travel market, at least for lei-
sure, is rebounding from the
deep losses suffered during
the coronavirus pandemic. Ex-
ecutives said they hope the
trend will continue into the
summer vacation season.
The comments came as
Southwest Airlines Co. on
Thursday reported that gov-
ernment aid helped it notch a
profit of $116 million in the
first quarter, its first quarterly
profit since the pandemic dec-
imated travel demand and up-
ended the airline industry.
American Airlines Group Inc.
reported a loss of $1.25 billion
on revenue of $4 billion, a
smaller loss than in previous
quarters in the past year.
“We believe the worst is
now finally behind us,” said
Southwest Chief Executive
Gary Kelly. “I’m relieved, I’m
optimistic, I’m enthused, I’m
grateful.”
The industry is on a speed-
ier path to recovery than some
executives thought possible in
January, when Covid-19 cases
surged and airlines’ prospects
appeared bleak. Travel de-
mand hit an inflection point in
February or March, executives
said, after languishing for
most of last year. Airports
were busy with spring break
travelers and future vacation
bookings started to pick up.
Southwest, American and
other airlines are recalling pi-
lots and flight attendants who
haven’t been needed for
months, preparing for what
could be a bustling summer of
vacations and family visits
20 percentage points
15
Extra yield to hold speculative-
grade bonds over Treasurys
10
5 decade, highlighting investors’
0
2007 ’10
Notes: Shows option adjusted spread; Data as of Wednesday
Source: Bloomberg Barclays
Credit Suisse Seeks $2 Billion Capital Injection
BY MARGOT PATRICK
Credit Suisse Group AG
asked investors for as much as
$2 billion in fresh capital after
losses from Archegos Capital
Management swelled more
than previously disclosed,
highlighting the damage
Streaming Wars Lead
To Shows Born Abroad
BY R.T. WATSON
Tech giants and Hollywood
studios are expanding their
streaming services abroad by
developing local content
geared to the billions of poten-
tial overseas subscribers.
Following the lead of Net-
flix Inc., companies such as
Walt Disney Co. and Ama-
zon.com Inc. are pulling away
from the production and dis-
tribution model of old, in
which Hollywood shipped its
movies and TV shows abroad,
with the content dubbed or
subtitled for the local market.
Now, with a direct line to con-
sumers through global stream-
ing platforms, these compa-
TECHNOLOGY: SNAP’S REVENUE SURGES 66% AS USER GAINS BEAT FORECASTS B4
S&P FIN g 1.11% S&P IT g 1.18%
* * * **
Southwest Airlines Delta Air Lines
Share performance
0%
Jan.
2020
April 22
-43%
Quarterly net income/loss
$2 billion
1Q 2021
-$1.4B
0 will continue until more capac-
–2
–4
–6
2019 ’20 ’21
Number of scheduled seats on major U.S. airlines*
16 million seats
12
9.1M
8 tries to help determine what
4
UNITED
0 cluded $50 billion for the
2020 ’21
*Some seats were unsold or blocked.
that travelers put off during
the pandemic. American said
it plans to hire 300 additional
pilots late this year.
Southwest said it expects
that by June its operation will
stop losing more cash than it
April 7: 2.90 percentage points
Smallest spread since 2007
’20
caused by the collapse of the
New York investment firm.
The Swiss bank has been
buffeted by the twin crises of
the Archegos loss and the col-
lapse of another client, Green-
sill Capital. It said Thursday it
would take an additional $655
million charge related to
nies are investing billions of
dollars to make culturally spe-
cific, local-language content to
woo subscribers.
“What you’re seeing is more
and more streamers come on-
line realizing the vast majority
of their consumers are going
to be outside the U.S., over
time,” said Erik Barmack, a
former Netflix executive who
during his tenure spearheaded
international production. “The
question is, how international
does your content need to be
to be successful?”
The rise in overseas produc-
Please turn to page B2
 AT&T adds HBO and HBO
Max viewers............................... B2
THE WALL STREET JOURNAL.
DJ TRANS g 0.79% WSJ $ IDX À 0.13%
American Airlines
April 22
11%
1Q 2021
$116M
2019 ’20 ’21
12.8M
SOUTHWEST
2020 ’21
takes in. The airline’s first-
quarter profit was lifted by
$1.2 billion in federal aid that
covered salaries and benefits
during the quarter. Adjusting
for that and other one-time
items, Southwest reported a
Corporate-Bond Measure
Hints at an Upbeat Outlook
BY SAM GOLDFARB
A key measure of the per-
ceived risk in low-rated corpo-
rate bonds is hovering around
its lowest level in more than a
mounting confidence in the
economic outlook.
The average extra yield, or
spread, investors demand to
hold speculative-grade corpo-
rate bonds over U.S. Treasurys
dropped below 3 percentage
points this month to as low as
Archegos, adding to a $4.7 bil-
lion charge in the first quarter.
It said that it had a small re-
maining exposure to Archegos
as of Wednesday after selling
97% of its related positions.
To counter damage to its
capital position from the loss
and new charges imposed by
INSIDE
BUSINESS NEWS
Nestlé’s strong
quarterly results are
driven by sales of
coffee products. B3
ENERGY
The shipping industry
turns to natural gas to
solve the problem of
cutting emissions. B6
LIBOR 3M 0.176
April 22
-24%
1Q 2021
–$1.2B
2019 ’20 ’21
14.3M
DELTA
2020 ’21
Sources: FactSet (stock performance); the companies (net income/loss); Cirium (scheduled seats)
loss of $1 billion.
Airlines have had their
hopes for a travel rebound
dashed before. Each time last
year it seemed like Covid-19
cases had leveled off and de-
mand started to pick up, an-
2.90 percentage points for the
first time since 2007, when it
set a record of 2.33 percentage
points, according to Bloomberg
Barclays data.
Yields on low-rated corpo-
rate bonds already hit a record
low of 3.89% in February. That
data point is especially impor-
tant for businesses, because it
signals how cheaply they can
borrow when they issue new
bonds. Companies including
Charter Communications Inc.
and United Airlines Holdings
the Swiss financial regulator,
Credit Suisse sold securities
that will convert into equity in
six months. The final amount
raised from investors will be at
a discount to the bank’s share
price Thursday and Friday.
The double blow of
Archegos and Greensill repre-
STREETWISE | By James Mackintosh
Dogecoin Started as a Joke,
But It’s No Laughing Matter
Dogecoin
is a joke cryp-
tocurrency
that on Tues-
day was
briefly worth
$54 billion. Is that a sign
that the entire market is in a
phase of wild excess? My an-
swer: On its own, no—but
with some major caveats.
Before explaining, start
with the joke. Pretty much
every serious person who
mentions dogecoin points
out that it was created as a
parody, back when dozens of
new e-coins were being set
NIKKEI (Midday) 28983.31 g 0.70%
April 22
-31%
1Q 2021
–$1.25B
2019 ’20 ’21
16.2M
AMERICAN
2020 ’21
other surge wiped out the
tepid demand increases. Even
as case numbers have started
to climb again, airline execu-
tives hope that widespread
vaccination will mean that the
Please turn to page B2
Inc. have issued a total of
$186.1 billion of speculative-
grade bonds this year through
Wednesday, the highest over
that period on record, accord-
ing to LCD, a unit of S&P
Global Market Intelligence.
The spread relative to Trea-
surys, however, is arguably an
even better measure of inves-
tors’ outlook for the economy,
since it shows how much in-
vestors feel they need to be
compensated for the risk that
Please turn to page B11
sents the bank’s biggest test in
years and comes during a lead-
ership transition. Thomas
Gottstein took over as chief ex-
ecutive a year ago after his
Please turn to page B10
 Greensill’s Australian parent
to liquidate................................ B10
up. That is true, but
shouldn’t be a barrier: If
something is useful, the in-
tent of its founders shouldn’t
put us off.
The first woman elected
to public office in the U.S.
only got there because she
was nominated as a prank.
Facebook originated in Mark
Zuckerberg’s drunken cre-
ation of FaceMash, a way for
his peers at Harvard to rate
the attractiveness of female
students. And if the intent of
the creator mattered, bitcoin
would rank as a total failure,
since it was created to allow
.
Friday, April 23, 2021 | B1
See more at WSJ.com/Markets
Intel Sees
Shortage
Of Chips
For Years
BY PAUL ZIOBRO
Intel Corp.’s new chief ex-
ecutive said a global chip-sup-
ply shortage could stretch two
more years as the U.S. semi-
conductor giant posted weaker
quarterly earnings.
Pat Gelsinger said the sup-
ply constraints that have af-
fected some sectors of the
global economy for months
ity comes online to meet chip
demand for everything from
automobiles to electronics.
The global shortage of
semiconductor chips has dis-
rupted manufacturing across
various sectors, leading to
temporary shutdowns of auto-
mobile factories and scant
supply of items such as com-
puters, videogame consoles
and some appliances. Chip
companies have been scram-
bling to help overcome the
shortage.
The White House this
month met with executives
from the chip and other indus-
action it should take to ad-
dress the shortage and
strengthen the domestic chip-
building industry. President
Biden previously pledged to fix
the chip shortages and in-
semiconductor industry in his
expansive infrastructure-
spending package.
“The investment needed at
the scale required is im-
mense,” Mr. Gelsinger said.
The CEO, on the job since
February, also pledged to
make some production capac-
ity available swiftly to help al-
leviate a broader shortage of
chips that has caused disrup-
tions across a range of indus-
tries, in particular car produc-
tion.
Mr. Gelsinger, who is fast-
tracking efforts to re-energize
the company, said the outlook
projecting sales of $77 billion
this year, $500 million higher
than previously expected, is a
“supply constrained guide” for
the year.
Intel on Thursday said first-
quarter sales fell 1% to $19.7
billion, beating Wall Street es-
timates. Net income, weighed
down by costs of a legal set-
tlement, was $3.4 billion. Ex-
cluding the pending sale of its
memory business and other
items, Intel said revenue was
$18.6 billion and net income
was $5.7 billion.
Intel’s stock fell around
1.3% in after-hours trading.
Mr. Gelsinger this month
laid out an ambitious strategy
for Intel to become a major
contract chip maker in addi-
tion to making semiconductors
to satisfy its in-house require-
ments. The plan includes a
$20 billion spending commit-
ment to build two new semi-
conductor plants in Arizona.
Intel’s sales drop comes de-
spite strong demand for chips
broadly. Vivek Arya, a semi-
conductor analyst at Bank of
Please turn to page B4
small online payments, and
instead is hoarded or used
for speculation.
Dogecoin has found a use,
of sorts, as a way of tipping
Reddit users for funny or in-
formative social media posts,
and in principle is a per-
fectly good cryptocurrency,
as these things go.
This isn’t to endorse its
value. It is dominated by a
bunch of people having a
laugh and putting money be-
hind the joke, while others
are wagering on the out-
come—leading to the huge
Please turn to page B11

B2 | Friday, April 23, 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
Advanced Micro Devices
.....................................B4
Amazon.com ............... B1
Apple...........................B4
Archegos Capital
Management.............B1
AT&T............................B2
B Hartford Financial
Baidu ......................... B12
BHP..............................B6
BlackRock Capital
Investment ............... B5
Blackstone.................B10
BYD............................B12
C U
Charter Communications
.....................................B1
Chubb...........................B3
Citigroup....................B10
Cleveland-Cliffs...........B5
CMA CGM....................B6
Constantin Film..........B2
Credit SuisseB1,B10,B12
D O
Danone ...................... B12
Dogecoin......................B1
E P
Earnd.........................B10
INDEX TO PEOPLE
B Gray, Jonathan..........B10
Barmack, Erik..............B1
Boehly, Todd................B5
Bouchouev, Ilia ......... B12
C J
Copeland, Craig.........B10
F .....................................B3
Farrell, James.............B2
Fridson, Marty..........B11
G Kelly, Gary...................B1
Gates, Bill ................. B10
Gelsinger, Pat ............. B1
Goldberg, Gennadiy .. B11
Gottstein, Thomas......B1
Airlines
See Active
Summer
Continued from page B1
increases in passengers’ book-
ings will stick this time.
“In this case, we have vac-
cines,” American CEO Doug
Parker said during a conference
call with analysts and inves-
tors. That is “something that
feels much more permanent.”
Airline executives have said
they don’t expect business
travel to resume in earnest
until at least later this year,
when more companies are ex-
pected to bring employees
back to their offices. American
executives told analysts and
investors Thursday that there
are some signs of growing de-
mand, particularly from small
business, while some larger
corporate customers have in-
dicated they plan to resume
travel in the third quarter.
Southwest, which is making
a big push to lure more corpo-
rate accounts, said it is plan-
ning for business travel de-
mand to remain down 50% to
60% at the end of the year.
American shares fell 4.5%
to $20.07. Southwest shares
turned negative after trading
higher earlier in the day, fall-
ing 1.6% to $61.07.
The recovery’s trajectory
has illuminated a divide be-
tween airlines that rely heav-
ily on business travel and in-
ternational markets, like
American, United Airlines
Holdings Inc., and Delta Air
Lines Inc., and those histori-
cally geared more toward lei-
sure travelers.
Southwest’s largely domes-
tic network has helped insu-
late it from the effects of
closed borders and govern-
ment travel restrictions that
have hollowed out interna-
tional traffic. The airline has
embarked on an aggressive ex-
pansion program that includes
adding 17 new cities to its net-
work, and plans to climb back
toward normal flying levels in
the coming months. Its flying
JULIETTE MICHEL/AGENCE FRANCE-PRESSE/GETTY IMAGES
.
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Eldridge Industries.....B5
F
R
Royal Dutch Shell.......B6
AT&T’s Revenue Rises as Internet,
Fifth Wall AcquisitionB5
G
General Motors.........B12
S
SAIC Motor...............B12
Samsung Electronics..B4
Wireless, HBO Add Subscribers
Greensill Capital.......B10 Sapphire Sport............B5
BY DREW FITZGERALD postpaid phone connections gain on the value of its em- revenue growth whittle down
H SmartRent.com...........B5
over the same period. T-Mobile ployee-benefit plans. Total reve- its obligations. The company
Snap.............................B4
AT&T Inc. piled on more is slated to report its first-quar- nue rose 2.7% to $43.9 billion. also affirmed its commitment
Services.....................B3 SoftBank...................B10
cellphone users, fiber-optic in- ter results next month. The company’s reported net to sustaining its dividend at
Horizon Acquisition....B5 Starbucks....................B3 ternet customers and HBO AT&T executives said the debt swelled to about $169 bil- current levels.
I T viewers during the first quarter, telecom business kept expenses lion, close to its level two years Growth in AT&T’s mobile-
Intel.............................B1
showing the media-and-telecom in check by serving more cus- ago following the Time Warner phone business picked up in re-
Taiwan Semiconductor
Manufacturing..........B4 conglomerate’s focus on growth tomers online and by giving its buyout that turned AT&T into a cent months after the carrier
J as the economy starts to roar sales force simpler plans to pro- media heavyweight. offered sharply discounted
Tesla.....................A6,B12
Johnson & Johnson..B11 back after a year of coronavi- mote, saving them time. The The latest debt increase smartphones. The division has
rus-related pressure. company also suggested it stemmed from spending on the helped stabilize its parent com-
JPMorgan Chase.......B10
M UBS............................B12 The Dallas company reported would continue offering dis- recent auction of C-band spec- pany’s results as its media wing
United Airlines............B1 44.2 million domestic HBO and counts to attract and keep cus- trum licenses, a key resource plows billions of dollars into
Moderna....................B11 HBO Max subscribers, up from tomers. That strategy could HBO Max programming. Execu-
N V 41.5 million three months ear- force competitors to respond in tives have said it would take
44.2M
Nestlé...................B3,B12 Valero Energy ............. B5 lier, as its media division sought kind if it is sustained. time for the new streaming-
Vivid Seats..................B5 to gain on rivals like Netflix “I think we still have room video service to turn a profit,
Netflix....................B1,B2
Volkswagen...............B12 Inc. and Walt Disney Co. That to run,” Chief Executive John though it also helps wireless
NIO ............................ B12
figure included viewers who Stankey said during a confer- profitability by offering mobile-
Nvidia..........................B4 W signed up for the company’s ence call with analysts. “We Number of HBO and HBO phone customers another en-
Wagestream..............B10 new online streaming video ser- have seen our competitors MAX domestic subscribers ticement to stay with AT&T.
Omni Technologies ... B10 Walt Disney................B1 vice as well as those with older continue to try to compete ag- WarnerMedia, as the enter-
subscriptions to HBO through a gressively. They’re mixing and tainment division is now called,
Overtime Sports.........B5 X
cable-TV provider. changing their offers pretty has also begun to benefit from
Xiaomi.......................B12 In the U.S. wireless business, frequently. We seem to be very for wireless companies planning easier comparisons against last
Pfizer.........................B11 XPeng........................B12 AT&T’s core profit engine, the consistent and very stable, and to upgrade their services to year’s coronavirus-addled re-
company added 595,000 post- that’s a really good place for support high-speed fifth-gener- sults. The media unit’s first-
paid phone subscribers, a highly us to be.” ation, or 5G, network standards. quarter revenue rose 9.8% to
valued category of customers
who are billed for monthly ser-
AT&T shares jumped 4.2% to
$31.36.
AT&T pledged $23.4 billion
for its licenses. Clearing exist-
$8.53 billion, helped by the re-
turn of college basketball on its
vice after-the-fact. The carrier Overall, net income attribut- ing users from the spectrum cable-TV channels and growing
Moskowicz, Martin.....B2 also posted a net gain of able to AT&T reached $7.55 bil- bands and upgrading network revenue from HBO Max.
Greenberg, Evan ......... B3 N 207,000 prepaid phone sub- lion, or $1.04 a share, up from gear will cost the companies AT&T’s consumer broad-
H Nelson, Kurt..............B12 scribers. $4.61 billion, or 63 cents a billions of dollars more. band division posted a net
Haldeman, Lucas ........ B5
Rival Verizon Communica- share, a year earlier. The most AT&T said Thursday that its gain of 46,000 customers,
R
tions Inc. on Wednesday re- recent earnings result benefited debt levels would decline in the powered by new high-speed fi-
Rapino, Michael..........B5 ported a net loss of 178,000 from a large on-paper actuarial coming years as asset sales and ber-optic lines.
Jones, James Edwardes S
Overseas
Sarandos, Ted ............. B2
Josey, Ronald..............B4
Sen, Amrita.................B6
K Shell, Peggy................A2
Streaming
Spiegel, Evan .............. B4
M Stankey, John.............B2
Swift, Christopher......B3
Markowska, Aneta ... B11
Goes Local
Maroo, Jay .................. B6 Z
Morley, John...............B6 Zuckerberg, Mark ....... B1
capacity was down nearly 40%
in the first quarter from 2019
levels, but by June, the airline
Continued from page B1
tion is spurring a historic
boom of new films and TV se-
expects to fly 96% of its pre-
pandemic schedule.
American is also planning a
ries in many different lan-
guages, including
French, Portuguese, German
Hindi,
big increase in flying this sum-
mer, adding scores of new do-
mestic routes and anticipating
and Polish. The emphasis on
global content is creating more
work and competition for in-
overall flying capacity of 75% ternational producers and sto-
to 80% of pre-pandemic levels. rytellers, while also ushering in
The next big hurdle for air- a new era in which Hollywood-
lines: fares. Ticket prices have made American content plays a
NETFLIX
been depressed throughout smaller role in the world-wide
the pandemic, a boon for pas- entertainment industry.
sengers but a drag for carri- The number of streaming Netflix said its most-watched new series during the quarter was ‘Lupin,’ a thriller set in Paris.
ers. Now carriers said fares subscriptions world-wide ex-
are starting to rise as summer ceeded 1.1 billion last year, up vest $500 million there in lo- The push to create more man-based Constantin Film,
demand heats up. from fewer than 400 million cal-language content. content abroad is disrupting which has worked with major
“We’re seeing a lot of cases subscriptions in 2016, accord- Netflix projects spending the industry. The moves have U.S. streaming services.
where, especially on peak holi- ing to the Motion Picture As- more than $17 billion on con- triggered increased competi- Sanford Panitch, a former
days and things like that, sociation. The growth was tent this year, and between tion for writers, actors and executive at Fox International
where, frankly, the demand for driven by Netflix’s overseas 2018 and 2020 it doubled its crew members outside Holly- Productions who now presides
seats is greater than supply,” expansion, Disney’s launch of investment in non-English wood; threatened entrenched over Sony Pictures Entertain-
American Chief Revenue Offi- its Disney+ service and a pan- original content. Netflix is in broadcast networks and dis- ment Motion Picture Group,
cer Vasu Raja said. demic that kept people home. over 190 countries and has tributors in other countries; said it wasn’t that long ago
Alaska Air Group Inc., Netflix’s quarterly results more than 200 million sub- and raised questions about when Hollywood shunned the
which reported a $131 million this week showed the impor- scribers world-wide. equal pay and ownership. idea of executives’ focusing on
loss in the latest quarter, said tance of the overseas business. As for Disney, Ampere said, In Europe, the race for con- local-language content for in-
summer fares in some cases The company said 89% of its 24% of the new content in de- tent is forcing local players to ternational markets.
are surpassing 2019 levels. nearly four million new cus- velopment is based overseas. be more aggressive when bid- “It was incredibly unpopu-
However, with many air- tomers in the year’s first three Only 3% of Disney+ content ding for projects, according to lar, and almost weird and un-
lines adding flights to the months came from outside the originated outside the U.S. as several industry leaders. “It’s heard of 10 years ago,” he
same popular destinations, U.S. and Canada, and that its of mid-March, Ampere said. a very competitive environ- said. “The profit and loss
other executives have said most-watched new series dur- Disney is in 59 countries and ment,” said Martin Moszkow- statements used to say ‘U.S.
competition could cap fare in- ing the quarter was “Lupin,” a has nabbed more than 100 icz, executive chairman of Ger- and Other.’ ”
creases. thriller set in Paris that is in- million subscribers in about a
United, which earlier this spired by a literary gentleman year and a half.
week reported that it lost $1.4 thief. Disney said in December
billion in the first quarter, said “The show was not like a that it would spend up to $9
it needs business and interna- watered-down French show; it billion a year on content for
tional traffic to recover to 65% was a very French show,” said Disney+ by 2024, which would
of pre-pandemic levels to turn Netflix’s co-chief executive and include 50 international proj-
a profit. Both segments are chief content officer, Ted Sara- ects. Then, in February, it an-
down about 80% now, as many ndos, adding that with inter- nounced a slate of 10 Euro-
international borders are national films and series, “the pean projects. by
closed and many businesses more authentically local they At Amazon, the volume of
are still keeping workers home are, the more likely they are to original, local-language con-
until at least later this year. play around the world.” tent being produced has dou-
While United is also resum- In a sign of how tastes are bled each year since 2017, said
ing its pilot hiring and adding evolving in Hollywood and James Farrell, head of interna- Introducing an
more flying to capture a larger world-wide, South Korea’s tional originals at Amazon
share of domestic leisure de- “Parasite” last year won the Studios. “If you’re going to
Ergonomic Heat
mand, CEO Scott Kirby said Oscar for best picture, the have a successful service in and Massage
the airline will remain conser- first time a non-English-lan- Japan or Brazil you’ve got to
vative this summer. guage film took the prize. have Japanese shows, Brazil- Chair for Work
“It’s really hard for me to Netflix’s drive abroad is part ian shows,” Mr. Farrell said. and Home
make the math work and say, of a paradigm shift in which Amazon recently said its
90% or 100% of the schedule is content fashioned with Holly- Prime service has more than
the optimal answer,” Mr. Kirby wood-level production values is 200 million subscribers and
said this week. being created all over the the number of international
Discounter Spirit Airlines world for one digital platform. subscribers streaming video
Inc., which primarily serves In the past, new TV shows and jumped by more than 80% in
vacationers, said Thursday movies—especially those pro- 2020 compared with the pre-
that it plans to fly nearly as duced by Hollywood—were dis- vious year.
much in the second quarter as tributed to consumers in a While growth opportunities
it did before the pandemic, op- much different way. abound overseas, at home in
erating 94.5% of 2019 capacity. “Over the years, media the U.S., the market has be-
companies have been really come saturated in recent years
great at exporting Hollywood as more companies launch
content around the world,” streaming services. More than
Mr. Sarandos said. “We started 80% of American consumers    


launching in international ter-
ritories with no original pro-
gramming in local language
with local producers. And now
we’re producing in most cor-
ners of the world.”
About half of the new con-
tent Netflix is developing are
productions based outside the
U.S., with roughly 38% non-
English-language content as of
mid-March, according to media
measurement company Ampere
The industry is on a speedier path to recovery than some airline Analysis. In South Korea, Net-
executives had thought possible in January. flix recently said it would in-
subscribe to at least one paid
streaming service while the
average subscriber pays for
four services, according to a
Deloitte report.
U.S.-based streaming rivals
such as AT&T Inc.’s HBO Max
and Apple Inc.’s Apple TV+ are
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 .

THE WALL STREET JOURNAL. Friday, April 23, 2021 | B3

BUSINESS NEWS

Nestlé Sales Powered by At-Home Coffee

The company had some analysts said, is seeing
whether it can keep its pan-
made the beverage a demic momentum going as
priority as part of a some major markets, like the
U.S. and U.K., begin to emerge
strategy overhaul from the crisis.
In coffee, the company is
BY NICK KOSTOV rolling out new touchless ma-
chines to offer safer cups for
Consumers stuck at home workers returning to offices,
drinking coffee powered while trying to retain the
Nestlé SA to its best quar- boom in at-home consump-
terly sales growth in almost a tion with a range of new

ALEX TAI/SOPA IMAGES/ZUMA PRESS

decade.
The world’s biggest pack-
aged-food company on Thurs-
day reported a 7.7% rise in
first-quarter organic sales,
which strip out currency fluc-
tuations, acquisitions and di-
vestitures, driven by strong
demand for Nespresso pods,
Nescafé instant coffee and
Starbucks-branded products.
That performance handily
beat analyst expectations of
3.3% sales growth.
Nestlé said coffee was the
largest contributor to growth,
with gains in North America
and Europe. Nespresso prod-
ucts were particularly popu-
lar, with sales rising 17.1%,
fueled by market-share gains
in North America and demand
for its Vertuo coffee ma-
Nespresso was among the products that helped drive the food company’s strong quarterly results.
chines.
When the pandemic hit last
year, consumers bought what-
ever coffee they could find as
offices closed and they faced
shortages at supermarkets.
But after months of restric-
tions, coffee drinkers have in-
vested in espresso machines,
French presses and pour-over
brewers as they look to up-
grade their coffee experience
and replicate what they were
getting in cafes at home.
“We clearly benefited from
people enjoying their coffee
at home rather than in the of-
fice or the cafeteria,” a Nestlé
spokesman said.
The Swiss company has
made coffee a priority in re-
cent years as part of an over-
haul to focus on product cate-
gories that it says have the
strongest growth potential,
while selling noncore busi-
nesses like U.S. confectionary.
In one of its biggest moves,
Nestlé in 2018 agreed to pay
Starbucks Corp. more than
$7 billion for the rights to sell
the Seattle chain’s packaged
coffee beans, single-serve cof-
fee packs and other products
through retail and grocery
stores. It has also gone after
products and flavors.
James Edwardes Jones, an
analyst at RBC, said that
while the Nespresso numbers
were impressive, “that
growth isn’t sustainable for
them.”
Still, Nestlé has performed
well over the past year as
consumers stuck at home
splurged on familiar foods
young and hip coffee drinkers from big brands.
by acquiring smaller brands, In the first quarter, the
including Austin, Texas-based maker of Nesquik cereal,
Chameleon Cold-Brew. Friskies cat food and Häagen-
Last month the company Dazs ice cream posted strong
said it would invest in the ex- sales in dairy products, led by
pansion of its Nespresso pro- demand for home baking
duction and distribution cen- products and fortified milk,
ters in Switzerland to meet as well as pet care.
growing consumer demand
world-wide.  Heard on the Street: A lesson
Nestlé’s challenge now, for food rival Danone.......... B12

Chubb Takeover Offer Came as Surprise to Hartford

BY LESLIE SCISM
Chubb Ltd.’s March pro-
posal to acquire rival Hartford
Financial Services Group Inc.
arrived with little warning,
surprising Hartford’s chief ex-
ecutive officer.
On March 11, insurance
company Chubb offered to buy
Hartford in a roughly $23 bil-
lion transaction. After its
board discussed the proposal,
Hartford rejected the offer
before the end of the month.
In an interview Thursday,
Hartford CEO Christopher
Swift said he received a quick
heads-up from Chubb that an
offer was coming. But there
were no dinner meetings or
other advance conversations
about the potential pairing of
two of the nation’s best-known
property-casualty insurers.
He said the March offer was
an impersonal start to what
are now three proposals from
Chubb to acquire Hartford.
Each one has been evaluated
and unanimously rejected by
the insurer’s board.
“He wrote us three letters,”
Mr. Swift said of Chubb’s chief
executive, Evan Greenberg.
“He didn’t ask to sit down
with me ahead of time. He
didn’t ask to meet. He gave me
a heads-up one afternoon he
was sending a letter.”
As for the proposals: “They
just showed up in my email,”
and the two companies “corre-
sponded from there,” Mr.
Swift said.
Early Thursday, Hartford
Financial filed with the Securi-
ties and Exchange Commission
copies of Chubb’s second and
third proposals, along with its
first-quarter earnings report.
Chubb’s third proposal took
the deal price up to $70 a
share in a cash-and-stock deal,
from $65 a share in cash and
stock as initially proposed.
The proposal letter, dated
April 14, said the $70 share
price was “the top end of our
range.”
The disclosures came as
Hartford also said it would
boost its share-buyback pro-
gram. Mr. Swift said the buy-
backs reflect increased confi-
dence that the worst of the
coronavirus pandemic is be-
hind the U.S. economy thanks
to vaccines, improved medical
treatments and other devel-
opments.
Chubb said Thursday that
Hartford “has chosen not to
engage in response to any of
our proposals. The path to a
transaction would have been
engagement coming from The
Hartford on the terms of our
last proposal.”
Chubb didn’t have comment
on Mr. Swift’s description of
the deal process.
A transaction would have
been one of the biggest-ever
deals in the U.S. property-ca-
sualty insurance industry. In
2016, Mr. Greenberg merged a
business insurer, ACE Ltd.,
with the personal-property at everything with a clear eye.”
and business insurer Chubb, In its first-quarter results,
and kept the better-known Hartford profit fell 9% to $244
name, in an approximately $30 million and core earnings,
billion transaction. which are adjusted to strip out
Hartford’s shares fell a little items considered nonrecur-
over 1% to $66.66 on Thurs- ring, dropped 58% to $203
day. The shares had traded be- million. Results included the
low $60 when the first Chubb impact of a $650 million set-
approach was made. tlement with the Boy Scouts of
Mr. Swift said in the inter- America, $214 million in pre-
view that the Hartford direc- tax net catastrophe losses, and
tors’ rejection of Chubb’s pro- $185 million in Covid-19-re-
posals was “a rejection of even lated excess mortality losses
contemplating sitting down in Hartford’s business of sell-
because of the strength and ing life insurance and other
the conviction they have in products for employers’ bene-
our strategic plan. We are fits packages.
moving forward.” Hartford is a leading seller
He added: “The board of insurance to small busi-
knows its fiduciary duty. It had nesses in the U.S., a franchise
its advisers and lawyers look Chubb was eager to acquire.

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ICRMH0920U-1323574
 .

B4 | Friday, April 23, 2021 * *** THE WALL STREET JOURNAL.

TECHNOLOGY
Snap’s Revenue
Increases 66%;
Loss Narrows
BY KIMBERLY CHIN
Snap Inc.’s revenue surged
in the latest quarter as the
company gained more Snap-
chat users, continuing its
streak as social-media use
remains high during the cor-
onavirus pandemic.
The social-media com-
pany’s first-quarter revenue
rose 66% from a year earlier
to $769.6 million, topping
ARTUR WIDAK/NURPHOTO/ZUMA PRESS
has launched products and
functionalities, including
ones that let users try on
clothes or see how a particu-
lar nail polish might look on
them.
Snap saw high engage-
ment with Snap Maps and
early momentum with Spot-
light, a Tik-Tok-like feature
that allows users to spread
videos from around the
Snapchat community.

analysts’ expectations of “It is in the early days of

$744 million, according to
FactSet.
Snapchat ended the quar-
ter with 280 million daily av-
erage users, compared with
265 million in the prior quar-
ter and 229 million a year
earlier.
The user growth was
The new CEO is trying to rebuild a company that has lost ground to Asian rivals. Intel’s campus in County Kildare, Ireland. stronger than analysts had
predicted.
monetizing those assets,”
said Ronald Josey, an analyst
at JMP Securities. “When
you look out over the next
several years, that’s really
the opportunity for contin-
ued overall revenue growth,”
he said.
The company expects sec-
ond-quarter revenue in the
range of $820 million to

Intel Sees Share-price and index

performance over the past year
50%
said they want more detail.
Intel also has said it would
increase outsourcing of some
the company said, and costs
associated with ramping up
production of a new chip.
North America remained
the company’s largest and
fastest-growing revenue
$840 million. Analysts had
forecast $826 million.

Chip Crisis chip production to keep pace,

he said.
Sales for the segment in-
cluding laptop chips rose more
base. Meanwhile, its daily-ac-
tive-user base is expanding

Extending 25
S&P 500
The company also is con-
tending with increased compe-
tition. Nvidia Corp., which
last year overtook Intel as
than 8% to $10.6 billion,
driven by the boom in remote
learning and working from
home during the pandemic.
faster beyond the U.S. and
Europe, in the latest quarter
growing by 57% year over
year to 111 million users.
280M
Daily average users for Snap in
American’s most valuable chip “We see no signs of PC de- “We are optimistic about the first quarter
Continued from page B1 company, and Advanced Mi- mand slowing,” Mr. Gelsinger the engagement trends we
America, said ahead of Intel’s cro Devices Inc. have taken said. are seeing as the world is be-
Intel
results that the company is market share. Nvidia this Intel’s effort to become a ginning to open up,” Chief
being held back by several fac- month also said it would start contract chip maker also isn’t Executive Officer Evan Spie- In the first quarter, Snap
tors. Among those are that a 0 selling central-processing without hurdles. The company gel said. narrowed its losses to $286.9
surge in demand for personal units for data centers, a mar- has tried to break into that The company expects en- million from $305.9 million
computers is centered largely ket Intel has long dominated. market before, with little suc- gagement activity to pick up in the same period last year.
on lower-end devices like Intel this month introduced an cess. as economies reopen and as It posted a per-share loss
Chromebooks, while Apple Inc. enhanced data-center chip. And its chief rivals, Taiwan people continue to use social of 19 cents, compared with
is ditching Intel for in-house Mr. Gelsigner said despite Semiconductor Manufactur- media to chat with friends 21 cents a year earlier.
–25
chip designs on some of its projecting slower sales growth ing Co. and Samsung Elec- and share real-life details On an adjusted basis, the
equipment. And after a strong May 2020 ’21 than its rivals, Intel aims to tronics Co., are readying their with each other. company broke even.
year of spending on data cen- Source: FactSet recapture lost ground. “We are own multibillion-dollar spend- Shares of Snap rose 5% in Analysts expected an ad-
ters, outlays this year are ex- out to gain market share,” he ing plans to expand. TSMC after-hours trading. The justed loss of five cents a
pected to advance at a slower rebuild a company that has said. last week raised its capital-ex- stock has risen roughly 235% share.
pace, he said. suffered repeated setbacks in Intel had $5.6 billion in penditure plan for this year to in the last 12 months. The company noted that it
Mr. Arya expects Intel’s making its most advanced chip sales in the data-center busi- $30 billion while lifting its Social-media platforms ended the quarter with posi-
sales growth to trail that of and that has lost ground to ness, missing analysts’ expec- sales forecast. have largely performed well tive free cash flow, the first
the broader sector, which he Asian rivals. Mr. Gelsinger last tation of $5.9 billion in sales. Samsung has earmarked during the pandemic as com- time it has done so since go-
projects will increase around month said the company was Profitability of that business $116 billion in investment by munication largely went vir- ing public in March 2017.
15% this year. making progress on its newest was hammered by research 2030 to diversify chip produc- tual. It reported free cash flow
Mr. Gelsinger is trying to chips, though analysts have and development spending, tion. In that time, the company of $126 million.
© 2021 Dow Jones & Co., Inc. All rights reserved. 6DJ8371

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THE WALL STREET JOURNAL.
Eldridge-Backed SPAC Bets on Shows
BY TED BUNKER
A blank-check company
backed by private investment
firm Eldridge Industries LLC
is betting the shows will go
on, once disruptions from the
pandemic fade away.
The Eldridge-sponsored
special-purpose acquisition
company, Horizon Acquisition
Corp., plans to combine with
private-equity-backed Vivid
Seats Inc. in a transaction that
would give the Chicago re-
seller of theater, concert and
sports tickets an enterprise
value of about $2 billion.
SmartRent
Valued at
More Than
$2 Billion
In Deal
BY PETER GRANT
SmartRent.com Inc., which
sells smart home-technology
systems to apartment-building
owners and developers, in-
tends to go public through a
merger with a special-purpose
acquisition company that val-
ues the property-tech startup
at $2.2 billion, the company
said Thursday.
SmartRent, whose technol-
ogy is in use in about 185,000
apartments in the U.S. and
Canada, said it would merge
with Fifth Wall Acquisition
Corp., which raised about
$345 million in an initial pub-
lic offering earlier this year.
The special-purpose company
was sponsored by Fifth Wall, a
venture-capital firm that in-
vested in SmartRent last year
through one of its funds.
Separately, some of the
largest apartment-building
owners and housing develop-
ers in the U.S.—which are also
customers of SmartRent—have
agreed to invest a total of $155
million in the startup, the
company said. This group in-
cludes Blackstone Group Inc.,
Starwood Capital Group LLC,
Lennar Corp. and Invitation
Homes Inc.
The merger, expected to
close later this year after a
regulatory review and share-
holder vote, would be one of
the largest such deals so far
involving a real-estate tech
firm and a special-purpose ac-
quisition company. SPACs, also
called blank-check companies,
have become popular in the
capital markets over the past
year because they allow pri-
vate firms to go public faster
and with more price certainty
than traditional initial public
offerings.
SmartRent, based in Scotts-
dale, Ariz., was founded in
2017 by Lucas Haldeman, the
former chief technology officer
of Colony Starwood Homes,
which later became known as
Starwood Waypoint Homes and
was merged into Invitation
Homes, one of the largest own-
ers of single-family rental
homes. His idea was to give
rental units many of the smart-
home features that have be-
come much more widely used
in homes that people own than
in those that people rent.
Landlords can use Smart-
Rent technology to operate
and monitor thermostats, util-
ities, security and plumbing
from a computer or smart-
phone. Landlords also can give
their tenants apps that can
support these features along
with other smart-home tech-
nologies—such as the Siri and
Alexa virtual assistants—that
tenants decide to add.
Mr. Haldeman, the com-
pany’s chief executive, said
SmartRent plans to use the
fresh capital partly to expand
globally. “We’ve already
started working on pilots in
Western Europe. We’re a cou-
ple months away from deploy-
ing in Asia,” he said.
SmartRent is establishing
beachheads overseas partly by
working with global investors
in Fifth Wall’s venture capital
funds, which include big resi-
dential owners in Europe and
Asia. Mr. Haldeman predicted
that SmartRent’s technology
will be in use in over 300,000
units by the end of 2021.
Shares of the Fifth Wall
SPAC were up 16 cents, or
1.6%, to $10.39 at Thursday’s
close on the Nasdaq stock ex-
change.
The deal reflects a view of
Vivid as ready for a return to
live events in post-pandemic
times, according to Todd Boe-
hly, the co-founder, chairman
and chief executive of the in-
vestment company as well as
head of Horizon. The blank-
check company raised about
$544 million through an initial
public offering in August to fi-
nance the purchase of a private
business and bring it public.
Eldridge is betting about
$345 million on the deal
through its investment in the
SPAC and a $190 million com-
mitment to a private placement
Sports Startup Overtime Raises $80 Million
BY SAHIL PATEL
Overtime Sports Inc., which
targets younger fans on digital
and social platforms, has raised
$80 million in funding to pur-
sue plans including the launch
of its own high-school basket-
ball league, the company said.
The sports media and entertain-
ment venture also hopes to tap
the broader interest in nonfun-
gible tokens and sports betting.
Amazon.com Inc. founder
Jeff Bezos, the rapper Drake
and Reddit Inc. co-founder
Alexis Ohanian are among the
investors of the Series C
round, which was led by Sap-
phire Sport and Black Capi-
tal. Morgan Stanley Counter-
point Global, Pelion Capital,
Blackstone Strategic Partners
and more than 25 current and
former NBA stars, including
Devin Booker and Pau Gasol,
also contributed.
Overtime is now valued at
more than $250 million, ac-
cording to people familiar
with the matter.
The company in September
plans to introduce its basket-
ball league featuring top male
high-school players, called
Overtime Elite. The league will
also function as a high school
for roughly 30 rising juniors
and seniors, who will all live
in one location and earn a
minimum annual salary of
CORPORATE WATCH
DOW
Earnings, Sales Rise
On Local Price Gains
Dow Inc. said its profit for
the first quarter rose, driven by
local price gains across all oper-
ating segments.
The Midland, Mich., materials
company posted earnings of
$991 million, up from $239 mil-
lion in the year-earlier quarter.
Sales jumped to $11.88 billion
from $9.77 billion.
Local prices rose 19% from a
year earlier, Dow said. “Despite
supply constraints, we saw de-
mand growth as the economic
recovery continued to broaden,
most notably in packaging, con-
struction, mobility, electronics
and consumer durables end-mar-
kets,” Chairman and Chief Execu-
tive Jim Fitterling said.
—Dave Sebastian
CLEVELAND-CLIFFS
Steel Firm Reports
First-Quarter Profit
Cleveland-Cliffs Inc. said it
turned a profit for the first quar-
ter as revenue rose.
The Cleveland steel company
recorded earnings of $41 million,
compared with a loss of $52
million in the year-ago quarter.
Revenue shot up to $4.05 billion
from $359 million.
Steelmaking revenue of $3.9
billion included $1.3 billion of
sales to the automotive market,
the company said.
Valero Energy said it was able to safely shut facilities down
during the costly storm that hit Texas in February.
.
Friday, April 23, 2021 | B5
BUSINESS & TECHNOLOGY WSJ.com/Tech
of public equity, or PIPE, that of concert promoter Live Na- roughly 12 million ticket buy- Vivid serves as a kind of
will help pay for the deal, ac- tion Entertainment Inc. said in ers, who buy tickets through bridge between markets where
cording to a regulatory filing. late February that they ex- secondary transactions on its Eldridge operates, Mr. Boehly
Other investors in the PIPE pected full-capacity outdoor website. “We’re particularly said. “It fits very well.”
transaction are contributing events to resume later this well-positioned for that recov- Vivid also impressed its
$35 million, the filing stated. year at least in certain areas, ery,” Mr. Boehly said. would-be buyer by remaining
Current Vivid backers, pri- and projected a show-stuffed As vaccines began to be ad- cash-flow positive last year
vate-equity firms Vista Equity 2022 as artists seek to get ministered around the U.S. despite taking a beating from
Partners and GTCR, are in on back on track. “Surveys dem- earlier this year, Greenwich, lockdowns that wiped out rev-
the wager as they plan to roll onstrate the high demand for Conn.-based Eldridge began enue from live entertainment
their equity stakes into the concerts globally with 95% of looking at Vivid as an acquisi- and sports events.
combined public company. fans likely to attend a show tion candidate, Mr. Boehly For Vivid, the damage
In part, the investors are when restrictions are lifted,” said. Eldridge has interests in showed up in gross order vol-
counting on a return to unre- said President and Chief Exec- media, sports and entertain- ume, which plunged 85% to
stricted live events, which utive Michael Rapino during a ment businesses, while Mr. about $347 million last year
some in the industry foresee Feb. 25 earnings call. Boehly is a co-owner of Major from around $2.3 billion in
returning later this year. For Vivid, that suggests a League Baseball’s Los Angeles 2019, according to Chief Exec-
For instance, top executives rebound in demand from its Dodgers. utive Stan Chia.
do is build an amazing media
property that we feel hundreds
of millions of young people will
want to watch,” said Zack Wei-
ner, co-founder and president
of Overtime.
Founded in 2016 by Dan Por-
ter, a former executive at the
talent conglomerate Endeavor
Group Holdings Inc., and Mr.
Weiner, a former Endeavor em-
ployee, Overtime initially
gained popularity by distribut-
ing high-school basketball high-
lights on social platforms such
GREG EANS/THE MESSENGER-INQUIRER/ASSOCIATED PRESS
as Instagram and YouTube. The
company said it has nearly 50
million followers across its so-
cial-media accounts.
Over the past few years, the
company has also expanded its
offerings and business to in-
clude original shows, mer-
chandising and live events.
Executives hope Overtime
Elite generates new revenue
through sponsorship, licensing
and merchandising deals as
well as media rights.
The company also plans to
The company plans to introduce a basketball league featuring top male high-school players. use its new financing to invest
in areas such as nonfungible to-
$100,000 as they play and take Joining Overtime Elite will college tuition if they don’t kens, or NFTs, which have re-
classes toward a high-school cost students their eligibility pursue a career in professional cently caught the attention of
diploma, according to the to later get a basketball schol- basketball, the company said. the sports industry, and the
company. They will also be arship in the National Colle- Overtime has named a com- basketball world in particular.
able to earn money from their giate Athletic Association, missioner and a head of basket- NFTs use blockchain tech-
likenesses in marketing deals, though they wouldn’t be pre- ball operations for the league, nology to authenticate unique
and receive professional train- vented from going to college. and plans to hire 80 employees, digital assets, including art,
ing in areas such as financial The participants will be guar- including about 40 to produce music or even basketball high-
literacy and media training. anteed $100,000 each toward content. “What we are trying to lights.
Cleveland-Cliffs Chief Execu-
tive Lourenco Goncalves said the
shutdown of auto plants be-
cause of chip shortages and
other supply-chain disruptions
aren’t weighing on its steel ship-
ments. The company raised a
profitability metric for 2021
based on better-than-expected
contractual renewals and the as-
sumption that the U.S. hot-rolled Our glamorous 14kt gold
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than $500 million in losses for
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For the period, the Texas
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rower than its year-earlier loss
of $1.85 billion. “The operating
loss in the first quarter of 2021
includes estimated excess en-
ergy costs of $579 million” tied
to the Texas storm, Valero said.
Revenue fell to $20.81 billion
from $22.1 billion a year earlier.
Refinery throughput volumes av-
eraged 2.4 million barrels a day,
lower than a year earlier.
Executives said Valero teams
were able to safely shut facili-
ties down amid the storm and
resume operations after it
passed.
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B6 | Friday, April 23, 2021 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Oil Market Shifts as Demand Shipowners Turn

Falls in Asia, Climbs in West To Natural Gas to
BY JOE WALLACE
Meet Climate Goal
BY COSTAS PARIS also working to create engines
Signs are emerging of a that can operate on ocean voy-
shift under way in the oil mar- The maritime industry, un- ages with alternatives to fossil
ket, with demand weakening der growing pressure to reduce fuels. So far, only the U.S. and
in Asia and picking up in the shipping’s carbon emissions, is Saudi Arabia have formally
West, just as supplies of Ira- coming to a growing consensus pledged to work toward the
nian crude oil have climbed. that liquefied natural gas will IMO’s emissions strategy.
That marks a reversal from provide an intermediate solu- The work comes as the
2020, when a bounceback in tion toward finding cleaner global maritime sector comes
economic activity in China and fuel to power ships. under growing regulatory
India powered a recovery in Two of the world’s biggest pressure to clean up.
crude prices after the blow container lines have ordered John Kerry, U.S. special
dealt by Covid-19. Now, Chi- vessels that will operate with presidential envoy for climate,
nese imports have slowed LNG, while Royal Dutch Shell said this week that Washing-
COSTFOTO/BARCROFT MEDIA/GETTY IMAGES

while a worsening epidemic in PLC and Australian miner BHP ton “is committing to work
India threatens to hit demand Group Ltd. have been offering with countries in the IMO to
in the world’s third-largest long-term charters to ship- adopt the goal of achieving
consumer of oil. owners willing to build natu- net-zero emissions from inter-
Demand in the U.S. and Eu- ral-gas-fueled tankers and bulk national shipping by no later
rope, on the other hand, is ex- carriers over the past year. than 2050.” He spoke ahead of
pected to rally as vaccination “The choice of LNG is now a virtual climate summit Presi-
efforts gather pace and restric- emerging as a mature energy dent Biden kicked off Thurs-
tions on movement are eased. solution, especially effective day with world leaders.
At the same time, supplies in terms of environmental On Tuesday, the U.K. gov-
of sour Middle Eastern crude protection,” said Mélanie ernment issued a carbon-re-
oils favored by refiners in Asia A terminal in Qingdao, China, in February. The country’s imports of crude have slowed while a Rigaud, a spokeswoman for duction plan that for the first
are on the rise. The Organiza- worsening epidemic in India threatens to hit demand in the world’s third-largest consumer of oil. France’s CMA CGM SA, which time includes international
tion of the Petroleum Export- operates 13 LNG-powered con- shipping and aviation.
ing Countries has agreed to when demand recovered faster trend accelerated in 2021 on demand will fall in India are tainer ships and is taking de- Proponents of natural gas
boost production to meet a in Asia than in Western coun- expectations of swelling sup- also weighing on prices of livery of an additional 19 such expect its use to become more
pickup in global demand, tries experiencing stop-start plies of oil in the Middle East Middle Eastern crude. India ships by next year. widespread over the next de-
while Iranian oil output has lockdowns. and rising demand globally. reported over 314,000 new The focus on new fuel cade and continue past the
jumped since the fall. This year, Brent has Iran pumped 2.3 million coronavirus cases in the past sources marks the biggest IMO deadline given the high
These forces have combined climbed 25% to almost $65 a barrels a day in March, accord- 24 hours, the health ministry change in ship power since the cost of transforming to carbon-
to flip a key indicator of supply barrel. Dubai hasn’t risen as ing to the International Energy said Thursday, the world’s big- sector switched from coal to neutral vessels. The current or-
and demand in different re- fast: Front-month prices are Agency, its highest production gest one-day jump in new in- oil more than 100 years ago. der book for LNG-powered ves-
gions by curtailing the price up 22% at $62.21 a barrel, ac- level since the Trump adminis- fections. Fresh restrictions on The effort is aimed at meet- sels stands at more than 139
growth for sour Dubai crude, cording to Platts. tration embargoed Iranian oil business and social activity ing a deadline set by the Inter- ships, the IMO said, with 27 or-
which is used as a reference for The gap between Brent and sales in May 2019. there are likely to deal another national Maritime Organiza- dered this year so far.
exports from the Middle East. Dubai prices plays an impor- More oil is already flowing blow to the economy. tion, the United Nations Martin Stopford, the nonex-
Brent, the benchmark for a tant role in directing flows of Indian imports of crude oil marine regulator, to cut carbon ecutive president of Clarkson
basket of light, sweet crudes crude around the world. When and petroleum condensates had emissions in half by 2050 com- Research, told a shipping de-

2.3M
produced in Europe’s North Brent is relatively expensive, been on the rise in March and pared with 2008 levels. carbonization forum this
Sea, has fetched a large pre- Asian refiners are likely to buy early April. “But obviously given Choices on measures to meet month that switching from the
mium over the Dubai bench- more crude from the Middle the new variant emerging there, the target carry high stakes for heavy oil fuel known as bunker
mark in recent months. So far East, according to John Mor- and the sheer jump in cases, the ship operators, with shipping to zero-emissions vessels
in April, Brent has cost $3.03 a ley, associate editorial pricing The number of barrels that import volumes moving forward services provider Clarkson Re- could cost the industry more
barrel more on average, the director at Platts. Dubai-linked Iran pumped each day in March are probably under threat,” said search Services Ltd. estimating than $3 trillion.
highest monthly premium crudes could flow even farther Jay Maroo, senior market ana- it may cost the industry more Some $518 billion will have
since November 2019, accord- afield to destinations such as lyst at Vortexa, which tracks than $3 trillion to switch to to go to upgrade container
ing to S&P Global Platts. the U.S. West Coast, he said. cargoes of commodities. new forms of power. ships, he said, $509 billion to
That is a turnaround from The price gap is measured out of the Middle East. Load- Brent is likely to fetch a A raft of new fuels from bulk carriers, $395 billion to
last year. Dubai rose to a rare by instruments called “ex- ings of crude onto vessels in premium for much of the year, ammonia and hydrogen to bio- gas carriers and $357 billion
premium over Brent in the change of futures for swaps,” the region have risen to 16.8 according to Amrita Sen, fuels are being tested, but to cruise ships. A further $214
spring of 2020, when a col- which allow traders with expo- million barrels a day, from 16.1 founding partner of consulting none is available in the vol- billion will be needed for oil
lapse in demand pushed U.S. sure to Dubai prices to change million barrels a day in March, firm Energy Aspects. OPEC umes needed to power the tankers, $319 billion for off-
crude prices below zero, and that for exposure to Brent according to data and analyt- will boost production, weigh- world’s 60,000 ocean vessels shore vessels and more than
Brent to less than $20 a bar- prices. Brent became more ex- ics firm Kpler. ing on prices of sour crudes in and tens of thousands of $900 billion for smaller ves-
rel. It did so again in the fall, pensive late last year. The Now traders’ concerns that the Middle East, she said. smaller ships. Researchers are sels such as tugs and ferries.

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 .

THE WALL STREET JOURNAL. Friday, April 23, 2021 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33815.90 t 321.41, or 0.94% Trailing P/E ratio 29.99 18.55 4134.98 t 38.44, or 0.92% Trailing P/E ratio * 45.51 22.10 13818.41 t 131.81, or 0.94% Trailing P/E ratio *† 40.12 26.86
High, low, open and close for each P/E estimate * 21.02 20.61 High, low, open and close for each P/E estimate * 23.82 20.75 High, low, open and close for each P/E estimate *† 30.51 25.77
trading day of the past three months. Dividend yield 1.74 2.81 trading day of the past three months. Dividend yield * 1.39 2.13 trading day of the past three months. Dividend yield *† 0.71 1.00
All-time high 34200.67, 04/16/21 All-time high 4185.47, 04/16/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833

34400 4150 14400

33200 4025 13800

32000 3900 13200

30800 65-day moving average 3775 12600

Session high
DOWN UP 65-day moving average
t

Session open Close 29600 3650 12000

65-day moving average
Close Open
t

28400 3525 11400

Session low
Bars measure the point change from session's open
27200 3400 10800
Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 865,641,748 20,769,291
Industrial Average 34126.57 33717.19 33815.90 -321.41 -0.94 34200.67 23247.97 43.8 10.5 11.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 321,854,424 9,693,773
Transportation Avg 15142.31 14913.46 14920.95 -119.37 -0.79 15040.32 7761.00 87.6 19.3 12.1 Most-active issues in late trading Decl. volume* 536,569,233 10,752,755
Utility Average 929.13 920.19 921.10 -6.20 -0.67 933.37 744.49 16.5 6.5 10.0 Volume After Hours Issues traded 3,433 281
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 43710.33 43087.93 43211.42 -339.53 -0.78 43735.05 28110.29 53.7 10.2 16.0 Advances 1,276 117
Snap SNAP 7,668.7 59.88 2.83 4.96 63.20 53.75
Barron's 400 1003.15 989.07 992.05 -4.85 -0.49 1004.09 572.37 73.3 16.4 11.2 Declines 2,004 150
ViacomCBS Cl B VIAC 7,081.0 40.85 0.12 0.29 40.85 40.57
Unchanged 153 14
Nasdaq Stock Market Intel INTC 6,404.2 60.60 -1.97 -3.15 63.48 60.00 New highs 247 4
Nasdaq Composite 14015.87 13771.04 13818.41 -131.81 -0.94 14095.47 8494.75 62.7 7.2 24.6 Ambev ADR ABEV 5,255.9 2.91 -0.04 -1.36 2.95 2.91 New lows 14 0
Nasdaq-100 13954.03 13716.76 13762.36 -172.79 -1.24 14041.91 8641.50 59.3 6.8 27.3 SPDR S&P 500 SPY 4,682.5 412.30 0.03 0.01 412.60 411.99 Closing Arms† 0.91 0.59
Apple AAPL 3,627.4 131.92 -0.03 -0.02 133.04 130.36 Block trades* 4,626 217
S&P
-0.92
Ford Motor F 3,474.2 11.97 0.03 0.21 11.98 11.91
500 Index 4179.57 4123.69 4134.98 -38.44 4185.47 2797.80 47.8 10.1 15.7 Nasdaq NYSE Arca
Discovery Series A DISCA 3,056.2 38.02 -0.19 -0.50 38.43 38.01
MidCap 400 2734.83 2693.30 2700.37 -11.22 -0.41 2721.08 1529.01 76.6 17.1 12.4 Total volume*4,410,478,816 230,904,192
SmallCap 600 1345.31 1324.07 1325.84 -6.43 -0.48 1397.66 700.59 87.4 18.5 11.3 Percentage gainers… Adv. volume*2,088,610,188 62,927,802
Sypris Solutions SYPR 1,132.7 3.69 0.88 31.32 4.51 2.81 Decl. volume*2,270,674,732 167,412,779
Other Indexes
Meridian Bancorp EBSB 153.3 20.32 2.50 14.03 20.97 17.82 Issues traded 4,340 1,487
Russell 2000 2268.53 2227.49 2232.61 -7.01 -0.31 2360.17 1214.07 83.9 13.1 12.6
Advances 2,033 411
NYSE Composite 16175.20 15991.84 16030.62 -90.99 -0.56 16186.29 10829.44 46.8 10.4 8.3 Skechers USA Cl A SKX 112.1 48.05 3.54 7.95 48.88 44.51
Declines 2,129 1,047
Value Line 662.63 653.38 654.71 -3.29 -0.50 662.21 378.92 72.8 15.1 5.6 Mattel MAT 456.4 22.53 1.65 7.90 22.71 20.88
Unchanged 178 29
NYSE Arca Biotech 5677.34 5559.09 5606.15 -8.63 -0.15 6319.77 5021.50 7.6 -2.3 7.1
Snap SNAP 7,668.7 59.88 2.83 4.96 63.20 53.75
New highs 131 156
NYSE Arca Pharma 720.04 712.44 714.51 -5.52 -0.77 725.03 613.07 10.5 3.6 10.8 ...And losers New lows 28 9
KBW Bank 121.49 119.55 119.59 -1.81 -1.49 124.01 62.74 76.9 22.1 3.6 Quidel QDEL 220.2 103.51 -18.71 -15.31 122.22 101.00 Closing Arms† 1.04 0.95
PHLX§ Gold/Silver 150.32 147.69 148.55 -3.21 -2.11 161.14 112.57 28.9 3.0 20.4 BlackLine BL 59.9 112.09 -5.70 -4.84 117.79 112.09 Block trades* 27,098 1,048
PHLX§ Oil Service 50.78 49.30 49.84 -0.24 -0.48 63.89 26.30 74.0 12.4 -31.4 Intel INTC 6,404.2 60.60 -1.97 -3.15 63.48 60.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3206.89 3119.01 3133.17 -74.08 -2.31 3305.43 1644.40 88.2 12.1 35.1 Brooklyn ImmunoThera BTX 171.1 12.15 -0.33 -2.64 13.15 11.80 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 19.90 16.99 18.71 1.21 6.91 41.38 16.25 -54.8 -17.8 3.5 Canaan ADR CAN 161.7 12.82 -0.34 -2.58 13.20 12.75 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 698.32 –1.59 –0.23 8.1 KnowBe4 KNBE 24.14 8.14 50.88 25.94 16.00 ... Evolus EOLS 9.51 -2.21 -18.86 17.38 2.85 114.7
MSCI ACWI ex-USA 346.13 2.23 0.65 6.0 NeuroPace NPCE 24.96 7.96 46.82 26.01 17.00 ... Tiptree TIPT 12.36 -1.86 -13.08 14.58 4.50 140.5
MSCI World 2923.91 –9.07 –0.31 8.7 Ocugen OCGN 9.29 2.79 42.92 18.77 0.17 2786.0 Sleep Number SNBR 110.13 -14.80 -11.85 151.44 26.70 270.8
MSCI Emerging Markets 1341.43 4.57 0.34 3.9 Brooklyn ImmunoThera BTX 12.48 3.58 40.22 15.52 1.88 467.3 Aldeyra Therapeutics ALDX 10.44 -1.40 -11.82 14.62 2.57 291.0
Americas MSCI AC Americas 1606.37 –13.41 –0.83 9.4 Codiak BioSciences CDAK 15.78 4.06 34.64 37.85 7.90 ... Riot Blockchain RIOT 36.49 -4.82 -11.67 79.50 1.03 3073.0
Canada S&P/TSX Comp 19031.64 –111.61 –0.58 9.2 Teradata TDC 50.50 10.62 26.63 59.58 17.99 123.8 Mogo MOGO 7.15 -0.90 -11.18 12.29 0.72 689.2
Latin Amer. MSCI EM Latin America 2401.28 5.06 0.21 –2.1 Qualtrics International XM 41.50 7.68 22.71 57.28 30.49 ... Marathon Digital MARA 31.06 -3.87 -11.08 57.75 0.40 6115.7
Brazil Sao Paulo Bovespa 119371.48 –690.51 –0.58 0.3 CEL-SCI CVM 24.40 4.35 21.70 40.91 10.76 97.9 Fangdd Network Group ADR DUO 4.45 -0.55 -11.00 129.04 4.32 -53.5
Chile Santiago IPSA 3293.29 –60.22 –1.80 15.2 Zymergen ZY 37.65 6.65 21.45 41.15 31.00 ... SEI Investments SEIC 56.08 -6.93 -11.00 63.67 45.96 15.9
Mexico S&P/BMV IPC 49092.31 224.69 0.46 11.4 uCloudlink ADR UCL 12.20 2.04 20.08 24.77 8.56 ... Navios Maritime Holdings NM 8.29 -1.01 -10.86 15.42 1.45 263.6
EMEA Stoxx Europe 600 439.63 2.99 0.69 10.2 Takung Art TKAT 24.15 3.66 17.86 74.11 0.77 1577.1 Yield10 Bioscience YTEN 9.15 -1.08 -10.56 23.49 4.16 70.1
Eurozone Euro Stoxx 442.53 4.18 0.95 11.3 FG Financial Group FGF 7.16 1.08 17.76 7.39 2.80 46.4 89bio ETNB 25.38 -2.62 -9.36 42.36 18.01 8.0
Belgium Bel-20 4032.01 48.84 1.23 11.3 Kaleido Biosciences KLDO 7.17 1.08 17.73 20.50 5.04 10.1 GSX Techedu ADR GSX 26.90 -2.75 -9.27 149.05 23.09 -17.9
Denmark OMX Copenhagen 20 1546.47 29.27 1.93 5.5 KLX Energy Services Hldgs KLXE 8.75 1.30 17.45 18.97 3.73 54.9 Fisker FSR 13.78 -1.37 -9.04 31.96 8.70 35.1
6267.28 0.91 12.9 Galectin Therapeutics GALT 3.46 0.51 17.29 3.98 1.76 93.3 Grindrod Shipping Hldgs GRIN 7.52 -0.73 -8.85 8.25 2.18 213.3
France CAC 40 56.73
Germany DAX 15320.52 124.55 0.82 11.7
Israel Tel Aviv 1633.03 2.12 0.13 8.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24398.41 237.03 0.98 9.7 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 712.94 3.58 0.51 14.1
Russia RTS Index 1501.77 37.60 2.57 8.2 Ocugen OCGN 219,459 284.2 9.29 42.92 18.77 0.17 Horizon Acquisition Cl A HZAC 17,733 6373 10.12 3.29 11.34 9.29
South Africa FTSE/JSE All-Share 66971.59 –174.16 –0.26 12.7 Sundial Growers SNDL 211,296 -56.8 0.83 -4.02 3.96 0.14 Codiak BioSciences CDAK 4,848 3353 15.78 34.64 37.85 7.90
1.61 Skillz SKLZ 118,650 796.6 16.57 -1.13 46.30 9.81 Fifth Wall Acqn I Cl A FWAA 7,768 2270 10.39 1.56 11.67 9.78
Spain IBEX 35 8656.80 137.02 7.2
906.64 0.63 18.0 NIO ADR NIO 115,406 22.3 39.57 1.72 66.99 2.91 VicSh USAA MSCI USA ValueULVM 447 1771 62.96 -0.60 63.61 39.12
Sweden OMX Stockholm 5.64
Castor Maritime CTRM 112,641 -32.8 0.49 1.49 1.95 0.11 VicSh USAA MSCI Intl Val UIVM 343 1323 48.95 -0.39 50.00 34.14
Switzerland Swiss Market 11224.90 15.81 0.14 4.9
Turkey BIST 100 1345.15 14.67 1.10 –8.9 AT&T T 107,800 159.6 31.36 4.15 33.24 26.35 NeuBase Therapeutics NBSE 4,196 1271 5.70 -5.00 12.89 5.42
U.K. FTSE 100 6938.24 42.95 0.62 7.4 ProSh UltraPro Shrt QQQ SQQQ 107,543 13.6 11.19 3.61 67.20 10.54 iSh iBonds Dec 2028 Trea IBTI 205 1149 25.36 0.02 26.83 25.04
U.K. FTSE 250 22364.87 279.14 1.26 9.2 SPDR S&P 500 SPY 96,391 17.0 412.27 -0.91 417.91 272.99 iSh iBonds Dec 2027 Trea IBTH 203 1086 25.41 0.00 26.61 25.14
Apple AAPL 84,351 -20.0 131.94 -1.17 145.09 68.72 Renalytix AI ADR RNLX 1,349 1036 29.04 15.15 32.12 9.91
Asia-Pacific MSCI AC Asia Pacific 207.29 1.95 0.95 3.7
Nikola NKLA 82,624 533.0 11.77 14.38 93.99 9.37 Teradata TDC 26,170 993 50.50 26.63 59.58 17.99
Australia S&P/ASX 200 7055.40 57.92 0.83 7.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3465.11 –7.82 –0.23 –0.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 28755.34 133.42 0.47 5.6
48080.67 0.79 0.7
Track the Markets
India S&P BSE Sensex 374.87
Japan Nikkei Stock Avg 29188.17 679.62 2.38 6.4
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3187.78 32.72 1.04 12.1 currencies and commodities at
South Korea Kospi 3177.52 5.86 0.18 10.6 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 17096.97 –105.14 –0.61 16.0 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1568.21 –11.80 –0.75 8.2 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004334 23076 –0.02
CREDIT MARKETS Argentina peso .0107 93.0767 10.7 Europe
Brazil real .1836 5.4461 4.9 Czech Rep. koruna .04648 21.514 0.2
Canada dollar .7995 1.2508 –1.8 Denmark krone .1616 6.1886 1.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001415 706.80 –0.5 Euro area euro 1.2018 .8321 1.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000275 3635.35 6.2 Hungary forint .003303 302.80 1.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007957 125.67 –1.7
A consumer rate against its Money Market/Savings Accts Mexico peso .0502 19.9358 0.3 Norway krone .1196 8.3625 –2.5
benchmark over the past year 2.50% Uruguay peso .02263 44.1950 4.3 Poland zloty .2633 3.7982 1.7
Bankrate.com avg†: 0.08% 16% Asia-Pacific Russia ruble .01326 75.390 1.8
BankDirect 0.50% 2.00 Euro Sweden krona .1187 8.4275 2.4
s

Australian dollar .7706 1.2977 –0.2

0.40% Richardson, TX 877-839-2737 Tradeweb ICE 8 Switzerland franc 1.0906 .9169 3.6
China yuan .1540 6.4914 –0.6
t

Thursday Close 1.50 Turkey lira .1201 8.3241 11.9

First Internet Bank of Indiana 0.50% Hong Kong dollar .1289 7.7601 0.1
Money market 0.30 0 Ukraine hryvnia .0358 27.9500 –1.4
1.00 India rupee .01332 75.088 2.8
account yields Indianapolis, IN 888-873-3424 Yen UK pound 1.3839 .7226 –1.3
s

Indonesia rupiah .0000689 14520 3.3

t TAB Bank 0.50% Middle East/Africa
0.20 One year ago 0.50 –8 s Japan yen .009262 107.97 4.5
Ogden, UT 800-355-3063 WSJ Dollar Index Kazakhstan tenge .002316 431.86 2.5 Bahrain dinar 2.6529 .3769 –0.03
t
Federal-funds 0.10 0.00 Macau pataca .1250 7.9990 0.1 Egypt pound .0637 15.6996 –0.3
target rate
CFG Community Bank 0.52% –16
Malaysia ringgit .2432 4.1123 2.2 Israel shekel .3067 3.2606 1.5
t Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021
0.00 New Zealand dollar .7165 1.3957 0.3 Kuwait dinar 3.3188 .3013 –0.9
BrioDirect 0.60% month(s) years
M J J A S ON D J FMA Pakistan rupee .00651 153.600 –4.2 Oman sul rial 2.5975 .3850 ...
Montebello, NY 877-369-2746 maturity Philippines peso .0207 48.361 0.7 Qatar rial .2746 3.641 –0.01
2020 2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7523 1.3293 0.6 Saudi Arabia riyal .2666 3.7503 –0.04
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008927 1120.18 3.2 South Africa rand .0699 14.3075 –2.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0051427 194.45 5.0
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03559 28.101 0.04
Yield (%) 52-Week Total Return (%) Thailand baht .03185 31.400 4.5 WSJ Dollar Index 86.13 0.12 0.13 1.34
Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.18 0.19 0.17 l 0.99 -2.18 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Barclays 2377.170 0.920 0.920 1.030 0.400 –4.140 4.819
Money market, annual yield 0.08 0.08 0.08 l 0.32 -0.28
Five-year CD, annual yield 0.47 0.47 0.44 l 0.86 -1.21 U.S. Treasury Long, Barclays 4217.030 2.160 2.160 2.400 1.090 –15.359 8.069 Commodities
30-year mortgage, fixed† 3.09 3.14 2.83 l 3.62 -1.42 Aggregate, Barclays 2234.940 1.490 1.490 1.630 1.020 0.102 5.309 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.36 2.41 2.32 l 3.25 -1.62 Fixed-Rate MBS, Barclays 2219.660 1.660 1.650 1.850 0.980 0.158 4.167
Jumbo mortgages, $548,250-plus† 3.09 3.14 2.85 l 3.70 -1.68 DJ Commodity 844.11 6.45 0.77 844.11 437.18 86.15 15.38
High Yield 100, ICE BofA 3364.837 3.693 3.608 7.996 3.261 17.877 5.612 Refinitiv/CC CRB Index 194.68 1.02 0.53 195.13 108.00 71.54 16.02
Five-year adj mortgage (ARM)† 3.15 3.14 2.85 l 3.32 -1.31
Muni Master, ICE BofA 598.131 0.829 0.833 1.940 0.725 6.009 5.073 Crude oil, $ per barrel 61.43 0.08 0.13 66.09 12.34 272.30 26.61
New-car loan, 48-month 4.04 4.04 4.02 l 4.44 0.22
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 908.826 4.777 4.790 6.612 4.295 16.110 4.845 Natural gas, $/MMBtu 2.749 0.057 2.12 3.354 1.482 51.46 8.27
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. 1781.20 -11.10 -0.62 2051.50 1676.20 2.76 -5.91
 .

B8 | Friday, April 23, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures July 2,439 2,460 2,417 2,442 3 90,118 June .9259 .9279 .9244 .9255 … 160,381
Contract Open Agriculture Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
May 132.90 134.50 130.00 134.30 2.10 1,192 May .8008 .8017 .7979 .8003 … 650
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. July 134.80 136.45 132.20 136.15 1.95 106,062 June .8001 .8018 .7978 .8004 .0001 170,856
Copper-High (CMX)-25,000 lbs.; $ per lb. May 624.25 650.50 s 623.50 650.50 25.00 248,742
April 4.2845 4.2845 4.2670 4.2805 –0.0060 1,022 July 605.00 631.50 s 604.50 631.50 25.00 735,313
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
May 16.90 17.07 16.81 16.92 –.02 69,280 May 1.3935 1.3949 1.3825 1.3839 –.0088 538
July 4.2960 4.3000 4.2525 4.2795 –0.0080 117,083 Oats (CBT)-5,000 bu.; cents per bu.
393.25 403.00 s 393.25 402.25 10.50 927 July 16.83 17.05 s 16.76 16.88 –.01 410,852 June 1.3934 1.3952 1.3825 1.3840 –.0088 155,674
Gold (CMX)-100 troy oz.; $ per troy oz. May
April 1794.20 1794.20 1779.50 1781.20 –11.10 3,038 July 395.25 406.75 s 394.00 405.50 11.00 2,929 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybeans (CBT)-5,000 bu.; cents per bu. July 31.50 31.50 31.50 31.50 … 3,381 June 1.0926 1.0951 1.0895 1.0905 –.0014 41,057
May 1794.50 1797.20 1776.80 1781.50 –11.20 1,511
June 1794.50 1798.10 1777.10 1782.00 –11.10 393,869 May 1498.75 1543.00 s 1498.25 1533.25 36.00 147,300 Cotton (ICE-US)-50,000 lbs.; cents per lb. Sept 1.0950 1.0977 1.0925 1.0932 –.0014 194
Aug 1797.00 1800.00 1779.30 1784.00 –11.20 40,251 July 1480.50 1524.00 s 1480.00 1514.25 34.75 347,938 May 85.00 85.79 84.28 84.64 –.19 3,937 Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct 1795.30 1800.00 1782.80 1786.10 –11.00 12,856 Soybean Meal (CBT)-100 tons; $ per ton. July 86.23 87.24 85.60 86.05 –.18 102,691 May .7751 .7765 .7693 .7710 –.0043 201
Dec 1801.10 1804.00 1784.00 1788.30 –11.00 21,585 May 413.70 424.50 412.60 422.00 9.70 52,631 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June .7754 .7766 .7693 .7710 –.0043 138,052
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 417.50 427.90 416.20 425.30 9.20 177,680 May 113.05 113.65 112.25 112.95 –.30 3,046 Mexican Peso (CME)-MXN 500,000; $ per MXN
April … … … 2837.60 –32.70
Soybean Oil (CBT)-60,000 lbs.; cents per lb. July 116.15 116.85 115.30 116.60 .05 8,278 May .05020 .05020 .04996 .05002 –.00010 13
May 60.27 62.69 s 60.22 62.52 2.33 55,894 June .05004 .05006 .04977 .04986 –.00010 149,166
June 2883.00 2894.00 s 2814.50 2842.90 –32.70 10,935
July 57.00 59.44 s 56.93 58.95 2.01 199,349 Interest Rate Futures Euro (CME)-€125,000; $ per €
Platinum (NYM)-50 troy oz.; $ per troy oz.
April 1209.90 1209.90 1205.90 1206.00 –6.20 11
Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 1.2044 1.2075 1.2000 1.2013 –.0022 2,222
May 12.88 13.40 12.86 13.36 .49 2,950 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
July 1217.00 1221.90 1200.30 1208.50 –6.20 60,594 June 187-220 188-290 186-290 188-020 22.0 1,134,916 June 1.2047 1.2083 1.2007 1.2020 –.0023 652,944
July 13.18 13.89 s 13.16 13.67 .51 4,512
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Sept 186-090 17.0 1
April 26.340 26.340 26.340 26.174 –0.391 171
May 673.75 713.25 s 672.00 710.25 37.00 48,529 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures
July 26.700 26.700 26.055 26.219 –0.387 80,234 June 158-080 158-290 157-260 158-140 10.0 1,189,578
July 676.00 715.00 s 674.25 710.50 35.50 228,818 Mini DJ Industrial Average (CBT)-$5 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. Sept 156-240 157-110 156-090 156-280 10.0 48 June 33986 34039 33605 33709 –307 90,952
June 61.11 61.87 60.61 61.43 0.08 453,926 May 630.75 670.75 s 630.75 667.50 36.75 26,646 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 33870 33919 33504 33598 –307 332
July 61.05 61.79 60.55 61.34 0.07 277,567 June 132-170 132-245 132-090 132-175 .5 3,919,144 S&P 500 Index (CME)-$250 x index
July 638.50 677.75 s 638.00 674.75 37.00 114,093
Aug 60.82 61.52 60.32 61.07 0.06 166,859 Sept 131-235 1.0 6,622
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 4165.80 4166.00 4128.60 4127.70 –37.10 32,572
Sept 60.47 61.15 60.01 60.70 0.07 168,371 April 134.625 135.100 t 132.200 132.250 –2.850 1,230
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
Oct 60.09 60.70 59.56 60.29 0.12 128,442 June 124-032 124-065 123-307 124-032 .2 3,345,357
Aug 151.550 151.925 147.100 148.375 –3.550 22,655 June 4157.50 4171.75 4115.25 4127.75 –37.00 2,629,998
59.15 59.83 58.74 59.46 0.20 311,326 Sept 123-167 9
Dec Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec 4135.00 4151.50 4097.25 4109.00 –36.75 44,736
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 119.775 119.775 117.400 118.325 –1.450 3,945 Mini S&P Midcap 400 (CME)-$100 x index
June 110-127 110-130 110-122 110-127 2,282,372
May 1.8499 1.8675 1.8380 1.8608 .0071 40,268 June 117.250 117.500 115.300 115.850 –1.400 135,247 June 2704.80 2731.00 s 2687.40 2695.60 –13.70 45,986
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 2718.00 2724.40 s 2687.80 2691.50 –14.30 53
June 1.8504 1.8701 1.8397 1.8629 .0074 116,513 Hogs-Lean (CME)-40,000 lbs.; cents per lb. April 99.9300 99.9325 99.9275 99.9300 155,527
Sept
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 107.600 108.350 106.650 107.450 –.150 2,982 Mini Nasdaq 100 (CME)-$20 x index
May 99.9200 99.9200 99.9150 99.9200 131,561
May 1.9740 1.9970 1.9608 1.9747 –.0087 49,444 June 104.800 105.925 102.975 103.550 –.975 106,314 June 13896.50 13944.75 13701.75 13750.25 –169.00 219,735
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Sept 13875.00 13930.00 13690.00 13738.25 –168.50 1,355
June 1.9789 2.0029 1.9665 1.9811 –.0070 126,565 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 91-300 4.0 154,688
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 1297.10 1324.50 1297.00 1324.50 32.00 957 Mini Russell 2000 (CME)-$50 x index
Eurodollar (CME)-$1,000,000; pts of 100% June 2231.60 2266.50 2220.20 2228.30 –10.10 458,737
May 2.696 2.779 2.657 2.749 .057 61,406 July 1165.00 1190.60 1165.00 1190.60 32.00 1,418 May 99.8200 99.8250 99.8200 99.8225 .0025 113,230
June 2.778 2.860 2.735 2.831 .055 178,117 Milk (CME)-200,000 lbs., cents per lb. Sept 2227.00 2261.70 2217.40 2224.40 –10.20 437
June 99.8200 99.8200 99.8150 99.8200 .0050 1,211,316
July 2.851 2.923 2.808 2.898 .052 185,755 April 17.68 17.70 17.65 17.65 –.05 3,337 Dec'22 99.5850 99.5900 99.5600 99.5750 –.0050 890,103
Mini Russell 1000 (CME)-$50 x index
May 19.10 19.16 18.54 18.68 –.48 4,642 June 2343.10 2353.50 2321.60 2328.10 –18.80 8,978
Aug 2.884 2.948 2.841 2.924 .048 73,651 March'23 99.5100 99.5200 99.4750 99.4950 –.0050 1,149,714
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 2.871 2.933 2.830 2.912 .049 107,100
June 91.09 91.42 90.97 91.32 .19 35,857
Oct 2.889 2.949 2.849 2.929 .048 126,670 May 2,445 2,445 2,445 2,402 3 1,359 Currency Futures Sept 91.06 91.35 90.97 91.31 .19 876
Japanese Yen (CME)-¥12,500,000; $ per 100¥
May .9258 .9277 .9242 .9253 … 719 Source: FactSet

Cash Prices | wsj.com/market-data/commodities Thursday, April 22, 2021

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Bonds | wsj.com/market-data/bonds/benchmarks
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months. Tracking Bond Benchmarks
Thursday Thursday Thursday
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Energy Aluminum, LME, $ per metric ton *2344.0 Wheat,No.1soft white,Portld,OR-u 6.7000
highs and lows for different types of bonds
Copper,Comex spot 4.2805
Food Total Total
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700 Iron Ore, 62% Fe CFR China-s 183.6 return YTD total Yield (%) return YTD total Yield (%)
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Shredded Scrap, US Midwest-s,m 432 close return (%) Index Latest Low High close return (%) Index Latest Low High
Beef,carcass equiv. index
Metals Steel, HRC USA, FOB Midwest Mill-s 1430 choice 1-3,600-900 lbs.-u n.a. Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
Fibers and Textiles select 1-3,600-900 lbs.-u n.a.
Gold, per troy oz 2234.94 -2.4 U.S. Aggregate 1.490 1.020 1.630 2219.66 -0.5 Mortgage-Backed 1.660 0.980 1.850
Broilers, National comp wtd. avg.-u,w 0.9995
Engelhard industrial 1787.00 Burlap,10-oz,40-inch NY yd-n,w 0.7350
Butter,AA Chicago 1.7400 U.S. Corporate Indexes Bloomberg Barclays 2164.97 -0.6 Ginnie Mae (GNMA) 1.600 0.290 1.840
Handy & Harman base 1787.75 Cotton,1 1/16 std lw-mdMphs-u 0.8380 Cheddar cheese,bbl,Chicago 179.50
Handy & Harman fabricated 1984.40 Cotlook 'A' Index-t *91.20 3342.37 -3.3 U.S. Corporate 2.160 1.740 2.840 1311.50 -0.5 Fannie mae (FNMA) 1.670 1.160 1.860
Cheddar cheese,blk,Chicago 177.50
LBMA Gold Price AM *1781.05 Hides,hvy native steers piece fob-u n.a. -1.4 2011.80 -0.5 Freddie Mac (FHLMC) 1.670 1.140 1.870
Milk,Nonfat dry,Chicago lb. 125.25 3068.32 Intermediate 1.470 1.080 2.360
LBMA Gold Price PM *1798.20 Wool,64s,staple,Terr del-u,w n.a.
Coffee,Brazilian,Comp 1.2504 598.13 0.4 Muni Master 0.829 0.725 1.940
Krugerrand,wholesale-e 1853.49 4860.10 -6.3 Long term 3.310 2.730 3.720
Grains and Feeds Coffee,Colombian, NY 1.8346
Maple Leaf-e 1871.31 Eggs,large white,Chicago-u 0.8650 672.60 -3.8 Double-A-rated 1.810 1.300 1.990 422.80 0.3 7-12 year 0.856 0.712 1.912
American Eagle-e 1871.31 Barley,top-quality Mnpls-u n.a.
Flour,hard winter KC 18.60 894.09 -2.8 Triple-B-rated 2.390 2.010 3.460 485.22 0.6 12-22 year 1.221 1.095 2.352
Mexican peso-e 2156.80 Bran,wheat middlings, KC-u 138
Hams,17-20 lbs,Mid-US fob-u 0.89
Austria crown-e 1749.91
Corn,No. 2 yellow,Cent IL-bp,u 6.5300 High Yield Bonds ICE BofA 474.81 1.3 22-plus year 1.768 1.682 3.262
Hogs,Iowa-So. Minnesota-u 93.03
Corn gluten feed,Midwest-u,w 178.6
Austria phil-e 1871.31 Pork bellies,12-14 lb MidUS-u n.a. 503.90 1.7 High Yield Constrained 4.117 3.955 8.476 Global Government J.P. Morgan†
Corn gluten meal,Midwest-u,w 609.8
Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.0509 5.9 n.a. n.a. Global Government n.a. n.a. n.a.
Cottonseed meal-u,w 373 483.78 Triple-C-rated 7.004 6.809 18.112
Engelhard industrial 26.4000 Steers,Tex.-Okla. Choice-u 120.00
Hominy feed,Cent IL-u,w 135 3364.84 1.1 High Yield 100 3.693 3.261 7.996 n.a. n.a. Canada n.a. n.a. n.a.
Handy & Harman base 26.2050 Steers,feeder,Okla. City-u,w 161.00
Meat-bonemeal,50% pro Mnpls-u,w 335
Handy & Harman fabricated 32.7560 Oats,No.2 milling,Mnpls-u 3.9875 454.07 1.5 Global High Yield Constrained 4.154 4.037 8.456 n.a. n.a. EMU§ n.a. n.a. n.a.
LBMA spot price *£18.5900 Fats and Oils
Rice, Long Grain Milled, No. 2 AR-u,w 26.88 344.67 2.1 Europe High Yield Constrained 2.495 2.434 6.011 n.a. n.a. France n.a. n.a. n.a.
(U.S.$ equivalent) *25.9100 Sorghum,(Milo) No.2 Gulf-u 8.0850 Degummed corn oil, crude wtd. avg.-u,w 60.2500
Coins,wholesale $1,000 face-a 21198 U.S Agency Bloomberg Barclays n.a. n.a. Germany n.a. n.a. n.a.
SoybeanMeal,Cent IL,rail,ton48%-u,w 415.90 Grease,choice white,Chicago-h 0.5000
Other metals Soybeans,No.1 yllw IL-bp,u 15.4200 Lard,Chicago-u n.a. 1848.09 -1.0 U.S Agency 0.720 0.460 0.840 n.a. n.a. Japan n.a. n.a. n.a.
LBMA Platinum Price PM *1191.0 Wheat,Spring14%-pro Mnpls-u 8.4100 Soybean oil,crude;Centl IL-u,w 0.6385
1616.87 -0.6 10-20 years 0.600 0.340 0.710 n.a. n.a. Netherlands n.a. n.a. n.a.
Platinum,Engelhard industrial 1217.0 Wheat,No.2 soft red,St.Louis-u 7.3775 Tallow,bleach;Chicago-h 0.5350
Palladium,Engelhard industrial 2899.0 Wheat - Hard - KC (USDA) $ per bu-u 6.9750 Tallow,edible,Chicago-u n.a. 4087.65 -4.4 20-plus years 2.230 1.290 2.460 n.a. n.a. U.K. n.a. n.a. n.a.
2858.90 -2.6 Yankee 1.730 1.370 2.260 908.83 -2.7 Emerging Markets ** 4.777 4.295 6.612
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 4/21
** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
Source: Dow Jones Market Data

Global Government Bonds: Mapping Yields

Exchange-Traded Portfolios | WSJ.com/ETFresearch Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Closing Chg YTD selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Closing Chg YTD SPDR DJIA Tr DIA 338.12 –0.93 10.6 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Thursday, April 22, 2021
ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 491.92 –0.50 17.1
Closing Chg YTD
SPDR S&P 500 SPY 412.27 –0.91 10.3
0.125 U.S. 2 0.151 s l 0.149 0.149 0.209
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 53.85 –0.35 4.2
SPDR S&P Div SDY 121.70 –0.77 14.9 1.125 10 1.554 t l 1.566 1.682 0.618
ARKInnovationETF ARKK 121.41 –0.34 –2.5 iShMSCIJapan EWJ 68.49 0.18 1.4
TechSelectSector XLK 140.60 –1.17 8.1
CommSvsSPDR XLC 75.57 –0.74 12.0 iShNatlMuniBd MUB 117.08 0.07 –0.1 5.500 Australia 2 0.086 s l 0.082 0.099 0.211 -5.9 -7.1 -0.6
VanEckGoldMiner GDX 36.18 –1.76 0.4
iSh1-5YIGCorpBd IGSB 54.76 –0.02 –0.7
CnsmrDiscSelSector XLY 175.98 –1.11 9.5
VangdInfoTech VGT 379.39 –0.93 7.2 1.500 10 1.653 t l 1.686 1.775 0.844 9.2 12.6 21.8
EnSelectSectorSPDR XLE 47.11 –1.17 24.3 iShPfd&Incm PFF 38.76 –0.05 0.6
VangdSC Val VBR 168.71 –0.57 18.6
FinSelSectorSPDR XLF 34.73 –1.11 17.8 iShRussell1000Gwth IWF 257.63 –0.86 6.8 0.000 France 2 -0.629 s l -0.652 -0.638 -0.426 -77.5 -80.5 -64.3
VangdExtMkt VXF 181.78 –0.23 10.4
HealthCareSelSect XLV 122.87 –0.45 8.3 iShRussell1000 IWB 233.26 –0.83 10.1
VangdSC Grwth VBK 283.33 0.01 5.9 1.500 10 0.081 s l 0.076 -0.057 0.125 -148.0 -148.5 -50.1
IndSelSectorSPDR XLI 100.46 –0.51 13.5 iShRussell1000Val IWD 155.31 –0.72 13.6
VangdDivApp VIG 152.05 –0.78 7.7
InvscQQQI QQQ 335.20 –1.21 6.8 iShRussell2000 IWM 221.58 –0.41 13.0 0.000 Germany 2 -0.684 s l -0.695 -0.697 -0.673 -82.9 -84.8 -89.0
VangdFTSEDevMk VEA 50.62 –0.41 7.2
InvscS&P500EW RSP 146.36 –0.63 14.8 iShRussell2000Val IWN 159.16 –0.74 20.8
iShRussellMid-Cap IWR 76.88 –0.41 12.2
VangdFTSE EM VWO 52.59 –0.17 4.9 0.000 10 -0.251 s l -0.260 -0.306 -0.407 -181.2 -182.0 -103.3
iShCoreDivGrowth DGRO 49.65 –0.92 10.8
VangdFTSE Europe VGK 65.91 –0.35 9.4
iShCoreMSCIEAFE IEFA 74.49 –0.32 7.8 iShRussellMCValue IWS 112.51 –0.69 16.0
VangdFTSEAWxUS VEU 62.19 –0.32 6.6
0.050 Italy 2 -0.338 s l -0.355 -0.400 1.051 -48.3 -50.9 83.4
iShCoreMSCIEM IEMG 65.22 –0.40 5.1 iShS&P500Growth IVW 68.88 –1.03 7.9
iShCoreMSCITotInt IXUS 72.16 –0.33 7.4 iShS&P500Value IVE 144.36 –0.78 12.8 VangdGrowth VUG 272.02 –0.89 7.4 0.900 10 0.757 s l 0.756 0.654 2.099 -80.4 -80.5 147.3
iShShortTreaBd 110.51 ... –0.0 VangdHlthCr VHT 239.97 –0.39 7.3
iShCoreS&P500 IVV 413.97 –0.89 10.3 SHV
VangdHiDiv VYM 102.41 –1.02 11.9
0.005 Japan 2 -0.132 t l -0.131 -0.138 -0.143 -27.7 -28.4 -36.1
iShCoreS&P MC IJH 269.37 –0.45 17.2 iShSilver SLV 24.21 –1.98 –1.5
iShCoreS&P SC IJR 108.89 –0.58 18.5 iShTIPSBondETF TIP 126.61 0.12 –0.8 VangdIntermBd BIV 89.34 0.04 –3.8 0.100 10 0.069 t l 0.075 0.082 -0.007 -149.2 -148.6 -63.3
iShS&PTotlUSStkMkt ITOT 95.08 –0.86 10.3 iSh1-3YTreasuryBd SHY 86.28 –0.01 –0.1 VangdIntrCorpBd VCIT 93.94 0.06 –3.3
VangdLC VV 192.90 –0.93 9.8 0.000 Spain 2 -0.474 s l -0.486 -0.502 0.163 -61.9 -63.9 -5.4
iShCoreUSAggBd AGG 114.77 0.03 –2.9 iSh7-10YTreasuryBd IEF 114.66 0.08 –4.4
iShSelectDividend DVY 116.13 –1.34 20.7 iSh20+YTreasuryBd TLT 140.39 0.44 –11.0 VangdMC VO 229.34 –0.41 10.9 0.100 10 0.391 t l 0.394 0.342 1.137 -117.0 -116.7 51.1
iShESGAwareUSA ESGU 94.68 –0.89 10.1 iShRussellMCGrowth IWP 108.00 0.17 5.2 VangdMC Val VOE 137.89 –0.88 15.9
72.10 6.2 iShUSTreasuryBdETF 26.43 0.11 –3.0 VangdMBS VMBS 53.68 –0.02 –0.7 0.125 U.K. 2 0.053 s l 0.040 0.077 0.094 -9.2 -11.4 -12.3
iShEdgeMSCIMinUSA USMV –0.55 GOVT
iShEdgeMSCIUSAMom MTUM 171.21 –0.67 6.2 JPM UltShtIncm JPST 50.75 0.02 –0.1 VangdRealEst VNQ 97.21 –0.54 14.5 4.750 10 0.741 t l 0.744 0.819 0.326 -82.1 -81.7 -30.0
iShEdgeMSCIUSAQual QUAL 126.46 –0.74 8.8 PIMCOEnhShMaturity MINT 101.97 –0.00 –0.1 VangdS&P500ETF VOO 378.99 –0.92 10.3
iShEdgeMSCIUSAVal VLUE 103.55 –0.94 19.1 SPDRBloomBar1-3MTB BIL 91.50 0.01 –0.0 VangdST Bond BSV 82.32 0.04 –0.7 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShGoldTr
iShiBoxx$InvGrCpBd
IAU
LQD
17.00
131.56
–0.58
0.10
–6.2
–4.8
SPDR Gold
SchwabIntEquity
GLD
SCHF
167.04
38.76
–0.65 –6.3
–0.44 7.6
VangdSTCpBd
VangdSC
VCSH
VB
82.66
219.21
0.01
–0.43
–0.7
12.6
Corporate Debt
iShiBoxx$HYCpBd HYG 87.14 –0.18 –0.2 SchwabUS BrdMkt SCHB 100.44 –0.76 10.4 VangdTotalBd BND 85.44 0.05 –3.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShJPMUSDEmgBd EMB 111.24 0.15 –4.0 SchwabUS Div SCHD 74.29 –1.26 15.8 VangdTotIntlBd BNDX 57.24 0.03 –2.2 expectations
iShMBSETF MBB 108.81 –0.04 –1.2 SchwabUS LC SCHX 100.15 –0.82 10.1 VangdTotIntlStk VXUS 64.39 –0.42 7.0
iShMSCI ACWI ACWI 98.48 –0.61 8.6 SchwabUS LC Grw SCHG 138.33 –0.83 7.7 VangdTotalStk VTI 214.61 –0.78 10.3 Investment-grade spreads that tightened the most…
iShMSCI EAFE EFA 78.27 –0.33 7.3 SchwabUS SC SCHA 100.90 –0.33 13.4 VangdTotlWrld VT 100.61 –0.63 8.7 Spread*, in basis points
iShMSCI EAFE SC SCZ 74.41 –0.29 8.9 Schwab US TIPs SCHP 61.72 0.13 –0.6 VangdValue VTV 134.27 –0.83 12.9 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
International Business Machines IBM 3.500 1.98 May 15, ’29 43 –12 54
Delta Airlines, Inc. Retirement Plan … 4.500 2.89 Oct. 20, ’25 257 –9 256
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Morgan Stanley MS 4.100 0.66 May 22, ’23 50 –9 55
WPP Finance 2010 WPPLN 3.750 0.90 Sept. 19, ’24 58 –8 n.a.
Money Rates April 22, 2021 General Electric Capital … 5.875 3.35 Jan. 14, ’38 107 –7 107
Verizon Communications VZ 5.250 3.07 March 16, ’37 81 –7 n.a.
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Bank of America BAC 4.000 0.65 April 1, ’24 34 –6 34
guide to general levels but don’t always represent actual transactions. Marathon Oil MRO 6.600 4.38 Oct. 1, ’37 214 –6 206

Inflation Week
Latest ago
—52-WEEK—
High Low
Week
Latest ago
—52-WEEK—
High Low
…And spreads that widened the most
March index Chg From (%) Royal Bank of Canada RY 4.650 1.42 Jan. 27, ’26 62 8 n.a.
March Federal funds Libor Guardian Life Global Funding GUARDN 1.400 1.66 July 6, ’27 86 6 82
level Feb. '21
'20 Effective rate 0.0700 0.0700 0.1000 0.0600 One month 0.10613 0.11500 0.48725 0.10300 Oracle ORCL 5.375 3.56 July 15, ’40 130 6 129
High 0.1000 0.1000 0.1500 0.0800 Three month 0.17575 0.18975 0.99138 0.17288 Toronto–Dominion Bank TD 0.750 1.06 Sept. 11, ’25 26 6 20
U.S. consumer price index Low 0.0400 0.0300 0.0600 0.0000 Six month 0.21063 0.21763 0.96525 0.18950
All items 264.877 0.71 2.6 Philip Morris International PM 4.250 3.42 Nov. 10, ’44 115 5 112
Bid 0.0600 0.0600 0.1000 0.0100 One year 0.28075 0.28775 0.96025 0.27588
Core 271.713 0.38 1.6 Apple AAPL 2.400 0.29 May 3, ’23 14 3 6
Offer 0.0900 0.0900 0.1100 0.0500
Euro Libor John Deere Capital … 2.250 1.18 Sept. 14, ’26 38 3 39
International rates 3 19
Treasury bill auction One month -0.574 -0.578 -0.378 -0.607 National Securities Clearing NSCCLF 1.200 0.34 April 23, ’23 19
Week 52-Week 4 weeks 0.005 0.010 0.130 0.005 Three month -0.546 -0.545 -0.148 -0.574
Latest ago High Low 13 weeks 0.025 0.020 0.175 0.015 Six month -0.523 -0.525 -0.062 -0.543 High-yield issues with the biggest price increases…
26 weeks 0.040 0.040 0.185 0.035 One year -0.494 -0.499 0.001 -0.511 Bond Price as % of face value
Prime rates Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
U.S. 3.25 3.25 3.25 3.25 Secondary market Secured Overnight Financing Rate American Airlines AAL 3.750 7.47 March 1, ’25 87.750 1.13 88.438
Canada 2.45 2.45 2.45 2.45 Fannie Mae 0.01 0.01 0.13 0.01 Dish DBS … 7.750 4.79 July 1, ’26 113.425 0.68 112.030
Japan 1.475 1.475 1.475 1.475
30-year mortgage yields Value 52-Week Occidental Petroleum OXY 7.875 5.23 Sept. 15, ’31 120.970 0.67 120.250
Policy Rates 30 days 2.387 2.406 2.622 1.751 Latest Traded High Low Springleaf Finance … 5.625 1.53 March 15, ’23 107.577 0.66 107.028
Euro zone 0.00 0.00 0.00 0.00 60 days 2.415 2.435 2.674 1.804 Netflix 5.875 2.64 Nov. 15, ’28 122.000 0.50 n.a.
DTCC GCF Repo Index NFLX
Switzerland 0.00 0.00 0.50 0.00 0.48 105.875
Treasury 0.009 47.200 0.151 -0.008 Crown Americas … 4.500 0.88 Jan. 15, ’23 106.155
Britain 0.10 0.10 0.10 0.10 Other short-term rates 13.172 0.169 0.002 0.35 110.125
Australia 0.10 0.10 0.25 0.10
MBS 0.011 Telecom Italia TITIM 5.303 2.08 May 30, ’24 109.625
Week 52-Week Teva Pharmaceutical Finance Netherlands … 3.150 4.35 Oct. 1, ’26 94.250 0.31 96.000
Overnight repurchase Latest ago high low Weekly survey
U.S. 0.00 0.01 0.14 -0.04 Latest Week ago Year ago …And with the biggest price decreases
Call money
U.S. government rates 2.00 2.00 2.00 2.00 Freddie Mac Ford Motor F 4.750 4.66 Jan. 15, ’43 101.250 –0.75 102.250
30-year fixed 2.97 3.04 3.33 Teva Pharmaceutical Finance IV … 3.650 2.71 Nov. 10, ’21 100.500 –0.62 100.750
Discount Commercial paper (AA financial) Quebecor Media QBRCN 5.750 1.75 Jan. 15, ’23 106.750 –0.50 107.090
15-year fixed 2.29 2.35 2.86
0.25 0.25 0.25 0.25 90 days 0.11 0.12 0.26 0.04 Five-year ARM 2.83 2.80 3.28 Howmet Aerospace HWM 5.950 4.16 Feb. 1, ’37 120.529 –0.49 122.000
Netflix NFLX 5.875 1.65 Feb. 15, ’25 115.500 –0.43 116.125
Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates Gap GPS 8.375 1.43 May 15, ’23 114.000 –0.30 n.a.
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of HCA HCA 5.875 1.33 May 1, ’23 109.000 –0.26 109.125
April 21, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
Tullett Prebon Information, Ltd. Source: MarketAxess
 .

THE WALL STREET JOURNAL. * Friday, April 23, 2021 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Ecopetrol EC 12.40 -0.11 Huazhu HTHT 58.16 2.18 Marsh&McLen MMC 126.91 -0.62 PetroleoBrasilA PBR.A 8.66 0.18 SlackTech WORK 42.41 s UiPath
0.07 PATH 75.50 6.50
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EdisonInt EIX 59.48 -1.67 Hubbell HUBB 188.37 -1.57 s MartinMarietta MLM 348.56 -3.37 Pfizer PFE 38.64 -0.89 SmithAO AOS 67.75 -0.18UltaBeauty ULTA 323.81 1.18
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four s EdwardsLife EW 96.15 0.91 HubSpot HUBS 534.16 27.63 MarvellTech MRVL 45.11 -2.37 PhilipMorris PM 94.01 -0.18 Smith&Nephew SNN 41.11 0.19UnderArmour A UAA 22.68 0.31
that include primary market trades as well as quarters. ElancoAnimal ELAN 30.56 -0.63 Humana HUM 444.66 0.21 Masco MAS 64.07 0.02 Phillips66 PSX 74.95 -2.07 Smucker SJM 132.11 -1.55UnderArmour C UA 19.02 0.29
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Elastic ESTC 124.42 0.52 JBHunt JBHT 169.59 2.81 Masimo MASI 245.36 -1.70 Pinduoduo PDD 133.32 4.65 Snap SNAP 57.05 -1.25Unilever UL 57.16 -0.55
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing ElectronicArts EA 141.26 0.22 HuntingtonBcshs HBAN 14.46 -1.04 Mastercard MA 383.36 0.26 PinnacleWest PNW 84.46 -0.70 s SnapOn SNA 240.23 3.24UnionPacific UNP 217.98 -5.45
Nasdaq ISE. standards EmersonElec EMR 91.52 MatchGroup MTCH 143.48 2.43 Pinterest PINS 71.99 -0.52 Snowflake SNOW 231.44 0.05
-0.59 HuntingIngalls HII 203.89 -4.68 UnitedAirlines UAL 51.03 -0.83
The list comprises the 1,000 largest companies lf-Late filing
Enbridge ENB 37.01 -0.32 HyattHotels H 82.11 0.26 MaximIntProducts MXIM 93.19 -1.68 PioneerNatRscs PXD 146.28 -0.82 SOQUIMICH SQM 52.78 -0.53UnitedMicro UMC 9.70 0.04
based on market capitalization. q-Temporary exemption from Nasdaq
Underlined quotations are those stocks with requirements. EncompassHealth EHC 87.28 -0.11 IAA IAA 61.60 -0.59 McAfee MCFE 25.13 0.46 PlainsAllAmPipe PAA 9.06 -0.10 SolarEdgeTech SEDG 274.70 19.61UPS B UPS 177.51 -1.06
large changes in volume compared with the t-NYSE bankruptcy EnelAmericas ENIA 7.59 -0.26 IAC/InterActive IAC 243.29 2.88 McCormick MKC 91.42 -0.50 Playtika PLTK 27.80 0.38 Sony SONY 108.94 0.50UnitedRentals URI 309.99 -6.76
issue’s average trading volume. v-Trading halted on primary market. EnergyTransfer ET 8.06 0.08 ICICI Bank IBN 15.02 0.32 McCormickVtg MKC.V 91.81 -1.70 PlugPower PLUG 26.50 -0.64 Southern SO 65.10 -0.63US Bancorp USB 56.16 -0.83
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being EnphaseEnergy ENPH 160.88 5.80 IdexxLab IDXX 546.26 5.18 McDonalds MCD 232.96 0.70 s Polaris PII 145.09 0.39 SoCopper SCCO 69.12 s UnitedTherap UTHR 209.33
-2.95 -2.60
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Entegris ENTG 109.99 -3.22 s IHS Markit INFO 105.40 0.25 McKesson MCK 195.33 -0.71 s Pool POOL 410.46 24.79 SouthwestAir LUV 61.07 -0.97UnitedHealth UNH 396.54 -2.27
previous closing price was $2 or higher. or securities assumed by such companies. Entergy ETR 106.60 -1.08 ING Groep ING 12.02 -0.27 s MedicalProp MPW 22.51 -0.08 PrincipalFin PFG 61.64 -1.25 Splunk SPLK 134.99 1.25UnitySoftware U 101.90 0.43
EnterpriseProd EPD 23.01 -0.03 Invesco IVZ 25.69 -0.66 Medtronic MDT 129.85 -0.40 Procter&Gamble PG 134.63 -1.35 Spotify SPOT 265.16 3.45UnivDisplay OLED 219.11 -1.04
s Equifax EFX 221.41 28.78 IPG Photonics IPGP 221.79 -1.88 MelcoResorts MLCO 18.73 -0.50 Progressive PGR 100.15 -1.06 Square SQ 245.11 s UniversalHealthB UHS 146.52
-0.14 -1.36
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s IQVIA Prologis PLD 114.68 -0.03 s StanleyBlackDck SWK 207.12 s VEREIT
Equinix EQIX 717.97 -8.16 IQV 225.94 6.94 MercadoLibre MELI 1563.46 -13.53 0.78 VER 41.60 0.24
changes in the closing prices from 4 p.m. the previous day. PrudentialFin PRU 96.74
Equinor EQNR 19.55 0.04 IcahnEnterprises IEP 57.91 0.54 Merck MRK 77.96 -1.27 -1.19 Starbucks SBUX 115.92 -0.82VF VFC 86.39 -0.61
Equitable EQH 33.12 -0.32 Icon ICLR 212.51 1.71 MetLife MET 61.90 -0.75 Prudential PUK 41.03 -1.05 StateStreet STT 78.70 s VICI Prop
-1.44 VICI 30.59 0.06
Thursday, April 22, 2021 Net Net EquityLife ELS 68.49 -0.59 s IDEX IEX 224.90 0.27 s MettlerToledo MTD 1301.56 -9.58 PublicServiceEnt PEG 62.92 -0.63 SteelDynamics STLD 50.33 -0.85VailResorts MTN 326.57 10.53
Net Stock Sym Close Chg Stock Sym Close Chg EquityResdntl EQR 73.98 -0.89 IllinoisToolWks ITW 225.99 -0.83 MicrochipTech MCHP 151.37 -3.28 s PublicStorage PSA 276.53 2.97 Stellantis STLA 17.20 -0.25Vale VALE 19.45 0.03
Stock Sym Close Chg s BCE ErieIndemnity A ERIE 226.99 -0.36 Illumina ILMN 408.42 5.09 MicronTech MU 84.71 -4.78 PulteGroup PHM 53.18 0.02 s Steris STE 212.38 -0.14ValeroEnergy VLO 68.48 -1.82
BCE 46.51 -0.27 Chegg CHGG 93.19 0.57 EssentialUtil WTRG 47.88 0.04 ImperialOil IMO 24.97 -0.54 s Microsoft MSFT 257.17 -3.41 Qiagen QGEN 51.30 -0.50 STMicroelec STM 37.77 -0.10Vedanta VEDL 11.96 0.03
BHP Group BHP 72.58 -1.36 CheniereEnergy LNG 72.72 -0.82
A B C BHP Group BBL 60.33 -1.53 CheniereEnerPtrs CQP 39.97 -1.11
s EssexProp ESS 294.36 -2.65 Incyte INCY 84.18 -0.54 s MidAmApt MAA 155.52 -0.90 Qorvo QRVO 187.05 -2.16
s
StoneCo STNE 65.76 -1.12VeevaSystems VEEV 279.11 4.32
s EsteeLauder EL 312.09 2.22 Infosys INFY 17.85 -0.25 s Middleby MIDD 179.14 -2.85 Qualcomm QCOM 132.97 -3.22 Stryker SYK 264.17 0.28Ventas VTR 55.29 -0.42
ABB ABB 32.32 -0.42 BP BP 24.34 -0.62 Chevron CVX 100.95 -1.78 Etsy ETSY 210.28 0.52 s IngersollRand IR 51.24 0.29 MiratiTherap MRTX 160.84 -0.48 QualtricsIntl XM 41.50 7.68 SumitomoMits SMFG 6.90 -0.07VeriSign VRSN 212.37 1.26
AECOM ACM 66.61 -0.19 Baidu BIDU 214.56 -0.08 Chewy CHWY 79.60 -0.64 EverestRe RE 264.51 -3.13 Insulet PODD 283.64 -1.55 MitsubishiUFJ MUFG 5.29 -0.08 s QuantaServices PWR 95.92 0.35 SunComms SUI 161.58 -0.59VeriskAnalytics VRSK 187.26 1.88
AES AES 28.32 -0.07 BakerHughes BKR 19.82 0.27 ChinaEastrnAir CEA 22.84 0.03 Evergy EVRG 64.22 -0.39 Intel INTC 62.57 -1.13 MizuhoFin MFG 2.83 -0.04 QuantumScape QS 34.15 0.65 SunLifeFinancial SLF 52.32 -0.31Verizon VZ 57.28 -0.86
Aflac AFL 52.94 -0.56 Ball BLL 92.69 -0.21 ChinaLifeIns LFC 10.22 -0.26 EversourceEner ES 88.22 -1.31 InteractiveBrkrs IBKR 70.89 -2.54 MobileTeleSys MBT 8.44 0.11 QuestDiag DGX 133.69 3.67 SuncorEnergy SU 20.08 -0.30VertxPharm VRTX 215.98 -3.78
AGCO AGCO 148.07 -0.03 BancoBilbaoViz BBVA 5.26 0.05 ChinaPetrol SNP 51.08 -0.39 ExactSciences EXAS 129.97 1.22 ICE ICE 119.84 0.31 Moderna MRNA 168.10 -1.40 SunRun RUN 53.10 0.88ViacomCBS B VIAC 40.73 -0.12
AGNC Invt AGNC 17.39 -0.05 BancoBradesco BBDO 3.73 -0.04 ChinaSoAirlines ZNH 35.44 -0.18 Exelon EXC 45.08 -0.60 InterContinentl IHG 70.34 -0.05 MohawkInds MHK 199.17 -1.94 R S Suzano SUZ 12.77 -0.18ViacomCBS A VIACA 45.40 0.25
Ansys ANSS 364.81 -1.07 BancodeChile BCH 23.70 -1.03 Chipotle CMG 1480.00 -27.62 Expedia EXPE 175.65 -0.61 s IBM IBM 141.28 -2.27 MolinaHealthcare MOH 253.16 -1.27 SynchronyFin SYF 39.88 -0.30Viatris VTRS 13.36 0.06
BancSanBrasil BSBR 6.87 -0.02 Chubb CB 166.92 1.85 RELX RELX 26.87 0.01 s
ASETech ASX 7.71 -0.26 ExpeditorsIntl EXPD 110.29 0.06 IntlFlavors IFF 142.49 -1.37 MolsonCoorsB TAP 52.28 -0.89 SyneosHealth SYNH 88.70 0.76Vipshop VIPS 29.98 0.39
BcoSantChile BSAC 23.61 -1.33 s RH RH 654.36 -2.64
s ASML ASML 647.09 -8.40 ChunghwaTel CHT 40.96 0.01 ExtraSpaceSt EXR 147.00 0.62 IntlPaper IP 55.88 -1.03 Mondelez MDLZ 59.55 -0.02 Synopsys SNPS 248.21 s Visa
-4.35 V 227.57 0.12
BancoSantander SAN 3.37 -0.02 Church&Dwight CHD 89.63 -0.26 Interpublic IPG 29.63 -1.06
RLX Tech RLX 10.50 0.62 Sysco SYY 82.38 -0.02Vistra VST 17.42 -0.34
AT&T T 31.36 1.25 ExxonMobil XOM 55.27 -0.73 MongoDB MDB 306.69 6.66
BankofAmerica BAC 38.36 -0.36 ChurchillDowns CHDN 212.94 -6.10 Intuit INTU 406.78 -2.17 RPM RPM 94.12 -0.38 VMware VMW 164.53 -1.46
AbbottLabs ABT 123.50 0.90 F5Networks FFIV 208.46 -1.04 MonolithicPower MPWR 372.18 -5.39
AbbVie ABBV 110.05 -0.75 BankofMontreal BMO 91.09 -0.03 Ciena CIEN 53.85 -1.07 FMC FMC 113.46 -1.40 IntuitiveSurgical ISRG 859.66 -31.72 MonsterBev MNST 97.51 -0.48
RalphLauren RL 123.43 0.80
RaymondJames RJF 126.46 -0.69
T U V Vodafone VOD 18.63 -0.17
Abiomed ABMD 343.40 0.76 BankNY Mellon BK 46.55 -0.64 Cigna CI 252.54 -0.46 Facebook FB 296.52 -4.95 s InvitatHomes INVH 33.83 -0.02 s Moody's MCO 325.05 0.02 VornadoRealty VNO 44.27 -1.22
BkNovaScotia BNS 61.99 -0.07 s CincinnatiFin CINF 108.84 -1.00 RaytheonTech RTX 78.74 -0.13 TAL Education TAL 61.64 -1.36 s
s Accenture ACN 290.16 -0.56 FactSet FDS 323.79 2.04 iQIYI IQ 15.43 0.17 MorganStanley MS 78.29 -0.96 VulcanMatls VMC 176.11 -1.26
Barclays BCS 10.00 -0.18 Cintas CTAS 348.56 0.91 s RealtyIncome O 69.08 -0.26 TC Energy TRP 47.28 -0.58
ActivisionBliz ATVI 93.70 0.52 s FairIsaac FICO 534.01 6.37 IronMountain IRM 40.37 0.13 Morningstar MORN 241.51 3.35
BarrickGold GOLD 22.41 -0.33 CiscoSystems CSCO 51.50 -0.43 s RegencyCtrs REG 61.72 -0.01 TE Connectivity TEL 132.01 -1.49 W X Y Z
Adobe ADBE 507.29 -5.05 Farfetch FTCH 47.83 1.00 ItauUnibanco ITUB 4.99 0.13 Mosaic MOS 33.06 -0.32
BauschHealth BHC 29.47 -0.08 Citigroup C 69.81 -0.84 RegenPharm REGN 490.43 -16.05 Telus TU 20.59 0.01
AdvanceAuto AAP 200.30 0.43 s Fastenal FAST 51.75 -0.31 MotorolaSol MSI 187.43 0.95
AdvMicroDevices AMD 79.06 -2.55 BaxterIntl BAX 88.01 0.11 CitizensFin CFG 43.18 -0.86 s FederalRealty FRT 109.35 0.04 J K L NICE NICE 236.01 0.70
RegionsFin RF
ReinsGrp
20.29 -0.26
RGA 129.88 -1.70
TJX TJX 69.17 0.69
T-MobileUS TMUS 131.73 -0.39
WEC Energy WEC 97.16 -0.12
WEX WEX 224.73 0.66
Aegon AEG 4.41 -0.13 BectonDicknsn BDX 257.13 -1.01 CitrixSystems CTXS 140.30 -1.20 FedEx FDX 276.54 -1.72 NIO NIO 39.57 0.67
BeiGene BGNE 311.06 9.06 Clarivate CLVT 25.31 -0.24 JD.com JD 76.11 0.39 RelianceSteel RS 155.16 0.04 TRowePrice TROW 175.28 -3.92 W.P.Carey WPC 73.77 -0.15
AffirmHldgs AFRM 68.62 1.07 Ferguson FERG 128.15 -0.71 NRG Energy NRG 37.05 -0.74
BentleySystems BSY 50.40 -0.54 Cleveland-Cliffs CLF 17.09 0.04 JPMorganChase JPM 147.37 -3.17 RenaissanceRe RNR 171.19 -1.15 TaiwanSemi TSM 115.32 -2.08 WPP WPP 65.38 -1.17
AgilentTechs A 134.53 0.70 Ferrari RACE 213.08 -1.67 NVR NVR 4826.37 26.37 s
Berkley WRB 80.46 -0.10 Clorox CLX 195.07 -0.82 JackHenry JKHY 167.21 1.12 Repligen RGEN 216.32 -1.27 TakeTwoSoftware TTWO 178.38 1.93 Wabtec WAB 83.74 0.74
agilon health AGL 30.75 -1.75 FidNatlFin FNF 44.72 0.25 s JacobsEngg J 135.17 -0.29 NXP Semi NXPI 196.25 -4.88 s TakedaPharm TAK 17.02 0.10 WalgreensBoots WBA 52.58 -1.47
BerkHathwy A BRK.A 405901-4251.93 Cloudflare NET 75.43 1.65 RepublicSvcs RSG 105.61 -0.28
AgnicoEagle AEM 66.16 -1.07 FidNatlInfo FIS 152.53 0.09 s JamesHardie JHX 33.92 0.06 s Nasdaq NDAQ 159.72 0.40 Walmart WMT 139.67 -1.53
BerkHathwy B BRK.B 269.51 -2.70 Coca-Cola KO 54.44 -0.17 ResMed RMD 208.22 -0.29 Tapestry TPR 45.16 0.23
AirProducts APD 284.74 -3.89 FifthThirdBncp FITB 36.86 -0.50 JazzPharma JAZZ 167.52 -2.27 Natera NTRA 106.94 -2.67 Target WarnerMusic WMG 37.37 1.23
BerryGlobal BERY 62.31 -0.87 s Coca-Cola Euro CCEP 56.14 0.01 RestaurantBrands QSR 66.55 0.57 TGT 205.57 -1.20
Airbnb ABNB 170.71 3.64 FirstHorizon FHN 17.28 -0.41 J&J JNJ 165.18 -1.41 NationalGrid NGG 63.36 0.35 TataMotors TTM 19.20 -0.43 WasteConnections WCN 117.03 0.04
BestBuy BBY 118.04 -0.93 Cognex CGNX 84.24 -1.38 RingCentral RNG 328.38 1.87
AkamaiTech AKAM 106.36 0.81 FirstRepBank FRC 172.66 -2.10 s JohnsonControls JCI 62.29 0.41 Natura&Co NTCO 17.34 -0.37 TeckRscsB WasteMgt WM 134.75 -0.81
BeyondMeat BYND 132.83 -1.12 CognizantTech CTSH 79.04 -0.21 RioTinto RIO 84.01 -1.99 TECK 21.51 -0.24
AlaskaAir ALK 66.96 -1.87 FirstSolar FSLR 87.15 3.50 JonesLang JLL 176.19 -1.41 NatWest NWG 5.26 -0.11 s Waters WAT 304.64 3.42
Bilibili BILI 108.15 3.99 t RobertHalf RHI 85.20 2.70 TeladocHealth TDOC 181.42 -1.41
Albemarle ALB 155.80 2.75 CoinbaseGlbl COIN 293.45 -18.47 FirstEnergy FE 36.35 -0.44 NetApp NTAP 75.50 -0.41
Bill.com BILL 153.32 1.16 JuniperNetworks JNPR 25.07 -0.49 Roblox RBLX 69.85 -1.91 s TeledyneTech TDY 437.65 1.64 s Watsco WSO 291.15 6.17
Albertsons ACI 19.26 -0.27 ColgatePalm CL 81.05 -0.10 Fiserv FISV 124.63 -0.19 NetEase NTES 111.35 2.42
s Bio-Techne TECH 423.71 -0.13 KB Fin KB 46.91 0.01 RocketCos. RKT 21.87 -0.03 s Teleflex TFX 439.35 1.07 Wayfair W 307.77 -10.73
Alcon ALC 75.34 0.16 Comcast A CMCSA 54.40 -0.26 FiveBelow FIVE 194.77 0.74 Netflix NFLX 508.78 -0.12
Bio-RadLab A BIO 639.73 5.42 KE Holdings BEKE 54.81 0.93 Rockwell ROK 265.05 -2.77 Ericsson ERIC 14.09 -0.25 Weibo WB 49.74 0.25
AlexandriaRlEst ARE 179.00 -0.88 Comerica CMA 67.88 -1.27 Five9 FIVN 173.74 1.94 Neurocrine NBIX 96.51 -0.52
Biogen BIIB 259.00 -10.85 s KKR KKR 53.72 0.62 RogersComm B RCI 49.35 -0.09 TelefonicaBras VIV 8.04 0.23 WellsFargo WFC 42.70 -0.54
AlexionPharm ALXN 167.65 -0.79 CommerceBcshrs CBSH 74.88 -1.27 FleetCorTech FLT 288.66 0.80 NewOrientalEduc EDU 16.29 -0.16
KLA KLAC 325.08 -6.71 Roku ROKU 350.06 -6.56 Telefonica TEF 4.46 -0.06 Welltower WELL 75.63 -0.73
Alibaba BABA 229.35 -0.09 BioMarinPharm BMRN 79.70 0.37 s CiaSiderurgica SID 8.94 0.39 Flex FLEX 18.06 -0.13 NewellBrands NWL 26.68 -0.29
s BioNTech BNTX 168.95 7.15 s KSCitySouthern KSU 296.58 -1.07 Rollins ROL 35.29 0.11 TelekmIndonesia TLK 22.74 -0.15 WestFraserTimber WFG 76.93 -0.11
AlignTech ALGN 615.31 -0.77 ConagraBrands CAG 38.17 -0.38 Floor&Decor FND 111.52 -0.19 Newmont NEM 65.70 -1.12 s
BlackKnight BKI 74.03 0.63 Kellogg K 63.97 -0.57 RoperTech ROP 431.13 1.48 10xGenomics TXG 191.81 4.26 WestPharmSvcs WST 321.84 -1.99
Alleghany Y 680.14 -6.72 ConocoPhillips COP 49.46 -0.58 s FomentoEconMex FMX 80.71 0.12 KeurigDrPepper KDP 36.03 -0.28 NewsCorp A NWSA 26.89 -0.43 RossStores ROST 127.84 0.47 Tenaris TS 21.18 -0.44 WestAllianceBcp WAL 100.39 -0.69
s Allegion ALLE 135.49 2.40 BlackRock BLK 795.32 -16.21 ConEd ED 78.11 -0.25 FordMotor F 11.94 0.21 NewsCorp B NWS 25.09 -0.32
s Blackstone BX 82.96 2.65 KeyCorp KEY 20.01 -0.43 RoyalBkCanada RY 92.59 -0.31 TencentMusic TME 18.61 0.53 WesternDigital WDC 66.26 -3.20
AlliantEnergy LNT 56.85 -0.23 ConstBrands A STZ 238.33 -2.80 Fortinet FTNT 201.16 -0.76 NextEraEnergy NEE 78.32 0.35 s
Boeing BA 234.33 -1.59 KeysightTechs KEYS 145.60 0.95 RoyalCaribbean RCL 84.18 -0.51 Teradyne TER 126.32 -3.62 WesternUnion WU 26.05 -0.17
Allstate ALL 123.66 -0.24 ContinentalRscs CLR 25.29 -0.36 Fortis FTS 44.63 -0.28 NielsenHoldings NLSN 25.12 -0.19
KimberlyClark KMB 140.33 -1.14 RoyalDutchA RDS.A 37.77 -0.87 Tesla TSLA 719.69 -24.43 WestlakeChem WLK 91.29 -4.49
AllyFinancial ALLY 47.75 -0.68 BookingHldgs BKNG 2347.05 -10.68 s Cooper COO 405.28 1.26 s Fortive FTV 73.52 -0.39 Nike NKE 129.18 -0.72
s KimcoRealty KIM 20.03 -0.15 RoyalDutchB RDS.B 35.75 -0.92 TevaPharm TEVA 10.20 -0.05 WestpacBanking WBK 19.37 -0.14
AlnylamPharm ALNY 137.77 0.24 BoozAllen BAH 83.71 -0.23 Copart CPRT 122.89 0.34 FortBrandsHome FBHS 102.53 0.54 NiSource NI 25.90 -0.13
BorgWarner BWA 49.54 -0.60 KinderMorgan KMI 16.36 -0.33 RoyaltyPharma RPRX 43.21 0.43 TexasInstruments TXN 185.80 -3.10 WestRock WRK 52.50 -1.20
Alphabet C GOOG 2267.92 -25.37 Corning GLW 45.59 -0.66 FoxB FOX 37.10 -0.26 KingsoftCloud KC 47.62 1.72 Nokia NOK 4.16 -0.05 Weyerhaeuser WY 37.83 -0.37
BostonBeer SAM 1246.00 -9.22 Ryanair RYAAY 106.65 2.07 TexasPacLand TPL 1467.00 10.35
Alphabet A GOOGL 2252.52 -25.83 s Corteva CTVA 48.08 -0.20 FoxA FOXA 38.12 -0.49 NomuraHoldings NMR 5.29 0.01
BostonProps BXP 106.00 -1.40 KinrossGold KGC 7.54 -0.18 SAP SAP 143.75 1.85 Textron TXT 59.09 -0.11 WheatonPrecMet WPM 42.88 -0.53
AlticeUSA ATUS 35.45 0.07 CoStar CSGP 913.00 3.75 Franco-Nevada FNV 141.63 -0.20 KirklandLakeGold KL 38.56 -0.69 Nordson NDSN 210.79 1.27 s s Whirlpool WHR 233.19 -1.51
s BostonSci BSX 42.57 0.26 S&P Global SPGI 383.31 0.55 ThermoFisherSci TMO 484.21 3.80
Altria MO 46.50 -1.08 Costco COST 371.26 -2.83 FranklinRscs BEN 28.67 -0.91 Kohl's KSS 58.36 -0.81 s NorfolkSouthern NSC 278.54 -1.92 SBA Comm SBAC 294.57 3.22 ThomsonReuters TRI 91.73 -0.55 Williams WMB 23.24 -0.32
AlumofChina ACH 12.49 0.01 BrightHorizons BFAM 165.21 1.01 CoupaSoftware COUP 264.99 1.89 FreeportMcM FCX 34.74 -1.16 NorthernTrust NTRS 106.76 0.02
BristolMyers BMY 66.32 ...
KoninklijkePhil PHG 60.73 0.07 SEI Investments SEIC 56.08 -6.93 s 3M MMM 200.90 0.02 Williams-Sonoma WSM 168.59 -2.19
Amazon.com AMZN 3309.04 -52.98 Coupang CPNG 42.81 0.83 FreseniusMed FMS 39.35 0.14 KoreaElcPwr KEP 10.67 -0.11 NorthropGrum NOC 343.43 -2.09 s s WillisTowers WLTW 233.15 -2.59
BritishAmTob BTI 38.10 -0.45 SK Telecom SKM 30.57 0.32 Toro TTC 114.92 -0.82
Ambev ABEV 2.95 0.05 Credicorp BAP 122.59 -2.59 Futu FUTU 135.97 3.32 KraftHeinz KHC 40.97 -0.61 NortonLifeLock NLOK 22.00 -0.01 s Wipro WIT
Broadcom AVGO 455.11 -4.68 SS&C Tech SSNC 71.59 -0.10 TorontoDomBk TD 66.16 -0.06 7.17 0.16
Amcor AMCR 11.65 -0.29 CreditSuisse CS 10.01 -0.37 Kroger KR 37.43 -0.48 NorwegCruise NCLH 29.00 -0.51 s Wix.com WIX 295.90 3.38
StoreCapital STOR 35.70 0.30 Total TOT 44.06 -0.74
Amdocs DOX 77.43 0.22 s BroadridgeFinl BR 161.28 0.53 Cree CREE 108.72 -0.31 G H I L Brands LB 66.07 0.76 Novartis NVS 88.23 -0.43 SVB Fin SIVB 518.99 -9.01 ToyotaMotor TM 154.78 -0.36 Workday WDAY 252.95 1.33
Amedisys AMED 282.92 -2.13 BrookfieldMgt BAM 45.02 -0.13 CrowdStrike CRWD 216.73 6.36 Novavax NVAX 207.30 -5.53
LKQ LKQ 44.28 -0.16 Salesforce.com CRM 231.35 0.79 s TractorSupply TSCO 188.11 7.95 WynnResorts WYNN 124.38 -1.61
Amerco UHAL 594.40 -5.92 BrookfieldInfr BIP 53.95 -0.44 s CrownCastle CCI 184.21 1.32 GDS Holdings GDS 81.90 1.32
LPL Financial LPLA 143.70 0.25 NovoNordisk NVO 74.15 -0.08 Sanofi SNY 52.06 -0.40 TradeDesk TTD 700.23 -7.04 XP XP 39.53 ...
Ameren AEE 84.81 -0.27 BrookfieldPropREIT BPYU 17.97 ... CrownHoldings CCK 107.17 -0.64 GFLEnvironmental GFL 33.18 -0.42
L3HarrisTech LHX 210.71 -1.34 Novocure NVCR 199.20 -1.39 SantanderCons SC 30.49 -0.46 Tradeweb TW 79.65 -0.07 XPO Logistics XPO 134.56 0.99
AmericaMovil AMX 14.55 -0.02 BrookfieldRenew BEPC 43.08 0.28 s CubeSmart CUBE 41.73 0.12 Gallagher AJG 136.25 -0.92
NuanceComms NUAN 53.10 -0.12
AmericaMovil A AMOV 14.53 0.03 s Brown&Brown BRO 49.97 0.17 Cummins CMI 261.12 -1.95 GameStop GME 151.17 -7.34 s LabCpAm LH 264.85 3.49 Sasol SSL 16.30 -0.59 s TraneTech TT 171.95 1.45 XcelEnergy XEL 71.12 -0.20
s LamResearch LRCX 614.54 -26.71 Nucor NUE 76.09 -4.09 Schlumberger SLB 25.25 -0.48 TransDigm TDG 593.79 -2.40 Xilinx XLNX 123.08 -3.87
AmerAirlines AAL 20.07 -0.94 Brown-Forman A BF.A 72.90 0.48 CureVac CVAC 114.10 1.16 Gaming&Leisure GLPI 45.16 -0.90
s LamarAdv LAMR 98.21 1.11 Nutrien NTR 53.74 -0.38 SchwabC SCHW 64.80 -0.60 s TransUnion TRU 101.92 4.04 XPeng XPEV 32.37 -0.23
AEP AEP 87.95 -1.40 Brown-Forman B BF.B 77.19 0.05 CyrusOne CONE 74.21 0.12 Gap GPS 33.24 0.43
LambWeston LW 80.12 -0.75 NVIDIA NVDA 594.01 -20.41 ScottsMiracleGro SMG 229.47 -1.75 Travelers TRV 155.87 -1.51 s Xylem XYL 109.08 -0.40
AmerExpress AXP 147.16 -0.02 Bruker BRKR 67.44 -0.27 Garmin GRMN 139.16 0.16
s Gartner LasVegasSands LVS 58.33 -2.43 Sea SE 246.49 5.40 Trex TREX 103.44 0.97 Yandex YNDX 60.88 0.17
AmericanFin AFG 121.17 -0.97 BuildersFirstSrc BLDR 47.76 -0.41 D E F Generac
IT 195.60
GNRC 321.66
2.18
-1.36 Lear LEA 181.18 0.73 O P Q s Seagate STX 84.08 0.20 Trimble TRMB 81.34 0.34 YumBrands YUM 117.82 0.37
s AmHomes4Rent AMH 35.58 -0.02 Bumble BMBL 58.12 0.57
s Bunge BG 83.35 0.55 s DISH Network DISH 41.96 1.02 s GeneralDynamics GD 184.50 -1.35 Leidos LDOS 101.29 -0.12
ONEOK OKE 51.04 -1.12 Seagen SGEN 143.65 -3.84 Trip.com TCOM 38.33 0.28 YumChina YUMC 58.74 0.27
AIG AIG 46.46 -0.30 Lennar B
BurlingtonStrs BURL 323.09 1.03 DTE Energy DTE 138.16 -1.98 GeneralElec GE 13.41 0.06 LEN.B 79.85 -0.86
OReillyAuto ORLY 529.58 -3.68 SempraEnergy SRE 137.45 -1.15 TruistFinl TFC 55.86 -0.91 ZTO Express ZTO 31.25 1.69
AmerTowerREIT AMT 251.54 -0.64 Lennar A LEN 100.75 -1.23
CBRE Group CBRE 81.61 0.31 s Danaher DHR 252.92 8.52 GeneralMills GIS 62.03 -0.73 OakStreetHealth OSH 59.73 0.63 SensataTechs ST 58.52 0.57 Tuya TUYA 17.43 -0.25 ZaiLab ZLAB 164.48 7.01
AmerWaterWorks AWK 161.43 0.43 LennoxIntl LII 335.06 1.37
CDW CDW 180.87 -0.96 Darden DRI 145.09 2.19 GeneralMotors GM 56.66 -0.83 OccidentalPetrol OXY 24.10 -0.35 ServiceCorp SCI 51.70 -0.18 Twilio TWLO 373.77 3.57 ZebraTech ZBRA 487.35 -4.02
AmericoldRealty COLD 38.70 -0.46
Ameriprise AMP 242.90 -4.43 CF Industries CF 47.15 -0.56 DarlingIngred DAR 70.76 -0.23 Genmab GMAB 36.84 0.28 s LeviStrauss LEVI 28.92 -0.15 Okta OKTA 274.96 0.42 ServiceNow NOW 548.49 2.02 Twitter TWTR 64.31 -3.02 Zendesk ZEN 145.49 0.50
Datadog DDOG 84.81 0.03 Genpact G 44.85 0.07 LiAuto LI 20.04 0.26
s OldDomFreight ODFL 250.75 4.05 ShawComm B SJR 27.72 -0.18 TylerTech TYL 451.35 -0.64 Zillow C Z 132.47 -2.59
AmerisourceBrgn ABC 120.89 -0.27 CGI GIB 85.34 -0.25
CH Robinson CHRW 99.17 0.22 DaVita DVA 112.45 -1.09 Gentex GNTX 35.61 -0.52 LibertyBroadbandA LBRDA 154.96 0.79
OlinkHolding OLK 38.39 1.34 s s
SherwinWilliams SHW 269.73 -1.23 TysonFoods TSN 79.04 -0.54 Zillow A ZG 134.14 -2.90
Ametek AME 133.53 0.44
CME Group CME 206.13 -0.84 DeckersOutdoor DECK 334.62 1.65 s GenuineParts GPC 119.36 -1.88 LibertyBroadbandC LBRDK 159.79 1.07
OmegaHealthcare OHI 37.89 -0.19 ShinhanFin SHG 33.00 -0.17 s
UBS Group UBS 15.19 -0.27 ZimmerBiomet ZBH 177.38 0.73
Amgen AMGN 255.05 -3.73
CMS Energy CMS 64.51 -0.22 Deere DE 368.36 -7.24 s Gerdau GGB 6.10 0.17 LibertyGlobal A LBTYA 25.24 -0.80
s Omnicom OMC 80.64 0.05 Shopify s
SHOP 1096.64 -45.42 UDR UDR 46.15 -0.26 ZionsBancorp ZION 52.56 -1.10
Amphenol APH 67.60 -0.13 LibertyGlobal B LBTYB 26.93 -0.31
CNA Fin CNA 46.22 -0.68 DellTechC DELL 100.49 -0.92 GileadSciences GILD 65.64 -1.15 ON Semi ON 40.93 -0.44 Sibanye-Stillwater SBSW 19.47 -0.88 UGI UGI 44.05 -0.34 Zoetis ZTS 169.07 -1.08
AnalogDevices ADI 155.37 -2.92 LibertyGlobal C LBTYK 25.17 -0.80
CNH Indl CNHI 14.92 -0.29 DeltaAir DAL 44.65 -1.05 GSK GSK 37.68 -0.57 OpenText OTEX 48.80 -0.05 SignatureBank SBNY 240.89 1.62 US Foods USFD 39.22 0.29 ZoomVideo ZM 328.32 5.56
Anaplan PLAN 59.35 1.47 LibertyFormOne A FWONA 42.25 -0.06
CRH CRH 47.27 -0.75 s DentsplySirona XRAY 65.30 -0.85 GlobalPayments GPN 216.18 1.01 OpendoorTech OPEN 18.68 0.38 SimonProperty SPG 115.65 -1.98 UWM UWMC 7.64 0.20 ZoomInfoTech ZI 49.59 0.49
AngloGoldAsh AU 21.65 -0.67
LibertyFormOne C FWONK 47.01 -0.24
CRISPR Therap CRSP 125.89 0.96 DeutscheBank DB 11.69 -0.28 Globant GLOB 228.13 -0.40 Oracle ORCL 74.87 -1.79 SiriusXM SIRI 6.30 -0.09 Uber UBER 56.28 0.51 Zscaler ZS 190.03 3.91
AB InBev BUD 70.23 0.60 LibertyBraves A BATRA 29.14 0.08
s CSX CSX 101.82 -0.87 DevonEnergy DVN 21.00 -0.17 GlobeLife GL 102.11 -3.26 Orange ORAN 12.44 -0.26 Skyworks SWKS 183.42 -3.20 Ubiquiti UI 279.80 -0.02 Zynga ZNGA 10.63 0.04
AnnalyCap NLY 8.76 -0.04
LibertyBraves C BATRK 28.64 0.16
Anthem ANTM 379.78 -5.06 CVS Health CVS 76.18 -0.02 DexCom DXCM 410.38 8.76 GoDaddy GDDY 84.38 -0.22 Orix IX 79.91 -2.35
s Diageo DEO 181.00 0.59 GoldFields GFI 9.97 -0.28 LibertySirius C LSXMK 46.00 -0.26
Oshkosh OSK 121.63 -1.12
Aon AON 231.15 -2.35 CableOne CABO 1852.47 6.37
DiamondbkEner FANG 75.28 0.02 GoldmanSachs GS 330.85 -4.42 LibertySirius A LSXMA 46.10 -0.07
s OtisWorldwide OTIS 70.95 -0.09
ApolloGlbMgmt APO 52.71 0.41 CadenceDesign CDNS 140.06 -1.44
Appian
Apple
APPN 123.80 -0.49
AAPL 131.94 -1.56
CAE CAE 29.62 0.10
CaesarsEnt CZR 94.12 -0.16
DigitalRealty DLR 149.05 -1.77 GoodRx
DiscoverFinSvcs DFS 99.50 1.10 s Graco
GDRX 39.27
GGG 76.47
0.45
-0.59
LightspeedPos LSPD 66.85 -1.26
EliLilly
OwensCorning OC
LLY 187.05 -3.90
OzonHoldings OZON 62.21
94.79 -1.00
0.84
Dividend Changes
s DiscoveryB DISCB 80.83 -2.85 Grainger GWW 419.12 LincolnNational LNC 62.24 -1.34
ApplMaterials AMAT 131.75 -3.30 CamdenProperty CPT 119.77 -0.88 -4.92 PG&E PCG 10.99 -0.16
Applovin APP 62.10 0.29 CampbellSoup CPB 49.53 -1.02 DiscoveryA DISCA 38.21 -0.27 Grifols GRFS 18.60 0.47
Linde LIN 288.70 -3.27
PNC Fin PNC 173.84 -1.29 Dividend announcements from April 22.
DiscoveryC DISCK 32.67 0.34 GuardantHealth GH 155.71 LithiaMotors LAD 382.20 -1.95
Aptargroup ATR 150.07 -1.87 CIBC CM 99.93 0.44 2.91 POSCO PKX 77.87 -0.94
CanNtlRlwy CNI 109.91 -1.06 Disney DIS 182.76 -0.35 Guidewire GWRE 104.42 0.42
LiveNationEnt LYV 80.98 -0.30
PPD PPD 46.21 0.06
Amount Payable /
Aptiv APTV 138.93 -0.25 LloydsBanking LYG
-2.01 Company Symbol
DOCU 221.69 2.33 s HCA Healthcare HCA 201.51 2.28 -0.03 Yld % New/Old Frq Record
Aramark ARMK 39.15 -0.09 CanNaturalRes CNQ 29.38 -0.40 DocuSign 3.98 s PPG Ind PPG 171.56
DolbyLab DLB 99.74 0.15 HDFC Bank HDB 69.27 LockheedMartin LMT 380.09 -7.15
ArcelorMittal MT 29.14 -0.27 CanPacRlwy CP 367.56 12.26 0.79 PPL PPL 28.95 -0.51
ArchCapital ACGL 39.64 -0.25 Canon CAJ 23.21 -0.23 DollarGeneral DG 215.16 -1.68 s HP HPQ 33.77 -0.13
Loews L 54.28 -0.53
s PRA HealthSci PRAH 164.73 0.67
Increased
LogitechIntl LOGI 114.26 0.28
ArcherDaniels ADM 58.87 -0.96 CanopyGrowth CGC 26.55 -0.62 DollarTree DLTR 115.15 -1.52 HSBC HSBC 28.62 -0.57 PTC PTC 145.27 1.27 Alpine Income Property Tr PINE 5.4 .25 /.24 Q Jun30 /Jun21
Lowe's LOW 201.30 -2.61
AresMgmt ARES 54.86 -0.21 CapitalOne COF 133.00 0.09 DominionEner D 79.42 -0.78 Halliburton HAL 19.22 0.12 Paccar PCAR 92.21 -1.43 Bank of Princeton BPRN 2.7 .18 /.12 Q May28 /May07
Domino's DPZ 398.76 3.96 HartfordFinl HIG 66.66 LufaxHolding LU 13.80 0.32
arGEN-X ARGX 294.57 5.23 CardinalHealth CAH 60.69 -1.02 -0.79 PackagingCpAm PKG 140.69 -1.56 Cambridge Bancorp CATC 3.0 .61 /.55 Q May20 /May06
lululemon LULU 338.75 12.07
AristaNetworks ANET 312.83 -3.59 s Carlisle CSL 177.76 -1.49 DoorDash DASH 143.96 0.64 Hasbro HAS 98.48 0.79 PagSeguroDig PAGS 45.20 0.21 Cortland Bancorp CLDB 2.6 .15 /.14 Q Jun01 /May17
LumenTech LUMN 13.01 0.11
Arrival ARVL 14.80 0.21 s Carlyle CG 40.23 0.52 DoubleVerify DV 35.77 -0.23 s HealthpeakProp PEAK 34.04 -0.28 PalantirTech PLTR 22.86 0.23
s ArrowElec ARW 116.68 -0.41 CarMax KMX 129.05 0.12 s Dover DOV 147.55 -1.28 Heico HEI 137.58 2.59
Lyft LYFT 61.00 0.26
PaloAltoNtwks PANW 352.81 -3.80
FirstCash FCFS 1.8 .30 /.27 Q May28 /May14
LyondellBasell LYB 102.00 -6.12
AspenTech AZPN 149.22 -2.79 Carnival CCL 26.91 -0.42 Dow DOW 60.93 -3.89 s Heico A HEI.A 125.97 2.19 ParkerHannifin PH 313.77 -3.83 Lithia Motors Cl A LAD 0.4 .35 /.31 Q May21 /May07
DrReddy'sLab RDY 68.70 0.86 HenrySchein HSIC 72.73 0.43 Paychex 0.06 Nasdaq NDAQ 1.4 .54 /.49 Q Jun25 /Jun11
Assurant AIZ 153.85 -1.89
AstraZeneca AZN 52.71 -0.40
Carnival CUK 23.01 -0.29
CarrierGlobal CARR 43.09 0.03 DraftKings DKNG 57.17 -1.61 Hershey HSY 162.24 -0.70
M N PAYX 98.28
PaycomSoftware PAYC 390.02 1.77 NextEra Energy Partners NEP 3.2 .6375 /.615 Q May14 /May06
s Athene ATH 56.94 0.32 Carvana CVNA 265.01 -3.17 Dropbox DBX 25.99 0.14 Hess HES 67.02 -1.00 M&T Bank MTB 149.09 -3.90 Paylocity PCTY 194.06 1.71 Old Second Bancorp OSBC 1.6 .05 /.01 Q May10 /Apr30
Atlassian TEAM 228.45 1.87 Catalent CTLT 113.21 1.94 DukeEnergy DUK 100.08 -1.01 s HewlettPackard HPE 16.00 0.01 s MGMGrowthProp MGP 35.21 -0.18 PayPal PYPL 262.27 -2.62
Caterpillar CAT 228.89 -3.57 DukeRealty DRE 45.24 -0.44 HighwoodsProp HIW 43.23 -0.88 MGM Resorts MGM 40.75 -0.45 Paysafe PSFE 13.26 0.33
Permian Basin Royalty Tr PBT 3.8 .0182 /.01152 M May14 /Apr30
AtmosEnergy ATO 103.40 0.01
Autodesk ADSK 288.00 -0.87 Celanese CE 154.07 -4.59 Dun&Bradstreet DNB 24.20 0.59 Hilton HLT 125.50 1.59 MKS Instrum MKSI 179.85 -5.19 Pearson PSO 10.97 -0.09 Salisbury Bancorp SAL 2.8 .30 /.29 Q May28 /May14
Autohome ATHM 92.50 2.20 Cemex CX 7.30 -0.15 DuPont DD 75.55 -1.94 Hologic HOLX 74.68 -0.41 MPLX MPLX 26.20 -0.49 Pegasystems PEGA 129.33 1.60 VOC Energy Trust VOC 6.1 .12 /.03 Q May14 /Apr30
s Autoliv ALV 98.05 0.44 CenovusEnergy CVE 7.44 -0.11 Dynatrace DT 51.15 0.35 HomeDepot HD 321.46 -4.49 MSCI MSCI 471.75 1.13 Peloton PTON 101.49 1.56 Western Midstream Ptrs WES 6.6 .315 /.311 Q May14 /Apr30
s ADP ADP 194.83 0.52 Centene CNC 64.64 -0.85 ENI E 24.40 -0.25 HondaMotor HMC 30.24 0.19 MagellanMid MMP 45.65 -0.56 PembinaPipeline PBA 29.45 -0.29
AutoZone AZO 1478.87 -8.02 CenterPointEner CNP 24.17 -0.12 EOG Rscs EOG 68.35 -0.61 Honeywell HON 229.26 -1.24 MagnaIntl MGA 95.40 -0.72 PennNational PENN 89.67 -2.84 Foreign
Avalara AVLR 143.66 2.77 CentraisElBras EBR 6.58 0.15 s EPAM Systems EPAM 448.52 -0.31 HorizonTherap HZNP 94.15 0.60 ManulifeFin MFC 21.00 -0.22 s Pentair PNR 64.20 0.03 Canadian Pacific Railway CP 0.8 .7565 Q Jul26 /Jun25
Avalonbay AVB 192.40 -1.22 CeridianHCM CDAY 93.55 0.57 EastWestBncp EWBC 73.42 -0.63 HormelFoods HRL 47.01 -0.30 MarathonPetrol MPC 52.06 -1.25 Penumbra PEN 287.60 3.61
EastmanChem EMN 110.77 -3.58 DR Horton
Rogers Commun RCI 3.2 .3981 Q Jul02 /Jun10
Avangrid AGR 51.90 -0.37 Cerner CERN 75.94 0.05 DHI 94.92 1.62 MaravaiLifeSci MRVI 35.83 0.37 PepsiCo PEP 146.07 -0.91
Avantor AVTR 32.63 0.40 s CharlesRiverLabs CRL 327.70 3.68 Eaton ETN 141.40 -0.11 HostHotels HST 17.09 -0.26 Markel MKL 1184.26 -29.76 PerkinElmer PKI 133.39 -0.55
s AveryDennison AVY 200.00 0.77 CharterComms CHTR 657.68 4.78 eBay EBAY 60.74 -1.04 HowmetAerospace HWM 31.42 -0.51 MarketAxess MKTX 502.88 -20.37 PetroChina PTR 34.73 -0.36 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
AxonEnterprise AXON 153.65 3.76 CheckPoint CHKP 119.94 0.16 Ecolab ECL 221.53 -2.45 HuanengPower HNP 14.33 0.07 Marriott MAR 146.64 1.88 PetroleoBrasil PBR 8.49 0.16 spin-off.

New Highs and Lows | WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
EsteeLauder EL 314.87 0.7 ITT ITT 93.92 -0.5 MGE Energy MGEE 75.56 0.1 PPG Ind PPG 174.36 -1.2 ShockwaveMed SWAV 161.25 3.1 UMH PropPfdD UMHpD 25.59 0.5
ArctosNorthWt ANAC.WS 0.80 -5.6
in the latest session. % CHG-Daily percentage change from the previous trading session.
FGFinancial FGF 7.39 17.8 IDEX IEX 226.73 0.1 MGIC Investment MTG 14.63 0.2 PRA HealthSci PRAH 166.00 0.4 SifcoInd SIF 15.76 3.7 USHG Acqn Wt HUGS.WS 1.24 7.8
AusterlitzI Wt AUS.WS 0.98 -2.0
FairIsaac FICO 539.24 1.2 Independence IHC 45.41 0.8 MGMGrowthProp MGP 35.71 -0.5 Pentair PNR 65.83 ... SkyWaterTech SKYT 21.00 9.0 UiPath PATH 80.00 9.4
BoaAcqnWt BOAS.WS 0.52 5.7
Thursday, April 22, 2021 Fastenal FAST 52.40 -0.6 IndepRealty IRT 16.80 0.2 Macrogenics MGNX 34.30 -0.1 PetIQ PETQ 42.69 1.2 SnapOn SNA 242.13 1.4 UnionBankshares UNB 33.00 2.6
Biomerica BMRA 4.25 -2.7
52-Wk % 52-Wk % 52-Wk % FederalRealty FRT 111.60 ... IngersollRand IR 52.12 0.6 MaidenNts43 MHNC 23.75 0.6 PLxPharma PLXP 10.97 2.2 SparkEnergyPfdA SPKEP 25.98 -0.5 USComdtyIndxFd USCI 38.25 0.7
BurgundyTechAcqnUn BTAQU 9.89 -2.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FirstAmerFin FAF 64.20 2.7 InMode INMD 89.58 -2.3 MaidenNts46 MHLA 22.00 1.0 Polaris PII 147.56 0.3 SpiritRealtyCap SRC 46.62 -0.7 UnitedTherap UTHR 212.62 -1.2
CFFinanceIIIWt CFACW 1.04 3.5
FirstService FSV 167.06 1.1 IntegraLifeSci IART 74.97 ... MainStreetCap MAIN 42.99 0.4 Pool POOL 426.70 6.4 StaarSurgical STAA 131.52 1.0 UniversalHealthB UHS 150.59 -0.9
CovaAcqnWt COVAW 0.55 -0.1
AxaltaCoating AXTA 32.35 -0.4 ColumbiaFin CLBK 18.28 ... FlirSystems FLIR 59.44 0.3 IBM IBM 144.74 -1.6 Manpower MAN 118.57 2.4 StanleyBlackDck SWK 209.49 0.4
113.43 -0.1 UrbanEdgeProp UE 18.39 -0.7 287.20 -5.9
Highs Axonics
BCE
AXNX
BCE
63.49
46.88
-0.7
-0.6
CommunityHlthcr CHCT 51.58
CiaSiderurgica SID 9.03
1.0
4.6
FomentoEconMex FMX 81.45 0.1 InvitatHomes INVH 34.30 -0.1 MartinMarietta MLM 353.76 -1.0
PostHoldings POST
PrometheusBio RXDX 30.62 -3.2 StarBulkCarriers SBLK 18.26 -2.1 Urstadt Pfd K UBPpK 25.75
CoinbaseGlbl COIN
-0.4
DecarbonizII Wt DCRNW 1.00 ...
AG Mortgage PfdA MITTpA 25.19 -0.3 Fortive FTV 74.41 -0.5 iRadimed IRMD 26.39 1.5 MatthewsIntl MATW 43.38 -0.4 PublicStorage PSA 276.99 1.1 Steris STE 213.50 -0.1 VEREIT VER 41.85 0.6
DesignTherap DSGN 19.02 -2.7
BRileyFinlPfdA RILYP 27.35 0.8 Concentrix CNXC 160.40 0.8 FoxFactory FOXF 150.33 2.9 JMP 6.875% Nts JMPNZ 25.13 0.6 MedicalProp MPW 22.77 -0.4 StevenMadden SHOO 41.14 2.3 30.67 0.2
Amcon DIT 143.09 16.0 QuantaServices PWR 96.77 0.4 VICI Prop VICI EmergentBiosol EBS 61.00 -4.4
Bio-Techne TECH 431.08 ... Cooper COO 410.76 0.3 FranklinCovey FC 30.99 2.1 JacobsEngg J 137.30 -0.2 Medpace MEDP 191.76 -0.3 StratusProp STRS 37.36 -1.9 28.75 0.6
ASML ASML 665.87 -1.3 RH RH 672.99 -0.4 Valvoline VVV EnvlImpactWt ENVIW 0.68 -2.7
BioNTech BNTX 176.00 4.4 Corteva CTVA 48.87 -0.4 Freshpet FRPT 177.45 -2.1 JamesHardie JHX 34.11 0.2 MeritMedical MMSI 63.51 -1.6 Stryker SYK 265.95 0.1 VictoryCapital VCTR 29.65 0.7
AXIS Capital AXS 54.91 -0.6 10.46 -1.3 RR Donnelley RRD 5.76 2.9 FangddNetwork DUO 4.32 -11.0
BlackStoneMin BSM Corvel CRVL 119.51 -0.1 FullerHB FUL 67.91 -1.0 JohnsonControls JCI 63.52 0.7 MesabiTrust MSB 37.02 1.7 SunCountryAir SNCY 44.13 -2.5 VillageBank&Tr VBFC 44.75 1.7
AcadiaHealthcare ACHC 63.00 -1.6 Blackstone BX 84.47 3.3 CrestwoodEquity CEQP 29.93 1.4 RadianGroup RDN 24.42 0.2 FinServ II A FSRX 9.70 -5.4
GalectinTherap GALT 3.98 17.3 Joint JYNT 55.20 -2.3 MetropolitanBk MCB 58.73 10.2 RealtyIncome O 70.05 -0.4 SurgeryPartners SGRY 47.72 -0.7 Visa V 230.93 0.1
FirstCapital FCAP 44.77 -0.2
Accenture ACN 293.28 -0.2 BootBarn BOOT 70.05 1.2 CrossCtyHlthcr CCRN 13.90 3.5 Gaming&Leisure GLPI 46.34 -2.0 KBR KBR 40.60 -0.3 MettlerToledo MTD 1317.10 -0.7 62.96 ... SyneosHealth SYNH 89.95 0.9 VulcanMatls VMC 178.28 -0.7 0.55 3.3
Aenza AENZ 2.97 25.6 BostonSci BSX 42.80 0.6 CrownCastle CCI 185.97 0.7 RegencyCtrs REG FlameAcqnWt FLME.WS
Gap GPS 33.77 1.3 KKR KKR 54.13 1.2 Microsoft MSFT 261.78 -1.3 Systemax SYX 45.97 0.2 Wabtec WAB 84.96 0.9
Allegion ALLE 139.73 1.8 BrixmorProp BRX 21.91 -0.2 CubeSmart CUBE 42.03 0.3 RekorSystems REKR 23.40 8.7 GuildHldgs GHLD 12.55 -1.8
Gartner IT 197.00 1.1 KKR Pfd C KKRpC 72.62 1.0 MidAmApt MAA 157.65 -0.6 TPG RE Fin TRTX 12.10 0.4 WashFedPfdA WAFDP 25.93 0.5
AmCampus ACC 46.30 -1.2 BroadridgeFinl BR 163.43 0.3 CurtissWright CW 126.84 -0.7 RepublicSvcs RSG 106.34 -0.3 Gyrodyne GYRO 13.40 -4.6
GencoShipping GNK 14.22 -0.4 KT KT 13.10 0.2 Middleby MIDD 185.54 -1.6 TeekayLNG PfdB TGPpB 26.88 0.5 Watsco WSO 295.49 2.2
AmerEagle AEO 37.31 1.4 Brown&Brown BRO 50.24 0.3 DISH Network DISH 42.56 2.5 RetailOppor ROIC 17.70 -0.6 InstilBio TIL 16.60 -4.6
GeneralDynamics GD 186.09 -0.7 KSCitySouthern KSU 300.05 -0.4 Moody's MCO 329.04 ... TeledyneTech TDY 442.29 0.4 WeingartenRealty WRI 31.63 -0.8
AmerEqInvLifePfB AELpB 27.84 0.1 Bunge BG 83.97 0.7 DanaherPfdA DHRpA1727.62 3.9 RobertHalf RHI 87.52 3.3 KensingtonII A KCAC 10.06 ...
GenuineParts GPC 123.22 -1.6 KensingtonII Wt KCAC.WS 3.00 33.3 Nasdaq NDAQ 162.34 0.3 Teleflex TFX 442.89 0.2 Welbilt WBT 22.98 -3.7
AmerEqInvPfdA AELpA 27.27 -0.4 BurfordCapital BUR 11.73 4.1 DanaherPfdB DHRpB1436.32 3.8 Rogers ROG 204.23 -0.4 KismetTwoWt KAIIW 0.65 -7.1
Gerdau GGB 6.13 2.9 KimcoRealty KIM 20.61 -0.7 NatlRetailProp NNN 47.69 0.3 TexasRoadhouse TXRH 101.39 2.2 WescoPfdA WCCpA 31.82 0.7
AmHomes4Rent AMH 35.94 -0.1 BurgundyTechWt BTAQW 1.02 -3.2 Danaher DHR 256.10 3.5 S&P Global SPGI 385.47 0.1 Lifevantage LFVN 8.50 -0.5
Gildan GIL 34.17 -1.6 KismetThreeA KIII 9.97 2.6 NatlStorage NSA 45.03 0.5 TextainerPfdA TGHpA 26.56 -0.3 WestPharmSvcs WST 326.51 -0.6
AmerSvcFncl pf ASRVP 33.00 -2.5 CBD Pao CBD 7.18 1.6 Deluxe DLX 44.77 0.2 SI-BONE SIBN 35.70 0.2 LongboardPharm LBPH 9.96 3.3
GlobusMedical GMED 71.74 0.2 Knoll KNL 23.77 -1.8 Navient NAVI 15.15 -0.7 3M MMM 202.17 ... WesternUnion WU 26.34 -0.6
AnnalyCapPfdF NLYpF 25.46 0.2 CM Life II Wt CMIIW 6.40 3.8 DentsplySirona XRAY 66.39 -1.3 15.65 -0.2 19.58 0.8 NaviosMaritime NMM 31.55 1.8 SITE Centers SITC 14.82 -1.3 14.58 -13.1 MMA Capital MMAC 16.60 -0.8
GolubCapital GBDC KnotOffshore KNOP Tiptree TIPT Whirlpool WHR 246.24 -0.6
AptIncmREIT AIRC 46.74 0.7 CSX CSX 103.74 -0.8 Diageo DEO 183.73 0.3 Graco GGG 78.20 -0.8 KnowBe4 KNBE 25.94 50.9 NeuroPace NPCE 26.01 46.8 SITECtrsPfdA SITCpA 26.80 -0.4 TItanIntl TWI 10.82 1.6 NeuBaseTherap NBSE 5.42 -5.0
Wiley A JW.A 57.73 -0.4
ApartmtInv AIV 6.66 0.3 CalWtrSvc CWT 61.91 0.2 Diversey DSEY 15.49 1.8 GreatAjaxNts24 AJXA 25.58 0.1 KontoorBrands KTB 65.71 1.4 NorfolkSouthern NSC 283.51 -0.7 SK Telecom SKM 30.86 1.1 Toro TTC 116.92 -0.7 PathfinderWt PFDRW 0.79 -7.0
WillametteValley WVVI 9.67 0.9
ArchimedesTech ATSPU 10.01 0.4 CamdenProperty CPT 121.42 -0.7 Dover DOV 149.40 -0.9 Guess GES 29.25 -0.4 LG Display LPL 11.76 4.5 NoEuroOil NRT 4.98 4.0 SLM SLM 19.92 -4.4 TractorSupply TSCO 191.54 4.4 PivotalInvtIII A PICC 9.75 -2.0
WilliamsIndlSvcs WLMS 5.00 12.5
ArrowElec ARW 118.48 -0.4 CapitalProduct CPLP 12.83 -1.2 DynagasLNG PfdA DLNGpA 26.00 -0.3 HCA Healthcare HCA 205.58 2.0 LabCpAm LH 266.42 1.3 NortheastBank NBN 30.92 9.0 StoreCapital STOR 36.12 0.8 TraneTech TT 174.35 0.9 PrimaveraCapWt PV.WS 0.57 -26.8
Wipro WIT 7.22 2.3
AshfordHospPfdG AHTpG 24.36 0.1 CapitalaFinNts22 CPTAL 25.35 1.3 elfBeauty ELF 30.56 1.4 HP HPQ 34.30 -0.4 LandstarSystem LSTR 179.50 -2.3 Northwestern NWE 70.80 -1.5 SandersonFarms SAFM 169.00 0.1 Transalta TAC 10.02 -0.2 PropSolnsII Wt PSAGW 0.74 -3.5
WyndhamHtls WH 75.10 -0.8
AshlandGlobal ASH 92.63 -0.2 CapitalaFinNts22 CPTAG 25.37 1.0 EPAM Systems EPAM 454.48 -0.1 HarleyDavidson HOG 48.19 1.2 Lantheus LNTH 22.11 1.4 OasisPetrol OAS 74.41 -2.1 Sanfilippo JBSS 93.98 -1.1 TransUnion TRU 104.23 4.1 QuantumFinWt QFTA.WS 0.26 -5.9
Xylem XYL 110.72 -0.4
AssuredGuaranty AGO 46.29 0.7 CarecloudPfdA MTBCP 29.65 -0.5 EaglePointPfdB ECCB 26.02 0.2 HealthcareAmer HTA 29.55 -0.1 LeeEnterprises LEE 34.40 -1.6 OldDomFreight ODFL 255.11 1.6 SaulCentersPfdD BFSpD 26.20 0.2 TritonIntlPfdB TRTNpB 28.04 0.4 ReinventTechZ RTPZ.U 10.16 -1.0
Yeti YETI 88.88 ...
Athene ATH 57.29 0.6 Carlisle CSL 181.51 -0.8 EasternBankshares EBC 20.56 0.1 HealthpeakProp PEAK 34.49 -0.8 Leggett&Platt LEG 50.79 -1.2 OldRepublic ORI 24.00 -0.6 SciStratWt SSAAW 0.85 21.4 TriumphBncpPfdC TBKCP 28.48 -1.6 SeniorConnectI Wt SNRHW 0.59 -3.6
ZimmerBiomet ZBH 179.19 0.4
Atkore ATKR 76.42 2.0 Carlyle CG 41.03 1.3 EdwardsLife EW 96.39 1.0 Heico A HEI.A 128.75 1.8 LeviStrauss LEVI 29.47 -0.5 Omnicom OMC 81.04 0.1 Seagate STX 85.07 0.2 TsakosEnergyPfdD TNPpD 24.93 0.2 SimonPropWt SPGS.WS 0.91 16.3
Zymergen ZY 41.15 21.5
AtlasPfdI ATCOpI 27.48 -1.2 Cato CATO 14.87 0.3 EnergyRecovery ERII 21.59 0.7 HerculesCapital HTGC 17.20 -1.1 LifeStorage LSI 95.86 0.2 OneLiberty OLP 24.94 -0.5 SeaWorldEnt SEAS 57.40 1.8 TsakosEnergyPfdF TNPpF 25.20 0.3 SkillfulCrafts EDTK 2.27 ...
AtriCure
Autoliv
ATRC
ALV
71.38
99.38
0.2
0.5
CharlesRiverLabs CRL
ChefsWarehouse CHEF
331.16
35.12
1.1
-0.4
Equifax
EquityBcshs
EFX 226.93
EQBK 30.22
14.9
-0.4
HewlettPackard HPE
HiltonGrandVac HGV
16.44
44.17
0.1
0.3
LivaNova
Lovesac
LIVN
LOVE
85.17
74.27
0.1
-4.7
OneWaterMarine ONEW 44.95
Oppenheimer A OPY 46.18
4.3
-0.9
SelectMedical SEM
SendasDistrib ASAI
37.73
15.04
-0.9
1.2
TwinDisc
TysonFoods
TWIN
TSN
10.48 0.9
79.77 -0.7
Lows SoligenixWt
TD Holdings
SNGXW
GLG
0.14 -3.2
1.28 -3.7
ADP ADP 195.92 0.3 CincinnatiFin CINF 110.30 -0.9 EssentGroup ESNT 51.27 0.9 HoughtonMifflin HMHC 8.53 0.8 Luby's LUB 3.60 1.1 OrthoClinical OCDX 20.48 1.5 SensientTech SXT 82.44 1.3 UDR UDR 46.79 -0.6 AequiAcqnWt ARBGW 0.74 13.6 TSInnovA TSIA 9.94 0.1
AveryDennison AVY 200.96 0.4 Coca-Cola Euro CCEP 56.74 ... EssentialProp EPRT 26.62 2.3 IHS Markit INFO 106.08 0.2 MDC Partners MDCA 4.13 7.1 OtisWorldwide OTIS 71.75 -0.1 SharpsCompliance SMED 16.09 1.9 UFP Inds UFPI 85.30 0.4 AlphaCapA ASPC 9.76 -1.4 TailwindIntlWt TWNI.WS 0.55 0.6
AvisBudget CAR 81.31 0.4 Coca-Cola Femsa KOF 49.48 0.3 EssexProp ESS 298.74 -0.9 IQVIA IQV 235.51 3.2 MDU Rscs MDU 33.59 -0.2 PLBY Group PLBY 49.64 -6.2 SherwinWilliams SHW 272.23 -0.5 UMH Prop UMH 21.56 0.9 AlphaCapWt ASPCW 0.49 -0.4 WarriorTechWt WARR.WS 0.55 -6.4

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
Stock 226.55 -1.57 18.9 ContraK 17.65 -0.14 7.4 CapApInst 106.62 -0.85 2.3 AllAsset NA ... NA EMAdmr 43.66 -0.10 4.9 WelltnAdml 81.27 -0.38 6.8 ExtndIstPl 340.29 -0.43 10.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds CpInc r 11.21 -0.01 5.5 Harding Loevner TotRt 10.32 ... -2.0 EqIncAdml 88.55 -0.86 12.4 WndsrAdml 82.55 -0.65 15.6 IdxIntl 20.68 -0.05 6.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotRetBdI NA ... NA GroCo 35.30 -0.28 7.4 IntlEq 29.43 +0.08 3.6 PIMCO Funds A ExplrAdml 132.48 +0.09 10.7 VANGUARD FDS MdCpVlAdml 71.41 -0.61 16.4
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti GrowCoK 35.40 -0.28 7.4 Invesco Funds Y IncomeFd NA ... NA ExtndAdml 137.90 -0.17 10.9 DivdGro 35.80 -0.17 8.4 SmValAdml 72.47 -0.41 19.1
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 56.07 -0.41 8.3 InvGrBd 11.64 +0.01 -1.7 DevMktY 55.46 +0.18 3.7 PIMCO Funds I2 GNMAAdml 10.70 ... -0.2 INSTTRF202027.15 -0.07 3.4 TotBd2 11.10 ... -2.6
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Fidelity LowP r 56.73 -0.31 16.7 John Hancock Instl Income NA ... NA GrwthAdml 140.05 -1.23 7.5 INSTTRF202528.64 -0.09 4.3 TotIntlInstIdx r138.30 -0.38 6.8
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 500IdxInstPrem143.53 -1.33 10.6 Magin 13.87 -0.07 6.3 DispValMCI 27.22 -0.24 16.7 PIMCO Funds Instl HlthCareAdml r 93.16 -0.15 4.0 INSTTRF203029.59 -0.11 5.2 TotItlInstPlId r138.34 -0.38 6.8
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Contrafund K6 20.19 -0.17 6.9 NASDAQ r 173.76 -1.66 7.4 JPMorgan I Class IncomeFd NA ... NA HYCorAdml r 5.95 ... 0.8 INSTTRF203530.47 -0.13 6.1 TotSt 104.41 -0.82 10.6
ExtMktIdxInstPre 87.20 -0.11 10.9 OTC 18.95 -0.20 8.2 CoreBond NA ... NA Price Funds InfProAd 28.16 +0.03 -0.3 INSTTRF204031.39 -0.15 7.0 VANGUARD INSTL FDS
FidSerToMarket 14.23 -0.11 10.6 Puritn 27.88 -0.17 7.4 EqInc NA ... NA BlChip 175.67 -1.08 6.1 IntlGrAdml 167.09 +0.37 4.2 INSTTRF204532.23 -0.16 7.8 BalInst 46.32 -0.21 5.3
Thursday, April 22, 2021 IntlIdxInstPrem 48.73 -0.01 7.1 SrsEmrgMkt 25.87 -0.06 3.6 JPMorgan R Class DivGro 65.57 -0.22 9.5 ITBondAdml 12.11 +0.01 -2.9 DevMktsIndInst 16.30 -0.05 7.4
INSTTRF205032.35 -0.17 7.9
Net YTD Net YTD Net YTD MidCpInxInstPrem 30.38 -0.11 12.5 SrsGlobal 15.27 -0.02 6.5 CoreBond NA ... NA EqInc 36.10 -0.34 15.9 ITIGradeAdml 10.10 ... -2.2 DevMktsInxInst 25.48 -0.08 7.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret INSTTRF205532.43 -0.17 7.9
SAIUSLgCpIndxFd 21.71 -0.20 10.6 SrsGroCoRetail 24.53 -0.19 7.7 Lord Abbett A Growth 104.65 -0.54 8.0 LTGradeAdml 10.83 +0.03 -6.9 IntlVal 43.23 -0.11 7.4 ExtndInst 137.89 -0.17 10.9
American Century Inv IntlVal Inst 44.20 -0.21 10.9 DivIncom I 28.63 -0.27 11.4 SeriesBondFd 10.46 ... -2.5 SrsIntlGrw 18.90 +0.06 6.3 ShtDurIncmA p NA ... NA HelSci 103.09 +0.06 4.3 MidCpAdml 283.93 -1.22 11.1 LifeCon 23.09 -0.05 2.2
GrwthInst 140.05 -1.24 7.5
Ultra 80.80 -0.75 6.4 Baird Funds Dimensional Fds SeriesOverseas 13.27 +0.04 7.0 SrsIntlVal 11.06 -0.03 9.6 Lord Abbett F LgCapGow I 66.99 -0.35 9.4 MuHYAdml 12.05 ... 1.7 InPrSeIn 11.47 +0.01 -0.4
LifeGro 42.96 -0.20 6.8
American Funds Cl A AggBdInst 11.45 +0.01 -2.3 5GlbFxdInc 10.91 ... 0.2 SmCpIdxInstPrem 28.32 -0.09 13.4 TotalBond 11.07 +0.01 -1.6 ShtDurIncm NA ... NA MidCap 121.58 +0.15 7.5 MuIntAdml 14.84 ... 0.6 InstIdx 361.40 -3.34 10.6
LifeMod 33.04 -0.12 4.4
AmcpA p 42.52 -0.14 8.7 CorBdInst 11.83 +0.01 -2.0 EmgMktVa 31.84 -0.23 11.4 TMktIdxInstPrem119.03 -0.92 10.6 Fidelity SAI Metropolitan West NHoriz 85.78 +0.49 4.3 MuLTAdml 12.24 +0.01 0.9 InstPlus 361.42 -3.33 10.6
PrmcpCor 33.25 -0.33 14.7
AMutlA p 49.18 -0.42 10.7 BlackRock Funds EmMktCorEq 26.09 -0.16 7.6 TotRetBdI 10.93 +0.01 -1.9 MuLtdAdml 11.25 -0.01 0.4 InstTStPlus 81.55 -0.63 10.6
USBdIdxInstPrem 12.07 +0.01 -2.5 TotalBd 10.52 +0.01 -1.5 R2020 23.92 -0.07 5.1 STAR 32.68 -0.10 5.1
BalA p 31.91 -0.17 6.0 HiYBlk 7.82 +0.01 1.8 IntlCoreEq 15.92 -0.05 9.5 TRBdPlan 10.25 +0.01 -1.9 MuShtAdml 15.95 ... 0.2 MidCpInst 62.72 -0.27 11.1
Fidelity Advisor I Fidelity Selects R2025 20.53 -0.07 6.0 TgtRe2015 16.05 -0.03 2.0
BondA p 13.46 +0.01 -2.0 HiYldBd Inst 7.81 ... 1.7 IntSmCo 22.29 -0.01 10.0 MFS Funds Class I PrmcpAdml r172.78 -2.08 12.3 MidCpIstPl 309.34 -1.33 11.1
NwInsghtI 39.54 -0.33 7.3 Softwr r 28.76 -0.13 7.7 R2030 30.43 -0.12 7.0 TgtRe2020 35.45 -0.10 3.4
CapIBA p 67.05 -0.39 7.1 BlackRock Funds A IntSmVa 21.24 -0.06 11.1 Growth I 172.77 -0.76 6.8 RealEstatAdml137.79 -0.64 15.1 SmCapInst 105.11 -0.32 13.1
Fidelity Freedom Tech r 26.93 -0.23 6.1 R2035 22.91 -0.11 7.9 TgtRe2025 22.47 -0.07 4.3
GlblAlloc p 22.48 -0.06 4.4 LgCo ValueI 50.49 -0.21 12.3 SmCapAdml 105.11 -0.32 13.1 SmCapIstPl 303.38 -0.92 13.1
CapWGrA 63.67 -0.18 7.6 31.02 -0.29 10.6 FF2020 17.89 -0.03 4.3 First Eagle Funds R2040 33.07 -0.16 8.7 TgtRe2030 42.65 -0.16 5.2
MFS Funds Instl SmGthAdml 99.58 +0.04 6.0 STIGradeInst 10.96 -0.01 -0.1
EupacA p 70.90 +0.11 2.2 BlackRock Funds Inst TAUSCoreEq2 25.98 -0.20 13.3 FF2025 16.22 -0.02 5.0 GlbA 65.82 -0.25 7.4 PRIMECAP Odyssey Fds TgtRe2035 26.75 -0.11 6.1
IntlEq 32.28 +0.11 5.4 STBondAdml 10.79 ... -0.3 STIPSIxins 25.96 +0.01 1.5
FdInvA p 75.54 -0.51 9.5 EqtyDivd 23.10 -0.18 14.2 US CoreEq1 33.38 -0.26 12.8 FF2030 20.40 -0.04 5.8 Franklin A1 AggGrowth r 57.95 -0.26 8.0 TgtRe2040 47.34 -0.21 6.9
Northern Funds STIGradeAdml 10.96 -0.01 -0.1 TotBdInst 11.26 +0.01 -2.5
GwthA p 72.05 -0.49 6.7 StratIncOpptyIns 10.35 ... 0.5 US CoreEq2 30.65 -0.24 14.0 FF2035 17.84 -0.04 7.7 CA TF A1 p 7.80 ... 0.6 Schwab Funds TgtRe2045 30.39 -0.15 7.8
StkIdx 46.28 -0.43 10.5 TotBdAdml 11.26 +0.01 -2.5 TotBdInst2 11.10 ... -2.6
ICAA p 48.67 -0.34 9.9 Bridge Builder Trust US Small 45.95 -0.26 19.9 FF2040 12.80 -0.04 8.9 IncomeA1 p 2.47 -0.01 9.1 1000 Inv r 91.99 -0.76 10.1 TgtRe2050 49.04 -0.25 7.9
Old Westbury Fds TotIntBdIdxAdm 22.87 ... -2.0 TotBdInstPl 11.26 +0.01 -2.5
IncoA p 25.28 -0.17 8.1 CoreBond 10.49 +0.01 -2.2 US SmCpVal 43.59 -0.40 26.9 Freedom2025 K 16.20 -0.02 5.1 FrankTemp/Frank Adv S&P Sel 63.49 -0.59 10.6 TotIntlAdmIdx r 34.58 -0.10 6.8 TgtRet2055 53.24 -0.27 7.9 TotIntBdIdxInst 34.32 +0.01 -2.0
N PerA p 64.48 -0.33 6.6 CorePlusBond 10.36 +0.01 -1.7 US TgdVal 29.63 -0.26 26.0 Freedom2030 K 20.39 -0.04 5.9 IncomeAdv 2.45 -0.01 9.3 LrgCpStr 18.37 -0.06 7.2 TSM Sel r 73.52 -0.57 10.6 TgtRetInc 15.14 -0.02 1.7
Parnassus Fds TotStAdml 104.44 -0.82 10.6 TotStInst 104.46 -0.82 10.6
NEcoA p 62.17 -0.18 4.5 Intl Eq 14.32 -0.03 7.2 USLgVa 43.70 -0.36 16.9 Freedom2035 K 17.82 -0.04 7.7 FrankTemp/Franklin A VANGUARD ADMIRAL TxMCapAdml217.77 -1.78 10.5 TotIntBdIxInv
11.44 ... -2.0 ValueInst 52.37 -0.44 13.5
NwWrldA 91.16 +0.01 3.6 LargeCapGrowth 22.30 -0.12 8.4 Dodge & Cox Freedom2040 K 12.80 -0.04 8.9 Growth A p 145.07 -0.65 7.1 ParnEqFd 59.69 -0.48 11.3 500Adml 381.92 -3.52 10.6 TxMIn r 16.28 -0.05 7.4 USGro 68.48 -0.49 4.3 WCM Focus Funds
SmCpA p 86.30 +0.23 8.5 LargeCapValue 16.78 -0.12 14.5 Balanced 112.17 -0.43 12.1 Fidelity Invest RisDv A p 87.07 -0.49 8.8 PGIM Funds Cl Z BalAdml 46.31 -0.21 5.3 USGroAdml 177.40 -1.27 4.4 WellsI 28.90 -0.09 2.7 WCMFocIntlGrwIns 26.02 +0.07 5.1
TxExA p 13.66 ... 0.9 Calamos Funds GblStock 15.15 -0.09 13.9 Balanc 30.32 -0.17 7.5 Guggenheim Funds Tru HighYield 5.56 ... 2.5 CAITAdml 12.32 ... 0.3 ValAdml 52.37 -0.44 13.5 Welltn 47.06 -0.22 6.8 Western Asset
WshA p 55.72 -0.51 11.5 MktNeutI 14.14 -0.04 1.8 Income 14.27 +0.01 -1.5 BluCh 175.42 -1.42 7.6 TotRtnBdFdClInst 28.74 +0.03 -2.3 TotalReturnBond NA ... NA CapOpAdml r197.55 -1.66 11.3 WdsrllAdml 78.96 -0.60 15.0 WndsrII 44.50 -0.34 14.9 CoreBondI NA ... NA
Columbia Class I Contra 17.60 -0.15 7.4 Harbor Funds PIMCO Fds Instl DivAppIdxAdm 41.25 -0.33 8.0
Artisan Funds Intl Stk 47.30 -0.26 8.2 WellsIAdml 70.01 -0.21 2.7 VANGUARD INDEX FDS CorePlusBdI NA ... NA
 .

B10 | Friday, April 23, 2021 THE WALL STREET JOURNAL.

BANKING & FINANCE

Blackstone’s Growth Strategy Pays Off

Record profit posted dent Jonathan Gray said. politan in Las Vegas, a Black- GridLiance.
The growth orientation, a stone-owned property, he said. The private-equity firm said
after fast-growing product of Mr. Gray’s push to “In our infrastructure busi- it would pay a dividend of 82
companies pushed up encourage his firm’s business ness, our ports company saw cents a share for the quarter,
heads to identify global trends more volume than it’s ever versus 39 cents a year earlier.
value of investments and invest in companies that had in a month, well up from Blackstone’s fee-related
stand to benefit from them, led 2019 levels.” earnings climbed 58% year
BY MIRIAM GOTTFRIED Blackstone to put more money Mr. Gray said Blackstone over year, to $740.8 million.

JOSÉ A. ALVARADO JR. FOR THE WALL STREET JOURNAL

into areas such as logistics, has remained vigilant about The biggest contributor to fee-
Blackstone Group Inc. business software, digital pay- the potential for inflation as related earnings was its Core+
swung to a record quarterly ments and life sciences—indus- the economy reopens. “The real-estate strategy, which
profit as its focus on rapidly tries that performed well dur- key is to buy things where the buys stable assets, using mod-
growing companies helped the ing the pandemic. growth is substantial and can erate amounts of debt and has
value of its investments climb “We feel as good about the outrun” pressure on valua- a long investment horizon.
more than the broader market. business as we’ve ever felt in tions due to inflation, he said. The business had $77 billion in
The investment giant terms of the performance of Blackstone’s distributable assets at the end of the first
posted net income of $1.75 bil- the business and the response earnings, or the amount of quarter, Blackstone said.
lion, or $2.46 a share, for the from our customers,” he said. cash that could be returned to The firm had inflows of $31.6
first quarter. That compares Shares of Blackstone rose shareholders, came in at $1.19 billion during the quarter, bring-
with a loss of $1.07 billion, or strongly Thursday, pushing its billion, or 96 cents a share, in ing total assets under manage-
$1.58 a share, in the first quar- market capitalization past the first quarter. That com- ment to $648.8 billion, up from
ter of 2020. $100 billion for the first time pares with $557.1 million, or 46 $618.6 billion at the end of 2020
The value of Blackstone’s in midday trading. They closed ‘What we’re beginning to see is growth in the physical world,’ cents a share, a year earlier. and $538 billion a year earlier.
private-equity portfolio up 3.3% at $82.96. said Jonathan Gray, president of Blackstone. The firm realized $8.1 bil- Blackstone has set a goal $1 tril-
climbed by 15.3% in the latest The firm made a number of lion in proceeds from asset lion in assets by 2026.
period, far exceeding the 5.8% investments during the quar- family office of Bill Gates in a been a rare bright lodging sales in the quarter, including So-called perpetual capital,
gain for the S&P 500. The ter pegged to the return of $4.7 billion deal for private-jet spot during the pandemic. from the February initial pub- which generates a steady
firm’s recent emphasis on travel. In January, it said it base operator Signature Avia- “What we’re beginning to lic offering of Bumble, the $9 stream of locked-in fees be-
growth companies, including would acquire U.K. vacation tion PLC. Last month, it joined see is growth in the physical billion merger of Paysafe cause it doesn’t need to be re-
online-dating platform Bumble company Bourne Leisure Hold- with Starwood Capital Group world,” Mr. Gray said on a call Group Holdings Ltd. with a turned to investors as quickly,
Inc. and genealogy company ings Ltd. The following month, in a $6 billion deal for hotel to discuss the earnings Thurs- blank-check company, and reached $149.1 billion, up 47%
Ancestry.com Inc., propelled it teamed up with Global Infra- owner and operator Extended day. There has been “record sales of insurance broker Acri- from over the first quarter of
the gains, Blackstone Presi- structure Partners and the Stay America Inc., which has slots activity” at the Cosmo- sure LLC and electric utility 2020.

Optimism Grows About Retirement Savings Greensill’s

BY ANNE TERGESEN Australian
About three-quarters of U.S.
workers and retirees believe
they will have enough money
Parent to
for retirement, an increase
from a year ago, according to
a survey released Thursday.
Liquidate
The survey from the Em- BY ALICE URIBE
ployee Benefit Research Insti-
tute provides a snapshot of SYDNEY—The Australian
how Americans feel about parent of Greensill was placed
their retirement prospects. into liquidation following a
Among workers, 72% are meeting of creditors owed
somewhat or very confident in nearly $1.33 billion when the
their ability to live comfort- supply-chain finance business
ably in retirement, up from became insolvent last month.
PAUL HENNESSY/SOPA IMAGES/LIGHTROCKET/GETTY IMAGES

63% in March 2020 and 69% in The move to liquidate

January 2020. Today’s level is Greensill Capital Pty Ltd. was
close to the survey’s record of unopposed by the 23 creditors
74% in 1993, three years after that joined a virtual meeting
the survey began. in Australia that ran for more
Craig Copeland, a senior re- than 90 minutes on Thursday.
search associate at EBRI, said Three creditors abstained
that while people faced con- from the vote.
siderable uncertainty in March No buyers emerged for
2020, many have a lot to be Greensill Capital, the parent
optimistic about now, includ- company of more than 40
ing the growing availability of businesses, after it was de-
vaccines, the improving job clared insolvent, according to
market and the rising stock a creditor who attended the
market. meeting. Separate insolvency
Among retirees, 80% are Among retirees, 80% are optimistic about their financial prospects during retirement, up from 76% in March 2020. proceedings for Greensill’s
optimistic about their finan- main operating unit, which is
cial prospects during retire- enced a negative change. pandemic,” and those without Nearly 75% of workers re- retirees and 1,507 workers based in the U.K., and its
ment, up from 76% March About one-third of workers, retirement accounts are more port that they or a spouse aged 25 and older was con- banking unit are continuing.
2020. The 82% registered in many with lower incomes and likely to have lost jobs and be have saved for retirement. ducted online between Jan. 5 Greensill Capital’s secured
2019 is the survey’s highest. higher debt levels, said the “even worse off than before,” Among workers, 27% said they and Jan. 25. The margin of creditors include Credit Suisse
While optimism is up over- pandemic has made it more he said. have less than $25,000 in sav- error was plus or minus 2.5 Group AG and the Greensill
all, some segments of the pop- difficult to save for retire- Among workers participat- ings, excluding home equity. percentage points. In general, family business, while Japan’s
ulation are suffering. ment. The pandemic made the ing in retirement plans who One-third say they have Mr. Copeland said, it is typi- SoftBank Group Corp. is among
Some 21% of workers re- inequalities even bigger, Mr. made changes to their ac- amassed $250,000 or more. cal for workers to be less unsecured creditors. The credi-
ported a positive change in Copeland said. “Those who counts last year, more in- Married people are more likely confident than retirees be- tors’ meeting was also attended
their income or job status continue to work and save for creased rather than decreased to have saved for retirement cause those who are further by representatives of the Aus-
since Feb. 1, 2020, but 39% retirement are doing as well their contributions, the survey than single individuals. from retirement face greater tralian Taxation Office, the Aus-
said their household experi- as they were doing before the indicates. This year’s survey of 1,510 uncertainty. tralian Securities and Invest-
ments Commission, and the
Association of German Banks.

Credit the bank has taken—slashing

its dividend and culling some
executives who oversaw busi-
A U.S.-based spokesman for
Greensill declined to comment.
Founded by Australian-born

Suisse to ness with Greensill and

Archegos. Credit Suisse’s
board is investigating what
Lex Greensill, the company
billed itself as a technology
startup that competed with tra-

Raise Cash went wrong and is examining ditional banks such as Citi-
ENNIO LEANZA/KEYSTONE/ASSOCIATED PRESS

how to refashion the bank to group Inc. and JPMorgan

prevent future blowups. Chase & Co. Greensill’s goal was
“I’m a fundamental believer to offer supply-chain finance to
Continued from page B1 that the overall strategy of companies that had fallen be-
predecessor, Tidjane Thiam, Credit Suisse is sound,” Mr. low the radar of traditional
was forced out after the bank Gottstein said, pointing to out- banks that preferred larger,
was caught spying on a re- performance in most of its more-established clientele.
cently departed executive. businesses in the first quarter. It became mired in crisis
The bank’s longtime chair- “This is the moment now to last month when Credit Suisse
man, Urs Rohner, will retire look forward.” froze $10 billion in investment
after an annual shareholders But analysts and investors funds that Greensill relied upon
meeting next week. He will be see a rocky road ahead for the to fuel much of its business.
succeeded by an outsider, bank. The bank faces wide- The bank’s shares fell 2.1% Thursday after news of its plans to raise capital. CEO Thomas Gottstein. According to a report by
Lloyds Banking Group PLC CEO spread regulatory scrutiny Grant Thornton, the insol-
António Horta-Osório, a vet- over the mishaps. scandals. seas regulators. The Senate losses. Its loss for the quarter vency experts handed control
eran banker who oversaw the Switzerland’s financial reg- Last year, Luckin Coffee Banking Committee wrote to ended up being 252 million of Greensill on March 8, credi-
rebuilding of Lloyds after the ulator, Finma, on Thursday Inc., a prominent Chinese cli- Credit Suisse and other banks francs, or about $275 million. tors have lodged claims for
financial crisis. He has begun said it opened enforcement ent, disclosed an accounting this month seeking informa- Revenue at Credit Suisse’s nearly $1.33 billion, or 1.72 bil-
to direct the response to the proceedings against the bank fraud that caused losses for tion on their business with investment bank was up 80%, lion Australian dollars. The
crises, according to people fa- over how it handled the risks Credit Suisse on a loan it made Archegos. buoyed by a surge of activity largest claim by SoftBank is
miliar with the matter. around Archegos. to Luckin’s founder. A former Mr. Gottstein said Switzer- across Wall Street in corporate for roughly $1.16 billion.
Credit Suisse shares fell Finma also said it opened client is suing the bank for land’s parliament would study deal making, and selling stock In addition, the Association
2.1% in Zurich Thursday on the enforcement proceedings into around $800 million for ignor- the matter, and that regulators and bonds. The bank is a lead- of German Banks has made a
news of the capital raising. Its the Greensill funds. Credit ing alerts that a Credit Suisse in the U.K., where some of ing sponsor of special-purpose contingent claim for €2 billion,
stock has sunk by around a Suisse said it marked down a banker stole from him for Archegos’s business was han- acquisition companies, or or $2.41 billion, to cover po-
third since the end of February loan owed by Greensill but sig- years. The bank also faces law- dled, are coordinating with SPACs, a booming corner of tential losses if Bremen-based
even as bank shares in general naled it doesn’t plan to com- suits and regulatory fines of U.S. and Swiss counterparts. the fundraising world. Greensill Bank’s customers call
have performed well thanks to pensate investors who placed over $2 billion in fraudulent The Credit Suisse CEO said But the ability of the bank on a fund that protects their
economies rebounding from their money in the funds. lending in Mozambique. the bank is still analyzing the to generate outsize profit in its deposits.
Covid-19 lockdowns. “We have not indemnified In February, it took a $1 bil- blowup. investment bank going forward Insolvency specialists are
Credit Suisse has been the the investors in these funds. lion financial hit when it set- He said it was an idiosyn- is overshadowed by the mas- continuing to see if any of
hardest hit of the lenders to These are third-party inves- tled a decadeold U.S. court cratic situation in which the sive loss from Archegos. To Greensill’s assets can be sold
Archegos, a U.S. family invest- tors,” David Mathers, Credit case over toxic mortgage secu- underlying stock exposure had prevent future blowups, the to raise money for creditors.
ment firm that took huge bets Suisse’s chief financial officer rities. The bank said Thursday explosive growth over a few bank said it would downsize Last month, a small financial-
on a few stocks with borrowed said Thursday. it would need to set aside ad- months, but “it’s clearly unac- its prime brokerage operations technology business called
money. The Wall Street Jour- Swiss regulators have al- ditional capital because of the ceptable that we even got into that service hedge funds and Earnd was sold to London-
nal reported Wednesday that ready demanded higher levels case. It also recently took a this position,” he said. family offices by cutting cli- based Wagestream. The sale
the bank built up $20 billion in of capital and could insist on $450 million markdown on a Mr. Gottstein said exposures ents and assets. of another Greensill-owned
exposure to investments re- other remedies, including fines, stake it held in a big U.S. the bank had to Archegos re- It didn’t signal a full re- company, digital lender Omni
lated to Archegos but strug- further management changes hedge fund. ferred to in media reports in- treat, however, noting that it Technologies, is also being
gled to monitor them. and limitations over how much Credit Suisse is likely to cluded both long and short po- will focus on key clients. In a considered by Grant Thornton.
On Thursday, Mr. Gottstein risk its businesses can take. face pressure in the U.S., sitions, without elaborating. sign that it isn’t willing to “At present it is too early to
said the Archegos loss and Even before Archegos and where the Archegos trade was One bright spot for Credit shrink the investment bank determine whether there will
Greensill situation were both Greensill, Credit Suisse had en- handled. The Federal Reserve Suisse was an otherwise significantly, it will target a be any return available from
unacceptable but tried to draw dured a lengthy series of one- is examining the Archegos sit- strong quarter that cushioned measure of its assets in that the UK Administrations,” said
a line, pointing to the actions time losses and embarrassing uation and working with over- the blow from the Archegos division at end of 2020 levels. Grant Thornton.

THE WALL STREET JOURNAL.
Bond Yields Finish
Lower as Weekly
Jobless Claims Fall
BY SEBASTIAN PELLEJERO
U.S. government bond
yields swung between gains
and declines before closing
lower after data showing the
number of Americans filing for
unemployment fell to a new
postpandemic low and reports
that President Biden is plan-
ning to increase capital-gains
taxes.
The yield on
CREDIT the benchmark
MARKETS 10-year Trea-
sury note rose
as high as 1.587% before set-
tling at 1.554%, according to
Tradeweb, down from 1.566%
at Wednesday’s close.
Yields, which fall when
bond prices rise, climbed
overnight and after the Labor
Department said the number
of workers applying for job-
less benefits fell to 547,000
last week—the lowest level
since the pandemic started
last spring and better than
forecasts by economists sur-
veyed by The Wall Street
Journal.
Yields then fell at the start
of the U.S. session before re-
suming their climb later in
the day.
Yields later retreated along
with stocks in the afternoon
following reports that Presi-
dent Biden plans on funding
some of his anticipated fiscal
spending plans by raising
taxes on capital gains and peo-
ple in the top marginal income
tax bracket.
Investors tend to trade
Treasurys based on their ex-
pectations for the economy,
generally fleeing the safety of
government debt for riskier
assets such as stocks when
they expect growth and rising
inflation, which erodes the
purchasing power of bonds’
fixed payments.
But market crosscurrents
have left many shrugging off
positive economic data in re-
cent weeks, with the 10-year
yield retreating from a recent
peak of 1.749% reached in
March.
The recent calm in the
Treasury market contrasts
with early-year selling that
pushed yields to their highest
levels since the pandemic
started.
Some investors bet that the
stimulus- and vaccine-fueled
economic rebound could gen-
erate higher inflation and,
eventually, interest-rate in-
creases from the Federal Re-
serve sooner than officials are
forecasting.
Helping to suppress yields
is the Fed’s commitment to
maintaining low interest rates
and buying billions of dollars
worth of bonds until the labor
market recovers and inflation
stays above 2%.
Officials have repeatedly
said that the U.S. economy is
still far from registering sub-
stantial economic improve-
ments that would prompt any
changes in monetary policy.
As the data continue to im-
prove, the Fed will be chal-
lenged communicating
changes to monetary policy to
Dogecoin
Isn’t a Joke
Anymore
Continued from page B1
surge and huge fall Wednes-
day. It is no more likely to
replace the dollar than are
betting slips for the Ken-
tucky Derby.
Dogecoin’s price quadru-
pling in two days last week
is surely a sign that there is
wild excess in the cryptocur-
rency. But that isn’t proof
that stocks or bonds are hid-
eously overpriced: There is
almost always wild excess in
something, because that is
the way markets work.
Part of the genius of public
markets is that they harness
the human desire to gamble,
in order to provide liquidity.
This means there is usually
someone willing to buy or
sell when long-term investors
need to put more money to
work or cash in. The un-
wanted side effect is that the
gambling often sets the price,
in the form of bubbles and
investors, said Gennadiy Gold-
berg, senior U.S. rates strate-
gist at TD Securities.
“The market has not been
super reactive to [recent]
strong numbers, but as the
data improve, you’ll start to
get concerns from investors
that the Fed might become
less dovish,” he said.
The European Central Bank
on Thursday left short-term
interest rates unchanged and
made no changes to its bond-
buying efforts.
A day earlier, the Bank of
Canada announced it would
begin scaling back asset pur-
chases while signaling that its
2% inflation target may be
reached earlier than 2023.
That means the central bank
could raise short-term inter-
est rates sooner than antici-
pated.
There also are signs more
foreign buyers are coming
back to the Treasury market in
significant volumes, lured by
yields that remain attractive
even when hedged for cur-
rency fluctuations.
Foreign investors purchased
around $135 billion of long-
term Treasurys on a net basis
in January and February, ac-
cording to data recently com-
piled by Citigroup—the best
two-month start to a year
since 2012.
While foreign investors
have added $195 billion to
Treasury holdings since July,
that only amounts to around
34% of the amount of Trea-
surys they sold during the
first six months of 2020, indi-
cating room for more buying.
Buying by foreign investors
and even pension funds may
not be enough to quell a rise
in yields, said Mr. Goldberg.
His firm is forecasting the 10-
year yield to rise to 2% by
year-end, supported by im-
proving economic data and
passage of a fiscal package
later this year.
“The market is going to get
some pushback on the edges,
but a lot of the fundamentals
point to higher rates,” he said.
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated April 27, 2021, mature on May 25,
2021.
EIGHT-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated April 27, 2021, mature on June 22,
2021.
FIVE-YEAR TIPS
Applications
Accepted bids
" noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The Treasury inflation-protected securities, dated
April 30, 2021, mature on April 15, 2026.
stock momentum taking
prices far away from the real
value of the business.
Dogecoin, and the broader
mania for crypto tokens, is a
bubble, but that doesn’t nec-
essarily mean much for the
rest of the market. Mini-bub-
bles are frequent in the
stock market when traders
unthinkingly buy into a new
fad: 3-D printing was briefly
in fashion in 2013, with the
stock of leader 3D Systems
almost tripling, while rare-
earth metals stocks leapt
fivefold or more before
crashing in 2011. Neither
pointed to broad market ex-
cess and the same may be
true of dogecoin.
H
ere we come to the
serious caveats. Doge-
coin isn’t alone. It is
clearly part of a broader
wave of excess that spread
across a bunch of different
speculative assets over the
past year. I am hopeful that
the overheating isn’t cooking
up trouble in the rest of the
market, but it is definitely a
risk.
Like other cryptocurren-
cies, dogecoin is perfect for
speculation, with minimal
regulation, no fundamentals
* * * * *
MARKETS
Gains-Tax Talk Hits Stocks
BY JOE WALLACE
AND AMBER BURTON
Stocks dropped on news re-
ports that President Biden is
considering nearly doubling
capital-gains taxes on the
wealthy.
Mr. Biden plans a capital-
gains tax increase to as high as
39.6% on the wealthiest Ameri-
cans, an increase from the cur-
rent 20%, Bloomberg News re-
ported Thursday.
Major indexes wavered be-
tween small gains and losses
for much of the session before
tumbling on the headlines. The
S&P 500 fell 38.44 points, or
0.9%, to
THURSDAY’S 4134.98. The
MARKETS Dow Jones In-
dustrial Aver-
age dropped 321.41 points, or
0.9%, to 33815.90. The Nasdaq
Composite slid 131.81 points, or
0.9%, to 13818.41.
All 11 sectors of the S&P 500
traded lower on the report.
Technology and other growth
stocks were some of the big-
gest losers. Shares of Micron
Technology, Twitter and
Western Digital dropped more
than 4%.
The planned tax increase is
far from a surprise, but the fall
in stocks was a knee-jerk reac-
tion, said Quincy Krosby, chief
market strategist at Pruden-
tial Financial.
“Even though this is not a
surprise—the expectation that
capital gains would be taxed at
a higher rate—it becomes more
immediate and there’s a hitch
in the market,” she said. “This
isn’t new. It has not been a
question of if or when, it has
just been ‘how much?’”
Elsewhere, investors contin-
ued to parse through another
batch of earnings reports and
Corporate
Debt Rates
Decline
Continued from page B1
companies may default on
their debt.
The narrow speculative-
grade bond spreads indicate
debt investors think that the
economic environment for busi-
nesses over the next several
years could be better than at
any time since the 2008-2009
$151,827,911,900 financial crisis—a striking de-
$42,721,341,900
$719,923,600
velopment after many feared a
$637,000,000 severe, long-lasting economic
99.999611
(0.005%)
downturn just last year.
0.005% As of Wednesday, the average
45.15%
912796G29
speculative-grade bond spread
was 2.98 percentage points.
That was slightly higher than
earlier in the month but down
$128,240,554,000 from 3.60 percentage points at
$42,721,763,600
$154,885,200 the end of last year and 4.42
$344,000,000 percentage points on Nov. 6, the
99.997667
(0.015%) last full trading session before
0.015% Pfizer Inc. announced encour-
17.58%
912796H28 aging results from its coronavi-
rus-vaccine trial.
Investors and analysts say
that two major factors have
$48,446,546,400
$21,437,543,400
been responsible for that de-
$88,934,500 cline. One is improving eco-
109.406206 nomic data, especially con-
-(1.631%)
0.125% sumer spending on goods,
41.74% which analysts closely link to
91282CCA7
the two economic relief mea-
sures that Congress passed in
Dogecoin price in dollars
$0.40
0.30
0.20
0.10
0 –50
Jan. 2021 Feb. March
Sources: CoinDesk (Dogecoin); FactSet (performance)
to limit prices and wild
swings. The gambling in-
stinct can only push stock
prices up for so long, be-
cause eventually the funda-
mentals of the business re-
veal themselves and provide
a basis for valuation.
Last year, stocks with less
in the way of fundamentals,
and more reliance on telling
a hard-to-disprove story
about the future, had a fabu-
lous time. Profit provides a
Index performance, Thursday
0.50%
0.25
0 Covid-19 low of 547,000 last
–0.25
–0.50
S&P 500
–0.75
Dow industrials
Nasdaq Composite
–1.00
–1.25
10 a.m. 11
Source: FactSet
data on the labor market.
Many investors remain upbeat
about the outlook for stocks
but are growing concerned
that a surge in coronavirus
cases globally could delay
plans to reopen economic ac-
tivity.
“It wouldn’t take much news
for [investors] to start ripping
up their reopening playbook,”
said Christopher Jeffery, head
of inflation and rates strategy
at Legal & General Investment
Management. “The market has
gone from a world of not ques-
tioning it to starting to ques-
tion it,” he said, adding that
his team is following the rise
in cases in Michigan closely.
Earnings season continues
apace.
Shares of Equifax jumped
$28.78, or 15%, to $221.41 after
the credit-reporting firm late
Wednesday raised financial
projections for the year and
said it expects to buy back
more than $100 million in
Speculative-grade
bond issuance, as of
April 21 of each year
$175 billion
$186.1B
150
125
100
75
50
25
0 60
2007 ’10
Sources: LCD, S&P Global Market Intelligence (issuance); Federal Reserve (capacity utilization)
recent months. The other is
optimism for a broader eco-
nomic rebound later in the
year, as people feel more com-
fortable spending money on
services, such as airline travel
and restaurant dining.
Despite the setback last
week when U.S. health authori-
ties recommended a pause in
the use of Johnson & John-
son’s Covid-19 vaccine, many
investors and analysts are still
pleased with the pace of vacci-
nations in the U.S. They note
that the large majority of
doses are supplied by Pfizer
and Moderna Inc., which have
been ramping up production.
Already, about a third of U.S.
adults have been fully vacci-
Share-price performance since the end of 2019
300%
250
200
150
100
50
0 Defiance
April 2020
grounding for a stock, while
story stocks can soar on the
wings of the imagination for
a long time before being
pulled back to earth—or oc-
casionally confirmed as true
fliers—by hard business
facts.
Dogecoin’s combination of
get-rich-quick speculators
and you-only-live-once Red-
dit meme traders is similar
to GameStop, which was ini-
tially pushed up by a story
Bloomberg News reports
that President Biden is
planning a capital gains
tax increase.
noon 1 p.m. 2 3
stock.
Blackstone Group shares
climbed $2.65, or 3.3%, to
$82.96 after the private-equity
firm swung to a record profit
of $1.75 billion in the first
quarter.
Snap and Intel were among
the companies to report earn-
ing results after markets
closed.
Snap reported a jump in
sales and a narrower quarterly
loss as the social-media plat-
form gained more users, help-
ing shares jump nearly 5% af-
ter hours.
Conversely, Intel reported
lower quarterly sales and reve-
nue. The tech company’s stock
fell 2% in after-hours trading
despite raising its outlook for
the year.
Some investors are wary of
the results to come later this
year. “We’re just going to have
to see [what happens] when
you take away the stimulus
and the cash payments,” said
Production capacity
utilization of manufacturing,
mining and utilities
2021
85% March
74.4%
80
75
70
65
’20 2007 ’10
nated, and more than half have
received at least one dose, ac-
cording to the Centers for Dis-
ease Control and Prevention.
Some analysts take a skep-
tical view of the corporate
bond rally.
Speculative-grade bond
spreads should be about twice
their current level based on a
fair-value model that takes
into account current economic
conditions and other factors,
said Marty Fridson, chief in-
vestment officer at Lehmann
Livian Fridson Advisors LLC.
According to the Federal Re-
serve, manufacturers, miners
and utilities were using about
74% of their theoretical produc-
tion capacity in March, he
Invesco
Solar ETF
ARK Innovation
ETF
AdvisorShares
Pure Cannabis
ETF
Next Gen SPAC
Derived ETF*
’21
*SPAC ETF since launch in October
about a new business model
and then a short squeeze,
before nihilistic Redditors
took over.
The story stock of the last
decade was electric-car
maker Tesla, with the tale
being that there was a gigan-
tic untapped market for self-
driving electric cars and
clean power that would
eventually both work and be
highly profitable.
Last year, plenty of would-
.
Friday, April 23, 2021 | B11
Kimberly Woody, a senior
portfolio manager at Globalt
Investments. “We’re kind of on
a sugar high.”
On the economic front,
worker filings for jobless
claims reached another
week. The decline is a sign the
labor market is strengthening.
Jason Borbora-Sheen, mul-
tiasset portfolio manager at
Ninety One, expects the broad
stock market to trend sideways
or decline over the next few
months. “Things have become
quite overbought,” he said.
One of the two funds Mr.
Borbora-Sheen manages has
bought put options to protect
4
against downward moves in
stocks. Puts are contracts that
pay out if the underlying asset
falls below a certain price.
Overseas, shares of tech and
utility companies led the Stoxx
Europe 600 up 0.7%.
Shares of Credit Suisse
Group fell 2.1% after the Swiss
lender said it would issue new
shares after losses from
Archegos Capital Management
wiped out a strong first quar-
ter.
Renault shares dropped
1.3% after the French car
maker said revenue fell in the
first quarter.
The European Central Bank
left its key interest rates and
bond-buying programs un-
changed, seeking to maintain
support for governments and
companies through a new
round of coronavirus infections
and restrictions.
In Asia, chemical and phar-
maceutical stocks helped
Japan’s Nikkei 225 climb 2.4%.
At midday Friday, the Nikkei
lost 0.7%, while Hong Kong’s
Hang Seng was up 1%. S&P fu-
tures were up 0.2%.
noted, well below the more
than 81% level reached in 2007
when corporate bond spreads
were at comparable levels. Cur-
rent spreads suggest investors
aren’t just optimistic about the
economy but feel emboldened
that the Fed will protect them
from significant losses after the
central bank’s extraordinary in-
terventions last year, he said.
Others, though, say the eco-
nomic trajectory does justify
strong demand for corporate
bonds. Aneta Markowska, chief
economist at Jefferies LLC,
said that industrial production
is still being suppressed by
pandemic-related supply chal-
lenges and could reach 80% of
capacity by the summer just by
’20
catching up to current demand.
Overall, she said, the econ-
omy is better poised now than
it was for years after the fi-
nancial crisis because house-
holds “are sitting on tons of
cash,” and the government has
been pumping trillions of dol-
lars into the economy.
If anything, debt investors
may be in a more comfortable
position than equity investors
because they won’t worry if
growth slows substantially
two years from now, as long as
it remains positive.
“If you’ve accumulated mas-
sive earnings in the last two
years that you haven’t spent,
that also creates a big buffer on
your balance sheet,” Ms.
Markowska said. “That’s what’s
going to keep default risk pretty
low for the foreseeable future.”
be competitors became the
latest chapter as their shares
leapt, along with clean-en-
ergy stocks, special-purpose
acquisition companies,
crypto-related stocks and
cannabis companies. New
highs were reached (sorry),
but the upward momentum
petered out in January and
February for most of them.
I
n principle, none of this is
a problem for those of us
not betting on the specu-
lative booms. There is a good
argument that the stuff that
most investors focus on—old-
fashioned stocks—are reason-
ably well supported by the
fundamentals of a stronger
economy and low bond yields,
even if they are at record
highs. Of course, if those fun-
damentals worsen, as the
global economic outlook has
with the recent surge in
Covid-19 in many countries,
stocks should pull back.
The danger is that the ex-
cess so obvious in dogecoin
has spread beyond the story
stocks into mainstream in-
vestments, and that when
eventually the froth is blown
away, the rest of the market
cools suddenly. That would
be a bad joke.

B12 | Friday, April 23, 2021
A Red-Hot Copper Fund Could Lose Its Shine
Interest in investment jumped with metal’s price,
but individuals need to know what they are buying
“Copper is the new oil” wrote
Goldman Sachs in a widely cited
report. Individual investors are
taking notice.
The metal’s price soared roughly
85% over the past 12 months, with
bulls pointing to robust demand
from the world’s transition to green
energy and speedy economic growth
in China, which accounts for about
half of global consumption.
Fund flows into the United
States Copper Index Fund, the
largest exchange-traded product
for copper, soared starting in the
second half of 2020 alongside the
commodity’s rising price. The fund,
with the ticker symbol CPER, was
launched in 2011, but it had only
$5 million to $10 million in assets
under management until early last
year. As copper prices picked up,
Flows into United States Copper
Index Fund since launch
$30 million
20
10
0 for a more distant one each month,
–10
–20
2012 ’15 ’18 ’21
Source: FactSet
ALEX PLAVEVSKI/EPA/SHUTTERSTOCK
The Shanghai auto show, which highlights many auto makers’ EV ambitions.
Tesla Should
Brace for the Impact
Of Competition in China
Tesla is saying sorry in China.
It needs to face another longer-
term challenge, too: Homegrown
competitors are emerging.
The American electric-vehicle
company issued a public apology
Tuesday after an online backlash,
which included state media and a
Communist Party body, over its
handling of a protest a day earlier
at the Auto Shanghai expo. A pro-
tester claimed that faulty brakes
on her family’s Model 3 sedan
caused a crash that left her par-
ents hospitalized.
The apology shows how China is
becoming Tesla’s most important
market and how it needs to tread
Western car makers are
also putting China at
the center of their
electric-vehicle strategy.
carefully in the country as it has
become a more prominent target.
The company had its best month
in China in March, selling 35,478
Model 3 and Model Y cars built at
its Shanghai plant.
After being overtaken by Europe
as the world’s largest EV market
last year, China will likely take
back its perch this year. There
were 489,802 new-energy-vehicles
sales, including plug-in hybrids, in
the first three months of this year.
That was nearly twice the level for
the same period in 2019. The mar-
ket has been rebounding strongly
since the middle of last year, when
China put the pandemic mostly un-
der control.
The boom is partly down to
strong demand for a $4,400 hatch-
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
assets ballooned to $100 million by
this January and have more than
doubled since then to roughly $225
million today, according to Kurt
Nelson, managing partner at Sum-
merHaven Investment Manage-
ment, which manages the fund.
The rush comes just about a year
after another commodities index
fund operated by the same com-
pany—the United States Oil Fund,
under the ticker symbol USO—expe-
rienced its own explosion of popu-
larity as individual investors, hoping
to take advantage of a bottoming of
oil prices, piled into it. It aimed to
track the spot price of oil by owning
near-term futures contracts instead
of expensive-to-store physical bar-
rels. As futures prices briefly turned
negative, the fund had to quickly
pivot and change its benchmark to
avoid the potential catastrophe that
befell one Chinese fund.
Like USO, CPER owns futures.
The longer-term problem with such
funds is that they can severely lag
behind the price of the commodity
if longer-dated futures prices are
more expensive than those expir-
ing sooner, as has frequently been
the case for oil. Under such a situ-
ation, known as contango, when a
fund sells a soon-to-expire contract
it constantly has to pay up.
This is less-problematic in cop-
per’s case because its futures curve
is frequently backwardated. That
describes the situation when the
price of copper for near-term deliv-
ery is more expensive—the inverse
of contango. That shape allows the
back called Hongguang Mini EV,
made by a joint venture of Gen-
eral Motors, Liuzhou Wuling Mo-
tors and state-owned SAIC Motor.
The car is cheap and practical
enough to outsell the Model 3, but
it isn’t Tesla’s direct competition
in terms of performance or range.
For now, Tesla is still ahead in the
more premium segment.
But competition is popping up
in higher-end EVs too. The Han se-
dan from Warren Buffett-backed
BYD has been selling well since its
launch last year. Car sales from
startups like NIO and Xpeng hit
records last quarter. And Chinese
technology companies from
search-engine giant Baidu to
smartphone maker Xiaomi are
jumping into the fray.
The continuing auto show in
Shanghai—a rare car show with
actual people—also points to in-
creasing competition as car mak-
ers showcased their EV ambitions
in the world’s biggest car market.
Zhejiang Geely Holding Group,
which owns Volvo Cars, unveiled
its Zeekr 001 under its new EV
brand. The sedan, priced slightly
higher than Model 3, will arrive in
China later this year. It could be a
formidable challenger given
Geely’s experience in China and
car-making technology from Volvo.
Western car makers are also
putting China at the center of
their EV strategy. Volkswagen an-
nounced ID.6, a new sport-utility
vehicle that will be exclusively
sold in China later this year. Mer-
cedes-Benz will also launch its
seven-seater EV EQB in the coun-
try later in 2021, ahead of Europe
and the U.S.
Tesla is still ahead in China, but
the road could become bumpier—
and much more crowded.
—Jacky Wong
ON
THE
The United States Copper Index Fund, soared starting in the second half of 2020 alongside the commodity’s price.
fund to “roll” an expiring futures
contract into a cheaper one, which
adds to a fund’s returns. Copper fu-
tures tend to take this shape with
greater frequency than oil because
global copper production generally
matches global demand each year,
according to Mr. Nelson.
Secondly, the copper index fund
is more flexible than the way the
USO was originally structured. In-
stead of buying just the front-month
contract for copper, the fund is able
to shift positions between near-term
futures and longer-dated futures.
When the futures curve is in con-
tango, the fund shifts to positions
further out in the curve to minimize
Credit Suisse Needs New Tactics
After Recent Run of Troubles
Credit Suisse’s decision to raise
new capital makes sense. Sticking to
its current strategy doesn’t.
The bank said Thursday it would
issue mandatory convertible notes
that were expected to raise 1.7 bil-
lion Swiss francs, equivalent to
about $1.85 billion. Management
stressed it was a move to end spec-
ulation about its capital levels. The
issue will dilute shareholders’ equity
by about 8%, but is probably neces-
sary to reassure wealth-manage-
ment clients that the bank is solid.
Chief Executive Officer Thomas
Gottstein said he is “a fundamental
believer that the overall strategy of
Credit Suisse is sound.” Such an en-
dorsement is surprising given the
bank’s exposure to every big finan-
cial scandal in recent years.
Mr. Gottstein pointed to outper-
formance in almost every line of
business in the first quarter, high-
lighting the investment bank’s 80%
year-over-year revenue growth and
its increased market share. But that
ignores that growing investment-
banking revenue usually comes with
added risks that may not material-
ize until much later, as the recent
troubles made painfully obvious.
Capturing market share in such a
competitive business is tough, and
often requires undercutting rivals or
working with problematic clients.
Given its run of bad luck—Luckin
Coffee, Wirecard, Greensill,
Archegos—the bank needs to do
more than change a few directors
and tweak risk processes. Its loss
from Archegos is particularly con-
cerning as the position wasn’t for a
Nestlé Is Both Teacher and Threat to Danone
Nestlé could be a role model for
troubled peer Danone as it deals
with an activist campaign. Unfor-
tunately for the latter, a resurgent
Nestlé also poses the biggest com-
petitive threat it has in years.
On Thursday, the Swiss maker
of Nespresso coffee and Purina
dog food said that comparable
sales increased 7.7% in the first
three months of the year, stripping
out portfolio and currency
changes. This was double what an-
alysts expected and the company’s
best quarter in almost a decade.
Nestlé’s pet-food brands, confec-
tionery, dairy products and pow-
dered drinks all sold well.
Things were less rosy at Paris-
based Danone, which reported a
3.3% drop in first-quarter sales
earlier this week. The Dannon yo-
gurt maker is looking for a new
boss after an activist campaign by
Artisan Partners and Bluebell Cap-
so-called negative roll yield.
The one caveat is that as copper
gains popularity, it may draw in fi-
nancial speculators just as oil has.
Their presence is thought to be one
reason for more frequent contango
in oil, which led to a constant drag
in returns for the USO. Ilia Bou-
chouev, managing partner at Pen-
tathlon Investments, notes that this
is less of a concern for copper be-
cause storage costs are much lower
than for oil. That would prevent a
situation where further-out futures
contracts are substantially more ex-
pensive compared with near-term
ones. For now, the main drag that
currently comes with owning CPER
Credit Suisse net profit before tax
$15 billion
10
5
0
–5
–10
–15
2006 ’07 ’08 ’09 ’10
*Includes capital markets and global markets segments. †First quarter
Source: S&P Capital IQ
wealth-management client, wasn’t
particularly lucrative and wasn’t un-
authorized trading, suggesting it
complied with internal risk pro-
cesses. While Credit Suisse wasn’t
the only bank involved, it had a
much larger exposure.
The company’s current strategy
involves running a full-service
wealth manager alongside an adven-
turous investment-banking business.
Mr. Gottstein is reducing its prime
brokerage services, where the
Archegos exposure was centered, by
working only with key clients that
do business with other parts of the
bank. But that will likely only trim
the investment bank’s risk-weighted
assets back to the year-end level.
And asset management, where the
Greensill troubles were centered, is
still regarded as core for now.
ital Partners ousted the company’s
chief executive last month. The
new hire will be under pressure to
sell weak brands, speed up innova-
tion and raise profit margins.
Mimicking Nestlé is a good place
to start. Almost four years ago, the
Swiss food giant faced an activist
campaign when Daniel Loeb’s Third
Point took a stake in the business.
Since then, it has overhauled its
portfolio of brands with 75 acquisi-
tions and disposals and cut the
time needed to get a new product
onto supermarket shelves from 18
months to 12 or less.
But Danone will also have to
compete with Nestlé’s slicker busi-
ness. In tough product categories
that both companies are exposed to,
Nestlé appears to be recovering
more quickly from the pandemic.
Sales in its waters business, hit by
restaurant and hotel closures, fell
5.6% in the quarter, compared with
.
THE WALL STREET JOURNAL.
ANDREY RUDAKOV/BLOOMBERG NEWS
is its expense ratio of roughly 0.8%,
which adds up over the years, as do
even short periods of contango.
Since its launch, CPER has
gained about 4% even as continu-
ous copper futures are up by more
than 22%. USO, by contrast, has
lost about 86% compared with a
38% drop for a continuously held
oil futures position.
Investors looking to ride a con-
tinued short-term boom in the com-
modity’s price and unwilling to
dabble in futures should feel free to
do so through CPER. A long-term
buy-and-hold strategy, however,
could leave them owning a lump of
coal instead. —Jinjoo Lee
Other segments
Investment bank*
’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21†
Credit Suisse should weigh much
deeper cuts to its investment bank.
Slimming it down further to provide
only those services required by its
wealth-management clients, as bet-
ter-valued crosstown rival UBS has
done, would reduce revenues but
also cut risk and free capital to in-
vest in less-volatile businesses.
External and internal reviews into
Credit Suisse will suggest changes,
and Lloyds Banking Group veteran
António Horta-Osório will have
ideas when he starts his tenure as
board chairman next month.
Still, his support of a strategic
course that led Credit Suisse consis-
tently astray should worry inves-
tors. One car crash might be bad
luck, but four in a row point to seri-
ous problems with either the vehicle
or its driver. —Rochelle Toplensky
a 12% slump for Danone’s. Artisan
said the French company should
ditch some of its mass-market water
brands that face competition from
private label products—a maneuver
Nestlé completed last month.
In baby food, Nestlé’s sales fell
4.4% in the first quarter even as
they returned to growth in the
crucial Chinese market. Danone’s
“specialized nutrition” division
was down 7.7% and its China baby
food business is still negative.
Birthrates have fallen during the
pandemic, implying that the busi-
ness of feeding fewer babies will
be intensely competitive for a
few years.
Danone’s shares trade at a 30%
discount to its Swiss rival’s as a
multiple of forward earnings.
Nestlé provides the best road map
to closing that gap, as well as the
biggest obstacle.
—Carol Ryan
 MANSION
.

$27 Million $50 Million

A 1930s English Bette Midler
Tudor-style finds a buyer for
house lists on her Manhattan
Long Island M2 penthouse M12

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, April 23, 2021 | M1

This $17,000, 150-year-old olive tree was

shipped from Tuscany and cost over $40,000
to relocate and place in the courtyard.

FROM TOP: JOE BRYANT; LUXFORD GROUP

45
FEET
$1
MILLION
The Latest Must-Have for
The Rich: Trophy Trees
Height of oak tree Cost to move 55-foot,
that was sold for low 85-ton tree at
six figures Walt Disney World

Sourcing just the right tree for high-end homes, and getting it from one place
to the other without killing it, has become big business

BY KATHERINE CLARKE gether, they scope out trees in other amid the Covid crisis. While trophy

The tree was lowered by crane into the center
courtyard of Michael Chen’s Beverly Hills spec home.
F
or decades, Walter Acree op-
erated a modest landscaping
business in Deerfield Beach,
Fla. A self-described rebel, he
mowed lawns in his bare
feet, his then-long hair falling around
his shoulders. Then, a few years ago, he
stumbled into a lucrative niche business:
helping South Florida’s superrich find
trophy trees—the latest in status sym-
bols for the most well-off Americans.
“I’m kind of unique,” said Mr. Acree,
now the owner of Green Integrity’s, a
tree relocation and landscaping firm.
“Not a lot of people do what I do.”
Mr. Acree, 61, a so-called tree broker,
regularly drives his wealthy clients
around South Florida in search of the
perfect tree for their garden, whether it
is a giant kapok, an enormous canopied
oak, a baobab, a ficus or a banyan. To-
people’s gardens and outside local busi-
nesses, then approach the owners with
an unsolicited offer.
Then, it is Mr. Acree’s job to find a
way to transport the tree to his client’s
property. Sometimes, that involves using
a long flatbed truck, a barge or even a
300-ton crane. Mr. Acree has also devel-
oped his own technique, which he calls
“arbor division,” for moving the largest
trees. It involves slicing the tree verti-
cally into several parts using 6-foot-long
saws with specially hardened blades,
transporting the individual pieces to the
site, then reassembling the tree with
steel aircraft cable, ratchet straps and
bolts.
Mr. Acree’s business has been flour-
ishing for more than five years, but it
went into overdrive this past year as
hordes of ultrahigh-net worth home buy-
ers piled into the South Florida market
trees are a nationwide trend, Miami tree
brokers have particularly benefited be-
cause of the area’s diversity of available
trees. The city’s system of canals also
makes it easier to transport trees by
boat without having to cut back tree
canopies.
Mr. Acree said that in recent years he
has worked to install massive trees on
properties owned by celebrities such as
the singer Enrique Iglesias. He recently
gave an estimate of about $250,000 to
relocate a tree for a wealthy homeowner
on Miami’s Indian Creek Island.
Landscape architects dealing with big
names said they are seeing nondisclo-
sure agreements hit their desks like
never before as the superrich seek pri-
vacy in their horticultural endeavors.
Tim Johnson, a partner at Fernando
Wong Outdoor Living Design in Miami,
Please turn to page M8

HOUSE CALL | GEORGE W. AND LAURA BUSH

At Home on the Range

The former president and first lady reflect on life at their Crawford, Texas,
ranch and their early years with entrepreneurial parents

BY MARC MYERS

Former President George W. Bush,

74, is the author of “Out of Many,
One: Portraits of America’s Immi-
grants” (Crown). His 43 paintings
and narratives are on exhibit at
the Bush Center in Dallas through
January 2022. His wife, Laura
TREVOR PAULHUS FOR THE WALL STREET JOURNAL (2)

Bush, 74, is an author who is ac-

tive in conservation and women’s
rights. Edited from interviews.

PRESIDENT BUSH: I love color. As a

painter, I’m inspired by nature
and by how the sun plays on the
landscape during the day.
Laura and I spend most of our
time in Dallas. But eight or nine
times a year we get away to our We completed our Crawford steps from the house.
Prairie Chapel Ranch in Crawford, house in 2001, just after I was I paint a couple of hours each
Texas. When we make the two- elected president. After my presi- day, mostly in the morning. Nature
hour drive, we like to stay there dency, Laura and our architect, helps me think more expansively.
for about two weeks at a time David Heymann, conspired to add We have magnificent wildflower Former President George W. Bush and Laura Bush at their ranch in
when we can. a stand-alone art studio that’s 50 Please turn to page M5 Crawford, Texas, in March.
 .

M2 | Friday, April 23, 2021 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

One of the Last Gems of the Gold Coast

A historic 1930s estate, once looking for an-
Once home to the Whitneys and Vanderbilts
home to members of the Whitney tiques and fix-
and Vanderbilt families and re- tures from the
cently restored to its former glory 1930s.
by a wealthy local couple, is list- They also
ing for $27 million on New York’s worked to re-
Long Island. store some of
Known as Wychwood, the 13- the home’s ex-
acre estate is widely considered to isting interior
be one of the most significant re- features, in-
maining Long Island properties cluding hand-
from an era immortalized by F. painted land-
Scott Fitzgerald’s “The Great scape wallpaper
Gatsby,” according to Monica Ran- in the dining
dall, author of “The Mansions of room. The wall-
Long Island’s Gold Coast.” paper was a
Located in Mill Neck, N.Y., with wedding pres-
views of Oyster Bay Harbor, the ent to Mr. Luce
English Tudor manor house was and his wife
built almost a from a relative,
FOR SALE century ago for the late play-
Florence Calkin wright and one-
$27 Dickerman,
widow of finan-
time U.S. am-
bassador to
MILLION cier Watson Italy Clare
13 acres, Bradley Dicker- Boothe Luce,
nine bedrooms, man, the one- who had taken
grand music time president it from the
room, water of the New York mated they spent another $1 mil- walls of her Hawaii home to give
Owners paid $5.5 million and spent
views Stock Exchange, lion on Smallbone cabinetry in the to the couple, Mr. Burman said.
nearly ‘four times’ that restoring it.
according to kitchen and bathrooms. They also They also incorporated pieces
historical records. It then sold restored the steel casement win- from the Burmans’ collection of
around 1950 to Alfred Gwynne dows and leaded glass, and added modern art to bring in bold col-
Vanderbilt II, a scion of one of new heating and air conditioning ors. Flamingo-colored parasols
America’s richest families, and systems, plumbing, electrical, and were put by the outdoor pool to
then again in the 1960s to one of internet. give a Slim Aarons effect, Ms.
his relatives, businessman and Ms. Burman tapped the Phila- Burman said, referring to the late
Pan American Airways founder delphia interior designer photographer known for
Cornelius Vanderbilt Whitney. Bennett Weinstock, snapping iconic images
The current owners are real-es- known for boldly in- of socialites lounging
tate developer Jan Burman, 69, corporating color and by pools.
and his wife Renée Burman. Mr. patterns into his The ceilings of the
Burman is president of Engel Bur- work, to design inte- home’s main enter-
man, a national developer of multi- riors that combined tainment space,
family and assisted living commu- period pieces with known as the music
nities. The Burmans bought the more modern pops room, were also re-
property in 2007 from the estate of color. stored to their origi-
A sculpture from the
of Henry Luce III, the onetime pub- “I walked into the home and I room home still had plenty of “We’re not afraid nal state; layers of
couple’s art collection
lisher of Time magazine, who had had to pinch myself. In my mind it character, with intriguing hidden of color. It makes us paint were peeled
owned it since the early 1970s. was done,” she said. “I called my alcoves, impressive marble fire- smile,” said Ms. Bur- back to reveal the
Over the years, each of the husband and said, ‘Honey, I’ve places and soaring ceilings. They man, referencing a room of the original vaulted wooden beams.
owners called the estate some- found our dream house.’ He said, set to work restoring the white- home that is decorated almost Spanning over 50 feet in length
thing different. Ms. Dickerman ‘What are you talking about? We washed brick house. entirely in pink. “When it’s cold with a 26-foot-high cathedral ceil-
called it Hillendale; Mr. Whitney just renovated our dream house.’ ” The Burmans paid $5.5 million and snowing outside, it makes it ing, the room has a fireplace,
called it Oakley Court; and Mr. The property had been sitting for the property and then spent feel like summer in the middle of three crystal chandeliers, wide-
Luce christened it Wychwood, unoccupied for years and had “nearly four times that much” re- winter.” board pegged oak floors, and two
which stuck. fallen into serious disrepair—Mr. storing it, Mr. Burman said. Together, she and Mr. Wein- large alcoves that once contained
Ms. Burman said she spotted Burman described it as “ready to They replaced the hand-carved stock traveled to the Olympia Fine a pipe organ.
the property in a magazine and ar- fall down”—but the couple saw slate roof at a cost of over $1 mil- Art & Antiques Fair in London, The music room was featured
ranged to see it on a whim while potential. The expansive nine-bed- lion, said Mr. Burman, who esti- and scoured flea markets in Paris in the 1979 film adaptation of the
her husband musical “Hair.” In the memorable
FROM TOP: RISE MEDIA/COMPASS; MW STUDIO/COMPASS (3); BURMAN FAMILY PHOTO

was on a busi- scene, which depicts a lavish deb-

Owners Jan and Renée
ness trip. At the utante ball, actor Treat Williams
Burman, left; kitchen, right
time, they were is seen dancing on the dining
not in the mar- room table.
ket for a home, Though the property has mod-
having recently ern conveniences and a brand new
completed a kitchen, most of the historical de-
three-year reno- tail remains intact. “What could
vation on a be preserved was preserved. What
Norman Jaffe- couldn’t be preserved was fabri-
designed house cated to look like the original,”
in nearby Old said the couple’s listing agent,
Westbury. How- Mary Ellen Cashman of Compass.
ever, she found Mr. Burman said they are sell-
herself trans- ing the property because they are
fixed by the planning to build a smaller, sin-
bones of the gle-story home as they get older.
property and by “I have one more project left in
the views over me,” Mr. Burman said.
the water. —Katherine Clarke

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Property listed by Golden Gate Sotheby’s International Realty (#02027353). Refer to and the Equal Opportunity Act. 219T9Z_NAT_1/21
PlatinumLuxuryAuctions.com for relevant disclaimers and brokerage information.
 .

THE WALL STREET JOURNAL. Friday, April 23, 2021 | M3

PRIVATE PROPERTIES
Yellow stripe recalls the first house Ben Solomon said they make the
Charles Gwathmey ever built. house feel clean and simple. “We
really appreciated the intelligence
of the design,” he said. “It’s all
about the lines. Nothing pro-
trudes.”
The property is about a block
from the beach and has a 40-foot
saltwater pool, a sauna and an out-
door shower. There is also an office
and a full basement, Mr. Solomon
said.
Mr. Solomon, 46, who works in
finance and operates a small-busi-
ness lending platform, said he and
his wife Julie Solomon, an artist
who re-purposes everyday items
into sculptural pieces, bought the
house in 2014 and moved from
Brooklyn to live in Amagansett,
where they could have more space
for their young son Van and work
remotely. Records show they paid
$4.25 million.
Mr. Solomon said he and his
wife were drawn to the property
for its retro, modern style. “We
have a strong affinity for modern
architecture and for the nuances of
a 1970s house, like glass-block win-
dows and horizontal mini blinds,”
he said. “All of those things were
turn-ons, not turnoffs, for us. It
was as if you stepped into a time
warp.”
While well maintained, the house
needed a lot of work to bring it to

A Charles Gwathmey-Designed Home today’s standards. Mr. Solomon said

he and his wife spent four years on-
and-off restoring and renovating the

That Celebrates 1970s-Era Modernism home. They restored the exterior of

the house, replacing the windows,
doors, decking and siding to match
the original.
In the Hamptons, a home that They reinforced
Owners paid $4.25 million
was designed by the late architect structural pil-
and renovated it.
Charles Gwathmey—and has been lars, taking out
carefully restored to preserve its the wood ones
1970s-modern look—is coming on and replacing
the market for $9.25 million. them with steel.
Located in the Amagansett They also added
Dunes, the five-bedroom, roughly 33 solar panels
4,400-square-foot property has an and are plan-
electric-yellow stripe running ning to add a
across its facade. That recalls the Tesla Powerwall
first house Mr. Gwathmey ever this summer.
built in 1965, for his parents and FOR SALE “We basically pulled it apart and

$9.25
also in Amagansett, which had a put it back together,” Mr. Solomon
pop of yellow on the front-window said.
frame.
The house, built in the late
MILLION The main change they made to
the interior was opening up the
4,400 sq. ft.,
1970s, is still filled with built-ins kitchen, which had been partially
five bedrooms,
designed by Mr. Gwathmey, includ- closed off from the living space.
a block from
ing bookcases, cupboards and even They brought in new custom cabin-
the beach,
the sofa and dining room table. etry to match the light oak built-
carefully
(Mr. Gwathmey named the table ins that existed.
restored
“Rosalie” after his mother.) Seller Mr. Solomon said they are put-
ting the property on the market
because they are relocating to the
Filled with built-ins designed by Mr. Gwathmey
Hawaiian island of Maui, where
they have purchased a 3-acre prop-
erty with an A-frame house on the
slopes of Mount Haleakala.
“The things that kept us out
CONNOR RANCAN/THE HUDSON ADVISORY TEAM (5)

here in terms of career are less rel-

evant to us right now,” he said.
“Being able to have the lifestyle we
want is a higher priority.”
Cindy Scholz and Clayton Orrigo
of the Hudson Advisory team at
Compass have the listing.
—Katherine Clarke

Bette Midler finds a buyer for

her $50-million penthouse. M12

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 .

M4 | Friday, April 23, 2021 NY / NE THE WALL STREET JOURNAL.

MANSION
ANNOTATED ROOM

A Cook Spices Up Her Kitchen

2


3

ANDREW MILLER (3)

BY LAURA HINE “It was incredibly beautiful and adjacent dining room. What

T
he Chicago couple didn’t
have to go too far to find
a new home in 2018. An-
upy Singla, an entrepre-
neur, and her husband, Sandeep
Gupta, a management consultant,
found what they were looking for
just down the street in their Lin-
6
coln Park neighborhood. They
paid $4.35 million.
The home’s big draw was its
kitchen, designed by Kathy Man-
zella of de Giulio Kitchen Design,
based in Wilmette, Ill.
just the perfect touch of home
comfort and commercial cooking,
with stainless-steel counters and
open shelving,” Ms. Singla says. As
a cookbook author and founder of
the sauce and spice line Indian as
Apple Pie, she knows her kitchens.
The couple, however, wanted
more storage space and their own
style. For the storage, they went
back to Ms. Manzella. They
brought in Lauren Lozano Ziol and
Michelle Jolas, founders of Chi-
cago interior-design firm SKIN, to
add a wet bar and lighting in the
worked stayed, and the new addi-
tions were minimally disruptive.
“I’m very practical and not
someone who wants to unneces-
sarily dump money into some-
thing,” says Ms. Singla, who esti-
mates the kitchen-dining room
update cost $181,000.
When the pandemic delayed
Ms. Singla’s travel to India to film
her food-and-travel show, she shot
the cooking segments in her home
kitchen. The redesign provided
just the right set. Here are some
of the room’s costs:

1. In the 2012 Lozano Ziol says. 5. The island

renovation, Ms. // Price: $2,500 seats are Hickory
Manzella fea- Chair Madigan
tured counter- 3. The faucet Stools. 2
tops of brushed that was pur- // Price: $1,200
iceberg quartzite, chased by the each
a natural mate- previous home-
rial considered owner has been 6. A custom de
more durable discontinued, but Giulio Metal Boy
than marble. de Giulio recently cabinet, made of
// Price: $45,000 released a simi- polished stain-
lar model, Juxta- less steel and
2. “We styled pose for Kallista. glass with ebon-
the open shelves // Price: $1,870 ized walnut and
with a combina- a German silver
tion of things 4. The 48-inch, interior, holds an
she loves to cook six-burner Wolf extensive cook-
with, along with range can be ware and signed-
some dinnerware seen in Ms. Sin- cookbook collec-
and pottery from gla’s cooking tion.
South Loop demonstrations. // Price: $35,500,
Loft,” designer // Price: $13,989 plus installation.
Anupy Singla, author and entrepreneur.

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Representing Exceptional Manhattan Properties
820 Fifth Avenue, 3rd Floor
Exceptionally grand 18 Rm residence with 100 ft
facing Central Park. Massive proportions, 12.8 ft
ceilings. 6BR/7.5BA $39M
John Burger 212-906-9274 jburger@bhsusa.com
995 Fifth Avenue, 15th Floor
Enormous renovated 8,350 square foot full floor
with incredible light and Park views. Perfect move-
in condition. 7BR/8BA $36M
John Burger 212-906-9274 jburger@bhsusa.com
920 Fifth Avenue, 2A
J.R. Carpenter 10 Rm masterpiece in limestone-clad
cooperative. All major rooms face Central Park.
3BR/5BA $13.750M
John Burger 212-906-9274 jburger@bhsusa.com
28 East 70th Street, 14th Floor
Renovated full floor condominium overlooking The
Frick Museum and Central Park. 3,560 sq ft.
4BR/5BA $10.6M
John Burger 212-906-9274 jburger@bhsusa.com
All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.
NY
56 Leonard Street, Penthouse 55
Spectacular 5.400 square foot full floor Penthouse.
Breathtaking views and terraces. Triple mint.
4BR/4.5BA $29.5M
John Burger 212-906-9274 jburger@bhsusa.com
988 Fifth Avenue, 12th Floor
Impressive full floor Pre-war condominium
high above Central Park. 12 foot ceilings.
3BR/3BA $18.8M
John Burger 212-906-9274 jburger@bhsusa.com
Virtually Staged
182 East 64th Street, 25 Ft Townhouse
Impressive 25ft Townhouse with 3 car garage
on beautiful block. 8,000+ sq ft.
6BR/6BA $12M
John Burger 212-906-9274 jburger@bhsusa.com
1 West 72nd Street, 8
The Dakota - renovated corner duplex on Central
Park. Floor to ceiling windows. Perfect condition,
huge EIK. 3BR/3BA $6.750M
John Burger 212-906-9274 jburger@bhsusa.com
927 Fifth Avenue, 9th Floor
Stunning 14 Rm private full floor with amazing
Central Park and skyline views. Sun flooded four
exposures. 6BR/5BA $32.5M
John Burger 212-906-9274 jburger@bhsusa.com
810 Fifth Avenue, 8th Floor
Private full floor with dramatic Central Park and
city views. Amazing oversized picture windows.
4BR/4.5BA $22M
John Burger 212-906-9274 jburger@bhsusa.com
21 East 79th Street, 4th Floor
Renovated private full floor residence in move-in
condition. Top pre-war building adjacent to Central
Park. 5BR/4.5BA $10M
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60 East 88th Street, 10th Floor
Private full floor condo between Park & Madison,
Four exposures. Huge EIK. 3,500 sq ft. Rarely
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.
Friday, April 23, 2021 | M4A
20 East 73rd Street - Mansion off 5th Avenue
Renovated 11,000 sq ft limestone mansion with
massive proportions. Park views from landscaped
terraces. 8BR/7.5BA $32.5M
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130 East 71st Street, Triple Mint Townhouse
Stunning townhouse renovation on beautiful
East 71st Street off Park Avenue.
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730 Park Avenue, PH15B
15th floor sundrenched front corner classic 6 in
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 .

M4B | Friday, April 23, 2021 NY THE WALL STREET JOURNAL.


THE WALL STREET JOURNAL.
On the
Range
Continued from page M1
blooms in Crawford and a
live oak that I love to paint.
I still exercise daily and
love to get outside. I ride
my mountain bikes at the
ranch, where I’ve built about
45 miles of single-track bike
trails. Laura and I also walk
a great deal with Freddy,
our rescue dog.
There are canyons and
rock formations on the
property, and the horizon is
everywhere you turn. You
can see a long way in Texas.
LAURA BUSH: We feel very
relaxed out here. People
aren’t calling all the time,
and we can take a deep
breath.
The interior space of our
Crawford house has lots of
light and views that let your
mind wander. Every room
opens to the outside. The
exterior is surrounded by a
porch that’s edged by a
trough that catches the rain-
water runoff from our roof.
It’s then stored in a cistern
and used for irrigation.
When George is painting,
I often go on walks with our
ranch manager’s wife. We’ve
also made a serious effort
to restore 100 acres of prai-
rie. We love the wildflowers.
PRESIDENT BUSH: Growing up
in Midland, Texas, as the
oldest of six children, I
didn’t feel pressure from my
parents. They worked hard
to make all of us feel com-
fortable being ourselves.
My father, George, was a
loving role model. My
mother, Barbara, kept a
scrapbook of his baseball
games at Yale, where he
was the team captain. I
read all his clippings.
I also remember looking
at a piece of the raft he
floated on in the Pacific after
he parachuted out of his
damaged plane during World
War II. A sub rescued him.
But Dad didn’t spend a
lot of time talking about
those things. I never had the
burden of living up to my
father’s reputation or ac-
complishments. He was the
opposite of that. He was lib-
erating. There was no game
plan for us. He simply told
us how to live our life and
encouraged us to go live it.
Mother was always
there, with strength and
compassion. She was the
enforcer—loving but
straightforward. If you vio-
lated one of her standards,
she’d let you know, not with
a look but a verbal barrage.
MRS. BUSH: My parents mar-
ried just before my father,
Harold, enlisted in the Army
in 1943. I was born a year af-
ter he returned, in ’46. His
company had liberated the
Nordhausen death camp in
Germany. The experience
shaped him.
The liberation photos he
brought back were grim.
They were kept in a cigar
box that was easily accessi-
ble. He never took them out
or talked about the experi-
ence, but we all knew they
were there. I looked at them.
My father began as a loan
officer in Midland, but soon
was building spec houses on
the side. His father had built
houses.
Each time we moved into
one of them, there was a
knock at the door. Someone
wanted to buy it. So we
moved often.
Dad wound up supervising
Left: Laura Bush with her parents, Harold and Jenna Welch.
Right: George W. Bush, center left, with his family, in 1956.
Former President George W. Bush, above, with his portrait of Roya Mahboob, CEO of an
Afghan software company. Below, the art studio on his ranch in Crawford, Texas.
the development of entire
neighborhoods in town as
the energy boom took hold
in the ’50s. Young families
poured into town in search
of work and a place to live.
PRESIDENT BUSH: Back then,
places like Midland drew
self-starters. The entrepre-
neurial spirit was evident
all over town. If you
worked hard and were
smart, you could earn a de-
cent living.
Our family lived in a
small, one-story, gray-green
house with a red roof on
the outskirts of town. Dad
co-founded an oil-drilling
company.
As a father, Dad wasn’t
stern. He was a loving, car-
ing, decent man and had
standards. But he never in-
sisted you win his approval.
When I was 7, my par-
ents took my 3-year-old sis-
ter, Robin, to New York, to
Memorial Sloan Kettering.
She had leukemia. Several
months later, they drove to
my school to pick me up.
Robin wasn’t with them.
Mother whispered that
Robin had died. On the
drive home, they cried.
During that period, I
stayed close to my mother
to support her. But after a
while, I wound up being
smothered by Mother. She
realized that and relied on
Dad’s strength to help her
through it.
MRS. BUSH: My mother,
Jenna, loved books. She
read to me when I was lit-
tle, and later we read to-
gether every day.
Mom was nearsighted and
wore thick glasses, but she
loved the outdoors. She liked
looking at constellations on
a blanket at night. She also
loved bird-watching, which
Friday, April 23, 2021 | M5
MANSION
was slightly irritating when I
was a teenager.
I had progressive myopia
as a child and wore glasses
since second grade. As an
only child, I was naturally
introverted and comfortable
by myself. Books trans-
ported me.
My wish on a star always
was that I’d have a sister.
But that wasn’t meant to be.
The house I remember
best was on Princeton Ave-
nue. We called it the Big
House. In keeping with the
decade, we had a bright
turquoise fridge and tur-
quoise countertops.
PRESIDENT BUSH: I didn’t
draw as a child. I wasn’t
anti-art. I just didn’t spend a
lot of time thinking about it.
In 1959, when I was 13,
my father became CEO of an
offshore-drilling company,
PRESIDENT’S PALETTE and we moved to Houston.
There, we had a much bigger
Why a book on exceptional immigrants? Today’s house surrounded by trees.
rhetoric obscures what immigrants contribute to our Around this time, Paula
country and to the American spirit. Rendon arrived. My parents
hired her to take care of us
When did you take up and the house. My parents
painting? Eight years ago. needed help.
I was inspired by Winston Paula was my first expo-
Churchill’s book, “Painting sure to someone who had
as a Pastime.”  come to America from Mex-
ico with nothing and
Lessons? Yes, with three worked hard to provide for
different teachers: Gail her family. And that’s why I
Norfleet, Jim Woodson chose to paint her for “Out
and Sedrick Huckaby. of Many, One.”
Paula was a second
Most influential painter? Lucian Freud, and the Im- mother to us all. She was a
pressionists. single parent with three kids
and taught us a lot. She was
Could you have been an artist early on? Probably plenty tough when it came
not. I would have rebelled against the suggestion. to discipline, but nothing di-
minished her spirit.
Why? I wasn’t a loner and wouldn’t have wanted to In 10th grade, I was ac-
be cooped up alone painting. cepted at Phillips Academy
in Andover, Mass. I had
done well in school in
.
Texas, but the competition
at Phillips was much stiffer.
History was my favorite
subject. I did OK in math.
English wasn’t my long
suit, as everybody learned
when I was president.
In my senior year, my
history teacher, Tom Lyons,
wrote a recommendation
letter to Yale. It must have
been a doozy. I was ac-
cepted. I majored in history
there.
After I graduated in ’68,
I didn’t have long-term ca-
reer plans. I learned to fly
jets in the Texas Air Na-
tional Guard. In ’74, a
friend challenged me to
complete an application to
Harvard Business School, so
I did. I was accepted.
Dad asked if I was going
to go. I told him I didn’t re-
ally want to. He said it
would broaden my hori-
zons. He was right. Harvard
gave me structure.
Back in Midland in July
1977, a friend, Joe O’Neill,
and his wife, Jan, invited
me over for a burger. They
also wanted me to meet
Laura Welch, Jan’s close
friend.
I went. I was hungry. I
was also getting up there in
age and felt the urge to set-
tle in.
MRS. BUSH: Jan had talked
up George quite a bit. I
vaguely remembered him
from seventh grade as
someone who talked a lot. I
put on a blue sundress and
went over.
PRESIDENT BUSH: The mo-
ment I saw Laura’s blue
eyes I felt heart palpita-
FROM TOP: TREVOR PAULHUS FOR THE WALL STREET JOURNAL; BETTMAN/GETTY IMAGES; LAURA BUSH ARCHIVE; NEWSMAKERS/GETTY IMAGES
tions. She was a beautiful,
stately woman. A little shy
but very engaging.
MRS. BUSH: I thought George
was cute. Mainly he liked to
talk and I liked to listen.
PRESIDENT BUSH: We dated
for a few months. Then I
went down to Austin, where
Laura was teaching school. I
proposed at her rental house.
MRS. BUSH: I wasn’t sur-
prised. I knew George was
going to ask. I didn’t have
to think twice about it. I
said yes right away.
PRESIDENT BUSH: The mo-
ment I heard Laura say yes,
I felt an exciting new chap-
ter begin.
The first piece of furni-
ture we owned was a brown
leather sofa. I traded oil
leases for it. I hope the guy
made money off them. We
still have the couch. It’s in
my Crawford art studio.
Much to Laura’s chagrin, it
now has paint splattered on
it. But it still works.
serenaandlily.com
 .

M6 | Friday, April 23, 2021 THE WALL STREET JOURNAL.

MANSION
I MET MY BROOKLYN best friend really large. The school is walk-
at the playground one day, a few ing distance and top rated.
months after moving into a new “It’s really hard to make a case
neighborhood with my husband for Brooklyn under these circum-
and 2-year-old son. When my son stances,” she texted.
started playing with her daugh- I was devastated, though I
ter, we realized that they went to knew my loss was minor com-
the same daycare. We were both pared with the many other ways
pregnant with our second chil- Covid has wreaked havoc on peo-
dren at the time, and we bonded ple’s lives.
immediately. It turned out she
and her family lived only a few
blocks from us and owned a fixer- It reminded me that we
upper townhouse, just like us.
For the next few years, our hadn’t yet filled the hole
families were inseparable. When they left in our lives,
our babies were born, she and I and maybe never would.
were together nearly every day of
maternity leave, navigating our
strollers onto the subway to ex-
plore new stores and restaurants. Also, I understood the impulse.
Over the next couple of years, The town they moved to looks
theirs was the family we’d gather like something out of a Norman
with for Saturday night pizza, for Rockwell painting. At the begin-
trick-or-treating on Halloween, ning of the pandemic, I day-
and for Sunday afternoon di- dreamed about cute little Con-
orama-making. Our children went necticut cottages with front
to summer camp and soccer class porches, homes where my chil-
together. We toured different Pre- dren could run around the yard
K programs together, choosing the maskless. My friend was making
same school so the children could this dream come true for herself,
be in class with each other. and I didn’t blame her one bit.
Then the pandemic hit and, lit- But her absence made me sad.
erally overnight, she and her AROUND THE BLOCK | CANDACE TAYLOR I saw my friend and her family
family left the city for good. recently, when they were in

The Pandemic Turned

I’m used to people moving out Brooklyn for a funeral. I was
of New York. The city is expen- thrilled to see her, but when our
sive, challenging and living here children started giggling as if no
feels tenuous. Every so often time had passed, it reminded me

Stayers Into Leavers

somebody leaves, moving to the
suburbs or back to wherever they
are from, where they can afford a
single-family house with a yard.
Any longtime New Yorker has ex-
perienced the sting of these occa-
sional goodbyes. You get used to
it. You find other people to drink
craft cocktails with.
But most of the time, you know
who the leavers are going to be.
The couple living in a tiny apart-
ment who just had their first
child. The friend who talks in in-
creasingly glowing terms about
her upbringing in California or
Minnesota. Usually, these people
are not subtle about their inten-
tion to eventually leave the city, so
you know not to get too invested
in them, to steel yourself in ad-
Losing your people doesn’t always involve a death. But it feels that way.
a committed New Yorker, like me.
I’ve lived in the city on and off
since 2001, and she had been
here since 2003. She and her
husband own a house here. They
had just renovated their kitchen.
I knew her husband had dreamed
of moving back to his hometown
in central New York, but it
seemed impossible work-wise.
Knowing all of this allowed me
to believe that they would be
the type of rare and precious
friendship that we thought we’d
never find—she and I were close,
our children were inseparable,
and even our husbands got along.
They were our people.
But when school was canceled
in the pandemic, everything
changed. My friend and I both
packed up our families and left the
city temporarily in search of child
care. She moved to her in-laws’
My family came back to Brook-
lyn, but once my friend got out
of the city, she started seeing
things differently. She and her
husband were fairly certain they
could work remotely for the fore-
seeable future, so they decided to
stay in the small, lakeside town
and rent out their house in
Brooklyn. They are in the middle
of buying a home. She told me
the move is permanent.
that we hadn’t filled the hole
they left in our lives, and maybe
never would.
Then, over an outdoor beet-
and-goat cheese salad, she told
me that she’s lonely in her new
town. She said she hasn’t seen
her family for a year, and it has
been hard to make friends in the
pandemic.
None of us will emerge from
Covid unscathed. Even if we
didn’t get sick. Even if none of
our loved ones died. Even if we
didn’t lose a job or a business.
Even if we managed to buy our
dream home. The virus took all
our plans and assumptions about
the world and tossed them into
the air like confetti. It turned
leavers into stayers and stayers

PAUL GARLAND
vance for their eventual departure. around for the long term. We let home in central New York and we “The lake and the town are into leavers. But mostly, in ways
But with my best friend, I was our guard down and let them in. went to stay with the children’s beautiful,” she texted me after life-shattering or simply just sad,
blindsided. In my mind, she was Our families became entwined in grandparents in North Carolina. breaking the news. “The house is Covid robbed us of our people.

In Schools
and Beyond
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need extra support whether they are learning in
school or at home. At Communities In Schools, our
trained professionals help ensure all kids have the
same opportunity to succeed. We go wherever
we’re needed to connect them with resources like
supplies, technology, mentoring and counseling. IF YOU SMOKED,
Learn how you can support
students like Alina:
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 .

THE WALL STREET JOURNAL. NY Friday, April 23, 2021 | M7

A yard big
enough for
the kids.

elliman.com

© 2021 DOUGLAS ELLIMAN REAL ESTATE. EQUAL HOUSING OPPORTUNITY. 575 MADISON AVENUE, NY, NY 10022. 212.891.7000.

M8 | Friday, April 23, 2021 THE WALL STREET JOURNAL.
MANSION
1 The banyan tree in
its original home 2 At its new home
at the Surf Club Tree
Brokers
Continued from page M1
said it is a sign they are
hitting the big time.
“It’s the busiest the busi-
ness has ever been and
we’re doing things at a
scale that is just remark-
able,” he said, noting that
his firm recently had sev-
eral clients purchase the
3
houses next to theirs just
The tree was cut into four
so they can tear them down
pieces for the move.
and build a bigger garden.
A few years ago, Mr.
Johnson had a client who
beat out basketball great
Michael Jordan in a bidding
war over a 45-foot canopied
oak tree, which Mr. John-
son deemed the ideal tree.
The deal for the oak closed
in the low six figures.
“You want a tree that’s
balanced,” Mr. Johnson said.
“With this tree, it was per-
fectly proportioned and had
a lot of character. The way
the branches went off in
both directions. This was the
perfect oak tree.”
The absurdity of the sit-
uation isn’t lost on Mr.
Acree. He said his wealthi-
est clients are finance and
business types whose
wealth dwarfs that of
movie and music
stars. “If they
want it, it will
happen,” he
said with a
laugh.
$250,000
Estimate to move a
Once, he
tree to a property in
got into a de-
Miami area
bate with Mr.
Iglesias over
which way a tree
he was installing on his
property should face; Mr.
Acree thought the curve of
the tree should bend away
from the house, as it would
in the natural world, but
Walter Acree, below, of Green Integrity’s, a company based in South Florida, developed an arbor dividing system to relocate Mr. Iglesias wanted it bent
large specimen trees, like the 55-foot-tall tree, above, that was moved to the courtyard at the Surf Club. toward the house. Against
his own judgment, he did it
Mr. Iglesias’s way. A short
while later, the singer
called to have him rotate it
back, he said. A representa-
tive for Mr. Iglesias didn’t
respond to requests for
comment.
The appeal of transport-
ing a trophy tree is easy to
explain, said Raymond Jun-
gles, a Miami-based land-
scape architect. For one, a
big tree helps mitigate the
scale of a very big house. A
unique or particularly old
tree, like a piece of art, is
also a great conversation
piece. Lastly, it means high-
net-worth buyers don’t
have to wait for a newly
planted tree to grow on
their site.
A 75-foot strangler fig craned into place
“Older people especially
at the Four Seasons at the Surf Club.
don’t really want to wait a
long time to see a tree.
They want it right away,
they don’t want to wait 20
years,” he said. “And now
Manage Your
the younger people with
money, they don’t want to
wait either, usually.”
The most significant
WSJ Account trees can range in price
from tens of thousands to
hundreds of thousands of
Online
dollars, depending on their
look and how difficult they
are to access.
“If it’s in a backyard and
there are power lines all
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This oak tree became the subject of a bidding war that
included basketball legend Michael Jordan.
.
over the place and I’ve got
to get supercranes in there
to get it, then I can’t pay as
much for it,” said Mr.
Acree. “If the tree is on the
water where I can pull up
to it with a barge and take
it to another house that’s
on the water, then that tree
is worth a whole lot more.”
Mr. Acree said trees like
the one he installed on In-
dian Creek Island, a large
banyan, are particularly
challenging as his workers
aren’t permitted to bring
large equipment over the
bridge onto the island. All
the equipment has to be
brought in by barge.
Some tree owners are
more willing than others to
sell to wealthy buyers. Mr.
Acree said some are skepti-
cal of the offer and think
he’s trying to rip them off.
Others have a sentimental
attachment to the tree.
“Sometimes they
wouldn’t sell it for a million
dollars,” he said. “Some-
times their grandmother
planted it or they planted it
for their dad or something.
Those you never get.”
The search for the perfect
tree occasionally leads
homeowners farther afield.
Los Angeles real-estate
developer Michael Chen said
it took 18 months of obses-
sive searching and planning
before he finally in-
stalled the perfect
centerpiece for a
$65 million
spec house he
was building
in Beverly
Hills. He calls
it the “tree of
life.”
The large 150-
year-old olive tree, im-
ported from Tuscany,
stands at the center of the
house, encased in a glass
courtyard, surrounded by a
shallow reflecting pool and
positioned against a book-
matched marble backdrop.
It took 15 workmen and a
110-ton crane to hoist the
tree about 60 feet into the
air and lower it into the
house safely. He said a
street in the tony Trousdale
Estates area of Beverly Hills
had to be closed while the
move took place.
“I was thinking, ‘If that
thing drops it would just
blow up the building,’ ” Mr.
Chen recalled. “Everyone’s
nervous. Of course, there’s
a lot of risk.”
After working with a pair
of tree curators in Califor-
nia, and unsatisfied with
the selection of trees avail-
able locally, a grower in
Tuscany helped him iden-
tify the perfect one, a 15-
foot tree with foliage in the
shape of a heart with two
wings that open up like an
angel.
“I said, ‘This is it. Noth-
ing else,’ ” Mr. Chen said.
“It’s like the ‘Lord of the
Rings’ tree.”
He had it shipped to
Northern California in a
large shipping container
and then transported via
flatbed truck to a parking
lot he leased near the site.
Hired police escorts accom-
panied it to the home site.
A crew dug a 6-foot deep
hole beneath the home’s
courtyard to accommodate
Sold: Low six figures
CARMEL BRANTLEY (5); ZAK BENNETT FOR THE WALL STREET JOURNAL (ACREE)

THE WALL STREET JOURNAL.
The shared root of the multi-trunked ficus
was cut into three pieces for transport.
CLOCKWISE FROM TOP: PAUL STOPPI/BILL & BRYAN TEAM/DOUGLAS ELLIMAN; DOUGLAS FRIEDMAN; JOE BRYANT (CHEN)
A large ficus tree was relocated to a courtyard outside a mansion developed in Miami by Andre Radandt, former CEO of Bolthouse Farms. The root was
rebound when it was planted at its new home. Over the course of six months, the tree repaired itself. The home sold for $29 million.
the tree’s huge roots. Some
of Mr. Chen’s workers ques-
tioned whether it would
survive the journey. “All of
that for one tree,” he said
with a laugh.
In all, he estimated that
while the tree itself cost
only about $17,000, the cost
of getting it where it
needed to be set him back
an additional $40,000.
New York-based land-
scape designer Deborah
Nevins said she has also
seen homeowners go to
great expense and effort for
the tree of their dreams.
Once, a client helicoptered
in a large magnolia for
their garden because a trac-
tor trailer couldn’t make it
around a turn in the wind-
ing roads of Beverly Hills
where the house was lo-
cated.
She said the tree, which
was stored in a wooden
box, was attached to the
aircraft using straps and
chains and then lowered
onto the site. “Thankfully,
no one dropped it in the
wrong place,” she said.
These are sometimes
techniques pioneered by
horticulturists at major cor-
porations. Walt Disney Co.
used to relocate some of
the more unusual trees on
its park properties by drill-
ing through the center of
the trunk and inserting
steel rods. The rods were
then used as handles for
hoisting the tree by crane
S T R E E T W I SE
WITH
© 2020 Dow Jones & Company, Inc. All rights reserved. 4E5105
to its desired location. The
company once spent close
to $1 million to relocate a
55-foot, 85-ton tree at Walt
Disney World.
To move a giant tree—
Michael Chen poses with his olive tree and with his French
bulldog, Stanley. The finished courtyard, right.
JACK HOUGH
MANSION
one that is more than about
18-feet wide—homeowners
are typically required to get
a permit to carry a super-
load, which often means
paying for a local or state
police escort depending on
local regulations and where
the tree needs to go, Mr.
Acree said.
Often, they are moved in
the middle of the night
when the roads are quiet.
Disasters can happen. Once,
Mr. Acree said a colleague
caused a huge traffic jam
on a major highway outside
Fort Lauderdale and took
out a power line because he
hadn’t pared back a tree’s
foliage enough before hit-
ting the road. He was drag-
ging utility poles behind
him.
“I said to him, ‘Why
didn’t you stop?’ ” he said.
“He said he thought [the
poles] would come off.”
Mr. Jungles said tree-
brokering can be a slippery
business and some tree-
brokers don’t take enough
GET THE
LOWDOWN ON
HIGH FINANCE
A n ew we e k l y p o d c a s t by B a rro n ’s
c o l u m n i s t Ja c k H o ug h . B u s i n e s s
l e a d e rs a n d t re n d s p o t t e rs ,
i n s ig h t s a n d a b s u rd i t i e s — t h i s
i s Wa l l S t re e t l i ke yo u ’ve n eve r
h e a rd b e fo re .
Friday, April 23, 2021 | M9
care to ensure the safe de-
livery of trees and properly
prepare their roots for
transplant. Some also try to
get away with transporting
trees without the proper
permits. Reputable tree
brokers typically offer in-
surance for trees, ensuring
their survival for at least a
year after the move, he
said.
But there are still no
guarantees, especially if
workers don’t adequately
prepare the roots of the
tree for replanting. Mr. Jun-
gles said he once advised a
client to pay $25,000 for a
lignum vitae tree for his
property. A week after he
moved it to the site, it died.
“It broke my heart,” he
said, noting that it also
hurt his own pocketbook as
he felt bad and refunded
.
the client.
Mr. Johnson said criti-
cism that these processes
put trees at risk is some-
times misplaced, since they
are often rescuing trees
that would otherwise be cut
down. His firm recently
brought in a 90-foot tall ka-
pok for the Four Seasons
Hotel at the Surf Club in
Miami that had previously
been owned by a local
sugar company in Central
Florida. Some local resi-
dents complained that it
was wrong to cut down a
perfectly healthy tree so
that it could be replanted at
the luxury project.
“When we planted it,
people accused us of tree
abuse but actually it was
going to be cut down,” he
said. “The business owner
was worried it was going to
fall over and crush them in
a hurricane. Its canopy was
a magnificent hurricane
catcher.”
That is not such a con-
cern for the Surf Club, be-
cause they can afford to
closely maintain the can-
opy, he said.
Mr. Acree said he has a
strong record of keeping
trees alive. He said he came
up with his technique of
cutting up the tree before
transport years ago after
some particularly demand-
ing clients insisted that the
trees on their site be deliv-
ered with their canopies in-
tact rather than stripped
back to the trunk. They
didn’t want to wait for
them to sprout back later.
“I called everyone I could
and they said ‘There’s no
way you’re going to do
this,’ ” he recalled. “They
just didn’t think trees
would live because no one
had really done that be-
fore.”
He’s since transported
hundreds of trees using the
technique. He said cutting
the trees vertically, leaving
each piece with a portion of
the root and foliage, trans-
forms them into separate
organisms. While the bark
around them grows back as
one, inside they are effec-
tively separate living trees.
Andre Radandt, the for-
mer chief executive of Bolt-
house Farms, recently
tapped Mr. Acree to trans-
port a ficus tree for the
garden of a megamansion
he was developing in Miami
and it was cut into thirds.
Over the course of about
six months, Mr. Radandt
said the tree repaired itself.
The tree became a defin-
ing feature of the property,
which has since sold for
$29 million.
“It certainly paid for it-
self, so to speak,” Mr. Ra-
dandt said of the ficus.

M10 | Friday, April 23, 2021
HOMEOWNEROUS | MAIL BAG
To HOA
Or Not to HOA
Readers wrote in to voice support, or hatred, for the organizations
that govern condos, co-ops and single family homes
T
he April 16 Homeownerous column offered readers a guide to
Homeowner Associations and outlined where each type dwells
in the circles of hell. Readers had a lot to say on the topic, both
in favor of, and very much against, HOAs and the rules they enforce.
Here are some of our favorites.
I live in an HOA near Durango,
Colo. We are a collection of 55
lots that were subdivided by two
Army buddies drinking tequila
while driving a bulldozer back in
the 1970s. Over the years, our
HOA meetings have been colorful
to say the least. We have seen
fistfights, threatened gunfire, and
even grown men crying at meet-
ings. There’s been plenty of heart-
break too. A beautiful log home
down the street was built as a
couple’s dream B&B, but they
never bothered to read the cove-
nants: That use is not allowed. I
am the HOA board chairman,
which is probably punishment for
all the hell raising I did as a kid.
—Christopher Sylvia,
Durango, Colo.
When we moved back to Massa-
chusetts from the Atlanta area
(talk about a hellish HOA area!),
the very first thing I told my Real-
tor specifically was that I would
NOT be buying in an HOA. He
thought that was a rather strange
request, but okay! I used to hold
on to my HOA violation notices
and use them as client entertain-
ment. I had clients in all parts of
the country that couldn’t believe I
would receive notices about lack
of pine straw around my trees,
weeds in my yard, or a woodpile
 
within view of the road (heav-
ens!). I am so glad to be out of
that nightmare.
—Jack Curran,
Dennis, Mass.
While I agree that HOA boards are
the cause of much strife and con-
tention, you miss the benefits.
Drive into a nice, well-maintained
suburban neighborhood with nice
schools and think “I’d like to live
here.” But ask yourself why the
neighborhood is so nice and you
I am in two HOAs, one in
the Poconos for the past
47 years and one in Florida
for 20 years. I have served
on the board of the HOA in
Pennsylvania and have
never experienced any of
the items you describe but
have heard of these things
happening in other HOAs.
It is critical for a buyer to
do his due diligence regard-
ing how the HOA operates
before buying. Much of it
depends on the sophistica-
tion and maturity of those
who serve on the boards.
—Karl Weiler,
Key Largo, Fla.
MANSION
must come to grips with the ex-
istence of covenants and HOA.
Otherwise, you may get a next-
door neighbor who paints their
house purple (or never paints at
all), invites three generations of
their family, aunts and uncles,
cousins to move in, their un-
washed beagle kennels, six cars
parked on the once manicured
lawn, broken-down rusty boats
and RVs on the driveway, dirt
bikes tearing up what’s left of the
lawn, and I could go on. Then
watch your property values fall.
Some rules are needed because
left unrestricted, people can be-
come slobs and entropy wins.
—Jim Molnar,
Acworth, Ga.
I ran to be president of my HOA
14 years ago and am about to re-
sign. I joined because I live in a
ski town, the HOA owns the road
and we are the only family living
here full time. I have not raised
the fees in 14 years. Several peo-
ple were very nice to me for
years, but they have grown older
and stopped skiing. Now we have
new owners who treat me like a
servant, complain about things
that have nothing to do with the
HOA. The owners come up to
play and forget to remove toys
from the street, drive too fast on
a slippery road, and I have to
deal with the follow-up. So I am
quitting. No one wants to help,
so I have no idea how the owners
are going to deal with this.
—J. Michele Wilson,
Mammoth Lakes, Calif.
ADVERTISEMENT
THE WALL STREET JOURNAL.
I live in a condo in Portland,
Ore. My condo, due to the
recent protests, now fines
$500 to $2,500 if you don’t
stop and wait for the
garage door to close. It’s
not a difficult thing to do,
but I’ve lived here since
2004, and getting only one
warning before being fined
seems a bit unfair. Their
goal is to limit the financial
loss of the condo by
reducing break-ins, but to
me and a few others, the
HOA is causing just as
much, if not more, damage
to our financial wellness in
an already demanding
pandemic.
—Joshua Leake,
Portland, Ore.
After a few months of living in a
home governed by an HOA, we
were adamant to sell our place at
whatever loss and flee. However,
our HOA board was sued by the
garbage workers who were
sacked illegally. Banks don’t like
giving loans to buyers who pur-
chase condos at residences that
are participating in active law-
suits. So all four of our buyers’
.
loans were rejected and we ended
up staying for another 18 months
until we sold our place to a cash
buyer and lost a lot of money.
But we were just happy to get
out of there.
—Marina Romanova,
Los Angeles
I live on multiple acres in the
country and have no neighbors
within a half-mile. Six months
ago, my mother moved to a
planned retirement community 12
miles from my house. Her commu-
nity is not gated but has an HOA
that cuts the grass, picks up the
garbage, etc. Mother has already
been cited for leaving her car in
the driveway for more than a day.
—William Hestir,
Seneca, S.C.
In my HOA in the heart of Napa
WSJ PHOTO ILLUSTRATION; DAVE URBAN (ILLUSTRATION)
Valley, we are indeed eliminating
“foolish” rules and focusing on
major substantial issues, espe-
cially financial. That’s what we’re
elected to do. No one forces you
to buy in an HOA and we’re all
responsible for doing our due dil-
igence on rules and finances be-
fore buying. Ultimately, of course,
real estate is all about location,
location, location.
—Mark G. Epstein,
Saint Helena, Calif.
       

 
 

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THE WALL STREET JOURNAL. NY / NE Friday, April 23, 2021 | M11

ADVERTISEMENT

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

FLORIDA MULTI STATE OFFERINGS

  

 


  

  
     

 
     


         

 
  

    
  
  
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© 2021 Dow Jones & Company, Inc. All Rights Reserved. 
 
 .

M12 | Friday, April 23, 2021 NY / NE THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Bette Midler Moves On

Bette Midler and her husband,
She owned the unit since the 1990s.
performance artist Martin von
Haselberg, have found a buyer for
their Manhattan penthouse, more
than a year after putting it on the
market for $50 million, according
to a person familiar with the deal.
The deal was

FROM LEFT: JASON SMITH/EVERETT COLLECTION; PROPERTYSHARK

marked as SOLD
closed as of Asking Price

$50
April 14 on the
website of list-
ing agent John
Burger of Brown MILLION
Harris Stevens. 7,000 sq. ft.,
He declined to top three
comment. floors,
If the closing landscaped
price came close terraces
to Ms. Midler’s
ask, the deal would be among the
largest closed in Manhattan since
the Covid-19 crisis began.
Top three floors of this building
Ms. Midler and Mr. von Hasel-
berg have owned the prewar co-
op at 1125 Fifth Avenue since the The six-bedroom apartment is into a 70-foot-long entertaining Neo-Renaissance style by archi- be determined. Ms. Greenbaum
1990s, records show. Their 14- about 7,000 square feet and has space with a living room, a dining tect Emery Roth. declined to comment.
room penthouse occupies the top 3,000 square feet of landscaped room and an eat-in kitchen. The A spokesperson for Ms. Midler —Katherine Clarke
three floors of the Carnegie Hill terraces off the living room, din- library has 13-foot ceilings and couldn’t be reached for comment.
building, with views over Central ing room and library, according to floor-to-ceiling bookcases. The identity of the purchaser, who  See more photos of notable
Park, the reservoir and the Man- the listing. A private elevator The building dates to the was represented by Wendy Green- homes at WSJ.com/RealEstate.
hattan skyline. opens onto a gallery, which leads 1920s, when it was designed in baum of Warburg Realty, couldn’t Email: privateproperties@wsj.com

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

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© 2021 Dow Jones & Company, Inc.


    All Rights Reserved.
 .

THE WALL STREET JOURNAL. NY / NE Friday, April 23, 2021 | M13

      

  


 
              

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M14 | Friday, April 23, 2021
JUMBO JUNGLE | ROBYN A. FRIEDMAN
Paying for the New
Roof Over Your Head
As renovation and remodeling booms, here’s what you need to know about funding it
PETE RYAN
T
hat home-remodeling
project may give you all
the extra space you
need. But how will you
pay for it?
A survey conducted in February
by San Diego-based LightStream,
a national online consumer lender,
found that 73% of high-income
homeowners, defined as those
with household incomes of more
than $100,000, plan to use savings
to pay for home-improvement
projects, while 32% will use credit
cards. The balance will secure a
home-improvement loan. Many
people tap more than one method
to pay. But the best way to pay?
“ Everything was always very tidy.
Then my family noticed how
disorganized I had become.”
—Theresa, living with Alzheimer’s
When something feels different,
Visit
alz.org/ourstories
“If you have the cash, you
should consider paying cash,” said
Michael Silver, a certified finan-
cial planner in Boca Raton, Fla.
“Although you can borrow money
at very low interest rates, the
amount you’re paying to a bank to
borrow money is still greater than
the bank is crediting you interest
on your cash.”
Remember, however, that there
is an opportunity cost to using
savings to pay for home improve-
ments. “If you can earn more than
the interest you’d pay to borrow,
then you should keep that money
invested and finance the project,”
Mr. Silver said.
it could be Alzheimer’s.
Now is the time to talk.
to learn more
NY
MANSION
Finance professionals recom-
mend that homeowners avoid
charging project costs on credit
cards unless they plan to pay the
bill in full when it arrives. Using a
card to get airline miles or other
awards is great, but credit cards
carry high interest rates, so avoid
carrying a balance.
Another option is an unsecured
home-improvement loan, which
doesn’t require using your home
as collateral. LightStream offers
loans from $5,000 to $100,000 at
rates starting at 3.99%, with no
fees. Similar personal loans are
available from other companies,
such as Marcus by Goldman Sachs.
THE WEST COAST IS CALLING
RE S E RVE A TOUR | 8 33 -7 7 7 -16 6 0
1221OCEAN.COM | SANTA MONICA, CA
IRVINE MANAGEMENT COMPANY, A LICENSED REAL ESTATE BROKER DRE LIC. #02041810
THE WALL STREET JOURNAL.
“Unsecured lending is a really
attractive option for consumers,”
said Todd Nelson, senior vice presi-
dent of strategic partnerships at
LightStream. But it may not be an
option for everyone—Mr. Nelson
said his typical customer has a
FICO score in the 700s.
Many homeowners are opting
to use their homes as collateral to
finance renovation projects, and
that is even more tempting be-
cause of the recent surge in tap-
pable home equity, the amount
available to homeowners with
mortgages to borrow against
while still maintaining at least
20% equity in their homes. Mort-
gage-technology and data firm
Black Knight Inc. recently re-
ported that through the end of
the fourth quarter of 2020, home
prices grew at a 10.8% annual
rate, causing tappable equity to
hit $7.3 trillion, the largest
amount ever recorded. That
makes cash-out refinances—when
the existing mortgage is paid off
and replaced with a larger one, al-
lowing the borrower to take out
the difference in cash—and home
equity lines of credit, credit lines
secured by a mortgage, attractive
options.
“If you have a lot of equity, the
cheapest way to borrow money
for a renovation is to do a cash-
out refinancing,” said Melissa
Cohn, executive mortgage banker
at William Raveis Mortgage in
New York City. Ms. Cohn said that
banks will generally lend up to
75% of the value of a home. For
homeowners with less than 25%
equity, a Heloc may be the only
option. Fees can range from
$3,000 to $4,000, plus the cost of
title, applicable taxes and record-
ing fees, she said. She added that
refinances can take more than
two months to close, making them
unsuitable for emergency repairs.
For homeowners who recently
refinanced or who are happy with
the current interest rate on their
mortgage, a Heloc is a good solu-
tion. Ms. Cohn said they tend to
have higher rates than refinances,
based on a percentage above the
prime rate, and that they can be
obtained with no or very low fees.
Like a refinance, Helocs require
an appraisal. Rates vary and they
LUXURY APARTMENT RESIDENCES
.
fluctuate. Bank of America, for ex-
ample, is currently offering an in-
troductory rate of 2.49% for the
first six months of the loan term,
after which it reverts to the con-
tracted rate pegged to a prime
rate. The introductory offer is for
new applications through July 31.
It takes about 30 days from appli-
cation to closing, according to a
bank spokeswoman.
Here are a few things to con-
sider if you’re planning a home-
improvement project:
• DETERMINE TIME HORIZON
When deciding on the types of
loans available for a home-im-
provement project, take into ac-
count how long you plan to remain
in the home. If you’re looking for a
short-term solution—the replace-
ment of a roof before you list a
home for sale, for example—and
plan to pay the loan back quickly, a
Heloc is a good option because of
its flexibility. But interest rates
fluctuate, so if you are looking for
financing for a longer term, go for
the refinance. “It’s more prudent
to borrow at 3% and not have to
worry about the rate adjusting,”
Ms. Cohn said.
• HUNT AROUND While Helocs of-
fer advantages, the main one be-
ing no upfront fees, the number of
lenders offering these loans has
declined. Wells Fargo, for exam-
ple, suspended the origination of
new Helocs at the end of April
2020 and doesn’t currently offer
this product. So refinancing may
be your only option.
• CONSIDER ALTERNATIVES Ms.
Cohn said that for major renova-
tions, a construction loan might be
a good solution. With this type of
loan, a bank will lend up to 80% of
the future value of your home, in
other words, the value once work is
completed, she said. Mr. Silver, the
financial planner, said that many of
his clients opt for investment
credit lines, where they use their
investments as collateral. “It’s very
easy, very flexible, and the rates
are based on the size of the ac-
count,” he said. “Almost every cus-
todian holding your securities has
some sort of option.” Current rates
range from 1.36% to 3.75%, he said.