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What’s U.K. Rolls Out

News First Covid-19
T
Business & Finance

esla CEO Musk said he

has moved to Texas, tak-
Shots in West
ing aim at Silicon Valley and BY JOANNA SUGDEN vice and modeled on its an-
becoming one of the high- AND WILL HORNER nual flu-vaccination campaign.
est-profile executives yet to Ninety-year-old Maggie
leave California during the CARDIFF, Wales—The U.K. Keenan was the first to receive
coronavirus pandemic. A1 became the first Western coun- the initial dose as part of the
try to start distributing a program, the NHS said. “It’s
 FireEye was hacked in
Covid-19 vaccine to its popula- history and the best thing that’s
what the company, one of
tion, rolling out a mass inocula- ever happened. If I can do it, so
the world’s largest cyber-
tion program that could provide can you,” she said at University
security firms, said was a
a template for other countries, Hospitals Coventry and War-
highly sophisticated for-
including the U.S., of the practi- wickshire, central England.
eign-government attack. A2
calities and potential pitfalls of Coming just days ahead of
 DoorDash priced shares in vaccinating at speed and scale. the Pfizer vaccine’s expected
its IPO at about $102 apiece, Less than a week after Brit- authorization in the U.S., the
according to people familiar ain granted emergency-use au- U.K. rollout could be an indica-
with the matter, a sign of thorization for the two-dose tor of the challenges faced by
strength both for the firm vaccine developed by Pfizer Inc. U.S. doctors in getting it into
and the overall IPO market. B1 and Germany’s BioNTech SE, the population.
the first people began to receive Aversion to vaccines in the
 The S&P 500 and Nasdaq
it across the U.K. on Tuesday. U.K. remains below such senti-
JACOB KING/PRESS POOL

hit records, closing up 0.3%

Those over 80 years old, ment in the U.S. In an Ipsos
and 0.5%, respectively. The
nursing-home workers and poll in October, 79% of people
Dow advanced 0.3%, falling
other high-risk health-care asked in the U.K. said they
short of a new milestone. B13
staff were front of the line: a would take a Covid-19 vaccine
 Nielsen said it would re- group estimated to number six if one were available, com-
place its current TV ratings million. The rollout is being pared with 64% in the U.S.
system by 2024 with a met- Maggie Keenan, 90 years old, was the first person to receive the initial dose of the two-shot paid for by the U.K.’s state- Among the first to be in-
ric that incorporates digital Covid-19 vaccine developed by Pfizer and BioNTech as the U.K. began its inoculation program. funded National Health Ser- Please turn to page A7
viewing as well as the cur-
rent traditional audiences. B1
 Some McDonald’s fran-
chisees said they would
raise prices on Happy Meals
after the company revokes
FDA Paves Way for Pfizer Vaccine’s Release
a longstanding rebate. B1
BY THOMAS M. BURTON the vaccine’s manufacturers, tive after the second dose, fatigue, followed by muscle town University.
 Boeing delivered a 737 AND JARED S. HOPKINS Pfizer Inc. and German partner three weeks later. pain and joint pain. “It doesn’t mean the vaccine
MAX to United, the first car- BioNTech SE. A favorable rec- FDA scientists also found Severe “adverse reactions” is making you sick, but you
rier to receive a newly pro- The Food and Drug Adminis- ommendation from the panel is that the vaccine was effective were rare, most frequent after should be prepared for poten-
duced model of the jet after tration said the first Covid-19 expected to be followed within in reducing the risk of con- the second dose, and generally tially not feeling great for a day
U.S. regulators ended a nearly vaccine being considered for U.S. days by the FDA’s granting firmed severe disease after the less frequent in older adults or two after getting it,” she said.
two-year grounding. B1 distribution “met the prescribed emergency authorization for first dose, an important find- greater than 55 years of age. Vaccines are seen as key to
success criteria” in a clinical the vaccine. ing, as some health experts The frequent side effects oc- stopping the spread of the coro-
 Car sales in China rose
study, paving the way for the In its report Tuesday, the were concerned Covid-19 vac- curring soon after injections navirus, and health officials have
for a fifth straight month
agency to green-light distribu- FDA noted that the two-dose cines would protect against suggests that the vaccine is Please turn to page A6
in November, continuing
tion as early as this weekend. vaccine provided benefits even only mild to moderate disease. generating a strong immune re-
to cement a recovery. B3
An outside panel of scientific after just the first injection— Side effects were common, sponse, said Angela Rasmussen,  Biden formally introduces his
 Apple unveiled plans to advisers is scheduled to review cutting the risk of getting however, especially in younger a virologist and affiliate at the public-health team.................. A4
sell AirPods-branded over- the FDA report Thursday, along Covid-19 by about half. The vac- people, the analysis found. The Center for Global Health Sci-  AstraZeneca trials reaffirm
the-ear headphones, a di- with a companion analysis from cine was found to be 95% effec- most common complaint was ence and Security at George- safety, efficacy of shot........ A7
rect strike against companies
such as Bose and Sony. B4

World-Wide Musk Jabs INSIDE A Startup’s Plan to Disrupt

 The U.K. became the first
Western country to start
California Power Grid Gets Disrupted
distributing a Covid-19 vac-
cine to its population, roll-
ing out a mass inoculation
With Move
program that could provide
a template for other coun-
tries of the practicalities and
To Texas Bloom Energy’s fuel-cell vision is foiled by rapidly changing industry
potential pitfalls of vacci- BY REBECCA DAVIS O’BRIEN AND KATHERINE BLUNT providing power more cheaply than the utili-
nating at speed and scale. A1 BY HEATHER SOMERVILLE ties on the electric grid.
 The FDA said the vac- Bloom Energy Corp. became a hot startup Silicon Valley bought in, and media atten-
cine developed by Pfizer Tesla Inc. Chief Executive more than a decade ago by promising to up- tion followed. Bloom’s first investor was
and BioNTech “met the pre- Elon Musk said he has moved set the utility industry with devices that venture capitalist John Doerr, known for
scribed success criteria” in to Texas, taking aim at Silicon could power the nation’s buildings. Today, early bets on Amazon.com Inc. and Alphabet
a clinical study, paving the Valley and becoming one of the JOURNAL REPORT it’s a reminder of how a rapidly changing in- Inc.’s Google. Its board includes Gen. Colin
way for the agency to highest-profile executives yet to Cybersecurity: dustry can foil even the most driven entre- Powell and former General Electric Co. chief
green-light distribution as leave California during the cor- preneurs. Jeff Immelt. Among early customers were
early as this weekend. A1 onavirus pandemic.
Scaring employees Bloom’s founder, KR Sridhar, helped de- Google, eBay Inc. and Walmart Inc.
He said relocating made isn’t the way to keep velop fuel cells for NASA before forming the As with many Silicon Valley startups,
 The Trump administra-
tion made a $916 billion cor- sense with a new Tesla factory them vigilant. R1-8 company in 2001. The next year, he packed Bloom presented the kind of bold technologi-
onavirus relief offer to Dem- being built in Texas. He la- his technology into three U-Hauls and cal and revenue prospects that persuade in-
ocrats, opening yet another mented that California, in his headed to California. vestors to look beyond profitability. Mr.
front in the multitrack ef- view, had become complacent U.S. NEWS Fuel cells use chemical reactions to gener- Sridhar’s vision: a Bloom Box in every Amer-
fort to reach a deal. A2 with its innovators. Supreme Court rejects ate electricity, and proponents hold they will ican home. “It’s about seeing the world as
Mr. Musk’s companies will go mainstream one day as a clean, reliable what it can be,” he told “60 Minutes” in
 Biden formally introduced continue to have large opera-
a last-ditch Republican energy source. They have defied broad com- 2010, “and not what it is.”
the public-health team that tions in California. Yet his deci- bid to block Biden’s mercialization, but Mr. Sridhar told a power- The world Mr. Sridhar foresaw hasn’t ar-
will help him navigate the sion to move underscores a Pennsylvania win. A4 ful story: Bloom would sell the technology in rived. His San Jose, Calif., startup hasn’t put
pandemic and announced growing discontent, particularly “Bloom Boxes” running on natural gas and Please turn to page A10
goals to curtail the virus dur- among wealthier tech profes-
ing his first 100 days. A4 sionals, with the cost of living in
 The Supreme Court re- the state, a pre-pandemic real-
estate crunch and clogged roads.
Socially Distant Santa Claus Is
jected a last-ditch Republi-
can request to block Biden’s
victory in Pennsylvania. A4
Taking up residence in Texas
comes with personal benefits
for Mr. Musk: The state doesn’t
Coming to Town (and the Mall)
i i i
C3.ai
 The House passed a de-
fense-policy bill in a 335-78
vote, far exceeding the two-
thirds majority that would
collect income or capital-gains
tax for individuals. Mr. Musk
qualified this year for billions of
dollars in stock-option compen-
St. Nick takes cover from virus behind
plexiglass, or sealed into giant snow globes
#1 AI CRM
be needed to override a veto sation, making him the second- Reinventing CRM
threatened by Trump. A4 richest person in the world. BY ANNE MARIE CHAKER about his vulnerability to
 A judge officially closed During the spring, when Mr. Covid. The Trump administra-
the criminal case against Musk was sparring over coro- Carleigh Hansen’s visit to tion scrapped a plan to offer
ex-national security ad- navirus shelter-in-place orders Santa Claus at the Park Mead- Santa performers (and Mrs.
viser Michael Flynn, whom that shut his factory near San ows Mall in Lone Tree, Colo., Claus and the elves) early ac-
Trump had pardoned. A3 Francisco, California Gov. Gavin was a little different this year cess to a vaccine.
Newsom told CNBC he was “not from Christmases past. The 8- And now, the annual tradi-
 Brexit talks are set to worried about Elon leaving any year-old still wore a new dress tion of sitting on Santa’s lap—
enter a last decisive phase time soon” and the state was for pictures and kids whispering
as Johnson seeks to secure committed to the car maker’s her mother gift wishes to
a deal over the EU’s rela- success. “We may not be the treated her to Santa while a pho-
tions with the U.K. A8 cheapest place to do business cheesecake af- tographer takes
but we are the best place to do terward. But pictures—has un-
CONTENTS Personal Journal A11-12 business,” Mr. Newsom, a Dem- this time, Santa dergone a Covid-
Arts in Review... A13 Property Report... B6
Business News...... B3 Sports....................... A14 ocrat, said. wore a face era reinvention.
Crossword.............. A14 Technology............... B4 Silicon Valley remains home shield and sat This year, the
Heard on Street. B14 U.S. News............. A2-7 to some of the hottest compa- behind a sheet holiday rite often
Markets.................... B13 Weather................... A14
Opinion.............. A15-17 World News....... A8-9
nies—Airbnb Inc. and food de- of plexiglass. Speak up, children means making a
livery company DoorDash Inc. Carleigh passed reservation to
are poised for multibillion-dol- him her list underneath the stand in front of a plexiglass
> lar public listings this month. barrier and talked to him “Santa Guard.” Shopping cen-
Both are San Francisco-based. through an intercom system. ters and photographers are Get started at C3.AI/CRM
Mr. Newsom’s office didn’t “It was OK but I’d probably putting Santa behind shields,
Please turn to page A2 rather have it the way it was inside snow globes or seated © 2020 C3.ai, Inc. All Rights Reserved. is a mark of C3.ai, Inc. C3 AI CRM
is the first enterprise-class, AI-first customer relationship management solution
s 2020 Dow Jones & Company, Inc.
before,” said Carleigh. high on a sled. Other venues purpose-built for industries to drive customer-facing operations with predictive
business insights.
All Rights Reserved  Heard on the Street: Tesla This year has been tough on are offering virtual Santa vis-
watches its stock, too........ B14 Santa. Children are worried Please turn to page A11
A2 | Wednesday, December 9, 2020 * *** THE WALL STREET JOURNAL.

U.S. NEWS
White House Makes New Relief Offer Cyber Firm
FireEye Is
BY ANDREW DUEHREN nority Leader Kevin McCarthy of Republicans and Democrats with the outstanding issues. said. “We believe they have
AND KRISTINA PETERSON

WASHINGTON—The Trump
(R., Calif.) said.
The White House offer
didn’t include the $300 a week
to try to craft their own bill in
recent weeks.
On Tuesday, Mr. McConnell
“We know the new adminis-
tration is going to be asking
for another package,” Mr.
been making good progress
and they ought to be allowed
to move forward because they
Breached
administration made a $916
billion coronavirus relief offer
to Democrats, opening yet an-
in unemployment insurance
that a bipartisan group had
coalesced around, according to
said that Congress should
drop aid for state and local
governments, a Democratic
McConnell said. “What I rec-
ommend is we set aside liabil-
ity and set aside state and lo-
are the best hope for a biparti-
san solution.”
Mrs. Pelosi echoed Mr.
By Hackers
other front in the multitrack aides from both parties. Mr. priority, and liability protec- cal and pass those things that Schumer’s comments, calling BY DUSTIN VOLZ
effort to reach an agreement Mnuchin said he had reviewed tions, a GOP goal, from the we can agree on, knowing full Mr. McConnell’s proposal “ap- AND ROBERT MCMILLAN
in talks that rank-and-file law- the proposal with President current set of relief negotia- well we’ll be back at this after palling.” She said states’ role
makers have been leading in Trump, Mr. McCarthy and Mr. tions, and instead address the first of the year.” in vaccine distribution makes WASHINGTON—U.S.-based
the final weeks of the year. McConnell. those issues in an additional The new White House offer state and local funding “cen- FireEye Inc., one of the world’s
The proposal, announced in Mrs. Pelosi and Senate Mi- package next year. The two is- includes money for state and tral to our efforts to crush the largest cybersecurity firms, was
a brief statement by Treasury nority Leader Chuck Schumer sues have bedeviled the law- local governments as well as virus.” hacked in what it said was a
Secretary Steven Mnuchin, (D., N.Y.) reacted coolly to the liability protections, according As lawmakers wrestled with highly sophisticated foreign-
came after Democrats rejected fresh offer, highlighting its to Mr. Mnuchin, putting the a liability shield and aid to state government attack that com-
an effort by Senate Majority
Leader Mitch McConnell (R.,
sharp cut in proposed spending
on jobless benefits. In a joint
The move opens yet Trump administration at odds
with Mr. McConnell’s latest
and local governments, admin-
istration officials asked Senate
promised its software tools
used to test the defenses of its
Ky.) to narrow the scope of a statement, they said the pro- another front in the position on the legislation. A Republicans to press to include thousands of customers.
coronavirus relief bill by ex-
cluding aid for hard-hit state
posal marked progress but
“must not be allowed to ob-
multitrack effort to Treasury spokeswoman de-
clined to comment on further
direct checks in any relief pack-
age, according to people famil-
The company said the at-
tacker also accessed some in-
and local governments priori- struct the bipartisan Congres- craft an agreement. details of the proposal. iar with the discussions. Mr. ternal systems and primarily
tized by Democrats and liabil- sional talks that are underway.” Mr. Schumer accused Mr. Mnuchin advocated for the sought information about gov-
ity protections sought by Re- Mr. McConnell hasn’t com- McConnell of attempting to $600 check, half the size of the ernment clients. FireEye said it
publicans. mented on the administra- sabotage the bipartisan push first round of checks, while Mr. has seen no evidence so far
At the same time, the White tion’s latest offer. makers who have sought to re- for a new bill, which has cen- Trump would be willing to in- that data belonging to its cus-
House is pushing Republicans The re-engagement from vive a monthslong quest to tered around the $908 billion clude a larger check. tomers had been compromised
to include a new round of di- the White House and back- pass an aid package before proposal that includes both li- “While the amount is yet to from the primary systems used
rect payments of $600 a per- and-forth between party lead- year-end. ability protections and $160 be determined, direct pay- to store it.
son in the emerging package, ers complicated a delicate ef- Mr. McConnell said that a billion for state and local gov- ments to American workers FireEye declined to comment
according to people familiar fort from a small group of package this year should focus ernments whose revenues continue to be a high priority on who it believed was behind
with the discussions, reviving lawmakers to complete the de- on money for vaccine distribu- have been slammed by the of the president’s,” White the breach of its hacking tools,
prospects for checks to house- tails of their own $908 billion tion, health-care providers and pandemic. Negotiations to fi- House spokesman Ben Wil- which experts said could poten-
holds in this round of aid. compromise effort. Congress small businesses, calling Presi- nalize the framework contin- liamson said. tially be leveraged in future at-
Those direct checks were in- and the White House have for dent-elect Joe Biden’s plans to ued Tuesday. The current bipartisan tacks against its customer base,
cluded in the White House’s months failed to put together work on another relief pack- “Sen. McConnell is trying to framework for the bill doesn’t including a diverse array of U.S.
offer to House Speaker Nancy a fifth coronavirus aid pack- age during his administration pull the rug out from beneath” include any such direct pay- and Western national-security
Pelosi (D., Calif.), House Mi- age, prompting an informal set another opportunity to deal the negotiators, Mr. Schumer ments. agencies and businesses.
A person familiar with the

U.S. WATCH
matter said Russia is currently
seen by investigators, including
U.S. intelligence agencies, as
the most likely culprit but
TELECOM REGULATION stressed that the investigation
was continuing. Moscow’s for-
Trump’s Pick for FCC eign intelligence service, known
Confirmed by Senate as the SVR and one of two Rus-
sian groups that hacked the
President Trump’s nominee to Democratic National Committee
join the Federal Communications ahead of the 2016 presidential
Commission was confirmed by election, is believed to be re-
the Senate on Tuesday, setting sponsible, the person said. The
up a possible partisan deadlock Russian embassy didn’t re-
at the telecommunications regu- spond to a request for com-
lator when Democrats take ment.
power next year. “I’ve concluded we are wit-
The Republican-led Senate nessing an attack by a nation
voted 49-46 along party lines to with top-tier offensive capabili-
approve Nathan Simington for a ties,” Kevin Mandia, the chief
five-year term on the FCC. executive at FireEye and a for-
CHRIS MACHIAN/OMAHA WORLD-HERALD /ASSOCIATED PRESS

Mr. Simington, a 41-year-old mer Air Force officer, said in a

Republican lawyer currently blog post published Tuesday.
serving in the Trump administra- “The attackers tailored their
tion, appears likely to clash with world-class capabilities specifi-
Democrats over issues from “net cally to target and attack Fire-
neutrality” rules to the agency’s Eye.”
role in overseeing social-media FireEye, which in years past
content moderation under Sec- has helped businesses respond
tion 230 of the Communications to some of the most serious
Decency Act. hacks on record, like the 2014
FCC Chairman Ajit Pai, a Re- hack of Sony Pictures by North
publican, has said he is leaving Korea, said it was working with
the agency on Jan. 20, Presi- the Federal Bureau of Investiga-
dent-elect Joe Biden’s inaugura- tion and industry partners, in-
tion day. cluding Microsoft Corp., in a
That could leave the bipartisan continuing investigation into
commission with two Democratic NEBRASKA EXPLOSION: An explosion that leveled a home in south-central Omaha, Neb., killed two people and left two others the incident.
and two Republican members, in- critically injured Tuesday morning, the AP reported, citing fire officials. The cause of the blast wasn’t immediately released. FireEye shares dropped
cluding Mr. Simington. Mr. Biden about 7% in after-hours trading.
can immediately designate one of CAPITAL PUNISHMENT moratorium” on capital punish- GLOBAL ECONOMY said in an interview at The Wall “The FBI is investigating the
the sitting Democratic commis- ment, he said. Street Journal’s CEO Council incident and preliminary indi-
sioners as chair. But the agency’s Ohio Governor Rules “Lethal injection appears to World Bank Chief summit. cations show an actor with a
new leader wouldn’t hold a 3-2 Out Lethal Injection us to be impossible from a prac- Sees Long Recovery And even in the developing high level of sophistication con-
majority until Mr. Biden names, tical point of view today,” the world, the recovery has been un- sistent with a nation state,”
and the Senate approves, a fifth Lethal injection is no longer an governor said. It will take two to three years even. “China is in recovery, and Matt Gorham, assistant director
FCC member—a process that option for Ohio executions, and Mr. DeWine said he still sup- for global output to return to pre- that helps its neighbors, so in of the FBI cyber division, said
could stretch months if Republi- lawmakers must choose a differ- ports capital punishment as pandemic levels as many develop- Southeast Asia, there has been in a statement.
cans control the Senate. ent method of capital punish- Ohio law. But he has come to ing nations slowly climb out the more of a recovery under way People familiar with the in-
An FCC deadlocked along par- ment before any inmates can be question its value since the days coronavirus-induced slump with that extends to Japan,” Mr. Mal- vestigation said the hackers
tisan lines could take longer put to death in the future, Re- he helped write the state’s cur- the help of vaccines, World Bank pass said. “For other developing were disciplined and used a
than usual to approve telecom- publican Gov. Mike DeWine said. rent law—enacted in 1981—be- President David Malpass said. countries, advanced economies rare combination of attack
munications-related mergers or It’s “pretty clear” there won’t cause of the long delays be- While advanced economies are the most important variable tools, some of which apparently
to make additional wireless fre- be any executions next year, Mr. tween crime and punishment. are recovering more quickly than because that’s often where their hadn’t been previously used in
quencies available for next-gen- DeWine said in an interview, The state’s last execution projected, many developing markets are.” any known attacks on other vic-
eration networks, policy analysts adding he doesn’t see support in was July 18, 2018, when Ohio economies have lagged behind The pandemic has thrown tims—an unusual sign of so-
at New Street Research wrote in the Legislature for making a put to death Robert Van Hook as tourism declined and remit- nearly 100 million people into ex- phistication and resolve—and
a note to clients this week. switch in execution method a for killing David Self in 1985. tances from their workers based treme poverty in poor countries. were specifically dedicated to
—Ryan Tracy priority. Ohio has an “unofficial —Associated Press in rich countries dried up, he —Yuka Hayashi compromising FireEye.

THE WALL STREET JOURNAL

Musk Says founded in the Bay Area in

2003, moved its headquarters
to Denver this year. Chief Exec-
That is only slightly less than
the 27.4% average since 2017.
Mr. Musk also criticized gov-
“breaking people’s freedoms.”
Mr. Musk said last month
that he had tested positive for
(USPS 664-880)
(Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935)

He Moved utive Alex Karp, who co- ernments more broadly for reg- Covid-19 and was experiencing (Western Edition ISSN 0193-2241)
founded the company, linked ulations that he said stifled mild symptoms, after contra- Editorial and publication headquarters:
THE WALL STREET JOURNAL

the departure to what he said is startup creation. Still, environ- dicting public-health officials by 1211 Avenue of the Americas,
New York, N.Y. 10036

To Texas a view in Silicon Valley that is

out of touch with American
principles and societal needs.
mental regulations have buoyed
his electric-car company. Tesla
so far this year has earned $1.18
playing down risks of the illness.
TJ Nahigian, founder and
managing partner at San Fran-
Published daily except Sundays and
general legal holidays. Periodicals postage
paid at New York, N.Y., and other mailing
Mr. Musk echoed that senti- billion by selling emissions cred- cisco venture firm Base10 Part- offices.
Continued from Page One ment Tuesday, arguing the San its to other auto makers. ners, said moving to San Fran- Postmaster: Send address changes to
respond to a request for com- Francisco Bay Area “has too Mr. Musk threatened to cisco is now considered The Wall Street Journal, 200 Burnett Rd.,
Chicopee, MA 01020.
ment about Mr. Musk’s move. much influence on the world.” Elon Musk at Tuesday’s forum. move Tesla’s operations out of contrarian in tech circles. But he
The pandemic has upended That power is shifting, he said. Fremont, Calif., after local or- added: “I believe the Bay Area All Advertising published in The Wall
Street Journal is subject to the applicable
some of the most coveted tradi- Mr. Musk made the com- has operations in Texas. ders required him to shut down will continue to flourish as the rate card, copies of which are available
tions of working in Silicon Val- ments from Texas during The Mr. Musk likened California his lone U.S. car factory as part pre-eminent technology hub in from the Advertising Services
ley—the ease to network and Wall Street Journal’s CEO to a sports team with a winning of measures to slow the spread the Western world.” Department, Dow Jones & Co. Inc., 1211
Avenue of the Americas, New York, N.Y.
collaborate with like-minded Council annual summit in an in- streak, saying “they do tend to of the coronavirus. He criti- —Eliot Brown 10036. The Journal reserves the right not
tech workers, startup founders terview with Editor in Chief get a little complacent, a little cized officials at the time as contributed to this article. to accept an advertiser’s order. Only
and investors or the perks of Matt Murray. entitled, and then they don’t win publication of an advertisement shall
constitute final acceptance of the
CORRECTIONS  AMPLIFICATIONS
free meals and fitness classes At the root of many of the the championship anymore.” advertiser’s order.
on lavish corporate campuses. complaints are California’s high Many are loath to declare an
Letters to the Editor:
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Need assistance with your
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THE WALL STREET JOURNAL. * * * * Wednesday, December 9, 2020 | A3

U.S. NEWS

14 Punished
Over Violence
At Fort Hood
BY BEN KESLING After interviewing 2,500
uniformed personnel and civil-
Army officials announced ians, the Fort Hood Indepen-
the firing or suspension of 14 dent Review Committee found
commanders or other senior that base officials didn’t prop-
soldiers on Tuesday over fail- erly handle sexual assault and
ures to protect troops dealing harassment on the base. It also

GO NAKAMURA/GETTY IMAGES
with sexual assault and ha- determined that the Army’s
rassment. uniformed criminal investiga-
Generals and sergeants ma- tors on base were under-
jor were among those disci- trained and overworked, which
plined following a monthslong prevented them from properly
investigation into lax monitor- investigating sex crimes and
ing procedures at Fort Hood in soldier deaths. Investigators
Texas. also found commanders on the
Army Secretary Ryan base didn’t act to curtail an A mural in memory of Spc. Vanessa Guillen, who was allegedly killed by a fellow soldier who later killed himself, in Houston.
McCarthy launched the inde- environment that allowed for
pendent Fort Hood review in harassment and assault. the Army’s procedures and previously, adding that some many of the problems stem review committee, Christopher
response to a series of deaths “No commanding general or what they said was a lack of of the issues at the base could back to egregious mistakes Swecker, said many female
and complaints about the subordinate echelon com- transparency in the investiga- be systemic across the service. made by the chain of com- soldiers told investigators that
base, especially the murder of mander chose to intervene tion into her death. Family Some of the changes at Fort mand that created an unac- they feared retaliation if they
Spc. Vanessa Guillen. proactively and mitigate members also said Spc. Guillen Hood aren’t slated to begin ceptable environment for sol- stepped forward to report as-
Her case attracted national known risks of high crime, sex- previously had been harassed until the spring, Mr. McCarthy diers at Fort Hood, especially sault and lacked confidence in
attention, including from Pres- ual assault and sexual harass- by her killer. He died by sui- said, and the Army hasn’t yet for female soldiers,” said Sens. the confidentiality of the pro-
ident Trump and President- ment,” the report found. cide when approached by po- determined what systemwide Jim Inhofe (R., Okla.) and Jack cess. The process was also
elect Joe Biden. Spc. Guillen went missing in lice. changes will be made. Reed (D., R.I.), the chair and found to be unnecessarily de-
“This report, without a April and was later found dis- Mr. McCarthy accepted all Lawmakers vowed to push ranking member of the Senate layed, which further sapped
doubt, will cause the Army to membered, having allegedly the committee’s findings and the Army for even greater ac- Armed Services Committee, in confidence in stepping for-
change our culture,” Mr. been killed by a fellow soldier. said the report had identified countability. a joint statement. ward to report problems, ac-
McCarthy said. Her parents complained about issues the Army hadn’t seen “The fact of the matter is, The head of the Fort Hood cording to Mr. Swecker.

Tensions in Portland Have Moved

© Verdura. All rights reserved.

From the Streets to the Courts

BY ARUNA VISWANATHA Around three dozen pro-
AND SADIE GURMAN testers were charged with ei-
ther misdemeanor or felony
The tensions that erupted in counts of assaulting federal
protests and violence for more officers. About 20 others face
than three months on the misdemeanor charges of fail-
streets of Portland this summer ing to obey federal police offi-
PAULA BRONSTEIN FOR THE WALL STREET JOURNAL

are now moving into a quieter cers on federal property—

venue: the courts. which prosecutors contend
Federal prosecutors in the includes the streets around
Oregon city have charged more the federal courthouse. De-
than 90 people with crimes fense lawyers disagreed with
stemming from the skirmishes that assessment, and the city
between law-enforcement offi- of Portland has tried to levy
cers wielding tear gas and fines on the federal govern-
demonstrators throwing fire- ment for erecting fences
works, frozen water bottles and around the courthouse, saying
other objects outside the fed- they blocked the right of way
eral courthouse downtown and on a local street.
elsewhere. Attorney General William
The protests erupted follow- Federal prosecutors in Portland have charged more than 90 Barr told Congress in July
ing the May killing of George people with crimes stemming from skirmishes between law- that what was happening in
Floyd in Minneapolis police enforcement officers and demonstrators. Above, a July protest. Portland didn’t constitute
custody and led to strained re- First Amendment-protected
lations between the federal Charges filed by Portland U.S. The U.S. attorney’s office in demonstrations. “It is, by any
government, which dispatched Attorney’s office since May Portland turned to a series of objective measure, an assault
agents to quell the violence, Cases filed through October 2020 charges, including a civil disor- on the government of the
and local officials who saw the der statute adopted in re- United States,” he said. T H E CAGED CU FF
intervention as inflaming the Assault on officer sponse to riots during civil- A handful of the federal 68 rock crystals of 9 dif ferent cuts,
unrest. 36 rights demonstrations in the cases in Portland have re- loose in an 18k gold cage, $34,500.
The federal cases filed to Failure to obey 1960s. It is a broadly worded sulted in plea agreements. From the Caged Collection.
date represent a fraction of at statute that targets an array of Prosecutors dropped a few
18
least 1,000 arrests made in activity that takes place during others and offered deals to
Portland since May, but District Civil disorder assemblies, such as behavior those charged with misde-
Attorney Mike Schmidt said af- 18 that obstructs commerce or meanors, under which they 74 5 F I F T H AV E N U E , 12 T H F LO O R
ter taking office in August he law enforcement. would dismiss the charges in 212 . 7 5 8 . 33 8 8 • V E R D U R A .C O M
wouldn’t prosecute most of Other Defense lawyers say the exchange for community ser-
those arrests, citing limited re- 15 number and type of federal vice and cooperating with law Original gouache by Duke Fulco di Verdura
sources. His office declined to Source: United States Attorney’s Office charges amount to overreach enforcement. Few have taken
pursue more than 700 cases. District of Oregon by the Justice Department. up those offers, defense law-
Top Justice Department offi- “In some cases, no crime yers say. Some are holding
cials in Washington, mean- allegations of engaging in a was committed or the wrong out hope that the incoming
while, urged federal prosecu- wide-ranging conspiracy in- person was arrested,” said Lisa Biden administration might be
tors to be aggressive in cluding stealing trade secrets Hay, the federal public de- more lenient and drop some
bringing a full slate of federal and violating U.S. sanctions on fender in the district whose of- of the charges, defense law-
charges, even suggesting they Iran. A spokeswoman for the fice is defending most of the yers said. A spokesman for
consider sedition, or plotting to Justice Department declined to cases. “Charges for civil disor- President-elect Joe Biden
overthrow the U.S. government, comment on Mr. Donoghue’s der…can be levied against peo- didn’t respond to a request to
The Wall Street Journal previ- role. ple who were merely protest- comment.
ously reported. A review of “What we really wanted was ing and who were The protests in Portland
protest-related cases show no to get people to stop lighting unintentionally in the way of have subsided of late but
such charges have been filed. fires and to stop physically at- law-enforcement officers” and dark-clad individuals continue
One senior department offi- tacking our officers,” said Kelly risk infringing on protesters’ to break windows and loot
cial, Richard Donoghue, flew to Zusman, head of the criminal First Amendment rights, she stores in the city’s business
Portland this summer to urge division at the Oregon U.S. at- said. districts at night. A number of
prosecutors to do more, includ- torney’s office, adding that The U.S. attorney’s office businesses were vandalized
ing considering charges of prosecutors hadn’t filed any had a different view. “We just before Thanksgiving.
racketeering, according to peo- racketeering cases. didn’t want to overcharge,” Ms. Jim Middaugh, a spokes-
ple familiar with the visit. That Some federal prosecutors Zusman said. “Our goal was to man for Mayor Ted Wheeler,
statute targets organized crime camped out for days in their stop the violence, no one who joined protesters on the
and groups engaged in crimes courthouse offices to avoid the wanted to stop the protests.” front lines in July, said that
including murder and kidnap- crowds outside, she said. When Ms. Zusman’s office has in even with the heavy law-en-
ping. It has also been used in officers used tear gas to try to some cases applied federal forcement response, “we still
nonviolent cases, including ear- disperse the crowd, protesters statutes to alleged conduct that haven’t figured out how to ad-
lier this year against Chinese returned some canisters into might typically be handled at dress small groups of orga-
technology giant Huawei Tech- the building, sending gas to ev- the state level, defense attor- nized people who are hellbent
nologies Co., which has denied ery floor. neys say. on criminal destruction.”

Simply
Criminal Case Against Michael Flynn Ends Sparkle
BY BYRON TAU the government’s ever-evolv- missal is, of course, the cor- raised concerns with the FBI’s CONFETTI
ing justifications” during the rect result.” handling of the investigation. RINGS
WASHINGTON—A federal three-year legal saga. Sidney Powell, a lawyer In his latest opinion, Judge
judge officially closed the In the wake of Mr. Trump’s who represents Mr. Flynn, ac- Sullivan wrote: “With regard
criminal case against former Nov. 26 pardon of Mr. Flynn, cused Judge Sullivan of bias. to Mr. Flynn’s alleged ‘faulty
national security adviser Mi- Judge Sullivan issued an order “It reflects the abject political memory,’ Mr. Flynn is not just
chael Flynn, who was par- that brought the case to an bias he has exuded for anyone; he was the National
doned by President Trump, end. But he also took aim at months,” she said. Security Advisor to the Presi-
but suggested that the Justice the way the Justice Depart- Prosecutors had offered a dent, clearly in a position of
Department’s handling of the ment had tried to dismiss the theory that Mr. Flynn, who trust, who claimed that he for-
matter was highly irregular case in May, suggesting that pleaded guilty in 2017 to mak- got, within less than a month, PAU L MO R E L L I . C O M
and potentially improper. but for the pardon, he may ing false statements to the that he personally asked for a
In a 43-page opinion, U.S. have denied their bid and ei- Federal Bureau of Investiga- favor from the Russian Am- N YC : 8 95 M A D I S O N (72 N D & M A D I S O N )
District Judge Emmet Sullivan ther forced Mr. Flynn to go to tion, may have done so due to bassador that undermined the PH L : 1118 WA LN U T S T R E E T
wrote that he was “troubled trial or to jail. a faulty memory. They said policy of the sitting President
by the apparently pretextual Justice Department spokes- that his statements didn’t prior to the President-Elect
212. 5 8 5 . 42 0 0
nature of certain aspects of woman Kerri Kupec said, “Dis- meet the legal standard, and taking office.”
 A4 | Wednesday, December 9, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS

Justices Reject Bid to Toss Pennsylvania Result

Republicans were by a Pennsylvania congress- As is its custom in emer- his allies have brought dozens “would result in the disenfran- While much of the postelec-
pressing a challenge man and other Republicans gency orders, the court offered of cases in Pennsylvania and chisement of millions of Penn- tion litigation has been re-
who were pressing an emer- no reasoning in rejecting the five other pivotal states in a sylvania voters.” solved, a few cases remain
to the state’s system gency challenge to the state’s challenge. long-shot effort to nullify Mr. Mr. Biden won Pennsylvania pending in lower courts. And
of vote-by-mail vote-by-mail system, enacted No justice noted a dissent Biden’s victory. They have lost by more than 81,000 votes. Republican Texas Attorney
by its legislature in 2019. to the Supreme Court’s order. almost all of them. The U.S. Supreme Court’s Ken Paxton on Tuesday filed
BY BRENT KENDALL “The application for injunc- Mr. Trump has said he be- The Pennsylvania challeng- order came shortly after it fin- his own long-shot case di-
tive relief presented to Justice lieved the Supreme Court ers in Tuesday’s case previ- ished receiving written legal rectly in the Supreme Court,
The U.S. Supreme Court re- [Samuel] Alito and by him re- would eventually decide the ously lost at the Pennsylvania arguments from the parties on suing Georgia, Michigan, Penn-
jected a last-ditch Republican ferred to the Court is denied,” election, and his campaign has Supreme Court, which in a Tuesday afternoon. sylvania and Wisconsin for al-
request to block President- the order said. pledged to take a case before Nov. 28 order dismissed the The order also came on the legedly conducting their elec-
elect Joe Biden’s victory in The lawsuit asked that ei- the justices—three of whom case, citing plaintiffs’ “com- day by which states have to tions without following rules
Pennsylvania on Tuesday, ther all the 2.5 million mail-in were appointed by Mr. plete failure to act with due set their electors to ensure set by their own state legisla-
dealing another blow to sup- ballots cast be thrown out, or Trump—but it hasn’t done so. diligence” by filing a lawsuit they will be counted when the tures.
porters of President Trump that the courts erase Mr. Bi- The case on Tuesday before the after the election—and more Electoral College—a body of Dana Nessel, the Demo-
who have contested the Nov. 3 den’s victory and direct the high court didn’t involve the than a year after the state ad- delegates that meets after the cratic attorney general of
election across the country. state’s GOP-controlled legisla- Trump campaign as a litigant. opted universal vote-by-mail. election to select the president Michigan, called Mr. Paxton’s
The court, in a routine one- ture to choose the winner of In the five weeks since The state’s high court said based on state vote results— lawsuit a “publicity stunt”
sentence order, denied a bid the state’s 20 electoral votes. Election Day, Mr. Trump and the Republicans’ claims casts votes on Dec. 14. that would fail.

House Easily Passes

Defense Bill Over
Trump’s Objections
BY LINDSAY WISE the bill passed 86-14 and a
House version passed 295-125.
WASHINGTON—The House This week, the Senate is ex-
approved final passage of a pected to approve the same
$740.5 billion annual defense- compromise bill passed by the
policy bill by a vote of 335-78, House on Tuesday and send it
far exceeding the two-thirds to the president’s desk.
majority that would be needed On a House GOP conference
to override a veto threatened call on Tuesday, the top-ranking
by President Trump. Republican on the House Armed
Dozens of Republican law- Services Committee, retiring
makers had earlier in the day Rep. Mac Thornberry (R.,
lined up behind Mr. Trump to Texas), said his goal was to get
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

vote against the National De- as many votes as possible for

fense Authorization Act, which the NDAA in the hopes the pres-
secures hazard-pay raises for ident would sign it. On the same
troops and other crucial mili- call, House Minority Leader
tary spending items. But their Kevin McCarthy (R., Calif.) said
opposition wasn’t enough to if Mr. Trump vetoes the bill, he
thwart the passage of an an- would vote to sustain the veto.
nual bill that Congress has ap- Other Republicans have been
proved on a bipartisan basis for more willing to buck the presi-
59 years in a row. dent on the annual defense bill.
The bill passed Tuesday by “Failure to pass this act
an even larger margin than an would force hundreds of thou-
earlier House version passed in sands of our men and women in
July. This week’s vote was a re- uniform and their families to en-
Joe Biden, center, has nominated California Attorney General Xavier Becerra, left, as secretary of Health and Human Services. buke to an embattled president dure cuts to their pay right be-
who sought to force major fore the holidays,” warned Rep.

Biden Introduces Health Team

changes in the legislation after Liz Cheney (R., Wyo.), a member
the two parties in both cham- of House GOP leadership, in a
bers of Congress had agreed on
compromise language.
President-elect Joe Biden Institute of Allergy and Infec- The president has said he
The bill passed by an
formally introduced the pub- Nominees Expected return to a department that he tious Diseases, who is on the would veto the bill unless Con-
lic-health team that will help led for nearly the entirety of current White House task force gress jettisons a provision that even wider margin
him navigate the coronavirus For HUD, Agriculture the Obama administration as but has had an uneven rela- would create a commission to
pandemic and announced farmers grapple with the fall- tionship with President Trump. rename military installations,
than a House version
goals to curtail the virus dur- out from a faltering economy Mr. Biden said Dr. Fauci monuments and paraphernalia that passed in July.
ing his first 100 days, as law- President-elect Joe Biden is and President Trump’s trade would remain in his role, call- honoring Confederate com-
makers raised questions about expected to nominate Rep. war with China. ing him a “truth-teller” who manders. He also reiterated
some of his intended nomi- Marcia Fudge of Ohio to lead Mr. Biden’s transition team would tell him “what I need to that he wanted language in-
the Department of Housing declined to comment. Mr. Vil- know.” cluded in the bill to terminate floor speech Tuesday.
By Ken Thomas and Urban Development and sack, 69 years old, didn’t an- Some Republican lawmak- Section 230 of the 1996 Com- Senate Majority Leader Mitch
in Washington former Iowa Gov. Tom Vilsack swer his phone Tuesday eve- ers have questioned Mr. Bi- munications Decency Act, McConnell (R., Ky.) said Tuesday
and Alex Leary as Agriculture secretary, ac- ning or respond to a text den’s choice of Mr. Becerra, which granted social-media at a news conference that if the
in Wilmington, Del. cording to people familiar with message. who isn’t a public-health offi- companies broad immunity for bill “comes over from the House,
the plans. Ms. Fudge, 68, speaking to cial, to lead the Health and the content they publish from obviously I’m going to put it on
nees. If confirmed, Ms. Fudge, a reporters on Capitol Hill on Human Services Department. users on their site. the floor.”
Mr. Biden said during tele- Democrat, would lead an Tuesday, didn’t confirm she “When you have that kind Mr. Trump also added two At a news conference on
vised remarks Tuesday that he agency that could play a role in would be nominated. But she of knowledge from both train- demands he hadn’t made ear- Tuesday, House Democratic
will nominate California Attor- helping Americans struggling said: “It’s an honor and a privi- ing and experience, then lier, saying the bill must “allow Caucus Chair Hakeem Jeffries
ney General Xavier Becerra to with rent and mortgage pay- lege to be asked to be in a you’re able to more clearly for 5G & troupe reductions in (D., N.Y.) said: “The bill will
serve as secretary of Health ments during the coronavirus president’s cabinet.” prioritize that which is related foreign lands!” pass with robust support
and Human Services, high- pandemic. Mr. Vilsack would —Ken Thomas most essentially to advancing While Republicans and Dem- amongst Democrats and Repub-
lighting his defense of the Af- public health,” said GOP Sen. ocrats in Congress indicated in licans, likely sufficient to indi-
fordable Care Act. Mr. Biden Bill Cassidy, a physician from recent days that they intended cate to the president that if he
also rolled out a Covid-19 task find collective purpose to con- 100 days of his tenure. Louisiana. Mr. Cassidy has de- to pass the bill over Mr. chooses to veto the bill, he will
force led by transition co- trol the pandemic, to save The number of people hos- clined to say how he will vote Trump’s objections, the House be overridden.”
chairman Jeffrey Zients, a vet- lives and to heal as a nation.” pitalized in the U.S. has hit an- on Mr. Becerra’s nomination. Freedom Caucus, a group of the Asked for comment after the
eran of the Obama administra- Mr. Biden outlined a three- other high, and newly re- Mr. Biden was scheduled on chamber’s most conservative House vote, a White House offi-
tion, and said Dr. Vivek step plan for the first 100 days ported coronavirus infections Tuesday to meet with civil- lawmakers, said Tuesday they cial referred to an administra-
Murthy will reprise his of his administration: urging surpassed a seven-day moving rights organizations, including would oppose the NDAA and tion statement released earlier
Obama-era role as U.S. surgeon everyone to wear masks in average of more than 200,000 the NAACP and the National support Mr. Trump’s veto. in the day on the NDAA, saying
general and become the public public and requiring them on for the first time. Urban League, which have “This is real simple, we need it “contradicts efforts by this
face of the virus response. federal property and interstate More than 286,000 people pressed him to create a diverse to go back and rework this administration to put America
“Covid-19 is a mass casu- transportation; delivering 100 have died. cabinet. Congressional Latinos bill,” said Rep. Jim Jordan (R., first in our national security
alty,” Mr. Biden said in Wil- million vaccine shots; and get- Mr. Biden’s choices for senior have also pressed for diversity. Ohio), a member of the group. and foreign policy actions.”
mington, Del., where he was ting children back in school. health-policy positions included Mr. Biden has said his team Freedom Caucus members The bill becomes law if the
flanked by Vice President-elect “We’ll still have much to do people with connections to the will be the most diverse in also cited a provision that limits president signs it or without
Kamala Harris and some of his in the year ahead,” Mr. Biden Obama administration who he U.S. history once it has been how much money can be used his signature after 10 days. If
top advisers. “As a country, said. “And sadly, much diffi- has said will focus on both con- fully assembled. His transition on emergency military construc- he vetoes it, funding authoriza-
we’ve been living with this culty as well. We’ll be far, far fronting the pandemic and driv- team has promised a busy pe- tion—an authority Mr. Trump tions for some defense pro-
pandemic for so long we’re at from done.” But he said he ing regulatory changes aimed at riod before the Christmas holi- used to repurpose funds for the grams expire on Jan. 1, includ-
risk at becoming numb to its was “absolutely convinced” expanding health coverage. days, with formal announce- border wall. The White House’s ing $8.5 billion for military
toll on all of us.” that his incoming administra- The new team is expected ments expected on attorney formal veto threat issued Tues- construction and $70 million
But, he said, “out of our tion could change the course to work closely with Anthony general and picks for several day also pointed to this measure. for local schools educating mili-
collective pain, we’re going to of the disease during the first Fauci, director of the National domestic policy agencies. In July, a Senate version of tary children.

Defense Chief Pick Rekindles Debate Over Civilian Post

BY MICHAEL R. GORDON crats in the awkward position “but I’ll need to understand as the Pentagon’s chief policy U.S. armed forces are under he would balance President
AND GORDON LUBOLD of defending a move they criti- what he and the Biden admin- official during the Obama ad- firm civilian control. Trump’s inexperience on na-
cized four years ago. istration plan to do to address ministration and was consid- U.S. law, which has been tional security issues.
President-elect Joe Biden’s Many lawmakers have these concerns before I can ered the likely nominee for the amended over the years, Mr. Biden’s pick of Gen.
pick of retired Army Gen. praised Gen. Austin’s military vote for his waiver.” job. Ms. Flournoy called Gen. states that a person may not Austin has been seen by some
Lloyd Austin as his defense record. However, his selection Mr. Biden formally named Austin a “colleague and be appointed as secretary of leading Democrats as a step
secretary has renewed debate surprised some Republicans Gen. Austin as his choice for defense within seven years af- that would transform an occa-
about civil-military relations, and Democrats who ques- the job Tuesday and praised ter leaving active duty without sional departure from the
putting congressional Demo- tioned why Mr. Biden would him as a “true and tested sol- Gen. Austin, a waiver. Officers who have re- norms of civilian-military rela-
pick a retired commander with dier and leader.” The presi- who has long tired more recently than that tions into the new normal.
long experience in the Middle dent-elect defended his choice, experience in may be appointed to the post Mr. Biden “is putting Demo-
East instead of a qualified ci- as criticism began building the Mideast, if both houses of Congress ap- cratic members of Congress in
Order by vilian. following reports Monday of retired from prove a waiver, but there have a very difficult situation be-
12/22 for Rep. Elissa Slotkin, a Michi- Gen. Austin’s impending selec- the military in only been two such instances cause many previously said
Christmas!
gan Democrat and former Pen- tion. 2016. since the Pentagon was estab- they would not support a
tagon official, said Tuesday “I respect and believe in the lished. waiver,” said Rosa Brooks, a
she respected Gen. Austin, importance of civilian control George Marshall, a retired former Pentagon official.
who retired from the military of our military and in the im- friend” and pledged her sup- five-star general, was granted “They either are saying no to
in 2016. However, she added, portance of a strong civil-mili- port. a waiver to serve as secretary Biden—who they want to sup-
“Choosing another recently re- tary working relationship at For decades, it has been a of defense at the start of the port—and the first Black sec-
tired general to serve in a role DoD—as does Austin,” Mr. Bi- bedrock principle of civil-mili- Korean War. Jim Mattis, a re- retary of defense—who they
that is designed for a civilian den wrote in The Atlantic. tary relations that the defense tired Marine four-star general, also want to support. Or they
Your Children’s Names hand-crafted in just feels off.” Gen. Austin’s nomination secretary should be somebody became secretary of defense become hypocrites by seeming
sterling silver with brilliant Swarovski crystals
set in solid gold - $390 to $450 “Gen. Austin has had an in- received an endorsement from who hasn’t spent a career in with the support of many to reverse their stance on
JOHN-CHRISTIAN.COM 888.646.6466 credible career,” she added, Michèle Flournoy, who served the military to ensure that the Democrats who expressed that waivers,” Ms. Brooks added.
THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | A5

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A6 | Wednesday, December 9, 2020 * **** THE WALL STREET JOURNAL.

U.S. NEWS

Fauci Calls Vaccines

Big Step in Virus Fight

THE WALL STREET JOURNAL (2)

Nation’s top expert Fauci added that he will con- The death toll could sur-
vey the following to President- pass 430,000 by March 1, ac-
says hurdles remain; elect Joe Biden’s administra- cording to the Institute for
he and Birx call for tion: “We have all got to be on Health Metrics and Evaluation.
the same page telling the The Trump administration is
more state measures American public we have to aiming to have enough corona-
pull together. That, to me, is virus vaccine for everyone in
BY STEPHANIE ARMOUR the most important thing.” the U.S. who wants to take it
Dr. Fauci and Deborah Birx, by the second quarter of 2021. Anthony Fauci, left, and Deborah Birx, the White House coronavirus-response coordinator, were
Anthony Fauci said a vac- the White House coronavirus- “We have to go head-to-head remotely interviewed during The Wall Street Journal’s CEO Council Summit on Tuesday.
cine could diminish coronavi- response coordinator, who with the misunderstandings
rus as successfully as the polio also spoke Tuesday at the people have with this virus,” been hit hard by Covid-19. I think we can do what we did ers backing a $908 billion
vaccine did for polio, enabling summit, both reiterated their said Dr. Birx, who added that Younger people and people with polio,” Dr. Fauci said. bipartisan proposal.
workers to return to offices calls for people to adopt pub- she doesn’t know what role she with no underlying conditions Meanwhile, with the U.S. “There has to be resources
and restaurants in the second lic-health measures to combat will have in the president- will likely be able to get the facing worsening spread, the to help enterprises like restau-
half of 2021. the spread of the virus. elect’s administration but will vaccine by the end of March Trump administration is rants and bars to participate
But hurdles exist, the U.S. The U.S. Centers for Disease remain in federal government. or beginning of April if the pressing governors to step up in the public-health endeavor.
government’s top infectious- Control and Prevention re- Dr. Fauci, director of the vaccination program runs effi- rapid testing systems to help We seem to sometimes forget
disease expert said. They in- cently said the virus infected National Institute of Allergy ciently and the majority of curb transmission. that,” Dr. Fauci said.
clude people’s hesitancy to get people in the U.S. in mid-De- and Infectious Diseases, was people take the vaccine, Dr. “We sent out, I think, 90 Addressing the effect of
vaccinated, a successful and cember 2019, a few weeks be- upbeat about the promise of a Fauci said. With about 75% of million antigen tests, really Covid-19 on the Black commu-
swift vaccination program, fore it was officially identified vaccine. the public inoculated, there asking state mayors and gov- nity, Dr. Birx said the virus
and getting through a rise in in China and about a month Health-care workers and should be low levels of circu- ernors to use those tests in a preys on people with certain
Covid-19 cases that is now be- earlier than public-health au- people in nursing homes and lating virus and a return to new way,” Dr. Birx said. She comorbidities such as obesity
ing fueled in part by misinfor- thorities found the first U.S. extended-care facilities will workplaces. said new scenarios for testing and diabetes and people who
mation about the virus, Dr. case. It has since caused more get the vaccine first, he said, The stringency of public- would let people come and get had to work when others stay
Fauci said at The Wall Street than 15 million diagnosed followed by various prioritiza- health measures will gradually their results immediately. at home, and has laid bare in-
Journal’s CEO Council Summit cases and 286,000 deaths. tion levels that are likely to in- diminish, he said, and chief ex- “These tests could be enor- equities in health care.
on Tuesday. Cases have surged since the clude seniors, people with un- ecutives should use surveil- mously helpful,” she said. The impact of Thanksgiving
“There are a substantial fall, with more than 2,000 derlying health conditions and lance testing once workers re- Restaurants and bars that will start to be seen next week
proportion of people who do daily deaths being reported. It workers with critical jobs, turn to quickly identify any closed need resources to help and the week after.
think this is not real, that it’s is too early to know whether such as teachers. potential outbreaks. offset their losses, Dr. Fauci “If we don’t change how we
fake news, or it’s a hoax. This the Thanksgiving holiday will Dr. Birx also said vaccines “I don’t think we’re going said. Congress has been work- gather, we’ll continue to have
is extraordinary. I’ve never add an additional spurt of need to be prioritized for com- to eradicate [Covid-19] the ing to craft a coronavirus-re- this surge across the country,”
seen this before,” he said. Dr. cases. munities of color that have way we did with smallpox, but lief bill, with Democratic lead- said Dr. Birx.

Nation’s Seven-Day Death Average Nears High Mark

BY ALEJANDRO LAZO The drawback is that these
treatments and steps to pro-
Coronavirus deaths in the tect older and more vulnerable
U.S. are nearing highs set populations are being canceled
early in the pandemic, when out by the widespread nature
less was known about the vi- of the virus in the U.S., Dr.
rus and testing was much Russo said. Unlike in the
more limited. spring, deaths are now piling
The seven-day average of up in a variety of different
daily U.S. deaths—which helps states across the country.
smooth out irregularities in “We’re in a nationwide
data reporting—hit 2,237 on mess,” Dr. Russo said.
Monday, according to a Wall In Illinois, the seven-day
Street Journal analysis of data average of Covid-related
compiled by Johns Hopkins deaths was 175.6, according to
University. That is near the re- the Journal analysis, as offi-
cord 2,241 average deaths set cials in the state said Monday
on April 24, when New York they were still keeping an eye
and New Jersey were bearing on any rise in the state’s posi-
the brunt of a springtime surge. tivity rate following the
Deaths are a lagging indica- Thanksgiving holiday.
tor, with fatalities coming In Michigan, where Demo-
weeks or months after a new cratic Gov. Gretchen Whitmer
case is reported. It is one of has extended new restrictions
three key statistics—along on business and activity
ROBERT F. BUKATY/ASSOCIATED PRESS

with infections and hospital- through Dec. 20, the seven-day

izations—that public-health death average hit 122.6. Penn-
experts use to understand the sylvania rose to an average of
virus’s spread. 140.6 deaths per day, and the
The climbing daily death two most populous states,
toll comes as an expected Texas and California, hit 184.3
surge of new cases linked to and 120.3 average deaths per
the Thanksgiving holidays is day, respectively.
beginning to affect some hos- California has witnessed an
pital systems and as health of- exponential rise in newly re-
ficials and state leaders fear Testers helped each other with their protective gowns Tuesday at a mobile testing location for Covid-19 in Auburn, Maine. ported Covid-19 cases, prompt-
more potential spread during ing Democratic Gov. Gavin
the holiday season. followed up a week later by “I’m quite concerned that and fatalities suggests the U.S. early days of the virus because Newsom to institute regional
“We’ve got Thanksgiving— New Year’s,” said Thomas we’re in the midst of this average daily death toll could younger populations now make stay-at-home orders for most
which we really haven’t felt Russo, head of infectious dis- surge, and it’s likely to get top 3,000 by mid-December. up a larger proportion of con- of the state’s residents as the
the full impact of yet by any ease at Jacobs School of Medi- worse before it gets better.” Public-health experts note firmed cases, while treatments availability of hospital inten-
means—we’ve got the reli- cine and Biomedical Sciences One metric that connects that the mortality rate for the for the disease caused by sive-care units fell below 15%
gious holidays, and then that’s at the University of Buffalo. newly reported Covid-19 cases virus is lower than during the Covid-19 have also improved. in vast swaths of the state.

FDA Says Here are key findings of the Food and Drug Administration’s analysis of the Covid-19 vaccine devel-
oped by Pfizer and German partner BioNTech, as well as findings from the manufacturers. Both re-
Frequency of selected side
effects after second injection
showed the vaccine was effec-
tive across ages, weights and
races, although most of the sick

Pfizer Shot ports were released Tuesday. Vaccine Placebo subjects were white and many
were 55 years old and younger.
THE VACCINE IS EFFECTIVE 94% effective who received the vaccine Of the sick subjects, 162 re-

Is Effective
Fatigue
 The vaccine is 95% effective  People with underlying reported swelling of lymph ceived a placebo and eight re-
at protecting against symptom- conditions: 95% effective nodes, compared with six on ceived the vaccine. The sick
Muscle
atic Covid-19. the placebo. pain subjects who were white to-
SIDE EFFECTS ARE COMMON
taled 153, with 146 receiving a
 After the first dose, the vac- BUT MOSTLY MINOR
Continued from Page One NEXT STEPS Joint placebo and the rest getting a
cine showed to be more than  Eighty-four percent of trial
stressed the importance that  Pfizer plans to monitor pain vaccine, resulting in about 95%
52% effective, protection that subjects reported reactions at
they be effective in high-risk patients for two years to learn efficacy within that subgroup.
rose to 95% a week after the the injection site. After getting
populations such as minority more about duration, since it Fever of The vaccine was found to be
second dose was administered. the vaccine, 63% of trial subjects
groups and the elderly that have isn’t clear how long protection 100.4° F+ 0.5 100% effective in Black people,
reported fatigue, 55% headaches,
been hit hardest by the pan- might last. 0% 30 60 with seven Black subjects be-
EFFECTIVENESS VARIES 32% chills, 24% joint pain and
demic. coming sick, all of whom were
LITTLE BY AGE, ETHNICITY, 14% fever.  The FDA report goes to an
Anthony Fauci, the govern- Note: For ages 18–55 Source: FDA in the placebo group.
RACE outside advisory panel
ment’s top infectious-disease  Bell’s palsy, which is temporary Six subjects died, with two
 White people: 95% effective Thursday, which will
expert, said Tuesday that peo- muscle paralysis in the face, was On Thursday, however, the receiving the vaccine and four
recommend on whether the
ple’s hesitancy to get vacci-  Black people: 100% effective found in four patients who outside panel might scrutinize in the placebo group. None of
vaccine can be distributed on
nated could be a big hurdle. received the vaccine, and none on the demographic breakdown of the deaths were concluded to be
 All others, including Ameri- an emergency basis.
“There are a substantial pro- the placebo. Three of the cases the trial, as health authorities related to the vaccine, according
can Indian, Asians and Pacific
portion of people who do think hadn’t been resolved by Pfizer’s  FDA authorization of the have sought for Covid-19 vac- to Pfizer. The FDA said the
Islanders: 89% effective
this is not real, that it’s fake regulatory submission in vaccine could come within days cine trials to include diverse deaths “represent events that
news, or it’s a hoax. This is ex-  People over 55 years old: November. Sixty-four subjects after Thursday’s meeting. populations. More than 80% of occur in the general population
traordinary. I’ve never seen this the approximately 38,000 trial of the age groups where they
before,” Dr. Fauci said at The subjects for whom Pfizer sub- occurred, at a similar rate.”
Wall Street Journal’s CEO dence among health authorities scrutiny during the pandemic. eral months. Typically, vaccines mitted data were white. The vaccine uses an innova-
Council Summit on Tuesday. and physicians preparing for a “We didn’t cut any corners,” take years to develop and test Pfizer’s late-stage trial began tive gene-based technology
Anna Durbin, a vaccine re- mass vaccination campaign. he said. before getting a green light by in July, enrolling some 44,000 known as messenger RNA that
searcher at Johns Hopkins Uni- States, hospitals and other sites The analyses released Tues- governments. people at more than 100 sites has never been approved to
versity, who is helping test a that will receive shots early on day offer new insight into how The FDA found more testing around the world. prevent any infectious diseases.
Covid-19 vaccine being devel- are building vaccination teams effective the two-dose shot will be needed to confirm that The efficacy was determined The FDA has sped up its ap-
oped by AstraZeneca PLC, said as Pfizer nears potential distri- might be, as well as how safe it the vaccine effectively prevents after 170 subjects became sick, proval processes by considering
it would be important to see bution. could be should regulators death. And its analysis con- triggering a review by an out- Pfizer’s vaccine for emergency-
more participation of Black Pfizer and BioNTech previ- clear it for use in the U.S. cluded that the data were lim- side panel that found most of use authorization. These autho-
people in future Covid-19 vac- ously said the vaccine was Tuesday’s data also gave new ited in showing whether it can those subjects had received a rizations, in essence, involve
cine studies. shown to be 95% effective at details on the two months of curb transmission of Covid-19 placebo rather than the vac- balancing risks and benefits.
“There’s a lot of distrust in protecting against symptomatic safety data on about 19,000 vac- from individuals who are in- cine. Researchers looked at But because vaccines, unlike
the [Black] community around Covid-19. cinated study subjects requested fected despite vaccination. how well the shots worked most drugs, are given to
research in general,” she said. Albert Bourla, Pfizer chief by the FDA. The agency said trial The agency said the vaccine seven days after a study volun- healthy people, the FDA has
At the same time, Dr. Durbin executive, said during an indus- participants who were given the was found to be effective teer got a second dose. still insisted on rigorous stan-
said it was encouraging that try group panel on Tuesday vaccine were more likely to get across race, age and ethnicity, The sick participants in- dards—including convening
the vaccine appeared to pro- that while the vaccine was de- certain side effects than patients and that its analyses found no cluded 10 whose cases of Thursday’s public meeting and
vide some protection 10 days veloped quickly, it went who received the placebo. safety concerns in subgroups Covid-19 were severe. Nine had making public the companies’
after the first dose. through rigorous testing and Still, much remains unknown by race, age, ethnicity or people received the placebo and one and agency’s analyses.
The information released followed strict standards, even about the vaccine because it with comorbidities such as pre- the vaccine. —Rolfe Winkler
Tuesday is likely to build confi- more so than normal given the has been studied only for sev- existing conditions. Data disclosed Tuesday contributed to this article.
 THE WALL STREET JOURNAL. * * Wednesday, December 9, 2020 | A7

U.S. NEWS

AstraZeneca Trials
Reaffirm Safety,
Efficacy of Shot
BY JENNY STRASBURG was being administered for the
AND JOSEPH WALKER first time outside trials, in the
U.K.
LONDON—Peer-reviewed It also coincided with a pre-
data from late-stage human tri- liminary assessment by the U.S.
als of a Covid-19 vaccine devel- Food and Drug Administration

DAN CHARITY/PRESS POOL

oped by the University of Oxford on Tuesday showing the agency
and AstraZeneca PLC reaf- was satisfied with the Pfizer
firmed the shot’s strong safety shot’s effectiveness and safety,
results and provided some addi- paving the way for a potential
tional evidence that halving the emergency-use authorization in
first of two doses of the shot the U.S. in coming days.
boosts its effectiveness. The FDA is also reviewing
AstraZeneca and Oxford Moderna Inc.’s vaccine, with a A syringe with a dose of the Pfizer/BioNTech Covid-19 vaccine was prepared to be administered Tuesday in south London.
said the data gave them confi- verdict expected shortly.

Caution Urged on Vaccine Passports

dence to ask the U.K. and other Results from an ongoing
countries for emergency-use U.S. study will likely be needed
authorization of the vaccine, before a potential approval in
but they said regulators will the U.S., said Menelas Panga-
have to decide which dosing los, AstraZeneca’s head of bio- BY JASON DOUGLAS This debate over the pros has been downloaded 19 mil- cially those who handle blood,
regimen to approve. Last pharmaceutical research, citing and cons of so-called immu- lion times. are in some countries required
month, AstraZeneca and Ox- conversations with regulators As the West’s first autho- nity passports as a tool to But he said the U.K. govern- to be vaccinated against hepa-
ford said trial data showed the at the FDA. rized Covid-19 shots were ad- combat the pandemic has been ment has no plans to formally titis B to reduce the risk of in-
vaccine was between 62% and The U.K. government al- ministered in the U.K., an old rekindled by the U.K.’s deci- issue immunity passports to fection.
90% effective, but that the ready has asked its medicines ethical question in public sion last week, the first by a vaccinated individuals, or to Alan Joyce, chief executive
higher results were observed regulator to review AstraZen- health is gaining new rele- Western country, to authorize make getting the shot manda- of Australian airline Qantas
in a small subset of the wider eca’s shot for emergency-use vance: Is there a case for issu- the rollout of a coronavirus tory. His message was reiter- Airways Ltd., has said he an-
trial. authorization. The published ing proof of immunity to peo- vaccine. Elderly citizens and ated more forcefully by more ticipates his airline will re-
This subset received a half- results push the vaccine closer ple who have been inoculated? health-care workers started senior figures in government quire passengers to show
sized initial dose followed by a to a potential rollout in Brit- The idea is that individuals receiving a shot developed by and Prime Minister Boris proof of vaccination when
full second dose. The group ain, while late-stage trials of could stop wearing masks and Pfizer Inc. and Germany’s Bi- Johnson’s official spokesman. making international flights.
was also all under 55 years old, the shot continue in the U.S. following social-distancing oNTech SE on Tuesday. “People have to be allowed The Australian government
raising questions about “We hope to see regulatory rules if they can prove they The Food and Drug Admin- to decide for themselves has said it may require visi-
whether the lower dosing approval in the coming weeks,” have been inoculated and so istration and the European tors and returning travelers to
would also be effective in older Sarah Gilbert, an Oxford vacci- aren’t a risk to others. Restau- Medicines Agency are evaluat- show proof of vaccination as a
subjects. nology professor and a lead rants, theaters and offices ing the vaccine as well as sev- condition of entry, adding that
AstraZeneca and Oxford on scientist on the vaccine, said could reopen with confidence eral others and, if cleared,
A requirement to it expects some other govern-
Tuesday declined to say on a call with reporters. by admitting those certified as vaccinations in the U.S. and prove immunity ments could follow suit.
whether they would ask regu- The researchers continue to vaccinated, and international the European Union could be- An essay in the Lancet, a
lators to approve the lower- collect data from the studies travel could resume. As the gin late this year or early in
would raise practical medical journal, in October
dose regimen, leaving unclear and expect to have more an- vaccinated population in- 2021, health officials in both and ethical issues. made the case in favor of im-
whether an initial vaccine ap- swers in the future about dif- creases, normal life could jurisdictions say. munity passports, suggesting
proval and rollout would be ferences in the effectiveness of gradually resume. Nadhim Zahawi, the British governments consider special
limited to the less-effective the two regimens and between Scientists and public-health government’s vaccines minis- wristbands, apps or certifi-
regimen. The 62% effectiveness age groups, said Prof. Gilbert. experts caution, though, that ter, said two days before the whether they want to be vacci- cates so individuals can show
shown in the majority of the AstraZeneca has described it is too soon to know whether regulator’s authorization of nated or otherwise,” Mr. Za- they have been immunized.
trial participants is still better the half-dose results as the the vaccines being raced into the Pfizer vaccine that bars, hawi said in a broadcast inter- “The only grounds for the
than what health experts deem product of a lucky error in cal- production will confer true restaurants and entertainment view. use of coercion, of the limita-
necessary to protect people ibrating dosage in the early and lasting immunity to infec- venues might eventually start The idea of an immunity tion of people’s freedom by
against severe Covid-19. stages of human trials, but tion. Nor is it clear if they will asking customers if they have passport for certain activities the state, is when they repre-
The publication of the data that it is still trying to under- be as effective at preventing been vaccinated as a condition isn’t new, especially for inter- sent a risk of harm to other
in the Lancet—the first full stand the surprising result. An transmission as they were at of service. national travel. Would-be trav- people,” said Julian Savulescu,
peer-reviewed results from any Oxford scientist said Tuesday reducing the severity of illness He said the government elers to more than a dozen director of the University of
of the late-stage human trials that the half-dose was un- in trials. Such proposals raise was looking at possible tech- countries including Ghana and Oxford’s Uehiro Center for
disclosed so far by the West’s planned but that the study de- ethical and political consider- nological fixes to make it easy Nigeria, for example, are re- Practical Ethics and one of the
three leading vaccine makers— sign was amended to include ations, too, about whether it is for people to declare their vac- quired to show proof of vacci- essay’s authors. “When some-
comes on the day that a vac- the half-dose group in its anal- wise or just to divide citizens cination status, perhaps by nation against yellow fever be- body is not at risk of harming
cine developed by Pfizer Inc. ysis. Both said the half-dose into new categories based on adding a feature to a coronavi- fore they are issued a visa. other people, their freedom
and Germany’s BioNTech SE regimen will be tested further. their vaccination status. rus contact-tracing app that Health-care workers, espe- shouldn’t be restricted.”

U.K. Starts ogy called mRNA, which carries

genetic instructions to cells,
and must be stored at minus 70
that have to be brought from
the freezer to our specialist
fridge, that needs to be moni-

Inoculating degrees Celsius, or minus 94

degrees Fahrenheit, to maintain
their integrity. Once thawed,
tored by a pharmacist. Vials
need to be dated, tempera-
tures measured,” said Lynne

Populace the vaccine can be used within

five days if it is kept at 2 to 8
degrees Celsius, Pfizer said. At
Cronin, a 60-year-old nurse.
The NHS has also appealed
for retired doctors and nurses
room temperature, that window to help out and for thousands
Continued from Page One shrinks to two hours, according of volunteers to train as vacci-
vited to receive one of the ini- to the drugmaker’s data. nators and support staff.
tial 800,000 doses of the shot The NHS has said it plans Kate Bingham, head of the
that arrived from Belgium to start administering shots in U.K. government’s vaccine task
were people over 80 who had nursing homes before Christ- force, said delivering the vac-
existing appointments for mas once it has overcome lo- cine was a “monumental chal-
other procedures—and whose gistical hurdles. Local doctors lenge.” But the U.K. is probably
age puts them at greater risk said they haven’t received in- the most well-prepared coun-
from the coronavirus. structions on how to get doses try in the world to actually re-
The U.K. has ordered 40 to nursing-home sites safely. ceive these vaccines and de-
million doses of the vaccine, Still, despite the obstacles, ploy them, she told the British
enough to inoculate 20 million starting next week the British Broadcasting Corp. on Tuesday.
people with two doses each. government wants to distrib- Some of the U.K.’s experts
But the complex delivery pro- ute the doses via a network of in vaccinology warn about the
cess of the new shot—which need for caution, space and
requires a precisely timed de- trained specialists to prepare
ployment through an elabo- the vaccine. “That space cer-
rate, temperature-controlled
The complex tainly isn’t in a nursing home,”
supply chain—has restricted delivery process has said Beate Kampmann, direc-
the first stage of the rollout to tor of the London School of
50 hospital hubs in England
restricted the first Hygiene and Tropical Medi-
and a small number of other stage of the rollout. cine’s vaccine center.
sites in the rest of the U.K. Patients need two doses of
The government estimates it the vaccine, so the first receiv-
will receive seven million ing it on Tuesday will be called
shots by the end of the year, local physicians. When more back in three weeks, just as oth-
depending on the production doses become available, it ers are coming in to get their
process, down from 10 million plans to open mass-vaccina- first shot. “This all needs to be
it forecast in November. tion centers in conference ven- recorded very, very carefully,”
More than 60,000 people
have died from the virus in the
ues and gymnasiums. The gov-
ernment changed the law to
Dr. Kampmann said, so any ad-
verse effects can be monitored.
A Bright Future
U.K., with at least 17,000 of allow student doctors, physio- Some doctors said they Norman Rockwell
them among nursing-home therapists and dental workers don’t have enough patients
residents in England and to administer the vaccine. aged over 80 on their books to
Wales, according to the Office Some of those administer- use all the doses in time, and
Famed artist. Inspiring subject. Classic
for National Statistics. ing it at a Covid-19 testing- others worry about delivering
Americana. This original oil by the
Plans to get the vaccine im- turned-vaccine center in Car- so many vaccines and handling incomparable Nor man Rock well is
mediately to the most vulnera- diff on Tuesday said it was the accompanying paperwork quintessential Rockwell in both its story
ble in nursing homes are com- trickier to use than the flu on top of their usual case load. and its execution. Enjoyed by millions of
plicated by the need to keep it vaccine because it doesn’t Linda Roach, 61, arrived Americans in the June 18, 1955, edition of the
in sub-Arctic temperatures. come in ready-to-go shots. early for her vaccination on Saturday Evening Post, the work captures the
The shots use a new technol- “This one comes in big vials Tuesday morning at the center hopeful expressions of these new graduates
in Cardiff. She works in recep- beginning on their bright future. Signed
tion at the emergency room of (bottom center). Canvas: 183 /4”h x 221/4”w;
the University Hospital of Frame: 233/4”h x 271/4”w. #31-2362
Wales and said she had “been
really looking forward to it.”
“I just wanted to get the
GARETH PHILLIPS FOR THE WALL STREET JOURNAL

vaccine and know that I will

be safer in my work environ-
ment,” she said.
Health Secretary Matt Han-
cock said Tuesday was “an emo-
tional day, tinged with worry.”
“This is an incredibly impor-
tant moment on the march out 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
of this pandemic,” he told the
BBC. “But we’ve still got a long Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
march to go this winter, and Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
people need to keep respecting
the rules and try to live in a way
Betty James, an NHS worker at Llandough Hospital, receives a that if you have the virus, it in-
Covid-19 vaccine at a health facility in Cardiff, South Wales. fects as few people as possible.”
A8 | Wednesday, December 9, 2020 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Boris Johnson Faces Crunch Brexit Talks
British prime minister EU officials on Tuesday
played down the prospect of
will try to resolve an immediate breakthrough in
differences with EU as the talks between Mr. Johnson
and Mrs. von der Leyen, say-
deadline approaches ing any progress would likely
trigger further talks among se-
Brexit negotiations are set nior negotiators.
to enter a last decisive phase The officials said that there
as British Prime Minister Boris was no immediate deadline for
Johnson prepares to travel to negotiations to end and that
Brussels on Wednesday in a they are prepared to resume
bid to secure a deal over the talks after Jan. 1 if there is no
European Union’s relations deal. However, they said their
with the U.K. negotiating stance wouldn’t
change. Mr. Johnson’s spokes-
By Laurence Norman man on Tuesday ruled out

DANIEL LEAL-OLIVAS/AGENCE FRANCE-PRESSE/GETTY IMAGES

in Brussels talks after Dec. 31.
and Jason Douglas Any deal must be signed off
in London by the U.K. and European par-
liaments, leaving little time for
Failure to reach a deal an accord to be brushed up,
would mean from the start of translated into EU languages,
next year tariffs would be ap- ratified and signed by lawmak-
plied for the first time in al- ers by Dec. 31.
most a half-century on some The EU and U.K. team have
trade between the U.K. and the filled most of the text of what
trade bloc to which it sends would be an accord, but no
43% of its exports. It would significant progress has been
also end many types of cooper- made in recent days, U.K. and
ation between the U.K. and the EU officials said.
EU over crime, security and The major sticking points
travel, and corrode relations are the principles that would
between close U.S. allies in Eu- British Prime Minister Johnson will hold talks Wednesday with European Commission President Ursula von der Leyen in Brussels. govern future state-aid deci-
rope as a new administration sions on both sides of the
comes to power in Washington. the coming days. The two sides “Our friends have just got to The concession, which some would be enforced. Channel, including an EU de-
Even with a deal, obstacles said Tuesday that Mr. Johnson understand that the U.K. has EU officials said was a positive The agreement will help de- mand that the U.K. set up an
to trade will increase, adding would hold talks with the EU left the European Union in or- move, came after the EU and cide the central issue that was independent agency to block
costs and delays for importers leader over dinner Wednesday. der to be able to exercise dem- U.K. had also announced they thrown up by Britain’s 2016 unfair state subsidies. The U.K.
and exporters on both sides of On Thursday and Friday, EU ocratic control over the way we had reached a deal on how to vote to leave the bloc: How is demanding the EU also agree
the border. The climax of the leaders will meet in Brussels do things,” Mr. Johnson told implement last year’s exit much can Britain regain con- to limits on subsidies coming
talks comes as the U.K. and EU for a summit and get a state of the British Broadcasting Corp. agreement, which included trol of its rules and standards from the EU budget. Britain is
are battling the pandemic and play on Brexit. There are no However, in a signal the two steps to avoid a physical bor- if it still wants some special resisting EU demands to agree
the economic cost of govern- plans for direct discussions sides were still prepared to der on the island of Ireland. access to EU markets. on a legal framework locking in
ment efforts to contain it. between Mr. Johnson and EU compromise, the U.K. govern- Negotiators are trying to Britain formally left the bloc a pledge that Britain won’t set
After a telephone conversa- leaders at the summit, officials ment said Tuesday it won’t im- close gaps on issues that have on Jan. 31 but it is following its labor, environmental and so-
tion with European Commission say, but if enough progress plement prospective legislation bedeviled the talks from the EU rules and gaining full ac- cial standards below its current
President Ursula von der Leyen were made, leaders could in that would override parts of start—how to secure fair com- cess to the bloc’s single market EU-mandated levels and that
on Monday, Mr. Johnson said theory be available to discuss last year’s divorce agreement petition, EU access to British until Dec. 31, when the transi- common minimal standards
he would travel to Brussels in and potentially sign off a deal. related to Northern Ireland. fishing waters and how a deal tion period officially ends. can be upgraded over time.

WORLD WATCH
NEW ZEALAND
China Digs In Despite New U.S. Sanctions
BY DAN STRUMPF rests of prominent figures ac- lar briefing that it firmly op- The sanctions bar the 14 Hong Kong’s economy being
Warnings Missed in cused of crimes over their roles posed U.S. interference and Chinese officials from traveling forecast to shrink by a record
Mosque Shootings The Trump administration’s in last year’s antigovernment said it wouldn’t affect China’s to the U.S. and prohibits U.S. amount this year. The pace of
imposition of sanctions on 14 uprising. Pro-democracy groups Hong Kong policies. persons from dealings with decline slowed in the third quar-
Months before Brenton Tar- senior Chinese leaders is the say efforts to crush opposition Recent weeks have seen ac- them. ter, according to official data.
rant murdered 51 worshipers at heaviest blow aimed at Beijing in the city are increasing, de- tivist Joshua Wong jailed for The measures risk retalia- One metric of Hong Kong’s
two mosques in Christchurch, he in response to its crackdown on spite the rising international more than 13 months for pro- tion, though they fell short of economy, the volume of con-
sought help from hospital staff Hong Kong. If earlier measures condemnation of China. test-related offenses, outspoken crossing a red line set by senior tainer-ship traffic flowing
for wounds to his right eye and are a guide, the effect will be “The Chinese will view the Chinese diplomats in talks with through the city, rose in Sep-
thigh from a firearm incident. mostly symbolic. designations of 14 NPC officials their U.S. counterparts, people tember and October, suggesting
A jammed cartridge had ex- The U.S. announced sanc- as an irritant, but not conse- familiar with the matter said. that China’s recovery from its
ploded while Tarrant was clean- tions on Monday against more quential,” said Bonnie Glaser,
Pro-democracy The diplomats have made it virus-related slump is bolstering
ing a rifle in July 2018 at his than half of China’s 25-member director of the China Power groups say efforts to clear that should the U.S. target part of the city’s economy.
rented home. Medical staff who top legislative body, the Na- Project at the Center for Strate- the Politburo’s elite Standing Many banks are bracing for
treated the now 30-year-old tional People’s Congress Stand- gic and International Studies in
crush opposition in Committee, it would be seen as a forthcoming blacklist from
Australian considered the acci- ing Committee, that officials in Washington. “Beijing has al- Hong Kong are rising. a serious escalation of tensions, the Treasury Department of fi-
dent to be unusual, but didn’t Washington said was central to ready made the decision to im- the people said. nancial institutions found to
report it to police because Tar- China’s efforts to rein in free- pose its rule over Hong Kong. “If the PRC continues to have relationships with sanc-
rant wasn’t behaving aggres- doms in Hong Kong. The body Such symbolic steps are un- erode human rights and the fun- tioned individuals.
sively and didn’t appear suicidal. has imposed a national security likely to affect its actions.” media mogul Jimmy Lai denied damental freedoms of the peo- President-elect Joe Biden
It was one of several missed law and barred opposition leg- China expressed anger over bail on fraud charges, and the ple of Hong Kong, the United has steered clear of articulating
opportunities to intercept Tar- islators in recent months. the sanctions, with its foreign mass resignation of opposition States is prepared to take fur- a clear policy on Hong Kong,
rant before he gunned down the Hours after the U.S. move, ministry on Tuesday summon- members of the Legislative ther action,” a State Department though few observers expect
worshipers in 2019 that were Hong Kong police arrested eight ing Robert W. Forden, the U.S. Council, who quit after the spokeswoman said. the forthcoming administration
outlined in an official inquiry. activists, including opposition chargé d’affaires in Beijing, to NPC’s standing committee dis- Economists say the Covid-19 to spend the political capital
—Stephen Wright legislators and protest organiz- condemn the measures. A min- qualified four colleagues consid- pandemic, rather than U.S. ac- necessary to walk back the
ers, the latest in a series of ar- istry spokeswoman told a regu- ered disloyal to China. tions, is the main culprit for Hong Kong sanctions.
JAPAN
Government Limits
Short-Term Stimulus
Japan is forswearing nation-
Mount Everest Adds a Few Feet to Its Peak Performance
wide cash handouts or other big BY ERIC BELLMAN others in recent years. Measur-
spending that would give its AND KRISHNA POKHAREL ing mountains isn’t an exact
economy a lift, taking a more science as it has to take into
long-term approach than the U.S. KATHMANDU, Nepal— account everything from theo-
Japanese Prime Minister Mount Everest just got a little retical sea levels to how gravity
Yoshihide Suga, releasing on taller. would affect that sea level near
Tuesday his first major economic China and Nepal, the two the mountains being measured.
plan since taking office in Sep- countries Everest straddles, Everest does grow, very
FROM LEFT: TASHI TSERING/XINHUA/ASSOCIATED PRESS; SUNIL SHARMA/ZUMA PRESS

tember, came down on the side said the world’s tallest moun- slowly—less than a fifth of an
of limiting short-term stimulus. tain is now officially the inch a year—some geologists
His plan didn’t include: a re- equivalent of 29,032 feet. say, from the movement of
peat of a nearly $1,000 cash The new height of 8,848.86 tectonic plates below it. But
handout for every resident of meters (29,031.69 feet) was that growth can be erased or
Japan that took place in late determined following what ge- reversed by earthquakes or
spring. The new plan includes ologists said was the most other effects.
nearly $500 in cash for house- thorough survey of the sum- People have been measur-
holds headed by a single parent, mit ever. More important, it
with extra for those with more was the first time a single
than one child. height was calculated and cer-
—Megumi Fujikawa tified by both Nepal and
China. Previously, they had
ETHIOPIA different official heights.
China said it was 29,017 feet.
Soldiers Fire On, Nepal said it was a little taller,
Detain U.N. Staffers at 29,028 feet.
“The respect and pride of
Ethiopia’s security forces shot all Nepalis has risen along
at and detained United Nations with this increase in the
staffers as they tried to reach height” of Mount Everest,
part of the embattled Tigray re- Padma Kumari Aryal, Nepal’s
gion, a senior official said, and minister for Land Manage- A Chinese surveyor setting up equipment on the summit of Mount Everest in May.
he blamed the U.N. staffers for ment, Cooperatives and Pov-
trying to reach areas where erty Alleviation, said at an ficial height. where the mountain is called closer to China in recent years
“they were not supposed to go.” event in Kathmandu to cele- The story of Sagarmatha, did the same go- and has massive infrastructure
The shooting occurred amid brate the announcement. why the two coun- ing south to its border with projects planned under Bei-
soaring frustration among hu- Nepali scientists wouldn’t tries couldn’t India. Both sides used the lat- jing’s Belt and Road initiative,
manitarian officials as desper- speculate on the reason for agree on the est technology along the more including a railroad through
ately needed aid is still not the higher measurement this height and resolve than 2,000-mile journey. the Himalayas and a tunnel
freely reaching the Tigray region time, saying it may have more the world’s highest The teams from China and under them connecting the
more than a week after the U.N. to do with improvements in border dispute is Nepal used everything from two countries.
and Ethiopia’s government technology and calculations. ing and remeasuring the part geopolitics and part ge- old-fashioned trigonometry “China-Nepal friendship
signed a deal for access. “In this latest measurement, world’s highest peak for more odesy. It is a matter of pride and surveying equipment, to will rise across the Himalayas
The senior government offi- we used the best technologies than 170 years, using the lat- for both that they have done it satellite positioning and grav- and reach new heights,” Wu
cial, Redwan Hussein, said the available now at this time, and est tech to try to add precision on their own. ity meters. Wenzhong, head of China’s
staffers have been released. arrived at this slightly higher on each attempt. For many From the Yellow Sea to the Nepal had planned to do surveying and mapping de-
A U.N. spokesman said the number,” said Damodar Dhakal, years, European estimates, peak of Chomolungma, China’s this all on its own, but figured partment, said through a video
four staffers had been trying to director and spokesman for which were determined from Tibetan name for Everest, Chi- it was better to work with link to Kathmandu. “An even
assess roads, a key step before Nepal’s Survey Department. hundreds of miles away be- nese teams measured the dis- China so there would be a sin- brighter future lies ahead for
larger aid convoys can go in. Geologists said the new cause they weren’t allowed tance from sea level and grav- gle number. scientific cooperation between
—Associated Press height was in line with most near it, set the mountain’s of- ity, while teams in Nepal, Nepal has been growing China and Nepal.”
THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | A9

WORLD NEWS

Emirati
Buys Into
Mexico Cartels Set Up Shop in Europe
Dutch raids uncover Floating Lab 2½ tons of Mexican meth sent

Israeli meth labs utilizing Dutch police found three cooks from Mexico handling meth-yielding
chemicals from China; chemicals when they raided this ship in May 2019.
in shipping containers, said
Scott B. Rowan, the DEA’s Euro-
pean field intelligence manager.

Soccer ‘like global corporations’

BY VALENTINA POP
LLength:
ength:
g 9 fft
ft.

C
Cargo area
a
The meth had been smuggled
inside concrete blocks, in boxes
police found behind a false wall

Team
Built: 1961
of a Rotterdam warehouse. A
MOERDIJK, Netherlands— separate raid in Utrecht, 40
When police raided a barge Height: miles east, uncovered 60 pallets
8. ft.
An Emirati investor acquired moored here last year, they of shattered concrete that had
a 50% stake in a popular Israeli found more than just a sophis- Width: hidden the shipment. Police also
soccer club that is known for a ticated crystal-meth lab that  ft. found 4,623 gallons of chemi-
Shipping container Storage room Meth lab
group of racist, anti-Arab fans, started sinking as they in- cals used for manufacturing
one of the first high-profile spected it. synthetic drugs.
deals since Israel and the The setup—Mexican cooks A day after the Utrecht raid,
United Arab Emirates normal- using Dutch equipment to pro- fire swept the warehouse. Police
ized relations in September. cess chemicals from China— Jerrycans, barrels 2 bags of 2 freezers Working tables Centrifuges 3 meth cooks 156 pounds suspect an attempt to destroy
offered a window into the new and buckets filled tartaric acid of meth in evidence.
By Dov Lieber global drug economy. A num- with chemicals solid form Container ships to Rotter-
in Tel Aviv and ber of recent Dutch narcotics dam aren’t cartels’ only smug-
Rory Jones in Dubai raids have snagged Mexican gling method. On Sept. 7, po-
1 bag of Scale Ice buckets Pans Liquid that
nationals, including ones caustic soda can be turned lice at Mexico City airport
Sheikh Hamad bin Khalifa al linked to the violent Jalisco into meth intercepted 25 gallons of liquid
Nahyan, who describes himself New Generation Cartel, ac- meth bound for Holland, hid-
on his website as a member of cording to the U.S. Drug En- 7 jerrycans Plastic den inside lava lamps. The liq-
the Abu Dhabi royal family, is forcement Administration. with chemicals containers uid, known as base oil, is meth
investing at least $90 million Mexican cartels, which Sources: Dutch court documents; Binnenvaart.eu Roque Ruiz/THE WALL STREET JOURNAL in its purest form, later diluted
over the next decade for the dominate drug trafficking in and processed to yield crystals.
stake in Beitar Jerusalem, ac- North America, are drawn to glers in the 1990s, bringing The main chemical in
cording to the two sides in the the Netherlands because it is a cocaine through Rotterdam, meth—benzyl methyl ketone,
deal. “We want to set an ex- global trade nexus with sea Europe’s largest port. Cocaine or BMK—can also be used to
ample to both nations that and rail links to Asia that has remains Europe’s top illicit manufacture amphetamine,
Jews and Muslims can work long been Europe’s top manu- stimulant, but Dutch police which makes it easy for Dutch
together,” Sheikh Hamad said facturer of synthetic drugs. say over the past two years chemists to deliver a market’s
in a news conference with the Piggybacking legitimate surging quantities of Mexican most-wanted product at the
team’s co-owner Moshe Hogeg, commercial channels, Mexican meth have hit the Netherlands, lowest production costs.
a cryptocurrency entrepre- cartels are combining sophisti- Mexican “cooks” have arrived “Three years ago, police
neur. cation with ruthlessness to ex- to teach local chemists, and were wondering why Dutch
Sheikh Hamad said the pur- pand their reach world-wide. Dutch technicians are honing chemists hadn’t already
chase was a personal invest- Their multinational drive is production methods. started cooking meth, since

DUTCH NATIONAL POLICE

ment and that the U.A.E. gov- enabled by the advent over re- “The crystal-meth academy they have all the ingredients,
ernment wasn’t involved. cent decades of highly potent is open in the Netherlands,” said knowledge of the methods and
The acquisition represents synthetic drugs that don’t rely Jan Struijs, head of the Dutch hardware,” said Judith van
the first significant private in- on crops or farmers and can Police Union and a veteran orga- Valkenhoef, a criminologist
vestment by an Emirati into Is- be manufactured in compact nized-crime investigator. with the Dutch Police Acad-
rael after the two countries es- facilities almost anywhere. The Netherlands offers Mex- emy, a research center, which
tablished diplomatic relations Production experts instant- ican cartels an ideal production Police seized 2½ tons of Mexican meth sent in shipping containers. in 2018 estimated that Dutch
that marked a broader realign- message instructions to over- base because of its experienced synthetic-drug production was
ment in the turbulent Middle seas workers and hop the chemists, unrivaled cargo net- tions. Dutch authorities cracked cent sewage analysis found in- worth at least $18.9 billion.
East. It also suggests Emirati globe like factory trouble- works and liberal attitude to down on U.S. links, but produc- creasing meth residue in While the relationship be-
investors won’t shy away from shooters in any industry. drugs. Connections to labs in ers soon regrouped and shipped Amsterdam, London, Barcelona tween Dutch and Mexican
potentially controversial moves With the U.S. drug market China supply chemicals that elsewhere, including Japan and and Brussels. German customs drugmakers now appears sym-
with Israeli business partners. saturated and methamphet- constantly adapt to remain le- Australia. officials report a recent uptick biotic, DEA officials predict
In a soccer league filled with amine labs in Mexico already gal. Dutch traffickers cultivated The recent shift to meth in seizures of meth in vehicles the cartels will eventually take
Jewish and Arab players, Beitar supersize, cartels that murder those links over decades as production in the Nether- coming from the Netherlands. control, as they did with Co-
Jerusalem has never had an for market share see Europe they perfected ecstasy manu- lands—with Mexican involve- “We’re at the forefront of a lombian heroin production.
Arab player and some of its ex- as a new hub. The cartels are facturing for party scenes in ment—worries officials who trend here,” said Andy Kraag, Dutch officials are awaken-
tremist fans often sing racist “like global corporations,” said London, Berlin and New York. see it sparking a crime wave head of the Dutch National ing to the impact of tolerating
chants at games, such as “death DEA Regional Director for Eu- In the late 1990s, Dutch ec- and positioning Europe to fol- Criminal Investigations Divi- drug use for a long time and
to the Arabs.” Mr. Hogeg and rope Daniel Dodds. “If they stasy pills swamped the U.S., low the U.S. shift from party sion. “Meth is a devastating “allowing for too long a paral-
fans say such racists make up a can expand and broaden their prompting the Clinton adminis- drugs to far more addictive and drug, so it’s top priority for us lel economy to grow and be-
tiny part of the team’s fan base, customer base, they will.” tration to publicly denounce the destructive drugs such as meth to take down all those labs.” come more influential,” Mr.
and the club has worked hard Mexican cartels first con- Netherlands as a narco-state and potentially fentanyl, repli- A wake-up call came in June Struijs said. “We have the char-
to root out such behavior. nected with Dutch drug smug- and threaten economic sanc- cating the opioid epidemic. Re- 2019, when Dutch police seized acteristics of a narco-state.”

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A10 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

FROM PAGE ONE

ers’ appeal. The credit expires
A Startup’s at the end of 2021.
Bloom’s Mr. Saia said the
company disagreed with the
Plan Gets notion that its technology is
having difficulty competing in

Disrupted clean energy, citing analyses

showing its servers can reduce
grid emissions by helping to
displace natural-gas power.
Continued from Page One In February, Bloom an-
fuel cells in homes and instead nounced it would restate some
has a niche clientele among results for most of 2018 and
companies willing to pay a 2019 to correct how it had ac-
premium for a continuous on- counted for its “managed ser-
site energy source. In 2009, it vices agreements,” in which
projected profits by 2010, ac- Bloom sold fuel cells to a fi-

FROM TOP: BETH LABERGE/PRESS POOL; JUSTIN SULLIVAN/GETTY IMAGES

cording to board materials re- nancing partner, leased them
viewed by The Wall Street back and subleased them to
Journal; but it has never re- customers.
ported a profit, losing over $3 Bloom had treated the
billion since inception. agreements as upfront reve-
Mr. Sridhar’s proposition to nue. Its auditor, Pricewater-
disrupt the energy market came houseCoopers LLP, told Bloom
as the world was trying to fig- it should record the revenues
ure out how to wean off fossil over time as customers made
fuels. Instead, the energy indus- lease payments. In March,
try has disrupted Mr. Sridhar’s Bloom disclosed it had over-
strategy, turning to wind and stated $192.1 million in reve-
solar power, which have lower nue cumulatively through Sep-
costs and deliver cleaner en- tember 30, 2019. Revenues for
ergy than Bloom’s cells, which 2019—including fourth-quarter
emit carbon dioxide. Grid estimates—dropped to $786.2
power is still less expensive million from $929.1 million.
than Bloom’s in most places. In filings related to the re-
Along the way, Bloom ran statement, Bloom said PwC
into supply issues, its cells re- ‘It’s about seeing the world as what it can be and not what it is,’ Bloom Energy CEO KR Sridhar said in 2010. His vision: a Bloom Box hadn’t raised the matter previ-
mained expensive and it fell in every American home. Mr. Sridhar in March, above, and holding a fuel cell in 2010, below. ously and didn’t allege miscon-
short of its projections for duct. On Sept. 4, Bloom an-
how many customers it would Greener Grid nounced it was replacing PwC
win, according to former exec- with Deloitte & Touche LLP.
A Bloom Energy Server emits
utives and employees, board PwC and Deloitte declined to
less carbon dioxide than the
materials and public filings. comment. Mr. Saia said the re-
U.S. power grid, but the margin
After Bloom’s auditor raised statement would affect only the
is narrowing.
concerns about how it had re- timing of when the company
ported revenue, it restated re- Rate of CO2 emissions from recognized certain revenue.
sults in March for the two U.S. power grid, yearly
years since its $270 million
initial public offering, cutting 1,400 pounds a megawatt hour Financing deal
its reported revenue by 15%. The restatement didn’t ad-
Bloom’s growth is sometimes 1,200 dress a financing deal that let
difficult to assess because of Bloom record significant reve-
1,000
its accounting practices. Bloom’s nues but produced little net
Last year, Hindenburg Re- 800 emissions cash, SEC filings show. In June
search—the short seller that in range is 2019, a subsidiary of Southern
September claimed electric- 600 between Co., an Atlanta-based power
truck startup Nikola Corp. mis- 679 and company, bought a $166.4 mil-
led investors, which Nikola has 400 833 lion stake in a Bloom subsid-
denied—released a report say- iary named Diamond State
200
ing Bloom’s technology wasn’t Generation Partners LLC that
“clean, green, or remotely prof- 0 owned a 30-megawatt installa-
itable” and citing an estimated tion of Bloom fuel cells in Del-
2010 ’12 ’14 ’16 ’18
$2.2 billion in undisclosed lia- aware. The deal earmarked
bilities. A Bloom spokesman, Sources: the company; EPA those funds for Diamond to
Justin Saia, said the company upgrade aging fuel cells by
stands by its response at the It posted a $273.5 million loss. buying new ones from Bloom.
time that Hindenburg “drew But by then, Mr. Sridhar’s Upon striking the deal,
erroneous conclusions.” green pitch was losing appeal. Bloom “deconsolidated” Dia-
Mr. Sridhar, who declined to Utilities had made the grid mond because it determined it
be interviewed, said in an cleaner by closing many coal- no longer had a controlling in-
emailed statement: “I know fired plants, and the cost of terest in the subsidiary, ac-
that a small group of detrac- wind and solar power had cording to SEC filings. That let
tors wants to write a spurious have broadly been up this year, boxes kept failing internally in $183.2 million for 2011. dropped. Companies that Bloom book the $166.4 million
version of our history,” adding: as part of an alternative-en- their first few months of oper- Bloom’s Mr. Saia said the might have paid a premium as revenue. If Diamond had re-
“Innovations in the energy sec- ergy-stock boom. Bloom’s stock ation, costing the company company has always made for fuel cells could buy car- mained consolidated, account-
tor have always been contro- closed at $30.59 Tuesday, down money to fix or replace, ac- projections and disclosures bon-free power for less money. ing rules would have prevented
versial. The light bulb, the first nearly 15% from its post-IPO cording to the former execu- based on information avail- In 2019, Silicon Valley Bloom from booking the reve-
power plants, wind turbines, peak in 2018 and up from $2.70 tives and the 2009 board doc- able. Bloom declined to com- Power, the municipal utility nue because it would essen-
solar power, electric cars— at its low point in October 2019. ument. In 2008, Russian ment on its board and investor serving Santa Clara, Calif., tried tially have been paying itself.
they all had their naysayers.” Fuel cells, versions of which suppliers of scandium, a rare- materials. to require all new grid-con- The deal appeared to pro-
Mr. Sridhar’s challenge has appeared in the 1800s, have earth metal and crucial ingre- By 2011, Bloom had cut the nected generators to be emis- vide a revenue boost, with Mr.
been to balance his vision with supported space missions in- dient, raised their price. costs of building its boxes to sions-free. That meant Bloom Sridhar telling investors
the real world, said Bill Kurtz, cluding Apollo moon flights. Still, Bloom painted a rosy $6,300 a kilowatt on average, wouldn’t be able to hook up Bloom’s second-quarter num-
Bloom’s chief commercial offi- They power some industrial picture as it sought a $150 mil- according to the February new boxes within city limits. ber was an “all-time record.”
cer from 2008 through 2018 equipment. Hydrogen fuel cells, lion financing in January 2009. 2012 board documents—no- Bloom sued the utility to In fact, the Southern deal was
and also chief financial officer which don’t emit carbon, have In the pitch to investors that where near the $2,500 goal. block the regulation, arguing it a loss to Bloom of about $8.2
through 2015, who remains a emerged as a technology that month, it said it had proven the The company was spending wouldn’t reduce emissions. It million after costs, the Journal
shareholder and supporter. could help companies achieve boxes’ viability and had a millions of dollars to maintain won a reprieve in January calculated from public disclo-
“It is a long journey,” Mr. climate goals. “ready supply chain” and a them as part of its customer- 2020, when a judge told the sures. And the deal required
Kurtz said. “How do you sell Bloom’s boxes—rebranded as “path to profitability,” with service programs, in part be- utility to first complete an en- Bloom to set aside millions of
the dream but still give them a Bloom Energy Servers around plans to be in the black by 2010. cause of unexpected problems vironmental study to demon- dollars in cash to minimize
sense of reality?” He and 2011—look like large refrigera- Walmart installed a Bloom strate the benefits of its pro- Southern’s investment risk.
other former executives tors and contain stacks of fuel server at a Lancaster, Calif., posed measures, per state law. Southern declined to comment.
praised Bloom’s technology cells, each the size of a floppy store in 2009 and now has Silicon Valley Power is com- Bloom disputed the Jour-
and Mr. Sridhar’s charismatic disk. They typically go next to more than 30 installations at
The energy industry pleting the study. nal’s analysis, saying it netted
leadership, expressing confi- buildings they power. other California locations, a has foiled Bloom’s “We just want to be as re- about $15 million in cash on the
dence in the CEO’s aim to rev- Walmart spokeswoman said. newable and greenhouse-gas- Southern deal because of how
olutionize the energy industry In 2010, Bloom first publicly
strategy, turning to free as possible,” said Manuel it deconsolidated Diamond. It
but saying obstacles to profit- NASA roots showed its product, at eBay wind and solar power. Pineda, chief electric-utility said there was no way to arrive
ability remain significant. Mr. Sridhar helped design a headquarters, where it installed officer of Silicon Valley Power at this number based on pub-
Bloom doesn’t disclose how fuel-cell module for a Mars-ex- servers. A video shows Mr. and Santa Clara assistant city licly available information.
many of its boxes are in opera- ploration project for the Na- Sridhar on stage scooping sand manager. Bloom’s Mr. Saia said In December, Bloom com-
tion. Its fleet supplies about tional Aeronautics and Space from a container to show the with the technology, board the ruling affirmed the com- pleted the upgrade of the Del-
526 megawatts of electricity Administration, which can- cells were made from everyday documents show. To break pany’s argument. aware servers with a new fi-
globally, it said in Securities celed the Mars project in 2001. materials. “I think we’ve just even, Bloom needed its fuel- EBay last year switched its nancing partner. The upgrades
and Exchange Commission fil- He founded Bloom to seek witnessed some kind of won- cell stacks to last for at least headquarters to carbon-free contributed $223.9 million to
ings last month—roughly what terrestrial uses. If his boxes derful new combination of Mar- five years, but early ones often power. Bloom said eBay is no 2019 revenue, which was up
a small natural-gas power plant generated power on-site, his tha Stewart and Steve Jobs,” didn’t last longer than a year longer a customer. EBay didn’t 24% from the prior year. With-
generates—up from about 328 argument went, they could by- Mr. Doerr told the crowd. and a half, it said in 2018 SEC respond to requests for com- out those upgrades, revenues
megawatts at its 2018 IPO. pass the grid while providing The next year, Bloom filings. Bloom has never ment. would have declined 11%.
Happy customers include cleaner power. shipped only 194 boxes and turned a profit on its service By 2019, Bloom faced chal- Bloom’s Mr. Saia said the
Staples Center in Los Angeles, In 2002, Mr. Doerr’s firm lost $225 million, according to business because the cost of lenges in expanding into new upgrades, in their entirety,
which installed two 250-kilo- bet on Bloom and he joined a February 2012 board presen- maintenance has exceeded ser- U.S. markets, where the cost provided greater financial ben-
watt boxes in 2015. They pro- the board. Mr. Powell joined tation. That fell far short of its vice-contract revenue. of power from its servers was efits for the company than the
vide about 25% of the arena’s the board in 2009 and remains projections in its January When Bloom went public in still higher than the power portion done with Southern.
power, said Bill Pottorff, the a director; a spokeswoman for 2009 investor presentation, July 2018, its shares soared. supplied by the grid, two for- In the past several years,
arena’s senior vice president Mr. Powell didn’t respond to where it had posited a “Poten- Revenue for 2018 was $632.6 mer employees said. And its Bloom has found new growth
for operations and building requests for comment. tial IPO Valuation in 2011” and million, up from $365.6 million U.S. sales depend heavily on a opportunities in South Korea,
engineering. Citing Bloom cal- In July 2008, Bloom deliv- said it would ship as many as in 2017, driven in part by the federal tax credit that benefits where fuel-cell development is
culations estimating the in- ered to its first major customer, 1,000 boxes and forecast net reinstatement of federal tax its customers and financing supported by government
stallation has reduced the fa- Google, without a public an- income of $88.8 million to credits for Bloom’s technology. partners, increasing its serv- mandates, and has been work-
cility’s carbon emissions by nouncement. Bloom told inves- ing since last year to develop
four million pounds, he said: tors the boxes produced about Gas to Power HYDROGEN ATOM fuel cells for marine vessels in
“It’s been the best sustainabil- 783 pounds of carbon dioxide a Within Bloom’s fuel cells, CARBON partnership with Korean ship-
ity project we’ve done.” megawatt hour, substantially oxygen ions mix with the ATOM builder Samsung Heavy Indus-
Mr. Immelt, who joined less than coal-fired plants. ) tries Co. Samsung declined to
hydrogen and carbon atoms (O 2
Bloom’s board last year, said Google declined to comment. 1 EN comment. In recent months,
that form natural gas, YG
in a statement when he bought The boxes it sold Google OX Bloom has outlined plans to
producing electricity, water and STEAM
70,000 Bloom shares this Au- cost more than $16,000 a kilo- carbon dioxide. pivot to hydrogen fuel cells.
gust that it had the potential watt to build—about $1.6 mil- Though Bloom’s internal
to expand into marine and lion a box—according to a metrics have changed some-
1 Natural gas mixes with
other growing markets. “I’ve March 2009 presentation to what over time, this year it
steam ( ) at the anode to
watched these markets for de- the board. Bloom sold them achieved the sort of cost reduc-
produce hydrogren ( ) and
cades, and I know that new for far less, according to the 2 tion it had aimed for a decade
carbon ( ) atoms.
technologies take time to de- presentation, which acknowl- ago. In October it told inves-
velop,” he said. Mr. Immelt de- edged the need to cut manu- 2 Hydrogen and carbon tors the average cost of build-
clined to comment. facturing costs for profitabil- atoms combine with oxygen ing a server had fallen from
Mr. Doerr’s firm, Kleiner ity. The presentation stated a ions ( ) that enter through about $18,000 a kilowatt in
Perkins, last month sold its re- goal of $2,500 a kilowatt by the cathode. AL ) CATHODE (+) 2008 to $2,420 a kilowatt this
maining Bloom shares, SEC fil- the end of 2011. T UR H 4 fall—roughly hitting the sub-
C ELECTROLYTE
ings show. Mr. Doerr, who re- Supply-chain issues dogged 3 The reaction produces NA S ( $2,500 goal it had set for 2011.
mains a Bloom director, and Bloom, former executives said. electricity, as well as water GA Mr. Sridhar in an earnings call
ANODE (—) 3
Kleiner didn’t respond to re- It had trouble procuring parts and carbon dioxide. in October said: “We have over-
quests for comment. called “hotboxes” that encased come formidable challenges
Fuel-cell companies’ shares the fuel cells, and the hot- Source: the company CO2 AND WATER ELECTRICITY and forged ahead stronger.”
THE WALL STREET JOURNAL. * * NY Wednesday, December 9, 2020 | A10A

GREATER NEW YORK

Democrats See Hope in Suffolk County
Trump’s slim margin tory. Prior to the evolution of decreased public safety.
suburbs from reliably red to Police unions and Ronald
shows urban electoral purple and blue, Suffolk Lauder, a cosmetics heir, spent
coalition is putting County was one of the most more than $6 million on ads
reliable of Republican counties attacking Democrats over the
down deeper roots in the state,” he said. law. New York City Police Be-
Republicans said the signifi- nevolent Association Presi-
BY JIMMY VIELKIND cant presence and influence of dent Patrick J. Lynch urged
law-enforcement families on more than 1,000 people to
Huntington, N.Y.—Suffolk Long Island made it fertile show support for Mr. Trump
County was the most populous ground for Mr. Trump’s warn- at an Oct. 4 “Back the Blue”
county in the U.S. that Presi- ing that a Biden presidency rally in Suffolk County.
dent Trump won in 2020, win- would bring violence to the Suffolk County Democratic
ning the New York City suburb suburbs. Local law-enforcement Chairman Rich Schaffer said
by just 232 votes, according to unions seized on that messag- the presidential election gave
election results certified in re- ing and pushed back against re- him confidence for elections
cent days. cent policy changes to state po- next year. “At times, it felt like
Mr. Trump beat President- licing, blaming them for surges we were in a major Trump

EDUARDO MUNOZ/REUTERS
elect Joe Biden in the Long Is- in crime in New York City and county—they had car parades,
land county by 0.03% of the other urban areas around the flags, and banners,” he said.
more than 775,000 votes cast. state over the summer. “We did what we do best: fo-
He bested Hillary Clinton in Richard Wells, a retired of- cus on our ground game.”
the county by nearly 7 per- ficer from Nassau County and Mr. Schaffer and Demo-
centage points in 2016. president of the Police Con- cratic State Chairman Jay Ja-
Republicans say Mr. Trump ference of New York, a state- cobs said the party reached
won Suffolk last month be- At an Oct. 4 ‘Back the Blue’ rally, law-enforcement officials urged support for President Trump. wide coalition of police out to low-propensity voters,
cause of law-and-order mes- unions, said officers met com- including new home buyers
saging, which was amplified by roughly 30 miles from Manhat- den received 381,021 votes in Democrats drew in 2016, a muters at train stations along and people from New York
law-enforcement unions. They tan, but its history and terrain the county this year, while Wall Street Journal analysis Suffolk’s south shore in the fi- City who registered to vote at
targeted Democratic incum- make it an outlier from other Mrs. Clinton won 303,951. shows. This was the case in nal days of voting. “People on second homes in Suffolk be-
bents in the New York state urban suburbs in the U.S. Its Long Island candidates in Nassau County, which lies be- Long Island were concerned fore the election.
Senate over recent changes to towns are home to police offi- down-ballot races this year tween New York City and Suf- about what was happening in Leigh-Ann Barde, a mother
laws on policing, but the cam- cers, commuters and families debated policing issues, with folk County, where Mr. Trump New York City and cities of four who led Suffolk for Bi-
paign had limited success in who left New York City for mixed results. Republican can- lost by 6.1 points in 2016 and around the country,” he said. den, said her group worked
down-ballot elections. school districts that consis- didates won two contested 9.5 points in 2020. The unions opposed a 2019 with Democrats running for
The razor-thin margin, tently score well on state tests. races for the U.S. House of Exurbs, which are farther law, enacted by Democrats local offices calling and tex-
though, gave hope to Demo- It also includes the tony en- Representatives, but five of out from cities, swung toward who control the state Assem- ting potential voters.
crats that an electoral coalition claves of the Hamptons. the six Democratic incumbent Democrats by nearly 6 points. bly and Senate, that elimi- “I would just ask: ‘Since the
based in urban areas is putting Mr. Trump received 381,253 state senators won re-election. Lawrence Levy, executive nated cash bail for most mis- bail bill, what has changed
down deeper roots in New votes in Suffolk County this Suburbs close to big cities, dean of the National Center for demeanor and nonviolent from your backyard?’ There
York’s suburbs, which have year, up from 350,570 in 2016, which tend to be wealthy and Suburban Studies at Hofstra felony offenses. Supporters of wasn’t any answer,” Mrs.
traditionally tipped the scales according to the Suffolk racially diverse, have long University on Long Island, said the law said it makes the Barde said of her calls. “It re-
in statewide political contests. County Board of Elections. leaned Democratic, and Mr. Bi- Suffolk includes areas that are criminal-justice system fairer, ally came down to, let’s take a
Suffolk has 1.5 million resi- There was more growth for his den won them by an average both urban suburbs and exurbs. particularly for poor people of deep breath and put the
dents and a western border Democratic opponent: Mr. Bi- of about 3 points more than “Suffolk County has a his- color. Opponents said it has swords down.”

Fans in Central Park Mark 40 Years Since John Lennon’s Death

NYC Council Eyes
Bill to End Solitary
Confinement in Jail
BY RICH CALDER Punitive segregation has
come under fire from criminal-
Nearly six months after justice advocates who say it is
Mayor Bill de Blasio pledged to inhumane. But law-enforce-
end solitary confinement as a ment advocates, including the
means of punishment in New Correction Officers’ Benevo-
York City’s jail system, the city lent Association, the union
council this week is set to be- representing city correction
gin fast-tracking the process staff, say it is a necessary de-
by reviewing new legislation to terrent to keep violent in-
halt the controversial practice. mates in line and jails safe.
Councilman Daniel Dromm, On Friday, the council’s
a Queens Democrat, is set to committee on criminal justice
introduce a bill at Thursday’s is slated to hold a hearing on
council meeting that would the measure, which Mr.
prohibit inmates from being Dromm believes has enough
locked in an isolated cell for support to become law.
violent offenses—except for up The prompt scheduling of
JUSTIN LANE/EPA/SHUTTERSTOCK

to four hours whenever it is the hearing by Council

necessary to “de-escalate im- Speaker Corey Johnson only a
mediate conflict,” according to day after the bill’s scheduled
a review of the legislation. introduction has raised con-
Under current city law, soli- cerns among some council
tary confinement, also known members and the correction
as punitive segregation, allows officers union. They say the
inmates to be locked in cells legislation is being rushed into
up to 20 hours a day for seri- law for political reasons at the LET IT BE: Fans remembered the former Beatle on Tuesday in the park’s Strawberry Fields section on the anniversary of his death.
ous offenses. risk of endangering jail staff. Mr. Lennon was shot outside his nearby Manhattan apartment building by Mark David Chapman, who remains in prison.
“Depriving people of human Historically, bills usually sit
contact for long periods of for weeks or months—and
time is un-American, and we sometimes more than a year—
shouldn’t be engaging in it,”
Mr. Dromm said.
The city’s Department of
before the council speaker’s
office schedules a hearing to
field testimony from city agen-
N.J. Starts $190 Million Penn Station Makeover
Correction referred requests for cies and other affected parties.
comment to the mayor’s office. Both Mr. Johnson and BY PAUL BERGER phase of improvements, which Hudson River, has stalled un- Gateway’s leaders intend to
Mr. De Blasio in June Councilman Keith Powers, a are mostly cosmetic and in- der the Trump administration build the tunnel before they
pledged to have New York be- Manhattan Democrat who NJ Transit has begun a clude restoring wooden pending federal approval. close the existing two-tube
come the first major city in the chairs the criminal-justice $190 million renovation and benches in the waiting area, Mr. Murphy, a Democrat, tunnel for extensive repairs.
country to halt solitary confine- committee, said they support modernization of its transpor- updating bathrooms and light- said President-elect Joe Biden The tunnel, which was in-
ment. He set up a panel to come ending solitary confinement. tation hub in New Jersey’s ing, as well as deep cleaning indicated his support for the undated with water during su-
up with a plan, but it has yet to “This bill is being heard be- largest city, Newark. the station’s limestone exterior. perstorm Sandy in 2012, car-
announce recommendations. cause it is ready and will con- About 50,000 riders on rail, An additional $160 million ries about 200,000 weekday
Since he took office in 2014, tinue to go through the legisla- buses, PATH and light-rail sys- of upgrades, which are ex- riders, most of them NJ Tran-
the city’s jail system has sig- tive process,” a spokeswoman tems passed each weekday pected to be completed during
The renovation sit customers, on the nation’s
nificantly reduced its use of for Mr. Johnson said. “There’s through the gloomy spaces of the next five years, include would restore the busiest rail line linking Wash-
solitary confinement and the nothing unusual about that.” Newark Penn Station before adding and refurbishing stairs ington, D.C., and Boston.
overall inmate population. As The legislation would still the pandemic, making it among and elevators and improving
nearly 90-year-old Meanwhile, NJ Transit is
of Monday, there were 65 peo- allow the city to keep detain- the region’s busiest stations. signs. building’s grandeur. preparing to receive final
ple in punitive segregation, ees in other types of restric- Gov. Phil Murphy, at a news Newark is the westernmost agreement from the federal
compared with a daily average tive housing separated from a conference Tuesday outside starting point for the $30 bil- government for an $800 mil-
of 567 in 2014, according to prison’s general population. the station, said the renova- lion Gateway Program to dou- lion grant toward a $1.9 billion
the Department of Correction. Under the proposal, inmates in tion would restore the almost ble rail capacity between New program during a phone call project to build a new rail
Mayoral spokeswoman Av- restrictive housing could leave 90-year-old building to its for- Jersey and New York City. Saturday night between the bridge over the Hackensack
ery Cohen said the mayor’s of- their cells at least 10 hours a mer grandeur. The centerpiece of the pro- two men. “He’s been a big be- River. That project would
fice is committed to ending pu- day, compared with 14 hours The state has committed gram, a $13 billion project to liever in it from day one,” Mr. mark the beginning of the first
nitive segregation. for a jail’s general population. $30 million toward the first dig a rail tunnel under the Murphy said. major Gateway construction.

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A10B | Wednesday, December 9, 2020 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK GREATER

NEW YORK
METRO MONEY | By Anne Kadet
WATCH
Yes, Virginia, Shopping Local Spreads Cheer NEW YORK CITY

This year, I Ex-Housing Secretary

vowed, I Is Running for Mayor
wouldn’t do
any holiday Former U.S. Housing Secre-
shopping on- tary Shaun Donovan announced
line, or at the his candidacy for mayor of New
big chains. Instead, I’d buy York City on Tuesday, joining a
my gifts from New York crowded June 2021 Democratic
City’s struggling mom-and- primary for mayor of the na-
pops. And yes, Virginia, I tion’s largest city.
discovered it’s possible to “I am honored today to say
do. But it isn’t easy or cheap. that I am running for mayor of
My odyssey started on a New York City to repair the civic
recent Monday that brought fabric of the city, pull New Yorkers
rain and 28-mile-per-hour together to rebuild from the dam-
winds. “It’s never raining on age brought by Covid-19, and rei-
Amazon,” I grumbled. magine an innovative city that
Still, I was happy to be truly works for everyone,” he said.
out of the apartment and Mr. Donovan, 54 years old,
venturing to Seigo Neckwear was appointed to various roles
on Manhattan’s Upper East during former President Obama’s
Side in hopes of finding the administration, first heading the
gold ascot tie on my little Department of Housing and Ur-
LISA HANEY FOR THE WALL STREET JOURNAL

brother’s wish list. ban Development and then the

Score! When she heard my Office of Management and Bud-
request, sales clerk Mamiko get. He was commissioner of the
Nakamura opened a drawer to city’s Department of Housing
reveal a display of silk ascots Preservation and Development
in every color and pattern. under then-Mayor Mike
It was fun to browse this Bloomberg. He has never run for
tiny shop, which feels like a elective office before.
neckwear gallery. The wall of —Associated Press
bow ties includes 3,000 de-
signs, said Ms. Nakamura. CONNECTICUT
I next popped into Blue
Tree, a gift store up the Google-image search on his said that a big chain recently And as soon as I walked it all home. After walking a Police Officer Hurt,
block. I found a number of computer so we could ad- bought out her two main into the local cigar shop, I mile loaded with bags, I called Suspects In Custody
fun items I’d never think to mire the paintings together. distributors, and it’s increas- burst out laughing. The small a Lyft, which cost me $10.91.
look for online, including a ingly difficult to find whole- space was packed with men— That night I did a calcula- A police officer was wounded

I
terrific pair of shark gloves was feeling great about salers willing to work with some dressed in actual track tion. I’d spent three after- after being shot Tuesday while
with metallic gold teeth. my afternoon until I got small shops. Her wholesale suits—puffing on stogies and noons walking 8 miles and vis- investigating a stolen motor ve-
Manager Ivana Callahan home and did a price costs sometimes exceed the arguing about car loans. iting 22 shops. I spent $24.66 hicle, leading to a car chase that
told me business has been comparison. Nearly every retail prices charged by her on subway and car fares, and ended with four suspects in cus-

I
brisk, with some, including a item I bought was 20% to largest competitors, she said. headed home feeling ex- $11.75 on cappuccino. And I tody, authorities said.
customer in her 80s, getting 50% cheaper online. Could I But Ms. Visconti is hanging hilarated, as if I’d toured blew $428.53 on the 26 gifts I The Waterbury officer was
private appointments for even afford to shop local? in there. She loves her cus- the solar system and vis- bought—40% more than the shot in the chest but was wearing
safety reasons. The next day’s challenge: tomers, especially the chil- ited several new planets. $298.90 that same set of gifts a bulletproof vest that likely saved
Next stop—the Strand Supplies for the ornaments dren who are excited to come I devoted the final after- would have cost online. his life, said Police Chief Fernando
bookstore downtown, where I’m planning to hand paint in because she lets them use noon to shopping strips Was it worth it? Spagnolo. The officer, whose
a clerk escorted me through for my dad with his pet ex- the price gun. “You won’t get close to home—Atlantic Ave- Upon reflecting for a name wasn’t released, suffered
the vast stacks, helping me pressions such as “My God!” that at a big store,” she said. nue and Court Street in spell, I realized that this was minor injuries and was reported in
find all the titles I wanted. and “High Class!” I did find some Bay Ridge Brooklyn—packed with a deeply stupid question. I stable condition at a hospital.
Then I hit him up with an- There aren’t many indepen- bargains. At Tops Restaurant stores I’ve been visiting, in moved to New York City be- “That officer is doing fine...and
other request from my little dent craft shops left in New & Bar Supplies, for example, some cases, for more than cause I enjoy spending time getting ready to be released from
brother: “Beautiful coffee ta- York City, but I found good re- I found sushi plates for my two decades. Stopping by Sa- and money doing things like the hospital,” Mr. Spagnolo said.
ble books of your favorite views for Norma’s Arts and niece at half the price I’d hadi’s, Whisk, Duman Home, exploring interesting little Authorities didn’t release many
artists, artisans, designers Crafts Supplies in Brooklyn’s have paid online. Plus, I met KC Arts and D’Amico Coffee, stores and meeting the shop- details on what led to the shoot-
and engineers.” Bay Ridge. The folks at owner Dennis Monier, who I managed to find the re- keepers. If my aim in life ing. Four suspects were taken
“I’m not sure if he meant Norma’s were helpful, suggest- has run the store for 52 maining items on my list in- was to save time and money, into custody near Waterbury-Ox-
you or me,” I told the clerk. ing numerous options. Alas, years. “Can’t you tell by how cluding, on nearby Smith well, there’s the whole rest ford Airport after leading police
He revealed his favorite, they were out of some stan- great I wrap?” he asked, Street, a giant spiky plant of the country just for that! on a chase. Their names and the
art nouveau designer Al- dard items such as red ribbon. swaddling the plates in yes- for my nephew. charges weren’t disclosed.
phonse Mucha, and did a Co-owner Norma Visconti terday’s Daily News. The only problem—getting anne.kadet @wsj.com —Associated Press

Naom
Na omii Maath
this
is

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 FAMILY & RELATIONSHIPS

PERSONAL JOURNAL.
© 2020 Dow Jones & Company. All Rights Reserved. * * THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | A11
ILLUSTRATIONS BY MARK MATCHO

Reignite the Spark,

ourselves time to relax and get in
BONDS the mood.
Put sex on your calendar. (Re-
ELIZABETH member scheduled date nights?)
BERNSTEIN Aim for a time when you’re both

Even Amid a Pandemic

H
likely to be in the mood. Flirt
more often. Play music more of-
ow’s your sex life? ten. Do nice things for your part-
If it leaves something ner more often.
to be desired, you’re not
alone. In reporting this story, I found ate a feedback loop with your you can enjoy safely. These things Try something new. The Kinsey
People have been hav- people spicing things up with new partner, says Justin Lehmiller, a create breathing room in your re- study found that one in five people
ing less sex—with a part- toys, having sex everywhere but in research fellow at the Kinsey Insti- lationship. They make you feel re- tried something sexually novel dur-
ner or solo—since the pandemic be- the bedroom (kitchen islands are tute and author of the book “Tell freshed and fulfilled. And they ing the pandemic—and those who
gan, according to a longitudinal popular!) and practicing “a whole Me What You Want.” “Feeling give you something new to talk did were three times as likely to re-
study called “Sex and Relationships lot of self-love.” A stay-at-home dad more attractive opens you up to about. “Having time apart can port improvement in their sex life.
in the Time of Covid-19” conducted in New England sneaks off to his feel more desire,” he says. “And make the time together This makes sense because research
by researchers at the Kinsey Insti- wife’s home office for “matinees” because you are showing that you more special,” says has long shown that novelty
tute at Indiana University. And the while the kids are in online classes. are putting in the effort to attract Dr. Lehmiller. boosts arousal and desire.
more stressed, disconnected or A counselor in Northern California your partner, it can lead to your Get creative. Take a
lonely a person has felt, the greater keeps a stripper pole in her guest partner responding.” Set the scene. bubble bath to-
the negative impact on his or her room to seduce her husband. An ac- The Kinsey gether. Read
sex life has been. ademic in Indiana has a drawer full Interact with the world. We’re study found erotica out
It’s no surprise no one’s feeling of “special” underwear—some sexy, starved for connection. We’re used that our sex- loud. Share
sexy. We don’t like how we look, some silly. (His current favorite: a to interacting with people all day ual fantasies your latest fan-
sitting around in our schlubbiest unicorn brief.) A writer in Southern long—strangers, co-workers, have changed tasy. “Erotic
clothes, packing on pandemic California keeps friends and family. Those interac- during the narrative is espe-
pounds, getting hairier and smell- a tambou- tions fed our need for bonding and pandemic— cially important right
ier. (How long has it been since rine in kept our moods from flatlining. most people are now because it takes us
you bathed?) We’re not out in the That has all gone away. dreaming more of somewhere other than where
world, doing the things that Try to reconnect. Schedule romance and passion. we are,” says Amanda Luterman,
give us confidence, such as times in the week to talk to We’re craving intimacy, both phys- a licensed psychotherapist in Mon-
hobbies or travel. We’ve friends. Chat with store clerks or ical and emotional. We want to be treal who specializes in helping
been deprived of so many customer service representatives. sexually desired. Yet romance is in people with relationships and sex-
daily moments of connection— Give compliments. Try to make short supply. “We aren’t even get- ual issues.
the conversations, smiles or someone smile (even if you can’t ting the little daily hits anymore,
glances—that make us feel ener- see it). Social interactions can where our partner comes home Practice erotic empathy. Stop fo-
gized and alive. make you feel energized and confi- from work and gives us a kiss and cusing on the things you hate
And even if we’re not fighting dent, says Kristen Mark, an associ- we have a little reunion,” Dr. Leh- about your body. Your partner
with our partner—because, let’s his night- ate professor of sexual health pro- miller says. doesn’t notice them nearly as
face it, we’re in constant fight or stand, which motion at the University of Make romance happen. Plan a much as you do. (I promise.) If
flight mode—we’re still a little sick he pulls out to celebrate especially Kentucky, sex and relationship re- nice dinner—and eat it by candle- you want to feel sexy, you need to
of the person we’ve been cooped up great moments. “It must sound like searcher, and affiliate at the Kin- light. Dance in the moonlight to a focus on the things that turn
with 24/7. There’s nothing like fa- I am re-enacting ‘The ‘Music Man’ sey Institute. “And when you favorite song. Turn off your you on.
miliarity to dampen desire. in here,” he says. spread joy, you glow a little.” phones and make eye contact. Stop rejecting your partner
But we should be careful about I also talked to sex therapists when you’re rejecting yourself.
letting our sex lives slide. Sex con- and researchers. Here is their Build space in your relationship. Rethink how you initiate sex. A “You need to allow your partner to
nects us to our partner. It relieves advice. Independence is sexy. Mystery kiss or shoulder rub or dinner out find you attractive, even when you
stress (for those in a satisfying re- breeds desire. Being enmeshed used to do it. (At one time in your don’t feel you are,” Ms. Luterman
lationship) and it makes us hap- Dress for success. Get out of your with a partner 24/7 is a buzzkill. relationship a simple look would says. “You don’t have to believe
pier. It can even make us more sweatpants! Get a haircut! Take a Find ways to do things without do it.) But now that we’re ex- you are sexy to be aroused by
productive. shower! Put on some clothes that your partner. Go for a walk. Read hausted and stressed all the time, someone else—or for someone else
How can we get our mojo back? make you feel good. This will cre- a book. Take a class. Find a hobby we need to build up to sex, to give to find you sexy.”

Mall Santa got good hearing, but it’s tough,”

says Mr. Kyle. “More than once or
twice mommy or daddy have had to
“We explained Santa was
staying in a hotel,” she
says.

Is Keeping step in and translate.”

“With the plexiglass, you have got
to get creative,” said Raymond
Mr. Dello Iacono stood
6 feet from Ethan. Both
wore masks. Ethan, a first-

His Distance Lightfoot Jr., a Birmingham, Ala.-

based chef who recently worked as
Santa at Prince George’s Mall in
grader, says that he wasn’t
sure why Santa’s beard
was gray and not snowy
Hyattsville, Md. He sometimes tries white. “I think Covid made
Continued from Page One to find a way to speak around it. him go gray,” he said.
its. Some are taking the whole expe- “You can’t hear,” he says. In Atlanta, photogra-
rience outdoors, with masks and 6- Some retailers are eliminating in- pher William Twitty re-
foot-distancing. person store Santas this year. Nord- cently staged a socially
In Arlington, Texas, Bella Exhibits strom is offering 15-minute video distant Santa shoot at a
and Retail manufactures a protective calls with Santa. Macy’s is offering a local tree farm. Utilizing
snowglobe, and has designed five “festive online holiday experience” fields of evergreens to set
other models of “Santa Guards.” this year that includes interactive the scene, he took photos
Ranging from $987 to $2,802, they games and a computer-generated of his father-in-law, Chuck
are clear acrylic sets that allow chil- selfie with Santa. Day, dressed in a red suit
dren to sit or stand close to Santa In New Jersey, the Reeds at Shel- as Santa Claus, while gen-
while remaining behind a barrier ter Haven hotel provided Zoom calls This year, Santa is taking some covid-related precautions. erally staying 6 feet away
that disappears in photographs. with Santa recently. Chris Heacock, from the children. Mr.
“Among the Santa community, it an EMS chief, brought his children were struggling pre-Covid. dren in their own front yards. Chuck Twitty says he had to get creative: In
spread like wildfire,” says co-owner Max, 6, and Violet, 4, for a virtual “It was a way of bringing people Dello Iacono, a commissioner in the some photos, Santa strolled behind
Mark Lieberenz. The company says it visit. When Santa appeared on the into the store at the holidays,” says town’s Parks and Recreation depart- the child; in others he peeked from
has sold 250 Santa Guards since screen, he says, the children thought Susan Tercero, vice president of ment, dresses as Santa Claus and behind a tree, waving at children. “We
September. it was a YouTube video, or that they branded entertainment for Macy’s. rides shotgun. called it ‘social-distant Santa,’” says
All the barriers are creating some were Zooming into school. Violet Retail analysts say store Santas “I grew a Covid beard—I haven’t Mr. Twitty, who charged between $25
communication challenges for San- quickly regained her footing to ex- help drive foot traffic, resulting in shaved since March 12,” says Mr. and $100 per session.
tas. Kennison Kyle, a 51-year-old plain that she wanted some LOL more consumer impulse purchases, Dello Iacono, 53, who has typically Karson Young, a 28-year-old stay-
DAVID RYDER/GETTY IMAGES

Santa performer in Memphis, heads dolls for Christmas. Violet says she which drive 25% of holiday sales, says worn a fake version in past Santa at-home mom in Gillsville, Ga.,
to the city’s Pink Palace museum on misses in-person visits with Santa. Marshal Cohen, NPD retail analyst. gigs. “This year I have the real deal.” brought her 8-month-old, Joey, for
most Wednesdays in December and “It was a little weird seeing him on Robert Blaney, director of the Ali Barton, a 38-year-old stay-at- pictures. One of her favorites from
sits behind a six-foot-diameter plexi- the computer,” she says. youth commission for Dedham, home mom, says her 7-year-old son, the session shows baby Joey on a
glass snowglobe. Santa visits have long been a crit- Mass., drives Santa in a white mu- Ethan, was confused about why Santa blanket while Santa looks on at a
“I’m on the younger side of the ical piece of the holiday retail ma- nicipal van into neighborhoods came out of a white van with “Town distance. “It was definitely differ-
professional Santa crowd and I’ve chine, though malls and their Santas around town, providing visits to chil- of Dedham” emblazoned on the side. ent,” she said.
 A12 | Wednesday, December 9, 2020 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

How to Help
Your Teen
Stay Focused
Older kids also struggle with remote
learning—and need encouragement
teenager who responds
FAMILY with one-word an-
& TECH swers? It’s all about
JULIE how you ask the ques-
JARGON tion. Dr. Thompson

W
suggests saying some-

FROM TOP: ILLUSTRATION BY DOMINIC BUGATTO; GETTY IMAGES

thing like, “I see you’re
e’re nine months struggling with math
into the pandemic and English. How can I
and remote school help you with that?”
is wearing on stu- Experts caution par-
dents. Boys, who ents against being ac-
are at greater risk cusatory. If a teacher
of falling behind academically than has alerted you to
girls, are having an especially tough missing assignments,
time with all the hours spent be- you can say to your
hind screens. The challenges of child, “I heard you’re
staying focused and motivated in having a hard time
remote school carry even higher turning things in.
stakes for adolescent and teenage What’s happening?”
boys, who face more academic pres- suggests Jeffrey Sel-
sure than younger ones. man, vice president of
I reached out to child psycholo- clinical services at First
gists and education experts to find Children Services, a provider of be-
out how parents can help their havioral health services for children teens function better in the after- what to have for dinner or what exactly what to do and when to do
sons—and daughters—remain fo- in New Jersey and Pennsylvania. noon or evening, that might be bet- movie to watch can help boost mo- it. “If you don’t know what to do,
cused and motivated in virtual Motivation is often tied to suc- ter than morning for work on inde- tivation. you’re more likely to avoid it, and
school. They all said the first step cess: The harder something is, the pendent assignments. The experts I spoke to were all that looks like disengagement,” Dr.
is for parents to examine their less a child wants to do it. But par- In his book “Drive: The Surpris- in agreement that positive rein- Selman said.
own expectations and reactions to ents sometimes mistake children’s ing Truth About What Motivates forcement is far more effective I’ve offered tips for making re-
their children’s struggles. Here are struggle for indifference, said Mat- Us,” Daniel Pink wrote that auton- than punishment in fostering mo- mote school easier in a previous
some key pieces of advice: thew Cruger, a clinical neuropsy- omy over how and when we work is tivation. “If you take something column, but there are structural
chologist and senior director of one of the greatest motivating away because your child didn’t things parents can do to help with
Enlist your child in finding the Learning and Development forces for children and adults alike. turn in an assignment or got a the executive-functioning skills ad-
solutions Center at the Child Mind Institute. bad grade, it’s discouraging and it olescents and teens haven’t fully
“What you need to do as a parent is By offering to go over home- Don’t underestimate the doesn’t make it more likely for developed.
try to stay away from your own cat- work or helping kids study for a power of praise Dr. Narad suggests writing
astrophic thinking and use your test, parents can get a better un- Praise isn’t just for little kids—it’s down a list of tasks that need to
foremost consultant, which is your derstanding of what the stumbling an important motivating factor for be completed each day for kids to
child himself,” said Michael Thomp- blocks are. When I noticed that my adolescents and teenagers, too.
An overwhelmed teen cross off. Make another list for
son, a child psychologist and author 10-year-old son didn’t do well on a Many experts said it is best to who is struggling can longer-term projects and break
grammar test, I sat separate performance from effort those down into smaller tasks that
down with him one when giving praise. Many kids with
appear indifferent, can be completed each day, so that
night and went over ADHD and general distractibility experts say. your child is seeing progress and
sentence structure. spend a lot of time completing not scrambling to complete a big
Once I explained predi- their work and then forget to turn assignment right before it’s due.
cates and conjunctions, it in. Parents should praise the ef- Depending on children’s age
he got it. fort that went into the work in- positive behavior to result,” Dr. and maturity, you might need to
I asked him why it stead of only focusing on the grade, Cruger said. “If you just keep tak- check for a while to make sure
was hard to understand said Megan Narad, an assistant ing things away, you eventually they really have completed their
this during class, and professor and clinical psychologist run out of things to take away.” work.
he said the teacher at Cincinnati Children’s Hospital. Dr. Cruger advises parents to
went over everything Tangible rewards can be help- reserve negative consequences, Don’t lose sight of the
too quickly. I thought ful, too, if handled carefully. They such as restricting videogames or bigger picture
Parents should praise the effort that an he just wasn’t paying also can be a slippery slope if chil- phones, for more serious behaviors Kids often don’t see how what
assignment required, not just the result. attention, but I discov- dren come to expect something for that they want to put an immedi- they’re doing now matters. It’s im-
ered that he was get- everything they do, thus chipping ate stop to, such as fighting, portant to discuss the purpose of
ting lost in the cacoph- away at their intrinsic motivation. cheating, lying or stealing. sitting through long video classes
of “Raising Cain: Protecting the ony of group Zoom sessions and Experts say rewards can come and doing the work.
Emotional Life of Boys.” He added, needed some one-on-one attention. in the form of giving kids more Create to-do lists and And all of the experts said it’s
“No one knows more about what he There might be other ways to choices—something that’s espe- break down tasks important that parents show their
likes and what he hates about improve their remote-school experi- cially important when children A big part of motivation comes children—and themselves—some
school than he does.” ence. Some kids might prefer to have lost so much control over from a sense of achievement. Being grace. “We need to be realistic about
How do you elicit meaningful work from the couch for part of the their daily lives. Even something successful without the structure of our expectations of adolescents and
feedback from an adolescent or day instead of at a desk. And if as simple as letting kids choose the classroom requires kids to know teens right now,” Dr. Selman said.

MY RIDE | A.J. BAIME the container with all

this suede in it, and it
A Ferrari 458 Spider Called had a name on it:
McGilbra, San Fran-
cisco. I yelled, “That’s
‘Coco’ Inspires Its Owner me! This is my car!”
Since the Ferrari ar-
rived at my home, it
Chanterria McGilbra, a San Fran- got behind the wheel, I punched the has changed my life. I
cisco-based biotech consultant, on gas, and it was even more thrilling. have taken it on every
her 2015 Ferrari 458 Spider, as told That was it: I had to have this car. rally I could. I shipped
to A.J. Baime. Ordering a new Ferrari is not like it to Daytona Beach,
ordering other cars. I spent two Fla., and drove on the
I’M ONE OF THOSE people who weeks going back and forth, design- Daytona International
believes in messages and signs. One ing it. At first I wanted it all choco- Speedway. I drove it
day in 2015, I was in the shower late color, exterior and interior. They on California race-
and the word Ferrari came to me. I talked me out of it. I ended up se- tracks—Laguna Seca
thought, “That’s weird.” Day after lecting titanium paint, a chocolate- and Sonoma Raceway.
day for a week, I would get in the colored suede interior, and a black I started a foundation
shower and the word Ferrari would dashboard that would not distract called Prancing Ponies
ANGELA DECENZO FOR THE WALL STREET JOURNAL

come to me. Finally, I went to the from the driving experience. I put (named for the Ferrari
dealership in Mill Valley, Calif. I carbon fiber everywhere I could. I Chanterria McGilbra started an all-female Ferrari rally and a foundation to help women. logo), where we help
went through all the cars and when chose yellow brake calipers, which young women grow
I saw the 458, I said, “I want to matched the yellow in the Ferrari in leadership. With
test-drive that one.” They said, “OK, logo. (It is the traditional color of asked when it was scheduled to be my car. Only the chassis was built; my friends from that foundation, we
come back tomorrow and we’ll have founder Enzo Ferrari’s hometown— delivered. I said January or February the interior did not yet exist. launched the first-ever all-women car
one you can drive.” Modena, Italy.) All these decisions 2016. He said, “Your car is here We got to the part of the tour show at the annual Monterey Car
The next day one of the guys and more made my car unique—one right now!” As we were doing the where they do the stitching of the Week in California, and the first all-
there pulled this car out and we of one, built that year. tour, we were on the lookout. We fabric for the interiors. All over this female Ferrari rally.
went up a hill. He hit the gas. In the A few months later, I was at the found four titanium-colored 458s table, I saw chocolate-colored I named the car Coco. I cannot
passenger seat, I felt the G-force Ferrari factory in Italy taking a tour. being built, but three had British suede. I asked about the fabric but believe how much we have
and it was one of the most thrilling I asked the guide if my car was specs with the steering wheel on the women working there did not accomplished together in just five
things I ever felt in my life. When I there somewhere, being built. He the right. So the fourth had to be speak much English. They went to short years.
 THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | A13

ARTS IN REVIEW
Scenes from ‘Wolfwalkers,’ directed
by Tomm Moore and Ross Stewart
and streaming on Apple TV+

he can’t control it. Cromwell’s poli-

cies in Ireland were genocidal, so
the villainy is not misplaced.
The intentions of the Will Col-
lins screenplay, and the direction
(and art direction) of directors
Tomm Moore and Ross Stewart,
aren’t anti-Christian, per se: As we
are told early on, St. Patrick made
a deal “with the pagans” to keep
the locals close to home and leave
the wolves and Wolfwalkers alone;
it is the Puritans who are big-foot-
ing it around the woods. And the
byproducts of worship are cer-
tainly celebrated: The visual ele-
ments of the animation include the
Celtic spirals, interlacing patterns
and stained-glass-evoking geome-
try that are found in the illumi-
nated manuscripts of Dark Ages
Ireland. (Mr. Moore also directed
2009’s “The Secret of Kells,” about
the Book of Kells, with Nora
Twomey, who is a producer here.)
The style elsewhere ranges from
APPLE TV+ (2)

Monet-like depictions of the wild-

est Ireland to naive depictions of
the village of Kilkenny that suggest
perspective-free medieval painting.
The Wolfwalkers
TELEVISION REVIEW | JOHN ANDERSON are aswirl in color

An Irish
and motion; the
townsfolk are flat
and more cartoon-
ish. But even they
seem inspired by

Enchantment
the often simple
representations of
humans rendered
by those anony-
mous illustrators of
the monasteries.
Among the many
‘Wolfwalkers’ roots its fantastical clever and under-
stated virtues of
story in the island’s tortured history

‘F
“Wolfwalkers” (pol-
itics, for instance,
amily entertainment” a pre-Christian Hibernia of pagans, are never men-
often means some- Druids and nature worship. Adults tioned) is the way
thing parents can sit will be eager to see where it’s all the animals are
through without claw- going to go. characterized. The
ing the armrest off Where Robyn goes, early on, is (voice of Simon McBurney), who roam the troubled countryside. Lord Protector calls the wolves
the couch. But the an- the scullery. “Work is prayer,” is on hand to enforce order and Robyn (voice of Honor Kneaf- “foul” and “wicked.” In one fulmi-
imated “Wolfwalkers” is a differ- she is told by the crone-in-chief— quell political dissent. The chief sey) is a recent arrival from Eng- nating moment he says, “By God’s
ent sort of beast. With its en- and it’s one of the more frighten- source of that dissent are the land, having come with her Round- clarity and judgment He van-
chanted forests, shape-shifting ing moments in a film full of for- wolves who inhabit the surround- head father, who is the Lord quishes thee,” though nothing of
wood sprites and a plucky heroine midable action, near-calamity ing forest, along with the Wolf- Protector’s chief wolf exterminator. the sort happens. But there’s no
named Robyn Goodfellowe, the and wolf-imperilment. The set- walkers—young Mebh, who Robyn wants to be a wolf hunter, anthropomorphizing by the movie
film is terrific fare for kids. But ting is Kilkenny, Ireland, in sounds like a 2020 Dublin tween, too, until she comes to understand itself: Wolves are wolves, even
the underpinnings of its fantastical 1650—the very year that capital and her mother, Moll (voices of the injustices being done to the though the ones here do hang out
story lie in tortured Irish history, of the Irish Catholic Confederacy Eva Whittaker and Maria Doyle wolves and the land. “What cannot with very enchanted people.
English imperialism, and the use fell to Oliver Cromwell. His name Kennedy). They are human-like be tamed must be destroyed,” says
of religion to rationalize oppres- is never mentioned, but he is em- but possess wolf avatars that the Lord Protector, who is pre- Wolfwalkers
sion; there’s a hum of yearning for bodied in the evil Lord Protector leave their sleeping bodies and pared to burn down the forest if Friday, Apple TV+

W
hy go to an art museum? SIGHTINGS | TERRY TEACHOUT

Glitch in the Museum Matrix

Yes, you can usually get a
good lunch there, but this
isn’t a trick question: You go there
to look at great art, delight in it
and learn more about it. Very few
of us will ever own a Manet or a
Mark Rothko, but you can see ex-
amples of their work hanging in
American museums from coast to
coast, an experience that is noth-
ing like looking at a reproduction
in a coffee-table book. Or, at least,
you could see them: The Covid-19
pandemic has forced many major
art museums to close or sharply
limit their viewing capacity, and
many art lovers are now under-
standably reluctant to visit those
museums that remain open.
How, then, can people who love
art continue to enrich their aes-
thetic lives in something like the
manner to which they’re accus-
tomed? New York’s Museum of
Modern Art has a very good an-
swer. “Virtual Views: Van Gogh’s
‘Starry Night’” is an online “exhibi-
tion” devoted to one of MoMA’s
most familiar and best-loved paint-
ings. It includes an introductory
video and a Q&A session with Ann
Temkin, the museum’s chief cura-
tor of painting and sculpture, fol-
lowed by a “performative reading”
by the actor-playwright Anna Dea-
vere Smith of the correspondence
IMMERSIVE VAN GOGH

between Vincent van Gogh and his

brother Theo. The package also in-
cludes several other choice items,
including “a cosmologist’s take on
the painting’s famous sky.”
Most art museums have only
just started to think about using A view from inside ‘Immersive Van Gogh,’ a 500,000-cubic-foot high-tech video installation
their websites in so invitingly elab-
orate a way, but “Virtual Views: at length about how the visitor and Collective’s “NHKS4220 Bar installation, and my answer is: ‘come inside to get up close’ to the
Van Gogh’s ‘Starry Night’” is a (masked and socially distanced, of Illusion,” which was recently in- Why not just turn “Nighthawks” canvases instead of being pushed
model of how to reach out to course) will “wander through en- stalled in New York’s Chelsea Mar- into a Lifetime TV movie and be aside by guards.”
locked-down patrons in a way that trancing, moving images…truly il- ket, is based on “Nighthawks,” Ed- done with it? That, however, was a serious at-
is both entertaining and illuminat- luminating the mind of the ge- ward Hopper’s deeply mysterious I’m not at all averse to using re- tempt to bring to new audiences
ing. Short of actually standing in nius.” I haven’t seen the show in 1942 painting that shows a group productions of major works of art an experience resembling that of
front of “Starry Night” and marvel- person, but the extensive video of people drinking coffee in an oth- to make them more familiar to seeing great art in person. “Im-
ing at its beauty, I can’t think of a clips I’ve viewed online suggest erwise empty all-night diner on a those who live nowhere near the mersive Van Gogh” and
better way to heighten your under- that attending “Immersive Van deserted big-city corner. The museums in which the originals “NHKS4220 Bar Illusion” are
standing of what is widely thought Gogh” is not even remotely like the Texas-based Noiland Collective has are housed (“Nighthawks” hangs in something else altogether. I cannot
of as Van Gogh’s greatest canvas. intensely involving experience of turned “Nighthawks” into a life- the Art Institute of Chicago). Two imagine anyone seeing these elec-
That’s the good news. The bad encountering a painting up close. size hologram-style three-dimen- years ago, I wrote favorably in this trified exercises in pure, gussied-
news is “Immersive Van Gogh,” a Instead, the work of one of the sional image, one in which the space about a “pop-up show” of up ballyhoo and saying, “Wow!
500,000-cubic-foot high-tech video greatest of all visual artists has viewer plays a part. Says the press high-quality life-size copies of nine Now I want to see some real art!”
installation that opens in Toronto been turned into something more release: “‘NHKS4220 Bar Illusion’ celebrated Van Gogh paintings that Unlike the pop-up mall shows,
on Dec. 21, in Chicago on Feb. 11 like a giant video game. The only plays out the scene in ‘Nighthawks’ toured shopping malls in six Amer- which are designed to foster an ap-
and in San Francisco on March 18. thing that a gimmicky light show as a living moment, both in the ican cities. As I explained in my petite for museum-going, they pro-
It makes use of 50 digital projec- like “Immersive Van Gogh” “illumi- past and present. Visitors can column, “Not only do they give you mote only themselves.
tors to show animated versions of nates” is the difference between stand at the central point of the a surprisingly clear impression of
“Starry Night” and several of the experiencing art and monetizing it. installation and see their silhou- what the real paintings look like, Mr. Teachout, the Journal’s drama
painter’s other masterworks, ac- Alas, such commercial undertak- ette integrated into the artwork.” but their presentation is simple, critic, is the author of “Satchmo at
companied by New Age-style mu- ings are growing increasingly pop- Once again, though, I’ve looked at straightforward and ballyhoo- the Waldorf.” Write to him at
sic. The press release maunders on ular of late. Another one, the Noil- video clips of this techno-cheesy free—and, as a sign says, you can tteachout@wsj.com.
A14 | Wednesday, December 9, 2020 * *** THE WALL STREET JOURNAL.

SPORTS
The Real Queen’s Gambit: Catching Chess Cheaters
Online chess has boomed during the pandemic. So has cheating—making chess narcs the game’s most crucial players.
BY JOSHUA ROBINSON Rensch concedes there may still
AND ANDREW BEATON be players cheating and getting

I
away with it. They close an ac-
n the year when everyone count only when they have irrefut-
went online to play chess, able, statistical proof they’re right.
and even went online to The systems were proven when
watch a TV show about they flagged several of the world’s
chess, players developed a top-100 players for cheating—and
nasty new habit. They started those players subsequently con-
cheating at chess online. fessed.
As newbies and grandmasters “There’s no way seven years ago
alike flocked to platforms like I would’ve closed a player in the
Chess.com and Lichess in 2020, ad- top 100,” Rensch said.
ministrators noticed a surge in sus- The algorithms are buttressed
picious activity unlike anything by requirements that players turn
they had ever seen. So they turned on a minimum of two cameras—
to a group of nerds with expertise one showing their face, another
so obscure that there are only a from behind them—and share their
handful of them on the planet: the screens while playing to prevent
chess narcs. them from consulting other
They are international masters, sources.
legal experts, and computer scien- There are now online tourna-
tists—sometimes all three. Their ments featuring the likes of world
job is to root out patterns that re- champion Magnus Carlsen with
veal the player across your virtual hundreds of thousands of dollars
board might be reaching for out- on the line enabled by this fast-
side assistance. They’re the reason growing cheat-detection infrastruc-
chess has been able to make the ture. But the modern genesis of
once unthinkable leap from an this cottage industry dates back
over-the-board game with waning more than a decade to a scandal
popularity to wildly popular e- known simply as Toiletgate.
sport in a manner of months. The controversy erupted at the
“It’s a constant fight,” said Emil 2006 world championships when
Sutovsky, the director general of Vladimir Kramnik, of Russia, was
FIDE, the chess’s world governing accused of taking a suspicious
body. Without the chess police, “it number of bathroom trips. Though
would be impossible to host any no wrongdoing was proven and
serious events.” Kramnik went on to win the title,
The moment countries across the incident caught the attention of
the world began locking down be- a computer scientist—and an inter-
cause of the pandemic, online national chess master—in upstate
chess exploded. And while the New York. His name is Ken Regan
world’s top players had to flee a and he became obsessed with
tournament in Siberia back in flushing out cheaters.
March, the most popular “I saw the game I love poten-
chess websites suddenly had World chess champion Magnus tially cracking apart,” said Regan,
to grapple with regulating Carlsen (top-left) plays an online an associate professor of Computer
online contests in which any- match against Hikaru Nakamura. Science and Engineering at the
one with a smartphone can ‘I don’t go out looking for trouble,’ University at Buffalo. “I’m not a
beat Garry Kasparov. says chess cop Ken Regan (below). vigilante by any means. I don’t go
The chess narcs did more out looking for trouble.”
than just ensure online Trouble comes looking for him.
games were fair. They made Before the pandemic, Regan would
sure that chess could make personally investigate a handful of
the biggest transition in its tournaments a year. Now, he says,
1,000-year history. They the volume of online play he’s
beefed up complex algo- asked to sift through is “more than
rithms to detect suspicious I can bear.” In 2020, Regan alone
moves. They installed intri- has processed more than 80,000
cate video monitoring sys- performances.
tems in players’ homes. They The underlying principle is
reviewed literally hundreds based on evaluating a player’s TIMMY HUYNH/WSJ (TOP); DOUGLAS LEVERE/UNIVERSITY AT BUFFALO (BOTTOM RIGHT)

of millions of games—and chances of finding the best possi-

caught tens of thousands of ble move over the course of a
chess cheats, including grandmas- Gerard Le-Marechal, head of cheat That’s also why chess insisted game. Sometimes that move will be
ters. detection for chess.com. on primarily staging in-person obvious. But in key situations, find-
In November alone, Chess.com That this is even an issue in events until the pandemic. Using ing the optimal move can require a
closed 18,511 accounts for violating chess today is a testament to the technology to cheat in over-the- level of forethought that is beyond
the site’s fair-play rules. That’s progress chess engines have made board tournaments usually re- the capacity of most humans work-
thousands more than any month in over the past 30 years. Powerful quired a small-scale conspiracy. Fa- with complex codes that review ing with a time constraint. Finding
the company’s history—and it hap- programs that were once deployed mous cases have involved hidden more than 5 million games a day those marginally better moves over
pened to come in the same month only for high-level exhibitions of devices, audience members with on the platform to root out this be- and over is what raises the alarm.
that a Netflix show about chess, man vs. machine are now accessi- secret phones, and even spectators havior from middling pawn push- In one infamous September inci-
“The Queen’s Gambit,” proliferated ble to any glorified checkers player communicating moves based on ers to the game’s elite. Its most ba- dent, Armenian grandmaster Ti-
as the most popular streaming with Wi-Fi. where they’re standing. sic systems search for how often a gran Petrosian—not to be confused
show in the U.S. “What happened with the com- But on the internet, no one player matches the moves from with Armenia’s greatest player
The data showed something cu- puter programs becoming better knows you’re a fraud. “That’s popular computer engines. Its ad- ever, also named Tigran Petro-
rious. More people were playing than humans and chess not adapt- where the algorithm and secret vanced ones are so intricate that sian—was pinched for cheating in
chess. Yet the fair-play violations ing definitely stunted the potential sauce does its heavy lifting,” Danny they essentially decode a player’s the semifinals and finals of an
were surging even faster than the of chess online for at least a de- Rensch, chess.com’s chief chess of- chess DNA by understanding their event. (He denies wrongdoing.)
number of overall games. “Which cade,” said Hikaru Nakamura, the ficer, said. abilities and tendencies so well Petrosian received a lifetime ban
makes us think that there’s been an world’s top-rated blitz chess Chess.com has a team of two that it can flag when moves stray from chess.com and the Pro Chess
uptick in the rate of cheating,” said player. dozen people constantly tinkering too far afield. League, a team competition.

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.
30s d t
Edmonton 10s <0 1 2 3 4 5 6 7 8 9 10 11 12 64 Boatloads 21 Yogurt choice
20s
Vancouver
Vancouver 0s 13 14 15 16
65 At the same 25 Distasteful
Calgary
10s time 26 Limited
ip
Winnipeg 20s 17 18 19 66 Zero support?
50s Seattle 20s
P tl d
Portland 30s 20 21 22 67 Superior sort 27 Tax cheat’s
Helena Montreal 30s
40s Bismarckk ttawa
Ottawa 68 Oozes worry
A g t
Augusta 40s
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Eugene 40s 30s 23 24 25
Down 28 •TV dinner,
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Boise Billings Toronto 50s
50s p /St
pls / . Paul
Mpls./St. Pau A bany
b
Albany t
Boston
26 27 28 29 30 31 32 33 1 Flavor enhancer perhaps
30s oux FFalls
Sioux ll k
Milwaukee rtford
Hartford 60s
P
Pierre Buffalo
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New Yorkk
used in cooking 30 Occupant of
Clevel d
Cleveland 70s 34 35 36 37
Reno Salt Lake
Lakee City
C
City es Moines
Des t
Detroit
2 Baseball family Friendship 7
Cheyenne Ch
Chicago 30s Phhil d lphi
h
Philadelphia 80s
Sacramento h
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p g
Springfield
Pittsburgh 38 39 40 from the 32 Facilitates
Denver 90s
an Francisco
San i Kansas Indianapo
Indianapolis 40s h
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Colorado Topeka 41 42 43
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Charleston h
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60s L
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Raleighh 44 45 46 47 48 3 Denial from convinced me”
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Ange l
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Santa F 50s Charlotte
Ch l tt Dürer
Memphis hi 39 Noted first
Ph Alb q q
Albuquerque C b
Columbia 49 50 51 52
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San Dieg 70s Phoenix Oklahoma City
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Jackson
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Birmingham 53 54 55 56 57 58 color 40 Miller lager
El Paso Ft. Worth Cold
60s T-storms 5 Web-footed
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10s 20s Showers Flurries 66 67 68
feet
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columnist 41 Tina’s “30 Rock” trigrams T H R E E R I N G B I N D E R
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THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | A15

OPINION
A Nasdaq Chief’s Diversity Stunt BOOKSHELF | By Moira Hodgson

It was al-
ways possi-
ble that Don-
their self-respecting board
members refuse to honor Ms.
Friedman’s demand that they
politician whose meteoric ca-
reer stopped soaring after he
authored a series of un-
sections of its population, in
some cases because of big-
otry and in some cases be-
Making Her
ald Trump’s
relentlessly
meretri-
cious self-
“self-identify” by race, gender
and sexual orientation.)
Only two years ago, on be-
ing named to the job, Ms.
seemly racial shakedowns as
the first head of the Obama
Consumer Financial Protec-
tion Bureau. Or recall the
cause of what somebody once
called the soft bigotry of low
expectations.
Other Wall Streeters,
Own Black List
BUSINESS
promotion Friedman literally pounded a equally sad fate of Hubert though, have funded charter
WORLD
would have table to insist her overriding Humphrey III after he associ- schools and scholarships to
Friends and Enemies
By Holman W.
the opposite goal would be to reduce the ated the most illustrious help disadvantaged young- By Barbara Amiel
Jenkins, Jr.
of the effect bureaucratic disincentives name in Minnesota politics sters make their own way, in (Pegasus, 592 pages, $29.95)

B
on “norms” that make a public listing so with the skeevy 1998 national line with their own gifts and
that the hand-wringers fret- unattractive to young compa- tobacco settlement. dreams, rather than as future arbara Amiel is the wife of Conrad Black, the news-
ted about. But there is also nies. One wonders which candidates for tokenism and paper tycoon who was convicted of fraud and went
evidence, we must admit, for prospect of an open Senate cronyism. Loading everyday to prison in 2008. Now, a year and a half after his
the counter theory. seat changed her priorities. Americans tire of life with even more identity- pardon from President Donald Trump, comes her memoir,
In corporate America at (Leaping to mind is 77-year- politics paranoia is the last a tome nearly 600 pages long. When it comes to those who
least, CEOs are still expected old Ben Cardin’s in Maryland, seeing institutions thing America needs. Or turn- have crossed her, the word “pardon” is not in her lexicon.
to present themselves as where Ms. Friedman lives and misused for personal ing its most accomplished Ms. Amiel leaves no score unsettled in this waspish,
humble servants, not as main her family has long been so- business leaders into benefi- often scandalous, gossipy, vengeful, intimate chronicle of
chancers. Then there’s the cially prominent.) aggrandizement. ciaries of social promotion. her tumultuous life (there’s even a “friends and enemies”
Nasdaq stock exchange’s deci- Because your cynicism is Or metastasizing more exam- list at the end). It’s also disarmingly frank, funny and very
sion to branch into social pol- not yet complete, did I men- ples of elite favoritism for the well written.
icy with its proposed require- tion that she wants the Secu- Nasdaq perhaps hasn’t public to be repulsed by. Lord Black of Crossharbour (his full title when he was
ment that listed companies rities and Exchange Commis- joined the media in starting Never mind papering America made a life peer in 2001) was chairman of Hollinger Inter-
meet Nasdaq CEO Adena sion not only to approve her to notice that last month’s with yet more rules of the national, the media company that owned, among other
Friedman’s goals for diversity rule but apply it to other ex- election can be read as a re- sort that require a 271-page publications, the Daily Telegraph and the Chicago Sun-
on their boards. changes and even private jection of the Trumpism of Nasdaq proposal to explain. Times. After their marriage in 1992, the Blacks led a life of
Let’s count the absurdities. companies so Nasdaq won’t the Democrats as much as it Even California’s liberal elec- extraordinary opulence: Lincoln Center galas, A-list parties,
Shareholders of listed compa- be uniquely inconvenienced was the Trumpism of Mr. torate signaled last month two private jets, mansions in Kensington and Palm Beach,
nies elect their boards and are by its boss’s foray into iden- Trump. that crude and invidious affir- an apartment on Park Avenue and a house in Toronto.
already free if they choose tity-politics brand-building? Honor is the word we’re mative action should remain a Then, in 2003, things
(and some do) to promote di- Or that, even as Nasdaq reaching for. After Mr. Trump, thing of the past. started to unravel as inves-
versity goals. Voters elect leg- has failed to reverse a decline after Adam Schiff, after Mazie Nasdaq already has an im- tigations began into Lord
islators at the state and fed- in listings, she has been pro- Hirono’s insane insistence portant role in American life, Black’s financial dealings.
eral level who, if they think moting a partnership with the that rape charges against any providing liquidity for busi- Ms. Amiel, who is now 80,
the public favors it, can pass diversity consulting firm Republican are always true, nesses and their shareholders. was no stranger to adversity.
affirmative-action mandates. Equilar and her own Nasdaq after James Comey, the public If Ms. Friedman can be per- She had a difficult childhood,
Nobody elected Nasdaq, as Center for Board Excellence is perhaps ready for some- suaded to attend to her day growing up during the Blitz
even Ms. Friedman seems to peddle the kind of diversity thing different. job, perhaps it can even win in Hendon, a suburb of
mutely to concede. Though services companies might There’s absolutely nothing back for small investors some London, and encountering
noncompliant companies in need under her new rule? wrong with diversity. That’s of the opportunities that now anti-Semitism at an early age.
theory could be kicked off the Maybe the public will end why so many con men, fraud- go to superwealthy private- Her parents divorced when
exchange, they won’t be, she up buying Nasdaq’s diversity sters and cynical self-promot- equity types. If the diversity she was 8. Three years later,
says. They will be required to stunt but voters sometimes ers are attracted to it. No rule was her play for the per- her stepfather moved the
explain publicly why they get their fill of cynicism. Wit- sensible person doesn’t think sonal spotlight, though, she family to Hamilton, a steel
aren’t complying. (Here’s hop- ness the abortive rise of America has been missing out may not be as ready for prime town in Ontario. Her mother
ing many will say it’s because Richard Cordray, the Ohio on the untapped gifts of large time as she thinks she is. made frequent attempts to kill
herself. When Ms. Amiel was 14
she left home, continuing high school while living in rented

States and Cities Deserve Taxpayer Support rooms. Her natural father committed suicide. She started
using codeine, a morphine derivative. “After taking the
tablets my spirits got a hit of euphoria . . . All I needed
As Congress putting jobs in the private have joined forces to advocate House and Senate. The pack- then were an occasional couple of pills. All I need now are
presses to economy at risk. for continued federal assis- age omits items that many a couple or at max three or four a day.” She swallows them
complete an This is a humanitarian chal- tance. The National Governors Democrats support, and in- with a cocktail of Carnation evaporated milk and Ribena,
emergency lenge but also a macroeco- Association represents all 50 cludes measures that many Re- the blackcurrant drink given to British children. Where on
Covid-19 relief nomic problem. Reduced state governors, 26 Republicans and publicans oppose. It is smaller earth did she come up with that concoction? She doesn’t say.
bill, aid to and local revenue slowed the 24 Democrats. On Dec. 4, the than House Speaker Nancy Before she became Lady Black, Ms. Amiel had a hugely
POLITICS states and lo- recovery from the 2007-09 re- NGA’s leaders—New York Dem- Pelosi would like, and larger successful career in journalism. In 1983 she became the
calities con- cession, and the Federal Re- ocrat Andrew Cuomo and Ar- than Senate Majority Leader first woman editor of a daily Canadian newspaper, the
& IDEAS
tinues to be a serve chairman isn’t alone in kansas Republican Asa Hutchin- Mitch McConnell wants. It is, Toronto Sun. She married three times and moved to
By William
point of con- fearing that it could happen son—issued a statement on in short, a compromise. It has London, where, in 1986, she became an outspoken conser-
A. Galston
tention. But again. Job creation has slowed behalf of its entire membership. been so long since one has vative columnist for the Times. After 9 years, she went to
the novel cor- for five consecutive months, It reads in part: been seen that many elected the Daily Telegraph. She was beautiful, addicted to
onavirus respects neither geo- and the economic recovery officials can’t recognize it. “raiment,” and had a succession of lovers, including a toy
graphical boundaries nor par- from the pandemic shock Govs. Cuomo and Hutchin- boy “so physically perfect a specimen that you really
tisan affiliations. Heartland threatens to stall with employ- Covid relief is no ‘blue son made it clear that they re- wanted to put him nude on the mantelpiece.” She declares:
states that thought they were ment almost 10 million jobs be- gard this bill as a down pay- “The perception of me was that of a cool seductress,
safe turned rapidly into hot low its peak in February. The state bailout.’ The ment on a larger effort. “We rippling and swirling through life. And perhaps when you
spots. As the costs of caring official unemployment rate is virus doesn’t respect look forward to working with so describe yourself in spite of yourself, some of the
for the sick and trying to pro- still high, and it would be Congress and the new Admin- cheaper characteristics do rub off on you.”
tect the healthy have surged, higher if not for the distressing political boundaries. istration in the new year on a They do indeed. Modesty is not one of the attributes of
tax revenue has declined decline in labor-force partici- more comprehensive COVID this latter-day Becky Sharp. She writes unblushingly of an
sharply. Most states and cities pation. Millions of discouraged relief package,” they wrote. No encounter with a Doberman who licks whipped cream,
have responded by cutting Americans have left the labor “Governors have been on doubt some born-again deficit “probably horrid artificial stuff,” off her naked body in a
their budgets while hoping for force, and a slow recovery will the front lines since the begin- hawks will resist. stranger’s apartment. She relates how in London she meets
some assistance from the fed- make it even harder to get ning of the pandemic, procur- But this is a battle for an- the well-connected party-giver, 68-year-old book publisher
eral government. Without it, them back into it. ing lifesaving medical and per- other day. Right now, without George Weidenfeld. She finds him physically repulsive.
they will be forced to make Despite what some politi- sonal protective equipment, emergency relief, millions of However, “being with him, I thought rather calculatingly,
even deeper cuts. cians are saying, federal assis- establishing field hospitals, Americans face the termina- gave me access and some status.” So she dutifully gets
These cuts matter because tance wouldn’t be a “blue-state and providing economic relief tion of their unemployment down to business.
governors and mayors are bailout.” Some of the reddest to small businesses and work- benefits. Small businesses that
mostly in the business of deliv- states are among the hardest ers. But this is a national crisis, have exhausted the loans they
ering services their constitu- hit, not because they spend cutting across geographic, eco- received through the Paycheck A gimlet-eyed chronicle of a glamorous and
ents need. No federal relief profligately but because their nomic and demographic lines, Protection Program will be tumultuous life in journalism that spares no
means less funding for educa- economies are especially vul- and it demands a national, bi- forced to close. Renters and
tion, roads, courts and police, nerable to disruption by the partisan solution. Congress homeowners who can’t make one, least of all the author herself.
firefighters and motor-vehicle pandemic. Revenue in states should not leave Washington their monthly payments face
departments. Libraries and that depend on energy taxes— for the holiday recess without eviction. And state and local
public parks will be on the Alaska, Wyoming and North enacting a much-needed COVID officials will be compelled to The affair with Weidenfeld brought her third marriage to
chopping block, as will the Dakota, among others—have relief package.” slash support for the public an end, after which she was clinically depressed for two-
fight against opioid addiction. been hit hard by declining oil The nation’s governors had services on which their con- and-a-half years. Then she met Conrad Black. He made the
State and local payrolls, which prices, as have revenues in a specific suggestion: Congress stituents depend. In these cir- decision to marry her, she writes, when they drove in a
have shrunk by 1.3 million, will states such as Florida that rely should come together around cumstances, assistance to Bentley back from a Wiltshire weekend and she requested
be cut further, reducing con- heavily on tourism. the $908 billion bill produced states and localities should not that he arrange her place at a dinner he was planning.
sumer purchasing power and Not surprisingly, governors by a bipartisan coalition in the be controversial. She wanted to sit next to publishing mogul Robert Maxwell
(now deceased) so she could ask him for a job. When Lord
Black proposed a few weeks later, they hadn’t even

No More Bishop Nice Guy exchanged a kiss. The marriage took place in Chelsea,
followed by a lunch given by Ambassador Walter Annenberg
at Claridge’s in honor (seriously) of the Queen Mother.
By Matthew Hennessey tancing in the pews. What’s tached to the church are slip- ticularly concerned with the After the wedding, Ms. Amiel is thrown into “a mael-
missing are the children. Our ping away. future of my church. Restaura- strom of entertaining and being entertained” by celebrities

T
The Bronx, N.Y. parish is healthy. We have a It’s an unfortunate reality teurs and small-business own- and billionaires. “Just bring patio jewellery,” Texan philan-
he Supreme Court dynamic pastor, several faith- that some Christians only at- ers are fighting like hell every thropist Lynn Wyatt says as she proffers an invitation to
smacked down Gov. An- ful priests, and a vibrant tend services twice a year day to preserve their liveli- her villa near Monte Carlo. Ms. Amiel writes: “Patio
drew Cuomo’s arbitrary neighborhood loaded with even when there’s no pan- hoods. It’s inspiring to see or- jewellery, it turned out, meant huge, perfectly spherical
limits on church attendance in kids and families. During nor- demic on. This year that mini- dinary people stand up to bul- and polished turquoise beads alternating with full-cut
certain Covid hot spots late mal times, the 10:30 a.m. Sun- mal connection is in danger of lies like Messrs. Cuomo and diamonds.” When banker Jacob Rothschild inquires
last month. The decision was day Mass would feature a being severed. Newsom. But what are Amer- whether the heavy tiara she’s wearing as a necklace is
a welcome reprieve for reli- children’s choir and a corps of America’s religious leaders ica’s bishops doing to inspire uncomfortable, she replies, “Diamonds, Jacob, are always
gious leaders, who have for young altar servers. It would should hear alarm bells. In our their flocks? What will they comfortable.” She tells an interviewer at Vogue that as a
the most part bent over back- be held in the auditorium of aggressively secular world, it do? We are tired of watching girl she was forced to wear hand-me-downs. So now, she
ward to accommodate pan- doesn’t take much to break our leaders kneel before ju- confesses, “I have an extravagance that knows no bounds.”
demic restrictions imposed by the habit of regular worship. nior-varsity Caesars. This comment, inevitably, she lives to regret.
civil authorities. But enough Religious leaders have Communities of faith can’t There is no evidence that One day, walking along the sand in Palm Beach with
is enough. America’s churches survive without children. the virus is spreading in the Ghislaine Maxwell (currently awaiting trial on charges of
should reopen fully, and they been too deferential The shuttering of churches churches, so my message to sex trafficking for the late Jeffrey Epstein), the two women
should do it now. to unreasonable in the spring caused untold these bishops is this: Show discuss how many bathrooms they have. Ms. Amiel reports,
Anyone who thought the pastoral damage. Thousands some backbone. Open the “Mine came to an astonishing thirty-nine.”
high court’s 5-4 ruling would Covid restrictions. suffered and died alone, with- churches. Get rid of the sign- It comes as no surprise to read that she runs into
end government attempts to out the comfort of a bedside up sheets. No more roped-off flagrant anti-Semitism in that WASP haven. At a party she
squeeze the right to free exer- spiritual adviser or a priest to pews. No more 25% capacity. hears it proclaimed outright: “ ‘You understand,’ said the
cise of religion was wrong. the parish high school next administer the sacraments. Call the faithful, young and tall red-trousered man with harmonizing bright reddish
Mr. Cuomo dismissed the de- door, to accommodate a bulg- The departed went to eternal old, to communion. Let the face who was the very first guest I encountered, ‘we simply
cision as “irrelevant” and “po- ing congregation of mothers rest without the funeral civil authorities try to shut it can’t let the Jews into Palm Beach.’ ”
litical.” California Gov. Gavin with strollers and fidgety masses and family gatherings down. Chain yourselves to When Ms. Amiel recounts how quickly her society friends
Newsom has imposed a 10 tweens in soccer uniforms. that are so important to mark the altars if necessary. Be and money melted away after her husband’s indictment, it’s
p.m. curfew, which would They’re all gone. The choir the passage of a life. When re- the heroes we need you to hard not to feel some sympathy for her. Yet the second half
seem to place midnight Mass is on ice, and a lone adult strictions were lifted, sign-up be. of her book, which is devoted to a nonstop detailed account
in the category of a criminal serves the priest at the altar. sheets and parking-lot ser- The alternative is subservi- of the trials, betrayals and legal proceedings, is a slog.
conspiracy. Few in the pews are under 50. vices did little to bring the ence. The alternative is empty Lord Black spent around three years in jail. After the
They canceled Easter. Is Perhaps young families have faithful back. pews forever. The pandemic pardon, Ms. Amiel writes, “for Conrad, the best revenge
Christmas next? adjusted their schedules and We are told lives have been generation may never come really was to enjoy life.” But that’s not her style. “For me,
At my Catholic parish in are attending Mass in smaller saved by keeping the churches back. the only revenge would be to see our persecutors
the North Bronx, the requisite groups, at different times, or half-empty. Do we know how guillotined.”
masking is in effect, hand watching online from home. I many souls have been lost? Mr. Hennessey is the Jour-
sanitizer is everywhere, and fear, however, that Catholics As a Catholic raising five nal’s deputy editorial features Ms. Hodgson is the author of “It Seemed Like a Good
the old regulars are social dis- who are only marginally at- children in the faith, I’m par- editor. Idea at the Time: My Adventures in Life and Food.”
A16 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Fannie and Freddie Conundrum Nasdaq Defends Its New Diversity Mandate

P
olitics sometimes requires choosing the underwriting standards while blessing a Fan The opinions expressed in the edi- cations touch on biological sex, gen-
least bad option. That may be the best and Fred end-run around statutory limits on ex- torials “The Woke Nasdaq” (Dec. 2) der identity, expression, presentation
and “Nasdaq vs. Warren Buffett” and sexual orientation—New York
way to assess the Federal Housing Finance ecutive compensation.
(Dec. 3) distort Nasdaq’s proposed City officially recognizes 30, with
Agency’s (FHFA) eleventh-hour Hence, Treasury and FHFA new listing requirements. Nasdaq is some being fluid. Wall Street wants
push to release government- A regulator’s plan to are considering a consent order not asking the SEC to “impose a to get ahead of and capitalize on the
sponsored enterprises Fannie recapitalize the firms is between the GSEs and FHFA quota system,” nor are we “mandat- woke curve, but should defer to so-
Mae and Freddie Mac from that could end government ing” the composition of boards. cial-justice political professionals
their 12-year captivity. the least worst option. conservatorship of Fannie and Our duty is, as your editorial says, who are descending on Washington
In a better political world, Freddie while binding both the and our proposal to the SEC outlines, and are determined to weave the per-
the housing godzillas would Biden Administration and to provide “transparency for share- fect tapestry of diversity and inclu-
have been unwound after the financial crisis. GSEs. Financial regulators often use such orders holders.” sion for all American institutions.
Recall Congress created the GSEs to guarantee to compel reforms at undercapitalized or incom- Our proposal does precisely that: R. RILEY WILLIAMS
mortgages with the purpose of increasing li- pliant banks. Fan and Fred are both. Nasdaq listed companies should dis- Sarasota, Fla.
close the diversity of their boards.
quidity to the housing market. Their implicit Mr. Calabria recently finalized a capital rule
We propose that companies have at A good director may join a board
government backstop allowed them to expand that would require the GSEs to hold a combined least two diverse directors: one who when he or she knows little about the
their footprints and leverage, which yielded $283 billion cushion against losses. They now self-identifies as female, and one who business, and then learn on the job,
enormous profits. have a paltry $35 billion. The GSEs and housing self-identifies as either an underrep- so to speak. But to do that a candi-
When the housing bubble burst, Fannie and lobby complain the rule is too onerous and will resented minority or LGBTQ+. Com- date must know something about
Freddie were stuck with enormous losses on no doubt push the Biden team to weaken it. panies would be given time to meet how businesses work in general. A
toxic mortgages. At that point they should have A consent decree could hard-wire strict capi- this objective. Those who can’t, or candidate who has experience in an-
been placed in receivership. But the Bush Trea- tal requirements so Biden appointees couldn’t don’t believe it’s appropriate, have other business, brings an open mind
sury opted for conservatorship under regula- water them down. It also could and should in- the option to explain why. Our pro- and can read a financial statement
tory control by the FHFA. clude limits on the GSE investment portfolios, posal preserves each company’s deci- may become a solid director. But an
With a $190 billion injection from Treasury, guarantee activities (e.g., no cash-out refi- sion-making authority over its board activist who has an ax to grind and
while advancing an important dia- no experience in making major busi-
they gained a new lease on life. In return, Trea- nances and vacation homes) and dividends. If logue among its shareholders. ness decisions or in understanding
sury received preferred senior stock, which the the GSEs are to be released, they need to be Investors increasingly care about the financial structure of the enter-
giants were supposed to pay a 10% dividend on kept on a tight leash. diversity and governance, as evi- prise is unlikely to serve the share-
liquidation preference, and warrants to acquire i i i denced by the surge in net asset holders’ interests well.
79.9% of common shares. The GSEs were also Predictably, the GSEs, Wall Street investors flows into ESG-focused strategies TIM KELLY
supposed to pay a fee for the government’s and housing lobby are mobilizing their friends from $4 billion in 2016 to $40 billion Naples, Fla.
open-ended credit. in Washington. The housing lobby would prefer in 2020. Our disclosure-based pro-
Because they were unable to pay the re- to keep the GSEs enslaved to a Biden Adminis- posal provides investors with greater You note that in its SEC filing the
quired dividend or fee, Treasury in 2012 began tration so they can be used to juice housing. To transparency about board composi- Nasdaq cites that “multiple studies”
sweeping their net earnings. Fan and Fred increase their capital, Fannie and Freddie would tion. This only serves to enhance in- show that increasing the number of
vestor confidence in the director se- women on corporate boards improves
shareholders on Wall Street argue that the gov- have to raise the fees they charge for their loan
lection process. financial performance. These claims
ernment has unfairly appropriated hundreds of guarantee, which could crimp profits for mort- Nasdaq is required by the SEC to tend not to be based on rigorous
billions of dollars in profits. But Treasury still gage originators. Higher fees and restrictions protect investors and promote the analyses.
hasn’t come close to being repaid what it was could also take some wind out of the refinance public interest. While capitalism has These findings have recently been
originally owed under the 2008 agreement for boom. None of this will do much harm in a roar- shown that it can improve the lives codified in three major meta-analyses
rescuing the giants. ing housing market. of billions, trust and support for the of hundreds of rigorous academic
The GSEs also owe their profits to their tax- Meanwhile, Wall Street investors want the markets will only be maintained if its studies. The most recent meta-analy-
payer backstop, which allows them to underprice Trump Administration to release the godzillas workings and results are shared by sis examined the results of 40 aca-
competitors. Their business model is essentially without chains. It could take the GSEs a decade all of society. We hope our proposal, demic studies, and “no significant
to privatize profits and socialize risk. In good to retain enough capital to meet Mr. Calabria’s which aims to increase transparency correlation [was] found.” Another in-
times, shareholders and executives make out like rule. Selling new shares could help them raise about diversity in corporate America, tegration of 140 scholarly articles
can be part of the solution. concluded that female representation
bandits while taxpayers pay for losses in the bad capital faster and pay dividends sooner, but re-
NELSON GRIGGS on boards is “neither wholly detri-
times. Idaho Sen. Mike Crapo and former Texas strictions on activities will limit the return on President, Nasdaq Stock Exchange mental nor wholly beneficial to firm
Rep. Jeb Hensarling have tried to roll reform up equity. Given their implicit government guaran- New York financial performance.” A 2015 study
Capitol Hill only to have it crash back down as tee, this is hardly too much to ask. analyzed 20 rigorously selected peer-
soon as Fannie and Freddie mobilize their Some Members of Congress argue that GSEs With regard to Nasdaq’s opening reviewed articles, and found that “a
friends in the housing lobby. haven’t fully repaid taxpayers. Fair enough, and bid on board diversity, why pick just higher representation of females on
i i i a consent order should require the GSEs to pay gender, race or sexual orientation as corporate boards is neither related to
All of this is context for negotiations now for their implicit government backstop and the basis for proper board diversity? an increase, nor to a decrease in firm
taking place between Treasury Secretary Ste- Treasury’s senior preferred shares over time. What about economic class, age, financial performance . . . these re-
ven Mnuchin and FHFA Director Mark Calabria They shouldn’t be allowed to pay dividends un- work status, religion, marital status, sults do not support the business
to release the GSEs before they are sufficiently til they do. political affiliation, union member- case for diversity.” (Notably, seven of
ship, area of residence, disability sta- the nine academic researchers cited
reformed or recapitalized. Mr. Calabria’s term But the risk to taxpayers now of keeping Fan- tus, etc.? Yet even if Nasdaq sticks in this paragraph are female.)
ends in 2024, but the Supreme Court is hearing nie and Freddie in government captivity proba- with its trendy, narrow policy for di- Advocates of quotas for women on
a case Wednesday about limits on the Presi- bly outweighs that of releasing them with a ball versity, gender, race and sexual-orien- boards—not only from Nasdaq, but
dent’s ability to remove the FHFA head at will. and chain. A consent order, unfortunately, won’t tation definitions are in flux. More also those from the state of Califor-
Joe Biden would likely replace Mr. Calabria last forever. But if Congress can’t muster the than 10% of babies born in America nia—should be called upon to demon-
with a more permissive overseer like Obama- political will to end their guarantee, then Mr. now have one white and one non- strate the financial associations that
appointed director Mel Watt, who lowered GSE Calabria’s plan is the least bad policy. white parent. When does one have they assert. None appear to be based
enough nonwhite blood or dark on rigorous academic study.
enough shade of skin color to qualify PROF. LORI VERSTEGEN RYAN
Chuck Yeager as a racial minority? LGBTQ+ classifi- San Diego State University

T
here aren’t many giants in American first sonic boom. “And that was it,” he wrote.
life, and on Monday we lost another. “After all the anticipation to achieve this mo-
Chuck Yeager, the first man to travel ment, it really was a let-down.” The Human Cost of Massive Plant Closures
faster than the speed of sound, died in his home But by then he had defied death more often “Closed GM Factory Spawns Wave well. His sacrifice kept an awkward
at the age of 97. than anybody knew. As a pilot in World War II, of Industrial Migrants” (Page One, and shy 13-year-old boy from being
In 1947, Yeager, a young Air Force pilot from Yeager shot down at least 13 enemy fighters. He Nov. 30) left me in tears, as it re- uprooted from his friends and the
the little town of Hamlin, W.Va., was chosen to once downed five German aircraft in a single minded me of my father’s sacrifice for only home he had ever known.
fly a rocket-propelled plane, the Bell XS-1, on day. Yeager was shot down himself over France, his family. In the early 1980s, my dad At the time, I realized the benefit
a supersonic flight over the Mojave Desert. On but made it across the Pyrenees and into Spain, lost a good factory job with Clark to myself. However, it was only in ret-
October 14 he flew the plane, which he named sometimes disguised as a peasant and carrying Equipment Co. in Jackson, Mich. After rospect that I appreciated the high
two years of unemployment, he fi- cost that my dad paid to provide for
Glamorous Glennis after his wife, at a speed of a wounded companion. When the war ended,
nally found another good-paying job his family with the least disruption to
Mach 1.06—700 miles per hour. The night be- Captain Yeager was 22. 200 miles away with BorgWarner. our lives. I thank my dad, John Mul-
fore he had broken two ribs by falling off a He led missions in the Korean and Vietnam During my freshman year in high laly, for his sacrifice. I would also like
horse, and he could barely reach up to seal the Wars, too, and spent a well-earned retirement school, my dad moved into an apart- to tell the GM workers that though
hatch, but only his wife and a close friend knew giving speeches and conducting himself with ment in Muncie, Ind. Lordstown no longer makes cars,
about it. decency and honor. Chuck Yeager was an Amer- For much of the last five years of from what I read, it still makes great
In a 1985 memoir, Yeager famously expressed ican of an older, rarer kind: ready to take a risk his life, he felt the pain and endured fathers and husbands.
his sense of disappointment at crossing the for his country, courageous beyond measure, ut- the challenges of being separated TIMOTHY MULLALY
threshold of sound and creating the world’s terly without pretense. from his family. So much in the sto- Memphis, Tenn.
ries of these GM workers who left
their families behind when the factory
Trump’s Defense Bill Kamikaze Run in Lordstown, Ohio, shut down—such
as rooming with a workmate, taking a
Louis Pasteur Had Good
Advice About Luck and Life

P
lot of overtime and coming home only
resident Trump deserves credit for re- munications Decency Act of 1996. on weekends—my dad experienced as Bob Brody’s “It’s Thanksgiving, as
building America’s armed forces, so it’s Section 230 might deserve some limits given Luck Would Have It” (op-ed, Nov. 25)
a pity his parting shot is a veto specta- how broadly courts have interpreted its liabil- rightly suggests we should appreciate
cle over a defense policy bill. ity protections, as Justice The First Amendment, our good luck when good things come
Mr. Trump won’t extract what His veto threat could Clarence Thomas recently ar- Churches and Public Health our way. He notes that attitudes and
he wants but he might harm gued. But eliminating it could behavior can influence our luck, possi-
some of his own priorities
end up hurting his own have major economic conse- Robert Sommers posits that bly steering us away from bad luck.
with friendly fire. policy priorities. quences that Congress might “quickly” going in and out of the li- His piece reminded me of one of my
quor store is less likely to spread the favorite ironic quotes, attributed to
Congress this week is vot- later regret, and this
coronavirus than attending church Louis Pasteur: “Chance only favors the
ing on the 2021 National De- shouldn’t be rushed through (Letters, Dec. 3). In the Archdiocese mind which is prepared.”
fense Authorization Act, which sets policy out- with only token debate. of Chicago, which ministers to 2.2. CHARLES PIPER
lines for the military and national security. This The authorization looked poised to pass the million Catholics, we wear masks, Lake Oswego, Ore.
year’s iteration includes several good provisions House at our deadline and is expected to pass sanitize our hands (two times after
toughening U.S. China policy. One establishes a the Senate. But an open question is whether the entering church), sit two pews apart
Pacific Deterrence Initiative that authorizes House and Senate can muster the two-thirds in assigned seats, with only two to Pepper ...
$2.2 billion for, among other things, putting majority required to override a veto. Some Re- four people per pew (depending on
more military assets in China’s backyard and publicans will be reluctant to buck President family size). We don’t sing at all. We
And Salt
conducting exercises with allies. Trump even now, and some Democrats may don’t “inhale and exhale forcefully” THE WALL STREET JOURNAL

The bill also authorizes programs for over- think they can extract more of their priorities while praying. Oh, and we register for
contact tracing every time we attend
hauling an aging nuclear deterrent, a Trump pri- by reopening negotiations in January with a
Mass.
ority. “We cannot overemphasize the immediate new Congress and President. In addition, our Catholic school
need to modernize our nuclear delivery systems A particular headache is that hazard pay and children have been in classroom at-
and stockpile,” civilian and uniformed defense certain other types of special pay for service tendance consistently since Septem-
officials told the Senate in testimony in Septem- members expires at the end of the year. Accord- ber with fewer than 10 possible cases
ber. They warned that “decades of deferred in- ing to estimates provided to us by the House of secondary spread, according to a
vestments in nuclear warheads” and surround- Armed Services Committee, a lapse in January Nov. 22 story by NBC news.
ing infrastructure has stretched systems “well would put at risk the hazard pay received by I assume Mr. Sommers’s local li-
beyond their original service lives.” nearly 250,000 service members. The media quor store follows similar protocols?
Not all of the bill is worth passing, and a will inevitably blame Republicans. NANCY RIESBECK
Palos Heights, Ill.
veto threat from President Trump wouldn’t Making the Pentagon wait on politics to get
have been a kamikaze run if it were over more going on projects also inevitably results in the
Letters intended for publication
investment in hypersonic missiles or more delays and inefficiencies that Mr. Trump has should be emailed to wsj.ltrs@wsj.com.
ships. But Mr. Trump has taken the defense bill rightly criticized. The larger risk of failure now Please include your city, state and
hostage in his crusade against social-media is that come January Joe Biden and Nancy telephone number. All letters are sub- “I think we’re nearing Montana—
companies, saying that he won’t sign it unless Pelosi will remake the outline in ways that ject to editing, and unpublished letters I’m getting an urge to
cannot be acknowledged.
it includes a repeal of Section 230 of the Com- weaken the nation’s defenses. wear plaid flannel.”
THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | A17

OPINION

Profit Keeps Corporate Leaders Honest The Economy

By Alexander William Salter stances and don’t consider the cost.
Needs a Little

T
Others may think it looks good in a
he World Economic Forum
knows never to let a good
press release and will never go any-
where. A third group may aspire to
More PPP
crisis go to waste. The or- jobs in government and see champi-
ganization behind the fa- oning corporate social responsibility By Glenn Hubbard
mous conference of politi- as a bridge. And Michael R. Strain

W
cians, executives, celebrities and Finally, there are those who think
“thought leaders” at Davos is now they can benefit personally from the ith the coronavirus surging
promoting an initiative called “The reduced corporate efficiency. As and colder weather limiting
Great Reset.” The idea is to repack- businesses redirect cash flow from outdoor activities, the econ-
age shibboleths of the technocratic profit-directed uses to social priori- omy needs another round of fiscal
center-left for the marketing oppor- ties, lucrative positions of manage- policy support. Aid to small busi-
tunity presented by Covid-19. ment, consulting, oversight and more nesses should be part of any federal
Quite a few of these policies are will have to be created. They’ll fill package, but it should be structured
dangerous, but one deserves special them. This is rent-seeking, enabled somewhat differently than the origi-
attention: stakeholder capitalism. by the growing confluence of busi- nal Paycheck Protection Program.
Apple, Facebook, IBM and Walmart, ness and government, and enhanced Yes, the economy added 245,000

CHAD CROWE
all listed as corporate partners on by contemporary social pieties. jobs in November, and the unemploy-
the World Economic Forum website, The World Economic Forum loves ment rate fell to 6.7%. But the pace of
are evidently on board with a vague to discuss the need for “global gover- job gains is notably slower than the
and open-ended mandate for corpo- nance,” but the Davos crowd knows 2.7 million net new jobs added in
rations to do good in the world. Yet their bottom lines. stakeholder theory and woke capital- this type of social engineering can’t May and the 4.8 million added in
beneath the lofty rhetoric, stake- The self-perceived aristoi of West- ism makes for an especially danger- be achieved by governments alone. June. Consumer spending is slowing,
holder capitalism is mostly a front ern liberal democracies hated this ar- ous and accountability-thwarting Multinational corporations are in- and consumer confidence is weaken-
for irresponsible corporatism. It is gument and have fought it ever combination. creasingly independent authorities. ing. The household savings rate has
an attempt to siphon off cash flow since. Business leaders, eager to Better to avoid it. Since profits re- Their cooperation is essential. plummeted since April, as consumers
from productive uses to advance avoid the moral taint of greed, have sult from increasing revenue and cut- Endorsements of stakeholder capi- burn through savings. After a re-
the mission of “global governance” often led the anti-Friedman coalition. ting costs, businesses that put prof- talism should be viewed against this markable recovery this spring, a dou-
and create corporate and govern- In 2019 the CEOs of the Business its first have to work hard to give backdrop. If it is widely adopted, the ble-dip recession is in the cards.
ment sinecures for cronies along Roundtable released a statement af- customers more while using less. In predictable result will be atrophied
the way. firming that they “endeavor every short, profits are an elegant and par- corporate responsibility as business
day to create value for all our stake- simonious way of promoting effi- leaders behave increasingly like The next version of the
holders, whose long-term interests ciency within a business as well as global bureaucrats. Stakeholder capi-
‘Stakeholder capitalism’ are inseparable.” By stakeholders society at large. talism is today a means of acquiring Paycheck Protection
allows the Davos crowd to they mean “customers, employees, Stakeholder capitalism ruptures corporate buy-in to the Davos politi- Program should focus on
suppliers, communities and share- this process. When other goals com- cal agenda.
obfuscate what counts as holders.” pete with the mandate to maximize Friedman knew well the kind of helping smaller firms.
As National Review’s Andrew Stut- returns, the feedback loop created by corporate officer who protests too
success for a business. taford notes, this vision of wide-rang- profits gets weaker. Lower revenues much against profit-seeking: “Busi-
ing corporate beneficence introduces and higher costs no longer give own- nessmen who talk this way are un- That recovery was aided by PPP,
a host of principal-agent problems in ers and corporate officers the infor- witting puppets of the intellectual created as part of the Cares Act to
Milton Friedman famously fixed ordinary business decision-making. mation they need to make hard forces that have been undermining provide forgivable loans—essentially
the modern paradigm of shareholder Profit is a concrete and clarifying choices. The result is increased inter- the basis of a free society these past grants to finance operating costs—to
capitalism in a 1970 article. Writing metric that allows shareholders— nal conflict: Owners will jockey decades.” He was right then, and he businesses with fewer than 500 em-
against the dangers he perceived in owners—to hold executives account- among themselves for the power to is right now. We should reject stake- ployees. Our research shows that PPP
popular notions of corporate social able for their performance. Adding determine the corporation’s priori- holder capitalism as a misconception supported employment and increased
responsibility, Friedman argued that multiple goals not related to profit ties. Corporate officers will be harder of the vocation of business. If we financial health in the small-business
the chief duty of business was “to introduces needless confusion. to discipline, because poor perfor- don’t defend shareholder capitalism sector. In addition, PPP supported la-
use its resources and engage in activ- This is no accident. Stakeholder mance can always be justified by vigorously, we’ll see firsthand that bor demand and is reducing the
ities designed to increase its profits capitalism is used as a way to obfus- pointing to broader social goals. And there are many more insidious things length of the recovery by helping
so long as it stays within the rules of cate what counts as success in busi- the more these broader goals take businesses can pursue than profit. small businesses—the potential em-
the game, which is to say, engages in ness. By focusing less on profits and precedence, the more businesses will ployers of any unemployed workers—
open and free competition without more on vague social values, “en- use up scarce resources to deliver di- Mr. Salter is an associate profes- to survive over the spring, summer
deception fraud.” Friedman noted lightened” executives will find it eas- minishing benefits to customers. sor of economics in the Rawls College and fall.
correctly that, in a market economy, ier to avoid accountability even as Given these problems, why would of Business at Texas Tech University, At this point, though, many small
profits represent value created for they squander business resources. prominent corporations sign on to a fellow at Texas Tech’s Free Market businesses are running on fumes. The
customers. In their capacity as cor- While trying to make business about the Great Reset? Some people within Institute, and a senior fellow with the next round of PPP should make four
porate officers, businessmen could “social justice” is always concerning, the organizations may simply prefer American Institute for Economic Re- changes from its original structure:
do the most good by focusing on the contemporary conjunction of that firms take politically correct search’s Sound Money Project. • Focus on smaller firms. Our re-
search suggests they are the most re-
sponsive and likely most in need. A

The Best Herd Immunity Money Can Buy 300-employee cap seems reasonable.
• Offer stronger assurances to
banks that they will be held harm-
How much would One way to go is using carrots in- so, he argues, the downside of not asking people about trust in govern- less—including from ex post enforce-
the government stead of sticks. Telling people they reaching the necessary immunity ment in 1958, about 75% of respon- ment actions—if borrowers misrepre-
have to pay you to can’t fly or send their kids to school threshold is worth the risk of over- dents said they “trusted government sent themselves. Congress should
take the Covid-19 may work in some cases, but there’s compensating people. “If the nation to do the right thing almost always include language to this effect in the
vaccine? evidence that paying people to get doesn’t get to herd immunity once or most of the time.” By 2019 that statute, but the Treasury Department
For most of us, vaccinated might be more effective. the vaccine becomes widely avail- number had fallen to 17%. should find a way to encourage banks
it’s a silly question. In a typical year, less than half of able and has been independently Some of the resistance to taking to extend PPP loans to businesses
UPWARD
MOBILITY Recent polls show American adults bother to get flu validated, we’re all out of luck: the the vaccine is driven by anti-vaxxer that aren’t existing customers and
that around 60% of shots. But a 2015 study conducted economy will continue to struggle quackery that predates Covid. Much help those funds get to the most vul-
By Jason L.
Americans plan to by economists at Swarthmore Col- with a weight on its chest, and of it also stems from the hypocrisy nerable small businesses, including
Riley
get vaccinated as lege found that offering people a American society won’t get back to on display this year by politicians minority-owned ones.
soon as possible and $30 reward was enough to increase normal,” Mr. Litan writes. “Any who ignore their own lockdown or- • Make publicly traded small busi-
need no monetary incentive to do vaccination rates by 12 percentage overpayment is simply part of the ders, and by health officials whose nesses ineligible for PPP loans. These
so. The problem is that a 60% vacci- points. price Americans would have to pay, social-distancing guidelines some- firms have access to capital markets.
nation rate may not do the trick. Dr. given our deep political divisions,” how exempted people who wanted They should borrow—and their
Anthony Fauci said this week that to to “get all of our lives back.” to attend certain street protests but shareholders should take losses—be-
keep the virus from finding new Paying people to get the With mixed results over the de- not people who wanted to attend fore they receive any taxpayer funds.
hosts, social distancing should con- cades, people have been paid to lose church services. • Impose a time limit. The U.S.
tinue until 75% to 80% of the popu- Covid-19 shot may be the weight, stop smoking and show up Covid checks won’t repair this economy can’t lose the productive
lation is vaccinated. way to overcome skepticism on time. And while obesity, lung damage, but they could still help us capacity of many small businesses
With several vaccines on the cancer and tardiness aren’t commu- beat back the pandemic, especially because they couldn’t weather a
verge of being approved, talk has about the vaccine. nicable diseases, these experiments among lower-income Americans, once-in-a-century pandemic. But
understandably turned to distribu- show that with the right incentives who have expressed more skepticism once a vaccine has been widely dis-
tion. Who should be at the head of human behavior is malleable at the about getting vaccinated. Immunolo- tributed, small businesses will need
the line, health-care workers or el- A growing number of high-profile margins. In an earlier era, perhaps gists like to say that it isn’t the vac- to sink or swim on their own. Those
derly residents of long-term-care fa- economists have called for using the public could be persuaded to cine that saves lives, it’s the vaccina- that can’t adapt to the postvirus
cilities? Do we give it first to the such a model to address Covid. They take the politicians and health ex- tion program. The first-order economy shouldn’t be propped up by
people most likely to die from Covid include Paul Romer, a Nobel Prize perts at their word. Those days are problem is making sure enough peo- the government. An expiration date
or to the people most likely to winner; N. Greg Mankiw, chairman long gone. When pollsters began ple get with the program. pegged to the wide distribution of
spread it? At some point, these of the Council of Economic Advisers vaccines would be reasonable.
questions will have to be addressed, under George W. Bush; and Steven Two ideas that have found sup-
but they are all secondary to
whether we can get enough people
vaccinated.
Levitt of “Freakonomics” fame. A
proposal floated in August by Robert
Litan of the Brookings Institution
Paralyzed by Polio in 1951, port on the Hill should be rejected.
PPP shouldn’t include revenue-de-
cline tests, offering larger grants to
At this point, we still don’t even
know how well the vaccines will
work. We know how they fared in
would offer $1,000 to 275 million
Americans, or roughly 80% of the
population, to take the vaccine. The
My Mother Didn’t Give Up businesses with bigger revenue
drops. If revenue tests are forward
looking, they operate as a straight-
clinical trials, but previous vaccines cost would be about $275 billion—a By Randall Thacker Salt Lake County Hospital’s polio iso- forward success tax, incentivizing

M
have proven to be less effective out- large number, but not in comparison lation ward, where she had to dis- businesses to earn less revenue. If
side clinical settings. People who en- to the trillions we’ve already spent y mother, Myrna Nielson pose of all her belongings and any they are backward-looking, they offer
roll in clinical trials tend, among battling Covid. Congress is currently Thacker, got polio just after visits were severely restricted. larger grants to the businesses that
other things, to be healthier than contemplating yet another pandemic Thanksgiving 1951, when she For a young teenager, the isola- are less likely to survive in the post-
the public at large and easier for relief package with a price tag of at was 14. She had spent the long week- tion and paralysis were overwhelm- virus economy. Either way, the sug-
doctors to observe. But assuming least $900 billion. end with family in Salt Lake City. On ing. She wrote that she could hardly gestions we offer are a better way to
that the vaccines are effective, how Mr. Litan acknowledges that un- returning home 50 miles south in sleep at night. But she noticed a target PPP funds.
do you convince enough people to der such a scheme, we would be Spanish Fork, she experienced a fever, light bulb in the hallway, which be- And Congress shouldn’t attempt to
get inoculated at a time when public paying hundreds of millions of numbness and stiffness in her feet came a comfort to her and “taught target particular industries. It would
trust in government institutions is Americans to do something they and legs, and excruciating pain in her me how important light is in lifting be a mistake to offer PPP to the res-
at historic lows? were already planning to do. Even back. Within a few days, she was par- our spirits. It gave me something to taurant industry but not to the, say,
alyzed from the waist down. focus on instead of the pain.” personal-care industry. Industrial
Polio was the pandemic of the Like Covid-19, polio greatly af- policy of this sort would misallocate
early 1950s. As with the coronavirus, fected the lungs. Outside her door sat capital in a way that would slow the
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY many of those infected had little or an iron lung, a 6-foot-long tank on economy’s transition to a post-virus
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
no symptoms. But for about 1% of in- legs, open at one end. The nurse new normal. Congress doesn’t know
Matt Murray Almar Latour
fections it entered the central ner- would slide a patient in feet first, on better than markets which industries
Editor in Chief Chief Executive Officer and Publisher vous system, and in 1 of 1,000 cases a stretcher, and the whole body would to support. PPP eligibility should be
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: it progressed to paralysis. Flulike be enclosed, except for the head. The broad based, and shouldn’t favor par-
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; symptoms created fear that you had iron lung helped the polio patient to ticular industries or firms.
Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; a potentially deadly virus. Then as breathe. My mother never needed it, Congress has done a remarkable
News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; now, everyone was learning in real but dozens of other patients did. job ensuring that catastrophic losses
Thorold Barker, Europe; Elena Cherney, Coverage; Christina Van Tassell, Chief Financial Officer
time. Doctors, nurses, therapists and Some never fully regained the ability in the small-business sector don’t
Andrew Dowell, Asia; Anthony Galloway, Video &
Audio; Brent Jones, Culture, Training & Outreach;
scientists worked to find treatments to breathe on their own. cripple the economy for years to
OPERATING EXECUTIVES:
Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; while waiting for a vaccine. Polio was around for centuries but come. But the job isn’t finished. The
Features & Weekend; Emma Moody, Standards; Frank Filippo, Print Products & Services; After my mother was diagnosed didn’t reach pandemic proportions economy needs two more quarters of
Shazna Nessa, Visuals; Matthew Rose,
Kristin Heitmann, Chief Commercial Officer; by a Spanish Fork doctor, her par- until the early 20th century. A vac- PPP. And then we can put that pro-
Enterprise; Michael Siconolfi, Investigations;
Stephen Wisnefski, Professional News
Nancy McNeill, Corporate Sales; ents took her to Salt Lake City. cine was finally developed in 1955. gram—and the virus that made it
Thomas San Filippo, Customer Service; When a policeman pulled them over We can learn a lot from the stories of necessary—behind us.
Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page;
for speeding, my grandfather ex- polio survivors, like my mother, who
Suzi Watford, Chief Marketing Officer;
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International
plained the situation. The officer es- lived through that earlier pandemic Mr. Hubbard, a professor of eco-
corted them the rest of the way to and became strong and resilient hu- nomics and finance at Columbia, was
WALL STREET JOURNAL MANAGEMENT:
Joseph B. Vincent, Operations; Professional Information Business: the hospital. man beings. chairman of the Council of Economic
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head Temporary polio isolation units, Advisers under President George W.
EDITORIAL AND CORPORATE HEADQUARTERS: like those we’ve seen erected in Mr. Thacker recently published his Bush. Mr. Strain is director of eco-
1211 Avenue of the Americas, New York, N.Y., 10036 some coronavirus hot spots, were mother’s memoir, “Never Give Up: nomic policy studies at the American
Telephone 1-800-DOWJONES
common. She was admitted to the Triumphing Over Polio.” Enterprise Institute.
A18 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

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BUSINESS & FINANCE

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Wednesday, December 9, 2020 | B1

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DoorDash Prices IPO Above Range Nielsen

Delivery company
raises $3.37 billion in
U.S. rankings of app downloads in the food and drink category,
seven-day moving average*
Quarterly revenue Plans
offering in latest sign of
market euphoria
1
DoorDash

Uber Eats
$1.5billion
Uber Eats Ratings
BY MAUREEN FARRELL 5
Grubhub
1.0
Overhaul
DoorDash Inc. priced DoorDash
shares in its initial public of- BY SAHIL PATEL
fering at about $102 apiece,
according to people familiar 10
Nielsen Holdings PLC said
with the matter, a sign of 0.5 it would replace its current TV
Grubhub
strength both for the meal-de- ratings system by 2024 with a
livery company and the over- metric that incorporates digi-
all IPO market. tal viewing including stream-
The price equates to Postmates Postmates ing TV as well as the current
roughly $39 billion using a 15 0 traditional audiences, a shift
fully diluted share count and Jan. Dec. 1Q 2Q 3Q 4Q 1Q 2Q 3Q that could transform how TV
including proceeds from the 2020 2019 ’20 and digital video ads are
offering, which raised $3.37 bought and sold in the future.
billion. It is above the $90 to But as the TV industry’s top
U.S. market share among top food-delivery companies by metro area, in the third quarter of each year
$95 a share range the San measurement firm tries to
Francisco company had been Houston Dallas Philadelphia Washington, D.C. catch up with the way audi-
targeting after boosting initial 100% ences watch now, it will re-
expectations it established Uber Eats quire the approval of TV net-
last week. 75 works, walled-off tech giants
The $102 IPO price caps a and advertisers. Nielsen will
Postmates
stunning run-up in the com- 50 also have to integrate its tech-
Grubhub 62 62
pany’s valuation and marks 56 54 nology across different plat-
the latest sign of euphoria in DoorDash 52% 51 45 46 forms and data sources to en-
25 42% 35
the IPO market. Earlier this sure that the information it
year, DoorDash was privately 25% reports is comparable across
0 8%
valued at more than $15 bil- different screens, platforms
lion, up from $1.4 billion in 2018 ’19 ’20 and content types, industry
2018. executives said.
Fueled by a surging stock Chicago Los Angeles New York Miami At stake is more than $60
100%
market and the stellar perfor- billion that is spent on TV ads
mance of recent technology Uber Eats in the U.S. every year, as well
75
listings, the IPO market has Postmates as tens of billions of additional
already set a record. So far in dollars for digital video and
2020, more than $140 billion 50 streaming ads.
Grubhub
has been raised on U.S. ex- Nielsen plans to introduce
changes, far exceeding the 25 the new measurement product
33 34 29 31
previous full-year record set 26% 24 26 in the fourth quarter of 2022
DoorDash 20% 0 13% 7% 18 17
at the height of the dot-com and secure its adoption by ad
boom in 1999, according to 2018 ’19 ’20 sellers and buyers by the start
Dealogic data that date to *For iPhone and Google Play of the fall 2024 TV season. In
1995. Note: Uber Eats acquired Postmates in July 2020 2021, the firm plans to start
Since DoorDash’s roadshow Sources: App Annie (app rankings); the companies, S&P Capital IQ (revenue); Second Measure (market share) previewing the new data
began last week, investors alongside the existing ratings
have shown strong interest in Investors have been excited demic and by its ability to on $675 million in revenue, This week is shaping up to product.
the offering, prompting the by the company’s strong conquer local markets quickly though it reverted to a net be one of the biggest of the “2024 is when we take
company to boost the price growth as consumers move and show profits. In the quar- loss the next quarter even as year for the new-issue market. away the old stuff and just do
range from an initial $75 to away from dining in restau- ter ended in June, DoorDash revenue jumped to $879 mil- A day after DoorDash’s debut, it in this new way,” said David
$85 a share. rants during the Covid-19 pan- posted a profit of $23 million lion. Please turn to page B4 Kenny, chief executive of Niel-
sen.
Nielsen hopes ad buyers

McDonald’s to End Rebate on Happy Meal

and sellers transition to the
new system earlier, but they
will need to review the new
data and incorporate it into
their buying and selling pro-
BY HEATHER HADDON sult. The children’s meals sell demic have heightened those next year, including in a loyalty pany hadn’t properly accounted cesses before that happens,
for an average of $3.76 nation- tensions. program. for the costs of the upgrades or Mr. Kenny said. “I don’t think
Some McDonald’s Corp. ally, McDonald’s said. Franchi- McDonald’s relations with Franchisees said they have proved that they are worth- we can make a change of this
franchisees said they would sees could raise prices 20 cents franchisees had improved re- grown increasingly skeptical of while. magnitude that affects over a
raise prices on Happy Meals af- or more to offset the cost. cently from the start of the pan- fees McDonald’s charges them “McDonald’s deserves the $100 billion of trading without
ter the company revokes a McDonald’s executives said in a demic as sales have grown for technology, including to best-in-class technology. This is giving the market notice and
longstanding rebate, escalating meeting with U.S. franchisees thanks to rising demand partic- drive-through operating sys- not,” the association said in an the chance to compare data
tensions between the fast-food about the fees on Monday that ularly at the chain’s drive- tems. Technology investments email to members on Tuesday. and workflows,” he said.
giant and U.S. restaurant opera- owners are free to raise prices. throughs. But the end of the re- cost around $10,000 a restau- The company said that it has Nielsen said last month that
tors. “The family business is ab- bate on Happy Meal toys and rant this year, according to been working with McDonald’s it would soon shift from
McDonald’s said that in Jan- solutely a priority. We just be- additional fees that McDonald’s company data. McDonald’s said franchisees for more than a averaging viewers for all
uary it will end a roughly $300- lieve the dollars are better in- will charge franchisees related that it will begin billing $423 year on the technology fees. commercials within a TV pro-
a-month subsidy it has paid vested elsewhere,” said Charlie to technology have raised ten- monthly for 12 months starting McDonald’s said the fees are gram to measuring each ad in-
each of its 14,000 U.S. restau- Strong, chief field officer for sions between executives and in March to recover what the being added as franchisees dividually.
rants for years to subsidize the McDonald’s U.S.A., during the operators again. company said amounted to $70 book record cash flow and It also intends to begin
cost of toys included in chil- call listened to by The Wall McDonald’s and other res- million in uncollected technol- strong sales from initiatives measuring targeted commer-
dren’s Happy Meals. Street Journal. taurant chains are increasingly ogy fees dating back to 2017. that the company has funded, cials—when different house-
McDonald’s said it would use Franchisees at hotels, res- looking to technology invest- Franchisees said McDonald’s including $100 million spent on holds see different ads based
the money to fund other invest- taurants and other consumer ments to try to boost sales. hasn’t sufficiently explained marketing during the pandemic. on audience data—on a na-
ments, including benefits for companies have fought with McDonald’s has spent on sug- why the fees need to be McDonald’s executives ac- tional basis. Marketers and TV
restaurant crew. corporate offices recently over gestive selling software in its charged now. The National knowledged on the Monday call networks have blamed the lack
Some McDonald’s franchi- fees, promotions and supply drive-throughs, saying it is Owners Association, an inde- that they hadn’t properly ex- of national metrics on targeted
sees said they would raise costs. Added costs and opera- helping to boost sales. The pendent group of McDonald’s plained to franchisees why the TV ads for holding back the
prices on Happy Meals as a re- tional changes during the pan- chain plans more investments U.S. franchisees, said the com- fees are necessary. Please turn to page B2

Boeing Makes First INSIDE AT&T Chief Defends Move

Delivery of a 737 MAX To Stream Its Newest Films
Since End of FAA Ban BY DREW FITZGERALD since coronavirus-related re- screen will drive a stake
deliveries is crucial to Boe- AND JOE FLINT strictions shut down many through their business.
BY ANDREW TANGEL ing’s effort to stop bleeding venues. Those that reopened Warner Bros. has countered
cash by the end of next year AT&T Inc. Chief Executive are struggling to attract large that this is a short-term move
Boeing Co. delivered a 737 or early 2022. The world-wide John Stankey defended the de- audiences. for 2021 as the coronavirus
MAX to United Airlines Hold- grounding since March 2019 BUSINESS NEWS cision to release all Warner “We know we probably keeps many would-be
ings Inc., the first carrier to has left Boeing unable to U.S. Steel to acquire Bros. movies online the same needed to try something dif- moviegoers at home and the-
receive a newly produced hand over finished MAX air- day they hit theaters next year, ferent,” Mr. Stankey said Tues- aters in big cities shut. HBO
model of the jet after U.S. craft to customers who pay
remaining stake in arguing that the film producer day during a virtual investor Max will host the movies for
regulators ended a nearly much of the sales price upon low-cost mill for had to tweak a 2020 playbook conference hosted by invest- only their first month of theat-
two-year grounding last receipt. $774 million. B3 that wasn’t working during the ment bank UBS Group AG. rical release before the films
month. The manufacturer had coronavirus pandemic. “Our feeling was, in the theat- follow their usual distribution
A United crew took posses- sought to resume deliveries The telecom company’s rical business, based on our pattern.
sion of a MAX on Tuesday, ac- late last year before regula- Warner Bros. unit said last best discussion with experts, Director Christopher Nolan,
cording to a spokesman for tors approved fixes to the air- week that it will release its en- we were going to be in a situa- whose credits include “Tenet”
the carrier. It was the first of craft’s flight-control system tire 2021 film slate on HBO tion where the psyche of the and “The Dark Knight,” criti-
eight finished MAX planes ex- and related pilot training. The Max, a new film and television population and people’s cized the Warner Bros. strat-
pected to be delivered to push ultimately faltered. library designed to compete willingness to go back into egy, telling the TV show “En-
United by end of the year. The FAA lifted its MAX with online services such as large venues—that’s going to tertainment Tonight” that the
The United spokesman said flight ban on Nov. 18 after it Netflix and Disney+. The plan be a little bit of a prolonged company is using movies “as a
the airline would inspect and approved safety fixes, includ- covers 17 movies from the sci- recovery.” loss-leader for the streaming
test-fly each MAX before rein- ing new software changes af- ence-fiction epic “Dune” to an- Hollywood and much of the service.” He added: “It’s not
troducing the aircraft back fecting the flight-control sys- other installment of the “Ma- creative community has re- the way to do business and it’s
into passenger service in the tem at the center of the two MEDIA trix” franchise. acted angrily both to Warner not the best thing for the
first quarter of next year. crashes that claimed the lives Howard Stern signs The choice shocked a film Bros.’s strategy and to the health of our industry.”
Pilots also would have to of 346 people. Brazilian regu- industry accustomed to releas- short notice its executives “Tenet” is among the mov-
undergo new training ap- lators have followed suit, and
five-year extension of ing big-budget films in stages, gave their business partners. ies that Warner Bros. released
proved by the Federal Avia- other countries are expected contract with with cinema owners getting Theater owners fear that re- in theaters this year after sev-
tion Administration. to do the same in coming SiriusXM. B4 the first bite. But U.S. box-of- leasing the movies simultane- eral pandemic-related delays.
The resumption of MAX Please turn to page B2 fice ticket sales have cratered ously on HBO Max and the big Please turn to page B4
B2 | Wednesday, December 9, 2020 * * THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople

Chicken Processor Reopens Plant

in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A G Qantas Airways..........A7
Alibaba......................B13 GOL Linhas Aereas R
Alpha Bank................B12 Inteligentes .............. B2 Rastegar Property......B6 BY MICAH MAIDENBERG
Amazon.com..........A1,B4 Goldman Sachs...........B4 RSA Security..............A2
AMC Entertainment...B4 H Ryanair........................B2 Foster Farms, a California
American Airlines.......B2 chicken processor, said it re-
Hackman Capital S
Apple....................B4,B14
Partners....................B6 Sirius XM....................B4 opened a facility in the state
AstraZeneca..........A6,A7
Hermès........................B6 Sony.............................B4 after Covid-19 testing demon-
AT&T.......................B1,B4
Honda Motor...............B3 Southwest Airlines .... B2 strated that about 14% of its
Aurora Innovation.....B14
J Stitch Fix...................B14 workforce there had recently
B
JBS USA......................B2 T contracted the virus but
Betterment ............... B12

ALEX TAI/SOPA IMAGES/LIGHTROCKET/GETTY IMAGES

JD.com.......................B13 Tesla ............. B3,B13,B14 wasn’t showing symptoms.
Big River Steel ........... B3
JPMorgan Chase.........B4 T-Mobile US................B4 Over the previous two
BioNTech........A1,A7,B13
Blackstone...................B6 K Tomo Networks .......... B6 weeks, Foster Farms had
Bloom Energy.............A1 Kaspersky Lab ............ A2 Toyota Motor............B14 found 193 employees at one of
BlueCrest Capital TrapX Security............R2 its facilities in Fresno had as-
L
Management...........B12 U ymptomatic cases of Covid-19,
Boeing ......................... B1 Land O'Lakes .............. R2 the company said.
Uber Technologies
Bose.............................B4 M About 1,400 people work at
........................... B13,B14
C Mandiant.....................A2 United Airlines............B1 the plant, and the company
Comcast.................B4,B6 McDonald's..................B1 United States Steel....B3 said it closed the plant Satur-
CoreLogic.....................B6 Microsoft .................... A2 day and Sunday for deep
V
CoStar Group .............. B6 Morgan Stanley..........B4 cleaning.
Verizon Communications
CrowdStrike................A2 N It resumed operations
.....................................B4
D Nikola........................A10 Virgin Australia..........B2 Monday morning, according
Davidson Kempner Nissan Motor..............B3
W
to Ira Brill, vice president of Meat producers have grappled with how to keep plants operational during the pandemic.
Capital Management P-Q communications for Foster
Walt Disney................B4
...................................B12
Pacific Investment
Farms. each other, while Covid-19 closed plants this year due to temporarily closed a poultry
Denso ........................ B14 Y For weeks before the resur- cases surge throughout the infections among workers. plant in Livingston, Calif.
Management.............B6
Derris...........................B6 Peloton Interactive.....B4 Yongcheng Coal & gence at that facility, 1% of U.S. Among other efforts, Foster More than 390 employees
DoorDash.....................B1 Electricity................B13 employees there and at an- Tyson Foods Inc. said last Farms has added plexiglass from that location had tested
Pfizer..............A1,A7,B13
F Pinewood Group..........B6 Z other location in Fresno month it was adding more dividers to work areas and is positive for the coronavirus,
FireEye........................A2 Piraeus Bank.............B12 Zillow...........................B6 tested positive for the corona- space for employees at exist- screening workers for and eight workers died due to
virus, Mr. Brill said. ing plants and testing workers Covid-19 symptoms, stagger- complications related to
Meat producers have grap- to guard against outbreaks, ing break times and conduct- Covid-19 over several months,
INDEX TO PEOPLE pled with how to keep em-
ployees free from the corona-
among other measures.
Meatpacker JBS USA Hold-
ing regular tests of employ-
ees, according to Mr. Brill.
the company said in August.
California Gov. Gavin
virus and plants operational ings Inc. this month said it “The strategy is to identify Newsom last Thursday issued
A H Nolan, Christopher......B1 during the pandemic. had removed hundreds of at- people who are asymptom- a stay-at-home order that is
Alperovitch, Dmitri.....A2 Hackman, Michael......B6 P The industry has been risk workers from a beef plant atic” to protect the rest of triggered when capacity at
B Hogeg, Moshe.............A9 Pai, Ajit.......................B4 spending on safety initiatives in Colorado. Tyson, JBS, the workforce, he said of the hospitals’ intensive-care units
J R at factories where workers Smithfield Foods Inc. and Car- company’s testing efforts. falls below 15% in five regions
Burritt, David..............B3
Joblon, Andrew...........B6 Rastegar, Ari...............B6 typically work closely with gill Inc. have also temporarily In September, Foster Farms in the state.
C
Jung, Gero.................B13 S
Chang, Li ................... B13

Boeing Has
K Schwartz, Greg...........B6
Chousiada, Lito.........B12
Coveilo, Art.................A2 Karavias, Fokion ....... B12 Sridhar, KR..................A1
Koutsogiannis, NikosB12 Stankey, John.............B1
E

First MAX
Stein, Jon..................B12
L
Erlinger, Joe................B1 Stern, Howard.............B4
Lonsdale, Joe..............B6 Stickler, David.............B3
F
M-N Strong, Charlie............B1

Delivery
Feigley, Patrick...........B6
Mandia, Kevin.............A2 T-W
Florance, Andrew........B6
Megalou, Christos .... B12 Taylor, Georgina........B13
G Miller, Leland............B13 Wait, Amanda.............B6
Gahrotra, Alok .......... B12 Milstein, Larry..........B13 Wootton, Adrian.........B6
Gopinath, Gita............A2 Musk, Elon...........A1,B13 Wright, Logan...........B13 Continued from page B1
months.
Before the FAA’s unground-

Nielsen to Roku Inc. and Amazon.com

Inc., two big streaming plat-
form operators, and Facebook
ing, Boeing had planned to
deliver about two dozen MAX
planes by the end of the year,

Overhaul Inc., also declined to comment.

Some executives said they
plan to meet with Nielsen to
people briefed on the matter
said. Two other airlines,
American Airlines Group Inc.

Its Ratings get more details on the mea-

surement firm’s timeline and
how the technology and meth-
and Southwest Airlines Co.,
are expected to take delivery
of new aircraft this month.
odology underpinning the People familiar with Boeing’s
Continued from page B1 changes would work. delivery schedule have said
growth of such ads. Any big change in the TV plans are fluid.
“It’s measuring TV more in advertising system will take Boeing said it has built
the way digital is measured,” some time as ad sellers and around 450 jets that it has
Mr. Kenny said of the new buyers try to update their sys- been unable to deliver during
metric. tems, workflows and tools and the grounding. It halted pro-
Nielsen has secured deals get more comfortable with duction for a while earlier
with owners of set-top boxes new processes, said Jane this year to limit the buildup
and smart TVs to bring in Clarke, chief executive of the and has restarted assembly.
viewership data to help make Coalition for Innovative Media Output has since resumed,
the changes possible, the com- Measurement, an industry but the manufacturer’s ability
pany said. trade group that advocates for to move existing inventory
It will need to secure more better audience measurement. will determine its production
such partnerships, said Adam They will also want to get rates. The coronavirus pan-
Gerber, global chief media of- preview data from Nielsen to demic has for now sapped air-
ficer for ad agency Essence, a
part of WPP PLC-owned
GroupM.
Nielsen said it would also
see how adopting the new sys-
tem would affect their busi-
nesses.
“When you change the cur-
line demand for the jets, com-
plicating Boeing’s ability to
deliver the planes as custom-
ers cancel or defer their or-
Don’t Play Games.
change its audience panels, a rency, it’s a business decision,” ders.
key tool in Nielsen’s tradi-
tional TV ratings over the de-
cades, to track viewership
across devices including inter-
Ms. Clarke said. “It’s not just a
simple measurement thing; it
changes all the rates you pay
for everything.”
Analysts forecast
Invest with a Pro.
net-connected TVs, mobile de- “The TV industry is gradu- Boeing will deliver
vices and computers. ally bringing in digital con-
The ability to merge the dif- cepts like data, addressability
around 180 MAX
ferences between the way TV
and digital media ads are
and ad measurement, but they
are doing it very slowly, so
jets in 2021. Starting at $0 Commissions
bought and sold has long been they don’t lose the emphasis
seen as critical among ad buy-
ers and sellers, and Nielsen has
on process, the emphasis on
high-quality content, and so Last week, Boeing notched
on US listed stocks and ETFs1
been under pressure to im- they can understand the busi- its first big MAX order of the
prove its capabilities to address ness implications with every year. European discount air-
changing video viewing habits. step they take,” she added. line Ryanair Holdings PLC
“This was a move that had Nielsen executives said the said it would buy an addi-
to be made because the indus- firm is working with the Asso- tional 75 jets and accelerate
try is at a breaking point in ciation of National Advertis- its delivery schedule.
terms of its ability to function ers, TV ad sellers and other Analysts forecast Boeing
in this new environment that groups to support the transi- will deliver around 180 MAX
we live in,” said Mr. Gerber. tion it is planning. jets in 2021, including 50 for
“For upwards of a decade now Earlier this fall, Nielsen an- Ryanair.
we have been trying to cobble nounced deals with YouTube, The plane maker has been
together two different mea- part of Alphabet Inc.’s Google, striking deals with MAX cus-
surement approaches, and it and Vizio Inc. to measure ad tomers that include compen-
doesn’t work.” campaigns on their streaming sation as well as reducing and
Ultimately, Nielsen’s goal is TV platforms. deferring MAX deliveries, in-
to provide the media and ad Nielsen said it would seek cluding the follow-on order
industries with the ability to direct integrations with other announced last week by Ryan-
compare, for example, the digital platforms, including so- air.
metrics on the same ad that cial media operators and Boeing, in its monthly up-
ran inside an hour-long TV ep- streaming-TV providers. date Tuesday, said it deliv-
isode and before a shorter
video on YouTube.
Such companies have often
held their user data close, and
ered only seven jets of all
types in November, with no
ibkr.com/tradeup
But it is also going to need it is unclear whether they MAX or 787 Dreamliners
ad sellers and platform own- would be willing to provide handed over, taking its year-
ers, including TV networks enough information to cleanly to-date total to 118. It an-
with major streaming services, compare viewership across dif- nounced cancellations for an-
social video tech companies ferent devices and platforms. other 63 MAX jets, including a
and streaming-TV distributors, Nielsen said its new system near-halving of the order
to play ball and be willing to will require sellers to produce from Virgin Australia Hold-
share their data. a certain set of metrics, which ings Ltd. to 25 from 48.
As one ad-buyer who over- will be audited and accredited Brazil’s GOL Linhas Aereas
sees more than $100 million in by industry watchdog Media Inteligentes SA said it plans Interactive Brokers Rated #1
TV ad spending every year Rating Council, to ensure that to become the first airline to Best Online Broker 2020 by Barron’s*
said, “Are the walled gardens everyone is on an equal play- return the MAX to passenger
OK with this?” ing field. service with flights starting
Representatives for TV-net- These companies also have Dec. 9. The carrier aims to Member - NYSE, FINRA, SIPC - Any trading symbols displayed are for illustrative purposes only and
work groups and major ad- an incentive to be measured have its seven-strong MAX are not intended to portray recommendations. *Interactive Brokers rated #1, Best Online Broker
buying firms including Com- with the same yardstick as tele- fleet flying this month, and according to Barron’s Best Online Brokers Survey of 2020: February 21, 2020. For more information
cast Corp.’s NBCUniversal, vision, according to Mr. Kenny. has 95 more on order after see, ibkr.com/info - Barron’s is a registered trademark of Dow Jones & Co. Inc. [1] IBKR Lite provides
ViacomCBS Inc., and Omni- “They are looking for third- restructuring its deal with commission-free trades in US exchange-listed stocks and ETFs routed to select market makers. IBKR
com Group Inc.’s OMG de- party measurement because Boeing. may charge non-commission related fees. For more information, see ibkr.com/liteinfo 11-IB20-533
clined to comment on Niel- there is credibility in third- —Doug Cameron
sen’s announcement. party measurement,” he said. contributed to this article.
THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | B3

BUSINESS NEWS

China Car Sales

Rise, Cementing
Pandemic Recovery
BY YOKO KUBOTA of the year, sales could jump
around 30% because of a low
Car sales in China, the basis a year ago, said Cui
world’s largest auto market, Dongshu, secretary-general of
rose for a fifth straight month the CPCA.

HOUSTON COFIELD FOR THE WALL STREET JOURNAL

in November, as strong de- Strong sales of electric cars
mand and policy stimulus con- also contributed to the overall
tinued to cement the recovery market’s rebound. Wholesale
from the coronavirus pan- sales of so-called new-energy
demic. vehicles, a category that in-
Passenger car sales grew cludes electric cars, surged by
8% to 2.1 million vehicles last 128% last month to 180,000
month from a year earlier, the vehicles, the industry group
China Passenger Car Associa- said. Retail sales figures
tion said Tuesday. In October, weren’t available.
sales rose by 8%. The rebound follows a year-
In China, where the corona- long slump in EV sales that
virus outbreak has been lasted until the summer. The
brought under control for types of electric car buyers in The company bought a 49.9% stake in Big River in October 2019 for $700 million with an option to acquire the rest within four years.

U.S. Steel to Buy Remaining

China—for years led by ride-
hailing fleets and government
purchases—have shifted re-
New-energy cently to consumers, including
vehicles, which those in big cities buying high-

Stake in Low-Cost Steel Mill

end EVs as well as those in ru-
include electric cars, ral areas purchasing cheaper,
surged by 128%. mini-EVs, said Jing Yang, di-
rector of corporate research at
Fitch Ratings.
The bestselling EV in China
months, the economy has re- was the $4,300 mini-EV, pro- BY BOB TITA Higher steel prices in recent navirus pandemic caused the Koch Industries, the Arkansas
bounded and auto spending is duced by General Motors Co.’s months have helped U.S. Steel company to idle about half its schoolteachers’ pension fund
a major driver of that. To China joint venture Wuling, United States Steel Corp. raise enough cash to complete blast furnaces and lay off hun- and private-equity firms—about
boost sales, China’s cabinet having sold 36,070 vehicles. has agreed to acquire the re- the purchase sooner than ex- dreds of workers. U.S. Steel has seven years ago to build the
and local governments have Tesla Inc.’s Model 3 sedans maining 50.1% stake in Big pected, a person familiar with restarted most of those fur- first phase of the mill for about
been easing purchase quotas came second at 21,604 vehi- River Steel LLC for $774 mil- the matter said. naces. $1.3 billion. The mill employs
and giving subsidies to car cles—a 78% increase from Oc- lion, giving the steelmaker own- The spot-market price for Electric furnaces are easier 650 workers. Automation and
buyers. tober, according to CPCA data. ership of one of the newest, coiled sheet steel in the U.S. has to turn up or down and require less labor-intensive production
Meanwhile, global auto Last month, China’s auto in- most advanced steel mills in the rallied to $856 a ton on Monday fewer workers to operate them. processes allow Big River to
makers, grappling with weak dustry regulator gave approval country. from below $500 a ton this As a result, they are able to op- produce about 5,000 tons of
sales in other major markets to Tesla to sell its made-in- Ownership of Big River’s Os- summer, as a rebounding manu- erate profitably even when steel steel annually per employee,
where the coronavirus infec- Shanghai Model Y sport-utility ceola, Ark., mill will give U.S. facturing sector ramps up or- prices are low. compared with an average of
tions are surging again, have vehicles. Tesla plans to start Steel access to the same pro- ders. “The timing is just right “When bad things happen, 650 tons annually per employee
come to rely on China. delivering its Model Ys in duction process used by com- for us,” U.S. Steel Chief Execu- like the pandemic this year, at U.S. Steel’s mills.
Honda Motor Co. said last China next year. petitors Nucor Corp. and Steel tive David Burritt said during a minimills are able to manage Big River’s location in north-
week that its China sales in- Since July, the Chinese gov- Dynamics Inc., two of the most conference call Tuesday. through that better,” Mr. Burritt east Arkansas along the Missis-
creased 22% in November ernment has been subsidizing profitable companies in the do- Shares rose 13.3% to $19.47 said in an interview. sippi River will give U.S. Steel
from a year earlier, while sales purchases of dozens of se- mestic steel industry. The com- Tuesday. U.S. Steel expects to close on an improved geographic reach
at Nissan Motor Co. rose lected electric cars, mostly do- pany has said the acquisition is More than two-thirds of the the purchase early next year. for customers in the southern
5.2%. mestic brands, in rural re- the centerpiece of its drive to steel produced in the U.S. is Big River, which opened in U.S. and northern Mexico,
For the full-year, the indus- gions. It has also been raise profit by investing in elec- now made in electric furnaces. 2017, is capable of producing 3.3 which is shaping up as a key
try group expects car sales to building more charging facili- tric furnaces that melt scrap, But U.S. Steel still mostly makes million tons of steel annually. battleground market for U.S.
drop by 7%, due to the corona- ties. Analysts expect such poli- which are known in the steel in- its steel from iron ore melted in That is more than the raw steel steel producers.
virus-induced slump earlier in cies, as well as the launch of dustry as minimills. giant blast furnaces fueled by capacity of U.S. Steel’s huge U.S. Steel said it expects to
the year. But it is forecasting a new models, to continue buoy- U.S. Steel bought a 49.9% coal. It is a more expensive, la- Mon Valley Works near Pitts- be able to deploy its research in
growth of 7% in 2021—in line ing EV sales growth into next stake in Big River in October bor-intensive process that is burgh. Big River was started by specialized steel varieties, par-
with many auto analysts’ fore- year. 2019 for $700 million with an difficult to throttle back when steel-industry entrepreneur Da- ticularly for the automotive in-
casts of a high-single-digit an- —Raffaele Huang option to acquire the rest of the demand for steel wanes as it vid Stickler, who assembled in- dustry, at Big River’s lower-cost
nual growth. In the first half contributed to this article. company within four years. did this spring when the coro- vestors—including a unit of production facilities.

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B4 | Wednesday, December 9, 2020 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Carriers Bid on Airwaves for 5G Networks

Wireless companies
including Verizon are
expected to spend
billions in FCC auction
BY DREW FITZGERALD

Verizon Communications
Inc. and other cellphone pro-
viders are expected to spend
billions of dollars to secure
prized spectrum for their 5G
networks in a U.S. government
sale that kicked off Tuesday.
The Federal Communica-
tions Commission is launching
a new auction for C-band air-
waves, a stretch of wireless
frequencies especially valued
by companies trying to offer
the fifth-generation service.
Typical bidders like Verizon,
AT&T Inc. and T-Mobile US
Inc. registered to participate.
Cable, technology and invest-
ment companies also entered
the contest, which could last
several weeks.
“They all need to have a
foot in the door,” said Davis

GEORGE FREY/GETTY IMAGES

Hebert, an analyst at debt re-
search firm CreditSights. “C-
band is going to be the corner-
stone of 5G networks for the
next decade.”
Wall Street analysts expect
the auction to raise tens of bil-
lions of dollars over the com- Verizon tapped the debt markets to build up cash before the auction. A worker prepares a cellular tower for the company’s 5G service.
ing weeks, a reflection of high
demand. The frequencies sit in $52 billion if bidders use all airwaves to beam TV feeds and terms of subscribers, to bid ag- nounced plans to leave in Jan- fits from the government’s sale
what telecom executives con- the resources at their disposal, other content to receivers in gressively to bolster its rela- uary. of new licenses, with proceeds
sider a “sweet spot” for 5G though the total could be much the U.S. tively low share of midrange The transition won’t affect from the winning bids steered
transmissions because they can less if federal officials make a The satellite operators spectrum. the continuing auction, which to the U.S. Treasury. But the
move plenty of data quickly concerted effort to privatize agreed to clear some space for Spokespeople for AT&T and commission staff members companies that win the li-
while still traveling long dis- nearby Defense Department cellphone companies after a Verizon declined to comment. oversee. censes must pay for the assets
tances from a cellular tower. spectrum, adding more poten- drawn-out lobbying fight that T-Mobile didn’t immediately The FCC once doled out per- through new borrowing, which
CreditSights expects bidders tial supply to the mix. delayed the sale of new li- respond to requests to com- mission for radio and TV sta- is ultimately secured by the
to spend about $38 billion to Either way, New Street pre- censes. ment. FCC rules barring coor- tions to use certain frequencies fees they charge their custom-
secure the assets. Mr. Hebert dicted the bake-off “will be Verizon tapped the debt dinated bids often constrain free of charge. The telecom ers.
expects cellphone carriers to hard fought with carriers win- markets earlier this year to companies’ ability to discuss regulator started selling new The commission’s most ex-
“play it safe from a credit per- ning spectrum based on their build up cash before the auc- the auction. spectrum rights as demand for pensive auction closed in 2015
spective” to avoid dragging balance sheet capacity.” tion. T-Mobile, which absorbed The FCC is kick-starting the the resource grew. with nearly $45 billion in bids.
down their bond ratings, which The wide-ranging projec- rival Sprint Corp. earlier this auction as President-elect Joe Auction spending surged as The winners quickly used the
could limit their ability to out- tions reflect the uncertainty year, also has cash on hand for Biden prepares to nominate a the smartphone explosion licenses to bolster their 4G
bid other participants. surrounding an auction that bidding. new chairman to steer the fueled demand for more data service, allowing their custom-
New Street Research told its took years to prepare. Satellite Investors expect Verizon, commission. Current Chairman on the go. ers to stream more music and
clients the licenses could fetch companies already use C-band the country’s largest carrier in Ajit Pai, a Republican, has an- The public ultimately bene- videos.

AT&T pandemic.
AT&T shares have climbed
about 6% since the company
DoorDash
Defends announced the new strategy.
Many Wall Street analysts are Prices IPO
CHIA BELLA JAMES/WARNER BROS./ASSOCIATED PRESS

focused on the success of HBO

Movie Plan Max, which was launched in

late May.
Mr. Stankey said Tuesday
Over Range
that HBO Max will count about
Continued from page B1 12.6 million activated accounts Continued from page B1
The strategy yielded some box- by Wednesday, after ending Airbnb Inc. is set to begin
office revenue abroad but un- September with 8.6 million. It trading. The San Francisco
derperformed in the U.S. had previously set plans to de- home-sharing company would
Over the summer, Universal but “Wonder Woman 1984” on be valued at $42 billion at the
Studios and AMC Entertain- the service when it hits the- high end of its also-boosted
ment Holdings Inc. agreed to aters on Christmas Day. The price range.
shorten the theatrical window service has also benefited from December is typically a
before movies appear online. The plan to release films online at the same time as in theaters includes the science-fiction epic ‘Dune.’ a deal with Amazon.com Inc. quiet time in the IPO market.
The deal ended a dispute after giving customers direct HBO This year there will instead be
Comcast Corp.’s Universal concerns for talent who have between the studio and HBO parties will step back and look Max access through the e-com- a flurry of offerings as the
made “Trolls World Tour” deals that tie their compensa- Max. at this and say, giving theater merce company’s platforms. pandemic turns the calendar
available as a $20 online tion to a film’s theatrical per- Mr. Stankey, who ran War- owners a predictable release of “The market has shown a on its head. In addition to
rental on April 10, the day it formance. nerMedia for nearly two years content over the next several clear preference for go-big-or- Airbnb and DoorDash, video-
had been scheduled to open in Warner Bros. has said talent and took the top AT&T job in months that they can plan go-home digital strategies,” game company Roblox Corp.
theaters. with such agreements will be July, brushed aside those around and start to work their media-research firm Moffett- and the parent of online re-
Walt Disney Co. offered compensated from the license complaints as chatter that of- business around is a good Nathanson wrote in a recent tailer Wish, ContextLogic Inc.,
“Mulan” on Disney+ in fees HBO Max will pay to carry ten follows a market-disrup- thing for them.” note to clients called “AT&T & are expected to make their de-
September for an extra $30 fee the films during their first tive innovation. The investment community U.S. Theaters: Suicide Squad?” buts before the year is
and later made the film avail- month of release. However, “Any time you’re going to has reacted less dramatically a reference to another Warner through.
able free on its streaming ser- talent agents are concerned change a model, I know it cre- to a decision that threatened Bros. title. “AT&T is, come hell Both DoorDash and Airbnb
vice. that actors and producers ates a degree of noise,” he said theatrical revenues that were or high water, going to drive are using novel models for
There are also financial could be hurt by self-dealing Tuesday. “Ultimately, rational already at risk because of the traffic to HBO Max.” pricing their IPOs following
virtual roadshows occasioned
by the coronavirus pandemic.

Stern Signs Five-Year Apple, Under AirPods Brand, The companies each asked
investors to input stock or-
ders through a computerized

SiriusXM Extension Launches Larger Headphones system in which they outline

the number of shares they are
seeking and at what price. In-
BY DAVE SEBASTIAN home, I simply don’t have an vestors have the option to in-
excuse to quit,” Mr. Stern dicate how much they are
Howard Stern is staying said. BY SARAH E. NEEDLEMAN willing to buy at various price
with SiriusXM for another Mr. Stern’s archive of audio points.
five years. and video will continue to be Apple Inc. on Tuesday re- This approach differs from
The radio personality has licensed to SiriusXM for vealed plans to sell AirPods- a traditional IPO, in which un-
extended his contract with seven years after the contract branded over-the-ear head-
Sirius XM Holdings Inc. and ends through 2032, the com- phones, an expansion of its
will continue producing and pany said. product lineup in a direct
hosting “The Howard Stern A company spokesman de- strike against companies such
Growth has been
Show” exclusively for the sat- clined to comment on other as Bose Corp. and Sony Corp. fueled by a surge in
ellite-radio company during terms of deal, including the Apple’s new AirPods Max
the time frame, SiriusXM said dollar amount. will cost $549 and promise
food delivery during
Tuesday. Mr. Stern, who is now 66 noise canceling, advanced the pandemic.
Mr. Stern earlier in the day years old, made the leap to acoustics and up to 20 hours of
announced the contract ex- satellite from terrestrial ra- battery life, the company said.
tension on his show. dio, a move seen as a boon for The headphones, which begin
“Now that I can work from the then-nascent medium, in shipping next week, are coming derwriters typically confer di-
2006. a little more than a year after rectly with potential investors
Mr. Stern and SiriusXM Apple introduced a high-end and play a greater role in set-
APPLE

struck a deal for the move in version of its AirPods wireless ting the price.
2004, when SiriusXM had earbuds. AirPods are now one The AirPods Max cost $549 and will begin shipping next week Under the new auction sys-
about 600,000 subscribers. of Apple’s most successful new tem, DoorDash and Airbnb ex-
SiriusXM had about 34.4 mil- products. been looking to broaden its of- ster its music business. ecutives will see the same in-
lion as of Sept. 30, according The company also said it fering of wearable products But since that time, Apple formation as their respective
to the company’s latest quar- plans next week to begin sell- and services through them has built up its wearables busi- bankers and are expected to
terly securities filing. ing a subscription fitness ser- amid slowing iPhone sales, ness. The company introduced play a more significant role in
MICHAEL ZORN/INVISION/ASSOCIATED PRESS

Mr. Stern’s production vice around its Apple Watch though the company has re- AirPods in 2016, and they pair choosing investors and setting
company, One Twelve Inc., costing $10 a month or $80 a cently benefited from an uptick seamlessly with all of Apple’s the price.
and his agent sued SiriusXM year. The announcement puts in demand for its laptops, iPads devices. AirPods have helped Goldman Sachs Group Inc.
in 2011 over $330 million in Apple in steeper competition and digital services due to the Apple to be less dependent on and JPMorgan Chase & Co.
stock awards they claimed with Peloton Interactive Inc., coronavirus pandemic. iPhones, which make up about are leading DoorDash’s IPO,
they were owed for helping which in addition to its fitness Apple’s over-the-ear head- 50% of company sales. while Morgan Stanley and
boost the satellite radio com- equipment has invested in its phone offerings for years had —Tim Higgins Goldman are leading Airbnb’s.
pany’s subscriber levels. digital platform that offers been centered on its Beats contributed to this article. DoorDash shares are set to
A New York state judge subscriptions to workout products. Apple bought Beats begin trading on the New York
threw out the lawsuit in classes and more. for nearly $3 billion in 2014 as  Heard on the Street: Apple Stock Exchange under the
Howard Stern 2012. In recent years, Apple has part of a broader deal to bol- replays wrong track............. B14 ticker DASH.
THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | B5

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B6 | Wednesday, December 9, 2020 * * THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Jobs created as a result of
company relocations to Austin
9,000
U.S. Looks
6,000
To Limit
3,000
Expansion
0 Of CoStar
2004 ’10 ’20* BY PETER GRANT
Population inflows per outflow, The U.S. government is try-
April-October, by metro area† ing for a second time to limit
1 the steady expansion of real-
Austin 1.53 estate data giant CoStar
Group Inc., by moving to block
Phoenix 1.48
its latest proposed acquisition
Nashville 1.48 in the rental apartment listing

BRONTË WITTPENN FOR THE WALL STREET JOURNAL (3)

Tampa Bay 1.47 business.
The Federal Trade Commis-
Jacksonville 1.46 sion last week authorized a
Cleveland 0.90 federal lawsuit against Co-
Star’s plan to acquire RentPath
Chicago 0.89
Holdings Inc. for $587.5 mil-
San Francisco Bay 0.87 lion, which the company an-
New York City 0.85 nounced in February. CoStar
already owns Apartments.com,
Hartford 0.83 which, like RentPath, is a big
participant in the online mar-
*The figure for 2020 is as of November. ket for apartment listings.
†A ratio below 1 means more people are leaving
than moving to the metro area.
“The proposed acquisition
Sources: Austin Chamber of Commerce (jobs); is likely to lead to anticompet-
Smaller cities appeal to younger crowds who enjoy an urban lifestyle but find New York and larger metro areas too dense or expensive. LinkedIn (inflows) itive effects,” states the com-
mission’s complaint.

Austin Gets Boost From Covid-19

In a written statement re-
sponding to the FTC, CoStar
Chief Executive Andrew Flo-
rance questioned whether
RentPath was still a major
Texas’ capital is pouring in from San Francisco market force, given that it is
or New York City, Austin might operating under chapter 11
attracting jobs and look considerably cheaper, es- bankruptcy protection. Rent-
remote workers, lured pecially if they keep their Path’s owners, private-equity
coastal salaries. But longtime firms TPG Capital and Provi-
by lower costs locals say the city has never dence Equity, took the com-
been less affordable, with Aus- pany into bankruptcy at the
BY KONRAD PUTZIER tin’s cost of living surpassing same time the proposed sale
that of more-cosmopolitan to CoStar was announced.
The pandemic and the pros- Houston and Dallas. “We strongly disagree that
pect of working remotely have The once-ample supply of a RentPath in bankruptcy has
spawned an exodus from New land that fueled the building any competitive significance,”
York and San Francisco to sun- boom is dwindling, leading Mr. Florance said. “We will
nier, more-affordable cities. Few some developers to look outside continue to evaluate the case.”
have benefited more than Aus- of town. Rastegar Property CoStar started in 1986 pri-
tin. plans to build about 1,000 marily as a firm that provided
Texas’ capital is attracting homes and 600 apartments in data on office buildings. It has
more corporate jobs and remote Kyle, a 30-minute drive south of since expanded into industrial,
workers than ever before, lured the city. “Austin is what San retail, lodging and other real-
by lower costs and lower taxes. Francisco was 30 years ago,” estate types.
Business relocations to Austin said the company’s CEO, Ari The action against the
announced this year are ex- The city features lively culinary, cultural and social scenes. A musician performs in the cultural area. Rastegar. RentPath deal marks the sec-
pected to create nearly 10,000 Another challenge is the lack ond major action by the FTC
jobs. That is the city’s highest Austin. July it plans to build a factory vestment Management Co., of adequate public transit,
figure on record for a single The migration out of large outside Austin that could even- known as Pimco, opened an which encourages driving and
year, according to the Austin cities isn’t new, but it has accel- tually employ more than 5,000 Austin office in 2018. The city is threatens to leave streets grid-
Chamber of Commerce, and is erated during the pandemic. people. somewhat centrally located and locked as the population grows.
The FTC last week
helping offset the hit from While some are fleeing for the Others, such as Tomo Net- has a large number of skilled In November, voters approved a authorized a federal
Covid-19 to the city’s tourist-de- comforts of the suburbs, mov- works, point to the high level of college graduates, said Patrick $7 billion plan to build new rail
pendent restaurants, bars and ing trucks are also rolling into skilled workers in a town that is Feigley, head of U.S. global lines and expand bus service,
suit against the plan
music venues. cities such as Austin, Sacra- home to the University of wealth-management sales and among other changes. But the to acquire RentPath.
It helps that Texas has no mento, Calif., Charlotte, N.C., Texas. In a sign that this city of head of the Austin office. The plan, dubbed Project Connect,
state income tax, that Austin Phoenix and Salt Lake City. about one million residents is company is expanding the Aus- will likely take years to com-
winters are relatively short and These spots feature lively culi- trending wealthier, French lux- tin office and moving some jobs plete. Still, many new arrivals
mild, and that social distancing nary, cultural and social scenes ury retailer Hermès is set to in areas such as marketing and find that Austin’s benefits out- involving a CoStar acquisition.
is easier in a city where homes that appeal to younger crowds open its first store in the city, weigh the drawbacks. Jasmyn In 2011, it put limits on Co-
tend to be roomy and many who enjoy an urban lifestyle but according to the property’s de- Peterson, 25 years old, and her Star’s efforts to acquire Loop-
have backyards. Austin has also find New York, the Bay Area veloper, Andrew Joblon. Jasmyn partner left New York in July Net, a rival in the office busi-
managed to remain cheaper and other large metro areas too For every person who moved Peterson when her apartment lease ex- ness. CoStar was allowed to
than San Francisco, Brooklyn dense or expensive. to the Bay Area from Austin be- moved to pired. She moved to Austin last proceed after it signed a con-
and Manhattan by building tens The recent growth of these tween April and October, 2.9 Austin last week in part for the weather sent decree and LoopNet shed
of thousands of apartments midsize cities, with populations people moved in the other di- week in part and likes the city’s Tex-Mex and a stake in a company that
over the past decade. ranging from about 200,000 to rection, according to an analysis for the barbecue culinary offerings. competed directly with CoStar.
Tech investor Joe Lonsdale more than one million, shows from LinkedIn. That is a 39% in- weather. Ms. Peterson kept her job as The FTC’s action also
said he and his venture-capital that the pandemic and work- crease from a year earlier. For an account executive at public- comes as Washington, D.C.-
firm 8VC were moving to Aus- from-home policies aren’t un- New York, the ratio was 2.2, up relations firm Derris but is based CoStar is making its
tin, and Royal Dutch Shell re- dermining all of urban America. 45% from a year earlier. Aus- human resources from New working remotely. She stayed at first move in the massive resi-
cently opened a studio to de- But it also illustrates a reshap- tin’s overall population inflow- York, Mr. Feigley said. an apartment run by the short- dential sales market, aiming to
velop energy-exploration ideas ing of what many companies, to-outflow ratio was the highest New construction is boom- term rental company Sonder, take on the bigger players like
in the city, among others who families and individuals look for among 47 metropolitan areas ing: Austin added more new which said Austin is one of its Zillow Group and Realtor.com.
have made or plan the move. in a hometown: more afford- analyzed by LinkedIn. apartments—relative to the size top-performing markets in In November, CoStar an-
“It’s just a whole lot easier ability, more space and new job Long-term stays through of its housing market—than any terms of occupancy, and now nounced plans for its first ma-
to hire. It’s a lot easier to get opportunities in tech and other websites such as Airbnb are other major U.S. city between pays about the same monthly jor acquisition in the sector,
housing. It’s a lot easier to get hot industries, rather than a lo- also on the rise. The number of 2014 and 2018, according to the amount for a furnished apart- Homesnap Inc., for $250 mil-
business licenses than it is in cation near one of the country's 28-day-plus Airbnb reservations National Apartment Associa- ment as she did for a smaller lion. The residential data com-
other places,” said Greg traditional economic centers. for entire homes in Austin in- tion. Austin’s annual building of apartment in Brooklyn. Food pany provides real-estate bro-
Schwartz, chief executive of Some companies planted creased 57% in the third quarter rental apartments accounted for and groceries are cheaper. kers with apps and other
real-estate startup Tomo Net- flags in Austin after receiving compared with a year earlier, an average of roughly 1.4% of “It’s definitely been great to technology for managing and
works. His company, based in local tax incentives, such as according to data company the city’s housing stock during come and have more space and analyzing their listings and
Stamford, Conn., is preparing Palo Alto, Calif.-based Tesla Inc. AirDNA. that period, the group said. get more bang for your buck,” the housing market.
to open a co-headquarters in The electric-car maker said in Asset manager Pacific In- For young professionals she said. CoStar also is one of the
bidders vying for residential
real-estate firm CoreLogic Inc.,

Investors Pursue which has a valuation of about

$6 billion, CoreLogic has said.
Legal experts say the FTC’s
RentPath case is unlikely to

Hollywood Dreams impede CoStar’s push into the

sales market, even if the gov-
ernment is successful. The

At British Studios FTC complaint “defines the

market to include only rent-
als,” said Amanda Wait, a
partner with the law firm Nor-
BY RUTH BLOOMFIELD making a similar bet in Lon- ton Rose Fulbright, who
don. In a November deal, the worked at the FTC.
U.S. and other global prop- Los Angeles-based firm Hack- “That seems to suggest
erty investors are putting bil- man Capital Partners agreed they’re distinguishing home
lions of dollars into a signifi- to invest around £300 million, sales as something different
cant expansion of new equivalent to about $401 mil- from the rental market,” she
production studios in the lion, in a facility to be known said.
PRP ARCHITECTS

U.K., where tax breaks are at- as Eastbrook Studios, located CoStar got into the rental
tracting business from movie about 14 miles east of central apartment business in 2014 by
makers and television compa- London. acquiring Apartments.com for
nies. Work on the project is $585 million. Since then, it has
While the pandemic up- slated to begin in the first A rendering of a planned project known as Eastbrook Studios, 14 miles east of central London. grown the business by buying
ended many major commer- quarter of 2021 and be com- ForRent.com and other inter-
cial real-estate sectors—from pleted 18 to 24 months later. gram, and there is a huge don and the British Film Com- But spending on movies net sites. Last year, the multi-
hotels and retail to office tow- “Content is a growth busi- shortage of sound stages in mission. and high-end television was family business made up
ers—investing in properties ness, people are consuming the U.K. right now,” he said. “There is a difference in £3.62 billion during 2019, up $490.6 million of CoStar’s $1.4
related to content creation more programming than ever The British government has cost between our two regions about 50% from 2015, accord- billion in revenues.
has emerged as a rare bright before,” said Chief Executive offered tax breaks of up to because of the U.K.’s well- ing to the British Film Insti- This year’s growth in the
spot. People stuck at home Michael Hackman. 25% for feature films since publicized tax credits and also tute. apartments business made up
are consuming more content HCP recently led a group of 2007. It extended those tax in- the extremely beneficial U.K. Broadcaster Sky U.K. is for a pandemic-related slump in
than ever. investors in a deal to acquire centives to high-end televi- exchange rate,” he said. working on a 14-stage, 32-acre the office business. “The moves
Real-estate investors like the New York studios where sion, animation and video- The production-facility studio in Elstree, just north of that CoStar made to get into
Blackstone Group Inc. have “The Sopranos,” “30 Rock” games in 2013 and 2014. The business has its challenges. London, due to open by 2022. multifamily is a very big reason
stepped up their commitment and “Sex and the City” were tax breaks and a weaker cur- Contracts with production The project is backed by Sky’s why their [financial] results
to studio production facilities filmed. Mr. Hackman said he rency have made the U.K. an companies can be as short as parent company, Philadelphia- have held up as well as they
with two partnerships near is bullish on London. attractive alternative to Holly- one month, offering a lot less based Comcast Corp. and will have through the pandemic,”
Hollywood. “The U.K. has got a very at- wood, said Adrian Wootton, security than long-term office be delivered in partnership said Sterling Auty, an analyst
Now, some investors are tractive tax incentive pro- chief executive of Film Lon- leases. with NBCUniversal. with JPMorgan Chase & Co.
THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | B7

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B8 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures March'21 2,636 2,648 2,557 2,575 –61 97,016 Dec .9613 .9621 .9596 .9600 –.0018 161,210
Agriculture Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. March'21 .9630 .9637 .9614 .9617 –.0017 31,932
Contract Open Corn (CBT)-5,000 bu.; cents per bu. Dec 117.10 117.10 117.10 117.10 .15 142 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Open High hi lo Low Settle Chg interest Dec 418.75 419.00 415.50 417.00 –2.50 4,180 March'21 119.25 120.35 118.35 119.25 .15 115,364 Dec .7813 .7832 s .7798 .7802 –.0013 128,296
Copper-High (CMX)-25,000 lbs.; $ per lb. March'21 422.50 424.50 418.50 419.75 –4.25 881,391 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March'21 .7818 .7837 s .7802 .7806 –.0013 24,899
Dec 3.5005 3.5005 3.4610 3.4940 –0.0145 3,253 Oats (CBT)-5,000 bu.; cents per bu. March 14.46 14.53 14.34 14.39 –.06 404,994 British Pound (CME)-£62,500; $ per £
March'21 3.5075 3.5085 3.4670 3.4990 –0.0175 168,063 Dec 348.75 349.00 s 325.00 330.25 5.25 40 May 13.88 13.90 13.75 13.79 –.07 222,494 Dec 1.3374 1.3396 1.3290 1.3354 –.0047 125,748
Gold (CMX)-100 troy oz.; $ per troy oz. March'21 317.00 326.75 s 316.25 323.50 5.25 3,618 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March'21 1.3387 1.3409 1.3305 1.3368 –.0046 35,157
Dec 1863.00 1875.80 1861.80 1870.80 9.00 11,493 Soybeans (CBT)-5,000 bu.; cents per bu. Jan 27.95 27.95 27.95 27.95 … 1,015 Swiss Franc (CME)-CHF 125,000; $ per CHF
Jan'21 1864.10 1877.00 1861.70 1872.30 9.00 2,267 Jan 1157.50 1160.25 1142.75 1145.75 –12.75 262,143 March 28.35 28.35 28.35 28.35 … 3,024 Dec 1.1229 1.1261 1.1220 1.1245 .0010 49,667
Feb 1866.10 1879.80 1863.90 1874.90 8.90 403,195 March 1162.00 1165.25 1148.50 1151.50 –11.00 284,775 Cotton (ICE-US)-50,000 lbs.; cents per lb. March'21 1.1265 1.1298 1.1257 1.1282 .0011 4,891
April 1869.80 1883.70 1868.20 1879.10 9.00 73,222 Soybean Meal (CBT)-100 tons; $ per ton. Dec 70.18 70.18 70.18 70.18 –.45 36 Australian Dollar (CME)-AUD 100,000; $ per AUD
June 1874.50 1886.30 1871.80 1881.80 8.90 33,844 Dec 385.60 385.60 380.80 381.70 –4.80 1,139 March'21 72.44 72.48 71.70 71.98 –.40 127,692 Dec .7418 .7436 .7400 .7407 –.0022 125,802
Aug 1877.00 1887.20 1874.40 1884.20 8.90 8,983 March'21 382.80 383.80 377.80 378.80 –4.10 126,991 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March'21 .7424 .7443 .7408 .7415 –.0020 24,952
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan 122.20 126.75 121.55 126.10 4.20 6,095
March 122.80 126.75 122.50 126.40 3.60 4,294
Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec 2335.00 2335.00 2320.00 2316.70 –23.20 7 Dec 38.75 38.75 38.20 38.28 –.59 668 Dec .05024 .05073 .05018 .05046 .00012 129,686
March'21 2355.00 2355.00 2302.50 2327.90 –23.40 9,511 March'21 37.86 37.87 37.15 37.29 –.56 133,644 March'21 .04983 .05028 .04974 .05000 .00012 54,501
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Interest Rate Futures Euro (CME)-€125,000; $ per €
Dec ... ... ... 1035.00 –12.20 69 Jan 12.32 12.37 12.25 12.33 .02 7,332 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 1.2113 1.2136 1.2097 1.2106 –.0015 583,333
Jan'21 1031.90 1044.90 1024.10 1037.00 –12.40 47,757 March 12.44 12.54 12.42 12.50 .01 1,754 Dec ... ... ... 214-150 1-07.0 26,825 March'21 1.2144 1.2168 1.2129 1.2138 –.0014 95,445
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. March'21 211-260 213-130 211-010 212-240 1-07.0 1,008,684
Dec 24.755 24.760 24.630 24.684 –0.057 1,305 Dec 566.75 574.00 566.75 563.75 –7.50 53 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures
March'21 24.655 25.015 24.550 24.736 –0.058 131,804 March'21 575.25 577.25 569.25 570.00 –7.50 190,473 Dec ... ... ... 172-030 17.0 38,011
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. March'21 172-200 173-160 172-080 173-020 17.0 1,117,127 Mini DJ Industrial Average (CBT)-$5 x index
Jan 45.66 45.93 45.14 45.60 –0.16 330,173 Dec 541.50 542.50 532.50 536.25 –6.25 39 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 29988 30237 29852 30170 113 91,500
Feb 45.82 46.09 45.32 45.80 –0.15 224,163 March'21 542.75 545.00 536.50 537.00 –8.50 121,201 Dec 138-060 138-125 138-025 138-070 2.5 66,381 March'21 29901 30135 29760 30071 112 8,283
March 45.96 46.22 45.47 45.96 –0.13 204,442 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'21 137-240 137-315 137-200 137-260 3.0 3,116,499 S&P 500 Index (CME)-$250 x index
April 46.07 46.28 45.59 46.09 –0.10 101,654 Jan 137.600 138.425 136.825 137.575 –.225 17,578 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 3668.40 3702.40 3665.10 3702.00 11.20 34,677
June 46.17 46.32 45.63 46.17 –0.06 212,736 March 137.950 139.000 137.500 138.500 .350 11,872 Dec ... ... ... 125-192 … 71,758 March'21 … … … 3693.90 11.30 26
Dec 45.53 45.73 45.05 45.62 0.05 270,026 Cattle-Live (CME)-40,000 lbs.; cents per lb. March'21 125-292 125-317 125-272 125-290 .2 3,073,083 Mini S&P 500 (CME)-$50 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 107.850 108.275 107.700 107.850 –.150 12,477 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 3682.75 3708.00 s 3664.25 3702.00 11.25 2,493,019
Jan 1.3975 1.4098 1.3855 1.4067 .0075 94,364 Feb'21 110.825 111.425 110.550 110.775 –.250 113,973 Dec 110-138 110-138 110-135 110-134 –.6 28,786 March'21 3675.50 3699.75 s 3656.50 3694.00 11.50 191,170
Feb 1.4037 1.4159 1.3931 1.4136 .0071 57,636 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'21 110-135 110-137 110-130 110-130 –.5 1,826,362 Mini S&P Midcap 400 (CME)-$100 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 64.850 64.875 64.275 64.550 .050 12,526 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 2231.40 2251.90 2215.20 2248.30 12.60 53,497
1.2520 1.2686 1.2384 1.2559 .0001 109,876 Dec 99.9125 99.9150 99.9100 99.9100 –.0025 122,010 March'21 2214.40 2247.50 s 2212.00 2244.60 13.60 354
Jan Feb'21 64.925 66.200 64.100 65.600 .650 82,754
Jan'21 99.9200 99.9200 99.9150 99.9150 –.0050 152,291 Mini Nasdaq 100 (CME)-$20 x index
Feb 1.2603 1.2786 1.2498 1.2674 .0002 52,789 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Jan 702.70 728.80 701.40 725.20 28.40 1,647 Dec 12574.00 12652.50 s 12502.00 12637.50 41.50 235,462
Dec ... ... ... 100-225 5.0 152,311 March'21 12580.00 12650.50 s 12500.25 12635.00 41.25 8,255
Jan 2.431 2.480 t 2.368 2.399 –.007 260,901 March 671.70 696.00 671.00 692.70 26.60 811 March'21 ... ... ... 97-305 5.5 5,957 Mini Russell 2000 (CME)-$50 x index
Feb 2.453 2.501 2.393 2.422 –.011 107,072 Milk (CME)-200,000 lbs., cents per lb. Eurodollar (CME)-$1,000,000; pts of 100%
March 2.437 2.489 2.393 2.419 –.013 192,957 Dec 15.38 15.57 15.35 15.55 .16 4,716 Dec 1886.60 1919.50 s 1875.40 1916.80 24.70 546,369
Dec 99.7575 99.7575 99.7500 99.7525 –.0050 1,086,657
April 2.421 2.471 2.401 2.428 .016 91,854 Jan'21 16.22 16.35 15.72 16.06 –.09 3,510 March'21 99.8000 99.8000 99.7900 99.7950 –.0050 1,130,169
Mini Russell 1000 (CME)-$50 x index
May 2.444 2.493 2.419 2.452 .027 58,215 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 2086.50 2090.10 s 2073.20 2087.10 7.90 8,778
June 99.8050 99.8100 99.8000 99.8000 –.0050 858,434
Oct 2.599 2.656 2.571 2.618 .035 91,374 Dec 2,700 2,700 2,684 2,700 –136 32 Dec 99.7600 99.7650 99.7500 99.7550 –.0050 805,174
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 90.92 91.02 90.75 90.97 .18 29,450
March'21 90.83 90.93 90.66 90.88 .18 13,523
Currency Futures
Cash Prices | wsj.com/market-data/commodities Tuesday, December 08, 2020 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Source: FactSet
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
months. Bonds | wsj.com/market-data/bonds/benchmarks
Tuesday Tuesday Tuesday

Energy Aluminum, LME, $ per metric ton

Copper,Comex spot
*2004.0
3.4940
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
5.6200
6.3250
Tracking Bond Benchmarks
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 150.0
Food Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 287 highs and lows for different types of bonds
Steel, HRC USA, FOB Midwest Mill-s 857 Beef,carcass equiv. index
Metals Total Total
choice 1-3,600-900 lbs.-u 188.60
Fibers and Textiles return YTD total Yield (%) return YTD total Yield (%)
select 1-3,600-900 lbs.-u 169.34
Gold, per troy oz close return (%) Index Latest Low High close return (%) Index Latest Low High
Broilers, National comp wtd. avg.-u,w 0.8527
Engelhard industrial 1870.00 Burlap,10-oz,40-inch NY yd-n,w 0.6400 Butter,AA Chicago 1.5350 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Handy & Harman base 1868.15 Cotton,1 1/16 std lw-mdMphs-u 0.6923 Cheddar cheese,bbl,Chicago 142.00
Handy & Harman fabricated 2073.65 Cotlook 'A' Index-t *78.35 Cheddar cheese,blk,Chicago 164.25 2225.34 3.6 Mortgage-Backed 1.340 0.930 2.690
Hides,hvy native steers piece fob-u 38.500 2282.95 7.1 U.S. Aggregate 1.180 1.020 2.380
LBMA Gold Price AM *1832.80 Milk,Nonfat dry,Chicago lb. 115.00
LBMA Gold Price PM *1859.95 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1142 U.S. Corporate Indexes Bloomberg Barclays 2171.88 3.4 Ginnie Mae (GNMA) 0.820 0.290 2.660
Krugerrand,wholesale-e 1946.78 Coffee,Colombian, NY 1.6667
Maple Leaf-e 1965.50 Grains and Feeds 3435.43 9.1 U.S. Corporate 1.830 1.800 4.580 1314.29 3.7 Fannie mae (FNMA) 1.510 1.110 2.690
Eggs,large white,Chicago-u 0.8250
American Eagle-e 1965.50 n.a. Flour,hard winter KC 15.15 2017.36 3.6 Freddie Mac (FHLMC) 1.490 1.080 2.710
Barley,top-quality Mnpls-u 3096.14 6.9 Intermediate 1.190 1.170 4.400
Mexican peso-e 2264.95 Bran,wheat middlings, KC-u 150 Hams,17-20 lbs,Mid-US fob-u n.a.
Austria crown-e 1837.84 Corn,No. 2 yellow,Cent IL-bp,u 4.1150 Hogs,Iowa-So. Minnesota-u 64.43 5143.47 12.9 Long term 2.830 2.730 4.930 593.76 4.9 Muni Master 0.916 0.838 3.441
Austria phil-e 1965.50 Corn gluten feed,Midwest-u,w 149.0 Pork bellies,12-14 lb MidUS-u n.a.
Silver, troy oz. 698.89 8.4 Double-A-rated 1.450 1.300 3.360 420.14 5.3 7-12 year 0.900 0.771 3.447
Corn gluten meal,Midwest-u,w 553.3 Pork loins,13-19 lb MidUS-u 0.7774
Engelhard industrial 24.7000 Cottonseed meal-u,w 430 Steers,Tex.-Okla. Choice-u n.a. 479.76 5.9 12-22 year 1.341 1.224 3.690
914.35 8.9 Triple-B-rated 2.100 2.080 5.350
Handy & Harman base 24.5850 Hominy feed,Cent IL-u,w 120 Steers,feeder,Okla. City-u,w 149.56
Handy & Harman fabricated 30.7310 Meat-bonemeal,50% pro Mnpls-u,w 275 High Yield Bonds ICE BofA 466.12 5.8 22-plus year 1.961 1.765 4.123
LBMA spot price *£17.9100 Oats,No.2 milling,Mnpls-u 3.5450
Fats and Oils
(U.S.$ equivalent) *23.7500 491.03 5.1 High Yield Constrained 4.439 4.439 11.400 Global Government J.P. Morgan†
Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.9000
Coins,wholesale $1,000 face-a 18501 Sorghum,(Milo) No.2 Gulf-u 6.2700 Grease,choice white,Chicago-h 0.2900 n.a. n.a. Global Government n.a. n.a. n.a.
448.03 2.3 Triple-C-rated 8.861 8.861 19.071
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 374.90 Lard,Chicago-u n.a.
LBMA Platinum Price PM *1023.0 Soybeans,No.1 yllw IL-bp,u 11.3700 Soybean oil,crude;Centl IL-u 0.3991 3306.47 3.5 High Yield 100 3.728 3.589 10.740 n.a. n.a. Canada n.a. n.a. n.a.
Platinum,Engelhard industrial 1027.0 Wheat,Spring14%-pro Mnpls-u 6.5075 Tallow,bleach;Chicago-h 0.3350
Palladium,Engelhard industrial 2333.0 Wheat,No.2 soft red,St.Louis-u 5.9750 Tallow,edible,Chicago-u 0.3650 443.48 5.2 Global High Yield Constrained 4.425 4.425 11.310 n.a. n.a. EMU§ n.a. n.a. n.a.
337.30 2.6 Europe High Yield Constrained 2.825 2.464 8.183 n.a. n.a. France n.a. n.a. n.a.
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 12/7 U.S Agency Bloomberg Barclays n.a. n.a. Germany n.a. n.a. n.a.
Source: Dow Jones Market Data
1863.99 5.3 U.S Agency 0.510 0.470 1.950 n.a. n.a. Japan n.a. n.a. n.a.
1625.13 4.0 10-20 years 0.400 0.340 1.850 n.a. n.a. Netherlands n.a. n.a. n.a.
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 4250.30 11.4 20-plus years 1.670 1.170 2.450 n.a. n.a. U.K. n.a. n.a. n.a.
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 2918.67 6.7 Yankee 1.430 1.420 3.500 921.64 4.5 Emerging Markets ** 4.452 4.437 7.480
Schwab US TIPs SCHP 61.70 0.18 9.0 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Tuesday, December 8, 2020 Closing Chg YTD
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 302.20 0.37 6.0 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
Closing Chg YTD SPDR S&PMdCpTr MDY 410.41 0.49 9.3
ETF Symbol Price (%) (%) iShMSCI EAFE EFA 72.20 0.35 4.0 SPDR S&P 500 SPY 370.17 0.29 15.0
iShMSCIEmgMarkets EEM 50.87 0.04 13.4 SPDR S&P Div SDY 106.68 0.69 –0.8
ARKInnovationETF
CommSvsSPDR
ARKK
XLC
122.17
67.30
1.23 144.1
–0.15 25.5 iShMSCIJapan
iShNatlMuniBd
EWJ 65.24
116.95
0.23
0.13
10.1
2.7
TechSelectSector XLK 126.81 0.32 38.3 Global Government Bonds: Mapping Yields
CnsmrDiscSelSector XLY 157.34 –0.21 25.5 MUB UtilitiesSelSector XLU 62.57 –0.30 –3.2
CnsStapleSelSector XLP 67.74 0.55 7.6 iSh1-5YIGCorpBd IGSB 55.03 ... 2.6 VanEckGoldMiner GDX 36.35 –0.41 24.1 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
iShPfd&Incm PFF 37.99 0.16 1.1 VangdInfoTech VGT 344.10 0.45 40.5
EnSelectSectorSPDR XLE 40.27 1.49 –32.9
FinSelSectorSPDR XLF 28.77 –0.03 –6.5
iShRussell1000Gwth IWF 236.15 0.37 34.2 VangdSC Val VBR 140.35 0.57 2.4 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
iShRussell1000 IWB 209.22 0.27 17.3 VangdSC Grwth VBK 256.65 1.31 29.2
HealthCareSelSect XLV 112.70 0.76 10.6 Country/ Spread Under/Over U.S. Treasurys, in basis points
iShRussell1000Val IWD 136.03 0.35 –0.3 VangdExtMkt VXF 161.16 0.95 27.9 Yield (%)
IndSelSectorSPDR XLI 89.21 0.48 9.5 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
iShRussell2000 IWM 190.80 1.28 15.2 VangdDivApp VIG 139.53 0.27 11.9
InvscQQQI QQQ 308.29 0.34 45.0
iShRussellMid-Cap IWR 67.57 0.37 13.3 VangdFTSEDevMk VEA 46.51 0.24 5.6 0.125 U.S. 2 0.153 s l 0.149 0.165 1.633
InvscS&P500EW RSP 126.80 0.28 9.6
iShRussellMCValue IWS 95.97 0.20 1.3 VangdFTSE EM VWO 49.48 0.28 11.3
iSh3-7YTreasuryBd IEI 132.81 0.02 5.6
iShS&P500Growth IVW 62.68 0.21 29.5 VangdFTSE Europe VGK 59.70 0.35 1.9 0.875 10 0.911 t l 0.926 0.815 1.841
iShCoreDivGrowth DGRO 44.74 0.36 6.3
iShS&P500Value IVE 128.04 0.47 –1.6 VangdFTSEAWxUS VEU 57.55 0.19 7.1
iShCoreMSCIEAFE IEFA 68.13 0.31 4.4
iShShortTreaBd SHV 110.51 –0.01 0.0 VangdGrowth VUG 248.48 0.21 36.4
2.250 Australia 2 0.104 t l 0.108 0.111 0.762 -4.9 -4.1 -87.1
iShCoreMSCIEM IEMG 61.09 0.03 13.6
iShCoreMSCITotInt IXUS 66.40 0.21 7.3
iShSilver SLV 22.82 ... 36.8 VangdHlthCr VHT 222.12 1.00 15.8 1.000 10 1.036 t l 1.049 0.768 1.138 12.4 12.3 -70.3
iShTIPSBondETF TIP 126.71 0.17 8.7 VangdHiDiv VYM 92.04 0.63 –1.8
iShCoreS&P500 IVV 371.53 0.28 14.9
iShCoreS&P MC IJH 224.54 0.52 9.1
iSh1-3YTreasuryBd SHY 86.36 –0.02 2.0 VangdIntermBd BIV 93.21 0.04 6.9 0.000 France 2 -0.727 t l -0.702 -0.686 -0.585 -87.9 -85.1 -221.8
iSh7-10YTreasuryBd IEF 119.81 0.10 8.7 VangdIntrCorpBd VCIT 96.69 –0.08 5.9
iShCoreS&P SC IJR 89.65 0.74 6.9 iSh20+YTreasuryBd TLT 157.34 0.47 16.1 VangdLC VV 173.86 0.35 17.6 0.000 10 -0.367 t l -0.340 -0.349 0.034 -127.8 -126.6 -180.7
iShS&PTotlUSStkMkt ITOT 85.19 0.41 17.2 iShRussellMCGrowth IWP 100.38 0.76 31.6 VangdMC VO 205.19 0.35 15.2
iShCoreUSAggBd AGG 117.78 0.01 4.8 iShUSTreasuryBdETF GOVT 27.36 0.09 5.5 VangdMBS VMBS 54.08 –0.02 1.7 0.000 Germany 2 -0.768 t l -0.755 -0.774 -0.621 -92.1 -90.4 -225.5
iShSelectDividend DVY 97.19 0.31 –8.0 50.79 0.02 0.7 85.37 –0.35 –8.0
iShESGAwareUSA ESGU 85.08 0.35 19.3
JPM UltShtIncm JPST VangdRealEst VNQ 0.000 10 -0.604 t l -0.579 -0.616 -0.286 -151.5 -150.5 -212.6
PIMCOEnhShMaturity MINT 102.00 0.02 0.4 VangdS&P500ETF VOO 340.16 0.29 15.0
iShEdgeMSCIMinUSA USMV 67.27 0.30 2.5 SPDR BlmBarcHYBd JNK 108.21 ... –1.2 VangdST Bond BSV 82.82 ... 2.7 0.050 Italy 2 -0.415 t l -0.402 -0.404 -0.098 -56.8 -55.1 -173.1
iShEdgeMSCIUSAMom MTUM 159.00 0.45 26.6 SPDRBloomBar1-3MTB BIL 91.51 ... 0.1 VangdSTCpBd VCSH 83.02 –0.05 2.5
iShEdgeMSCIUSAQual QUAL 115.13 0.39 14.0 SPDR Gold GLD 175.50 0.35 22.8 VangdSC VB 189.73 0.87 14.5 0.900 10 0.589 t l 0.611 0.655 1.351 -32.3 -31.5 -49.0
iShGoldTr IAU 17.83 0.34 23.0 SchwabIntEquity SCHF 35.74 0.20 6.3 VangdTotalBd BND 88.02 0.03 5.0
iShiBoxx$InvGrCpBd LQD 136.96 –0.12 7.0 SchwabUS BrdMkt SCHB 89.83 0.34 16.8 VangdTotIntlBd BNDX 58.56 0.13 3.5 0.100 Japan 2 -0.135 s l -0.136 -0.145 -0.135 -28.8 -28.5 -176.8
iShiBoxx$HYCpBd HYG 86.74 –0.08 –1.4 SchwabUS Div SCHD 65.10 0.63 12.4 VangdTotIntlStk VXUS 59.40 0.25 6.7
114.57 –0.17 0.0
0.100 10 0.020 t l 0.026 0.022 -0.017 -89.2 -90.1 -185.8
iShJPMUSDEmgBd EMB SchwabUS LC SCHX 89.95 0.29 17.1 VangdTotalStk VTI 192.13 0.43 17.4
iShMBSETF MBB 109.97 0.04 1.8 SchwabUS LC Grw SCHG 125.67 0.20 35.3 VangdTotlWrld VT 91.31 0.32 12.7 0.400 Spain 2 -0.610 t l -0.594 -0.575 -0.377 -74.3 -201.1
89.78 0.35 13.3 86.81 14.8 118.94 –0.8
-76.3
iShMSCI ACWI ACWI SchwabUS SC SCHA 1.21 VangdValue VTV 0.46
1.250 10 0.028 t l 0.052 0.103 0.486 -88.4 -87.4 -135.5
0.500 U.K. 2 -0.078 t l -0.073 -0.027 0.586 -23.1 -22.2 -104.7
ADVERTISEMENT 4.750 10 0.259 t l 0.282 0.277 0.772 -65.3 -64.4 -106.9
Source: Tullett Prebon

Business Real Estate & Auctions

To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
AUCTIONS AUCTIONS MASSACHUSETTS Investment-grade spreads that tightened the most…
Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
–12 44
  
  
 "  
# $!
  % &" AIG Global Funding … 0.900 0.76 Sept. 22, ’25 37


5.150 0.36 Sept. 15, ’23 17 –11 30
 

 '()*+ Verizon Communications
Bank of Nova Scotia
VZ
BNS 1.625 0.38 May 1, ’23 18 –6 24
Coca–Cola KO 1.750 0.49 Sept. 6, ’24 n.a. –6 n.a.



   $##$  & !

National Australia Bank NAB 1.875 0.25 Dec. 13, ’22 5 –6 n.a.
   
  '
(  "% )*
Exxon Mobil XOM 1.571 0.33 April 15, ’23 12 –6 14
    FMR FIDINV 6.450 2.76 Nov. 15, ’39 110 –5 n.a.
  ! "# Skandinaviska Enskilda Banken SEB 2.200 0.36 Dec. 12, ’22 21 –5 21
 
   …And spreads that widened the most
   
   !     Bank of America BAC 3.500 1.10 April 19, ’26 71 24 n.a.
5.375 3.09 Nov. 2, ’43 141 16 n.a.
"#"$% &&'  %())' #*+, 
-./    Wells Fargo
Apple
WFC
AAPL 3.850 2.31 May 4, ’43 64 14 55
000##1232452   
6 7#1
   
      UnitedHealth UNH 4.625 1.93 July 15, ’35 101 11 95
! " # $  % $    MetLife MET 3.000 0.70 March 1, ’25 32 10 n.a.
  
   
 +,  GlaxoSmithKline Capital GSK 2.800 0.44 March 18, ’23 23 9 n.a.
  
& '()  '(* +, -! HSBC Holdings HSBC 4.300 1.34 March 8, ’26 96 9 92
  
 
INVESTMENT OPPORTUNITIES -. /01
2 3-1 41 
2 
    
  Morgan Stanley MS 6.375 2.60 July 24, ’42 93 9 89
2.2 5 16- 31.
 
   
./ 
, 3- 
2  2 
  ! 
High-yield issues with the biggest price increases…
.0 1 78 /0 41
293010
. Bond Price as % of face value
44)5*)- *" *+")%"*) 20.1: 
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
'& 6 1 )! 27 Federated Retail Holdings … 6.375 7.99 March 15, ’37 85.450 4.87 n.a.
8 '  &  1  Telecom Italia Capital TITIM 7.200 4.37 July 18, ’36 131.740 1.24 128.998
91 :1   " ;' 4
  $ %!!!!  &'( %) & Occidental OXY 2.700 2.39 Aug. 15, ’22 100.500 1.00 98.500
 << 04 44 : *+  , &-( ! &-    Teva Pharmaceutical Finance Netherlands … 4.100 4.80 Oct. 1, ’46 89.750 1.00 87.000
 =53  4# 
 
    
Howmet Aerospace HWM 6.750 3.18 Jan. 15, ’28 122.550 0.80 120.975
 
    ! Cenovus Energy CVECN 6.750 4.95 Nov. 15, ’39 122.000 0.75 119.522
8 >    
    04 
      ! "#
"#$%%%% L Brands LB 7.600 6.70 July 15, ’37 108.960 0.65 n.a.
"$#% &  '((       !"#!
  " " 2" " ) ?# &) *&  ** ADT Security ADT 4.125 1.88 June 15, ’23 105.500 0.53 105.250
@4 A   4 1
  '  " 1   …And with the biggest price decreases
   81'
9# –3.66 109.875
L Brands LB 6.875 5.92 Nov. 1, ’35 109.375

  
! "#$ %&

NOTABLE
Talen Energy Supply … 6.000 14.61 Dec. 15, ’36 47.213 –0.85 n.a.
''"()"( *+") *,-
American Airlines AAL 4.950 7.43 Jan. 15, ’23 95.250 –0.70 91.250
& $ *-/ .1 # –0.65 100.516
COMMERICALPROPERTIES
Ford Motor Credit … 3.087 2.60 Jan. 9, ’23 100.971
Sealed Air SEE 6.875 3.62 July 15, ’33 132.688 –0.56 n.a.
..

/  Lumen Technologies LUMN 5.800 2.36 March 15, ’22 104.250 –0.50 104.434
012$  3
 ADVERTISE TODAY Macy's M 7.000 8.21 Feb. 15, ’28 93.500 –0.50 n.a.
Ligado Networks NEWLSQ 15.500 20.45 Nov. 1, ’23 89.500 –0.50 96.750
(800) 366-3975 | sales.realestate@wsj.com
*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.

 © 2020 Dow Jones & Company, Inc. All Rights Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess
THE WALL STREET JOURNAL. NY Wednesday, December 9, 2020 | 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.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. DigitalRealty DLR 133.37 -1.86 GeneralMotors GM 43.80 -0.51 KraftHeinz KHC 34.34 0.74 MorganStanley MS 63.91 -0.35 Phillips66 PSX 67.39 0.34 Smith&Nephew SNN 41.10 0.20 UnderArmour A UAA 17.24 0.18
Market listed securities. Prices are composite dd-Indicates loss in the most recent DiscoverFinSvcs DFS 81.95 -0.50 Genmab GMAB 38.65 0.53 Kroger KR 31.30 0.35 Morningstar MORN 201.09 0.47 s Pinduoduo PDD 157.49 10.70 Smucker SJM 117.53 0.47 UnderArmour C UA 15.21 0.21
quotations that include primary market trades four quarters. DiscoveryB DISCB 31.50 -0.50 Genpact G 40.90 0.32 s L Brands LB 40.96 0.72 Mosaic MOS 22.38 0.33 PinnacleWest PNW 81.82 -0.76 s Snap SNAP 50.00 0.55 Unilever UL 58.57 0.57
as well as trades reported by Nasdaq BX FD-First day of trading. DiscoveryA DISCA 28.09 -0.71 Gentex GNTX 33.65 0.15 Line LN 51.56 -0.15 MotorolaSol MSI 172.48 2.02 Pinterest PINS 69.92 -0.39 s SnapOn SNA 180.92 1.07 UnionPacific UNP 205.21 0.22
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing DiscoveryC DISCK 24.83 -0.59 GenuineParts GPC 96.65 -1.60 LKQ LKQ 36.96 -0.13 NICE NICE 239.20 -0.44 PioneerNatRscs PXD 114.27 3.99 s Snowflake SNOW390.00 1.04 UnitedAirlines UAL 49.04 -0.16
Cboe, NYSE National and Nasdaq ISE. standards s Disney DIS 153.72 0.04 Gerdau GGB 4.49 -0.07 LPL Financial LPLA 98.15 -1.11 NIO NIO 46.56 1.45 PlainsAllAmPipe PAA 9.04 -0.31 SOQUIMICH SQM 47.82 0.67 UnitedMicro UMC 8.76 -0.28
The list comprises the 1,000 largest lf-Late filing DocuSign DOCU 234.82 2.30 GileadSciences GILD 61.17 0.34 L3HarrisTech LHX 189.25 -2.38 NRG Energy NRG 34.01 0.13 PlainsGP PAGP 9.21 -0.23 SolarEdgeTech SEDG 284.86 6.54 UPS B UPS 166.39 -1.08
companies based on market capitalization. q-Temporary exemption from Nasdaq s DolbyLab DLB 92.06 0.90 GSK GSK 37.64 0.08 LabCpAm LH 202.10 4.77 NVR NVR 3929.78-70.22 s PlugPower PLUG 28.74 3.99 s SolarWinds SWI 23.70 s UnitedRentals URI 243.00 -3.48
0.28
Underlined quotations are those stocks with requirements. DollarGeneral DG 211.37 -1.99 GlobalPayments GPN 198.58 -0.65 s LamResearch LRCX 511.66 4.28 NXP Semi NXPI 166.37 1.28 Pool POOL 339.12 6.53 Sony SNE 93.37 0.01 US Bancorp USB 44.98 0.18
large changes in volume compared with the t-NYSE bankruptcy DollarTree DLTR 109.46 -2.49 Globant GLOB 181.49 5.09 LamarAdv LAMR 79.74 -1.11 Nasdaq NDAQ 128.65 0.09 PrincipalFin PFG 50.77 0.06 SoteraHealth SHC 26.18 -0.81 UnitedHealth UNH 347.86 ...
issue’s average trading volume. v-Trading halted on primary market. DominionEner D 74.75 -1.39 GlobeLife GL 94.55 -0.33 LambWeston LW 77.50 0.90 Natera NTRA 92.63 2.27 Procter&Gamble PG 138.05 0.37 Southern SO 61.00 s UnitySoftware U
-0.73 167.25 11.54
vj-In bankruptcy or receivership or Domino's DPZ 386.69 2.14 GoDaddy GDDY 87.31 2.29 LasVegasSands LVS 58.58 -0.36 NationalGrid NGG 58.23 0.88 Progressive PGR 92.84 2.59 SoCopper SCCO 60.31 s UnivDisplay OLED 237.98 0.39
1.05
Boldfaced quotations highlight those issues being reorganized under the DOV 121.93 -0.31 GoldFields GFI 9.20 0.08 s Lear LEA 158.43 0.92 Natura&Co NTCO 19.02 0.17 Prologis PLD 96.91 -0.62 UniversalHealthB UHS 132.67 1.65
Dover SouthwestAir LUV 47.28 -0.61
whose price changed by 5% or more if their Bankruptcy Code, or securities Leidos LDOS 103.95 0.45 NatWest
Dow DOW 54.55 1.34 GoldmanSachs GS 238.84 0.39 NWG 4.43 0.02 PrudentialFin PRU 80.25 0.27 Splunk SPLK 160.97 5.35 VEREIT VER 7.54 -0.06
previous closing price was $2 or higher. assumed by such companies. LEN.B 58.15
DrReddy'sLab RDY 67.75 0.15 GoodRx GDRX 37.79 -0.10 Lennar B -2.67 nCino NCNO 90.20 2.59 Prudential PUK 34.14 0.43 s Spotify SPOT 332.86 -9.14 VF VFC 89.26 0.96
DraftKings DKNG 50.85 2.92 Graco GGG 67.73 0.65 Lennar A LEN 72.50 -3.83 NetApp NTAP 60.55 0.18 PublicServiceEnt PEG 57.23 -0.30 Square SQ 213.01 0.43 VICI Prop VICI 25.58 -0.12
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Dropbox DBX 21.59 1.09 Grainger GWW 406.67 1.67 LennoxIntl LII 282.96 5.91 NetEase NTES 91.61 2.20 PublicStorage PSA 221.88 -2.80 StanleyBlackDck SWK 177.22 -1.23 VailResorts MTN 288.20 8.10
changes in the closing prices from 4 p.m. the previous day. DukeEnergy DUK 91.51 -0.36 Grifols GRFS 18.59 0.18 LeviStrauss LEVI 19.79 0.37 Netflix NFLX 512.66 -3.12 PulteGroup PHM 42.04 -1.58 Starbucks SBUX 101.21 s Vale
-0.20 VALE 16.19 -0.09
DukeRealty DRE 38.52 -0.11 s GuardantHealth GH 126.09 1.94 LiAuto LI 33.31 1.82 Neurocrine NBIX 91.64 0.57 Qiagen QGEN 50.35 1.40 StateStreet STT 75.84 -0.12 ValeroEnergy VLO 58.98 -0.48
Tuesday, December 8, 2020 Net Net Dun&Bradstreet DNB 26.71 -0.29 Guidewire GWRE126.43 0.96 LibertyBroadbandA LBRDA 159.79 -2.04 NewFortressEner NFE 49.00 2.86 s Qorvo QRVO 169.96 3.02 SteelDynamics STLD 38.40 -0.02 VarianMed VAR 174.61 -0.07
Net Stock Sym Close Chg Stock Sym Close Chg Dunkin' DNKN 106.41 -0.01 s HCA Healthcare HCA 159.19 3.82 s LibertyBroadbandC LBRDK 162.53 -2.46 NewOrientalEduc EDU 160.02 -1.18 s Qualcomm QCOM 158.80 0.78 Steris STE 189.09 1.46 VeevaSystems VEEV 269.54 1.82
Stock Sym Close Chg s DuPont DD 66.81 1.38 HDFC Bank HDB 67.38 0.05 LibertyGlobal A LBTYA 24.28 -0.15 NYTimes A NYT 46.72 -0.02 s QuantaServices PWR 71.73 0.22 STMicroelec STM 41.57 -0.42 Ventas VTR 49.11 0.02
Autoliv ALV 92.78 -0.02 CardinalHealth CAH 56.47 1.07 LibertyGlobal C LBTYK 23.44 -0.09 NewellBrands NWL 21.02 -0.57 QuestDiag DGX 124.09 1.19 VRSN 206.92 1.66
Dynatrace DT 40.76 1.20 HD Supply HDS 55.80 ... StoneCo STNE 74.26 0.76 VeriSign
ADP ADP 174.53 -0.04 Carlisle CSL 150.25 0.80
A B C AutoZone AZO 1095.99-61.19 Carlyle CG 29.78 0.44
ENI E 21.44 0.34 HP HPQ 23.52 0.03 LibertyFormOne C FWONK 43.76 -0.10 Newmont NEM 61.51 0.07 Quidel QDEL 195.37 1.45 Stryker SYK 235.45 -1.35 VeriskAnalytics VRSK 194.93 0.48
EOG Rscs EOG 52.15 0.58 HSBC HSBC 26.62 -0.70 LibertyFormOne A FWONA 39.91 0.10 NewsCorp A NWSA 18.38 -0.12 SumitomoMits SMFG 5.88 0.02 Verizon VZ 61.45 0.10
ABB ABB 27.08 0.17 Avalara AVLR 169.94 3.20 CarMax KMX 94.38 -1.68
EPAM Systems EPAM 329.46 6.38 Halliburton HAL 19.76 0.79 LibertyBraves A BATRA 27.63 -0.17 NewsCorp B NWS 18.44 -0.03 R S SunComms SUI 149.48 1.12 VertxPharm VRTX 229.83 2.77
AcadiaPharm ACAD 54.06 0.68 Avalonbay AVB 169.35 -3.33 Carnival CCL 23.57 0.37 LibertyBraves C BATRK 27.35 -0.18 NextEraEnergy NEE 73.68 0.41 ViacomCBS A VIACA 37.60 ...
EastmanChem EMN 103.17 1.45 HartfordFinl HIG 46.20 0.66 SunLifeFinancial SLF 44.61 -0.03
Avangrid AGR 46.17 -0.18 Carnival CUK 20.33 0.17 RELX RELX 24.12 0.19
AECOM ACM 51.18 0.07 Eaton ETN 117.86 0.46 Hasbro HAS 89.72 0.15 LibertySirius C LSXMK 43.32 0.60 s Nike NKE 139.12 0.37 SuncorEnergy SU 18.23 0.37 ViacomCBS B VIAC 36.65 -0.17
Avantor AVTR 27.11 -0.40 CarrierGlobal CARR 37.30 0.46 RH RH 472.05 3.24
AES AES 21.19 0.32 EatonVance EV 65.16 -0.09 HealthcareAmer HTA 25.72 -0.16 LibertySirius A LSXMA 43.47 0.87 Nikola NKLA 18.92 0.48 SunRun RUN 61.31 2.68 Viatris VTRS 17.84 0.27
AveryDennison AVY 155.31 1.13 s Carvana CVNA 261.34 2.46 RPM RPM 87.65 0.90
Aflac AFL 45.24 0.07 eBay EBAY 49.89 -0.14 HealthpeakProp PEAK 30.88 0.14 EliLilly LLY 149.30 1.88 NiSource NI 23.21 -0.71 Suzano SUZ 10.24 -0.09 Vipshop VIPS 25.56 0.36
AxonEnterprise AAXN 125.56 2.77 Catalent CTLT 94.25 0.82 RalphLauren RL 97.15 1.66
AGNC Invt AGNC 15.59 0.11 Ecolab ECL 224.41 1.67 Heico A HEI.A 122.10 -0.07 s LincolnElectric LECO 119.51 1.25 Nokia NOK 4.22 0.16 SynchronyFin SYF 32.39 -0.18 VirginGalactic SPCE 33.39 -0.41
BCE BCE 45.11 0.14 Caterpillar CAT 178.84 0.13 RaymondJames RJF 92.93 -1.58
Ansys ANSS 341.28 -0.61 Ecopetrol EC 12.67 -0.03 Heico HEI 132.23 -1.33 LincolnNational LNC 53.06 -0.12 NomuraHoldings NMR 5.29 -0.02 Synopsys SNPS 238.76 -0.41 Visa V 212.77 0.12
BHP Group BHP 63.01 0.48 Celanese CE 130.55 0.77 RaytheonTech RTX 74.48 1.44
ASETech ASX 5.66 -0.01 EdisonInt EIX 61.89 -0.05 HenrySchein HSIC 70.45 1.72 Linde LIN 249.24 -0.54 Nordson NDSN 198.93 -0.09 Sysco SYY 76.72 0.85 Vistra VST 18.95 -0.02
BHP Group BBL 51.53 0.12 Cemex CX 5.55 -0.08 s RealPage RP 69.32 -0.15
ASML ASML 468.57 -1.16 EdwardsLife EW 85.40 -0.66 Hershey HSY 150.63 0.91 LithiaMotors LAD 291.39 -2.44 NorfolkSouthern NSC 238.67 -0.39 VMware VMW 142.18 2.44
BP BP 21.79 0.11 Centene CNC 65.01 0.44 RealtyIncome O 60.40 -0.35
AT&T T 30.81 1.17
Baidu BIDU 144.99 0.69 CenterPointEner CNP 22.50 -0.64
ElancoAnimal ELAN 29.79 0.44 Hess HES 52.75 0.22 LiveNationEnt LYV 69.89 -0.04 NorthernTrust NTRS 94.63 0.21
RegencyCtrs REG 47.73 -0.35 T U V Vodafone VOD 17.52 -0.29
AbbottLabs ABT 106.80 -0.38 s Elastic ESTC 145.83 4.36 HewlettPackard HPE 12.10 0.14 LloydsBanking LYG 1.94 -0.01 NorthropGrum NOC 301.96 0.96 VornadoRealty VNO 40.03 -0.55
BakerHughes BKR 22.42 0.40 CentraisElBras EBR 6.97 0.41 RegenPharm REGN 497.14 1.73 TAL Education TAL 69.04 -2.09 VoyaFinancial VOYA 58.40 0.44
s AbbVie ABBV 107.69 1.85 ElectronicArts EA 132.15 1.31 HighwoodsProp HIW 38.78 -0.92 LockheedMartin LMT 359.23 -2.90 NortonLifeLock NLOK 19.29 -0.42
Ball BLL 95.89 0.39 CeridianHCM CDAY 99.33 2.80 RegionsFin RF 15.95 -0.02 TC Energy TRP 45.10 -0.37 VulcanMatls VMC 144.45 -1.63
Abiomed ABMD 273.64 1.76 s EmersonElec EMR 81.34 2.17 Hilton HLT 109.05 -0.78 Loews L 43.37 0.61 NorwegCruise NCLH 28.15 1.65
BancoBilbaoViz BBVA 5.00 -0.05 Cerner CERN 74.15 1.31 ReinsGrp RGA 120.42 0.91 TE Connectivity TEL 118.99 0.34
AcceleronPharma XLRN 121.36 1.96 Enbridge ENB 33.42 0.14 Hologic HOLX 72.77 -0.41 LogitechIntl LOGI 89.66 1.27 Novartis NVS 91.21 -0.29
BancoBradesco BBDO 4.33 -0.11 CharlesRiverLabs CRL 242.09 5.72 RelianceSteel RS 121.02 0.58 Telus TU 19.95 -0.09 W X Y Z
Accenture ACN 249.86 0.56 EncompassHealth EHC 81.20 1.08 HomeDepot HD 261.72 -0.92 Lowe's LOW 151.24 -0.75 Novavax NVAX 120.12 -3.00
BancodeChile BCH 19.01 -0.15 s CharterComms CHTR 663.37-17.39 RenaissanceRe RNR 163.53 0.18 TJX TJX 65.42 -0.46
ActivisionBliz ATVI 83.63 1.36 EnelAmericas ENIA 7.73 -0.03 HondaMotor HMC 29.68 -0.13 LufaxHolding LU 14.88 0.08 NovoNordisk NVO 68.58 0.37
AdaptiveBiotech ADPT 52.59 -0.75 BancSanBrasil BSBR 8.36 ... CheckPoint CHKP 123.16 3.59 EnergyTransfer ET 6.74 0.04 s Honeywell HON 212.07 0.97 lululemon LULU 371.07 -0.41 s
Repligen RGEN180.34 -5.57 T-MobileUS TMUS 133.15 0.19 WEC Energy WEC 93.43 -0.22
BcoSantChile BSAC 18.57 0.05 Chegg CHGG 79.31 0.83 Novocure NVCR 157.48 5.15 RepublicSvcs RSG 94.68 -0.17 s TRowePrice TROW 153.17 1.87 WEX WEX 190.89 -0.43
Adobe ADBE 495.28 3.03 EnphaseEnergy ENPH 134.74 5.42 HorizonTherap HZNP 71.47 1.60 LumenTech LUMN 10.29 0.43
NuanceComms NUAN 42.40 0.92
AdvanceAuto AAP 152.78 -0.90 BcoSantMex BSMX 5.38 0.04 Chemed CHE 486.35 12.49 s Entegris ENTG 99.03 1.36 HormelFoods HRL 47.48 0.33 Lyft LYFT 46.52 -0.03
ResMed RMD 212.11 2.90 s TaiwanSemi TSM 105.64 -0.75 W.P.Carey WPC 69.78 0.18
BancoSantander SAN 3.31 0.04 CheniereEnergy LNG 61.18 1.32 Nucor NUE 56.54 0.60 RestaurantBrands QSR 60.00 0.02 s TakeTwoSoftware TTWO 183.60 0.21 WPP WPP 51.15 -0.27
AdvMicroDevices AMD 92.92 -1.15 Entergy ETR 105.29 -1.32 DR Horton DHI 70.83 -2.97 LyondellBasell LYB 87.89 0.78
BanColombia CIB 36.05 0.67 CheniereEnerPtrs CQP 37.04 -0.53 Nutrien NTR 50.11 0.01 s RingCentral RNG 347.43 0.66 TakedaPharm TAK 18.97 0.20 Wabtec WAB 76.51 0.83
Aegon AEG 3.72 -0.04 EnterpriseProd EPD 20.95 0.28 HostHotels HST 15.14 -0.03 NVDA 534.00-10.27
BankofAmerica BAC 28.93 -0.16 CVX 91.54 0.78 M N NVIDIA RioTinto RIO 72.89 -0.08 WalgreensBoots WBA 41.99 -0.44
AgilentTechs A 117.01 2.61 Chevron s Equifax EFX 184.23 13.40 HowmetAerospace HWM 25.45 -0.13 Tapestry TPR 29.50 -0.24
BankofMontreal BMO 76.27 0.18 s Chewy CHWY 79.15 4.37 RitchieBros RBA 72.01 1.85 Walmart WMT 149.45 1.34
AgnicoEagle AEM 73.02 0.90 Equinix EQIX 695.28 -2.27 HuanengPower HNP 14.77 -0.19 O P Q Target TGT 172.72 -0.19
BankNY Mellon BK 40.78 0.44 ChinaEastrnAir CEA 23.39 -0.06 M&T Bank MTB 126.15 -1.05 RobertHalf RHI 64.98 0.45 WarnerMusic WMG 32.01 1.06
AirProducts APD 268.23 -0.95 Equinor EQNR 16.57 0.05 Huazhu HTHT 46.88 -3.45 TataMotors TTM 12.45 -0.07
BkNovaScotia BNS 53.22 0.70 ChinaLifeIns LFC 11.23 -0.12 MGMGrowthProp MGP 32.51 0.03 RocketCos. RKT 20.21 0.51 WasteConnections WCN 103.01 0.69
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BarrickGold GOLD 23.90 -0.05 s MKS Instrum MKSI 156.88 1.62 RogersComm B RCI 46.99 -0.07 Waters WAT 239.23 2.74
Albertsons ACI 14.98 0.13 ChinaPetrol SNP 43.94 -1.97 EquityResdntl EQR 62.39 -0.32 Humana HUM 409.28 5.54 OakStreetHealth OSH 54.25 0.79 TeledyneTech TDY 395.36 4.62
BauschHealth BHC 20.59 0.51 MPLX MPLX 23.03 0.20 s Roku ROKU 306.13 6.15 Watsco WSO 223.10 3.02
Alcon ALC 64.37 0.53 ChinaSoAirlines ZNH 31.93 -0.35 ErieIndemnity A ERIE 222.25 1.11 JBHunt JBHT 139.62 1.10 OccidentalPetrol OXY 19.13 0.94 Teleflex TFX 382.96 0.10
BaxterIntl BAX 77.93 0.16 MSCI MSCI 426.40 3.58 Rollins ROL 56.50 0.49 Wayfair W 244.30 7.60
AlexandriaRlEst ARE 170.79 -0.25 ChinaTelecom CHA 28.87 -0.59 EssentialUtil WTRG 47.04 -0.24 HuntingtonBcshs HBAN 12.90 -0.11 Okta OKTA 251.13 5.08 Ericsson ERIC 12.51 0.04
BectonDicknsn BDX 240.24 3.79 MagellanMid MMP 44.81 0.59 RoperTech ROP 419.14 0.16 Weibo WB 40.76 -0.52
AlexionPharm ALXN 119.22 0.39 ChinaUnicom CHU 5.80 -0.07 EssexProp ESS 252.49 -0.51 HyattHotels H 73.80 -0.08 OldDomFreight ODFL 210.14 2.06 TelefonicaBras VIV 8.70 0.27
BeiGene BGNE 228.09 4.48 MagnaIntl MGA 62.96 -1.54 RossStores ROST 113.47 -0.13 WellsFargo WFC 28.94 -0.40
Alibaba BABA 266.09 2.09 Chipotle CMG 1346.00 -1.10 EsteeLauder EL 248.48 2.72 IAA IAA 60.24 -0.10 OmegaHealthcare OHI 37.95 0.04 Telefonica TEF 4.60 -0.10
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AlignTech ALGN 515.76 -1.95 Chubb CB 152.40 0.06 TelekmIndonesia TLK 23.10 -0.19
Berkley WRB 65.11 -0.10
s Etsy ETSY 163.97 7.04 ICICI Bank IBN 13.87 MarathonPetrol MPC 42.45 0.24 Omnicom OMC 64.65 0.35
-0.08 RoyalCaribbean RCL 82.83 1.21 WestPharmSvcs WST 267.28 -0.78
Alleghany Y 605.77 3.64 ChunghwaTel CHT 38.36 0.04 s ON 31.39 0.82 10xGenomics TXG 154.76 5.98
BerkHathwy A BRK.A 342281-1257.99
EuronetWorldwide EEFT 133.22 -0.90 IdexxLab IDXX 460.69 1.33
Markel MKL 1000.03 17.89 ON Semi RoyalDutchA RDS.A 37.39 -0.03 WesternDigital WDC 52.42 1.28
Allegion ALLE 113.12 0.91 Church&Dwight CHD 87.09 0.33 TS 16.61 0.35
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EverestRe RE 234.74 4.42 IHS Markit INFO 92.08 -0.74 Tenaris
BerkHathwy B BRK.B 228.19 -1.05 RoyalDutchB RDS.B 35.83 0.05 WesternUnion WU 21.80 0.07
AlliantEnergy LNT 52.76 -0.58 ChurchillDowns CHDN 194.92 2.99 s TencentMusic TME 18.00 1.19 s
BerryGlobal BERY 53.49 -0.71
Evergy EVRG 55.46 0.34 s II-VI IIVI 73.18 0.86
Marriott MAR 132.55 -0.41 OpenText OTEX 46.02 ...
RoyalGold RGLD 112.68 0.01 WestlakeChem WLK 82.71 2.35
Allstate ALL 105.45 2.04 Ciena CIEN 48.29 -0.18 ORCL 59.03 -0.77 s Teradyne TER 118.67 1.51 WestpacBanking WBK 14.99 -0.04
BestBuy BBY 102.99 0.26
EversourceEner ES 86.38 -0.36 ING Groep ING 9.94 Marsh&McLen MMC 116.70 0.64 Oracle
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AllyFinancial ALLY 32.47 0.43 Cigna CI 218.67 0.08 ExactSciences EXAS 133.53 -1.32 Invesco IVZ 18.07 0.05 Orange ORAN 12.42 0.10 s Tesla TSLA 649.88 8.12 WestRock WRK 45.11 0.59
BeyondMeat BYND 140.72 3.78 s MartinMarietta MLM 282.83 -2.11 Ryanair RYAAY 114.28 -3.36
AlnylamPharm ALNY 128.05 1.24 CincinnatiFin CINF 81.26 1.08 s IPG Photonics IPGP 215.66 76.05 -0.92 TevaPharm TEVA 11.04 0.98 Weyerhaeuser WY 30.80 0.57
s Bilibili BILI 75.30 2.75
Exelon EXC 41.32 0.13 MarvellTech MRVL 43.68 -0.46 Orix
1.67 IX SAP SAP 123.99 0.77
Alphabet A GOOGL 1811.33 -5.70 Cintas CTAS 359.76 6.62 s TexasInstruments TXN 166.68 0.39 WheatonPrecMet WPM 42.24 0.34
s Bill.com BILL 131.56 1.63
Expedia EXPE 126.28 -0.24 IQVIA IQV 171.29 1.22
Masco MAS 52.13 -0.50 OtisWorldwide OTIS 66.11 1.26 S&P Global SPGI 333.70 -2.54
Alphabet C GOOG 1818.55 -0.93 CiscoSystems CSCO 44.37 0.02
Bio-Techne TECH 308.85 0.92
ExpeditorsIntl EXPD 90.06 0.31 IcahnEnterprises IEP 50.55 -0.20
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Alteryx AYX 120.97 3.02 Citigroup C 58.36 0.23 PCG 12.32 -0.21 ThermoFisherSci TMO 473.98 1.09 Williams
Bio-RadLab A BIO 559.27 -1.28
ExtraSpaceSt EXR 113.58 -1.42 Icon ICLR 202.27 Mastercard MA 340.79 -0.17 PG&E
1.53 SEI Investments SEIC 56.54 0.79 WMB 22.10 0.50
AlticeUSA ATUS 34.70 -0.25 CitizensFin CFG 35.59 0.28 ExxonMobil XOM 42.24 1.34 IDEX IEX 194.08 s MaximIntProducts MXIM 87.66 1.38 PNC Fin
3.16 PNC 141.43 -0.38 ThomsonReuters TRI 80.58 -0.28 Williams-Sonoma WSM 107.57 1.20
Biogen BIIB 246.43 2.75 SK Telecom SKM 24.39 0.04
Altria MO 42.23 0.54 CitrixSystems CTXS 130.88 -0.49 s F5Networks FFIV 170.00 1.43 PKX 61.19 -0.59 MMM 172.46 2.31 WillisTowers WLTW 210.86 1.41
BioMarinPharm BMRN 78.79 0.40
IllinoisToolWks ITW 206.29 McCormickVtg MKC.V 93.42 0.78 POSCO
3.56 s SS&C Tech SSNC 73.26 0.42 3M
AlumofChina ACH 9.05 -0.14 Clarivate CCC 29.00 1.00 FMC FMC 119.78 0.95 Illumina ILMN 342.72 -0.10 PPD PPD 34.94 -0.41 Tiffany TIF 131.30 0.03 Wipro
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Amazon.com AMZN 3177.29 19.29 Clorox CLX 202.88 2.27 PPG 144.88 -0.02 TTC 90.67 0.44 Wix.com
BlackKnight BKI 88.10 0.01
Facebook FB 283.40 -2.18 ImperialOil IMO 19.22 McDonalds MCD 208.39 -0.50 PPG Ind
0.21 SVB Fin SIVB 354.26 -0.70 Toro WIX 251.17 -5.76
Ambev ABEV 2.96 0.01 s Cloudflare NET 83.55 1.59 PPL 29.05 0.20 TorontoDomBk TD 55.81 0.32 Woodward WWD 117.13 0.68
s BlackLine BL 125.01 0.73 FactSet FDS 348.57 -3.14 Incyte INCY 82.85 McKesson MCK 180.42 2.16 PPL
-0.21 Salesforce.com CRM 227.86 0.16
Amcor AMCR 11.54 0.19 Coca-Cola KO 53.18 0.19 s FairIsaac FICO 509.97 8.33 Infosys INFY 16.01 0.39 PRA HealthSci PRAH 114.33 1.85 Total TOT 44.62 0.16 Workday
BlackRock BLK 713.92 4.43 MedicalProp MPW 20.84 0.09 Sanofi SNY 49.63 -0.27 WDAY 228.17 0.89
Amdocs DOX 67.30 0.51 Coca-Cola Euro CCEP 46.87 0.04
Blackstone BX 62.45 0.47
s Farfetch FTCH 59.61 2.75 IngersollRand IR 44.54 Medtronic MDT 111.18 -1.43 s PTC
0.21 PTC 111.30 0.15 SantanderCons SC 22.89 -0.18 ToyotaMotor TM 138.74 0.59 WynnResorts WYNN 111.31 -0.01
Amedisys AMED 261.52 5.78 s Cognex CGNX 78.05 1.53 Fastenal FAST 49.10 0.41 Inphi IPHI 151.98 0.06 Paccar PCAR 86.41 0.10 TractorSupply TSCO 136.56 -0.66 XP
Boeing BA 236.57 -1.60 MelcoResorts MLCO 19.32 -0.07 SareptaTherap SRPT 156.81 5.76 XP 38.95 0.42
s Amerco UHAL 431.39 3.64 CognizantTech CTSH 79.87 -0.66
BookingHldgs BKNG 2086.65-42.13
Fastly FSLY 97.98 12.55 Insulet PODD 245.65 s MercadoLibre MELI 1615.88 40.28 s PackagingCpAm PKG 137.07 2.14
-4.04 Schlumberger SLB 23.23 0.40 s TradeDesk TTD 915.00 2.37 XPO Logistics XPO 120.33 0.43
Ameren AEE 77.26 -0.42 ColgatePalm CL 85.17 -0.22
BoozAllen BAH 88.03 -0.59
s FateTherap FATE 91.60 7.83 Intel INTC 50.69 0.49
Merck MRK 83.18 0.67 PagSeguroDig PAGS 48.29 0.90 SchwabC SCHW 50.55 -0.21 Tradeweb TW 64.33 1.61 XcelEnergy XEL 66.04 -0.57
AmericaMovil AMX 14.26 -0.22 Comcast A CMCSA 51.41 -0.52
BorgWarner BWA 39.35 0.13
s FedEx FDX 301.45 4.41 InteractiveBrkrs IBKR 54.14 0.67
MetLife MET 47.52 -0.06 PalantirTech PLTR 28.59 -0.35 ScottsMiracleGro SMG 177.30 3.76 TraneTech TT 139.96 -1.16 Xilinx XLNX 146.19 -2.08
AmericaMovil A AMOV 14.24 -0.35 CMA 52.63 -0.57
BostonBeer SAM 940.01 2.64
Comerica Ferrari RACE 214.00 3.34 ICE ICE 110.06 MettlerToledo MTD 1161.33 36.18 s PaloAltoNtwks PANW 310.22 7.33
-0.22 s Sea SE 205.87 7.30 TransDigm TDG 602.10 1.09 XPeng XPEV 48.69 0.39
AmerAirlines AAL 17.63 0.42 CommerceBcshrs CBSH 63.51 -0.18
BostonProps BXP 101.46 -1.49 FiatChrysler FCAU 16.19 -0.10 InterContinentl IHG 63.29 MicrochipTech MCHP 144.75 -0.24 ParkerHannifin PH 274.24 2.70
-2.60 s Seagate STX 63.86 0.63 TransUnion TRU 97.14 2.76 Xylem XYL 98.63 0.43
AEP AEP 83.49 -0.35 CiaSiderurgica SID 5.08 -0.03 IBM 125.71 1.01 PAYX 93.33 -0.22 TRV 135.26 1.36 Yandex
BostonSci BSX 33.97 -0.28 FidNatlFin FNF 36.36 -0.13 IBM MicronTech MU 73.19 0.58 Paychex Seagen SGEN 184.46 5.22 Travelers YNDX 68.97 0.97
AmerExpress AXP 123.52 -0.42 ConagraBrands CAG 35.70 0.33
BrightHorizons BFAM 168.60 2.20 FidNatlInfo FIS 151.18 0.62 IntlFlavors IFF 115.43 Microsoft MSFT 216.01 1.72 PaycomSoftware PAYC 440.01 3.01
0.52 SealedAir SEE 44.68 -0.20 Trex TREX 75.77 0.15 YatsenHolding YSG 17.04 1.48
AmericanFin AFG 89.23 1.80 ConchoRscs CXO 62.18 -0.17 FifthThirdBncp FITB 27.26 -0.12 IntlPaper IP 49.09 0.42 Paylocity PCTY196.06 1.85 s Trimble TRMB 63.10 0.02 YumBrands YUM 105.15 -0.09
BristolMyers BMY 61.12 -0.08 MidAmApt MAA 123.93 -1.39 SempraEnergy SRE 129.30 1.07
AmHomes4Rent AMH 29.01 -0.54 ConocoPhillips COP 42.68 -0.14 Interpublic IPG 23.66 -0.18 PYPL 216.94 -0.99 TCOM 34.45 -0.04 YumChina YUMC 57.21 0.10
BritishAmTob BTI 38.80 0.63 FirstHorizon FHN 13.08 -0.06 Middleby MIDD 138.34 1.03 PayPal SensataTechs ST 49.34 0.04 Trip.com
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DTE Energy DTE 124.63 -0.22
DadaNexus DADA 39.91 -2.92
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Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record 
  


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B10 | Wednesday, December 9, 2020 * THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
30173.88 s 104.09, or 0.35% Trailing P/E ratio 29.70 20.75 3702.25 s 10.29, or 0.28% Trailing P/E ratio * 41.65 24.36 12582.77 s 62.83, or 0.50% Trailing P/E ratio *† 38.45 26.15
High, low, open and close for each P/E estimate * 24.61 18.65 High, low, open and close for each P/E estimate * 25.97 19.18 High, low, open and close for each P/E estimate *† 31.99 23.15
trading day of the past three months. Dividend yield 2.01 2.25 trading day of the past three months. Dividend yield * 1.65 1.85 trading day of the past three months. Dividend yield *† 0.74 0.99
All-time high 30046.24, 11/24/20 All-time high 3702.25, 12/08/20 All-time high: 12582.77, 12/08/20

Current divisor 0.15198707565833

31700 3750 12400
Session high
DOWN UP 12000
30500 3625
t

Session open Close

Close Open
t

29300 3500 11600

Session low

28100 3375 11200

26900 3250 10800

65-day moving average 65-day moving average
65-day moving average
25700 3125 10400

Bars measure the point change from session's open

24500 3000 10000
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
*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* 908,967,437 25,618,278
Industrial Average 30246.22 29972.07 30173.88 104.09 0.35 30218.26 18591.93 8.2 5.7 7.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 574,561,925 12,270,639
Transportation Avg 12821.65 12671.31 12777.05 51.84 0.41 12777.05 6703.63 20.2 17.2 7.1 Most-active issues in late trading Decl. volume* 324,331,032 13,211,803
Utility Average 863.63 851.75 858.36 -1.49 -0.17 960.89 610.89 0.7 -2.4 4.2 Volume After Hours Issues traded 3,233 279
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 38634.74 38285.24 38576.35 156.73 0.41 38576.35 22462.76 20.3 16.8 12.0 Advances 1,974 168
Curis CRIS 13,561.1 6.60 0.05 0.76 8.48 6.38
Barron's 400 828.76 819.97 828.38 4.64 0.56 828.38 455.11 15.9 13.1 5.6 Declines 1,145 103
Zynga ZNGA 7,786.2 8.81 -0.03 -0.34 8.89 8.80
Unchanged 114 8
Nasdaq Stock Market Boston Scientific BSX 7,606.6 33.98 0.01 0.03 33.98 33.90 New highs 249 18
Nasdaq Composite 12594.54 12453.21 12582.77 62.83 0.50 12582.77 6860.67 46.0 40.2 22.5 Kinross Gold KGC 5,998.4 7.56 0.010 0.13 7.56 7.53 New lows 3 0
Nasdaq 100 12651.35 12504.97 12635.72 39.25 0.31 12635.72 6994.29 51.2 44.7 25.8 SPDR S&P 500 SPY 5,841.0 370.45 0.28 0.08 370.50 362.06 Closing Arms† 0.94 1.41
Apple AAPL 5,702.8 124.27 -0.110 -0.09 124.43 124.21 Block trades* 5,174 213
S&P
GameStop Cl A GME 5,387.2 14.82 -2.12 -12.51 18.30 14.71
500 Index 3708.45 3678.83 3702.25 10.29 0.28 3702.25 2237.40 18.2 14.6 11.8 Nasdaq NYSE Arca
Tencent Music Ent ADR TME 4,439.6 18.00 ... unch. 18.00 17.61
MidCap 400 2251.92 2224.18 2249.57 13.11 0.59 2249.57 1218.55 11.8 9.0 6.0 Total volume*4,793,127,781 159,954,745
SmallCap 600 1091.18 1074.03 1090.78 9.74 0.90 1090.78 595.67 9.2 6.8 5.5 Percentage gainers… Adv. volume*3,141,132,537 95,587,448
Rocket Pharmaceuticals RCKT 258.0 43.00 10.97 34.25 45.00 32.03 Decl. volume*1,593,825,900 57,514,921
Other Indexes
QuantumScape QS 1,632.7 66.20 8.30 14.34 66.44 57.04 Issues traded 3,755 1,430
Russell 2000 1918.01 1881.70 1917.78 26.53 1.40 1917.78 991.16 17.5 14.9 8.0
Advances 2,353 1,055
NYSE Composite 14424.98 14304.14 14402.17 47.20 0.33 14417.33 8777.38 6.3 3.5 4.4 Pivotal Inv II Cl A PIC 1,275.0 17.95 2.23 14.19 18.30 15.59
Declines 1,302 333
Value Line 563.00 556.55 562.64 3.48 0.62 562.64 305.71 4.8 1.9 0.4 dMY Tech Grp II Cl A DMYD 141.2 12.50 0.90 7.76 12.80 11.48
Unchanged 100 42
NYSE Arca Biotech 5571.67 5505.31 5570.28 19.18 0.35 6142.96 3855.67 9.4 9.9 9.6
HC2 Holdings HCHC 99.4 3.74 0.22 6.25 3.91 3.52
New highs 396 315
NYSE Arca Pharma 691.36 680.70 689.03 6.64 0.97 689.03 494.36 8.9 5.4 8.5 ...And losers New lows 13 37
KBW Bank 95.20 93.95 94.86 -0.15 -0.16 114.12 56.19 -14.6 -16.3 -3.8 GameStop Cl A GME 5,387.2 14.82 -2.12 -12.51 18.30 14.71 Closing Arms† 0.92 1.96
PHLX§ Gold/Silver 144.24 142.89 143.30 -0.29 -0.20 161.14 70.12 48.1 34.0 23.0 Tricida TCDA 1,300.9 7.16 -0.96 -11.82 10.50 7.00 Block trades* 27,780 729
PHLX§ Oil Service 45.51 43.50 45.47 1.26 2.85 80.99 21.47 -36.4 -41.9 -30.3 Talos Energy TALO 120.3 9.42 -1.09 -10.37 10.53 9.31 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2825.94 2790.33 2816.27 9.66 0.34 2816.27 1286.84 63.7 52.3 31.5 Ichor Holdings ICHR 95.2 33.00 -3.44 -9.44 36.44 33.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 22.25 20.52 20.68 -0.62 -2.91 82.69 12.10 31.9 50.1 29.2 Phreesia PHR 127.9 48.00 -3.90 -7.51 52.00 45.75 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 The Global Dow 3470.34 –3.70 –0.11 6.7 IGM Biosciences IGMS 115.03 42.11 57.75 119.00 25.05 320.4 Codiak BioSciences CDAK 15.88 -4.10 -20.52 23.14 7.90 ...
DJ Global Index 485.09 0.96 0.20 11.8 Mammoth Energy Services TUSK 3.19 1.16 57.14 3.84 0.56 87.6 Arcturus Therapeutics ARCT 100.08 -23.58 -19.07 129.71 8.51 824.1
DJ Global ex U.S. 280.50 0.06 0.02 6.4 Liquidity Services LQDT 14.90 4.37 41.50 15.20 3.01 130.7 Francesca's Holdings FRAN 2.28 -0.53 -18.86 15.01 1.70 -81.7
Americas DJ Americas 875.53 3.07 0.35 15.1 Stitch Fix Cl A SFIX 49.89 14.06 39.24 54.94 10.90 90.2 Meten EdtechX Educ Group METX 2.40 -0.53 -18.09 23.75 2.17 ...
Brazil Sao Paulo Bovespa 113793.06 203.29 0.18 –1.6 NeuroMetrix NURO 2.99 0.84 39.07 6.20 0.81 -37.8 Conn's CONN 11.62 -2.42 -17.24 15.05 2.83 -14.9
Canada S&P/TSX Comp 17639.00 56.65 0.32 3.4 HighPeak Energy HPK 9.50 2.52 36.10 9.97 4.20 ... Agios Pharmaceuticals AGIO 36.78 -7.01 -16.01 56.75 27.77 -16.9
Mexico S&P/BMV IPC 43098.64 –156.61 –0.36 –1.0 QuantumScape QS 57.90 13.73 31.08 59.99 9.74 ... TimkenSteel TMST 5.54 -0.98 -15.03 8.00 2.16 -23.5
Chile Santiago IPSA 2833.29 … Closed –15.1 Infinity Pharmaceuticals INFI 2.77 0.63 29.44 2.84 0.60 130.8 Lightbridge LTBR 3.43 -0.59 -14.68 8.55 1.71 -9.5
0.20 Nkarta NKTX 62.20 13.89 28.75 62.50 22.46 ... Obalon Therapeutics OBLN 1.97 -0.33 -14.35 3.13 0.62 11.9
EMEA Stoxx Europe 600 393.64 0.80 –5.3
Lensar LNSR 9.24 2.02 27.98 12.71 3.16 ... MicroStrategy MSTR 289.45 -46.77 -13.91 358.94 90.00 89.6
Eurozone Euro Stoxx 393.00 –0.11 –0.03 –2.7
Belgium Bel-20 3692.34 –5.22 –0.14 –6.7 Oncternal Therapeutics ONCT 5.08 1.10 27.64 6.28 1.49 -1.9 Dragon Victory Intl LYL 3.02 -0.44 -12.72 4.94 0.85 123.7
Denmark OMX Copenhagen 20 1393.51 13.08 0.95 22.7 Cellect Biotechnology ADR APOP 2.61 0.55 26.70 6.89 0.40 7.2 Autolus Therapeutics ADR AUTL 10.52 -1.43 -11.97 17.19 3.00 -29.9
France CAC 40 5560.67 –12.71 –0.23 –7.0 Renren ADR RENN 6.90 1.44 26.37 8.20 0.45 167.4 Marinus Pharmaceuticals MRNS 13.76 -1.85 -11.85 17.14 4.16 166.7
Germany DAX 13278.49 7.49 0.06 0.2 Perion Network PERI 11.29 2.27 25.17 11.51 3.43 104.5 Trillium Therapeutics TRIL 13.51 -1.81 -11.81 20.96 0.30 4121.9
–13.1 17 Educ Tech ADR YQ 15.06 2.95 24.36 15.60 10.00 ... Concord Medical Svs ADR CCM 1.97 -0.26 -11.49 2.90 1.13 -27.0
Israel Tel Aviv 1462.93 –4.19 –0.29
Italy FTSE MIB 22053.42 –53.76 –0.24 –6.2
Netherlands AEX 616.59 0.39 0.06 2.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1364.66 –4.20 –0.31 –11.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 59159.36 –368.34 –0.62 3.6
Spain IBEX 35 8227.60 –48.00 –0.58 –13.8 Sundial Growers SNDL 349,638 94.4 0.51 -2.44 3.88 0.14 JPMorgan U.S. Div ETF JDIV 674 7433 27.63 0.59 29.09 16.20
Sweden OMX Stockholm 764.42 7.67 1.01 12.3 Curis CRIS 321,519 30555.5 6.55 354.86 7.90 0.62 JPMorgan US Minimum Vol JMIN 503 6052 31.77 0.52 32.78 20.84
Switzerland Swiss Market 10394.10 18.72 0.18 –2.1 Lexicon Pharmaceuticals LXRX 203,919 7293.0 3.08 78.03 5.33 1.03 Timothy Plan Intl ETF TPIF 393 3637 26.49 -0.04 26.67 17.10
0.75 17.1 Palantir Technologies PLTR 124,369 86.9 28.59 -1.21 33.50 8.90 JPMorgan US Value Factor JVAL 492 2542 29.82 0.37 29.87 17.31
Turkey BIST 100 1339.89 9.99
0.05 –13.0
NIO ADR NIO 115,087 -29.0 46.56 3.21 57.20 2.11 JPMorgan US Momentum JMOM 413 2003 38.16 0.50 38.36 21.07
U.K. FTSE 100 6558.82 3.42
U.K. FTSE 250 19870.49 –59.24 –0.30 –9.2 American Airlines Group AAL 94,740 33.1 17.63 2.44 30.78 8.25 Timothy Plan US L/MC Core TPLC 363 1914 30.37 0.46 30.37 17.27
General Electric GE 93,102 -17.9 10.96 0.92 13.26 5.48 Greenrose Acquisition GNRS 604 1900 10.00 0.40 10.05 9.61
Asia-Pacific
Pfizer PFE 86,214 145.6 42.56 3.18 42.77 26.41 Tenzing Acquisition TZAC 614 1842 10.49 -5.47 15.10 9.44
Australia S&P/ASX 200 6687.70 12.68 0.19 0.1
FuelCell Energy FCEL 85,302 85.8 8.78 12.13 11.31 0.48 Foley Trasimene II Cl A BFT 52,206 1811 12.78 6.95 13.77 9.60
China Shanghai Composite 3410.18 –6.43 –0.19 11.8
Apple AAPL 81,564 -39.5 124.38 0.51 137.98 53.15 Inspire Intl ESG ETF WWJD 409 1705 30.51 -0.15 31.00 17.49
Hong Kong Hang Seng 26304.56 –202.29 –0.76 –6.7
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 45608.51 181.54 0.40 10.6 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 26467.08 –80.36 –0.30 11.9
Singapore Straits Times 2825.63 0.12 0.004 –12.3 Track the Markets
South Korea Kospi 2700.93 –44.51 –1.62 22.9 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 14360.40 103.80 0.73 19.7 global stock indexes, bond ETFs,
Thailand SET 1478.92 29.09 2.01 –6.4
currencies and commodities at Currencies
wsj.com/graphics/track-the-markets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Tues YTDchg Tues YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004324 23129 –0.2
Americas
Argentina peso .0123 81.5830 36.2 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1953 5.1206 27.4 Czech Rep. koruna .04595 21.763 –4.0

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7801 1.2819
.001342 744.90
–1.3
0.8
Denmark krone
Euro area euro
.1626 6.1501
1.2106 .8261
–7.7
–7.4
notes and bonds major U.S. trading partners .000286 3490.50 Hungary forint .003372 296.56
30-year mortgage, Rate Colombiapeso 6.4 0.4
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007907 126.47 4.4
benchmark over the past year 2.50% Mexico peso .0505 19.7869 4.5 Norway krone .1141 8.7656 –0.2
Bankrate.com avg†: 2.95% 10%
Uruguay peso .02344 42.6650 14.9 Poland zloty .2721 3.6756 –3.1
Farmers State Bank 2.38% One year ago 2.00 Russia ruble .01362 73.437 18.3
30-year fixed-rate 4.00% Euro Asia-Pacific
s

Waterloo, IA 877-FSB-1879 t 5 Sweden krona .1180 8.4741 –9.5

t mortgage 1.50 Yen Australian dollar .7408 1.3499 –5.3
s

East Boston Savings Bank 2.50% Switzerland franc 1.1247 .8891 –8.1
3.00 China yuan .1531 6.5332 –6.2
0 Turkey lira .1280 7.8151 31.4
Boston, MA 800-657-EBSB 1.00 Hong Kong dollar .1290 7.7515 –0.5
Ukraine hryvnia .0355 28.1500 18.9
Tradeweb ICE India rupee .01357 73.719 3.3
2.00 First National Bank 2.63% 0.50 –5 s
UK pound 1.3358 .7486 –0.7
Tuesday Close Indonesia rupiah .0000709 14110 1.6
10-year Treasury Waverly, IA 319-266-2000 WSJ Dollar index .009600 104.17 Middle East/Africa
t Japan yen –4.1
t note yield 1.00 0.00 Kazakhstan tenge .002380 420.15
TBK Bank, SSB 2.85% –10 10.0 Bahrain dinar 2.6532 .3769 –0.04
Dallas, TX 214-365-6900 1 3 6 1 2 3 5 7 10 20 30 Macau pataca .1252 7.9900 –0.3 Egypt pound .0638 15.6818 –2.3
0.00 2020 2 Malaysia ringgit .2455 4.0725 –0.4 Israel shekel .3069 3.2587 –5.7
Cambridge Savings Bank 2.88% month(s) years
J F M A M J J A S O ND New Zealand dollar .7043 1.4198 –4.4 Kuwait dinar 3.2851 .3044 0.4
Cambridge, MA 888-418-5626 maturity Pakistan rupee .00623 160.390 3.5 Oman sul rial 2.5976 .3850 –0.01
2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.189 –5.0 Qatar rial .2746 3.641 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7474 1.3379 –0.6 Saudi Arabia riyal .2666 3.7516 0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0009210 1085.80 –6.0 South Africa rand .0667 14.9842 7.0
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0053709 186.19 2.7
Yield (%) 52-Week Total Return (%) Taiwan dollar .03540 28.246 –5.6 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 4.75 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03331 30.020 0.9 WSJ Dollar Index 85.96 0.07 0.08 –4.02
Libor, 3-month 0.23 0.23 0.20 l 1.96 -1.32
U.S. Treasury, Barclays 2454.900 0.590 0.620 1.860 0.400 7.606 5.155 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.20 0.21 0.19 l 0.58 -0.14
1.520 15.604 9.994
Five-year CD, annual yield 0.59 0.58 0.58 l 1.41 -0.90 U.S. Treasury Long, Barclays 4708.130 1.540 2.340 0.980
Commodities
30-year mortgage, fixed† 2.95 2.94 2.90 l 4.22 -0.93 Aggregate, Barclays 2282.950 1.180 1.200 2.380 1.020 7.259 5.274 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.37 2.39 2.37 l 3.57 -0.92 Fixed-Rate MBS, Barclays 2225.340 1.340 1.320 2.690 0.930 3.930 3.659
Jumbo mortgages, $510,400-plus† 2.94 2.96 2.90 l 4.36 -1.36 DJ Commodity 689.00 -2.05 -0.30 694.81 433.70 10.35 7.27
High Yield 100, ICE BofA 3306.471 3.728 3.953 10.740 3.589 5.017 5.024
Five-year adj mortgage (ARM)† 3.22 3.21 2.85 l 4.61 -0.49 TR/CC CRB Index 158.28 -0.67 -0.42 187.39 106.29 -13.11 -14.80
Muni Master, ICE BofA 593.757 0.916 0.956 3.441 0.838 5.046 4.340 Crude oil, $ per barrel 45.60 -0.16 -0.35 63.27 -37.63 -23.02 -25.32
New-car loan, 48-month 4.04 4.04 4.04 l 4.50 0.84
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 921.636 4.452 4.488 7.480 4.437 5.981 4.646 Natural gas, $/MMBtu 2.399 -0.007 -0.29 3.354 1.482 5.96 9.59
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. 1870.80 9.00 0.48 2051.50 1462.60 27.91 23.12

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Available free at WSJMarkets.com
THE WALL STREET JOURNAL. * Wednesday, December 9, 2020 | B11

NEW HIGHS AND LOWS WSJ.com/newhighs

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 American 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
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session. AvidBiosvcsPfdE CDMOP 28.95 2.5 Chimerix CMRX 5.21 12.3 EHang EH 24.38 22.4 Franchise7.5%PfdA FRGAP 26.00 1.2 MonsterBev MNST 88.89 1.2 SnapOn SNA 181.80 0.6
Avient AVNT 39.54 1.4 CincinnatiBncp CNNB 11.25 1.4 EidosTherap EIDX 104.42 6.6 FranklinElec FELE 71.00 1.3 MontesArchimedes MAACU 10.26 1.2 Snowflake SNOW 429.00 0.3
BRP DOOO 63.55 0.9 CitiTrends CTRN 41.87 7.2 Elastic ESTC 146.41 3.1 FreedomHolding FRHC 45.00 -0.7 MorganStanleyPfd1 MSpI 29.15 0.7 SocialCapHedV Wt IPOE.WS 3.11 41.5
Tuesday, December 8, 2020 BadgerMeter BMI 85.47 0.7 Clearfield CLFD 26.54 0.2 ElementSolns ESI 15.09 0.5 FrequencyTherap FREQ 31.60 4.8 MorganStanleyPfdK MSpK 29.68 1.1 SocCapHedII Wt IPOB.WS 10.42 7.4
BankFirst BFC 70.83 1.9 Cleveland-Cliffs CLF 13.08 3.6 EmersonElec EMR 81.48 2.7 Freshpet FRPT 141.00 4.3 MotorcarParts MPAA 24.97 2.2 SocialCapHedIV IPOD.U 12.99 2.5
52-Wk % 52-Wk % 52-Wk % BeaconRoof BECN 39.76 -0.5 ClimateChgCrisWt CLII.WS 1.80 -10.2 EnergyFuels UUUU 2.99 0.4 GATX GATX 87.97 0.2 MudrickCapII MUDSU 10.08 0.5 SocialCapHedIV A IPOD 12.15 2.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BeamTherap BEAM 76.50 11.2 Cloudflare NET 84.36 1.9 EnergyRecovery ERII 11.72 3.2 GCI LibertyA GLIBA 95.63 -1.6 MyersIndustries MYE 18.78 2.2 SocialCapHedosophiaHldgsCorp.IVWt IPOD.WS 3.84 4.9
AffiliatedMgrs AMG 98.26 2.3 Aptiv APTV 124.71 -0.3 BellRingBrands BRBR 24.21 6.2 CoastalFinl CCB 20.98 4.4 EnerSys ENS 85.51 2.6 GCM Grosvenor GCMG 12.70 2.1 NanoStringTech NSTG 65.39 1.8 SocialCapHedV IPOE.U 11.56 3.0
Highs Albemarle ALB
Alpha&OmegaSem AOSL
144.12 2.8 ArcBest
29.20 -1.3 AresMgmt
ARCB
ARES
45.37
48.33
...
1.6
Bilibili
Bill.com
BILI
BILL
75.94
132.09
3.8
1.3
Cognex CGNX
ColonnadeAcqn CLA.U
78.13 2.0
10.34 0.7
EnsignGroup
Entegris
ENSG
ENTG
76.11
100.12
2.7
1.4
GamidaCell
Garmin
GMDA 11.20
GRMN 122.99
1.0
1.3
NatlEnerSvs
NatrlOrderAcqn NOACU
NESR 9.75
11.42
2.1
0.9
SocialCapHedV A IPOE
SocialCapHedVI IPOF.U
11.00
12.06
2.4
10.3
AceConvergence ACEV 10.15 -0.1 Alphatec ATEC 12.29 1.9 Argan AGX 51.00 2.0 BioCryst BCRX 7.70 6.1 ColonnadeWt CLA.WS 0.86 5.0 EnvivaPartners EVA 46.37 0.5 GenesisParkAcqnUn GNPK.U 10.44 0.7 NatureSunshine NATR 13.63 3.4 SocialCapHedVI A IPOF 11.68 9.5
ACI Worldwide ACIW 39.73 2.4 AltairEngg ALTR 55.12 1.2 ArgoGoupPfdA ARGOpA 26.35 0.3 BioNTech BNTX 129.90 1.9 CommVehicle CVGI 8.80 3.3 Equifax EFX 190.16 7.8 GigaMedia GIGM 3.90 7.3 NaviosMaritime NMCI 3.27 -1.6 SocialCapHedVI Wt IPOF.WS 3.26 27.9
AconS2Acqn STWOU 10.51 -0.3 Amerco UHAL 434.58 0.9 AristaNetworks ANET 289.00 2.9 BlackLine BL 126.80 0.6 ConcordAcqn CND.U 10.16 1.0 EquityDistrWt EQD.WS 1.58 2.7 GlobalWaterRscs GWRS 15.15 1.2 NewBeginnings NBA.U 10.64 1.0 SoftwareII A SAII 9.92 0.2
AMCIAcquisition AMCIU 18.30 13.8 AmerEagle AEO 19.93 0.1 ArloTech ARLO 8.49 14.5 BloomEnergy BE 31.04 10.7 ConstBrands A STZ 214.64 0.5 EstablishLabs ESTA 31.75 2.3 Gogo GOGO 12.88 16.0 NewBeginningsWt NBA.WS 0.88 28.1 SolarWinds SWI 23.71 1.2
Ammo POWW 3.37 22.1 AmerSupercond AMSC 20.47 9.0 ArrowElec ARW 97.30 -0.8 BlueknightEnPtrsA BKEPP 6.45 2.4 ConstructionPtrs ROAD 29.67 5.5 Etsy ETSY 167.92 4.5 GoldenMinerals AUMN 0.63 1.3 NexGenEnergy NXE 2.55 -4.8 SouthMtnWt SMMCW 3.99 -4.1
AXT AXTI 11.65 8.0 Ampco-PittsWt AP.WS 0.79 7.1 ArtisanPtrsAsset APAM 49.62 1.6 BluescapeOpps BOAC.U 10.65 ... ConturaEnergy CTRA 11.39 17.4 Euroseas ESEA 5.71 14.8 GoldmanSachsPfA GSpA 24.20 0.8 NextGenAcqn NGACU 10.20 1.0 SpartacusAcqnUn TMTSU 10.45 2.3
AbbVie ABBV 108.35 1.7 Ampco-Pitt AP 5.99 8.4 ArtiusAcqn AACQU 11.25 2.0 BowXAcqnWt BOWXW 1.70 11.4 CorceptTherap CORT 24.64 2.5 EvercoreA EVR 97.48 2.0 GoldmanSachsPfD GSpD 24.70 0.3 Nike NKE 140.44 0.3 SperoTherap SPRO 18.04 2.1
AcamarPtrs ACAM 10.53 -0.2 AmpioPharm AMPE 1.46 15.4 AspenAerogels ASPN 16.24 13.0 BoydGaming BYD 42.98 0.9 Corning GLW 37.98 0.9 Evertec EVTC 39.56 0.7 GoresHoldingsV GRSVU 10.72 1.5 Nkarta NKTX 62.50 28.8 Spotify SPOT 342.92 -2.7
Accolade ACCD 58.50 9.1 AnalogDevices ADI 146.31 1.7 AthenePfdB ATHpB 27.43 0.2 BreezeHldgs BREZU 10.17 0.5 Cree CREE 99.22 9.1 Exponent EXPO 86.14 2.7 GoresV Wt GRSVW 2.00 7.6 nLIGHT LASR 36.05 0.1 SpringWorks SWTX 71.78 2.6
AciesAcqn ACACU 10.22 ... Anaplan PLAN 72.73 1.5 Atlanticus ATLC 19.11 6.0 BridgeBioPharma BBIO 56.75 6.7 Crocs CROX 65.41 2.4 FastAcqn FST.U 10.67 -1.3 GreencityAcqnWt GRCYW 0.49 -5.0 NorthernGenesis NGA.U 19.25 4.4 StableRoadWt SRACW 4.89 9.2
AdaptHealth AHCO 37.50 4.8 AnteroMidstream AM 7.96 4.4 Atlassian TEAM 235.17 0.9 BridgetownUn BTWNU 12.50 2.3 CrowdStrike CRWD 178.88 4.0 FastAcqnA FST 10.05 0.2 GreenroseAcqnWt GNRSW 0.69 21.3 NorthernGenesis NGA 17.20 1.7 StarboardValueA SVAC 10.81 -0.1
Adient ADNT 37.26 1.6 ApellisPharm APLS 52.69 1.9 Autodesk ADSK 286.24 1.3 Brightcove BCOV 17.83 1.2 CrownCrafts CRWS 8.19 0.5 F5Networks FFIV 171.50 0.8 GuardantHealth GH 126.42 1.6 NorthernGenesisAcqnWt NGA.WS 4.25 -2.5 StitchFix SFIX 54.94 39.2
AdvDrainageSys WMS 78.21 2.3 APi Group APG 17.67 4.1 AvanosMedical AVNS 47.40 2.4 BroadcomPfdA AVGOP 1397.08 1.0 Cullen/FrostPfdB CFRpB 25.55 ... FG NewAmerica FGNA.U 10.60 0.1 HCA Healthcare HCA 159.65 2.5 NorthernTrPfdE NTRSO 27.89 0.6 SynchronyPfdA SYFpA 27.02 1.0
AdvEnergyInds AEIS 102.65 2.2 ApolloStratGr APSG.U 10.56 -0.4 AvantiAcqn AVAN.U 10.30 -0.3 Broadcom AVGO 426.70 0.6 CureVac CVAC 131.90 13.7 FairIsaac FICO 522.01 1.7 HLAcquisitionsRt HCCHR 2.50 12.6 NovaMeasuring NVMI 70.50 0.6 Systemax SYX 36.89 13.8
AerpioPharm ARPO 2.15 16.3 ApplMaterials AMAT 90.26 0.7 AvantiAcqnWt AVAN.WS 1.05 -5.5 Brooks Auto BRKS 75.93 0.1 Curis CRIS 7.90 354.9 FalconCapAcqn FCACU 10.65 0.6 HLAcquisitionsWt HCCHW 9.37 17.3 Novocure NVCR 157.65 3.4 TCR2 Therap TCRR 33.99 1.4
AffiliatedNts60 MGRB 26.94 2.0 Aptargroup ATR 130.90 0.4 AviatNetworks AVNW 41.29 4.6 Brown-Forman A BF.A 80.08 1.7 DD3 Acqn II DDMXU 10.39 2.5 FalconCapWt FCACW 1.99 33.6 HLAcquisitions HCCH 25.80 7.5 OaktreeAcqn OAC 12.54 -0.3 TFI Intl TFII 52.76 1.4
Bruker BRKR 54.81 0.9 DTE EnergyDeb80 DTB 26.71 1.8 Farfetch FTCH 59.95 4.8 HalozymeTherap HALO 42.62 5.3 OaktreeAcqnIIWt OACB.WS 1.90 26.5 TPGPaceBenFin TPGY.U 10.80 1.0
BrunswickNts2049 BCpB 28.46 -0.3 DarlingIngred DAR 50.89 3.5 FarmlandPtrs FPI 8.63 1.7 HealthAssurance HAACU 12.32 2.7 OceanFirstPfdA OCFCP 27.25 -0.2 TPGPaceBenA TPGY 11.12 ...
BrunswickNts2049 BCpC 28.48 1.5 DeckersOutdoor DECK 299.15 2.1 FateTherap FATE 96.00 9.3 HelenofTroy HELE 218.13 1.2 Omnicell OMCL 111.29 2.1 TPGPaceTechWt PACE.WS 2.60 36.8
Buckle BKE 32.62 5.4 Digimarc DMRC 56.14 7.8 Fathom FTHM 28.49 -1.3 TROW 154.33 1.2
BANKRATE.COM® MMA, Savings and CDs BurgundyTechWt BTAQW
CBRE Group CBRE
0.94
66.90
2.2
0.7
DigitalRealtyPfK DLRpK
Disney DIS
28.44 0.4
154.88 ...
FedEx FDX
FirstRepublicPfdK FRCpK
303.65
26.05
1.5
0.2
HennessyCap HCAC
HennessyCapWt HCACW
HennessyCapIV HCACU 23.35
18.99
4.94
-1.5
1.9
0.2
ON Semi
Organogenesis ORGO
ON 32.60
5.66
2.7
-5.4
TRowePrice
TTEC
TWC Tech II A TWCT
TTEC 72.94
10.57
1.0
0.1
PMV Consumer PMVC.U 10.27 1.1
CC NeubergerI Wt PCPL.WS 2.12 2.5 DixieGroup DXYN 2.75 11.4 FirstMarkHorizon FMAC.U 10.82 1.4 HercHoldings HRI 64.70 1.6 PTC PTC 112.04 0.1 TailwindAcqn TWND.U 10.64 0.3
Average Yields of Major Banks Tuesday, December 08, 2020 CF Bankshares CFBK
CF Finance II CFIIU
15.38
12.00
0.7
0.7
dMY TechWt
dMY Tech
DMYT.WS
DMYT.U
5.44 2.0
22.21 1.1
FirstMarkHorizonA FMAC
FiveStarSrLiving FVE
10.55
7.35
1.4
1.1
HighlandTransI HTPA.U 10.46
HighPeakEner HPK 9.97
0.6
36.1
PTK Acqn Wt
PacBiosciCA
PTK.WS
PACB
0.88
23.12
2.1
4.7
TailwindAcqnA TWND
TailwindAcqnWt TWND.WS
10.03
1.40
-0.6
11.1
CIIGMergerUn CIICU 43.91 -8.6 dMY Tech II DMYD.U 12.57 0.8 Flexsteel FLXS 32.41 3.1 HI 39.90 0.9 TaiwanSemi TSM 107.84 -0.7
Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR Hillenbrand PackagingCpAm PKG 137.54 1.6
CIIG MergerWt CIICW 8.00 -6.1 dMYTechII Wt DMYD.WS 2.61 1.2 Floor&Decor FND 88.04 3.7 Honeywell HON 213.06 0.5 TakeTwoSoftware TTWO 186.73 0.1
PactivEvergreen PTVE 18.43 4.0
National average CITICCapAcqnWt CCAC.WS 1.99 -13.3 DolbyLab DLB 92.29 1.0 Fluent FLNT 4.25 4.0 HorizonAcqnII HZON.U 10.45 1.3 PaloAltoNtwks PANW 315.11 2.4 TarsusPharm TARS 31.25 6.8
CITICCapAcqnA CCAC 10.69 ... DonnelleyFin DFIN 17.61 1.1 FlyingEagleWt FEAC.WS 6.75 11.1 HorizonGlobal HZN 9.18 1.1 TencentMusic TME 18.06 7.1
Patterson PDCO 33.34 3.2
Savings 0.09 0.06 0.06 0.09 0.12 0.18 0.21 0.18 0.32 CaesarsEnt CZR 76.42 0.5 DragoneerGrowth DGNR.U 14.30 -0.7 FlyingEagle FEAC 20.40 9.8 HoulihanLokey HLI 70.00 1.2 Teradyne TER 118.96 1.3
PennNational PENN 79.74 8.9
Jumbos 0.17 0.07 0.07 0.09 0.14 0.20 0.23 0.19 0.34 CallawayGolf ELY 24.04 -0.8 DuddellStreet DSACU 10.11 0.9 FlyingEagleAcqn FEAC.U 21.76 9.6 IBEX IBEX 22.45 4.7 Pennant PNTG 59.21 3.7 Terex TEX 35.62 3.6
CapitalOnePfdI COFpI 26.10 0.2 DuddellStreetA DSAC 10.51 -2.1 FocusFinPtrs FOCS 45.58 0.7 12.17 3.4 Tesla TSLA 651.28 1.3
Weekly change Cardlytics CDLX 131.41 8.2 DuddellStreetWt DSACW 1.21 20.5 FoghornTherap FHTX 23.04 0.2
IEC Elec
IG Acqn
IEC
IGACU 10.35 0.5
PerionNetwork PERI
PerkinElmer PKI
11.51
148.39
25.2
2.8 TexasInstruments TXN 167.24 0.2
Carvana CVNA 263.12 1.0 DukeEnerDeb78 DUKB 28.52 0.3 FoleyTrasimeneA WPF 10.85 1.4
Savings 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 CasaSystems CASA 7.61 8.7 DukeEnerDeb73 DUKH 26.28 0.2 FoleyTrasimII BFT.U 14.69 7.0
IGM Biosci IGMS 119.00 57.7 Personalis PSNL 35.02 0.3 TheBancorp TBBK 13.77 3.4
II-VI 6% Pfd IIVIP 313.34 0.4 PFE 42.77 3.2 TitanMachinery TITN 19.89 -0.5
Jumbos -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 CascadeAcqn CAS.U 10.15 -0.3 DuPont DD 67.17 2.1 FoleyTras II A BFT 13.77 6.9
Pfizer
TottenhamAcqnI TOTA 11.47 -1.2
II-VI IIVI 73.98 1.2 Phreesia PHR 53.10 5.9
CastleBiosci CSTL 57.06 2.5 elfBeauty ELF 23.06 1.5 FoleyTrasII Wt BFT.WS 3.20 19.7 TradeDesk TTD 922.19 0.3
IonAcqn1 IACA.U 11.25 -1.3 Pinduoduo PDD 161.50 7.3
CelsiusHldg CELH 38.14 -0.2 EagleMaterials EXP 98.06 0.6 FootLocker FL 42.77 3.3 Transcat TRNS 36.10 6.6
IPG Photonics IPGP 217.00 0.8 PiperSandler PIPR 98.02 1.1
Consumer Savings Rates ChartIndustries GTLS
CharterComms CHTR 681.71
113.52 4.5
-2.6
EastRscsAcqnWt ERESW
EasternBankshares EBC
1.17 10.0
15.75 0.5
FormaTherap
FormFactor
FMTX
FORM
53.07
45.60
20.7
1.9
ITT
Infinera
ITT
INFN
76.51
9.28
0.3
3.5
PlatinumGrpMtls PLG
PlugPower PLUG
5.20
29.49
20.4
16.1
TravereTherap
Trimble
TVTX
TRMB
26.46
63.90
1.7
...
Chemours CC 26.94 1.1 EditasMedicine EDIT 43.65 10.6 FortressValueII FAII.U 10.74 0.7 TrineAcqn TRNE 24.00 13.5
Below are the top federally insured offers available nationwide according to Bankrate.com's InfinityPharm INFI 2.84 29.4 PopulationHlth PHICU 10.35 0.6
Chewy CHWY 79.78 5.8 EdocAcqn ADOCU 10.27 0.1 Fossil FOSL 13.04 4.4 TrineAcqnUn TRNE.U 27.62 16.1
InsightEnt NSIT 74.49 -0.2 PowerIntegrations POWI 77.65 2.5
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please InterPrivate IPV.U 18.07 -0.4 PrimeImpactI PIAI.U 10.35 ... TrineAcqnWt TRNE.WS 7.17 26.5
visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. InterPrivate IPV 16.00 -0.3 PrimorisSvcs PRIM 26.90 0.5 Trinseo TSE 44.30 1.4
TriterrasWt TRITW 3.58 -1.5
High yield savings Borrowing Benchmarks InterPrivateWt IPV.WS
Intuit
JanusHenderson JHG
INTU
4.20
380.50
34.47
0.7
0.1
2.0
PropertySolns
PropTechAcqnWt PTACW
PropTechAcqnUn PTACU
PSACU 10.77
2.47
13.40
1.4
3.0
-0.4
TritonIntl
TriumphBncpPfdC TBKCP
TRTN 48.08
27.35
2.1
0.6
Bank Yield Bank Yield wsj.com/market-data/bonds/benchmarks JawsSpitfire SPFR.U 10.72 1.7 ProvidenceService PRSC 143.68 3.1 Tronox TROX 14.81 -2.6
Phone number Minimum (%) Phone number Minimum JohnBeanTech JBT 129.73 2.3 PrudentialNts2060 PFH 25.95 0.2 Tucows TCX 79.25 -0.1
(%) TurningPoint TPB 42.75 4.5
KKR KKR 40.24 -0.3 PublicStoragePfH PSApH 28.94 ...
Money market and savings account Six-month CD KLA KLAC 268.74 0.1 PublicStoragePfI PSApI 28.17 ... Tuscan THCBU 25.67 -16.9

Vio Bank $100 0.66 TAB Bank $1,000 0.50 Money Rates December 8, 2020 Kadant
KerosTherap
KAI
KROS
140.36
88.80
1.7
6.8
PublicStoragePfK PSApK
PublicStoragePfdN PSApN
28.50
25.67
0.3
0.6
22ndCentury
TwistBiosci
XXII
TWST
1.95
148.05
20.4
8.0
(888) 999-9170 (800) 355-3063 KeysightTechs KEYS 127.31 1.8 PureStorage PSTG 21.81 0.6 TylerTech TYL 447.68 2.4

TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 Key annual interest rates paid to borrow or lend money in U.S. and Kforce KFRC 43.36 0.6 QAD B QADB 42.49 1.6 USA Tech USAT 10.51 5.5
KNTE 48.75 -0.3 64.60 0.9 US BancorpPfdK USBpP 28.73 0.7
KinnateBio QAD A QADA
(800) 355-3063 (800) 799-1424 international markets. Rates below are a guide to general levels but KontoorBrands KTB 46.25 2.5 Qorvo QRVO 170.90 1.8 US BancorpPfdB USBpH 24.24 0.5
Ubiquiti UI 272.57 1.3
Popular Direct $5,000 0.65 Live Oak Bank $2,500 0.50 don’t always represent actual transactions. KornitDigital
KratosDefense KTOS
KRNT 88.56
24.48
...
3.3
Qualcomm QCOM 159.29 0.5
UltraClean UCTT 36.51 1.2
QuantaServices PWR 72.40 0.3
(800) 274-5696 (866) 518-0286 Week —52-WEEK— KymeraTherap KYMR 56.37 12.4 QuantumScape QS 59.99 31.1
UltragenyxPharm RARE 138.52 6.0
Inflation Latest ago High Low L&F Acqn LNFA.U 10.25 0.4 QuantumScapeWt QS.WS 18.88 32.4
UnitedRentals URI 249.59 -1.4
One-month CD One-year CD Oct. index Chg From (%) L Brands LB 41.24 1.8 QuinStreet QNST 20.60 4.7
US Steel X 19.58 13.3
UnitySoftware U 167.87 7.4
Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.71 level Sept. '20 Oct. '19 60 days 1.939 1.875 3.370 1.804 LamResearch LRCX 516.65 0.8 R1RCM RCM 21.89 1.2
UnivDisplay OLED 238.64 0.2
LandcadiaIII LCYAU 10.96 1.2 Radcom RDCM 10.74 2.1
(713) 358-9400 (800) 845-5025 LandcadiaIII Wt LCYAW 1.70 4.8 RadiantLogistics RLGT 6.50 3.7
Upwork UPWK 36.69 8.5
State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67 U.S. consumer price index Other short-term rates LandcadiaII LCAHU 27.50 1.9 RadiusGlbInfr RADI 12.75 4.5
UraniumEner UEC 1.59 3.5
VG Acqn VGAC.U 12.65 0.9
(877) 707-1995 (888) 205-8388 LandcadiaII A LCA 25.45 -0.1 Rambus RMBS 18.54 4.5
All items 260.388 0.04 1.2 LarimarTherap LRMR 25.87 -2.3 RealPage RP 69.95 -0.2
VG Acqn A VGAC 11.75 0.4
Washington Savings Bank $500 0.10 Marcus by Goldman Sachs $500 0.65 Week 52-Week VG Acqn Wt VGAC.WS 2.91 6.5
Core 269.328 0.10 1.6 LatticeSemi LSCC 44.42 0.8 ReinventTechPtrs RTP.U 12.17 0.4
(978) 458-7999 (855) 730-7283 Latest ago high low Lear LEA 159.00 0.6 RevolutionAccel RAACU 10.50 3.5
VPC Impact VIHAU 10.45 2.2
VPCImpactWt VIHAW 1.25 28.5
International rates LibertyBroadbandC LBRDK 165.23 -1.5 Revolve RVLV 26.03 6.7
Vale VALE 16.45 -0.6
Two-month CD Two-year CD Call money LifeSciAcqnII LSAQ 11.16 1.3 RibbonComms RBBN 7.39 1.1
VelodyneLidarWt VLDRW 7.97 27.9
Limbach LMB 13.41 6.2 RingCentral RNG 350.29 0.2
Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 Week 52-Week 2.00 2.00 3.50 2.00 LincolnElectric LECO 119.63 1.1 RodgersSilicVal RSVAU 12.30 6.7
Vertiv VRT 19.91 2.7
VirtusInvtPtrs VRTS 214.60 4.2
(713) 358-9400 (800) 845-5025 Latest ago High Low LiquiditySvcs LQDT 15.20 41.5 Rogers ROG 159.25 -0.7
Visteon VC 131.35 2.1
State Bank of India California $1,000 0.15 Live Oak Bank $2,500 0.80 Commercial paper (AA financial) Littelfuse LFUS 250.65 1.1 Roku ROKU 307.63 2.1
VornadoPfdN VNOpN 25.45 0.5
LiveOakAcqn LOAK 16.26 -0.3 RothCHAcquisitionI ROCHU 15.84 11.3
(877) 707-1995 (866) 518-0286 Prime rates 90 days 0.14 0.18 2.53 0.04 Livent LTHM 17.31 9.2 RothCHAcqnI ROCH 14.50 2.1
WRBerkleyDeb58 WRBpE 27.82 0.3
WescoIntl WCC 72.72 4.0
VirtualBank $10,000 0.15 Goldwater Bank $5,000 0.80 U.S. 3.25 3.25 4.75 3.25 LongevityAcqnWt LOACW 0.83 3.3 RyderSystem R 62.00 1.3
WestlakeChem WLK 83.32 2.9
(877) 998-2265 (480) 281-8200 Canada 2.45 2.45 3.95 2.45 Libor LouisianaPacific LPX 37.71 1.3 RyersonHolding RYI 12.69 ...
WideOpenWest WOW 8.65 2.4
LuminarTechWt LAZRW 20.91 -7.8 SCE Tr VI 5% Pfd L SCEpL 24.71 -0.2
Japan 1.475 1.475 1.475 1.475 One month 0.14875 0.14763 1.80475 0.12663 LuminarTech LAZR 47.80 2.3 SC Health SCPE 10.35 -0.3
WintrustFinPfdE WTFCP 28.52 0.8
Three-month CD Five-year CD Three month 0.23000 0.23200 1.96050 0.20488 Macom Tech MTSI 50.43 -0.6 Sina SINA 45.14 2.9
WirelessTel WTT 1.99 -4.1
Workiva WK 79.75 1.4
BrioDirect $500 0.50 Connexus Credit Union $5,000 1.01 Policy Rates Six month 0.25338 0.25875 1.92438 0.23375 MKS Instrum MKSI 158.08 1.0 SS&C Tech SSNC 74.00 0.6
XPEL XPEL 46.09 2.9
MP Materials MP 29.85 -5.3 Saia SAIA 188.88 1.7
(877) 369-2746 (800) 845-5025 Euro zone 0.00 0.00 0.00 0.00 One year 0.33725 0.33313 2.01200 0.32763 MP Matls Wt MP.WS 10.23 1.1 SanaraMedTech SMTI 41.44 2.3
Yeti YETI 67.54 5.1
YRC Worldwide YRCW 6.56 1.5
Goldwater Bank $5,000 0.35 First Internet Bank of Indiana $1,000 0.96 Switzerland 0.00 0.00 0.50 0.00 MYR Group MYRG 57.76 3.6 SandbridgeAcqn SBG.U 10.25 0.9
Yalla YALA 19.87 17.0
(480) 281-8200 (888) 873-3424 Britain 0.10 0.10 0.75 0.10 Euro Libor MalaccaStraits MLACU 10.23 0.8 SandbridgeAcqnWt SBG.WS 1.04 11.1 YunhongIntlWt ZGYHW 0.66 17.1
MammothEnergy TUSK 3.84 57.1 SchmittIndustries SMIT 6.07 7.2
Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 Australia 0.10 0.10 0.75 0.10 One month -0.591 -0.586 -0.360 -0.621 MartinMarietta MLM 287.51 -0.7 SchnitzerSteel SCHN 28.68 1.9
Zedge ZDGE 4.70 9.0

(713) 358-9400 (480) 281-8200 Three month -0.568 -0.550 -0.142 -0.568
Overnight repurchase Six month -0.531 -0.517 -0.052 -0.531
Masimo
MatchGroup
MASI 272.58
MTCH 147.40
1.4
-0.4
SchultzeSpaqWt SAMAW
SchultzeSpaq SAMA
2.49
13.16
6.9
1.4 Lows
Mattel MAT 16.23 4.5 Sea SE 207.52 3.7 AAN 16.58 -4.3
High yield jumbos - Minimum is $100,000 U.S. 0.09 0.10 1.65 -0.07 One year -0.495 -0.479 0.008 -0.495 MaximIntProducts MXIM 87.83 1.6 Seagate STX 64.42 1.0
Aaron's
ChinaMobile CHL 29.18 -1.1
MayvilleEngg MEC 14.45 11.4 SecurityNatFin SNFCA 8.95 6.7 DuddellStreetA DSAC 9.69 -2.1
Money market and savings account Six-month CD U.S. government rates Secured Overnight Financing Rate MegalithFinUn MFAC.U 14.83 4.1 ServiceNow NOW 544.05 1.7 DuddellStreetWt DSACW 0.99 20.5
MegalithFinAcqn MFAC 13.79 3.1 SesenBio SESN 1.75 7.8 EchoStar SATS 22.03 -0.3
CFG Community Bank 0.72 Live Oak Bank 0.50 0.08 0.09 1.64 0.01 MegalithFinWt MFAC.WS 2.02 14.7 17Educ&Tech YQ 15.60 24.4 Fanhua FANH 13.75 0.6
Discount MercadoLibre MELI 1628.91 2.6 SilenceTherap SLN 21.91 3.4 MCFE 14.80 2.6
(888) 205-8388 (866) 518-0286 Value 52-Week
McAfee
0.25 0.25 2.25 0.25 MeritMedical MMSI 58.70 -0.5 SilverSpikeUn SSPKU 13.00 12.8 MetenEdtechX METX 2.17 -18.1
Luana Savings Bank 0.60 Merrick Bank 0.50 Latest Traded High Low MesabiTrust MSB 26.69 3.8 SilverSpikeAcqnWt SSPKW 1.67 -8.8 Neovasc NVCN 0.68 -15.8
(800) 666-2012 (866) 638-6851 Federal funds MetallaRoyalty MTA 10.58 2.6 SilverbackTherap SBTX 32.74 6.6 ProQR Therap PRQR 3.40 -7.0
BankDirect 0.60 TAB Bank 0.50 DTCC GCF Repo Index Methanex MEOH 43.33 2.7 SleepNumber SNBR 75.83 0.1 TenzingAcqn TZAC 9.44 -5.5
Effective rate 0.0900 0.0900 1.6200 0.0600 Michaels MIK 13.20 4.4 Smartsheet SMAR 75.49 11.0 TrebiaAcqn TREB.U 10.10 1.6
(877) 839-2737 (800) 355-3063 Treasury 0.091 37.700 1.720 0.002 MC 44.33 0.7 Smith-Midland SMID 9.00 1.5 UK 5.70 -8.0
High 0.1000 0.1000 1.6500 0.1000 Moelis UcommuneIntl
MBS 0.108 45.050 1.763 0.011 MohawkGroup MWK 10.00 2.5 Snap SNAP 50.43 1.1 US NatGas UNG 8.58 0.7
One-month CD One-year CD Low 0.0500 0.0500 1.5800 0.0100
Bid 0.0800 0.0800 1.6000 0.0100
Lone Star Bank 0.20 Connexus Credit Union 0.71
(713) 358-9400 (800) 845-5025
Offer 0.1100 0.1000 1.6300 0.0500
State Bank of India California 0.15 CFG Community Bank 0.67 Treasury bill auction
(877) 707-1995 (888) 205-8388 4 weeks 0.075 0.080 1.575 0.000
VirtualBank 0.10 Marcus by Goldman Sachs 0.65 13 weeks 0.080 0.085 1.555 0.000
(877) 998-2265 (855) 730-7283 26 weeks 0.090 0.090 1.570 0.080

H
Two-month CD Two-year CD
Secondary market
Lone Star Bank 0.20 Connexus Credit Union 0.81
(713) 358-9400 (800) 845-5025 Fannie Mae
State Bank of India California 0.15 Live Oak Bank 0.80 30-year mortgage yields
(877) 707-1995 (866) 518-0286
30 days 1.913 1.848 3.362 1.751
VirtualBank 0.15 Goldwater Bank 0.80
(877) 998-2265 (480) 281-8200 Notes on data:
Three-month CD Five-year CD U.S. prime rate is the base rate on corporate
BrioDirect
(877) 369-2746
Goldwater Bank
(480) 281-8200
0.50

0.35
Connexus Credit Union
(800) 845-5025
First Internet Bank of Indiana
(888) 873-3424
1.01

0.96
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective March 16, 2020.
Other prime rates aren’t directly comparable;
lending practices vary widely by location;
Discount rate is effective March 16, 2020.
The Wall Street
Lone Star Bank
(713) 358-9400
0.25 Goldwater Bank
(480) 281-8200
Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
compounding and rate stated for the lowest required opening deposit to earn interest. CD
0.95
Secured Overnight Financing Rate is as of
December 7, 2020. 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.
Journal would
like to thank the
Federal-funds rates are Tullett Prebon rates as
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of of 5:30 p.m. ET.
which may be checks. Rates are subject to change. Sources: Federal Reserve; Bureau of Labor
Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Statistics; DTCC; FactSet;
Internet: www.bankrate.com Tullett Prebon Information, Ltd.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
sponsors of the
2020 CEO Council
PIMCO Funds I2 ValAdml 46.38 +0.19 1.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Income NA ... NA WdsrllAdml 72.25 +0.07 12.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e PIMCO Funds Instl WellsIAdml 69.96 +0.09 8.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, IncomeFd NA ... NA WelltnAdml 80.72 +0.12 9.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Price Funds WndsrAdml 76.44 +0.05 6.9
BlChip 166.37 +0.27 33.8 VANGUARD FDS

December Summit for

apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
available due to incomplete price, performance or cost data. NE-Not released by Lipper; DivGro 59.23 +0.17 12.1 DivdGro 33.49 +0.04 10.6
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. EqInc 31.74 +0.08 1.0 INSTTRF2020 26.70 +0.05 10.7
EqIndex 98.57 +0.28 16.4 INSTTRF2025 27.65 +0.06 11.8
Growth 98.89 +0.42 34.8 INSTTRF2030 28.23 +0.07 12.4
Tuesday, December 8, 2020 28.3 INSTTRF2035 28.80 +0.08 12.9

their generous support.

HelSci 104.50 +0.97
Net YTD Net YTD Net YTD LgCapGow I 60.25 +0.14 36.8 INSTTRF2040 29.36 +0.09 13.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret
MidCap 115.56 +0.50 21.2 INSTTRF2045 29.85 +0.10 14.0
American Century Inv Balanced 106.23 +0.11 7.9 Fidelity Selects NHoriz 90.95 +0.73 53.2 INSTTRF2050 29.93 +0.10 14.1
Ultra 73.91 -1.85 41.7 Income 14.93 ... 8.8 Softwr r 26.91 +0.12 40.0 R2020 24.70 +0.04 11.8 INSTTRF2055 30.05 +0.10 14.2
American Funds Cl A Intl Stk 44.07 -0.13 1.1 Tech r 29.97 +0.20 56.8 R2025 20.12 +0.04 13.2 IntlVal 39.67 -0.07 5.7
AmcpA p 39.31 +0.09 19.1 Stock 201.65 +0.33 7.4 First Eagle Funds R2030 29.58 +0.06 14.2 LifeCon 22.90 +0.04 10.3
AMutlA p 44.63 +0.07 4.2 DoubleLine Funds GlbA 60.55 +0.20 7.0 R2035 21.93 +0.06 15.2 LifeGro 40.69 +0.12 13.5
BalA p 30.88 +0.04 10.2 CoreFxdIncmI NA ... NA Franklin A1 R2040 31.44 +0.08 16.2 LifeMod 32.06 +0.07 12.0
BondA p 14.17 +0.01 10.2 TotRetBdI 10.69 ... 3.7 CA TF A1 p 7.81 +0.01 5.0 PRIMECAP Odyssey Fds STAR 32.47 +0.07 19.5
CapIBA p 63.18 +0.16 2.5 Edgewood Growth Instituti IncomeA1 p 2.29 +0.01 3.1 AggGrowth r 56.91 +0.51 26.7 TgtRe2015 16.59 +0.03 9.3
CapWGrA 58.31 +0.13 13.0 EdgewoodGrInst 53.62 -0.06 39.2 FrankTemp/Frank Adv Putnam Funds Class Y TgtRe2020 36.01 +0.07 10.7
EupacA p 66.78 +0.26 20.0 Fidelity IncomeAdv 2.27 +0.01 3.3 StDurInc 10.10 ... 1.4 TgtRe2025 22.17 +0.05 11.7 Presenting Sponsors
FdInvA p 68.77 +0.23 13.5 500IdxInstPrem128.79 +0.37 16.6 FrankTemp/Franklin A Schwab Funds TgtRe2030 40.97 +0.11 12.4
GwthA p 68.88 +0.20 34.7 Contrafund K6 18.64 +0.04 28.9 Growth A p 131.94 +0.63 27.3 1000 Inv r NA ... NA TgtRe2035 25.43 +0.07 12.9
HI TrA p 10.09 +0.01 5.6 ExtMktIdxInstPre 82.21 +0.80 28.8 RisDv A p 78.70 +0.32 14.1 S&P Sel NA ... NA TgtRe2040 44.39 +0.13 13.4
ICAA p 44.12 +0.06 13.3 FidSerToMarket 12.88 +0.05 18.7 Guggenheim Funds Tru TSM Sel r NA ... NA TgtRe2045 28.19 +0.09 14.1
IncoA p 23.71 +0.08 4.5 IntlIdxInstPrem 45.31 +0.07 5.5 TotRtnBdFdClInst 30.25 ... 14.3 TIAA/CREF Funds TgtRe2050 45.42 +0.15 14.2
IntBdA p 14.24 ... 7.1 MidCpInxInstPrem 27.03 +0.12 15.0 Harbor Funds BdIdxInst 11.65 ... 7.1 TgtRet2055 49.30 +0.16 14.1
N PerA p 61.37 +0.25 29.9 SAIUSLgCpIndxFd 19.89 +0.05 16.4 CapApInst 114.68 +0.43 51.4 EqIdxInst 27.71 +0.11 18.7 TgtRetInc 15.16 +0.03 9.1
NEcoA p 59.29 +0.24 29.7 SeriesBondFd 10.75 ... 7.2 Harding Loevner VANGUARD ADMIRAL TotIntBdIxInv 11.71 +0.02 4.4
NwWrldA 85.07 +0.40 20.6 SeriesOverseas 12.16 +0.03 12.8 IntlEq 27.61 +0.06 16.0 500Adml 342.68 +0.96 16.6 USGro 66.69 +0.34 55.0
SmCpA p 76.59 +0.69 30.2 SmCpIdxInstPrem 24.43 +0.34 16.4 Invesco Funds Y BalAdml 44.36 +0.11 15.0 WellsI 28.88 +0.04 8.0
TxExA p 13.60 +0.01 4.3 TMktIdxInstPrem107.21 +0.44 18.7 DevMktY 52.02 +0.10 14.1 CAITAdml 12.37 +0.01 4.5
Welltn 46.74 +0.07 9.7
WshA p 50.82 +0.17 7.1 USBdIdxInstPrem 12.42 +0.01 7.4 JPMorgan I Class CapOpAdml r191.56 +1.17 21.4
WndsrII 40.71 +0.04 12.7
Baird Funds CoreBond 12.45 +0.01 NA VANGUARD INDEX FDS
Fidelity Advisor I DivAppIdxAdm 37.85 +0.09 13.5
AggBdInst 11.87 ... 8.1 NwInsghtI 39.99 +0.08 22.3 EqInc 19.59 +0.05 NA IdxIntl 19.09 +0.05 8.3
EMAdmr 41.02 +0.16 12.7
CorBdInst 12.23 +0.01 8.3 JPMorgan R Class SmValAdml 60.28 +0.33 3.8
Fidelity Freedom EqIncAdml 79.49 +0.34 2.4
BlackRock Funds FF2020 CoreBond 12.47 +0.01 NA TotBd2 11.52 ... 6.8 Supporting Sponsor
17.60 +0.03 11.9 ExplrAdml 122.48 +1.18 26.0
HiYBlk 7.75 ... 4.9 Lord Abbett A TotIntlInstIdx r127.69 +0.29 8.4
FF2025 15.73 +0.03 12.6 ExtndAdml 122.21 +1.18 28.9
HiYldBd Inst 7.74 ... 4.8 ShtDurIncmA p 4.20 ... 2.5 TotItlInstPlId r127.71 +0.28 8.4
FF2030 19.65 +0.04 13.4 GNMAAdml 10.71 +0.01 3.4
BlackRock Funds A Lord Abbett F TotSt 93.44 +0.38 18.8
Freedom2020 K 17.59 +0.03 12.0 GrwthAdml 127.94 +0.32 37.2
ShtDurIncm 4.20 ... 2.6 VANGUARD INSTL FDS
GlblAlloc p 22.00 +0.05 17.7 Freedom2025 K 15.71 +0.03 12.7 HlthCareAdml r 95.22 +0.34 11.6
BlackRock Funds Inst Lord Abbett I BalInst 44.37 +0.11 15.0
Freedom2030 K 19.64 +0.05 13.6 HYCorAdml r 5.96 ... 4.7
ShtDurInc p 4.20 ... 2.7 DevMktsIndInst 14.96 +0.02 7.2
StratIncOpptyIns 10.34 ... 6.4 Freedom2035 K 16.79 +0.05 14.8 InfProAd 28.41 +0.04 10.1
Bridge Builder Trust Metropolitan West DevMktsInxInst 23.39 +0.04 7.3
Freedom2040 K 11.87 +0.03 15.7 IntlGrAdml 158.10 +1.08 53.8
TotRetBd 11.14 -0.53 8.3 ExtndInst 122.20 +1.17 28.9
CoreBond NA ... NA Fidelity Invest ITBondAdml 12.64 ... 9.3
TotRetBdI 11.14 -0.53 8.6 GrwthInst 127.94 +0.31 37.2
CorePlusBond 10.77 ... 8.7 Balanc 28.05 +0.08 19.7 ITIGradeAdml 10.69 -0.01 9.7
TRBdPlan 10.44 -0.53 8.6 InPrSeIn 11.57 +0.01 10.1
Intl Eq 13.33 +0.04 11.2 BluCh 163.28 +1.00 58.0 LTGradeAdml 12.12 ... 14.9 InstIdx
MFS Funds Class I 331.21 +0.92 16.6
LargeCapGrowth 20.94 +0.03 32.3 Contra 17.77 +0.04 30.5 MidCpAdml 254.26 +1.15 16.7 InstPlus
Growth I NA ... NA 331.24 +0.93 16.6
LargeCapValue 14.59 +0.01 8.1 ContraK 17.80 +0.04 30.5 MuHYAdml 11.93 +0.01 4.8 InstTStPlus 79.99 +0.33
ValueI 45.28 +0.13 2.9 18.9
Columbia Class I CpInc r 10.62 +0.01 8.7 MuIntAdml 14.83 +0.01 4.8 MidCpInst 56.17 +0.25
MFS Funds Instl 16.8
DivIncom I 25.65 +0.06 6.6 DivIntl 46.11 +0.16 15.0 MuLTAdml 12.25 +0.01 5.8 MidCpIstPl 277.01 +1.24
IntlEq NA ... NA 16.7
Dimensional Fds GroCo 35.35 +0.22 65.5 MuLtdAdml 11.26 +0.01 3.3 SmCapInst 90.87 +0.79 15.6
5GlbFxdInc 10.89
EmgMktVa 27.95 -0.05
... 1.5
-0.6
GrowCoK 35.43 +0.21 65.6 Old Westbury Fds
LrgCpStr 17.03 +0.06 13.0
MuShtAdml 15.95
PrmcpAdml r167.04 +0.78
... 1.8 STIGradeInst 11.01 ... 4.9 CEO Council is by invitation.
InvGrBd 11.86 +0.01 9.2 15.9 STIPSIxins 25.66 ... 4.5
Parnassus Fds
EmMktCorEq 23.52 +0.01
IntlCoreEq 14.23 +0.03
10.0
4.6
LowP r
Magin
49.82 -0.04 6.9
12.78 +0.01 25.3 ParnEqFd 53.02 +0.09 19.6
RealEstatAdml120.93 -0.41
SmCapAdml 90.87 +0.79
-5.7 TotBdInst
15.6 TotBdInst2 11.52
11.61 ... 7.3 Learn more at CEOCouncil.wsj.com
PGIM Funds Cl Z ... 6.9
IntSmCo 19.77 +0.04 5.1 OTC 17.23 +0.04 43.6 SmGthAdml 90.20 +1.12 29.6 TotBdInstPl 11.61 ... 7.3
IntSmVa 18.82 +0.02 -2.4 Puritn 26.26 +0.05 19.1 TotalReturnBond NA ... NA STBondAdml 10.86 ... 4.5 TotIntBdIdxInst 35.13 +0.05
PIMCO Fds Instl 4.4
LgCo 28.48 +0.08 16.6 SrsEmrgMkt 24.85 +0.04 20.5 STIGradeAdml 11.01 ... 4.9 TotStInst 93.50 +0.38 18.9
TAUSCoreEq2 22.64 +0.10 13.7 SrsGlobal 14.23 +0.02 8.0 AllAsset NA ... NA TotBdAdml 11.61 ... 7.3 ValueInst 46.38 +0.19 1.6
US CoreEq1 29.26 +0.12 14.4 SrsGroCoRetail 29.73 +0.19 67.5 HiYld 9.04 ... 4.6 TotIntBdIdxAdm 23.41 +0.03 4.4 WCM Focus Funds
US CoreEq2 26.56 +0.13 13.6 SrsIntlGrw 20.15 +0.08 15.0 InvGrdCrBd NA ... NA TotIntlAdmIdx r 31.93 +0.07 8.4 WCMFocIntlGrwIns 24.36 +0.17 28.8
US Small 37.60 +0.31 8.3 SrsIntlVal 10.15 ... 2.5 ShortT 9.86 ... 2.5 TotStAdml 93.48 +0.38 18.9 Western Asset
US SmCpVal 34.07 +0.19 -0.2 TotalBond 11.28 +0.01 8.7 TotRt 10.95 ... 8.4 TxMCapAdml194.98 +0.63 19.0 CoreBondI NA ... NA
USLgVa 37.73 +0.15 -0.5 Fidelity SAI PIMCO Funds A TxMIn r 14.94 +0.02 7.2 CorePlusBdI © 2020 DowJones & Co. Inc. All rights reserved. 3DJ8179
NA ... NA
Dodge & Cox TotalBd 10.71 +0.01 8.3
IncomeFd NA ... NA USGroAdml 172.89 +0.88 55.2 CorePlusBdIS NA ... NA
B12 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

BANKING & FINANCE

Greece’s Banks Rapidly Unload Bad Loans Portugal’s

BY MARGOT PATRICK
Benchmark
Greek banks, among Eu-
rope’s weakest, are getting rid
Bond Yield
of their bad loans at a healthy
clip.
In spring, the pandemic in-
Drops to
terrupted plans among the
country’s banks to shed loans
still festering from the euro-
Below Zero
zone crisis a decade ago. But BY ANNA HIRTENSTEIN
stimulus from central banks
and governments globally has Portugal’s benchmark bond
sent fresh cash into funds that traded with a negative yield,
buy nonperforming loans, rein- signaling investors’ increas-
vigorating the efforts. ingly relaxed attitudes toward
YORGOS KARAHALIS/BLOOMBERG NEWS

“Many of the investors are a country that was once

in the process of fundraising or among the worst-hit by the
have raised additional funds for European debt crisis.
what they see as a wave of op- The yield on the southern
portunity,” said Alok Gahrotra, European country’s 10-year
a partner in the portfolio lead government bond on Tuesday
advisory team at Deloitte that fell to a low of minus 0.009%,
advises NPL buyers and sellers. according to Tradeweb.
“There’s a lot of dry powder to Portugal joins countries in-
deploy.” cluding Germany, France and
In late November, Alpha the Netherlands whose debt
Bank, one of Greece’s four One of the country’s top lenders, Alpha Bank, is tapping a state-supported program to sell a $12 billion nonperforming-loan portfolio. has subzero yields. It reflects
dominant lenders, said it was in that demand for the bonds is
the final stages of selling a lenders, a fast-growing sector Nonperforming exposures as a share of total loans outstanding coronavirus hit. Greece’s tour- so high, investors who hold
€10.8 billion gross loan portfo- in Europe. Returns depend on ism-heavy economy slumped the bonds to maturity would
60%
lio—the equivalent of $12 bil- recoveries from selling collat- along with EU peers, though get back less than they ini-
lion—along with its loan-servic- eral such as homes and office the country has managed better tially paid. It is another sign
ing unit. The preferred bidder buildings backing the debt, and than many in containing infec- of a turnaround in the mar-
is U.S. investment firm David- fees collected by the servicing Piraeus Bank tions and deaths. The big Greek ket’s expectations for a more
son Kempner Capital Manage- units. 40 Alpha Bank banks forecast around €5 bil- cohesive European Union.
ment LP, which beat out Pacific The investments flow into lion in total new NPLs from the A deep financial crisis in
Investment Management Co. NPL funds and other credit-fo- pandemic—not much against the early 2010s hit Portugal
and others for what would be cused funds that are mainly National Bank the €61.3 billion in NPLs in the along with a number of other
the largest-ever NPL sale in the marketed to institutional inves- of Greece country as off June 30, accord- southern European countries,
20
country. Two more big banks, tors and the rich. ing to ECB data. The banks say which resulted in government
National Bank of Greece and Ireland, Spain and Italy all Eurobank years of experience managing intervention in its banking
Piraeus Bank, each aim to sell whittled down their NPLs this delinquent customers should sector. Divides emerged be-
around €7 billion in loans next way. Greece’s banks made only help. tween northern and southern
year. limited progress because the 0 Nikos Koutsogiannis, chief European nations, and con-
The three transactions will country’s recovery took longer 2016 ’17 ’18 ’19 ’20 financial officer at small lender cerns about the trade bloc
tap a new state-supported se- and the government and banks Attica Bank SA, said its NPL ra- fragmenting arose—resulting
Note: Loans that are past due by more than 90 days, or on which the debtor is assessed as unlikely
curitization program called were working on measures to to pay without full realization of collateral
tio fell to around 45% from a in significantly higher borrow-
Hercules, which was first used attract investors. The key Source: the banks 62% peak through two securiti- ing costs for countries seen as
by Eurobank SA in June to dis- plank, finalized only last year, zations predating the Hercules riskier and in dubious finan-
pose of €7.5 billion gross loans, is the Hercules program. Mod- burdens,” said Christos Mega- firms said most deals should be program. Attica aims to get the cial shape, including Portugal.
“paving the way for its peers,” eled after a similar program in lou, the chief executive of Pi- completed in the first quarter ratio to single digits by securi-
said Eurobank chief executive Italy, the banks sell NPLs to se- raeus Bank. of next year. tizing more loans next year. Mr.
Fokion Karavias. curitization vehicles that issue The uptick in deals is crucial “Market conditions are nor- Koutsogiannis said Attica wants
The eurozone crisis a decade notes to investors. The banks for Greece to bring down the malizing now and there is to free up capital for lending to
Country joins
ago attracted U.S. investing gi- then buy the safest tranche of highest NPL level in the Euro- clearly investor appetite from companies in sectors such as Germany, France and
ants such as Pimco, Cerberus notes with a government guar- pean Union. At almost half of international investors,” said the environment, energy and
Capital Management and antee for repayment, allowing loans in 2016, the ratio was Lito Chousiada, an analyst in infrastructure that Greece is
the Netherlands with
Apollo Global Management to for larger transactions. around 35% at the start of 2020 DBRS Morningstar’s global fi- targeting for foreign and gov- subzero debt yields.
buy bad loans from banks for “Because banks are allowed and could fall closer to 20% if nancial institutions group. ernment investment.
as little as a few cents on the to provide senior funding that transactions go ahead as The disposals mark a turn- “We have been working as
euro. Some investors also scoop is guaranteed by the state for a planned. The EU-wide ratio is ing point for an economy that firemen putting out fires, but at
up banks’ servicing units to reasonable fee, considerations under 3%. The pandemic caused was still emerging from one of the end of the day banks need The pandemic had the op-
build larger businesses manag- are much better than outright a few months’ delay, but bank the longest and deepest depres- to get back to banking,” Mr. posite effect and is perceived
ing bad loans from multiple sales without generating capital executives, advisers and ratings sions of modern times when Koutsogiannis said. to have brought Europe closer
together, according to Rohan
Khanna, a rates strategist at

Fund Manager Pays $170 Million in SEC Settlement UBS. Policy makers have been
actively supporting member
states, both at the central bank
and the European Commission,
BY DAVE MICHAELS was supposed to replicate London and later moved its closing the proprietary fund, cause the algorithm waited too the trade bloc’s executive arm,
their decisions but wound up headquarters to the tax haven BSMA, in 2011 but failed to long to respond to sudden which agreed on a €750 billion
BlueCrest Capital Manage- performing worse, the SEC of Jersey in the Channel Is- sufficiently do so, SEC regula- market moves, the order said. spending package, equivalent
ment Ltd. will pay $170 mil- said. lands. The firm is no longer tors said in a settlement order The algorithm, known as to $908 billion, known as the
lion to settle claims that it “BlueCrest repeatedly failed registered as an investment Tuesday. BlueCrest’s executive Rates Management Trading, recovery fund in July.
misled clients about an inter- to act in the best interests of adviser in the U.S. committee owned 93% of failed to hit its target profits “When we talk about the in-
nal fund that invested its trad- its investors, including by not BlueCrest’s flagship fund, BSMA, and instructed the by $25 million a month on av- creased synchronization in Eu-
ers’ own money, while its flag- disclosing that it was transfer- BlueCrest Capital Interna- firm’s investor relations de- erage, according to the settle- ropean financial markets, at
ship fund was managed by an ring its highest-performing partment to not “proactively ment order. the center of it is the recovery
underperforming algorithm, traders to a fund that bene- discuss BSMA with investors,” BlueCrest’s investors began fund and how quickly Euro-
the Securities and Exchange fited its own personnel to the the order said. asking questions about the pean politicians came together
Commission said Tuesday. detriment of its fund inves-
BlueCrest is accused From October 2011 through proprietary fund after a due- and agreed on this,” Mr.
Once one of Europe’s big- tors,” said SEC enforcement of not telling clients June 2015, BlueCrest reas- diligence consultant published Khanna said. “The politics
gest hedge-fund managers, director Stephanie Avakian. signed 21 interest-rate and rel- an alert to clients about it in have become a lot more cohe-
BlueCrest stopped managing BlueCrest settled the SEC’s
that its traders used ative-value traders from BCI 2014, the SEC said. The flag- sive than in the past.”
money for outside clients in civil investigation without ad- a proprietary fund. to BSMA, the order said. It ini- ship fund, BCI, suffered signif- This is increasingly re-
2015 after a sharp drop in as- mitting to or denying the tially deployed the algorithm icant redemptions as investors flected in how European gov-
sets and a run of poor returns claims. In a statement, the only to make trading decisions asked questions about the un- ernment bonds are priced,
from its flagship macro fund. firm said it was pleased to for BCI, but in 2012 allocated known fund and how with the differences between
It continued trading its em- have resolved the matter, tional, generated about $4.5 one-third to one-half of its BlueCrest managed the con- countries’ borrowing costs
ployees’ own money. “which primarily involved dis- billion in profit for investors trading risk to the proprietary flicts of interest created by narrowing as investors expect
The SEC said BlueCrest cre- closures that were made more since it was started and fund, the order said. running a separate pot of the EU to backstop its weaker
ated the proprietary fund, than five years ago.” achieved annualized perfor- The algorithm failed to per- money, the SEC said. members.
BSMA Limited, in 2011 and “Today’s order does not re- mance over its life of 9.85%. fectly replicate the human The fines to be paid by While the recovery fund has
moved a majority of its best late in any way to our current BCI returned 45% in 2009, but traders’ decisions because it BlueCrest include $132 million run into some opposition from
traders to work on it. Their business operations,” like other macro funds strug- followed their moves one day that must be returned to in- Hungary and Poland, which
work picking assets for BlueCrest said. gled during a long period of later, the SEC said. That delay vestors, including U.S. pension vetoed it due to a mechanism
BlueCrest’s flagship fund was British billionaire Michael ultralow interest rates. caused “slippage,” particularly funds. The firm also agreed to that links EU funding with rule
replaced by an algorithm that Platt co-founded the firm in The firm considered dis- during volatile markets, be- pay a $37 million civil penalty. of law, investors are comfort-
able that it will move forward.
“It is not unusual for Europe

Betterment Founder Resigns From CEO Post

to witness these kinds of de-
lays,” said Konstantin Veit, a
bond portfolio manager at
Pimco. “We are convinced that
BY ANNE TERGESEN to strong growth and a line of the EU will find a way to remain
sight into profitability.” broadly on track with regards to
Betterment LLC founder Spokesman Joe Ziemer said the recovery fund and avoid
Jon Stein has stepped down as Betterment isn’t profitable cur- material execution issues.”
chief executive, the invest- rently but could be if that was The European Central Bank
ment-advice company said the priority rather than has been actively supporting
Tuesday. He was succeeded by growth. the region’s economy with a
Sarah Kirshbaum Levy, a for- The company’s value was €1.35 trillion bond-buying pro-
mer executive of ViacomCBS most recently estimated at gram, which has significantly
Inc. $800 million at its last fund- boosted demand for govern-
Ms. Levy will be charged ing round in 2017. ment debt and weighed on
with steering the company to In its digital portfolio advi- yields. Its governing council
a possible initial public offer- sory service, Betterment will meet on Thursday and is
ing over the next few years, charges 0.25% of assets annu- widely expected to extend its
said Mr. Stein, who will stay ally. It charges an additional monetary stimulus programs,
on day-to-day through the end 0.15% for customers who want which would likely mean more
of the month and remain access to human advisers. asset purchases like govern-
chairman of the board. Mr. Stein said he was look- ment bonds.
Mr. Stein, 41, founded the ing for someone from outside “We’ve had another lock-
digital investment advisory the financial services industry down in Europe, which is
company in 2010. The New to take Betterment to the next likely a double dip in economic
BEN HIDER

York-based firm manages $25 level. Industry insiders often output. The ECB will have to
billion with more than 550,000 lack the perspective needed be even more accommoda-
customers. “to disrupt services in a more tive,” said David Zahn, head of
“We have record revenues Sarah Kirshbaum Levy took over Tuesday from Jon Stein leading the digital investment platform. customer-focused direction,” European fixed income at
and despite Covid are seeing he said. Franklin Templeton. The funds
growth in all three of our pass the torch.” company’s Nickelodeon unit further customize investment Mr. Stein said he may play a he manages own Portuguese
business lines,” which consist His replacement, Ms. Levy, from 1998 to 2017. portfolios and interact with role in tasks including recruit- bonds, but at a 15-year matu-
of retail investment advice, was chief operating officer of Ms. Levy, who has been a human advisers. ing and customer events, but rity, which still have a positive
401(k)s for small and midsize ViacomCBS’s media networks consultant at Betterment since Regarding the prospect of wants “to make sure I am not yield. “We would probably not
firms, and a platform for inde- from January 2018 to January Oct. 1, said her emphasis will an IPO, Ms. Levy said, “I in Sarah’s way.” buy them at a negative yield,”
pendent investment advisers, 2020. The 49-year-old execu- be on “evolution, versus revo- wouldn’t say it’s too far in the “I may have another busi- Mr. Zahn said.
Mr. Stein said in an interview. tive served in a variety of lution” including expanding distance,” but before it can ness in me but it won’t be in —Pat Minczeski
“It feels like a good point to roles, including COO at the opportunities for clients to happen, “we want a clear path financial services.” contributed to this article.
THE WALL STREET JOURNAL. * * * * Wednesday, December 9, 2020 | B13

MARKETS

S&P, Nasdaq Set Records Brexit Worries

Use of Pfizer/BioNTech
vaccine in U.K.,
Select sectors and index performance, Tuesday

Energy 1.57%
casts.
“There is this push and pull
between how we’re so nearly
Sink Bond Yields
progress on U.S. aid there in terms of good news on BY SEBASTIAN PELLEJERO tions.
Health care 0.73 the vaccine and seeing the end Those strains have helped
package boost indexes of this, versus another hit to U.S. government-bond reverse a recent rise in Trea-
Consumer staples 0.55
economic output if the vaccine yields fell Tuesday, driven sury yields, which tend to
BY ANNA HIRTENSTEIN Industrials 0.43 hasn’t happened yet when we lower by investors’ concerns climb when investors expect
AND MICHAEL WURSTHORN get another rise in cases,” said about the prospects for Brexit economic growth and infla-
Technology 0.35 Georgina Taylor, a multiasset trade negotiations and a U.S. tion. The prospect of a vac-
Stocks propelled the S&P manager at Invesco. “It is still a emergency economic relief cine-fueled economic rebound
S&P 500 0.28
500 and Nasdaq Composite to real concern for markets.” package. recently helped push 10-year
records following a pair of pos- –0.05 Consumer discretionary On Tuesday, shares of en- The yield on the benchmark yields to their highest close in
itive steps toward combating ergy companies led the S&P 10-year Treasury note finished nearly a month near 1%, a
the Covid-19 pandemic. –0.11 Communications 500 on a percentage basis, add- trading Tuesday at 0.913%, ac- level not surpassed since be-
Health-care stocks rallied on ing 1.6%. Health-care stocks cording to Tradeweb. That is fore the pandemic.
news that the U.K. began ad- Source: FactSet rose 0.7%, as shares of Pfizer the second- Investors already anticipate
ministering gained $1.31, or 3.2%, to $42.56. CREDIT straight ses- a stimulus package of more
TUESDAY’S doses of the highflying stock market ex- ment’s current funding to buy Consumer staples and indus- MARKETS sion decline than $1 trillion, which should
MARKETS vaccine devel- posed to a pullback. more time for negotiations. trial stocks traded higher as and down from cap the climb in yields even if
oped by Pfizer The emergency-relief pack- Despite the rise in coronavi- well, advancing 0.5% and 0.4%, 0.928% at Monday’s close. The Congress reaches an agree-
and Germany’s BioNTech. age is “necessary to help the rus cases, the U.S. stock market respectively. Shares of technol- 30-year yield fell to 1.659% ment in coming weeks, said
Shares of Pfizer, which hit a businesses that are suffering has managed to rally thanks to ogy companies added 0.3% af- from 1.687% Monday. Larry Milstein, head of Trea-
trailing-year high, led the right now,” said Gero Jung, advances on the vaccine front, ter recouping its earlier loss. Yields, which fall when sury and agency trading at
health-care sector. chief economist at Mirabaud as well as brief signs of prog- Tesla shares advanced $8.12, bond prices rise, retreated as R.W. Pressprich & Co.
Signs that lawmakers remain Asset Management. “There’s ress toward completing another or 1.3%, to $649.88 after Chief investors waited for develop- “Investors have been wait-
committed to completing a new been a significant slowdown in economic aid package. The S&P Executive Elon Musk said at ments on Brexit trade negotia- ing for stimulus for several
Covid-19 relief package also labor-market improvement, so The Wall Street Journal’s CEO tions. U.K. Prime Minister Bo- months. I don’t think a $1 tril-
gave the stock market a boost. there is still some help needed. Council annual summit that he ris Johnson has warned that lion aid package will move the
Bloomberg reported that Re- It is important; it affects mar- had moved to Texas after long securing a trade deal at a 10-year yield past 1% at this
publican congressional leaders
planned to talk with White
House officials to advance the
talks around a roughly $900
ket sentiment.”
The S&P 500 added 10.29
points, or 0.3%, to 3702.25,
while the Nasdaq rose 62.83
3.2%
How much Pfizer stock gained
sparring with authorities in
California. Shares were down
before that after the car maker
said it would sell as much as $5
coming summit with the Euro-
pean Union will be difficult be-
fore the Dec. 31 deadline. That
uncertainty is driving some in-
point,” he said.
One factor that investors
expect to help keep yields
trading within a relatively nar-
billion Covid-19 aid deal. Tech- points, or 0.5%, to 12582.77, on Tuesday billion of shares. vestors to havens such as row range: the Federal Re-
nology stocks had been in the both closing at their highest Uber declined 79 cents, or Treasurys. serve.
red before the report and levels ever. The Dow Jones In- 1.5%, to $53.01 after the ride- In the U.S., delays on bills
steadily gained ground in the dustrial Average also traded hailing service sold its self- covering economic relief and AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
second half of the session. higher, gaining 104.09 points, 500 is up 15% this year, with driving car business to a rival. government spending are also All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
Investors have been follow- or 0.3%, to 30173.88, falling the most recent spurt of gains Overseas, the pan-continen- pressuring yields, some ana- between that price and the face value.
ing the talks in hopes that Re- short of a new milestone. following news of Pfizer’s vac- tal Stoxx Europe 600 rose 0.2%. lysts said. Lawmakers on Mon- THREE-YEAR NOTES
publicans and Democrats reach Lawmakers had struggled cine. Across Asia, most major bench- day struggled to resolve stum- Applications $129,796,089,100
Accepted bids $58,385,320,100
a deal on further stimulus. Monday to resolve one of two Investors remain bullish marks closed down. bling blocks while seeking a " noncompetitively $51,213,700
Without some sort of agree- stumbling blocks remaining in about next year, pinning their At midday Wednesday in deal on the emergency pan- " foreign noncompetitively $0
Auction price (rate) 99.742950
ment, many worry that the na- their efforts to strike a deal on hopes on a rebound in corpo- Asia, Japan’s Nikkei 225 was up demic relief program. Con- (0.211%)
scent economic recovery is at the emergency-spending pro- rate earnings, analysts have 1.1%, Hong Kong’s Hang Seng gressional leaders plan to pass Interest rate 0.125%
Bids at clearing yield accepted 45.86%
risk as coronavirus infections, gram. Congressional leaders said. If Covid-19 cases reach a Index was up 1.3% and South a one-week extension of gov- Cusip number 91282CBA8
hospitalizations and deaths rise said they plan to pass a one- tipping point, analysts say they Korea’s Kospi was up 1.4%. U.S. ernment-funding legislation to The notes, dated Dec. 15, 2020, mature on Dec. 15,
across the country, leaving a week extension of the govern- will have to revise their fore- stock futures were up 0.2%. buy more time for negotia- 2023.

Risky Chinese
Firms Pay Up
To Issue Debt
BY XIE YU likely include companies spe-
cializing in areas such as min-
Investors are cooling on ing, chemical production and
debt from riskier Chinese com- heavy industry.
panies after missed payments Most corporate debt in
by state-backed firms have China is issued by state-owned
cast doubt on the reliability of enterprises, which made up
government support. about nine-tenths of issuance
The wariness has helped both this and last year, accord-
push new borrowing costs for ing to Rhodium Group.
these businesses to their high- After the recent upsets, in-
est levels in nearly two years, vestors are trying to work out
marring what has been a ban- which of these firms are truly
ner year for debt issuance. creditworthy or strategically
In November, corporations important enough to count on
with below triple-A credit rat- continued state support.
ings paid an average 5.89% Credit grades in China are
coupon for stock-exchange an imperfect gauge of risk.
listed debt, according to Wind, The three state-backed compa-
the highest since January nies—a coal-mining company,
2019. In contrast, triple-A cou- chip maker and automotive
REUTERS

pon rates fell to 4.09%. firm—that recently ran into

Some Chinese bonds trade trouble all boasted triple-A
on exchanges while others ratings. But in the absence of A state-backed coal-mining company was among those that recently ran into trouble repaying its debt, despite high ratings.
trade in the interbank market. better tools, investors are us-
Overall, Chinese companies, ing ratings as one way to pick the central government ever “It’s a guessing game or Funding costs for new Canceled or delayed
including financial ones, is- winners. provide an update on the proj- more of a political game, said Chinese corporate bonds* corporate-bond sales by
sued the equivalent of $2.3 They are also concerned ect’s progress. Leland Miller, chief executive Average bond-coupon rate, Chinese companies†
trillion in yuan-denominated that China could resume its “The campaign of resolving of research firm China Beige by credit rating
bonds in the year through Dec. deleveraging campaign, a those highly indebted compa- Book. “It would be very tough
8, already 33% more than yearslong project to rein in nies…stalled in 2019, with the for investors in general to peer 8% 80 billion yuan
2019’s total, according to debt and financial risk that economic slowdown and through the haze and pick the Double-A+ or lower
Wind. was put on hold by the trade heightened U.S.-China trade corporates that might sur-
More than a third of the to- war and the coronavirus. tensions and has been delayed vive.” 6 60
tal was made up of commercial If it returns, ailing compa- further due to the pandemic,” Logan Wright, director of
paper, short-term debt that nies will be a prime target, po- said Mr. Li at S&P. China market research at Rho-
comes due in less than a year. tentially saddling bondholders He expects authorities to dium, said localities kept some 4 40
Chang Li, a Beijing-based with losses in the process. In resume their campaign now struggling firms in business
director at S&P Global Ratings, 2018, a group of top Chinese that the economy is back on a after commodity prices rose in Triple-A
said borrowing costs have authorities, including the cen- firmer footing. 2017-2018, effectively arguing
2 20
risen in particular for compa- tral bank, told local govern- However, determining what that they had suffered prob-
nies in northeastern and west- ments to identify zombie com- companies will endure could lems during an economic
ern provinces where local gov- panies—unprofitable be challenging. There is no downcycle but weren’t “struc-
ernments have limited businesses propped up by clear definition of zombie tural zombies.” 0 0
financial resources. state support and bank loans— companies, giving extra leeway Yongcheng Coal & Elec- 2018 ’19 ’20 2018 ’19 ’20
Costs have also risen in in- and restructure or shut them to local governments, which tricity Holding Group Co., one
*Stock-exchange listed bonds
dustries burdened by overca- quickly. But no such compa- are eager to preserve jobs and recent defaulter, has been †Excludes bonds issued by policy banks, insurers and securities firms; 1 billion yuan=$153.1 million
pacity, he said. That would nies were ever named. Nor did social stability. profitable since 2017. Source: Wind

Telemedicine Firm JD Health Has Strong Debut in Hong Kong

JD Health’s share price, BY JOANNE CHIU lars a share, the equivalent of raised nearly $47 billion Since 2018, listings by Chi- Lijun Xin said the company
Tuesday $14.19, giving the company a through IPOs and secondary nese technology and e-com- picked Hong Kong over New
Shares in one of China’s top market value of $44 billion, af- listings in Hong Kong this merce companies including York to be closer to investors
HK$120
telemedicine providers surged ter earlier rising as much as year, according to Refinitiv. Alibaba, Meituan and Xiaomi who are more familiar with
in their Hong Kong debut 76%. Rival Alibaba Health In- That is the highest total since Corp. have strengthened the China’s health-care industry.
Tuesday, reflecting how Chi- formation Technology Ltd., 2010, even though Ant Group city’s high-tech credentials. “Hong Kong also has a robust
110
nese technology companies which is controlled by internet Co.’s blockbuster IPO was de- This year, these companies capital market with strong li-
have reinvigorated the city’s giant Alibaba Group Holding railed in November. Parent have surged in value alongside quidity, making it suitable for
stock market. Ltd., has a market value of company JD.com’s own sec- U.S. technology giants. us to list here,” he said.
100
The $3.5 billion initial pub- about $41 billion. ondary listing in June raised Meituan’s stock has nearly Mr. Xin said the global pan-
lic offering by JD Health In- Individual investors placed nearly $4.5 billion, making it tripled this year while Xi- demic has accelerated JD
ternational Inc. is Hong orders for more than 420 the city’s biggest listing this aomi’s shares have gained Health’s listing plan, as coro-
90
Kong’s largest this year. It has times the stock offered to year. nearly 150%. In July, the city’s navirus-induced demand has
come as the city closes out its them, while institutional buy- The city’s exchange has main index provider intro- sped up the development of
best year for listing activity in ers sought more than 31 times been the top destination for duced the Hang Seng Tech In- the whole sector. He said the
80
a decade—thanks both to IPOs the shares they were offered, both unlisted Chinese compa- dex, which tracks 30 locally money raised would be used to
and secondary listings of com- JD Health said. The company nies and those already traded listed technology companies, expand and to serve clients
IPO price: HK$70.58 panies whose stock already operates China’s largest online on New York’s exchanges, as including Alibaba and Tencent better.
70
trades on other exchanges, retail pharmacy as well as pro- U.S. policy makers threaten a Holdings Ltd. Had the index JD Health’s ultimate fund-
10 11 noon 1 2 3 4 such as JD Health’s parent, the viding other health-care ser- trading ban on shares of Chi- existed for all of 2020, it raising size could total $4 bil-
a.m. p.m.
e-commerce group JD.com Inc. vices. nese companies whose audit would be up about 69% this lion if underwriting banks ex-
Note: Local time; HK$100=US$12.9 JD Health stock closed 56% Including JD Health, more papers aren’t inspected by U.S. year. ercise a green-shoe option to
Source: FactSet higher at 110 Hong Kong dol- than 130 companies have regulators. JD Health Chief Executive buy additional stock.
B14 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Uber Pays Up
To Take Back Seat
On Driverless Cars
Ride-hailing giant won’t have to consolidate
the business’s costs, but will remain invested

In a sign of investors’ meager later one of Uber’s test vehicles

SPENCER PLATT/GETTY IMAGES

appetite for driverless-car ven- killed a pedestrian.
tures, Uber Technologies Inc. Still, Aurora is the more obvi-
isn’t so much selling its ill-fated ous winner. The company has the
project as paying a rival to take it credibility of being founded in
on. 2017 by three driverless-car veter-
The ride-hailing giant said late ans, but was looking isolated after
Monday that its autonomous-driv- most big car makers found other
ing unit ATG would be acquired startups to work with. Now it has
by Aurora Innovation Inc., a Uber, Toyota and Denso as minor- The stock has rallied more than 50% in the three weeks since the auto maker’s index inclusion was announced

Tesla Watches Its Stock Too

startup with about half the staff. ity investors, all three among the
But this is no usual acquisition: largest players in their different
Aurora isn’t handing over cash; in fields.
fact, it gets $400 million of extra Having big partners matters be-
capital from Uber as part of the cause driverless cars aren’t just
deal. about getting a specialist com-
For the ride-hailing giant, the puter to make driving decisions—
appeal of the transaction is that it the area Aurora has focused on. Musk is smart to turn paper gains into cash; speculators should take his lead
takes driverless cars off its bal- The technology needs to be inte-
ance sheet. It owned roughly 86% grated seamlessly with parts and
of ATG at the end of September, vehicles, while the business case Tesla is wisely ringing the cash Tesla share price, past six months Tuesday
having sold small stakes to Toy- relies on clear routes to market. A register amid a stunning stock rally. $649.88
ota, its parts supplier Denso and so-called robotaxi service, which Speculators should take notice. $600
to Japanese tech investor Soft- Uber would be well-qualified to The car maker said on Tuesday
Bank last year at a valuation of run, is one of these. morning that it plans to sell up to 500
$7.25 billion. After the deal with The deal gives the merged com- $5 billion in stock just two weeks
Aurora, it will own about 26% of pany a roughly $10 billion valua- before it is set to join the S&P
400
the venture, while the ATG minor- tion, behind only Waymo and Gen- 500. It would be Tesla’s second
ities will own a further 14%. eral Motors’ Cruise. This and the such share issue since September.
Crucially, that means Uber, postdeal shareholdings imply a The sale is a no-brainer for 300
which is under pressure to trim valuation of $4 billion for ATG— Tesla’s long-term health. After all,
losses, won’t have to consolidate markedly down from its previous the stock more than doubled since
200
the significant expense of devel- valuation—and $6 billion for the August, when Tesla announced a
oping driverless cars in its ac- original Aurora business, which share split, and it has rallied more
counts. The deal draws a line un- was valued at $2.5 billion early than 50% in the three weeks since 100
der an endeavor that gave the last year. its index inclusion was announced.
company endless grief: In 2017, To live up to the $10 billion The timing is no longer one of 0
Alphabet’s Waymo sued Uber for tag, Aurora, like its peers, will immediate need for liquidity: Tesla
stealing trade secrets, and a year now need to come up with both a ended the third quarter with $14.5 July Aug. Sept. Oct. Nov. Dec.
safe driverless vehicle and a credi- billion in cash on its books. Still, Source: FactSet
Valuation of driverless-car ble plan for rolling it out at scale. opportunities to turn bubble stock
businesses A complex merger-integration gains into real cash shouldn’t be Volkswagen as analogous to a any fundamental analysis.
process may not make the chal- squandered. With this coming in- buggy-whip maker circa 1905. It Those unfortunate enough to
Waymo $30 billion lenge easier. Aurora has roughly fusion, Tesla has likely assured its doesn’t take much these days for have bet that fundamentals will re-
(March 2020)
600 staff, compared with ATG’s long-term corporate survival bar- Tesla to appreciate the equivalent assert themselves have been run
Cruise 1,200, but Aurora boss Chris Urm- ring some extreme scenario. of an established auto maker’s over repeatedly. True believers
19
(May 2019) son will lead the combined com- But the long-term fate of its market value in a single trading suffered some jolts too, though:
pany. stock is far less certain. Tesla’s session. But stocks like Tesla that Tesla’s stock price has been cut in
Aurora*
(Dec. 2020)
10 Questions remain about Au- market value, which touched $600 can rally so hard on relatively thin half twice since December 2018.
rora’s strategic priorities. Having billion on Monday, is nearly 10 gruel can sell off sharply without Joining the S&P 500 offers no spe-
Argo AI 7.5 received a small investment from times that of General Motors, an obvious catalyst. cial protection against a similar
(July 2020) Amazon last year, the company which dwarfs Tesla in terms of Tesla’s largest shareholder selloff.
Motional has talked more about applying its market share, profitability and fi- knows it, too: “Tesla stock price is Given that backdrop, turning
4.0 technology to the freight business. nancial might. Tesla trades at more too high imo,” Chief Executive Of- those paper gains into real cash is
(Sept. 2019)
Its deal with Uber seems likely to than 1,200 times trailing earnings, ficer Elon Musk said in a May a perfectly wise and logical thing
Zoox 1.3 bring it back to robotaxis. while established auto industry Twitter post. The stock has more for Mr. Musk to do. Shareholders
(Aug. 2020) To maintain its current momen- peers go for eight times or less. than quadrupled since that procla- sitting on huge, ephemeral gains
*After the Uber deal tum in the driverless-car industry, Of course, such comparisons mation. Stock prices for other who don’t take that logic to its
Sources: the companies; WSJ (Aurora/Uber); Aurora will need a lot of steering. hold little weight with those who electric-vehicle makers around the natural conclusion are risking a
Financial Times (Waymo) —Stephen Wilmot view the likes of Ford Motor or world have surged in defiance of date with gravity. —Charley Grant

Stitch Fix Shoppers Start to See the Light Apple Is Replaying

As traditional bricks-and-mortar
retailers continue to endure sales
declines, Stitch Fix’s quarterly re-
The Wrong Audio Track
sults released Monday afternoon
show how the experience of shop- Apple Inc.’s new headphones are The new AirPods Max seems
ping for clothes could be changing at least aptly named. more likely to follow the latter’s
for good. The company announced the Air- track. The over-ear headphone
Stitch Fix said that, in addition Pods Max on Tuesday morning. Its market is fragmented, with prices
to double-digit year-over-year rev- first Apple-branded entry into the ranging from well under $100 to
enue growth for the quarter ended wireless, over-ear headphone mar- audiophile offerings costing well
DIA DIPASUPIL/GETTY IMAGES FOR VANITY FAIR

Oct. 31, it saw the highest sequen- ket carries an eye-popping price over $1,000. But the current aver-
tial net client additions in its his- tag of $549—57% higher than the age selling price for over-ear, wire-
tory. Investors sent its shares most expensive line of comparable less headphones with noise cancel-
surging 39% on Tuesday following headphones from its own Beats ing is around $230, according to
the report. lineup. The new earphones begin Ben Arnold of NPD Group. And
That reaction is likely less a re- shipping next week. sales in this category have been
flection of the quarter itself—reve- Apple has never been one for falling, with revenue down 45% in
nue growth of 10% was a far cry bargain hunters and its success so the first 10 months of this year
from the 21% pace Stitch Fix far with its AirPods lineup has compared with the same period
posted for the comparable period likely emboldened its approach to last year as consumers have been
last year—and more the expecta- the audio market. The company showing a preference for wireless
tion that record client growth will launched the first version in late buds, according to NPD data.
pay off later. It likely also was ex- Stitch Fix recently saw double-digit revenue gains. Founder Katrina Lake. 2016 for $159—a fair premium to Even Apple will be hard-pressed
aggerated by very high short inter- other wireless buds at the time. But to reverse that trend—especially
est in the stock heading into earn- a “Fix” of a handful of pieces they can continue to build on its late- the AirPods sound quality and with a product priced so far above
ings. The company still has to can try on at home and then buy pandemic momentum. ease-of-use relative to the competi- the pack. The pandemic has cer-
show that it can improve margins. or return. Stitch Fix said over the The company said it expects re- tion were enough to overcome ridi- tainly boosted demand for home-
Stitch Fix, which offers algorith- past two quarters that nearly 80% cent customer additions to help cule about their design. The buds based electronics, and working from
mically personalized clothing with of its first time “Fix” clients pur- yield at or above pre-pandemic sold strong out of the gate and home will continue to be a reality
the help of a stylist, for years has chased at least one item and said revenue growth in the back half of paved the way for a more expen- for many well into the new year. But
been asking new clients to ditch they were looking forward to their the year. sive Pro version that launched late even among Apple’s many fans, few
the habit of trying clothing on in a next order. That is the highest It made money on the basis of last year. Apple credited AirPods as will be able to stomach the com-
store before paying for it. For the adjusted earnings before interest, the top driver of growth for its pany’s high price for shutting out
first several months of the pan- tax, depreciation and amortization wearables segment, which saw rev- the family noise. —Dan Gallagher
demic, it seemed this was too big in its fiscal first quarter. But the enue surge 25% to $30.6 billion for
of an ask for many shoppers.
Stitch Fix sells clients a company said it expects to swing the company’s fiscal year that
Stitch Fix’s sales in the quarter ‘Fix’ of a handful of to a loss on the same basis in the ended in September.
ended Aug. 1 grew 3% from a year current quarter because of in- But Apple’s premium pricing
earlier after falling by more than
pieces they can try on at creased marketing spending. The strategy doesn’t always work out
9% in the prior period. home and buy or return. company said lower priced prod- so well. The company’s first Home-
But the company’s latest results ucts have been popular amid the Pod smart speaker launched in
suggest many more consumers are pandemic. While Stitch Fix might early 2018 at $350—more than
coming around, and it is happen- deem a one-item purchase a suc- twice the price of Amazon’s Echo
ing just as a window of opportu- level of successful first Fixes the cess, it is unclear how many pieces that ruled the smart speaker cate-
nity is about to close: When more company has seen over the past on average are needed for Stitch gory at the time. The HomePod
shoppers feel comfortable visiting five years. Fix to turn a profit. sold poorly: Futuresource Consult-
APPLE/BUSINESS WIRE

shopping malls, Stitch Fix might It also said clients purchasing a With its shares having nearly ing estimates it garnered about 4%
have hooked customers for good. Fix for the first time grew 25% doubled over the past three of smart speaker sales that year.
The more engagement Stitch year-over-year in the most recent months, the burden is on Stitch Apple has since cut the HomePod’s
Fix’s algorithms see, the better period, its fiscal first quarter. Once Fix to prove that it can tailor a price by $50 and launched a much
they seem to get at predicting hooked, clients tend to spend more consistently profitable business more price-competitive version
what consumers will buy. For a on subsequent Fixes. from its increasing ranks of satis- last month called the HomePod
styling fee, Stitch Fix sells clients Stitch Fix’s guidance suggests it fied customers. —Laura Forman Mini for $99. The new AirPods Max ship next week.
 Wednesday, December 9, 2020 | R1

JOURNAL REPORT

CYBERSECURITY THE WALL STREET JOURNAL.

Stop Scaring Employees!

Companies typically use fear to get employees to follow
cybersecurity rules. It doesn’t work. But fortunately, alternatives do.

RIKI BLANCO

BY KAREN RENAUD anxiety, which makes them unable to think clearly the problems come in—and long-term vigilance is
about threats. Alternatively, such heavy-handed, the real point of cybersecurity. After the initial

C
ompanies often turn to a pow- scare messaging can make employees disgruntled surge, fear will wear off and convert to an underly-
erful emotion to get employees and uninterested in security, thinking that the ing state of anxiety, which makes people unlikely to
to be vigilant about cybersecurity. threats are exaggerated—and that bosses don’t get people to commit to frequent actions such as
They scare them. trust them to do the right thing. choosing strong passwords.
If you do this, or don’t do that, But fear not. Although scaring employees may For example, consider that Jane is told during
something awful will happen. not be an effective way to keep them vigilant, cyber-awareness training that any email could be a
Click on phishing messages, and there are other tools that do work. First, let’s dig phishing message. If she clicks on an embedded
the company’s network will be ex- deeper into why fear doesn’t work. link or opens an attachment, she learns, malware
posed to hackers. Use simple passwords, and your could be installed, and she will lose all the files on
personal files will get stolen. her machine and precipitate a major cyber incident
The problem: Fear doesn’t work. Sure, it may get at her place of work.
people to act in that moment. But scare tactics WHY FEAR FAILS All of this will leave her in a permanent state of
don’t get people invested in security over the long Please turn to page R4
term, as Marc Dupuis of the University of Washing-
Fear is a short-term emotion.
ton and I discovered in research last year. There is no question that fear can work to get peo- Dr. Renaud is professor of cybersecurity at Abertay
In fact, it can do the opposite. That is because ple to perform a one-off action, like installing anti- University’s Division of Cybersecurity in Dundee,
fear can leave employees in a constant state of virus software. But long-term behaviors are where Scotland. She can be reached at reports@wsj.com.

Inside
• Company Jewels • Student Security • Buyer Beware
Businesses try a new
Give Me
approach to thwart
hackers: Deceive the
Space Parents need to
know who has ac-
Device Labels
Privacy advocates
How remote workers cess to their chil-
deceivers by tricking can keep work life pri-
have long promoted
them into thinking vate from family, and dren’s data, and labels for connected
they are getting close family life private from how that informa- devices. What that
to critical data. R2 fellow workers. R5 tion is used. R6 might look like. R7
R2 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

JOURNAL REPORT | CYBERSECURITY

Deceiving the Deceivers wine, principal security researcher

at deception-technology maker
Rapid7 in Arlington, Va. For in-
stance, he says, he builds de-
: A New Way to Combat Hackers fenses into his systems to look
for suspicious credential uses,
such as employees logging in
Companies use had a contractor whose laptop Those honey pots can be linked from new locations.
was infected with malware that together into a sophisticated net-
Inside Jobs technology that makes began scanning the network, re- work called a honeynet to make
attackers think they’ve calls Mr. Taylor. But the malware them even more effective, but that A growing effort
“As for insider threats: been successful hit many of the decoys, and his isn’t cheap, says Raj Badhwar, Ofer Israeli, chief executive of de-
There are two kinds that security team was able to locate CISO at Voya Financial, who cre- ception-technology firm Illusive

A
we really look at. One is BY HEIDI MITCHELL the source and disable the in- ated such a network for the finan- Networks, says the technology is
theft of intellectual prop- truder quickly. cial-services company last year. A more widespread than many as-
erty. People tend to do that n increasing Land O’ Lakes hasn’t had an large bank, for instance, could pay sume, especially in highly regu-
as they’re leaving the com- number of compa- attack from an unauthorized out- up to $1 million in subscription lated industries like banking, insur-
pany. That didn’t change a nies are looking at sider since it implemented decep- fees alone for such a setup, he ance and government.
whole lot. an innovative ap- tion technology, Mr. Taylor says. says, “plus you have to hire human Mr. Israeli believes that to stop
But the other one is cy- proach to deal “We still have the older defenses monitors,” which brings up the an attack, you have to think like a
ber-sabotage. This is typi- with hackers that like firewalls in place,” he says, price substantially. cybercriminal. “If I’m an attacker,
cally disgruntled employees. break into their “but we layer deception tech on Enter deception technology. Un- I’m going to dig into your browser
Something happened at computer networks. They lure cy- top of it.” like honey pots, it isn’t just de- history and find your saved login
work and it made them up- bercriminals into thinking they’re signed to study attackers but to credentials. And I’ll go unnoticed
set. And they get worse getting close to the good stuff— stop them outright. As soon as a because I’m using the same path-
and worse over time until and then they trap them. Beyond honey malicious actor interacts with a way that you use to log into the
they decide, ‘I want to get That’s what Land O’Lakes, the Deception technology is the evolu- decoy, an alarm is raised, and the cloud as part of your daily rou-
back at these people.’ suburban Minneapolis agricultural tion of another idea called “honey cybersecurity team can go into ac- tine,” he says.
Think about people being giant, is doing. pots”: fake servers that mimic a tive-defense mode, isolating at- Illusive’s technology plants doz-
disgruntled right now. They “Manufacturing-plant technol- company’s actual server. tackers or ejecting them ens of fake but believable data
suddenly are working at ogy is difficult to protect, because They sit passively before they have points into every company-issued
home. A lot of companies those mills, generators and tur- and wait for escaped with laptop or cellphone. If the attacker
bines were built 20 years ago with an at- any valu- exploits an administrator’s creden-
little consideration for security,” tials, the system disorients them
says Land O’ Lakes Chief Informa- with deceptive data and lets de-
tion-Security Officer Tony Taylor. fenders know there is an unau-
If a hacker shuts down a dairy thorized presence on the network.
plant, “we lose hundreds of gallons Setting up the system takes less
of milk that we’ve already paid for. than a second, Mr. Israeli says,
And we can’t make any butter.” “and we have a 95% true-positive
have had pay cuts, reduc- So, the company uses a tool rate, meaning almost no false
tions in force, furloughs. called DeceptionGrid, created by alarms.”
A big part of that is Boston-based cybersecurity shop Among Illusive’s competitors is
staying in touch with your TrapX. The technology deploys an Attivo Networks, of Fremont, Calif.,
employees, and talking to array of decoys and booby traps which in 2018 helped supplemen-
them, and noticing when throughout the Land O’ Lakes net- tal-insurance giant Aflac install de-
someone is having a hard work that mimic crucial informa- ception technology. Aflac Global
time. They not only have tion, to convince hackers that they CISO Tim Callahan is rolling out
stress at work, they have a have gotten access to the com- the system to subsidiary networks
lot of stress at home. pany’s crown jewels. now. “Fortunately, we haven’t
One thing we’ve done “Once any of the [decoys] are caught a criminal, but that means
across the board, not be- accessed or probed in any way, we have a high belief that so far
cause of insider risk but one centralized console alerts us, we have had no theft,” Mr. Calla-
because it’s the right thing so we know to start investigating han says.
to do, is push managers, the source of that activity,” says Steve Preston, vice president
‘Stay in touch with your Mr. Taylor. His team can then con- tacker to able prop- of growth and strategy at TrapX,
employees. Connect with tain the intruder. climb in. erty. says people would be surprised
them frequently. Just talk It is a method known as de- The problem And because to see exactly how and where
about how they’re doing. ception technology—and it is with these baits is that deception technology op- companies are hacked. “A lot of
Don’t jump right into, gaining momentum as cyberat- they allow security teams only to erates within the main network times it’s a third party that
‘How’s the project coming?’ tacks become more sophisticated, monitor and learn the behavior of and requires very little hardware comes in with a USB to service a
We have weekly webi- and the world moves to less-se- bad actors as they attempt to or infrastructure to implement, it machine, and it has [ransom-
nars for all managers, rein- cure work-from-home models and can be a much more cost-effec- ware] on it,” he says.
forcing the people aspect cloud computing. tive solution. He knows of a petrochemical
of being a manager. That This new method doesn’t try to But that simplicity brings more plant in Europe that wasn’t con-
goes a long way to helping bar intruders from getting in, like Rather than keep risk. Since deception technology nected to the internet but was in-
you to detect when some- firewalls. Instead, deception tech- lives inside the main network, fected with ransomware through a
one may be a potential in- nology scatters fake information—
hackers out, there is always the chance that coffee pot in a break room that
sider risk.” such as false credentials that can deception hackers who are inside could get was online. “Attackers are agile
be used to access vital informa- technology seek to their hands on real assets instead and fast. They’re adapting to the
—Dawn Cappelli, vice presi- tion—throughout a company’s net- of decoys. new-normal chaos, taking advan-
dent, global security, and work to lure attackers.
trap intruders once So, most users couple decep- tage of remote workers and new
chief information Then, when the false informa- they are in. tion systems with traditional de- security gaps,” says Mr. Preston.
security officer, Rockwell tion gets hacked, the company is fenses like firewalls, anti-malware “When security analysts can focus
Automation, speaking alerted and can either kick out the solutions, encryption and authen- on real threats detected through
ILLUSTRATIONS BY JON KRAUSE

at the WSJ Pro bad guys or isolate them from the tication systems, which aim to deception technology, they waste
Cybersecurity Executive Fo- rest of the network to study their move closer to high-value targets. keep attacks out of networks in less time chasing false alarms—
rum on Dec. 2, 2020 methods—and better identify Studying patterns is useful, espe- the first place. and a quicker response means re-
them in the future. cially if that intelligence can be fed “I’m adamant about [defenses duced loss.”
Land O’ Lakes says the technol- into a machine-learning system to like deception technology] being
ogy has helped shield it from at- adapt to hackers’ tricks, but it only one component of the secu- Ms. Mitchell is a writer in Chicago.
tack. For instance, the company doesn’t capture the attackers. rity strategy,” says Wade Wool- Email her at reports@wsj.com.
THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | R3

You’re adapting your business.

Empowering people

to collaborate remotely

and share data.

So you need the support of a network

with advanced technology,

managed security

and tools that help defend against threats.

A provider that gives you protection

on every connected device.

So you know you’re covered

as you lead the way—

improving the technologies

that keep your business in business.

So you can do more than bounce back.

You can Bounce Forward.™

© 2020 Comcast. All rights reserved.

R4 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

JOURNAL REPORT | CYBERSECURITY


Productivity can plum-
met if employees mis-
trust every email.

Zimmermann at TU Darmstadt’s In-

stitute for Psychology in Germany.

Create a buddy system.

Don’t put people in a room and talk at
them for hours about security. Give
them a “buddy” who’s there to help
them in the office every day to help
them carry out the actions you want.
In the system, instead of trying to
train everybody, one employee in
each department is appointed to
serve as cybersecurity expert. This
employee is close by to support col-
leagues day to day, available to an-
swer questions about things like po-
tential phishing messages. If a
message does turn out to be a phish,
the buddy can warn the rest of the
department immediately. Or the
buddy could help somebody with a
question about how to send files out-
side the company securely.
Not only does everybody get less
stressful support, but they get the
message that cybersecurity isn’t a
solo sport but a team effort.
One company I spoke to uses a
tactic along these lines, assigning an
employee to be a contact for other
workers about potential phishing
messages. First, he always thanks

Why Fear Tactics

that it would be brought up during them for consulting him. If the email
her yearly performance review and Give employees a isn’t a phish, he will let them know it
cybersecurity buddy
Don’t Work
affect her chances of being pro- is safe to click the link or open the
moted—leaving her in a permanent who can help them attachment. If it is a phish, he praises
state of anxiety. them for their alertness.
Continued from page R1 These organizations don’t seem take the precautions He told me that since this policy
uncertainty. Her productivity is likely to understand the harm that they you want. has been implemented, people have
to plummet because she mistrusts do to employer-employee relations become far more confident in their
every email that arrives in her in- with these campaigns. An organiza- ability to spot phishing emails, so
box, and she isn’t sure if links in tion needs workers to be committed most of the queries he now receives
messages are safe to click on. to securing the organization’s de- it is likely that employees will end are about genuine threats, and he
In other words, a fear-based ap- vices and information. This can’t be up in a state of long-term anxiety can warn all other employees in time.
proach doesn’t encourage genuine achieved by eliciting fear and impos- or simply give up on following the The organization has had zero suc-
watchfulness. Once someone is in a ing sanctions. rules altogether. cessful phishing attacks since it im-
state of heightened fear or anxiety, plemented this policy.
their brains are fully occupied in
Little Is dealing with the emotion, making
measured and thoughtful action un-
Fear puts employees
in a bind. Provide employees
Certain likely or impossible, according to Companies that rely on fear often WHAT WORKS BETTER with adequate resources.
Paul Brown, Joan Kingsley and Sue make a demand of employees: Deal So, what is the alternative to fear? Instead of relying on people to take
“Whenever there’s un- Paterson in their book “The Fear- with the problem yourselves by fol- Creativity and trust. Giving employ- multiple complex steps to ensure se-
certainty, there’s oppor- Free Organization.” That means lowing the rules. But those fixes are ees more leeway and support works curity, give them tools that can help
tunity for an attacker. Jane might be so anxious that she often difficult, at best. And might be a lot better than infusing their lives them or automate the job entirely.
Think about changes can’t make informed choices about impossible. So, in essence, workers with anxiety and creating an aver- For instance, if you want people to
that most employees messages and instead works en- are told the dire consequences of not sion to anything to do with cyberse- have strong passwords, give them a
have gone through over tirely by impulse. following rules that they can’t follow. curity. password manager. It can generate
the past six to eight For example, it is common for Here’s a more productive three- passwords for them and remember
months. And imagine password policies to instruct em- pronged approach—drawn from the those passwords. Or if you want peo-
you got a phone call People don’t ployees to (a) choose strong pass- works of Prof. Sidney Dekker at ple to spot phishing messages, put a
from somebody that
says they were part of
believe fear appeals. words, (b) not write them down and
(c) not reuse them anywhere else.
Griffith University in Australia; for-
mer submarine captain and current
messaging system in place to warn
everyone immediately when your or-
the IT department, or People have many things to fear in But, given that most people have leadership expert David Marquet; ganization is being targeted—as op-
the health-benefits de- their lives—especially in 2020—and tens if not dozens of passwords, speaker and author Wouter Hart; posed to alerting by email, which
partment, or a new they resent people leveraging even this rule is impossible to follow—so and my own research with Verena might go unread for hours. The first
Covid task force. more fear against them. Prof. Dupuis person to spot the message lets ev-
These may not seem and I recently surveyed 400 people, eryone else know.
out of the ordinary to- and one of the issues that emerged What’s more, the alert can also ex-
day. You could convince during the study was that while The Fear Factor plain how to spot similar messages
employees to do things many people might believe in fear- Many of the 400 workers in a study indicated they don't feel it is necessary to in the future. The entire workforce
they normally wouldn’t based appeals too much—as with induce fear for the sake of company cybersecurity. gets trained on the spot and gains
do, to maybe install a Jane in the above example—others confidence in spotting phishing mes-
piece of dangerous soft- think that such appeals exaggerate Response* to use of cybersecurity When asked to choose only one sages instead of living in a state of
ware on their machines. the risk to give the message more fear appeals: response to the use of fear that they are going to click on
We’ve seen attacks power. We found that only 20.6% cybersecurity fear appeals: something by accident.
where they’ve taken a agreed that these fear appeals were
video that the CEO has necessary—so, people are suspicious It’s not okay to
given, taken an audio and reject the entire message. Dislike 27% Remove obstacles.
exaggerate the
sample, and then gener- threat even if it 31.8% A lot of the fear-based cybersecurity
ated software that can means people will messages involve telling people what
emulate the CEO’s voice. The crimes come take action tools they can’t use in the office. But
We’ve seen some at-
tacks where the CEO’s
with punishment. It is not ethical to
instead of banning such tools, compa-
nies should figure out how those tools
try and scare
voice is calling someone Very often, fear appeals are coupled 31 can be used securely and effectively.
people into doing
in the finance depart- with harsh punishments for making something For example, many organizations
ment, and asking them security errors. Organizations do Uneasy 19 forbid the use of USB memory sticks.
to send an urgent wire. this for very understandable rea- At the same time, they don’t provide a
And these things are sons: If people have an immediate, Too many of these feasible way for people to transfer
kinds of messages 28.2
quite sophisticated in tangible personal stake in following files to others they are collaborating
that the CEO, or the the rules, the logic goes, they are with. When people improvise—such as
fake CEO in this case, more likely to stay on the straight emailing the files to other people—
can actually respond to and narrow. They generally they also put the information at risk.
questions that the vic- One U.K. organization fined em- aren’t all that 27.3 Far better to issue encrypted
tim has. Even if you ployees heavily if they opened at- scary Informative 15 memory sticks that authenticate us-
were curious, and you tachments on test phishing mes- ing fingerprints (no risk of forgetting
had follow-up questions, sages the organization sent out the password or using a weak one, or
It is ethical to
‘Why should I send this itself. These fines were significant, being tempted to write it on the
scare someone if it 24
$10 million wire right up to 50% of employee salaries. An- helps them drive itself).
now,’ the CEO’s voice other company had a policy of firing Yes, it is more expensive than
It is okay to Indifferent 15
can give you an answer.” staff who fell for such messages banning the use of memory sticks in
three times. exaggerate the general, but it is better to spend a
—Hugh Thompson, Yet another company posted a threat if it means 22.8 bit more to get actual protection, in-
managing partner, photo of people who fell for a people will take stead of engaging in what security
action
Crosspoint Capital phishing message on the communal expert Bruce Schneier calls “security
Partners, speaking at fridge to embarrass them. Motivating 8 theater”—thinking that banning ev-
the WSJ Pro David Rock suggests in his re- They simply don’t ery possible insecure action is going
work 22
Cybersecurity Executive search into the neuroscience of col- to work.
Forum on Dec. 2, 2020. laboration that an employee who is Necessary 7 The idea is to work with your em-
ISTOCKPHOTO/GETTY IMAGES

singled out this way already feels ployees rather than against them.
Fear is the only Uncertain 6
bad about being deceived—and will There is no short-term solution to the
thing that will
now experience the equivalent of motivate people to 19 Empowering 2 cybersecurity conundrum. We have to
physical pain at being shamed. One take action play the long game and find a better
employee of a company using this Retreat 1 way—treating our employees with re-
kind of tactic told me that if she fell *Multiple responses allowed
spect and dignity, and not as the
for a phishing message, she feared Source: Marc Dupuis and Karen Renaud, Ethics and Information Technology, Oct. 20, 2020 problem, but as part of the solution.
THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | R5

JOURNAL REPORT | CYBERSECURITY

Shortcuts
‘Do not touch’ shelf: Set up Walk it off: For sensitive office calls,
a shelf or cupboard that is take a walk around the neighborhood
off-limits to your spouse, with your phone and headset so that
roommate and/or kids. you can talk freely out of earshot of

to Privacy Everything on it—work

papers, charging cables,
whatever--isn’t to be
your family and neighbors. You’ll get
some exercise, too.

looked at or touched by
When you’re working from home, anybody in the house.
privacy from everyday intrusion
by family and colleagues Headphones:
suddenly becomes incredibly Noise-canceling
important. Here are a few ways Bluetooth headphones
to protect the boundaries do an amazing job of
creating a sense of
between work and home. privacy from the rest of
the family.

Lock ‘em up: Sometimes the best

way to get privacy for yourself is by
creating pleasant, private space for
everyone else. Invest time and money
in creating cozy spaces for other
family members to hide out
in--freeing up the common space
when you need it.

Workstation security: Add an

inexpensive webcam cover to your
computer screen, with a sliding door to
open or shut over the camera. Before
sharing your screen, turn off notifications
and hide all your other windows. Decor cover: A ceiling
track with curtain clips
allows you to quickly clip
a piece of fabric to use as
Separate computers: Get a second a curtain or enclose
computer. But if your work gadgets do yourself in an instant
double-duty as the family computer or booth. A pop-up, folding
gaming platform, you can still create background can hide
some sense of privacy by creating a mess or give you a green
separate user account (or email and screen for a digital
social-media accounts) for family use. background.

Source: WSJ reporting, Kevin Hand/WALL STREET JOURNAL

Privacy Tips for Decor covers: The background

blur available in many videoconfer-
list, I can be friendly without over-
disclosing.

Remote Workers
encing programs is one option, but
I found it leaves you looking like a
disembodied head. That’s why I
prefer to simply hide or disguise Privacy from your partner,
my background. A ceiling track roommate or children
How to keep colleagues from intruding on your home with curtain clips allows you to I am just as conscious of keeping
life, and family from intruding on your work life quickly clip a piece of fabric to use things private from my partner and
as a curtain or enclose yourself in children—especially when I’m work-

T
BY ALEXANDRA SAMUEL an instant booth. A pop-up, folding ing on something that might inter-
background can hide mess or give est a curious teen, or create any
he cybersecurity
world pays a lot of
It’s no doubt tricky to keep your
personal life out of sight when
you a green screen for a digital
background. You can also take a
conflict of interest for my husband. Easy
attention to protect-
ing privacy. Privacy
your company’s newfound remote
work culture encourages people to
more targeted approach to hiding
certain more problematic aspects
The do-not-touch shelf: Set up
a shelf or cupboard that is off-lim-
Pickings
from hackers. Privacy share their goings-on. But remem- of your surroundings. Since I often its to your spouse, roommate and/ “The bad guys don’t
from governments in- ber: You can’t build successful rela- take video calls in our bedroom, or children. Everything—work pa- need to be sophisticated.
truding on the lives tionships on a foundation of dis- where a nude portrait of my great- pers, charging cables, whatever— We’re all applauding how
of their citizens. Privacy from busi- comfort. Setting boundaries with grandmother graces the wall, my isn’t to be looked at or touched by businesses were able to
nesses that have an unprecedented colleagues as well as family mem- teenager made a paper-doll dress anybody in the house. Period. become digitized in the
volume of data that can be used to bers can help establish a comfort- that has transformed the portrait space of weeks. And yet
target or profile consumers. able line between work and home, into something more work-friendly. Separate computers—or, at many organizations left
But with so many people working least, user accounts: In an ideal the back door open.
from home, privacy has taken on an world you will not have to share In January, we did an
added dimension: the privacy of in- your phone, computer or any analysis to try to deter-
formation from the ordinary, every- other device with family mem- mine the number of or-
day intrusion by family or colleagues. bers. But if your work gadgets do ganizations or the number
There is, for instance, the loss of double-duty as the family com- of systems that had an
privacy when your colleagues over- puter or gaming platform, you can open RDP access—the re-
hear you arguing with your children, still create some sense of privacy mote desktop protocol.
or see what you read on the book- by creating a separate user ac- The remote desktop pro-
shelves behind you. Or the loss of count (or email and social-media tocol is the modus ope-
privacy when your spouse can see accounts) for family use. That randi for some of the
what’s on your computer or how way the family can use the com- most damaging post-intru-
you handled your midafternoon puter after hours without getting sion ransomware groups.
Zoom call. access to any of your work files. We had 1.5 million in
That’s exactly why so many of us January. By about March
need a work-from-home privacy Noise-canceling headphones: when this pandemic was
strategy: a set of guidelines for My noise-canceling Bluetooth really kicking off, we had
what needs to stay private from headphones do an amazing job of well over double that. In
whom, and a plan that makes it creating a sense of privacy from other words, in the rush to
easy to stick to those guidelines. the rest of the family. True, they effectively maintain re-
can still hear my side of the con- mote working, many or-
A nude portrait graces the wall of a bedroom in which the author often versation, but when I can’t hear ganizations effectively
takes video calls. Her teenager transformed it with a paper-doll dress. them, I feel like I have some pri- took a shortcut.
What’s the problem? vacy for my work. We did work with law
It may be obvious to say this, but it enforcement, and got ac-
bears saying anyway: Your employer Walk and talk: When I don’t cess to what we call an
and your clients are counting on you
A pop-up folding A physical webcam cover: Yes, I want my family to hear my side of RDP shop—dark web
to keep their information private. background or a can turn off my camera at the end the call, either, I often leave the shops that sell credentials
That may not be a big deal when ceiling track with a of the call, but I live in fear of for- house with my phone and headset. to companies. Do you
you’re in an office and bring work getting—and of the various types A walk around the neighborhood— want to guess the most
home some nights or on weekends. curtain clipped on of spyware that surreptitiously out of earshot of my neighbors as common password that
But it’s a much bigger issue when can keep home take over webcams. So I like to well as my family—allows me to was being used for RDP
all your work and every conversation keep an inexpensive webcam cover speak freely and get some exer- systems being sold under-
is available for anybody walking
clutter out of sight that sticks onto my computer cise, too. ground? There was no
past you or your computer. Your during video calls. screen, with a sliding door to open password. It was null.
spouse or your 10-year-old son may or shut the camera. Lock ’em up: Sometimes the best The reality is that, yes,
not feel quite as compelled to keep way to get privacy for yourself is there are sophisticated
secrets as you do. allowing you to be much more ef- Digital decluttering: Before by creating pleasant, private space threats out there. But
Just as important as your privacy fective on both fronts. sharing your screen, turn off noti- for everyone else. Now that we’re there’s so much low-hang-
obligations to your employer are fications and hide all your other all spending even more time at ing fruit that really cyber-
your privacy obligations to the peo- windows. If you’re a Mac user, the home together, I’ve invested time crime is the one industry
ple you live with. No matter how PliimPro utility will do both with a and money creating cozy spaces that hasn’t suffered eco-
many times my husband reassures Privacy from your single click. for each of my family members— nomically from the pan-
me about his camera angles, I really employer, clients or closed-door rooms where they can demic.”
colleagues
PHOTO: ALEXANDRA SAMUEL

hate getting dressed in the same Selective social media: Social retreat for schoolwork, Zoom calls
room where he’s taking a Zoom call Once you are clear on what you isolation has made social media or gaming sessions. When they’re —Raj Samani, McAfee fel-
with six colleagues. Even if they want to keep private, there are a more important as a way of stay- all locked away in their rooms, I low and chief scientist,
aren’t in the room during your calls, range of tools and tactics that ing connected to friends and col- enjoy the quiet bliss of a living McAfee, speaking at the
your family members or roommates can help you protect those leagues—but that doesn’t mean room I have all to myself. WSJ Pro Cybersecurity
may not want their bookshelves, art boundaries. The easiest is to you want everyone to know every- Executive Forum, on Dec.
projects or photos visible to your col- have a designated, enclosed thing. I rely on Facebook’s “re- Dr. Samuel is a technology 2, 2020.
leagues or clients, so consider a fam- space in your home that is deco- stricted” list: Anyone who goes on researcher and the co-author of
ily meeting where you collectively rated (or not decorated) specifi- that list can see anything I post the forthcoming book “Remote,
talk through what needs to stay off- cally for video calls. If that isn’t publicly, but not the posts that I Inc.: How to Thrive at Work…
screen, out of earshot or off the ra- an option, here are some alterna- share only with friends. By putting Wherever You Are.” Email her at
dar of your work contacts. tives: all my colleagues on my restricted reports@wsj.com.
R6 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

JOURNAL REPORT | CYBERSECURITY

Parents need to know

who has access to their
children’s data, and how
that information is
being used

S
BY LISA WARD

chools are relying

heavily on technol-
ogy—from videoconfer-
encing programs to
digital-teaching tools
and temperature-tak-
ing apps—to educate
children safely in the age of Covid.
But this rapid deployment of
new technology means schools are
collecting a lot more personal data
on students. And that is raising
some troubling questions about
who has access to the data, how it
is being used and whether it is be-
ing kept safe.
Infrastructure for protecting
students’ personal data wasn’t
that sound to begin with, says
Leah Plunkett, a Meyer Research
Lecturer at Harvard Law School, 
who likens the current situation to
building something “using duct
tape on top of Legos.” The federal
Data Privacy in site or via social-media post; and
set screen sharing to host only.
Schools may be collecting more
data on students than parents
realize amid the move to
law governing student privacy
dates back to 1974, and while
some states have more stringent
an Age of Online What can be done at home to
thwart cybercriminals?
online learning.

laws, sufficient funding to imple-

ment those statutes is often lack-
ing, she says. And many public
Education The Wall Street Journal reported
in November that since the onset
schools lack the technical exper- of the pandemic, schools have
tise or personnel to deal with stu- been fighting a wave of increas-
dent-data privacy, she adds. ingly aggressive ransomware at-
Schools, meanwhile, increas- tacks by hackers. In these types
ingly have become targets of cy- of attacks, thieves steal ad-
berattacks. dresses, phone numbers, Social
Here is some information that Security numbers, grades and
might help parents better prepare other sensitive information and
to protect their child’s privacy in hold the information for ransom,
an age of online learning. sometimes posting it on the web
or selling it to other entities.
“With schools online, there are After a
What legal rights do parents
have when it comes to protect-
ing student data?
a greater number of entry points
into the network,” says Reg Le-
ichty, founder and partner at
Breach
Foresight Law and Policy. “This [breach] incident in-
The federal law governing student Phishing emails, where hack- formed us in many ways.
privacy, called the Family Educa- ers try to tempt the receiver into First and foremost, obvi-
tional Rights and Privacy Act opening an email with an attach- ously addressing the vulner-
(Ferpa), prohibits schools from re- ment or link to malicious soft- abilities that led to that
leasing students’ educational re- ware, are a problem, as are weak breach. But then more im-
cords or personally identifiable in- passwords and insecure home portant, the way we pre-
formation without parental computers and Wi-Fi networks. pare for incidents in general
consent, but there are some key Parents should talk to children and the way we look at all
exceptions. Technology companies, about phishing emails and creat- of the stakeholders and
for example, have access to stu- ing strong passwords, ideally a their role in responding to a
dent data if they are providing ad- memorable phrase that has no breach.
ministrative or educational ser- personally identifiable informa- The organization grew a
vices for a school, and schools can tion, maybe a character or two lot and learned a lot in its

release de-identified student infor- Parents should understand School Breaches from a book, Mr. Leichty says. He appreciation for the distrib-
mation without parental consent. how their children are being Thousands of K-12 students had their also recommends installing anti- uted nature of an incident
Under the law, parents have the monitored and assessed personal information compromised in virus software on children’s de- response. It isn’t just the
right to inspect, review and amend online, experts say. 99 reported incidents between July vices and changing the default tech workers responding.
educational records, including con- 2016 and May 5, 2020. name and password on the home It’s everybody.
tact information, grades, test Breaches by actor, intent: Wi-Fi networks. You need to take every
scores, disciplinary records and What steps does your school Additionally, he recommends incident as a learning expe-
school health records. The problem take to protect data privacy? Staff: 5 Cybercriminal: 6* setting up a virtual private net- rience, or a close call as a
is, the average U.S. school was us- work, or VPN, to make web learning experience, be-
ing 400 to 1,000 different online Schools that are better prepared Student: 27 Unknown: 14 browsing more secure. VPNs cre- cause there’s a lot to learn,
tools—this figure includes web- to protect student data often ate safe, private connections to and it is beneficial. I think it
sites, software plug-ins, apps and have a formal vetting process for the internet, camouflaging a also helps your stakeholder
games, among other things—even new technology that prohibits computer’s location and making group really understand
before the pandemic, according to teachers and administrators from Intentional it more difficult for ransomware that it isn’t just something
the Student Data Privacy Consor- downloading and using nonap- 52 incidents creators to track and target it. that happens in the news; it
tium, an organization of school proved digital tools on their own. can happen right here.
districts working to improve stu- They also may be in one of the The most important
dent-data privacy. That can make 9,000 school districts in the Stu- Accidental Unknown How is your school using thing when an incident hap-
it difficult for parents to get a dent Data Privacy Consortium, 25 intent 22 technology to evaluate stu- pens is having a clear set of
handle on what data is being col- which helps school districts ne- dents? rules and responsibilities
lected. gotiate privacy agreements with and processes, not wonder-
technology companies and pro- Parent need to understand how ing what to do, but having
vides model data-privacy agree- Staff: 21 Student: 2 students are being monitored a very well-rehearsed inci-
What new information is your ments. Among other things, and evaluated online, says Ame- dent plan for that particular
school collecting? these contracts prohibit the sale Vendor: 2 Staff: 7 lia Vance, director of youth and attack, and making sure
or disclosure of student data to education privacy at the non- that the lines of communi-
Unknown: 2 Unknown: 13
FROM TOP: SCOTT OLSON/GETTY IMAGES; DOUGLAS R. CLIFFORD/TAMPA BAY TIMES VIA ZUMA PRESS

This semester, some school dis- third parties, specify student profit Future of Privacy Forum. cation and really all hands
tricts randomly tested students data should be stored securely *Defined as an actor external to the school district who To take attendance, for exam- are on deck.
for Covid-19, while others required and deleted when it is no longer breaches a data systems for malicious reasons ple, some schools require stu- Everybody welcomes the
Source: U.S. Government Accountability Office analysis
students to record their tempera- needed, and prohibit vendors of K-12 Cybersecurity Resource Center data. dents to log in and stay logged in learning opportunity. We
tures daily and report any travel from trying to match anonymous to a certain platform, or to turn have people who are ex-
outside the state or region. This data with the student to whom on their web camera. But “what cited about it, and people
gives school districts and tech it belongs. The contracts require transition to online learning. As if a student forgets to log in that who aren’t even on our
vendors more granular information vendors to take “reasonable se- such, parents may want to re- morning—or forgets to log out?” team who want to partici-
about students’ health and daily curity measures” to accomplish quest information from their Ms. Vance says. “What if a stu- pate. They want to learn,
movements. these objectives. school district about its proce- dent with limited Wi-Fi can’t turn because there’s a lot to be
Schools also may have a more When the consortium was dures for vetting new classroom on their camera function every learned when you’re looking
detailed picture of students’ online formed five years ago, there was technology and its policies on day? Should these students be at an attack happening. You
activities, especially if students are “very little, if any, common under- training teachers and students penalized for their perceived lack can say, ‘Oh, now I under-
working on school-owned devices. standing and expectation around how to use it. of participation?” she asks. stand how this got in and
If schools are using online-teach- student-privacy requirements,” Early in the pandemic, there Parents also should know that why my action over here
ing tools, data on how individual says Steve Smith, chief informa- were problems with so-called new tools being used to evaluate makes a difference.’ ”
students learn and perform is mi- tion officer at the Cambridge Zoom bombing, where outsiders students aren’t infallible.
grating from teachers, who had Public Schools in Massachusetts disrupted classes being con- The algorithms behind the —Christine Wheaton, vice
previously done these assess- and the group’s founder. Many ducted on Zoom’s videoconfer- tools may be biased or just flat- president, chief information
ments, to technology companies. school districts have joined the encing platform by yelling pro- out wrong. For example, re- privacy and security officer,
Privacy advocates fear this consortium since the pandemic fanities or racial slurs. Many of searchers have shown that some Henry Ford Health System,
could change the role of teachers. began, he says. these issues could have been essay-grading programs will give speaking at the WSJ Pro
They also worry that the data avoided with better training, such high marks to essays with good Cybersecurity Executive Fo-
could be shared and eventually as: Don’t make meetings or class- grammar, even if the content is rum on Dec. 2, 2020.
used to create the academic Are teachers being trained to rooms public; require a password nonsensical.
equivalent of a credit score to be use new technologies? and control the admittance of
used by institutions of higher guests; don’t share a link on an Ms. Ward is a writer in Vermont.
learning or even employers. The pandemic forced a rapid unrestricted publicly available Email her at reports@wsj.com.
 THE WALL STREET JOURNAL. Wednesday, December 9, 2020 | R7

JOURNAL REPORT | CYBERSECURITY

A Nutrition Label For Cybersecurity

As the Internet-of-Things proliferates, A Cyber-Label Guide Overview: Provides basic
consumers want to know how their data will Privacy experts are floating a ‘nutrition label’ for
product information
be used by the makers of these devices— Internet-connected devices. These labels could help
including device name,
consumers understand devices' data-collection and
before they purchase them security practices. At the center, below, is a proposed
version number and where
it was manufactured.
cyber label for a fictional device, a smart doorbell.
BY CHERYL WINOKUR MUNK Here's what it tells consumers:

Y
our milk and or- least portions of the label in
ange juice have their review processes, says
nutrition labels. Lorrie Cranor, the director and
Security Mechanisms
Soon your re- Bosch distinguished professor
frigerator and in security and privacy technol- Gives consumers
coffee maker ogies at CyLab. information about the
could, too. The label is designed to go device’s security, such as
For years, consumer privacy on a product’s packaging or on whether updates are
automatic or manual, and
advocates have pushed the the websites where the devices
how users can gain access
idea of so-called nutrition la- are sold. Products under consid-
to the device such as
bels for devices. Instead of tell- eration for carrying the label through a
ing consumers how much vita- could include any smart device manufacturer-set
min B or C a product has, that is connected to the inter- password that can be
these labels would tell prospec- net—including security cameras, changed by the user.
tive purchasers how their data refrigerators, speakers, home Consumers can also see
will be used and by whom. controllers, doorbell and much whether multiple account
more, says Dr. Cranor, who is users are allowed and if
also a professor of computer there’s an option for
multi-factor
Any smart device science and a professor of engi-
authentication or
neering and public policy at
connected to Carnegie Mellon.
biometric login.
the internet could The idea of protecting data
privacy becomes more of an is-
be a candidate sue as more products connect
for a label. to the internet. Apple Inc. has
said that as of Dec. 8, it will re-
quire app developers to provide
Researchers from Carnegie information about their applica-
Mellon University’s CyLab Se- tions’ privacy practices before
curity and Privacy Institute submitting new apps and app
are floating a working proto- updates to the App Store.
type of how such a label could What’s more, consumer organi-
look. They’re providing their zations are increasingly incor-
label—vetted by researchers porating data privacy into their
and numerous privacy ex- ratings, while some states have
perts—free of charge to Inter- enacted, or are considering, pri-
net-of-Things, or IoT, device vacy legislation. The Federal More Information Data Practices
makers, standards organiza- Trade Commission, which also The link and QR code Outlines four mechanisms the devices could use for
tions and others. has raised the concept of a nu- offer a more detailed list data collection—video, audio, physiological and
Discussions for adoption trition label, says it supports of device-specific location. Highlights what the collected data is being
are still in the early stages. the efforts of industry groups security and privacy used for, how and where it is stored, and whether the
But advocates hope device in this area. practices, including stored data is anonymous or is identifiable. Also
makers will adopt this type of Here’s a closer look at the hardware safety, illustrates how and with whom customer data is
label, or that groups such as Carnegie Mellon label. software safety, personal shared or sold, along with other miscellaneous data
safety and encryption the device collects. Other data collection is mentioned
Underwriters Laboratories, an
and key management. here and detailed at the link and QR code.
independent safety-testing Ms. Munk is a writer in West
and certification company, or Orange, N.J. Email her at
Consumer Reports will use at reports@wsj.com. Source: WSJ reporting

What to Do—and What Not to Do—

in the Aftermath of a Breach

Among the most-important: specialized skills as part of a $1.5 billion pro-

Don’t create fear and gram to bolster security processes and tech-
nology and instill a focus on security.
uncertainty by firing the people Gregory Touhill, president of Appgate
who may know best how to Federal Group, urges companies to take a
recover from the attack proactive stance by regularly using indepen-
dent third-party penetration testing, hunt
BY ROB SLOAN teams and audits to find and fix issues be-
fore they turn into problems.
The immediate aftermath of a breach is
a critical time for the hacked organization. If The Wall Street Journal would like to thank the sponsors
leaders don’t learn quickly what went wrong Don’t play the blame game
and act swiftly—in the right ways—to fix the After some of the largest breaches in recent and partners of the 2020 WSJ Pro Cybersecurity
problem, they risk exacerbating the damage years, removing top executives was seen as
in terms of financial and reputational harm. the best way to signal that the hacked com- Executive Forum for their generous support.
Cyberattacks have increased during the pany was implementing a change in strat-
pandemic as a rush by businesses to digitize egy. But, according to one former executive,
services and provide employees with remote such a move can have “a chilling effect.”
access has made systems more vulnerable. “Fear and uncertainty will not be your
And corporate leaders continue to make the friend when everyone else is in the midst of
same mistakes in their responses. We asked trying to survive or recover,“ says Stevan Ber-
a number of experts to share their insights nard, a cybersecurity consultant and former
about what to do, and not do, after a breach. chief security officer at Sony Pictures Enter-
tainment, which he helped steer
through an attack in 2014. Presenting Sponsors

Do update policies and

document changes
It is crucial to establish new security
policies and to document what went
wrong and how it was fixed. Justine
Phillips, a partner in the Data Privacy
& Security Practice Group at law firm
Sheppard, Mullin, Richter & Hampton Supporting Sponsors
LLP, quotes Maya Angelou: “When
you know better, do better.”
Incident-response policies defining
Equifax learned lessons from a data breach in 2017. roles, responsibilities, action items
and expectations, she says, “demon-
strate a business has learned and will
Don’t just fix it. Improve it. do better next time.”
Many companies jump into action by adding Ms. Phillips adds that documenting
controls or software that defends against changes is imperative not only from a regu- Partners
the type of attack they just suffered. They latory perspective but to ensure the system
don’t address the underlying vulnerabilities. is threat-free again, without backdoors.
© 2018 Dow Jones & Co. Inc. All rights reserved. 3DJ7640

“The immediate aftermath is a time to

focus on the fundamentals,” says Jamil Far- Do help others
shchi, chief information security officer at Being open and sharing lessons can help ev-
Equifax Inc., who joined the company five eryone in the security community.
months after a 2017 data breach. Mr. Farshchi says Equifax has shared
Companies can avoid 99.9% of potential what it learned with a network of partners,
threats if they enforce a policy of doing the including nonprofits, government agencies,
basics correctly and in a timely fashion, Mr. customers and even competitors.
TAMI CHAPPELL/REUTERS

Farshchi says; things like applying security “No breach is a good thing,” he says, but a
patches and understanding which devices silver lining can be “to share insights that al-
are authorized to connect to the network. low other companies to avoid a similar fate.”
That was Equifax’s first step in a much
greater transformation. Since 2017, it has re- Mr. Sloan is research director of WSJ Pro.
cruited roughly 1,000 new employees with He can be reached at rob.sloan@wsj.com.
R8 | Wednesday, December 9, 2020 THE WALL STREET JOURNAL.

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