* * * * *
00
DJIA 35064.25 À 271.58 0.8%
What’s
News
Business & Finance
A pple plans to intro-
duce new iPhone soft-
ware that is designed to
identify and report collec-
tions of sexually exploit-
ative images of children. A1
 Exxon is considering a
pledge to reduce its net carbon
emissions to zero by 2050,
in what would amount to a
significant strategic shift. A1
 Nearly three dozen of the
nation’s most influential busi-
ness groups are calling on the
Biden administration to re-
start negotiations with China
and cut tariffs on imports. A2
 ViacomCBS said it added
6.5 million streaming subscrib-
ers across its platforms in the
second quarter and unveiled a
distribution partnership with
Comcast’s Sky TV unit. B1
 Qualcomm offered to
buy Veoneer for $4.6 billion,
moving to outbid Magna
International for the auto-
technology company. B1
 The U.S. is enlisting the
help of tech firms, includ-
ing Amazon, Microsoft and
Google, to bolster the country’s
critical infrastructure defenses
against cyber threats. B4
 The S&P 500 and Nasdaq
rose 0.6% and 0.8%, respec-
tively, to close at records.
The Dow gained 0.8%. B11
 Robinhood shares fell 28%
after a filing with the SEC in-
dicated that early investors in
the firm can sell up to about 98
million shares over time. B11
 Grill maker Weber’s shares
rose 18% in their first day of
trading to close at $16.50. B3
 Penn National Gaming
agreed to acquire Score Me-
dia for about $2 billion. B3
World-Wide
 Congress’s nonpartisan
scorekeeper found that the
roughly $1 trillion infrastruc-
ture bill would widen the
budget deficit by $256 bil-
lion over 10 years, counter-
ing negotiators’ claims that
the cost of the legislation
was covered by new revenue
and savings measures. A1
 Biden made dual moves
to reduce greenhouse-gas
emissions, imposing tougher
fuel-efficiency standards
on auto makers and chal-
lenging them to drastically
ramp up sales of electric
vehicles by 2030. A2
 The FDA expects to have a
strategy on Covid-19 vaccine
boosters by early September
that would lay out when and
which vaccinated individu-
als should get them. A5
 Officials in the New York
state Assembly said their im-
peachment investigation of
Gov. Cuomo is nearing com-
pletion and set an Aug. 13
deadline for him to submit
evidence in his defense. A4
 The Justice Department
launched a broad civil-
rights investigation into
the practices of the Phoe-
nix Police Department. A4
 Ten Republican senators
have signed on as co-spon-
sors of a bipartisan bill to
repeal the 1991 and 2002
authorizations for use of
military force in Iraq. A4
 Ebrahim Raisi was sworn
in as Iran’s president, bring-
ing all branches of power
in the country under the
control of hard-liners. A6
 Died: Richard Trumka,
72, AFL-CIO president. A3
CONTENTS
Arts in Review A9-10
Business News B3,5-6
Crossword.............. A10
Equities....................... B7
Heard on Street. B12
Mansion............. M1-14
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
FRIDAY, AUGUST 6, 2021 ~ VOL. CCLXXVIII NO. 31
NASDAQ 14895.12 À 0.8%
FRED GREAVES/REUTERS
Markets..................... B11
Opinion.............. A13-15
Sports................. A11-12
Technology............... B4
U.S. News............. A2-5
Weather.................. A10
World News........ A6-7
> “Evil Dolls,” which resembled
Fire Destroys Heart of California Town as Residents Flee
DEVASTATED STREETS: Nearly all of the downtown area in Greenville, Calif., was left destroyed Thursday after the Dixie Fire
raged through the town overnight. The town’s population of approximately 800 was ordered to evacuate just hours before. A3
Apple Plans iPhone Software
To Report Child-Abuse Images
Company says change
will protect minors
from predators; critics
fear privacy intrusion
BY ROBERT MCMILLAN
Apple Inc. plans to intro-
duce new iPhone software de-
signed to identify and report
collections of sexually exploit-
ative images of children, aim-
ing to bridge the yearslong di-
vide between the company’s
pledge to protect customer
privacy and law enforcement’s
Trade Gap Expands to Record
The U.S. trade deficit hit a seasonally adjusted $75.7 billion in
June, widening to a record as the resurgent American
economy drove strong demand for foreign-made goods. A2
U.S. monthly trade, and trade deficit, in goods and services
$275 billion
Imports
U.S. trade
225
deficit
Exports
175
125
2016 ’17 ’18 ’19
Note: Seasonally adjusted
Sunny Sport
Goes Dark,
With Snakes
i i
Olympic swim event
asks, ‘Why do you
seem so scared?’
TOKYO—The first sign that
all was not sweetness and
light in the sport formerly
known as synchronized swim-
ming was when a chilling
voice blared across the Tokyo
Aquatic Centre.
By Daniela Hernandez,
Georgi Kantchev
and Louise Radnofsky
“Why do you seem so
scared? All I wanted to do is
play with you.”
The duet from Austria was
performing to a medley called
the haunting tenor of the line
spoken by beckoning twin
girls in “The Shining”: come
play with us.
Like the horror film’s hotel,
Please turn to page A8
WSJ.com
STOXX 600 469.96 À 0.4% 10-YR. TREAS. g 10/32 , yield 1.217%
desire to learn of illegal activ-
ity happening on the device.
The software, slated for re-
lease in an update for U.S. us-
ers later this year, is part of a
series of changes Apple is pre-
paring for the iPhone to pro-
tect children from sexual pred-
ators, the company said
Thursday.
Apple, which has built
much of its brand image in re-
cent years on promises to
safeguard users’ privacy, said
that its new software will fur-
ther enhance those protec-
tions by avoiding any need for
widespread scanning of im-
$75 billion
50
25 Trade deficit
June 2021
$75.7B
0 started in its push to realign the relationship
’20 ’21 2016 ’17 ’18 ’19 ’20
Source: Census Bureau
Exxon Weighs ‘Net-Zero’ Carbon by 2050
BY CHRISTOPHER M. MATTHEWS
AND EMILY GLAZER
i Exxon Mobil Corp. is con-
sidering a pledge to reduce its
net carbon emissions to zero
by 2050, according to people
familiar with the matter, in
what would amount to a sig-
nificant strategic shift by the
SPACs Set Their Sights
On Emerging Markets
BY MATT WIRZ
Blank-check companies are
venturing to far-flung locales
such as Brazil, Israel and Tur-
key to find attractive merger
targets these days.
Special-purpose acquisition
companies, or SPACs, explic-
itly pursuing companies in
Asia, Latin America, Eastern
Europe, the Middle East and
Africa remain a small part of
the overall market. But they
are growing at a faster clip
than their conventional coun-
HHHH $4.
OIL $69.09 À $0.94 GOLD $1,805.10 g $5.40 EURO $1.1835 YEN 109.77
Spending
Program
Widens
Deficit,
CBO Says
Analysis of proposed
infrastructure plan
differs from arithmetic
of bipartisan framers
BY ANDREW DUEHREN
WASHINGTON—Congress’s
nonpartisan scorekeeper found
that the roughly $1 trillion in-
frastructure bill would widen
the budget deficit by $256 bil-
lion over 10 years, countering
negotiators’ claims that the
cost of the legislation was cov-
ered by new revenue and sav-
ings measures.
The score was released as
the Senate advanced amend-
ments for the bill this week
and didn’t create any immedi-
ate obstacles to final passage
of President Biden’s economic
agenda.
Members of the bipartisan
group that negotiated the in-
frastructure bill, which would
ages on the company’s servers, identify child sexual abuse ma- provide roughly $550 billion
something that Apple cur- terial when it is stored using in spending above expected
rently doesn’t perform. iCloud Photos, the company federal levels, had said they
After news of Apple’s plans said. Using software that runs anticipated that the analysis
leaked out Wednesday, critics on both the iPhone and Ap- from the Congressional Bud-
said they worried that by ple’s cloud, Apple will detect get Office would differ from
building software that can flag whether images on the device their own. They have said that
illegal content belonging to its match a known database of some of the measures they are
users, Apple might be softening these illegal images. If a cer- using to cover the cost of the
its stance on how it protects tain number of them—Apple bill, including repurposing
user data via encryption—a declined to say exactly how Covid-19 aid, wouldn’t count
source of growing contention many—are uploaded to iCloud the same way toward CBO’s
between the technology giant Photos, Apple will review the official estimate.
and law-enforcement organiza- images. If they are found to be Sens. Rob Portman (R.,
tions over the past decade. illegal, Apple said it would re- Ohio) and Kyrsten Sinema (D.,
Apple’s system will use new port them to the National Cen- Ariz.), two of the lead negotia-
techniques in cryptography ter for Missing and Exploited tors for the package, released
and artificial intelligence to Please turn to page A7 Please turn to page A4
China’s Corporate Crackdown
Raises Investor Anxiety
Beijing is just getting started in regulatory push, executives say
In recent months, China has blown up under Xi Jinping promise serious and often
what would have been the world’s largest unpredictable implications for business,
initial public offering, launched probes into these people say—and keeping foreign inves-
some of its biggest technology companies, tors happy isn’t a priority.
and wiped out more than $1 trillion in mar- That means more risk for people who
ket value while investors scramble for cover. have plowed billions of dollars into China’s
fast-growing companies hoping to capitalize
By Jing Yang, Keith Zhai on the only tech industry that can rival Sili-
and Quentin Webb con Valley.
“This round of governance storm has not
There are many signs it isn’t over yet. yet reached the stage of calming down,” said
Investors, analysts and company execu- Fang Xingdong, a former internet entrepre-
tives believe the government is just getting neur and founder of Beijing-based think tank
China Labs. China’s biggest private compa-
between private business and the state, with nies have benefited from years of lax regula-
’21
a goal of ensuring companies do more to tory oversight, he said, and it will take a
serve the Communist Party’s economic, so- Please turn to page A8
cial and national-security concerns.
The government’s far-reaching ambitions  TikTok competitor’s stock slides............................ B4
oil company. Exxon’s board are now giving The Irving, Texas, company
In March 2020, Exxon Chief
Executive Darren Woods de-
the same idea serious debate,
the people said. Mr. Woods is
hasn’t made a final decision
on a “net-zero” pledge, ac-
scribed ambitious carbon-re- facing pressure from investors cording to the people. It plans
duction targets made by some to demonstrate a bolder path to unveil a series of strategic
European rivals as nothing to reducing emissions. moves on environmental and
more than a “beauty competi- Following a bruising proxy Please turn to page A2
tion,” saying the pledges lacked fight this year, an activist hedge
tangible plans to achieve them. fund elected three new mem-  Biden sets fuel-efficiency,
Mr. Woods and others on bers to the company’s board. electric-vehicle targets......... A2
INSIDE
MANU FERNANDEZ/ASSOCIATED PRESS
terparts, according to The
Wall Street Journal’s analysis
of data from SPAC Research.
In the first half of 2021, 60
new SPACs focused on emerg-
ing markets filed documents
with the Securities and Ex-
change Commission, almost
triple the number for all of
2020, according to the analysis. MANSION SPORTS
The number of non-emerging- Families are keeping Soccer legend Lionel
market SPACs grew by about
67% to 515 over the period.
the home classrooms Messi won’t return to
The surge coincides with they added during Barcelona with new
mounting competition that has lockdown. M1 contract. A12
Please turn to page A6
A2 | Friday, August 6, 2021 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Biden Urged to Restart China Trade Talks
Business groups say had met “important bench- have said. purchases by $200 billion over
marks and commitments” in The administration also two years.
U.S. tariffs on imports the agreement, including open- hasn’t signaled whether it in- The trade groups indirectly
from country are ing markets to U.S. financial in- tends to keep tariffs on Chinese acknowledged that, saying
stitutions and reducing some goods, which now amount to “there is more work to be done
drags on economy regulatory barriers to U.S. agri- levies on about half of what the by both governments to ensure
cultural exports to China. U.S. imports from China. that China meets its existing
BY BOB DAVIS “A worker-centered trade Ms. Tai met privately Thurs- purchase agreements.”
agenda should account for the day with executives from a But the groups argued that
WASHINGTON—Nearly three costs that U.S. and Chinese tar- half-dozen large West Coast USTR should start negotiating
dozen of the nation’s most in- iffs impose on Americans here companies during a stop in Se- as well over issues that weren’t
fluential business groups—rep- and at home and remove tariffs attle, said a person familiar covered in the Phase One deal,
resenting retailers, chip mak- that harm U.S. interests,” the with the meeting. She ex- including state subsidies, gov-
ers, farmers and others—are letter said, referring to the ad- pressed sympathy with their ernment procurements, cyber-

PETE MAROVICH/PRESS POOL

calling on the Biden adminis- ministration’s policy to make request that the administration security and digital trade.
tration to restart negotiations worker interests a priority. finish its review, this person “We want to express our
with China and cut tariffs on Spokesmen for the U.S. trade said, but didn’t give any details support for continued engage-
imports, saying they are a drag representative’s office and about the unfolding policy or ment with China on trade and
on the U.S. economy. Treasury didn’t respond to re- when it would be unveiled. economic issues,” the letter
The tariffs on electronics, quests for comments. Ms. Yellen has said that she said, and included strong back-
apparel and other Chinese The trade groups include thinks that tariffs are economi- ing for the Phase One deal.
goods, which are paid by U.S. some of Washington’s most in- The groups’ letter went to Trade Representative Katherine Tai. cally harmful, but other admin- Additionally the groups urge
importers, were kept in place in fluential big business associa- istration officials have said pri- the USTR to grant companies
part to ensure that China ful- tions, including the U.S. Cham- ican corporations at the pace of Chinese officials have told vately that her remarks weren’t exceptions from some tariffs
fills its obligations under its ber of Commerce, Business the administration’s review of U.S. business executives that meant to signal a change in U.S. and to start a process of reduc-
2020 Phase One trade pact Roundtable, National Retail China trade and economic pol- they won’t move on trade is- trade policy. ing tariffs on Chinese goods
with the U.S. Federation, American Farm Bu- icy. The administration has sues until the administration Chad Bown, an economist at overall. “We also recognize that
In a Thursday letter to U.S. reau Federation and Semicon- given few hints about whether makes clear that it accepts the the Peterson Institute for Inter- fully resolving tariffs is unlikely,
Trade Representative Katherine ductor Industry Association. it intends to try to enforce the Phase One deal. national Economics who closely absent substantially more prog-
Tai and Treasury Secretary The broadside by the trade Phase One trade accord negoti- The review is expected to follows the Phase One deal, has ress by China on core issues,”
Janet Yellen, the business groups represents increasing ated by the Trump administra- continue until some time in the said that China is well behind the letter said, which would in-
groups contend that Beijing frustration by a swath of Amer- tion or seek to extend it. fall, administration officials in its commitment to boost volve fresh negotiations.

President Sets Fuel Efficiency, EV Targets Trade Gap

BY KATY STECH FEREK
AND BEN FOLDY
Widens;
WASHINGTON—President Bi-
den made dual moves to reduce
Jobless
greenhouse-gas emissions, im-
posing tougher fuel-efficiency
standards on auto makers and
Claims Fall
challenging them to drastically BY JOSH ZUMBRUN
ramp up sales of electric vehi-
cles by 2030. WASHINGTON—The U.S.
Mr. Biden on Thursday signed trade deficit widened to a re-
an executive order setting a tar- cord in June as the resurgent
get for electric vehicles, hydro- American economy drove
gen-fuel cell and plug-in hybrid strong demand for foreign-
vehicles to make up 50% of U.S. made goods ahead of the
sales by 2030—a voluntary goal Covid-19 Delta-variant surge.
that auto makers said would en- The trade gap in goods and
tail federal support for vehicle services expanded 6.7% from
charging stations and consumer May to a seasonally adjusted
tax incentives. $75.75 billion, the Commerce
Separately, the Environmental Department said Thursday. Be-
Protection Agency proposed fore the pandemic, the
SUSAN WALSH/ASSOCIATED PRESS

rules that would require auto monthly trade deficit had hov-
makers to achieve a fleetwide ered for years between $40
average fuel-efficiency equiva- billion and $50 billion.
lent of 52 miles per gallon by The trade report is another
the 2026 model year, using an example of how American
industry measure that takes into consumers and businesses
account both fuel efficiency and have stepped up spending and
emissions reductions. The cur- investment as the economy
rent requirement for that model has recovered to its pre-
year is 43.3 miles per gallon un- ‘They’re a vision of the future that is now beginning to happen, a future of the automobile industry that is electric,’ President Biden said. Covid-19 size, fueling demand
der rules set in 2020 by the for imports. Purchases from
Trump administration. Mr. Biden called on all three electric Ford F-150 pickup truck ted to” by the Biden administra- The bipartisan Senate pro- overseas climbed 2.1% in June
Auto makers would be al- to continue leading the transi- and a plug-in hybrid Jeep Wran- tion in the roughly $1 trillion in- posal also includes more than $6 to $283.42 billion, also a
lowed some increased flexibility tion away from cars and trucks gler from Stellantis. frastructure plan now moving billion in grants for battery pro- monthly record.
to use credits they banked in with traditional combustion en- “They’re a vision of the fu- through the Senate and related duction, development and recy- Exports have grown more
past years by surpassing their gines, which release greenhouse- ture that is now beginning to initiatives. cling. The proposal doesn’t in- slowly, reflecting weaker re-
goals to comply with the rules, gas emissions. happen, a future of the automo- The Senate infrastructure clude a key item that the coveries in some other re-
the agency said. “This is a big deal, but to un- bile industry that is electric,” spending bill allots $7.5 billion in industry has pushed for: addi- gions that have made less
Mr. Biden signed the execu- lock the full potential we have to Mr. Biden said of the vehicles. grants for states and municipali- tional tax credits for people who progress against Covid-19. Ex-
tive order at a White House keep investing in our workers “There’s no turning back.” ties to build out electric-vehicle purchase electric vehicles. The ports rose in June by just
event Thursday afternoon that and in our manufacturing capac- In a joint statement before charging stations. That amount administration is still working 0.6% to $207.67 billion.
included General Motors Co. ity,” he said. Thursday’s event, the auto mak- is half of the sum that Mr. Biden with Congress on the consumer- The trade data, and sepa-
Chief Executive Mary Barra, Parked around the White ers said the voluntary targets for pushed for in March when he set side tax credits, White House rate labor-market readings,
Ford Motor Co. chief Jim Farley House were vehicles the three electric-vehicle sales “can be a goal of 500,000 public char- economic adviser Susan Helper come as the economic recov-
and Stellantis NV’s North Amer- auto makers hope will help them achieved only with the timely gers by 2030. The U.S. has said earlier this week. ery faces risks from the Delta
ican Chief Operating Officer, meet the new goals, including deployment of the full suite of roughly 110,000 public charging —Timothy Puko variant, supply-chain con-
Mark Stewart. GM’s electrified Hummer, an electrification policies commit- outlets. contributed to this article. straints and a shortage of
available workers.
U.S. jobless claims, a proxy

Emissions tional accord that aims to

limit the increase in the global
average temperature to less
exercises in modern-day image
management. Such goals gen-
erally aim to reduce a com-
ticular, Alexander Karsner, one
of the Engine No. 1 candidates
elected to Exxon’s board and
total. In addition to the three
Engine No. 1 candidates, Exxon
appointed two new directors as
for layoffs, fell slightly to
385,000 last week, a Labor De-
partment report showed

Cut Is than 2 degrees Celsius above

preindustrial levels, and pur-
sue efforts to limit the in-
pany’s carbon footprint to
neutral in the future.
Exxon lost three seats on
an executive at Alphabet Inc.’s
innovation lab, has pressed Mr.
Woods to reposition the com-
part of a separate settlement
with hedge fund D.E. Shaw.
Last week Exxon held its
Thursday. New filings have
settled this summer at a level
that is nearly double the pre-

Weighed crease to 1.5 degrees. He has

stopped short of committing
Exxon to a net-zero plan.
To date, Exxon has instead
Continued from Page One pledged to reduce its so-called
other issues before the end of carbon intensity, or emissions
the year, they said. as a proportion of total energy
Exxon spokesman Casey produced. It is unclear exactly
Norton said the company is what a new Exxon net-zero
committed to working to de- pledge would entail, but what is
carbonize high-emitting sec- being considered would apply
tors, and backs regulation that to the emissions directly pro-
would spur that. “As the board duced by Exxon’s assets and
goes through its deliberations stemming from the energy the
regarding future plans related company uses, the people said.
to the company’s energy tran- That is known in climate disclo-
sition activities, we routinely sure as scope 1 and 2 emissions.
evaluate our work and com- There is no standard defini-
mitments,” he said. tion for how companies define
Mr. Woods has said Exxon net-zero emissions, and specif-
supports the goals of the Paris ics often vary, which has led
climate agreement, an interna- some to dismiss the pledges as
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
its board of directors at its an-
nual shareholder meeting in
May to the hedge fund Engine
No. 1, which argued that the
oil company needs to act
faster to remake itself and in-
vest in clean energy.
Senior executives within
the company now believe it
must act urgently to refine its
strategy to navigate the en-
ergy transition, and some of
Exxon’s largest shareholders
have told executives recently
that they need to set more-
ambitious climate-change tar-
gets or risk further alienating
investors, the people said.
Meanwhile, some on Exxon’s
board have expressed support
for a carbon-neutrality pledge,
according to the people. In par-
CORRECTIONS 
pany to address climate
change, the people said.
first in-person board meeting
since the new directors joined.
Mr. Woods described the meet-
ing as encouraging during a
call with analysts.
Exxon faces investor Beginning last year, several
pressure to take a large European oil companies
including BP PLC and Royal
bolder approach to Dutch Shell PLC made public
reducing emissions. commitments to reduce to zero
the emissions from their oper-
ations and from assets they
own but don’t operate. Shell
In a virtual board meeting also set a net-zero target for
in July, Mr. Karsner suggested emissions from its products.
to Mr. Woods that Exxon How companies will achieve
hadn’t acted quickly enough to such targets is unclear. BP and
reduce its emissions, in an ex- Shell have begun selling
change that some of the peo- higher-carbon-emitting fossil-
ple described as contentious. fuel assets and investing more
Some of the other new di- in renewable energy. Exxon
rectors also have doubts re- formed a new business unit in
garding Mr. Woods’s strategy February to invest in lower-
for Exxon, said people familiar emission energy technologies.
with the matter. Mr. Woods has
focused on trying to bring the
Initially, it will focus on car-
bon capture and storage proj-
pandemic average but well be-
low earlier in the pandemic.
So far, business and govern-
ment responses to the Delta
variant aren’t triggering an in-
crease in U.S. layoffs, accord-
ing to the Labor Department
report. The U.S. economy has
experienced robust growth this
year with the availability of
vaccines, business reopenings,
pent-up consumer demand and
government aid. Economists
say the Delta variant poses a
risk, however, should it cause
widespread disruptions.
—Bryan Mena
contributed to this article.
New filings for jobless benefits
900,000 Week ended
July 31
800,000 385,000
700,000

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THE WALL STREET JOURNAL.
Labor Market
Tests Detroit
Businesses
BY BEN KESLING
AND ERIC MORATH
DETROIT—Hiring in the
Motor City region hasn’t been
this hard for 20 years.
Seth Gold is offering $250
sign-on bonuses, something he
can’t remember happening be-
fore in the roughly 80 years his
family has run American Jew-
elry and Loan, a chain of pawn-
shops. Even then, he sometimes
finds entry-level workers want
to negotiate for higher pay.
“Hiring? It’s a challenge, to
put it lightly,” said Mr. Gold as
he walked by employees orga-
nizing pawned items in the
shop’s warehouse filled with
power tools, fur coats and mo-
torcycles.
Employers across the
greater Detroit region are feel-
ing the impact of the tight la-
bor market.
The Detroit metropolitan
area unemployment rate—
which can be seen as a gauge of
available workers—has held be-
low the nation’s rate since the
start of the year, the first sus-
tained period of below-average
joblessness in the metro area in
two decades. But while the re-
gion’s unemployment rate ranks
it alongside hot job markets
such as Austin, Texas, the pic-
ture isn’t entirely positive. The
Detroit area has historically had
a smaller share of adults seeking
work, and the size of its avail-
able labor force shrank during
the pandemic. Only those ac-
tively seeking a job are counted
in the unemployment rate.
According to the Detroit
Regional Chamber, 11% of
Michigan’s workforce hasn’t
returned after the pandemic,
and half of those workers have
decided to drop out entirely.
Longtime AFL-CIO Leader Pushed to Expand Rights
BY AMARA OMEOKWE
Richard Trumka, the presi-
dent of the AFL-CIO, the na-
tion’s largest labor federation,
died Thursday at the age of 72.
Mr. Trumka had led the fed-
eration of 56 unions, with 12.5
million mem-
OBITUARY bers, since
RICHARD
2009 and was
TRUMKA a prominent
1949 - 2021 supporter of
Democrats and
an influential voice on labor
issues in Washington. The
cause of death was believed to
be a heart attack.
“Rich Trumka devoted his
life to working people,” AFL-
CIO Communications Director
Tim Schlittner said. “He was a
relentless champion of work-
Redding
5
Lassen Volcanic
National Park
Dixie Fire
California’s current
largest wildfire has
consumed about
322,500 acres
5 99
Map
d
detail Yuba City
Sacramento
Source: National Interagency Fire Center
Dixie Fire Destroys Most of Small Town
BY TALAL ANSARI
Greenville, a small town
about 115 miles northeast of
Sacramento, was ravaged by
the Dixie Fire on Wednesday
night, as wildfires continue to
sweep through California.
Photos and videos from the
scene show that nearly all of
the downtown area had been
destroyed. The Plumas County
Sheriff’s Office ordered evacu-
ations Wednesday night, just
hours before the town of ap-
proximately 800 residents was
largely burned.
A briefing from the Na-
tional Interagency Fire Center
said reports indicate the town
Many in the area aren’t
therefore directly benefiting
from an improved economy and
tight labor market and could be
left out of any longer-run pros-
perity. Meanwhile, without a
stable of available workers,
some Detroit businesses may
be missing out on sales and ex-
pansion opportunities.
“Detroit’s always had a par-
ticipation problem,” said Tom
Kelly, chief executive of Auto-
mation Alley, a technology-
business association in subur-
ban Detroit. “I’m not sure I
believe our success.”
The region’s seasonally ad-
justed unemployment rate was
4.4% in June, compared with
the national average of 5.9%
that month, according to the
Labor Department. The Detroit
metropolitan area’s unemploy-
ment rate tied economic-exem-
plar Austin for the 10th lowest
in the U.S. in June among large
cities, the department said.
“It’s been a long time since
we’ve been able to talk about
Detroit’s unemployment rate
in a positive light,” said Pat-
rick Anderson, a Michigan-
based economist and chief ex-
ecutive of Anderson Economic
Group. “In the last decade, De-
troit has made a lot of positive
improvements.”
The Detroit metropolitan
area of 4.3 million people in-
cludes Detroit’s 670,000 resi-
dents and those in suburbs
spread across six counties.
The unemployment rate for
the Detroit area is returning to
near pre-pandemic lows, but the
rate for the city of Detroit itself
was above 10% in June, accord-
ing to the Labor Department.
While that is down from above
30% a year earlier, it is more
than double the unemployment
ers’ rights, workplace safety,
worker-centered trade, democ-
racy and so much more.”
Mr. Trumka grew up in
Nemacolin, Pa., where his fa-
ther and grandfather were
coal miners, according to his
biography on the labor federa-
tion’s website. Mr. Trumka
worked in the mines, while at-
tending Pennsylvania State
University. He earned a law
degree at Villanova University.
In 1982, at age 33, Mr.
Trumka was elected the youn-
gest president of the United
Mine Workers of America, ac-
cording to the AFL-CIO. In that
role, he led a strike against
Pittston Coal Co.
Mr. Trumka was a vocal
backer of President Biden and
former President Barack
25 miles
Lake Almanor
Plumas
395
Beckwourth
National Complex
Forest fire
C A L I FO R N I A N E VA DA
Tahoe
National
Forest 580
Lake
Tahoe
80
South Lake Tahoe
50 Tamarack Fire
As of Thursday at 4:30 p.m.
was 75% destroyed.
“If you are still in the
Greenville area, you are in im-
minent danger and you MUST
leave now!!” the sheriff’s of-
fice wrote on social media. “If
you remain, emergency re-
sponders may not be able to
assist you.”
No injuries have been re-
ported so far.
“We just lost Greenville to-
night,” Rep. Doug LaMalfa (R.,
Calif.) whose district includes
the town, said in a video
posted to Facebook. “My heart
is just aching for what people
are dealing with up there right
now,” he said.
The Dixie Fire has burned
* *
U.S. NEWS
Sales consultant Malik Perry sorted items at American Jewelry and Loan, a pawnshop chain that has had a hard time finding workers.
The Detroit area unemployment rate has held below the
national average this year.
Region’s unemployment rate*
April 2020
24.7%
25%
20
15
June 2021
4.4%
10
5 age is above the national aver-
U.S.
average
0 –60
2019 ’20 ’21
*Seasonally adjusted †Not adjusted for seasonality
Sources: Labor Department via St. Louis Fed (unemployment); Labor Department (employment)
rate in the surrounding suburbs.
The area’s low unemploy-
ment rate masks economic in-
equality in the region. In the city
of Detroit, where 77% of resi-
dents are Black according to the
Census, household income is
Obama. But he stepped up pres-
sure on them and other Demo-
crats to be a stronger voice for
working-class Americans fol-
lowing former President Donald
Trump’s strong showing among
union members in the 2016
election. The AFL-CIO endorsed
Mr. Biden in 2020.
Mr. Biden called Mr. Trumka
“a good, close personal friend,”
and said he had spoken with
the union leader’s wife and
son. “He was always there. He
was an American worker.”
Labor Secretary Marty
Walsh, who has strong ties to
organized labor, called Mr.
Trumka a role model. “My col-
leagues and I will be forever
grateful for the ways he pushed
us to think bigger and do bet-
ter, for his wise counsel, and
Pyramid
Lake
Reno
NOAH BERGER/ASSOCIATED PRESS
50
Carson
City
A home on Highway 89 was one of dozens engulfed by the Dixie
Fire on Wednesday as it ravaged Greenville, Calif.
about 322,500 acres, making it
the sixth largest fire in Cali-
fornia history. A total of 4,785
fire personnel are assigned to
the blaze, which is 35% con-
tained, according to Inciweb, a
service that shares fire reports
from different government
agencies.
Jake Cagle, a section chief
for the California Incident
Management Team, said re-
sources were stretched thin
during Wednesday’s firefight
and some residents didn’t
leave the Greenville area de-
spite warnings to do so.
“We have firefighters who
are getting guns pulled on
them because people do not
Employment by industry
in the Detroit area, change
from January 2020†
Nonfarm
0%
Manufacturing
–10
–20
Hospitality
–30
–40
–50
2020 ’21
lower than in the suburbs, and
more than 30% live below the
poverty line. In the broader re-
gion, where 22% of the popula-
tion is Black, the poverty rate is
12.6%, near the national average.
The Detroit area economy
for the more just society he
leaves us with today,” he said.
Mr. Trumka died of a heart
attack, according to Bill Spriggs,
the AFL-CIO’s chief economist.
Mr. Spriggs said Mr.
Trumka in recent years had fo-
cused especially on broaden-
ing the reach of organized la-
bor, amid a decadeslong
decline in union membership.
He advocated for “labor
leaders who are going to push
themselves beyond their im-
mediate site,” Mr. Spriggs
said. “I think it’ll leave a leg-
acy of getting members to see
that they have these bigger
obligations,” he added, refer-
ring to issues such as advocat-
ing for an increase in the fed-
eral minimum wage or rights
for immigrant workers.
want to evacuate,” he said in a
video posted online Thursday.
In some cases, firefighters
have had to evacuate people in
their official vehicles, he said,
pulling them away from their
effort to fight the blaze.
PG&E Corp. disclosed to
California regulators earlier
this week that one of its power
lines may have been involved
in the ignition of the Northern
California fire. The utility com-
pany said in a regulatory filing
that an employee responding
to a power outage discovered a
fire beneath one of its distri-
bution lines in the Feather
River Canyon in the forested
Sierra Nevada foothills.
grew from 2010 to 2019, and
labor-force participation im-
proved during that time, but
during the pandemic, the
share of adults working in the
region fell. The share of those
working or looking for work in
Michigan was 2.5 percentage
points lower than the country
overall in June, according to
the Labor Department.
Gabriel Ehrlich, an economist
at the University of Michigan,
said several factors were keep-
ing labor-force participation
low. The Detroit’s area’s median
age, so more people are proba-
bly retiring. Michigan kept
Covid-19 restrictions for busi-
nesses and schools in place lon-
ger than many other states, ex-
acerbating child care issues.
The area’s sharp rise in Covid-19
cases in the spring may have
delayed people starting job
searches, he said.
Since the city’s bankruptcy in
2013, it has attracted new de-
velopment and investment as
part of an effort to diversify
Mr. Trumka had championed
legislation, known as the Pro-
tecting the Right to Organize
Act, that would make it easier
for workers to form unions and
weaken so-called right-to-work
laws in many states, which al-
low union-represented workers
to forgo paying dues.
Some issues put the AFL-
CIO under Mr. Trumka at odds
with business groups.
“We enjoyed many years of
strong partnership on shared
priorities,” said Suzanne
Clark, chief executive of the
U.S. Chamber of Commerce.
Ms. Clark called Mr.
Trumka “a fighter, a fierce ad-
vocate, and, above all else, a
decent man who earned the
respect and admiration of any-
one who worked with him.”
Texas Governor Calls
Second Special Session
BY ELIZABETH FINDELL
AUSTIN, Texas— Texas Gov.
Greg Abbott called Thursday
for a second special session to
pass voting legislation, after
state Democrats torpedoed the
current special session by flee-
ing to Washington, D.C.
The new session will begin
Saturday, one day after the
current session ends.
The move by Mr. Abbott, a
Republican, comes after Dem-
ocrats in the state House fled
Texas on July 12 to deny the
body a quorum needed to con-
duct business. They aimed to
kill a bill tightening voting ac-
cess, which has drawn nation-
wide scrutiny. Some 55 law-
makers have remained in
Washington, ever since, wait-
ing out the session. If they re-
turned to Texas, they could be
forcibly locked in the Capitol.
Democrats have spent their
time in Washington meeting
with members of Congress and
other national leaders in an
attempt to lobby for federal
legislation setting minimum
voting-access standards. The
group hasn’t yet said whether
they would return to Texas for
the second session.
“They have a responsibility
to finish the work that was
started,” Mr. Abbott said
Thursday. “I will continue to
call special session after spe-
cial session to reform our bro-
Friday, August 6, 2021 | A3
ELAINE CROMIE FOR THE WALL STREET JOURNAL
away from its historic auto-in-
dustry base. The area has bene-
fited from growth in white-col-
lar, automotive-related jobs
such as engineering, testing and
design. The Detroit region’s fi-
nancial sector also grew.
“There’s an absolute war for
talent going on in this town,”
said Ronald Hall, CEO of
Bridgewater Interiors, an auto-
motive seating manufacturer.
Workers can take their pick
from a variety of jobs and com-
panies, he said, so physical la-
bor at a manufacturing plant
sometimes isn’t a first choice.
The auto industry has fared
well through the pandemic, a
marked difference from the past
two economic downturns. The
industry faces supply con-
straints and ongoing temporary
layoffs tied to chip shortages,
but economists forecast strong
demand for vehicles to persist
for the near future as those con-
straints ease.
Yet, just outside the city cen-
ter, stretches remain blighted
and suffer from disinvestment.
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
Richard Trumka led the nation’s
largest federation since 2009.
ken bail system, uphold elec-
tion integrity, and pass other
important items that Texans
demand and deserve.”
Mr. Abbott has the sole
ability to call and set the
agenda of special sessions of
the Legislature, which typically
meets for only five months ev-
ery other year. House Demo-
crats stymied the elections bill
in the final days of the regular
session in May by walking out
ahead of a voting deadline.
Versions of the proposed
bill filed during the special
session would have limited
early voting hours, placed ad-
ditional restrictions on assist-
ing disabled voters and voting
by mail, and made many elec-
tion missteps felony offenses.
Democrats said the
changes, many of which target
urban areas, would suppress
voting access, especially for
minorities. Republicans have
called the proposals a matter
of election security.
“Texas Republicans are at-
tempting to implement the
strictest antivoter laws in the
nation,” Texas Democratic Party
Chairman Gilberto Hinojosa said
last month. “This cannot stand,
and it is why Texas Democrats
are leading the national move-
ment to protect voting rights.”
The first special session
also was set to consider fund-
ing border security measures,
among other things.
A4 | Friday, August 6, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Cuomo Impeachment Probe DOJ Investigates

Phoenix Police
Moves Toward Completion BY SADIE GURMAN
AND ZUSHA ELINSON
what we can improve on,” Ms.
Williams said, adding that her
agency had already made a
BY JIMMY VIELKIND WASHINGTON—The Justice number of changes.
Department launched a broad A main focus of the probe
ALBANY, N.Y.—Officials in civil-rights investigation into will be whether officers ille-
the New York state Assembly the practices of the Phoenix gally seize and trash the be-
said Thursday that their im- Police Department, including longings of homeless people
peachment investigation of whether officers routinely vio- during sweeps of their en-
Gov. Andrew Cuomo is nearing late the rights of homeless campments. There are more
completion and set an Aug. 13 people in the Arizona capital, than 7,500 people experiencing
deadline for him to submit evi- officials said Thursday. homelessness in Maricopa
dence in his defense. The probe will examine County, more than half of
Lawyers working for the whether officers engage in whom lack shelter, a number
Democrat-dominated chamber patterns of unconstitutional that city officials say is grow-
said they advised Mr. Cuomo’s policing, including whether ing, according to the latest fig-
counsel that “the Assembly they discriminate against mi- ures available from the Mari-
will soon consider potential norities and people with dis- copa Association of
articles of impeachment abilities, use excessive force Governments.
EDUARDO MUNOZ ALVAREZ/ASSOCIATED PRESS

against your client,” according and violate the First Amend- Homeowners have voiced
to Judiciary Committee Chair- ment rights of law-abiding complaints about the sanitary
man Charles Lavine, an as- demonstrators, they said. and security risks associated
semblyman who is overseeing Notably, investigators will with so many people living on
the impeachment process. also seek to establish whether the streets, presenting a chal-
The impeachment inquiry police violate the constitu- lenge to local law enforce-
began in March after Mr. tional rights of homeless peo- ment.
Cuomo was accused of sexu- ple by seizing and disposing of “They lose so much of their
ally harassing multiple women their belongings. The city has possessions, they lose docu-
on his staff and federal prose- faced criticism from local ad- ments, they lose medicine and
cutors in Brooklyn opened an vocates in recent years for sleeping bags—everything
investigation into state poli- forcing homeless people from they own gets seized and
cies regarding Covid-19 in New York Gov. Andrew Cuomo has said he never made inappropriate sexual advances toward anyone. outdoor encampments and trashed,” said Elizabeth Ven-
nursing homes. confiscating their items.
Mr. Cuomo has repeatedly to the women’s attorneys. Mr. Cuomo was joined at day, Mr. Cuomo called the re- “Too often we ask law-en-
denied inappropriately touch-
ing anybody, and said he is
The investigators had sent
subpoenas on July 19 to ad-
the Executive Mansion this
week by his daughter, Cara
port biased and said he never
made inappropriate sexual ad-
forcement officers to be the
first and last option for ad-
The investigation
cooperating with the federal ministration officials seeking Kennedy-Cuomo, and has been vances toward anyone. dressing issues that should will examine whether
investigation. He has said the
state’s nursing-home policies
documents and communica-
tions about many of the
mostly speaking with top gov-
ernmental aides and attor-
Mr. Azzopardi referred all
comments about the report
not be handled by our crimi-
nal-justice system,” Attorney
officers violate rights
were crafted to preserve hos- women who were later named neys, people familiar with his and loss of support to the General Merrick Garland said. of the homeless.
pital capacity during the in a Tuesday report by Attor- actions said. governor’s Tuesday state- “This makes police officers’
height of the pandemic and ney General Letitia James, ac- He didn’t release a public ment. jobs more difficult and in-
were in line with federal rec- cording to people who re- schedule on Thursday. A Prominent Democratic offi- creases unnecessary confron-
ommendations at the time. ceived the subpoenas. photo published in the after- cials including President Bi- tations.” able, treasurer at the Fund for
Rich Azzopardi, a spokesman Mr. Cuomo has become in- noon by the New York Post den and New York State Dem- It is the third such civil- Empowerment’s Houseless
for the governor, said, “The As- creasingly isolated since the showed the governor in a pa- ocratic Chairman Jay Jacobs rights investigation, known as Leadership Project, which has
sembly has said it is doing a report accused him of sexual tio chair at the mansion’s have urged Mr. Cuomo to step a pattern-or-practice probe, organized protests against the
full and thorough review of the misconduct. He has been talk- pool, reviewing a document, down. But the governor has opened under the Biden ad- city’s treatment of homeless
complaints and has offered the ing with a shrinking circle of while a woman sitting on the said he would continue with ministration, which has made people.
governor and his team an op- advisers and losing support- floor typed on a laptop. his work. a priority of overhauling local Ms. Venable said she hoped
portunity to present facts and ers who had earlier helped Ms. James’s report found Major labor groups that police agencies after recent the Justice Department’s in-
their perspective. The governor him weather the monthslong that the Democratic governor provide funding and mobilized high-profile police killings of volvement would push the city
appreciates the opportunity. sexual harassment scandal. violated state and federal sex- their members for Mr. Black people and minorities “to provide actual housing in-
We will be cooperating.” The governor hasn’t ap- ual-harassment laws by inap- Cuomo’s campaigns have also sparked nationwide protests. stead of just criminalization.”
Impeachment investigators peared in public since Monday propriately hugging, kissing, left the fold, another blow to Such investigations can take Michael “Britt” London,
have reached out to the lawyers morning, and canceled plans touching and making com- his political prospects. years and often end in court- president of the union that
of at least three of the women for a Wednesday event to re- ments about 11 women—most —Deanna Paul enforceable agreements, called represents officers in Phoenix,
who have accused Mr. Cuomo spond to the report, people of them state employees. In a and Corinne Ramey consent decrees, designed to said his members uphold high
of sexual harassment, according familiar with the matter said. video message released Tues- contributed to this article. force change. standards. “We are confident
Phoenix Police Chief Jeri in the work of the Phoenix Po-
Williams said the department lice Department and our offi-

Iraq War Repeal Gains GOP Support welcomed the probe.

BY LINDSAY WISE to advance. In the evenly di-
vided 100-person chamber,
WASHINGTON—Ten Repub- that means at least 10 Repub-
lican senators have signed on licans would have to join with
as co-sponsors of a bipartisan all 50 Democrats in order for
bill to repeal the 1991 and the repeal to succeed.
2002 authorizations for use of The legislation, led by Sens.
military force in Iraq, a key Todd Young (R., Ind.) and Tim
threshold needed to overcome Kaine (D., Va.), would repeal
a Senate filibuster. both the 2002 Iraq war and
It’s the latest sign that law- 1991 Gulf War authorizations.
makers of both parties are The measure passed the Senate
gaining traction in their efforts Foreign Relations Committee
“The time is right to repeal
these zombie war authorities
and get Congress back in the
game on this critical issue,”
Mr. Young said in a statement
to The Wall Street Journal.
“My colleagues agree and we
now have the votes to get this
over the finish line on the
Senate floor.”
There are currently 25 Dem-
ocratic co-sponsors on the bill.
Mr. Kaine said after the com-
“We are looking forward to
seeing what we’re doing right,
we’re also looking forward to
cers on the street, and we will
fully cooperate with the De-
partment of Justice investiga-
tion,” he said.
endorsed by the Biden admin-
istration. Twelve days later, the
House also voted to repeal the
1991 Gulf War authorization of
military force, or AUMF, as well
as a 1957 AUMF passed during
the Cold War to counter “the
possibility of Communist ag-
gression” in the Middle East.
Small differences between
the House and Senate bills
would have to be reconciled
before the legislation is signed
ROSS D. FRANKLIN/ASSOCIATED PRESS

to reassert Congress’s consti- with support from members of mittee vote Wednesday that he into law. One possible path
tutional power to declare war, both parties Wednesday, 14-8. believes all 50 Democrats also forward for the AUMF repeals
the culmination of years of de- Now Mr. Young has signed will vote for repeal when the could be for them to be in-
bate over the commander in on four new GOP co-sponsors: bill comes to the floor. cluded as an amendment to
chief’s latitude to send troops Sens. Roger Marshall of Kan- Senate Majority Leader the must-pass annual defense-
into combat abroad, and a re- sas, Mike Braun of Indiana, Chuck Schumer (D., N.Y.) has policy bill this fall.
flection of waning public sup- Susan Collins of Maine and said he plans to bring the leg- But Republicans remain di-
port for America’s so-called Cynthia Lummis of Wyoming. islation for a vote later this vided on repeal. Senate Minor-
forever wars. The addition of those four year. ity Leader Mitch McConnell
The Senate’s longstanding brought the total number of The House voted June 17 to (R., Ky.) and other GOP sena-
filibuster rule requires at least Republican senators commit- revoke the 2002 measure that tors are opposed, citing The probe will focus on the officers’ practices in seizing homeless
60 votes for most legislation ted to the bill from six to 10. authorized war in Iraq, a move threats to national security. people’s property. An encampment in the city in August last year.

Spending claim, ‘fully paid for,’” tweeted

Sen. Marco Rubio (R., Fla.),
who has previously opposed
On the spending side, the
bill provides a wide variety of
infrastructure goals with gen-
roughly $1 trillion.
Marc Goldwein, the senior
vice president and senior policy
month that the federal budget
deficit for this fiscal year will
reach about $3 trillion. That
ity Leader Chuck Schumer (D.,
N.Y.) was also pushing for Dem-
ocrats to approve the budget

Bill’s Costs procedural motions on the bill.

Figuring out how to pay for
the bill was central to the
erous supplements to their
typical federal support, includ-
ing $110 billion to roads and
director for the Committee for
a Responsible Federal Budget,
said that the CBO score doesn’t
would be nearly $130 billion
less than the 2020 deficit but
triple the 2019 shortfall.
outline of a $3.5 trillion anti-
poverty and climate package
before the break.

Examined weeks of difficult negotiations

between the bipartisan group
of senators and the White
House. Because the White
Continued from Page One House opposed raising the gas
a statement Thursday calling tax and Republicans ruled out
on lawmakers to support the raising taxes on corporations,
legislation. lawmakers searched long and
“The new spending under hard for acceptable measures
the bill is offset through a to raise revenue and find sav-
combination of new revenue ings for the bill.
and savings, some of which is They ultimately settled on
reflected in the formal CBO repurposed Covid aid, along
score and some of which is re- with delaying a Trump-era
flected in other savings and Medicare rebate rule and a se-
additional revenue identified ries of accounting maneuvers
in estimates, as CBO is limited to argue that the bill wouldn’t
in what it can include in its add to the deficit.
formal score,” the pair said. One of the biggest discrep-
Whether Republicans find ancies between the CBO score
that argument convincing will and lawmakers’ estimates of
influence the level of support the cost lies in the Covid-19
the bill ultimately receives. aid. Lawmakers had said they
Seventeen Republicans joined would save roughly $210 bil-
all 50 Democrats on the first lion by repurposing those
procedural vote on the bill last funds, while the CBO score
week. While the support of gives lawmakers credit for re-
that group of Republicans ap- ducing outlays by roughly $13
pears solid despite the CBO billion with the cuts.
score, additional Republicans Another shortfall stems
have indicated that the official from the estimated economic
score would inform whether growth the package could spur.
they could ultimately support Lawmakers said the bill could
the bill. generate $56 billion in revenue
Some Republicans attacked based on new economic growth
the legislation after the release it causes. CBO didn’t estimate
of the CBO score. the macroeconomic impact of
“The massive infrastructure the bill in the cost estimate it
bill is NOT, as its authors released Thursday.
bridges, nearly $40 billion for
transit, and $55 billion for wa-
ter infrastructure. It also au-
thorizes hundreds of billions
of spending on a variety of ex-
isting infrastructure programs,
bringing the total cost to
Senator Signals
Compromise on
Cryptocurrency Tax
WASHINGTON—A key sena-
tor negotiating the roughly $1
trillion bipartisan infrastructure
bill signaled a willingness to com-
promise over a provision that
seeks to raise money through
tougher tax enforcement of cryp-
tocurrency transactions.
Sen. Rob Portman (R., Ohio)
on Thursday said he agreed on
the need to clarify the provision,
which he wrote and is backed
by the Biden administration. It
aims to require brokers of digi-
tal assets to report on gains
reaped on trading to the Inter-
nal Revenue Service. As crafted,
it would raise an estimated $28
billion over a decade to help pay
for infrastructure.
The amount raised by the
provision, while relatively small,
signals the latest move by
account for the impact that au-
thorized future spending could
have on the deficit, too. He es-
timated the bill would ulti-
mately increase the deficit by
$350 billion over 10 years.
The CBO projected last
Washington policy makers to
impose oversight on an industry
that has grown dramatically
without regulation. The crypto-
currency industry says the provi-
sion is overly broad and could in-
advertently encompass bitcoin-
miners and other entities and
discourage innovation in the
fast-growing sector.
Three Senators—Ron
Wyden (D., Ore.) Pat Toomey
(R., Pa.), and Cynthia Lummis
(R., Wyo.)—introduced an
amendment Wednesday that
they said would clarify the defi-
nition of a broker.
“Our amendment makes
clear that reporting does not
apply to individuals developing
blockchain technology and wal-
lets,” said Mr. Wyden, who
heads the Senate’s tax-writing
panel. “This will protect Ameri-
can innovation while at the
same time ensuring those who
buy and sell cryptocurrency pay
the taxes they already owe.”
After days of resisting
The release of the CBO score
came as lawmakers haggled
over the schedule for the com-
ing days, with some senators
hoping to begin a weekslong
recess originally scheduled to
start next week. Senate Major-
changes to the amendment, Mr.
Portman signaled Thursday he
was inclined to support a com-
promise. “I agree with Senators
Wyden, Toomey, Lummis that
we can do more to clarify the
intent of the cryptocurrency
provision & the Senate should
vote on their amendment,” Mr.
Portman said in a tweet.
While securities brokers long
have been required to report cli-
ents’ proceeds from stock and
other transactions to the IRS,
the Treasury Department has
yet to require similar reporting
from crypto exchanges.
Proponents of Mr. Portman’s
provision say it would help crack
down on tax evasion while also
making it easier for crypto inves-
tors to meet their tax obliga-
tions. They have resisted
amending the language, in part
because the proposed amend-
ment may bring in about $5 bil-
lion in less revenue, according to
people familiar with the matter.
—Andrew Ackerman
“Our goal is to pass both a
bipartisan infrastructure bill
and a budget resolution during
this work period. And we will
stay here to get both done,” Mr.
Schumer said Thursday.
Lawmakers were expected to
hold additional amendment
votes on the bill before moving
to final passage, with the exact
timeline up in the air. A Senate
vote on final passage was pos-
sible as soon as Thursday night
if senators agreed to waive cer-
tain procedural steps, though
lawmakers said the vote could
still slip into the weekend.
Many Republican members are
expected to travel to Wyoming
on Friday for the funeral of the
late Sen. Mike Enzi (R., Wyo.).
“I think people are seeing
this is the ticket to getting out
of here on a timely basis,” said
Sen. John Cornyn (R., Texas), of
the possibility of accelerating
the vote process.
Moving forward the $3.5
trillion proposal would be key
to securing Democratic support
for the infrastructure bill in the
House. House Speaker Nancy
Pelosi (D., Calif.) has said she
only supports giving the infra-
structure agreement a vote af-
ter the Senate passes the
broader spending plan, possibly
delaying House consideration
of the bill for weeks.
THE WALL STREET JOURNAL.
Vaccine
Uptake
Improves
After Drop
BY BRIANNA ABBOTT
Covid-19 vaccination rates
are ticking upward across the
U.S., federal officials said, par-
ticularly in areas where the
Delta variant is hitting hardest.
Worries about the virus,
growing confidence in the
safety of vaccines and the in-
fluence of family and friends
are all likely contributing to
the increase in vaccine uptake,
health authorities and resi-
dents say. More employers are
also starting to institute vac-
cine mandates. The U.S. has ad-
ministered more than 864,000
doses of Covid-19 vaccines in
the past 24 hours, including
585,000 first shots, White
House Covid-19 response coor-
dinator Jeff Zients said Thurs-
day during a media briefing.
“Clearly, Americans are see-
ing the impact of being unvac-
cinated and unprotected,” said
Mr. Zients.
The U.S. is currently averag-
ing more than 89,400 Covid-19
cases a day, CDC Director Ro-
chelle Walensky said at the
briefing. Hospitalizations, now
about 7,300 a day, are up 41%
from the previous week, and
the U.S. is averaging about 381
Covid-related deaths a day.
Seven states—Florida,
Texas, Mississippi, Arkansas,
Louisiana, Missouri and Ala-
bama—account for about half
of new cases and hospitaliza-
tions, while making up less
than a quarter of the U.S. pop-
ulation, Mr. Zients said.
All of those states have full
vaccination coverage lower
than the national rate of about
58% for eligible people age 12
and above. The seven-day
moving average of daily
Covid-19 shots administered
has increased in recent weeks
but is still far below the peak
in April, when an average of
3.4 million doses were admin-
istered daily.
Still, Louisiana, Arkansas,
Missouri, Mississippi, Oklahoma
and Alabama are now vaccinat-
ing people at the fastest rate
since April, Mr. Zients said.
Tennessee has experienced a
90% increase in first shots in
the last two weeks, Oklahoma
an 82% increase, and Georgia
has seen a 66% increase.
“It demonstrates to me that
people are watching what’s
happening,” said Wafaa El-
Sadr, a university professor of
epidemiology and medicine at
Columbia University. “Hope-
fully this will nudge people
that are on the fence.”
The protection offered by
the Covid-19 vaccines doesn’t
fully kick-in until about two
weeks after a person’s final
dose, according to health au-
thorities and immunologists.
“Don’t wait until Covid
comes knocking on your door,”
Dr. El-Sadr said.
CHICAGO
Police Officer Charged
Over 2020 Shooting
A Chicago police officer who
shot an unarmed man in the back
as he tried to escape capture by
running up an escalator in a busy
subway station has been charged
with felony aggravated battery
with a firearm and official miscon-
duct, prosecutors said Thursday.
The Cook County State’s Attor-
ney’s office said Officer Melvina
Bogard, 32, turned herself in to in-
vestigators Thursday morning. At
an afternoon bond hearing. Cook
County Judge Susana Ortiz or-
dered that she be released on her
written promise to appear in
court. Her next court hearing was
scheduled for Aug. 18. The police
department declined to comment
on Officer Bogard’s arrest.
The shooting happened in
February 2020 at a downtown
station. Officer Bogard and an-
other officer were pursuing Ariel
Roman, a short-order cook who
was suspected of violating a city
ordinance by walking from one
train car to another.
Cellphone video shot by a by-
stander that was made public
shows officers chasing Mr. Ro-
man and Officer Bogard shooting
him at the foot of the escalator
and then shooting him in the
back from about 10 feet away.
Mr. Roman survived the shoot-
ing and filed a federal lawsuit.
—Associated Press
* * * *
Covid-Test Lines, Wait Times Grow
More Americans are being
tested for Covid-19—and wait-
ing longer for results—as virus
cases surge and places from
offices to concert venues re-
quire people to show proof
they aren’t infected.
By Sharon Terlep,
Brianna Abbott
and Alex Janin
The nation’s Covid-19 testing
infrastructure, from health sys-
tems and pharmacies to diag-
nostic labs, is racing to keep up
as the highly contagious Delta
variant spreads in many parts
of the country. Workplace test-
ing requirements and revised
federal guidelines recommend-
ing that vaccinated people ex-
posed to Covid-19 get tested
could be adding to the demand.
Delayed results can hamper
efforts to contain the spread
of the virus and interfere with
attendance at work, school or
other activities that require
proof of a negative test. Test-
ing shortages and logjams
complicated efforts to contain
Covid-19 surges last year.
CVS Health Corp. said
Wednesday that demand for
testing at its locations is now
well above daily averages for
this year. Meanwhile, at-home
tests are among the company’s
top-selling products in stores.
“People are obviously feel-
ing symptoms and getting
tested in greater numbers,”
CVS Chief Executive Karen
Lynch said in an interview. She
said CVS has ample capacity
to handle demand.
The lab company Quest Di-
agnostics Inc., which had test-
ing backlogs last summer, said
this week that it is evaluating
Booster Shot Strategy Expected Next Month
BY STEPHANIE ARMOUR
AND JARED S. HOPKINS
The Food and Drug Adminis-
tration expects to have a strat-
egy on Covid-19 vaccine boost-
ers by early September that
would lay out when and which
vaccinated individuals should
get the follow-up shots, accord-
ing to people familiar with dis-
cussions within the agency.
The Biden administration is
pushing for the swift release of
a booster strategy because
some populations—people age
65 or older and people who are
immunocompromised, as well
as those who got the shots in
December or January shortly af-
ter they were rolled out—could
need boosters as soon as this
month, two of the people said.
Any booster strategy from
the U.S. government will need
to address declining protection
for certain people at a time
when vaccines remain in short
supply in the developing world.
About half of the country
has been fully vaccinated, or
165 million people, federal data
show.
Research shows that the au-
CLASS ACT: Marissa James got off the bus and headed to the first day of school Thursday at Summit Elementary in Summit, Miss.
TENNESSEE
Two-Day Wait for
Abortions Is Upheld
A federal appeals court upheld
Tennessee’s 48-hour waiting pe-
riod for women seeking abor-
tions, arguing that opponents had
failed to identify instances where
U.S. NEWS
A healthcare worker handed out self swab Covid-19 tests at a drive-through site in Houston on Tuesday.
alternatives to add capacity as
demand increases. Quest said it
is able to report most Covid-19
test results within a day.
On Wednesday morning, a
line of 14 people waited out-
side a CityMD clinic on New
York City’s Upper West Side.
An employee at the front door
predicted a 40-minute wait,
and a sign taped to the glass
warned of a three- to five-day
turnaround on polymerase
chain reaction test results.
Jude Hunt, 81 years old,
said she was waiting in line
for her second PCR test this
week after her vaccinated
housekeeper tested positive.
She said she previously con-
tracted Covid-19 and received
the vaccine, but added, “After
the last two years, I’m not tak-
ing any chances.”
David Gallego, a medical
tech at a LabQ mobile-testing
thorized vaccines offer effective
protection against symptomatic
Covid-19 for at least six
months. But the protection di-
minishes over time, leading
some public-health experts and
vaccine makers to believe that
boosters are necessary to main-
tain protection. A growing body
of evidence suggests the vac-
cines are less effective among
people with weakened immune
systems than among the gen-
eral population.
Recent data from Pfizer Inc.
and BioNTech SE shows the ef-
ficacy of their shot declines
about 6% every two months,
which suggests boosters may
be needed broadly, one of the
people said.
Pfizer plans to ask U.S. regu-
lators this month to authorize
booster shots of its two-dose
vaccine, arguing that a third
shot may be needed to protect
against the evolving virus.
Moderna Inc. said Thursday
that it expects people who re-
ceived its two-dose vaccine to
need a third shot in the fall to
keep strong protection against
newer variants of the coronavi-
rus. Moderna Chief Executive
U.S. WATCH
a woman had been significantly
burdened by the requirement.
The decision Thursday came
after a lower federal court last
year struck down the 2015 law
that requires those seeking an
abortion to make two trips to a
clinic—first for mandatory coun-
seling and then for the abortion
at least 48 hours later.
site around the corner from
the CityMD, said he has seen
the number of people stopping
by for Covid-19 tests double in
the past couple of weeks, to
about 100 people a day.
“Either they’re travelers,
people who have symptoms or
people who are scared because
they felt like they’ve been ex-
posed,” he said.
A spokeswoman for Summit
Health, parent of CityMD, said
the company has seen a recent
surge in demand for tests and
is working to address it.
Laboratories in the U.S.
processed a seven-day average
of 713,000 daily tests for the
virus’s genetic material as of
Aug. 2, according to data from
the Department of Health and
Human Services. That is an in-
crease from about half a mil-
lion in early July but remains
below peaks of more than two
A man got his Covid-19 vaccine this week in Tulsa, Okla.
Stéphane Bancel said the com-
pany expects to ask the FDA to
authorize its booster shots in
September.
Some countries, including Is-
rael, have authorized booster
shots for immunocompromised
patients and older adults. But
physicians and immunologists
in the U.S. say it isn’t clear yet
whether they are needed for
At the time, U.S. District
Judge Bernard Freidman said the
two-visit requirement posed lo-
gistical challenges for patients
and clinics that could cause abor-
tions to be delayed.
The Sixth U.S. Circuit Court of
Appeals disagreed and sided with
the state’s attorneys, who argued
that the law could be struck
Friday, August 6, 2021 | A5
tests, which hunt for the vi-
rus’s proteins and can provide
results at home in 15 minutes,
are now available over the
counter and online across the
country. That provides test
takers with another option but
also leaves a hole in Covid-19
data, because there is often
not a clear or reliable way to
get those results to public-
health officials.
Last week the Centers for
CALLAGHAN O’HARE/BLOOMBERG NEWS
Disease Control and Preven-
tion revised testing guidance
as well as masking guidance.
The agency recommended that
fully vaccinated people be
tested three to five days fol-
lowing a Covid-19 exposure
and wear masks in public in-
door settings for two weeks or
until they receive a negative
test result.
Previously the CDC had said
million daily tests during the fully vaccinated people didn’t
fall and winter surges. need to be tested after an ex-
More than 9% of tests are posure if they didn’t have any
coming back positive, up from symptoms.
the lowest recorded rate of In Lansing, Mich., which had
around 2% in June. a severe outbreak this spring,
Earlier this year, the rollout local health officials decided to
of Covid-19 vaccines and de- keep open a mass testing and
clining U.S. cases caused test- vaccination site at a closed
ing demand to plummet. Many Sears department store.
testing sites closed or were Five of seven bays repur-
converted into vaccination posed for drive-up Covid-19
clinics. tests are in use after weeks of
“Several months ago, you using just two or three, said
could in Massachusetts go to Alan Vierling of Lansing’s Spar-
many sites and get a free test row Health System. His main
really quickly, walk in,” Ezekiel concern if demand surges:
Emanuel, co-director of the finding enough people to staff
Healthcare Transformation In- the site in a tight labor market.
stitute at the University of “We felt like it was coming
Pennsylvania, said at a recent back and that we should keep
media briefing. “They closed all our infrastructure in place,” he
those places, and it’s really now said of the virus. “The next
hard to actually get a test and one is going to be Delta, then
especially a test on a weekend.” there will likely be another
In another change, antigen one and then another one.”
The U.S. has enough supply
should boosters be needed for
the general population, but the
White House is facing pressure
internationally to donate doses
rather than start a booster
campaign domestically. The
World Health Organization on
Wednesday called for a halt on
MIKE SIMONS/TULSA WORLD/ASSOCIATED PRESS
boosters until at least the end
of September, citing an urgent
need to vaccinate the rest of
the world.
A White House spokesman
didn’t respond to a request for
comment.
Dr. Anthony Fauci, director
of the National Institute of Al-
lergy and Infectious Diseases,
said Thursday that it was im-
portant to provide boosters to
immunocompromised people.
The White House is con-
the general population. cerned that people will decide
A small but growing number to get boosters on their own,
of vaccinated people are testing creating confusion and combi-
positive for Covid-19, but al- nations of shots that haven’t
most none of them are dying or been studied, one of the people
requiring hospitalization. Scien- said.
tists say this is because the —Felicia Schwartz
vaccines are working, in part by contributed to this article.
boosting the ability of immune
system cells to hunt down and  Moderna’s quarterly vaccine
destroy infected cells. sales topped $4 billion......... B3
WASHINGTON
Manchin Warns
Of Inflation Risk
Sen. Joe Manchin raised
alarms about inflation in a letter
to Federal Reserve Chairman Je-
rome Powell, calling on the cen-
tral bank to start reversing the
emergency support it has pro-
vided during the coronavirus
pandemic.
“With the recession over and
MATT WILLIAMSON/THE ENTERPRISE-JOURNAL/ASSOCIATED PRESS
our strong economic recovery
well underway, I am increasingly
alarmed that the Fed continues
to inject record amounts of
stimulus into our economy,” he
wrote.
Mr. Manchin (D., W.Va.) wrote
in the letter that he was con-
cerned the Fed’s easy-money
policies and additional spending
legislation in Congress could ex-
acerbate recent spikes in infla-
tion.
The Senate is working on
both a roughly $1 trillion biparti-
san infrastructure bill and a $3.5
trillion bill of Democratic priori-
ties, for which Mr. Manchin’s
support will be pivotal.
down only if it prevented a large “I am deeply concerned that
percentage of women from ob- the continuing stimulus put
taining abortions altogether. forth by the Fed, and proposal
“None of the plaintiffs’ witnesses for additional fiscal stimulus, will
could name specific women who lead to our economy overheating
could not get an abortion be- and to unavoidable inflation
cause the waiting period pushed taxes that hard working Ameri-
them past the cutoff date,” the cans cannot afford,” he wrote.
justices wrote. —Andrew Duehren
—Associated Press and Nick Timiraos
A6 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

WORLD NEWS
Afghan Air Force Struggles to Stay Aloft
Pending departure of last week by the Special In-
spector General for Afghani-
U.S. contractors, gains stan Reconstruction said. Ac-
by Taliban put strain cidents, battle damage and the
withdrawal of American con-
on copter maintenance tractor support for the heli-
copters in recent months is
BY GORDON LUBOLD “damaging the health” of the
fleet, the report said.
KABUL—First Lt. Ali Rezaie Pentagon officials said the
stood by a gutted Black Hawk pace of operations has con-
helicopter in a hangar at the tributed to the problems con-
Afghan air force headquarters, fronting the Afghan air force,
explaining why the aircraft is and the Black Hawk fleet par-
broken and can’t be flown. ticularly.
The Black Hawk was dam- Afghan air force hangars
aged in June in combat once teemed with American
against the Taliban in Kanda- contractors and others who
har, its fuel bladder shot up advised the Afghan aviation
with holes. Afghan aircraft maintainers. Many of the

PAULA BRONSTEIN FOR THE WALL STREET JOURNAL

mechanics known as maintain- American contractors have
ers patched the leaks well left in recent months, to work
enough to fly it back to Kabul, on behalf of the Afghan air
where it has sat for weeks in force from outside of Afghani-
need of more serious repair. stan.
Soon, American contractors That has meant some heli-
will replace the fuel cell and copter mechanics must rely on
the helicopter will be off and texting or Zoom calls to con-
running again. duct repairs. In one case,
But Lt. Rezaie, who leads a maintainers at an Afghan air-
small unit of Afghan Black field near the northern city of
Hawk helicopter mechanics, Mazar-e-Sharif were working
says when the American con- on new MD-530 helicopters,
tractors depart as expected in Afghan mechanics face challenges in maintaining Mi-17 helicopters used to fight the Taliban, like one seen at the Kabul air force base, above. recently provided to the Af-
coming weeks, a helicopter in ghan air force by the U.S.
need of this level of repair defense and Afghan officials tainers—wrench turners, in they try to take sole responsi- say whether the support They texted contractors based
may not get fixed. The con- say it isn’t quite there yet. military parlance—were pur- bility for security in the face would include any aircraft- in Qatar. “What should we do
tractors’ know-how will disap- Much is riding on the Af- posely trained to a certain of the U.S. pullout. maintenance personnel. next?” one Afghan mechanic
pear, and the morale boost ghan air force as the Taliban level of competence, U.S. and Around 200 aircraft-main- A spokeswoman for Dyn- wrote.
they brought to the hangar seek to expand control over Afghan officials said, a move tenance personnel supplied by Corp International declined to The U.S. military is scram-
each day will be gone, too. hundreds of local government designed to conserve training defense contractor DynCorp comment on the company’s bling to come up with alterna-
“Right now, they are here, districts across the country time and resources needed International remain at work plans for its contractors in Af- tives that include shipping Af-
it’s OK, everything is cool,” Lt. and pose a threat to more elsewhere. in Afghanistan, based at the ghanistan. ghan aircraft to bases in other
Rezaie said of the U.S. con- than a dozen of the 34 provin- Under that approach, the Afghan military officers countries that house contrac-
tractors. “The aircraft is get- cial capitals. The U.S. has re- Afghan maintainers would al- consider the American-made tors, U.S. officials said.
ting repaired and getting entered the battle to blunt the ways have backup for bigger Black Hawk essential for fer- Maintenance issues aside,
fixed. But once they leave, Taliban gains, conducting problems, like replacing the
The dilemma rying troops and conducting Afghan air force pilots are di-
when we are confronted with about 20 airstrikes, including damaged Black Hawk fuel reflects the broader medical and resupply flights vided over their future. De-
major issues that are above around Kandahar. bladder. By the end of August, around the country. But many spite the American with-
our knowledge, that’s a prob- U.S. military officials say when the withdrawal is sched-
challenge for Afghan of Afghanistan’s Black Hawks drawal, some voice
lem.” the Afghan air force has been uled to be complete, that will security forces. are in disrepair and sit idle. confidence. “We must stand
President Biden said in stepping up, too. Since June 1, no longer be true. Afghan officials estimate that on our own two feet,” said
April that the U.S. was remov- it has conducted several hun- The Black Hawk is one of less than half of around 40 one Mi-17 pilot at a hangar at
ing not only all its combat dred airstrikes across Afghan- the most sophisticated air- Black Hawks are capable of the Kabul airport.
forces but also the thousands istan, U.S. military officials craft the Afghans operate, and air force headquarters at flying missions. Nearly half But another helicopter pilot
of contractors who have sup- said. thus one of the hardest to Hamid Karzai International the Black Hawks in the Afghan said the conflict is getting
ported American troops for The development of the Af- maintain. It is also one of the Airport in Kabul. Those con- fleet are being refurbished in harder and the air force needs
years. ghan air force was predicated newest additions to the Af- tractors are scheduled to the U.S. Mr. Biden has prom- more aircraft, more trained
More than 1,000 contrac- in part on the expectation ghan air force and mechanics leave by Aug. 31, under exist- ised a further 37 Black Hawks pilots and more maintainers.
tors have worked with the Af- that the U.S. likely would al- have had only a few years of ing plans. to the Afghan government. “Right now the war is get-
ghan air force, one of the few ways be here to help the Af- experience in maintaining it. The Biden administration Readiness rates of the ting much hotter,” said Maj.
relative success stories in the ghans maintain and repair The dilemma reflects the will continue to support the Black Hawks have fallen to Yama Andaleb, who also flies
U.S. effort to develop a viable their aircraft. Pilots were broader challenge for the Afghan air force, a Pentagon about 40% now from nearly Mi-17s. “And that is a really
Afghan military force. But U.S. taught how to fly, but main- country’s security forces as official said, but declined to 80% in the spring, a report big difficulty in the air force.”

Hard-Liner Takes Iran Presidency Russia Court Convicts

BY SUNE ENGEL RASMUSSEN American Investor
For the first time in years, all BY ANN M. SIMMONS “So far, the judge, as the
branches of power in Iran are prosecutor did earlier, has
under the control of hard-liners MOSCOW—A Russian court simply repeated the phrases
after a protégé of the supreme found American private-equity and arguments from the De-
leader was sworn in as presi- investor Michael Calvey guilty cember 2019 preliminary accu-
dent, bolstering their power and of embezzlement more than sation, ignoring hundreds of
adding to growing unease that two years after he was arrested documents, testimonies and
ATTA KENARE/AGENCE FRANCE-PRESSE/GETTY IMAGES

the Islamic Republic’s relations in a case that shook the foreign expert witnesses presented
with the West could worsen. business community and exac- during the trial over the last
President Ebrahim Raisi, 60 erbated U.S.-Russia tensions. seven months,” Mr. Calvey told
years old, studied as a young The court delayed sentenc- reporters Thursday, in com-
man at one of Supreme Leader ing the businessman, who is ments forwarded by his firm.
Ali Khamenei’s Islamic semi- known as a prominent advo- “But it’s not over yet,” he said.
naries. He also served on a cate for Western investment in “I hope tomorrow the judge
panel that ordered the execu- Russia, and said that process will address the real facts.
tion of thousands of political would continue Friday. Six of Hope dies last.”
prisoners. Later, he moved up his associates were also de- The guilty verdict could tar-
through the ranks to lead clared guilty. nish Mr. Calvey’s reputation
Iran’s judiciary. “The court found [the de- and dash hopes of restoring
His inauguration on Thurs- fendants] committed embezzle- foreign investor confidence
day, after an election in which ment, that is, theft of property that has fallen since his Febru-
most of his rivals were dis- President Ebrahim Raisi, right, kissed the Quran at his swearing-in ceremony in Tehran on Thursday. entrusted to the accused, using ary 2019 arrest, some financial
qualified, is set to consolidate their official position, on an es- observers had said. Foreign di-
power among hard-line loyal- foreign countries against get- Iran’s recent presidents, re- head of the Middle East pro- pecially large scale,” Judge rect investment in Russia
ists of Mr. Khamenei just as ting involved in regional dis- gardless of their political gram at Chatham House, a Anna Sokova told Moscow’s slowed to less than $9 billion
Iran and the West are at- putes, saying his election win bent, often staked out their own think tank. “For 30 years he Meshchansky district court. last year from $32 billion the
tempting to revive a deal that in June represented a demand policy priorities, though the su- has been a balancer. Now he Russian prosecutors had year before, according to data
limits Tehran’s nuclear capa- from voters to push back preme leader always had the fi- just needs to get things done.” sought a six-year suspended from Russia’s Central Bank.
bilities in return for lifting de- against “the excessive de- nal say on vital matters of state, The to-do list is long, sentence for Mr. Calvey, Mr. Calvey had served most
bilitating economic sanctions. mands of the arrogant and ty- such as the nuclear program. topped by the need to rework founder and senior partner at of his detention under house
In his first speech as presi- rannical powers of the world.” Some analysts said Mr. the nuclear deal. Baring Vostok Capital Partners arrest until Russia’s Supreme
dent, Mr. Raisi struck a concil- “The policy of pressure and Khamenei, 82, instead appears “Raisi’s election is really a who was arrested along with Court released him with some
iatory tone at times, empha- sanctions will not make the to be focused on curtailing in- signal that Iran is less interested his associates on charges of de- remaining restrictions in No-
sizing the importance of Iranian nation refrain from fighting and preserving what he in meaningfully engaging with frauding lender Vostochny Bank vember 2020.
ensuring that Iran can trade pursuing its legitimate rights, sees as the tenets of the 1979 Is- the West in the future,” said of 2.5 billion rubles, equivalent In his final statement to the
freely with the rest of the including the right of develop- lamic Revolution as he ages and Mahsa Rouhi, a research fellow to around $32 million. court, in July, he reiterated his
world. “We will support any ment,” he said. Iran’s sanctions-hit economy at the Institute for National Thursday’s judgment against innocence and said that his ac-
diplomatic plan that would re- Mr. Raisi’s presidency is ex- comes under growing pressure. Strategic Studies at the National Mr. Calvey came after Judge quittal “could lead to billions
alize this goal,” he said. pected to be a significant shift “Khamenei is taking a gam- Defense University with exper- Sokova spent around six hours of dollars in new investment
But Mr. Raisi also warned from the past three decades. ble,” said Sanam Vakil, deputy tise in Iran’s security strategy. reading details of the verdict. in Russia.”

FROM PAGE ONE

SPACs Eye buy speculative businesses be-

cause they must close deals
within two years of launching
Turkey is a prime example
of the risks that foreign inves-
tors take playing in developing
population is underbanked,
creating strong growth pros-
pects for the financial sector,
Most emerging-market-fo-
cused SPACs are targeting
Asia—Southeast Asia’s Grab
Blackstone Group Inc. and Soft-
Bank Group Corp., according to
its filings with the SEC.

Emerging or give investors their money

back. The bidding wars have
grown so heated that Wall
markets. Political instability,
high inflation and erratic mon-
etary policy have sent the
according to Mr. Freifeld, who
says Turkish assets are un-
likely to fall much further.
Holdings Inc. in April said it
would go public via a SPAC in a
deal valuing the company at
Larger Brazilian companies
such as StoneCo Ltd., PagSe-
guro Digital Ltd. and XP Inc.

Markets Street insiders have taken to

calling them SPAC-offs.
“People are finding two
Stanford dropouts with a twin-
Continued from Page One kle in their eye and a plan to
driven up purchase prices and colonize Venus and giving
a selloff that buffeted the U.S. them $2 billion,” said Daniel
SPAC market in recent months. Freifeld, founder of Callaway
SPACs are shell firms that Capital Management LLC, a
raise money on stock ex- money manager focused on
changes, then merge with pri- emerging markets.
vate companies and take them Callaway completed a $125
public. With so-many buyers million SPAC in July that listed
chasing deals in the U.S., on the New York Stock Ex-
blank-check companies are change and is targeting Turkish
more likely to overpay or to financial-technology companies.
country’s stock market and
currency into a tailspin de-
spite the global economic re-
covery this year.
The Turkey BIST 100 stock
index lost 5.2% in 2021
through Aug. 2, making it the
third-worst performer of the
global benchmark indexes
listed by FactSet.
“Nowhere in the world is
cheaper than Turkey right
now,” Mr. Freifeld said
Still, the country’s banks
and insurance companies are
well capitalized and its young
Most SPACs focused on
emerging markets list on U.S.
stock exchanges, where rela-
tively stringent reporting and
regulatory requirements give
investors comfort, said Mat-
thew Simpson, managing part-
ner at WealthSpring Capital,
which has about $750 million
it invests in SPACs.
They also give SPAC inves-
tors a way to reduce concen-
tration in the U.S., where lofty
valuations and warnings from
regulators have recently
sparked a sharp selloff.
$40 billion—but tech hubs in
other regions such as Brazil and
Israel are attracting interest.
launched initial public offer-
ings directly in the U.S. in re-
cent years.
For companies in developing Israel is particularly fertile
countries, SPACs offer an oppor- ground for SPACs because it
tunity to access the deeper has a robust technology sector
pockets, and potentially higher with deep ties to the venture-
valuations, of U.S. stock mar- capital industry, said Grant
kets, said Mario Mello, a partner Miller, head of investment
at Valor Capital Group, which bank Cowen Inc.’s capital-mar-
raised a $200 million SPAC in kets division. Digital-advertis-
May to list on the Nasdaq stock ing company Taboola.com Ltd.
exchange targeting Latin Ameri- listed on the Nasdaq in June
can technology companies. via a SPAC, and mobility com-
Valor raised its funding from pany REE Automotive Ltd. has
large money managers including disclosed plans to do the same.
THE WALL STREET JOURNAL.
U.S. Gives Temporary
Shelter to Select
Hong Kong Residents
BY VIVIAN SALAMA
WASHINGTON—President
Biden signed an order en-
abling some Hong Kong resi-
dents to remain in the U.S.
rather than return to the Chi-
nese territory, citing Beijing’s
crackdown on political free-
dom there.
Hong Kong residents who
qualify for the program will be
granted a work permit for 18
months and a reprieve from
deportation. In the past, U.S.
administrations have extended
similar actions beyond their
Those who qualify
will get an 18-month
work permit and a
deportation reprieve.
initial expiration dates.
“This action demonstrates
President Biden’s strong sup-
port for people in Hong Kong
in the face of ongoing repres-
sion by the People’s Republic of
China, and makes clear we will
not stand idly by as the PRC
breaks its promises to Hong
Kong and to the international
community,” said Jen Psaki,
White House press secretary.
The White House said it
would defer the removal of
certain Hong Kong residents in
the U.S. to grant them a “tem-
porary safe haven” from Chi-
nese repression.
The Chinese Embassy in
Washington didn’t respond to
GREECE
Homes, Monuments
Threatened by Fire
A resurgent wildfire burned
homes north of Athens and
blazes across southern Greece
forced more evacuations Thurs-
day as weather conditions wors-
ened and firefighters in a round-
the-clock battle fought to save a
former royal palace and the
birthplace of the ancient Olym-
pics.
As flames approached, fire
crews went house to house to
escort residents out of homes
about 12 miles north of the capi-
tal. The fire threatened the
power supply to parts of Athens
after damaging the transmission
network, officials said.
Greek and European Union of-
ficials described the huge fires as
a consequence of climate change.
Fueled by the worst heat
wave in decades, the fires drew
closer to a summer palace at
Tatoi once used by the former
Greek royal family, as well as an
archaeological site that was the
birthplace of the ancient Olym-
pics.
Late Thursday, officials said
both sites appeared to be in no
immediate danger.
“The country is facing an un-
precedented environmental cri-
sis, with multiple large fires,”
said Prime Minister Kyriakos
Mitsotakis, who visited Tatoi as
well as Ancient Olympia, where
flame lighting ceremonies for
the summer and winter Olym-
pics are held every two years.
—Associated Press
Apple Sets
Anti-Abuse
Software
Continued from Page One
Children, a private, nonprofit
organization established in
1984 under a congressional
mandate that serves as a
clearinghouse for reports of
child abuse.
The software will detect il-
legal images, but doesn’t work
on videos, Apple said.
The system aims to provide
a counter to law enforcement’s
criticism that Apple doesn’t do
enough to help identify crimi-
nals who hide their illegal ac-
tivity behind encryption.
Apple has made the secu-
rity it offers users on its
iPhones and some other de-
* *
a request to comment.
Thursday’s action, which a
U.S. official estimated would
affect thousands of individu-
als, is the latest in a series Mr.
Biden has taken in objection to
China’s aggression against
Hong Kong and other allies.
Under the agreement, re-
turning the former British col-
ony to Chinese rule in 1997,
Beijing guaranteed Hong Kong
residents a high degree of po-
litical autonomy and freedom
for at least the next 50 years.
But in recent years China
has tightened its grip on the
territory, denying its residents
basic human rights and free-
doms, and eroding its auton-
omy and ability to function
safely as a global business hub.
Last month, the Biden ad-
ministration warned busi-
nesses and individuals work-
ing for them that they are
subject to a restrictive na-
tional security law that Beijing
imposed on Hong Kong a year
ago. The administration cited
the risk of electronic surveil-
lance without warrants and of
being compelled to surrender
corporate and customer data
to the government.
The Treasury Department
also added seven Chinese offi-
cials working in China’s main
government office in Hong
Kong to a sanctions list that
already includes many leading
officials in the territory. The
move blocks any assets in the
U.S. financial system and puts
U.S. citizens on notice not to
deal with them.
—Alex Leary
contributed to the article.
BANK OF ENGLAND
Central Bank Leaves
Rates Unchanged
The Bank of England held
its benchmark interest rate
steady and stuck to its bond-
buying schedule, the latest
sign of caution among major
central banks as the global
economy recovers from the
coronavirus pandemic.
The BOE said it expected
annual inflation to rise to twice
its 2% target this year but that
the pickup in price growth will
prove temporary.
Officials on the rate-setting
Monetary Policy Committee
voted unanimously to keep the
BOE’s benchmark interest rate
at 0.1%, the BOE said Thursday.
The panel voted 7-1 in favor
of maintaining the central
bank’s government bond-buying
target at 875 billion pounds, or
roughly $1.215 trillion.
Dissenter Michael Saunders
said he would prefer to stop
purchases immediately to tame
inflationary pressures.
In its quarterly monetary-
policy report, the BOE said it
expected the U.K. to grow 5%
in the second quarter and 3% in
the third, as the economy reaps
the benefits of widening vacci-
nation coverage and easing
public-health restrictions.
The U.K. economy, which
suffered its deepest slump in
300 years in 2020, should re-
gain its pre-pandemic size by
the final quarter, the central
bank said.
—Jason Douglas
vices a key element of its pitch
to consumers, adding ever
more features to safeguard
their privacy. The privacy
stance, at times, has led the
company to clash with govern-
ments. In the wake of the De-
cember 2019 attack by a Saudi
aviation student that killed
three people at a Florida Navy
base, then-Attorney General
William Barr called on Apple
to find a way to crack the en-
crypted phones.
The Justice Department
also attempted in 2016 under
the Obama administration to
push Apple to create a soft-
ware update that would break
the privacy protections of the
iPhone to gain access to a
phone linked to a dead gun-
man responsible for a 2015
terrorist attack in San Bernar-
dino, Calif. The company has
refused to build tools that
break the iPhone’s encryption,
saying that such software
would undermine user privacy.
WORLD NEWS
Health workers tested people for Covid-19 in Beijing on Thursday. China has been battling Delta-variant outbreaks since mid-July.
Delta Spurs Beijing Cancellations
BY JOSH CHIN
Health authorities in Beijing
announced the city would can-
cel all large-scale exhibitions
and events for the remainder
of August, according to state
media, the latest sign of eco-
nomic disruption due to the
fast-spreading Delta variant.
China has been battling a
series of Covid-19 outbreaks
caused by the variant since
mid-July, with new cases
numbering 62 nationwide
Wednesday, according to the
country’s National Health
Commission.
The events were canceled
WORLD WATCH
A Lebanese army member collected debris Thursday after Israel’s airstrikes in Marjayoun, near the
border with Israel. No one has claimed responsibility for an earlier attack on Israel.
LEBANON
Israel Strikes Back
After Rocket Attacks
Israel on Thursday escalated
its response to rocket attacks
the previous day from Lebanon
by launching rare airstrikes on
its northern neighbor, the army
and Lebanese officials said.
The Israeli military said jets
struck the launch sites from
which the rockets were fired, as
well as an additional target used
to attack Israel in the past. The
military blamed the state of
Lebanon for the shelling and
FROM PAGE ONE
The issue around sexual im-
ages of children stored on Ap-
ple iPhones dates back to the
early days of the device when,
back in 2008, one was found
with such imagery. A judge or-
dered Apple to assist the gov-
ernment in unlocking the
iPhone. The company complied,
though it has since signifi-
cantly upgraded security fea-
tures on the device that have
made accessing data stored
there more challenging. Law-
enforcement authorities fre-
quently point to child pornog-
raphy and the use of encrypted
communications by terrorists
to argue for data access.
“Apple’s expanded protec-
tion for children is a game
changer,” John Clark, president
and CEO of the National Center
for Missing and Exploited Chil-
dren, said in a statement. “The
reality is that privacy and child
protection can coexist.”
The planned software up-
date to detect child sexual
after authorities confirmed
three cases of locally transmit-
ted Covid-19 on Wednesday
caused by the Delta variant.
“Prevention and control of
the epidemic is currently the
most important priority for
the entire city of Beijing, top
to bottom,” China’s official
state-run Xinhua News
Agency said, citing officials
with the city’s Covid-19 re-
sponse team.
Beijing’s decision comes
less than a day after organiz-
ers canceled the New York In-
ternational Auto Show be-
cause of concerns about rising
Covid-19 cases tied to the
warned “against further at-
tempts to harm Israeli civilians
and Israel’s sovereignty.”
Lebanese President Michel
Aoun said Israel’s use of its air
force to target Lebanese villages
“is the first of its kind since
2006 and indicated the presence
of aggressive, escalatory inten-
tions” against Lebanon.
He said Lebanon would sub-
mit a complaint to the United
Nations.
Israel and the Lebanese mili-
tant group Hezbollah fought a
devastating, monthlong war in
2006 that killed some 1,200 Leb-
anese, mostly civilians, and about
abuse material wouldn’t affect
the iPhone’s encryption sys-
tem and it allows iPhone users
to keep their data on the de-
vice completely private, Apple
said. Users who don’t upload
their images to iCloud Photos
wouldn’t trigger the detection
system, Apple said.
Photos in the cloud
would be matched
against a database
of illegal images.
Apple will also add features
that will give the iPhone a way
of blurring out and then warn-
ing children if they are send-
ing or receiving sexually ex-
plicit photos via the Messages
app. The software can be con-
figured to alert parents, too.
Because Messages is the app
Friday, August 6, 2021 | A7
NOEL CELIS/AGENCE FRANCE-PRESSE/GETTY IMAGES
Delta variant and new related ering that was scheduled to
restrictions. And country mu- take place in a 215,000-square-
sic star Garth Brooks said he foot exhibition center in
was considering whether to southern Beijing from Friday
finish his stadium tour this through Sunday.
year. China’s three major state-
Meanwhile, U.S. budget car- run telecom operators, as well
rier Frontier Airlines said as Qualcomm and Nokia, were
Wednesday that its bookings expected to participate.
have started to slow more The same venue is sched-
than they typically would at uled to host the World Robot
this time of year, and attri- Conference later this month.
buted the shift to Covid-19 Organizers of that, which at-
cases associated with the tracted 300,000 visitors in
Delta variant. 2019 before Covid-19, said
Among the large events Thursday that they were
canceled in Beijing is the third awaiting orders from the Bei-
annual World 5G Conference, a jing government and expected
mobile internet-industry gath- to be told to postpone.
Championship last month.
Marcus Rashford, Jadon San-
cho and Bukayo Saka endured a
barrage of abuse after they
missed penalties in England’s
shootout defeat at London’s
Wembley Stadium on July 11.
The U.K. Football Policing Unit
said it has requested data from
social-media companies and has
passed on information to local
police forces, which so far have
arrested 11 people on suspicion
of a number of offenses, includ-
ing malicious communications.
—Associated Press
AUSTRALIA
KARAMALLAH DAHER/REUTERS
Funds Pledged to Aid
Indigenous People
Australia’s government on
Thursday pledged 1.1 billion Aus-
tralian dollars ($812 million) to
address indigenous disadvan-
tage, including compensation to
thousands of mixed-race children
who were taken from their fami-
160 Israelis, mostly soldiers. lies over decades.
No one has claimed responsi- The A$378.6 million to be
bility for the rocket fire from used to compensate the so-
Lebanon, and Hezbollah hasn’t called Stolen Generations by
commented. 2026 is the most expensive
—Associated Press component of the package.
Most members of the Stolen
UNITED KINGDOM Generations had been under
state government control when
Eleven Charged in they were separated from their
Online Racial Abuse indigenous mothers under de-
cades of assimilation policies that
British police said Thursday ended as recently as the 1970s.
they have made 11 arrests in Australian states have legis-
connection with the online racial lated their own compensation
abuse of England soccer players plans for Stolen Generations sur-
following their team’s loss to It- vivors.
aly in the final of the European —Associated Press
used to send encrypted iMes-
sages, Apple’s new alerting
functionality could be of inter-
devices. “Apple is creating a
platform for surveillance,” said
Bruce Schneier, a cryptogra-
est to governments looking to
push Apple into conducting
surveillance, said Matthew
pher. “They’re using it for this
one purpose, but the technol-
ogy is general-purpose, and
Green, an associate professor
of computer science at Johns
Hopkins University. “Now Ap-
that is very, very dangerous.”
The iPhone no longer repre-
sents the impenetrable data
ple has demonstrated that they safe it once did as companies
can build a surveillance sys- including Grayshift LLC, Is-
tem, for very specific purposes, rael’s Cellebrite Mobile Syn-
that works with iMessage,” he chronization Ltd. and others
said. “I wonder how long have developed methods to re-
they’ll be able to hold out from trieve data from the devices.
the Chinese government?” The iPhone maker isn’t the
Apple said that its software only tech company to spar with
isn’t designed for mass sur- governments over encryption.
veillance or the scanning of Facebook Inc. has rolled out
content on its devices. encryption more widely across
The argument isn’t sitting its platform, also drawing fire
well with privacy proponents. from law enforcement in the
On Thursday, the Electronic U.S. and abroad, who argued,
Frontier Foundation, a digital- in part, it would make it more
rights group, described Apple’s difficult to pursue child-exploi-
software as a “backdoor” to tation cases.
the iPhone and others said that A Facebook spokesman
the move potentially under- didn’t comment on whether it
mined the privacy of Apple’s would follow Apple’s move.
A8 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

FROM PAGE ONE

Beijing much higher level, driven by

matters such as national secu-
rity and common prosperity.

Rattles The CSRC can try to mollify

the market with assurances
but these national policies are

Investors beyond their control,” he said.

Still, Mr. Chao added: “I do
think the top leadership cares
about foreign investors, be-
Continued from Page One cause in the heightened com-
long time for authorities to petition now between the U.S.
address it. and China they know they
Since November, Chinese need to make friends and in-
regulators have taken more fluence people.”
than 50 actual or reported ac- Market concerns have also
tions spanning antitrust, fi- been fanned by worries about
nance, data security and social companies being delisted from
equality, a July 29 roundup by U.S. exchanges, or about the

QILAI SHEN/BLOOMBERG NEWS

Goldman Sachs Group Inc.
shows—more than one move a
week.
Among the moves were
scuttling Ant Group Co.’s
blockbuster listing; fining sis-
ter company Alibaba Group
Holding Ltd. a record $2.8 bil-
lion for antitrust failings; and
blocking a Tencent Holdings
Ltd.-backed merger.
If anything, the pace inten-
sified in July, which saw the
opening of a cybersecurity re-
view into Didi Global Inc.,
days after the ride-hailing
firm went public in New York,
and an abrupt declaration that
after-school tuition should be-
come a not-for-profit indus-
try. Other targeted industries
include real estate and food
delivery.
Mixed signals
In a private meeting with
representatives of global
banks and investment firms
on July 28, the vice chairman
of the China Securities Regu-
latory Commission, Fang
Xinghai, told attendees that
recent crackdowns were
meant to fix industry-specific
problems and that China has
no intention of decoupling
from global markets, accord-
ing to people familiar with
the discussions.
Some financiers who at-
tended said they weren’t per-
suaded. They noted that Bei-
jing had effectively torpedoed
a multibillion-dollar industry—
after-school tutoring—with a
single administrative order.
The CSRC and the State Ad-
ministration for Market Regu-
lation, which has a broad remit
ranging from antitrust to food
delivery, didn’t respond to
faxed requests for comment.
Chinese authorities have
sent mixed signals about
whether they intend to keep
going.
On Tuesday, a Chinese
newspaper affiliated with
state news agency Xinhua crit-
icized online gaming as
“opium for the mind.” The ar-
ticle raised concerns that Ten-
cent’s popular games could be
swept up into a broader regu-
latory crackdown. In a sign of
how fragile investor sentiment
has become, that was enough
to trigger a market selloff. The
article later disappeared be-
fore re-emerging in a toned-
down form, without the
“opium for the mind” line.
The same day, the Commu-
Pedestrians in Shanghai watched a screen with a news broadcast of China’s President Xi Jinping on July 1.
nist Party’s top propaganda
department, which has control
over what books, movies and
games are released, issued a
new rule to limit the role of al-
gorithms in content distribu-
tion, a move that could rein in
the growth of companies such
as ByteDance Ltd. and Tencent.
The department didn’t re-
spond to a request for com-
ment.
The government has offered
few details about the various
investigations it now has un-
der way, or when they will be
completed. In some cases, de-
tailed policies have yet to be
implemented.
Authorities have been
combing records and question-
ing data collection by some
companies, according to em-
ployees of technology compa-
nies. Officials have down-
loaded contracts and financial
records, and collected emails
and internal communications.
They have also told some
companies they should cut
their market share to meet an-
timonopoly requirements.
Particularly worrisome to
some investors and company
officials is that regulators
themselves don’t seem to
know where it all ends.
In late July, regulators put
forward new guidelines requir-
ing companies to provide basic
benefits to delivery drivers,
such as a minimum wage and
insurance coverage. When
some companies contacted
China’s relevant regulator
seeking more details, the regu-
lator gave little guidance and
said it is also trying to figure
it out, according to one of the
people.
Sudden changes
China has a history of engi-
neering sudden policy changes
according to long-term goals.
Sometimes the consequences
are severe. In December 2020,
a top Chinese banking regula-
tor said the peer-lending in-
dustry had been “zeroed out”
following a crackdown starting
in 2018.
The latest initiatives are mo-
long-term viability of legal
structures used by many Chi-
nese groups.
Under a 2020 law passed by
then-President Donald Trump,
Chinese companies could
eventually be kicked off U.S.
exchanges if they won’t share
audit working papers with U.S.
regulators. For China, that
The combined worth of six of China's biggest tech companies of the reset more palpable for could risk allowing key data,
has fallen more than $1 trillion from a recent peak in February. global investors.” Based on such as detailed information
earlier overhauls of Chinese about Chinese consumers and
Market value JD.com regulation, Mr. Xing estimates government agencies that may
Baidu it will take a year or two for be included in the papers, to
$2.5 trillion
Pinduoduo more clarity to emerge on end up in the hands of a for-
Meituan China’s new framework. eign government.
Alibaba China’s to-do list is long. The recent action against
Tencent Among other things, authori- tutoring companies singled
2.0 ties want to tackle runaway out the use of variable interest
education, healthcare and entities, or VIEs, the legal
housing costs, all of which workaround through which
could make it harder to arrest many Chinese companies in
1.5 the country’s decline in popu- sensitive sectors have been
lation growth. able to list abroad.
China last year said it had From a peak in February,
succeeded in eradicating ex- some $1.1 trillion of market
treme poverty, achieving a de- value has vanished from the
1.0
cadeslong goal of becoming stocks of six top Chinese tech-
what it called a “moderately nology companies, including
prosperous society.” Its prior- Alibaba and Tencent. That is a
ity has since shifted to ad- drop of more than 40%.
0.5 dressing a persistent gap be-
tween rich and poor. Concern
over the issue helps explain Investor holdings
China’s stepped-up attempts BofA Securities strategists
0 to improve competition in e- have recently recommended
2021 Aug. commerce and other markets, investors shift holdings from
and to secure better deals for Chinese growth stocks into
MSCI China Index gig workers such as the food- shares elsewhere in the Asia-
130
Alibaba Didi Tutoring delivery drivers who work for Pacific region, and called the
fined probe curbs online giants such as Meituan. recent history of foreign in-
$2.8 blllion launched issued
In tech, China’s concerns to vestors participating in
120 some extent mirror those of China’s high-growth stocks
Western governments about “incompatible with likely up-
110 market power, data usage, and coming strategies.”
other problems. Beijing also Some other investors and
100
saw the sector’s power as a analysts see the recent crack-
challenge to its own, factoring downs as likely to benefit
into its crackdown. China in the long-term—and
90 see investment opportunities
in the meantime, too. Many
80 Regulatory risk companies that are listed on
Feb. 2021 Aug. For investors, understand- China’s domestic exchanges in
ing the rationales only goes so Shanghai or Shenzhen focus
Sources: FactSet (market value, index); staff reports (index) far, said Logan Wright, direc- on sectors that are more
tor of China markets research closely aligned with national
tivated by much bigger ambi- has sharpened China’s focus at Rhodium Group. priorities, such as semicon-
tions, with a heightened sense on security and self-suffi- “That doesn’t really change ductors, electric vehicles and
of urgency for Beijing to act. ciency. the perception that there may artificial intelligence.
The country has seen an ex- Against that backdrop, Mr. be more regulatory risk on the Wim-Hein Pals, head of the
port-led rebound from the Xi is moving assertively to ad- horizon. And that this isn’t re- emerging markets equity team
Covid-19 pandemic, leaving dress social, economic and na- ally finished,” he said. at Robeco, an asset manager,
leaders more room to fine- tional-security priorities that There are natural limits to said China remained an inter-
tune the economy and risk up- in many cases have lingered what the securities regulator esting investment opportunity.
setting foreign investors. for years. can do to reassure investors “It has been too easy to make
Gross domestic product grew “It is not the first time that about China’s plans, said Lyn- money in China,” Mr. Pals said.
12.7% in the first half of this there’s a U-turn in China’s reg- don Chao, head of equities at “The last few days have defi-
year, putting the country ulatory framework,” said Mor- the Asia Securities Industry nitely changed that percep-
firmly on target to beat its gan Stanley Chief China Econ- and Financial Markets Associ- tion, and it’s about time.”
full-year target of 6%. omist Robin Xing. A difference ation, a trade group whose “What has changed is the
Meanwhile, tensions with this time, he said, is that U.S.- members include banks, bro- realization that there is one
the U.S. have remained high listed, data-rich companies are kerages and asset managers. entity that has the power in
under President Biden. That a target, “making the impact “These are policies at a China,” he added.

Sport Leans Nobody expected this from us,”

said Eirini Alexandri. The duo
had performed to Swan Lake at
Figure skaters have turned
the soundtracks of Holocaust
films ‘Schindler’s List’ and ‘Life
lands, and another set of twins
representing France.
It all started with Belarus.
Two Steps From Hell. Ukraine’s
music included “Psycho House”
and “Tribal Trackdown”–and a
Spain’s
‘Malagueña.’
performance

The Chinese and the ROC

to

On Snakes, the Rio 2016 Games.

“We wanted more aggres-
sive music,” she said. “That’s
is Beautiful’ into warhorses—
fist-pumping at the end of the
program, and all.
Their routine opened with
cackling. A bell tolled. The
medley featured parts of ‘The
sword sound-effect.
Japan’s interpretation of ro-
bots left room for the possibil-
swimmers didn’t see anything
dark at all about what they
were doing, though. Asked

Spiders good in competition because it

Continued from Page One
the arena sat mostly empty.
Sisters Anna-Maria and
Eirini Alexandri—who say they
have never seen the film—then
took their interpretation of ter-
rifying siblings to its logical be-
dazzled underwater conclusion,
complete with sequined faces
shedding a blood-red tear on
their swimsuits.
“We thought we should sur-
prise people, especially after
the pause due to the Corona.
raises the adrenaline.”
Or as one Twitter user
called it: “good creepy fun.”
Possibly because of the vol-
ume it’s played at, the music
for most artistic swimming
routines already sounds terrify-
ing. But the sport’s embrace of
the dark side was particularly
noteworthy at an Olympics that
comes at a particularly fraught
period brimming with the
trauma of a global pandemic
and Tokyo’s scorching heat.
Artistic sports have long had
a tenuous relationship with cul-
ture and taste.
Rhythmic gymnastics, the
above-water sibling of synchro-
nized swimming, hasn’t re-
sisted the call either. But they
have all generally steered clear
of actual horror. Not anymore.
“All of a sudden, everyone is
changing to more aggressive
music,” Ms. Alexandri said.
On what was, overall, a dark,
dark night in the duet finals on
Wednesday, the evocation of
“The Shining” was particularly
horrifying.
The Austrian duo are two-
thirds of a set of triplet sisters,
performing after identical
twins representing The Nether-
Lair of the Beast,’ from the
soundtrack to 2018 Russian
horror movie about a serial
killer. And then there was a
piercing human scream.
There were brief upbeat mu-
sical interludes for the nonexis-
tent audience. The swimmers
were handed teddy bears and a
few bars of songs like ‘Good
Time’ by Owl City and Carly
Rae Jepsen played.
The darkness quickly re-
turned. Mexico walked out with
plastered-on smiles, and then
performed to music called
“Hell Shall Perish.” China used
“The Blood of the Titan” by
ity that they were malevolent,
before clamoring alarms sug-
gested a catastrophic malfunc-
about their silver-winning pro-
gram, China’s Wenyan Sun said
reassuringly that they had been
tion: the robots’ seeming seeking to emulate snakes.
death. The Russian Olympic “We felt that snakes can
Committee finished, and won, show grace, flexibility and
in swimsuits displaying giant power,” she said.
black spiders performing to a Svetlana Romashina of the
menacing piece specially com- Russian Olympic Committee ex-
posed for them. plained that spiders are mis-
It was all very stressful, and understood.
not at all like the sport known “Spiders have their own
as water ballet before it was characters. Some of them are
rebranded as synchronized funny, some are happy, some
swimming: gentle, sylph-like, are sad. We tried to be diverse
relaxing viewing. It made even in what we depicted,” she said.
the musical choices not based “Spiders are spiders, but they
on terror feel tense, such as can all be different, you know.”
FROM LEFT: MARKO DJURICA/REUTERS; FRANCOIS-XAVIER MARIT/AFP/GETTY IMAGES

Vasilina Khandoshka
and Daria Kulagina of
Belarus, left, perform to
music from a Russian
horror movie. Right,
Mexico’s Nuria Diosdado
Garcia and Joana
Jimenez Garcia perform
to ‘Hell Shall Perish’.
 THE WALL STREET JOURNAL.
APPLE TV+ (2)
TELEVISION REVIEW | DOROTHY RABINOWITZ
‘Mr. Corman’: Facing Life’s Lessons
Joseph Gordon-Levitt directs and stars as a dissatisfied fifth-grade teacher and aspiring composer
B
illed though it is as
comedy-drama, it’s
clear from the start of
“Mr. Corman” (begins
Friday, Apple TV+) that
the laughs in this 10-
episode series will be few but the
smiles of recognition frequent. It’s
a testament to the complex
charms of this series that those
smiles are as often summoned by
bleak moments as happier ones.
Some of the most engaging as-
pects of this tale derive from the
problems that arise when its hero,
Josh Corman (Joseph Gordon-Lev-
itt, who is also the show’s creator,
producer and director), under-
takes efforts to pursue women—
situations that yield some of the
most hilarious moments. They’re
moments made still more enticing
by the flow of pure venom that
follows when characters’ plans go
awry. Things can go wrong on
dates, everyone knows—some of
them the most intimate kind of
going wrong. And in the world
“Mr. Corman” describes, there’s
not a lot of gracious forgiveness
to spare at such times.
It’s all to the good to see ani-
mal passions emerge, however ir-
regularly, in a character like Josh,
who is, it’s quickly established, a
schoolteacher—clue No. 1 that he
THEATER REVIEW
TERRY TEACHOUT
Watching
An Iconic
Play at Its
Source
Peterborough, N.H.
T
hornton Wilder’s “Our Town”
may or may not be the great-
est American play—that’s a
matter of opinion—but it is surely
the Great American Play, the one
that most fully embodies the every-
day lives of this country’s ordinary
people. As the Stage Manager,
Wilder’s narrator, puts it, “This is
the way we were: in our growing up
and in our marrying and in our liv-
ing and in our dying.”
But while Grover’s Corners, the
New England hamlet (pop. 2,642)
where “Our Town” unfolds shortly
after the turn of the 20th century,
is portrayed with seemingly pre-
cise particularity, its characters
are archetypes brought to bold life
without benefit of scenery or
props and whisked from scene to
scene by the omniscient Stage
Manager. Moreover, he addresses
the audience directly, stepping into
the “realistic” framework of “Our
Town” on occasion to play an as-
sortment of secondary characters.
These devices have long since
been absorbed into the lingua
franca of international theater so
completely that it is easy to forget
that Wilder invented them, and
that they were radical innovations
when the play opened on Broad-
way in 1938.
Part of the particularity of “Our
Town” arises from the fact that
Wilder wrote much of it at Mac-
Dowell, the artists’ colony located
in Peterborough, the New Hamp-
shire village (est. pop. 6,688) that
ARTS IN REVIEW
shouldn’t be seen as the happiest
of men, or anything like a proudly
assertive one. By his own inner
lights, he’s not very successful ei-
ther. It’s a point made more than
once.
One woman fancying that he
insulted her, and moved thus to
express her rage, hurls the mes-
is also home to the Peterborough
Players, one of the most accom-
plished summer repertory theaters
in the U.S. Though he took care
never to say so outright, the play
is widely believed, not least by the
locals, to be modeled on the place
where it came into being. (The
city-limit signs proudly say “Wel-
come to Our Town.”) Accordingly,
it has always figured prominently
in the Peterborough Players’ reper-
tory—I saw it there in 2008, with
James Whitmore giving a peppery
and unsentimental performance as
the Stage Manager—and the com-
pany is reopening after the
Covid-19 lockdown by mounting
“Our Town” again, performing it in
an improvised 150-seat outdoor
theater on a lawn close to the cen-
ter of town.
Tom Frey, the director, has as-
sembled a 17-person cast led by
Gordon Clapp (“NYPD Blue”), who
plays the Stage Manager with a
flat-voweled, quietly amused de-
tachment reminiscent of Frank Cra-
ven, who created the role in 1938
and whose now-legendary stage
performance was preserved in Sam
Wood’s 1940 screen version. It is a
true ensemble cast, one whose act-
ing is as unflashy and faithful to the
spirit of the play as is Mr. Frey’s
staging. I was especially struck by
Tracey Conyer Lee and Erick Pinn-
ick, who play Mrs. Webb and Dr.
Gibbs in a briskly matter-of-fact
manner, but their colleagues are
worthy of like praise.
The truth is, though, that the
real “star” of the show is Peter-
borough itself. One feels its be-
nign surrounding presence at all
times, above all in the concluding
graveyard scene, which unfolds
not far from East Hill Cemetery,
from whose increasingly fragile
headstones, many of which date
from the 18th century, Wilder ap-
pears to have borrowed some of
ERIC ROTHHAUS
his characters’ names. The open-
ing-night performance I saw
started at 5:30, meaning that the
climactic graveyard scene got un-
der way just before sunset, as the
light was fading from the vast
sage out clearly: If he’s teaching
it’s because he knows there’s
nothing else he can do. You can
feel his silent flinch. The truth is
there is something else he can do,
and he wants desperately to do
it—only it doesn’t come with a
salary. The real love of his life,
deep and abiding, has nothing to
K.P. Powell and Kate Kenney in the Peterborough Players’ production of
Thornton Wilder’s ‘Our Town’
do with teaching: it’s making mu-
sic, composing it.
Still, every weekday Josh faces
his classroom of fifth-grade stu-
dents with full devotion to his
task, and a certain affection for
his charges, who sometimes pon-
der large questions. Does good
luck matter more than talent?
Friday, August 6, 2021 | A9
Debra Winger and Joseph Gordon-
Levitt, left, and Mr. Gordon-Levitt
and Arturo Castro, below, in the
new Apple TV+ dramedy
They have opinions on such
matters.
But living has now been ren-
dered difficult for Josh by a
strange, new and extreme uneasi-
ness that seems to grow daily,
something far harder to endure
than ordinary anxiety. This new
discomfort, bordering on the un-
bearable, is enough to drive him
to call a doctor. But, as one might
expect in a saga of this kind, the
only doctor he knows won’t be
available for two months.
Everyone will recognize the
panic in him as he tries—while
imagining he’s dying—to answer
the questions about his identity
that his doctor’s office keeps ask-
ing. And what if he reads the
numbers on his insurance card
wrong?
It’s at such dramatic junctures
that performance skills shine—or
not. And Joseph Gordon-Levitt’s
perfect rendering of the torments
of a full-scale panic attack merits
all accolades that come to mind. In-
cluding, of course, “breathtaking.”
Josh’s family members know
nothing of his anxieties. He cher-
ishes his close connection with
his widowed mother, Ruth (a
highly persuasive Debra
Winger)—though Ruth has now
taken up with a man her son de-
tests, not least because Josh im-
mediately recognizes in him the
sort of mate his mother tends to
pick: the kind, as Josh puts it,
who makes her feel bad about
herself. His mother, in turn, isn’t
given to filtering her views of her
son. She’s also the quintessential
pragmatist about what a person
needs in life—a woman person, in
particular.
“You don’t do well when other
people are happy,” she informs
Josh, with the zest of an explorer
reporting a significant discovery.
Josh, for his part, doesn’t think
much of his sister, Beth, whom he
describes as a “control freak.” The
script provides many a suggestion
that this insult derives from
Josh’s scorn for her religious be-
liefs. He’s soon embroiled in a
dangerous discussion about God’s
existence, which leaves Josh ac-
cused of having poisoned the mind
of Beth’s young daughter with the
idea that God isn’t real.
The solidly entertaining “Mr.
Corman” progresses to the
Covid-19 pandemic, schoolchil-
dren’s lessons are transmitted via
computer, and along the way
Josh’s life is radically trans-
formed, in ways we can leave the
show to reveal.
Mr. Corman
Begins Friday, Apple TV+
bowl of sky overhead. Moreover,
the scene—in which Emily (Kate
Kenney), who has died in child-
birth, discovers too late that hu-
man beings do not know that hu-
man life is “too wonderful for
anybody to realize”—was accom-
panied by birdsong at twilight, a
magically serendipitous touch.
This is, not incidentally, the
most ethnically diverse “Our Town”
I can recall seeing: I can’t say for
sure, but my guess is that more
than half the actors in the cast are
people of color. While Wilder him-
self could not have anticipated any
such thing, the result is to under-
line—without over-obvious empha-
sis, I’m pleased to report—the uni-
versal aspects of his immortal
masterpiece. I’ve seen many distin-
guished productions of “Our Town,”
among them David Cromer’s revela-
tory Chicago staging, which moved
to New York in 2009 and played off
Broadway for more than 600 per-
formances. This one, unlike Mr.
Cromer’s version, is not notably in-
novative save in its multiracial cast-
ing, but its total effect is nonethe-
less overwhelmingly powerful.
i i i
Shakespeare & Company’s recent
outdoor production of “King Lear,”
in Lenox, Mass., which starred
Christopher Lloyd in the title role
and which I praised in this space as
“one of the strongest productions of
Shakespeare’s all-encompassing su-
per-drama of man’s fate that I’ve
seen in my 18 years as a drama
critic,” was taped for later stream-
ing and can now be viewed online
through Aug. 28. For more informa-
tion, go to theatermania.stream/
products/king-lear.
Our Town
Peterborough Players, Peterborough,
N.H., ($47), 603-924-7585, closes
Aug. 15
Mr. Teachout, the Journal’s drama
critic, is the author of “Satchmo at
the Waldorf.” Write to him at ttea-
chout@wsj.com.
A10 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

ARTS IN REVIEW

Adam Driver, left, and Mr. Driver

with Marion Cotillard, below, in
Leos Carax’s ‘Annette’

AMAZON STUDIOS (2)

TELEVISION REVIEW

A Movie-Musical Where
The Sparks Don’t Fly
BY JOHN ANDERSON

T
dio and spills into the streets with a Driver: Emotionally, he can be an-
smiling Ms. Cotillard, the Mael gelic; physically, he’s all animal
he French film director brothers, Mr. Driver, co-star Simon energy, power and the sense of
Leos Carax has always Helberg (“The Big Bang Theory”) danger Henry wants to impose on
seemed plagued by con- and others marching toward the his audience. Evolution itself isn’t
tradictory impulses. He camera, which backs its way down far from one’s thoughts when Mr.
can’t resist being trans- the sidewalk and into the real start Driver stalks the Orpheum stage.
gressive—he was a char- of the movie. Almost immediately, And evolution, of the cultural
ter member of what the critic blitheness achieved is blitheness variety, is a theme Mr. Carax is ex-
James Quandt dubbed the “New abandoned. ploring. Henry’s shock-shtick can
French Extremity” of the late 20th Mr. Driver plays Henry only become cruder; his audience
century. He wants to remain rele- McHenry, a confrontational come- wants to be offended, but perhaps
vant, though his best-loved film dian doing an extended run at not appalled as they are by his ro-
remains “Les Amants du Pont- L.A.’s Orpheum Theater. “Are you mance with Ann Defrasnoux, the
Neuf” (“The Lovers on the ready!?” bellows the announcer. in-demand soprano holding forth
Bridge”), which dates back to 1991. “No one is ever ready for a mildly at the Walt Disney Concert Hall.
Occasionally, he allows his gift for There, she “dies and dies and bows
creating poetically beautiful and and bows,” as Henry puts it, very
architecturally elevated cinema to unhappily. Her repertoire, from
spill out across the screen. The
A celebrity couple has an what we see and hear, is a distilla- artificial culture but also the most Mael brothers’ unmemorable music
thing that eludes Mr. Carax—as unusual child in this tion of operatic tragedy, a high- sympathetic character in the more of an effort to listen to than
“Annette” so amply and painfully light reel of doomed heroines movie, a movie that might be a it would otherwise have been.
demonstrates—is balance.
offbeat offering from (Carmen, Madama Butterfly, etc.). stage show: The numerous back- It would be unfair to explain
With a pop-opera score—and a director Leos Carax. Ann herself is a kind of reduced, projections suggest a museum in- what becomes of Annette or Henry
script—by the band Sparks (broth- washed-out human—and as her art stallation, the sets are largely sim- or certainly Ann, but what can be
ers Ron and Russell Mael), and per- becomes more refined and defined, ple and static, and Annette in her addressed is the music, the thing
formances by Adam Driver and Henry’s becomes grosser and less robot form dispenses with the by which a musical lives and
Marion Cotillard as artist-lovers in offensive evening with the ‘Ape of effective, their unlikely romance need for human children, so even a lives—and dies and dies. During
Los Angeles, “Annette” might sug- God’!”—the name of Henry’s show. becoming fodder for the fictional high school could put on a produc- the happy post-tragedy parade of
gest a trip to “La La Land,” another Dressed for the stage in a hooded “Show Bizz News,” which inter- tion. Any high school, however, actors and crew that accompanies
film that bent the movie musical. robe, shorts and house slippers, rupts the story with updates about would probably balk at the music. us through the end credits of “An-
What the two do have in common, Henry warms up for his show like their life together. This will in- Ms. Cotillard sang her way lustily nette,” we hear: “If you liked what
and it isn’t much, is a buoyant a boxer and then assaults his au- clude marriage and the birth of a through the Edith Piaf biopic “La you saw, tell a friend. If you don’t
opening song (“Another Day of dience with a very edgy and not daughter, the animatronic Annette. Vie en Rose” and won a Best Ac- have any friends, tell a stranger.”
Sun,” the “La La Land” opener, be- always successful battery of what Yes, the title character is, for tress Oscar for it, but she can’t Better to tell a stranger, if you still
gan on a highway exit ramp, and might or might not be jokes. most of the film at least, a very an- make the score any more than want to have any friends.
was never quite topped by any Henry isn’t funny, but he’s an ex- imated toy, who as an infant begins what it is, dialogue set to unhum-
other number in the film). “So May ample of why so many directors, to sing quite beautifully. What does mable melodies. Mr. Driver is re-
We Start?”—which kicks off “An- from Lena Dunham to Martin she represent? She’s a provocation, ally not a singer at all, despite his Mr. Anderson is a Journal TV critic.
nette”—begins in an L.A. sound stu- Scorsese, want to work with Mr. a crawling-then-walking critique of valiant efforts, and he makes the Joe Morgenstern is on vacation.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
70s 1 2 3 4 5 6 7 8 9 10 11 60 Struggle
12 13
PUZZLE
CONTEST
Edmonton <0
0s
uselessly
Vancouver 14 15 16
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70s 10s
Winnipeg 17 18 19 emotional
Seattle 20s
60s damage 28 Marble
Portland 30s 20 21 22 23
Helena Ottawa
Montreal 62 It might generate masterpiece in
Bismarck 70s St. Peter’s
90s Augusta 40s 24 25 some interest
Eugene Billings
Boise Mpls./St. Paul Toronto Albanyy Boston 50s 63 Wild 29 Not available
Pierre 26 27 28 29 30 31
Milwaukee Detroit Buffalo Hartford 60s Down 30 Pigment from
80s 70s Sioux Falls 80s cuttlefish ink
100s Reno Chicago Cleveland 80s w York
New 70s 32 33 34 35 1 Inbox nuisance
Salt Lake City Des Moines 90s
Cheyenne Omaha 80s 2 Friction fighter 31 Roundup critter
Pittsburgh Philadelphia 36 37 38
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Denver 100s Washington D.C.C. 90s
San Francisco
Las Colorado Topeka
Kansas
Cityy
Charleston 39 40 41 4 Royal Navy ship 35 Grinds to a halt
100s Vegas Springs Louisville h
Richmond d 100+
Wichita St. Louis from whose 37 Not too old
90s 90s Nashville Raleigh 42 43 44
Los Angeles 80s Charlotte
timbers the Oval 38 Fit for use
Santaa Fe Memphis Office desk was 40 Londoner or
100s Phoenix Atlanta 45 46
Albuquerque Oklahoma Cityy Columbia Warm Rain
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Tucson 47 48 49 50 51 52 53
El Paso Ft. Worth Jackson 80s 5 Come before 41 Flow stopper
Dallas Cold T-storms
Mobile Jacksonville 54 55 56 57 6 Oscar winner as 43 Hue and cry
40s 80s New
w Orleans Mercury
Austin Stationary 44 Call for
Orlando Snow 58 59 60
San Antonio Houston
7 Long wait immediate help
60s 70s Tampa
90s
Honolulu Showers Flurries 61 62 63 8 Bleating cry 46 Workplace for
50s Anchorage 80s 90s Miami
50s 9 Calls before the people who make
60s 70s court waves
Ice
THREE LITTLE WORDS | By Mike Shenk 10 Hit the hay 47 Artist Holbein
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W
The answer to 25 Untrustworthy 40 In need of 11 Callously fired 48 Los Angeles
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest sort stimulation 12 Retreats for mayor Garcetti
Omaha 93 75 s 88 69 t Frankfurt 73 56 sh 72 58 t crossword is a
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 93 76 t 92 76 t Geneva 76 57 pc 72 55 t 26 Standing 41 Made out rejuvenating 49 “I Whistle a
Today Tomorrow Philadelphia 91 71 s 89 70 pc Havana 91 74 t 92 73 t three-word #1 song 29 She’s in a 42 Palindromic 13 Party person Happy Tune”
City Hi Lo W Hi Lo W Phoenix 107 87 pc 107 87 pc Hong Kong 86 81 t 87 83 t of the 2000s. striped coat Pacific islander singer
21 Place for
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Atlanta 86 72 t 84 71 t Portland, Maine 82 63 s 84 66 pc Jakarta 92 77 pc 92 77 pc
Across 32 Not for the 44 Tailor’s tool salchows and 50 Concluding
Austin 90 74 t 93 74 pc Portland, Ore. 77 60 r 78 59 pc Jerusalem 91 73 s 88 69 s 1 Drink rudely hoi polloi 45 Feel for axels passage
Baltimore 92 69 s 88 67 pc Sacramento 101 62 s 97 59 s Johannesburg 72 50 s 73 47 s 6 Cry from the crib 33 Middle play in 46 Whiskey cocktail 23 Penultimate 51 Ordinary
Boise 85 62 s 90 64 s St. Louis 89 72 pc 93 77 s London 70 57 sh 66 57 sh Tudor deterioration
Boston 84 70 s 87 72 pc Salt Lake City 87 64 s 90 69 s Madrid 94 62 s 87 59 pc 10 Hardly prudent Marcel Pagnol’s 47 Home,
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Charlotte 88 70 pc 82 68 t Santa Fe 90 60 s 91 57 s Melbourne 59 49 c 58 45 pc contaminants Trilogy” 50 Any of the “Lord and tablets 53 Compete with
Chicago 81 69 t 88 72 t Seattle 76 58 r 71 56 c Mexico City 72 58 t 73 57 t the din
Cleveland 86 67 pc 85 68 t Sioux Falls 90 72 pc 88 66 t Milan 81 67 pc 80 67 pc
15 Bio lab gel 34 Printemps- of the Flies” boys 26 Field crew
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Detroit
Honolulu
85 68 pc 85 68 t
88 77 pc 87 75 pc
International Paris
Rio de Janeiro
73
74
58 c 70 57 sh
63 pc 76 64 s
18 Jet set jet 36 Cut and run 57 Way too big Previous Puzzle’s Solution
Houston 93 77 t 95 77 t Today Tomorrow Riyadh 113 90 s 114 90 s 19 Harney & Sons 37 Symbols of 58 Ship whose R A L E I G H S A T N A V
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actual name was N O S U G A R C O R N O I L
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Santa Clara E N E O I D E T I E N N E
Little Rock 88 71 s 93 75 s Baghdad 115 91 s 115 87 s Shanghai 90 80 t 90 81 t 22 In the thick of say 59 Command used G I R D L E E R A R T
E S S E X D A B S S I F T
Los Angeles 83 64 s 81 62 s Bangkok 91 81 t 91 80 t Singapore 87 80 t 89 80 t 24 Cry out for 39 Fixed by the fallible E D S R I N G MU D
Miami 90 80 t 89 79 t Beijing 91 72 pc 92 72 s Sydney 69 47 s 66 51 s H O S P I T A L C O R N E R S
Email your answer—in the subject line—to crosswordcontest@wsj.com by
s

Milwaukee 82 69 t 84 71 t Berlin 76 59 sh 77 61 pc Taipei City 89 79 r 90 81 r A L E N O G O B I O

M E E T WE B S T U N A S
Minneapolis 86 70 pc 82 69 t Brussels 70 56 c 71 56 sh Tokyo 93 80 pc 90 77 r 11:59 p.m. Eastern Time Sunday, August 8. A solver selected at random will P I P L E I F N A D A
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THE WALL STREET JOURNAL. NY Friday, August 6, 2021 | A10A
A10B | Friday, August 6, 2021 NY THE WALL STREET JOURNAL.

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Get support to help your child at DrugFree.org

 THE WALL STREET JOURNAL.
Basketball’s Not-So-Perfect Strangers
The U.S. men are in the gold-medal game but the team’s lack of experience together has continued to threaten a title
GREGORY SHAMUS/PRESS POOL
BY ANDREW BEATON
AND JOSHUA ROBINSON
Saitama, Japan
The U.S. men’s basketball team
was less than 24 hours from its
first game of the Olympics and still
waiting. Three of its most impor-
tant players hadn’t even arrived in
Japan.
It reflected the fundamental
problem of a basketball team that
features some of the best players in
the world. They had barely spent
any time together, much less played
any basketball together.
Even as the U.S. outlasted Aus-
tralia 97-78 here at Saitama Super
Arena to reach Saturday’s gold-
medal game, it was clear that this
team will never not be a work in
progress. It fell behind badly early.
It was disorganized defensively and
lost offensively. Just as they have
throughout their time in Japan, the
Americans looked like a band of ex-
tremely tall strangers who happen
to be great at basketball and were
suddenly tasked with winning
Olympic gold.
“They sliced us and diced us,”
U.S. Women Take
Bronze in Soccer
BY RACHEL BACHMAN
Kashima, Japan
The star-studded U.S. women’s
soccer team was frustrated after
struggling in Olympic play and los-
ing its semifinal against Canada.
So its stars gathered without
coaches to hash things out.
The squad that emerged looked
more like the world-beating team
of old on Thursday, getting two
goals apiece from veterans Megan
Rapinoe and Carli Lloyd in a 4-3
victory over Australia to win an
Olympic bronze medal.
“We found that joy and we just
found a little bit of that freedom
and I think we just kind of settled
into the game pretty early, which
was great,” Rapinoe said. But she
and others acknowledged that they
needed to “figure out why we
played five bad games and had one
good game in the tournament. And
we’ll absolutely do that.”
This squad staved off becoming
just the second U.S. team to leave
the Olympics without a medal
since women’s soccer was added to
the Games in 1996. The U.S. has
Medal Count
Country Gold Silver Bronze Total
China 34 24 16
United States 29 35 27
Japan 22 10 14
Australia 17 5 19
ROC 16 22 20
Great Britain 16 18 17
Germany 9 9 16
France 7 11 9 27
Italy 7 10 18
Netherlands 7 9 10
For the latest medal count, go to WSJ.com/Sports
Team USA coach Gregg Popovich
said after the game. “We looked like
we’d never played together before.”
Though the U.S. won by 19, it
trailed by as much as 15 before the
sheer brilliance of Kevin Durant and
the other U.S. superstars overpow-
ered a group of Australians, many
of whom don’t play in the NBA. The
steep deficit was just another one
of the alarm bells that had been
ringing since before the Olympic
tournament. The U.S. had lost exhi-
bition games to Australia and Nige-
ria in July, but told itself that things
would change once the whole squad
was together. They didn’t.
The disjointed Americans lost
their opening game of the Olympics
to a France team built around a
core of NBA players that had been
living as a team for roughly a
month. They held a two-week train-
ing camp near the Pyrenees before
the U.S. players had even assembled
in Las Vegas. The Australians, too,
had been working out in Los Ange-
les for at least a week before the
Americans got together.
“The first time we played them,
their chemistry hadn’t really set in
won four golds and six medals
overall in seven Olympics, losing in
the quarterfinals in 2016.
“The fact is that we potentially
didn’t deserve to get a gold
medal,” veteran U.S. defender
Becky Sauerbrunn said. “For the
way that we performed, to even
have made it to the semifinals is a
testament to the group and how
deep this group is.”
The expectations for this two-
time defending World Cup team
are to win every top medal and
trophy, so even a bronze medal is
enough to prompt a rebuilding of
sorts. Now this team—deeply expe-
rienced but aging—must refashion
itself for its next big tournament:
the 2023 World Cup in Australia.
At these Games, the U.S. didn’t
seem to find a rhythm until the fi-
nal game. Coach Vlatko Andonovski
shifted lineups wildly, something
he said he did to keep players fresh
in a rapid-fire tournament. De-
fender Crystal Dunn was the only
U.S. player to start all six Tokyo
Olympics matches.
Andonovski, who referred to the
U.S. players as “absolute legends,”
said he would do a deep examina-
tion of his own performance in the
tournament.
“I know there are things I
74 could’ve done better, and hopefully,
91 I don’t make the same mistakes in
46 the next major tournament,” said
41
Andonovski, who was leading the
women’s team in his first major
58
tournament.
51
The U.S. needs to shore up its
34
defense and develop younger play-
ers and gain a comfort level with
35
its coach. Still, on Thursday the
26 U.S. played its most aggressive and
effective game at these Olympics.
Rapinoe scored twice in the first
SPORTS
yet,” Australia’s Matisse Thybulle
said.
If it’s a problem that sounds fa-
miliar for the Americans, that’s be-
cause it is: This was the core issue
the last time the U.S. walked away
from the Olympics with a brutally
underwhelming performance.
After the Americans left the
2004 Athens Games with a bronze,
Team USA itself acknowledged that
simply showing up to major inter-
national tournaments with a bunch
of NBA All-Stars wouldn’t always
cut it anymore. Other countries
were getting better. More and more,
Team USA’s NBA players were sim-
ply running into other countries’
NBA players.
“The gap in talent shrinks every
year as there are more and more
great players all over the world,”
Popovich said earlier in the tourna-
ment.
The way a group of Americans
later dubbed the “Redeem Team”
sought to address this wasn’t by
concentrating harder at the 2008
Olympics. They put in the work
over the course of years before set-
ting foot at the Games in Beijing.
Carli Lloyd acknowledged that there was a sense that this group of U.S. soccer players was on its last dance.
21 minutes, the first on a spectacu-
lar corner kick that curled directly
into the goal. On the second, she
booted a failed Australian clear-
ance ball on the fly and scored to
give the U.S. a 2-1 lead.
In between, Australian star Sam
Kerr shot from a far-left angle and
the ball deflected off U.S. goal-
keeper Adrianna Franch, who was
making her first start in a major
tournament, and into goal for the
equalizer.
Franch stepped in after starter
Alyssa Naeher went down with a
knee injury in the U.S.’s loss to
Canada in the semifinals Monday.
Naeher had been a critical part of
securing the Olympic quarterfinal
win over the Netherlands, saving
one Dutch penalty kick late in the
game and two in a shootout.
The U.S. kept up its attack
Thursday, and in injury time before
halftime, Lindsey Horan wrested
The U.S. men’s basketball
team beat Australia 97-78
to advance to the final.
Instead of just arriving halfway
across the world and pretending
their talent could overwhelm the
rest of the world, they prepared
with a novel American tactic: play-
ing actual basketball games to-
gether.
So the squads the U.S. took to
the 2006 FIBA World Cup and 2007
FIBA AmeriCup included almost all
of the future Olympic roster. Of the
12 players who eventually went to
Beijing, 11 had played in at least one
of those lower-profile tournaments.
LeBron James, Carmelo Anthony
and Dwight Howard showed up to
both of them.
Sure, it meant that Kobe Bryant
was suiting up to destroy the likes
of the Virgin Islands 123-59 in a
tournament that people hardly paid
attention to. Or that Anthony was
dropping 25 points in 18 minutes on
a bunch of helpless Canadians. But
it also meant that the likes of Bry-
ant, James and Anthony, who had
never played together in the NBA,
could gain experience doing just
that before taking on the best of
the rest of the world.
The result: after going 5-3 at the
the ball from an Australian player
and slipped it to Lloyd, who left-
footed it into the far corner for a
3-1 lead. To start the second half,
Lloyd settled a bouncing ball on
the run, closed in on the goal and
drove it home for a 4-1 lead.
Australia found holes in the U.S.
defense, scoring twice in the sec-
ond half—one goal early in the half
by Caitlin Foord and one in the
90th minute, a rocket from Emily
Gielnik to pull the Matildas to
within a goal, 4-3. The U.S. sur-
vived a late Australia push to
emerge with its only bronze Olym-
pic medal.
Rapinoe, who is 36 years old,
said she would take some time to
think about her future. She also
said she would discuss the notion
of retirement with her partner, Sue
Bird, who plays on the U.S.
women’s basketball team headed
for the Tokyo Olympics semifinals.
Friday, August 6, 2021 | A11
2004 Olympics, Team USA went
50-1 at the next three World Cups
and Olympics.
The first sign that this problem
had resurfaced came even before
Team USA started dropping exhibi-
tions in the ramp-up to playing in
Japan. It was when basically none
of the current roster participated at
the 2019 World Cup, when the
Americans finished seventh. They
lost to France, the same team that
would upset them at the start of
this tournament, and ultimately fin-
ished in seventh. Only two members
of that World Cup team are on this
Olympic squad. Meanwhile, the
players with the chemistry of past
Olympics, like James and Chris
Paul, had aged and skipped Tokyo.
“A lot of these guys have played
together for years and years and
years,” Team USA guard Damian
Lillard said of their opponents here.
“They come play FIBA and Olympics
and all these things all the time to-
gether. For us, we’re just putting a
team together of a bunch of tal-
ented individuals trying to become
a team in a short amount of time.”
Other factors conspired to exac-
erbate their inexperience together.
The pandemic condensed the NBA
schedule and placed an unprece-
dented burden on NBA players.
Covid-19 protocols eliminated Brad-
ley Beal from the roster and meant
another player, Zach LaVine, arrived
late. Three other players—Jrue Hol-
iday, Khris Middleton and Devin
Booker—landed in Japan less than a
day before tip-off of the first game
because they had just finished play-
ing in the NBA Finals.
And while no other nation can
dream of having so much available
talent—even if that talent is groggy
and jet lagged—the sheer number
of dominant individuals is what
makes the team so tricky to coach.
With less preparation time than
anyone else, the Americans practi-
cally had to relearn how to play
basketball.
“The jury was out on how they
would all play together, because
each one of them is used to scoring
20, 25 or 30 for their own teams,”
Popovich said. “Now they have to
basically become role players.”
So it wasn’t especially surprising
when Australia, a team that had not
only beaten the U.S. in the pre-
Games exhibition but also before
the 2019 World Cup, threatened to
do it again. This team chock full of
veteran Australians put the Ameri-
cans in their biggest deficit of the
tournament—until they slowly got
the rhythm of playing together.
“A lot of these guys got continu-
ity for years and years, so they
know how to play with each other,”
Durant said. “They hit us with a
nice haymaker, but we were able to
get back up and get that lead back.”
DANIELA PORCELLI/SPORT PRESS PHOTO/ZUMA PRESS
“I will say, if she’s retired and
then I’m still playing, I’m going to
have [fear of missing out], and
then she’s going to have FOMO,”
Rapinoe said.
The 39-year-old Lloyd acknowl-
edged that there was a sense that
this group of players was on its
last dance. She also sent a warning
that the U.S. needed to sharpen its
edge to get back on top.
“Hopefully everyone on this
squad and people watching and
people that have been in the pool
remember that we don’t win cham-
pionships without the U.S. mental-
ity,” she said. “And I think that
that probably has been the biggest
takeaway from this tournament,
and we need to continue to bring
that each and every game, each
and every training session.”
She added, “Because that ulti-
mately is our secret weapon going
into every tournament.”
 A12 | Friday, August 6, 2021
DIEGO AZUBEL/EPA/SHUTTERSTOCK
Fred Kerley, left, attempts to hand the baton to Ronnie Baker in the men’s 4x100-meter relay. The U.S. team finished sixth and failed to advance.
The U.S. Men’s Track Team
Is Having a Nightmare Olympics
The American men are in danger of failing to win a gold medal in running events on the track
BY RACHEL BACHMAN
AND DANIELA HERNANDEZ
Tokyo
The U.S. men’s track team’s af-
ternoon started with getting
chewed out by American track leg-
end Carl Lewis on Twitter. Its day
ended with two U.S. hopefuls
missing the podium in the men’s
400 meters.
The episodes were the latest
chapters in what has become a
grim story for Team USA here. On
the track, the U.S. men are in dan-
ger of failing to win a running-
event gold medal for the first time
in the modern Olympic Games,
which began in 1896.
The American men’s problems
are numerous. Some runners inex-
plicably slowed from their times
just weeks or months ago. One de-
fending world champion didn’t
qualify for the Games. And the
4×100-meter relay team melted
down, continuing the confounding
mishaps that have dogged the U.S.
in the event for years.
The result sparked a blistering
tweet from Lewis, whose 10 Olym-
pic medals in sprints and long
BY GEORGI KANTCHEV
Janja Garnbret, a Slovenian
Tokyo
climber who has won just about
everything there is to win in the
sport, prepared like most other
athletes for the Tokyo Games: she
trained for five hours, six days a
week, did yoga and even started to
learn Japanese.
She also scaled Europe’s tallest
chimney.
Garnbret, a top favorite here as
climbing makes its debut as an
Olympic sport, has six World
Championship titles under her har-
ness belt.
In 2019 she became the first
climber, female or male, to win all
six bouldering competitions, where
athletes climb as many fixed
routes as they can, during a World
Cup season.
In Tokyo she led the qualifying
round ahead of Friday’s final. She
was the only athlete to top the
four boulders and, even more re-
markably, she did it in only one at-
tempt each.
“There is a saying in Slovenian
that directly translates to ‘I go on
a knife,’ ” Garnbret said. “That
pretty much sums up my attitude
about training. I go to the limit ev-
ery time.”
Ahead of the Games, that limit
came in the form of the smoke
stack of Termoelektrarna Trbovlje,
an unused power station in Slove-
nia. Soaring 1,181 feet into the sky,
it often punctures low-level clouds.
Experts from the International
Federation of Sport Climbing drilled
some 5,000 holes and attached two
MOHD RASFAN/PRESS POOL
tons of holds in what became the
tallest artificial climbing route in
the world. The route was designed
specifically for Garnbret’s attempt
and has been dismantled since.
With only half the chimney visi-
ble due to fog one morning in Oc-
jump include nine golds.
“The USA team did everything
wrong in the men’s relay,” he
wrote. “The passing system is
wrong, athletes running the
wrong legs, and it was clear that
there was no leadership. It was a
total embarrassment, and com-
pletely unacceptable for a USA
team to look worse than the AAU
kids I saw.”
USA Track & Field, whose 130-
athlete roster was its largest ever
at an Olympics, didn’t comment on
Lewis’s tweet or on the U.S. men’s
running performance overall.
In the 400 on Thursday eve-
ning, Michael Cherry and Michael
Norman finished fourth and fifth,
respectively, in a race won by Ste-
ven Gardiner of the Bahamas in
43.85 seconds.
“That one hurt because I was so
close to a medal,” said Cherry.
He said the U.S. track team was
young and that the lack of a pre-
Games training camp due to Covid
has affected their overall perfor-
mance. “We used to always domi-
nate, so we’re expected to do the
same thing,” he added. “You want
gold, but if you can come out with
She Prepared for Tokyo
By Climbing Europe’s
Tallest Chimney
Slovenia’s Janja Garnbret competes in the women’s sport climbing bouldering.
tober, Garnbret looked up.
“I feel a bit scared. I don’t
know,” Garnbret told her boy-
friend, climber Domen Skofic, as
they prepared to climb the chim-
ney together. Then they began
their ascent.
Garnbret stopped only to eat
energy bars. She also fell a few
times, caught by her ropes. At one
point, with some 266 feet remain-
ing, Garnbret asked herself: “Can
we do this?”
After 11 hours and 30 minutes,
SPORTS
anything, that’s great.”
Three men’s running finals on
the track remain in which the U.S.
has athletes: Friday’s 5,000
meters, in which world No. 12 Paul
Chelimo is the highest-ranked
American; Saturday’s 1,500-meter
final, in which American Cole
Hocker will race after his 2016
gold medalist teammate Matthew
Centrowitz failed to qualify; and
Saturday’s 4×400 relay, assuming
Team USA makes it through the
heats on Friday.
The U.S. men failed to qualify
for Friday’s final in the 4×100-
meter relay, an event in which the
U.S. has won far and away the
most Olympic golds, 15, but has
been haunted by dropped batons
and other missteps. The U.S. men
now haven’t won a medal in the
event for four consecutive Games,
and haven’t won the gold since
Sydney 2000.
In their semifinal heat, Ameri-
cans Fred Kerley and Ronnie Baker
mistimed the second handoff,
slowing the team so much that the
U.S. finished sixth and failed to
advance. That’s despite the U.S.
relay team featuring two individ-
they did it. If that wasn’t enough,
she came back four days later, and
this time completed the route in
just over 7 hours and 30 minutes—
without falling a single time.
“Hanging in the harness for 11
hours straight was tough, but over-
all it was definitely the coolest proj-
ect I have ever done,” she said.
Also the most painful: “My feet
hurt, my muscles were sore, I have
never been that tired in my life be-
fore,” she said after coming down
from the chimney.
* ***
ual 100-meter finalists—Kerley
and Baker—along with Trayvon
Bromell, the world leader heading
into Tokyo, and Cravon Gillespie,
who was on the U.S.’s 2019 world
championship squad in the event.
The U.S. relay team practiced
together for just two days, Gilles-
pie told reporters.
Results at the world champion-
ships often signal the favorites
coming into the following Olym-
pics. U.S. men’s track runners won
six gold medals at the 2019 cham-
pionships in Doha, Qatar. But in
Tokyo the U.S. has gone zero for
five in No. 1 finishes in those
events so far: the 100, 200, 800,
110-meter hurdles and 4×100 relay.
(The 4×400 relay is yet to come.)
Grant Holloway, the world’s top
110-meter hurdler this year, was
sandwiched between two Jamai-
cans in the Olympic final: winner
Hansle Parchment and bronze
medalist Ronald Levy. All three
men finished in over 13 seconds—
compared with Holloway’s 12.81
time at the U.S. trials.
“I just think the nerves, the big
atmosphere got the best of me,”
Holloway said.
Thankfully, sport climbing in
the Olympics doesn’t feature such
heights. The vertical walls are up
to 50 feet tall and athletes use a
range of hand and foot holds of
different shapes and sizes.
Climbing features three disci-
plines in Tokyo: bouldering, lead,
where they climb as high as they
can, and speed, a vertical sprint.
The combination of these three
different styles of climbing—and
only one set of medals on offer—
didn’t sit well with many climbers,
including Garnbret. Some athletes
say that the inclusion of speed, a
more specialized discipline, could
scramble the race and cost them
medals.
“I definitely prefer bouldering
and lead over speed and I would
have preferred to have separate
competitions for all disciplines,”
Garnbret said. “But the call was
made and it makes no sense to
continue complaining about it.”
“The Olympics are the biggest
sporting event in the world and
many people’s eye’s will be on
climbing for the first time which I
think is great,” she said.
Garnbret got her start in climb-
ing in more diverse settings: as a
kid, she’d climb trees, closets and
doors. She also tried out dance
competitions but said she didn’t
feel herself on the stage.
“When climbing for the first
time, I felt weightless,” she said.
“It was love at first sight.”
Since then, she’s won the sport’s
top competition and, outdoors,
she’s completed highly challenging
routes across Europe’s mountains.
In Tokyo, she has been one of
the stars to watch, and even her
competitors say they’re looking
forward to seeing her in the final.
“Of course you’ve got Janja
Garnbret, everyone wants to see
Janja climb,” said British climber
Shauna Coxsey.
THE WALL STREET JOURNAL.
Soccer Legend
Lionel Messi
To Leave
Barcelona
BY JOSHUA ROBINSON
FC Barcelona spent much of the
past year convincing itself that Li-
onel Messi would stay at the club.
It was, after all, the only club he’d
only ever known as a profes-
sional—the place where he’d trans-
formed himself from undersized
teenager to one of the greatest
soccer players of all time.
And even though Messi had
grown frustrated enough to say he
wanted to leave last summer,
Barça had said it would move
heaven and earth to keep him.
It wasn’t enough.
Barcelona announced on Friday
that Messi, 34, would become a
free agent after the cash-strapped
club failed to find a way to pay his
lavish salary and stay within the
rules of Spanish soccer.
Messi’s annual salary is believed
to be around $160 million, accord-
ing to a copy of his most recent
contract that was leaked to the
Spanish press earlier this year. But
La Liga rules designed to keep
clubs sustainable limit payrolls to
a percentage of their revenues—
and Barcelona, which recently car-
ried over $1 billion in debt, hap-
pens to be in its deepest economic
crisis in recent memory.
“Despite FC Barcelona and Lio-
nel Messi having reached an agree-
ment and the clear intention of
both parties to sign a new contract
today, this cannot happen because
of Spanish LaLiga regulations on
player registration,” the club said.
“Both parties deeply regret that
the wishes of the player and the
club will ultimately not be ful-
filled.”
Messi, who had won four Cham-
pions League titles and six Ballons
SIU WU/DPA/ZUMA PRESS
Lionel Messi has spent his entire
professional career with Barcelona.
d’Or, technically hasn’t been a Bar-
celona player for over a month.
The club allowed his contract to
expire at the end of June and
hoped to find some extra wiggle
room in the rules by registering
him as a new signing.
Once that ploy failed, Barcelona
was out of options. What had been
a power struggle inside Barca is
now the most public breakup in
soccer. Messi’s exit will now touch
off an international scramble
Messi’s exit touches off
a scramble among the
few clubs that can afford
to sign him.
among the few clubs on the planet
that could afford to sign him. And
with European soccer finances
rocked by the global pandemic, the
number of likely destinations can
be counted on one hand.
Fans attempting to read the tea
leaves had already seized on a
photo posted in recent days of
Messi with Paris Saint-Germain
stars Neymar, Angel di Maria, and
Marco Verratti. Messi and Neymar
played at Barcelona together when
the club last won the Champions
League and have said in the past
that they would love to be team-
mates again.
The other outfit angling for
Messi’s signature in recent years
has been Manchester City. The
timing, however, now seems wrong
for Messi to jump to England’s de-
fending champion, even if City did
spend the past couple of summers
making discreet enquiries over
Messi’s status. The club this week
agreed to splash out around $140
million to sign playmaker Jack
Grealish from Aston Villa.
For the second time in two
years, Messi will now make a deci-
sion that shapes his final years in
the game.
—Jared Diamond
contributed to this article.
THE WALL STREET JOURNAL.
OPINION
The GOP’s Bad Infrastructure Deal
It isn’t just
the Biden ad-
ministration
that is keen to
redefine the
term “infra-
POTOMAC structure.” A
WATCH growing num-
ber of Repub-
By Kimberley
lican senators
A. Strassel
are getting in
on the act,
and more fool the party.
A bipartisan group of 10
senators last weekend finally
released the 2,702 pages of
their infrastructure bill. Ex-
plaining that they’d worked
“day and night” to finalize the
legislation, they touted their
work product as a “historic”
investment in “hard infra-
structure” that will “create
good-paying jobs.” As well the
GOP members of the group
might. “Infrastructure” sounds
a lot better than “spenda-
thon,” “central planning,”
“corporate bailouts,” “Solyn-
dra” and “Green New Deal.”
All of which are the real de-
scriptors of this behemoth.
Polls show a majority of
Americans support the idea of
infrastructure spending, so the
bill takes care to lead with
items that most people associ-
ate with that term—highways,
bridges, tunnels, ports, water-
ways. Yet according to a
breakout from the nonpartisan
Committee for a Responsible
Federal Budget, those provi-
sions account for about $127
billion, or a mere 23%, of the
bill’s $548 billion in new
spending. Public transit gets
$39 billion, and rail and Am-
trak $66 billion, even though a
scant fraction of Americans
Chabad Ministers to ‘Jews of No Religion’
HOUSES OF “Twice as nates a different idea of an “in- tor for Chabad-Lubavitch, a lated to reach other assimi-
WORSHIP many Jewish volved” Jew: politics guided by Brooklyn-based Hasidic Jew- lated Jews. In fact, Chabad
By Elliot Americans
Kaufman say they de-
rive a great
deal of
meaning and fulfillment from
spending time with pets as
say the same about their reli-
gion,” a Pew Research study
finds. While the future of the
Jewish people is uncertain,
Jews can always count on Pew
for provocative, and some-
times depressing, statistics
about themselves.
In the organized Jewish
community, all you have to say
is “Pew.” Everybody gets the
one-word reference—and
knows it signifies danger
ahead. Pew’s landmark 2013
study, “A Portrait of Jewish
Americans,” sparked more ar-
guments than there are Jews.
But cited for years, the data
lost their incendiary qualities
as time went on. Fortunately,
Pew has added kindling to the
raging debate with “Jewish
Americans in 2020,” a 248-
page report based on inter-
views with 4,718 Jewish adults.
First, some good news: The
global Jewish population ap-
pears to have returned to its
pre-Holocaust level. Plus, from
education to income and sub-
jective well-being, U.S. Jews
are doing swell. But these in-
dicators are secular. They tell
us nothing about how Jews
are doing as Jews. That’s
where the survey darkens.
Only 12% of American Jews
attend weekly services. Pro-
gressives often counsel against
despair, arguing that Jews ex-
press their Judaism through
culture instead. From this ema-
Move the Olympics to Athens—Forever
By James Stavridis
I
’m a proud Greek-Ameri-
can, and the Olympics
have a special place in my
heart. Every couple of years,
the world is treated to a spec-
tacular display of athletic abil-
ity in summer and winter for-
mats at a carefully selected
national venue.
The athletes embody a fine
quality of “olympism” as they
strive to live up to the Olym-
pic values of excellence,
friendship and respect. The
Olympic website is full of mes-
sages about how the games
bring nations together in fair
and open athletic competition.
But the games have all too
often become overt displays of
odious propaganda (the 1936
games were put on by the
Nazi regime in Berlin) or the
setting for fierce geopolitical
arguments, such as when the
U.S. and other Western na-
tions boycotted the 1980
games after the Soviet Union
regularly ride them. Then
there’s the $21 billion ear-
marked for “environmental re-
mediation,” or the $50 billion
under the catchall category of
climate “resilience and west-
ern water storage.”
The bill is better viewed as
step one of President Biden’s
Green New Deal, giving his ap-
pointees and federal bureau-
crats tens of billions with
which to remake the economy.
The Energy Department gets
more than $20 billion to re-
prise its failed role as a green-
energy venture capitalist. The
Federal Emergency Manage-
ment Agency gets $3.5 billion
to deal with flooding. There’s
new money for the National
Park Service, the Fish and
Wildlife Service, the Forest
Service, the Environmental
Protection Agency, you name
it.
The bill similarly gives the
feds unprecedented and cen-
tralized control over chunks of
the economy. Washington will
now dictate rules in areas that
have traditionally been man-
aged by local authorities (such
as drinking water) even as it
muscles in on private-sector
enterprises like broadband.
The bill turns Transportation
Secretary Pete Buttigieg into
an electric-vehicle czar, with
authority to pinpoint new
charging stations down to the
mile marker.
And let’s not forget corpo-
rate America. The Washington
Post reports the bill has un-
leashed a “lobbying bonanza,”
with more than 2,000 compa-
nies and groups engaging
Washington officials on infra-
structure this year alone. The
Jewish values, participation in
Jewish intellectual life, interest
in the condition of the Jewish
people, perhaps even nontradi-
tional Shabbat or holiday ob-
servance. The Jewish future,
the argument goes, can be less
religious but no less Jewish.
Too bad that’s not realistic.
“It’s not the case,” the study
finds, “that Jewish cultural ac-
tivities or individualized, do-it-
yourself religious observances
are directly substituting for
synagogue attendance and
other traditional forms of Jew-
ish observance. More often,
they are complementing tradi-
tional religious participation.”
Drop traditional observance
and Pew finds that the cultural
engagement, measured along
12 metrics, collapses too.
What about those whom
Pew calls “Jews of no reli-
gion”? Only 7% say being Jew-
ish is very important to their
lives, and it’s unlikely that
number will grow in the next
generation. Among married
Jews of no religion, 79% have
a non-Jewish spouse. Their
children intermarry at an even
higher rate. A substantial por-
tion of their grandchildren
won’t be Jewish at all.
The bad news can’t be ig-
nored. As philosopher Emil
Fackenheim put it in 1968,
speaking for an older genera-
tion: “Jews are forbidden to
grant posthumous victories to
Hitler. They are commanded
to survive as Jews, lest the
Jewish people perish.”
Rabbi Motti Seligson says
that “losing Jews is tragic.”
But in his role as media direc-
invaded Afghanistan.
China, Russia, the U.S. and
other major powers with the
financial ability to support
the games fight hard to host
them. The supposed financial
benefits seldom seem to ma-
terialize. But it’s also an op-
portunity to show soft power
to allies, partners, friends
Why not eliminate the
selection process that
feeds nationalism?
and send a message to oppo-
nents. Winning the venue of-
ten feeds virulent national-
ism that runs counter to
Olympic ideals. The frequent
corruption associated with
the selection process doesn’t
help.
A solution would be to con-
struct a pair of Olympic facili-
ties, one for summer and the
other for winter, which could
bill creates a $6 billion hand-
out for nuclear companies,
which could benefit such pau-
pers as Exelon and Southern
Co. And any C-suite that
dreams up a program for this-
or-that green technology will
be in line for federal cash.
Finally, there are the fic-
tional pay-fors. A big reason
the team struggled for so long
to get the text out is that ev-
eryone understands there is
no extra money in Washing-
ton. So while the authors
claim the bill is paid for, in
fact it rests on gimmicks—like
The bill is filled with
financial gimmicks,
waste and expansions
of Washington power.
the claim that by delaying a
Medicare rule that will cost
money, Congress is “saving”
those dollars. These are the
kind of tricks Republicans nor-
mally excoriate Democrats
over. Most GOP members
wanted most new spending to
be covered by unused Covid
funds. But the White House
snarled, and negotiators rolled
over.
Mr. Biden and Democrats
are thrilled with this bill, and
they should be. They got ev-
erything both sides wanted
(roads, bridges, ports) and
then a great deal more of the
left’s agenda. GOP negotiators
are internally talking up what
they kept out of the bill,
namely a Biden plan to expand
Internal Revenue Service en-
ish movement known for min-
istering to less-religious Jews,
he has reason for optimism.
Whereas the 2013 Pew study
treated Chabad solely as an
Orthodox subdenominational
identity, this study asks all
Jews if they attend Chabad
events such as dinners, prayer
services and more. It finds im-
pressive engagement.
Chapters at nearly
200 campuses engage
with the young and
assimilated.
Thirty-seven percent of U.S.
Jews say they’ve participated
in Chabad activities or ser-
vices, including 21% who do so
“often” or “sometimes.” The
latter includes 25% of Conser-
vative Jews, 12% of Reform
Jews, 8% of the unaffiliated
and 6% of Jews of no religion.
Considering that only 10% of
unaffiliated Jews and 8% of
Jews of no religion say they
attend a synagogue of any kind
even a few times a year, Cha-
bad’s numbers are large.
A 2016 study found that
unaffiliated Jews who partici-
pated during college at one of
Chabad’s nearly 200 U.S. cam-
pus chapters had 107% greater
Jewish engagement after col-
lege than similar students
who didn’t participate. Re-
searcher Steven Cohen, for-
merly a professor at Hebrew
Union College, concluded,
“You do not have to be assimi- nal’s letters editor.
be used every two years per-
manently. The expense for the
construction and subsequent
maintenance of the global fa-
cility could be shared among
participating nations as a per-
centage of their economy with
respect to global gross domes-
tic product. The U.S. would
fund 15%, Europe 15%, China
15%, India 7%, Japan 4%, Rus-
sia 3%. The smallest nations
would receive a very small bill.
Where to put such a global
Olympic home? For the winter,
consider St. Moritz, Switzer-
land, which has hosted the
Olympics twice, in 1928 and
1948, and is a recognized cen-
ter of international skiing. The
Swiss are organized and effi-
cient. Switzerland is known
for its political neutrality and
has a reputation as a reliable,
sensible international actor.
The obvious selection for
summer would be Greece. Af-
ter all, the Greeks invented
the games. Like the Swiss, the
Greeks have twice hosted the
forcement authority. But
there’s no guarantee Demo-
crats won’t turn around and
use that to fund their follow-
on $3.5 trillion reconciliation
blowout.
So why did 17 GOP senators
vote to proceed? On the baser
end of the scale, here’s the
dirty little secret: The bill fun-
damentally amounts to a heap
of spending, and some Repub-
licans can spend with the best
of Democrats. The member
press releases are already fly-
ing, bragging about the pork
they are directing back to
their home states.
The more charitable view is
that some Republicans think
the bill helped reduce the rec-
onciliation price tag. (Because
$3.5 trillion is apparently
much better than . . . what?)
Others make the stronger ar-
gument that the show of bi-
partisanship possibly makes it
harder for Joe Manchin or
Kyrsten Sinema to abandon
the filibuster.
Yet these vague unknowns
have to be weighed against the
inevitable cost, the terrible
policies, the bailouts, the cor-
porate welfare and the growth
in federal power and reach—
all of which Republicans claim
to oppose. The Biden White
House wants to remake Amer-
ica fundamentally in Bernie
Sanders’s vision. This is the
moment the GOP needs to be
hammering away at the bad
policy, the risks, and at the
contrasts in governance.
Which gets hard to do when
Senate Republicans are
whooping that Biden agenda
along.
Write to kim@wsj.com.
shows that it’s actually better
to be engaged and Jewishly
learned to succeed.” Pew’s
data suggest that this—the
Chabad approach—is the best
way to reach Jews.
Rabbi Seligson agrees with
progressives that the less in-
volved “want something dif-
ferent.” But they aren’t look-
ing for a watered-down
Judaism. “They’re looking for
something authentic,” he says.
“The minute you have to go
outside of Judaism to answer
their questions, you’ve lost
them. They don’t need a rabbi
for something that’s not Jew-
ish.”
That’s how I felt at Stan-
ford, when on Yom Kippur, the
holiest day of the year, a cam-
pus rabbi sermonized in sup-
port of Black Lives Matter. Ev-
erywhere at university, one
could find opportunities for
political commitment and
therapeutic affirmation. But
Chabad seemed like it might
have wisdom.
Say a nonreligious Jew
drops by Chabad out of nos-
talgia for family Shabbat din-
ners. “We help them appreci-
ate that this deep feeling of
connection to cultural experi-
ences are in fact godly experi-
ences,” Rabbi Seligson says.
How could Jews of no religion
connect this way? “It’s some-
thing called a neshama,” a
soul, he explains with a laugh.
“We’re dealing with things
that are beyond what a Pew
survey is going to pick up on.”
Mr. Kaufman is the Jour-
games, in the summers of
1896 and 2004. Greece is a
member of the North Atlantic
Treaty Organization and a
close friend of the U.S., but
the Greeks also have relatively
good relationships with Russia
and China. Turkey might raise
objections, but both nations
have participated in the games
together, including in Athens
in 2004.
There are many other po-
tential venues, and all of this
would require significant ne-
gotiation. But it would be
worth it to end the expensive
and controversial selection
process. Above all, a fixed lo-
cation would eliminate some
of the nationalism and propa-
ganda that detract from the
true purpose of the games.
Mr. Stavridis is a retired
U.S. Navy admiral, former Su-
preme Allied Commander of
NATO and author of, most re-
cently, “2034: A Novel of the
Next World War.”
Friday, August 6, 2021 | A13
BOOKSHELF | By Brandy Schillace
Bad
Medicine
The Icepick Surgeon
By Sam Kean
(Little, Brown, 358 pages, $29)
A
t first he felt only cold, as near-freezing water rushed
in up to his neck. Soon cold became pain. Inch by inch,
his body froze, the blood receding from his extremities,
his nerves sending excruciating messages to his brain. With
his head kept above water, he couldn’t even count on the
blessed insensibility that comes with drowning. At last he
begged to be shot. Instead, he and other “patients” like him
were put through a series of bizarre warming therapies, from
ambient blanket wraps to alcohol ingestion, skin contact and
hot baths. If he survived, he would be forced to undergo the
procedure again, for he was a research subject of SS chief
Heinrich Himmler, architect of the Holocaust and a number
of unfathomably brutal medical experiments.
Himmler’s hypothermia researchers held prisoners down
in ice baths, saving some, killing many. His researchers also
helped overturn the theory that passive warming—in ambient
warm air—saved the frozen from shock. It didn’t. The only
sure means of preventing shock and death was to warm bodies
actively in hot water. Thanks to Himmler and the Nazis, we
now know this to be true. But what are we to do with this
knowledge? What are the ethics of using data obtained by gut-
wrenchingly awful means?
These are the questions
raised by Sam Kean in “The
Icepick Surgeon: Murder, Fraud,
Sabotage, Piracy, and Other
Dastardly Deeds Perpetrated in
the Name of Science,” and are
easier to answer in the abstract
than in the concretely personal:
If it were your child freezing
to death, would you ignore the
data about rewarming tech-
niques because of how they
were gathered?
“The Icepick Surgeon” begins
in the long ago and far away,
with high-seas piracy and the grim
history of the slave trade. We cringe at the ghastly work of
grave robbers and surgeons in blood-stiff aprons, and laugh at
the comical fights among paleontologists bent on destroying
one another’s careers. Like so many of Mr. Kean’s works,
including “The Disappearing Spoon” (2010) and “Caesar’s
Last Breath” (2017), “The Icepick Surgeon” has its gems of
phraseology. The explorer William Dampier “never met an
animal he didn’t eat,” and his gastric adventures sometimes
led him to endure 30 bowel movements in a single sitting,
until he was “dry-heaving out his arse.” But this book is
more than a gathering of amusing vignettes. As each chapter
compounds, it becomes more difficult to condemn and smirk
without seeing the systemic ways that early sins have crept
into the heart of science and medicine today.
By the time we read about the Nazi experiments in hypo-
thermia, Mr. Kean has reminded us of America’s own focus on
the ends without investigation into the means. The Nuremberg
Code—a set of ethical principles, including patient consent,
that grew out of war-crimes trials in Germany in the late 1940s
—made ethics an “indelible part of medicine,” but it also led
American doctors to boast of their superior moral standing.
“We’re not as bad as the Nazis; therefore we must be okay,”
the thinking went. Then Mr. Kean turns to the experiments
done in 1932 on black patients in Tuskegee, Ala., where doctors
wanted to study the long-term effects of syphilis. Participants
were lied to about whether they had contracted the disease,
and those who were infected were denied necessary treatment.
Over the course of 40 years, the study revealed the progress
and extent of the disease, but only at the expense of some 128
lives, as well as the health of the spouses who were infected
and the children who were born with congenital syphilis.
If your child were freezing to death, would you
ignore the data about lifesaving techniques
because they were gathered unethically?
One of the Tuskegee physicians, John Cutler, went even
further. While in Guatemala studying the effects of various
ointment-like prophylactics, Cutler force-infected prisoners
and psychiatric patients with sexually transmitted diseases
(by rubbing infected pus into abrasions, among other
methods), often without these subjects’ consent. Even by the
relatively lax standards of the day, Mr. Kean writes, “Cutler’s
‘ethically impossible’ work was pretty grievous,” so the doctor
did his best to hide his methods. He later went on to work for
the World Health Organization in the battle against venereal
disease in India, and would serve as an assistant to the U.S.
surgeon general. Before the discovery of his early work in
Guatemala, Mr. Kean tells us, Cutler’s record was spotless. “So
how can these two Cutlers be the same person?” Mr. Kean asks.
It’s a two-faced practice of science and medicine that has
been with us since the 18th-century anatomist John Hunter
provided the inspiration for Dr. Jekyll and Mr. Hyde. This
duality courses through the later sections of Mr. Kean’s
book, in chapters about mass mobile lobotomies, scientists-
turned-spies and the story of sexologist John Money, who
coined our usage of “gender” but whose zeal for performing
sex-assignment surgery on intersex babies led to many
broken lives.
Mr. Kean ends his book with a glimmer of hope but also an
appendix on the future, with its potential for new scientific
and medical crimes against humanity. What are our obligations
to the settlers who ultimately make it to Mars? Robot murder
may seem unlikely, but if we continue to make strides toward
artificial intelligence, at what point do glitches become crimes?
As we expand our understanding (and use) of DNA, what
ethical frameworks need to be in place? As usual, the “can”
generally arrives before consideration of the “should.”
Science, Mr. Kean reminds us, is “an inherently
socialprocess.” We have much to gain by the progress of
science, but “shortchanging human rights or ignoring human
dignity” will end up undermining “the very conditions that
make science possible.” It takes honesty and integrity to
make good science; we ignore this at our peril.
Ms. Schillace is the editor in chief of the journal Medical
Humanities and the author, most recently, of “Mr. Humble and
Dr. Butcher.”
Coming in BOOKS this weekend
‘First Friends’: Our presidents’ powerful personal advisers
• The trials of D.H. Lawrence • The French build a railroad
in colonial Congo • Hitler’s war on art • New novels by
Ha Jin & Megan Abbott • Women of the Old West • & more
A14 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Electric Vehicle Welfare State Fauci and the CDC Undermined Public Trust

W
hat a spectacle. We’re referring to the stricter Biden targets by manufacturing more In times of public-health emer- More recent vacillation includes
the political advertisement that auto EVs. Thus the companies are lobbying for more gency, the federal government takes ever-changing advice on masks, a re-
on the role of a provider of informa- evaluation of the lab-leak theory, the
makers staged with President Biden subsidies: If government mandates that they
tion. Unfortunately, as “The CDC’s confidence-undermining pause on the
on Thursday endorsing the build EVs, it must then pay Delta Variant Panic” (Review & Out- Johnson & Johnson vaccine, and now
Administration’s stricter fuel- Car makers back the people to buy them. EV buyers look, July 31) illustrates, our govern- encouraging alarmism with mislead-
economy rules and climate
agenda. Behold Big Business
Biden climate agenda in in some states like California
can already pocket $10,000 or
ment has fallen into a pattern of not
only vacillating between contradic-
ing claims about the number of Delta
variant breakthrough cases. Despite
colluding with Big Govern- return for subsidies and more in taxpayer largesse. tory positions, but also fanning the this stream of inconsistent messages,
ment to grab subsidies and The big problem for auto flames of Covid-19 misinformation. these public-health authorities are
raise consumer prices.
higher consumer prices. makers is that EVs remain im- This pattern extends to the earliest routinely invoked by journalists and
The White House pre- practical for many drivers days of the pandemic. Far from pro- social-media fact checkers as the
viewed the electric-vehicle who live outside cities. While viding leadership, agencies such as standard against which “Covid misin-
promo with joint statements from auto mak- EVs are less expensive to maintain than cars the Centers for Disease Control and formation” is to be judged.
Prevention and figures such as An- A year and a half of placing politi-
ers, the United Auto Workers and California that run on gasoline, batteries need to be re-
thony Fauci have a record of project- cal expediency over scientific accu-
Gov. Gavin Newsom. Ford, GM and Stellantis charged every 200 to 300 miles, which can take ing their own unfounded speculation racy has taken its toll on the public.
(formerly Fiat Chrysler) announced their at least 30 minutes even with today’s fastest as authoritative scientific judgments By failing to acknowledge the limita-
“shared aspiration” for electric cars to make chargers. Most people don’t want to wait that on matters in which they lack clear tions of their own knowledge and re-
up 40% to 50% of their sales in 2030. EVs make long when they’re on the road. evidence. Recall how the CDC spent peated errors of judgment, Dr. Fauci
up a mere 3% of current U.S. sales, and most Auto makers also need a major battery tech- spring 2020 attempting to dissuade and the CDC have undermined the
are Teslas. nology breakthrough to reduce the manufactur- the public from buying masks, how very trust they seek to command. If
“This represents a dramatic shift from the ing cost—about $10,000 to $12,000 more on av- Dr. Fauci described the risk of Covid public trust in science declines as a
U.S. market today that can be achieved only erage than gas-powered cars—increase their to the U.S. as “minuscule” in late Feb- result, these officials have only them-
with the timely deployment of the full suite of range and reduce their charge time. For now ruary 2020, and how “two weeks to selves to blame.
flatten the curve” morphed into two PHILLIP W. MAGNESS
electrification policies committed to by the Ad- most companies are losing thousands of dollars
months, then a year. Great Barrington, Mass.
ministration,” including government incentives on every EV they sell, which they compensate
for consumers, charging stations and battery for by charging more for the gas-powered
manufacturing, Detroit’s auto makers said. For trucks and SUVs that the vast majority of Amer-
“incentives,” read subsidies. icans still prefer.
BMW, Ford, Honda, Volkswagen and Volvo The companies hope to lower EV costs over
Reverse Repos Don’t Shrink the Money Supply
seconded the need for “bold action from our time through economies of scale in manufactur- Phil Gramm and Thomas R. Saving sets; it creates the necessary money
partners in the federal government.” Politicians ing. This is another reason they are begging for introduce their op-ed “How the Fed Is out of thin air. The Fed’s ability to
as partners? The five auto makers previously government subsidies to increase sales. But Hedging Its Inflation Bet” (Aug. 2) by pay interest on reserves is signifi-
struck a deal with California to reduce their auto makers don’t want to drive the electric stating a fact: “The growth of the M2 cant, but not for the reasons the au-
greenhouse gas emissions after the Trump Ad- highway alone because then they could lose money stock fell from around 25% in thors give.
2020 to around 10% on an annualized They suggest paying interest on re-
ministration eased the Obama corporate aver- money while others churn out profits. The solu-
basis in the first six months of 2021.” serves encourages banks to hold their
age fuel-economy (Cafe) standards. tion? Collusion with the Biden Administration They then proceed to explain that excess reserves rather than “use the
The Biden Administration is adopting the to regulate competition across the industry and this deceleration has occurred be- overhang . . . to increase lending.”
California deal as the framework for its revised raise prices for consumers. cause the Fed has been able to drain Banks in aggregate must hold the re-
Cafe rules from 2023 to 2026. The mileage man- i i i “almost a trillion dollars of liquidity serves the Fed creates; they can lend
date will increase by 10% in 2023 from the exist- Auto makers have been touting their increas- out of the financial system” since them to one another, but not to any-
ing standards in 2022 and then by 5% each year ing EV sales and claim electric cars are the “fu- April via its reverse-repurchase facil- one else. By paying interest on re-
through 2026 to 52 miles per gallon by 2026. ture.” Great. Then government doesn’t need to ity. Their argument rests on faulty serves, the Fed can free its interest-
They will also earn extra regulatory credits for subsidize them. Steve Jobs never asked the gov- theory and doesn’t hold water. rate decision from that of how big a
producing more EVs. ernment to pay people to buy iPhones or to fi- The notion that a trillion dollars in balance sheet to have, gaining an ex-
Manufacturers no doubt don’t want to be re- nance their production. reverse repos has reduced the money tra monetary-policy tool. If the Fed
supply by even one dollar is nonsen- paid zero interest on reserves, as it
minded of this, but they begged President And CEOs wonder why Americans have
sical. Reverse repos are a liability of did before the financial crisis, it
Trump to roll back the Obama standards, which soured on big business. This isn’t capitalism. the Fed and an asset of the banks and wouldn’t be able to maintain a large
all but three couldn’t attain without regulatory It’s corporate socialism, or state capitalism. We money-market mutual funds (MMMF) balance sheet and target a nonzero
credits banked from earlier years. The Biden hope these corporate titans enjoy their new that loan funds to the Fed via reverse federal-funds rate.
rule allows them to continue to roll over some government “partners.” Maybe they can put repos. Deposit liabilities of both PAUL SHEARD
of these credits. Elizabeth Warren and Bernie Sanders on the banks and MMMFs are constituents Harvard Kennedy School
Yet auto makers will only be able to achieve corporate board. of the money supply. These liabilities New York
remain unaffected by the choice
banks and MMMFs make about The article implies that the Fed
Biden Breaks Some More China whether to place their assets in the
Fed’s reverse-repo facility, Treasury
has made an intentional policy deci-
sion to restrict the money supply by

T
bills or elsewhere. Contrary to the “borrowing” from financial institu-
he sad reality for any President watch- The Biden Administration’s suspension of Gramm-Saving analysis, the Fed’s re- tions via reverse-repo agreements
ing Beijing dismantle a free and vibrant deportations follows its business advisory last verse-repo program has no effect on (the temporary sale of government
Hong Kong is that the outside world has month warning U.S. companies that doing busi- the money supply. securities from the Fed’s vast hold-
few options to stop it. So ku- ness in a territory where Bei- JOHN GREENWOOD ings). This is misleading. The volume
dos to President Biden for The U.S. offers refuge jing is enforcing a new na- Chief economist, Invescoof reverse repos is determined not
finding one that at least deliv- to Hong Kongers tional security law carries Londonby Fed policy, but rather by financial
ers relief to those in personal “potential reputational, regu- institutions’ demand for reverse re-
jeopardy. afraid to return home. latory, financial, and, in cer- PROF. STEVE H. HANKE pos due to excess liquidity and the
Secretary of State Antony tain instances, legal risks as- Johns Hopkins University need for strong collateral. The Fed is
Blinken announced Thursday sociated with their Hong Kong Baltimore not a borrower asking the financial
markets for a loan. It is simply try-
that the U.S. will offer Hong Kongers “safe ha- operations.”
Messrs. Gramm and Saving claim ing to maintain orderly financial
ven” for 18 months from forced departure from GOP Sen. Ben Sasse of Nebraska underscored that “the payment of interest on re- conditions.
the U.S. if they fear returning to the city. He says the bipartisan American support for Hong Kong serves allowed the Fed to borrow EM. PROF. ROBERT F. STAUFFER
the step is a response to China’s “sweeping Na- by applauding the President’s move as “a solid money from the banking system to Roanoke College
tional Security Law,” which has “fundamentally step,” but he wants the U.S. to go further. He buy Treasurys and mortgage-backed Salem, Va.
altered the bedrock of Hong Kong’s institutions.” says Washington should “offer full asylum to securities without inflating the
Hong Kongers have ample reason to fear, given Hong Kongers who flee Chairman Xi’s brutal op- money supply.” The Fed does not
that police there are now arresting people even pression.” Mr. Sasse is right. Mr. Biden should borrow from banks when it buys as- Safe Driving Isn’t Always
for booing the Chinese national anthem. also press Beijing to release such Hong Kongers The Same as Slower Driving
In January the British did their part for as publisher Jimmy Lai and others who have
Hong Kongers by giving holders of British Na- been imprisoned merely for supporting free- The Oil Lobby’s Climate- One letter (“Traffic Laws and Soci-
eties That Flout Them,” Aug. 4) criti-
tional (Overseas) passports the option to reset- dom and democracy. Change Stance Isn’t Credible cizes the Transportation Committee
tle in the U.K. and apply for citizenship. A Washington can’t stop President Xi Jinping The goal of the American Petro- of the New York state Assembly for
Home Office fact sheet reckons that there are from turning his wrecking ball on Hong Kong. leum Institute is to maintain our reli- refusing to bring safety-promoting
2.9 million BN(O) holders in Hong Kong, with But opening America’s doors, as the British have ance on oil and gas. To expect its bills to the floor. I don’t dispute the
a further 2.3 million eligible dependents—im- done, would give desperate Hong Kong people help passing effective legislation on need for safer driving and compliance
pressive numbers given the city’s total popula- another escape route—and the United States the climate change is a misplaced expec- with traffic laws. But what’s holding
tion of 7.5 million. benefit of their talents and enterprise. tation (“Oil Lobby Shifted on Climate up the committee members is likely
Policy, and Won Few Friends,” Page the uncompromising nature of the
One, July 29). The leadership’s state- proposed laws. The best example is
Everyone Else Gets Fed Up ment of support for carbon pricing is Sammy’s Law, which would allow
a response to growing pressure, but New York City to lower the speed

O
as an organization it is doing all it limit to 20 miles per hour on all
f all the central bankers in the world, we’d peers in the eurozone, Japan and especially the can to maintain the status quo. streets, even wide boulevards.
least like to be Andrew Bailey of the Bank U.S. are determined to press ahead with their Corporations and large trade Speed is not the only cause of
of England. His unenviable task is figur- own pandemic policies even as their economies groups can issue words of support for crashes that kill and injure people,
ing out how—or whether—to enter the post-pandemic action on climate change, but they’re and the maximum safe speed varies
rein in accelerating inflation in U.K. inflation leaves phase of reopening and recov- only words. When trade associations’ greatly with the character of a street.
the United Kingdom without policy makers in a bind ery. Were Mr. Bailey to shift actions start reflecting corporate A balanced approach to the speed
help from the Federal Reserve toward normalization before leadership’s words, then we will have limit would use traffic engineering, a
or the European Central Bank. if the Fed won’t act, too. anyone else, it’s hard to pre- a carbon price with a global impact. science that respects the judgment of
Faced with this conundrum, he dict the consequences. We’ll do it without spending trillions, the average experienced driver and
punted again at a Thursday pol- A particular concern might without subsidies and without adding arrives at a sensible posting after
to our government bureaucracy. adding analysis of relevant crash
icy meeting. be hot-money inflows from global investors
CRAIG PRESTON data. An arbitrary 20 mph citywide
The BOE’s monetary-policy committee kept desperate for yield. This would raise concerns Costa Mesa, Calif. speed limit, enforced by a legion of
the benchmark bank rate at a historic low 0.1% about an uncontrolled appreciation of the robotic cameras, might discourage
and announced it will complete its full schedule pound, with unpredictable price effects given those who drive too fast, but it would
of £895 billion in bond purchases by the end the U.K.’s mix of imports and exports. It’s hard Restrictions for Americans, also ensnare any number of drivers
of this year under the pandemic quantitative to blame Mr. Bailey for not being eager to find who exercise good judgment.
easing program. It could have decided to cut out what those effects might be.
None for Illegal Immigrants JOHN BAXTER
short that program with £45 billion left to buy. In this environment, the central bank is do- What spreads faster, Covid or hy- Flowood, Miss.
Commentators purport to hear a newly hawk- ing what it can. Its most hawkish statement pocrisy? I couldn’t agree more with
ish tone about the possibility the BOE may came in the Monetary Policy Report released Jason Riley: “If Biden Is Serious
scale back its pandemic stimulus sooner than after Thursday’s meeting, in which Mr. Bailey About Covid, He’ll Protect the Border” Pepper ...
(Upward Mobility, Aug. 4). New York
expected. But that’s all it is: a tone. The hawks & Co. set out their roadmap for exiting pan-
City is requiring proof of vaccination
And Salt
may be squawking from the tree branches but demic policies. They now say they’d start scal- for everything from dining out to go- THE WALL STREET JOURNAL
they’re not in flight. ing back the portfolio of assets accumulated ing to the gym. The CDC recommends
If Mr. Bailey had the luxury of setting policy under QE once the benchmark Bank rate masking for schoolchildren. They im-
solely on the basis of developments within the reaches 0.5%. Previously they said the rate pose restrictions on Americans while
British economy, this would be reckless. Britain would have to reach 1.5%. The BOE is warning illegal immigrants are coming over
is one of the developed world’s standouts in its markets it will move more rapidly toward nor- the border, not tested, kept in
recovery from the pandemic and lockdowns. Al- malization when the time comes. crowded spaces and then sent to cit-
though GDP remains well off its pre-pandemic As for how to know when the time is here, ies where they can spread the virus.
levels and growth was hobbled by the lockdown it’s a quaint idea but this would be a great MATINA KANTZAVELOS
Morton Grove, Ill.
earlier this year, other indicators are popping moment for renewed coordination among
back to life. Employment in some regions now central banks. It’s becoming clearer that none
Letters intended for publication should
exceeds the pre-pandemic level, and the unem- of them will be able to normalize alone, and be emailed to wsj.ltrs@wsj.com. Please
ployment rate is falling while job vacancies and with inflation accelerating around the world include your city, state and telephone
hours worked shoot up. Consumer-price inflation none of them can afford not to act. What’s left number. All letters are subject to “We don’t mind that you want
is 2.4% year-on-year and climbing. is to decide they’ll start normalizing policy editing, and unpublished letters cannot to live back home after college,
be acknowledged.
But he doesn’t have that solo luxury. His together. but you’re not our son.”
THE WALL STREET JOURNAL.
Climate Change Doesn’t Cause All Disasters
By Bjorn Lomborg
E
verybody talks about the
weather, but nobody does
anything about it. That old
quip, often attributed to
Mark Twain or his friend
Charles Dudley Warner, now guides
most news coverage of severe
weather. The media say that natural
disasters are a result of climate
change and we need to adopt radical
policies to combat them.
But this framing tells only a small
part of what is scientifically known.
Take the recent flooding in Germany
and Belgium, which many, including
German Chancellor Angela Merkel,
Warming annually
causes about 120,000 heat
deaths but prevents nearly
300,000 cold deaths.
are blaming on climate change. Yet a
new study of more than 10,000 rivers
around the world shows that most
rivers now flood less. What used to
be a 50-year flood in the 1970s hap-
pens every 152 years today, likely
due to urbanization, flood-control
measures, and changes in climate.
Some rivers still flood, and re-
porters flock there, but more scare
stories don’t mean more global
flooding. The river Ahr, where most
Have No Illusions About the U.S. Withdrawal From Afghanistan
Is Afghanistan des-
tined to return to bar-
barism? Some hope
that the hasty and
haphazard U.S. with-
drawal won’t lead to
Taliban rule or that
EAST IS
the jihadist group will
EAST
govern more gently
By Sadanand
than before. That op-
Dhume
timism is misplaced,
and the disaster likely
to come will have global consequences.
Many observers fear that the Tali-
ban will soon re-establish an Islamic
emirate in Afghanistan. Scarcely a
day passes without news of their ad-
vances. They now control about half
of Afghanistan’s roughly 400 dis-
tricts. Taliban fighters are at the
gates of or inside at least three im-
portant provincial capitals—Herat,
Kandahar and Lashkar Gah. They
have captured border crossings with
Iran, Turkmenistan and Tajikistan
and the strategic town of Spin Boldak
on the Pakistan border. At times, Af-
ghan government troops have fled in
disarray or surrendered U.S.-pro-
vided equipment.
Atrocities have accompanied the
Taliban’s battlefield gains. A video
last month purportedly showed the
Taliban executing 22 Afghan govern-
ment special forces after they surren-
dered. On Monday the U.S. and the
Could the Covid Vaccine (and Others) Prevent Alzheimer’s?
By Allysia Finley
C
ovid vaccines enormously re-
duce the risk of death and hos-
pitalization in those who have
been infected by the novel coronavi-
rus. But could they also help protect
seniors against dementia and Alzhei-
mer’s disease? There’s reason to
hope so.
Growing evidence indicates that
seniors who get vaccinated against
illnesses such as tetanus and even
the flu are much less likely to de-
velop Alzheimer’s, the leading cause
of dementia, characterized by a
buildup of amyloid plaque and tau
tangles in the brain. Scientists don’t
completely understand why, but
many hypothesize that vaccines gen-
erate a systemic immune response
that can reduce inflammation in the
brain, which results in neuron loss
and cognitive decline.
Among the first pieces of evi-
dence was a 2001 study that tracked
roughly 3,600 Canadians over 65.
After adjusting for age, sex and edu-
cation, the researcher found that
past vaccinations for diphtheria/tet-
anus, poliomyelitis and influenza
were associated with a 59%, 40%
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Neal Lipschutz Karen Miller Pensiero
Deputy Editor in Chief Managing Editor
Jason Anders, Chief News Editor
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Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
of the German flood deaths occurred,
had a spectacular flow on July 14,
2021, but it was lower than deadly
flows in 1804 and 1910. The real
cause of increased fatalities from
riverine flooding in Germany and
many other places is more people
building settlements on flood plains,
leaving the water no place to go. In-
stead of more solar panels and wind
turbines to combat climate change,
riverside communities need better
water management. And foremost,
they need a well-functioning warning
system so they can evacuate before
disaster strikes.
Here, Germany has failed spectac-
ularly. Following the deadly Euro-
pean floods in 2002, Germany built
an extensive warning system, but
during a test last September most
warning measures, including sirens
and text alerts, didn’t work. The Eu-
ropean Flood Awareness System
predicted the floods nine days in ad-
vance and formally warned the Ger-
man government four days in ad-
vance, yet most people on the
ground were left unaware. Hannah
Cloke, the hydrologist who set up
the system, called it “a monumental
failure.”
But of course, blaming the deadly
floods on climate change instead of
taking responsibility for the missed
early warnings is convenient for pol-
iticians like Ms. Merkel, who, during
a visit to Schuld, a devastated village
on the Ahr, said, ”We must get faster
in the battle against climate change.”
U.K. accused the Taliban of murder-
ing civilians in Spin Boldak.
Last month the Taliban brutalized
and murdered Danish Siddiqui, an In-
dian Pulitzer-prize winning photo-
journalist with Reuters. They also
murdered a folksy Afghan comedian
known for poking fun at them. In
some places, Taliban commanders
have reportedly demanded lists of
widows and unmarried women be-
tween 15 and 45 to be married off to
their fighters. They have murdered
civil society leaders, closed girls’
schools, and forced women out of
public roles.
They haven’t yet reinstated the
classical Islamic punishment of am-
putating limbs for theft, but a Taliban
spokesman told this newspaper that
this was only because they first need
to establish the appropriate health-
care apparatus.
Should the jihadist group re-estab-
lish its emirate, Afghanistan would
again become the global center of a
dangerous ideology fundamentally at
odds with modernity and closely linked
to al Qaeda. Ordinary Afghans—espe-
cially women, educated professionals
and religious minorities—will suffer
most acutely. But the shock waves will
reverberate around the world.
“What happens in Afghanistan
doesn’t stay in Afghanistan,” Bill Rog-
gio, an expert on Islamist terrorism
and 25% lower risk for Alzheimer’s,
respectively.
The study had shortcomings. The
differences discovered between the
vaccinated and unvaccinated groups
could have been due to confounding
variables. People who get vaccinated,
for instance, may also be more likely
to get regular checkups and suffer
fewer underlying conditions like dia-
betes that increase the risk for Alz-
heimer’s.
But more-recent studies con-
trolled for these factors and still
found a strongly beneficial associa-
tion between vaccines and Alzhei-
mer’s. A research article published
in the Journals of Gerontology in
April examined the link between
Alzheimer’s and the Tdap (tetanus,
diphtheria and pertussis) vaccine. By
using health records from the Veter-
ans Health Administration and a
large database of private medical
claims for seniors over 65, research-
ers could adjust for variables such
as demographics, health-services
utilization, health conditions and
medications. After these adjust-
ments, they found that seniors who
had received the Tdap vaccine had a
42% lower risk of developing demen-
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Daniel Bernard, Chief Experience Officer;
Mae Cheng, SVP, Barron’s Group; David Cho,
Editor of Barron’s Group; Jason P. Conti, General
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EVP, Business Information & Services; Robert Hayes,
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Consumer & Chief Marketing Officer
EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
OPINION
The Ahr River in Germany during the flood, July 15.
Similarly, climate change is often
blamed for wildfires in the U.S., but
the reason for them is mostly poor
forest management like failing to re-
move flammable undergrowth and
allowing houses to be built in fire-
prone areas. Despite breathless cli-
mate reporting, in 2021 the burned
area to date is the fourth-lowest of
the past 11 years. The area that
burned in 2020 was only 11% of the
area that did in the early 1900s. Con-
trary to climate clichés, annual
global burned area has declined
since 1900 and continues to fall.
We have data on global deaths
from all climate-related weather di-
sasters such as floods, droughts,
storms and fire from the Interna-
tional Disaster Database. In the
at the Foundation for Defense of De-
mocracies, says in a phone interview.
“If it did, we wouldn’t have to care as
much.”
If this sounds familiar, it’s because
we’ve seen this movie before. Long
before the Islamic State shocked the
world with its bloodthirsty caliphate
in Iraq and Syria, the Taliban set the
global benchmark for the horrors of
jihadist rule.
The Taliban doesn’t care
about human rights any
more than they did in 2001
and likely will take power.
Between 1996 and 2001, when they
last held Kabul and controlled much
of the country, the Taliban banned
television and music, prevented girls
from studying after puberty, and
forced men to grow beards. Taliban
fighters prodded women into all-en-
veloping burqas and prevented them
from leaving home without a male
chaperone. They razed the historic
Bamiyan Buddhas for offending their
sensibilities, and slaughtered hun-
dreds of Hazara Shiites. They repur-
posed Kabul’s soccer stadium for
public executions.
tia than those who hadn’t.
The BCG vaccine for tuberculosis
is mostly distributed at birth in de-
veloping countries. But it is also a
common (though not the only) ther-
apy for early-stage bladder cancer.
Comparing bladder-cancer patients
treated with BCG with those who
weren’t can eliminate confounding
effects since patients aren’t self-se-
lecting into either group.
In a study published this spring in
the journal Vaccines, researchers in
Israel and the U.S. examined health
records for some 12,185 bladder-can-
cer patients treated in both coun-
tries from 2000-19. They found that
patients over 75 who received BCG
treatment had a 27% lower risk for
Alzheimer’s some 3½ to seven years
later.
“We attributed BCG’s beneficial
effect on neurodegenerative dis-
eases to a possible activation of
long-term nonspecific immune ef-
fects,” the authors wrote. For in-
stance, the BCG treatment increased
the levels of anti-inflammatory cy-
tokines, which could lead to an in-
crease in beneficial T-cells that help
regulate inflammation. The mRNA
Covid vaccines have also been found
Notable & Quotable: Trumka
From the Journal’s Sept. 19, 2009,
Weekend Interview with AFL-CIO
President Richard Trumka, who died
Thursday at 72:
“Workers don’t get to bargain over
the type of car that’s produced,” he
says. “We don’t get to bargain over
what kind of capital expenditures will
be made. We’re prohibited from do-
ing that. Quite frankly we believe that
a good manager is a worker’s best
friend. A bad manager—we pay the
price every time. A guy who got up
everyday and built the best car that
he could, how is he at fault?”
“Well, if he made double what the
Friday, August 6, 2021 | A15
cause about 6,000 deaths in 2021.
With greater wealth and technologi-
cal development, we no longer see
half a million or even 18,000 lives
BORIS ROESSLER/PICTURE ALLIANCE VIA GETTY IMAGES
lost to climate-related weather di-
sasters, but 6,000.
Every death is a tragedy, yet cur-
rent warming is avoiding many more
tragedies.
One of the few well-documented
effects of climate change is more
heat waves, which have made head-
lines around the world this summer.
But global warming also reduces
cold waves, which kill many more
people globally than heat waves, ac-
cording to a new study in the Lancet.
According to the study, tempera-
ture increases over the past two de-
cades in the U.S. and Canada cause
1920s, these disasters killed almost about 7,200 more heat deaths a year.
half a million people on average each But the study also shows that warm-
year. The current climate narrative ing prevents about 21,000 cold
would suggest that natural disasters deaths a year. Globally, the study
are ever deadlier, but that isn’t true. shows that climate change annually
Over the past century, climate-re- causes almost 120,000 additional
lated deaths have dropped to fewer heat deaths but avoids nearly
than 20,000 on average each year, 300,000 cold deaths.
even though the global population Climate change is a real problem
has quadrupled since 1920. we should fix. But we can’t rely on
And look at 2021, which is now apocalyptic stories when crafting
being branded the year of climate ca- policy. We must see all the data.
tastrophes. Add the deaths from the
North American heat dome, from Mr. Lomborg is president of the
floods in Germany and Belgium, from Copenhagen Consensus and a visiting
Indian climate-related catastrophes fellow at the Hoover Institution. His
that you may not have heard about, latest book is “False Alarm: How Cli-
and from more than 200 other catas- mate Change Panic Costs Us Tril-
trophes. Adjusted to a full year, cli- lions, Hurts the Poor, and Fails to Fix
mate-related weather disasters could the Planet.”
At the time, only three nations mus toward music, television, uncov-
recognized the Taliban government: ered women and clean-shaven men.
Saudi Arabia, the United Arab Emir- In May, a report by the United Na-
ates and Pakistan, whose military in- tions Security Council pointed out
telligence agency played a pivotal that the Taliban retains its close links
role in arming and supplying the to al Qaeda—both ideological and fa-
group. The Taliban flouted American milial, reinforced by marriage. They
concerns about terrorism by giving see no good reason to dilute their
refuge to Osama bin Laden. In 1999 ideology.
terrorists hijacked an Indian Airlines In a report for the Atlantic Council
plane to Taliban-controlled Kandahar. earlier this year, Tamim Asey, a for-
Will this time be different? As the mer Afghan deputy minister of de-
argument goes, the Taliban now rec- fense, pointed out that the Taliban
ognize that they erred by hosting al “sees itself as unique within the jiha-
Qaeda in the 1990s. They have since dist universe in having defeated the
pledged to the U.S., among others, United States and forcing it to negoti-
that they will not allow Afghan terri- ate an exit.” Mr. Roggio says a Tali-
tory to be used by terrorists. ban victory in Afghanistan would
Some analysts argue that Afghan- represent “a monumental recruiting
istan has progressed too much over boon” for al Qaeda.
the past two decades to permit a re- Many Afghans are already fleeing
turn to harsh Taliban rule. In 2006 the country, raising fears of a refugee
the American University in Kabul crisis similar to the one that engulfed
counted only one woman out of 51 Europe in 2015. Governments in
students. It now graduates 250 stu- South Asia and beyond are bracing
dents a year, 40% of them women. for blowback, knowing that jihadists
For their part, the Taliban have will likely interpret a Taliban victory
tried to polish their image by reas- as proof that God is on their side.
suring Western reporters that they After two decades of fighting, you
will not ban the internet, smart- can see why the Biden administra-
phones or television, and that they tion—like the Trump administration
will respect women’s rights and mi- before it—wants out. But we should
nority rights. be clear-eyed about what this means.
These consolations don’t bear Afghanistan will return to brutality,
scrutiny. As this newspaper has re- and the world will have to cope with
ported, the Taliban retain their ani- the consequences.
to generate such cytokines. Alzheimer’s by 25% to 30% after ad-
Another study, from the Mon- justing for potentially confounding
tefiore Medical Center and Albert variables.
Einstein College of Medicine in the The study didn’t find a beneficial
Bronx, published this spring in the effect from the flu vaccine alone, but
Clinical Genitourinary Cancer jour- the effects could hinge in part on
nal, found that bladder-cancer pa- timing and frequency. Another study
tients who received BCG treatment last year, from the University of
had a 60% lower risk of developing Texas’s McGovern Medical School,
Alzheimer’s and other dementias found that seniors who received flu
than patients who did not. vaccines more often and got their
first before they turned 60 were sig-
nificantly less likely to develop Alz-
There’s growing evidence heimer’s. The flu vaccine generates a
weaker immune response than many
that inoculation confers other vaccines, so perhaps repeated
significant protective vaccinations are needed to have a
positive effect.
benefits. It hasn’t been proved that vac-
cines actually reduce the risk of Alz-
heimer’s, but multiple studies using
What about vaccines that are different designs and populations
more common? A study last year support this theory. It’s also un-
sponsored by the National Heart, known whether Covid vaccines may
Lung and Blood Institute examined impart a similar protective benefit,
data from more than 5,000 people 65 but they trigger a strong systemic
and over who participated in a car- immune response like some of the
diovascular-health study. The re- other studied vaccines.
searchers found that getting a pneu- What’s more, Cleveland Clinic re-
monia vaccine between ages 65 and searchers this summer discovered
75 (the vaccine is recommended for that Covid infections “significantly
adults over 65) reduced the risk of altered Alzheimer’s markers impli-
cated in brain inflammation,” sug-
gesting that the virus could trigger
changes in the brain that result in
dementia similar to Alzheimer’s.
There’s still a lot scientists don’t
worker at a transplant foreign car- understand about both Alzheimer’s
maker in Alabama . . .” and Covid. But one silver lining of
Mr. Trumka jumps in: “What about the pandemic has been the increased
the guy on Wall Street that made $2 attention paid to vaccines, including
billion a year. Is he at fault? . . .” for common ailments like the flu and
I try to bring the discussion back pneumonia. Some 80% of seniors
to cars, asking him why . . . Toyota have been fully vaccinated against
and BMW manufacture and succeed Covid, and a similar share last year
in America while GM and Ford don’t. got the flu vaccine.
“You’re not comparing apples with Who knows? Perhaps years from
apples. All these new ones you’re now many fewer people than ex-
pointing to have no legacy costs. . . .” pected will have developed Alzhei-
The conversation goes on in this mer’s, and we may have the Covid
vein for a while, Mr. Trumka at turns vaccines to thank.
laughing and needling, with greedy
bankers and corporate America a fa- Ms. Finley is a member of the
vorite target. Journal’s editorial board.
A16 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

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Viacom Adds 6.5 Million Users Gensler

Comcast’s Sky TV to Net additions to global
streaming subscribers
Major segment revenue in 2Q
YOY change
Operating income Braces
For Clash
6.5M
distribute Paramount+ $3.5B s8%
15% $2.0 billion
6 million Cable Networks
streaming service in
10
European markets 2.8 s23%

In Crypto
5 TV
1.5
BY BENJAMIN MULLIN 5
4 Film 0.7 s3%

Markets
ViacomCBS Inc. said it 0 1.0
added 6.5 million streaming 3
subscribers across its plat- Total revenue, change from
forms in the second quarter 2 a year earlier –5
and unveiled a partnership 0.5 BY DAVE MICHAELS
with Comcast Corp.’s Sky TV AND ALEXANDER OSIPOVICH
unit to distribute its Para- 1 –10
mount+ service in several Eu- Securities and Exchange
ropean markets. 0 –15 0 Commission Chairman Gary
The company, which owns Gensler this week declared war
2019 ’20 ’21 1Q 2020 2Q 3Q 4Q 1Q 2021 2Q 2019 ’20 ’21
the CBS broadcast network, on what he called the Wild
the Paramount studio and ca- Source: the company West of crypto trading, prom-
ble channels such as MTV and ising a vigorous attack on
Comedy Central, said revenue fraud and misconduct. But
increased 8% to $6.56 billion progress is likely to be more
in the quarter, powered by piecemeal and incremental
gains in streaming video and than wholesale and sudden.
advertising sales. Mr. Gensler outlined his de-
Viacom’s operating income sire to regulate digital assets
PETER MOUNTAIN/PARAMOUNT+/ASSOCIATED PRESS

decreased 2% to $1.23 billion, such as bitcoin and other

due in part to the costs asso- crypto products to the same
ciated with Paramount+ and extent as stocks, bonds and
COMEDY CENTRAL/EVERETT COLLECTION

lower licensing revenue com- commodity-related trading in-

pared with a year earlier, struments. He told the Aspen
when there was a substantial Security Forum on Tuesday
gain from licensing “South that his priorities include
Park” to WarnerMedia. newer innovations such as sta-
The agreement with Com- blecoins and decentralized fi-
cast makes Paramount+ avail- nance, products that are begin-
able free to subscribers of ning to draw more mainstream
Comcast’s Sky Cinema service investors.
in Sky markets including the The impulse to regulate
U.K., Switzerland, Italy and ViacomCBS said that it has struck a six-year deal with the creators of ‘South Park.’ A scene from Paramount+’s ‘Infinite.’ these markets is growing more
Germany, the company said. evident around the globe.
The pact also extends the discuss how the companies movies for Paramount+. Via- growing by itself but is open Noggin, said it now has 42 Japan’s top financial regulator
deal to carry ViacomCBS could join forces in interna- comCBS is paying Messrs. to opportunities that would million total streaming sub- said Wednesday that plans to
channels on Sky’s pay-TV sys- tional markets. Stone and Parker $900 mil- benefit shareholders. scribers. ViacomCBS didn’t combat money laundering
tems. Also on Thursday, Viacom- lion in the deal, according to “We believe organic execu- disclose how many subscrib- would also include digital cur-
The Wall Street Journal CBS said that it has struck a a person familiar with the tion continues to be the right ers Paramount+ has but said rencies.
last month reported that six-year deal with “South matter. Bloomberg earlier re- path for Viacom, CBS and our it fueled gains in the quarter. Mr. Gensler’s mission faces
Comcast Chief Executive Park” creators Trey Parker ported on the creators’ deal. shareholders,” he said. The company’s streaming several obstacles, including the
Brian Roberts met with Via- and Matt Stone that covers Asked on an earnings call ViacomCBS, which also has revenue grew by 92% in the cryptocurrency industry’s his-
comCBS Chairwoman Shari six new seasons of the “South whether ViacomCBS could be streaming services for Show- second quarter to $983 mil- torical resistance to following
Redstone and ViacomCBS Park” TV show on Comedy a candidate for a merger, Mr. time and BET as well as the lion, with $481 million gener- SEC rules. Because so many
Chief Executive Bob Bakish to Central and 14 “South Park” Bakish said the company is children-oriented service Please turn to page B2 crypto developers have by-
passed the SEC’s front door,
the agency has tried to rein

Qualcomm Counters Bid for Auto-Tech Firm

BY MATT GROSSMAN computers to help control
AND ASA FITCH speed and steering have
found their way into a larger
Qualcomm Inc. has made a share of auto makers’ product
$4.6 billion offer to buy auto- lineups.
technology company Veoneer Qualcomm said Thursday it
Inc., moving to outbid Magna bid $37 a share for Veoneer.
International Inc. as the semi- The offer comes two weeks af-
conductor company’s new ter the Swedish company
chief seeks to expand beyond agreed to be acquired by
the core mobile-phone chip Magna International, a Cana-
business. dian auto-parts supplier, in an
Chips have become ever all-cash deal at $31.25 a share.
more central to modern cars, Qualcomm is proposing to
with roles in everything from pay in cash at an 18.4% pre-
automated driving to the elec- mium to the Magna offer.
tronics that adjust seat posi- Veoneer, which was spun
tion. More recently, driver-as- out of automotive-safety com-
sistance features that use pany Autoliv Inc. three years
them in through enforcement,
a slow process that requires
investigating a particular prod-
uct and either suing the team
behind it or persuading them
ago, makes sensors such as ra- sistent with its legal duties built up an automotive chip to settle and adopt the SEC’s
dar, lidar and camera-based and the terms of the Magna business in recent years but requirements.
systems that allow computers merger agreement,” adding isn’t a leading player in driver “There is going to be a more
to take a greater role in the “the merger agreement re- assistance. aggressive enforcement pos-
driving process. mains in place.” Veoneer’s Arriver unit, ture, and I think that is one
Before Magna announced A Magna spokeswoman de- which develops autonomous- way to bring order to chaos,”
its bid July 22, Veoneer stock clined to comment on the driving software, was what at- said Lee Schneider, a securities
was trading below $20 a share competing bid from Qual- tracted Qualcomm, Mr. Amon lawyer who has worked at sev-
in New York. On Thursday, the comm. said in a letter to Veoneer’s eral broker-dealers and crypto-
shares leaped 28.5% to $40.15 The bid is a sign that Qual- board of directors. currency firms. “That is one
after Qualcomm’s proposal. comm’s new CEO, Cristiano Qualcomm and Veoneer way, but perhaps not the most
The rise above Qualcomm’s of- Amon, who took over in June, agreed to collaborate last year, effective or the most evenly
fered price of $37 suggests is looking to move with pace combining Qualcomm’s chips distributed way.”
some investors anticipate a to diversify the company’s with Veoneer’s software know- One of the biggest problems
bidding war. business beyond mobile-phone how, resulting in Arriver’s for- for Mr. Gensler is bitcoin, a
Veoneer, in a statement networking, where it has mation in January. cryptocurrency with a market
Thursday, said its board of di- helped lead the charge for new The mobility sector has capitalization of $710 billion
rectors would “evaluate the superfast 5G networks. The long been of interest to tech and one that Washington has
proposal from Qualcomm con- San Diego-based company has Please turn to page B4 Please turn to page B2

INSIDE FAA Asks Airports to Help

Rein In Unruly Passengers
BY ALISON SIDER
The Federal Aviation Ad-
ministration said it wants air-
ports to help tamp down bad
behavior by travelers.
The number of incidents in-
volving unruly passengers has
surged this year, according to
BUSINESS NEWS regulators. Flight attendants
Grill maker Weber said they have been harassed,
threatened and, in some cases,
shares soar above IPO
help from airports and law ceived 3,715 reports of unruly
enforcement. passengers since the start of
“While the FAA has levied the year. The agency has initi-
civil fines against unruly pas- ated 628 investigations and 99
sengers, it has no authority to enforcement actions. In 2019,
prosecute criminal cases,” FAA the FAA initiated fewer than
Administrator Steve Dickson 150 investigations into passen-
wrote to airport officials ger behavior. Dozens of Trans-
around the U.S. in a letter re- portation Security Administra-
leased Thursday. Law-enforce- tion screening officers have
ment officers are frequently also been assaulted since the
asked to meet planes at their start of the pandemic, that
ALFREDO RIVERA VIA REUTERS

physically attacked. gates following incidents, but agency has said.

price on first day of The FAA has pledged to
trading. B3 take a more aggressive ap-
proach to pursuing punish-
ments, including hefty fines,
for passengers who flout
AMIR HAMJA FOR THE WALL STREET JOURNAL
often release passengers with- Airlines and aviation labor
out charges, Mr. Dickson unions have written to the
wrote. Justice Department asking the
“When this occurs, we miss agency to pursue criminal
a key opportunity to hold un- charges against violent pas-

safety rules. But the agency ruly passengers accountable sengers.

said it has been inundated for their unacceptable and In some cases, police have
with reports of out-of-control dangerous behavior,” he said. taken action. A Miami-bound A passenger had to be taped to a seat on a Frontier Airlines
passengers, and that it needs The FAA said it has re- Please turn to page B2 flight from Philadelphia to Miami on July 31.

Amazon Pushes Back Return to Office to 2022

BY AARON TILLEY
Amazon.com Inc. said it
MARKETS would delay corporate employ-
Robinhood’s stock ees’ return to offices until next
year as conditions around the
plunges as early Covid-19 pandemic evolve.
investors weigh The company adds to the
sales. B11 wave of businesses adjusting
their return-to-work plans as
the highly transmissible Delta the U.S. and other countries. San Francisco-based Wells full reopening of its U.S. of-
variant of the virus drives a “We will continue to follow Fargo & Co. said Thursday it fices to at least Oct. 4 because
surge in coronavirus cases. local government guidance and was delaying its staggered of- of fluid conditions around the
Amazon said Thursday that it work closely with leading medi- fice return to Oct. 4, citing ris- pandemic. The company previ-
was pushing its return to offices cal healthcare professionals, ing Covid-19 cases across the ously said it might reopen
to at least Jan. 3, 2022. The on- gathering their advice and rec- U.S. The guidance doesn’t affect those offices next month. Mi-
line retailer previously targeted ommendations as we go for- those employees already work- crosoft said it would require
early September for regular of- ward to ensure our work spaces ing in person and some others. proof of vaccination for all
fice work to resume. The deci- are optimized for the safety of Microsoft Corp. this week employees, vendors and any
sion affects office workers in our teams,” the company said. also said it was delaying the Please turn to page B5
 B2 | Friday, August 6, 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
AFL-CIO.......................A3
Allstate..............B10,B12
Alphabet................A2,B5
Amazon.com..........B1,B4
Apollo Global
Management...........B10
Apple......................A1,B5
Athene.......................B10
Autoliv.........................B1
B K
BHP..............................B6
BlackRock..................B10
Blackstone...........A6,B10
BMW...........................A2
Booking ..................... B11
BP................................A2
C Macronix International
Callaway Capital
Management ............ A6
Cardinal Health...........B6
Carlyle ....................... B10
Chevron.......................A2
Colonial Pipeline.........B6
Comcast.......................B1
CVS Health ................. A5
E Nintendo....................B12
EasyJet......................B12
Etsy ........................... B11
Eurowings ................. B12
F-G
Fisker...........................B4
Ford Motor..................A2
Foxconn Technology....B4
General Motors.....A2,B4
Glencore ...................... B6
INDEX TO PEOPLE
A Grech, Jim...................B6
Amon, Cristiano..........B1
Anderson, Patrick.......A3
B K
Bakish, Bob.................B1
Barra, Mary.................A2
C Spohr, Carsten..........B12
Cascarilla, Charles......B2
Cyprys, Michael.........B10
E T
Easterly, Jen...............B4
F W
Farley, Jim .................. A2
Fauber, Rob.................B6
G R
Garlinghouse, Brad.....B2
Gray, Jonathan..........B10
FAA Seeks
Help With
Passengers
Continued from page B1
passenger on a July 31 Fron-
tier Airlines flight was ar-
rested after he allegedly
groped two flight attendants’
breasts and punched another
in the face, according to the
Miami-Dade Police Depart-
ment’s report. The passenger,
who had been drinking and
didn’t respond to efforts by
the crew to calm him, was
taped to the seat and tied with
seat-belt extender for the re-
mainder of the flight, accord-
ing to the police report. He
was charged with three counts
of misdemeanor battery, ac-
cording to the report.
Nearly three-quarters of the
incidents cataloged this year
by the FAA involve passengers
refusing to comply with fed-
3,715
Number of reports of unruly
passengers so far this year.
eral rules requiring them to
wear masks on planes and in
airports. However, the reasons
for the other problems are less
clear-cut.
Many people are resuming
travel after a period of pro-
longed isolation and have
struggled with new anxieties,
airline and union officials have
said. Some people traveling
this summer weren’t regular
fliers even before the pan-
demic, airline executives say.
Flight delays and cancellations
this summer have contributed
NAM Y. HUH/ASSOCIATED PRESS
Most incidents have involved passengers refusing to wear masks
during flights. A sign at O’Hare airport in Chicago.
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Goldman Sachs.........B10
Grab.............................A6
H
Ribbit Capital............B11
Robinhood............B3,B11
Roku .......................... B12
CNN Fires 3 Unvaccinated Staffers
Hellman & Friedman...B6 Royal Dutch Shell.......A2
Honda Motor...............A2 Ryanair......................B12 BY BENJAMIN MULLIN were vaccinated but didn’t re- CNN had no comment on Mr. “Given the uncertainty that
I S quire them to produce docu- Zucker’s email. exists today, we are reluctant to
Iconiq Capital............B11 SoftBank.....................A6 CNN President Jeff Zucker mentary evidence. Until now, workers have put a specific date on it,” Mr.
Stellantis...............A2,B4 told staff Thursday that the “Let me be clear—we have a been coming into CNN offices Zucker said. “We will evaluate
Index Ventures ......... B11
StoneCo.......................A6
Intel.............................B4 network fired three employees zero-tolerance policy on this,” voluntarily. The company was in the coming weeks, and I
Invesco........................A2 T who came to work without get- Mr. Zucker said. “You need to targeting Sept. 7 as its official promise that we will give you
Taboola.com................A6
ting a Covid-19 vaccine, as the be vaccinated to come to the return-to-office date, but Mr. at least 30 days’ notice for any
KKR ...................... B6,B10 Tencent........................B4
Kuaishou Technology..B4 Tesla............................B4 company steps up efforts to office. And you need to be vac- Zucker said the return would return.”
L Travelers....................B12 keep the virus from spreading cinated to work in the field, be postponed. He said that “I think it is fair to say that
U in its offices. with other employees, regard- given expert guidance on the we are all feeling a mix of an-
Lufthansa..................B12
M Uber...........................B11 In an email to employees, less of whether you enter an of- spread of the virus, the com- ticipation, anxiety, frustration,
V Mr. Zucker said the terminated fice or not.” He said showing pany tentatively plans for a re- confusion, and exasperation,”
.....................................B4 Valor Capital...............A6 employees violated the com- proof of vaccination may be- turn to the office in mid-Octo- Mr. Zucker said. “But we will
Magna International...B1 Veoneer.......................B1 pany’s honor system, which come part of the process of en- ber but cautioned that plans get there. Continue to take care
MetLife......................B10 ViacomCBS..................B1 asked workers to attest they tering CNN buildings. could change. of yourselves and each other.”
Microsoft.....................B4 Volkswagen.................B4
Moderna ................ A5,BE Volvo ........................... A2
Moody's.......................B6 Vueling......................B12
Gensler
N W rencies such as the U.S. dollar,
Netflix.......................B12 Walmart......................B5 are used by traders to shift
WealthSpring Capital.A6 value between exchanges and
Braces
P Weber..........................B3 move between strategies. Total
PagSeguro Digital.......A6 Wells Fargo.................B1
Whitehaven Coal ........ B6 stablecoin supply is about $113
Peabody Energy..........B6
Wizz Air....................B12 billion, more than triple the
For Clash
Progressive ............... B12
WPP.............................B4 level from the start of the year,
Q
X according to The Block, a news
Qualcomm...................B1
Quest Diagnostics......A5 XP................................A6 and data provider.
R Y Forcing stablecoin issuers to
REE Automotive.........A6 Yelp..............................B5 Continued from page B1 register the assets as securities
acknowledged is a commodity. could be painful for some play-
Market regulators don’t have ers, said Charles Cascarilla,
authority to write rules for
how commodities are bought
chief executive of Paxos, a
blockchain company that de-
and sold—only for financial veloped Binance USD, a dollar-
Roberts, Brian.............B1 products such as futures backed stablecoin. But the in-
H Rohlen, Duke...............B6 whose value is tied to the real- dustry would ultimately
Holt, Kevin..................A2 S world products. benefit from transparency into
MELISSA LYTTLE/BLOOMBERG NEWS
Schwarzman, Stephen Mr. Gensler has said Con- the reserves that underpin the
...................................B10 gress should create an inves- coins’ value, he added. “Over-
Karsner, Alexander.....A2 Simmons, Caroline....B11
tor-protection regime for bit- sight creates trust, and trust
L Snowden, Jay..............B3
coin trading. But lawmakers can lead to widespread adop-
Larsen, Chris...............B2
Stewart, Mark............A2 tend to move slowly on finan- tion,” Mr. Cascarilla said.
Liu, Young...................B4
Lynch, Karen...............A5
Strauch, Mark...........B10 cial-regulation overhauls and DeFi encompasses a range
typically write laws only after of projects that seek to repli-
M
Trott, Byron ................ B3 a crisis. cate traditional financial activ-
Musk, Elon..................A2
That means Mr. Gensler ities, such as trading and lend-
N must use the SEC’s existing Gary Gensler has said Congress should create an investor- ing, using cryptocurrencies and
White, Karen...............B6
Nadella, Satya ............ B4 Wilson, Tom..............B10 powers, which limit him to po- protection regime for bitcoin trading. the internet. DeFi has boomed
Woods, Darren............A1 licing crypto assets that qualify during the past year, with
Read, Mark..................B4 Z as securities. Many are, but executives, Chris Larsen and are trying to say, ‘You know, many projects avoiding the
Redstone, Shari..........B1 Zaffino, Peter ........... B10 crypto developers insist SEC Brad Garlinghouse, accusing well, well, we’re not going to most basic regulation, such as
oversight doesn’t fit their tech- them of raising $1.3 billion by come in.’ ” anti-money-laundering con-
nology and trading protocols. selling an unregulated crypto- Newer crypto innovations, trols.
Number of
investigations
into unruly
600 To date, the SEC’s strategy
has centered on suing token
sellers on a case-by-case basis.
currency, XRP, that should have
been registered with the SEC.
Larger U.S. crypto ex-
such as stablecoins and decen-
tralized finance, or DeFi, could
form the next wave of enforce-
Regulators may have trouble
applying securities laws to
DeFi, where projects are often
passengers
initiated by the
FAA
500 The SEC has prevailed—
through settlement or trial
verdicts—in every such en-
changes reacted by halting
trading in XRP. More crypto
exchanges should reckon with
ment targets, according to se-
curities lawyers. Some stable-
coins may meet the definition
set up as automated peer-to-
peer networks with no central
entity operating them. In con-
400 forcement action it has filed.
As a result, public sales of
crypto tokens largely stopped,
whether they are dealing in
unlicensed securities, the SEC
chairman told CNBC on
of mutual funds, while certain
DeFi applications could be in-
vestments that should be reg-
trast, the SEC and other fed-
eral agencies largely focus on
people and companies. Mr.
300 with startups limiting the Wednesday. istered with federal regulators, Gensler suggested that legisla-
deals only to private investors. “They’ve got to come in and Mr. Gensler said. tion might be needed to im-
Late last year, the SEC sued let’s talk to them,” Mr. Gensler Stablecoins, which seek to pose investor protections on
200 Ripple Labs Inc. and two of its said. “Many of them right now track the value of national cur- DeFi.
CBS, Sky
100
Set Deal
BEAT THE
0
2010 ’15 ’21
Source: FAA
In Europe
HEAT
to passenger frustrations,
flight attendants have said.
One common factor, the
FAA and flight attendants have Continued from page B1
said, is alcohol. ated by subscriptions and
FAA regulations already $502 million by advertising.
prohibit passengers, while on ViacomCBS competes with
flights, from consuming alco- Comcast’s Peacock in the U.S.
hol that isn’t served by air- along with an array of other
lines. Mr. Dickson said the FAA services such as Walt Disney
has received reports that air- Co.’s Disney+, Netflix Inc. and
port bars and restaurants have Amazon.com Inc.’s Prime
allowed passengers to take al- Video. Paramount+ is a rela-
coholic beverages to go. tive newcomer to the market-
As a result, “passengers be- place, having launched in
lieve they can carry that alco- March.
hol onto their flights or they Longtime streaming leader
become inebriated during the Netflix reported 1.5 million
boarding process,” Mr. Dickson new streaming subscribers
wrote. He asked airports to world-wide in the second
help curb that behavior by quarter and lost 400,000 sub-
working with vendors and scribers in the U.S. and Can-
making public-service an- ada, reflecting a maturing do-
nouncements about the rules. mestic market.
Southwest Airlines Co. and Collectively, WarnerMe-
American Airlines Group Inc. dia’s HBO TV channel and
in May said they would delay HBO Max streaming service
resuming in-flight sales of al- added roughly three million
cohol in an effort to keep dis- domestic subscribers in the
ruptive behavior to a mini- second quarter.
mum. The union representing ViacomCBS’s theatrical
Southwest flight attendants business rebounded compared
said that month that the num- with the year-earlier quarter,
ber of incidents of passenger when the onset of the
misconduct had become intol- Covid-19 pandemic closed
erable, citing a flight atten- theaters around the world.
dant who had two teeth Theatrical revenue in-
knocked out in an assault. creased to $134 million com-
pared with $3 million during
the same period last year, re-
flecting the debut of sci-fi
thriller “A Quiet Place Part
II.”
SUNSHADE
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revenue rose 24% to $2.1 bil-
lion in the second quarter,
while affiliate revenue grew
by 9% as the company struck
agreements with distributors
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The tax gain stems from
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THE WALL STREET JOURNAL. * * Friday, August 6, 2021 | B3

BUSINESS NEWS

Penn National to Buy

TheScore Sports App
For About $2 Billion
BY MICHAEL DABAIE
Penn National Gaming Inc.
agreed to acquire Score Me-
dia & Gaming Inc. for about
$2 billion, adding sports news
and digital technology to its
sports-betting operations.
Score Media operates the-
company said acquiring the-
Score will give it technology
to help enhance its customer
experience and expand the
reach of Barstool Sports, with
which it has a partnership.
“We’re really focused on
building relationships and cre-
ating engaging content and loy-

RICHARD DREW/ASSOCIATED PRESS

Score app, which delivers
sports scores, news and bet-
ting information to its sub-
scribers.
The company had 3.7 mil-
lion average monthly active
users as of its May quarter.
Penn National has 43 prop-
erties across 20 states and of-
fers online gambling, live rac-
ing and sports betting. The
alty long term,” Penn National
Chief Executive Jay Snowden
said. “The Score knows how to
do that.”
The acquisition agreement
comes amid heated competi-
tion for U.S. sports-betting
customers, as more states le-
galize sports wagering.
—Katherine Sayre A giant Weber grill graced the outside of the New York Stock Exchange prior to the company’s trading debut on Thursday.
contributed to this article.

Ex-Officer of Insurance
Weber Jumps 18% With IPO Appetite
BY CORRIE DRIEBUSCH Weber is one of a handful investing and advisory firm of ing,” Weber’s chief executive,

Empire Is Sentenced Weber Inc. shares rose on

BY MARK MAREMONT
A former executive of a
group of collapsed insurers
was sentenced to five years in
federal prison and ordered to
pay $286 million in restitu-
tion.
Andrew B. Scherr, who
pleaded guilty last year in U.S.
District Court in Dallas to two
criminal counts stemming
from the insurers’ collapse, is
a former associate of Alexan-
der Chatfield Burns who built
a New York-based insurance
empire.
The empire collapsed in
early 2014 after Mr. Burns
checked into a mental-health
ward of a hospital and left be-
hind an affidavit describing
unusual asset transfers. The
insurers’ collapse was the fo-
cus of a 2015 page-one article
in The Wall Street Journal.
Mr. Burns hasn’t been
charged criminally and was re-
ferred to as Individual 1 in Mr.
Scherr’s criminal cases.
their first day of trading
Thursday, a positive sign for
the grill maker a day after it
priced its IPO below expecta-
tions and slashed the number
of shares being sold.
The stock rose 18% above
its IPO price to close at $16.50.
On Wednesday night, the com-
pany sold 18 million shares at
$14 apiece in its initial public
offering, compared with the 47
million the company and its
selling shareholders were
planning to sell in a range of
$15 to $17 each.
of companies that recently
struggled to find footing in
what had been a robust IPO
market. Five deals were with-
drawn or canceled last week,
the most since 2016, according
to Dealogic data. Robinhood
Markets Inc.’s IPO last week
priced at the low end of its
targeted range and struggled
in its first day of trading, and
have swung wildly in recent
sessions. On Wednesday, clini-
cal-trial software and services
company WCG Clinical Inc.
postponed its IPO.
Weber is majority-owned by
BDT Capital Partners LLC, the
former Goldman Sachs Group
Inc. banker Byron Trott. Mr.
Trott bought shares in the of-
fering, and BDT Capital Part-
ners LLC decided to ultimately
not sell shares in the IPO, one
of the reasons for the smaller
deal size.
Weber, along with Traeger
Inc., another outdoor grill and
accessories company, is in part
capitalizing on the extra de-
mand for its products stem-
ming from the coronavirus
pandemic.
“In the last year and a half
we’ve all lived, we’ve seen an
increased engagement in grill-
Chris Scherzinger, told The
Wall Street Journal. “People
fell in love with grilling
again.”
Weber said sales for the six-
month period ended March 31
rose roughly 60% from a year
earlier to about $960 million.
Traeger, known for its
wood-pellet grills, said its
sales more than doubled in the
first quarter to about $235
million. In its IPO last month,
Traeger priced shares at the
high end of its targeted range.
The stock rose 6% on Thurs-
day and is up 63% from its IPO
price.

Moderna Racks Up $4.2 Billion of Vaccine Sales, Posts Profit

BY FELICIA SCHWARTZ
AND MATT GROSSMAN
Moderna Inc. reported $4.2
billion of Covid-19 vaccine
sales in April through June, a
significant boost for a com-
pany that a year ago had yet
to commercialize its products.
In the second quarter of
2020, revenue was $67 million.
Moderna sold 199 million
doses in the latest quarter, for
a total of 302 million doses so
far this year.
Second-quarter profit to-
taled $6.46 a share, compared
with a loss of 31 cents a share
a year earlier. Analysts had
been forecasting earnings of
$5.96 a share, according to
FactSet.
The company said it signed
$20 billion of advanced pur-
chase agreements for 2021 and
has stopped taking orders for
2021 because it is at full ca-
pacity. For 2022 it says it has
already signed $12 billion in
advanced purchase agree-
ments and $8 billion in op-
tions. The company antici-
pates it can supply between
800 million and 1 billion doses
in 2021 and 2 billion to 3 bil-
lion doses in 2022, depending
on the final booster doses ap-
proved by regulators.
Moderna said Thursday it
expects people who received
its two-dose Covid-19 vaccine
to need a booster shot in the
fall to keep strong protection
against newer variants of the
coronavirus.
The company said its vac-
cine remains 90% effective
against preventing Covid-19
disease for at least six months,
but said it sees a decline in
antibody levels after six
months, especially against
newer strains of the coronavi-
rus including the Delta vari-
ant. In a Phase 2 study, a third
shot of the original formula-
tion showed robust antibody
responses against Covid-19
variants of concern, Moderna
said.

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B4 | Friday, August 6, 2021
U.S. Taps Tech Giants to Fight Hacking
Microsoft, Amazon,
Google are among
partners in effort for
ransomware defense
BY ROBERT MCMILLAN
The U.S. government is en-
listing the help of tech compa-
nies, including Amazon.com
Inc., Microsoft Corp. and
Google, to bolster the coun-
try’s critical infrastructure de-
fenses against cyber threats
after a string of high-profile
attacks.
The Cybersecurity and In-
frastructure Security Agency
unveiled the initiative Thurs-
day, called the Joint Cyber De-
fense Collaborative. The effort
will initially focus on combat-
ing ransomware and cyberat-
tacks on cloud-computing pro-
viders, said Jen Easterly,
director of the agency, which
is part of the Department of
News Corp Gets Lift
From Real Estate,
Books, Dow Jones
BY BENJAMIN MULLIN
News Corp reported a 30%
increase in revenue for the
June quarter, fueled by gains in
its digital real estate, book
publishing and Dow Jones
units.
The New York-based media
company, whose holdings in-
clude The Wall Street Journal
and the HarperCollins publish-
ing unit, narrowed its net loss
to $14 million, or two cents a
share, from a loss of $397 mil-
lion, or 67 cents a share, in the
year-earlier period. Revenue
grew to $2.49 billion from
$1.92 billion in the year-earlier
period.
The company’s news-media
businesses showed strong
growth in advertising sales, as
the easing of the pandemic led
marketers to increase spend-
ing.
Revenue at the Dow Jones
unit increased 18% to $449
million, driven by gains in cir-
culation and subscription and
advertising revenue as well as
the company’s acquisition of
Investor’s Business Daily. Ad-
vertising revenue increased
45%, with strong performance
in the digital and print busi-
nesses.
The company said digital-
only subscriptions to Dow
Jones’s consumer products
grew by 26%. The Wall Street
Journal had more than 2.7 mil-
lion average digital-only sub-
scribers in the quarter, com-
pared with 2.63 million in the
March quarter. Total average
subscriptions to Dow Jones
consumer products reached
about 4.5 million, the company
said.
News Corp’s news media
segment, which includes the
WPP Clients Boost Outlays
BY ALEXANDRA BRUELL
Advertising company WPP
PLC returned to pre-pandemic
growth rates a year earlier
than expected as clients
boosted spending on digital
marketing and e-commerce.
The London company
raised its full-year forecast for
like-for-like net-revenue
growth to a range of 9% to
10% from the mid-single-dig-
its. Like-for-like net revenue
growth strips out the effects
Qualcomm
Bids for
Tech Firm
Continued from page B1
companies. Intel Corp. in 2017
agreed to pay roughly $15 bil-
lion for Israeli car-camera pio-
neer Mobileye NV. Apple Inc.
has also held talks to get into
the car business.
The increasingly critical
role chips play in vehicles has
become a liability for car mak-
ers over the past year during
the global shortage of semi-
conductors. The dearth of
available chips has impacted
Homeland Security. Ulti-
mately, she said, it aims to
improve defense planning and
information sharing between
government and the private
sector.
“This will uniquely bring
people together in peacetime,
so that we can plan for how
we’re going to respond in war-
time,” she said in an interview.
Ms. Easterly was sworn in as
CISA’s director last month.
She was previously a counter-
terrorism official in the
Obama White House, and the
commander of the Army’s first
cyber operations unit at the
National Security Agency,
America’s cyberspy agency.
During the past year, ran-
somware attacks have dis-
rupted large parts of daily life
in the U.S. They have diverted
ambulances, caused long lines
at gas stations in the South-
east, and temporarily halted
the production of hot dogs and
other meat products.
New York Post, the Sun and
the Times in the U.K. and many
papers in Australia, reported a
21% jump in revenue, benefit-
ing from foreign currency fluc-
tuations and higher revenue
from circulation and subscrip-
tion as well as advertising.
The digital real estate unit
surged, with revenue jumping
74%, driven by gains at Move
and REA Group and foreign
currency fluctuations. The sub-
scription video unit, home to
the company’s majority inter-
est in the Foxtel pay TV service
in Australia, was also boosted
by currency moves, as well as
higher streaming revenue.
The book publishing unit was
helped by higher front list and
back list sales, including the
Bridgerton series and “The
Women of the Bible Speak.” The
unit’s revenue rose 21% from a
year ago to $493 million.
Earnings before interest,
taxes, depreciation and amorti-
zation across News Corp’s
units rose 8% in the quarter.
News Corp said revenue in
the fourth quarter rose to
$2.49 billion, compared with
$1.92 billion in the year-ago
period.
Robert Thomson, the com-
pany’s chief executive, said,
“Fiscal Year 2021 was the most
profitable year since we cre-
ated the new News Corp in
2013, with revenues rising 4%
in the full year and surging by
30% in the fourth quarter.”
The company also said it
saw record subscriber growth
at Foxtel, with paid streaming
subscribers reaching over 2
million.
For fiscal year 2021, News
Corp said revenue rose 4%
from a year ago to $9.36 bil-
lion.
of acquisitions, disposals and
pass-through costs, such as
expenses billed to clients.
WPP, whose portfolio in-
cludes creative agencies Ogilvy
and VMLY&R as well as media-
buying business GroupM, re-
ported a 19% increase in like-
for-like net revenue in the
second quarter.
“It’s a very broad-based re-
covery by geography, by busi-
ness line and by client sector,”
Chief Executive Mark Read
said.
car makers from General Mo-
tors Co. to Volkswagen AG.
Tesla Inc. also has warned
about the potential impact of
the chip shortage.
If Qualcomm’s bid succeeds,
the company plans to keep Ar-
river and sell Veoneer’s re-
maining assets to others bet-
ter-suited to own and grow
them, Mr. Amon said in his
letter.
Qualcomm had $253 million
in automotive sales in its lat-
est quarter, up by 83%, though
still a fraction of its overall
revenue of around $8 billion.
Stockholm-based Veoneer had
$398 million in sales in the
second quarter.
Qualcomm has flirted with
having a bigger role in supply-
ing cars before. The company
in 2016 offered to pay $44 bil-
TECHNOLOGY & MEDIA
Following a ransomware at-
tack last month on cloud-ser-
vices provider Kaseya Ltd.,
President Biden warned Rus-
sian President Vladimir Putin
that the U.S. would take “any
necessary action” to protect
its infrastructure from these
incidents. Just days later, the
administration blamed hackers
affiliated with China’s Minis-
try of State Security for a sep-
arate set of attacks on users of
Microsoft Exchange Server
software.
Tackling cybersecurity
problems such as ransomware
“has to be a whole-of-nation
effort,” Ms. Easterly said. The
Department of Homeland Se-
curity is rolling out the effort
at the annual Black Hat com-
puter security convention tak-
ing place this week.
The disruptions have made
cybersecurity a major area of
concern beyond the White
House. The Senate has in-
cluded additional funding for
Social-media influencer Ruan Yaqing recording a short video for her channel on video-sharing apps Kuaishou in April in Beijing.
TikTok Competitor’s Stock Slides
Amid Criticism, Removal of U.S. App
BY YIFAN WANG
AND ELAINE YU
The shares of Kuaishou
Technology, the owner of a
popular Chinese short-video
platform that competes with
ByteDance Ltd., tumbled 15%
Thursday after the company
took down a U.S. app and the
sector it operates in was criti-
cized by a state media outlet.
Kuaishou, which means
“fast hand” in Chinese, slid to
a new closing low, crystalliz-
ing a 70% drop since its first
trading day and ending 22%
below its initial public offering
price. Shares of Tencent Hold-
ings Ltd., which has a sizable
stake in the company, fell
nearly 4% Thursday to its low-
est close in more than a year.
Beijing-based Kuaishou
listed in February to much
fanfare after raising $5.4 bil-
lion from global investors. The
shares initially climbed, taking
the company’s market capital-
ization to above $220 billion
within days. It was down to
about $48 billion on Thursday,
according to FactSet.
Kuaishou recently removed
a video-sharing app called
Zynn from U.S. app stores and
notified users that Zynn’s ser-
vices would be terminated
soon. In response to a query, a
company representative said
the service will be discontin-
ued by Aug. 20, and called the
lion for Dutch chip maker NXP
Semiconductors NV, a major
supplier of processors for the
auto sector. The deal fell
through two years later after
it failed to win approval in
China.
When Mr. Amon was named
as incoming CEO early in 2021,
he said the company wasn’t
planning to emphasize splashy
acquisitions. “We don’t need
transformative M&A,” he said
at the time.
Magna, a Canadian automo-
tive supplier based in Ontario,
had said that acquiring Veo-
neer was part of a plan to
boost its market position in
the world of driver-assistance
features for cars.
Qualcomm shares slipped
0.9% on Thursday to $146.83
in Nasdaq trading.
Agency head Jen Easterly
CISA in its $1 trillion infra-
structure bill that could be
passed by the chamber this
week. The proposed legislation
includes a raft of other cyber-
security measures, such as $1
billion in funding over the
next few years for a cyberse-
curity grant program for
Kuaishou Technology's
market capitalization
$225 billion
200
175
150
125
100
75
50
25
0 said
Feb. 2021
Source: FactSet
move a “normal operation ad-
justment” that wouldn’t affect
the firm’s global strategy.
Zynn was rolled out in May
2020 and was a rival to pri-
vately held ByteDance’s TikTok
app. It drew controversy last
year after some Internet users
questioned Zynn’s offers to
pay people to invite friends to
join the platform.
In China, Kuaishou’s name-
sake app has had a successful
run, and had an average of 481
million monthly active users at
the end of 2020. The company
said people who used its app
daily spent an average of 87.3
Foxconn Expands Further Into Microchips
Foxconn Technology
Group, the world’s biggest
electronics contract manufac-
turer, said that it would ac-
By Yang Jie in Tokyo
and Stephanie Yang
in Taipei
quire a semiconductor manu-
facturing facility, taking the
company deeper into the chip
business at a time of unprece-
dented global strain.
Foxconn, best known as the
largest assembler of Apple Inc.
iPhones, said Thursday that it
would buy the Taiwan-based
plant, which manufactures 6-
inch wafers used in cars, a
purchase that it said would
* **** THE WALL STREET JOURNAL.
states and local authorities
and additional money to boost
energy-sector cyber defenses.
The House would take up the
BILL CLARK/CONGRESSIONAL QUARTERLY/ZUMA PRESS
bill next.
The partnership with in-
dustry, Ms. Easterly said,
would improve the country’s
response to widespread at-
tacks such as last year’s so-
phisticated hack of software
maker SolarWinds Corp. The
U.S. and cybersecurity re-
searchers have said Russian
hackers were able to parlay
their attack into access to
more than 100 company net-
works and some government
systems, too. Russia and China
have denied that they engage
in hacking.
Improving information
sharing between government
and companies will make it
easier to spot and combat
threats such as what hap-
pened with SolarWinds, Ms.
Easterly said.
With more sensitive com-
minutes on it last year. It com-
petes with Douyin, ByteDance’s
domestic app, as well as other
short-video platforms.
On Thursday, a commentary
published in Economic Daily, a
Chinese state-run newspaper,
lambasted what it said was the
proliferation of vulgar and
harmful content in the video-
streaming industry. It said that
in a market where traffic is
closely linked to revenue, some
users devoted themselves to
creating low-level content
aimed at sensationalism and
producing quick profits.
The commentary didn’t
name specific companies, but
platform operators
Aug. needed to correct the relation-
ship between content and traf-
fic, and called for better algo-
rithms that recommend
higher-quality videos to users.
Connie Gu, an internet sec-
tor analyst at Bocom Interna-
tional, said it was hard to tell if
the newspaper’s commentary
was a signal that Chinese regu-
lators could tighten rules or in-
crease scrutiny of short-video
platforms. She said many regu-
latory actions targeting a range
of companies have made inves-
tors nervous of late.
“The overall situation of
China’s internet industry has
not been very good recently,”
Ms. Gu said. She noted a six-
month lockup period for many
large Kuaishou shareholders ex-
help secure a steady supply of
auto chips as Foxconn expands
further into the electric-vehi-
cle industry.
Foxconn, based in New Tai-
pei, Taiwan, said in February
that it would assemble cars for
electric-vehicle startup Fisker
Inc., and in May said it would
join forces with Stellantis NV,
the maker of Jeep and Chrys-
ler, to develop in-car software.
Foxconn’s deal with Ma-
cronix International—based
in Hsinchu, Taiwan—is small,
worth the equivalent of about
$91 million. But it positions
Foxconn to jump into produc-
tion of a certain kind of semi-
conductor that is emerging as
a leading technology in the
WSJ.com/Tech
pany and personal informa-
tion stored in the cloud, the
providers of those vast data
centers are often on the front
line of cyberattacks, giving
them insight into the latest
hacks and the resources avail-
able to mitigate the attacks,
said Phil Venables, the chief
information security officer
with the cloud computing
group at Google, a unit of Al-
phabet Inc. “There’s a recog-
nition, and has been for a
while, among the cloud pro-
viders that security, and, in-
creasingly, high levels of secu-
rity, is a core part of the
offering,” he said.
Microsoft Chief Executive
Satya Nadella, on an earnings
call last month, said demand
for cloud-security products
has been growing strongly.
The software giant that has it-
self been victimized by attacks
has made several acquisitions
in recent months to beef up its
security offering.
GREG BAKER/AGENCE FRANCE-PRESSE/GETTY IMAGES
pires on Friday, meaning they
will be able to pare their stakes.
China’s regulatory crack-
downs this year ensnared doz-
ens of technology companies,
from e-commerce players to fi-
nancial-technology providers
and ride-sharing businesses.
In April, regulators in Bei-
jing vowed to tighten scrutiny
on copyright infringements on
short-video platforms that had
shown snippets from films and
television series without per-
mission, after industry groups
complained. Kuaishou was
among a large group of tech
companies that were recently
fined by Chinese regulators for
inappropriate content on their
platforms. Regulators hit out
at these companies in July for
allowing “soft child porn” con-
tent and suggestive videos of
the underage to circulate on
their platforms.
Separately, ByteDance on
Thursday told employees that
it is laying off employees in its
education business that pro-
vides online lessons and
courses for preschoolers and
school-age children, according
to people familiar with the
matter. Top ByteDance execu-
tives had in the past identified
education as one of the com-
pany’s growth areas, the people
said. ByteDance didn’t respond
to a request for comment.
—Raffaele Huang
contributed to this article.
electric-vehicle industry.
The 6-inch wafers manufac-
tured at the plant are used
primarily for making car-chip
components made of silicon
carbide, a material that is re-
garded as offering better per-
formance than traditional sili-
con for some tasks, such as
fast charging. U.S. electric-ve-
hicle maker Tesla Inc. began
using silicon carbide compo-
nents in 2018, making it one of
the first in the industry.
Foxconn’s acquisition is ex-
pected to be completed by the
end of the year, the two com-
panies said. Young Liu, Fox-
conn’s chairman, said the plant
would be able to supply 30,000
e-vehicles a month.
THE WALL STREET JOURNAL. * * Friday, August 6, 2021 | B5

TECHNOLOGY
PERSONAL TECHNOLOGY | By Nicole Nguyen
Amazon
Prove Vaccine Status With a Phone Holds Back
Office Plan
Before you their name, birth date and
leave the email or phone number to re-
house, don’t trieve their digital My Vac- Continued from page B1
forget to take cine Record QR code. guests entering its U.S. facili-
your phone, After the record is located, ties, joining tech companies
keys, wallet, users will receive a link via such as Alphabet Inc.’s Google
mask—and some form of text or email. That link is ac- and Facebook Inc. that are re-
Covid-19 vaccine record. cessible for only 24 hours, so quiring employees at domestic
New York City will require take a screenshot to save it, campuses to be vaccinated.
proof of vaccination for many and make sure the QR code Business-listing company
indoor activities, such as din- and your name are visible in Yelp Inc. said Thursday that it
ing, gyms and events, start- the shot. (On iOS, press the would allow businesses to list
ing Aug. 16. Where I live in side power button and vol- Covid-19 vaccine information,
San Francisco, many bars re- ume up button simultane- such as “proof of vaccination
quire vaccine documentation. ously. On Android, press the required” and “all staff fully
Your phone can replace power and volume down but- vaccinated.” The company said
most of your wallet: subway ton at the same time.) I fa- it would put in place measures

JUSTIN SULLIVAN/GETTY IMAGES

pass, credit card, plane vorited my screenshot in my to protect businesses from re-
ticket, hotel keys and soon photos app, so I’ll always views that principally criticize
driver’s license. It’s a great have quick access to it. pandemic-related health-and-
place to store your Covid-19 The QR code can be safety measures.
vaccine record, too. scanned by the SMART Amazon has been one of the
Digital vaccine options Health app, used by schools, big corporate winners from
vary from state-to-state. A businesses and other institu- the pandemic, as people stuck
national vaccine passport tions, to confirm the vaccine at home gravitated to online
hasn’t taken off in the U.S., so In San Francisco, many bars require Covid-19 vaccine documentation before entry. record is an official record of ordering. The Seattle company
states like California and New the state of California. took home almost $30 billion
York are taking things into Until those are more your vaccine. Not every state in profit in the past year as
their own hands. However, widely available, your best offers a verified digital re- Download third-party millions of consumers in-
going through a state-spon- bet is to create a smart- cord, but here are a few of apps with caution. creased their online activities
sored passport app probably phone-based digital copy of the major apps: There’s a lot of personal to meet their shopping, enter-
isn’t necessary, as most es- your CDC vaccine card. On MyIR Mobile is an app information associated with tainment and work needs.
tablishments are likely to ac- the upside, all you need is a that offers official digital im- your vaccine record that Amazon hasn’t mandated
cept either your original CDC clear image. You won’t have munization records for Ari- would make identity thieves that its staff be vaccinated to
vaccine card or a digital scan to enter any personal data zona, D.C., Louisiana, Mary- dance. That is why posting a return to the office. The com-
NEW YORK STATE GOVERNOR’S OFFICE

or photo of it. Washington into a third-party website.
state’s guidance to businesses Sure, you could just take a
says “originals, copies or picture and hope to produce
photographs on a mobile de- it when a checker at the door
vice are acceptable.” asks for it. There’s a way to
In other words, before you scan it so that it is more
venture out into the world, readily available—and you
get your vaccine card on your don’t make people behind
phone. Then check to see if you wait. Both iOS and An-
there are other passport apps droid devices have built-in
that might make for quicker apps that use your phone’s
entry to your favorite spots. camera to scan documents.
Here’s my quick guide: On iPhones: Create a new
note, tap the camera icon
Scan a digital copy. and select Scan Documents.
Apple’s iOS 15 software up- Name the note “Covid-19
date, due this fall, will in- Vaccine Card” so it’s easy to
clude an upgraded Health search for. You can pin the
app, where users can store note to stay on top of the
verifiable immunization re- screen by tapping the three
cords if available. Google re- dots in the right corner.
cently announced support for On Android phones: Open
a digital vaccine card for An- Google Drive, tap Add, then
droid users, but it requires Scan. Take a photo of the
government agencies or document, and Google Drive
healthcare providers to im- will auto-crop the area and
plement the technology. save the scan as a PDF file.
land, Mississippi, North selfie with your vaccine card pany said it is requiring em-
Dakota, Washington and isn’t a good idea. ployees who aren’t vaccinated
West Virginia. I would refrain from sign- to wear masks in its offices.
New Yorkers can register ing up for one of the many The company’s army of
for the Excelsior Pass, as long independent vaccine-pass warehouse workers operate
as you were fully vaccinated apps and websites cropping under similar rules. Workers
in the state of New York and up, unless an establishment who are vaccinated don’t have
15 days have elapsed since you are visiting warrants it. to wear a mask unless re-
your final shot. Your name, VaxYes by GoGetDoc is one quired to do so by local direc-
birth date, ZIP Code and such option that works with tives. Those who aren’t vacci-
New York’s Excelsior Pass phone number will be re- Apple Wallet. The company nated have to wear a mask.
quired to verify your identity. says the website is compli- Amazon is among a number
For easy access, tap the three The pass—which contains ant with HIPAA—a federal of tech companies that said they
dots in the upper left corner a scannable QR code and ex- law designed to protect sen- would no longer expect employ-
of the image to add it to pires one year after your sitive health information— ees to be in the office full-time
Starred documents, and second shot date—can be ac- and can validate digitized re- after the pandemic. The com-
download it for offline access. cessed through the Android cords using state pany said in June it would offer
app, iOS app, website or Ap- immunization records. hybrid work for eligible employ-
See if your state has a ple Wallet. Walgreens patients can ac- ees, with a baseline of three
passport. New York City announced cess a copy of their vaccine days a week spent in the office
Government-provided re- on Aug. 3 that visitors or records on the company’s and flexibility to work remotely
cords offer an extra layer of New Yorkers vaccinated out- website. If you were vacci- the other two days. Some em-
verification, and schools, em- side of the state will be able nated at Walmart or Sam’s ployees can work as many as
ployers and venues could to download an app called Club, you can download four weeks a year fully remotely
start requiring them. Your re- Key to NYC Pass. Health Pass by Clear (free for from a domestic location.
cord should be available in People who received vac- iOS and Android) to access —Sebastian Herrera
the state where you received cines in California can enter your digital records. contributed to this article.

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B6 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

BUSINESS NEWS

Moody’s Expands
Into Modeling Risk
Of Climate Change
BY JULIE STEINBERG acquisition will help custom-
ers manage exposure to cli-
Moody’s Corp., best known mate-change risks in their in-
for rating corporate and gov- vestment and lending

COSTFOTO/BARCROFT MEDIA/GETTY IMAGES

ernment debt, is diving into
disaster and climate-change
risk modeling.
The ratings company on
Thursday said it had agreed to
acquire RMS, a catastrophe
risk-management and model-
ing firm, from its U.K. parent
Daily Mail & General Trust
PLC for about $2 billion.
The deal is a sign of the big
money to be made from selling
portfolios and meet regulatory
requirements related to cli-
mate change.
Moody’s business of rating
debt and other financial risk
services has boomed during
the pandemic. Its share price
rose Thursday to an all-time
high, and is up by a third this
year, rewarding its biggest
shareholder, Warren Buffett’s
Berkshire Hathaway Inc. Thermal coal at the port in Lianyungang City, Jiangsu Province, China. Thermal coal is the variety burned to generate electricity.
Insurers and reinsurers,

Price Jump for Thermal Coal

which traditionally focused on
predicting big weather events

$2B that can cause widespread

Price to buy the catastrophe
risk-management firm RMS
data that analyzes changing
climate patterns caused by
global warming. RMS sells
data and analytics to the prop-
erty and casualty insurance
and reinsurance sectors. It has
grown rapidly alongside the in-
creased frequency of natural
disasters that are changing the
way insurers price coverage.
Moody’s said the acquisi-
tion would help build its busi-
ness of providing data and risk
assessments to the insurance
industry.
On a call with analysts,
Moody’s Chief Executive Rob
Fauber said “climate change is
an issue that demands urgent
attention.” He added that the
damage, such as hurricanes,
are increasingly incorporating
other models that look at
smaller, but more frequent
events that cause damage such
as hail, drought, wildfire and
snow.
“Global risks are now more
complex, connected and sys-
temic, said Karen White, chief
executive officer of RMS. “Cli-
mate change and catastrophic
events like extreme weather,
pandemics and cyberattacks
have broader and more harm-
ful impacts across virtually all
industries.”
Moody’s said RMS expects
to generate around $320 mil-
lion in revenue this fiscal year
and runs risk models for 120
countries. Moody’s said it
would pay for Newark, Calif.-
based RMS through a mix of
cash and issuing new debt.
The deal is expected to close
late in the third quarter.
Turns Outcast Into Gold Mine
BY JOE WALLACE Weekly thermal-coal prices, by region
AND RHIANNON HOYLE
$150 a metric ton $151.15
Miners are printing money
from a business many are try-
ing to exit: digging up thermal
$139.84
coal. July 30
125
Prices for thermal coal, the $130.06
variety burned to generate
electricity, have shot to decade
highs as supplies struggle to
keep pace with demand from 100
China and elsewhere during
the global economic recovery.
Analysts expect prices to stay
elevated because concerns
75
about the fuel’s contribution
to climate change have made
it increasingly difficult for
miners to obtain permits or
funding to dig more thermal 50
coal out of the ground.

Pipeline Hacking Gang The rally is filling the pock-

ets of miners including Glen-
core PLC, Peabody Energy
25 Europe
South Africa Australia
Seen Rebranding Itself Corp. and Australia’s White-
haven Coal Ltd. The compa-
nies stuck with thermal coal
Includes insurance, freight
and other expenses

BY DAVID UBERTI try to outmaneuver a crack- despite pressure from environ-

AND CATHERINE STUPP
Experts who track the ac-
tions of cybercriminal gangs
say a new hacking group that
has emerged recently is using
techniques that are similar to
the DarkSide group that suc-
cessfully hacked the Colonial
Pipeline Co. earlier this year.
The parallels between the
new BlackMatter group and the
group that hacked the pipeline
suggest DarkSide may have re-
turned under a new name, ac-
cording to professionals who
analyze hacking techniques and
ransomware payments.
Blockchain analytics firm
Chainalysis Inc. on Tuesday said
DarkSide and BlackMatter have
a similar financial infrastruc-
ture used for processing ran-
som payments. Other experts
have seen similarities in their
ransomware strains and the
keys they use to unlock files.
Cybersecurity experts say
the possible rebranding of the
hacking group illustrates the
ways ransomware gangs may
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down by law enforcement.
“Essentially, there are mas-
sive overlaps in how BlackMat-
ter and DarkSide encrypt files,”
said Fabian Wosar, chief tech-
nology officer for cybersecurity
company Emsisoft Ltd., who an-
alyzed the tools the two groups
used to decrypt data and be-
lieves DarkSide has rebranded
as BlackMatter. The two
groups’ encryption processes,
he said, appear to be “compiled
from the same source code.”
Chainalysis, which analyzes
transactions between crypto-
currency wallets, said individ-
uals linked to the two groups
also shared addresses where
they accept ransom payments
and hold funds. “DarkSide and
BlackMatter actors were using
overlapping cryptocurrency
wallets,” said Gurvais Grigg,
the firm’s global public sector
chief technology officer.
An individual claiming to be
a member of BlackMatter told
research firm Recorded Future
that the new group wasn’t
connected to DarkSide.
mentalists and Wall Street to
abandon the fuel. The recent
run-up in prices is also offer-
ing a parting gift to a clutch of
miners, such as BHP Group
Ltd., that are committed to
leaving the energy-coal sector
behind.
Glencore, the biggest pro-
ducer of thermal coal for ex-
port by sea, on Thursday
posted record earnings of $8.7
billion in the first six months
of 2021, up 79% from a year
earlier. A decline in coal pro-
duction offset the effect of ris-
ing prices, which began to
surge late in the first half, but
Glencore said the coal market
would be a big moneymaker
for the rest of the year.
“For a responsible operator,
you can still make decent
money off these mines,” said
Sean Munsie, a portfolio man-
ager at South African investor
Allan Gray, which is a large out-
side shareholder in Glencore.
Peabody shares have more
than quadrupled this year,
while London-listed Glencore is
up 39% and Whitehaven has
risen 29%.
Even with higher share
prices, companies will have a
hard time financing thermal-
coal projects, limiting supplies.
Among the U.S. and European
banks to have stopped green-
lighting certain deals because
of their carbon footprint, JP-
Morgan Chase & Co. said in
0
2020
400%
300
200
100
0
Jan.2021
Sources: Argus/McCloskey’s Coal Price Index (coal prices); FactSet (share-price performance)
Glencore has said it would
operate its coal mines in Co-
lombia, Australia and South
Africa until they run dry as
part of its plan to get to net-
zero emissions by 2050.
Rio Tinto PLC left the coal-
mining sector in 2018, selling
assets to Glencore, White-
haven and Indonesia’s PT
Adaro Energy Tbk. Anglo
American PLC spun its South
African thermal-coal business
into a separate company in
June and is on course to stop
’21 2020 ’21 2020 ’21
Peabody
Energy
▲384%
Share-price
performance
this year
Glencore
▲39%
Whitehaven
Coal
Aug. ▲29%
mine, to Glencore. BHP is also of the pandemic tipped several
seeking to leave thermal-coal smaller companies into bank-
mining behind altogether, but ruptcy. St. Louis-based Pea-
high prices should help fatten body reported a 15% year-
profits while the company con- over-year increase in second-
tinues to own a large thermal- quarter revenue and is
coal operation in Australia. spending on mine expansions.
The price BHP received for Chief Executive Jim Grech told
thermal coal in the first half of
2021 was roughly 60% higher
analysts coal demand will
grow globally even as it falls
than in the previous six in the U.S.
months. The company also has Even with some grades of
benefited from strong prices coal trading at over $150 a
for commodities such as iron metric ton, those big interna-
ore and oil. Analysts forecast a tional miners seeking to leave





2020 that it wouldn’t provide producing energy coal by the sharp jump in fiscal-year earn- the commodity are unlikely to
project finance if the proceeds middle of next year. ings and dividends when BHP regret their decision, accord-
go toward developing com- Anglo American and BHP, reports results on Aug. 17. ing to Tyler Broda, a mining


  
 pletely new coal mines. Finan-
ciers in Japan, South Korea
the world’s No. 1 miner by
market value, recently agreed
For the U.S. industry, higher
prices have provided a re-
analyst at RBC Capital Mar-
kets. “There’s a general aver-
 
  

 and China are also pulling back to sell their one-third stakes in prieve after a downdraft in sion to thermal coal” among

    
  from the sector. Cerrejón, a Colombian coal coal markets in the early days investors, he said.

 

    Medical Startup Maven Tests New Tactic
 BY BRIAN GORMLEY neurs seek to generate investor used in the heart and blood that incrementally improve ex-
returns by selling their com- vessels and has about $750 isting products and to develop
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES Duke Rohlen, an entrepre- pany to one of the larger play- million in annual revenue, ac- synergistic devices used with
neur who has led four medi- ers in their sector. Mr. Rohlen cording to a regulatory filing. other medical technologies.
cal-device companies to suc- has a history of doing just that, The accelerator will pay Such innovations are valuable


  
 
     cessful merger deals, is testing previously leading startups groups of engineers to invent to patients but aren’t well
      
   
     a new model for medical-tech- such as EPIX Therapeutics Inc., devices for Cordis. Once devel- served by large corporations

  
            nology innovation. a maker of a cardiac-ablation oped and cleared or approved or venture capitalists, Mr.
             His team at Ajax Health, a treatment for irregular heart- by the U.S. Food and Drug Ad- Rohlen said. In addition to fo-

      !     startup he leads, has joined beats that was acquired by ministration, the devices will cusing on these areas, the ac-
 
       with investment firms Hellman Medtronic PLC in 2019. be sold to Cordis at a prede- celerator will also develop
!   "   


  & Friedman and KKR & Co. to The Cordis accelerator is a termined price based on a novel, potentially transforma-
!#$ %  "& ' acquire medical-device com- new strategy for Mr. Rohlen, multiple of the amount the ac- tional products, he said.
  
(   pany Cordis from Cardinal one he says could yield inno- celerator invested to develop “External R&D, if structured
 ' ! )*
+   ,    
Health Inc. in a $1 billion trans- vations in areas that most them, Mr. Rohlen said. As de- effectively, can unlock both
$-.. +   &  
THEMARKETPLACE action that closed Monday. venture-backed startups vices are sold, the proceeds kinds of innovation,” he said.
/0  % 1  0.2 ADVERTISE TODAY Mr. Rohlen is now executive wouldn’t target. from the sale will go back to Large companies often
3  
( (8 chairman of Cordis and chief The accelerator, backed the accelerator, the accelerator struggle to develop incremen-

    executive of a newly formed, with $300 million from Hell- investors, and to the entrepre- tal innovations that make an
For more information visit:
     independent accelerator man & Friedman, KKR and neurs who developed the tech- existing medical product safer
wsj.com/classifieds
 ! "# tasked with supplying medical Ajax, is tasked with supplying nologies, he said. or more effective, partly be-
© 2021 Dow Jones & Company, Inc.
$$ % & All Rights Reserved. devices to Cordis. a stream of new products to One opportunity for the ac- cause their bureaucracies hold
Typically, medtech entrepre- Cordis, which sells devices celerator is to create devices them back, Mr. Rohlen said.
THE WALL STREET JOURNAL. Friday, August 6, 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
35064.25 s 271.58, or 0.78% Trailing P/E ratio 23.91 26.68 4429.10 s 26.44, or 0.60% Trailing P/E ratio * 33.75 31.90 14895.12 s 114.58, or 0.78% Trailing P/E ratio *† 37.15 34.15
High, low, open and close for each P/E estimate * 19.45 23.81 High, low, open and close for each P/E estimate * 22.52 25.45 High, low, open and close for each P/E estimate *† 29.47 31.12
trading day of the past three months. Dividend yield 1.79 2.38 trading day of the past three months. Dividend yield * 1.31 1.88 trading day of the past three months. Dividend yield *† 0.69 0.83
All-time high 35144.31, 07/26/21 All-time high 4429.10, 08/05/21 All-time high: 14895.12, 08/05/21

Current divisor 0.15188516925198

36300 4525 15000

35200 4400 14650

34100 4275 14300

Session high 33000 4150 13950

DOWN UP
t

Session open Close

65-day moving average 31900 65-day moving average 4025 13600
Close Open 65-day moving average
t

Session low 30800 3900 13250

Bars measure the point change from session's open

29700 3775 12900
May June July May June July May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 792,733,470 13,081,168
Industrial Average 35067.54 34815.61 35064.25 271.58 0.78 35144.31 26501.60 28.0 14.6 11.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 564,206,014 7,695,390
Transportation Avg 14428.21 14264.76 14422.91 179.23 1.26 15943.30 10331.09 39.6 15.3 9.1 Most-active issues in late trading Decl. volume* 219,445,370 5,057,228
Utility Average 931.26 918.28 930.75 11.56 1.26 933.37 785.16 12.3 7.6 8.5 Volume After Hours Issues traded 3,481 288
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 46002.96 45755.08 46001.13 328.32 0.72 46001.13 33005.83 34.7 17.3 16.0 Advances 2,241 164
Zynga ZNGA 8,604.4 8.35 -1.42 -14.53 9.78 7.71
Barron's 400 1029.98 1024.00 1029.98 5.98 0.58 1030.18 687.57 42.6 20.9 10.7 Declines 1,087 110
Southwestern Energy SWN 5,766.3 4.75 0.01 0.21 4.81 4.74
Unchanged 153 14
Nasdaq Stock Market Virgin Galactic SPCE 2,975.6 33.06 1.53 4.85 35.45 31.13 New highs 186 5
Nasdaq Composite 14896.47 14776.03 14895.12 114.58 0.78 14895.12 10632.99 34.1 15.6 24.0 Robinhood Markets HOOD 2,885.3 52.55 1.58 3.10 52.60 50.10 New lows 53 11
Nasdaq-100 15184.27 15083.83 15181.64 98.25 0.65 15181.64 10833.33 34.7 17.8 27.1 Finl Select Sector SPDR XLF 2,798.9 37.10 -0.01 -0.03 37.19 36.98 Closing Arms† 0.81 1.27
SPDR S&P 500 SPY 2,344.5 441.65 -0.11 -0.02 441.77 439.11 Block trades* 4,723 134
S&P
0.60
Zymergen ZY 1,867.1 15.94 1.49 10.31 16.68 13.76
500 Index 4429.76 4408.86 4429.10 26.44 4429.10 3236.92 32.2 17.9 16.0 Nasdaq NYSE Arca
Novavax NVAX 1,612.6 219.60 -16.60 -7.03 266.00 202.00
MidCap 400 2709.69 2687.10 2706.17 24.86 0.93 2770.27 1792.09 41.3 17.3 10.6 Total volume*4,062,447,121 154,951,067
SmallCap 600 1342.48 1327.25 1340.40 18.63 1.41 1414.12 822.63 49.6 19.8 8.4 Percentage gainers… Adv. volume*2,892,799,682 94,195,354
Westport Fuel Systems WPRT 449.0 4.70 0.79 20.20 4.92 3.91 Decl. volume*1,136,331,248 59,960,247
Other Indexes
Groupon GRPN 464.0 41.80 6.17 17.32 44.00 35.50 Issues traded 4,580 1,532
Russell 2000 2236.19 2198.16 2236.01 39.69 1.81 2360.17 1451.46 44.8 13.2 10.1
Advances 3,035 1,044
NYSE Composite 16695.53 16594.48 16695.50 101.02 0.61 16713.46 12359.16 31.2 14.9 8.8 Yelp YELP 102.7 42.80 5.60 15.05 43.50 37.20
Declines 1,333 461
Value Line 663.96 656.75 663.08 6.33 0.96 685.08 444.77 40.5 16.6 4.5 Aurinia Pharmaceuticals AUPH 771.1 13.25 1.54 13.15 13.25 11.57
Unchanged 212 27
NYSE Arca Biotech 6002.61 5887.64 6002.61 71.27 1.20 6319.77 5128.49 5.8 4.6 5.9
Zymergen ZY 1,867.1 15.94 1.49 10.31 16.68 13.76
New highs 176 135
NYSE Arca Pharma 783.66 778.31 783.62 5.31 0.68 783.62 613.07 18.4 13.7 11.1 ...And losers New lows 107 16
KBW Bank 124.15 123.04 124.14 1.95 1.60 134.82 69.87 65.4 26.8 4.0 Dicerna Pharmaceuticals DRNA 405.4 28.21 -9.71 -25.61 37.92 25.60 Closing Arms† 0.89 1.55
PHLX§ Gold/Silver 142.31 139.56 139.80 -2.06 -1.45 166.01 130.33 -12.4 -3.0 22.5 Zynga ZNGA 8,604.4 8.35 -1.42 -14.53 9.78 7.71 Block trades* 20,584 637
PHLX§ Oil Service 53.60 52.01 52.57 0.86 1.66 69.77 26.30 39.1 18.6 -29.3 Aprea Therapeutics APRE 377.6 3.84 -0.46 -10.70 4.34 3.50 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3451.41 3408.40 3424.46 -12.44 -0.36 3436.90 2108.61 55.3 22.5 35.3 FireEye FEYE 908.5 18.17 -1.92 -9.56 20.09 17.07 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.84 17.23 17.28 -0.69 -3.84 40.28 15.07 -23.7 -24.0 14.1 Acorda Therapeutics ACOR 55.7 3.76 -0.34 -8.29 4.10 3.75 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 732.57 3.14 0.43 13.4 Score Media Gaming SCR 32.64 14.50 79.93 45.00 4.03 546.3 Robinhood Markets HOOD 50.97 -19.42 -27.59 85.00 33.25 ...
MSCI ACWI ex-USA 351.18 0.53 0.15 7.6 Zymergen ZY 14.45 6.20 75.15 52.00 7.85 ... Inogen INGN 60.29 -21.97 -26.71 82.35 26.57 76.1
MSCI World 3102.23 16.40 0.53 15.3 SiTime SITM 185.00 44.00 31.21 195.00 58.00 200.4 Itron ITRI 71.84 -25.82 -26.44 122.31 53.49 9.5
MSCI Emerging Markets 1300.09 –3.90 –0.30 0.7 Profound Medical PROF 17.55 3.95 29.04 28.97 13.43 15.8 Karyopharm Therapeutics KPTI 5.93 -1.89 -24.17 18.00 5.76 -61.1
Americas MSCI AC Americas 1724.54 10.83 0.63 17.5 Dixie Group DXYN 3.49 0.78 28.78 6.00 0.76 242.2 OneSpan OSPN 18.91 -6.01 -24.12 31.90 17.85 -39.0
Canada S&P/TSX Comp 20375.48 45.75 0.23 16.9 Veoneer VNE 40.15 8.90 28.48 40.46 9.70 294.0 Fiverr International FVRR 175.06 -55.52 -24.08 336.00 102.42 45.8
Latin Amer. MSCI EM Latin America 2513.42 24.69 0.99 2.5 European Wax Center EWCZ 21.39 4.39 25.82 22.00 17.00 ... Nevro NVRO 115.07 -32.81 -22.19 188.14 106.75 -18.8
Brazil BOVESPA 121632.92 –168.29 –0.14 2.2 Cross Country Healthcare CCRN 20.50 4.06 24.70 20.69 5.71 190.0 Amedisys AMED 200.13 -56.14 -21.91 325.12 195.28 -15.0
Chile S&P IPSA 2838.68 19.46 0.69 –0.7 Astra Space Cl A ASTR 10.22 1.97 23.88 22.47 8.12 ... CommScope Holding COMM 16.41 -4.28 -20.69 22.18 8.25 48.2
Mexico S&P/BMV IPC 51134.93 –60.50 –0.12 16.0 Castor Maritime CTRM 2.50 0.48 23.76 19.50 1.12 24.9 Century Aluminum CENX 10.92 -2.58 -19.11 19.60 6.27 3.4
EMEA STOXX Europe 600 469.96 1.74 0.37 17.8 Newegg Commerce NEGG 20.33 3.72 22.40 79.07 2.76 384.0 Scopus BioPharma SCPS 4.94 -1.13 -18.62 47.86 4.46 ...
Eurozone Euro STOXX 466.64 2.13 0.46 17.4 Kaival Brands Innovations KAVL 6.64 1.18 21.61 43.80 2.74 -25.2 Cooper-Standard Holdings CPS 21.11 -4.76 -18.40 47.85 12.16 69.0
Belgium Bel-20 4293.22 26.26 0.62 18.6 Ryerson Holding RYI 18.66 3.27 21.25 19.46 5.24 198.1 BeyondSpring BYSI 21.70 -4.88 -18.36 30.00 8.90 86.1
Denmark OMX Copenhagen 20 1813.95 29.97 1.68 23.8 Bit Digital BTBT 15.82 2.75 21.04 33.00 3.40 222.9 Latham Group SWIM 21.62 -4.77 -18.08 34.73 21.31 ...
6781.19 0.52 22.2 Microvast Holdings MVST 10.47 1.79 20.62 25.20 7.83 2.8 Hippo Holdings HIPO 7.98 -1.63 -16.96 15.05 7.92 ...
France CAC 40 34.96
Germany DAX 15744.67 52.54 0.33 14.8
Israel Tel Aviv 1689.87 –3.95 –0.23 12.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 25665.55 175.33 0.69 15.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 768.23 1.99 0.26 23.0
Russia RTS Index 1653.31 13.01 0.79 19.2 Advanced Micro Devices AMD 137,584 173.0 112.35 -5.41 122.49 72.50 Nautilus Biotechnolgy NAUT 28,209 14595 8.25 10.15 25.89 7.28
South Africa FTSE/JSE All-Share 68371.23 –526.81 –0.76 15.1 AMC Entertainment Hldgs AMC 107,983 -37.3 33.51 12.30 72.62 1.91 Zymergen ZY 97,249 13573 14.45 75.15 52.00 7.85
0.50 Sundial Growers SNDL 100,455 -42.2 0.82 4.98 3.96 0.14 Quantum FinTech Acqn QFTA 721 4553 9.70 -0.72 9.90 9.50
Spain IBEX 35 8836.50 43.60 9.4
1003.75 0.12 30.6 Zymergen ZY 97,249 13573.5 14.45 75.15 52.00 7.85 Score Media Gaming SCR 27,810 4525 32.64 79.93 45.00 4.03
Sweden OMX Stockholm 1.20
Robinhood Markets HOOD 80,080 -7.5 50.97 -27.59 85.00 33.25 Lead Edge Growth Cl A LEGA 500 4471 9.71 0.26 9.95 9.65
Switzerland Swiss Market 12199.82 21.08 0.17 14.0
Turkey BIST 100 1431.78 17.98 1.27 –3.0 Petroleo Brasileiro ADR PBR 75,963 128.0 11.27 9.21 12.38 6.15 Invsc Bullet 2028 Cp Bond BSCS 3,846 4180 23.27 -0.28 23.63 22.46
U.K. FTSE 100 7120.43 –3.43 –0.05 10.2 Uber Technologies UBER 60,771 178.0 43.07 3.01 64.05 28.48 AF Acquisition Cl A AFAQ 489 3597 9.62 -0.21 9.95 9.59
U.K. FTSE 250 23506.11 158.38 0.68 14.7 Ford Motor F 60,070 -25.6 13.71 2.93 16.46 6.41 Growth Cap Acqn Cl A GCAC 682 3061 9.87 1.54 9.88 9.55
Itau Unibanco Holding ADR ITUB 59,898 57.0 5.74 0.35 6.76 3.89 Sports Ventures Acqn Cl A AKIC 233 2603 9.70 -0.46 10.88 9.55
Asia-Pacific MSCI AC Asia Pacific 200.93 –0.24 –0.12 0.5
Bit Digital BTBT 56,763 395.0 15.82 21.04 33.00 3.40 Tio Tech A Cl A TIOA 450 2427 9.80 -0.04 9.95 9.64
Australia S&P/ASX 200 7511.10 7.92 0.11 14.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3466.55 –10.67 –0.31 –0.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 26204.69 –221.86 –0.84 –3.8
54492.84 0.23 14.1
Track the Markets
India S&P BSE Sensex 123.07
Japan NIKKEI 225 27728.12 144.04 0.52 1.0
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3175.10 –7.80 –0.25 11.6 currencies and commodities at
South Korea KOSPI 3276.13 –4.25 –0.13 14.0 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 17603.12 –20.77 –0.12 19.5 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1527.66 –18.20 –1.18 5.4 Get real-time U.S. stock quotes and track most-active stocks, new US$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 .00004359 22939 –0.6
CREDIT MARKETS Argentina peso .0103 96.7951 15.1 Europe
Brazil real .1905 5.2489 1.1 Czech Rep. koruna .04659 21.464 –0.04
Canada dollar .7996 1.2506 –1.8 Denmark krone .1589 6.2952 3.3
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001285 777.99 9.5 Euro area euro 1.1835 .8450 3.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000255 3918.00 14.5 Hungary forint .003346 298.88 0.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .008006 124.91 –2.3
A consumer rate against its 30-year mortgage, Rate Mexico peso .0502 19.9364 0.3 Norway krone .1134 8.8189 2.8
benchmark over the past year 2.50% Uruguay peso .02288 43.7150 3.2 Poland zloty .2603 3.8417 2.9
Bankrate.com avg†: 3.00% 10% Asia-Pacific Russia ruble .01368 73.116 –1.2
First National Bank 2.63% 2.00 Sweden krona .1160 8.6191 4.8
Australian dollar .7404 1.3506 3.9
30-year fixed-rate 4.00% Waverly, IA 319-266-2000 Tradeweb ICE 5 Yen Euro Switzerland franc 1.1029 .9067 2.5
China yuan .1548 6.4614 –1.1
t

s s
mortgage Thursday Close 1.50 Turkey lira .1172 8.5290 14.7
Dearborn Federal Svgs Bk 2.75% Hong Kong dollar .1286 7.7772 0.3
t 3.00 0 Ukraine hryvnia .0371 26.9500 –4.9
1.00 India rupee .01350 74.072 1.4
Dearborn, MI 313-565-3100 UK pound 1.3928 .7180 –1.9
Indonesia rupiah .0000697 14343 2.1
10-year Treasury 2.00 Peoples Bank 2.75% Japan yen .009110 109.77 6.3 Middle East/Africa
One year ago 0.50 –5 s
note yield Marietta, OH 800-374-6123 Kazakhstan tenge .002349 425.71 1.0 Bahrain dinar 2.6544 .3767 –0.1
t t WSJ Dollar Index
1.00 Atlanta Postal Credit Union 2.88% 0.00 –10 Macau pataca .1248 8.0145 0.3 Egypt pound .0637 15.7026 –0.3
Malaysia ringgit .2371 4.2175 4.8 Israel shekel .3110 3.2150 0.1
Atlanta, GA 800-849-8431 1 3 6 1 2 3 5 7 10 20 30 2020 2021
0.00 New Zealand dollar .7055 1.4174 1.8 Kuwait dinar 3.3280 .3005 –1.2
Cambridge Savings Bank 2.88% month(s) years
A S O N D J F M AM J J A Pakistan rupee .00609 164.200 2.4 Oman sul rial 2.5973 .3850 0.01
Cambridge, MA 888-418-5626 maturity Philippines peso .0199 50.314 4.8 Qatar rial .2747 3.641 –0.02
2020 2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7401 1.3511 2.3 Saudi Arabia riyal .2667 3.7502 –0.04
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008749 1143.04 5.3 South Africa rand .0688 14.5312 –1.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0050115 199.54 7.7
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.75 Taiwan dollar .03600 27.774 –1.1
Yield (%) 52-Week Total Return (%) Thailand baht .03007 33.260 10.7 WSJ Dollar Index 86.99 –0.004–0.005 2.34
Prime rate* 3.25 3.25 3.25 l 3.25 -1.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.13 0.13 0.12 l 0.28 -2.22 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Barclays 2429.620 0.830 0.830 1.030 0.410 –2.865 5.283
Money market, annual yield 0.08 0.08 0.08 l 0.25 -0.41
Five-year CD, annual yield 0.45 0.45 0.43 l 0.69 -1.36 U.S. Treasury Long, Barclays 4532.590 1.810 1.860 2.400 1.090 –10.305 10.104 Commodities
30-year mortgage, fixed† 3.00 3.07 2.83 l 3.37 -1.58 Aggregate, Barclays 2280.570 1.370 1.380 1.630 1.030 –0.736 5.703 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.28 2.34 2.28 l 2.71 -1.75 Fixed-Rate MBS, Barclays 2226.280 1.600 1.640 1.850 0.980 –0.020 3.969
Jumbo mortgages, $548,250-plus† 3.03 3.10 2.85 l 3.41 -1.74 DJ Commodity 892.78 4.61 0.52 915.91 603.73 46.27 22.03
High Yield 100, ICE BofA 3434.506 3.531 3.359 5.112 3.162 8.633 5.761 Refinitiv/CC CRB Index 215.15 1.63 0.76 221.21 144.12 44.78 28.22
Five-year adj mortgage (ARM)† 2.85 2.83 2.83 l 3.43 -1.58
Muni Master, ICE BofA 604.315 0.705 0.700 1.157 0.687 2.093 4.998 Crude oil, $ per barrel 69.09 0.94 1.38 75.25 35.79 64.70 42.39
New-car loan, 48-month 4.06 4.06 4.01 l 4.27 0.18
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 932.954 4.563 4.646 5.068 4.295 2.738 6.183 Natural gas, $/MMBtu 4.140 -0.018 -0.43 4.158 1.834 91.22 63.06
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. 1805.10 -5.40 -0.30 2051.50 1677.70 -12.01 -4.65
B8 | Friday, August 6, 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 Dec 547.00 558.00 545.75 553.00 6.25 654,936 March'22 18.61 19.21 s 18.42 19.18 .65 235,399 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Aug .7994 .8016 .7970 .8003 .0036 655
Contract Open Sept .7971 .8016 .7969 .8003 .0036 160,160
Sept 449.25 467.50 449.25 460.50 16.50 304 Sept 37.00 37.25 37.00 37.09 .09 29
Open High hi lo Low Settle Chg interest British Pound (CME)-£62,500; $ per £
Dec 443.00 461.50 443.00 452.50 9.00 3,894 Nov 34.49 –.01 2,041
Copper-High (CMX)-25,000 lbs.; $ per lb. Aug 1.3910 1.3949 1.3874 1.3934 .0044 944
Aug 4.3345 4.3480 4.3345 4.3455 0.0155 1,894
Soybeans (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb.
Sept 1.3887 1.3950 1.3873 1.3934 .0044 178,244
Aug 1403.50 1415.00 1393.50 1402.50 –1.00 2,286 Oct 90.38 91.41 90.38 91.17 .45 369
Sept 4.3325 4.3590 4.3055 4.3480 0.0155 107,353 Swiss Franc (CME)-CHF 125,000; $ per CHF
Gold (CMX)-100 troy oz.; $ per troy oz. Nov 1326.25 1339.50 1315.00 1328.50 2.75 370,847 Dec 90.06 90.90 90.01 90.68 .37 155,853 Sept 1.1043 1.1058 1.1025 1.1045 … 40,642
Aug 1810.80 1813.70 1796.00 1805.10 –5.40 2,721 Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Dec 1.1061 1.1082 1.1052 1.1071 .0001 536
Sept 1811.40 1814.30 1796.70 1805.70 –5.50 1,727 Aug 354.00 357.80 353.60 356.90 3.80 495 Sept 132.00 135.90 131.95 134.80 1.85 7,415 Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct 1812.20 1815.60 1797.30 1806.60 –5.60 44,380 Dec 354.00 359.20 351.80 357.30 3.30 154,283 Nov 135.25 139.05 135.25 138.05 1.80 3,543 Aug .7388 .7416 .7378 .7405 .0022 118
Dec 1814.90 1817.90 1799.70 1808.90 –5.60 404,877 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .7382 .7418 .7378 .7405 .0022 168,527
Feb'22 1816.60 1818.90 1802.10 1810.90 –5.50 22,380 Aug 62.26 63.30 62.26 62.47 –.30 200 Interest Rate Futures Mexican Peso (CME)-MXN 500,000; $ per MXN
April 1816.30 1820.70 1804.50 1812.80 –5.40 6,729 Dec 61.52 61.95 60.45 60.86 –.68 181,189 Aug .04992 .05018 .04992 .05014 .00015 37
Palladium (NYM) - 50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Sept .04983 .05004 .04976 .04996 .00016 152,827
Aug 2654.70 3.40 2 Sept 13.17 13.37 13.16 13.29 .09 6,259 Sept 201-200 202-130 200-190 200-290 –23.0 1,225,593 Euro (CME)-€125,000; $ per €
Sept 2647.00 2670.00 2633.50 2655.10 3.40 8,538 Nov 13.50 13.61 13.48 13.55 .08 1,105 Dec 199-050 –23.0 41,077 Aug 1.1835 1.1859 1.1831 1.1838 –.0004 1,104
Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 1.1845 1.1866 1.1837 1.1845 –.0003 659,403
Aug 1010.90 1010.90 t 1010.90 1005.50 –14.90 267 Sept 714.75 725.50 709.75 712.75 –4.50 145,596 Sept 166-060 166-180 165-160 165-220 –16.0 1,196,148
Oct 1019.60 1021.60 t 996.80 1005.70 –15.60 58,649 Dec 725.75 737.00 722.25 725.25 –3.50 135,646 Dec 164-170 164-310 163-310 164-040 –16.0 1,406 Index Futures
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Aug 25.520 25.530 25.240 25.277 –0.169 292 Mini DJ Industrial Average (CBT)-$5 x index
Sept 692.25 702.25 687.75 691.50 –2.75 93,288 Sept 134-265 134-290 134-125 134-160 –10.5 4,104,497 Sept 34716 34949 34667 34943 253 106,937
Sept 25.425 25.565 25.115 25.292 –0.169 104,643
Dec 703.50 713.75 699.50 703.00 –2.50 84,138 Dec 134-055 134-095 133-260 133-290 –10.5 12,554 Dec 34639 34823 34559 34826 253 788
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Sept 68.06 69.35 67.61 69.09 0.94 407,100
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index
Aug 159.125 159.300 157.350 157.650 –1.550 6,824 Sept 124-180 124-185 124-085 124-112 –7.0 3,422,039 Sept 4405.80 4420.70 s 4394.70 4421.60 26.90 30,435
Oct 67.64 68.97 67.22 68.74 0.95 271,493
Nov 67.23 68.49 66.80 68.32 0.97 162,383 Sept 162.625 163.025 160.975 161.150 –1.725 15,664 Dec 123-285 –7.5 15,374 Mini S&P 500 (CME)-$50 x index
Dec 66.77 67.97 66.32 67.84 1.00 273,887 Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 4396.25 4422.75 s 4393.75 4421.50 26.75 2,575,336
June'22 63.92 65.09 63.62 65.02 0.98 148,532 Aug 124.075 124.300 122.500 122.575 –1.475 23,081 Sept 110-107 110-108 110-090 110-096 –1.2 1,989,537 Dec 4384.75 4412.00 s 4384.50 4411.50 26.75 63,745
Dec 61.51 62.64 61.27 62.60 0.96 181,280 Oct 128.800 129.225 127.500 127.575 –1.400 127,154 Dec 110-048 –1.6 2,778 Mini S&P Midcap 400 (CME)-$100 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 2679.20 2707.60 2674.50 2702.80 25.60 42,491
Sept 2.0741 2.1081 2.0600 2.1060 .0319 121,277 Aug 109.500 109.650 108.500 109.475 … 19,464 Aug 99.9050 99.9050 99.9025 99.9025 –.0025 118,390 Dec 2685.50 2698.60 2671.90 2697.60 25.60 10
Dec 2.0822 2.1096 2.0639 2.1080 .0312 52,774 Oct 89.675 89.700 87.125 87.125 –3.000 112,541 Nov 99.9150 99.9150 99.9150 99.9150 –.0050 93,263 Mini Nasdaq 100 (CME)-$20 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Sept 15081.75 15172.50 s 15069.25 15167.75 94.25 221,364
Sept 2.2465 2.3004 2.2357 2.2940 .0440 132,229 Sept 540.10 552.00 522.20 522.90 –41.60 1,340 Sept 97-115 –9.5 127,400 Dec 15063.00 15160.00 s 15059.75 15156.75 95.00 2,099
Oct 2.0973 2.1404 2.0864 2.1374 .0349 67,483 Nov 560.00 570.00 544.10 549.50 –35.30 764 Mini Russell 2000 (CME)-$50 x index
Eurodollar (CME)-$1,000,000; pts of 100%
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. Aug 99.8775 99.8800 99.8750 99.8750 –.0050 158,722 Sept 2190.90 2235.80 2187.30 2232.70 41.00 454,009
Sept 4.152 4.205 s 4.116 4.140 –.018 316,440 Aug 16.21 16.30 16.05 16.09 .06 4,481 Dec 2188.80 2230.60 2183.50 2228.00 40.70 1,654
Sept 99.8800 99.8800 99.8700 99.8750 –.0050 1,019,127
Oct 4.155 4.211 s 4.125 4.148 –.015 170,371 Sept 16.35 16.56 16.18 16.40 .36 5,491 March'22 2220.00 2220.00 2220.00 2224.10 39.00 1
Nov 4.209 4.268 s 4.185 4.210 –.011 129,845 Dec 99.8350 99.8350 99.8250 99.8250 –.0100 1,011,695
Cocoa (ICE-US)-10 metric tons; $ per ton. March'23 99.5250 99.5350 99.4700 99.4800 –.0450 1,020,870
Mini Russell 1000 (CME)-$50 x index
Jan'22 4.377 4.436 s 4.355 4.383 –.003 126,518 Sept 2478.50 2485.70 2473.80 2485.60 15.30 9,002
Sept 2,392 2,431 2,388 2,405 12 76,166
March 4.025 4.070 s 4.005 4.020 –.005 106,544 U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 2,444 2,476 2,440 2,457 12 82,781
April 3.380 3.413 s 3.361 3.369 –.012 107,304 Currency Futures Sept 92.28 92.36 92.12 92.25 –.02 41,470
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Sept 175.65 177.65 173.30 176.90 1.25 103,232 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 92.28 92.32 92.12 92.24 –.02 1,597
Agriculture Futures Dec 178.80 180.65 176.30 179.90 1.20 88,267 Aug .9120 .9141 .9109 .9113 –.0023 515
Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Sept .9138 .9143 .9111 .9114 –.0023 186,030 Source: FactSet
Sept 546.75 560.75 545.75 555.75 10.00 351,887 Oct 18.00 18.69 17.83 18.62 .69 428,810

Bonds | wsj.com/market-data/bonds/benchmarks
Cash Prices | wsj.com/market-data/commodities Thursday, August 5, 2021
Tracking Bond Benchmarks
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
months. highs and lows for different types of bonds
Total Total
Thursday Thursday Thursday
return YTD total Yield (%) return YTD total Yield (%)
Iron Ore, 62% Fe CFR China-s 170.1 Wheat,No.2 soft red,St.Louis-u 6.9575 close return (%) Index Latest Low High close return (%) Index Latest Low High
Energy n.a.
Shredded Scrap, US Midwest-s,m Wheat - Hard - KC (USDA) $ per bu-u 7.2250
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 61.950 Steel, HRC USA, FOB Midwest Mill-s 1887 Wheat,No.1soft white,Portld,OR-u 9.0500 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Battery/EV metals 2226.28 -0.2 Mortgage-Backed 1.600 0.980 1.850
Food 2280.57 -0.5 U.S. Aggregate 1.370 1.030 1.630
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 13725
BMI Lithium Hydroxide, EXW China, =56.5% -v,k 15575 U.S. Corporate Indexes Bloomberg Barclays 2160.35 -0.8 Ginnie Mae (GNMA) 1.630 0.290 1.840
Beef,carcass equiv. index
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 12168 229.67 1317.11 -0.1 Fannie mae (FNMA) 1.600 1.230 1.860
choice 1-3,600-900 lbs.-u 3463.54 0.1 U.S. Corporate 1.950 1.740 2.320
Engelhard industrial 1813.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5696 select 1-3,600-900 lbs.-u 211.46
Handy & Harman base 1800.75 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 530 Broilers, National comp wtd. avg.-u,w 1.0496 3119.61 0.2 Intermediate 1.320 1.080 1.600 2021.75 -0.1 Freddie Mac (FHLMC) 1.590 1.210 1.870
Handy & Harman fabricated 1998.83 Fibers and Textiles Butter,AA Chicago 1.6550 -0.1 604.32 1.4 Muni Master 0.705 0.687 1.157
5189.95 Long term 2.930 2.730 3.580
LBMA Gold Price AM *1812.45 Cheddar cheese,bbl,Chicago 130.75
LBMA Gold Price PM *1829.10 Burlap,10-oz,40-inch NY yd-n,w 0.7550 Cheddar cheese,blk,Chicago 163.50 699.21 -0.5 Double-A-rated 1.690 1.300 1.990 427.90 1.5 7-12 year 0.704 0.687 1.156
Krugerrand,wholesale-e 1885.00 Cotton,1 1/16 std lw-mdMphs-u 0.8892 Milk,Nonfat dry,Chicago lb. 125.50
Cotlook 'A' Index-t *98.40 931.30 0.8 Triple-B-rated 2.160 2.010 2.570 492.23 2.0 12-22 year 1.037 1.000 1.663
Maple Leaf-e 1903.13 Coffee,Brazilian,Comp 1.6864
American Eagle-e 1903.13 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY 2.2550 High Yield Bonds ICE BofA 486.05 3.7 22-plus year 1.495 1.443 2.367
Mexican peso-e 2193.33 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 0.9150 514.60 3.9 High Yield Constrained 4.106 3.796 6.024 Global Government J.P. Morgan†
Austria crown-e 1779.61 Grains and Feeds Flour,hard winter KC 20.35
Austria phil-e 1903.13 Hams,17-20 lbs,Mid-US fob-u 0.90 496.01 8.6 Triple-C-rated 7.169 6.304 12.635 609.47 -0.9 Global Government 0.730 0.470 1.010
Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 104.78
Silver, troy oz. 3434.51 3.1 High Yield 100 3.531 3.162 5.112 843.06 -2.4 Canada 1.270 0.630 1.560
Bran,wheat middlings, KC-u 122 Pork bellies,12-14 lb MidUS-u n.a.
Engelhard industrial 25.5500
Corn,No. 2 yellow,Cent IL-bp,u 6.2000 1.1857 n.a. n.a. EMU§ n.a. n.a. n.a.
Handy & Harman base 25.2450 Pork loins,13-19 lb MidUS-u 461.44 3.1 Global High Yield Constrained 4.221 3.968 5.937
Corn gluten feed,Midwest-u,w 140.0 Steers,Tex.-Okla. Choice-u 120.64
Handy & Harman fabricated 31.5560 781.12 -1.6 France 0.080 -0.160 0.450
Corn gluten meal,Midwest-u,w 502.1 Steers,feeder,Okla. City-u,w 168.25 350.27 3.7 Europe High Yield Constrained 2.395 2.352 4.242
LBMA spot price *£18.4300 Cottonseed meal-u,w 315
(U.S.$ equivalent) *25.6700 U.S Agency Bloomberg Barclays 548.84 -0.6 Germany -0.410 -0.530 -0.010
Hominy feed,Cent IL-u,w 165 Fats and Oils
Coins,wholesale $1,000 face-a 20725 358 -0.1
Meat-bonemeal,50% pro Mnpls-u,w 1865.44 U.S Agency 0.680 0.460 0.840 296.49 0.4 Japan 0.270 0.260 0.420
Other metals Oats,No.2 milling,Mnpls-u 4.3350 Degummed corn oil, crude wtd. avg.-u,w 68.0000
LBMA Platinum Price PM *1055.0 Rice, Long Grain Milled, No. 2 AR-u,w 27.25 Grease,choice white,Chicago-h 0.6200 1626.46 -0.1 10-20 years 0.570 0.340 0.710 612.83 -0.9 Netherlands -0.290 -0.450 0.130
Platinum,Engelhard industrial 1017.0 Sorghum,(Milo) No.2 Gulf-u 7.2188 Lard,Chicago-u 0.7000 4290.20 0.3 1.930 1.350 2.460
20-plus years 1068.33 -2.5 U.K. 0.780 0.450 1.210
Palladium,Engelhard industrial 2662.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 353.50 Soybean oil,crude;Centl IL-u,w 0.6945
Aluminum, LME, $ per metric ton *2575.5 Soybeans,No.1 yllw IL-bp,u 13.7700 Tallow,bleach;Chicago-h 0.6550 2927.09 -0.3 Yankee 1.550 1.370 1.850 932.95 -0.1 Emerging Markets ** 4.563 4.295 5.068
Copper,Comex spot 4.3455 Wheat,Spring14%-pro Mnpls-u 10.4875 Tallow,edible,Chicago-u 0.6750 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence;
W=weekly; Z=not quoted. *Data as of 8/4
Source: Dow Jones Market Data
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Exchange-Traded Portfolios | WSJ.com/ETFresearch Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
Closing Chg YTD Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 0.125 U.S. 2 0.200 s l 0.182 0.238 0.115
Thursday, August 5, 2021 Closing Chg YTD SPDR S&P 500 SPY 441.76 0.63 18.2 1.625 10 1.217 s l 1.183 1.434 0.541
ETF Symbol Price (%) (%) SPDR S&P Div SDY 122.99 0.41 16.1
Closing Chg YTD
TechSelectSector XLK 154.99 0.55 19.2 5.500 Australia 2 0.025 s l 0.016 0.061 0.266 -17.9 -16.5 14.9
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 52.38 –0.15 1.4
ARKInnovationETF ARKK 125.57 1.86 0.9 iShMSCIEAFEValue EFV 52.15 0.42 10.5
VanEckGoldMiner GDX 34.26 –1.50 –4.9 1.000 10 1.167 s l 1.156 1.445 0.830 -4.7 -2.8 27.5
VangdInfoTech VGT 417.13 0.63 17.9
iShNatlMuniBd MUB 117.62 –0.01 0.4
CommSvsSPDR XLC 82.82 0.91 22.7
VangdSC Val VBR 171.12 1.45 20.3 0.000 France 2 -0.707 s l -0.721 -0.637 -0.601 -91.1 -90.1 -71.9
CnsmrDiscSelSector XLY 182.25 0.96 13.4 iSh1-5YIGCorpBd IGSB 54.80 –0.11 –0.7
VangdExtMkt VXF 188.14 1.28 14.2 0.000 10 -0.156 t l -0.145 0.122 -0.200 -132.8 -75.5
EnSelectSectorSPDR XLE 49.06 1.13 29.4 iShPfd&Incm PFF 39.46 0.23 2.5 -137.0
VangdSC Grwth VBK 288.17 0.93 7.7
FinSelSectorSPDR 37.11 1.31 25.9 iShRussell1000Gwth IWF 284.29 0.68 17.9
XLF
VangdDivApp VIG 160.14 0.41 13.4 0.000 Germany 2 -0.767 s l -0.780 -0.656 -0.693 -97.1 -96.1 -81.0
HealthCareSelSect XLV 133.05 –0.41 17.3 iShRussell1000 IWB 249.15 0.66 17.6
VangdFTSEDevMk VEA 52.52 0.52 11.2 0.000 10 -0.498 t l -0.495 -0.207 -0.505 -171.3 -167.9 -106.0
IndSelSectorSPDR XLI 103.06 0.47 16.4 iShRussell1000Val IWD 160.27 0.59 17.2
VangdFTSE EM VWO 51.62 –0.31 3.0
InvscQQQI QQQ 369.67 0.63 17.8 iShRussell2000 IWM 222.03 1.80 13.2
iShRussell2000Val IWN 159.78 1.76 21.3
VangdFTSE Europe VGK 69.63 0.52 15.6 0.600 Italy 2 -0.492 s l -0.504 -0.370 -0.055 -69.6 -68.4 -17.2
InvscS&P500EW RSP 153.43 0.76 20.3
VangdFTSEAWxUS VEU 63.39 0.36 8.6
iShCoreDivGrowth DGRO 51.94 0.46 15.9 iShRussellMid-Cap IWR 80.41 0.81 17.3 0.600 10 0.532 t l 0.564 0.808 0.974 -68.3 -62.0 41.9
iShRussellMCValue IWS 115.95 0.83 19.6 VangdGrowth VUG 299.72 0.84 18.3
iShCoreMSCIEAFE IEFA 76.58 0.50 10.8
iShCoreMSCIEM IEMG 64.07 –0.16 3.3 iShS&P500Growth IVW 76.39 0.55 19.7 VangdHlthCr VHT 258.83 –0.12 15.7 0.005 Japan 2 -0.130 s l -0.131 -0.115 -0.130 -33.4 -31.1 -24.7
VangdHiDiv VYM 105.82 0.65 15.6
iShCoreMSCITotInt IXUS 73.41 0.33 9.3 iShS&P500Value IVE 149.01 0.65 16.4 0.100 10 0.013 s l 0.005 0.036 0.011 -120.2 -117.9 -54.5
iShShortTreaBd SHV 110.48 ... –0.0 VangdIntermBd BIV 90.99 –0.28 –2.0
iShCoreS&P500 IVV 443.65 0.62 18.2
iShCoreS&P MC IJH 270.04 0.95 17.5 iShSilver SLV 23.30 –1.02 –5.2 VangdIntrCorpBd VCIT 95.83 –0.25 –1.3 0.000 Spain 2 -0.624 t l -0.603 -0.510 -0.414 -82.8 -78.3 -53.1
VangdLC VV 207.16 0.68 17.9
iShCoreS&P SC IJR 110.14 1.40 19.8 iShTIPSBondETF TIP 129.26 –0.35 1.3
242.62 17.3
0.500 10 0.202 t l 0.245 0.398 0.314 -101.2 -93.9 -24.2
iShS&PTotlUSStkMkt ITOT 101.36 0.75 17.6 iSh1-3YTreasuryBd SHY 86.24 –0.05 –0.2 VangdMC VO 0.86
iShCoreTotalUSDBd IUSB 53.86 –0.20 –1.3 iSh20+YTreasuryBd TLT 150.29 –0.51 –4.7 VangdMC Val VOE 141.70 0.98 19.1 0.125 U.K. 2 0.090 s l 0.072 0.057 -0.049 -11.4 -10.8 -16.6
116.31 –0.22 –1.6 iShRussellMCGrowth IWP 115.89 0.75 12.9 VangdMBS VMBS 53.57 –0.09 –0.9
iShCoreUSAggBd AGG
VangdRealEst VNQ 107.10 1.17 26.1
4.750 10 0.528 s l 0.518 0.718 0.132 -68.7 -66.6 -42.3
iShSelectDividend DVY 116.39 0.95 21.0 iShUSTreasuryBdETF GOVT 26.91 –0.20 –1.2
iShESGAwareUSA ESGU 101.53 0.62 18.0 JPM UltShtIncm JPST 50.72 ... –0.1 VangdS&P500ETF VOO 406.16 0.62 18.2 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
VangdST Bond BSV 82.26 –0.11 –0.8
iShEdgeMSCIMinUSA
iShEdgeMSCIUSAMom
USMV
MTUM
76.52
178.72
0.34
1.22
12.7
10.8
PIMCOEnhShMaturity
SPDR Gold
MINT
GLD
101.98
168.86
...
–0.40
–0.1
–5.3 VangdSTCpBd VCSH 82.72 –0.11 –0.6 Corporate Debt
iShEdgeMSCIUSAQual QUAL 138.85 0.65 19.5 SchwabIntEquity SCHF 40.16 0.48 11.5 VangdShtTmInfltn VTIP 52.41 –0.17 2.6 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShEdgeMSCIUSAVal VLUE 104.33 0.48 20.0 SchwabUS BrdMkt SCHB 106.98 0.71 17.6 VangdSC VB 222.92 1.25 14.5
iShGoldTr IAU 34.35 –0.46 –5.3 SchwabUS Div SCHD 76.32 0.55 19.0 VangdTaxExemptBd VTEB 55.47 0.02 0.5
expectations
iShiBoxx$InvGrCpBd LQD 135.77 –0.41 –1.7 SchwabUS LC SCHX 107.29 0.69 18.0 VangdTotalBd BND 86.65 –0.23 –1.7 Investment-grade spreads that tightened the most…
iShiBoxx$HYCpBd HYG 87.48 0.23 0.2 SchwabUS LC Grw SCHG 152.81 0.72 19.0 VangdTotIntlBd BNDX 58.06 0.05 –0.8 Spread*, in basis points
iShJPMUSDEmgBd EMB 112.56 –0.06 –2.9 SchwabUS SC SCHA 101.80 1.72 14.4 VangdTotIntlStk VXUS 65.77 0.29 9.3 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShMBSETF MBB 108.62 –0.14 –1.4 Schwab US TIPs SCHP 63.25 –0.36 1.9 VangdTotalStk VTI 228.59 0.71 17.4
iShMSCI ACWI ACWI 103.12 0.43 13.7 SPDR DJIA Tr DIA 350.61 0.75 14.7 VangdTotlWrld VT 105.28 0.50 13.7 HSBC Bank HSBC 7.650 1.79 May 1, ’25 108 –10 n.a.
iShMSCI EAFE EFA 80.61 0.49 10.5 SPDR S&PMdCpTr MDY 493.13 0.95 17.4 VangdValue VTV 139.31 0.47 17.1 International Business Machines IBM 4.250 2.89 May 15, ’49 101 –6 n.a.
Philip Morris International PM 3.875 3.02 Aug. 21, ’42 125 –5 130
Westpac Banking WSTP 2.150 1.79 June 3, ’31 57 –5 61
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Tennessee Gas Pipeline … 7.000 2.24 Oct. 15, ’28 102 –4 n.a.
Morgan Stanley MS 3.700 0.79 Oct. 23, ’24 41 –4 46
–4 85
Money Rates August 5, 2021 Nomura Holdings
Principal Life Global Funding II
NOMURA
…
1.653
2.250
1.53
0.83
July 14, ’26
Nov. 21, ’24
81
45 –4 50
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. …And spreads that widened the most
Societe Generale SOCGEN 5.000 1.27 Jan. 17, ’24 90 9 n.a.
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Bank of Nova Scotia BNS 3.400 0.63 Feb. 11, ’24 25 6 22
June index Chg From (%) Raytheon Technologies RTX 4.500 2.77 June 1, ’42 101 5 94
level May '21 June '20 Federal funds Libor Medtronic MDT 4.375 2.09 March 15, ’35 88 4 n.a.
Effective rate 0.0900 0.1000 0.1000 0.0500 One month 0.09575 0.09575 0.18325 0.07263 4 69
U.S. consumer price index Sumitomo Mitsui Financial SUMIBK 2.130 1.97 July 8, ’30 75
High 0.1100 0.1100 0.1500 0.0700 Three month 0.12538 0.12575 0.28013 0.11775
All items 271.696 0.93 5.4 Low 0.0200 0.0300 0.0900 0.0000 Six month 0.14850 0.15388 0.33838 0.14825 Vodafone VOD 4.875 3.37 June 19, ’49 149 4 139
Core 278.218 0.84 4.5 Bid 0.0800 0.0800 0.1000 0.0100 One year 0.23163 0.23700 0.46088 0.22988 Walt Disney DIS 3.700 1.29 March 23, ’27 58 3 n.a.
Offer 0.1100 0.1100 0.1200 0.0500 Microchip Technology MCHP 0.983 1.04 Sept. 1, ’24 66 3 n.a.
International rates Euro Libor
Treasury bill auction One month -0.586 -0.577 -0.528 -0.607 High-yield issues with the biggest price increases…
Week 52-Week
Latest High Low
4 weeks 0.040 0.045 0.090 0.000 Three month -0.558 -0.556 -0.469 -0.574 Bond Price as % of face value
ago
13 weeks 0.050 0.050 0.115 0.015 Six month -0.535 -0.528 -0.455 -0.543 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
26 weeks 0.055 0.050 0.125 0.030 One year -0.500 -0.497 -0.347 -0.511
1.84
Prime rates Rockies Express Pipeline ROCKIE 6.875 6.04 April 15, ’40 109.255 104.856
U.S. 3.25 3.25 3.25 3.25 Secondary market Secured Overnight Financing Rate Teva Pharmaceutical Finance Netherlands … 4.100 4.77 Oct. 1, ’46 90.272 1.27 88.250
Canada 2.45 2.45 2.45 2.45 0.05 0.05 0.11 0.01 American Airlines AAL 3.750 7.58 March 1, ’25 88.250 1.25 90.000
Japan 1.475 1.475 1.475 1.475 Fannie Mae
Sprint Capital … 8.750 2.80 March 15, ’32 154.240 0.51 153.938
30-year mortgage yields Value 52-Week
Policy Rates Latest Traded High Low Ford Motor Credit … 3.664 1.98 Sept. 8, ’24 105.000 0.49 104.990
30 days 2.264 2.296 2.622 1.763
Euro zone 0.00 0.00 0.00 0.00 60 days 2.301 2.332 2.674 1.816 Seagate HDD Cayman … 4.750 1.13 June 1, ’23 106.465 0.47 n.a.
DTCC GCF Repo Index
Switzerland 0.00 0.00 0.00 0.00 Navient NAVI 5.625 5.95 Aug. 1, ’33 97.250 0.38 97.000
0.10 0.10 0.10 0.10 Treasury 0.063 54.000 0.132 -0.008
Britain Other short-term rates MBS 0.070 31.850 0.143 0.002 Lumen Technologies LUMN 6.875 4.57 Jan. 15, ’28 112.750 0.30 113.750
Australia 0.10 0.10 0.25 0.10
Week 52-Week
Overnight repurchase Latest ago high low Weekly survey …And with the biggest price decreases
U.S. 0.04 0.04 0.12 -0.04 Latest Week ago Year ago
Embarq … 7.995 7.30 June 1, ’36 106.250 –3.75 113.149
Call money
Freddie Mac Transocean RIG 6.800 14.93 March 15, ’38 50.500 –2.00 54.500
U.S. government rates 2.00 2.00 2.00 2.00
30-year fixed 2.77 2.80 2.88 Ford Motor F 7.450 3.57 July 16, ’31 132.172 –0.58 133.092
Discount Commercial paper (AA financial) 15-year fixed 2.10 2.10 2.44 Bath & Body Works BBWI 6.694 3.04 Jan. 15, ’27 118.174 –0.51 119.000
0.25 0.25 0.25 0.25 90 days 0.09 0.09 0.25 0.04 Five-year ARM 2.40 2.45 2.90 Howmet Aerospace HWM 5.900 2.47 Feb. 1, ’27 117.500 –0.42 118.010
Telecom Italia Capital TITIM 6.000 4.48 Sept. 30, ’34 114.980 –0.26 115.250
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
Occidental Petroleum OXY 6.950 2.91 July 1, ’24 111.125 –0.26 112.000
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of Ligado Networks NEWLSQ 15.500 17.13 Nov. 1, ’23 97.000 –0.25 98.250
August 4, 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, August 6, 2021 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
BlackRock BLK 889.28 7.27 s Crocs CROX 141.91 1.48 Fortis FTS 45.74 0.26 JustEatTakeaway GRUB 17.94 0.56 s NVR NVR 5313.57 70.01 RestaurantBrands QSR 63.90 -1.40 3M MMM 197.80 0.27
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low.
s Blackstone BX 115.70 -1.05 CrowdStrike CRWD 265.62 1.41 Fortive FTV 73.51 -0.09 KB Fin KB 46.00 0.27 NXP Semi NXPI 212.90 0.47 s RexfordIndlRealty REXR 62.45 0.82 Toro TTC 113.94 0.17
Market listed securities. Prices are composite dd-Indicates loss in the most recent
quotations that include primary market trades four quarters. BlueOwlCapital OWL 12.40 -0.04 CrownCastle CCI 194.46 -0.68 FortBrandsHome FBHS 99.27 0.20 t KE Holdings BEKE 19.81 -1.10 s Nasdaq NDAQ 188.68 -0.68 RingCentral RNG 249.87 -9.79 TorontoDomBk TD 67.02 0.61
as well as trades reported by Nasdaq BX FD-First day of trading. Boeing BA 229.94 3.31 CrownHoldings CCK 100.14 2.70 FoxA FOXA 37.21 2.30 s KKR KKR 67.24 1.21 Natera NTRA 119.64 5.12 RioTinto RIO 84.74 -3.79 TotalEnergies TTE 44.28 0.11
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing BookingHldgs BKNG 2207.71122.07 CubeSmart CUBE 50.31 0.09 FoxB FOX 34.29 1.65 KLA KLAC 353.71 -0.09 NationalGrid NGG 65.64 0.49 s RobertHalf RHI 99.03 1.48 ToyotaMotor TM 182.86 0.68
Cboe, NYSE National and Nasdaq ISE. standards BoozAllen BAH 82.01 0.01 Cummins CMI 228.27 -2.80 Franco-Nevada FNV 159.33 -1.18 KSCitySouthern KSU 271.72 9.60 Natura&Co NTCO 20.86 -0.30 Robinhood HOOD 50.97-19.42 TractorSupply TSCO 188.07 2.64
The list comprises the 1,000 largest lf-Late filing BorgWarner BWA 46.52 -0.24 CureVac CVAC 62.53 4.62 FranklinRscs BEN 31.04 0.44 Kanzhun BZ 34.26 0.07 NatWest NWG 5.87 0.07 Roblox RBLX 80.57 -1.08 TradeDesk TTD 83.38 -3.06
companies based on market capitalization. q-Temporary exemption from Nasdaq BostonProps BXP 116.87 2.18 CyrusOne CONE 75.04 1.36 FreeportMcM FCX 35.85 0.20 Kellogg K 62.51 0.49 NetApp NTAP 81.48 0.11 RocketCos. RKT 17.51 0.06 Tradeweb TW 88.42 0.58
requirements. BostonSci BSX 44.65 0.39 FreseniusMed FMS 39.97 0.04 KeurigDrPepper KDP 34.46 0.09 NetEase NTES 87.71 -5.31 s Rockwell ROK 313.71 1.79 TraneTech TT 195.43 -4.85
Underlined quotations are those stocks with
large changes in volume compared with the t-NYSE bankruptcy Braskem BAK 21.17 -1.10 D E F FullTruck YMM 11.96 -0.57 KeyCorp KEY 19.90 0.27 Netflix NFLX 524.89 7.54 RogersComm B RCI 51.29 0.27 TransDigm TDG 624.55 8.44
v-Trading halted on primary market. BrightHorizons BFAM 145.74 3.51 Futu FUTU 106.32 -0.73 KeysightTechs KEYS 166.40 -0.67 Neurocrine NBIX 92.69 -0.51 Roku ROKU403.48-16.84 TransUnion TRU 120.46 1.00
issue’s average trading volume. DISH Network DISH 41.84 0.33
vj-In bankruptcy or receivership or BristolMyers BMY 68.42 -0.07 KimberlyClark KMB 133.41 -0.29 NewellBrands NWL 25.29 0.46 Rollins ROL 38.41 -0.59 Travelers TRV 150.58 1.06
Boldfaced quotations highlight those issues being reorganized under the BritishAmTob BTI 37.31 -0.12 DTE Energy DTE 119.33 1.54
DXC Tech DXC 38.72 -3.46
G H I KimcoRealty KIM 21.41 0.87 Newmont NEM 61.25 -0.61 RoperTech ROP 489.82 -0.29 Trex TREX 104.24 2.25
whose price changed by 5% or more if their Bankruptcy Code, or securities Broadcom AVGO 487.67 -0.13 KinderMorgan KMI 17.02 -0.12 NewsCorp B NWS 23.79 0.38 RossStores ROST 120.67 1.97 s Trimble TRMB 89.42 2.69
previous closing price was $2 or higher. assumed by such companies. BroadridgeFinl BR 173.93 -0.11 s Danaher DHR 307.14 1.52 GDS Holdings GDS 57.91 -0.82 NewsCorp A NWSA 24.85 0.52 Trip.com TCOM 24.73 0.55
KirklandLakeGold KL 42.22 -0.68 RoyalBkCanada RY 102.36 1.03
BrookfieldMgt BAM 55.83 0.70 Darden DRI 144.47 -1.93 GFLEnvironmental GFL 34.98 -0.25 t NextEraEnergy NEE 80.49 0.62 TruistFinl TFC 55.55 0.96
KoninklijkePhil PHG 44.44 0.13 RoyalCaribbean RCL 78.10 5.45
BrookfieldInfr BIP 54.94 0.73 DarlingIngred DAR 69.72 1.18 Gallagher AJG 138.62 1.67 s Nike
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and KoreaElcPwr KEP 11.03 0.09 NKE 173.85 1.94 RoyalDutchA RDS.A 41.20 0.53 Tuya TUYA 20.41 0.95
BrookfieldRenew BEPC 43.21 1.09 s Datadog DDOG 132.47 17.54 GameStop GME 153.44 6.64 NiSource NI 25.44 0.19 Twilio TWLO 377.08 2.57
changes in the closing prices from 4 p.m. the previous day. KraftHeinz KHC 36.94 ... RoyalDutchB RDS.B 40.33 0.59
DaVita DVA 130.13 -3.65 s Gaming&Leisure GLPI 48.85 0.90
Brown&Brown BRO 54.20 0.50 Kroger KR 41.87 -0.05 Nokia NOK 6.19 -0.04 RoyaltyPharma RPRX 37.25 0.51 Twitter TWTR 69.28 0.58
Brown-Forman B BF.B 70.47 0.51 s DeckersOutdoor DECK 435.01 -1.56 Gap GPS 28.51 1.41 NomuraHoldings NMR 4.87 0.05 TylerTech TYL 493.99 4.77
LKQ LKQ 50.53 -0.38 Ryanair RYAAY 110.55 1.60
Thursday, August 5, 2021 Net Net Brown-Forman A BF.A 66.18 0.13 Deere DE 364.32 3.65 s Garmin GRMN 163.89 1.61
LPL Financial LPLA 141.30 5.01 Nordson NDSN 225.50 -1.01 SAP SAP 148.94 2.55 TysonFoods TSN 70.14 -0.22
Stock Sym Close Chg Stock Sym Close Chg Bruker BRKR 81.32 -0.33 DellTechC DELL 98.34 0.95 Gartner IT 295.23 5.35 s NorfolkSouthern NSC 254.47 0.87 UBS Group UBS 16.74 0.14
Net L3HarrisTech LHX 231.24 1.83 S&P Global SPGI 441.72 2.22
BuildersFirst BLDR 47.33 1.38 DeltaAir DAL 39.99 1.64 Generac GNRC 403.72 3.48
Stock Sym Close Chg AlumofChina ACH 14.40 -0.07 s Autodesk ADSK 328.82 -0.27 LabCorp.ofAmerica LH 298.91 -1.17 NorthernTrust NTRS 112.23 1.04 s SBA Comm SBAC 346.93 -2.14 UDR UDR 55.27 0.41
Bumble BMBL 47.98 0.47 DentsplySirona XRAY 59.75 -4.55 GeneralDynamics GD 196.69 0.82
LamResearch LRCX 645.66 -4.12 NorthropGrum NOC 358.72 1.47 UGI UGI 46.97 0.84
Amazon.com AMZN 3375.99 21.27 ADP ADP 213.29 1.29 GeneralElec GE 103.02 0.11 s SEI Investments SEIC 61.42 0.93
A B C Ambev ABEV 3.17 0.01 AutoZone AZO 1639.61 -5.29 Bunge BG 74.96 -0.32 DeutscheBank DB 12.55 0.23
DevonEnergy DVN 26.63 1.34 GeneralMills GIS 57.58 -0.05
LamarAdv LAMR 108.65 2.35 NortonLifeLock NLOK 23.99 -0.23 SK Telecom SKM 29.66 0.02 UWM UWMC 7.42 -0.01
Amcor AMCR 11.68 0.08 Avalara AVLR 169.63 1.48 BurlingtonStrs BURL 335.69 3.11 LambWeston LW 64.18 -0.97 Novartis NVS 92.25 0.66 SS&C Tech SSNC 76.36 -0.03 Uber UBER 43.07 1.26
ABB ABB 37.29 0.13 s CBRE Group CBRE 98.13 1.49 DexCom DXCM 523.93 9.40 GeneralMotors GM 54.44 1.72 Novavax NVAX 236.20 12.39
Amdocs DOX 76.05 0.92 Avalonbay AVB 229.19 1.31 LasVegasSands LVS 40.77 1.91 StoreCapital STOR 36.76 1.14 Ubiquiti UI 313.77 -3.92
ADT ADT 9.20 -1.31 s CDW CDW 190.62 2.38 Diageo DEO 201.76 1.30 s Genmab GMAB 47.51 1.13 s NovoNordisk NVO 103.10 4.89
Amerco UHAL 627.96 43.85 Avangrid AGR 52.98 0.38 Lear LEA 169.40 2.61 SVB Fin SIVB 569.29 21.25 UiPath PATH 64.59 2.59
AECOM ACM 62.04 0.90 CF Industries CF 45.19 0.14 DiamondbkEner FANG 79.83 3.41 Genpact G 49.95 0.54
Novocure NVCR 157.07 3.97
Ameren AEE 86.13 0.88 Avantor AVTR 38.04 0.05 Leidos LDOS 94.25 -0.23 Salesforce.com CRM 250.56 6.39 UltaBeauty ULTA 351.65 9.08
AES AES 24.85 1.21 CGI GIB 90.13 0.63 Dick's DKS 107.78 3.09 GenuineParts GPC 124.19 -0.70 NuanceComms NUAN 54.90 0.38
s AmericaMovil AMX 17.10 0.28 AveryDennison AVY 211.90 -0.86 Lennar A LEN 105.45 0.01 Sanofi SNY 50.56 0.68 UnderArmour C UA 21.23 0.72
Aflac AFL 55.57 0.63 CH Robinson CHRW 89.74 -0.62 DiDiGlobal DIDI 9.33 -0.39 Gerdau GGB 5.88 -0.14 Nucor NUE 101.51 -3.39
s AmericaMovil A AMOV 17.05 0.29 AxonEnterprise AXON 193.49 2.37 Lennar B LEN.B 86.37 -0.16 SantanderCons SC 41.40 0.09 UnderArmour A UAA 24.81 1.00
AGCO AGCO 133.58 1.76 CME Group CME 208.25 -0.25 DigitalRealty DLR 155.96 0.03 GileadSciences GILD 69.30 0.06 Nutrien NTR 58.02 0.25
AmerAirlines AAL 20.91 1.46 BCE BCE 50.52 0.80 LennoxIntl LII 329.60 0.95 Sasol SSL 14.91 -0.32 Unilever UL 57.20 0.31
AMC Ent AMC 33.51 3.67 CMS Energy CMS 63.21 0.38 s DiscoverFinSvcs DFS 127.10 0.98 GSK GSK 40.92 0.42
LeviStrauss LEVI 27.67 0.27 NVIDIA NVDA 206.37 3.63 UnionPacific UNP 219.16 1.54
AEP AEP 89.66 0.83 BHP Group BHP 77.02 -2.00 s Global-EOnline GLBE 75.50 1.50 Schlumberger SLB 27.92 0.29
Ansys ANSS 373.47 0.90 CNA Fin CNA 43.60 0.35 DiscoveryB DISCB 48.34 5.33 LiAuto LI 31.35 -1.34 UnitedAirlines UAL 47.24 1.96
AmerExpress AXP 169.63 1.57 BHP Group BBL 63.49 -2.15 SchwabC SCHW 69.30 1.63
s ASETech ASX 9.59 0.15 AmericanFin AFG 131.86 2.39 BP BP 25.34 0.28 CNH Indl CNHI 16.76 0.22 DiscoveryA DISCA 29.20 0.86
s
GlobalPayments GPN 170.30 4.86
Globant GLOB 250.32 7.39
s LibertyBroadbandC LBRDK 183.68 1.34 O P Q ScottsMiracleGro SMG 162.37 -2.19 s UnitedMicro UMC 11.55 0.60
s ASML ASML 794.75 -0.73 CRH CRH 50.28 -0.24 DiscoveryC DISCK 27.49 0.84 s LibertyBroadbandA LBRDA 177.12 1.40 s Sea UPS B UPS 190.42 -0.37
AmHomes4Rent AMH 42.27 0.50 Baidu BIDU 165.86 2.04 GlobeLife GL 92.62 1.02 ONEOK OKE 52.21 0.49 SE 304.00 10.49
AT&T T 27.94 0.09 CRISPR Therap CRSP 133.49 8.88 Disney DIS 176.71 4.13 LibertyGlobal C LBTYK 27.80 0.20 UnitedRentals URI 325.39 1.72
AIG AIG 48.66 1.57 BakerHughes BKR 20.86 0.23 GoDaddy GDDY 73.12-10.38 OReillyAuto ORLY 605.15 -0.68 Seagate STX 90.90 1.58
AbbottLabs ABT 122.21 0.64 CSX CSX 32.15 0.23 dLocal DLO 47.47 4.87 LibertyGlobal A LBTYA 27.74 0.08 Seagen SGEN 162.20 -1.01 US Bancorp USB 55.81 0.75
AmerTowerREIT AMT 282.76 -2.11 Ball BLL 80.78 1.75 GoldFields GFI 9.67 -0.37 OakStreetHealth OSH 64.54 0.29
AbbVie ABBV 115.12 0.04 CVS Health CVS 80.05 -1.50 DocuSign DOCU 305.61 3.64 LibertyFormOne A FWONA 41.53 0.50 UnitedTherap UTHR 205.42 -0.67
s AmerWaterWorks AWK 179.67 3.20 s BancoBilbaoViz BBVA 6.64 ... GoldmanSachs GS 384.30 6.44 Oatly OTLY 18.19 0.15 SealedAir SEE 58.11 0.13
Abiomed ABMD 348.86 17.66 CableOne CABO 1968.75 13.75 DolbyLab DLB 97.91 0.82 LibertyFormOne C FWONK 47.41 0.70 Sempra SRE 132.94 2.08 UnitedHealth UNH 411.19-10.35
AmericoldRealty COLD 38.73 0.31 BancoBradesco BBDO 3.88 -0.06 s DollarGeneral DG 235.81 0.91 GoodRx GDRX 31.74 -0.04 OccidentalPetrol OXY 26.19 0.50
Accenture ACN 320.31 3.54 Ameriprise AMP 261.69 6.13 BancodeChile BCH 17.47 0.30 CadenceDesign CDNS 151.76 0.68 LibertyBraves A BATRA 26.08 0.22 SensataTechs ST 57.84 -0.59 UnitySoftware U 110.26 1.11
DollarTree DLTR 98.94 1.21 s Graco GGG 78.76 -0.84 Okta OKTA 252.29 4.91
ActivisionBliz ATVI 80.32 -1.20 AmerisourceBrgn ABC 121.89 -3.66 BancSanBrasil BSBR 7.55 ... CAE CAE 30.61 0.57 LibertyBraves C BATRK 26.26 0.48 SentinelOne S 52.50 2.44 UnivDisplay OLED 233.74 2.14
DominionEner D 76.08 0.61 Grainger GWW 439.26 -0.09 OldDomFreight ODFL 272.19 1.83
s Adobe ADBE 632.08 6.40 Ametek AME 136.90 0.18 BcoSantChile BSAC 18.93 0.11 CaesarsEnt CZR 90.50 5.51 s LibertySirius C LSXMK 48.08 1.14 s ServiceCorp SCI 64.00 0.57 UniversalHealthB UHS 152.53 -1.91
Domino's DPZ 535.48 -1.20 Grifols GRFS 15.14 -0.11 Omnicom OMC 73.58 2.06
AdvanceAuto AAP 206.34 -3.33 Amgen AMGN 233.99 5.68 BancoSantander SAN 3.73 0.01 CamdenProperty CPT 149.07 1.08 LibertySirius A LSXMA 48.38 1.04 ServiceNow NOW 595.50 2.03 Upstart UPST 133.17 5.19
DoorDash DASH 181.33 2.81 GuardantHealth GH 115.39 1.54 ON Semi ON 44.82 -0.85
AdvDrainageSys WMS 115.41 -6.65 Amphenol APH 73.68 0.13 BankofAmerica BAC 39.02 0.75 t CampbellSoup CPB 42.23 -0.22 s LifeStorage LSI 121.01 2.41 ShawComm B SJR 29.04 0.31 VEREIT VER 49.33 0.52
DouglasEmmett DEI 32.81 1.15 Guidewire GWRE 116.41 1.33 OpenText OTEX 52.17 0.57
AdvMicroDevices AMD 112.35 -6.42 AnalogDevices ADI 169.93 -2.65 BankofMontreal BMO 100.32 1.53 CIBC CM 116.09 1.18 LifeStanceHealth LFST 23.81 -0.12 s SherwinWilliams SHW 295.66 -0.57 VF VFC 80.56 1.29
Dover DOV 169.19 1.12 HCA Healthcare HCA 249.06 0.80 OpendoorTech OPEN 14.40 -0.11
Aegon AEG 4.31 0.05 AB InBev BUD 61.84 0.49 BankNY Mellon BK 51.80 0.31 CanNtlRlwy CNI 108.70 1.01 s LightspeedPos LSPD 95.76 6.59 ShinhanFin SHG 34.00 0.01 VICI Prop VICI 30.63 0.45
Dow DOW 61.00 0.01 HDFC Bank HDB 73.77 0.34 Oracle ORCL 89.43 -0.62
AffirmHldgs AFRM 67.16 -1.06 AnnalyCap NLY 8.40 0.12 BkNovaScotia BNS 62.97 0.74 CanNaturalRes CNQ 32.56 0.32 EliLilly LLY 264.19 1.72 Shopify SHOP 1545.55 -9.97 VailResorts MTN 306.55 6.56
Doximity DOCS 56.81 0.26 HP HPQ 29.23 0.16 Orange ORAN 11.24 -0.02
s AgilentTechs A CanPacRlwy CP 73.69 -0.02
155.04 0.77 Anthem ANTM 376.68-18.91 Barclays BCS 10.11 0.11
DrReddy'sLab RDY 64.12 0.40 HSBC HSBC 28.11 0.30 LincolnNational LNC 65.56 4.50 s Orix IX 91.97 1.99 Sibanye-Stillwater SBSW 16.99 -0.52 Vale VALE 20.98 -0.71
agilon health AGL 36.33 -2.31 Aon AON 262.40 2.99 BarrickGold GOLD 21.26 -0.39 Canon CAJ 24.17 -0.01 Linde LIN 304.83 -0.79 SignatureBank SBNY 239.50 9.49 ValeroEnergy VLO 65.71 1.53
DraftKings DKNG 50.48 1.81 Halliburton HAL 19.48 0.28 OtisWorldwide OTIS 90.73 -0.07
CapitalOne COF 163.19 2.00 s Vedanta
AgnicoEagle AEM 61.83 -1.49 ApolloGlbMgmt APO 61.14 0.25 Bath&BodyWks BBWI 62.32 0.38
Dropbox DBX 31.58 0.16 HartfordFinl HIG 65.41 0.92 LithiaMotors LAD 369.80 11.80 OwensCorning OC 95.86 0.46 SimonProperty SPG 134.03 5.33 VEDL 16.85 0.23
AirProducts APD 288.72 1.05 Apple AAPL 147.06 0.11 BauschHealth BHC 25.93 0.89 Capri CPRI 58.60 0.25 LiveNationEnt LYV 84.76 5.27 OzonHoldings OZON 51.80 0.05 SiriusXM SIRI 6.51 0.09 s VeevaSystems VEEV 341.00 0.02
DukeEnergy DUK 107.93 1.20 Hasbro HAS 99.07 -0.49
Airbnb t BaxterIntl CardinalHealth CAH 50.57 -8.41 Ventas VTR 59.98 1.26
ABNB 150.32 2.92 ApplMaterials AMAT 142.27 -0.49 BAX 74.46 -0.69
DukeRealty DRE 50.88 0.19 HealthpeakProp PEAK 37.36 0.41 LloydsBanking LYG 2.55 -0.04 t PG&E PCG 8.29 -0.38 Skyworks SWKS 185.79 -1.00
AkamaiTech AKAM 113.38 0.97 Carlisle CSL 204.05 0.88 VeriSign VRSN 214.87 0.99
Applovin APP 63.25 0.07 BectonDicknsn BDX 243.08-11.66
DuPont DD 74.21 -0.05 Heico HEI 131.80 3.16 LockheedMartin LMT 360.78 -0.86 PNC Fin PNC 186.68 1.66 Smartsheet SMAR 71.92 -0.57
s Albemarle ALB 218.62 11.78 Aptiv APTV 159.65 -6.07 BeiGene BGNE 335.88 -7.21 Carlyle CG 48.50 0.13
Heico A HEI.A 119.69 2.78 Loews L 54.02 1.01 POSCO PKX 75.35 -0.38 SmithAO AOS 71.34 -0.18 VeriskAnalytics VRSK 189.91 2.43
CarMax KMX 136.00 -0.62 s Dynatrace DT 64.97 -0.49 Verizon VZ 55.30 -0.07
Albertsons ACI 23.15 0.38 Aramark ARMK 35.30 0.87 BentleySystems BSY 62.85 1.40
ENI E 23.97 0.20 HenrySchein HSIC 76.73 -0.57 LogitechIntl LOGI 110.32 1.61 PPD PPD 46.00 0.03 Smith&Nephew SNN 38.75 -0.02
Alcon ALC 73.45 -0.72 ArcelorMittal MT 34.34 ... Berkley WRB 72.66 0.71 Carnival CCL 22.55 1.51 Lowe's LOW 190.68 0.78 PPG Ind PPG 162.95 -0.86 Smucker SJM 128.42 -0.41 VertxPharm VRTX 202.99 3.40
EOG Rscs EOG 70.74 ... Hershey HSY 178.75 0.59
s AlexandriaRlEst ARE 207.15 2.68 ArchCapital ACGL 39.99 0.57 BerkHathwy A BRK.A 4213061343.90 Carnival CUK 20.92 1.42
s EPAM Systems EPAM 589.66 20.58 Hess HES 73.20 1.33 t LufaxHolding LU 7.08 -0.01 PPL PPL 28.86 0.43 Snap SNAP 77.32 0.42 Vertiv VRT 27.35 -0.27
Alibaba BABA 199.28 -1.43 ArcherDaniels ADM 58.80 0.05 BerkHathwy B BRK.B 280.21 1.43 CarrierGlobal CARR 56.32 -0.72 HewlettPackard HPE 14.69 0.03 s lululemon LULU 414.39 3.92 PTC PTC 135.55 0.25 SnapOn SNA 222.95 1.47 ViacomCBS B VIAC 41.55 2.76
s AlignTech ALGN 699.22 -8.79 EastWestBncp EWBC 74.09 2.14
s AresMgmt ARES 73.62 0.96 BerryGlobal BERY 63.00 -0.70 Carvana CVNA 337.00 6.09 HighwoodsProp HIW 46.73 1.11 LumenTech LUMN 11.78 0.16 t Paccar PCAR 80.09 -1.01 Snowflake SNOW 276.99 3.62 ViacomCBS A VIACA 46.03 2.88
Catalent CTLT 122.12 -0.78 EastmanChem EMN 110.59 1.57
Alleghany Y 671.74 11.96 arGEN-X ARGX 310.33 1.45 BestBuy BBY 115.37 2.10 Hill-Rom HRC 134.99 -2.45 Lyft LYFT 52.42 2.89 PackagingCpAm PKG 138.54 -0.19 SOQUIMICH SQM 49.40 1.12 Viatris VTRS 13.93 0.17
Caterpillar CAT 207.19 2.67 Eaton ETN 161.92 0.09
Allegion ALLE 137.30 1.83 AristaNetworks ANET 380.60 -1.52 Bilibili BILI 80.34 -2.57 Hilton HLT 126.40 2.01 LyondellBasell LYB 96.67 -0.33 PagSeguroDig PAGS 55.98 0.76 SoFiTech SOFI 16.06 -0.33 Vipshop VIPS 17.49 -0.13
s AlliantEnergy LNT 60.47 0.54 Celanese CE 153.05 0.52 eBay EBAY 67.28 -0.72
ArrowElec ARW 117.79 -1.45 Bill.com BILL 208.92 2.97 Hologic HOLX 76.35 -0.24 PalantirTech PLTR 22.52 0.22 SolarEdgeTech SEDG 286.39 -6.34 Visa V 240.21 3.54
Allstate ALL 127.93 -1.00 s Asana ASAN 78.10 5.20 s Bio-Techne TECH 490.65 3.90 Cemex CX 8.05 -0.06 Ecolab
Ecopetrol
ECL 218.18 0.38
EC 12.89 -0.22 HomeDepot HD 333.11 2.80 M N s PaloAltoNtwks PANW 403.64 0.31 Sony SONY 102.84 0.58 Vistra VST 18.27 -0.64
AllyFinancial ALLY 51.15 0.77 AspenTech AZPN 146.53 0.93 s Bio-RadLab B BIO.B 762.80 65.04 CenovusEnergy CVE 8.05 0.24 HondaMotor HMC 33.15 ... ParkerHannifin PH 300.23 -3.12 Southern SO 64.78 0.75 VMware VMW 158.62 1.85
s AlnylamPharm ALNY 193.90 10.46 Centene EdisonInt EIX 55.23 0.37 M&T Bank MTB 134.38 1.35
Assurant AIZ 158.79 3.17 s Bio-RadLab A BIO 763.66 1.54 CNC 67.23 -1.86 Honeywell HON 229.88 0.29 s Paychex PAYX 115.30 1.04 SoCopper SCCO 65.04 0.38 Vodafone VOD 16.65 0.21
s CenterPointEner CNP 26.24 0.54 s EdwardsLife EW 114.78 0.32 s MGMGrowthProp MGP 40.83 1.22
Alphabet C GOOG 2738.80 18.23 AstraZeneca AZN 58.41 1.10 Biogen BIIB 336.59 -1.51 HorizonTherap HZNP 106.37 -1.14 PaycomSoftware PAYC 457.27 14.41 SouthwestAir LUV 50.45 1.55 VornadoRealty VNO 42.52 0.96
CentraisElBras EBR 7.65 -0.19 ElancoAnimal ELAN 35.80 -0.62 MGM Resorts MGM 39.67 2.40
Alphabet A GOOGL 2725.03 22.52 Athene ATH 67.10 0.63 BioMarinPharm BMRN 77.93 1.49 HormelFoods HRL 45.52 -0.04 s Paylocity PCTY 219.28 4.83 Splunk SPLK 146.51 5.31 VulcanMatls VMC 177.80 -1.86
CeridianHCM CDAY 98.74 -1.26 Elastic ESTC 157.76 7.70 MKS Instrum MKSI 154.74 -1.23
AlticeUSA ATUS 29.33 -0.17 Atlassian TEAM 342.43 1.99 BioNTech BNTX404.92 -9.52 DR Horton DHI 96.34 0.49 PayPal PYPL 280.67 5.17 Spotify SPOT 221.13 3.71
Altria MO 47.36 0.33 AtmosEnergy ATO 101.31 1.92 BlackKnight BKI 80.91 -1.81 Cerner CERN 79.90 -0.19 ElectronicArts EA 136.87 -3.04
EmersonElec EMR 101.06 0.86 HostHotels HST 15.78 0.62
MPLX
s MSCI
MPLX 27.59 0.09
MSCI 627.38 3.16 Pegasystems PEGA 127.50 0.75 s Square SQ 281.81 15.39 W X Y Z
CharlesRiverLabs CRL 409.97 -6.34 HowmetAerospace HWM 31.65 0.97 Peloton PTON 120.22 -0.71 StanleyBlackDck SWK 196.25 1.24
s CharterComms CHTR 769.91 -0.09 Enbridge ENB 39.51 0.33 MagellanMid MMP 45.94 -0.64 WEC Energy WEC 96.48 0.65
Huazhu HTHT 44.45 1.09 PembinaPipeline PBA 32.56 -0.01 Starbucks SBUX 119.03 0.78
CheckPoint CHKP 125.51 -0.57 Endeavor EDR 25.63 0.88 MagnaIntl MGA 84.40 1.90 W.P.Carey WPC 80.53 1.00
Hubbell HUBB 199.06 -0.75 PennNational PENN 72.26 6.02 StateStreet STT 87.49 0.90
Chegg CHGG 87.18 -1.38 EnelAmericas ENIA 6.62 -0.14 s ManhattanAssoc MANH 163.98 2.81 WPP WPP 67.50 2.52
s HubSpot HUBS 660.00 70.00 SteelDynamics STLD 61.62 -1.35
Dividend Changes CheniereEnergy LNG 85.91 0.46
CheniereEnerPtrs CQP 40.00 0.16
EnergyTransfer ET 9.12
EnphaseEnergy ENPH 183.45-10.48
...
Humana HUM415.90-10.31
ManulifeFin MFC 19.65 0.46
MarathonOil MRO 11.79 0.74
Pentair PNR 76.46 -0.17
Penumbra PEN 270.15 7.27 Stellantis
Steris
Wabtec
STLA 20.57 ...
WAB 86.10 1.27
WalgreensBoots WBA 46.93 0.39
STE 215.53 -0.94
Entegris ENTG 121.96 -2.25 JBHunt JBHT 166.87 -0.47 MarathonPetrol MPC 56.49 2.11 PepsiCo PEP 154.31 0.26 Walmart WMT 145.49 2.65
Chevron CVX 101.23 0.93 s PerkinElmer PKI 187.05 0.20 STMicroelec STM 42.24 0.22
Dividend announcements from August 5. Chewy CHWY 91.94 1.90 Entergy ETR 106.46 2.75 HuntingtonBcshs HBAN 14.41 0.15 s MaravaiLifeSci MRVI 53.37 1.41
StoneCo
WarnerMusic WMG 36.12 -0.24
STNE 57.39 0.75
EnterpriseProd EPD 22.05 -0.20 IAC/InterActive IAC 133.59 -0.66 PetroChina PTR 41.58 ... WasteConnections WCN 126.02 -1.25
t ChinaEastrnAir CEA 17.65 -0.08 Markel MKL 1242.08 31.94 Stryker SYK 264.51 1.93
Amount Payable / Equifax EFX 255.81 -0.28 ICICI Bank IBN 19.27 -0.06 MarketAxess MKTX 490.73 -1.40 PetroleoBrasil PBR 11.27 0.95 WasteMgt WM 148.33 -0.53
ChinaLifeIns LFC 8.38 0.03 SumitomoMits SMFG 6.79 0.09
Company Symbol Yld % New/Old Frq Record Equinix EQIX 830.62 2.28 ICL Group ICL 7.16 -0.13
Marqeta MQ 27.54 -0.30 PetroleoBrasilA PBR.A 10.87 0.77 Waters WAT 397.34 3.09
ChinaPetrol SNP 46.09 0.34 IdexxLab IDXX 705.76 7.28 SunComms SUI 197.60 1.63
Equinor EQNR 20.07 0.23 Marriott MAR 141.72 3.75 Pfizer PFE 45.06 -0.13 Watsco WSO 278.15 -1.65
ChinaSoAirlines ZNH 25.50 0.23
Increased s Chipotle CMG 1899.98 1.15 Equitable EQH 31.70 1.33 s IHS Markit INFO 119.42 1.49 s Marsh&McLen MMC 150.93 2.04 PhilipMorris PM 99.59 0.10 SunLifeFinancial SLF 51.79 -0.04
Wayfair W 276.16 25.11
ING Groep ING 13.15 0.17 Phillips66 PSX 73.37 1.73 SuncorEnergy SU 19.56 0.50
Artisan Ptrs Asset Mgmt APAM 7.3 1.00 /.88 Q Aug31 /Aug17 Chubb CB 172.52 0.43 EquityLife ELS 83.98 0.75 MartinMarietta MLM 362.58 -3.62 Weibo WB 56.58 -0.27
Invesco IVZ 24.35 0.33 Pinduoduo PDD 88.74 -0.54 SunRun RUN 53.45 0.64
Berry (bry) BRY 4.6 .06 /.04 Q Oct15 /Sep15 s ChunghwaTel CHT 42.70 0.18 EquityResdntl EQR 84.62 0.62 s MarvellTech MRVL 61.05 -0.84 WellsFargo WFC 46.99 1.04
IPG Photonics IPGP183.62 3.75 PinnacleWest PNW 79.46 1.27 Suzano SUZ 10.44 -0.21
BrightSpire Capital BRSP 6.5 .16 /.14 Q Oct15 /Sep30 Church&Dwight CHD 83.75 -0.02 ErieIndemnity A ERIE 183.36 -0.90 Masco MAS 60.49 0.54 Welltower WELL 86.58 1.48
IQVIA IQV 248.41 -1.45 Pinterest PINS 60.33 0.20 SynchronyFin SYF 48.29 1.12
Ciena CIEN 56.80 -0.15 s EssentialUtil WTRG 51.15 1.33 Masimo MASI 279.84 0.35 s WestPharmSvcs WST 425.66 -2.48
Federal Realty Invt Trust FRT 3.5 1.07 /1.06 Q Oct15 /Sep22 IcahnEnterprises IEP 58.60 0.47 PioneerNatRscs PXD 151.79 1.79 SyneosHealth SYNH 87.34 -0.36
Cigna CI 206.21-25.27 EssexProp ESS 325.61 1.62 Mastercard MA 371.94 3.93 WestAllianceBcp WAL 97.16 4.35
Healthcare Trust of Amer HTA 4.6 .325 /.32 Q Oct11 /Oct04 EsteeLauder EL 328.69 2.91 Icon ICLR 243.54 -2.53 MatchGroup MTCH146.42 -4.15 PlainsAllAmPipe PAA 9.61 0.10 Synopsys SNPS 293.20 1.71
WesternDigital WDC 67.07 2.13
CincinnatiFin CINF 116.39 0.49 Sysco SYY 73.52 1.77
Microchip Technology MCHP 1.2 .437 /.413 Q Sep03 /Aug20 Etsy ETSY 182.41-19.69 IDEX IEX 227.11 0.33 MaximIntProducts MXIM 100.46 -0.59 Playtika PLTK 24.98 2.07 WesternUnion WU 22.27 0.14
Cintas CTAS 392.00 4.19 IllinoisToolWks ITW 226.98 -0.62
Oasis Midstream Partners OMP 10.0 .56 /.55 Q Aug27 /Aug16 s McAfee PlugPower PLUG 26.00 0.11
Rattler Midstream RTLR 9.5 .25 /.20 Q Aug23 /Aug16
CiscoSystems CSCO 55.76 0.07 EverestRe RE 259.18 0.99
s Evergy EVRG 67.05 0.81 Illumina ILMN 515.68 11.08
MCFE 29.66 1.05
McCormickVtg MKC.V 83.11 0.25
s Pool POOL 486.81 -0.16 T U V WestlakeChem WLK 80.96 0.34
WestpacBanking WBK 18.50 0.25
Citigroup C 69.69 1.17
ImperialOil IMO 27.02 0.54
EversourceEner ES 89.03 0.86 McCormick MKC 83.25 0.07 PrincipalFin PFG 63.60 1.77 TC Energy TRP 48.78 0.25 WestRock WRK 48.45 -0.29
RPT Realty RPT 3.7 .12 /.075 Q Oct01 /Sep20 CitizensFin CFG 43.13 0.98 Incyte INCY 76.92 -0.42 ProcoreTech PCOR 98.14 -2.88 TE Connectivity TEL 148.52 -0.42 Weyerhaeuser WY 34.48 0.44
Spirit Realty Capital SRC 5.0 .638 /.625 Q Oct15 /Sep30 CitrixSystems CTXS101.25 0.32 ExactSciences EXAS 108.02 2.19 McDonalds MCD 236.42 1.59
s Exelon EXC 47.67 0.90 Infosys INFY 22.58 -0.06 s McKesson MCK 199.67 -5.70 Procter&Gamble PG 142.50 0.07 Telus TU 22.52 0.19 WheatonPrecMet WPM 45.42 -0.63
Sturm Ruger RGR 3.9 1.00 /.86 Q Aug27 /Aug16 Clarivate CLVT 24.02 0.14 IngersollRand IR 50.10 -0.22
Expedia EXPE 161.69 8.44 MedicalProp MPW 20.53 0.42 Progressive PGR 95.42 0.07 Ternium TX 50.60 -0.64 Whirlpool WHR 221.82 1.10
Cleveland-Cliffs CLF 23.32 -0.38 s Prologis
Terreno Realty TRNO 2.0 .34 /.29 Q Oct15 /Oct01 Clorox CLX 163.56 -2.05 ExpeditorsIntl EXPD 124.16 -1.38 Insulet PODD 280.45 1.27
Medtronic MDT 128.02 -0.36 PLD 130.45 1.55 TFI Intl TFII 111.23 1.15 Williams WMB 25.08 0.19
VICI Properties VICI 4.7 .36 /.33 Q Oct07 /Sep24 Intel INTC 53.89 0.34 Proofpoint PFPT 174.83 0.42 TJX TJX 68.58 1.33 Williams-Sonoma WSM 157.91 1.39
Cloudflare NET 121.46 1.46 ExtraSpaceSt EXR 175.85 0.12 MercadoLibre MELI 1786.11216.11
ExxonMobil XOM 57.20 0.36 IntelliaTherap NTLA 165.16 18.22 Merck MRK 75.59 0.11
PrudentialFin PRU 102.08 2.18 T-MobileUS TMUS 141.93 -0.29 WillisTowers WLTW217.51 6.32
Coca-Cola KO 56.50 0.40
Initial Coca-ColaEuro CCEP 61.08 0.36 F5Networks FFIV 211.38 -0.70 InteractiveBrkrs IBKR 62.45 0.49 MetLife MET 58.84 1.71
Prudential PUK 38.86 0.25 s TRowePrice TROW 212.27 2.44 Wipro WIT 8.57 0.04
eXp World Holdings EXPI 0.3 .04 Aug30 /Aug16 t FMC FMC 93.23 -5.40 ICE ICE 119.42 -0.11 s MettlerToledo MTD 1527.56 12.30 PublicServiceEnt PEG 63.90 0.63 TaiwanSemi TSM 119.22 0.48 Wix.com WIX 273.98-20.38
Cognex CGNX 91.19 1.00
Facebook FB 362.97 4.05 InterContinentl IHG 66.87 2.28 PublicStorage PSA 308.91 2.40 TakeTwoSoftware TTWO 156.78 -1.97 Workday WDAY 236.00 3.77
CognizantTech CTSH 73.40 -0.16 MicrochipTech MCHP 149.78 2.27
Foreign FactSet FDS 358.99 0.20 IBM IBM 142.77 0.01 PulteGroup PHM 53.49 0.20 TakedaPharm TAK 16.59 0.09 WynnResorts WYNN 98.68 7.59
CoinbaseGlbl COIN 255.50 11.14 MicronTech MU 81.49 -0.49
FairIsaac FICO487.00-14.31 IntlFlavors IFF 148.08 0.29 Qiagen QGEN 52.76 0.04 Tapestry TPR 43.46 0.72 XP XP 46.79 1.21
Assured Guaranty AGO 1.8 .22 Q Sep01 /Aug18 ColgatePalm CL 78.90 0.65 Microsoft MSFT 289.52 3.01
IntlPaper IP 57.42 -0.30 Qorvo QRVO 194.76 0.88 TargaResources TRGP 42.40 0.99
Atlantica Sustain Infr AY 4.4 .43 Q Sep15 /Aug31 Comcast A CMCSA 58.34 0.37 Farfetch FTCH 47.11 -0.41 MidAmApt MAA 191.48 1.22 XPO Logistics XPO 83.14 -0.99
s Interpublic IPG 36.48 0.92 Qualcomm QCOM 146.83 -1.39 Target
Comerica CMA 70.10 1.38 Fastenal FAST 55.45 0.15 s Middleby MIDD 193.78 0.79 TGT 261.40 0.87 XcelEnergy XEL 69.24 0.29
Diageo ADR DEO 1.8 2.48027 SA Oct13 /Aug27 s Intuit INTU 538.01 1.95 QualtricsIntl XM 43.82 1.31 TataMotors TTM 20.10 0.38
CiaSiderurgica SID 8.56 -0.42 FederalRealty FRT 121.11 6.83 MitsubishiUFJ MUFG 5.37 0.04 Xilinx XLNX150.98 6.35
Fresh Del Monte Produce FDP 1.5 .15 Q Sep10 /Aug18 s IntuitiveSurgical ISRG 1019.10 28.22 QuantaServices PWR 92.53 3.49 TeckRscsB TECK 21.55 -0.23
t ConagraBrands CAG 32.27 -0.12 FedEx FDX 275.80 0.68 MizuhoFin MFG 2.86 0.03 XPeng XPEV 42.75 -1.03
Natural Health Trends NHTC 11.1 .20 Q Aug27 /Aug17 InvitatHomes INVH 40.43 0.01 QuantumScape QS 21.91 -0.06 TeladocHealth TDOC 153.03 3.30
s Concentrix CNXC 167.38 2.60 Ferguson FERG 142.43 1.82 MobileTeleSys MBT 8.58 0.01 Xylem XYL 127.52 0.86
iQIYI IQ 10.92 -0.31 s QuestDiag DGX 147.30 0.59
NatWest Group ADR NWG 2.8 .08339 Sep17 /Aug13 Confluent CFLT 40.25 -1.26 Ferrari RACE 219.42 7.68 s Moderna MRNA 416.26 -2.79 TeledyneTech TDY 454.25 0.86 s Yeti YETI 104.61 4.89
IronMountain IRM 44.21 0.88 Teleflex TFX 377.84 4.43 Yandex
Pyxis Tankers Pfd. A PXSAP 10.9 .1615 M Aug20 /Aug13 ConocoPhillips COP 55.95 1.02 FidNatlFin FNF 46.36 1.30 MohawkInds MHK 199.10 2.46 R S YNDX 68.05 -0.34
ironSource IS 8.79 -0.10
Ericsson ERIC 11.54 -0.01 s YumBrands YUM 133.64 0.12
SSR Mining SSRM 1.2 .05 Q Sep13 /Aug16 ConEd ED 75.32 0.45 FidNatlInfo FIS 129.52 0.75 MolinaHealthcare MOH 268.64-10.15
ItauUnibanco ITUB 5.74 0.02
TELUS Corp. TU 4.5 .25229 Q Oct01 /Sep10 ConstBrands A STZ 219.51 0.12 FifthThirdBncp FITB 36.98 0.61 MolsonCoorsB TAP 48.30 0.28 RELX RELX 30.50 0.15 TelefonicaBras VIV 8.01 ... YumChina YUMC 61.53 -0.94
ContinentalRscs CLR 34.86 2.03 FirstHorizon FHN 15.65 0.12 J K L monday.com MNDY 225.00 13.09 RH RH 679.98 3.90 Telefonica TEF 4.80 0.01 ZTO Express ZTO 27.51 -0.10
Waste Connections WCN 0.7 .205 Q Sep01 /Aug18 Cooper COO 411.70 -2.43 FirstRepBank FRC 199.16 3.44 Mondelez MDLZ 61.86 0.14 RPM RPM 85.00 0.23 TelekmIndonesia TLK 23.15 0.17 ZaiLab ZLAB 149.86 2.95
Copart CPRT 148.21 -0.12 FirstSolar FSLR 91.62 -0.59 JD.com JD 70.74 -0.66 MongoDB MDB 376.72 13.54 RalphLauren RL 124.53 1.35 10xGenomics TXG 175.26 -9.56 s ZebraTech ZBRA 569.22 9.22
Special Corning GLW 40.89 -0.70 FirstEnergy FE 37.97 0.32 JPMorganChase JPM 153.15 1.91 s MonolithicPower MPWR 463.48 -2.95 RaymondJames RJF 130.47 2.05 Tenaris TS 20.15 0.30 Zendesk ZEN 129.42 1.96
Compass Diversified CODI 5.5 .88 Sep07 /Aug31 Corteva CTVA 41.44 -0.83 Fiserv FISV 109.64 0.90 Jabil JBL 58.99 0.06 MonsterBev MNST 91.95 -0.06 RaytheonTech RTX 86.88 1.06 TencentMusic TME 10.47 -0.10 Zillow C Z 110.24 1.01
Devon Energy DVN 1.7 .38 Sep30 /Sep13 Cosan CSAN 18.67 -0.16 FiveBelow FIVE 200.43 5.62 JackHenry JKHY 173.44 -0.15 s Moody's MCO 386.84 4.08 RealtyIncome O 70.79 0.64 Teradyne TER 126.58 -1.32 Zillow A ZG 110.30 -0.13
Ethan Allen ETH 4.2 .75 Aug31 /Aug17 CoStar CSGP 87.92 1.66 s Five9 FIVN 208.22 -1.48 JacobsEngg J 128.74 0.04 MorganStanley MS 97.83 1.54 RegencyCtrs REG 65.32 2.29 Tesla TSLA 714.63 3.71 ZimmerBiomet ZBH 150.17 1.94
s Costco COST 443.19 8.15 FleetCorTech FLT 260.79 13.19 JamesHardie JHX 34.96 1.08 Morningstar MORN 261.35 -4.83 RegenPharm REGN602.47 21.52 TevaPharm TEVA 9.98 -0.02 ZionsBancorp ZION 53.12 0.89
McAfee Cl A MCFE 1.4 4.50 Aug27 /Aug13
CoupaSoftware COUP 216.58 0.06 Flex FLEX 17.55 -0.11 JazzPharma JAZZ148.49 -5.06 Mosaic MOS 30.70 0.09 RegionsFin RF 19.54 0.26 TexasInstruments TXN 193.16 0.78 Zoetis ZTS 203.84 -0.95
TCG BDC CGBD 9.3 .06 Oct15 /Sep30 Coupang CPNG 40.06 0.69 s Floor&Decor FND 126.89 1.35 J&J JNJ 173.69 0.33 MotorolaSol MSI 222.27 -0.50 RelianceSteel RS 150.40 -1.06 TexasPacLand TPL 1469.32 23.19 ZoomVideo ZM 398.68 -1.90
CreditAcceptance CACC 544.09-17.48 FomentoEconMex FMX 86.90 -0.26 JohnsonControls JCI 71.89 0.53 NICE NICE 282.04 4.69 s Repligen RGEN 254.67 2.08 s Textron TXT 71.66 1.56 s ZoomInfoTech ZI 66.58 5.98
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and CreditSuisse CS 10.40 0.15 FordMotor F 13.71 0.39 s JonesLang JLL 248.92 6.59 NIO NIO 45.60 0.51 RepublicSvcs RSG 118.23 -0.93 ThermoFisherSci TMO 542.35 3.47 s Zscaler ZS 247.67 -0.26
ratio; SO: spin-off. Cree CREE 96.60 2.37 s Fortinet FTNT 300.02 -4.00 JuniperNetworks JNPR 28.22 -0.33 NRG Energy NRG 41.97 0.23 ResMed RMD 267.38 -5.81 s ThomsonReuters TRI 112.13 6.33 Zynga ZNGA 9.77 -0.13

New Highs and Lows

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
GreatAjaxNts24 AJXA 26.53 1.1 McAfee MCFE 29.81 3.7 PhillipsEdison PECO 28.45 1.1 UMH PropPfdD UMHpD 26.57 0.1 BerkshireGrey BGRY 8.05 4.2 HeritageInsurance HRTG 6.92 -0.3 Playstudios MYPS 5.52 1.8
in the latest session. % CHG-Daily percentage change from the previous trading session.
GrowthCapWt GCACW 0.84 2.6 McKesson MCK 210.00 -2.8 PiperSandler PIPR 135.51 3.6 UnitedMicro UMC 11.71 5.5 BiomX PHGE 3.81 -1.2 Hims&HersHealth HIMS 7.65 ... PluristemTherap PSTI 3.00 ...
HillmanSolnsWt HLMNW 3.33 7.1 Meredith MDP 45.56 3.6 Pool POOL 495.22 ... US12mthNtlGas UNL 11.57 0.3 BiomXWt PHGE.WS 0.38 -10.9 Hippo HIPO 7.92 -17.0 Progenity PROG 1.81 3.7
Thursday, August 5, 2021 HillmanSolns HLMN 12.85 2.0 Metlife pfA METpA 26.46 0.5 PowerSchool PWSC 21.70 4.9 VTEX VTEX 31.17 3.5 BostonBeer SAM 653.57 -0.6 HycroftMining HYMC 1.99 -4.8 ProtalixBio PLX 1.45 -2.6
52-Wk % 52-Wk % 52-Wk % HoughtonMifflin HMHC 14.03 17.1 MetroCityBkshs MCBS 20.87 3.2 PrefApartment APTS 11.43 7.2 ValleyNatlPfdA VLYPP 31.66 2.1 BrooklineCapWt BCACW 1.02 3.8 Immunic IMUX 7.69 -7.9 PumaBiotech PBYI 6.77 2.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg HubSpot HUBS 660.99 11.9 MetropolitanBk MCB 74.89 3.3 PPlus RRD-1 PYS 22.99 1.3 VarexImaging VREX 29.58 5.4 Buenaventura BVN 7.70 -1.1 IndaptusTherap INDP 8.52 16.1 QTSRealtyPfdA QTSpA 25.25 -0.4
IDACORP IDA 107.12 0.7 MettlerToledo MTD 1528.66 0.8 PrestigeCnsHlth PBH 58.71 6.2 Vedanta VEDL 17.04 1.4 CCC Intelligent CCCS 8.71 -2.2 IntercorpFinSvcs IFS 18.75 -3.1 RedBallAcqnWt RBAC.WS 0.85 4.2
Bladex BLX 16.95 0.8 DanaherPfdB DHRpB1635.74 1.2 IHS Markit INFO 120.64 1.3 Middleby MIDD 196.49 0.4 PriorityIncmPfdF PRIFpF 28.77 0.5 VeevaSystems VEEV 343.96 ... CimComm CMCT 7.66 2.1 iRhythmTechs IRTC 48.02 -2.9 ReservoirMediaWt RSVRW 0.89 -8.7
Highs Bank7
BankwellFin
BSVN 22.50
BWFG 30.40
7.2
2.2
Danaher
Daseke
DHR 308.39
DSKE 9.09
0.5
8.9
Immuneering IMRX 27.59 19.4 MiddlesexWater MSEX 110.22 2.9 Prologis PLD 130.52 1.2 Veoneer
Vicor
VNE
VICR
40.46
121.54
28.5
1.1
CMC Materials CCMP 123.62 -14.4 Joyy YY 48.26 ... RhythmPharm RYTM
RockwellMedical RMTI
13.06 1.0
0.70 -0.2
ImpelNeuro IMPL 20.10 11.7 Moderna MRNA 443.99 -0.7 PublicStoragePfJ PSApJ 28.21 0.2 CONX CONX 9.70 -0.7 KE Holdings BEKE 18.80 -5.3
AMCIAcqnII AMCIU 9.92 0.6 Bio-Techne TECH 504.34 0.8 Datadog DDOG 135.38 15.3 ROOT 6.98 -0.8
InnovativeIndProp IIPR 229.40 1.4 MonolithicPower MPWR 470.74 -0.6 PublicStoragePfdL PSApL 28.20 -0.1 VirtusInvtPtrs VRTS 313.99 8.6 CalavoGrowers CVGW 51.69 -1.1 KalaPharm KALA 2.75 -5.1 Root
AMN Healthcare AMN 106.83 5.2 BioCryst BCRX 17.81 8.5 DeckersOutdoor DECK 444.48 -0.4 RxSight RXST 13.18 -6.2
Innoviva INVA 15.47 2.1 MonteRosaTherap GLUE 31.90 3.0 PublicStoragePfdN PSApN 26.18 0.3 VoyaFinlPfdB VOYApB 30.59 0.1 CampbellSoup CPB 42.18 -0.5 KaryopharmTherap KPTI 5.76 -24.2
ASETech ASX 9.62 1.6 Bio-RadLab B BIO.B 763.21 9.3 DSGX 73.55 ... SocTelemedWt TLMDW 0.67 4.0
Descartes Inovalon INOV 38.86 1.3 Moody's MCO 387.55 1.1 QuestDiag DGX 148.61 0.4 WRBerkleyDeb60 WRBpG 27.37 0.3 CatalystBiosci CBIO 3.92 0.5 KinnateBio KNTE 19.50 1.7
ASML ASML 805.64 -0.1 Bio-RadLab A BIO 766.25 0.2 DiscoverFinSvcs DFS 128.64 0.8 SocTelemed TLMD 4.28 -1.1
Insperity NSP 101.74 2.1 MorganStanleyPfdA MSpA 25.40 ... RamacoNts2026 METCL 26.20 0.1 W.R.BerkleyDeb61 WRBpH 27.38 ... CatalystPtrsWt CPARW 1.15 -3.1 KoninklijkePhil PHG 44.02 0.3
A10Networks ATEN 13.59 2.0 117.65 -0.9 236.72 0.4 SPK Acqn A SPK 10.00 -9.1
Blackstone BX DollarGeneral DG InterParfums IPAR 79.61 1.8 MountainCrestIV MCAF 9.79 -0.2 Rambus RMBS 25.19 ... WattsWater WTS 162.09 2.3 ChinaEastrnAir CEA 17.54 -0.5 Latham SWIM 21.31 -18.1
Acushnet GOLF 56.85 -1.3 31.49 14.9 SVF Invt SVFAU 9.96 ...
BootBarn BOOT 93.25 6.5 Domo DOMO 93.52 3.1 Interpublic IPG 36.52 2.6 MrCooper COOP 38.65 0.9 Rapid7 RPD 120.00 -2.3 WaysideTech WSTG ChurchillVII A CVII 9.69 -0.5 LightInTheBox LITB 1.21 -8.2
Adobe ADBE 632.47 1.0 17.25 17.9 SVF Invt SVFA 9.72 -0.1
BrightSphere BSIG 26.19 1.7 DonnelleyFin DFIN 35.73 10.8 Intuit INTU 540.63 0.4 MuellerWater MWA 15.73 3.6 Repligen RGEN 255.34 0.8 Weber WEBR CloopenGroup RAAS 4.35 2.0 LiveRamp RAMP 38.50 0.4
AegonCapSec AEB AEB 26.19 0.3 WellsFargoPfdADD WFCpD 25.29 0.2 SVF Invt 2 SVFB 9.76 -0.9
CBRE Group CBRE 98.93 1.5 Duolingo DUOL 152.84 3.2 IntuitiveSurgical ISRG 1024.00 2.8 NVR NVR 5329.99 1.3 RexfordIndlRealty REXR 62.49 1.3 ColombierAcqnA CLBR 9.55 0.2 LiveVox LVOX 6.09 -0.5
AgilentTechs A 155.16 0.5 WescoIntl WCC 113.81 5.5 SkillzWt SKLZ.WS 0.71 1.4
CDW CDW 191.05 1.3 Dynatrace DT 66.80 -0.7 InvescoMtgPfdC IVRpC 25.61 0.2 Nasdaq NDAQ 190.69 -0.4 Rexnord RXN 57.88 1.7 ColombierAcqnWt CLBR.WS 0.69 -10.8 LufaxHolding LU 6.95 -0.1
Albemarle ALB 226.22 5.7 WestBancorp WTBA 30.50 1.7 SmartShareGlbl EM 3.68 -0.5
CHS PfdB3 CHSCM 28.72 1.0 EPAM Systems EPAM 601.80 3.6 iStar STAR 25.64 2.3 NationalVision EYE 54.50 0.3 RobertHalf RHI 99.67 1.5 ConagraBrands CAG 32.25 -0.4 MediromHlthcr MRM 6.89 -1.7
AlexandriaRlEst ARE 207.20 1.3 WestPharmSvcs WST 430.17 -0.6 SocialCapHedVI A IPOF 9.85 ...
CS Disco LAW 47.09 5.9 EdwardsLife EW 115.60 0.3 JakksPacific JAKK 15.54 -1.4 NaturalAlt NAII 19.30 1.3 Rockwell ROK 314.85 0.6 ConsonanceA CHFW 9.10 -5.4 MagentaTherap MGTA 6.02 1.7
AlignTech ALGN 714.15 -1.2 WintrustFinPfdE WTFCP 29.02 0.3 SocCapSuvrettaII DNAB 9.80 -0.5
CalWtrSvc CWT 65.82 1.9 Endava DAVA 131.76 -1.1 Joint JYNT 91.00 3.2 NavientNts2043 JSM 25.85 -0.2 RockyMtnChoc RMCF 8.64 -1.1 Cytosorbents CTSO 6.99 6.7 MartenTransport MRTN 14.98 -0.1
Alkermes ALKS 28.42 ... Yeti YETI 104.69 4.9 SparkNetworks LOV 3.79 -2.3
CapitalOnePfdI COFpI 27.41 0.6 Erasca ERAS 21.65 0.3 JonesLang JLL 249.32 2.7 Netstreit NTST 26.93 2.4 RyanSpecialty RYAN 30.55 3.5 D&ZMediaA DNZ 9.60 0.4 MaxCyte MXCT 14.30 -1.7
AlliantEnergy LNT 60.55 0.9 YumBrands YUM 134.26 0.1 SpruceBio SPRB 8.40 -1.3
AlnylamPharm ALNY 194.28 5.7
CapitalOnePfdJ COFpJ 26.74 0.5 EssentialUtil WTRG 51.16 2.7 JPMorganPfdMM JPMpM 25.30 0.2 NewRelic NEWR 82.76 4.6 SBA Comm SBAC 350.91 -0.6 DPCM Cap Wt XPOA.WS 0.77 -8.3 MedAvail MDVL 8.00 2.9
CapOneFinlPfdL COFpL 25.85 -0.4 EuropeanWax EWCZ 22.00 25.8 ZebraTech ZBRA 570.83 1.6 Staffing360 STAF 2.10 -10.7
AlphaMetal AMR 30.41 3.1 KKR KKR 67.42 1.8 NexPointRealEst NREF 22.48 5.2 SCE VI Pfd L SCEpL 25.20 ... DocumentSecSys DSS 1.27 3.1 MeridianLink MLNK 23.45 0.1
CaribouBio CRBU 22.59 20.2 Evergy EVRG 67.09 1.2 ZoomInfoTech ZI 67.63 9.9 StokeTherap STOK 25.81 0.4
AlphaPtrsTech APTMU 10.17 -0.3 KKR Pfd C KKRpC 86.69 1.7 Nike NKE 174.00 1.1 Safehold SAFE 94.40 2.7 DouYuIntl DOYU 3.62 -0.3 MotorsportGames MSGM 11.18 -0.8
CelldexTherap CLDX 48.14 6.4 EvolentHealth EVH 23.95 5.2 Zscaler ZS 249.71 -0.1 TD Holdings GLG 0.70 2.2
AmericaMovil A AMOV 17.05 1.8 Kadant KAI 206.61 5.8 NortheastBank NBN 32.70 0.1 SaulCentersPfdD BFSpD 28.18 -0.1 DragoneerGrwIII DGNU 9.79 -1.0 MountainCrestIII MCAEU 9.92 0.7
TalisBiomed TLIS 9.40 7.2
CenterPointPfdB CNPpB 48.38 2.0 EvolveTransit SNMP 1.86 -7.5 Kulicke&Soffa KLIC 64.68 13.6 NovoNordisk NVO 103.21 5.0 Sea SE 307.49 3.6 Dun&Bradstreet DNB 18.25 -1.5 MovingiMage MITQ 3.25 -3.0
AmericaMovil AMX
AmerFinPfdA AFINP
17.16
27.44
1.7
1.2 CenterPointEner CNP 26.26 2.1 EvoquaWater AQUA 36.36 2.0 L3HarrisTech LHX 232.44 0.8 NuSTAR PfdB NSpB 23.70 -0.1 ServiceCorp SCI 64.19 0.9 Lows ECMOHO MOHO 0.77 3.5 Nevro NVRO 106.75 -22.2
Talkspace
Team
TALK
TISI
5.33 3.0
4.57 -5.4
AmFinTrPfdC AFINO 26.59 0.2 CharterComms CHTR 777.15 ... Exelon EXC 47.77 1.9 LamarAdv LAMR 112.86 2.2 NuSTAR PfdC NSpC 26.25 0.8 SherwinWilliams SHW 298.99 -0.2 E-HomeHousehold EJH 5.85 -14.6 Noble NE 20.34 -4.9
AcadiaPharm ACAD 19.10 -8.6 TigaAcqnWt TINV.WS 0.75 -14.7
AmerFinDeb2060 AFGD 29.09 0.1 ChesapeakeUtil CPK 129.91 2.0 Exponent EXPO 114.49 2.8 LatticeSemi LSCC 60.00 3.2 OaktreeSpec OCSL 7.10 3.5 SiliconMotion SIMO 81.87 -0.4 Arko ARKO 7.32 -2.2 EnelChile ENIC 2.48 -0.8 NordicAmTankers NAT 2.41 -2.0 TroikaMedia TRKA 1.70 5.0
AmFinDeb AFGE 28.01 -0.2 ChipMOSTechs IMOS 42.41 4.0 FarmlandPtrsPfdB FPIpB 26.60 0.8 LexingtonRealty LXP 13.32 1.3 Omnicell OMCL 155.65 2.6 SiTime SITM 195.00 31.2 AryaSciencesIV ARYD 10.03 -0.3 ErosSTX ESGC 0.65 -19.2 NorthernStrIII A NSTC 9.69 -0.4 TuanChe TC 2.37 -2.9
AmericanNatl ANAT 169.50 1.6 Chipotle CMG 1912.75 0.1 FirstEagleAltNts26 FCRX 25.95 0.2 LibertyBroadbandA LBRDA 178.13 0.8 OptimizeRx OPRX 68.39 17.3 SkylineChamp SKY 61.96 0.4 ATAI Life ATAI 13.89 0.5 EsperionTherap ESPR 13.70 7.1 NovaGoldRscs NG 7.47 -0.4 TwinVee VEEE 4.25 4.1
AmerStWater AWR 91.55 1.4 ChunghwaTel CHT 42.79 0.4 FirstService FSV 191.79 0.7 LibertyBroadbandC LBRDK 184.85 0.7 OramedPharms ORMP 17.80 14.7 SouthJerseyNts2079 SJIJ 26.95 0.3 AcurxPharm ACXP 4.80 -3.4 EverQuote EVER 23.97 -4.0 OmegaAlpha OMEG 9.71 -0.4 UnicyciveTherap UNCY 2.52 ...
AmerWaterWorks AWK 180.08 1.8 CitizensFinPfdE CFGpE 27.15 ... Five9 FIVN 211.68 -0.7 LibertySirius C LSXMK 48.08 2.4 OrangeCtyBncp OBT 37.00 0.3 SpiritRealtyCap SRC 51.44 2.4 AkeroTherap AKRO 19.90 2.0 EvolvTechUn EVLVU 7.64 -0.9 OppFi OPFI 8.34 -2.4 UniqueFabricating UFAB 2.31 0.8
AngelPondA POND 9.90 ... CityOfficeREIT CIO 13.25 2.8 Floor&Decor FND 128.50 1.1 LifeStorage LSI 121.14 2.0 Orix IX 91.97 2.2 SproutSocial SPT 106.77 4.5 AlphaHlthcrIII ALPAU 9.56 -0.3 Exicure XCUR 1.31 -6.4 Orphazyme ORPH 4.13 -0.7 UnitedInsurance UIHC 3.66 -3.1
AresMgmt ARES 73.64 1.3 Coca-Cola Femsa KOF 57.39 ... FloraGrowth FLGC 14.90 12.9 LightspeedPos LSPD 97.54 7.4 OrthoPediatrics KIDS 71.85 6.3 Square SQ 289.23 5.8 AlzamendNeuro ALZN 4.18 -3.0 EyegatePharm EYEG 2.21 2.1 OscarHealth OSCR 14.74 2.3 UTime UTME 7.24 -2.5
Asana ASAN 78.98 7.1 Cohen&Steers CNS 86.47 1.7 FordMotor6.2%Nt FpB 27.99 0.5 lululemon LULU 415.34 1.0 OxfordSquareNts28 OXSQG 25.90 1.2 Stantec STN 49.61 -2.0 Amedisys AMED 195.28 -21.9 FMC FMC 92.85 -5.5 OspreyTechUn SFTW.U 10.01 -1.0 VastaPlatform VSTA 6.83 -0.9
AspenInsPfd AHLpD 28.35 0.8 CerveceriasUnid CCU 21.82 -1.0 Fortinet FTNT 306.51 -1.3 MBIA MBI 13.49 -8.8 PFSweb PFSW 13.04 4.3 SynovusFinPfdE SNVpE 28.19 0.1 AmerGold&Silver USAS 1.27 3.1 Fastly FSLY 33.87 -10.4 Otonomy OTIC 1.57 -4.7 VectivBio VECT 8.35 ...
AspenInsPfd AHLpE 27.42 0.3 Concentrix CNXC 169.54 1.6 Franchise7.5%PfdA FRGAP 27.71 0.3 MGE Energy MGEE 79.95 0.3 PSBusParksPfdY PSBpY 27.13 -0.7 TCG BDC CGBD 14.00 0.9 AmrytPharma AMYT 9.55 -5.5 FedNat FNHC 2.25 -0.8 OutsetMedical OM 39.03 -4.6 VelodyneLidarWt VLDRW 1.69 -6.4
AssuredGuarNts AGOpF 28.27 0.5 Cortexyme CRTX 69.72 9.4 FrontierComms FYBR 31.90 3.3 MGMGrowthProp MGP 41.00 3.1 PSBusParksPfdZ PSBpZ 28.11 ... TRowePrice TROW 212.53 1.2 AngelPondWt POND.WS 0.59 -8.4 FigureAcqnI A FACA 9.70 -0.2 PG&EUn PCGU 86.43 -3.1 VintageWineEstates VWE 9.35 1.7
AthenePfdA ATHpA 29.90 0.1 Corvel CRVL 158.00 2.6 Gaming&Leisure GLPI 49.14 1.9 MSCI MSCI 635.58 0.5 PaloAltoNtwks PANW 406.92 0.1 Textron TXT 72.38 2.2 AridisPharm ARDS 4.03 -3.7 FinanceofAm FOA 6.21 1.6 PG&E PCG 8.29 -4.4 VistraWt VST.WS.A 0.18 -18.5
AthenePfdC ATHpC 29.00 -0.2 Costco COST 443.50 1.9 Garmin GRMN 164.06 1.0 MYR Group MYRG 98.62 2.6 PapaJohn's PZZA 119.78 4.0 ThomsonReuters TRI 113.12 6.0 Athenex ATNX 3.33 3.5 GladstoneAcqn GLEEU 9.99 0.2 Paccar PCAR 80.00 -1.2 VitalFarms VITL 16.02 -0.5
Atlanticus ATLC 47.58 1.2 Crocs CROX 144.26 1.1 Genmab GMAB 47.64 2.4 ManhattanAssoc MANH 164.00 1.7 PAVmed PAVM 7.68 8.9 Traeger COOK 30.75 5.9 AveannaHealth AVAH 9.23 -0.5 GlblConsumerWt GACQW 0.56 -6.9 Paysign PAYS 2.38 1.2 VivosTherap VVOS 2.68 -4.4
AtlasTech ATCX 15.11 6.2 CrossCtyHlthcr CCRN 20.69 24.7 GladstoneAcqn GLEEU 10.04 0.2 Manning&Napier MN 10.03 1.1 PAVmedWtZ PAVMZ 5.92 9.0 TransActTechs TACT 17.18 5.4 AvenueTherap ATXI 1.70 -3.3 GloryStarNewMedia GSMG 1.94 -8.3 PerpetuaRscs PPTA 5.29 -0.6 WashingtonPrime WPG 1.37 -8.6
AtriCure ATRC 85.50 -0.5 Cullen/FrostPfdB CFRpB 26.63 -0.2 Global-EOnline GLBE 77.07 2.0 MaravaiLifeSci MRVI 53.37 2.7 Paychex PAYX 115.45 0.9 Transcat TRNS 65.60 ... BCLS Acqn BLSA 9.73 -1.0 GlycoMimetics GLYC 1.92 9.1 PershingSquare PSTH 20.10 0.2 Waterdrop WDH 3.69 -4.3
Autodesk ADSK 331.50 -0.1 Cutera CUTR 60.36 3.1 Globant GLOB 252.38 3.0 Marsh&McLen MMC 151.03 1.4 Paylocity PCTY 221.09 2.3 Trimble TRMB 89.62 3.1 BWX Tech BWXT 52.31 -0.4 GoldResource GORO 2.00 -1.5 PershingSquWt PSTH.WS 3.21 1.5 WunongNetTech WNW 4.95 -4.4
B.RileyNts2026 RILYK 25.98 0.6 DilaCapital DILAU 10.25 ... GoldmanSachsPfA GSpA 24.95 0.6 MarvellTech MRVL 62.71 -1.4 Perficient PRFT 101.53 1.9 UFP Tech UFPT 69.46 3.3 BaudaxBio BXRX 0.54 -6.9 HUYA HUYA 11.38 -2.7 Pharming PHAR 10.73 -6.8 XerisPharm XERS 2.20 -13.0
BancoBilbaoViz BBVA 6.68 ... DanaherPfdA DHRpA2058.09 0.2 Graco GGG 80.48 -1.1 MaxLinear MXL 52.22 3.5 PerkinElmer PKI 188.40 0.1 UMH Prop UMH 24.38 3.5 BaxterIntl BAX 73.61 -0.9 HealthAssuranceA HAAC 9.68 -0.1 PlaystudiosWt MYPSW 0.94 -16.5 Yunji YJ 1.01 -3.7

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 239.28 +1.99 25.9 Contra 19.43 +0.13 18.5 CapApInst 119.94 +1.18 15.1 IncomeFd NA ... NA ExtndAdml 142.78 +1.83 15.1 VANGUARD FDS MdCpGrAdml105.14 +0.74 15.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds ContraK 19.48 +0.13 18.6 Harding Loevner PIMCO Funds I2 GNMAAdml 10.66 -0.01 -0.3 DivdGro 37.75 +0.18 15.0 MdCpVlAdml 73.43 +0.65 20.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotRetBdI 10.61 -0.02 1.0 CpInc r 11.28 +0.02 8.6 IntlEq 31.08 +0.07 NA Income NA ... NA GrwthAdml 154.28 +1.17 18.6 INSTTRF2020 28.12 +0.05 7.1 SmValAdml 73.50 +1.03 21.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti GroCo 39.05 +0.42 18.8 Invesco Funds Y PIMCO Funds Instl HlthCareAdml r100.95 +0.24 12.7 INSTTRF2025 29.76 +0.08 8.4 TotBd2 11.28 -0.02 -0.5
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 65.67 +0.49 26.8 GrowCoK 39.17 +0.42 18.8 DevMktY 52.71 -0.23 -1.4 IncomeFd NA ... NA HYCorAdml r 6.00 ... 2.9 INSTTRF2030 30.83 +0.10 9.6 TotIntlInstIdx r141.19 +0.43 9.9
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Fidelity InvGrBd 11.83 -0.03 0.5 John Hancock Instl Price Funds InfProAd 29.05 -0.11 3.8 INSTTRF2035 31.82 +0.12 10.8 TotItlInstPlId r141.23 +0.43 9.9
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 500IdxInstPrem153.82 +0.93 18.9 LowP r 58.03 +0.21 19.3 DispValMCI 27.83 +0.21 19.3 BlChip 193.61 +1.49 17.0 IntlGrAdml 173.58 +1.37 8.3 INSTTRF2040 32.86 +0.14 12.0 TotSt 111.21 +0.81 18.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Contrafund K6 22.32 +0.15 18.2 Magin 14.66 +0.10 17.7 JPMorgan I Class DivGro 69.45 +0.30 16.2 ITBondAdml 12.34 -0.04 -0.5 INSTTRF2045 33.81 +0.16 13.1 VANGUARD INSTL FDS
ExtMktIdxInstPre 90.49 +1.16 15.1 NASDAQ r 187.56 +1.46 15.9 CoreBond NA ... NA EqInc 36.54 +0.19 17.9 ITIGradeAdml 10.30 -0.03 0.4 INSTTRF2050 33.95 +0.17 13.3 BalInst 48.44 +0.17 10.5
FidSerToMarket 15.20 +0.11 18.2 OTC 20.99 +0.16 19.8 EqInc NA ... NA Growth 115.44 +0.99 19.1 LTGradeAdml 11.42 -0.05 -0.9 INSTTRF2055 34.04 +0.17 13.3 DevMktsIndInst 16.89 +0.08 12.2
Thursday, August 5, 2021 MidCpAdml 300.40 +2.37 17.8 DevMktsInxInst 26.40 +0.13 12.2
GrowthCompanyK6 22.82 +0.24 18.7 Puritn 29.28 +0.13 13.0 JPMorgan R Class HelSci 113.25 +0.47 14.6 IntlVal 44.15 +0.14 9.7
Net YTD Net YTD Net YTD MuHYAdml 12.24 ... 4.2 ExtndInst 142.77 +1.83 15.1
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlIdxInstPrem 50.76 +0.20 11.5 SrsEmrgMkt 25.33 -0.07 1.5 CoreBond NA ... NA LgCapGow I 73.39 +0.31 19.9 LifeCon 23.76 +0.04 5.5
MidCpInxInstPrem 31.74 +0.25 17.9 SrsGlobal 15.65 +0.03 9.1 Lord Abbett A MidCap 127.19 +0.17 12.5 MuIntAdml 14.90 ... 1.6 LifeGro 44.64 +0.20 11.7 GrwthInst 154.29 +1.17 18.6
American Century Inv IntlVal Inst 46.66 +0.20 17.1 DivIncom I 30.15 +0.07 17.7 SAIUSLgCpIndxFd 23.34 +0.14 18.9 SrsGroCoRetail 27.20 +0.30 19.5 ShtDurIncmA p 4.20 ... 1.2 NHoriz 94.57 +1.25 14.9 MuLTAdml 12.34 -0.01 2.5 LifeMod 34.12 +0.10 8.5 InPrSeIn 11.83 -0.05 3.8
Ultra 90.05 +0.79 18.6 Baird Funds Dimensional Fds SeriesBondFd 10.62 -0.03 -0.6 SrsIntlGrw 20.49 +0.09 15.2 Lord Abbett F R2020 24.78 +0.07 8.9
MuLtdAdml 11.26 ... 0.8
PrmcpCor 35.09 +0.28 21.1
InstIdx 387.27 +2.34 18.9
American Funds Cl A AggBdInst 11.61 -0.03 -0.3 5GlbFxdInc 10.99 -0.02 0.9 MuShtAdml 15.94 ... 0.4 InstPlus 387.29 +2.34 18.9
SeriesOverseas 14.44 +0.06 16.5 SrsIntlVal 11.41 +0.04 13.1 ShtDurIncm 4.20 ... 1.3 R2025 21.31 +0.06 10.0 STAR 33.94 +0.11 9.7
AmcpA p 43.95 +0.29 16.5 CorBdInst 11.99 -0.02 0.1 EmgMktVa 32.30 +0.05 13.2 PrmcpAdml r183.15 +1.62 19.0 InstTStPlus 86.86 +0.62 18.2
SmCpIdxInstPrem 28.36 +0.51 13.8 TotalBond 11.25 -0.02 0.6 Metropolitan West R2030 31.71 +0.13 11.5 TgtRe2015 16.55 +0.02 5.2
AMutlA p 50.95 +0.27 15.2 BlackRock Funds EmMktCorEq 26.16 -0.02 8.5 RealEstatAdml151.81 +1.81 27.7 MidCpInst 66.36 +0.52 17.8
TMktIdxInstPrem127.16 +0.92 18.2 Fidelity SAI TotRetBdI 11.08 -0.03 -0.1 R2035 23.94 +0.11 12.7 TgtRe2020 36.72 +0.08 7.1
BalA p 33.11 +0.02 10.9 HiYldBd Inst 7.89 ... 4.2 IntlCoreEq 16.44 +0.06 14.1 SmCapAdml 106.79 +1.28 15.2 MidCpIstPl 327.28 +2.58 17.9
USBdIdxInstPrem 12.25 -0.03 -0.6 TotalBd 10.69 -0.02 0.8 TRBdPlan 10.39 -0.03 -0.2 R2040 34.63 +0.18 13.8 TgtRe2025 23.34 +0.06 8.4
BondA p 13.62 -0.03 -0.2 BlackRock Funds A IntSmCo 23.31 +0.09 15.3 SmGthAdml 101.30 +0.94 7.9 SmCapInst 106.79 +1.29 15.2
Fidelity Advisor I Fidelity Selects Northern Funds PRIMECAP Odyssey Fds
STBondAdml 10.79 -0.01 ...
TgtRe2030 44.42 +0.15 9.5
SmCapIstPl 308.23 +3.71 15.2
CapIBA p 68.93 +0.24 10.7 GlblAlloc p 21.76 ... 6.6 IntSmVa 21.98 +0.04 15.2 NwInsghtI 43.87 +0.31 19.1 Softwr r 31.25 +0.29 17.0 StkIdx 49.59 +0.30 18.8 AggGrowth r 60.66 +0.80 13.0 TgtRe2035 27.92 +0.11 10.7
STIGradeAdml 10.98 -0.01 0.5 STIGradeInst 10.98 -0.01 0.6
CapWGrA 65.57 +0.24 11.4 BlackRock Funds III LgCo 33.23 +0.20 18.8 Fidelity Freedom Tech r 29.12 +0.24 14.7 Nuveen Cl I Schwab Funds TgtRe2040 49.53 +0.22 11.9
STIPSIxAdm 26.27 -0.05 3.7 STIPSIxins 26.29 -0.04 3.8
EupacA p 71.25 +0.45 7.1 iShS&P500IdxK524.46 +3.18 18.9 TAUSCoreEq2 NA ... NA FF2020 17.67 +0.02 7.8 First Eagle Funds HYMunBd 18.61 +0.02 8.6 1000 Inv r NA ... NA TgtRe2045 31.87 +0.15 13.1
TotBdAdml 11.43 -0.03 -0.5 TotBdInst 11.43 -0.03 -0.5
FdInvA p 77.87 +0.31 16.3 BlackRock Funds Inst US CoreEq1 35.10 +0.23 19.0 FF2025 16.18 +0.02 8.8 GlbA 68.14 +0.14 11.2 Old Westbury Fds S&P Sel NA ... NA TgtRe2050 51.45 +0.25 13.2
TotIntBdIdxAdm 23.21 ... -0.3 TotBdInst2 11.28 -0.02 -0.5
GwthA p 76.75 +0.59 13.6 StratIncOpptyIns 10.37 +0.01 1.4 US CoreEq2 32.08 +0.21 19.6 FF2030 20.34 +0.04 10.0 Franklin A1 LrgCpStr 19.51 +0.08 13.8 TSM Sel r NA ... NA TotIntlAdmIdx r 35.31 +0.11 9.9 TgtRet2055 55.86 +0.28 13.2 TotBdInstPl 11.43 -0.03 -0.5
ICAA p 50.89 +0.27 16.3 Bridge Builder Trust US Small 46.51 +0.62 21.6 FF2035 17.80 +0.05 12.3 IncomeA1 p 2.50 +0.01 12.1 Parnassus Fds VANGUARD ADMIRAL TotStAdml 111.25 +0.81 18.2 TgtRetInc 15.54 +0.01 4.7 TotIntBdIdxInst 34.83 ... -0.3
IncoA p 26.02 +0.08 11.9 CoreBond 10.65 -0.02 -0.2 US SmCpVal 43.96 +0.63 28.2 FF2040 12.77 +0.05 13.9 FrankTemp/Frank Adv ParnEqFd 64.00 +0.36 19.5 500Adml 409.22 +2.47 18.9 TxMCapAdml232.75 +1.47 18.5 TotIntBdIxInv 11.61 ... -0.3 TotStInst 111.26 +0.80 18.2
N PerA p 68.90 +0.42 13.9 CorePlusBond 10.52 -0.02 0.3 US TgdVal 29.92 +0.40 27.6 Freedom2025 K 16.16 +0.02 8.9 IncomeAdv 2.48 +0.01 12.3 PGIM Funds Cl Z BalAdml 48.44 +0.18 10.5 TxMIn r 16.87 +0.08 12.2 USGro 75.88 +0.63 15.6 ValueInst 54.34 +0.25 18.4
NEcoA p 65.74 +0.40 10.5 Intl Eq 14.98 +0.07 12.1 USLgVa 44.92 +0.20 20.7 Freedom2030 K 20.33 +0.04 10.0 FrankTemp/Franklin A HighYield NA ... NA CAITAdml 12.36 ... 1.3 USGroAdml 196.64 +1.63 15.7 WellsI 29.89 +0.02 6.7 WCM Focus Funds
NwWrldA 95.96 +0.53 9.1 LargeCapGrowth 24.31 +0.21 18.2 Dodge & Cox Freedom2035 K 17.79 +0.06 12.4 Growth A p 157.20 +1.00 16.1 TotalReturnBond 14.83 -0.04 -0.2 CapOpAdml r215.20 +1.58 21.2 ValAdml 54.34 +0.25 18.4 Welltn 49.64 +0.12 13.1 WCMFocIntlGrwIns 28.63 +0.18 15.7
SmCpA p 89.85 +0.65 12.9 LargeCapValue 17.41 +0.13 19.3 Balanced NA ... NA Freedom2040 K 12.77 +0.04 13.9 RisDv A p 93.85 +0.33 17.4 PIMCO Fds Instl DivAppIdxAdm 43.45 +0.17 14.2 WdsrllAdml 82.74 +0.43 21.2 WndsrII 46.64 +0.25 21.1 Western Asset
TxExA p 13.77 ... 2.3 Calamos Funds GblStock 15.86 +0.07 19.2 Fidelity Invest Guggenheim Funds Tru AllAsset NA ... NA EMAdmr 42.89 -0.09 3.6 WellsIAdml 72.40 +0.04 6.8 VANGUARD INDEX FDS CoreBondI NA ... NA
WshA p 56.64 +0.16 17.2 MktNeutI 14.30 +0.02 3.2 Income 14.45 -0.02 0.2 Balanc 31.79 +0.17 12.8 TotRtnBdFdClInst 29.38 -0.05 0.7 TotRt 10.47 -0.02 ... EqIncAdml 92.16 +0.42 17.5 WelltnAdml 85.73 +0.22 13.1 ExtndIstPl 352.34 +4.52 15.1 CorePlusBdI NA ... NA
Artisan Funds Columbia Class I Intl Stk 48.42 +0.10 10.8 BluCh 191.41 +2.14 17.4 Harbor Funds PIMCO Funds A ExplrAdml 137.40 +0.96 14.8 WndsrAdml 84.72 +0.52 19.7 IdxIntl 21.11 +0.07 9.9 CorePlusBdIS NA ... NA
B10 | Friday, August 6, 2021
Total return since April 1, 2020
200%
150 Thursday
+115%
100
50
S&P 500
+83%
0 Apollo
April 2020 Jan. ’21
Source: FactSet
Blackstone, Private-Equity
Stocks Enjoy Strong Gains
BY MIRIAM GOTTFRIED
After years of lackluster
performance, shares of pri-
vate-equity firms have hit
their stride.
In the decade or more since
Blackstone Group Inc., KKR &
Co., Apollo Global Manage-
ment Inc. and Carlyle Group
Inc. went public, their assets
under management have ex-
ploded as they branched out
beyond leveraged buyouts into
areas such as real estate, lend-
ing and insurance.
But their stocks languished,
leading executives such as
Blackstone chief Stephen
Schwarzman to publicly gripe
that the market was underval-
uing them.
That has changed in a big
way since the U.S. economy
began to emerge from the cor-
onavirus-driven downturn.
Including dividends, shares
of Blackstone have tripled
since April 1, 2020, roughly
when the recovery began,
pushing its market capitaliza-
tion to around $140 billion.
That is bigger than those of fi-
nancial giants Goldman Sachs
Group Inc. and BlackRock Inc.
KKR’s stock performance has
been even stronger over that
period, edging out Black-
stone’s by a few percentage
points. (Blackstone’s perfor-
mance over the past three
years has trounced that of all
three rivals.)
Shares of Carlyle, which
historically lagged behind
those of peers, have shot up
by nearly 160%. Even Apollo’s
stock, which was weighed
EU to Offer Guidance on Anti-Money-Laundering Rules
BY DYLAN TOKAR
The European Union’s bank-
ing regulator has proposed
guidance for financial-sector
compliance officers, another
step in the bloc’s effort to re-
vamp its anti-money-launder-
ing system.
The proposal from the
Paris-based European Banking
Authority is the latest move
by the EU to harmonize anti-
money-laundering rules across
member states and shift im-
plementation away from na-
tional authorities.
In July, the European Com-
mission—the EU’s legislative
arm—proposed creating an
anti-money-laundering agency
with direct supervisory au-
thority over financial firms.
The EBA’s proposal, re-
Alpine Gains More Time, Money to Support Ingenio in Deal
BY PREETI SINGH
Private-equity firm Alpine
Investors agreed to a $462.4
million transaction that will
give the firm more time and
money to support its portfolio
company Ingenio LLC, an on-
line marketplace for wellness
brands.
As part of the deal, Alpine
has formed a continuation
fund that includes $232 mil-
lion of new capital to support
the company’s growth, said
Mark Strauch, a partner at Al-
pine.
San Francisco-based In-
genio supports brands focused
on spirituality and psychic
readings as well as relation-
ship and career coaching. They
include Keen.com; PsychicCen-
ter.com; PurpleOcean.co and
PurpleGarden.co; Bitwine.com;
and LiveAdvice.com.
Continuation funds are one
of the fastest-growing tools
used in the market for second-
+156%
Carlyle
April 2020 Jan. ’21
down by revelations of ties be-
tween former Chief Executive
Leon Black and Jeffrey Ep-
stein, has more than doubled.
The S&P 500 has risen by
about 83% in that period, ac-
cording to FactSet.
Private-equity firms—big
owners of assets purchased
with significant amounts of
debt—are ideally positioned to
be outsize beneficiaries of cur-
rent market dynamics. Low in-
terest rates have made bor-
rowing cheap and led yield-
hungry investors to funnel
hundreds of billions of dollars
into the firms’ coffers.
The tailwinds were on re-
cent display as the firms re-
ported strong second-quarter
results, pushing their shares
up even further.
The spring for the group’s
outperformance was loaded
well before the pandemic be-
gan, when each firm opted in
quick succession to abandon
its partnership structure and
become a C-corporation on the
heels of the 2017 corporate tax
cuts.
The partnership structure
had kept their billionaire
founders in control but meant
their stocks couldn’t be in-
cluded in indexes and share-
holders had to endure extra
tax requirements to own them.
The firms’ shares have been
added to several indexes, and
the S&P 500 could be next.
“By being publicly traded
partnerships, we created
stocks that were difficult to
own,” said Blackstone Presi-
dent Jonathan Gray.
Becoming corporations
leased this week, kicks off a
public consultation period
that ends in early November.
Afterward, the agency is ex-
pected to complete the new
standards.
“This is a step toward pav-
ing the way for the new EU-
wide authority,” said David
Pasewaldt, a Frankfurt-based
white-collar defense lawyer at
law firm Clifford Chance LLP.
While the EBA’s future role
in addressing money launder-
ing is up in the air in light of
plans to create a specialized
anti-money-laundering agency,
the guidance should have an
immediate impact on financial
institutions, lawyers said.
The EBA said its nearly 50-
page proposal for the first
time comprehensively lists the
EU’s regulatory expectations
hand private-equity assets.
Firms raise capital for contin-
uation funds to acquire assets
they manage through older
funds but that they aren’t
ready to sell outright.
Investors in the older funds
can opt to cash out or roll
their stakes into the newly
formed continuation fund,
which typically attracts money
from private investment firms
and other institutional inves-
tors. Alpine did not name the
new investors that are sup-
porting its latest continuation
fund.
More firms are using con-
tinuation funds or special-pur-
pose investment vehicles for
INGENIO
secondary deals involving a
single portfolio company, of-
ten a top-performing one.
These so-called single asset
secondary deals accounted for
about $12 billion of the $48
billion of total secondary sales
volume in the first half of this
year, up from $5.8 billion in
BANKING & FINANCE
+199%
Blackstone
April 2020 Jan. ’21
meant “creating liquidity and
a broader universe to buy
these stocks,” he said.
The firms also ditched “eco-
nomic net income,” a profit
metric they had created for
their public-market debuts
that ended up being volatile
and difficult to understand.
They began to emphasize fig-
ures that matter more to pub-
lic investors, including the
amount of earnings that can
be returned in the form of div-
idends and profit tied to man-
agement fees, which are more
predictable than performance-
related income.
KKR earlier this year said it
was tying employee compen-
sation more closely to perfor-
mance fees, enabling more of
the management-fee stream to
flow to public investors.
“What the markets want
are sticky, consistent fee
streams that are recurring in
nature with high reup rates,”
said Morgan Stanley analyst
Michael Cyprys, who has been
covering the stocks for years.
And all four firms have
thrown themselves into rais-
ing so-called permanent or
perpetual capital.
It is money that doesn’t
have to be returned or re-
raised within a few years, as
has historically been the norm
with private-equity funds, and
can keep churning out fees in-
stead.
The quest for such long-
term capital has led them to
develop platforms to manage
assets for insurance compa-
nies and offer new products to
individual investors.
for how financial-sector com-
panies should set up and man-
age anti-money-laundering
and counterterrorism-financ-
ing programs. The proposal
outlines a framework for such
programs, with minimum re-
‘This is a step
toward paving the
way for the new EU-
wide authority.’
quirements for the roles and
responsibilities of compliance
officers and management
board members.
Although some member
states already have similar
Alpine initially acquired Ingenio from a digital media subsidiary of AT&T. Above, Ingenio employees.
last year’s first half, according
to data from secondary advi-
sory firm Evercore Inc.
San Francisco-based Alpine
initially backed Ingenio in
+212%
KKR
April 2020 Jan. ’21
Long a leader in insurance,
Apollo now gets more than
$250 billion of its $471.8 bil-
lion in assets from insurance
affiliates Athene Holding Ltd.
and Athora Holding Ltd.
Apollo is solidifying the ar-
rangement with a deal an-
nounced this year to buy the
piece of Athene it doesn’t al-
ready own. Its rivals have all
made recent moves aimed at
catching up.
Blackstone has led the
charge on the industry’s other
major permanent-capital front:
indial investors. The firm has
been investing for years to
create infrastructure to dis-
tribute and market products
aimed at moderately wealthy
individuals—a market it esti-
mates is worth $80 trillion—
and it has become clear in re-
cent quarters that the effort is
paying off in a big way.
BREIT, the firm’s nontraded
real-estate investment trust,
and BCRED, a private-credit
product likewise aimed at in-
dividual investors, have been
raising a combined $4 billion
in new capital each month, the
firm said during its second-
quarter earnings call last
month.
Blackstone’s peers are
starting to follow suit.
KKR in May rolled out a
product to offer private real
estate to individual investors.
Apollo said Wednesday it is in-
vesting in its own retail distri-
bution channel, with the goal
of making individual investors
a material piece of its third-
party inflows in the next
three-to-five years.
anti-money-laundering stan-
dards, the proposal should be
helpful to financial institu-
tions and their compliance of-
ficers due to its thoroughness
and specificity, according to
Mr. Pasewaldt. “The level of
detail [the EBA’s guidance]
contains is quite surprising,”
he said.
The proposed guidance
would require one member of
a financial institution’s man-
agement board to be particu-
larly responsible for the com-
pany’s anti-money-laundering
program, though the rest of
the board would also carry re-
sponsibility.
It also details the responsi-
bilities of anti-money-launder-
ing compliance officers, in-
cluding in conducting due
diligence on customers and re-
2013 through its fourth fund,
Alpine Investors IV LP, a $260
million vehicle that closed in
2011. The firm initially ac-
quired Ingenio from a digital
THE WALL STREET JOURNAL.
AIG Swings to
A Profit Helped
By Investments
BY LESLIE SCISM
American International
Group Inc. swung to a second-
quarter profit, aided by heady
gains in its private-equity in-
vestments and the absence of
Covid-19-related charges.
The quarter was the first
full one under new Chief Exec-
utive Peter Zaffino, and comes
as the company is preparing to
split off its big life-insurance
and retirement unit into a self-
standing company. In July, it
said investment firm Black-
stone Group Inc. will purchase
a 9.9% equity stake in the unit
for $2.2 billion in cash and
manage certain of its assets.
The global insurance con-
glomerate is one of the last
publicly traded insurers to
post quarterly results.
The company reported a
24% increase in “net written
premiums,” a key metric of
revenue growth, for its prop-
erty-casualty operations, at-
tributable partly to new busi-
ness and premium-rate
increases. The rate increases
helped improve its underwrit-
ing results. Overall, AIG posted
net income of $91 million,
compared with a net loss of
$7.9 billion in the year-earlier
quarter, when it booked a loss
from the sale of a reinsurance
unit for discontinued business
lines and old investments.
AIG joined some other big
insurers in boosting its share-
buyback program, adding $5.1
billion to the $900 million in
its current allocation. On
Wednesday, Allstate Corp. and
MetLife Inc. added $5 billion
and $3 billion, respectively, on
the back of improved earnings
and recent divestitures of
units judged noncore.
AIG’s adjusted after-tax in-
come, which is closely fol-
lowed by analysts because it
excludes items considered
nonrecurring, totaled $1.33
billion, up 137% from the year
before.
For the industry, this year’s
second quarter marks a con-
trast to a year ago as the coro-
navirus took a heavy toll on
the U.S. economy. For many
business insurers, the year-ago
results included the booking of
reserves to cover expected
pandemic-related claims. At
porting suspicious transac-
tions to national authorities.
Compliance officers should re-
port directly to the company’s
management board, according
to the proposal. Often, they
report to a chief legal officer
or general counsel.
The proposed guidance says
that strategic decisions re-
lated to anti-money-launder-
ing and counterterrorism-fi-
nancing programs shouldn’t
be outsourced to third parties.
The EBA also laid out steps
for national authorities to
take, such as vetting a compli-
ance officer’s professional ex-
pertise when he is appointed
to ensure they are qualified.
One emphasis of the guid-
ance is the requirement for
banks to designate a group
compliance officer who is re-
media subsidiary of AT&T Inc.
Under Alpine’s ownership,
Ingenio completed two acqui-
sitions, quadrupled its reve-
nues and expanded both its
AIG, those year-earlier
Covid-19 losses tallied $458
million for anticipated claims
on products such as travel in-
surance and accident-and-
health policies.
AIG didn’t add to its
Covid-19 reserves in this year’s
second quarter.
Also aiding insurers in the
second quarter was strong
performance of their private-
equity investments. While in-
surers mostly invest in high-
quality bonds, many allocate a
single-digit percentage of their
investment portfolios to pri-
vate-equity funds. Private-eq-
uity funds have performed
well as companies owned by
leveraged-buyout and venture-
capital funds have gone public
at high valuations in the rally-
ing stock market.
Insurers’ report private-eq-
uity results with a one-quarter
lag, so insurers’ second-quar-
ter results reflect first-quarter
activity. Analysts expect insur-
ers to have strong private-eq-
uity income in their third-
quarter results, too.
In other results this week,
Allstate on Wednesday posted
a 52% decrease in underwrit-
ing income for its car- and
home-insurance business,
though the company’s overall
net income surged 30% to $1.6
billion. The improvement in
net income was partly due to
higher private-equity invest-
ment income.
In its car-insurance busi-
ness, accident volume jumped
47% from the year-earlier pe-
riod, but remained below the
same period in pre-pandemic
2019 because large numbers of
people continue to work re-
motely, Chief Executive Tom
Wilson said in an interview.
In the year-earlier quarter,
insurers benefited from an un-
precedented drop in miles
with a subsequent steep de-
cline in accident volume, as
many Americans hunkered
down in their homes during
the pandemic’s early stages. At
the time, underwriting profits
soared, even as many car in-
surers refunded some premi-
ums to customers.
Total miles driven “are
pretty close to, and in some
places higher than, pre-pan-
demic,” Mr. Wilson said.
sponsible for harmonizing a
financial institution’s ap-
proach to anti-money-launder-
ing rules across member
states. That piece of guidance
echoes a directive the EU is-
sued in 2015.
The EBA said it had ana-
lyzed money-laundering scan-
dals and concluded that one
cause was a lack of reporting
lines between institutions’ lo-
cal offices and their group
management bodies.
The requirement places
part of the responsibility for
developing a consistent, EU-
wide approach to anti-money-
laundering standards on finan-
cial institutions themselves,
according to Jasper Helder, a
lawyer at law firm Akin Gump
Strauss Hauer & Feld LLP in
London.
suite of products and geo-
graphic reach, Mr. Strauch
said.
He added that Alpine gave
existing investors in Fund IV
three options regarding the
continuation fund. They could
roll their stakes into the new
fund along with additional
capital under new fund terms
or they could retain their
stakes and participate in the
continuation fund under the
same terms they had in Fund
IV without committing any
new money. Finally, they could
cash out of their stake by sell-
ing their fund interests out-
right. Mr. Strauch did not pro-
vide details on how many
investors opted to cash out
their stakes or participate in
the new continuation fund.
Alpine, which invests in
midmarket software and ser-
vices companies, has com-
pleted at least one other sec-
ondary deal involving a single
asset in 2021.
THE WALL STREET JOURNAL. * * * * * Friday, August 6, 2021 | B11

MARKETS

Stocks Rally as 9 of 11 S&P Sectors Gain

BY ANNA HIRTENSTEIN nomic rebound may be slow- Index performance, Thursday
AND CAITLIN MCCABE ing. A rapid rise in new
2.5%
Covid-19 cases recently has
Stocks rallied broadly, as added to concerns, too. Dr. An-
shares of banks and technol- thony Fauci, the Biden admin-
ogy and travel companies rose. istration’s chief medical ad- 2.0
The S&P 500 gained 26.44 viser, said recently that he
points, or 0.6%, to 4429.10, re- didn’t believe the U.S. would
bounding after the broad mar- return to lockdowns but
1.5
ket index closed down 0.5% on warned that “things are going
We d n e s d a y. to get worse” as the more con- S&P 500
THURSDAY’S The Dow tagious Delta variant of energy sector

CAROLINE BREHMAN/EPA/SHUTTERSTOCK
MARKETS Jones Indus- Covid-19 spreads. 1.0
trial Average Still, both the S&P 500 and Dow industrials
added 271.58 points, or 0.8%, Nasdaq Composite finished at
Nasdaq Composite
to end at 35064.25. records, with the broad bench-
The Nasdaq Composite rose mark index notching its 43rd 0.5 S&P 500
114.58 points, or 0.8%, to record close of the year. The
14895.12. Nasdaq Composite has reached
Major U.S. stock indexes 27 records in 2021. The Dow is 0
have wobbled in recent days hovering at just 0.2% below its 9:30 a.m. noon 4 p.m.
amid concerns that the eco- closing high last reached July
26. Source: FactSet Uber finished higher despite posting a bigger loss than expected.
Strong earnings results in
AUCTION RESULTS the second quarter have Simmons, U.K. chief invest- will be relatively gradual, well each losing 2.4% or more. rose $122.07, or 5.9%, to
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
helped boost share prices, ment officer at UBS Global flagged and, actually, equities In bond markets, the yield $2,207.71, after its quarterly
clearing yield. Rates are determined by the difference even as economic data have Wealth Management. Equity will probably be able to absorb on the benchmark 10-year revenue more than tripled.
between that price and the face value.
been mixed. Data Thursday markets can continue to climb it.” Treasury note rose to 1.217% Overseas, the pan-continen-
FOUR-WEEK BILLS
Applications $137,132,570,200
showed the trade deficit wid- by 5% to 10% over the next Nine of the S&P 500’s 11 from 1.183% on Wednesday, tal Stoxx Europe 600 added
Accepted bids $43,482,066,700 ened to $75.7 billion in June, year, she said. sectors rallied, with only the marking three consecutive 0.4%.
" noncompetitively $694,936,200 more than economists had The continued signs of healthcare and materials sessions of gains. The Bank of England on
" foreign noncompetitively $0
Auction price (rate) 99.996889 forecast, as Americans bought weakness in the labor market groups finishing lower. Mara- In corporate news, Uber Thursday kept its policy rate
(0.040%) more goods from overseas. also suggest that the Federal thon Oil, Wynn Resorts and gained $1.26, or 3%, to finish and bond-buying program sta-
Coupon equivalent 0.041%
Bids at clearing yield accepted 95.51% Meanwhile, jobless claims, a Reserve will hold off on scal- American Airlines were at $43.07, erasing earlier ble, in line with investors’ ex-
Cusip number 912796L23 proxy for layoffs, dropped ing back its easy-money poli- among the benchmark index's losses, after the company re- pectations, and said that it
The bills, dated Aug. 10, 2021, mature on Sept. 7, 2021.
slightly to 385,000 last week. cies for now, Ms. Simmons biggest winners, with all three ported a bigger loss than ana- may begin unwinding quanti-
EIGHT-WEEK BILLS Workers’ filings for new un- added. rising 6.7% or more. lysts expected and said it had tative easing earlier than pre-
Applications $122,606,128,300
Accepted bids $38,046,105,800
employment benefits are still “Unemployment is higher In contrast, Cigna tumbled to spend on incentives for viously planned.
" noncompetitively $168,665,300 hovering at a level that is than it was pre-pandemic, and by $25.27, or nearly 11%, to drivers amid a shortage. Early Friday, Japan’s Nikkei
" foreign noncompetitively $0
Auction price (rate) 99.992222
nearly double the pre-pan- central banks feel there is still $206.21, its worst one-day Online marketplace Etsy was up 0.1%, Hong Kong’s
(0.050%) demic average. excess capacity in the labor performance since March fell $19.69, or 9.7%, to $182.41 Hang Seng Index was down
Coupon equivalent 0.051%
Bids at clearing yield accepted 30.65%
“We’re pretty positive, we market,” Ms. Simmons said. 2020. Other health insurers in- after its results showed a 0.3% and the Shanghai Com-
Cusip number 912796M22 think that the earnings data is “When it comes to it, we be- cluding UnitedHealth Group, slowdown in buyer growth. posite was down 0.6%. U.S.
The bills, dated Aug. 10, 2021, mature on Oct. 5, 2021. very strong,” said Caroline lieve that monetary tightening Humana and Anthem also fell, Travel firm Booking Holdings stock futures were down 0.1%.

Robinhood Shares Sink 28% as Early Investors Plan Sales

BY CAITLIN OSTROFF later converted to shares ahead
AND CAITLIN MCCABE of the company’s initial public
offering. Among the selling
Robinhood Markets Inc. shareholders are tech private-
shares fell 28% Thursday after equity firm Andreessen Horo-
a filing with the Securities and witz, Iconiq Capital LLC, Insti-
Exchange Commission indi- tutional Venture Partners and
cated that early investors in the Ribbit Capital LP.
company can sell up to about The investing platform oper-
98 million shares, currently val- ator said it wouldn’t receive the
ued at almost $5 billion, over cash from these sales and that
time. the selling stockholders would
The filing names more than receive all proceeds if they
a dozen shareholders who choose to sell.
bought notes that could be Robinhood closed Thursday
at $50.97, still up 34% from its
IPO price of $38.
Ribbit Capital stands to be
the biggest beneficiary. If the
firm were to sell based on
Thursday’s closing price, enti-
ties affiliated with it would
earn more than $988 million.
Entities affiliated with Andrees-
sen Horowitz would stand to
make more than $470 million
based on Thursday’s close,
while venture-capital firm In-
dex Ventures would earn
nearly $100 million.
Many of the stockholders
that stand to reap big profits
are among those that partici-
pated in an emergency funding
round for Robinhood this year
after the popular online broker-
age faced a surge in collateral
requirements during the meme-
stock trading frenzy.
Robinhood’s share-price de-
cline marks the latest twist in
what has been a volatile stretch
of trading for the company,
which made its public debut on
Nasdaq last Thursday. The
company’s stock price tumbled
on its first day of trading be-
fore mounting a steep turn-
around this week. On Wednes-
day, shares skyrocketed—
reaching an intraday high of
$85, more than double the
company’s IPO price.
A combination of factors
helped push the stock higher,
including the start of options
trading Wednesday and enthu-
siasm from individual investors,
many of whom piled in after
noting that Cathie Wood, chief
executive and chief investment
officer of ARK Investment Man-
agement LLC, had scooped up
Robinhood stock in at least
three ARK ETFs.
The SEC filing sparked anger
among some individual inves-
tors on Reddit’s WallStreetBets
forum, some of whom bought
shares as the stock skyrocketed
Wednesday. Individual inves-
tors purchased a net $50.5 mil-
lion of Robinhood shares on
Wednesday, according to Van-
daTrack.

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and provide them with the facts they need now to lead toward a more profitable tomorrow.

Member Voices | Three of our members respond to the below topic:

Looking back to the beginning of the pandemic, here’s the one thing I wish I’d anticipated
more clearly as a manager—and how I addressed it.

Jennifer LaClair Christine Laurens Matthew Ellis

Chief Financial Oficer, Partner & Chief Financial Oficer, Chief Financial Oficer & Executive Vice President,
Ally Financial Kearney Verizon Communications Inc.

“Periods of chaos can lead to intense moments of clarity. At
Ally, we swiftly aligned our actions with our deeply rooted
values to serve others. Despite changing and limited data,
we immediately supported our customers, employees, and
communities in transformational ways. Active listening
and newfound perspectives enabled us to inspire creativity
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“Throughout the pandemic, I realized the importance of
in-person connection during the moments that matter.
Though all of my colleagues have different approaches to
risk, we all recognize that the lack of in-person connection
led to mental health ramifications. My learning is to take the
opportunities where we can safely meet (likely outside and
“Early on in the pandemic, our finance team had to dramat-
ically adjust to a remote work environment. What I didn’t
anticipate was how quickly we adjusted to work-from-home,
not just getting work done, but also supporting one another
through a very difficult time. If the past year taught me
anything, it’s the need to be flexible, and to encourage new

and drive connectivity, despite physical isolation. I am distanced) and take advantage of every single occasion to have ways of working while continuing established best practices.”
committed to ensuring we stay focused on what matters, a space where we could reconnect and create collectively.”
what we control, and nurturing the deeply entrenched bonds
we’ve built during this unique time.”

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B12 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Airlines Face Summer Dilemma Auto

Insurers to
Lufthansa budget arm is thriving, but there is stiff competition among low-cost operators
Ride Bumpy
European investors who want to
fly to Greek beaches this summer
probably have more options than
Road
ever before. That is a reason to
think twice before buying shares People are driving more, but
in the airlines taking them there. many of them may also still be
On Thursday, German aviation paying less for their car insurance.
group Lufthansa reported positive Allstate reported this week that
free cash flow for the first time its property-liability combined ra-
since the pandemic’s onset, as well tio increased to 95.7 in the second
as confirming that second-quarter quarter, nearly 6 points higher
profit was in line with what ana- than during the same quarter last
lysts were expecting—an €850 mil- year. This ratio rises as underwrit-
lion loss, equivalent to about $1 ing losses and expenses become a
billion. Lufthansa shares rose greater percentage of premiums
about 1.5% Thursday. Almost all collected—not what investors want
major European carriers have met to see. The uptick was aided by in-
or surpassed such forecasts as creasing auto-accident frequency
Covid-19 vaccines have charted a relative to very depressed levels
route back to economic normalcy. during the pandemic.
However, the airline subsector There could be more pressure
of the Stoxx Europe index is down from frequency, as trends aren’t
ENRIQUE CALVO/REUTERS

7% over the past three months. yet fully normalized. Allstate said
Only ultra-low-cost carriers Ryan- that auto property damage fre-
air and Wizz Air are holding their quency for its branded insurance
own in the equity market—just— in the second quarter was up 47%
because they have the greatest from last year, but still was 21%
ability to pivot quickly to the lat- lower than the same period of
est hot destinations, as travel Lufthansa’s profit stayed on target due to its budget arm Eurowings. 2019. Travelers last month said
rules change. Ryanair has more that, while driving activity is close
flights to Greece this summer than Spohr is hopeful that flights to lot. Based on reported revenues, chiefly Greece and Italy but also to pre-pandemic levels in most ar-
ever. North America can be restored Ryanair’s average fares fell about Spain’s Canary and Balearic is- eas of the country, the mix of com-
Sadly, there may be no fool- later this summer, but overall it 35% in the second quarter. lands, where travel restrictions muting and non-commuting driv-
proof way for investors to play the will mostly be another lost high Airline executives say this dis- were initially looser. ing was still different.
European summer reopening. season for full-service carriers. Ac- counting trend will become less Back in 2019, European low-cost Yet insurers aren’t necessarily
Lufthansa’s profit stayed on tar- cording to UBS, 84% of routes are extreme in the summer quarter airlines went head-to-head on only still seeing a commensurate benefit
get due to its budget arm Eurow- still subject to some travel restric- through September, as planes fly 9.7% of their routes. Halfway into from fewer accidents. Allstate’s un-
ings. The unit reported operating tion. fuller and people book vacations 2021, this has risen to 11.9%. In the derlying combined ratio in its Pro-
losses 18% narrower than analysts Capacity scheduled for August further ahead. case of Ryanair and Wizz, which tection auto business was 91.8, the
projected, both as a result of by Ryanair, Wizz, EasyJet, Eurow- Despite the European Union’s like to operate on thin lines with- same level as the second quarter of
short-haul demand bouncing back ings and Vueling—all budget car- travel certificates, continuing re- out competition but have been 2019—though still better than
and the Covid-19 crisis allowing riers to varying degrees—is 90% of strictions and health concerns adding more capacity than anyone what it had been in 2017 and 2018.
for the implementation of long- what it was two years ago, com- have reduced the number of at- else, the mutual overlap has risen That is because frequency isn’t the
overdue cost reductions. By con- pared with 63% for the top legacy tractive destinations, and this is more starkly, to 6% from 2.7%. only consideration. Insurers have
trast, the flagship Network Air- airlines, according to Oliver Wy- forcing carriers to crowd into the Both of these companies may be noted auto accidents that do hap-
lines division did 12% worse than man’s PlaneStats database. same markets. long-term winners for investors to pen are relatively severe, due in
expected. But no-frills players aren’t hav- While most have dropped more consider. Right now, though, there part to higher speeds, and that ris-
This isn’t surprising in hind- ing an easy time either: Their routes than they have created, a isn’t much to like in the European ing prices are making it more ex-
sight, because intercontinental bread and butter is to stimulate lion’s share of the new additions summer season—apart from the pensive to repair vehicles.
routes have hardly opened up. Luf- demand with low prices, and right are to those countries most eager beaches themselves. Those factors are mostly out of
thansa Chief Executive Carsten now this means lowering them a to support their tourism industry, —Jon Sindreu insurers’ control. But Allstate said
competitive pricing also was offset-
ting the favorable frequency trend.
The upside for investors is that the

Roku Pays to Be a Player

industry seems to be acknowledg-
ing this dynamic and may yet avoid
a damaging price war. Allstate said
it was considering “targeted price
increases” as necessary, and Trav-
elers said it was considering how
The streaming star’s ad business delivers, but shortages remind why hardware still matters transitory auto cost rises might be
as part of its pricing thinking. Pro-
gressive this week said rate in-
Investors got a painful reminder 25 times platform. The company added 1.5 creases took effect in 11 states in
Wednesday that Roku is still in million active accounts during the the second quarter.
the hardware business. Share price as a multiple of forward sales quarter, the lowest growth in two The risk is that consumers react
It has been easy to forget. Roku 20 years. Streaming hours over the to any higher prices and run toward
may be best known to consumers Roku platform also slipped 5% what lower-cost competitors re-
for the TV sets and streaming from the first quarter—the first main. Or they might just absorb it.
boxes that bear its name, but ad- sequential decline for this metric Progressive’s aggregate rate change
15
vertising now makes up more than Roku on record. was about 2%. Allstate said it is
80% of its total business. Advertis- Roku still inhabits an enviable “not talking about double-digit
ing also is far more profitable, position in the streaming wars. price increases” that might lead
generating gross margins of 60% 10 The company powers about 38% of consumers to complain to regula-
last year against 9% for the com- streaming devices and connected tors, and noted it returned some $1
pany’s hardware side. Roku’s busi- Netflix TVs in the U.S., according to Parks billion to customers last year. Trav-
ness model has also made the 5 Associates, representing a leading elers said it might initially seek
company a Wall Street darling. market share over platforms higher rates in states where it has
Disney
The stock has surged 153% over backed by tech titans Amazon, Ap- lowered them in the past.
the past 12 months and commands ple and Google. That share pro- The process of raising rates can
0 ViacomCBS
a multiple of more than 16 times vides valuable advertising real es- be slow, especially when state reg-
forward sales—more than double 2019 ’20 ’21 tate to tech and media giants ulators push back. But investors
that of Netflix. Source: FactSet pushing their own streaming ser- might want to start thinking about
But there is no room for error. vices as well as other advertisers renewing with auto insurers. A
Roku’s second-quarter results re- only 1% year over year to about makers of electronics products. cutting back on traditional TV combination of price upticks, less-
ported Wednesday afternoon were $113 million. Moreover, player Roku’s share price slid more spending. Roku said Wednesday frequent commuting reducing big
strong in many important respects. gross margins went negative for than 8% following the report. That that it earned double the dollar traffic accidents for now and abat-
Platform revenue reflecting the only the second time in the com- dive might seem an overreaction, commitment at this year’s Up- ing car-repair costs could poten-
company’s advertising business pany’s history. Roku said it had given the strength in the larger fronts compared with last year. tially leave insurers in a decent
more than doubled year over year elected to insulate customers from and more profitable ad side, but The company just needs to get position.
to $532 million—handily beating the cost increases related to the Roku’s hardware—which includes enough devices in front of the eye- S&P 500 property-and-casualty
Wall Street’s projections. But component shortages and shipping TV sets made by partners—serves balls that advertisers are paying to insurers as a group outperformed
player revenue fell short, rising constraints afflicting many other as an important gateway to its reach. —Dan Gallagher in 2020, but are up only about 8%
this year, versus a 25% gain for the
financial sector overall, according
to FactSet. P&C insurers are now
trading around 13.5 times full-year
Nintendo Needs More Than Flashy Buybacks forward earnings, while they
touched 15 times pre-pandemic as
investors anticipated a so-called
A surprise share buyback from pected business from Switch, is hard market of rate increases.
Japanese gaming champion Nin- the reason for the buyback. That The lingering pandemic likely
tendo should help soothe investors seems to indicate it could just be a isn’t done messing with driving
who have held on as the stock one-off since the boost from habits. Still, auto insurers could
dropped more than 10% this year. Covid-19 likely won’t be repeated. navigate the traffic ahead.
Nintendo is clearly cash rich, The rare buyback will likely —Telis Demos
but it needs to articulate a clearer boost Nintendo’s share price in the
vision for the future as the stay-at- short term, but the company needs Performance, year to date
home boost from the pandemic to prepare for leaner times ahead
30%
fades. too. The stock has dropped 14%
JAE C. HONG/ASSOCIATED PRESS

The Japanese game company on this year, underperforming the S&P 500
25
Thursday reported a 17% decline in broader Japanese market as well Financials
operating profit for the quarter as peers such as Sony. One worry Sector
20
ended in June, while revenue is the traditionally cyclical nature
dropped 10%—both lower than an- of the console business. The pan- 15
alysts’ estimates on S&P Global demic has probably prolonged the
Market Intelligence. Nintendo’s cycle, but the Switch console is 10
profit decline isn’t a surprise given likely past the middle, entering its
its exceptional performance last The company sold fewer Switch consoles and games during the quarter. fifth year. Growing Nintendo’s on- 5
year due to stay-at-home demand. line business would help improve
The company sold fewer of its production and distribution of its one was around ¥30 billion in margins. Better use of its popular 0 S&P 500 Property
Switch consoles and games during consoles. 2019. Investors have long hoped intellectual properties could help & Casualty Insurance
the quarter, compared with the What surprised investors is Nin- Nintendo would improve its capital diversify income sources. –5
same period last year. “Animal tendo’s decision to spend up to allocation. The company is sitting Nintendo reaped a windfall from
Crossing: New Horizons,” released ¥100 billion, the equivalent of on around $10 billion of cash as the pandemic. Now it needs to –10
in April 2020, is one of its fastest- $910 million, to buy back 1.51% of well as nearly $6 billion of securi- convince investors it has a plan for
J F M A M J J A
selling games. Component short- its own stock. Buybacks are rare ties. Nintendo said its strong cash the world after.
ages continue to be an issue in for the Japanese company—last position, due to better-than-ex- —Jacky Wong Source: FactSet
 MANSION
$32 Million Camille Cottin
A Malibu spec The ‘Stillwater’
home built to be star got started
a ‘zero-carbon’ as Helen of Troy.
estate. M3 M10

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, August 6, 2021 | M1

$680,000
Home purchase price

EMILY PORCHE (2)

in 2017

Home Classrooms Get

Parents are keeping the teaching areas they carved out of their living spaces during lockdown, finding
that the organized, dedicated places for homework are a better learning environment than the kitchen counter

BY ALINA DIZIK organized, stand-alone learning areas far from cha-

E
otic kitchen counters or distraction-filled bedrooms.
mily Porche swears by one holdover In addition to repurposing rooms in existing homes,
from her family’s life under lockdown: developers and real-estate agents also are market-
her children’s learning space. ing and staging these spaces to would-be buyers.
Ms. Porche initially designed the “The family’s priorities have changed,” says Fre-
room as a virtual classroom for her drik Eklund, an agent with Douglas Elliman in New
young daughters, but now it is a favorite hangout. York. “People want these learning centers.”
With both girls back in school, the hanging chair is Listings over $1 million in 2021 that mentioned a
a spot for reading and the hand-built desks are learning space had a median time on the market of
used for cursive-writing practice. Having a kid-ap- 45 days, 12 days less than homes that didn’t men-
proved study area has made school assignments tion a learning space, according to data from Real-
less of a chore for Avery, 8, and Hadley, 5, she says. tor.com. In May of this year, 1,178 homes mentioned
“Looking past Covid, this is now a space for terms related to learning spaces, a 58%

homework and projects,” says Ms. Porche, owner of
an online interior-design company who purchased
and renovated a Marietta, Ga., five-bedroom home
four years ago for $680,000, according to public re-
cords. The classroom-turned-homework space fits
the home’s overall modern-classic farmhouse vibe,
she adds. It cost her about $3,000.
Even as school districts have proclaimed an end
to virtual classes, parents have come away with
their own lessons from the experience: the need for
$3,000
increase from the same period last year,
according to the data. (News Corp, owner
Cost to create of The Wall Street Journal, also operates
homework space Realtor.com under license from the Na-
tional Association of Realtors.)
In her New York condo, Lauren Stein-
berg added three built-in computer monitors, chairs
and desks near an open staircase at a cost of about
Avery Porche, 8, with a friend, top, in the study $35,000 to help her middle-school-age children stay
space of her Marietta, Ga., home, above. Please turn to page M6

Salt Lake City Area

Is Drawing Luxury Buyers
High-end sales have surged on Utah’s reputation as outdoorsy,
family-friendly and easy on coronavirus restrictions
LINDSAY D’ADDATO FOR THE WALL STREET JOURNAL (2)

BY AMY GAMERMAN
Purchase price
DURING THEIR months
$2.975 million
stuck at home, some people
may have fantasized about
escaping to Hawaii. Katie
Goates, a 39-year-old home-
maker from Los Altos, Ca-
lif., spent her Hawaiian es-
cape fantasizing about Salt
Lake City, Utah.
Ms. Goates and her fam- Katie and George Goates and daughters, from left, Maggie, Ellie, Ada and Charlotte, moved to
ily of six had fled their the suburb of Holladay into a home more than double the size of their former Bay Area house.
home in the Bay Area for
an extended stay in a
beachfront rental on the is- churches. Ms. Goates and in Salt Lake City, which “My husband and I
land of Kauai late last sum- her husband, George from their vantage point on thought it was a good oppor-
mer, after pandemic restric- Goates, 41, who co-own a Kauai’s Poipu Beach, was tunity to come back to Utah.
tions closed California transportation company, looking more attractive by The economy was going
schools, businesses and were both born and raised the minute. Please turn to page M8
M2 | Friday, August 6, 2021 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES
FOR SALE

$9.95
MILLION
12,500 sq. ft., circular
bar, rooftop pool,
reclaimed antique
wood

TORY TAGLIO PHOTOGRAPHY (3)

The Sun Valley Starship Begins
Search for a New Captain
Dubbed the Sun Valley Starship
A 300-foot-long
due to its unusual aerial footprint,
driveway descends to
a quirky home about 20 miles
the ‘gladiator’s pit.’
south of the resort city of Sun
Valley, Idaho, is on the market for
$9.95 million.
Designed to look like a ship, the
house has an enormous prow-like
architectural protrusion over the
entryway. It spans roughly 12,500
square feet, has five bedrooms
and comprises concrete, steel,
glass and reclaimed antique wood
from the 1800s.
The property includes a circular
bar, a rooftop pool, a gym, a man-
made reflecting pond with trout
and exposed concrete and wood in-
teriors. A 300-foot-long driveway
descends into a courtyard nick-
named the “gladiator’s pit.”
The seller is Gary Engman, who six years before it was sold to an take miners down as far as 5,000 5,000-pound antique mooring loses the coin toss, then they have
works locally in the lumber and investor, who flipped it to Mr. feet. For the entrance to the pri- buoys, in keeping with the ship to sell their house,’ ” he laughed.
development business. While he Engman. The original owner had mary suite, he purchased a set of theme. He said they were used in While the property is atypical,
isn’t the house’s original owner, more than $6 million invested in 17th-century blue-green wood and Lake Washington in the early Mr. Engman said he is not con-
his company coincidentally pro- the project but had not finished steel doors that came from India, 1920s for ships moored from cerned about finding a buyer, since
vided all the exterior siding for the interior, Mr. Engman said. he said. World War I. He obtained them the Sun Valley market has been
the construction, he said. Mr. Engman added his own dis- He said he drew inspiration for when he dismantled a salmon can- extremely active in recent months.
Mr. Engman, 70, bought the tinct touches to the project in the an old-school cage elevator in the nery on the Washington Coast a He also said he believes the prop-
house for $1.125 million in 2019, form of unexpected commercial home from one he saw in Paris a few years ago. erty is more in style than ever.
he said. It was built around 2009 artifacts, giving it an industrial few years ago. He took pictures of Mr. Engman said he has spent “I would not be surprised if I
but the original owner fell into fi- flavor. On a set of doors by the it and then commissioned the millions finishing the house. He is had an offer on the house by the
nancial trouble and the house was circular bar, he installed a 12-foot- construction of a replica made selling because he’s engaged to end of the week,” he said.
taken over by the bank. When the diameter sprocket that was made from antique reclaimed steel from marry a woman who lives in Lisa Squires of Coldwell
bank was then subsequently taken for use in copper mining in Mon- a steel mill in Colorado. Napa, Calif., and they want to Banker Distinctive Properties has
over by the U.S. government the tana. Mr. Engman said it would At the top of the driveway, Mr. streamline their lives. “I said, the listing.
house was mothballed for about have been used to run cable to Engman installed two roughly ‘Well, let’s flip a coin. Whoever —Katherine Clarke

Waterfront Estate
Palm Beach Gardens, FL
L U X E N Y L A K E R E T R E AT

It’s not just about coloring a page...

It’s about showing your true colors.

UPPER ST. REGIS LAKE, NY AUGUST 14 Luxury abounds with this exquisite direct Intracoastal
Was $10.2m. Now Selling Without Reserve! Waterway estate situated on nearly an acre of lush
landscaped grounds in the exclusive Cypress Island
600-AC RE SITE ON DEEP WAT ER Community in Palm Beach Gardens.

 6948 total square feet

 4 bedrooms | 5.5 bathrooms
 Two upstairs master suites
 Exceponal chef’s kitchen
 New dock and boat li A place to become... An artist, a business leader, a
teacher. If kids and teens can dream it, Boys & Girls Clubs
 Pool & jacuzzi can help them become it. Because at our Clubs, it’s not
magic that makes dreams come true, it’s the people. Like our
Offered at $5,950,000 Youth Development Professionals who ensure our youth have
a place to feel physically and emotionally safe. A place to
CONTRA COSTA COUNTY, CA OCTOBER 8
Presented by Jan Burke belong. A place to have fun. A place to learn and grow on their
path to a Great Future.
Auction Preceded by Sealed Bid Deadline: Sept 13 Palm Beach Resident and Country Club &
Waterfront Specialist for over 23 years.

800.262.5132 Cell: 561-346-8330

PlatinumLuxuryAuctions.com Jan.Burke@CBRealty.com | JanBurke.net
Property listed and offered for sale by Corcoran Global Living (Lic#02109201). Listing Agent Bryan George Hogge (Lic#01424115). Platinum Luxury Auctions LLC
(“Platinum”) is a registered Foreign LLC with the state of California (ID#201720610006), and a licensed California Auction Firm (Lic#750521) performing auction and
auction-marketing services as part of this transaction. Platinum is not performing real estate brokerage services where prohibited.
GreatFutures.org
THE WALL STREET JOURNAL. Friday, August 6, 2021 | M3

PRIVATE PROPERTIES

An Uber-Eco Spec Home in Malibu Lists

A Malibu, Calif., spec home
built with recycled concrete and
Designed to have zero-carbon emissions
sustainable timber is going on the
market for $32 million.
The roughly 14,400-square-foot
modern ranch-style house has all
electric appli-
FOR SALE ances and me-

$32 chanical sys-

tems and comes
MILLION with an organic
vegetable gar-
14,400 sq. ft., den, orchard
organic garden, and apiary, ac-
car-charging cording to mar-

TANVEER BADAL (2); JUSTIN (BOTTOM)

station keting materi-
als. In addition,
the home “will have zero [carbon]
emissions throughout its life-
time,” said Scott Morris of Crown
Pointe Estates, the developer.
Until recently, developers fo-
cused on reducing energy use in
homes, but attention is expanding
to include cutting em-
bodied carbon, the that is unrelated to the developer. usage 14% by replacing a concrete- lots, nine of which have com-
greenhouse gases that If the builders rigorously re- slab foundation with a crawl-space pleted homes on them. The spec
are emitted during duced and measured embodied foundation. house has six bedrooms and nine
the manufacturing, carbon, and offset the remaining And instead of a concrete sub- bathrooms. There is a home the-
transportation and carbon, it would be a “very im- floor beneath the wood and stone ater, wine cellar and electric-car
disposal of building pressive achievement,” he said. floors, it used a rubber underlay charging station along with a put-
materials, said Cliff According to Mr. Morris, Crown made from recycled tires. Around ting green, bocce court and salt-
Majersik, a senior ad- Pointe reduced the embodied car- 25% of the concrete used is recy- water pool.
viser at the Institute bon in the home’s construction by cled, the developer said. This is the first of four zero-
for Market Transfor- replacing 80,000 pounds of steel in The house is on 2.48 acres in carbon homes Crown Pointe is de-
mation, a Washing- the original design with sustain- MariSol Malibu, an 80-acre devel- veloping in MariSol Malibu.
Around 25% of the concrete used is recycled.
ton, D.C., think tank able timber. It slashed its concrete opment in Ventura County with 17 —E.B. Solomont

Barb Ellison Lists Her estates. Ms. Ratcliff said she re-
cently sold a $10 million property

Longtime Horse Farm south of Ms. Ellison’s farm, and

Barb Ellison, an ex-wife of Ora-
cle co-founder Larry Ellison and a
longtime horse breeder, got her
first horse at 28. She built a
roughly 200-acre horse farm in Or-
egon and moved there in 2011.
Now 67, she is stepping back from
day-to-day farm operations and
putting her equestrian estate on
the market for $19.5 million. “It’s
just time,” she said.
Known as Wild Turkey Farm,
the property sits on the Willam-
ette River and includes a roughly
10,000-square-foot main house, a
2,500-square-foot manager’s home,
an indoor horse arena and training
barn as well as several other horse
barns, hay barns and sheds, ac-
cording to marketing materials.
The farm is currently home to
around 90 horses, which aren’t in-
cluded in the sale.
Properties this expensive aren’t
common here. The farm is in Wil-
sonville, a city roughly 16 miles
Ms. Ellison bought the land, then an orchard, for $2.995 million in 2001.
south of Portland near Willamette
Valley wine country. It is in Clack-
amas County, where the median
home sale price was $570,000 in
June, up 24% from June 2020, ac-
she currently has a $38 million
listing up the river.
Ms. Ellison was married to Mr.
Ellison from 1983 to 1986. Property
records show she purchased the
farm for $2.995 million in 2001.
Over a 10-year period Ms. Ellison
said she cleared the space and
built the structures. “It’s a very
tranquil place to live,” she said.
cording to Redfin. —E.B. Solomont
Listing agent Kendra Ratcliff of
LUXE Christie’s International Real A gutted Santa Barbara home
Estate in Oregon said the river- seeks $33.95 million. M12
front community has several large

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M4 | Friday, August 6, 2021
Buying the Dip in London
Luxury properties in Prime Central London are selling at relative discounts for buyers willing and able to leap
BY RUTH BLOOMFIELD
B
uyers willing to
gamble that cen-
tral London will
bounce back from
the ravages of the pan-
demic are snapping up dis-
counted properties in some
of the British capital’s most
upscale neighborhoods.
Roger Gunn began hunt-
ing for a London apartment
when he moved to the city
in 2019 but said he was a
very picky customer. He
wanted a new, modern
apartment with clean lines,
good amenities and outside
space. Nothing he saw in
Prime Central London
ticked all his boxes.
“I think I went to see
something like 400 apart-
ments during that time, all
over central London,” said
Mr. Gunn, an environmental
consultant who splits his
time between London and
Dubai. “There wasn’t a sin-
gle new development I
hadn’t visited.”
Mr. Gunn began the pan-
demic in his rental apart-
ment in the London Bridge
neighborhood and the expe-
rience of lockdown added
to his desire for a home in
the city center with plenty
of people around and ac-
cess, post-lockdown, to the
city’s restaurants and bars.
“I live alone, and I think
that if I had been living in
the middle of nowhere it
would have driven me
mad,” he said.
One Crown Place, a new
building with 246 apart-
ments, fit the bill. It is in
the fashionable Shoreditch
neighborhood, which has
seen a spurt of price
growth in the past decade.
The two-bedroom, two-
bathroom apartment mea-
sured 1,227 square feet and
had two roof terraces add-
ing another 966 square feet
of space.
Its list price was $2.988
million, but Mr. Gunn, 24,
was able to negotiate that
down to $2.77 million in
October 2020.
Last summer, just as the
city was heading toward its
second lockdown, Nirbhay
Lalvani, 38, director of Enel
Properties, paid $3.12 mil-
lion for an apartment in the
Mayfair neighborhood in
the heart of PCL. The two-
bedroom, two-bathroom,
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1,162-square-foot apartment
was listed with a guide
price of $3.47 million.
“My belief is that any-
thing in PCL, in a good lo-
cation, will hold value over
the longer term,” said Mr.
Lalvani, who has lived in
central London since 1990.
Research by Coutts bank
shows that PCL real-estate
values have dropped 4.7%
between March 2020 and
March 2021. Homes are be-
ing sold at an average of
8.6% below list price. How-
ever, Simon Tollit, director
of Tedworth Property, says
that modest discounting
isn’t a fire-sale situation.
“A lot of buyers have the
impression they can come
in and negotiate quite
strongly,” he said. In reality,
a housing inventory short-
age is keeping prices rea-
sonably stable, he said.
While PCL is far from
collapse, prices have been
slowly receding since 2014,
due largely to a series of in-
creases in buying taxes,
most recently a 2% sur-
charge introduced in April
on purchases by overseas
buyers, as well as the im-
pact of Brexit.
James Hyman, head of
residential at Cluttons es-
tate agents, believes the sit-
RESERVE
REMOTE BIDDING
NY / NE
MANSION
THE MARKET
Roger Gunn purchased an apartment like this one, above, at the One Crown Place
development, Shoreditch. Charlotte Crawford, at her country home in county Yorkshire,
purchased a three-bedroom home in Chelsea, below right.
uation started to reverse at
the end of 2019. “We had
the first taste of political
stability for four years, and
buyer activity was coming
back, admittedly partly be-
cause there had been a cor-
rection of prices in PCL and
it was starting to look like
reasonable value again.”
The pandemic put the
brakes on recovery, and al-
though buyers began to re-
turn last summer, they have
tended to be from the U.K.
Pre-pandemic, Mr. Hyman
estimates that around 60%
of PCL buyers came from
abroad. With travel restric-
tions in force, overseas
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buyers are currently re-
sponsible for around 20% of
sales, leaving U.K.-based
buyers with a great chance
to find discounted homes.
Those who are buying
are, like Mr. Gunn, enthusi-
astic about city life and
playing a long game.
Mr. Gunn said that prices
in Shoreditch are currently
around $2,220/£1600 per
square foot, but he believes
that in the next five or six
years they could rise to
“Mayfair rates of £2,500
per square foot. Fingers
crossed,” he said.
Peter Wetherell, chair-
man and founder of Weth-
& 28
THE WALL STREET JOURNAL.
List Price: $2.988 Million
(for a similar unit)
erell estate agents, said
most of his clients are tak-
ing a similar view. “The
people who are buying at
the moment are not buying
for five years,” he said.
“They are making genera-
tional purchases.”
There are signs that these
buyers may not have to wait
so long for price growth.
According to Coutts, the
number of homes sold in
lockdown conditions in the
first quarter of 2021 was up
27.3% compared with the
same period in 2020, before
the pandemic hit. Mean-
while, Savills reports “clear
signs” that London’s super-
prime residential market is
in recovery, at least from a
sales volume standpoint.
There were 142 sales of
homes priced at or over
$6.94 million in the first
four months of 2021. That
is more than in any year
since 2014 and up 30% from
the same period a year ear-
lier.
Charlotte Crawford be-
lieves she got value for
money after spending al-
most $2.5 million on a fam-
ily base in London’s Chelsea
neighborhood. She and her
husband, James Crawford,
both in their 50s, met while
working in London and
eventually bought a country
house in the county of
Yorkshire, around 200 miles
north, in the 1990s.
Two years ago, Mrs.
Crawford received an inher-
Shoreditch
Park
itance. “I wanted to do
something with it that we
could enjoy, and I thought
having a base somewhere in
London would be ideal.”
Last summer, she and Mr.
Crawford, who works in
property investment, found
a three-bedroom house with
a small backyard in Chelsea.
It was being sold off-mar-
ket, which meant there
wasn’t a list price, but the
owner was open to offers.
After studying the selling
price of similar homes in
the neighborhood, they of-
fered $2.36 million. The two
most recently sold houses
on the street fetched $2.499
million in 2018 and $2.473
million in 2019, according to
records held by the U.K.
government.
“We offered what we
thought it was worth,” said
Mrs. Crawford. “We
thought it was fair, and
they did too.”
The sale was completed
in October 2020 and the
couple’s daughter, Amelia,
27, who works in central
London, is now living at the
house. When lockdown re-
strictions ease, Mr. and
Mrs. Crawford will use it as
a base for visits, and their
son, Henry, 25, will also be
able to make use of the
house when in town.
‘Anything in PCL,
in a good location,
will hold value over
the long term.’
“We were not looking for
a quick turnaround. Hope-
fully this property purchase
will outlive me,” said Mrs.
Crawford. “It is not going
to be sold. It is for us to en-
joy as a family, and if none
of us are in London it will
be rented out.”
Martin Bikhit, managing
director of Berkshire Hatha-
way HomeServices Kay &
Co, sees early signs that
PCL is already reviving with
ONE CROWN PLACE (2); CHRISTOPHER NUNN FOR THE WALL STREET JOURNAL; ALEXWINSHIP PHOTOGRAPHY LTD; BARRY LEWIS/INPICTURES/GETTY IMAGES
buyers willing to spend
more than before Covid-19.
Since spring, he has also
seen more inquiries from
international buyers, nota-
bly from the Middle East,
North America and Europe.
“Before the pandemic
there was very little demand
above £3 million [$4.164
million], but that has re-
turned with a vengeance,”
he said. “People are looking
for townhouses with outside
space, and large, lateral,
new-build apartments.”
THE WALL STREET JOURNAL. NY Friday, August 6, 2021 | M4A
M4B | Friday, August 6, 2021 NY THE WALL STREET JOURNAL.

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 THE WALL STREET JOURNAL.
CRISTINA SPANÒ
Things That Go Bump
How to distinguish between the creaks, scratches
and other noises your house is bound to emit
All aging
houses make
noises.
They’re like
elderly rela-
tives who
can’t sit or stand without
grunting, moaning or crack-
ing. Some house noises are
scary. Most noises are to-
tally benign. Some noises
signal the presence of in-
truders or ghosts. The trick
to owning a home is learn-
ing to recognize the unique
WESTCHESTER
HOMEOWNEROUS | KRIS FRIESWICK
sounds that it makes. That
way, when some new weird
noise starts up, you’ll know
there is something amiss.
That something could be a
furnace about to explode, or
it could be a bad guy sneak-
ing up your cellar stairs.
If possible, conduct a
sound survey when you are
alone in the house. Do it at
night when exterior sounds
are at a minimum. And try
not to fall asleep on the
couch.
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Here are some sounds
you may hear in your home,
their possible causes, and
what to do for each.
Sound: Creaking
Potential causes (from
most to least likely)
Settling foundation: This is
likely the culprit if you
don’t have any cracks in the
walls. It is a normal house
sound.
Nearby dead tree: Call an
arborist first thing and pray
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it doesn’t get too windy.
Intruder: Evacuate quickly
and quietly and don’t forget
your sneakers as sprinting
may be involved.
Ghost: Ignore.
Sound: Persistent dripping
Potential causes
Rain: The sound of rain can
be very annoying. Cognitive
reprogramming can help.
Pretend it’s a metronome
sent to lull you to sleep. Or
get some good earplugs.
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Air conditioning condensa-
tion: Put a towel where the
condensation lands. Don’t
use a pail. That will make
an even more annoying
drum-like noise until it fills
up with water.
Toilet: Jiggle the handle.
Burst or broken pipe: If, in
addition to the dripping
sound, your water pump
keeps running, and you are
not using any water, you
have a burst pipe. Turn off
the main water source and
find the leak. You or your
plumber may need to smash
holes in the wall to locate it.
The holes will be the least
of your problems.
Sound: Metallic clunking,
rattling or pinging
Potential causes
Expanding radiator or base-
board pipes: When hot wa-
ter runs through cool pipes,
they expand with sounds
that can wake the dead.
Broken clothes washer:
Your brand new front loader
is about to teach you that
new doesn’t mean reliable.
It will cost you the same to
replace the stupid thing as
to get it repaired. Don’t you
miss your parents’ top
loader?
Intruder: Follow evacuation
protocol but with extreme
urgency since this one
sounds like he/she/they
brought chains, and there’s
no way that’s going to turn
out well.
Ghost: Be ready for a
strange night that will leave
you regretful about your
past choices but optimistic
at getting a second chance
to make it all better.
Sound: Loud vibration
followed by a bang
Potential causes
Furnace: It just exploded. If
you have survived, evacuate
at once and call 911.
Airplane cowling or space
junk: Something extra-ter-
restrial just landed on or
near your home. Call the
FAA or NASA, as needed.
Don’t touch anything that is
glowing.
Sound: Moped engine
sound in the kitchen
Potential causes
Refrigerator motor: You’re
going to need a new refrig-
erator within the month.
Intruder: On a moped, in
your kitchen. Probably just
lost.
Sound: Persistent
scratching
Potential causes
Tree branch on window:
Creepy, but not really dan-
gerous. Like clowns.
Squirrels: These little suck-
ers are impossible to get rid
of. They’re probably in your
attic but may also be in
your walls. If you can afford
to rebuild, light your house
on fire.
Bats: You can get rid of
these, but when they leave
your attic, they’ll just move
to the house next door.
Have your exterminator
come under cover of dark-
ness so the neighbors won’t
know that you were “house
zero.”
Intruder: You got one of
those dumb ones that tried
to get in through the chim-
ney. How you handle this is
entirely your call, but
wouldn’t a fire in the fire-
place be nice right now?
Sound: Footsteps
Potential causes
House settling: Sometimes,
when wooden homes settle
they can sound exactly like
creaky footsteps as the
joists that support the
house find new, more comfy
positions—just like your
knees.
Children: You didn’t even
hear them come home!
Intruder: Come on! Seri-
ously, this guy just doesn’t
quit.
Ghost: Ask the ghost to deal
with the intruder. If that ap-
parition is going to be there
for all eternity, it might as
well make itself useful.
M6 | Friday, August 6, 2021 NY / NE THE WALL STREET JOURNAL.

MANSION

The Home Home price: $3.5 million

Classroom

FROM TOP: INNOVA RENDERS INC. (2, RENDERING); BRYAN BANDUCCI FOR THE WALL STREET JOURNAL; TIM WALTMAN/EVAN JOSEPH PHOTOGRAPHY (2)
Continued from page M1
focused on doing their
work. “I can always walk by
and see them from upstairs;
they aren’t locked away in
their room,” says Ms. Stein-
berg, whose 5,108-square-
foot Tribeca home is situ-
ated across three floors. It
is on the market for $12
million.
When her children—a 14-
year-old girl and 12-year-
old twins, a boy and a
girl—started back at school
in the spring, Ms. Stein-
berg, an interior designer,
found that the homework
area created boundaries for
using electronics. The desk-
top computers can’t be eas-
ily moved from room to
room and so screen time is
kept mostly to one area.
Doing homework in their
bedrooms is now out of the
question, she says. “I know
they’d be slouching and ly-
ing down.”
The kid-approved office
is around the corner from
the ninja-warrior room and
climbing wall, which makes
it easier for the children to
take breaks, she adds. more lower-level floors to children, buyers are asking Developer David Howe created three homes in Sudbury, Mass., that have a learning area off
Real-estate agent Jim St. combine play and work ar- for spaces that are sealed the kitchen and on the second floor (renderings above and below).
André says he is staging eas for children. For older off from the main living ar-
eas, for online work or even
for musical-instrument
Home listing price: $25 million
practice, he adds.
“People now look at
those spaces as being less
recreational,” says Mr. St.
André, who works with
Compass in New York.
He is selling a 7,058-
square-foot, renovated $25
million Greek Revival town-
house complete with a kids’
floor that includes bed-
rooms, a lounge area with a
couch and a learning space.
“Buyers want a usefulness
to some of these spaces
that we are repurposing,”
A children’s classroom is part of a dedicated kids’ floor in a he adds.
renovated New York townhome on sale for $25 million. In Los Angeles, a newly

constructed 19,000-square-
foot home on sale for $70
million includes a second-
floor children’s wing com-
plete with a study portal
with a central library-style
desk, built-in lighting and
shelving. A kids’ television
lounge borders the space,
with the children’s bed-
later this year, in an effort
to appeal to young families.
Rather than create the
typical oversize kitchen, de-
veloper David Howe planned
the space as a separate area,
with built-in desks and
shelving, that is geared to-
ward learning but that isn’t
isolated from the main en-
“The design and inspiration
was Covid,” he says.
The homes are on sale
for about $3.5 million.
In New York’s Chelsea
area, Maverick, a building
that offers a mix of condo
and apartment units, offers
a Children’s Imagination
Learning Center, with learn-

1
rooms directly behind the tertaining areas. “I feel that ing workshops and interac-
recreation areas, says real- the new norm is a hybrid tive play-based areas, says
REAL ESTATE TEAM IN THE NATION estate agent Blair Chang way of learning,” says Mr. developer Eran Polack.
Ranked in REAL TRENDS The Thousands as
#
from The Agency. Howe, who got the idea to Condo units in the building,
advertised in The Wall Street Journal Mr. Eklund, the Douglas design the space because of minus the penthouses,
Elliman agent, worked with his two young children. range from $1.4 million to
a staging company to create Another learning space $6 million. It is set to be
a learning center complete on the second floor is aimed completed this fall.
with Zoom art backgrounds, at older children or adults For parents designing
custom shelving and educa- who need a more secluded study rooms on their own,
tional games for a five-bed- work area, with built-in Naomi Coe, an interior de-
room, eight-bathroom Los seating and an outdoor area. Please turn to page M7
Angeles home that recently
sold for $13.8 million. “It’s
kind of like a library but for
kids,” he says. The rooms
are on lower floors in areas
THREE FAMILIES. TWO GENERATIONS. ONE FORCE.
that used to be for family
entertainment or exercise.
In other luxury listings,
clients are forgoing tradi-
tional libraries, man caves
and multiple offices in fa-
vor of dedicated areas for
young students, he adds.
Developers are anticipat-
55 CASUARINA CONCOURSE | GABLES ESTATES | LOT: 114,882 SF | OPEN BAY WF: 340 FT | $45M ing an uptick in demand for
organized learning areas. In
Sudbury, Mass., three newly
developed homes will have
learning areas off the Lauren Steinberg situated the classroom in her New York
kitchen when completed home by an open staircase and near their ninja-warrior room.

Home listing price: $12 million

182 BAL BAY DR | BAL HARBOUR | $35M 5681 PINE TREE DR | MIAMI BEACH | $13M Cost to create classroom: $35,000

5045 SW 82ND ST | PONCE DAVIS | $4.76M 1000 HARDEE RD | CORAL GABLES | $4.5M

305.613.5550 | Luxury@JILLSZEDER.COM

©2021 Coldwell Banker Realty (FLA License No. 2027016). All Rights Reserved. Coldwell Banker Realty fully supports the principles of the Fair Housing Act and
the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury, the Coldwell Banker
Global Luxury logo are registered and unregistered service marks owned by Coldwell Banker Real Estate LLC. The property information herein is derived from various
sources that may include, but not be limited to, government records and the MLS. Although the information is believed to be accurate, it is not warranted and you
should not rely upon it without personal verification.
THE WALL STREET JOURNAL. NY Friday, August 6, 2021 | M6A

Ponce Davis

Coral Gables
Wu Licensed Real Estate Salesperson, Elizabeth DeWoody Principal Founding Agent. Real estate agents affiliated with Compass are independent contractor sales associates and are not employees of Compass. Equal Housing Opportunity. Compass is a licensed real estate broker located at 90 Fifth Avenue, 3rd Fl. NY, NY 10011. All information furnished regarding property for sale or rent or
Lourdes Gutierrez Real Estate Advisor, Isabel Dohse Broker Associate, Kelly Connell Licensed Real Estate Salesperson, Maria Manuche Licensed Associate Real Estate Broker, Joshua Wesoky Licensed Associate Real Estate Broker, Catherine Silver Smith Licensed Real Estate Salesperson, Mary Ellen Cashman Licensed Associate Real Estate Broker, Alexandra Sierra Broker Associate, Maggie

regarding financing is from sources deemed reliable, but Compass makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. To reach the Compass main office call 212.913.9058.

8005 Southwest 52nd Avenue, Miami, FL 5724 Riviera Drive, Coral Gables, FL
9 BD 7 BA 1 HB 7,426 SF • $7,250,000 5 BD 6 BA 1 HB 5,579 SF • $7,200,000
This lush gated family compound features classic Florida styling Tropical boaters oasis home boasting 137’ water frontage
and landscaping by Fernando Wong, plus a separate guest house. at the widest portion of the Coral Gables Waterways in Florida.
Lourdes Gutierrez Isabel Dohse
305.206.8096 • lourdes@compass.com 786.303.5151 • isabel@isabeldohse.com
Fairfield County

Upper West Side

8 Shorehaven Road, Norwalk, CT 325 West End Avenue, 12A, New York, NY
5 BD 6 BA 1 HB 6,528 SF • $6,900,000 4 BD 4 BA • $6,500,000
Just Sold by Fairfield County waterfront real estate experts. Exquisite renovation with every modern convenience
Pinnacle by Compass. perfects this 8 room pre-war stunner.
Kelly Connell Maria Manuche
203.561.7115 • kelly.connell@compass.com 917.328.2338 • mmm@compass.com
Lakewood

Upper East Side

200 Murray Road, West Palm Beach, FL 930 5th Avenue, 10H/9GH, New York, NY
5 BD 6 BA 1 HB 5,586 SF • $5,890,000 4 BD 4 BA • $4,995,000
Full impact windows & doors, 3 car garage, chef’s kitchen, pool, Sprawling sun drenched and quiet 10 room duplex with lovely terrace
gym, all bedrooms are ensuite. Minutes to the beach & airport. featuring unobstructed eastern views. Close to Central Park.
Elizabeth DeWoody Catherine Silver Smith
561.308.0931 • elizabeth.dewoody@compass.com 917.597.9191 • catherine.smith@compass.com
Tribeca

Southwest Ranches

35 N Moore Street, 6D, New York, NY 12701 Stirling Road, Southwest Ranches, FL
2 BD 3 BA 2,757 SF • $4,650,000 5 BD 5 BA 1 HB 5,878 SF • $4,350,000
Tribeca’s Gold Coast. Voluminous triplex condo designed by Immaculately designed custom home. European wood doors, Viking
William Sofield. Meticulous attention to detail. appliances, Italian porcelain floors, Italkraft kitchen & 15’ ceilings in LR.
Mary Ellen Cashman Alexandra Sierra
917.710.2655 • maryellen.cashman@compass.com 305.281.0175 • alexandra.sierra@compass.com
Upper East Side

Murray Hill

875 Fifth Avenue, 8D, New York, NY 5 Tudor City Place, PH5, New York, NY
3 BD 3 BA • $2,495,000 1 BD 1 BA 1HB • $1,990,000
This renovated “classic six” is perfectly located on Fifth Avenue Exceptional, one-of-a kind triplex penthouse with its very own
and offers a gracious layout. 300 SF private roof terrace.
Joshua Wesoky Maggie Wu
646.455.3781 • jw@compass.com 702.601.2033 • maggie.wu@compass.com

Find exclusive listings

only at compass.com
M6B | Friday, August 6, 2021 NY THE WALL STREET JOURNAL.

 
 
 
   
     
 
      
         
    

             

         !  
  

    
   

"  # $%$&     ''" (  

 THE WALL STREET JOURNAL.
Cost to create classroom: $2,000
ULYSSES ORTEGA FOR THE WALL STREET JOURNAL (3); BENNY CHAN (2)
Shahla Sandoval and her husband, Rob Sandoval, turned a playroom into a classroom for their two school-age children. Ms. Sandoval built much of it herself due to supply shortages.
signer of children’s spaces
in Irvine, Calif., says it is
important to create spaces
that adjust to the changing
needs of the students.
For example, she recom-
mends opting for good-
quality desks and chairs
while adding small décor
pieces that are easy to
swap out as the kids grow
and their tastes change.
Separate areas for lounging
with bean bags or hanging
chairs can add a fun factor.
Home listing price: $70 million
A study portal that is part of a children’s wing in a 19,000-
square-foot Los Angeles home.
STREET WISE WITH
© 2020 Dow Jones & Company, Inc. All rights reserved. 4E5105
“Flexibility is always go-
ing to be the most impor-
tant,” she says.
Repurposing virtual
classrooms can take some
unexpected adjustments,
says Shahla Sandoval, who,
with her husband, Rob San-
doval, turned the playroom
at the front of her four-bed-
room, 2,800-square-foot
home in Danville, Calif., into
a learning area last summer.
The couple bought the
home for $825,000 in 2011.
JACK HOUGH
Friday, August 6, 2021 | M7
MANSION
With desks at a premium, supplies in a shared utility wall with their artwork. She ments. Ms. Sandoval pre-
Ms. Sandoval, who runs a cart. She tasked her 9-year- spent $2,000 on the setup. fers a staggered approach
lifestyle blog, built her own old daughter and 6-year-old Having the children to who uses the space and
against one wall, hung up a son with adding their own share space for study ses- when. “My kids couldn’t
white board and put school plants and creating a gallery sions tends to lead to argu- last side-by-side,” she says.
Sound Thinking
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care about, at home or on the go.
Browse our Podcasts:
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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 .
M8 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

MANSION

High-End
In Utah
Continued from page M1
well, school and school
sports were going on, and
our kids needed normalcy,”
said Ms. Goates. “But there
was nothing on the market—
competition was so intense.”
Ms. Goates wrote a letter
to the owners of a five-bed-
room Tudor with a guest-
house and pool in the up-
scale Salt Lake suburb of
Holladay that had been
briefly listed then pulled off
the market. Just weeks af-
ter mailing her letter—with
a photograph of her four
children enclosed—Ms.
Goates was flying from Ha-
waii to Salt Lake City to
make an offer. In December,
the Goateses closed on the
home for $2.975 million.
“This is a great spot—
close to the city, but you
feel like you are up in the
mountains—and more
house than we could get in
the Bay Area,” she said.

LINDSAY D’ADDATO FOR THE WALL STREET JOURNAL (6); JASON LEE (MAP)
“Our new home is over
6,200 square feet; our
home in Los Altos was un-
der 3,000 square feet, and
we paid $3.6 million and
put in another $150,000 to
freshen it up. We were on a
quarter of an acre there;
now we have over an acre.”
Luxury home sales in the
Salt Lake City metro area
soared last year, propelled
by buyers drawn to its fam-
ily-friendly atmosphere,
outdoorsy lifestyle and rela-
tive lack of coronavirus re-
strictions. There were 194 The Goates family’s Tudor-style home has five bedrooms, a
sales of homes priced at $1 pool, a guesthouse and 6,200 square feet of living space.
million and above in 2020,
a 32% increase over the long,” said Brett Sellick, an The residential towers are Lake City native, Mr. Stan- That’s definitely not the ple said, ‘Hey, you can work
previous year, according to associate broker with Sum- part of City Creek Center, a worth moved away about case,” said Mr. Stanworth, from wherever,’ so that re-
a study conducted by Real- mit Sotheby’s International 20-acre, mixed-use develop- 20 years ago, settling in the 44, who closed on a six- ally got us thinking.”
tor.com. (News Corp, owner Realty in Draper, who attri- ment by the Church of Je- San Diego area. Last year, bedroom home in suburban Ms. Eschrich, 36, scouted
of The Wall Street Journal, butes the housing crunch sus Christ of Latter-day he moved back to Salt Lake Cottonwood Heights for out Salt Lake City and liked
also operates Realtor.com to the rise of Zoom and re- Saints that has drawn high- with his family to take a job over $1 million in Septem- what she saw: inviting pub-
under license from the Na- mote working. “People are end retailers such as Louis as managing director of a ber. “Some of the suburbs lic libraries with story
tional Association of Real- coming from all over. It’s Vuitton and Tiffany. were cow pastures when I hours, microscopes and
tors.) an amazing lifestyle: hun- “We sold out in 2020 was growing up. It’s crazy craft bags; new parks with
The luxury sector far dreds of miles of bike right before Covid, which how much that has water features; plenty of
outpaced the rest of Salt trails, the best skiing on was miraculous,” said SALT LAKE CITY changed.” vegan restaurants. Al-
Great
Lake City’s market for sin- earth, plus the family val- Chris Corroon of Axis Salt Downtown
The growth of those though the couple had ini-
gle-family homes, which ues.” Realty Group, a consul- Lake suburbs is being fueled tially considered renting a
saw a 3.1% growth overall At Tavaci, a gated com- tant on the project Holladay by people like Mike home, last December they
in 2020.
That trend has contin-
munity near Big Cotton-
wood Canyon, south of Salt
hired by City Creek
Reserve, the church’s
UTAH Draper
Eschrich, a finance
manager for Apple.
paid $780,000 for a six-
bedroom house in Sun-
ued. The number of sales of Lake City, an undeveloped real-estate develop- Bluffdale Last year at this time, Crest, a master-planned
Salt Lake homes priced at 1.18-acre lot recently went ment affiliate. Mr. Eschrich, 35, was community on Traverse
$1 million and above during under contract for $1 mil- Since her family set- hunkered down at his Ridge in Draper, after their
PROVO
the first quarter more than lion; a 0.88-acre lot there is tled in their new home, Uttah
home in Santa Clara, real-estate agent recorded
doubled from the same pe- listed for $895,000. Ms. Goates has been sur- La
ake Calif., with his wife, Leah and uploaded a walk-
riod last year, from 17 to Salt Lake City’s urban prised to discover that UT Eschrich, a YouTube con- through tour.
38. Since 2015, the entry center is drawing more some of her new neighbors tent creator, and their two “Utah is completely un-
price-point for homes in home buyers as well. Avail- are old neighbors. At least children. derrated. The quality of life
the top 1% of the market able one- and two-bedroom 10 families that she knew “We were all four of us here, it’s so much higher,”
has more than doubled, apartments at City Creek, a from California are now liv- real-estate development living out of 900 square said Mr. Eschrich, who is
from $740,000 to $1.54 mil- cluster of three residential ing within a 10-mile radius, and investment company. feet—two bedrooms, one an ultramarathon runner
lion. Those homes are in high-rises near downtown she said. “A bunch of our “I had sticker shock. I bath—and it was intense. and an outdoor sports en-
short supply. Temple Square that opened friends have relocated for thought, ‘We’re going to be The work-life balance—it thusiast. “I live on a moun-
“We could use more in- in 2012 with 425 condo- many of the same reasons.” able to move there for was very difficult,” Mr. Es- tain with the second-best
ventory—when a home hits miniums, are priced from One of those friends is $600,000 or $700,000 and chrich said of the family’s parasailing and hang-glid-
the market it doesn’t last $499,000 to $1.7 million. Marc Stanworth. A Salt have everything we want.’ Silicon Valley lifestyle. “Ap- ing in the world, after the

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Leah and Mike Eschrich with their sons Asher, 4, on left, and
• Report an issue Kai, 3, on the deck of their six-bedroom home, below, in
SunCrest, a planned community in Draper, Utah.
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Purchase price
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 THE WALL STREET JOURNAL. Friday, August 6, 2021 | M9

MANSION

32%
Rise in sales of homes
priced at $1 million
and above in Salt Lake
City metro area
in 2020

The central plaza of Holladay, Utah, outside of Salt Lake City, is a pedestrian-friendly gathering space lined with shops and restaurants.

to warehouse employment.”
The Kilcullens’ four chil-
dren are also seeing a lot
more activity.
“We came from an older
LINDSAY D’ADDATO FOR THE WALL STREET JOURNAL (5)

community where there

were no children—no kid-
ding, none at all—to a
neighborhood where chil-
dren are popping up in our
backyard. It’s like, ‘Whose
kid is this on the trampo-
line?’ ” Mr. Kilcullen said.
As for Ms. Goates, she
has had an unexpected visi-
tor pop up, too: a would-be
buyer from California who
made an unsolicited offer
on her new home that was
Swiss Alps. I can literally go about 25% above her pur-
hiking out my front door chase price.
and within 5 miles be in an “They offered close to
extreme environment with $3.7 million,” she said.
alpine lakes. And nowhere “George said no, but we did
Purchase price
compares to it for mountain talk about how if we
$2.7 million
biking.” wanted to list it, we’d list it
Eric and Kristyn Kilcul- at $3.8 million.”
len, who own Krush Kandy,
an online fashion boutique,
moved from Tucson to the
Salt Lake Valley suburb of
Bluffdale in January, paying
$2.7 million for a six-bed-
room house with an indoor
slide and an indoor basket-
ball court, as well as a sec-
ond kitchen for entertain-
ing. Mr. Kilcullen said their
relocation was inspired by
Salt Lake City’s friendliness
to both entrepreneurs and
large families.
“We outgrew Tucson,”
said Mr. Kilcullen, 37.
“Within 48 hours [in Salt
Lake], we had more appli-
cants for our business here
than we did for nine Kristyn and Eric Kilcullen with their children, Julianna, and,
months during the pan- from left, Grayson, Rayden and Bryson, at their home in the
demic—from our social in- suburb of Bluffdale. The family moved to the Salt Lake City
fluencer side, like models, area from Tucson in January. Right, an in-ground trampoline.

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M10 | Friday, August 6, 2021
HOUSE CALL | CAMILLE COTTIN
From Paris to Hollywood
The ‘Stillwater’ and ‘Call My Agent!’ actress began on French TV
A
t the end of the school
year when I was 6, we
had a celebration event
at a nearby park in
Paris. During the show, a beautiful
10-year-old girl sang. She was
dazzling. A short time later, the
police arrived. She had gone into
a cafe across the street after sing-
ing to use the bathroom and was
sexually harassed. A man was ar-
rested.
A dreamy children’s celebration
was invaded by an adult night-
mare, and the trauma awakened
my emotions. That day deeply af-
fected me.
Back then, my parents and I
lived in Paris in a six-story apart-
ment building on the Right Bank.
They had divorced after my
mother became pregnant with me,
so my mother, Edith, and I lived
in a two-room flat on the fifth
floor.
My father, Gilles, rented the
chambre de bonne—the one-room
maid’s quarters—on the floor
above. He wanted to be near us.
For the first six years of my
life, he had girlfriends over, and
my mother knew. Everything was
open. My father was a painter and
sculptor. He was quite handsome
and caught the eyes of many
women. His girlfriends were
aware of each other, and they
were fine with that.
I loved spending time with him.
He wasn’t strict and he had many
parties. It was safe, and I loved
the freedom. I also liked when his
girlfriends were there. They were
nice to me, and I needed a femi-
nine presence, always.
By contrast, my mother was
about structure. Soon after the
event in the park, she met my
stepfather, Gabriel. He was in fi-
nance. At the time, she was 38
and he was 23. They married and
    
Camille Cottin in Paris in June and, above right, with her parents, Gilles
and Edith, on vacation in Brittany, France, in the mid-1980s.
we moved to the 9th Arrondisse-
ment. But my father didn’t want
to stay behind. He moved into a
flat on the same floor in our new
building. My mother was happy
MANSION
about that, and my stepfather
didn’t mind.
My mother and stepfather soon
had a daughter, Avril. She and I
were close growing up and remain
ADVERTISEMENT
THE WALL STREET JOURNAL.
so. When I was 12, we moved to
London. My stepfather’s company
transferred him there. We lived in
Chelsea. For school, I attended
the Lycée Fran-
çais Charles de
Gaulle.
At the time,
my nose was
small and
straight. Then it
grew and kept
coming. It’s my
father’s nose. I
also was very
skinny, and my
legs were like two
sticks. My nick-
name in French
was “bag of bones.”
I was never the popular girl in
high school, but I wasn’t unpopu-
lar. I was what you call average.
That was true of my grades, too.
I wanted to take theater
classes, but I was too intimidated
to attend an English theater
school. So my mother started a
theater club at my school. She
chose a play about the mythologi-
cal Trojan War, with Helen and
Paris. I played Helen, and a hand-
some guy in the upper grade
agreed to play Paris. I was
thrilled. But a week before the
performance, the guy quit.
Who replaced him? My mother.
There she was on stage with me,
and there was a love scene. I was
so embarrassed.
After high school, I returned to
Paris to study at the Sorbonne.
My mother insisted. At the same
time, I enrolled in theater school.
When I graduated four years
later, I didn’t have a job, so I
taught English at a French private
school. I also worked as a wait-
ress and acted on stage. A Paris
theater company let you perform
in plays if you put together a
group to self-produce them. This
is how I started and continued for
10 years.
Then in 2013, I starred in the
French hidden-camera TV series
“Connasse,” or “The Bitch.” I’d
make real people think I was enti-
tled or difficult, and my interac-
tions with unsuspecting people
were taped. The series was wildly
successful.
“Call My Agent!” began in 2015
and was a big turning point for
me. Popular in France, the series
was picked up by Netflix in the
U.S., where it caught on.
Today, Benja-
min, my husband,
and I and our two
children live in an
apartment in the
9th Arrondisse-
ment, near where
I grew up. He’s an
architect with a
wonderful eye.
He transformed
our two-bedroom
apartment into a
charming space.
As for social
issues, I remain concerned about
the sexual abuse of children. I
think society has work to do fac-
ing up to this terrible problem.
—As told to Marc Myers
Camille Cottin, 42, is a French
actress who stars in the film
“Stillwater” and Netflix’s “Call My
Agent!” She co-stars with Lady
Gaga, Al Pacino and Adam Driver
in “House of Gucci,” due in
November.
CAMILLE’S ROLES
FROM LEFT: ELIOTT BLISS; CAMILLE COTTIN (FAMILY PHOTO); MARY EVANS/RONALD GRANT/EVERETT COLLECTION
What’s “Stillwater” about?
An American father tries to
free his daughter imprisoned in
France for a murder she claims
she didn’t commit.
Your role? I help him navigate
the French justice system.
Has filming “House of Gucci”
been exciting? For sure. I play
Paola Franchi, who has an af-
fair with Maurizio Gucci.
How’s director Ridley Scott?
Great. My first favorite film
when I was 13 was his
“Thelma & Louise.” 

    
  
 

 
  
  

  
    

 
  
 
 

 
 
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THE WALL STREET JOURNAL. Friday, August 6, 2021 | M11

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Howard Hanna Real Estate Services Turpin Real Estate, Inc. Turpin Real Estate, Inc. Michael Saunders & Company
Richard Testa — +1 585 739 3521 Gerry-Jo Cranmer — +1 908 234 9100 Gerry-Jo Cranmer — +1 908 234 9100 Nicole Dovgopolyi — +1 941 356 5849
WEB ID: MZSL4 WEB ID: BIIN4 WEB ID: NNXS4 WEB ID: YTMG4

BARTLETT, NH | $1,575,000 CANANDAIGUA LAKE, NY | $1,499,900 EAST SIDE OF PROVIDENCE, RI | $1,275,000 EAST SIDE OF PROVIDENCE, RI | $1,049,000
Historic Adirondack Style Home – Privacy and mountain Spectacular Canandaigua Lake dream home! Penthouse unit in the highly coveted Pilgrim Mills Gorgeous c1916 Colonial featuring Craftsman
views. 3,575sf on 22.75 acres. 204’ waterfront. Building on edge of College Hill. design elements and lush landscaping.
Badger Realty Howard Hanna Real Estate Services Residential Properties Ltd. Residential Properties Ltd.
Diane McGregor — +1 603 986 8336 Richard Testa — +1 585 739 3521 Jim DeRentis — +1 401 529 2188 Jim DeRentis — +1 401 529 2188
WEB ID: VRCG4 WEB ID: LXZA4 WEB ID: OVHS4 WEB ID: HCCI4

LUXURY HOMES FROM

©2021 Luxury Portfolio International® Equal Housing Opportunity. Offering is subject to errors, omissions, change of price, or withdrawal without notice.
All information considered reliable; however, it has been supplied by third parties and should not be relied on as accurate or complete.
M12 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Unfinished Santa Barbara Home Lists

The pandemic-fueled market complete as currently planned. hard part is done,” Mr.
has come to this: A Southern Cali- The sellers are Chris Terrill, a Terrill said. “The fun
fornia compound with an unfin- former CEO of HomeAdvisor, and part is left.” He said
ished main house is asking $33.95 his wife, Katy Powers. In 2018, the their family will likely re-
million. couple, who live nearby, paid $10 main in their current
Located in Hope Ranch, a million for the property, which home, a Spanish-style
wealthy community just up the they had planned to turn into house they purchased for
coast from Santa Bar- their forever home. As $5.5 million in 2016, ac-
bara, the roughly 13-acre FOR SALE the local real-estate cording to property re-

$33.95
property has around market skyrocketed cords.
400 feet of waterfront, during the pandemic, Santa Barbara and
according to the listing
agents. The main home,
MILLION Mr. Terrill said they de-
cided to take advantage
nearby Montecito have
seen a string of high-end
13 acres, 400 feet
which is fully gutted and of the market after re- deals. Mr. Baker said the
of waterfront,
ready for renovation, ceiving several unsolic- median sale price in
approved plans
comes with approved ited offers for their Hope Ranch between
plans to be rebuilt as an property. January and June 2021
Andalusian farmhouse-style resi- Mr. Terrill said the house was $4.75 million. Sales
dence with 7,500 square feet, up would be more valuable finished, during that period rose
from 5,000 square feet. but with so many offers he didn’t The owners said they’ve received many offers. 201% from the same pe-
There are also approved plans want to be tempted into selling riod in 2020, he said.
to rebuild a three-bedroom guest- before knowing what the market it can be renovated in its current be expanded to roughly 7 acres. One of Montecito’s largest resi-
house and add several outbuild- would really bear. “If the right of- location. “If this were raw land, He added that the project has dential properties recently sold
ings, including a pool cabana, a fer comes along, I’ll sell it. If not, you would not be able to have the been all-consuming for the past for $63.25 million, The Wall
tennis pavilion, a roughly 4,000- I will live in it,” he added. properties as close to the bluff,” three years, and that he’s spent Street Journal reported. In May,
square-foot car collector’s garage Sally Hanseth of Coldwell Mr. Baker said. “thousands of hours” navigating 3,200 acres in Santa Barbara went
and a 720-square-foot accessory Banker, who is listing the prop- Mr. Terrill said the couple first the local building approval pro- on the market asking $75 million.
structure, according to marketing erty with Dusty Baker of So- noticed this home while walking cess. So far, Mr. Terrill said they —E.B. Solomont
materials. Construction began in theby’s International Realty, said around the neighborhood. “You have invested at least $5 million
January and will continue until a the asking price reflects strong could see so much potential,” he into the project.  See more photos of notable
sale. The entire project would sales in the area. Because the said. The property has a 4-acre av- The next owner can customize homes at WSJ.com/RealEstate.
take another 18 to 24 months to seller didn’t tear down the house, ocado and lemon orchard that will the finishes and materials. “The Email: privateproperties@wsj.com

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CALIFORNIA CALIFORNIA

DISTINCTIVE PROPERTIES
      SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION
  
 
  
LIST YOUR PROPERTY TODAY
(800) 366-3975 | sales.realestate@wsj.com

      

 
  
   
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  © 2021 Dow Jones & Company, Inc. All Rights Reserved.
THE WALL STREET JOURNAL. Friday, August 6, 2021 | M13

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VIRGINIA

 



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M14 | Friday, August 6, 2021 THE WALL STREET JOURNAL.

Nothing compares.
ANDROS, BAHAMAS LOS GATOS, CALIFORNIA ORINDA, CALIFORNIA PEBBLE BEACH, CALIFORNIA RANCHO SANTA FE, CALIFORNIA

Driftwood - Kamalame Cay Highway9Acreage.com 362CaminoSobrante.com 3406SeventeenMile.com 6590 Calle Reina

$3,200,000 | SirBahamas.com/id/43775 $96,600,000 $5,700,000 $18,950,000 $14,750,000 | SothebysRealty.com/id/GB6WWW
Damianos Sotheby's International Realty Golden Gate Sotheby's International Realty Golden Gate Sotheby's International Realty Carmel Rancho Brokerage Pacific Sotheby's International Realty
THE ANSELL GROUP MICHAEL DREYFUS ANN NEWTON CANE JESSICA CANNING ERIC IANTORNO | MARVIN GOMEZ
ansellgroup@sirbahamas.com + . . m.dreyfus@ggsir.com + ..  a.newtoncane@ggsir.com + .

. Jessica@canningproperties.com + .. eric@ericiantorno.com + ..

SARATOGA, CALIFORNIA TIBURON, CALIFORNIA VENTURA, CALIFORNIA WESTLAKE VILLAGE, CALIFORNIA LITCHFIELD, CONNECTICUT

MadroneHill.com EastonPointTiburon.com 270Lincoln.com 900WStaffordRd.com 44SouthStLitchfield.com

$20,000,000 $75,000,000 $5,000,000 $28,000,000 $1,750,000
Golden Gate Sotheby’s International Realty Golden Gate Sotheby's International Realty LIV Sotheby's International Realty Westlake Village Brokerage William Pitt Sotheby's International Realty
MICHAEL DREYFUS LYDIA SARKISSIAN | BILL BULLOCK KAREN DAVIDSON JOAN YOUNG | CATHIE MESSINA JANE HINKEL
m.dreyfus@ggsir.com + ..  l.sarkissian@ggsir.com + . .  kdavidson@livsothebysrealty.com + ..
joan.young@sothebysrealty.com + .
.  jhinkel@williampitt.com + .
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ISLAMORADA, FLORIDA LAKEWOOD RANCH, FLORIDA PALM CITY, FLORIDA SAVANNAH, GEORGIA SAVANNAH, GEORGIA

2 Flamingo Hammock Road 6963 Westchester Circle 6355WoodhamLodge.com 144 Schley Avenue 22 Habersham Street
$2,350,000 | SothebysRealty.com/id/V58RFD $2,750,000 | SothebysRealty.com/id/7E9SS6 $4,476,000 $2,875,000 | SothebysRealty.com/id/YFJWLS $2,800,000 | SothebysRealty.com/id/RLMCZS
Ocean Sotheby's International Realty Premier Sotheby's International Realty ONE Sotheby's International Realty Celia Dunn Sotheby's International Realty Celia Dunn Sotheby's International Realty
CHERI TINDALL | LESLIE LEOPOLD LAURA STAVOLA BLAINE "DOC" ELLINGSON ANNIE ROCKWELL ANNIE ROCKWELL
ctindall@oceansir.com + ..  laura.stavola@premiersir.com +
. .  doc.ellingson@sothebysrealty.com + .
.

annie@celiadunn.com +
..  annie@celiadunn.com +
.. 

SWAMPSCOTT, MASSACHUSETTS NEW YORK, NEW YORK NEW YORK, NEW YORK NEW YORK, NEW YORK NEW YORK, NEW YORK

21 Northstone Road 240ParkAveSouthPH.com 640 Park Avenue 151CentralParkWest9CN.com 930FifthAve6D.com

$2,599,000 | SothebysRealty.com/id/XF9EFD $30,000,000 $24,000,000 | SothebysRealty.com/id/X93G6G $21,500,000 $13,950,000
Sagan Harborside Sotheby's International Realty East Side Manhattan Brokerage East Side Manhattan Brokerage East Side Manhattan Brokerage East Side Manhattan Brokerage
SHARI MCGUIRK | HALEY PASTER SCIMONE NIKKI FIELDS SERENA BOARDMAN SERENA BOARDMAN CRAIG GEORGE | KEVIN B. BROWN
shari.mcguirk@sothebysrealty.com + .
.  nikki.field@sothebys.realty + .. 
serena.boardman@sothebys.realty + ..  serena.boardman@sothebys.realty + ..  craig.george@sothebys.realty + .. 

NEW YORK, NEW YORK NEW YORK, NEW YORK NEW YORK, NEW YORK WASHINGTON CROSSING, PENNSYLVANIA NEWPORT, RHODE ISLAND

17East73.com 15WillowSt.com 1120FifthAve2B.com 282AqueductRoad.com 31 Old Beach Road

$12,800,000 $10,300,000 $8,800,000 $2,049,000 $4,500,000 | SothebysRealty.com/id/1288494
Downtown Manhattan Brokerage Downtown Manhattan Brokerage East Side Manhattan Brokerage Kurfiss Sotheby's International Realty Mott & Chace Sotheby's International Realty
ANOUK NORA KAREN HEYMAN LISA LARSON DOUGLAS PEARSON | SKYLAR KIZILTUG KYLIE MCCOLLOUGH
anouk.nora@sothebys.realty + . . theheymanteam@sothebyshomes.com + ..  lisa.larson@sothebys.realty + ..  dpearson@kurfiss.com + . . kylie.mccollough@mottandchace.com + ..

BLUFFTON, SOUTH CAROLINA LAKE KEOWEE, SOUTH CAROLINA LAKE KEOWEE, SOUTH CAROLINA LAKE KEOWEE, SOUTH CAROLINA AUSTIN, TEXAS

3 Merion Way 102 Wedge Court 215 Passion Flower Way 1861 Cleo Chapman Highway 3411Stoneridge.com
$1,699,000 | SothebysRealty.com/id/M9ZBCW $5,989,000 | SothebysRealty.com/id/2FY56F $5,299,000 | SothebysRealty.com/id/X7CNJ2 $3,269,000 | SothebysRealty.com/id/YKT7GZ $7,500,000
Celia Dunn Sotheby's International Realty Justin Winter Sotheby's International Realty Justin Winter Sotheby's International Realty Justin Winter Sotheby's International Realty Kuper Sotheby's International Realty
COLLETON RIVER GROUP LOREEN PARKS TRIP AGERTON JUSTIN WINTER KUMARA WILCOXON
crg@celiadunn.com + .. lori@justinwinter.com + .. trip@justinwinter.com + ..  justin@justinwinter.com + .. kumara@sothebysrealty.com + ..

AUSTIN, TEXAS SEATTLE, WASHINGTON OCONOMOWOC, WISCONSIN WIND POINT, WISCONSIN JACKSON HOLE, WYOMING

12900Hacienda.com HawksNestHouseboat.com 4325 West Beach Road 5357 Hunt Club Road TheGlenwoodJH.com
Price Upon Request $3,000,000 $2,850,000 | SothebysRealty.com/id/DGK3WS $1,395,000 | SothebysRealty.com/id/92S6ZQ $3,980,000
Kuper Sotheby's International Realty Realogics Sotheby's International Realty Mahler Sotheby's International Realty Mahler Sotheby's International Realty Jackson Hole Sotheby's International Realty
KUMARA WILCOXON DANNY VARONA PETER MAHLER TEAM PETER MAHLER TEAM BILL VAN GELDER
kumara@sothebysrealty.com + .. danny@dannyvarona.com + .

. paul@mahlersir.com + .
. paul@mahlersir.com + .
. bill.vangelder@jhsir.com +  .
. 

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Equal Opportunity Act. All offerings are subject to errors, omissions, changes including price or withdrawal without notice.