* * * * THURSDAY, NOVEMBER 12, 2020 ~ VOL. CCLXXVI NO. 114 WSJ.com HHHH $4 .00

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GeorgiaTo HoldRecountOf VotesBy HandRare step comes amidTrump-Biden standoffover transition andGOP legal challenges

Hospitals across the nationface an even bigger capacityproblem from the resurgentspread of Covid-19 than theydid during the virus’s earliersurges this year, pandemic pre-paredness experts said, as thenumber of U.S. hospitalizationshit a new high Wednesday.

The number of hospitalizedCovid-19 patients reached65,368, according to the CovidTracking Project, passing therecord set Tuesday for the high-est number of hospitalizationssince April. A spring surge inthe Northeast pushed hospital-izations near 60,000. Hospital-izations hit a nearly identicalpeak again in late July, as thepandemic’s grip spread acrossthe South and West.

Epidemiologists said the re-cord is likely to be swiftly re-placed by another as Covid-19cases soar nationally.

BY MELANIE EVANS

PERSONAL JOURNALKeith Richards on lifein quarantine and theRolling Stones’ latest

album. A13

THEMIDDLE SEATDeicing poses

challenge for planes’efforts to keep cabinair virus-free. A14

BY SUZANNE KAPNER

People Are Dressing UpEven if They Have Nowhere to Go

i i i

Tired of sweatpants, some are upgradingtheir wardrobes; jewelry, cufflinks, shoes

Dawn Head hit a breakingpoint six weeks ago.

The 51-year-old tossed asidethe elastic-waist shorts shehad been wearing since thepandemic started.She put on jeans, atop with slits at theshoulders andwedge sandals.Then, she drove herson to swim class—a trip that took allof seven minutes.

“I decided tostep it up, just tofeel like my old self,” says theTucson, Ariz., resident, whoruns a blog for moms.

At the start of the coronavi-rus outbreak, wearing leg-gings, T-shirts and other

comfy clothes was a novelty,especially for those accus-tomed to dressing up for theoffice everyday. Now, it’s justdepressing.

“It’s ‘Groundhog Day,’ ” saidStacie Krajchir-Tom, referring

to the 1993 moviestarring Bill Murray,in which he relivesthe same day overand over again.

To shake thingsup, Ms. Krajchir-Tom and her familystarted dressing upfor Sunday dinnersat their Los Angeles

home. Her 8-1/2-year-old sonlikes to pick out her outfits.On a recent Sunday, he chosea green dress, two bracelets,a cocktail ring and high-

PleaseturntopageA10

Pineapple purse

“What we have is a verystrange crisis” in which econo-mies are shrinking sharply butdefaults aren’t rising mostlybecause of the relief measures,Steven van Rijswijk, chief ex-ecutive of ING Groep, said last

President Emerges FromWhite House to Honor Veterans

RAINY REMEMBRANCE: President Trump made his first official appearance since the election, placing a wreath Wednes-day at the Tomb of the Unknown Soldier at Virginia’s Arlington National Cemetery to mark Veterans Day.

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Record Covid-19 CasesStrain Hospitals Again

“We already know this is go-ing to go far north,” said Mi-chael Osterholm, director of theCenter for Infectious DiseaseResearch and Policy at the Uni-versity of Minnesota.

The U.S. set single-day re-cords for coronavirus casesthree of the last seven days,reaching about 136,000 Tues-day, Johns Hopkins Universitydata show.

Demand for health-careworkers is of heightened con-cern in the latest surge, saidhospital and disaster-responseofficials. Cases are more geo-graphically widespread, reach-ing more remote regions thanthe spring and summer. Federaland private pools of health-careworkers typically draw fromone state to help another.

New hospitalizations usuallyPleaseturntopageA8

INSIDE

Japanese tech billionaireMasayoshi Son late thisspring said he had “peeredover the cliff edge” of finan-

cial ruin. Now, the SoftBankGroup Corp. founder andchief executive is sitting onone of the largest cash pilesin the investing world.

Mr. Son pulled his con-glomerate back from thevoid with a sharp and sur-prising strategy shift, sellingoff holdings that have beencentral to his investment andoperating blueprint, and

buying back shares. Theworld’s biggest tech investorrelinquished majority controlover its last major operatingbusinesses, sealing Soft-Bank’s transformation intoan investment firm—and Mr.Son’s reputation for not do-ing anything by halves.

Mr. Son had survived pre-vious corporate near-deathepisodes. This time, therewas a new force urging onthe metamorphosis.

When SoftBank’s shareslost nearly half their value—almost $50 billion—in twoweeks this spring, Mr. Sonand his senior team helddaily calls with executives at

PleaseturntopageA12

By Phred Dvorak,Corrie Driebusch and

Juliet Chung

week. “When these measuresstop, what then will the pic-ture be? We have limited visi-bility as of yet.”

Regulators fear some Euro-pean banks are too slow to re-

PleaseturntopageA7

Loan guarantees andother assistance*

Tax relief and other deferralsCash payments and forgone revenue

*Excludes central-bank measures; shows the total volume of private-sector loans or activitiescovered, not the amounts governments put aside for the liquidity support or guarantee.Source: Bruegel

Governmentmeasures adopted in responseto coronavirus byOct. 29, as a percentageof each country’s 2019GDP

ItalyGermanyBelgiumFranceU.K.Portugal

32%

13%

3%

24

7

8

22

5

1

14

9

5

152

8

6

11

3

U.S.33

9

Spain

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ATLANTA—Georgia officialssaid Wednesday they will holda rare, by-hand recount of thestate’s 5 million votes in thepresidential election, a movethat comes amid a close marginwhen other states are windingdown their official counts.

President-elect Joe Bidenwas leading President Trumpby more than 14,000 votes, or0.3%, in Georgia as of Wednes-day. If he is declared the win-ner, it will be the first time aDemocratic presidential candi-date has carried the state since1992. Mr. Biden has wonenough states in the ElectoralCollege to become the presi-dent-elect, even without Geor-gia, according to AssociatedPress projections and electionresults.

Georgia Secretary of StateBrad Raffensperger, a Republi-can, said that state law requireshim to certify the election re-sults by Nov. 20. Mr. Raffen-sperger said he did not believethe recount would change thevote tally in Georgia. “I havefaith in the accuracy of theelectronic voting machines,” hesaid, adding, “I believe the re-

PleaseturntopageA6

BY CAMERON MCWHIRTERAND LINDSAY WISE

to victory, even if his legal ef-forts meet some success, aWhite House official said,though some advisers havecontinued to tell the presidenthe still has a shot. An officialsaid Mr. Trump understandsthat the fight isn’t winnable butcharacterized his feelings as:“Let me have the fight.”

One potential strategy dis-cussed by the president’s legalteam would be attempting toget court orders to delay votecertification in critical states,potentially positioning Republi-

can-controlled state legislaturesto appoint pro-Trump electorswho would swing the ElectoralCollege in the president’s favor,according to people familiarwith the discussions.

It isn’t clear how seriouslythe campaign has consideredthis idea, one of the peoplesaid.

Many of the advisers andlawyers said they doubt the ef-fort would succeed and say it isaimed largely at appeasing Mr.Trump, who has made clearthat he believes the election

was stolen from him and ex-pects his legal team to keepfighting.

Some of Mr. Trump’s advis-ers and lawyers said there isn’tan overarching legal theory orcoordination behind the cam-paign’s efforts. The legal battlewill likely conclude with Mr.Trump saying the election was

PleaseturntopageA6

President Trump’s campaignis pursuing a patchwork of le-gal attacks in key states thathave been called for President-elect Joe Biden to mount alongshot effort to try to pre-vent officials from certifyingthe results, advisers and law-yers involved said.

Trump advisers have grownmore vocal in conversationswith the president in recentdays that they don’t see a path

BY REBECCA BALLHAUSAND REBECCA DAVIS O’BRIEN

Trump Lawsuits Aim at Key States

SoftBank ChiefPulls Back FromBrink—With Help

Masayoshi Son, coached in crisis by hedgefund Elliott, still leaves everyone guessing

State Aid to European BanksObscures Level of Bad Loans

European banks say they aredoing just fine during the coro-navirus pandemic. But regula-tors and bank executives areconcerned about a potentialwave of bad loans that couldoverwhelm lenders when gov-ernment rescue packages end.

The economies of Europereeled this year, and freshlockdowns in many countriesare weighing on nascent re-coveries. Yet the unprece-dented levels of governmentand financial-sector support,including repayment moratori-ums sometimes covering aquarter of all outstandingloans, have kept householdsand companies afloat. Thatmeans banks haven’t had torecognize those loans as po-tentially soured.

Even bank CEOs are won-dering what happens when thesupport ends.

BY PATRICIA KOWSMANNAND MARGOT PATRICK

Greg Ip: Nationalism remainsas a test for Biden................. A2

Few courts have intervened inways sought by Trump........ A6

New Covid deaths in U.S. riseabove 1,400................................ A8

CONTENTSArts in Review... A15Business News. B3-4Capital Account.... A2Crossword.............. A16Heard on Street. B10Markets...................... B9

Opinion.............. A17-19Personal Journal A13-14Sports........................ A16Technology............... B5U.S. News............. A2-9Weather................... A16World News A10-11,20

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>

What’sNews

Georgia officials saidthey will hold a rare, by-handrecount of the state’s 5 mil-lion votes in the presidentialelection, a move that comesamid a close margin whenother states are windingdown their official counts. A1Trump’s campaign is pur-suing a patchwork of legalattacks in key states thathave been called for Biden tomount a long-shot effort totry to prevent officials fromcertifying the results, advisersand lawyers involved said. A1 Biden has chosen RonKlain, a longtime adviserwho was Ebola czar underObama, to be his WhiteHouse chief of staff. A4Hospitals across the na-tion face an even bigger ca-pacity problem from the re-surgent spread of Covid-19than they did during the vi-rus’s earlier surges, pandemicpreparedness experts said,as U.S. hospitalizations hita new high Wednesday. A1Officials around theU.S. onTuesday reported more than1,400 coronavirus-relatedfatalities, the highest dailynumber sincemid-August.A8 Beijing forced the expul-sion of four pro-democracyHong Kong lawmakers,prompting the rest of the op-position bloc to resign in pro-test of China’s intensifyingcrackdown on dissent. A10 Iran continues to build upits stockpile of low-enricheduranium and now holdsroughly 12 times the amountallowedunder the2015nuclearaccord, a U.N. agency said.A11Died: Prince Khalifa binSalman al Khalifa, 84, Bah-rain’s primeminister. A20

European regulatorsand bank executives are

concerned about a potentialwave of bad loans thatcould overwhelm lenderswhen government pandemicrescue packages end. A1 Funds that touted accessto Ant Group’s IPOwill let in-vestors cash out early, follow-ing outcry after the fintechgiant’s listing was haltedby Chinese regulators. B1 Tech shares lifted theS&P 500 to a gain of 0.8%in Wednesday’s session,while the Nasdaq rose 2%.TheDowedged down0.1%.B1 OPEC forecast in its lat-est monthly report thatglobal oil demand will takea larger hit in 2020 thanpreviously expected. B9 Revlon is nearing anagreement with investorsthat would save the long-struggling cosmetics com-pany from bankruptcy. B1 Kodak said that five for-mer executives were ableto collect millions of dol-lars by selling stock op-tions they didn’t own. B3Ablank-check firm backedby Barry Sternlicht is in talksto merge with Cano Healthin a $4.4 billion deal thatwould take the health-careprovider for seniors public.B4 Billionaire heiress Mar-garita Louis-Dreyfus agreedto sell a major stake in agri-culturalmerchant Louis Drey-fus to a state-owned holdingcompany in the U.A.E. B3 The U.K. governmentproposed new legislationto bolster its powers toblock foreign takeovers ofBritish companies. A20

Business&Finance

World-Wide

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A2 | Thursday, November 12, 2020 THEWALL STREET JOURNAL.

U.S. NEWSCAPITAL ACCOUNT | By Greg Ip

Nationalism Remains as a Test for BidenDonald

Trump’s elec-tion in 2016was widelyseen as a re-buke of global-

ization, immigration and freetrade.

This year, those issuesbarely registered. They werelargely absent from Mr.Trump’s campaign speechesand ads, and they didn’t rateamong voters’ most impor-tant issues, according to exitpolls.

Yet this doesn’t mean 2016was an aberration and thatglobalism—the doctrine thatsays increased flows of peo-ple, goods, capital and ideasacross borders are both inevi-table and good—is once againtriumphant.

Mr. Trump arguably lostmore because of his often di-visive and norm-breaking be-havior than his specific poli-cies (his coronavirus responsewas an exception). While themodern nationalist movementhas lost its most prominentleader, it remains a forceabroad.

Since 2016, right-wing na-tionalists have been re-elected

in Hungary, Poland and Indiaand taken office in Brazil.British Prime Minister BorisJohnson won a resoundingmajority by promising Britainwould leave the EuropeanUnion, which it has. True,support for right-wing anti-immigration parties in West-ern Europe has plateaued, butthat’s partly because centristruling parties have them-selves taken a tougher line onborder controls and refugees.

On immigration, trade andclimate change, President-elect Joe Biden has promiseda course correction thatmoves the U.S. back towardopenness to and engagementwith the world. But how hedoes so will determinewhether he soothes or aggra-vates the backlash that helpedelect Mr. Trump four yearsago.

ImmigrationA majority of Americans

say immigration is good forthe country, and such supportgrew under Mr. Trump. Theyalso broadly back legal statusfor longtime migrants lackingit, especially those who cameas children, the “dreamers.”

So Mr. Biden will have thepublic on his side in reversingMr. Trump’s restrictive poli-cies.

At the same time, Ameri-cans think borders matter anddon’t support decriminalizingunauthorized border cross-ings—a position held by manycontenders for the Democraticpresidential nomination,though not Mr. Biden.

There is a risk that, in re-versing Mr. Trump’s harshestpolicies, Mr. Biden triggers aflood of economic migrantswithout valid claims to asy-lum, eroding public supportand potentially re-inflamingtensions over immigration.

TradeMr. Biden plans to work

with allies to confront Chinarather than antagonize themwith tariffs such as those onsteel. But U.S. allies cooperatewhen it is in their interest,not because the U.S. asksnicely.

Many were reluctant to acton China’s trade transgres-sions for fear of losing busi-ness there. Britain, one of theU.S.’s closest allies, didn’t banequipment made by China’s

Huawei Technologies Co. fromits 5G telecom networks untilU.S. sanctions threatened todeprive Huawei of vital com-ponents.

After Mr. Trump paralyzeddispute resolution at theWorld Trade Organization byblocking appointments to itstop appeals panel, the worldis eager for the U.S. to onceagain play by its rules. Butwhat if Mr. Biden allows the

panel to begin operating andit then upholds a lower-panelruling that U.S. tariffs onChina are illegal? Would herepeal them, losing leverageover China?

Mr. Trump pulled the U.S.out of the Trans-Pacific Part-nership with 11 other coun-tries, a pact negotiated whenBarack Obama was presidentand Mr. Biden vice president.

Mr. Biden will be urged to re-join, to build a united frontagainst China, which isn’t amember.

Yet the pact’s rules of ori-gin for exports between mem-bers could in theory allowcars with mostly Chinese con-tent to enter the U.S. at pref-erential duty rates, threaten-ing an industry Mr. Biden haspledged to protect.

Mr. Biden must find a wayto re-engage with the worldwithout compromising con-stituencies such as manufac-turing workers who feel theylost from past engagementwith other nations, especiallywith China.

ClimateOne line from his debates

with Mr. Trump that Mr. Bi-den would probably like totake back was his declaration,“I would transition away fromthe oil industry.”

In truth, the fate of the U.S.oil industry depends not onany individual, including Mr.Biden, but on global demand.Transitioning from naturalgas isn’t an option for theforeseeable future, either: It isa necessary backstop to re-

newables, and a bridge fuelfor other countries shiftingaway from coal.

Climate activists may pressMr. Biden to use every regula-tory lever to leave fossil fuelsin the ground, such as byslowing or halting permits foroil and gas pipelines and ex-ports. But if the rest of theworld fails to curb its con-sumption of fossil fuels, for-eign suppliers would fill thevoid, putting Americans outof work while accomplishinglittle for the climate. Thatwon’t seem like a reasonabletrade-off to oil and gas work-ers in Texas and Pennsylva-nia.

Mr. Biden could counterthat with a climate policy thatsteers American consumerstoward renewables via subsi-dies and infrastructure or acarbon price. If the rest of theworld is serious about climatechange, it can do the same.

But so long as other coun-tries keep consuming oil andgas, Mr. Biden should ensureU.S. producers get a shot atsupplying it. Climate policy isless likely to face a nationalistbacklash if it puts Americafirst.

A promised coursecorrection onimmigration, tradeand climate change.

that required the approval ofthe Treasury secretary. The Bi-den administration could po-tentially reconfigure these pro-grams, subject to thenegotiations with Mr. Powelland the board.

Before that happens, the Fedhas to decide whether to ex-tend the programs, most ofwhich are set to expire Dec. 31.

Monetary PolicyFed officials agreed in Au-

gust to a revamp of its policy-setting strategy that entailsholding interest rates lower forlonger. They announced newguidance in September thatlays out three inflation and em-ployment-related conditionsthat must be satisfied beforethey consider raising ratesfrom near zero.

There is therefore little rea-son to expect monetary policyto change, no matter who joinsthe Fed’s board in the nextyear. In September projections,most officials expected theeconomy to require interestrates near zero for at leastthree years for the central bankto meet its new goal, whichseeks periods of slightly higherinflation above its 2% goal tomake up for past undershoots.

President-elect Joe Bidencould reshape the Federal Re-serve over the coming yearsthrough personnel appoint-ments and fiscal policies,though his administration isunlikely to have any immediateeffect on the central bank’s in-terest-rate policy.

Chief among those decisionsis selecting the next Fed chair,one of the most powerful eco-nomic-policy makers in theworld. Mr. Biden will decidewhether to offer the currentleader, Jerome Powell, a secondterm or pick a successor tosteer the central bank’s policieson rates, credit and financialregulation.

Mr. Powell’s four-year termas chairman runs to February2022. Until then, Mr. Powell islikely to enjoy a more civil andless antagonistic relationshipwith Mr. Biden than he did withPresident Trump.

Here is a look at what Mr.Biden’s win means for the Fed:

PersonnelThe main way a president

influences rate policy isthrough appointments to theFed’s seven-member board.When Mr. Biden takes office onJan. 20, he could have up tothree vacancies to fill.

The board now has twoopenings, and Mr. Trump’snominees—economic commen-tator Judy Shelton and Christo-pher Waller, a senior economistat the St. Louis Fed—await Sen-ate confirmation.

It isn’t clear if the Senatewill confirm either of them be-fore the current session ends inearly January, because Republi-can senators have voiced con-cerns over Ms. Shelton’s un-orthodox or inconsistent policyviews. If the Senate doesn’tconfirm Mr. Trump’s picks, Mr.Biden would have two seats tofill. He would have a third if henominates Fed governor LaelBrainard to serve as his Trea-sury secretary.

The ChairMr. Powell, a Republican and

former private-equity partner,is generally well regarded bylawmakers in both parties forhow he navigated Mr. Trump’scriticisms in 2018 and 2019 aswell as how he managed mone-tary policy before and duringthe coronavirus pandemic.

Mr. Biden could face pres-sure from within his party toreplace Mr. Powell with a Dem-ocrat, especially given policydifferences with Mr. Powellover bank regulation. But someDemocrats have called on Mr.Biden to reappoint Mr. Powell.

Credit PolicyWhen the pandemic con-

vulsed financial markets inMarch, the Fed launched a suiteof emergency lending programs

BY NICK TIMIRAOS

President-ElectWill Shape Fed’sPersonnel, Policy

U.S.WATCH

SOUTH CAROLINA

Study Shows Need forSurveillance Testing

A study of Covid-19 testingamong nearly 2,000 young adultsfound symptom monitoringmissed nearly all cases of infec-tion, suggesting regular, wide-spread surveillance testing isneeded for both asymptomaticand symptomatic people to getthe pandemic under control.

The research, published in theNew England Journal of Medicineon Wednesday, looked at 1,848Marine Corps recruits betweenthe ages of 18 and 31, who hadbeen required to quarantine athome before arriving at the Cita-

del military college in Charleston,S.C., where they underwent a sec-ond 14-day on-campus supervisedquarantine.

At Citadel, they were moni-tored every day for symptomsand were scheduled to be testedthree times. By the 14th day, 51 ofthe study participants had testedpositive for the coronavirus. Whatwas surprising to researchers: All51 cases were picked up by theprescheduled tests. None were de-tected from additional tests givento those who reported symptoms.

Despite the stringent measuresand initial testing, the virus stillslipped through the cracks andspread among recruits, the re-searchers said.

—Sarah Toy

OHIO

Bridge to Stay ClosedFor Days or Longer

A bridge linking Ohio and Ken-tucky that serves as a crucial linkfor commerce between the twostates could be remain closed fordays or longer after a fiery crash,Kentucky’s governor said onWednesday.

The crash on the BrentSpence Bridge occurred around2:45 a.m. Wednesday and thesubsequent fire was fueled by ahazardous-material spill. KentuckyGov. Andy Beshear said the crashappeared to be caused when anorthbound truck jackknifed onthe bridge and was struck by an-

other truck hauling potassium hy-droxide. No injuries were reported.

“The bridge, at best, will beclosed several days,” Mr. Beshearsaid. “But we ought to be pre-pared for more disruption, poten-tially significantly more disruption,than that.”

The fire was contained, butthe extreme heat made thebridge too hot for bridge inspec-tors, he said. Damage to thebridge and its concrete deckingwas visible, he said.

“We won’t have the detailsuntil those inspectors are there,but this is a serious accident andit is not outside the realm of pos-sibility that we are looking atweeks,” Mr. Beshear said.

—Associated Press

SANTA SAFETY: Tyler Rapsey and his daughter Isabelle paid an important visit Wednesday, with precautions in place, in Lower Allen Township, Pa.

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The bipartisan ProblemSolvers Caucus in the House ofRepresentatives earlier thisyear proposed a $1.5 trillioncoronavirus relief package. Insome editions Wednesday, aU.S. News article about Con-gress’s lame-duck session in-correctly said $1.5 billion.

French President Emman-uel Macron in an Oct. 2 speechsaid the government needs totake on “Islamist separatism,”which he described as a politi-cally conscious campaign todeviate from the values of theFrench Republic and to foster aparallel society where religiouslaws take precedence over civilones. An Oct. 3 World News ar-ticle and Page One What’sNews summary about a pro-posed French law incorrectlyquoted Mr. Macron as saying“Islamic separatism.” The word“Islamic” describes somethingrelated to Islam or its adher-ents, while “Islamist” can de-scribe a political movementthat seeks to organize societyin accordance with laws pre-scribed by Islam. The incorrect

quotation was repeated inWorld News articles aboutFrance on Oct. 17, 19, 20, 22, 30,31 and Nov. 4 and 5.

Bharatiya Janata Party wasincorrectly abbreviated as BHPin the headline of a WorldWatch article Wednesday aboutan election in the Indian stateof Bihar.

China Evergrande Grouphad 397 billion yuan (equiva-lent to $60 billion) of short-term debt at the end of June,and it should be able to rollover most of that, according toCreditSights, which added thatthe property developer mighthave to fund 58 billion yuan ofmaturing trust loans from in-ternal resources. In some edi-tions Tuesday, a Technologyarticle about Evergrande incor-rectly said CreditSights esti-mated that the property devel-oper needed to refinance moredebt than its cash on hand,which totaled 205 billion yuanas of June.

The name of biotechnology

company BioNTech SE wasmisspelled as BioNTec in someeditions Wednesday in a Prop-erty Report article about pub-licly listed mall owners.

The World Wildlife Fund in2014 invested in a derivativeinstrument that bet that a bas-ket of fossil-fuel assets wouldunderperform the broadermarket. In some editionsWednesday, a Markets articleabout green energy incorrectlysaid it was the World WildlifeFoundation.

Schmidt Futures, a philan-thropic initiative, was incor-rectly described as an invest-ment firm in some editionsWednesday in a Journal Reportarticle about how airwaves areallocated for 5G networks

Notice to readersWall Street Journal staff

members are working remotelyduring the pandemic. For theforeseeable future, please sendreader comments only by emailor phone, using the contactsbelow, not via U.S. Mail.

Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling888-410-2667.

CORRECTIONS AMPLIFICATIONS

*First selected to a board seat by Obama,and was selected to chair by Trump.Photos: Associated Press; Bloomberg News;Zuma Press; Reuters; office of the state bankcommissioner of KansasSource: Federal Reserve

President-elect Joe Bidenwillbe able to appoint a new chair,vice chairs and possibly amajority of Fed governors.

Reshaping theCentral Bank

TrumpPick ObamaPick

JeromePowell*Chair until Feb.2022, governoruntil Jan. 2028

Richard ClaridaVice chair untilSept. 2022,governor untilJan. 2022

Lael BrainardTerm endsJan. 2026

Randal QuarlesVice chair of banksupervision untilOct. 2021, gover-nor until Jan. 2032

MichelleBowmanTerm endsJan. 2034

Judy SheltonNot confirmed,termwould endJan. 2024

ChristopherWallerNot confirmed,termwould endJan. 2030

P2JW317000-0-A00200-1--------XA

THEWALL STREET JOURNAL. * * Thursday, November 12, 2020 | A3

U.S. NEWS

The pandemic is revving upthe market for expensivehomes where many people arespending far more time, luringricher buyers and nudgingmore sales over the half-mil-lion-dollar mark from north-ern California to the New YorkCity suburbs.

Nearly one in four homebuyers between April andJune bought houses priced at$500,000 or more, up from14% of buyers during the pre-ceding nine months, accordingto a Wednesday report fromthe National Association ofRealtors.

Home buyers during thecoronavirus pandemic had amedian household income of$110,800, compared with$94,400 for pre-pandemicbuyers, the survey showed.

“The buyers who purchaseduring Covid[-19] want alarger home,” said JessicaLautz, vice president of demo-graphics and behavioral in-sights at NAR. “There’s cer-tainly more homes beingpurchased that are expensive.”

The pandemic has causedthe economy to sputter andbusinesses to close, a condi-tion usually associated withslower home sales and lowerhome prices. But white-collarprofessionals have largelyavoided the worst of thedownturn. Many of those whocan work remotely are seekinga bigger house with more out-

door space or are buying vaca-tion homes.

The surging demand that ispushing up home prices is alsomaking homeownershipharder to attain for lower-wage workers and for someyounger buyers. First-timebuyers made up 31% of all pri-mary-home buyers in the yearended in June, down from 33%the year before and the histor-ical norm of 40%, NAR said.

Pandemic buyers were lesslikely to have been denied by amortgage lender, and manynew homeowners rushed tolock in record-low mortgagerates. The median purchaseprice for pandemic buyersjumped 26% compared withpre-pandemic purchases to$339,400, according to thesurvey.

NAR polled more than8,000 people who bought pri-mary homes in the year endedin June, though recent homesales data suggest thesetrends have continued sincethen.

Home sales had been rela-tively stagnant for severalyears heading into 2020. Thenlow interest rates and strongemployment pushed existing-home sales to a 13-year high inFebruary.

Shelter-in-place restric-tions, financial uncertaintyand fears of Covid-19 infectiondamped the market duringmuch of the spring. Homesales dropped for threestraight months, hitting a 10-year low in May. The resur-gence that followed surprisedeconomists and real-estatebrokers who failed to antici-pate that the pandemic wouldspur so much new demandfrom buyers.

Economists at NAR forecastexisting-home sales to total5.4 million this year beforejumping to 5.86 million nextyear, which would be the high-est level since 2006.

Sacramento was the mostpopular destination with buy-ers shopping outside theirown metro area in the thirdquarter, according to real-es-tate brokerage Redfin Corp.

Employees at tech compa-nies in the Bay Area who cannow permanently work fromhome are drawn to Sacra-mento for its relative afford-

ability, said Wendy Kay, aColdwell Banker agent.

The median Sacramentohome-sale price rose 12.8% inthe week ended Sept. 19 froma year earlier, according to Zil-low Group Inc. Ms. Kay re-cently sold a two-bedroomhouse for $750,000.

“It’s insane,” she said. “Butapparently it’s still cheaperthan the areas that they’recoming from.”

Home sales in Greenwich,Conn., are also booming asNew York City residents shopfor primary or second homesin the suburbs, said JackSarsen of Compass. Biddingwars and all-cash buyers havebecome more common.

“The mortgage buyers thatwe’ve worked with have reallyunfortunately been cut out ofthe deal in many cases on thehomes that they’ve wanted,”he said.

The Boise, Idaho, metroarea has experienced some ofthe fastest home-price growthin recent months. Steve andMichelle Klock, both 53 yearsold, bought their first home inMeridian, Idaho, in October.They got outbid multiple timesbefore landing a three-bed-room house for $310,000.

“In a market like this, theonly thing you can feel rightnow is fortunate,” Mr. Klocksaid. “If you don’t get in, everyday that you sit on the side-line you could be losing asmuch as $5,000 a week” asprices rise, he said.

BY NICOLE FRIEDMAN

Pandemic Drives ResurgentDemand for Expensive Homes

’16 ’20’15 ’19’17 ’18 ’210

1

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6million

U.S. existing-home sales

Source: National Association of RealtorsNote: 2020 and 2021 values are forecasts.

legal assault by TikTok andparent company ByteDanceLtd. by asking the courts tooverturn the government’s le-gal basis for ordering the dives-titure. As of Wednesday after-noon, administration officialshadn’t yet clarified how theyintend to proceed.

“The Treasury Departmentremains focused on reaching aresolution of the national secu-rity risks” from TikTok, Trea-sury spokeswoman MonicaCrowley said Wednesday. “Wehave been clear with ByteDanceregarding the steps necessaryto achieve that resolution.”

The Commerce Department,which is responsible for imple-menting the executive order onTikTok, didn’t respond to a re-quest for comment.

The new petition, filed byTikTok and ByteDance lateTuesday in the U.S. Court of

Appeals for the D.C. Circuit,says the U.S. government’s de-cision to force a TikTok divesti-ture deal was “arbitrary and ca-pricious” and denied thecompany due process under thelaw. It asks that the court va-cate and set aside the divest-ment order.

ByteDance says in its filingthat it had been in extensivediscussions with the Committeeon Foreign Investment in theU.S. to address its concerns.But it said feedback from U.S.officials had essentially stoppedin recent weeks, even as theThursday deadline approached.

The U.S. has argued that it istrying to prevent data onAmerican TikTok users frombeing shared with China’s au-thoritarian government, whichTikTok says it would nevercountenance.

President Trump issued an

order in August stating thatTikTok would be banned in theU.S., but said he might approvea divestiture to a U.S. company.

Under a preliminary deal Mr.Trump approved in concept inSeptember, Oracle Corp. andWalmart Inc. would take acombined 20% in TikTokGlobal, a new U.S.-based com-pany that would run the globalservice. Among the major stick-ing points in the negotiations isthe size of the stake ByteDancewould get to keep in TikTok,people familiar with the mattersaid. TikTok said talks to final-ize that deal are continuing.

Beijing must also approvethe deal, and it is weighingwhether the arrangementwould comply with recent re-strictions it placed on exportsof data-processing technolo-gies, a move widely seen asaimed at TikTok.

TikTok and its Chinese par-ent company are asking a fed-eral appeals court in Washing-ton, D.C., for additional time towork out a potential divestitureof the popular video-sharingapp, amid signs that the com-pany is settling in for a longerfight with the U.S. government.

With the Trump administra-tion’s Thursday deadline loom-ing for a restructuring or shut-down of TikTok, it appearedthe government was losing atleast some of its leverage overthe app’s owner.

Already, a federal districtcourt judge in Philadelphia hasenjoined enforcement of theshutdown option, taking awaythe government’s main weaponin forcing a divestiture.

The new suit broadens the

BY JOHN D. MCKINNONAND GEORGIA WELLS

TikTok, Parent Seek More Time to Divest

Tropical Storm Eta Surges Over Gulf of Mexico

Eta, the tropical storm thatwon’t stop, regained strengthover the Gulf of Mexico aftersoaking South Florida and tookaim at the state’s northern GulfCoast near the Tampa Bay region.

The storm, which became aCategory 1 hurricaneearly Wednesday before weaken-ing to a tropical storm with 70mile-an-hour winds, was expectedto hit the coast on Thursday. Ahurricane watch was in effectfrom Anna Maria Island nearTampa Bay to Yankeetown, morethan 100 miles north.

Forecasters warned of possible

life-threatening storm surge ashigh as 3 to 5 feet in some areas,including Tampa Bay. A stormsurge warning was in effect fromBonita Beach, south of Fort My-ers, to the Suwannee River on thenorthern Gulf Coast. Rainfall couldtotal 6 inches in parts of westernand central Florida. Above, a life-guard on Wednesday closed ajetty to surfers in BradentonBeach, Fla., on Wednesday.

Officials in the Tampa Bayarea prepared rapid-responseteams and search-and-rescueequipment, including high-watervehicles. They urged storm-weary

residents not to let down theirguard as this year’s Atlantic hurri-cane season nears an end.

“This one is going to take usto the wire, folks, so it’s not overtil it’s over,” said Timothy DudleyJr., emergency management direc-tor in Hillsborough County, whichincludes Tampa. “We have to con-stantly stay vigilant.”

Eta is the 28th named stormof the 2020 Atlantic hurricaneseason, tying the record 28 tropi-cal storms of the 2005 season.Theta, far in the Atlantic Ocean,became the 29th named stormthis week.

Eta has been wreaking havocsince last week, when it struckNicaragua as a Category 4 hurri-cane and left a trail of destructionacross Central America, killingnearly 70 people. Then it circledaround to strike Cuba beforeheading to Florida.

The storm drenched thesouthern part of the state, dump-ing more than a foot of rain inparts of Broward County, home toFort Lauderdale. After recoveringstrength in the Gulf of Mexico,Eta was preparing to deliver Flor-ida a second blow.

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cial-services industry. Even ifhe doesn’t take a formal role inthe administration, Mr. Kauf-man is likely to continue tohave the ear of Mr. Biden, peo-ple who know him say.

Mr. Kaufman has taken aim atthe revolving door betweenWallStreet and Washington and wasan early critic of the high-fre-quency trading that he said con-tributed to the May 2010 stock-market “flash crash.”

With Republicans likely tomaintain control of the Senate,banking-industry officials hopeMr. Kaufman will refrain fromrecommending progressivenominees for roles that requireSenate approval. “There’s nomandate for either party, andhe needs to build an adminis-tration that is reflective assuch,” said Richard Hunt, presi-dent and chief executive of theConsumer Bankers Association.

A transition official said Mr.Biden is seeking input from abipartisan advisory board thatincludes Cindy McCain, widowof John McCain, the late Re-

publican senator from Arizona.The transition is also assem-

bling a team of former policymakers to implement its cam-paign policies across govern-ment. It includes former Com-modity Futures TradingCommission Chairman GaryGensler, who is expected tolead a review of banking and

securities agencies.Mr. Kaufman, 81 years old, is

a Philadelphia native who holdsdegrees from Duke Universityand the Wharton School of theUniversity of Pennsylvania. Hestarted his career at DuPontCo., where he worked as an en-gineer and in marketing.

He took a leave of absence

from the firm in 1972 to volun-teer for Mr. Biden’s Senatecampaign and decided to stayon as an aide and later chief ofstaff, a job he held for about 20years. When Mr. Biden becamevice president, Mr. Kaufmanwas appointed to fill his seatrepresenting Delaware in 2009and 2010.

At the time, Democrats werecrafting the Dodd-Frank Act totighten regulation of banks af-ter the global financial crisis.Mr. Kaufman sponsored anamendment to prohibit anybank from holding more than10% of the country’s deposits.Had it passed, the amendmentwould have forced the biggestfirms to break up.

“We saw this issue come upwhen it became clear after thefinancial crisis banks got enor-mous help and workers didn’t,”Sen. Sherrod Brown (D., Ohio),who co-sponsored the amend-ment, said. “That’s what I likeabout Ted—he cares about thedignity of work and making oureconomy just.”

WASHINGTON—A decadeago, Ted Kaufman sought torein in big banks. Now he willhave a significant role in pick-ing the people who supervisethem.

In 2010, during a brief stintin the Senate, Mr. Kaufman leda push to limit the size of U.S.lenders—a move that wouldhave led to the breakup of thebiggest banks had it been suc-cessful.

Mr. Kaufman is leading Pres-ident-elect Biden’s transitionteam, giving him a voice inchoosing appointees across thegovernment, including the Con-sumer Financial Protection Bu-reau and Securities and Ex-change Commission.

A longtime friend of Mr. Bi-den, Mr. Kaufman is seen as abridge between moderate Dem-ocrats and more liberal mem-bers of the party, who applaudhis long history of seekingtough new rules on the finan-

BY ANDREW ACKERMANAND PAUL KIERNAN

Transition Head Looked to Curb Banks

Marlo LaFlamme, 49, ofUnion City, about 20 milessoutheast of the city of Erie,said she backed Mr. Trump forhis stands on taxes, immigra-tion and protecting the SecondAmendment. Ms. LaFlamme,who said she helps her hus-band do plastering work, saidshe thinks Mr. Biden’s proposalto raise taxes on corporationswould hurt consumers.“They’re going to raise theprices,” she said, “and it’s goingto be right back on us.”

Jim Wertz, chair of the ErieCounty Democratic Party, said

many Democrats in the countysupported issues such as racialequality but were uncomfort-able with protests and unrestthat took hold this summer.“There’s a lot of moderate Dem-ocrats that wish we talked lessabout those issues,” he said.“People don’t want the chaos.”

The results in Erie suggestfew people changed theirminds on substantive issues, apattern that mirrors the na-tional picture. Only 3% of vot-ers who said they had backedMrs. Clinton in the prior elec-tion decided to vote for Mr.

Trump this year, according to alarge survey of the 2020 elec-torate called AP VoteCast. Itfound 6% of Trump 2016 votersbacked Mr. Biden.

Nationally, 76% of voterssaid they knew all along whichcandidate they would back,leaving less than one-quarter tobe influenced by TV ads, thenational conventions, newscoverage or neighbors, the sur-vey found.

“There’s a big battle overthe future that has been de-ferred,” said Republican strate-gist Bruce Mehlman, “but it’sstill coming.”

Lara Putnam, a University ofPittsburgh history professorwho follows local votingtrends, said she had expectedMr. Trump to draw more votersin blue-collar counties.

“I’m not surprised thatTrump was able to come upwith more votes, because Re-publicans have been gettingmore votes steadily in all thesecounties for 30 years,” she said.What’s surprising is Democratsmatched that surge in rural andworking-class counties, shesaid: “So, where did the Demo-crats come from?’’

Democrats in Erie say theywere determined to avoid themistakes of 2016, when thecounty voted for a Republicanpresidential ticket for the firsttime since the 1980s. Unlike

Mrs. Clinton, Mr. Biden visitedErie and talked to union mem-bers on Oct. 10 at an appren-ticeship-training facility forthe plumbers union in SummitTownship.

Joel Hobson, 33, a journey-man plumber, said the visithelped sway him to vote forthe Democrat after he sat outthe 2016 election. Mr. Hobsonsaid he typically doesn’t payattention to politics but wasimpressed by Mr. Biden’s sup-port for unions. “That’s mylivelihood,” he said. “If I knewhe backed us, I was going toback him.”

In another change from2016, the Biden campaign ap-proached Republicans and in-dependents who might be per-suaded to vote Democratic.According to Democratic activ-ists in Erie, there were no suchefforts four years ago.

The Erie Democratic Partysought to make Mr. Biden moreof a presence even in thecounty’s redder parts. Theparty handed out 21,000 Bidensigns, compared with a fewhundred for Mrs. Clinton in2016; it opened three satelliteoffices, up from none.

“There are a lot of Demo-cratic votes in rural areas,” saidMr. Wertz, the party chairman,an Edinboro University journal-ism professor, “and it would befoolish for us to ignore that.”

ERIE, Pa.—President-electJoe Biden successfully turnedout voters in Erie County. But alook at his razor-thin margin ofvictory shows why Democratsstruggled across the country towin back the white working-class voters who helped propelDonald Trump to victory fouryears ago.

Interviews with a swath ofvoters in the western Pennsyl-vania county show that manypeople still favor conservativepositions on issues such astaxes, abortion and guns. Theyfind progressive priorities tack-ling climate change, social jus-tice and defunding the policetoo far left.

“I’m not totally on boardwith the liberal approach toeconomics and social prob-lems,” said Robert Yates, 45years old, a home-health-careworker who backed Mr. Trumpfour years ago but voted forMr. Biden to “bring back somenormalcy and stability.”

In short, these voters saythey soured on Trump, the man,rather than Trump policies.

In a race where turnoutjumped more than 10% in ErieCounty, Mr. Biden got a 1,424-vote margin of victory out ofmore than 138,000 votes cast.Overall, registered Democratsoutnumber Republicans 99,000to 75,000.

Voters and local party offi-cials say Democrats inched outRepublicans in Erie County be-cause they successfully broad-ened outreach within theirparty and enough centrist Re-publicans rejected what theysaw as President Trump’s cha-otic governance. Mr. Biden vis-ited Erie, stepping up efforts towin over voters that many sayDemocrat Hillary Clinton tookfor granted four years ago,when she lost the county byfewer than 2,000 votes.

That suggests Democratsstill face challenges in largelywhite, rural counties wheremore liberal positions turn off

BY KRIS MAHERAND AARON ZITNER

BidenWin in Erie Is Warning for His PartySwath of voters inPennsylvania countyfavor conservatism—just not Trump

Joe Biden won Erie County, Pa., with a razor-thin margin. Campaign offices in Union City, above; voters in the county on Election Day, below.

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a swath of the electorate.“There’s more enthusiasm

now for conservative valuesthan there’s ever been,” saidJezree Friend, a state Republi-can Party committeeman andpolitical consultant who livesin Erie and works for the Man-ufacturer & Business Associa-tion.

Mr. Friend pointed out thata Republican state senator inthe region retained his seat by20 points, among other down-ballot Republicans in thecounty and state who won,even as Mr. Trump lost.

Early DecidersMost voters said they hadsettled on their choice ofpresidential candidate early inthe election season

Which best describeswhenyou decided howyouwouldvote?

Source: AP VoteCast survey by NORC at theUniversity of Chicago for the Associated Press,Fox News and media subscribers

I've known all along

I decided over the courseof the campaign

I decided in the last few days

76%

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plan to focus on the coronavi-rus and its economic fallout.Mr. Klain organized the taskforce of public-health expertswho helped Mr. Biden navigatethe pandemic during the cam-paign and was heavily involvedin crafting the incoming presi-dent’s agenda and preparationsfor the fall debates.

Mr. Klain, 59 years old,served as chief of staff to then-Vice President Biden from 2009to 2011 and previously worked

as chief of staff to Vice Presi-dent Al Gore. During the Obamaadministration, he played a be-hind-the-scenes role in the ad-ministration’s economic-recov-ery efforts and the passage ofthe Affordable Care Act.

Mr. Biden, in a statement,said that Mr. Klain “has beeninvaluable to me over the manyyears that we have worked to-gether, including as we rescuedthe American economy fromone of the worst downturns inour history in 2009 and laterovercame a daunting publichealth emergency in 2014.”

“His deep, varied experienceand capacity to work with peo-ple all across the political spec-trum is precisely what I needin a White House chief of staffas we confront this moment ofcrisis and bring our country to-gether again,” Mr. Biden said.

Mr. Klain wrote on Twitterthat he was “honored by thePresident-elect’s confidence

and will give my all to lead atalented and diverse team in aBiden-Harris WH.”

Mr. Klain has been taking aleave of absence from his roleas executive vice president andgeneral counsel at RevolutionLLC, an investment firm led byAOL co-founder Steve Case.

He taught a class at Har-vard Law School during the

campaign, and he launchedand co-hosted a weekly pod-cast earlier this year that fo-cused on public health and thesocial impact of the pandemic.

Mr. Klain was at the centerof the Florida recount follow-ing the 2000 presidential elec-tion, serving as general counselto Mr. Gore’s recount effort.The 36-day recount ended witha Supreme Court decision thatled to the declaration ofGeorge W. Bush as the winner.

During Mr. Obama’s secondterm, Mr. Klain had the re-sponsibility of coordinatingthe administration’s responseto the Ebola outbreak, workingwith Mr. Biden to secure a$5.4 billion supplementalpackage from Congress.

Republicans in 2014 criti-cized the Obama administrationfor not banning travel fromthree West African countriesaffected by Ebola. The adminis-tration eventually restricted

flights carrying passengersfrom those countries to arrivalat five U.S. airports, thoughsome Republicans said the limi-tations didn’t go far enough.

The Ebola epidemic waslargely contained in West Africaand only four cases occurred inthe U.S., excluding victimsevacuated fromWest Africa, ac-cording to the Centers for Dis-ease Control and Prevention.One of those four patients died.

In an interview with TheWall Street Journal earlier thisyear, Mr. Klain said a core com-ponent of the Biden adminis-tration’s response to Covid-19would be ramping up testingand contact tracing, in additionto securing more funding forstates and localities. He saidthe Trump administration’shandling of the virus “set usback enormously” and wouldtake time to reverse.

—Sabrina Siddiquicontributed to this article.

WASHINGTON—President-elect Joe Biden has chosenRon Klain as his White Housechief of staff, turning to alongtime adviser and Ebolaczar under President Obamaas he prepares his incomingadministration’s response tothe coronavirus pandemic.

Mr. Biden’s decision to makeMr. Klain his first senior staffappointment underscores his

BY KEN THOMAS

Longtime Adviser Is Pick for White House Chief of Staff

Ron Klain was the Ebola czarin the Obama administration.

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TedKaufman is seenas a bridge betweenmoderates andmoreliberal Democrats.

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A6 | Thursday, November 12, 2020 * * * * THEWALL STREET JOURNAL.

BY NATALIE ANDREWS

Pennsylvania said Tuesday thatcounties received about 10,000ballots in the mail during thestate’s extended deadline.Those ballots, which arrivedduring a three-day window af-ter Election Day, are at the cen-ter of a legal battle that Repub-licans hope to bring before theU.S. Supreme Court.

The case is unlikely tochange the results, however,because Mr. Biden’s lead overMr. Trump in that state wasmore than 47,500 votes as ofWednesday.

In Georgia, Mr. Raffen-sperger, who backed Mr. Trumpin the election, was criticizedby Trump supporters who haveclaimed that the election wasmismanaged, but offered no ev-idence to back up that claim.

On Monday, Georgia GOPSens. David Perdue and KellyLoeffler, both facing runoff con-tests in which the support ofTrump backers will be crucial,called on Mr. Raffensperger toresign. The hand recount willonly apply to the presidentialrace, not the Senate contests orother races. The runoff races,which will determine control ofthe Senate, will be held Jan. 5.

Mr. Raffensperger’s decisionto conduct a hand recount fol-lows a request by the Trumpcampaign’s recount effort inGeorgia that is headed by Re-publican Rep. Doug Collins, anally of the president. “This isnot over,” Mr. Collins said.

Mr. Collins didn’t provide ev-idence or specifics of alleged il-legal voting. Stefan Passantino,

a Trump campaign lawyer, saidhe expected the hand countwould be completed in time forthe Nov. 20 certification.

Paige Hill, a Biden spokesper-son, said that “at the end of thishand recount process, we areconfident the Election Day re-sult will be reaffirmed: Geor-gians have selected Joe Biden astheir next commander in chief.”

Only two states have held re-counts for presidential contestsin the last 20 years—Florida in2000 and Wisconsin in 2016—and in both cases the marginsonly changed by less than a fewthousand votes, said RichardPildes, a New York Universityprofessor of constitutional law.

The hand count is unlikely tochange the results, said TreyHood, a University of Georgiapolitical science professor anddirector of the school’s SPIASurvey Research Center. “Wedon’t have any evidence that thestate had difficulty counting thevotes the first time,” he said.

It couldn’t be determinedhow soon the county boards ofelection will be able to completereviews of each paper ballot. Mr.Raffensperger said the by-handrecount will ensure a more ac-curate count, as opposed to are-scanning of ballots throughcomputers. Under Georgia law,candidates can ask for a recountif the margin of victory is lessthan 0.5%, but those recountsare a re-scanning of ballots, notby-hand reviews of each ballot.

—Tarini Partiand Alexa Corse

contributed to this article.

rigged against him and that hefought the outcome, the WhiteHouse official said.

“I don’t think there’s really acoherent strategy,” said one Re-publican official.

The Trump campaign hasn’tpresented evidence of wide-spread fraud in any of its legalclaims.

Trump campaign spokesmanTim Murtaugh said the main fo-cus of the campaign’s legal ef-fort is “to ensure that all legalvotes are counted and all illegalvotes are not, not just for thiselection but the integrity of allelections in the future, too.”

Republican National Com-mittee spokeswoman MandiMerritt said there are “hun-dreds of reports of election ir-regularities across the countrythat deserve to be examined.”

A campaign official said thecampaign is mounting a state-by-state legal program that em-ploys different strategies de-pending on the state laws andvote-counting processes.

The Trump campaign hasfiled lawsuits in Pennsylvania,Michigan and Arizona askingjudges to stop state officialsfrom certifying the vote. A con-servative legal group has madea similar request in Michiganstate court, where a judge is ex-pected to rule this week.

Few courts have consideredthese types of requests in thepast, leaving few precedents. Le-gal experts said it is unlikely thatjudges would block finalizingvotes in a state unless there wasevidence of widespread fraud.

The Trump campaign hasn’toffered any evidence of fraud inArizona and Pennsylvania. InMichigan, it has offered affida-vits from Republican electionchallengers who say they wereharassed, forcibly excludedfrom absentee ballot-countingfacilities and witnessed tam-

ContinuedfromPageOnesults are accurate.”

While campaign representa-tives sparred in court and inbattleground states, Mr. Trumpmade his first public appearanceon Wednesday since Mr. Bidenwas projected to be the winnerof last week’s presidential elec-tion. He and Mr. Biden both at-tended ceremonies honoringVeterans Day. The president vis-ited Arlington National Ceme-tery. He didn’t make any re-marks. Mr. Biden attended abrief ceremony and laid wreathsat the Philadelphia War Memo-rial. He also didn’t speak.

The Republican president andhis allies have said they wouldwait for all the votes in keystates to be counted and certifiedbefore they accept the results, aprocess that they might try toslow by lodging legal challenges.

The showdown is upending apattern of cooperation betweendeparting and incoming admin-istrations, hampering Mr. Bi-den’s transition team’s abilityto conduct background checkson his prospective cabinetnominees.

Four states are among thoseunder top scrutiny.

Arizona has just under46,000 ballots left to be tabu-lated, the secretary of state’soffice said. Of those, just over15,000 are ready to be counted,nearly 28,000 are provisionalballots and about 3,000 arewaiting for signature verifica-tion. Mr. Biden leads Mr.Trump by about 12,800 votes,or 0.39%, according to the As-sociated Press, which has calledthe race for Mr. Biden.

In North Carolina, Mr.Trump’s lead has remainedsteady at over 73,000 votes.Thursday is the last day to re-ceive absentee ballots. Friday isthe day all the counting is sup-posed to be completed.

The top election official in

ContinuedfromPageOne

WASHINGTON—Demo-crats’ majority in the House isset to be their tightest sinceWorld War II, limiting theirroom to maneuver on legisla-tion with President-elect JoeBiden and possibly raising ten-sions between centrist andprogressive lawmakers.

Heading into the election,Democrats had a majority of232 to 197, with one Libertar-ian and five open seats. Thatbalance is now at 218 Demo-crats to 202 Republicans, withthe Associated Press callingthe majority for Democratswhen they hit 218 late Tues-day. Republicans are leading inseveral undecided races, mean-ing the parties could end upseparated by less than 10 seats.

House Speaker Nancy Pelosi(D., Calif.) has said she wants tostart the year by again passingvoting-rights legislation calledH.R. 1. Economic-stimulus legis-lation to combat the pandemicalso could be a priority, depend-ing on how much progress ismade in the lame-duck period.The speaker has expressed in-terest in passing legislationlowering health-care costs, in-creasing infrastructure spend-ing and addressing immigration.

“We build our consensus

through our committees,through our entire caucus, andthat gives us the unity weneed,” Mrs. Pelosi said in aninterview ahead of the election.

Democrats’ thin majoritycould force party leaders towalk a fine line on legislatingand force them to pull in Re-publican votes on must-passitems, such as spending or de-

fense bills, if leadership is un-able to bring the party’s leftflank on board. The last timeDemocrats had this small anexpected majority was duringthe 1943-1945 session, accord-ing to House records.

“When you have such a slimmajority, and you do have vul-nerable members that some-how made it through this cy-

cle and will be at the front ofthe line as targets for the nextcycle, you’re going to have towork with Republicans,” saidMinnesota Rep. Tom Emmer,the head of the Republicans’campaign arm.

The outlook is also cloudedby the continuing fight in theSenate, where Republicanshave won 50 seats to Demo-

crats’ 48, with two races stillto be determined in Georgia.Also, while Mr. Biden won thepresidential election, PresidentTrump has refused to concedeand is challenging the result.

Should Democrats win theGeorgia runoffs in January andtake control of the Senate,they also might try to pass taxor health-care legislation

U.S. NEWS

through a process called rec-onciliation, which requiresonly a simple majority in bothchambers. Such a process isgenerally partisan and requiresmembers to stick together.

A small House majorityopens Democrats up to amend-ments that change legislationat the last minute. Last year,Republicans successfullyadded text to a bill expandingbackground checks for gunpurchases that required Immi-gration and Customs Enforce-ment to be notified when anundocumented immigrant triesto buy a gun. The amendmentscan also be used to embarrasslawmakers on sensitive issuessuch as U.S.-Israel policy orimmigration.

Republicans also could tryto use discharge petitions, amaneuver to bypass the Demo-cratic speaker and move legis-lation to the floor by getting218 signatures.

The slim majority could setup a tough battle in the 2022midterms, where the minorityparty often wins seats whenboth the majority and theWhite House are controlled bythe same party. Republicans arealso likely to benefit from redis-tricting in several crucial states.

Democratic leaders have ac-knowledged that the loss ofseats was a surprise, afternonpartisan election watchersprojected they would winseats. Party leaders said Mr.Trump’s presence on the bal-lot brought out more votersthan in the 2018 cycle.

NewMath Tests Democrats in the HouseThin majority limitsmaneuvering, raisesstakes for drawingRepublican support

Voting rights, economic stimulus, health-care costs and infrastructure spending are among Speaker Nancy Pelosi’s priorities.

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Few courts have consideredthe types of requests beingmade by the Trump campaign,such as keeping a state fromcertifying its election based onallegations that Republicanpoll observers lacked suffi-cient access to ballot counting.

President Trump’s lawyersin federal court this weekasked a judge to take that un-precedented step, arguing thatPennsylvania had inadequatesafeguards to detect votingfraud. The campaign is pursu-ing similar claims in Michigan,where Republicans also are al-leging misconduct in the elec-

tion process. But such reliefhas rarely, if ever, beenawarded to a campaign run-ning behind in an election.

“I don’t think there’s anyprecedent for this,” said DanielTokaji, an election-law expertand dean of University of Wis-consin Law School, referringto the Pennsylvania case. “Thelawsuit is a Hail Mary pass.”

The Trump campaign’s suitin Pennsylvania alleges coun-ties controlled by Democratsprocessed ballots in unmoni-tored backrooms or in largerbarricaded spaces with pollobservers kept at a distance.

State election officials havesaid they followed all laws and

have declined to comment onthe litigation. Republicans ha-ven’t offered evidence of fraudin Pennsylvania.

Lawyers for the campaignargue the state should bebarred from certifying the re-sults in Pennsylvania, where Mr.Trump trails Democratic Presi-dent-elect Joe Biden by nearly50,000 votes. Short of that, thecampaign is asking to invalidateall mail-in and absentee ballotsin seven counties, includingPhiladelphia and Alleghenycounties, where observers wereallegedly prevented fromclosely observing the counting.

Like many states, Pennsylva-nia election law allows observ-

ers for parties and candidatesto be present when envelopescontaining absentee and mail-in ballots are processed andcounted. Election officials inPennsylvania and elsewherehave altered procedures be-cause of the pandemic, includ-ing keeping observers at least6 feet from election workers.

Richard Hasen, an electionlaw expert in California, saidthe closest parallel to theTrump team’s legal campaignmight be a 2018 North Carolinacongressional race, when thestate board of elections ordereda revote. The election redocame after a political operativeworking for Republican candi-

date Mark Harris hired peopleto collect mail-in ballots, rais-ing concerns of tampering.“We’ve seen no evidence ofanything like that so far in2020, much less on the scale tochange the results in even asingle state,” Mr. Hasen said.

Mr. Trump isn’t the first poli-tician seeking to stave off defeatby challenging the tabulation ofmail-in ballots. The 2000 presi-dential race between formerPresident George W. Bush andformer Vice President Al Goreinvolved skirmishes betweenRepublicans and Democratsover rejected absentee ballots.The Supreme Court ruling Bushv. Gore handedMr. Bush the vic-

tory in December 2000 andovershadowed another courtcase in Florida: a failed effort byDemocratic voters backing Mr.Gore to disqualify 25,000 absen-tee ballots from two counties.

In Minnesota, Al Frankenclinched his victory in the2008 U.S. Senate race aftercourts declined to re-examinethousands of ballots that hisRepublican rival contendedhad been improperly rejected.

Michael Morley, whoteaches election law at FloridaState University, said a courtlikely wouldn’t invalidate elec-tion results or ballots basedon claims about observers be-ing excluded or too far away.

BY JACOB GERSHMAN

Few Courts Have Intervened inWays Sought by Trump

Georgia Secretary of State Brad Raffensperger ordered the recount.

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RecountOrdered inGeorgia

pering with scores of ballots.In Pennsylvania, the cam-

paign’s lawsuit contends thestate didn’t give observersenough access to ballot coun-ters and gave voters in Demo-cratic-leaning counties moreopportunities to correct defi-ciencies in their mail-in ballots.

Denying Mr. Biden the 47electoral votes in those threestates would block his path tosecuring a majority.

Mr. Biden leads by about50,000 votes, or 0.75%, in Penn-sylvania, about 146,000 votes,or 2.6%, in Michigan, and byabout 13,000 votes, or 0.4%, inArizona.

Officials in each state havedefended their voting processesas fair and free of major prob-lems. Democrats said they wouldfight any effort to stop certifica-tion of the vote. Michigan Attor-ney General Dana Nessel, a Dem-ocrat, said the Michigan lawsuitsare aimed at preventing the

state from certifying results inhopes that the Republican Legis-lature would send Congresselectors for Mr. Trump.

“We are prepared to combatthat,” she said on a conferencecall Wednesday.

Asked about the Trump cam-paign’s attempts to delay certifi-cation in some states, Bidencampaign general counsel DanaRemus said: “They simply haveno evidence, and to succeed in alawsuit that will stop certifica-tion, there has to be evidence ofa problem with the process.”

States use their popular votefor president to send a setnumber of electors to formallyvote for president in the Elec-toral College. The Constitutionsays state legislatures shall de-termine how the electors arechosen, leading to speculationabout what would happen withdeadlocked results.

In Pennsylvania, government

officials said the law doesn’t al-low the Legislature to send upa pro-Trump set of electors.

In an October opinion articlein a Pennsylvania newspaper,the GOP majority leaders ofPennsylvania’s state Senate andHouse said that the state Legis-lature “does not have and willnot have a hand in choosing thestate’s presidential electors orin deciding the outcome of thepresidential election.”

A spokeswoman for the of-fice of Pennsylvania AttorneyGeneral Josh Shapiro, a Demo-crat, said Gov. TomWolf, also aDemocrat, certifies the electorsselected by the popular vote.

A spokeswoman for ArizonaSecretary of State Katie Hobbs,a Democrat, said the office isconfident it will certify electionresults on time. “Arizona’scourts have plenty of experi-ence handling and expedi-tiously resolving election-re-lated lawsuits within the verystrict statutory deadlines,” saidspokeswoman Sophia Solis.

Arizona is scheduled to cer-tify its election results on Nov.30. Michigan and Pennsylvaniahave deadlines of Nov. 23, un-der most circumstances.

The president’s family hasbeen divided over how intenselyto pursue the legal challenges.

His sons Donald Trump Jr.and Eric Trump have pushed tokeep at it, people familiar withthe discussions said. JaredKushner, a senior White Houseadviser and the president’s son-in-law, called RNC ChairwomanRonna McDaniel on Monday tosuggest the party apparatus getmore involved, according topeople familiar with the matter.

Some Trump advisers saidthere is confusion over who isleading the legal effort.

David Bossie, Mr. Trump’s2016 deputy campaign man-ager, was tapped Friday to leadthe legal push but hasn’t takena particularly visible role sincetesting positive for Covid-19 onSunday. A campaign officialsaid he has been involved viaphone in the campaign’s staffmeetings. Mr. Bossie didn’t re-spond to requests for comment.

—Deanna Pauland Alexa Corse

contributed to this article.

LawsuitsFocus onKey States

The president isasking judges tostop states fromcertifying results.

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THEWALL STREET JOURNAL. Thursday, November 12, 2020 | A7

Facebook,Google toKeepBan onPoliticalAdsBY EMILY GLAZER

still trying to deal with oldbad-debt portfolios—over 25%of loans to businesses and 15%to households, totaling around€300 billion, were put underpayment holidays, accordingto Marco Troiano, deputy headof the banks team at the rat-ings company Scope Ratings.The country was for a longtime the epicenter of the virus

pean Union agency set up af-ter Europe’s financial crisis tohandle troubled banks, saidlenders need to act quickly toidentify and deal with loansthat are unlikely to be repaid.“There is no magic wand tomake potential losses goaway,” Ms. König said.

European banks were al-ready far behind U.S. rivals inrecovering from that last se-vere shock in 2008. Then, U.S.banks got help from govern-ment programs and centralbanks to unload bad assetsquickly, while banks in Europebecame ensnared by a sover-eign-debt crisis that curbedeconomic growth. Low interestrates, imposed to stimulatespending, further hit banks’profits.

This time around, U.S.workers who lost their jobsgot weekly payments of $600for several months, while oth-ers stayed at work because ofPaycheck Protection Programloans to small businesses.While many U.S. banks let bor-rowers skip some payments,overall support has been lessgenerous than in Europe.

In Italy—where banks are

outbreak in Europe and hasbeen hurt by a collapse intourism.

In Portugal, where compa-nies and the government arehighly indebted, loan morato-riums to businesses coveredalmost a third of the total, ac-cording to the country’s cen-tral bank. Over half of thecredit to companies in thehospitality and restaurant sec-tors are under the program.

“Until the moratoriums areresolved, it will be challengingto assess the real extent oflosses,” Mr. Troiano said.

Carlo Messina, chief execu-tive of the Italian lender In-tesa Sanpaolo, sounded up-beat in recent comments,saying that despite the pan-demic his bank had the low-est-ever inflow of bad loans inthe first nine months of 2020.

In Spain and elsewhere,“customers’ behavior has beenbetter than the guidance wegave in April and July,” saidAna Botín, executive chairmanat Banco Santander SA, a ma-jor lender in Europe and LatinAmerica. Most borrowers re-started payments when mora-torium programs expired, she

said, and the ratio of nonper-forming loans actually fell thisyear. Around €40 billion inloans, or 4% of Santander’sloan book, is still under mora-torium, including many Span-ish mortgages.

According to an analysis bySpain’s central bank, theheaviest users of payment hol-idays are households thatwere already more financiallyvulnerable. It estimates thatmore than €52 billion ofhousehold and personal busi-ness loans in Spain, or about8% of those that qualify, arecurrently on hiatus.

Countries across Europealso have rolled out subsidiesto companies so they couldkeep idled workers, preventingunemployment from shootingup. In contrast, the joblessrate had jumped in the U.S.

Part of the reason for therosy picture from banks comesdown to accounting rules.Banks can typically count aloan as performing until thereis actual deterioration, such asmissed interest payments or acompany going bankrupt.

Andrea Enria, the head ofthe ECB’s supervision arm, said

some banks are being optimistsand waiting until there is con-crete evidence a customer isgoing bankrupt. He told Euro-pean lawmakers last monththat banks shouldn’t let loans“rot in their balance sheets.”

European banks are lendingnow, including more than€400 billion to businesses thisyear under government pro-grams that guarantee a chunkof the repayment to the banks.The programs are giving com-panies much-needed cash tokeep their businesses going,but they can also keep nonvia-ble companies alive.

Local cinemas, family-runrestaurants and hair salonsare among the businesses re-ceiving such loans, accordingto announcements by banks,even though it is unclear whenthose sectors will fully re-cover.

“At the moment the biggestbank is governments,” saidMatt Long, head of capitalmarkets for Europe at Accen-ture. “When that stops, that’swhen we get to see the realability of the borrowers to payback the loans and meet theirborrowing commitments.”

act to borrowers’ potentialtroubles ahead.

The European Central Banksaid bad loans in the eurozonecould soar as high as €1.4 tril-lion, equivalent to $1.7 trillion,if the economies shrink evenmore than expected, a sce-nario the central bank said issevere but plausible. Thatamount would be more thanduring the aftermath of the fi-nancial crisis.

The concern is that bankscould run out of capital if theyare suddenly overwhelmed bydefaults, needing state supportor even failing. What isn’tclear right now is how quicklythose defaults could pile up, orif state programs might cush-ion banks’ losses for years tocome.

Elke König, head of a Euro-

ContinuedfromPageOne

State AidObscuresLoan Risk

Facebook Inc. and Alpha-bet Inc.’s Google plan to con-tinue banning political ads ontheir platforms for the nextseveral weeks to prevent con-fusion about election re-sults, according to people fa-miliar with the matter and anemail reviewed by The WallStreet Journal.

Facebook told advertisersin an email on Wednesday itplans to continue its postelec-tion ban on political ads for“another month.” Google rep-resentatives have told someadvertisers it is unlikely to liftits ban in November or De-cember, the people said.

“While multiple sourceshave projected a presidentialwinner, we still believe it’s im-portant to help prevent confu-sion or abuse on our plat-form,” according to the emailFacebook sent on Wednesday.

The tech companies initiallyindicated the bans would lasta week after Election Day butcould be extended.

The extended ad bans comeas Georgia prepares for a pairof Senate runoff races on Jan.5. Those races will likely deter-mine which party controls theU.S. Senate and whether Presi-dent-elect Biden will have aDemocratic majority in bothchambers of Congress when hebegins his administration.

Facebook told the advertis-ers it is continuing to “tempo-rarily pause” all ads on socialissues, electoral or politicalads in the U.S. for anothermonth, though it may lift therestriction sooner.

Facebook, in an updatedcompany blog post onWednesday, said the tempo-rary pause on political ads iscontinuing “as part of our on-going efforts to protect theelection.” A Google spokes-woman said the companydidn’t have further informa-tion to share.

Republicans and Democratshave said these political adbans favor incumbents orthose with larger social-mediafollowings, because they canblast out messages from theirown accounts or pages insteadof relying on advertisements.

In one runoff, RepublicanSen. David Perdue, a formerchief executive of Dollar Gen-eral Corp., is facing DemocratJon Ossoff, a documentaryfilmmaker who has never heldpolitical office. In the other,Democrat Raphael Warnock,pastor of the late Dr. MartinLuther King’s Ebenezer BaptistChurch in Atlanta, aims tooust Republican Sen. KellyLoeffler. Ms. Loeffler is a busi-nesswoman appointed lastyear by Georgia’s RepublicanGov. Brian Kemp.

Representatives for thecampaigns of Messrs. Warnockand Ossoff said there shouldbe an exemption for the Geor-gia runoffs so they can runads on the digital platformsexplaining how people canregister to vote, sign up forabsentee ballots and ensuretheir vote counts.

Representatives for thecampaigns of Ms. Loeffler andMr. Perdue didn’t respond torequests for comment.

the Canadian oil sands to theAmerican Midwest.

Mr. Biden hasn’t publiclyweighed in on Dakota Access,though Vice President-electKamala Harris, as a U.S. sena-tor, joined dozens of membersof Congress in filing a legalbrief this year supporting ef-forts to shut down the pipe-line, which runs some 1,200

miles from North Dakota to Il-linois and has been operatingsince 2017.

Native American tribes, en-vironmentalists and landown-ers have been trying for yearsto block the projects, whichhave become symbols in thefight to keep fossil fuels in theground.

Keystone XL is particularly

vulnerable because it isn’trunning more than a decadeafter being proposed, the re-sult of legal and permittingdelays. The expansion of theexisting Keystone pipeline,which would run from Canadato Nebraska, requires U.S. au-thorization to cross the inter-national border.

Mr. Biden can unilaterally

rescind the permit PresidentTrump granted last year.

The project is being built byCalgary-based pipeline firmTC Energy Corp. and partiallyfinanced by Alberta’s provin-cial government.

Canadian Prime MinisterJustin Trudeau discussed theKeystone expansion on Mon-day with Mr. Biden. Accordingto a readout of the call, Mr.Trudeau said he hoped to en-gage with the incoming ad-ministration on “key issues”such as energy cooperationand Keystone XL. Mr. Trudeauhas long advocated for thepipeline, seeing it as an impor-tant conduit to market for Ca-nadian oil.

Officials from the provinceof Alberta and TC Energy havealso been reaching out to la-bor unions that would benefitfrom jobs and governors fromstates along Keystone XL’spath, people familiar with thematter said.

“A decision made to cancelKeystone XL wouldn’t justeliminate jobs on paper, itwould literally take jobs awayfrom thousands of Americansworking in the field,” a TC En-ergy spokesman said.

President-elect Joe Biden’scampaign promise to phaseout oil probably signals theend of the long-delayed Key-stone XL oil pipeline andthreatens the future of DakotaAccess, another major crudeconduit.

Obstructing pipeline proj-ects is one way Mr. Bidencould accelerate America’sshift toward renewable energy,by making oil more difficultand expensive to move around.Other policies that require leg-islative signoff would be morechallenging to implement un-less Democrats won control ofthe Senate.

“In the absence of legisla-tion, you’re going to try to dowhat you can through adminis-trative action,” said ChristineTezak, managing director at en-ergy research firm ClearViewEnergy Partners LLC.

Mr. Biden’s campaign hassaid he would revoke a presi-dential permit that KeystoneXL needs to cross the U.S.-Ca-nadian border. The move islikely to doom the $8 billioninitiative to bring crude from

BY REBECCA ELLIOTTAND VIPAL MONGA

Incoming Administration Targets Pipelines

nologies Co.—and tariffs onmade-in-China goods couldcontinue in a Biden administra-tion, analysts and industry offi-cials say.

The American campaign tohinder Chinese technologicaladvances has been amongWashington’s few bipartisan ef-forts of the past several years.Leading Democrats and Repub-licans say Beijing unfairly sup-ports Chinese tech companies,and American lawmakers onboth sides have broadly agreedthat Huawei is a security threataround the world—a charge thecompany has repeatedly re-jected.

Mr. Biden and his adviserssaid during the campaign thathe is concerned about China us-ing technology to advance statecontrol, rather than empowercitizens.

“As the vice president sees

it, there’s a division in theworld between techno-democ-racies and techno-autocracies,”Antony Blinken, a formerObama administration officialwho served as the Biden cam-paign’s senior foreign-policy ad-viser, has said. The Biden cam-paign didn’t respond torequests for comment regardingits China strategy.

As the new administrationmoves to strengthen the U.S.position, domestic investmentsin tech could be more decisivethan foreign-policy moves. Bi-den advisers have signaled theyplan to give priority to keepingthe U.S. ahead in artificial intel-ligence, semiconductors and5G-network equipment.

The U.S. chip industry,which is lobbying for billions ofdollars in incentives for domes-tic factory-building and re-search spending, hopes to capi-

talize on such investments,which have widespread supportin Congress.

“We don’t manufactureenough semiconductors here inthe U.S.,” said John Neuffer,chief executive of the Semicon-ductor Industry Association,citing recent statistics showingU.S. factories make just 12% ofchips while about three-quar-ters are made in Asia.

Tech executives are split intheir policy wish lists. Somechip-company leaders say ex-port controls designed to crip-ple Huawei and other Chinesecompanies have cut into theirown sales, leading them to re-duce research-and-developmentbudgets while doing little toprotect national security.

Some telecom-equipmentcompanies support the mea-sures, saying they help offsetadvantages that Beijing gives to

Huawei and other Chinese com-panies.

One departure from the cur-rent administration, industryofficials and analysts say, isthat they may know what iscoming.

Some of the Trump adminis-tration’s moves, such as certainexport restrictions, caughtcompanies by surprise, leavingthem little time to adjust. Manyin the industry say they now ex-pect a stronger voice in defin-ing policies.

Ajit Manocha, chief execu-tive of SEMI, an industry grouprepresenting manufacturingequipment makers and othercompanies in the industrialsupply chain, said concernsabout China would remain un-der Mr. Biden, “but the path ofpolicies will not necessarily bethe same as the Trump admin-istration.”

U.S. NEWS

President-elect Joe Bidenmay change the tone of Wash-ington’s relationship with Bei-jing, but business leaders andDemocratic advisers say he islikely to push back on China’saim to become a global technol-ogy leader.

Containing China’s techno-logical clout has been a pillar ofPresident Trump’s tech policy—and one area where there is lit-tle evident division with hissuccessor. As a candidate, Mr.Biden said he would invest inbolstering American technologyand work with allies to con-front Beijing on trade, two ini-tiatives industry officials arebanking on.

“We expect that a potentialBiden administration will take atough stance on China,” saidRob Strayer, a former Trumpadministration official who isnow executive vice president atthe Information Technology In-dustry Council, a trade groupthat represents U.S. tech giantsincluding Apple Inc., Intel Corp.and Microsoft Corp., speakinglast Thursday.

He particularly pointed toexpected efforts to challengediscriminatory licensing prac-tices, cases where Beijing re-quires data to be held locallyand instances where Americancompanies are pressured totransfer intellectual know-howto do business in the country.

Microsoft declined to com-ment after this article was pub-lished. Apple and Intel didn’trespond to requests for com-ment.

Many of the policies enactedin the past few years, includingexport controls against Chinesecompanies—notably telecom-equipment maker Huawei Tech-

BY STU WOOAND ASA FITCH

Tech Firms See Shift in China TackOfficials expect workwith allies, bolstereddomestic industries tobetter battle Beijing

Policies including export controls on Chinese companies, notably Huawei Technologies, could continue in a Biden administration.

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Contractors installing a section of the Keystone XL oil pipeline at the U.S.-Canada border in April.

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Source: European Central Bank

Nonperforming loans as a shareof gross loansoutstanding

GermanyU.K.FranceSpainItaly

0

6

9

12

3

18

15

%

2015 ’16 ’17 ’18 ’19 ’20

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U.S. NEWS

Officials across the U.S. onTuesday reported more than1,400 coronavirus-related fa-talities, the highest number re-corded in a single day sincemid-August and a grim indica-tor of the virus’s widespreadgrasp on the country.

North Dakota, Wyoming andMissouri all reported recordnumbers of fatalities in a sin-gle day, data from Johns Hop-kins University showed.

In 34 states, the number ofdeaths reported each day wereincreasing at a faster paceover the past week than dur-ing the week prior, accordingto a Wall Street Journal analy-sis of Johns Hopkins data.That has been the case nation-wide since mid-October.

The uptick Tuesday ishigher than the seven-day av-erage of 974 deaths reportedeach day, according to JohnsHopkins. A month ago, theseven-day average for new cor-onavirus-related fatalities hov-ered around 700.

The rising death toll comesas the nation reports recordlevels of new cases and hospi-talizations that have crowdedintensive-care units in hard-hitstates. The total number ofnew infections reported Tues-day topped 136,000, whilemore than 61,000 people werehospitalized.

“We have a severe growth

in cases, and when that occurs,inevitably, you’re going to havean increase of hospitalizations,which then leads to increasedICU and ventilator use, then anincreased mortality. And that’sexactly what we’re seeing,”said Thomas J. Duszynski, di-rector of epidemiology educa-tion at the Richard M. Fair-banks School of Public Healthat Indiana University-PurdueUniversity Indianapolis.

Mr. Duszynski said treat-ment has improved since thepandemic began in the U.S. inthe spring. But staffing short-ages among respiratory thera-pists, doctors, nurses andhousekeeping staff could affectcare—and patient outcomes—as hospitalizations increase.

More than 240,000 peoplehave died in the U.S. since thepandemic began, according toJohns Hopkins data. In thespring, the White House pro-jected anywhere from 100,000to 240,000 Americans coulddie from Covid-19.

A range of factors have con-tributed to the third surge incoronavirus infections, hospi-talizations and deaths acrossthe U.S., according to epidemi-ologists and public-health offi-cials. Inconsistent messagingon mask-wearing and otherpreventative measures has hin-dered their effectiveness andpandemic fatigue has madesome more willing to takerisks than previously, they say.

BY JENNIFER CALFAS

New Covid DeathsRise Above 1,400

Covid-19 testing at Weber State University in Ogden, Utah.

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follow new cases by a fewweeks. More widespread testingis finding more people with thevirus, but that cannot fully ac-count for surging cases, epide-miologists said.

More young people areamong those newly infected,and they are less likely to needhospital care than the elderly.But as infections rise amongthe young, so does transmissionto high-risk older co-workersand family, said Jennifer Nuzzo,lead epidemiologist for theJohns Hopkins Covid-19 TestingInsights Initiative.

“It doesn’t stay in one agegroup,” Dr. Nuzzo said.

Pandemic fatigue is fuelingtransmission as people frus-trated with months of restric-tions have started to gather,public health officials said.

“What we are finding is thedisease is being spread in gath-erings; family gatherings, wed-dings, holidays, and is beingspread by people who knoweach other,” said Randall W.Williams, director of the Mis-souri Department of Health andSenior Services.

“Lives are at stake,” said EricToner, an expert in health-caredisaster preparedness at theJohns Hopkins Center forHealth Security, who urgedpublic-health precautions, suchas masks. “When hospitals can-not accommodate all the pa-tients, people die.”

Despite improved treat-ments, hospitals have only somuch capacity, doctors andhealth-care experts said. Hospi-tals in New York in the springscrambled to find ventilatorsand enough staff. Swampedhospitals in Arizona and Cali-fornia in the summer struggledto find nurses and franticallysought to transfer patients tohospitals with more capacity.

“The medical system canonly save so many people, andfortunately, things ebbed beforethings really got out of hand”during the spring and summer

ContinuedfromPageOne

Virus CasesStrainHospitals

surges, said Charles Branas,chairman of epidemiology atthe Columbia University Mail-man School of Public Health.“There is a capacity limit here.”

That limit is pronounced forpatients who need the skilledstaff and equipment of hospitalintensive-care units. “That’swhere there’s a resource bottle-neck to be concerned about,”Dr. Branas said.

The pandemic’s impact onpatients and hospitals will varywidely because of regional dif-ferences in health-care services,said Molly Jeffery, scientific di-rector of emergency medicineresearch at the Mayo Clinic.

“This has not been a singlepandemic,” Dr. Jeffery said.“This hospital system acrossthe country looks totally differ-ent.”

Hospitals outside metro ar-eas have fewer intensive-carebeds per 10,000 people, on av-erage, an April analysis by theKaiser Family Foundationfound. The challenge of meetingthe pandemic’s demand in ruralparts of the U.S. is particularlyacute. More rural residents, onaverage, are at risk of severeCovid-19 because of age andhealth conditions than thoseliving in metropolitan areas, re-searchers reported in June inthe Journal of Rural Health. Lo-cal rural hospitals are often thenation’s smallest, with limitedstaff.

North Dakota Gov. Doug Bur-gum, a Republican, said Mon-day health-care workers withCovid-19 but no symptomswould be able to continueworking, but only with corona-

virus patients, under anamended state order and Cen-ters for Disease Control andPrevention guidelines for crisisstaffing.

In Harlowton, Mont., the 25-bed Wheatland Memorial Hos-pital has no intensive-care unitand it largely functions as thelocal nursing home. The hospi-tal is located in WheatlandCounty, where the population ofabout 2,100 has seen an uptickin Covid-19 cases since October,with 76 reported through Mon-day, Johns Hopkins Universitydata show.

Montana, where Covid-19cases and hospitalizations per

100,000 people in October wereamong the highest in the U.S.,ranks among states with thefewest ICU beds per 100,000people, according to data fromthe Covid Tracking Project andfederal agencies.

To prevent inadvertentspread of the virus to its vul-nerable long-term patients,Wheatland Memorial locked thedoor to its emergency room,said Joan Marie McMahon, thehospital’s chief of staff. “We ba-sically have a doorbell outthere.” Hospital staff meet ar-rivals at the door to first screenthem for infections and ensure

anyone who enters wears amask.

Concerned about rising casesstatewide, the hospital con-verted its ambulance bay to atemporary eight-bed unit forpatients, she said.

Wheatland Memorial care-fully accepts referrals from Bill-ings Clinic about 90 miles awayto help the larger hospital makeroom for the most critical pa-tients and minimize exposure tothe virus. Rural hospitals aren’tequipped for the sickest pa-tients and must send them tolarger hospitals, which are nowalso grappling with the surge.

In the Billings Clinic’s 290-bed flagship hospital, the ICUwas at 167% occupancy Tuesdayand its emergency room wasn’taccepting ambulances, aspokesman said.

Bridget Brennan, chief ofemergency medicine for theBenefis Medical Group in GreatFalls, Mont., talks with doctorseach morning at the state’sother larger hospitals for an up-date on where beds are avail-able, she said. Benefis Hospitalstaff closely track beds withintheir hospital campuses, seek-ing openings. “We call it a tetrisgame,” Dr. Brennan said.

The sustained surge willsoon outmatch the state’shealth-care system, she said:“The majority of people are notgoing to be sick enough to be inthe hospital, but the numberwho are, all at once, is going tooverwhelm what we have avail-able here.”

—Talal Ansariand Tom McGinty

contributed to this article.

Covid-19 hospitalizations by state, per 1million population* Daily U.S. hospitalizations

*As of Nov. 9 Source: Covid Tracking Project

18 100 200 400 64060

0

15

30

45

thousand

A M J J A S O N

Despite improvedtreatments,hospitals have onlysomuch capacity.

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MOSCOW—Russia said itsfast-tracked coronavirus vac-cine, Sputnik V, has producedpromising preliminary results,showing 92% efficacy againstCovid-19, a potential milestonefor a shot the Kremlin is bank-ing on to protect a hard-hitpopulation and to dispel West-ern skepticism over its abilityto make a vaccine at speed.

The results, which comefrom an interim analysis of acontinuing large-scale clinicaltrial of 40,000 volunteers,showed no unexpected adverseside effects among partici-pants, the Russian Direct In-vestment Fund, the country’ssovereign-wealth fund, said onWednesday. The results will bepublished in a peer-reviewedmedical journal soon, the fund,which has spearheaded thevaccine effort, said.

The development comesdays after a vaccine developedby Pfizer Inc. and partner Bi-oNTech SE proved to be morethan 90% effective at protect-ing people from Covid-19, ac-cording to early analysis pub-lished by the drug companiesMonday. Pfizer said it is ontrack to ask health regulatorsfor permission to sell thatshot before the end of thismonth, if pending data indi-cate the vaccine is safe.

The Pfizer timetable sug-gests the vaccine could go intodistribution as soon as nextmonth, though U.S. health reg-ulators have indicated theywill take some time to conducttheir review. Then it will takemonths for the companies tomake enough doses for thegeneral population.

Russia in August becamethe first country to approve aCovid-19 vaccine, despite skepti-cism in the West over the speedat which it was developed andthe fact that trials were con-tinuing. Moscow has since regis-tered a second vaccine and au-thorities say a third could beapproved in December.

BY GEORGI KANTCHEV

Russia IsUpbeat onIts Vaccine

The rich world will be thefirst to benefit economicallyfrom a vaccine. The U.K., U.S.,the European Union and Japanhave already ordered largedoses of the Pfizer vaccine andwill benefit most shouldPfizer’s vaccine prove safe.That is true for most of theother vaccines that appearclose to approval.

That hasn’t been an optionfor most poor countries, whichwill likely gain access to suc-cessful vaccines later. DukeGlobal Health Innovation Cen-ter estimates there won’t beenough vaccines to cover theworld’s population until 2024.

The impact of even limitedavailability would still belarge. Analysts at research or-ganization RAND Europe esti-mate the global economy iscurrently losing output at arate of $3.4 trillion annually.Should an effective vaccine be-come available in the U.S., theEU, the U.K., China, India andRussia, it estimates that loss

The U.S. is among thosecountries set to start deploy-ing a safe and effective vaccineover coming months. Butmany of the industries mostaffected by the pandemic—air-lines, hospitality, retail—won’tfully recover until it is onceagain safe for people to con-gregate in proximity, whichwill only happen once millionsof people have been vacci-nated. Bars, restaurants andhotels by themselves accountfor more than a quarter of theroughly 10 million jobs lost be-tween February and October,according to the Labor Depart-ment.

“We could have a real burstif we get to a point wherethese other industries are ableto open up suddenly, if in onemonth next spring or summerthere are a million restaurantjobs that come back online and100,000 jobs related to traveland 100,000 jobs related tospectator events,” said Ste-phen Stanley, chief economist

at Amherst Pierpont Securi-ties.

It is possible that by themiddle of next year, the U.S.unemployment rate—which hita recent peak of 14.7% inMarch—could return to thehistorically low level of 3.5%seen in February, before thepandemic, he said.

Others say it could take lon-ger to claw back the lost jobs.

“Potentially you get a lot ofthe way back next year withthe vaccine. Not only do youhave faster growth but thatgrowth is more skewed to theservices sector,” said MichaelPearce, senior U.S. economistat Capital Economics. “Interms of jobs, you’re probablylooking at least at anothercouple of years.”

Even if the full economic ef-fect of a vaccine won’t be feltfor several months, therecould still be some near-termbenefit from a resurgence ofoptimism.

Andy Haldane, chief econo-mist at the Bank of England,said the approval of a vaccinewould be a “game-changer,”since it would promise aneventual end to the “stop-startcycle” of restrictions being im-posed on businesses, and be-ing lifted only to be imposedagain as infections rise.

“That is all the difference inthe world, between having aviable business and not havinga viable business, and makingthat investment and not mak-ing that investment,” he said.

The news that Pfizer Inc.and partner BioNTechSE could secure authorizationfor a coronavirus vaccine in amatter of weeks has sparkedhopes that the global economycould bounce back stronglynext year.

But while a successful vac-cine could indeed give theeconomy a shot in the arm in2021, say economists, it willtake longer to heal from a his-toric blow to jobs, investmentand businesses—a task compli-cated by the current surge ininfections in much of theWest. And it could be manymonths before any vaccine isadministered to enough peopleto ease the need for lockdownmeasures that have been re-cently reimposed.

Meanwhile, businesses mostdirectly constrained by the vi-rus—particularly in-personservices such as hospitalityand entertainment—must en-dure months of weak demand.

“I will be somewhat cau-tious,” said Ralph Findlay,chief executive officer of Mar-stons, a U.K. brewery and pubowner. “We’re having an up-swing of positivity, but theeconomy is going to be trickynext year.”

A surge in new infectionsacross Europe in recent weekshas prompted a second waveof lockdowns that economistsbelieve will push the conti-nent’s economy into its secondcontraction this year. In theU.S., the authorities have gen-erally avoided new measuresthat are as strict as the Euro-pean ones, and the economy isexpected to continue to grow,albeit at a slower pace.

News of the vaccine break-through hasn’t immediatelyshortened expectations for thetime it will take the U.S. andEuropean economies to returnto their pre-pandemic size,since most economists had al-ready factored in the deploy-ment of a shot. U.S. and euro-zone policy makers expecteach region to recover to itspre-Covid-19 size in 2022.

BY PAUL HANNONAND DAVID HARRISON

Economic Rebound Likely to Take Time

A participant in trial for a Covid-19 vaccine gets an injection at Hadassah Medical Center in Jerusalem.

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U.S. gross domestic product

Source: Congressional Budget Office

Note: In 2012 dollars. 2020-25 data areforecasts.

$20

0

5

10

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trillion

2018 ’20 ’22 ’24

would fall to $1.2 trillion, or$103 billion a month.

However, a more wide-spread rollout that left onlythe poorest countries withoutinitial access to a vaccinewould cut the annual loss to$153 billion, and amplify thebenefit to rich countries.

“If only some countries thatcan develop a vaccine andmanufacture it at scale benefitinitially, they gain quite tre-mendously in economic terms,but they would be better off ifthey were able to roll out avaccine everywhere,” saidMarco Hafner, a researcher atRAND.

Businesses mostdirectly hit by thevirus face monthsof weak demand.

Election administrators,poll workers,election volunteers:you are the guardiansof democracy.

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A10 | Thursday, November 12, 2020 THEWALL STREET JOURNAL.

Wearing a business suitmakes people feel more pow-erful, researchers say. Thepandemic suggests the inverseis true too: Wearing pajamasall day makes people lethargic.

Dr. Vasan said during thefirst few months of the pan-demic, all her patients weredressed casually during Zoomsessions with her. Now, moreof them are wearing profes-sional attire—even though theycontinue to work from home—including one man who hasstarted wearing cufflinks again.

Elliot Blackler, the founderof a wellness company, said hestarted sleeping later and tak-ing more breaks during theday when he was wearingsweatpants. “My productivitystarted going down,” he said.

The 26-year-old came upwith a new self-imposed rule.On weekdays, he showers andgets dressed as if he’s going tothe office. He puts on a but-ton-down shirt, trousers and apair of suede lace-up shoes—even though he is on Zoomcalls from his London homeand no one can see his feet.

The shoes are an importantdemarcation line. “When theycome off, I’m done with work,”Mr. Blackler said. “It’s mymental trick.”

Retailers say they are notic-ing a shift toward dressieritems. Shoppers have beenshelling out more than $300for a bright yellow Kate Spadehandbag in the shape of a pine-apple. “Who needs a pineapplebag in the middle of Covid?”

said Joanne Crevoiserat, theCEO of Kate Spade parent Tap-estry Inc. “It’s people who arelooking for a break or some-thing that brings them a littlebit of joy in a difficult time.”Tony Spring, CEO of Macy’sInc.-owned Bloomingdale’s,said sales of designer shoesand handbags are outpacingyear-ago levels. “At somepoint, people don’t want to livetheir life in loungewear,” saidMr. Spring, who has beenwearing jeans and button downshirts to virtual meetings. Cus-tomers of online retailerClothia.com have been snap-ping up a $635 Balloon Skirt bydesigner Juan Vidal. “It’s sur-

prising the skirt is trendingnow, because it’s somethingyou would normally buy for aspecial occasion,” said Clothiafounder Elena Silenok.

Danielle Walter of Atlantabought a black sequined gownin July, even though she hadno place to wear it. The 38-year-old marketing executivehit on the idea of turning herfamily’s Christmas gatheringat her mother’s Highlands,N.C., home into a formal event.

She messaged her mom,who responded: “Black tie?”Ms. Walter wrote back, “Yes,gowns!”

“Normally, we don’t dressup for Christmas,” Ms. Waltersaid. “But we need to cele-brate this year differently.”

Karen Condor opened hercloset on a recent morningand sighed. “I missed wearingmy clothes,” the 56-year-oldGreenville, S.C., resident re-called thinking. She decided toget dressed for the one-miletrip to the local drugstore.Setting aside the sweatpants,T-shirts and white socks shehas been wearing since March,Ms. Condor, who works for awebsite that provides insur-ance quotes, put on jeans, ablack-and-white tunic and low-heeled, black suede shoes. Shetopped the outfit off with sil-ver drop earrings, a braceletand a Celtic knot ring. “Itmade me feel better being outof my pandemic uniform,” shesaid. “I took my time andwalked a few extra aisles justto stay out of the house.”

Dawn Head put on a dressieroutfit for the seven-minute tripto take her son to swim class.

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intention of the other 15 pan-democratic lawmakers to re-sign on Thursday. “Sooner orlater we would all have beendisqualified.”

The resignations leave thecity’s mostly pro-Beijing legis-lature as effectively a rubberstamp for government policyand laws. The move threatensto upend decades of rough-and-tumble legislative politicsin the city—where the opposi-tion has at times delayed,amended and even thwarted

government legislation.Beijing’s decision dealt an-

other blow to the city’s alreadyreeling opposition movement.Dissent has been shrinking inthe city since Chinese leadersimposed a national-securitylaw on Hong Kong in late June.

Opposition lawmakers haveremained vocal in the legisla-tive chamber, drawing criti-cism from officials for their de-laying tactics over legislationthey oppose. Several were re-cently arrested by police over a

May scuffle in the legislature.The city’s top local official,

Chief Executive Carrie Lam, onWednesday said the ruling fol-lowed an August decision byBeijing’s top legislative bodythat extended the incumbentlegislative term by a year afterelections set for Septemberwere postponed, a delay offi-cials attributed to the pandemic.

The four ousted lawmakershad been among 12 disqualifiedfrom that election for a varietyof reasons, including alleged

doubts about their allegianceto the territory and their publicpolitical views. Mrs. Lam saidaddressing the issue of the dis-qualified candidates serving inthe extended legislative termhad required further clarifica-tion from central authorities.

She said the disqualifica-tions were unrelated to parlia-mentary tactics such as filibus-tering that have come undercriticism from officials andpro-establishment lawmakers.

The four ousted legislatorsare Alvin Yeung, the leader ofthe Civic Party, fellow partymembers Kwok Ka-ki and Den-nis Kwok, and Kenneth Leung,who represented the accoun-tancy sector.

Half of the city’s 70-memberlegislature is directly electedby the public, with the otherhalf chosen by industry bodies.The pro-democracy legislatorssaid they would tender theirresignations during the legisla-tive session on Thursday.

Two other pro-democracy-leaning legislators who aren’tpart of the alliance betweenthe various democratic partiessaid they would stay on.

The ouster of the four col-leagues put the pan-demo-cratic bloc “between the deviland the deep blue sea,” saidSteve Tsang, the director ofthe School of Oriental and Af-rican Studies China Institute.

Staying under what they deemillegitimate conditions wouldbe difficult, he said. Yet with-drawing together from the leg-islature gives Beijing what itwants: a compliant group.

China’s national-securitylaw has sent a chill throughoutthe city, targeting hostile me-dia, dissent in schools and ac-tivism on social media. Beijinghas cracked down on dissentthis year after months ofsometimes-violent antigovern-ment protests paralyzed thecity at times last year.

The right to democraticallyelect the city’s chief executiveand the entire LegislativeCouncil had been a key demandof antigovernment protests.

In an emotional press con-ference on Wednesday, the 19legislators began by holdinghands and chanted “HongKong Add Oil!” We Stand To-gether!”—using a popular pro-test refrain—and vowed tocontinue fighting for democ-racy in the city.

Wednesday’s ruling fromBeijing spells out conditions inwhich legislators could imme-diately lose their seats. Thoseinclude supporting indepen-dence for the territory, endan-gering national security and re-fusing to recognize China’ssovereignty over Hong Kong.The legislators must also up-hold their allegiance to the city.

HONG KONG—Beijing forcedthe expulsion of four pro-de-mocracy Hong Kong lawmakers,prompting the rest of the oppo-sition bloc to resign in protestof China’s intensifying crack-down on dissent in the city.

Hong Kong’s government onWednesday said the democrat-ically elected legislators hadbeen disqualified with immedi-ate effect. The government an-nounced the move minutes af-ter China’s legislature passed aresolution that empowered lo-cal officials to unseat dissent-ing politicians without goingthrough the courts.

Slamming Beijing’s decisionas another assault on the free-doms China had guaranteedthe former British colony until2047, the group of 19 pro-de-mocracy legislators said quit-ting was the biggest possibleprotest they could make.

“Today starts a whole newballgame on how the battle ofdemocracy will be fought inHong Kong,” said Wu Chi-wai,the convener of the group,who separately confirmed the

BY NATASHA KHAN

China Ousts Four Hong Kong LawmakersEntire opposition blocresigns in protest asBeijing steps up effortto stifle dissent in city

Pro-democracy lawmakers in Hong Kong criticized the ouster of four of their colleagues on Wednesday.

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heeled sandals.“Putting heels on, even

though it’s just for an hour,makes one day different fromevery other day,” said Ms. Kra-jchir-Tom, a 52-year-old brandconsultant.

Without a reason to getdressed up each morning,some people say they are ex-periencing a loss of motivationand a sense that each daybleeds into the next.

Psychiatrists have a namefor what folks are feeling. “En-clothed cognition” is a theorythat describes the effect thatclothes have on how we feeland act, according to Dr. NinaVasan, a psychiatrist and clini-cal assistant professor at Stan-ford University School of Med-icine. “Clothing shapes yourmental state and productivity,”said Dr. Vasan, who sometimeswore pajama pants and a regu-lar top when she first startedseeing patients by computer.Now she wears dresses andheels, even though she is stillmostly seeing patients virtu-ally. “When you are stuck athome all day, what you wearcan set the tone for what youare doing,” she said.

ContinuedfromPageOne

help, said Kamal Nandi, presi-dent of the association.

“Appliances are becoming asubstitute for domestic help”across India, he said. “Thistrend is going to stay."

India’s economy has beenhit harder than any other. Itsgross domestic product con-tracted almost 24% in thequarter through June, andsales of everything from mo-torcycles to mobile phoneshave plunged. Still, appliancemanufacturers are strugglingto fill orders and rushing newproducts to market.

The shift away from house-hold labor is awful news forIndia’s struggling domesticworkers. The country couldsee more than 100 million peo-ple fall back into poverty, ac-cording to a study this year atthe United Nations UniversityWorld Institute for Develop-ment Economics Research.

Mamata Kajaria worked asa maid at three differenthomes in Dehradun, north ofDelhi, before India lockeddown and she was told to stopcoming.

“Now they have new vac-uum cleaners. One told meabout their new dishwasherthat can wash 35 dishes in onego,” she said. “Even my workof making coffee every morn-ing was now being done by acoffee maker.”

cording to India’s ConsumerElectronics and Appliance Man-ufacturers Association, an in-dustry group that representsmanufacturers in India.

One of the main reasons forlow penetration rates is thelower average incomes in In-dia’s middle class. But anotherimportant factor is the wideavailability of inexpensive labor.

The new normal for themassive Indian middle class ismore appliances with less

The more-affluent familieshave emerged more cautious,more independent and morelikely to spend on labor-savingequipment.

Even families that can affordthem have traditionally avoidedpurchasing many of the appli-ances that are the norm in theWest. As of March, only around14% of households ownedwashing machines and lessthan 3% had vacuum cleaners,microwaves or dishwashers, ac-

home. In India, this spendingis putting people out of work.

India has one of the worstcoronavirus outbreaks in theworld. With more than 8.5 mil-lion recorded infections in theSouth Asian nation, only theU.S. has reported more cases.The country went into theworld’s largest lockdown inMarch and stayed shut for twomonths. It has since been gradu-ally opening, but people are stillrestricting their movements.

FROM PAGE ONE

DressyClothesCome Back

NEW DELHI—India’s mid-dle-class households are cull-ing their armies of domestichelpers amid the Covid-19 pan-demic, eliminating a crucialsource of jobs and spurring anappliance-buying binge.

Ila Rallan used to have fivehome assistants troop throughher apartment in Mumbai ev-ery day: one cook, three clean-ers and one nanny. At the be-ginning of India’s lockdown,they all returned to their vil-lages. Additionally, her build-ing wouldn’t let in outsiders.

For the first time, she hadto do everything around thehouse without the help of staff.

Though restrictions in hercity and building have eased,she has decided to radically re-duce her home staff. She andher husband have so far al-lowed only one nanny to returnto watch their child and do alittle housework. They have re-placed the rest with a roboticvacuum cleaner, a dish-dryingrack and a mop, and they aregetting more food delivered.

“People just turn to tech-nology now,” she said. “I ha-ven’t called everybody back towork because I don’t need somany people anymore.”

Other countries have seen asurge in home-improvementspending by people stuck at

BY ERIC BELLMAN

Indians Spurn Household Help in PandemicShare of Indian householdswho own appliances, by type,March 2020

Source: Consumer Electronics and AppliancesManufacturers Association

Mobile phone95%

Ceiling fan80

Television62

Food processor41

Refrigerator34

Washingmachine14

PC/laptop8

Air conditioner5

SINGAPORE—Asian finan-cial centers Singapore andHong Kong will allow quaran-tine-free air travel betweenthem to begin this month, amove seen as a breakthroughin the region where concernabout new waves of coronavi-rus infections has significantlyslowed negotiations for suchtravel bubbles.

The deal between the cit-ies—which have both reducedthe pathogen’s spread withintheir borders to low levels—re-quires passengers to take coro-navirus tests. But it is lessonerous than other Asia-Pacificpacts that are largely limitedto business travelers approvedfor short trips who pledge toadhere to fixed itineraries.

“There will be no restric-tions on the type of travel oritinerary. Whether you’re trav-eling for business, for leisureor to reconnect with family,friends and loved ones, youcan get on the bubble,” Singa-pore’s Transport Minister OngYe Kung said on Wednesdayfrom the city-state’s once-bus-tling Changi Airport. “This isas close as it gets to cross-border travel pre-Covid-19.”

BY NIHARIKA MANDHANA

Asian HubsEase CurbsOn Air Travel

A Mumbai electronics shop reopened in June after a lockdown lifted.

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WORLD NEWS

pandemic are eroding govern-ment revenue, eliminating jobsand deterring expatriates frommoving to their countries. Mak-ing Gulf nations easier places towork, and to live, shows howgovernments are trying tocushion the double blow.

“Gulf policy has been evolv-ing for many years but it isclear that the pandemic hasbeen a catalyst for the quickerimplementation of certain so-cietal reforms that may have

otherwise taken longer,” saidTarek Fadlallah, Middle Eastchief executive at Nomura As-set Management.

The new policies also high-light a competition for foreigncash and talent in theGulf. That scramble has inten-sified as Saudi Arabia has em-barked on its own social andeconomic transformation,loosening boundaries on en-tertainment and abolishing aban on women driving.

Economic output across Gulf

states will contract this yearbetween 4.5% in Qatar and 10%in Oman, outpacing a smallerglobal contraction, according tothe International MonetaryFund. Saudi Arabia, the region’sbiggest economy, looks particu-larly vulnerable. Fitch Ratingson Monday downgraded itsoutlook on Saudi Arabian debtto negative from stable, citingthe government’s weakeningfiscal balance sheets. London-based Capital Economics saidMonday that indicators such assale transactions and cashwithdrawals suggest post-lock-down momentum in Saudi Ara-bia is losing steam.

Most of the U.A.E. changesseek to legalize practices thatsquare expatriates’ Westernlifestyles with the country’sstatus as a Muslim country.Unmarried couples, for exam-ple, have lived together in theU.A.E. for years. While expatsrequire a license to buy alco-hol from a dedicated store, ho-tels serve drinks to anyoneover 21 years of age. Bars andrestaurants usually need to bein a hotel to serve booze.

The changes were laid outin Abu Dhabi’s the Nationalnewspaper and by the govern-ment’s official news agency.Lawyers said details of thelaws and how they would beenforced aren’t clear.

DUBAI—The coronaviruspandemic and low oil priceshave compelled Persian Gulfcountries to overhaul a num-ber of policies that often hewto Islamic traditions but hin-der efforts to draw foreign tal-ent and global investment.

The United Arab Emiratesthis week decriminalized co-habitation for unmarried cou-ples and said it now will allowexpatriates to apply divorceand inheritance laws fromtheir home countries, ratherthan be subject to Islamic law.It also would allow all resi-dents to consume alcoholwithout obtaining a license.

Last week, Saudi Arabia al-tered its controversial labor-contract system that bonds ex-patriate workers to theiremployer. Starting in March,some foreign workers will beallowed to transfer sponsor-ship from one company to an-other and leave the countrywithout their employer’s per-mission. Qatar in August an-nounced a similar change, as itseeks to portray itself as amodernizing economy ahead ofthe soccer World Cup in 2022.

The new policies reflect ris-ing concern among Gulf monar-chies that low oil prices and the

BY RORY JONESAND STEPHEN KALIN

Gulf Countries Relax LawsTo Draw Foreign Investment

The pandemic hasfast­tracked certainsocietal reforms toboost economies.

install a first group of so-calledIR-2M centrifuges at its under-ground enrichment site at theNatanz facility, breaching oneof the nuclear deal’s terms.

The IR-2M machines are theonly more advanced centri-fuges Tehran has successfullydeployed, and Tehran had al-ready said it was intending toplace up to three cascades ofthe machines underground.However, the machines aren’tyet being fed with uranium,the IAEA reported.

“Iran may choose to exploitthe U.S. presidential transitionperiod to augment its nuclearprograms and manufacture acrisis so that a Biden adminis-tration feels compelled to re-enter the [nuclear deal]”, saidAndrea Stricker, a researchfellow at the Washington-based think tank Foundationfor Defense of Democracies,which has campaigned againstthe nuclear deal. “The Bidencamp should…recognize itholds all the leverage of sanc-tions relief built from theTrump administration’s maxi-

mum pressure campaign andseek a better agreement.”

The IAEA report showedthe agency is still not receiv-ing adequate explanationsfrom Iran for its discovery ofuranium at a site in the out-skirts of Tehran last year. Thesite, first revealed by the Is-raelis, is believed to be whereIran stored material andequipment used in what West-ern countries believe was anuclear-weapons program inthe 1990s and early 2000s.

The agency cited a letter itsent Iranian authorities onMonday that said Iran’s expla-nations for the material were“not technically credible” andurged a “full and prompt” expla-nation by Iran for the material.

In a footnote to the report,it said the material found atthe site was similar to tracesfound on centrifuges importedinto Iran by Pakistan, as de-tailed in a report in 2008.

Under its international com-mitments, Iran is supposed todeclare and account for all nu-clear material in the country.

A bomb blast hit a WorldWar I commemoration at-tended by Western diplomatsin Saudi Arabia’s port city ofJeddah, injuring at least twopeople, the second attack intwo weeks targeting foreignmissions in the kingdom.

The improvised explosivedevice blew up at a non-Muslimcemetery where diplomats—in-cluding those from France,Greece, Italy, the U.S. and theU.K.—had gathered, accordingto a statement from the Frenchembassy in Saudi Arabia, whichorganized the event. Saudi au-thorities said a Greek consularofficial and a Saudi policemansuffered minor injuries.

There was no official wordon the perpetrator’s identityor motive, but the attack ap-peared to target French diplo-mats and military officials.The European Union called foran investigation.

The blast comes amid anescalating confrontation be-tween France and radical Is-lam. Late last month, a Saudinational was arrested for al-legedly stabbing a securityguard at the French consulatein Jeddah—on the same daythat a man in Nice killed threepeople with a knife, nearly de-capitating one of them.

That was the third such at-tack in France in just over amonth after caricatures mock-ing the Prophet Muhammadwere republished by satiricalmagazine Charlie Hebdo,which sustained a deadly as-sault on its newsroom in 2015.

The Saudi government hasdenounced the violence.

Nobody has claimed respon-sibility or been blamed yet forthe latest incident in Jeddah,but it follows an appeal for at-tacks against France from alQaeda, which organized a cam-paign of terrorist attacks inSaudi Arabia some 15 years ago.

An international book fair was held last week in the city of Sharjah in the United Arab Emirates.

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BombingIn JeddahTargetsDiplomats

Iran is continuing to buildup its stockpile of low-enricheduranium and now holds roughly12 times the amount permittedunder the 2015 nuclear agree-ment, the United NationsAtomic Agency said in a report.

The report’s findings under-score the challenge the incom-ing Biden administration facesin persuading Iran to fully re-turn to the 2015 nuclear deal:Besides the stockpile of low-enriched uranium, which whenfurther refined can be used tofuel a nuclear weapon, Iran isalso taking steps to potentiallyaccelerate its production oflow-enriched uranium and iscontinuing its nuclear research.

President-elect Joe Bidenhas said he is prepared to takethe U.S. back into the 2015 nu-clear deal provided Iran re-turns into full compliance withthat deal and agrees to futurenegotiations for longer andmore stringent constraints onits nuclear activities.

Mr. Biden, who was vicepresident when the Iran dealwas struck, has criticized theTrump administration’s deci-sion to quit the nuclear deal inMay 2018 and impose sweep-ing sanctions on Tehran. InSeptember, he said that ap-proach “recklessly tossedaway a policy that was work-ing to keep America safe andreplaced it with one that hasworsened the threat.”

Iran has said it is open tonegotiation but has placed var-ious conditions on returning tothe accord’s terms, includingcompensation for the U.S.’swithdrawal and sanctions. OnWednesday, Iran’s deputy for-eign minister, Abbas Araghchi,was quoted in Iranian statemedia saying “the way back isopen” for the U.S. to the deal.

Iran has gradually movedaway from the nuclear deal’slimits since the summer of2019 in response to the U.S.’s“maximum pressure” sanc-tions campaign.

President Trump, in justify-ing his decision to take theU.S. out of the deal, said itwould fail to stop Tehran from

eventually obtaining nuclearweapons and ignored key is-sues, like Iran’s ballistic-mis-sile capacity and its supportfor terrorism. Trump adminis-tration officials have indicatedthey could slap new sanctionson Iran in the final weeks be-fore January’s transition.

In its latest quarterly re-port, sent to member statesand seen by The Wall StreetJournal, the InternationalAtomic Energy Agency saidIran had now accumulated alow-enriched uranium stock-pile of 2,443 kilograms (5,386pounds). That compares with alimit of 203 kilograms underthe nuclear deal.

Of the total, which theagency said is enriched up to4.5% purity, around a quarterhas been produced in a way nu-clear experts say would be oflittle use for further enrichment.Nonetheless, Iran has now accu-mulated enough enriched ura-nium to produce the high-en-riched uranium needed for twonuclear weapons, according toanalysts at the Institute for Sci-

BY LAURENCE NORMAN

U.N. Says Iran Nuclear Stockpile Grows

Iran has built IR-2M centrifuges at its underground enrichment site at the Natanz facility, breaching one of the 2015 nuclear deal’s terms.

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ence and International Security.Weapons-grade material is ofaround 90% purity.

Iran denies that it is seek-ing or has ever sought to builda nuclear weapon.

The report also detailedvarious moves by Iran to in-stall more advanced centri-fuges, which can produce en-riched uranium much morequickly, at its nuclear facili-ties. That could allow Iran tostep up its enriched-uraniumproduction in coming months.

Among the more importantchanges was Iran’s decision to

Iran’s President Hassan Rouhani

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FROM PAGE ONE

3.8% stake. It has since soldsome shares, the people said.

Elliott is an odd match forMr. Son. Founded by billion-aire Paul Singer in 1977, the$41 billion fund is famous fortaking stakes in companies andengaging in pitched battleswith management. Chief exec-utives who go head-to-headwith Elliott frequently lose. Itis known for its disciplined fo-cus on not losing money—thefounder has described that asthe firm’s No. 1 rule.

In 2008, when hedge fundson average lost 19%, Elliottlost 3%. It was up 8.7% thisyear through September.

Mr. Son has become theworld’s biggest technology in-vestor by relying on his gut.He has directed SoftBank intodozens of companies oftenbased, he has said, on instinctand a vision of how technol-ogy will change the future. Heexpects to lose money onsome investments. Like mostventure capitalists, his hope isthat a handful will eventuallybe hits. He has said he investswith the aim to make SoftBanklast 300 years.

Chaotic cultureSoftBank is known for its

chaotic culture, reflecting itsfounder’s personality. Mr. Sonoften calls hourslong discus-sion sessions over strategy orinvestments, company veter-ans say, and sometimes pushesthrough investments despiteskepticism from banks, his ex-ecutives or his own board. Hehas said he can quickly sensewhether he wants to invest inan entrepreneur, famously say-ing he decided to offer fundingto Alibaba Group Holding Ltd.co-founder Jack Ma because ofthe twinkle in his eyes.

Over the nearly 40 yearssince founding SoftBank, Mr.Son has steered it through abewildering number of busi-nesses, from software distri-bution to mobile phones tosatellites and solar arrays.During the dot-com boom andbust, he gained and lost thestatus of world’s richest manand made one of the world’sgreat venture-capital bets, a$100 million Alibaba invest-ment that is still valued atmore than $170 billion evenafter selling portions of it.

He hasn’t replicated thatsuccess with his most recentventure, the $100 billion Vi-sion Fund. It logged an invest-ment loss of $17 billion in theyear ended March 31, and ef-forts to find investors for a se-quel fund flopped. Those twofunds posted a $13 billion in-vestment gain for the sixmonths through September,SoftBank said Monday.

SoftBank said its “culture isone where importance isplaced on maintaining momen-tum to always stay ahead ofthe times. It is not ‘chaotic.’ ”

Elliott had traded modestlyin SoftBank stock for morethan a decade, but never feltcomfortable making a big ac-tivist bet, said people familiarwith its strategy. They wereworried Mr. Son, who holdsnearly 30% of the company,wouldn’t agree to take stepsElliott could normally demandof its targets, such as selling

SoftBank’s shares had fallen40% in just over a week, andits market capitalization hadtumbled to around a quarterof the value of its assets. Mr.Son was personally affectedwhen SoftBank’s falling shareprice depressed the value ofshares he had pledged as col-lateral for loans, forcing himto pledge nearly three-quar-ters of his holdings at onepoint. Mr. Son has since saidthe situation has improvedquite a bit. SoftBank said theboard, not Mr. Son, made itsdecision to sell assets and buyback shares and that “Mr.Son’s personal circumstanceshad nothing to do with suchdecision.”

On Saturday, March 21,SoftBank called a multi-hourmeeting with large sharehold-ers, including Elliott’s Mr.Singer to pitch the idea of tak-ing SoftBank private. Mr. Sonhad floated the idea off and onthrough the years, and someportfolio managers and ana-lysts at Elliott were interested.But the other shareholderswere ultimately not on boardwith the proposal.

On Monday, March 23, Soft-Bank announced a plan to sell$41 billion in assets and usethe money to buy back an ad-ditional $18 billion in shares—more than Elliott had askedfor when including the previ-ously announced buyback. Themove surprised even the big-gest supporters of the Soft-Bank bet within Elliott.

TransformationWithin months, SoftBank

had signed deals to sell mostof what it had pledged to inMarch, agreeing to part withchunks of prized holdings suchas Alibaba, U.S. carrier T-Mo-bile US Inc., and the com-pany’s Japanese mobile-phoneunit. SoftBank’s share pricesoared.

Mr. Son kept selling, sur-prising Elliott and other inves-tors. SoftBank agreed to sellArm to Nvidia Corp. for asmuch as $40 billion. SoftBanksold an additional 22% pieceof its Japanese mobile-phoneunit for $11.6 billion and a U.S.wireless-services provider ithad bought several years back.

Top brass from SoftBankand Elliott now connect multi-ple times a month to discussSoftBank’s next steps. Soft-Bank executives have told El-liott and other shareholdersthat taking the company pri-vate is possible but not cur-rently on the table, said peo-ple familiar with the matter.

SoftBank is also working ondeveloping a “blank-check”company to raise money in apublic offering, then find anacquisition target.

One recent development atSoftBank that worries some inElliott is a new asset-manage-ment arm Mr. Son announcedin mid-August as cash piledup, to which he will contributehimself. He now personally di-rects a team of traders using$20 billion of the cash pile tobet on daily moves in technames including Alphabet Inc.,Amazon.com Inc. and NetflixInc., said people familiar withhis trading.

On an investor call, Mr. Sonexplained he was putting hisown money in the new venturebecause he wasn’t a “bonusand salary guy” and felt theneed to take risk and makemoney if his bets worked out.A person familiar with the in-vesting arm said Mr. Son hasfor now set aside his 300-yearfocus to concentrate on direct-ing his daily trades.

Some of SoftBank’s otherinstitutional shareholders saidthey were confused by theflurry of trading and won-dered if Mr. Son was readyinganother multibillion-dollar in-vestment.

Mr. Son’s traders boughtoptions that at one point weretied to around $50 billion ofindividual tech stocks, a mas-sive bet on Silicon Valley thatcaused SoftBank’s stock priceto drop 7% after the trade be-came public in early Septem-ber. SoftBank lost nearly $3billion on some of those op-tions trades as well asother derivatives transactions,it said Monday.

Elliott bought offsetting op-tions to hedge against Soft-Bank’s options trade when itfound out about them, pro-tecting them from the trade’sfallout.

Some within Elliott worryMr. Son might make a sur-prise, large investment. Recentcalls between the companies, aperson familiar with the callssaid, have included Elliott’sstressing the need for Soft-Bank to employ discipline.—Julie Steinberg contributed

to this article.

hedge-fund firm Elliott Man-agement Corp., said people fa-miliar with the discussions. El-liott since last fall has built aSoftBank stake that likelymakes it the company’s No. 2shareholder after Mr. Son,they said.

Among Elliott executivescounseling the Japanese firmwas Gordon Singer, thefounder’s 46-year-old son andhead of Elliott’s London office.Mr. Singer and his teampressed Mr. Son to improvecorporate governance and buyback shares.

In the end, SoftBank boughtback more stock than Elliotthad pressed for—surprisingexecutives at the hedge fund—and sold enough assets toleave the company as much as$60 billion in available cash,said a person with knowledgeof SoftBank’s finances.

SoftBank shares closed at6,581 yen on Wednesday, up144% from their March 19 na-dir.

Nagging questionNow there is a nagging

question within Elliott: MightMr. Son go back to his oldways?

Some inside the hedge-fundfirm are wary Mr. Son couldspend the cash on risky invest-ments, as he has done before,said people familiar with El-liott. He has often paid a ma-jor premium that has baffledthe investment and techworlds, including a large in-vestment in office-share firmWeWork that he later called“really bad” judgment and an-other on a dog-walkingstartup.

Those worries have beenfanned recently by Mr. Son’ssurprise move to become es-sentially a day-trader, person-ally directing a team of trad-ers using some of the cash pileto bet on daily moves in techstocks.

Elliott executives are con-cerned enough about Mr. Son’snew activity that they havehedged against some of histrades by buying put optionson an index of tech stocks, saidthe people familiar with Elliott.SoftBank is keeping all optionsopen for spending the cash,Mr. Son said at an earningspress conference on Monday.

The year 2020 has furthercemented Mr. Son’s reputationas one of the world’s most un-predictable entrepreneurs, onewhose every move is scruti-nized, given how his cashsways industries and markets.

That Elliott, one of theworld’s most tenacious activistinvestors, is wary SoftBankcould head in an unanticipateddirection is testament to Mr.Son’s record. He is known forstrokes of investing genius, forhuge flops and for running hisown show, sometimes arguingagainst his own board and ad-visers.

In a written statement, Soft-Bank said that while its “visionhasn’t changed, our businessmodel is always evolving,”adding that it is focused onpursuing an artificial-intelli-gence revolution and “creatingvalue for shareholders—and noone is more determined to de-liver than Mr. Son.”

SoftBank’s strategy shiftand its asset sales were basedsolely on its own judgment,the company said. Investmentdecisions at SoftBank or theVision Fund are made by theirboards or investment commit-tees, not by Mr. Son on hisown, it said, declining to makeMr. Son available for an inter-view. Elliott declined to makeMr. Singer available for an in-terview.

Odd matchElliott’s deepening foray

into SoftBank harks back tolast year, according to peoplewith firsthand knowledge ofthe companies, investors inthe firms, and traders andbankers who work with them.

SoftBank is Elliott’s largest-ever bet on a single stock, saidpeople familiar with the in-vestment. Since it beganbuilding its stake last fall, El-liott’s SoftBank position hasgrown in recent months to atleast $5 billion, much of it viaso-called swaps that let Elliottavoid disclosing the full extentof its SoftBank position, theysaid. At today’s prices, thatwould be the equivalent of a

ContinuedfromPageOne

SoftBankPulls FromThe Brink

adding women to its all-maleboard and implementing morechecks and balances for Mr.Son, measures SoftBank hassince implemented. Elliott alsosuggested SoftBank commit tobuying back $10 billion to $20billion of stock—up to a quar-ter of shares outstanding atthe time.

Mr. Son didn’t commit toElliott’s suggestions, appear-ing to signal he favored amore gradualist approach, in-cluding buying back less stock.Elliott decided to take a wait-and-see approach.

Market panicThen in March, the market

panic over Covid-19 and tight-ening social restrictions pum-meled his empire. While someof the Vision Fund’s compa-nies benefited—including e-commerce and medical firms—many of its biggestinvestments were in busi-nesses getting hammered, in-cluding WeWork, Uber Tech-nologies Inc., Didi ChuxingTechnology Co. and Oyo Hotels& Homes. SoftBank’s shareprice fell 25% during the firsttwo weeks of March.

On March 13, SoftBank an-nounced it would buy back asmuch as 7% of its shares,roughly $4.8 billion at thetime, an amount similar toprevious buybacks.

The team inside Elliott wassurprised and frustrated bythe buyback’s size, which theydeemed lacking the urgencyneeded. The frequency ofphone conversations betweenthe firms increased—some-times involving Mr. Son andMr. Singer—until they werespeaking daily.

On the calls, SoftBank exec-utives at first said the largerbuyback Elliott had requestedwasn’t necessary. Elliott exec-utives kept pressing as Soft-Bank’s stock price fell morethan the broader market in thedays following the announce-ment.

The price brokers werecharging to insure against aSoftBank default—known as acredit-default swap—was spik-ing, and credit-rater Standard& Poor’s had downgraded thecompany’s outlook on March17.

By Thursday, March 19,

assets or making substantialshare buybacks.

Last year, the idea of takinga larger SoftBank stake at-tracted Elliott’s Mr. Singer, thefounder’s son, who saw it wastrading far below the value ofassets it was holding. Hethought aggressive share buy-backs could help close thatgap, and figured the WeWorkdebacle—it scrapped its initialpublic offering plan, pushedout its founder and was bailedout by SoftBank—might havehumbled Mr. Son enough to bewilling to hear them out.

SoftBank’s stock has longtraded for less than the sum ofits parts because investors arewary about Mr. Son’s unortho-dox investment style. In addi-tion to its stake in Alibaba andthe Vision Fund, last yearSoftBank owned controllinginterests in U.S. telecom oper-ator Sprint, a Japanese mobileoperator and Arm Holdings, amicrochip design company. Atyear’s end, SoftBank shareswere trading at less than 50%of the value of its assets.

Elliott took a small positionin SoftBank in the fall and be-gan adding to it. By February2020, Elliott had amassed amore than $2.5 billion stake inSoftBank, equivalent at thetime to about 3% of SoftBank’s

market value.Instead of launching a pub-

lic campaign and surprisingSoftBank with its demands, asElliott has done with pastlarge targets, the firm decidedon a softer approach. Theyworried about angering Mr.Son, over whom they had littleleverage, given his No. 1 stake.The best bet, they decided,was to make an appeal basedon logic and the math behind

the stock’s poor performance.To their surprise, Mr. Son

was receptive. When he metMr. Singer and his team inJanuary in Tokyo, he agreedSoftBank’s stock was underval-ued and openly wondered whyhe wasn’t as revered as leg-endary value investor WarrenBuffett, said one person in at-tendance.

Mr. Singer told him oneway to help boost the stockprice was to improve corpo-rate governance, including

Source: the companyNote: Vision Fund is SoftBank share only; values exclude assets already earmarked for financing.

Dec.2019

March2020

June2020

Sept.2020

0

10

20

¥30 trillion

DeepDiscountSoftBankGroup tradeswell below the value of its equity holdings.

Listed stocksOther

T-MobileArm

SoftBank Corp.Vision Fund 1 & 2

Alibaba

Value of holdings

Market cap

SoftBank Group

Mr. Son and hissenior team helddaily calls withexecutives at Elliott.

Money spentCash fromasset-sale deals

Debt redemption and cash9.8

Share buybacks12.5

Remainder44.8 Repayment

of loans12.3

Sharebuybacks11.2

Bond buybacks 1.6

Alibaba$15.4 billion

Arm40.0*

SoftBank Corp14.4

T-Mobile22.4

Excess CashSoftBank has been selling off assets and piling up cash, a lot of which isn't yet earmarked for use.

Pledged spending Money used

Source: WSJ review of company documents and reports*Deal not expected to close until 2022; $40 billion is maximum amount. Some deals are not expected to close for years.

SoftBank founder Masayoshi Son said he had ‘peered over the cliff edge’ of financial ruin. Now he’s sitting on a cash pile.

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The Milk Pail farm on LongIsland ended its public apple-picking season several weeksearly this fall, after co-ownerJennifer Halsey Dupree saidan influx of people to theHamptons during the pan-demic resulted in one of thebusiest years she has seen.

“It’s great, but it’s weird,”said Ms. Halsey Dupree,whose family has been farm-ing on the south fork sincethe 1640s. “I’m really tired.”

The summer season lastedlonger than usual in theHamptons this year, as NewYork City residents relocatingor riding out the pandemic intheir second homes keptbeach towns busy into No-vember.

Business owners said “tum-bleweed Tuesday,” which typi-cally follows Labor Day andmarks the beginning of theoff season, never material-ized.

At clothing and gift bou-tique Mustique at HamptonHouse in Westhampton Beach,manager Leslie Kennedy said,“There was no tumbleweedanything. People are staying;people are shopping. Peopleare just dying to get out oftheir houses.”

Sales are up, with Long Is-land businesses that useSquare Inc.’s payment-pro-cessing services reporting anearly 11% increase in medianrevenue between Sept. 7 andOct. 31 compared with thesame period last year, thecompany said. Nearly all LongIsland businesses that wereusing Square on March 1 werestill active at the end of lastmonth, according to the com-pany.

Long Island, like other NewYork City suburbs, is absorb-ing an influx of new residentsdue to the pandemic.

In the Hamptons, schoolsare reporting increasing en-rollment, and single-familyhome sales were up 51% lastquarter compared with a yearago, according to a DouglasElliman report prepared byMiller Samuel Real Estate Ap-praisers & Consultants.

Business owners said thenewcomers, along with cityresidents staying longer intheir second homes, contrib-uted to the busier fall season.But longtime, permanent resi-dents also boosted local foottraffic, with few traveling out-side the area—including toNew York City—for work orentertainment.

“There’s no shows, no con-certs, no sports,” said Eric Al-exander, director of the non-profit downtown planninggroup, Vision Long Island.“We’re staying here. If we’restaying in our homes, we’re atour wits end. We’re gettingout.”

Mild weather in Septemberand October also helped at atime when people were en-couraged to dine and socializeoutdoors. Many municipalitiesclosed downtown streets totraffic to give restaurantsmore room for outdoor tablesand chairs.

Richard Vandenburgh, who

On Veterans Day, Honoring Those Who Served

TRIBUTES: Wreaths were laid Wednesday at Madison Square Park’s Eternal Light Flagstaff. The annual Veterans Day parade inManhattan was canceled due to the coronavirus pandemic, but a caravan of vehicles rolled down Fifth Avenue to mark the occasion.

Staten Island has become themain target of New York City’sCovid-19 control efforts as someof the borough’s neighborhoodshave turned into hot spots inrecent weeks and health offi-cials scramble to stave off asecond wave of the coronavirus.

Those efforts include open-ing more testing sites this weekand sending out dozens of vol-unteers to hand out free per-sonal protective equipment andraise awareness of the virus.

Colleen Behan, 47 years old,took her mother, ElizabethTrizzino, to the Greenbelt Rec-reational Center on Tuesday toget a Covid-19 test, after her fa-ther’s health aide called in sick.Ms. Behan, who lives in Elt-ingville, said she has been testedseveral times. Some of those in-stances were after brushes withsick children at her job as a spe-cial-education teacher inGravesend, Brooklyn, wherecases have also been high com-pared with the rest of the city.

“It’s like a roller coaster.Every week there’s a potentialexposure I feel like,” said Ms.Behan, who has started work-ing remotely. “And because my80-year-old parents live in myhouse, that’s my bigger fear.”

Karen Jackson, director ofcommunity initiatives with Proj-ect Hospitality, a community-based organization on Staten Is-land, estimates that the groupspeaks to about 2,000 peopleevery week about Covid-19.

Some volunteers stationedoutside a grocery store at theForest Plaza business centeron Tuesday said people alongStaten Island’s South Shorehave been resistant to wearingmasks. “There are placeswhere people just don’t wantto wear a mask, and there areplaces where people want asmany masks as possible,” saidRichard Otu, a member ofProject Hospitality’s outreachteam who helped hand outfree face masks and fliers.

Mayor Bill de Blasio saidMonday that the city wouldfocus more resources onStaten Island, while cautioningthat the city was on the cusp

of a second wave.Cases are rising the fastest

in the southern Staten Islandneighborhood of Tottenville,where the seven-day averagepositivity rate is 6.57%. Healthofficials have attributed theincrease to mask fatigue,travel and indoor gatherings.

Rahel Haile, site manager ata pop-up testing site for thisweek in Conference HousePark in Tottenville, said peoplehave been proactive about get-ting tests, and some reportedhourslong waits at urgent-careclinics around the borough.

Andy Cintron decided to geta Covid-19 test after noticingthe testing site, located twoblocks from his home. He saidthat while he takes added pre-cautions when visiting his 84-year-old mother, he was skep-tical of the severity of therecent rise in cases.

“I think the media is blow-ing it up to be a lot more thanwhat it actually is,” Mr. Cin-tron, 54, said. “The secondwave, I don’t know if it’s fear

mongering or what, but I thinkmost people are over it, in-cluding myself. I think every-one wants to start living lifeagain and stop being scared.”

Mr. Cintron, who is a finan-cial planner, said that his busi-ness has taken a hit during thepandemic, and he at times hasresorted to meeting with cli-ents out on their front porchesor in driveways. His wife, whois a makeup artist, has beenfurloughed since March.

“When you take such a hitfinancially, for months andmonths and months, it’s hardto recover,” he said.

New York City CouncilmanJoseph Borelli, a Staten IslandRepublican, said an increase intesting should help bring posi-tivity rates down. “The numbersshouldn’t alarm people, but weneed to get tested,” he said.

Peter Como, owner of theItalian restaurant Mangia inTottenville, said he opened hisrestaurant six months beforethe pandemic hit. He said hehas been able to get by on

takeout orders. He said whilerising cases likely will meanfewer customers, the pan-demic doesn’t seem as severeas it was earlier this year.

“If you follow the rules ev-erything will be fine, but thereare a lot of people not follow-ing the rules,” Mr. Como said.

Mikey Russo, who runsMikey’s Bagels nearby, said hehas adjusted to the pandemicby offering more delivery andcatering, and closing his storeat 3 p.m. every day, though hesaid he is doubtful that busi-nesses would shut down again.

“I’m hearing the mayorwants to do a lockdown,” hesaid. “No one’s going to listento it anyway. People are justtired of it.”

Mr. Russo said he con-tracted Covid-19 in March andwas sick for 43 days. However,he said fear of the virus likelyexacerbated its effects on him.The recent rise in case counts,he believes, are all false posi-tives. “I think it’s all crap, butwho am I?” he added.

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they travel.Melissa Fleischut, president

of the New York State Restau-rant Association, an industrygroup, said the new regula-tions are a huge blow.

“Our members have put inplace procedures and proto-cols to mitigate the spread,and we’ll continue to do so toensure the safety of our em-ployees and patrons. We un-

New York will set a 10 p.m.curfew for most bars and res-taurants and will limit gather-ings at private residences to10 people, Gov. Andrew Cuomosaid Wednesday, as the num-ber of Covid-19 cases and hos-pitalizations continued to risearound the state.

The Democratic governoralso said gyms must close by10 p.m. The new restrictionstake effect on Friday, andcome two weeks beforeThanksgiving, possibly throw-ing a wrench in some families’plans. Mr. Cuomo said privategatherings, bars, restaurants

BY JIMMY VIELKINDAND KATIE HONAN

GREATER NEW YORK

and gyms have been a sourceof increase for the virus,which killed 21 New Yorkerson Tuesday.

“If these measures are notsufficient to slow the spread,we will reduce—we will turnthe valve more, and part of thatwould be reducing the numberof people in indoor dining,” thegovernor said during a confer-ence call. “If that doesn’t work,if these numbers keep goingcrazy—you have some scien-tists who believe we’ll go backto a closedown. I’m prayingthat doesn’t happen.”

The new restrictions willapply to both indoor and out-door gatherings. Officials in-cluding Mr. Cuomo havewarned against traveling forThanksgiving. New York re-quires people coming fromother states to either quaran-tine themselves for 14 daysupon arrival, or obtain corona-virus tests before and after

derstand the logic behind mi-cro-cluster restrictions, but atthis time we have concernsabout blanket statewide re-strictions like this,” she said.

In the entire state, officialsidentified another 4,820 coro-navirus infections—represent-ing 2.93% of the tests pro-cessed on Tuesday, stateofficials said.

The number of Covid-19 pa-tients in hospitals around thestate rose to 1,628, a level lastseen on June 13.

Mayor Bill de Blasio said ina Twitter post on Wednesdaythat the share of New YorkCity residents who tested pos-itive for Covid-19 during thepast week reached 2.52%, ac-cording to the most recentdata from Monday. A day ear-lier, city officials said theseven-day average positivityrate was 2.31%, the highestpercentage since June, accord-ing to city data.

If the seven-day averagepositivity rate reaches 3%, thecity could face further restric-tions, including schools clos-ing, officials have previouslywarned.

Mr. de Blasio, a Democrat,stopped short of calling theuptick a second wave of thevirus. “This is our LASTchance to stop a secondwave,” he said in his tweet.“We can do it, but we have toact NOW.”

The city has done targetedoutreach in certain parts ofthe city that have seen upticksstarting this summer. Themost recent outreach has beenfocused on Staten Island,where the 10307 and 10308ZIP Codes have a seven-dayaverage positivity rate ofabout 5%. Each of the five bor-oughs in New York City has atleast two ZIP Codes with dailypositivity rates above 3%, ac-cording to city data.

Curfew Set for Bars, Restaurants, GymsGov. Cuomo alsoorders a 10-personlimit at gatherings inprivate residences

BY STEPHANIE YANG

Staten Island Hot Spots Are Targeted

An outreach worker hands out Covid-19 information and free masks at a grocery store on Staten Island.

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On Long Island,Pandemic BoostsSome Businesses

co-founded Greenport HarborBrewing Co. on the NorthFork of Long Island, said heusually closes his Greenportlocation on weekdays afterColumbus Day. This year, he isplanning to stay open sevendays a week through at leastthe end of November.

“Normally, we’d be a lotquieter, probably at least athird quieter than we arenow,” Mr. Vandenburgh said.“I think the potential is stillthere for more commerce tobe had because I do thinkthere are a tremendousamount of people who are outhere now.”

Business owners said thatthe robust fall season, whilehelpful, at best lessened thelosses they endured in thespring when Gov. AndrewCuomo restricted indoor din-ing and shopping to preventthe spread of coronavirus.

Noah Schwartz, the ownerand chef of Noah’s Restaurantin Greenport, said he is busierthan usual for this time ofyear, but revenue is still down

about 20% compared withnormal because of the state’s50% capacity restriction onindoor dining on Long Island.

Noah’s Restaurant servedabout 300 people on a typical,in-season Saturday night be-fore the pandemic.

Now, even with additionaloutdoor tables, they can onlyserve about half that numberand comply with social-dis-tancing rules, Mr. Schwartzsaid.

Some Long Island busi-nesses weren’t able to benefitfrom the busier fall season.

Keith Wedderburn, generalmanager of the waterfrontevent venue Harbor Club atPrime in Huntington, said rev-enue is down 90% this yearafter the pandemic forcedmost brides to cancel or post-pone their weddings.

“It’s been devastating, it’sbeyond terrible,” he said.

Harbor Club pivoted tosmaller events, including “mi-cro-weddings” for a maximumof 30 people. These celebra-tions helped the venue keepits staff working, but didn’tmake up much ground from abusiness standpoint, Mr. Wed-derburn said.

Restaurant owners saidthey are bracing for a toughwinter, when falling tempera-tures are expected to dampenoutdoor dining, and all busi-ness owners said they areconcerned that rising corona-virus cases will force thestate to shut down nonessen-tial businesses again.

“The good news is at leastfor these moments, for thesemonths, there’s activity forthese businesses,” said Mr.Alexander of Vision Long Is-land. “But what happens inJanuary and February?”

BY KATE KING

‘People are staying;people are shopping,’says oneHamptonsboutiquemanager.

Gold’s Gym Islip will be among the businesses that will be forced toclose by 10 p.m. starting on Friday due to a rise on Covid-19 cases.

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GREATERNEW YORKWATCH

NEW JERSEY

Attorney GeneralQuarantines at Home

The attorney general of NewJersey is quarantining at homeafter a staff member testedpositive for the coronavirus, aspokesman said Wednesday.

Attorney General Gurbir Gre-wal immediately took a rapidtest that came back positive,but a different follow-up test re-turned a negative result, saidCommunications Director StevenBarnes.

Mr. Grewal, who has nosymptoms, is following federaland state health guidance andquarantining at home while offi-cials notify everyone who mayhave come into contact with himduring the potential infectionwindow, Mr. Barnes said.

In a tweet Wednesday, Gov.Phil Murphy said that he waskeeping Mr. Grewal in hisprayers. A Murphy spokespersonsaid the governor hadn’t been incontact with Mr. Grewal.

The attorney general will con-tinue to perform his duties virtu-ally while quarantined, Mr.Barnes said.

—Associated Press

BROOKLYN

Officer ShootsCarjacker, Police Say

An off-duty New York Citypolice officer shot and woundedan armed man who was appar-ently trying to carjack the offi-cer’s vehicle early Wednesday,police said.

The officer fired after theman had shot at him and barelymissed him, said Chief of Detec-tives Rodney Harrison.

The confrontation happenedjust after 2 a.m. in Brooklyn’sCanarsie neighborhood.

The would-be carjacker washospitalized in serious condition,police said. Charges against himwere pending. Chief Harrisonsaid there was no indication thatthe man was intentionally tar-geting a police officer. Two gunsand a knife were recovered atthe scene, he said.

—Associated Press

The Alhambra Ballroom inHarlem, one of the few his-toric Black music venues inNew York still in its originalshape, sat vacant for decades,then experienced a revival asan events venue in 2003. Thecoronavirus pandemic put anend to the parties, leaving theballroom’s operator in bank-ruptcy and the jaw-droppingspace empty again.

The ballroom—opened inthe late 1920s at the top of a1905 building also known asthe Alhambra—played a cru-cial part in the New York jazzscene of the 1930s and ’40s,hosting legends such as BillieHoliday, Duke Ellington andBessie Smith.

Its fate highlights the riseand fall of Harlem’s grandballrooms. Some, such as theSavoy, have been demolished.Others were transformed: TheAudubon, where Malcolm Xwas assassinated in 1965, nowserves as a memorial and edu-cation center, while the Re-naissance was demolished andturned into condos.

“The days of the ballroomssadly are over,” said GordonPolatnick, owner of tour com-pany Big Apple Jazz, which of-fers trips to jazz clubs andevents in Harlem and Green-wich Village.

The Alhambra, at the cornerof West 126th Street and AdamClayton Powell Jr. Boulevard,once was a vaudeville theaterwith more than 1,600 seats,then a movie theater. The ball-room opened in the seven-story building’s top two floors;like many other grand spacesin Harlem, it declined and fellinto disrepair in the 1960s.

Celedonia “Cal” Jones, 90years old, remembers a trip hemade as an 8-year-old to theAlhambra in the late 1930s,when it was a movie theater; heand his oldest sister, Elizabeth,found a change purse with afew dollars in it and purchasedtickets to a Western. Mr. Joneswas in awe of the intricate ar-chitecture, grandiose stage, bal-conies and theater boxes.

“We were poor,” said Mr.

Jones, the Manhattan boroughhistorian emeritus. “We didn’tgo to the movies that often.”

Mr. Jones said his mother, aBlack woman, told him aboutseeing a vaudeville show atthe Alhambra around the1910s and having to go inthrough a side entrance andup to a segregated area in thebalcony, while the rest of thetheater was reserved for whitepeople. Segregation was com-mon at Harlem theaters at thetime, even though the areawas eventually transformedfrom a mostly white neighbor-hood to a Black cultural centerafter World War I.

After the ballroom spaceopened, the Alhambra becamean important venue for Blackperformers.

“The Alhambra was very vi-tal to Billie Holiday’s careerearly on,” said saxophonistand pianist Loren Schoenberg,founding director and seniorscholar of the National JazzMuseum in Harlem. “She madethe progression from a small

sought chapter 7 protection inAugust in U.S. BankruptcyCourt in White Plains, N.Y.

“The Alhambra Ballroom ex-perienced a drastic decrease inrevenues in 2020” due to thepandemic, said Michael A. Ko-plen of Koplen Law Firm inNew City, N.Y., which representsthe ballroom’s management. Hisclients declined to comment.

The ballroom operator hadgrossed $900,000 annually in2018 and 2019, but only$10,000 this year, according tothe case’s chapter 7 trustee,Mark S. Tulis.

In court papers, the companylisted total debt of $485,000. Itslargest creditor was its land-lord, Jem Realty ManagementInc., with $320,000 owed inback rent for this year. Jem ac-quired the building in 2014 for$21.5 million.

“We are losing somethinggood in Harlem,” said Susan“Bunny” Southwell-Dais, thefounder of Harlem Honors,who organized four awardsshows in the ballroom to rec-

ognize the neighborhood’smost influential people. “TheAlhambra will be missed.”

Despite its history, the Al-hambra ballroom isn’t in alandmarked building, aspokeswoman for the NewYork City Landmarks Preserva-tion Commission said.

A representative for Jemsaid the ballroom is availablefor lease. The landlord hasconverted the second throughfifth floors into office spacewhile retaining the ballroomspace, the representative said.

“They were these grandstructures and that’s why it isimportant that these places arelandmarked—to have a realsense of history of what camebefore,” said Keith Wright, whopreviously represented Harlemin the New York State Assem-bly and now works at law andlobbying firm Davidoff Hutcher& Citron LLP. “It is importantthat there are not just somecondominiums put there, ratherthat there has to be some kindof historic preservation.”

BY AISHA AL-MUSLIM

A Harlem Ballroom Is Empty Again

The Alhambra building in Harlem housed a vaudeville theater, then a movie theater, and then a grand ballroom on the top two floors.

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little night spot to a kind of in-termediate-sized place like theAlhambra, and then eventuallyshe wound up at the Apollo.”

The public danced to thetunes of Cab Calloway, DukeEllington and Count Basiewhile they played at the Al-hambra. It remained a leadingperformance space for African-

Americans into the mid-1940s.After sitting empty for de-

cades, the ballroom was re-opened in 2003 as a venue forweddings, receptions andother events under the busi-ness name Alhambra BallroomInc. But the revival was cutshort when the business own-ers, a mother and daughter,

The Alhambraplayed a crucial partin the jazz scene ofthe 1930s and ’40s.

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PERSONAL JOURNAL.TRAVEL & ENTERTAINMENT

lief. At the moment, everything’sjust pure speculation. Given theopportunity, we’ll be back.

The halting of big concerts raisesa question: Do you think an oldergeneration of rock acts could juststop touring?Yeah, it’s a viable question. It de-pends on how long this drags on.If there’s relief next year or even2022, I’d say probably most ofthose people, including us, wouldpick up where we left off. But ifyou can’t pull crowds togethersoon, in another 18 months ortwo years, it’s quite possibleeverybody would throw in thetowel.

Do the Stones plan to tellfans when it’s going to be theirlast tour?We tell them every time that it’sthe last tour! [laughs]

The Stones have been making anew album for several years.What’s the status?That’s on hold as well. Mick and Ifling a few ideas across the Atlantic,occasionally. Apart from that, I didget one session in with [producer]Don Was to do some overdubs aboutthree weeks ago. It was a daring ad-venture, going into the city. Butwe’re stuck halfway through. We’vegot maybe five, six tracks. One ofwhich was “Living in a Ghost Town”[which was released in April]. Weput that out immediately because itwas so appropriate—because of theimages coming off of the TV inMarch. I was listening to it, saying,this is the soundtrack to this thing—we’ve got to put it out now. Other-wise, we would’ve kept it for later.

Any more songs you can tellme about?I can’t give you any previews be-

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cause the songs are in variousstates of composition—or decom-position, depending on the case!

Let’s talk about your 1988 tourwith the Winos. What do you re-member?Well, I’d never been a frontman be-fore. I mean, I do my one or twosongs live, within the context of theStones. But it was the other guys inthe Winos, and “Talk Is Cheap,” thatgave me the feeling that, yes, I’dlike to tour. At first, we were justgoing to make a record. By the timewe were finishing, we had the feel-ing we were an actual band. Thisband was made to play live. I’ve en-joyed myself so much. Although Imust say, I did learn an awful lotabout Mick’s job—being the front-man. That’s a nonstop task.

I’m guessing it was a change tosing for a whole show instead ofjust a couple songs a night.We took quite a while rehearsing,just to get roadworthy, in that re-spect. During rehearsals, I gotover the main hump of my voicegoing away and disappearing—though I did lose my voice laterat one show in Las Vegas [in1993]. It’s amazing, the humanvoice. It’s like a muscle, it getsstronger with use.

A highlight of “Liveat the Hollywood Pal-ladium” is the two-guitar interplay be-tween you andWaddy Wachtel. His-torically, why haven’tmore rock bands hadtwo guitarists, apartfrom the additionalcosts?One of the answerswould be too muchego. Guitar playersare famous for it. Alot of them, espe-cially rock guitarplayers, think veryselfishly. One guitarby itself, I can listento for, like, I don’t

know, depending on the virtuosity,five or six minutes. But the com-plexity of adding one more guitarhas always fascinated me. Even, attimes, three. But that has to be aspecial occasion [laughs]. LittleWalter and his Jukes [the bluesmusicians]—they showed me thepossibilities of two guitars.

Your last solo album, 2015’s“Crosseyed Heart,” was warmlyreceived. Do you want to makeanother?Yeah, I do. At the moment, ofcourse, I also would love to make aRolling Stones album [laughs]. Butyeah, I look back at the Winosfondly, as a great experience, as awidening experience. Because Ihad only ever worked with theRolling Stones, you know? TheWinos are a real feather in my cap.If it were my résumé, I’d put it atthe top of the list.

Left: Keith Richards in New York inMarch 2015. Below: Mr. Richardswith the X-Pensive Winos in 1988.

BY NEIL SHAH

albums began selling world-wide.To push us over the edge, Atlanticbrought in a producer who wantedus to cover Brit-pop stuff.

After a few weeks in Miami withnothing to show for it, Malcolm—my brother and the band’s co-founder—and I were frustrated. Hesaid the two of us should spend Sat-urday in the empty rehearsal space.

The next day, we went in. I hadan idea and played it on my Gib-son SG guitar for Mal.

It was a two-chord intro: “Dah-dah-dah, dah-dah-dah.” Mal got onthe drums and laid down a basicbeat. I hummed to give him direc-tion based on what I felt in my head.

Then I came up with somethingon guitar for the chorus. Mal likedit and asked if I had lyrics that Icould sing over that hook piece. Itold him to give me five minutes.

I went into the john and thoughtabout it. I was singing away inthere and got out my little note-book where I wrote things down.Looking through the pages, I saw aline I had written when we weretouring in the States months ear-lier: “Highway to Hell.”

Back when I was a kid in Austra-lia, my big thing was midnight drive-in theaters. At that hour, you wereguaranteed films with Bela Lugosi orVincent Price. The line sounded likeone of those B-movie titles.

But the title wasn’t a knock onAmerica’s highways or long drivesbetween concert venues. We wereyoung and healthy and having fun.

Rather, the line was about thedestination. In those days, we wenteverywhere, including places I don’tthink U.S. bands went. When we gotthere, our job was to raise hell.

I returned to the rehearsal

horse. We worked really hard on theroad to get the crowd up. There wasa gig in the States where the crowdwas flat. Bon said in that raspyvoice, “What do you want, blood?”

Mr. Young: Starting out in Austra-lia in ’73, we were a hard-rockingbar band. We weren’t going tochange. We didn’t want our musicto go above people’s heads. As mybrother used to say, “We get ’embefore Pink Floyd gets ’em.”

In January ’79, we flew to Lon-don to record at RoundhouseStudios.

Mr. Rudd: Listening to Angus andMal’s rehearsal tape gave me asense of what was needed. I juststepped into the beat and whompedaway. Our sound is about the feeland how we accent songs.

Mutt was a maniac, leapingaround and doing splits to the mu-sic. That energized us. He alsoshowed Malcolm and Angus a lotof respect, which helped. They canbe prickly. They didn’t like beingtold what to do.

Mr. Young: When we toured the al-bum, concert crowds grew, andthey connected with the schooluniform I wore on stage.

That was my older sister Marga-ret’s idea back in Australia, as anovelty to stand out. Tearingaround on stage like I do alsostarted there. In the bars we played,me in my school suit, I didn’t wantto get dinged by a heckler’s missile.

I’ve always been a daydreamer.I really do go into a trance whenI’m playing on stage. By putting onthe school uniform, I slip intocharacter. I know who I am.

As mainstream rock softened in1978, the Australian band AC/DC was nudged by its record

label to follow the trend on its nextalbum. The band resisted, recording“Highway to Hell” instead. The titlesong and FM airplay drove the al-bum to No. 17 on Billboard’s chart.

Recently, AC/DC’s co-founderand lead guitarist Angus Young,bassist Cliff Williams and drum-mer Phil Rudd looked back at thesong. The band is releasing a newalbum, “Power Up” (Columbia), onFriday. Edited from interviews.

Angus Young: We were in Miamiin late 1978 to write songs, re-hearse and record our sixth studioalbum. Our record label, Atlantic,wanted a big radio hit, so theypaired us with a new producer.

I wasn’t happy. Up until then,our albums had been produced byHarry Vanda and George Young,one of my older brothers.

Both were rockers who hadbeen with Australia’s Easybeats inthe ’60s and had done a fantasticjob with us. But we hadn’t had astrong radio album or single yet inAmerica.

We did have a following, though.After our first U.S. tour in 1977, ourM

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AC/DC’sWild RideOn ‘HighwayTo Hell’

space and told Mal I had it, thatthe line “highway to hell” was asure-fire thing. I played and sangwhat I had. Mal smiled and said,“That’s happening.”

Bon Scott, our lead vocalist atthe time, took a copy and wrotelyrics for two verses.

The first verse is a mini-de-scription of our life on the road:

“Living easy, living free / Sea-son ticket on a one-way ride / Ask-ing nothing, leave me be / Takingeverything in my stride.”

As for the second verse, a lot ofpeople think it’s about a highwayin Australia that Bon drove to getto a rock bar at the end. Not true.It was all about the roads tostages where we’d get up there

and raise hell:“No stop signs, speed limit /

Nobody’s gonna slow me down /Like a wheel, gonna spin it / No-body’s gonna mess me around.”

Mal and I also agreed we neededa new producer. We called our man-ager, Michael Browning. He got MuttLange, who had produced the Boom-town Rats’ No. 1 U.K. hit “Rat Trap.”

Cliff Williams: We were all in our20s then. On tour in ’78, we werejust happy to have a bus. Whenthe five of us first came to Amer-ica a year earlier, we drove aroundin a rental station wagon.

Phil Rudd: There was nothing darkabout the song title. It meant we’reall in it together, riding the same

Australian band AC/DC in the late ’70s, around the time they scored their U.S. hit:from left, Malcolm Young, Cliff Williams, Phil Rudd, Angus Young and Bon Scott.

How does an inveteraterock ‘n’ roller like KeithRichards deal with apandemic thwarting histouring plans? He dustsoff and rereleases a

live album.This Friday, the Rolling Stone

puts out a deluxe version of “Live atthe Hollywood Palladium,” whichdocuments a 1988 concert by hissolo band, the X-Pensive Winos.

Released in 1991, “Live at theHollywood Palladium” captures theragged, rollicking sound of theWinos, a band that provided Mr.Richards with a creative outletduring a standoff with Mick Jaggerin the 1980s and has sinceamassed a cult fol-lowing.

Joining Mr. Rich-ards in the Winos areguitarist Waddy Wa-chtel, keyboardistIvan Neville anddrummer Steve Jor-dan. Mr. Jordan issomething of a foilfor Mr. Richards: Hecowrites and copro-duces Mr. Richards’ solo music, in-cluding 1988’s beloved album “TalkIs Cheap.” The expanded live al-bum includes three previously un-released tracks, including “YouDon’t Move Me.”

Mr. Richards, 76, spoke withthe Journal about quarantining,the latest on the Stones’ albumand touring plans and his memo-ries of his first solo tour in 1988.Edited from an interview:

Since you’re Keith Richards, I haveto ask: Are you taking special pre-cautions to stay safe?I’m at home in Connecticut, doingwhat everybody else is doing—try-ing to avoid this thing. I’ve gotfamily with me, so it’s kind of abubble. I wash my hands; if I goout, I wear a mask. Laying low—isthe way you’d put it. If there’s any-thing else you can do, let meknow!

What about staying in shape? Doyou have a regime for exercisingor practicing guitar?I hate regimes. Usually, my exer-cise is working with the Stones.But I’ve got a treadmill down-stairs, which I reluctantly plodaround on for half an hour. Dur-

ing the summer, wetake walks. But I dohave to think aboutthis winter—until Iget down on the is-lands. My escaperoute is going southfor thewinter.

When it comes toperforming, I’ve nodoubt—I feel a bit

rusty, having not done it for over ayear now. But I don’t feel physicallyless capable than I did two yearsago. I certainly have a lot more en-thusiasm. I’d love to get onstagenow, you know? I’d go for nothing.

Realistically, when do you thinkthe Stones will get back onthe road?We’re all hoping that in the com-ing year there’s some positive re-

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A14 | Thursday, November 12, 2020 THEWALL STREET JOURNAL.

When planes get deiced, cabinairflow is reduced, but airlines saythere still is good ventilation.

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show. I think the show is aboutenhancing the heart of these peo-ple and allowing people to seethem for who they really are. So,my decision was to, hopefully, al-low people to fall in love with herin the same way that I did. She’snot that prominent anymore. AndI kind of relish the opportunity topotentially introduce her to peo-ple, especially people of mygeneration.

What’s impressive or importantabout Princess Anne that you’dwant to introduce her to yourgeneration?What I’m fascinated by, and whatI just want to take note of myself,is her ability to look at a situationand just tell the God’s honesttruth to the people that need tohear it the most. She just had thisincredible ability to be brutallyhonest. Sometimes I’m reading

her dialogue in a script and I’mlike: Thank God someone has saidthat. She tends to be that person.And I think we need more ofthose people.

Did the ensemble do anything offcamera to help create the familialvibe?When we first started with season3, we got to do this amazing royalboot camp, almost where we had

The Other Notable Princess in ‘The Crown’“The Crown,” Netflix’s family

drama that views 20thcentury history through

the eyes of Queen Elizabeth II andthe royal family, has long grappledwith the themes of women, powerand duty. When it returns Sundayfor its fourth season, the seriesadds two more complicatedwomen: Margaret Thatcher (GillianAnderson) becomes Britain’s firstfemale prime minister and a youngLady Diana Spencer (Emma Corrin)becomes the Princess of Wales.

Erin Doherty plays yet another.As Princess Anne, the straight-talking royal is a frequent sound-ing board for her brother, PrinceCharles (Josh O’Connor). This sea-son, Princess Anne struggles withher own wants and reputation.

Ms. Doherty says Mses. Ander-son and Corrin joined a tightly knitfamily off screen and on, whichmay have played to the advantageof the new arrivals. Both play out-siders trying to make a good im-pression on the royals—with vary-ing degrees of success.

Here, Ms. Doherty talks about“The Crown,” and becoming aroyal. Edited from an interview.

For you, what was the task inportraying Princess Anne?I didn’t want to just do a carica-ture of her because, one, that’sjust not fun. But also, I don’tthink that’s the purpose of theN

ETFLIX

BY CHRIS KORNELIS to figure outhow to eatmeals the cor-rect way and[other] amazingthings that noone would everthink of. Whichdefinitely

bonded us. And I think, onceyou’re in the know to the fact thatsomeone is playing your motherand your dad, you do just kind ofadopt that way of being aroundeach other. Like Josh [who playsPrince Charles] and I genuinely dobehave like brother and sister. Wedo absolutely rip each other toshreds, and it’s lovely.

This is your last season as PrincessAnne. Any advice for the actresswho will take your place?I have no idea who is going to takeover, but I would never dream ofgiving them advice. I’m desperateto see someone else interpret whatis out there of Princess Anne,‘cause, honestly, part of me goes:well, there’s got to be more to her.There’s so many interpretations.I’m just excited to see another one.

The pandemic seems like the kindof global event that you might seethrough the eyes of the Royal fam-ily, doesn’t it?You’re so right. I mean, hopefullyit keeps going and we get to watchCovid from that perspective. I’d beso into that.

Erin Dohertyplays PrincessAnne in theNetflix series,‘The Crown,’which returnsSunday.

Airlines and aircraft man-ufacturers have toutedthe robust ventilation incabins, with the con-stant introduction offresh air from outside

the plane, as protection for pas-sengers against virus transmission.But travelers should be aware ofthe one time in many trips whenairflow is reduced: deicing.

The process, which usuallytakes 10 to 20 minutes, is essentialfor takeoffs in wintry weather. Asdeicing fluid is sprayed on jets,outside air is shut off so fumesand fluid don’t get into jets. Air in-side the cabin continues to recir-culate and pass through hospital-grade filters capable of capturingviruses. Airlines and aircraft man-ufacturers say it’s safe for passen-gers during deicing; public healthexperts who have studied airlinecabin conditions generally agree.

But aircraft manufacturers con-firm the flow of air is reduced byas much as 50%. Airbus and Boe-ing have recently issued new guid-

ance to airlines about how to han-dle cabin airflow during deicing.

As winter approaches, fliers canhelp themselves and fellow passen-gers by making sure they havemasks on when they hear the deic-ing process start. It’s not the time tobe sipping coffee.

On Friday, Boe-ing issued a memo-randum to airlinesrecommending thatair recirculation re-main switched onduring deicing.Boeing had previ-ously told airlinesthat recirculationwas optional.

The companysays the volume ofcabin air is ex-changed everythree to six min-utes during deicing on its planes in-stead of the standard exchange rateof every two to three minutes.That’s still significantly faster thanmost hospitals and airports, Boeingsays. The company says it’s continu-ing to discuss cabin airflow and de-icing with airlines.

Likewise, Airbus issued a rec-ommendation to airlines as part ofCovid-19 precautions that airflow

ACovidWildcard forWinter TravelTHE MIDDLESEATSCOTTMcCARTNEY

during deicing be switched tohigh, the strongest of three airflowsettings its jets offer, along withlow and normal. Airbus spokesmanClay McConnell says the manufac-turer hadn’t previously made arecommendation of airflow set-

tings during deicing.“During deicing,

the airflow is slightlyreduced in the cabin,but the majority ofthe airflow remainsthe same. It doesn’thave a substantial re-duction in the sort ofprotection that pas-sengers would have,”Mr. McConnell says.He lists masks andcabin cleaning asother factors thatprotect passengers.(Other research has

raised questions about the safety ofsome chemicals used during cabincleaning.)

Deicing removes snow, ice orfrost from aircraft surfaces beforetakeoff. A large number of flightscan be affected, especially incolder cities. United says 12.5% ofall its January departures requireddeicing. For all of 2019, the totalwas 4% of United flights.

Depending on how fast precipi-tation falls, how cold it is andwhat kind of fluid is used, jetshave a relatively short window totake off after deicing—often nomore than 30 minutes. So sprayingfluid must take place with every-one on board. At some airportsthat can happen at the gate, buttypically jets taxi to a remote areawhere spraying trucks are set upand deicing fluid is collected be-cause of environmental concerns.

Airlines say they are confidentcabins are safe. Some also say theyare studying the issue and lookingfor any changes to deicing proce-dures that might avoid any reduc-tions in airflow.

“We continue to work with air-craft manufacturers to find solu-tions that enable us to maintainstronger airflow while the aircraftundergoes deicing,” United spokes-man Charles Hobart says.

Ventilation, air filtering andmasks have been the main reasonsthat few cases of coronavirus trans-mission have been traced to timeaboard airplanes, though tracing isspotty at best in many places. Onereassurance: Airlines and flight at-tendant unions say flight attendantshave tested positive at the same orlower rates as airline employees

who work on the ground.An October study from Harvard

University’s School of PublicHealth using mathematical modelsfound a low risk of coronavirustransmission on airplanes becauseof a layered approach, includingaircraft ventilation and masks.Ventilation systems quickly re-move aerosol particles people ex-pel breathing and talking, Harvardresearchers said. That, along withmasks, reduce risk when people

are in proximity onboard,they said. (The research

was supported finan-cially by airlines,aircraft manufac-turers and air-ports. Harvardsays contractsrequired indepen-dence of re-search.)The Harvard rec-

ommendations in-cluded extending “in-flight

level of ventilation while on theground.” Asked whether the reduc-tion in ventilation during deicingis a concern, Jack Spengler, profes-sor of environmental health andhuman habitation and a leader ofthe Harvard team, says research-ers are working on that question.

Other studies on outbreaks ofprevious viruses found that howclose people were to an infected per-son on an airplane did make a differ-ence in whether they contracted thevirus. Generally two rows on eitherside of an infected passenger wereconsidered the hot zone.

Howard Weiss, a Penn State Uni-versity biology professor and oneof the authors of a 2018 study iden-tifying transmission paths for re-spiratory diseases on airplanes,says the airflow reported duringdeicing, while reduced, should stillbe adequate to reduce airbornetransmission.

Manufacturers say airplaneventilation systems whisk awaysmall airborne particles with thestrong ceiling-to-floor air current,but health experts worry they mayhave a harder time interceptinglarger droplets, especially if air-flow is reduced.

Mark Gendreau, chief medicalofficer at Beverly Hospital in Mas-sachusetts and an expert on dis-ease transmission on airplanes,says you should wear a mask andnot eat or drink, not only duringthe deicing but also for an extra 15minutes after deicing is completed“to give the ventilation systemseveral full air exchanges.”

50%the potential

reduction in cabinairflow when anaircraft isdeiced

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tion, the show vividly presents therise of neoclassical taste in theBritain of King George III while ex-ploring how Josiah Wedgwoodcarefully exploited that taste by de-veloping a remarkably forward-looking business plan embracingartistic methods of mass produc-tion and public relations.

Not only did Wedgwood and hisbusiness partner, Thomas Bentley(1730-1780), cultivate the patron-age of George III’s consort, QueenCharlotte, and of influential mem-bers of the aristocracy, theyopened showrooms in Soho—thenone of London’s most fashionableneighborhoods. Wedgwood alsomanaged to use his friendshipswith influential English travelersand ambassadors to continentalcourts, including that of RussianEmpress Catherine the Great, tohelp promote his wares abroad. Hethereby created an internationalmarket for his luxury goods thatwill likely resonate with canny visi-tors to the show.

ART REVIEW

ASumptuous StonewareCollectionA show focused on JosiahWedgwood’s oft-overlooked production of black basalt sculptures, vases and other objects

From top: installation shot of‘Classic Black: The Basalt Sculptureof Wedgwood and HisContemporaries’; JosiahWedgwood’s ‘Death of a RomanWarrior’ (c. 1780-85); view of theexhibition; Wedgwood and ThomasBentley’s ‘Sir Isaac Newton’ (c. 1775)

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Think Wedgwood and whatoften spring to mind arefine china dinner sets andelegant cameo-like piecescalled jasperware, withwhite neoclassical relief

designs applied to a matte blue,green or other color background.Perfected in the mid-1770s by theEnglish potter Josiah Wedgwood(1730-1795), these iconic ceramicswere among his most successfulproductions. However, among hismany other creations, Wedgwood,one of the most inventive and busi-ness-savvy ceramicists of his day,produced a sumptuous but lesswell-known body of work—blackbasalt ware.

Now, the Mint Museum Ran-dolph—housed in the reconstructedformer Charlotte branch of the U.S.Mint and known for its rich collec-tion of British ceramics and relateddecorative arts—has mounted thefirst museum show focusing exclu-sively on black basalt sculpture,“Classic Black: The Basalt Sculptureof Wedgwood and His Contempo-raries.” Coincidentally, it is also theMint’s first sculpture exhibition.The show’s organizer, senior deco-rative arts curator Brian Gallagher,has painstakingly gathered morethan 100 works of art lent by pri-vate and public collections fromEngland and across the U.S. “Clas-

sic Black” is accompanied by ahandsomely illustrated catalogwritten by Mr. Gallagher, with con-tributions by several eminent col-leagues in the field.

Wedgwood perfected the fine-grained stoneware material imitat-ing natural volcanic basalt in 1768,several years before developing jas-perware. Having achieved this dra-matic medium by blending finewhite Dorset clay with manganeseand carr, an iron-oxide-rich residuefrom local coal mines, he deemed itideally suited to the interpretationof Classical themes, most notablyin decorative sculptural works, in-cluding dynamic statuary of mytho-logical heroes, life-size portraitbusts, portrait medallions, fancifulvases, and narrative plaques in lowrelief. Wedgwood drew inspirationfrom ancient, Renaissance and Ba-roque sculpture, especially oldbronzes, whose glowing dark pa-tina is evoked by the smooth sheenof his black basalt pieces.

For some works he commis-sioned plaster casts of the origi-nals; for others, especially low-re-lief plaques and portraitmedallions, he had the composi-tions worked up from prints orpaintings by modelers, includingthe future sculptor and illustratorof Dante and Homer, John FlaxmanJr. (1755-1826).

While spotlighting this excep-tional facet of Wedgwood’s produc-

Wedgwooddrewinspiration fromancient,Renaissance andBaroque sculpture

“Classic Black” exemplifies how amuseum somewhat off the usual cir-cuit has creatively imparted an en-gaging sense of contemporary rele-vance to an essentially niche subject.Fundamental to the show’s success isits inviting setup and striking designby the Mint’s HannaH Crowell. Anorientation gallery immediatelymakes even the most inexperiencedvisitor feel comfortable—and curi-ous—by introducing and answer-ing the most basic questions,even how to read a museum label.We are advised by another panelto “Look Slowly” because many re-lief designs, such as “Death of a Ro-man Warrior,” illustrate narrativestaken from Classical history and my-thology, and it is definitely worthtaking time to examine them closely.

Successive galleries evoke therooms in fine 18th-century houseswhere Wedgwood’s basalt sculp-tures would have taken pride ofplace—a domestic sculpture hall, adomestic library, a drawing room,etc. In each, the walls have been

painted in cheerful hues that im-part colorful contrast to the basaltworks on display, with arches andother deconstructed pilaster andcapital motifs suggesting the airyneoclassical decoration of theAdam Brothers interiors thathoused many of these splendidworks in their day.

Moreover, the sculptures, urns,figural lamps and related objects—copied or derived from classicalantiquities and from statuary bysuch major artists as Michelangeloand Gian Lorenzo Bernini—arecomplemented by abstract muraldesigns painted by the local streetartist known as “Owl.” Owl’s swirl-ing abstractions echo the swirlingtextures of hair and drapery onmany of the sculptures. They alsocomplement the vigorous athleti-cism defining such mythologicalcompositions as the Bernini-based“Triton” and “Neptune,” the pol-ished finish of whose muscular

bodies contrasts with the mattefinish of the rocks and draperyof their settings. Ultimately,Owl’s linear compositions,with their serpentine two-di-mensional lightness, lend apoetic contrast to the dark so-lidity of the basalts while offer-

ing intriguing beauty in theirown right.

Classic Black: The BasaltSculpture of Wedgwood and HisContemporariesMint Museum Randolph,through Jan. 3, 2021

Mr. Scherer writes about musicand the fine arts for the Journal.

ARTS IN REVIEW

P2JW317000-0-A01500-1--------XA

A16 | Thursday, November 12, 2020 THEWALL STREET JOURNAL.

VEGGINGOUT | By Kevin Christian &Julian Lim

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56-Across

TheWSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13

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L A M B L E F T C R E S TI S E E A C L U G U S T OM I S S E D O U T I N C A NP A S T R Y B U T D A T E

B O D S H A M P E RD U E D I L I G E N C E

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BY ANDREW BEATON

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LOUISIANA STATE’S BIGGESTfootball game each year is againstAlabama, its Southeastern Confer-ence neighbor. With this year’sgame approaching on Saturday,however, the defending nationalchampion Tigers didn’t look fit toplay. Pandemic-season protocolsand an outbreak following a Hal-loween party had left LSU with justone scholarship quarterback andzero tight ends or long snappers.

So on Tuesday, the game wascanceled. It was the latest victim ofthe war of attrition that the coro-navirus has waged on college foot-ball, where dwindling rosters andcoaches exiled by their positivetest results have become common-place. As the season enters whatshould be its home stretch, the dis-ruptions are reaching a zenith.

Things look particularly bad inthe SEC. On Monday, Arkansascoach Sam Pittman tested positive;No. 5 Texas A&M paused workoutsafter finding two cases; MississippiState fell below the threshold ofavailable scholarship playersneeded to play and postponed itsgame against Auburn; and LSU an-nounced its virus cluster.

More chaos followed on Tues-day. Auburn found 12 cases withinits program and halted practicesand Texas A&M postponed itsgame against Tennessee to Dec. 12.LSU also called off its game againstthe Crimson Tide.

Missouri coach Eli Drinkwitz ad-mitted that his team was also hav-ing issues with Covid-19, and byWednesday their game againstGeorgia had been postponed. Alltold, four of the SEC’s seven gamesthis weekend are off.

Coronavirus has forced the SECto call audibles before—last monththe league rescheduled six gamesinvolving seven teams following anoutbreak of 37 cases at Florida.

LSU’s predicament brought theflexible schedule to its breakingpoint, mainly because the Tigersalready filled their open date onDec. 12 with Florida. There simplyaren’t enough Saturdays left toschedule Alabama.

The SEC said “the opportunityto reschedule the Alabama at LSUgame will need to be evaluated.”

LSU won’t play Alabama on Saturday.

BY LAINE HIGGINS

Virus PutsLSU-BamaOn Hold

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Big Data Drives DeChambeauThe U.S. Open champion isn’t just challenging golf’s conventional wisdom. He’s changing it.

SPORTS

On Bryson DeChambeau’sfirst trip to AugustaNational, he saw some-thing that stopped himin his tracks as he

toured golf’s most famous club-house: a set of rickety old irons.

The irons inside the trophy casewere used by Bobby Jones, AugustaNational’s founder, when he won allfour majors in 1930. DeChambeauhad been obsessed with this preciseset of clubs for years.

“Look,” DeChambeau whisperedto his longtime instructor MikeSchy. “They’re all the same length.”

It was a hint of what makes the27-year-old DeChambeau perhapsthe best golfer on the planet enter-ing this week’s Masters. He usesdata to rethink the game’s smallestnorms—and he’s leaving everyoneelse in the rough.

DeChambeau also uses single-length irons, and it’s just one of themany peculiarities that makes himthe game’s oddest golfer. He poresover numbers. He intentionallyadded an eye-popping amount ofweight during the pandemic. Hespends an absurd amount of timestudying his putts.

“Since day one, he’salways been—I don’twant to say different—but different,” Schy says.

These idiosyncrasiesexplain how this collegephysics major who golfsin an old-school cabbiecap has torched hissport with an aggres-sively new-school ap-proach. He entered thisMasters on Thursday asone of the favorites afterlapping the field in theU.S. Open, and the wayhe won that tournamentwas a crash course inhow he’s single-handedlychanging the game.

On the Monday beforethe U.S. Open at WingedFoot back in September,DeChambeau’s coach Chris Comosought out an unusual adviser: aprofessor at Columbia University’sbusiness school. Como wanted torun DeChambeau’s strategy for thetournament by him, and it was astrategy most other golfers consid-ered sheer lunacy. But the valida-tion DeChambeau’s team wantedwasn’t from his peers, it was fromthis professor, Mark Broadie, whopioneered golf analytics.

Winged Foot has narrow fair-ways and brutal rough. The conven-tional wisdom was that for anyoneto have a prayer of winning, theyneeded to value accuracy above allelse. DeChambeau planned to dothe exact opposite: the biggestdriver on tour was going to ignorethe consequences and smash theball as far as he could, whether itlanded on the fairway or not.

“The analytics were behind it,”Broadie says.

Here’s why it wasn’t crazy:Winged Foot’s fairways were toonarrow. Trying to land the ball onthem was an exercise in futility, andthe data showed DeChambeau couldgain more strokes by doing exactlywhat he wasn’t supposed to do.

The numbers they analyzed re-vealed the mistake wasn’t hitting itfar, Como says. It was pretendingthat it made any sense to sacrificesomething you know is good—driv-ing the ball closer to the hole—forthe faint hope that hitting it lessclose to the hole would producemore accuracy. With the strongchance that a long drive or a shortdrive would still wind up in therough, only the player who drove itfarther would have a reasonablechance at still landing the ball onthe green with his next shot.

DeChambeau finished 6 underpar. No other player finished underpar. It was his first major champi-

onship but the culmina-tion of a yearslongquest to retool his gamebased on what the num-bers showed.

“He’s not going to fallprey to conventionalwisdom,” Como says.

When DeChambeauemerged after golf’spandemic-induced hia-tus, there was a lotmore of DeChambeau.Unlike everyone elsewho added weight dur-ing quarantine, he did iton purpose. He hadstudied numbers for

years and believed in the wisdom ofbombing the ball, and one way todo that better than anyone else wasto get bigger. He emerged lookinglike an NFL linebacker, all becausehe believed in the wisdom of thebomb.

DeChambeau was a very goodgolfer who decided to remake hisbody—and threaten all of his me-chanics—in order to become a greatone. “I know you have this goal,”Como told him, “but be very awareof this risk that can be associatedwith it.”

Como transformed his livingroom in Frisco, Texas, into a labora-tory while they trained during thelayoff. Their experiments producedtangible results, and not only whenDeChambeau stepped on a scale andsaw a much higher number. Theseare his average driving statisticsfrom the last three PGA Tour sea-sons:

• 2019: 302.5 yards (34th on tour),175.4 mph ball speed (42nd)• 2020: 322.1 yards (1st), 184.7 mph(4th)• 2021: 344.4 yards (1st), 192.8 mph(1st)

In one season, he went frombarely driving it farther than aver-age to outdriving all of his competi-tion. And then he kept hitting iteven farther. He finished in thetop-10 of his first four tournamentsafter the break, including one win.Then he won the U.S. Open.

Understanding all of golf’s vari-ables is why DeChambeau wasslackjawed the first time he washere. That quest is the reason De-Chambeau is the rare golfer whoseirons are all the same length.

DeChambeau was a teenagerworking when he was analyzing hisswing and realized why he was hav-ing difficulties being consistent. Theclubs themselves were inconsistent.All standard golf sets have clubs ofdifferent length, affecting the ball’sloft and distance.

“Why do I have to hit variablelength clubs?” DeChambeau askedSchy. “Why can’t I hit all clubs thesame length?”

So like any curious golf techni-cians, they jury-rigged an experi-mental set and ran a test withmakeshift irons. It worked wonder-fully. He never wanted to go back.

Years later, DeChambeau hadfirsthand, scientific proof that thelegend of Jones once using thesame strange clubs was true. Hesaw them for himself at AugustaNational.

Bryson DeChambeau is a top contender for the green jacket. Left,DeChambeau’s coach Chris Como turned his living room into a lab.

P2JW317000-0-A01600-1--------XA

THEWALL STREET JOURNAL. Thursday, November 12, 2020 | A17

One Country’sGroup PortraitThe Nine Lives of PakistanBy Declan Walsh(Norton, 337 pages, $30)

BOOKSHELF | By Tunku Varadarajan

A t college in England 40 years ago, my best pal wasPakistani, a well-born boy from Lahore. In a pub onenight, he told me that he was sorry his nation had

ever been created. The comment startled me (an Indian)and came to life again as I read Declan Walsh’s “The NineLives of Pakistan,” an enthralling account of Mr. Walsh’snear-decade as a correspondent in that land, first for theGuardian and, latterly, for the New York Times. Pakistan, hewrites, is the only country “where some of its own citizensquietly regretted it had ever come into being.”

Pakistan was created in 1947 as a homeland for theMuslims of Hindu-majority India—“carved from the flanksof British India,” as Mr. Walsh puts it. Its “Great Leader”(“Quaid-e-Azam” in Urdu) was Muhammad Ali Jinnah, anunlikely agitator for a confessional Muslim state. A worldlylawyer who drank alcohol and married outside his faith,he was, Mr. Walsh tells us, “purposefully vague about hisbeliefs” for much of his life. In a poignant passage, Mr.Walsh parses a photograph of Jinnah taken in September1947, a month after Pakistan was born: In it, he wears “thegaze of a man who gambled at the table of history, wonbig—and now wonders whether he won more than hebargained for.”

The subtitle of Mr. Walsh’s book is “Dispatches From aPrecarious State,” and he opens his account on his last nightin Pakistan, in May 2013. He had been given 72 hours to

leave, his visa canceled bythe notorious Inter-ServicesIntelligence (ISI) for hispursuit (it was alleged) of“undesirable activities.” Itwas a cruel moment for areporter to have to depart:There was an election thenext day—the first time inwhich a civilian Pakistanigovernment would completeits term and hand over powerto another.

This election, Mr. Walshwrites, was “stupendouslygood news” in Pakistan, acountry of “hidden delights

[and] endearing absurdities”that had endured the rule of military dictators for a heftyportion of its existence. That democracy appeared to beholding fast against daunting odds was “a blast of sweetrelief to weary Pakistanis.” Times were ugly: The Talibanhad killed thousands of citizens in the preceding years—150 in a single bombing alone—and the former primeminister, Benazir Bhutto, had been assassinated. MalalaYousafzai, a teenage activist for girls’ education, had beenshot in the head.

In the crowning episode of national infamy, Osama binLaden was killed in 2011 in a raid by U.S. Navy SEALs on hiscompound, located right next to Pakistan’s military academy.The Pakistani government wasn’t told of the raid in advance.The U.S. and Pakistan, Mr. Walsh writes, had been “feudingand falling in love for decades” and were locked in “theworst kind of forced marriage—a product of sharedinterests rather than values, devoid of genuine affection.”The marriage was happiest in the last years of the ColdWar, during the Soviet invasion of Afghanistan, whenPakistan served as a conduit to the Afghan mujahedeen.After the killing of bin Laden, the relationship was a wreck.

Although Mr. Walsh acknowledges the big strategicquestions, there isn’t a wonky paragraph in 300 pages.Instead he portrays Pakistan through the stories of nineemblematic people (the “nine lives” of his title). A 10th life—Mr. Walsh’s own—is the thread that ties this cast together.

His characters include a disenchanted ISI spook whoquits his job and flees to Europe, living in the fearfulshadows of anonymity; the police chief of Pakistan’s biggestcity (“Karachi’s Dirty Harry”), whose mansion, built withmoney beyond the means of a humdrum cop, was destroyedby a suicide-bomber; and the sybaritic governor of Punjab,

Pakistan’s most populous province, gunned down by asoldier from his own security detail for daring to speak outfor a Christian woman on death row for blasphemy. (Afteremptying his magazine into the man he was paid to protect,the much-feted killer announced: “I am a slave to myprophet.”) There is also an account, frequently droll, of aglad-handing Pashtun politician, as well as a hair-raisingone of a former ISI officer who came to be held hostage—and then murdered—by the very Taliban factions he’dhelped to create.

The two most moving of Mr. Walsh’s portraits offer awindow on Pakistan’s contrasts. The first is of Abdul RashidGhazi, a leader at the Red Mosque—an extremist seminaryin Islamabad from which vigilante “vice and virtue” squadsventured forth in the first half of 2007 into the Pakistanicapital, burning Bollywood DVDs and, on one occasion,abducting six Chinese masseuses whom they accused ofbeing prostitutes. (The incident caused such diplomaticfriction that even China’s president, Hu Jintao, was briefedon the matter.) Mr. Walsh describes his conversations withGhazi—who had attended a secular university and seemeda somewhat reluctant fundamentalist—and declares thathe rather liked him, “jihadi puffery aside.” Ghazi died whenthe Pakistani army stormed the Red Mosque in July 2007,in “a Waco-style siege in the heart of sleepy Islamabad.”

The other affecting portrait is of a more conventionallyattractive person. Asma Jahangir, “a cast-iron idealist,”was only 19 when she succeeded in freeing her father frommilitary detention. With her sister, she founded Pakistan’sfirst all-female law firm and challenged Sharia lawsimposed by Zia-ul-Haq, Pakistan’s dictator for much of the1980s. She even called the country’s generals “uselessduffers” on television.

Mr. Walsh writes that Jahangir—who died of a heartattack in 2018, at 66—“didn’t just stand on her principles,she waved them from the barricades.” She defendedChristians accused of blasphemy, rape victims whosetestimony in court was worth half that of a man’s, evenradical Islamists who had been tortured. “She embracedthe untouchable,” writes Mr. Walsh, “and advocated theunthinkable.” In Pakistan, there is no braver feat.

Mr. Varadarajan, a Journal contributor, is a fellow atNew York University Law School’s Classical Liberal Institute.

From a foreign correspondent’s files: a toughpolice chief, a sybaritic governor, a reluctantfundamentalist, a champion of human rights.

Want a Coup? Abolish the Electoral College

I magine a future presiden-tial election in which theincumbent refuses to con-

cede and enlists the fullpower of the federal govern-ment to overturn the appar-ent democratic outcome.

Now imagine that the elec-tion in question is actuallyrun by a federal agency or bysome nationwide quasigov-ernmental authority chargedwith collecting and aggregat-ing the results from all 50states.

I don’t know about you,but I might worry a bitabout the pressure that

could be brought to bear onthat single authority. I mightworry a bit about the objec-tivity of the attorney general

and the federal election com-missioners who would be ina position to ramp up thatpressure.

I might even cast a soberlook at what tends to happen

in other countries whereleaders are chosen in elec-tions conducted by the na-tional government—countrieslike Russia, where two yearsago Vladimir Putin claimed77% of the vote.

I might also be tempted tomeditate on the general perilsof centralizing power, and thespecific perils of centralizingthe power to decide who willyield power.

By then, I might be soworked up that I’ll manage toforget why the Electoral Col-lege is a threat to democracy,and how its abolition—andthe nationalization of presi-dential elections—would help

make democracy functionmore smoothly.

But I’ll know who to askfor a refresher. By and large,it seems like the people whoare most in a dither aboutthe current president’s at-tempt to retain power are thesame people who think weought to make it easier forthe next president who wantsto do the same thing. I’msure they can explain that tome.

Mr. Landsburg is a profes-sor of economics at NewYork’s University of Rochesterand author of “Can You Out-smart an Economist?”

By Steven E. Landsburg

Imagine the currentstandoff, but with thepresident in charge ofa nationwide election.

OPINION

I t has been an eventful, un-settling year: A deadly vi-rus struck without warn-

ing and claimed almost aquarter-million Americanlives; a lockdown demolishedpersonal routines and left usgasping for normality; a sud-den, deep recession snatchednewfound prosperity frommany families; and now arocketlike recovery lifts upsome but leaves many on thelaunchpad. So why not finishout 2020 with a misforecastelection as the finale?

Pundits predicted a bluetsunami of historic propor-tions that would carry Demo-crats into the White House,flip the U.S. Senate, increaseSpeaker Nancy Pelosi’s caucusby as many as 20 seats, andtransform a basketful of red-state legislatures into blueones just in time for redistrict-ing in 2021. Well, the WhiteHouse changed hands. Butnone of the rest happened.

The final RealClearPoliticsaverage of polls predicted JoeBiden would win the popularvote by 7.2 percentage points.Nate Silver of FiveThirty-Eight.com put Mr. Biden’slikely margin at 8 points. TheCook Political Report had it at“more like 9 or 10 points.” Asof Wednesday, with some bal-lots yet to be counted in Cali-fornia and New York, Presi-dent Trump trailed Mr. Bidenby 3.3 points.

Voter turnout was up. Onceeverything is counted, theturnout rate will likely reach66.5%, the highest since

This Election Result Won’t Be Overturned1908’s barnburner betweenWilliam Howard Taft and Wil-liam Jennings Bryan. But thenature of this enthusiasm dif-fered by party. The Fox NewsVoter Analysis found 51% ofBiden supporters voted moreagainst Mr. Trump than forthe Democratic candidate,while 79% of Mr. Trump’sbackers voted more for himthan against Mr. Biden.

Mr. Trump also won 26% ofnonwhite voters, according toNBC’s exit poll, driving com-mentators on the left crazy.One described these voters as“distracted.” A New YorkTimes columnist found it“personally devastating” thatmany blacks and gays votedfor the president. Rep. MaxineWaters (D., Calif.) warned thatblack male Trump voters“have a price to pay for yearsto come.” This is what passesfor liberal tolerance.

Still, enough voters wantedchange. Mr. Biden maneuveredsuccessfully to make the elec-tion a referendum on thepresident’s personality and hishandling of Covid. For monthsMr. Trump was content tofight on that turf, trying onlyfitfully to contrast his agendawith his challenger’s.

Presidents win re-electiononly in part by heraldingtheir achievements and out-lining second-term agendas;much more depends on con-trasting their opponent’s val-ues and views with their own.That Mr. Biden’s margin ofvictory was much slimmerthan projected can be cred-ited partly to Mr. Trump’semphasis in the closing days

on their substantive differ-ences—discussing fracking inPennsylvania and tolerationof socialism in Miami. But itwasn’t enough.

Mr. Trump is now pursuinglegal challenges in Pennsylva-nia, Wisconsin, Michigan, Ari-zona and Nevada, and therewill be an automatic recountin Georgia, given Mr. Biden’s0.29-point lead there. SenateMajority Leader MitchMcConnell is correct that Mr.Trump is “100% within hisrights” to go to court over

concerns about fraud andtransparency. But the presi-dent’s efforts are unlikely tomove a single state from Mr.Biden’s column, and certainlythey’re not enough to changethe final outcome.

There are only three state-wide contests in the past half-century in which recountschanged the outcome: the1974 New Hampshire Senaterace, the 2004 Washingtongovernor’s contest, and the2008 Minnesota Senate elec-tion. The candidates in theseraces were separated, respec-tively, by 355, 261 and 215votes after Election Day.

These margins aren’t muchlike today’s. Mr. Biden ledWednesday in Wisconsin by20,540 votes, Pennsylvania by

49,064, Michigan by 146,123,Arizona by 12,614, Nevada by36,870 and Georgia by 14,108.

To win, Mr. Trump mustprove systemic fraud, with il-legal votes in the tens ofthousands. There is no evi-dence of that so far. Unlesssome emerges quickly, thepresident’s chances in courtwill decline precipitouslywhen states start certifyingresults, as Georgia will onNov. 20, followed by Pennsyl-vania and Michigan on Nov.23, Arizona on Nov. 30, andWisconsin and Nevada on Dec.1. By seating one candidate’selectors, these certificationswill raise the legal bar tooverturn state results andmake it even more difficultfor Mr. Trump to prevail be-fore the Electoral Collegemeets Dec. 14.

TV networks showed jubi-lant crowds in major citiescelebrating Mr. Biden’s vic-tory; they didn’t show thenearly equal number of peoplewho mourned Mr. Trump’s de-feat. U.S. politics remains po-larized and venomous. Closingout this election will be ahard but necessary step to-ward restoring some unityand political equilibrium.Once his days in court areover, the president should dohis part to unite the countryby leading a peaceful transi-tion and letting grievances go.

Mr. Rove helped organizethe political-action committeeAmerican Crossroads and isauthor of “The Triumph ofWilliam McKinley” (Simon &Schuster, 2015).

Recounts occasionallychange margins in thehundreds, never in thetens of thousands.

By Karl Rove

The U.S. is inpostelectionhell today be-cause of whathappened inFlorida 20years ago. JoeBiden remem-bers that2000 presi-dential-elec-tion night-

mare. Well, it has come backto haunt him as he treads wa-ter waiting for Donald Trumpto concede.

It doesn’t matter if youwere 5 years old in 2000. Ifthis past week you were danc-ing in the streets to celebrateDemocratic war horse Joe Bi-den’s nominal defeat of Don-ald Trump, not least amongthe reasons is payback forwhat happened in Florida, to-day known simply as Bush v.Gore.

The inconsolable politicalbitterness today between Re-publicans and Democrats be-gan in Florida’s recount strug-gle at the end of the 2000

presidential election. TheDemocratic nominee was AlGore, Bill Clinton’s stolid vicepresident. The Republicancandidate was Texas Gov.George W. Bush.

Former President Bush iswidely admired today. Notthen. It is impossible to over-state the derision Democratsand the media dumped onGov. Bush, seeing him as anunworthy, cartoonlike charac-ter who had stumbled into hisparty’s nomination. Historyreally does repeat itself.

Any website can providethe details of this high Floridamelodrama, in which the elec-

Joe Biden’s Florida Nightmare

tion came down to one stateand two candidates separatedby fewer than 600 votes, nottens of thousands in multiplestates as now. After weeks oflitigation over counting Flor-ida’s now-infamous hanging-chad ballots, the SupremeCourt put the country out ofits recount pain by voting 5-4in favor of a result that gaveGov. Bush Florida’s electorsand victory.

To this day, Democratshave never gotten over Bushv. Gore, an election they be-lieve they only lost in the Su-preme Court. That, not Don-ald Trump, is the real originof their “resistance” to every-thing and everyone in the Re-publican Party.

Democrats hated GeorgeBush and his presidency. Theylampooned him mercilessly.When in 2004 he defeatedSen. John Kerry, they wereapoplectic. You’d havethought Alfred E. Neuman hadbeen elected. I recall onenewspaper article describinghow some distraught NewYorkers wanted to create mis-sionary-like groups to visitvoters in the heartland—thepeople who in 2016 becamethe infidel deplorables.

Some in retrospect regardthe 2008 election of BarackObama as restoring a degreeof political normalcy, but thatis false.

The U.S.’s experience withhyperpartisanship began inGeorge W. Bush’s presidencyand widened in the Obamayears. The phenomenon oframpant political polarizationbecame an object of fascina-tion at Pew Research, whichproduced a chart showingthat between 1987 and 2012the intensity of the nation’sdifferences were relativelyflat by most measures—ex-cept party affiliation—whichwas, and remains, off thecharts.

That standoff brought us toa grim endpoint—the pastfour years as a nonstop exer-cise in simply shutting downthe U.S. political system untilthe 2020 election camearound. After all this, it is be-yond fatuous (and insincere)for Democrats and the mediato demand that Trump votersgraciously give up. Or for Mr.Biden to limply dismiss theTrumpian intransigence as“an embarrassment.”

Would a traditional trans-fer of power be good for thecountry? Uh-huh. But Demo-crats made this unruly politi-cal bed, and now the Ameri-can system is going to have tolie in it while every Trumpchallenge, lawsuit, dead voterand unsigned ballot is pushedacross Pennsylvania, Georgiaand Michigan until this elec-tion runs out of gas and ends.

Hard as it is for some torealize today, it took two de-cades of political animosity—which Mr. Obama actively ex-ploited on the issues ofwealth and race—to producethe ultimate anti-politician,Donald J. Trump.

I only partly buy the now-conventional wisdom that Mr.Trump rose because he iden-tified heretofore unrecog-nized populist impulses inblue-collar Americans. Beforehis victory over Hillary Clin-ton, he stood on the presiden-tial-primary stage with ac-complished Republicanpoliticians and convinced abig slice of an electorate inthe grip of wheel-spinningpolarization to take a last-gasp flyer on the former hostof “The Apprentice.” Then,Donald Trump did win the2016 election.

When this is over in sev-eral weeks, someone shouldgive Mr. Trump a framed,gold-plated master recordingof Frank Sinatra singing, “Idid it my way.” To put thatdifferently: Any close-to-nor-mal first-term president run-ning on Mr. Trump’s record—including the fast-track anti-Covid vaccine protocols—should have won the electionwith more than 300 electoralvotes.

If you sort through the en-trails of the Edison Researchexit poll, the only consistentvariable is that voter ap-proval of Mr. Trump hoversaround 45%, no matter howthe question is asked. FromDay One, his presidential ap-proval has never touched50%, while every presidentsince FDR has gone over 60%at least once.

Donald Trump didn’t care,obviously. A gambler to theend, he went all in for theumpteenth time on having anace in the hole to play in hispoker match with Joe Biden.No question, it’s always greatwhen you pull that off.

Write henninger@wsj.com.

Want to know why noone will give an inchin 2020? See Bush v.Gore in 2000.

WONDERLANDBy DanielHenninger

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A18 | Thursday, November 12, 2020 THEWALL STREET JOURNAL.

Covid: Not Learning That Much From StatesScott Gottlieb points out actions

taken by various states and positsthere are lessons to be learned fromthese and other states in their at-tempts to control Covid-19 (“TheStates Are Laboratories for CovidControl,” op-ed, Nov. 9).

I am struggling to see what les-sons are being learned. For example,in the beginning of the pandemic wewere advised that wearing masksmay be a psychological way to feelprotected but that they were uselessand possibly harmful from an infec-tious-disease standpoint. Now thebig three actions that must be takento beat the virus are: Wear a propermask, keep socially distant and washyour hands.

If testing and contact tracing arebeneficial, when will we see the re-ports showing the success of thismassive effort? How do we knowclosing bars and restaurants but notstopping protests and riots, or clos-ing churches but not casinos isworking? It seems improvements inmedical care and therapeutics overthe course of the pandemic haveachieved amazing results such thatreported survival rates for those in-fected under age 69 are 99%-plusand those over 70 are 94%. Withthat recovery level why would weimpose draconian economic, physi-

cal and psychological hardship onthe general population when wecould focus on those in the 1% and6% populations to help keep themsafe until the vaccines arrive?

According to reports, infectionsare surging all over the world in an-other wave that seems to defy allcontrols, similar to the 1918-19 influ-enza pandemic.

CLIFF REEVESVero Beach, Fla.

You don’t need a Ph.D. or M.D. tounderstand that while this virus canspread among those under the age of18, school closures for eight monthshave caused more damage than thedeleterious effects of the disease onchildren. Dr. Gottlieb is part of anadvisory group to MassachusettsGov. Charlie Baker, so I would hopehe points out that in a state withmuch more ICU capacity per capitathan France, where French childrenare currently attending in-personlearning, it is time to put the healthand development of our youth beforemost other measures in this long andprotracted fight. Gov. Baker shouldhave more support from physicianslike Dr. Gottlieb as he pushes to re-open school to in-person learning.

JONATHAN FEAZELLCincinnati

LETTERS TO THE EDITOR

“I find my best ideasin happy baby pose.”

THEWALL STREET JOURNAL

Letters intended for publicationshould be emailed to wsj.ltrs@wsj.com.Please include your city, state andtelephone number. All letters are sub-ject to editing, and unpublished letterscannot be acknowledged.

President Trump Hasn’t Turned Arizona BlueIn “Has Trump Turned Arizona

Blue?” (op-ed, Nov. 5), Masada Siegelbasks in the belief that “suburban”(i.e., white) folks drive elections, inthis case, white women. She offers aquaint picture of upscale greenbeltharmony and suggests that a “com-mon-sense approach” to problemsolving is a quality unique to subur-ban Arizonans.

However, she ignores, or perhapssimply doesn’t perceive, the risingand very real driver of election out-comes here: Latino Arizona, which isnow 31% of the state’s population.Throughout the nation, this diversegroup is understudied, underreportedand profoundly misunderstood.

PAUL GUIDERAParadise Valley, Ariz.

President Trump did not turn Ari-zona blue. John McCain lost much ofhis support because of his voting re-cord over his last two years. I don’tbelieve Mormon women vote any dif-ferently than Episcopalian or Baptistwomen.

What has changed Arizona’s votingpattern is an influx of Californianswho have become tired of high taxes,high home prices and chaotic socialpolicies. Unfortunately, when they ar-rive in Arizona (and in Idaho andTexas and . . . ), they vote for thesame stupid politicians and policiesthat caused the conditions that ledthem to leave California. That is notPresident Trump’s fault.

JIM MARTINGilroy, Calif.

Regarding Mr. Lieberman on 2000 and 2020In “A Disputed Election: My Lesson

From 2000” (op-ed, Nov. 5), conve-niently left unsaid by Sen. Joe Lieber-man is that the Supreme Court got itright.

After the 2000 election the veryliberal Washington Post led a consor-tium of newspapers, including theJournal, which spent months examin-ing contested ballots cast in Florida.They categorized them in every possi-ble way. Hanging chads, partiallypunched chads, even ballots that onlyhad a dimple. This consortium foundthat virtually any way you tabulatedthe ballots, George W. Bush won.

While I often hear liberal mediamembers and Democratic operativesand politicians say with disdain thatthe Supreme Court put George Bush inthe White House, the facts show hewon the election fair and square.

DAVE PALMERRockville, Md.

Mr. Lieberman cites the civil 2000post-election conduct by the Demo-cratic Party, but says nothing about itsperformance after the 2016 election.Democrats immediately startedscreaming for impeachment even be-fore the inauguration, waging a take-no-prisoners war on this administra-tion unmatched in American history,staging a manufactured and costly im-peachment trial and blaming Presi-dent Trump for every misfortune thathas befallen this country, even the vi-rus pandemic treatment, which he at-tacked very aggressively.

Perhaps worst of all has been theDemocratic Party standing by silentlyduring the massive riots and destruc-tion in our cities, undermining therule of law and order in this otherwisepeaceful country. It is hard to put thisgenie back in the bottle.

EUGENIE ROSCOEGolden, Colo.

Pepper ...And Salt

Taxes for Transportation Were Well ReceivedCounter to Grover Norquist’s “Vot-

ers (Mostly) Reject Tax Hikes” (op-ed, Nov. 9), voters eager for betterpublic transit approved 15 of 18 bal-lot-measure tax increases on Nov. 3.Adding these to the 32 measures ap-proved earlier this year brings thesuccess rate of transit ballot initia-tives in 2020 to a high of 92%. InAustin, Texas, voters approved in-vesting $7.1 billion in three new raillines, a downtown transit tunnel and

bus-service expansion, including anall-electric fleet. The San Francisco-San Jose rail line, Caltrain, gaineddedicated funding estimated at $108million annually for the next 30 yearsthanks to voter approval of a 1/8-centsales tax in the three counties thatthe line serves. Seattle voters re-newed a sales tax to fund transitprojects for an additional six yearsand increased the tax from 0.1% to0.15%. In Missoula, Mont., voters ap-proved a mill levy request that willraise $3 million annually to increasebus frequency on popular routes, ex-pand weekend service, and movecloser to an all-electric bus fleet.These election results weren’t evensqueakers; support ranged from 59%in Missoula to 67% in Austin, 70% inthe Bay Area and 81% in Seattle.

STEWART MADERHoboken, N.J.

Covid-19 and the Trade-OffBetween Safe and Happy

Most writing on Covid-19 policymisses the point, and Erin Rees Clay-ton’s letter (Nov. 6) is illustrative. Theimportant point is that, unfortunately,there is a trade-off between personalfreedom/economic growth and thenumber of Covid-19 cases and deaths.Most politicians, especially Demo-crats, play down that trade-off, whileothers claim that the only goal worthpursuing is minimization of the rateof Covid cases and deaths. Ms. Clay-ton claims that government’s businessisn’t making people happy, but makingthem safe. But I don’t think most ofus want to live in a country where ev-eryone is safe, but almost no one ishappy. Didn’t Thomas Jefferson makethat point long ago in the Declarationof Independence?

ANTHONY KROGERHouston

Georgia’s Reassuring Vote Recount

D espite all the political fury, America’sballot-counting procedures continue tomove ahead as intended. In Georgia,

where Joe Biden is leading byabout 14,000 votes out of fivemillion cast, officials Tuesdaybegan preparing to audit ev-ery ballot by hand.

“We’ll be counting everysingle piece of paper, everysingle ballot, every single lawfully cast, legalballot,” said Secretary of State Brad Raffen-sperger. “People will be working lots of over-time in the next coming week.” Some type ofrecount is prudent whenever there’s a slimmargin like this one, 0.28 percentage point,even if it weren’t a presidential race.

Raising the stakes further is that Georgia isset to hold two Senate runoff elections in Janu-ary, which will decide which party controls theupper chamber. Senate control will determinethe national policy direction for the next twoyears. Georgia should be assured, going intothat political maelstrom, that its new electionsystems are functioning as designed.

Doing a full audit by hand is more than Geor-gia law requires. It’s unlikely to swing the stateinto Donald Trump’s column, since overcominghis 14,000-vote deficit would require the dis-covery of serious errors that have so far es-caped detection. In any case, Mr. Biden wouldstill have the required 270 Electoral Collegevotes, unless his even-larger margins in Penn-sylvania or other states were also somehowoverturned.

Mr. Raffensperger, a Republican, empha-sized that his office is ready to look into everyallegation of voting shenanigans. “If you haveany information about illegal voting or voterfraud, bring that to our attention,” he said. “Wewill investigate every case that we hear.” IfGeorgia’s painstaking recount doesn’t substan-

tiate claims of major fraud, Americans will bemore confident the election was conductedfairly.

The recount also mightease concerns about Georgia’snew votingmachines. The sys-tem, whichmade its statewidedebut this year, allows votersto make their choices on atouch-screen. Then a printer

spits out a ballot with a summary that shows,in writing, the candidates selected, so the votercan review them. The same information is trans-lated and printed in a two-dimensional bar codethat scanners can read.

When the state picked this system, advocatesof hand-marked ballots objected. They argued ina lawsuit that the text summarywould give vot-ers no way to “visually review and confirmwhether the bar code accurately conveys their in-tended selections.” It sounds like a plot from abad thrillermovie: ballots coming out of a printerthat say they’re for one candidate,while sneakinganother candidate into the bar code?

As one reassurance, officials typically choosea statistical sample of paper ballots to audit byhand. In this case,Mr. Raffensperger has chosento audit the entire presidential count. “With themargin being so close, it will require a full, byhand recount in each county,” he explained. “Thiswill help build confidence. It will be an audit, arecount and a recanvass all at once.”

There’s no reason not to let the process playout. The odds seem small that the preliminaryvote tallies will be overturned in enough statesto give Mr. Trump a second term in the WhiteHouse. But if the law allows him to ask for re-counts in states where he trails only narrowly,then doing so is his prerogative. Georgia’s in-tent is to have a final result ready to certifyon Nov. 20, as originally scheduled. Keep calmand count on.

An audit looking atevery ballot will boost

confidence of a fair vote.

California’s Progressive Thumping

D emocrats and unions in California areshell-shocked. Voters last Tuesday re-jected a referendum that would have

allowed racial preferences instate hiring and college ad-missions, defeated a massivebusiness property tax hike,and rescued tens of thou-sands of gig economy jobs.What is this, Texas?

Unions and their Democratic allies, includ-ing Facebook CEO Mark Zuckerberg, shelledout nearly $60 million for a referendum(Prop. 15) that would have eliminated a keyrestraint on state spending. California’s 1978Prop. 13 caps taxes on commercial and resi-dential property at 1% of their assessed value(i.e., purchase price) and limits annual in-creases to 2%.

Prop. 13 is the only emollient in California’soppressive business climate, and public unionshave long wanted to abolish it. They hoped tochip away at it this year with Prop. 15, whichwould have required that commercial propertybe reassessed at market value at least everythree years. The initiative was forecast to raiseproperty taxes by $8 billion to $12.5 billion ayear by 2025.

Unions declared the tax hike was needed tosupport education and public safety (even asprogressives pushed cuts to law enforcement)and to make big corporations pay their “fairshare.” Yet farmers, manufacturers and smallbusinesses warned they’d be whacked too. Vot-ers believed businesses, not the unions. OnTuesday the Associated Press finally an-nounced that Prop. 15 failed, 51.8% to 48.2%.Most non-coastal counties rejected the refer-endum by 20 or more points.

Voters also approved Prop. 22 (58.5% to41.5%), which was strongly opposed by unionsand plaintiff attorneys. Prop. 22 exempted gig

workers like Uber drivers,Instacart shoppers and Grub-hub takeout food deliverersfrom the state’s union-backedAB5 law, which reclassifiedhundreds of thousands of in-dependent contractors as em-

ployees. Unions claimed Prop. 22 would letbusinesses like Uber skirt workplace protec-tions and pay workers starvation wages.

Yet the referendum also required companiesto provide workers health-insurance subsidiesas well as occupational accident coverage andto pay 120% of the local minimum wage. Gigcompanies warned AB5would lead to fewer jobsand rides as well as higher prices. These con-cerns were echoed by Mothers Against DrunkDriving, which endorsed Prop. 22.

In other good ballot news, voters rejectedan initiative that would have allowed local gov-ernments to expand rent control (59.7% to40.3%). San Francisco was the only county tosupport the measure, though rents there haveplummeted as tech workers have fled amid thepandemic. Homelessness, crime and open-airdrug use, rampant in the city, aren’t incentivesfor them to return.

San Francisco also approved a slew of taxhikes, including a doubling of the real-estatetransfer tax on high-end homes and a surtaxon CEO “excess compensation,” which willdrive out more people and businesses. Califor-nia’s one-party political rule will be hard tobreak, but at least voters outside of San Franhave issued important checks on union andprogressive governance.

Left coast voters rejecta tax hike, rent controland a union power play.

Democracy Dies in the Open

H ong Kong’s “one country, two systems”form of government autonomy diedthis summer, and the Chinese Commu-

nist Party is nowmoving fastto crush its remnants. Bei-jing’s latest target is the Leg-islative Council and its pro-democracy lawmakers.

OnWednesday China’s leg-islature passed a resolutionallowing Hong Kong authorities to remove law-makers without judicial oversight. Hong Kongauthorities quickly booted four pro-democracylegislators, including Dennis Kwok and AlvinYeung, two brave defenders of an independentjudiciary.

Hong Kong’s remaining pro-democracy law-makers responded by resigning en masse.“Sooner or later we would all have been dis-qualified,” Democratic Party chairmanWu Chi-wai said. Unconditional allegiance to Beijingis now a requirement for office. At a news con-ferenceWednesday, Hong Kong Chief ExecutiveCarrie Lam said it is disqualifying for lawmak-ers to oppose the new national security law orto plan on “indiscriminately voting down” Bei-jing’s legislative agenda. Ms. Lamwill go downin history for betraying her city.

The Communist Party long ago riggedLegCo, as the legislature is known, so demo-crats could never gain a majority. Pro-democ-racy lawmakers have nonetheless served theirconstituents by working to prevent or delaysome of the worst legislation and appointees.This new resolution completes LegCo’s trans-formation into a rubber-stamp body. It repre-sents “Beijing’s rule by decree in its ultimate

form,” said Claudia Mo, one of the lawmakerswho resigned in protest.

Even before this resolution, Hong Kong’s op-position was under siege. Lastweek Hong Kong police ar-rested eight current and for-mer pro-democracy lawmak-ers. They face up to a year inprison for disruptive behaviorat a LegCo meeting last

spring, but their real offense was defending therights of Hong Kongers.

The scuffle in May broke out as pro-Beijinglawmakers worked to ram through legislationthat suppresses speech by outlawing disre-spect of the Chinese national anthem. Pro-Bei-jing legislators who participated in the tusslehaven’t been charged, but pro-democracy law-maker AndrewWan, who had to be carried offon a stretcher by paramedics after the scrap,was among those arrested.

Despite widespread opposition, the na-tional-anthem bill passed on June 4. Less thana month later, Beijing imposed a sweeping na-tional-security law on Hong Kong that effec-tively prohibits all dissent. Fearing that pro-democracy candidates would gain seats despitethe rigged system, the government postponedthe LegCo elections scheduled for last Septem-ber. Now they’ll be meaningless.

Freedom dying anywhere diminishes theworld, but Hong Kong’s fate is especially im-portant because it shows China can’t betrusted to keep its international promises. Itstreaty with the U.K. promised autonomy toHong Kong for 50 years through 2047. It wasextinguished in 2020.

Beijing crushes theremnants of HongKong’s autonomy.

REVIEW & OUTLOOK

OPINION

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THEWALL STREET JOURNAL. Thursday, November 12, 2020 | A19

Case for Mask Mandate Rests on Bad Datacaught. The projected number oflives saved, and the implied case fora mask mandate, are based on afaulty statistic. Using a months-oldsurvey, IHME modelers assumed er-roneously that the U.S. mask-adop-tion rate stood at only 49% as of lateSeptember, and therefore had plentyof room to increase to “universaladoption,” defined as 95%, or to amore plausible 85%. According tomore recent survey findings, how-ever, America’s mask-adoption ratehas hovered around 80% since thesummer.

New numbers would completelyalter the IHME study’s findings. If80% of Americans already wearmasks, a new mandate could addonly a few percentage points to themask-adoption rate instead of nearlydoubling it. Additional gains wouldbe small and certainly nowhere near130,000 lives saved.

The study’s documentation sug-gests the 49% figure came from sur-vey data collected by the data-analyt-ics firm Premise between April 23and June 26. Although the paper inNature Medicine explicitly labeledthese data as current as of Sept. 21,they weren’t. And other surveyspaint a very different picture. TheYouGov/Economist tracking poll findsthat the U.S. mask-usage rate sky-rocketed in late spring and hit 78%on July 14. It has hovered in the high70s and low 80s ever since.

This marked a dramatic changesince March and April, when a flurryof conflicting messages—includingfrom Dr. Fauci, Surgeon General Je-rome Adams and the World HealthOrganization—cast doubt on the ef-fectiveness of masks. As public-health advice shifted in favor ofmasks, most Americans took noticeand added them to their routines.

The IHME team didn’t adjust. ItsSept. 21 estimates of U.S. mask adop-tion tracked the YouGov survey re-sults beginning in March, but thetwo began to diverge in April. Frommid-June on, the IHME’s Sept. 21model understated mask usage byabout 30 percentage points.

The YouGov survey isn’t alone,and the IHME’s substantially lowerestimates make it a clear data out-lier. A separate survey by CarnegieMellon University shows that maskusage exceeded 80% in 41 of the 50U.S. states as of Sept. 21. Todaythat’s up to 44 states. In Californiaand the hard-hit Northeast, maskadoption exceeded 90%. These re-sults align with a report from theCenters for Disease Control and Pre-vention, released a few days after theIHME paper, which shows U.S. maskadoption hitting 88.7% in June.

Part of the problem is that theIHME’s 49% mask-use estimate in-cludes only those survey respondentswho say they always wear a mask in

public. This narrow definition ex-cludes a great many people who regu-larly wear masks. YouGov, which givesrespondents the option of saying theyalmost always wear masks, finds amask-usage rate of 80% in its latestsurvey of Americans, with only 6%shunning the practice altogether.

The 49% figure hasn’t been accu-rate since late spring. U.S. maskingrates have already approached or ex-ceeded the more plausible thresholdsought by IHME modelers. The pro-jection that up to 130,000 lives couldbe saved appears to be unfounded,weakening the case for a nationalmask mandate.

The IHME study’s rapid dissemi-nation in the media painted a mis-leading picture in which masks pro-vide an easy fix to the pandemic. Thedanger of this misinformation has in-creased with the incoming Biden ad-ministration now signaling that it in-tends to enact a national maskmandate as one of its first policy di-rectives. The faulty statistic is be-

coming an established “truth” of sci-ence reporting.

Nature Medicine’s editors haveshown little interest in addressingthe error. I asked the journal’s edi-tors for a response, but they de-murred for 13 days—nearly twice thetime it took to vet the entire paper—and the belated answer wasn’t tocorrect course. An editor replied thatthe “alleged discrepancies” were“not issues of substance that wouldrequire further action” because “in-formation about what datasets wereutilized in the authors’ models andperiods they encompass are reportedin the study.”

In layman’s terms, Nature Medi-cine thinks it’s OK for the IHME teamto rely on obsolete figures as long asit cited its source. The misleadingdepiction of U.S. mask use is appar-ently immaterial.

The journal has told the Retrac-tion Watch website that its modelnow assumes 68% U.S. mask usage—still likely too low—along with a sub-stantially smaller projection of livessaved than the one it published. Atthis point, the refusal to correct theoriginal article serves only to sustainan inflated case for a national maskmandate. Although existing policiesand voluntary behavior have alreadyled to major improvement, the IHMEpaper gives the false impression thatAmericans continue to lag behind therest of the world in mask use. As aresult, policy makers up to and in-cluding the incoming U.S. presidentare likely basing their case forsweeping new regulations on un-sound scientific advice and over-stated promises.

Mr. Magness is a senior researchfellow at the American Institute forEconomic Research.

By Phillip W. Magness

Mar 2 Apr 6 May26 Jun1 July 6 Aug 3 Sep 1 Sep 21 Oct 6 Nov 2

Percentage of Americans usingmasks,March-November 2020

Source: YouGov and Institute for HealthMetrics and Evaluation

%

0

20

40

60

80

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YouGov survey results IHMEmodel 9/21 IHME projected 9/21

T he top scientific journalNature Medicine publisheda study on Oct. 23 with anastounding claim: By sim-ply wearing masks at

higher rates, Americans could pre-vent as many as 130,000 Covid-19 fa-talities by the end of February 2021.Produced by the University of Wash-ington’s Institute for Health MetricsEvaluation, or IHME, the study gar-nered immediate acclaim.

More than 100 news outlets trum-peted the study’s findings in thedays following its publication—“ThePrice for Not Wearing Masks: Per-haps 130,000 Lives” was the NewYork Times’s headline—and a fewhundred more articles have beenwritten since. Reporting was often

paired with calls for a national maskmandate, echoing President-elect Bi-den and now Anthony Fauci, the topU.S. infectious-disease official. Thestudy was also invoked by FrancisCollins, head of the National Insti-tutes of Health, to push for strictermasking requirements. Recognizingthe potential importance, NatureMedicine rushed the study into printafter an expedited peer-review pro-cess that took only seven days tocomplete.

Unfortunately, the IHME model-ers’ findings contained an error thateven minimal scrutiny should have

A top scientific journallowballs the percentage ofAmericans who are alreadycovering their faces.

The Economy Can’t Wait Until January

T he U.S. economy has recov-ered from the coronavirusshock faster than most econo-

mists expected. Unfortunately,things aren’t where they should beand additional progress is becomingharder—even without the complica-tions of the resurgent virus. TheFederal Reserve is limited in howmuch more it can do to help themacroeconomy, and it can’t do any-thing directly to alleviate the suffer-ing of those who are out of workand no longer getting any additionalassistance from Washington.

Congress shouldn’t wait for Pres-ident Biden to be sworn in. Itshould act quickly to pass a reliefpackage for families and states thatincludes funding for schools andmoney to combat the virus itself.This will require compromises onall sides, but they are worth makingbecause time is of the essence.

The economy collapsed inMarch and April, with 25 millionworkers losing their jobs. The ma-jority of the job losers, 17 millionof them, were temporarily laid off,not unlike what might happen af-ter a massive natural disaster. Al-though the pandemic continues,

we have learned to coexist with it,for better or worse, and the major-ity of temporarily laid off workershave returned to their jobs. Theresult has been faster job growththan most forecasters expected. InOctober, the headline unemploy-ment rate fell to 6.9%, well belowthe 9.3% that the Federal OpenMarket Committee had predictedin June.

The economy is still down 10million jobs since February, and theunemployment rate understates thechallenge because millions morethan usual have given up lookingfor work entirely. Correcting forthis, and for a misclassification er-ror identified by the Bureau of La-bor Statistics, brings the realisticunemployment rate to 8.4%. Thelines at food banks tell the story:People are suffering.

Further progress will be harderas many of the unemployed whohad a job to return to have alreadydone so. As of October, there areonly 2.4 million more workers ontemporary layoff than there werebefore the pandemic started. At thesame time, the number of unem-ployed workers not on temporarylayoff has risen by 2.8 million.These are the people stuck in a

more normal recession, many ofwhom will need to find new jobswith new employers or even in newindustries; this is what economistscall a “reallocation shock,” whichcan be particularly persistent anddifficult to solve.

Progress will also be compli-cated by rapidly rising virus case-loads, hospitalizations, deaths andcolder weather, which, in parts ofthe country, is starting to limitoutdoor activity. At the same time

the protective cushion provided bythe Cares Act has been deflatingsince many of its key provisionsexpired. The Cares Act was so largethat households generally hadhealthier balance sheets at the endof July than they did before the vi-rus hit. Since then, the unemployedhave been running through theirsavings and accumulating debt. Iestimate that the expiration of the

enhanced unemployment benefitwill reduce demand enough to sub-tract about 3 percentage pointsfrom the annual growth rate in thefourth quarter. That is likely notenough to drive growth negative,but it is a substantial and unneces-sary headwind nonetheless.

Economic relief and fiscal stimu-lus in the neighborhood of whatTreasury Secretary Steven Mnuchinand House Speaker Nancy Pelosiwere negotiating this fall would becritical and well targeted to allevi-ate suffering and spur economicgrowth. The $600 weekly unem-ployment insurance bonus mayhave made sense in the April shut-down, but a lower number like the$400 a week endorsed by PresidentTrump is more appropriate for thecurrent labor market. Jobs are stillhard, but not essentially impossi-ble, to find.

In addition, expanding the Sup-plemental Nutrition Assistance Pro-gram and possibly an additionalround of checks would help reachmany people who aren’t eligible forunemployment insurance. Peopleneed money now—not next year ornever.

State and local governmentsgenerally went into the crisis with

very low debt levels and largerainy-day funds. They now face,through no fault of their own andregardless of their initial fiscal po-sition, a revenue shortfall of $225billion plus hundreds of billionsmore in emergency spending needs,especially for schools. States andlocalities have mostly gotten by todate with the combination of CaresAct funding, rainy-day funds andtiming gimmicks, but there’s obvi-ously a limit. For many, the fiscalhole will reopen next year, if ithasn’t already.

There can be no full solution toAmerica’s economic problems with-out controlling the virus. This willrequire substantial additional re-sources, especially for testing, butalso for vaccine distribution andmanufacturing of antibodies andother remedies. Money spent limit-ing the virus has the greatest eco-nomic bang-for-the-buck of any-thing we can do. Given how quicklythe virus spreads, every day thatpasses without this funding is espe-cially costly, in jobs and lives.

Mr. Furman, a professor of prac-tice at Harvard, was chairman ofthe White House Council of Eco-nomic Advisers, 2013-17.

By Jason Furman

Families and states needrelief now. The lame-duckCongress should act fastto alleviate the suffering.

OPINION

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How Trump or Biden Can Get Serious About Human Rights in Cuba

A s an insular nation with a pop-ulation smaller than Ohio’s,Cuba plays an outsize role in

both world affairs and U.S. domesticpolicy. Either President Trump, whowon Florida, or Joe Biden, who’dhave liked to, should take stock of theCuban regime’s actions—among themgross violations of human rights, ef-forts to destabilize the WesternHemisphere, and broad collaborationwith China, Iran, North Korea andRussia. The U.S. needs a bold new ap-proach, using corruption-focusedsanctions against Cuban officials andtheir accomplices.

One of the most reprehensible as-pects of Cuban statecraft has been itstrafficking every year of some 50,000

medical doctors, who are effectivelyenslaved and forced to work in othercountries. “The Cuban regime takesup to 90% of what they charge . . .other countries for each doctor,pocketing considerable revenues andexploiting the doctors, who receivebut a pittance,” Michael Kozak, theacting assistant secretary of state forWestern Hemisphere affairs, said inan April briefing. Cuban government2018 figures indicate slave laborbrings in $7 billion a year and that itis the regime’s single largest sourceof revenue, accounting for 60% of itstotal foreign income.

Past U.S. administrations havepursued various policies towardCuba, ranging from the decades-longeconomic embargo and restrictionson travel to a “normalization” policyunder President Obama. Mr. Trump

rolled back the Obama administra-tion’s policy and reimposed compre-hensive sanctions—but more needsto be done.

The U.S. should target Havana’smost heinous policies and do so in away that would be difficult for its al-lies and supporters to counteract. Thekey to the new strategy is the GlobalMagnitsky Act of 2016, known infor-mally as GloMag. It authorizes sanc-tions to cut off Cuban officials andtheir accomplices from global finan-cial services, augmenting traditionalsanctions that have cut them off fromthe U.S. financial industry.

The 2012 Magnitsky Act targetedindividual Russian officials involvedin the killing of lawyer Sergei Mag-nitsky in prison in 2009. The GloMagexpanded that regime to cover for-eign government officials implicated

in human-rights abuses and corrup-tion anywhere in the world.

President Trump further expandedthe GloMag program in 2017, throughExecutive Order 13818, which broad-ens the scope of conduct that can

trigger sanctions from “gross viola-tions of internationally recognizedhuman rights” to “serious humanrights abuse,” and replaces “signifi-cant acts of corruption” with thebroader term “corruption.” Since thelaw’s passage, the U.S. has imposedGloMag sanctions on individuals andentities from more than 20 countries,most recently designating for corrup-tion Gibran Bassil, a senior Lebaneseofficial. Still, these designationscame in a trickle, rather than a wave.

Sanctions—including assetfreezes, travel bans and exclusionfrom financial services—should beimposed on Cuban government offi-cials involved in a variety of acts, allof which inevitably involve corrup-tion, such as human trafficking, vio-lating sanctions against Iran andNorth Korea, and drug trafficking.Sanctions should also target theiragents or associates, whether or notthey work for the government. Thereis sufficient available evidence thatthe Treasury’s Office of Foreign As-sets Control could quickly makeGloMag designations and rapidly ad-just them as the targets attempt tocircumvent sanctions. These designa-tions could also be made even more

expeditiously by a presidential execu-tive order.

If adroitly deployed on a largescale, GloMag sanctions would cutdeeply into Havana’s revenues andimpair the ability of virtually all Cu-ban officials and their allies to dobusiness or even travel. GloMag andother legal tools also allow the U.S.to reach third parties, who have fi-nancial or other dealings with tar-geted Cuban officials. Those partiescould be subjected either to sanc-tions or criminal prosecution. Theavailability of these legal tools wouldreduce support for the Cuban regimeworld-wide.

Because European Union govern-ments and other U.S. allies have vig-orously embraced anticorruption pol-icies, they would find it difficult tooppose this strategy. Canada, Britainand several other Western countrieshave GloMag-like sanction statutes oftheir own.

Domestically, a strong standagainst the modern slave trade thatunderpins Havana’s statecraft shoulddraw bipartisan support. Internation-ally, given Britain’s indispensable rolein eradicating the trans-Atlanticslave trade in the 19th Century, Lon-don should be a U.S. partner in crack-ing down on Cuba-driven slave tradeand corruption. By strategically em-ploying GloMag, the U.S. can curtailCuba’s malign activities and push theCuban regime toward major reforms.

Ms. Dobriansky is a senior fellowat Harvard’s Belfer Center. Sheserved as undersecretary of state forglobal affairs, 2001-09. Mr. Rivkinpractices appellate and constitu-tional law in Washington. He servedin the White House Counsel’s Officeand Justice Department under Presi-dents Reagan and George H.W. Bush.

By Paula J. DobrianskyAnd David B. Rivkin Jr.

The Global Magnistky Actof 2016 allows sanctions tocut officials and associatesoff from financial services.

From the Hill, Aug. 19, 2019:

Stacey Abrams said Monday thatshe won’t concede her loss in the2018 Georgia gubernatorial race. . . .Republican National CommitteeChairwoman Ronna Romney McDan-iel . . . tweeted the previous day thatAbrams should concede . . . if she “ac-tually cared about the integrity ofelections.”

Abrams . . . answered why shehasn’t conceded.

“Concession means to say that theprocess was fair, but when I run anorganization that in 10 days betweenelection night and the night I refuseto concede we receive more than50,000 phone calls for people whowere denied the right to vote I amcomplicit if I say that that system isfair,” Abrams said.

Notable & Quotable

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A20 | Thursday, November 12, 2020 THEWALL STREET JOURNAL.

WORLD NEWSWORLD WATCH

BRAZIL

Covid-19 VaccineTests Will Resume

Brazilian health authority An-visa authorized the restartWednesday of clinical trials ofChina’s Sinovac coronavirus vac-cine, one of the most advancedin the country, after suspendingthem earlier this week.

Anvisa said it had evaluatednew information about the “ad-verse event” on Oct. 29 that hadtriggered the suspension Mon-day, concluding it was safe tocontinue the tests.

Brazil’s decision to suspendtrials of the Chinese vaccine,which have been fiercely criti-cized by President Jair Bolsonaro,raised widespread concern amongthe country’s medical community.The vaccine’s own researchershad disputed Anvisa’s decision,saying there had been no seriousadverse reactions among volun-teers. Local press reported that avolunteer had died, but from sui-cide.

—Samantha Pearson

VATICAN

Pope Cites McCarrickReport in Remarks

Pope Francis vowed to root outsexual abuse in the CatholicChurch, a day after a Vatican re-port showed that the current popeand his two predecessors hadfailed for years to discipline a U.S.cardinal for sexual misconduct.

“I renew my closeness to thevictims of every abuse and thecommitment of the church toeradicate this evil,” the pope said,noting the previous day’s revela-tions about the “painful case offormer Cardinal McCarrick.”

Following the brief remarks,the pope observed a moment ofsilence.

Tuesday’s long-awaited, 449-page report revealed that St.John Paul II appointed Mr. McCa-rrick as archbishop of Washing-ton, D.C., in 2000, even afterCardinal John O’Connor of NewYork had warned him that Mr.McCarrick had been accused ofsharing his bed with adult semi-narians and of pedophilia.

Under John Paul’s successor,Pope Benedict XVI, the Vaticanpressed Mr. McCarrick to resign asarchbishop of Washington andasked him to keep a low profile,but he wasn’t subjected to achurch trial and was allowed to re-main a member of Vatican bodies.

Pope Francis, who waselected in 2013, followed thelead of his predecessors and as-sumed that the allegations hadbeen rejected, the report said.

In 2017, an accusation that Mr.McCarrick had sexually abused aminor triggered a church investi-gation that led to his disgrace. In2019, he became the first cardinalin modern times to be dismissedfrom the priesthood. Mr. McCa-rrick denied wrongdoing.

—Francis X. Rocca

OBITUARY

Prime Minister ofBahrain Dies at 84

Bahrain’s Prince Khalifa binSalman al Khalifa, the world’slongest-serving prime ministerwhose time in office spanned the

Persian Gulf kingdom’s indepen-dence in 1971 to its normaliza-tion of ties with Israel this year,died Wednesday. He was 84.

He died at the Mayo ClinicHospital in the U.S., the royalcourt said. The cause was un-clear, but he had previously suf-fered two heart attacks.

Prince Khalifa, the uncle ofKing Hamad bin Isa al Khalifa,was one of the island nation’swealthiest men who drew muchof his family power from patron-age he doled between its mem-bers. Those networks, combinedwith political cunning and tradi-tional retail politics, were key tohis longevity as prime minister:He controlled political, securityand economic affairs for decades.

His backers credit him withhelping to turn Bahrain into a re-gional financial center, though itwas later eclipsed by richerneighbors.

Detractors decry him as ahard-liner who blocked demo-cratic reforms, and largely blamehim for the state’s brutal repres-sion of dissent.

—Stephen Kalin

POLITICAL HOMECOMING: Supporters of Bolivia’s former president, Evo Morales, celebrated in the town of Chimore on Wednesday to welcomehim back from exile, a year after he resigned amid election-rigging allegations. The new president, Luis Arce, is an ally of Mr. Morales.

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not successfully targeted bypotential investors seeking tocause them harm,” the U.K.’sDepartment for Business, En-ergy & Industrial Strategy saidWednesday.

British concerns mirrorwider European worries aboutstrategic firms hammered bythe pandemic being snappedup on the cheap by foreign in-vestors. The EU issued guid-ance in the spring warningthat foreign-investmentscreening was needed to pro-tect assets that might affectthe trade bloc’s overall com-petitiveness. In September,Germany tightened rules toforce greater disclosure by for-eign firms looking to buy com-panies. Britain’s new law wouldbring it closer in line withFrance, Germany and Italy.

The U.K. rules also wouldconfer powers to the govern-

ment similar to those of theCommittee on Foreign Invest-ment in the U.S., which re-quires foreign investors in cer-tain deals involving criticaltechnology to submit to na-tional-security reviews.

“I anticipate that businesseswill err on the side of cautionand file voluntarily where thereis any possibility that they arecaught by the mandatory sys-tem or there is otherwise apossible national security is-sue,” said Samantha Mobley, alawyer at Baker McKenzie.

For years, Britain prided it-self on its hands-off approach.While other European coun-tries fought off foreign inves-tors in certain sectors, theU.K. largely welcomed them in.

LONDON—The U.K. govern-ment proposed new legislationto bolster its powers to blockforeign takeovers of Britishcompanies, the latest effortunder Prime Minister BorisJohnson to shield industriesthat are deemed strategic orimportant to the country’s na-tional security.

Since Britain quit the Euro-pean Union this year, its govern-ment has tried to strike a mid-dle ground between welcomingforeign investment and protect-ing strategic sectors from take-over, particularly amid concernsaround acquisitions by Chinesestate-backed companies. Thesefears have been compounded bythe pandemic, as the U.K. gov-ernment tries to shore up pro-tective-equipment supplies andintellectual property to fightCovid-19.

Under the proposed rules,investors would have to notifythe government about transac-tions involving 17 sectors in-cluding nuclear, artificial intel-ligence, transport, energy anddefense. The regulations updatea takeover regime dating back20 years that the governmentsays is no longer adequate.

The new system wouldscreen transactions within 30days, with a timeline set out inlaw. Those who don’t complywould face fines of up to 5% ofworld-wide turnover, or a min-imum £10 million, equivalentto $13 million, and imprison-ment of up to five years.

Officials say that the newrules would apply to all na-tionalities and aren’t targetedat China. Given the govern-ment’s majority in Parliament,the legislation is likely to passin close to its current form.

“This will mean that nodeal which could threaten thesafety of the British peoplegoes unchecked, and will en-sure vulnerable businesses are

BY MAX COLCHESTERAND BEN DUMMETT

U.K. Aims to BanForeign TakeoversOf Key Companies

Legislation wouldprotect industriesdeemed importantto national security.

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© 2020 Dow Jones & Company. All Rights Reserved. * * * * THEWALL STREET JOURNAL. Thursday, November 12, 2020 | B1

TECHNOLOGY: BOND IN CHINA CAN BE TRADED IN BITCOIN B5

S&P 3572.66 À 0.77% S&PFIN g 0.50% S&P IT À 2.41% DJTRANS g 0.74% WSJ$ IDX À 0.20% LIBOR3M 0.221 NIKKEI (Midday) 25459.13 À 0.43% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

HEARD ON THESTREET

Apple embraces risk bygiving the Macs an in-

house chip. B10

Revlon hiring financial adviserAlvarez & Marsal to help pre-pare for a possible bankruptcyfiling should the talks fallthrough.

Revlon said it would assessby Friday if the proposed ex-change has enough support toclose. The company has

PleaseturntopageB2

80% Revlon needs, accordingto people familiar with thematter.

The remaining investors ei-ther have been holding out,betting they can extract morecash from the company or ha-ven’t been located.

The company’s efforts havecome down to the wire, with

that would help it narrowlyavoid a chapter 11 filing,though Revlon still needs tocorral more investors that ha-ven’t given their support.

Backed by billionaire RonPerelman’s MacAndrews &Forbes Inc. and run by hisdaughter Debra Perelman,Revlon said Wednesday it has

Revlon Inc. is nearing anagreement with investors thatwould save the long-strugglingcompany from bankruptcy asmasked-up, stuck-at-homeAmericans buy less lipstick,blush and nail polish.

The New York-based cos-metics company is nearing thecompletion of a bond exchange

The end of the program ispart of Chief Executive LarryCulp’s effort to simplify opera-tions. GE has sold off assets,cut costs and shrunk the head-quarters staff that oversee di-visions such as GE Energy andGE Aviation. Last month, GEreported costs for its corporateoperation dropped 9% in thethird quarter to $275 million.

The change also was influ-enced by the company’s newfinance chief, Carolina DybeckHappe, who formally joinedearlier this year. The programtraditionally reported to theCFO. It lasted five years, withfew participants surviving for

that long.“Running GE differently

means equipping our develop-ing leaders with increased op-erational depth and domainexpertise,” a GE spokeswomansaid. “We are evolving a coretalent development programto deliver these competencieswith greater focus.”

GE is splitting up the pro-gram by moving the leadershipdevelopment portion into theindividual business units soworkers get deeper operationalexperience, while creating aseparate internal auditing team.

—Thomas Grytacontributed to this article.

General Electric Co. is dis-banding its Corporate AuditStaff program, a rigorous mul-tiyear rotation through vari-ous divisions that the con-glomerate has long used togroom future leaders.

The program, a provingground for young GE financeexecutives, dates back to theearly 20th century. Employeesworked long hours and trav-eled the world analyzing vari-ous business units, looking forwaste or reviewing internalcontrols.

BY NINA TRENTMANNAND TED MANN

GE Disbands Unit-Audit Program Alibaba Sets ‘Singles Day’ RecordWith $75.1 Billion in Online Sales

The Chinese technology giant extended the buying window byseveral days. A screen shows the value of goods transacted. B5

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growing support from bond-holders. So far, investors hold-ing nearly 70% of a $343 mil-lion bond said they wouldparticipate, shy of the roughly

By Becky YerakAnd Alexander

Gladstone

RevlonNearsDebt-SwapDeal toAvoidChapter 11

Technology shares poweredthe S&P 500 higher after lag-ging in recent days as promis-ing vaccine developments ele-vated the prospects ofeconomically sensitive firms.

News Monday that a vac-cine developed by Pfizer andpartner BioNTech appearedbetter than expected at pro-tecting people from Covid-19recalibrated investors’ expec-tations. Shares of Microsoft,Amazon.com and Facebook—which, along with their bigtech peers, have driven marketgains in 2020—fell Mondayand Tuesday, while cyclicalsectors such as energy, indus-trials and financials boundedhigher.

That trade reversed, atleast for Wednesday, as the in-formation-technology sectorled the S&P 500 and manymegacap growth stocks re-turned to outperformance.Amazon shares climbed 3.4%,Microsoft shares gained 2.6%and Facebook shares added1.5%.

The S&P 500 rose 27.13points, or 0.8%, to 3572.66, off0.2% from its September re-cord close. The tech-heavyNasdaq Composite advanced232.57 points, or 2%, to11786.43. The Dow Jones In-dustrial Average edged down23.29 points, or 0.1%, to29397.63.

Even with a move lowerWednesday, the energy and fi-nancial groups are the S&P500’s top performers thisweek, though both are in neg-ative territory for 2020. Thetechnology sector, by contrast,is slightly negative for theweek but is the leading sectorin the broad stock index yearto date.

“Today we’ve got a little bitof a rebound in the technologytrade,” said Mike Stritch, chiefinvestment officer at BMOWealth Management. “It’sback to the growth story to-day, but I think the biggertrend is one of an expected ro-tation into some of these moreunderperforming sectors andregions.”

The rollout of a Covid-19vaccine is likely to power theglobal economic recovery andlift stocks across sectors, giv-ing momentum to a new leg ofthe market’s rally, investorssaid.

“There is still a lot ofmoney on the sidelines,” said

PleaseturntopageB9

BY KAREN LANGLEYAND WILL HORNER

TechSharesPropelS&P

Rubber futuresprices in Singapore*

World consumptionof natural rubber

Sources: FactSet (prices); Association of Natural Rubber Producing Countries (consumption)*Prices are for technically specified rubber.

1.25

0

0.25

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0.75

1.00

millionmetric tons

N D J2020

F M A M J J A S O

FORECAST

$1.80

1.00

1.20

1.40

1.60

a kilogram

J2020

F M A M J J A S O N

ing in China with a spike inprices in October and subse-quent swoon this month.

Consumers may have to paymore for latex-based productslike rubber bands, balloonsand condoms. Latex pricesrose more than 50% in Octoberalone, said Davin Wedel, presi-dent at Global ProtectionCorp., part of Malaysian con-dom giant Karex Bhd.

For the first time in severalyears, Karex has started tocharge more in new deals withgovernments and other con-dom brands, though it haskept prices steady for retail-ers.

“That cost has to be distrib-uted,” Mr. Wedel said. “Con-dom prices in general havestayed remarkably static for a

very long time.”China dominates the mar-

ket for consumption of naturalrubber, accounting for aroundtwo-fifths of demand, most ofwhich it buys from abroad.China imported over 4.5 mil-lion metric tons from Januarythrough October, 587,000 tonsmore than it did in the sameperiod last year, according tothe Association of NaturalRubber Producing Countries.

“There has been a hugeamount of pent-up demand asthe lockdowns have ended andfactories have opened backup,” said Jom Jacob, senioreconomist at the association.

The recovery in Chineserubber imports has coincidedwith a 13% leap in auto sales

PleaseturntopageB2

Funds that touted access toAnt Group Co.’s share sale willlet investors cash out early,following outcry after the fi-nancial-technology giant’s list-ing was halted by Chinese reg-ulators.

In the run-up to the now-suspended initial public offer-ing, five mutual funds in Chinaraised 60 billion yuan, orabout $9.07 billion, from more

BY XIE YU

than 10 million small inves-tors. The funds, managed bysome of the country’s largestinvestment firms, were soldvia Alipay, Ant’s mobile pay-ments and lifestyle platform.

The funds used a marketingblitz to highlight that theycould invest up to 10% of theirassets in Ant, though thiswasn’t written in their con-tracts with investors, or infund-sales documents. Manyinvestors were expecting Ant’sshares would surge after theIPO, which at more than $34billion was set to be theworld’s largest ever. Money in-vested in the funds was to belocked up for 18 months.

However, after Ant’s IPO

was suspended last week,some investors argued theywere cheated, as the main at-traction for them was owningshares in Ant. “You shouldgive back our money given Antcannot go public now. Thisfund without Ant is no longerwhat we want,” one investorwrote online.

Last Thursday, the ChinaSecurities Regulatory Commis-sion said it had seen the com-plaints by fund investors. Iturged fund houses to give pri-ority to investors’ interestsand fully consider their rea-sonable demands.

The funds already appear tohave made some other invest-ments. Four of the five funds

are above water, with slightlyhigher net asset values thanwhen they launched, their lat-est disclosures show. Fundholdings aren’t disclosed.

Investors in the five vehi-cles can apply to redeem theirinvestment between Nov. 23and Dec. 22 without incurringfees, the fund houses and asubsidiary of Ant said in ajoint statement Tuesday.

Repayments will be basedon the floating net asset valueper fund unit, a way of pricingmutual-fund investments. Thestatement didn’t say whetherinvestors who kept their hold-ings would still be subject toan 18-month lockup.

The five funds will apply to

become listed funds trading on-shore in China. That would al-low investors to exit at a laterdate by selling units to otherinvestors on the open market,offering an alternative exit torequiring the fund managers tobuy the units back.

Some investors posting oninvestment forums welcomedthe statement. One said thearrangement took investors’interests into account, adding,“Let’s exit.”

Not all investors plan to sellout. “I bought the fund be-cause I am bullish on the sec-tor,” wrote someone on a chatroom operated by East Money,an online broker and investingwebsite.

Funds Give Ant Investors an ExitLockup periods arewaived after a clamorfor refunds followinghalt of mammoth IPO

A rebound in auto produc-tion in China and increaseddemand for medical gloveshave sent prices for rubbersoaring, making it one of thebest-performing commoditiesin the world in recent months.

The prices for a variety ofnatural rubber used to manu-facture tires have jumped al-most 50% from their 2020 lowin Singapore, one of threeAsian trading hubs for the ma-terial. Rubber futures fetchedjust over $1.51 a kilogram onthe Singapore Exchange onTuesday, up from $1.03 onApril 1.

Few commodities have feltthe effects of the coronaviruspandemic as keenly as rubber.Prices slumped when car facto-ries closed in the early days ofthe pandemic, hitting demandfor a material that is used inthe production of tires.

The slide in oil prices alsoknocked the price of syntheticrubber, a substitute for thenatural kind that is made frompetroleum byproducts, saidAnn Sun, senior analyst atICIS.

Rubber supplies have alsobeen pinched. Restrictions onmovement have prevented mi-grant workers from traveling tofarms in Thailand and Malay-sia, while tropical storms madeit difficult to ‘tap’ rubber treesfor latex and flooded roadsused to move rubber fromfarms to processing facilities.

“We believe we’ve turnedthe corner,” said AndrewTrevatt, co-founder of HalcyonAgri Corp., a Singapore-basedrubber producer and distribu-tor. Halcyon’s factories arerunning at full capacity, afterthe company closed severalplants earlier in the year.

Mr. Trevatt said he expectsrubber prices to remain vola-tile, crediting speculative trad-

BY JOE WALLACEAND WILL HORNER

Rubber Rebounds,With a Hand From Gloves

A worker inspects disposable gloves at the Top Glove factory in Kuala Lumpur, Malaysia. Rubber prices are up 50% from their 2020 low.

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B2 | Thursday, November 12, 2020 * * * * THEWALL STREET JOURNAL.

INDEX TO BUSINESSESThese indexes cite notable references to most parent companies and businesspeoplein today’s edition. Articles on regional page inserts aren’t cited in these indexes.

AAccess Industries .......B4AGC............................B10Air Products &Chemicals..................B2

Airbnb........................B10AKQA...........................B5Alibaba........................B5Alvarez & Marsal........B1Amorepacific...............B2Ant Group ...................B1Apple.........................B10Ascena Retail Group...B3AstraZeneca..............B10

BBanco Santander........A7Bluestar Alliance........B3BP................................B9

CCanSino Biologics.....B10China Universal AssetManagement.............B1

Chipotle Mexican Grill.....................................B2Condé Nast..................B2ConocoPhillips.............B9

D - EDish Network..............B2Eastman Kodak...........B3

Estée Lauder...............B2Expanse.......................B2

GGeneral Electric ..........B1Goodyear Tire & Rubber.....................................B2Great Portland Estates...................................B10

HHalcyon Agri ...............B1

IING Groep...................A1Intesa Sanpaolo..........A7

JJ. Walter Thompson...B5Jaws Acquisition........B4

KKao ..............................B2Karex...........................B1

LLand Securities Group...................................B10Louis Dreyfus..............B3

MMacAndrews & Forbes.....................................B1Mastercraft Boat........B2

Moderna....................B10

PPalo Alto Networks....B2Penghua FundManagement.............B1

Phatthalung Paratex ..B2Purdue Pharma...........B9

QQualcomm...................B2

RRevlon .........................B1Rubber Economist ......B2

SSinovac......................B10Swimply ....................B10

TTaiwan SemiconductorManufacturing........B10

Top Glove ....................B2

WWalmart......................B2WPP.............................B5

YYoung & Rubicam.......B5

ZZhong Ou AssetManagement.............B1

INDEX TO PEOPLE

BUSINESS WATCH

AIR PRODUCTS & CHEMICALS

Net Falls, as RevenueIncreases Slightly

Air Products & Chemicals Inc.posted lower fourth-quarterprofit and slightly higher revenueyear over year but said theCovid-19 pandemic continued toweigh on earnings.

The Allentown, Pa., industrial-gas producer reported a netprofit of $486.8 million, or $2.19a share, compared with $503.2million, or $2.27 a share, a yearearlier. Revenue rose to $2.32billion from $2.28 billion.. Effectsfrom the pandemic reduced per-share earnings by an estimated15 cents to 20 cents a share.Shares of Air Products fell 9.4%following the results but remainup 19.5% for the year.

—Matt Grossman

CHIPOTLE MEXICAN GRILL

Company to OpenTake-Out-Only Site

Chipotle Mexican Grill Inc.plans to open a take-out onlyrestaurant on Saturday, the first

Chipotle location that will onlyserve customers who have or-dered in advance online.

The location, in Highland Falls,N.Y., adjacent to the U.S. MilitaryAcademy, will include a kitchenand a lobby but no dining roomor front-service line.

Customers will have to placeorders online before arriving andcan either pick up their food orhave it delivered.

Based in Newport Beach, Ca-lif., Chipotle said the concept willhelp it expand into urban areasthat wouldn’t support a full res-taurant and improve the Mexi-can-food chain’s flexibility.

—Matt Grossman

MASTERCRAFT

Boat Maker ReportsA Larger Profit

MasterCraft Boat HoldingsInc. posted a larger profit for thelatest quarter as the companyramped up production to meethigher demand following shut-downs in the early phases ofthe Covid-19 pandemic.

The Vonore, Tenn., maker ofrecreational power boats logged

a first-quarter net profit of $9.6million, or 51 cents a share, com-pared with $8.6 million, or 46cents a share, a year earlier.Revenue slipped to $103.7 mil-lion from $109.8 million.

MasterCraft attributed lowersales year over year to its con-tinued efforts to increase pro-duction.

On the other hand, sales fig-ures benefited from a shift to-ward higher-price models andlower dealer incentives.

Meanwhile, sales of partsrose because of higher levels ofboat use over the summer, Mas-terCraft said.

Shares of MasterCraft in-creased 8.7% on the company’sbetter-than-expected results andare up more 50% in 2020.

—Matt Grossman

DISH NETWORK

Qualcomm to AssistIn 5G Development

Dish Network Corp. said thatit would collaborate with Qual-comm Inc. to build out its 5Gwireless network.

Qualcomm’s platforms willhelp Dish speed developmentand commercialization of its 5Gnetwork, the companies said.

The collaboration will includework on a network compliantwith open radio-access-networkprotocols, a framework that al-lows more interoperability ofhardware from different manu-facturers, Dish said.

—Matt Grossman

PALO ALTO NETWORKS

Cybersecurity FirmAdds Expanse Inc.

Palo Alto Networks Inc.agreed to buy Expanse Inc.,which makes software thatmonitors risks to digital assets,for about $800 million.

The deal value comprises$670 million in cash and stock,as well as about $130 million inreplacement equity awards, thecybersecurity company saidWednesday. The amount couldbe subject to adjustment, it said.

The deal is expected to closein the fiscal second quarter, PaloAlto Networks said.

—Dave Sebastian

low their peak of almost $6 akilogram in early 2011.

That is one reason why therally isn’t expected to feedinto higher prices for productssuch as tires, said PrachayaJumpasut, managing directorof the Rubber Economist Ltd.,a consulting firm.

Rubber gloves are one ex-ception. Sales of natural-rub-ber examination gloves rose7% from a year before in thethree months through August,said Malaysia’s Top GloveCorp. Bhd., which describes it-self as the world’s biggest rub-ber-glove producer. Sales ofnitrile gloves, made from syn-thetic rubber, were up 31%,and rising raw-material costsprompted the company to in-crease its selling prices.

Phatthalung Paratex CoLtd.’s latex factory in southernThailand is running 16 hours aday, seven days a week, andproducing twice the amount ofrubber a month that it did be-fore the pandemic. It stillhasn’t been able to keep upwith demand from glove-mak-ers. “Our business is boomingat the moment,” said IanShearer, a company adviser.

in October from a year before,according to the China Asso-ciation of Automobile Manu-facturers.

U.S. car makers are alsoracing to boost production af-ter inventories on dealerfloors dwindled following thepause in production earlierthis year.

Tire factories are hum-ming, too. Goodyear Tire &Rubber Co. plants are back tofull speed, executives at theOhio-based manufacturer toldanalysts in October, saying ithad benefited from robustsales of SUVs and light trucksin the U.S.

Although rising prices willprovide relief for farmers inThailand, Indonesia, Vietnamand other major producers,rubber futures remain well be-

ContinuedfrompageB1

RubberPricesRebound

AAhmed, Ajaz ...............B5Athey, James..............B9

BBeaumont, James.......B9Blavatnik, Len.............B4Bullwinkle, David........B3

CChong, Henry..............B5Continenza, Jim..........B3

DDuncan, Stan ..............B2

FFeng Qi, Felix..............B5

GGabbay, Joseph...........B3

Grimaldi, Emannuele..B3

HHanson, Tristan..........B9Happe, Carolina Dybeck.....................................B1Houston, Michael........B5

IIger, Robert.................B4

KKarfunkel, George.......B3Kassam, Altaf.............B9

L - MLouis-Dreyfus,Margarita..................B3

Louis-Dreyfus, Robert B3Ma, Jack......................B5

Mayer, Kevin...............B4McCormick, James......B9Muto, Gary..................B3

RRead, Mark..................B5

SSharma, Anil...............B3Shen, Sean..................B5Spencer, Patrick..........B9Staunovo, Giovanni ....B9Sternlicht, Barry.........B4

Vvan Rijswijk, Steven..A1

W - ZWong, Steven.............B5Zhang, Daniel..............B5

off-camera. He also apologizedto his family and co-workers.

Mr. Toobin, who is 60 yearsold and worked for the publica-tion for 27 years, said in aTwitter post on Wednesday, “Iwill always love the magazine,will miss my colleagues, andwill look forward to readingtheir work.”

Stan Duncan, the chief peo-ple officer for Condé Nast,which publishes the NewYorker, said in a memo to staffthat he wanted “to assure ev-eryone that we take workplacematters seriously. We are com-mitted to fostering an environ-ment where everyone feels re-spected and upholds ourstandards of conduct.”

CNN, where Mr. Toobin is alegal-affairs analyst, said hehad asked for time off to dealwith a personal issue. Aspokeswoman for the networkdidn’t respond to a request forcomment.

A former federal prosecutor,Mr. Toobin joined the NewYorker in 1993 as a legal-affairsreporter and made his markcovering the O.J. Simpson mur-der trial.

For years, he contributednotable stories on the SupremeCourt and numerous profileson high-profile individuals suchas longtime Republican opera-tive Roger Stone.

He has written numerousbooks including 1996’s “TheRun of His Life,” which wasadapted for television as the FXseries “American Crime Story:The People v. O.J. Simpson.”

The New Yorker has firedhigh-profile staff writer JeffreyToobin weeks after he exposedhimself on a video call with col-leagues, the magazine saidWednesday.

Mr. Toobin’s departure cameafter the publication hadlaunched a probe into his be-havior on the Zoom call in Oc-tober, which included severalother New Yorker staffers andreporters from WNYC radio.

“As a result of our investiga-tion, Jeffrey Toobin is no lon-ger affiliated with the com-pany,” the New Yorker said.

After the October incident,the New Yorker suspended Mr.Toobin. When news reports ofthe episode surfaced soon after,Mr. Toobin said he had made amistake and believed he was

BY LUKAS I. ALPERT

The New Yorker FiresToobin Over Incident

Jeffrey Toobin joined the NewYorker in 1993 as a legal reporter.

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with competition in cosmetics,fragrances and other productlines.

Revlon’s competitors in-clude global beauty-goodsmakers that are bigger andcan spend more on acquisi-tions, research and develop-ment, and technology. Massmerchants’ own private-labeland store-owned brands haveincreasingly found appealamong shoppers.

Revlon products also com-pete with those sold in high-end retailers as well as thosemarketed through televisionshopping shows and infomer-cials. The company facesgrowing competition as wellfrom smaller beauty brandssold online.

Walmart Inc. accounted forabout 15% of Revlon’s saleslast year, though the companyalso sells its products in chan-nels that include drug and de-partment stores.

Cosmetics brands that stocksales counters at departmentstores also are being chal-lenged as retailers shrink theirphysical footprint. Estée Lau-der Cos., Amorepacific GroupInc. and Kao Corp. havesought to diversify how theirproducts are sold, as depart-ment stores, which represent asizable share of their revenue,have been forced to closemany locations during the cor-

onavirus pandemic.U.S. sales of color cosmetics

are expected to decline bymore than 9% in 2020, accord-ing to Euromonitor Interna-tional, which predicts sales ofhair-care products will rise0.9% this year and skin-caresales will fall 0.4%.

Billionaire investor CarlIcahn, who owns a large chunkof the Revlon bonds, had heldout from participating in theexchange, waiting to ensureenough other bondholders alsoparticipated. After Revlon gottraction in getting other inves-tors to commit, Mr. Icahn re-cently tendered bonds as well,according to people familiarwith the matter.

Some have been debatingwhether to participate, con-cerned Revlon wasn’t offeringthem enough value. Others aresmall investors who haven’tbeen located.

The company said it couldreopen the exchange offerthrough Friday so more bond-holders can join in.

Market participants havebeen projecting confidence adeal will get done. Revlonstock closed last week ataround $5.50 a share and lateWednesday was trading atmore than $10 a share.

MacAndrews has beenstreamlining operations andselling some assets. Mr. Perel-man also has said the com-pany would seek new invest-

ment opportunities.Mass-market brands such

as Revlon, CoverGirl and May-belline, already on the ropesheading into the pandemic, arehaving a harder time than ri-val brands with bigger onlinepresences and more variedproduct lineups.

Revlon worked to broadenits offerings with the 2016 ac-quisition of Elizabeth Ardenand efforts to expand sales on-line and in China. But thecompany remains heavily de-pendent on its Revlon busi-ness, which includes hair andnail-care products alongsidemakeup.

—Cara Lombardo, SharonTerlep and Mark Maurer

contributed to this article.

warned it could be forced intochapter 11 if too few bondhold-ers participate in the restruc-turing, which would swap outtheir claims at a discount.Bondholders are being offered32.5 cents on the dollar incash, or a mixture of cash anddebt.

Revlon has extended the of-fer several times in recentmonths, but the clock is run-ning out. Bonds that remainoutstanding on Sunday mustbe paid off in full, or else anadditional $1 billion in seniordebt comes due, which is morethan Revlon can pay. Revlonhad $347 million in liquiditylast month.

Revlon brands include Eliz-abeth Arden, which it acquiredin 2016, as well as AmericanCrew and Almay.

The company’s historydates back to at least 1910,when Ms. Arden painted thedoor of her first salon red. In1932, brothers Charles and Jo-seph Revson and Charles Lach-man formed Revlon and intro-duced a nail enamel. Mr.Perelman’s private-equity firmbought Revlon in 1985.

Forbes magazine estimatedMr. Perelman’s net worth to be$6.1 billion. At least twice inthe past two years, he hasmade loans to Revlon, mostrecently lending it $30 millionlast year. He owns 87% of Rev-lon, which has a market capi-talization of $469 million. Eq-uity owners are typicallywiped out in bankruptcy.

Through much of this year,the coronavirus pandemic hascaused widespread closuresand bankruptcies among re-tailers, salons and spas, crimp-ing sales of beauty products.Revlon said its third-quartersales are expected to be $477.1million, down from $596.8 mil-lion in the same period lastyear. It said it believes thatnearly all of the decline wasbecause of the impact of thepandemic.

But even before the pan-demic, Revlon struggled withchanging consumer tastes and

ContinuedfrompageB1

RevlonNears DealOn Debt

At the new site, customers will have to place orders online before arriving and can either pick up their food or have it delivered.DA

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THEWALL STREET JOURNAL. * * Thursday, November 12, 2020 | B3

BUSINESS NEWS

Abu Dhabi-based ADQ has agreed to buy part of the agricultural company. Soybeans at a Louis Dreyfus facility in Argentina.

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bounded. But global vehiclesales are expected to fall be-low last year’s 75 million tallyto around 62 million this year,according to data providerStatista.

Shipowners say the damageto their finances from the ear-lier shutdowns remains.

“Last spring was a very dif-ficult period for car movers,”said Emanuele Grimaldi, a co-owner of Italy’s GrimaldiGroup SpA, which operates afleet of car carriers and heavy-equipment movers. “I returnedsix chartered ships back totheir owners and scrappedtwo of our own.”

Overall ship demolitionsthrough October stood at 557,compared with 889 in all of2019, according to U.K.-basedmaritime data provider Ves-selsValue. This year’s figure isfar below the 1,996 vessels re-cycled in 2012, when a hugeoverhang of shipping capacitywas taken out following the2008 financial crisis. Scrapsites were closed for threemonths this year, however,and ships began heading tothe demolition process knownas breaking as yards reopened.

“In the second quarter, youhad too many ships chasingtoo little cargo,” said Anil

Sharma, CEO of U.S. andDubai-based Global Market-ing Systems, which buys morethan half of all ships headingfor recycling yards. “Althoughthe new-ship order book ispretty balanced, demand forshipping services fell off acliff.”

Rising prices for steel inscrap markets this fall havealso shifted economic calcula-tions for some ship operators.

Vessel operators can typi-cally get about 20% of theoriginal purchase price for a25-year old ship by selling itto recycling companies. Withlending markets tight, ownerssee the scrap market as a po-tential source of cash for ashipping industry that willneed to invest billions in com-ing years to develop a newgeneration of environmentallyfriendly ships.

VesselsValue says 22 orecarriers have been sold forscrapping this year comparedwith a dozen last year and twoin 2018. Ten cruise ships weresent to recycling this year af-ter nine were demolished overthe previous two years com-bined. Car-carrier demolitionsstood at 28 this year, matchinga 2016 high in records datingto 2012.

Cargo ships and cruise lin-ers are being scrapped ingrowing numbers as operatorshit by the fallout from thepandemic look to turn theirunemployed vessels into cashin the recycling market.

Car-carrying vessels andiron-ore haulers lead the bur-geoning fleet heading for de-molition. Cruise ships, stillidled by the restrictions im-posed at the start of the pan-demic, are joining the lineupat ship-breaking yards, wherethe vessels are pulled apartfor their steel.

The ship operators are try-ing to repair balance sheetsthat were battered by theglobal downturn earlier thisyear, when factory shutdownsbrought a swath of shippingactivity to a halt.

Vehicle sales crashed lastspring along with the com-modities market as China, thebiggest raw-materials im-porter, closed down to fightthe illness. Continuing bans oncruises left dozens of luxuryliners idle as storage costsmounted.

Manufacturing activityaround the world recoveredthis fall and auto sales re-

BY COSTAS PARIS

Cargo Vessels and Cruise ShipsPile Up at Yards for Scrapping

on behalf of the ex-employees.It didn’t identify the formeremployees.

Mr. Bullwinkle said the errordidn’t result in any misstate-ments of current or prior finan-cial results and the company ex-pects to fix its internal controlsby the end of the year. Kodaksaid it would employ an inde-pendent reconciliation process tostrengthen its controls. It said itwould treat the event as a modi-fication of the original optionawards for accounting purposes.

Kodak faces several investiga-tions by federal agencies over itshandling of a planned $765 mil-lion loan from a U.S. governmentagency to produce drug ingredi-ents at its U.S. factories.

Kodak’s share-price spikebriefly produced a potentialwindfall for company execu-tives who owned stock-optiongrants, some of which weregranted on July 27, the day be-fore the loan was announced.

Soon after the proposed dealwas announced, the Securitiesand Exchange Commission beganan investigation into how thecompany disclosed the loan. Thefederal agency that had teamedup with Kodak, the U.S. Interna-tional Development FinanceCorp., halted the deal and itsown watchdog opened a review.

An internal company probefound the company didn’t breakany laws in disclosing the loan.

Chief Executive Jim Con-tinenza has repeatedly saidKodak will move forward withexpanding its pharmaceuticalbusiness regardless of govern-ment assistance. Under the ini-tial plan with the government,Kodak was to produce ingredi-ents for some generic drugs, in-cluding hydroxychloroquine,which President Trump hastouted in the treatment of thecoronavirus. Researchers havesaid the drug has no benefit asan early outpatient treatment.

Kodak said losses widenedto $445 million in the quarterfrom $5 million last year.

Eastman Kodak Co. said fiveformer executives were able tocollect millions of dollars by sell-ing stock options they didn’town, an admission that is set toadd to the scrutiny the companyfaces over the circumstancessurrounding a halted U.S. loan.

Kodak Finance Chief DavidBullwinkle said on an earningscall Tuesday the company haddiscovered deficiencies in itscontrols that had failed to pre-vent the “unauthorized issu-ance” of the company’s stock.

About 300,000 previouslyforfeited stock options were ex-ercised by the former executivesin July, according to a securitiesfiling. Kodak said it incurredabout $5.1 million in compensa-tion expenses related to the op-tions in the third quarter.

Shares of the one-time pho-tography juggernaut slipped 5cents to $6.63 in Wednesdaytrading. The stock surged to $60in July amid news of the federalloan. The shares tumbled afterthe loan was put on hold.

Kodak has determined thatcontrols were inadequate “withregard to the timely input andverification of master data up-dates for equity grants,”Mr. Bull-winkle said. This resulted in er-rors or misstatements inemployees’ equity account bal-ances, he said. The maintenanceand tracking of grant activitywas done by a third-party admin-istrator, Kodak said in a filing.

Although some companiestrack stock-option issuance andexpiration internally, many nowhire outside vendors to do so,said Douglas Chia, former corpo-rate secretary for Johnson &Johnson and president of corpo-rate-governance consulting firmSoundboard Governance LLC.

Kodak said it would try torecover about $3.9 million fromthe ex-employees for the fairvalue of the shares at the timeof the sale and about $3 millionfrom the withholding of taxes

BY KIMBERLY CHIN

Ex-Kodak OfficialsSaid to Sell OptionsThey Didn’t Own

ploded this year.The deal would add to ADQ’s

investments in more than 90companies, spanning sectorsincluding energy, utility, healthcare and logistics. The parallelsupply arrangement may bol-ster the U.A.E.’s food security,giving it access to a reliablesource of agricultural commod-ities that could shield the Gulfnation from swings in cropprices and availability.

The coronavirus pandemichas sparked steep swings incrop prices and disrupted agri-cultural supply chains, addingurgency to efforts by countriesthat depend on imported foodto ensure they have secure sup-plies. The U.A.E. imported a mil-lion tons of milled rice and 1.91million tons of wheat in the2019-20 agricultural year, ac-cording to the U.S. Departmentof Agriculture. Domestically, itproduced none of either crop.

pervisory board of Louis Drey-fus’s holding company, despitebumpy earnings in recent years.

The U.S.-China trade war,recurrent oversupply of cropsand the swine fever epidemicthat ravaged China’s hog herdhave weighed on prices forcommodities including soy-beans and sugar. Facing stiffcompetition from rivals in-cluding Glencore PLC and Chi-nese giant Cofco Corp., LouisDreyfus has sold assets includ-ing Canadian grain elevators.

The trading house, based inRotterdam, the Netherlands,benefited from the volatilitythat struck agricultural mar-kets with the onset of the cor-onavirus, reporting a 50% risein earnings in the first half of2020 from a year earlier. Still,it booked a $74 million lossfrom its joint venture withLuckin Coffee Inc., the Chinesecoffee-chain startup that im-

approval from regulators. ADQwould receive a 45% indirectstake in Louis Dreyfus via oneof its holding companies. Aportion of the proceeds,amounting to at least $800million, would be invested inLouis Dreyfus if the deal goesthrough. This money will gotoward paying off a $1.05 bil-lion loan from Louis Dreyfus toone of its parent companies, aspokesperson said.

Ms. Louis-Dreyfus, raised asan orphan in the Soviet Union,married into the family and in-herited her stake in the com-pany from her husband, RobertLouis-Dreyfus, who died in2009. She then spent yearslocked in a feud with other fam-ily members, who objected toher stewardship of the business.

The sale will inject cash intoa business that has continuedto pay hefty dividends to Ms.Louis-Dreyfus, chair of the su-

Billionaire heiress Marga-rita Louis-Dreyfus agreed tosell a major stake in LouisDreyfus Co. B.V., the Dutch ag-ricultural merchant that hasborne her family’s name foralmost two centuries, to astate-owned holding companyin the United Arab Emirates.

The agreement with AbuDhabi-based ADQ completes ayearslong search by Ms. Louis-Dreyfus for an outside inves-tor in the closely held coffee-to-cotton trading house, aftershe agreed to buy out familymembers who held minoritystakes in 2018. As part of thedeal, Louis Dreyfus signed along-term agreement to supplyagricultural commodities tothe U.A.E.

The two companies didn’tdisclose the financial terms ofthe transaction, which requires

BY JOE WALLACE

Billionaire Heiress to UnloadMajor Stake in Louis Dreyfus

A container ship, cruise liners and a bulk carrier at a recycling yard in Izmir, Turkey, last month.

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B4 | Thursday, November 12, 2020 * * * * THEWALL STREET JOURNAL.

BUSINESS NEWS

Ex-TikTok CEO Takes On a New ChallengeIndustry veteran is charged with identifying new opportunities for Warner Music’s parent

WSJ: TikTok has helped cer-tain songs explode in popular-ity, via viral videos and dancechallenges, but hasn’t securedlong-term licensing deals withall the major labels to ensureartists are paid for use of thatmusic. How would you de-scribe the relationship be-tween TikTok and the musicindustry at this point?

KEVIN MAYER: It’s a verysymbiotic relationship be-tween the two. There aremassive audiences on Tik-Tok. Most of the videos onTikTok are related to or havemusic in them, and it’s verycentral to the experience; soTikTok sure needs the musicand, conversely, the musicindustry needs TikTok be-cause that’s where a substan-tial amount of new music,songs and acts are broken.It’s just a massive and veryvibrant audience funnel.Both sides benefit, and cer-tainly TikTok is going to bean integral part of the musiclandscape for a long time.

WSJ: How important in gen-eral are these social-mediaplatforms like TikTok forgrowth at companies likeWarner Music, versus thetraditional streamers likeSpotify and Deezer?

MR. MAYER: They’re bothpretty important. On the onehand, a lot of music discoveryhappens on the platforms,and it’s a brand-new manifes-tation of music and audienceintersection. On the otherhand, music subscription ser-vices are where you get tohear the whole songs, whereyou have your playlists, whereyou have access to the fulllength of songs in the orderas you want to hear them. Asimportant as TikTok is,Deezer and Spotify and AppleMusic are also as important.

WSJ:When it comes to enter-tainment consumption duringquarantine, what’s temporaryand what’s permanent?

MR. MAYER: The way thatconsumers access entertain-ment programming and sportsprogramming has been alteredfor the better. Consumers havecontinued to be empowered toenjoy content when and wherethey want to, and I just don’tsee any reason fundamentallywhy that would shift. Peoplewant to go back into the-aters—whether it hits at thelevels it once did, given thatpeople can see movies in theirown homes? I don’t know theanswer to that.

There are some thingsthey’re going to miss, likethe communal theatrical ex-perience…theme parks willcome back, all the place-based entertainment wherepeople like to be aroundother people, I can’t imaginethose not coming back.

WSJ: Do you think tensionsbetween China and the U.S.will simmer down with aPresident Biden in office?MR. MAYER: That’s a reallygood question, and I don’t

know the answer to it. I don’tknow the Democrats’/Biden’sfeelings about these issues.When I was with Bytedance,we were dealing with the ad-ministration, which is theother side of the aisle.

Look, I’m hopeful. I wouldjust say that when I was atBytedance, the Chinese teamwere wonderful people.They’re businesspeople andtechnologists just like the restof us here in the West, and it’sjust very unfortunate that wehad geopolitical tectonic platesthat were shifting. I hope iteases up because there’s a lotto do together, and they’retwo great economies, and wecan all learn from each otherand do a lot of business to-gether. But we’ll see.

WSJ: How many services—music or entertainment—doyou think the average con-sumer wants to pay for?

MR. MAYER: On the videoside, anyway, each streamingservice has their own specificand exclusive content, typi-

cally. So if you want “TheMandalorian,” you have tosubscribe to Disney+, if youwant “Game of Thrones,” youhave to subscribe to HBO Max,et cetera. So it’s not as if onesubscription fulfills all yourneeds to watch videos andwatch the programs you want.

On the music side, a littleless so because most musicservices like Deezer and Spo-tify and Apple Music, by andlarge, have most of the samemusic. By and large, the majorlabels and everything, theyhave most of the product, andit’s not exclusively available,so you’re more likely than notto have one, maybe two musicservices. But you’d have sub-stantially more video services.

WSJ: As someone with a lotof streaming experience,what about consumer behav-ior has surprised you?

MR. MAYER: A large sectorof the population now de-faults first to streaming be-fore they default to watchingregular channels. I would besurprised if that reversesback at any point. I thinkthat shift has been rapid,and the thing that’s surpris-ing is the fact that Covid justaccelerated what I thoughtwas an underlying seculartrend. I mean, certainly, thatwas happening, but as withmany things, I think Covidaccelerated it quite dramati-cally. At Disney, we workedhard at putting ourselves ina position to take advantageof that, and Access founderLen Blavatnik has, too.

WSJ: Are there general rulesthen about how you have toproduce things differently torespond to that shift?

MR. MAYER: You get to seewith much more precisionfeedback from the audience interms of data. People call itdata; it’s really feedback, andin this two-way streaming mo-dality, you get to see whatworks and what doesn’t work.

Kevin Mayer has heldmany top jobs in the mediaand entertainment indus-tries—three this year.

After rising in the ranksand orchestrating thestreaming strategy at Walt

Disney Co., heleft the com-pany in March

after being passed over tosucceed Robert Iger as chiefexecutive. He landed at theshort-video app TikTok inMay, but left that gig in Au-gust after President Trumppressured Bytedance Ltd., itsChinese owner, to unload theapp’s American operations.

Now, Mr. Mayer has joinedWarner Music Group Corp.’sparent company, Access In-dustries, as an adviser, amidan extended growth spurt forthe music business. Accessalso owns Deezer, a music-streaming service in France.

Mr. Mayer will focus onAccess’s media-related busi-nesses, including WarnerMusic, and is charged withidentifying new opportuni-ties for the holding company,which is controlled by bil-lionaire Len Blavatnik.

As a top-ranking executiveat Disney, Mr. Mayer, 58years old, steered several ofthe company’s biggest acqui-sitions, including Pixar En-tertainment, Marvel Enter-tainment and “Star Wars”producer Lucasfilm Ltd. Mu-sic is new to his résumé.

“How central music hasbecome to culture, more somaybe than ever, is really re-markable, and it’s driven bythese digital platforms,” saidMr. Mayer. “It’s a good placeto have a business footprintright now. Really good.”

In an interview with TheWall Street Journal, Mr.Mayer discussed the musicbusiness, streaming, China,and consumer habits andswitching careers amid apandemic. His responseshave been edited for clarity.

BY ERICH SCHWARTZELAND ANNE STEELE

BOSS TALK

After many entertainment jobs, Kevin Mayer adds music to his résumé.

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A blank-check companybacked by real-estate investorBarry Sternlicht is in talks tomerge with Cano Health LLCin a $4.4 billion deal thatwould take the health-careprovider for seniors public, ac-cording to people familiarwith the matter.

Mr. Sternlicht’s special-pur-pose acquisition company,Jaws Acquisition Corp., couldannounce a deal valuing CanoHealth at $4.4 billion, includ-ing debt, as soon as Thursday,the people said—assuming thetalks don’t fall through at thelast minute.

As is typical in SPAC deals,as part of the transaction,Cano Health would receive aninvestment—in this case total-ing roughly $800 million—from several investors, includ-ing Mr. Sternlicht, one of thepeople said.

Blank-check companies turnthe typical IPO model on itshead, raising money by goingpublic before they have a busi-ness and then hunting for atarget—usually over a periodthat lasts as long as two years.Investors have poured moneyinto such vehicles at recordlevels this year as the corona-virus pandemic and marketvolatility make traditionalIPOs trickier to pull off.

Jaws went public in Mayand had a market value ofabout $875 million as ofWednesday. Any deal would besubject to a shareholder vote.

Mr. Sternlicht is thefounder and chief executive ofStarwood Capital Group, areal-estate investment firmwith more than $60 billion ofassets under management. Heserves as chairman of Jaws,which indicated from the out-set it would target a companythat doesn’t compete withStarwood and is growth-ori-ented.

BY CARA LOMBARDO

InvestorSternlichtNears DealWith Cano

A NEW PODCAST

FOR ADVISORS,BY ADVISORS.

The Way Forward is available on barrons.com/podcasts. Subscribe

to The Way Forward on Spotify, Apple Podcasts, or your favorite

listening app.

The Way Forward is part of a weekly seriesfeaturing insights from top advisors and industrystandouts on managing wealth, leading throughcrisis and planning for the future.

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THEWALL STREET JOURNAL. Thursday, November 12, 2020 | B5

TECHNOLOGY WSJ.com/Tech

ness and principal officer of itsoffshore Labuan branch, saidin a statement the bond is “thefirst publicly listed debt secu-rity on a blockchain.” Proceedsfrom it would be deposited atthe branch of the Chinesestate-owned lender.

Henry Chong, Fusang’sCEO, said the bond is essen-tially like a three-month fixed

deposit product that paysholders much more than mostU.S. dollar bank-deposit rates.

The securities can be pur-chased by investors all overthe world, with the exceptionof tax residents of the U.S. andChina, and people and entitiesin Iran and North Korea.

“From our perspective, weare taking bank deposits,

which is our core business,”said Steven Wong, the chiefoperating and financial strate-gist for China ConstructionBank (Malaysia). He said thebank considers this a pilot andan innovative offering.

The offering started Wednes-day, and trading of the new dig-ital security will begin Friday,according to the exchange.

over time into a single com-pany based on client and mar-ket needs.”

Two years ago, shortly af-ter Mark Read took the helmas WPP’s CEO, the advertisingholding company consolidatedcreative agency Young & Rubi-cam with digital shop VML,creating VMLY&R, and com-bined creative agency J. Wal-ter Thompson with digitalagency Wunderman to formWunderman Thompson.

The restructure was an ef-fort to simplify a companythat had become unwieldy.

“Our clients want outstand-ing creativity, powered bytechnology expertise and de-livered at a global scale,” saidMark Read in a statement.“This new company is de-signed precisely to meet thoseneeds and is another impor-tant step forward in buildingour future-facing offer for cli-ents.”

The consolidation comes asad holding companies con-front shrunken client budgets,layoffs and financial chal-lenges during the global pan-demic.

According to a report fromForrester, layoffs at U.S. agen-cies could reach 52,000 by theend of 2021.

Turrin, a financial-technologyindustry consultant. “They donot know where the credit isgoing, or on what it is beingused,” he said.

In 2016, Ant said as much as20% of Alibaba’s Nov. 11 saleswere financed with Huabeiloans, up sharply from the pre-vious year. The companies ha-ven’t disclosed the data since.

Alibaba Chief Executive Dan-iel Zhang on an earnings calllast week sidestepped a ques-tion from an analyst about howimportant Ant’s microlendingservices were to its retail sales.He said the e-commerce com-pany didn’t track that closelyand that consumers were freeto choose how to fund the pur-

Day, according to screenshotsand posts by individuals on Chi-nese social media. Some loanswere offered interest-free.

Ant’s digital lending opera-tions, which have tapped banksfor a lot of the funding they pro-vide to consumers, have comeunder scrutiny. China’s bankingregulator recently proposed newrules that could require Ant tofund more of its loans or put upmore capital to support its lend-ing operations.

Ant and Alibaba haven’t dis-closed the proportion of pur-chases on Alibaba’s sites thatare funded with digital loansthat Alipay helps originate.That is one reason Chinese reg-ulators are concerned, said Rich

latory pressure on its Ant affili-ate and its own core operations.

It also illustrates the roleAnt Group plays in its daily op-erations. For this Singles Day,Ant’s Alipay mobile app, whichhas more than a billion users inChina, featured numerousshopping deals for iPhones,skin care products, Dyson Ltd.hair dryers, Panasonic Corp.massage chairs and other big-ticket consumer goods.

Alibaba’s platforms also al-low many products to be pur-chased using loans from Hua-bei, a microlending serviceoffered by Ant. Huabei, whosename means “just spend,”sharply increased credit limitsfor some users ahead of Singles

according to Refinitiv data—re-flecting in part investor con-cerns about a raft of regulatoryactions.

Even so, Singles Day’s re-cord-breaking performance thisyear shows how online shop-ping has gained even moreground in this pandemic-wracked year, said Sean Shen, apartner at Ernst & Young inGreater China. This year’s eventdrew consumers looking forsteep discounts and thosesplurging on luxury goods in-stead of taking overseas vaca-tions, he said.

The heady buying reinforcesAlibaba’s outsize influence onChinese consumption patternseven as it faces increased regu-

Chinese consumers stayedglued to their phones Wednes-day, spending billions of dollarson items such as Taylor Swift-branded jackets, Apple Inc.iPhones and prepaid beach va-cations, in a test of Chineseconsumer confidence after thedisruptions of the coronaviruspandemic.

By the evening of Nov. 11,also known as Singles Day, Ali-baba Group Holding Ltd., theChinese technology giant, saidit had raked in a record 498.2billion yuan in sales, equivalentto $75.1 billion.

The Hangzhou-based com-pany, which operates two of thecountry’s most popular e-com-merce platforms, this year ex-tended the buying window ofits annual shopping event fromone day in previous years toseveral days. That helped itbreak last year’s buying recordby 12:30 a.m. Wednesday.

But growing regulatory pres-sure on a popular way thatshoppers fund purchases onAlibaba’s e-commerce sites andnew draft rules proposed Tues-day to curtail the influence ofinternet companies cast ashadow on the event—and thebusiness model that has madethe empire founded by entre-preneur Jack Ma a global force.

Since last week, when regu-lators halted the initial publicoffering of Alibaba-backed pay-ment platform Ant Group, Ali-baba’s New York-listed shareshave fallen 16%—erasing $137billion from its market value,

BY LIZA LINAND XIE YU

chases they made via Alipay.Singles Day was originally

conceived as a lighthearted hol-iday for Chinese to celebratetheir unmarried status. Alibabahas over the past decadeturned it into China’s biggestshopping bonanza, generatingmore revenue than the U.S.’sThanksgiving, Black Friday andCyber Monday events com-bined, according to data fromAdobe Analytics.

The 2020 festivities kickedoff with a marathon stage showTuesday night in Shanghai,with pop star Katy Perry per-forming via live stream.

Unlike in the past, when mil-lions of Chinese shoppersstayed up late to process theirpurchases at the stroke of mid-night on Nov. 11, this year con-sumers could make their pur-chases during the first threedays of November and on Sin-gles Day itself. That was to alle-viate pressure on the logisticsindustry, allow consumers moretime to shop and merchantsmore time to plan their opera-tions, Alibaba said.

The buying frenzy wasstoked by live-streaming adver-tising pitches. A large numberof smooth-talking hosts took toAlibaba’s e-commerce plat-forms to pitch products and in-teract in real time with viewers,a concept similar to home-shopping channels that hasgrown in popularity in China.

More than 327,000 viewerswatched as Zhao Daxi, a popularlive-streamer, paraded wintercoats. “It looks great when youmatch it with a white scarf,” shesaid as she slipped into a pinkcoat that fell to her ankles. Herassistant reminded viewerswhere they could find the linkto buy the coat.

—Raffaele Huangand Jing Yang

contributed to this article.

Alibaba Sales Break ‘Singles Day’ RecordMore than $75 billionin online buying eventhighlights China’spandemic rebound

The surge was driven by a longer sales window and a series of live-streamed pitches and performances. A factory affiliated with Alibaba.

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WPP PLC is combining twolarge agencies, continuing thecompany’s plan to simplify itsstructure.

The change gives priorityto digital agency AKQA overGrey, a traditional creativeagency brand, and comes aftersimilar reorganizations atWPP that reflect marketers’

increasing focus on digitalmarketing.

AKQA founder Ajaz Ahmedwill become chief executiveofficer of the newly mergedbusiness, which will be calledAKQA Group, WPP saidWednesday. Grey CEO MichaelHouston will become globalpresident and chief operatingofficer of the new group.

WPP said AKQA Group willlaunch with both the AKQAand Grey brands, but it addedthat they “will be integrated

BY ALEXANDRA BRUELL

WPP Merges AgenciesTo Favor Online Ads

China Construction BankCorp. is planning to raise upto $3 billion from a sale ofbonds that individuals and in-stitutions can trade in and outof using U.S. dollars or bit-coin.

The Beijing-headquarteredbank, one of China’s largest, isselling a digital bond that in-vestors outside the countrycan buy for as little as $100.The security would roll overevery three months and payannualized interest of Liborplus 50 basis points, or ap-proximately 0.75%.

The deal is being arrangedby a branch of China Con-struction Bank located in La-buan, a small offshore finan-cial center in Malaysia that isa tax haven.

The digital bond will belisted on the Fusang Exchange,a bourse that also facilitatesthe trading of cryptocurren-cies. The exchange accepts bit-coin as a form of payment,and will convert it into U.S.dollars for investors buyingthe digital bonds. Investorscan only purchase the bondsvia the exchange, whichcharges a small fee for trades.

Felix Feng Qi, chief execu-tive of China ConstructionBank’s onshore Malaysia busi-

BY SERENA NG

Bond in China Can Be Traded in Bitcoin

China Construction Bank’s security would roll over every three months. A robot at a Shanghai branch.

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Digital agencyAKQA is combinedwithmore traditionalcreative brandGrey.

| Peace Through Superior Technology

Learn about reimagining public safety at www.knightscope.com

Join us in making the United States ofAmerica the safest country in the world

P2JW317000-0-B00500-1--------XA

B6 | Thursday, November 12, 2020 THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interestCopper-High (CMX)-25,000 lbs.; $ per lb.Nov 3.1075 3.1270 3.1075 3.1290 –0.0215 1,211Dec 3.1540 3.1755 3.1075 3.1340 –0.0215 100,188Gold (CMX)-100 troy oz.; $ per troy oz.

COMMODITIES

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Nov 1878.80 1880.50 1855.50 1860.70 –14.70 363Dec 1876.10 1882.50 1853.90 1861.60 –14.80 313,639Jan'21 1880.50 1884.80 1860.00 1866.20 –15.00 3,001Feb 1882.60 1888.80 1860.20 1868.10 –14.90 147,949April 1890.40 1893.30 1866.10 1873.20 –15.30 43,600June 1895.20 1898.50 1870.00 1877.60 –15.50 20,823Palladium (NYM) - 50 troy oz.; $ per troy oz.Nov … ... ... 2312.90 –154.30 25

Dec 2470.10 2479.40 2310.20 2316.80 –154.60 7,667Platinum (NYM)-50 troy oz.; $ per troy oz.Nov 870.00 870.00 870.00 865.10 –24.90 2Jan'21 886.20 893.50 859.10 868.10 –24.60 48,967Silver (CMX)-5,000 troy oz.; $ per troy oz.Nov 23.945 23.945 23.945 24.251 –0.195 276Dec 24.305 24.510 23.810 24.267 –0.195 90,132CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.Dec 41.79 43.06 41.32 41.45 0.09 246,475Jan'21 42.08 43.33 41.61 41.74 0.07 304,196Feb 42.46 43.59 41.93 42.06 0.08 159,442March 42.63 43.80 42.24 42.37 0.10 146,288June 43.20 44.33 42.89 43.04 0.17 200,340Dec 43.56 44.64 43.28 43.52 0.23 265,442NYHarborULSD (NYM)-42,000gal.; $ per gal.Dec 1.2604 1.2982 1.2407 1.2458 –.0067 102,139Jan'21 1.2733 1.3084 1.2527 1.2578 –.0055 74,275Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.Dec 1.2007 1.2341 1.1729 1.1759 –.0182 99,108Jan'21 1.1947 1.2272 1.1710 1.1740 –.0146 85,343Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.Dec 2.948 3.057 2.911 3.031 .082 130,956Jan'21 3.071 3.168 3.042 3.151 .078 244,603Feb 3.041 3.133 3.011 3.116 .075 98,252March 2.969 3.041 2.936 3.026 .067 143,565April 2.836 2.903 2.822 2.892 .059 80,354Oct 2.972 2.985 2.945 2.980 .027 98,081

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.Dec 422.50 428.00 s 416.25 417.25 –5.75 459,517March'21 430.25 435.75 s 425.75 427.00 –4.00 658,769Oats (CBT)-5,000bu.; cents per bu.Dec 307.25 308.75 303.25 303.75 –3.50 3,828March'21 311.50 312.75 307.25 308.50 –2.75 1,887Soybeans (CBT)-5,000bu.; cents per bu.Nov 1137.00 1150.25 s 1136.00 1143.25 5.00 548Jan'21 1147.00 1162.25 s 1145.00 1152.50 6.50 360,569SoybeanMeal (CBT)-100 tons; $ per ton.Dec 395.60 400.60 391.00 392.70 –2.10 112,321Jan'21 394.10 399.40 391.20 392.10 –2.00 105,831SoybeanOil (CBT)-60,000 lbs.; cents per lb.Dec 36.13 37.32 s 36.07 37.13 1.07 96,856Jan'21 36.05 37.17 s 36.02 37.00 1.00 121,504RoughRice (CBT)-2,000 cwt.; $ per cwt.Nov 12.54 12.56 12.53 12.23 –.05 1Jan'21 12.44 12.45 12.40 12.44 … 8,748Wheat (CBT)-5,000bu.; cents per bu.Dec 607.00 613.50 595.50 598.00 –10.50 126,155March'21 615.25 621.00 603.25 606.00 –10.25 141,965Wheat (KC)-5,000bu.; cents per bu.Dec 562.00 568.75 551.00 554.25 –7.25 63,384March'21 571.75 576.75 559.50 562.50 –7.00 94,340Cattle-Feeder (CME)-50,000 lbs.; cents per lb.Nov 140.850 141.025 139.525 140.600 –.250 2,188Jan'21 140.400 140.675 138.750 140.200 –.200 20,053Cattle-Live (CME)-40,000 lbs.; cents per lb.Dec 111.725 112.700 111.200 112.400 .525 63,148Feb'21 115.000 115.325 114.375 115.275 .175 88,503Hogs-Lean (CME)-40,000 lbs.; cents per lb.Dec 65.150 65.775 63.600 64.800 –.325 51,999Feb'21 66.575 66.700 65.225 66.400 –.175 63,648Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.Nov 580.00 580.00 569.20 569.50 –10.50 148Jan'21 575.10 579.00 565.00 572.30 –8.00 1,773Milk (CME)-200,000 lbs., cents per lb.Nov 23.83 23.84 23.43 23.50 –.31 5,482Dec 19.95 20.19 18.79 18.92 –.89 5,533Cocoa (ICE-US)-10metric tons; $ per ton.Dec 2,365 2,388 2,344 2,353 14 19,341March'21 2,383 2,406 2,365 2,374 17 87,754Coffee (ICE-US)-37,500 lbs.; cents per lb.Dec 108.00 110.55 107.80 109.10 1.80 54,158March'21 110.80 113.25 110.40 111.95 1.95 102,876Sugar-World (ICE-US)-112,000 lbs.; cents per lb.March 14.66 14.68 14.42 14.49 –.19 427,862May 14.00 14.00 13.77 13.83 –.21 203,205Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.Jan 29.35 29.35 29.35 29.30 –.05 1,738March 28.85 28.85 28.85 28.85 –.05 3,189Cotton (ICE-US)-50,000 lbs.; cents per lb.Dec 69.94 70.38 69.25 69.28 –.57 65,001

March'21 71.79 72.19 71.29 71.38 –.27 108,291Orange Juice (ICE-US)-15,000 lbs.; cents per lb.Jan 117.65 118.15 117.20 118.00 .80 8,835March 118.00 118.45 117.95 118.30 .20 1,328

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%Dec 210-290 211-310 209-180 211-220 1-08.0 1,011,073March'21 210-010 1-08.0 915TreasuryBonds (CBT)-$100,000; pts 32nds of 100%Dec 170-070 170-270 169-160 170-210 21.0 1,195,423March'21 171-270 23.0 23,011TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 137-160 137-215 137-080 137-195 5.5 3,174,312March'21 137-060 5.5 32,9035Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 125-077 125-092 125-047 125-080 1.2 3,145,173March'21 125-170 1.5 29,8422Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%Dec 110-111 110-112 110-106 110-108 –.2 2,000,258March'21 110-106 –.1 6,61130DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.Nov 99.9125 99.9125 99.9100 99.9100 .0000 147,039Jan'21 99.9200 99.9200 99.9150 99.9150 –.0050 159,03610Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%Dec ... ... ... 100-085 7.0 145,120Eurodollar (CME)-$1,000,000; pts of 100%Nov 99.7750 99.7750 99.7700 99.7700 –.0050 159,086Dec 99.7600 99.7600 99.7400 99.7400 –.0200 1,034,647March'21 99.7800 99.7850 99.7750 99.7750 –.0050 1,102,924June 99.7850 99.7900 99.7800 99.7800 –.0050 868,467

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥Nov .9483 .9523 .9464 .9484 –.0014 354Dec .9503 .9526 .9466 .9487 –.0014 180,442CanadianDollar (CME)-CAD 100,000; $ per CADNov .7658 .7687 .7648 .7652 –.0029 109Dec .7675 .7688 .7648 .7653 –.0029 131,959BritishPound (CME)-£62,500; $ per£Nov 1.3274 1.3314 1.3193 1.3212 –.0042 485Dec 1.3272 1.3326 1.3194 1.3215 –.0042 138,188Swiss Franc (CME)-CHF 125,000; $ per CHFDec 1.0941 1.0952 1.0888 1.0911 –.0029 51,920March'21 1.0966 1.0982 1.0922 1.0943 –.0028 555AustralianDollar (CME)-AUD 100,000; $ perAUDNov .7284 .7318 .7261 .7275 –.0006 238Dec .7287 .7320 .7261 .7277 –.0006 129,501MexicanPeso (CME)-MXN500,000; $ perMXNNov .04868 .04932 .04854 .04872 –.00051 57Dec .04902 .04923 .04834 .04858 –.00051 127,290Euro (CME)-€125,000; $ per €Nov 1.1819 1.1834 1.1748 1.1775 –.0039 1,632Dec 1.1826 1.1842 1.1754 1.1783 –.0039 628,321

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexDec 29360 29570 29184 29311 –8 89,216March'21 29280 29464 29099 29215 –6 4,436S&P500 Index (CME)-$250 x indexDec 3567.20 3575.70 3533.60 3568.10 27.10 24,817March'21 … … … 3559.00 27.50 26Mini S&P500 (CME)-$50 x indexDec 3546.25 3576.75 3531.00 3568.00 27.00 2,422,065March'21 3539.75 3567.00 3522.00 3559.00 27.50 37,814Mini S&PMidcap400 (CME)-$100 x indexDec 2112.10 2121.60 2088.90 2103.60 –2.50 53,213March'21 … 2110.80 2088.70 2100.10 –4.50 ...MiniNasdaq 100 (CME)-$20 x indexDec 11632.25 11917.75 11575.25 11886.00 267.75 234,538March'21 11610.25 11906.25 11569.75 11878.75 268.50 3,115Mini Russell 2000 (CME)-$50 x indexDec 1735.80 1747.80 1717.10 1735.20 1.00 527,391Mini Russell 1000 (CME)-$50 x indexDec 1987.50 1994.80 1975.00 1991.00 17.00 8,416U.S. Dollar Index (ICE-US)-$1,000 x indexDec 92.73 93.19 92.60 93.02 .29 28,272March'21 92.67 93.17 92.60 92.99 .29 746

Source: FactSet

wsj.com/market-data/commodities

CashPrices Wednesday, November 11, 2020These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Wednesday

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 51.200Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.650

Metals

Gold, per troy ozEngelhard industrial 1863.00Handy&Harmanbase 1860.95Handy&Harman fabricated 2065.66LBMAGold PriceAM *1874.90LBMAGold Price PM *1878.70Krugerrand,wholesale-e 1938.66Maple Leaf-e 1957.31AmericanEagle-e 1957.31Mexican peso-e 2255.55Austria crown-e 1830.19Austria phil-e 1957.31Silver, troy oz.Engelhard industrial 24.0000Handy&Harmanbase 24.2350Handy&Harman fabricated 30.2940LBMAspot price *£18.2500(U.S.$ equivalent) *24.1950Coins,wholesale $1,000 face-a 18386OthermetalsLBMAPlatinumPrice PM *870.0Platinum,Engelhard industrial 869.0Palladium,Engelhard industrial 2372.0

Wednesday

Aluminum, LME, $ permetric ton *1880.0Copper,Comex spot 3.1290IronOre, 62%FeCFRChina-s 124.9ShreddedScrap, USMidwest-s,m 287Steel, HRCUSA, FOBMidwestMill-s 717

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.6300Cotton,1 1/16 std lw-mdMphs-u n.a.Cotlook 'A' Index-t *77.60Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 123Corn,No. 2 yellow,Cent IL-bp,u n.a.Corn gluten feed,Midwest-u,w 142.7Corn glutenmeal,Midwest-u,w 522.4Cottonseedmeal-u,w 350Hominy feed,Cent IL-u,w 105Meat-bonemeal,50%proMnpls-u,w 275Oats,No.2milling,Mnpls-u 3.1625Rice, LongGrainMilled, No. 2AR-u,w 28.38Sorghum,(Milo)No.2Gulf-u 6.2725SoybeanMeal,Cent IL,rail,ton48%-u n.a.Soybeans,No.1 yllw IL-bp,u n.a.Wheat,Spring14%-proMnpls-u 6.8000Wheat,No.2 soft red,St.Louis-u 6.1800Wheat -Hard - KC (USDA) $ per bu-u 5.6925

Wednesday

Wheat,No.1softwhite,Portld,OR-u 6.1500

Food

Beef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 185.59select 1-3,600-900 lbs.-u 169.66Broilers, National compwtd. avg.-u,w 0.7001Butter,AAChicago 1.4375Cheddar cheese,bbl,Chicago 208.50Cheddar cheese,blk,Chicago 217.00Milk,Nonfat dry,Chicago lb. 109.75Coffee,Brazilian,Comp 1.0173Coffee,Colombian, NY 1.5669Eggs,largewhite,Chicago-u n.a.Flour,hardwinter KC 15.55Hams,17-20 lbs,Mid-US fob-u 0.78Hogs,Iowa-So.Minnesota-u 68.35Pork bellies,12-14 lbMidUS-u 1.3909Pork loins,13-19 lbMidUS-u 0.8199Steers,Tex.-Okla. Choice-u n.a.Steers,feeder,Okla. City-u,w 148.63

Fats andOilsCorn oil,crudewet/drymill wtd. avg.-u,w 42.0000Grease,choicewhite,Chicago-h 0.2900Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u n.a.Tallow,bleach;Chicago-h 0.3250Tallow,edible,Chicago-u 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 11/10

Source: Dow JonesMarket Data

wsj.com/market-data/commodities

Canada 2.45 2.45 3.95 2.45Japan 1.475 1.475 1.475 1.475

PolicyRates

Euro zone 0.00 0.00 0.00 0.00Switzerland 0.00 0.00 0.50 0.00Britain 0.10 0.10 0.75 0.10Australia 0.10 0.10 0.75 0.10

Overnight repurchase

U.S. 0.11 0.11 1.65 -0.07

Week —52-WEEK—Latest ago High Low

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates November 11, 2020

Key annual interest rates paid to borrowor lendmoney inU.S. and internationalmarkets. Rates beloware aguide to general levels but don’t always represent actual transactions.

InflationSept. index ChgFrom (%)

level Aug. '20 Sept. '19

U.S. consumer price indexAll items 260.280 0.14 1.4Core 269.054 0.11 1.7

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 4.75 3.25

U.S. government rates

Discount0.25 0.25 2.25 0.25

Federal fundsEffective rate 0.0900 0.0900 1.6200 0.0600High 0.1000 0.1000 1.6500 0.1000Low 0.0500 0.0500 1.5800 0.0100Bid 0.0800 0.0800 1.6000 0.0100Offer 0.1000 0.1000 1.6300 0.0500

Treasury bill auction4weeks 0.080 0.080 1.620 0.00013weeks 0.100 0.095 1.565 0.00026weeks 0.110 0.110 1.580 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 1.943 1.887 3.362 1.75160days 1.979 1.922 3.370 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 3.50 2.00

Commercial paper (AA financial)90days 0.17 0.17 2.53 0.04

LiborOnemonth 0.14138 0.13613 1.80475 0.12663Threemonth 0.22063 0.23225 1.96050 0.20500Sixmonth 0.24613 0.24375 1.92438 0.23375One year 0.34188 0.33313 2.01200 0.32763

Euro LiborOnemonth -0.574 -0.574 -0.360 -0.621Threemonth -0.539 -0.545 -0.142 -0.545Sixmonth -0.516 -0.525 -0.052 -0.526One year -0.453 -0.474 0.008 -0.474

SecuredOvernight FinancingRate0.10 0.10 1.65 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.123 63.400 1.720 0.002MBS 0.137 46.700 1.763 0.011

Notes ondata:U.S. prime rate is the base rate on corporateloans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable;lending practices varywidely by location;Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate is as ofNovember 10, 2020. DTCCGCFRepo Index isDepository Trust&Clearing Corp.'sweightedaverage for overnight trades in applicableCUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates asof 5:30 p.m. ET.Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Week —52-WEEK—Latest ago High Low

DividendChangesDividend announcements fromNovember 11.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedAir Lease AL 1.8 .16 /.15 Q Jan06 /Dec18BaringsBDC BBDC 8.1 .17 /.16 Q Dec02 /Nov25DRHorton DHI 1.1 .20 /.175 Q Dec14 /Dec04Four Corners Property Tr FCPT 4.4 .3175 /.305 Q Jan15 /Jan04KansasCity Southern KSU 0.9 .44 /.40 Q Jan20 /Dec31

InitialElement Solutions ESI 1.6 .05 Dec15 /Nov25

StocksCiveo CVEO 1:12.000005 /Nov20CogentBiosciences COGT 1:4 /Nov09Duff &Phelps SelectMLP DSE 1:10 /Nov09Enservco ENSV 1:15.000014 /Nov23WidePoint WYY 1:10 /Nov09XFinancial ADR XYF 1:3 /Nov19

ForeignBancoBradescoOrdADR BBDO 2.9 .00323 M Jan11 /Dec03

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

BancoBradescoPrefADR BBD 3.7 .00355 M Jan11 /Dec03BancoSantanderADR BSAC 3.7 .46495 A Dec04 /Nov20Deswell Industries DSWL 3.1 .09 SA Dec10 /Nov23DHTHoldings DHT 25.0 .20 Q Nov25 /Nov18GasLog GLOG 7.8 .05 Q Nov30 /Nov20GasLogPartners GLOP 58.4 .01 Q Nov25 /Nov20GasLogPtrs Pfd. A GLOPpA 14.3 .53906 Q Dec15 /Dec08GasLogPtrs Pfd. B GLOPpB 14.5 .5125 Q Dec15 /Dec08GasLogPtrs Pfd. C GLOPpC 15.0 .53125 Q Dec15 /Dec08OsiskoGoldRoyalties OR 1.4 .0385 Q Jan15 /Dec31TaiwanSemiconductorADR TSM 1.5 .3463 A Apr15 /Mar18WheatonPreciousMetals WPM 1.1 .12 Q Dec10 /Nov25

SpecialCTORealtyGrowth CTO 3.6 11.83 Dec21 /Nov19Investors Title ITIC 1.1 15.00 Dec15 /Dec01

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual;S2:1: stock split and ratio; SO: spin-off.

iShMSCIACWI ACWI 85.79 0.83 8.3iShMSCI EAFE EFA 69.33 0.84 –0.2iShMSCIEmgMarkets EEM 48.02 0.65 7.0iShMSCIJapan EWJ 63.47 0.60 7.1iShNatlMuniBd MUB 115.95 0.07 1.8iSh1-5YIGCorpBd IGSB 54.86 ... 2.3iShPfd&Incm PFF 37.28 0.27 –0.8iShRussell1000Gwth IWF 226.12 1.87 28.5iShRussell1000 IWB 199.62 0.78 11.9iShRussell1000Val IWD 129.21 –0.30 –5.3iShRussell2000 IWM 172.63 –0.04 4.2iShRussellMid-Cap IWR 63.47 0.46 6.5iShS&P500Growth IVW 60.79 1.42 25.6iShS&P500Value IVE 122.17 –0.31 –6.1iShShortTreaBd SHV 110.68 0.01 0.2iShSilver SLV 22.52 0.40 35.0iShTIPSBondETF TIP 124.99 0.18 7.2iSh1-3YTreasuryBd SHY 86.32 –0.02 2.0iSh7-10YTreasuryBd IEF 119.46 0.16 8.4iSh20+YTreasuryBd TLT 155.72 0.36 14.9iShRussellMCGrowth IWP 186.64 2.03 22.3iShUSTreasuryBdETF GOVT 27.49 0.04 6.0JPMUltShtIncm JPST 50.77 –0.01 0.7PIMCOEnhShMaturity MINT 101.96 0.01 0.4SPDRBlmBarcHYBd JNK 106.70 –0.15 –2.6SPDRBloomBar1-3MTB BIL 91.52 ... 0.1SPDRGold GLD 174.90 –0.43 22.4SchwabIntEquity SCHF 34.10 0.80 1.4SchwabUSBrdMkt SCHB 85.42 0.83 11.1SchwabUSDiv SCHD 61.42 –0.02 6.0SchwabUSLC SCHX 85.92 0.86 11.9SchwabUSLCGrw SCHG 120.72 2.04 29.9SchwabUSSC SCHA 78.47 0.09 3.7

Closing Chg YTDETF Symbol Price (%) (%)

CommSvsSPDR XLC 63.53 0.91 18.5CnsmrDiscSelSector XLY 153.05 0.88 22.0CnsStapleSelSector XLP 66.79 0.86 6.0FinSelSectorSPDR XLF 27.04 –0.41 –12.2FTDJ Internet FDN 196.00 2.82 40.9HealthCareSelSect XLV 111.13 –0.13 9.1IndSelSectorSPDR XLI 84.87 –0.84 4.2InvscQQQI QQQ 289.76 2.24 36.3InvscS&P500EW RSP 119.32 –0.18 3.1iSh3-7YTreasuryBd IEI 132.50 0.05 5.4iShCoreDivGrowth DGRO 43.00 0.02 2.2iShCoreMSCIEAFE IEFA 65.36 0.74 0.2iShCoreMSCIEM IEMG 57.48 0.58 6.9iShCoreMSCITotInt IXUS 63.13 0.62 2.0iShCoreS&P500 IVV 357.93 0.72 10.7iShCoreS&PMC IJH 210.15 –0.11 2.1iShCoreS&PSC IJR 81.34 –0.66 –3.0iShS&PTotlUSStkMkt ITOT 80.87 0.65 11.3iShCoreUSAggBd AGG 117.13 0.06 4.2iShSelectDividend DVY 91.89 –0.84 –13.0iShESGAwareUSA ESGU 81.32 0.79 14.0iShEdgeMSCIMinEAFE EFAV 71.36 0.86 –4.3iShEdgeMSCIMinUSA USMV 66.92 0.48 2.0iShEdgeMSCIUSAMom MTUM 150.87 2.04 20.2iShEdgeMSCIUSAQual QUAL 111.12 0.31 10.0iSh5-10YIGCorpBd IGIB 60.80 0.08 4.9iShGoldTr IAU 17.77 –0.45 22.6iShiBoxx$InvGrCpBd LQD 135.06 0.19 5.5iShiBoxx$HYCpBd HYG 85.73 –0.03 –2.5iShJPMUSDEmgBd EMB 113.61 0.38 –0.8iShMBSETF MBB 110.02 0.11 1.8

Closing Chg YTDETF Symbol Price (%) (%)

Wednesday, November 11, 2020SchwabUSTIPs SCHP 60.90 0.18 7.5SPDRDJIATr DIA 294.11 –0.14 3.2SPDRS&PMdCpTr MDY 384.17 –0.11 2.3SPDRS&P500 SPY 356.67 0.74 10.8SPDRS&PDiv SDY 103.29 –1.03 –4.0TechSelectSector XLK 121.26 2.37 32.3UtilitiesSelSector XLU 66.51 0.38 2.9VanEckGoldMiner GDX 37.15 –1.09 26.9VangdInfoTech VGT 325.26 2.44 32.8VangdSCVal VBR 128.17 –0.73 –6.5VangdSCGrwth VBK 237.70 1.23 19.6VangdExtMkt VXF 143.64 0.81 14.0VangdDivApp VIG 137.18 0.29 10.0VangdFTSEDevMk VEA 44.31 0.84 0.6VangdFTSEEM VWO 46.89 0.43 5.4VangdFTSEEurope VGK 56.85 0.87 –3.0VangdFTSEAWxUS VEU 54.84 0.73 2.0VangdGrowth VUG 237.74 1.88 30.5VangdHlthCr VHT 216.10 0.02 12.7VangdHiDiv VYM 87.65 –0.15 –6.5VangdIntermBd BIV 92.65 0.03 6.2VangdIntrCorpBd VCIT 95.83 0.05 4.9VangdLC VV 166.16 0.85 12.4VangdMC VO 192.79 0.71 8.2VangdMBS VMBS 54.01 0.09 1.6VangdRealEst VNQ 84.26 0.38 –9.2VangdS&P500ETF VOO 327.63 0.70 10.8VangdSTBond BSV 82.73 0.07 2.6VangdSTCpBd VCSH 82.77 ... 2.1VangdSC VB 174.39 0.10 5.3VangdTotalBd BND 87.50 0.07 4.3VangdTotIntlBd BNDX 58.12 0.22 2.7VangdTotIntlStk VXUS 56.55 0.69 1.5VangdTotalStk VTI 182.56 0.81 11.6VangdTotlWrld VT 86.84 0.64 7.2VangdValue VTV 113.60 –0.39 –5.2

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

PUBLIC NOTICES

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P2JW317000-0-B00600-1--------XA

THEWALL STREET JOURNAL. * Thursday, November 12, 2020 | B7

ConsumerRates andReturns to Investor

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Available free at WSJMarkets.com

U.S. consumer ratesA consumer rate against itsbenchmark over the past year

0.00

0.40

0.80

1.20

1.60%

D J2020

F M A M J J A S O N

tFive-year CD yields

t Federal-fundstarget rate

Selected rates5-year CDs

Bankrate.comavg†: 0.59%ColoradoFederal SavingsBank 0.80%GreenwoodVillage, CO 877-484-2372

WashingtonSavingsBank 0.80%Lowell,MA 978-458-7999

TABBank 0.85%Ogden, UT 800-355-3063

CFGCommunityBank 0.88%Baltimore,MD 888-205-8388

First InternetBankof Indiana 0.96%Indianapolis, IN 888-873-3424

Yield/Rate (%) 52-WeekRange (%) 3-yr chgInterest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)

Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00Prime rate* 3.25 3.25 3.25 l 4.75 -1.00Libor, 3-month 0.22 0.23 0.21 l 1.96 -1.19Moneymarket, annual yield 0.21 0.21 0.19 l 0.58 -0.11Five-year CD, annual yield 0.59 0.59 0.59 l 1.43 -0.9030-yearmortgage, fixed† 3.02 3.08 2.93 l 4.22 -0.9015-yearmortgage, fixed† 2.48 2.63 2.48 l 3.57 -0.82Jumbomortgages, $510,400-plus† 3.05 3.11 2.93 l 4.40 -1.24Five-year adjmortgage (ARM)† 3.21 3.22 2.85 l 4.61 -0.30New-car loan, 48-month 4.14 4.14 4.13 l 4.50 1.13Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largestbanks.† Excludes closing costs.

Sources: FactSet; Dow JonesMarket Data; Bankrate.com

BenchmarkYieldsandRatesTreasury yield curveYield to maturity of current bills,notes and bonds

0.00

0.50

1.00

1.50

2.00

2.50%

1

month(s)3 6 1

years2 3 5 7 10 20 30

maturity

t

Tradeweb ICETuesday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–10

–5

0

5

10%

2019 2020

Euro

s

Yen

s

WSJ Dollar indexs

Sources: Tradeweb ICEU.S. Treasury Close; Tullett Prebon; DowJonesMarketData

International Stock IndexesLatest YTD

Region/Country Index Close Net chg % chg % chg

World TheGlobalDow 3250.12 2.42 0.07 –0.03DJGlobal Index 462.05 3.22 0.70 6.5DJGlobal exU.S. 266.37 1.43 0.54 1.1

Americas DJAmericas 833.79 6.59 0.80 9.6Brazil SaoPauloBovespa 104808.83 –258.13 –0.25 –9.4Canada S&P/TSXComp 16774.14 158.77 0.96 –1.7Mexico S&P/BMV IPC 40858.95 454.37 1.12 –6.2Chile Santiago IPSA 2740.86 1.31 0.05 –17.8

EMEA StoxxEurope600 388.56 4.14 1.08 –6.6Eurozone EuroStoxx 383.61 2.83 0.74 –5.0Belgium Bel-20 3517.21 –8.65 –0.25 –11.1Denmark OMXCopenhagen20 1399.62 22.58 1.64 23.2France CAC40 5445.21 26.24 0.48 –8.9Germany DAX 13216.18 53.07 0.40 –0.2Israel TelAviv 1429.14 11.69 0.82 –15.1Italy FTSEMIB 20993.02 141.44 0.68 –10.7Netherlands AEX 599.21 7.34 1.24 –0.9Russia RTS Index 1233.81 0.94 0.08 –20.3SouthAfrica FTSE/JSEAll-Share 57607.30 –64.82 –0.11 0.9Spain IBEX35 7793.70 82.30 1.07 –18.4Sweden OMXStockholm 749.82 7.74 1.04 10.1Switzerland SwissMarket 10532.27 171.58 1.66 –0.8Turkey BIST 100 1279.22 36.21 2.91 11.8U.K. FTSE 100 6382.10 85.25 1.35 –15.4U.K. FTSE250 19340.19 311.85 1.64 –11.6

Asia-PacificAustralia S&P/ASX200 6449.70 109.17 1.72 –3.5China Shanghai Composite 3342.20 –17.95 –0.53 9.6HongKong HangSeng 26226.98 –74.50 –0.28 –7.0India S&PBSESensex 43593.67 316.02 0.73 5.7Japan Nikkei StockAvg 25349.60 444.01 1.78 7.2Singapore Straits Times 2713.28 8.27 0.31 –15.8SouthKorea Kospi 2485.87 33.04 1.35 13.1Taiwan TAIEX 13262.19 180.47 1.38 10.5Thailand SET 1345.34 4.10 0.31 –14.8Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 29593.11 29281.22 29397.63 -23.29 -0.08 29551.42 18591.93 5.8 3.0 7.9TransportationAvg 12154.83 11927.16 12006.71 -89.84 -0.74 12096.55 6703.63 10.7 10.1 8.1UtilityAverage 923.96 913.75 917.19 1.01 0.11 960.89 610.89 8.6 4.3 6.6Total StockMarket 36766.70 36530.12 36699.62 284.73 0.78 36699.62 22462.76 16.0 11.1 11.2Barron's 400 788.15 779.88 785.67 3.12 0.40 785.67 455.11 11.8 7.3 5.0

NasdaqStockMarketNasdaqComposite 11793.57 11638.90 11786.43 232.57 2.01 12056.44 6860.67 39.0 31.4 20.4Nasdaq 100 11904.13 11714.32 11892.93 268.64 2.31 12420.54 6994.29 44.0 36.2 23.5

S&P500 Index 3581.16 3557.00 3572.66 27.13 0.77 3580.84 2237.40 15.5 10.6 11.4MidCap400 2119.45 2093.68 2106.37 -2.04 -0.10 2108.41 1218.55 6.0 2.1 4.9SmallCap600 1001.13 981.13 989.44 -6.56 -0.66 1041.03 595.67 1.0 -3.1 3.4

Other IndexesRussell 2000 1746.31 1722.22 1736.94 -0.07 -0.004 1737.01 991.16 9.3 4.1 5.6NYSEComposite 13779.93 13669.89 13724.78 16.79 0.12 14183.20 8777.38 2.5 -1.4 3.7Value Line 519.78 513.79 516.53 -0.72 -0.14 562.05 305.71 -2.9 -6.5 -1.3NYSEArcaBiotech 5511.42 5437.80 5490.32 36.23 0.66 6142.96 3855.67 19.4 8.3 10.3NYSEArcaPharma 675.76 669.38 672.98 3.09 0.46 675.64 494.36 10.5 3.0 8.1KBWBank 89.33 86.97 87.66 -1.50 -1.68 114.12 56.19 -18.8 -22.7 -3.5PHLX§Gold/Silver 141.09 139.37 140.60 -1.45 -1.02 161.14 70.12 50.8 31.5 20.4PHLX§Oil Service 34.54 33.06 33.60 -0.59 -1.72 80.99 21.47 -49.9 -57.1 -38.0PHLX§Semiconductor 2514.42 2464.53 2511.24 88.91 3.67 2529.27 1286.84 44.9 35.8 24.4CboeVolatility 25.12 22.57 23.45 -1.35 -5.44 82.69 11.54 80.4 70.2 27.6

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

SPDRS&P500 SPY 8,772.8 357.32 0.65 0.18 357.52 356.64Finl Select Sector SPDR XLF 7,833.0 27.06 0.02 0.07 27.12 26.98AT&T T 5,781.1 28.60 -0.13 -0.45 28.75 27.46ElancoAnimalHealth ELAN 4,833.6 30.47 0.50 1.67 30.51 29.74

Freeport-McMoRan FCX 3,939.2 19.56 0.03 0.15 19.72 19.52InvescoQQQTrust I QQQ 3,681.4 290.20 0.44 0.15 290.68 289.73Coca-Cola KO 3,194.5 53.69 0.11 0.21 53.90 53.51AlticeUSAClA ATUS 2,782.4 29.79 -0.17 -0.57 30.10 29.79

Percentage gainers…Fossil Group FOSL 2,022.9 7.84 1.87 31.32 8.73 5.97FivePrimeTherapeutics FPRX 2,385.3 20.35 2.35 13.06 22.24 16.77Intl GameTechnology IGT 133.4 11.10 1.14 11.45 12.00 9.96PDLBioPharma PDLI 120.2 2.50 0.24 10.62 2.65 2.17Just EnergyGroup JE 73.1 6.34 0.24 3.93 6.35 6.03

...And losersRevolveGroup RVLV 657.8 19.95 -2.49 -11.10 22.80 18.85Vroom VRM 1,444.4 36.50 -4.30 -10.54 41.94 33.00AtaraBiotherapeutics ATRA 82.6 14.63 -1.11 -7.05 15.75 14.63GoHealth GOCO 91.6 12.49 -0.84 -6.30 13.55 11.50Cerus CERS 56.4 5.65 -0.24 -4.07 5.89 5.65

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume* 925,446,075 10,937,022Adv. volume* 344,314,888 6,048,453Decl. volume* 558,597,238 4,192,393Issues traded 3,155 271Advances 1,531 148Declines 1,513 110Unchanged 111 13Newhighs 47 1New lows 7 0ClosingArms† 1.64 0.83Block trades* 5,674 127

Nasdaq NYSEArca

Total volume*3,789,831,927 214,943,971Adv. volume*2,386,835,108 115,743,919Decl. volume*1,345,885,120 98,556,291Issues traded 3,611 1,406Advances 1,983 901Declines 1,513 483Unchanged 115 22Newhighs 97 23New lows 8 2ClosingArms† 0.74 1.71Block trades* 20,531 1,242

* PrimarymarketNYSE, NYSEAmerican NYSEArca only.†(TRIN)A comparison of the number of advancing and decliningissueswith the volumeof shares rising and falling. AnArmsof less than 1 indicates buying demand; above 1indicates selling pressure.

PercentageGainers... Percentage Losers

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Sundial Growers SNDL 209,957 324.4 0.39 -11.87 3.88 0.14NIOADR NIO 178,155 37.7 43.08 3.68 45.29 1.66Fuel Tech FTEK 158,714 126251.0 1.25 64.26 2.05 0.30Aurora Cannabis ACB 122,429 474.4 7.66 -7.71 42.96 3.71Apple AAPL 111,155 -31.4 119.49 3.04 137.98 53.15

General Electric GE 86,662 -17.3 8.89 -1.00 13.26 5.48AmericanAirlinesGroup AAL 80,786 28.4 12.04 -2.75 30.78 8.25Five PrimeTherapeutics FPRX 76,617 17090.4 18.00 237.08 24.00 1.75FordMotor F 75,505 23.8 8.33 -0.60 9.58 3.96ProShUltraProShrtQQQ SQQQ 65,941 -11.2 19.64 -6.65 162.15 17.98* Volumes of 100,000 shares ormore are rounded to the nearest thousand

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Five PrimeTherapeutics FPRX 76,617 17090 18.00 237.08 24.00 1.75FlexShsCredit-ScoredUS SKOR 1,196 12066 54.84 0.04 55.33 45.21ImmuronADR IMRN 4,585 4388 8.40 24.44 28.99 1.55RevlonCl A REV 19,888 3970 10.77 22.53 25.24 3.96Yunhong Intl Cl A ZGYH 150 1713 9.85 -0.51 10.20 9.60

Natural Alternatives Intl NAII 174 1641 9.60 20.75 10.18 4.75WstrnAssetGlbl Hi Inco EHI 1,291 1623 10.01 0.20 10.46 6.15ChipMOSTechnologiesADR IMOS 157 1391 19.80 3.39 24.77 15.00CrownCrafts CRWS 316 1385 6.95 15.26 7.94 4.13FTSmall CapValue FYT 344 1326 37.00 -1.87 38.43 18.92* Common stocks priced at $2 a share ormorewith an average volumeover 65 trading days of at least5,000 shares =Has traded fewer than 65 days

Nasdaq Composite Index11786.43 s 232.57, or 2.01%

High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

36.81 25.45

31.33 22.37

0.74 0.99

12056.44, 09/02/20

9700

10100

10500

10900

11300

11700

12100

Aug. Sept. Oct. Nov.

65-day moving average

EQUITIES

CREDIT MARKETS

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays n.a. n.a. 0.540 n.a. n.a. n.a. n.a.

U.S. Treasury Long, Barclays n.a. n.a. 1.400 n.a. n.a. n.a. n.a.

Aggregate, Barclays n.a. n.a. 1.180 n.a. n.a. n.a. n.a.

Fixed-RateMBS, Barclays n.a. n.a. 1.270 n.a. n.a. n.a. n.a.

HighYield 100, ICEBofA 3261.149 3.892 4.163 10.740 3.589 4.336 4.735

MuniMaster, ICEBofA 587.365 1.093 1.108 3.441 0.838 4.716 4.000

EMBIGlobal, J.P.Morgan n.a. n.a. 4.727 n.a. n.a. n.a. n.a.

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Five PrimeTherapeutics FPRX 18.00 12.66 237.08 24.00 1.75 380.0Equillium EQ 5.04 1.56 44.83 27.05 2.20 56.5GraybugVision GRAY 27.46 7.16 35.27 30.25 12.50 ...TRACONPharmaceuticals TCON 7.46 1.92 34.66 7.95 0.95 129.7Genfit ADR GNFT 5.10 1.14 28.79 22.48 3.63 -67.0

ImmuronADR IMRN 8.40 1.65 24.44 28.99 1.55 138.4Arcturus Therapeutics ARCT 48.84 9.46 24.02 66.24 8.51 387.4RevlonCl A REV 10.77 1.98 22.53 25.24 3.96 -52.2Natural Alternatives Intl NAII 9.60 1.65 20.75 10.18 4.75 7.5Myomo MYO 5.72 0.92 19.17 40.00 2.82 -64.5

Vaxart VXRT 4.61 0.72 18.38 17.49 0.27 1258.4Superior Group of Cos. SGC 24.82 3.85 18.36 28.58 6.10 69.0PerformanceShipping PSHG 5.38 0.82 17.98 9.40 3.65 -40.2Fiverr International FVRR 160.70 24.12 17.66 191.15 19.32 611.1Lands' End LE 22.02 3.18 16.88 22.43 4.05 103.2

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

eGain Corp. EGAN 12.27 -4.67 -27.57 20.88 4.80 59.1AshfordHospitality Trust AHT 3.03 -1.05 -25.74 29.44 1.27 -88.9SummitWireless Techs WISA 2.86 -0.77 -21.21 19.70 1.72 -81.2MultiPlan MPLN 7.01 -1.72 -19.70 12.93 6.20 ...Summer Infant SUMR 19.02 -3.98 -17.30 24.00 1.45 635.1

Akerna KERN 3.13 -0.50 -13.77 13.50 2.17 -13.1Chefs'Warehouse CHEF 18.89 -3.01 -13.74 40.33 3.55 -47.5WaysideTechnologyGroup WSTG 20.55 -3.05 -12.92 26.50 9.52 48.9SummitHotel Properties INN 7.05 -0.99 -12.31 12.42 2.32 -40.9Lemonade LMND 57.90 -8.02 -12.17 96.51 44.11 ...

CommunityHealth Systems CYH 8.60 -1.18 -12.07 11.04 2.25 200.7PalomarHoldings PLMR 86.92 -11.58 -11.76 121.87 39.21 92.1NantHealth NH 2.12 -0.27 -11.30 6.39 0.76 168.4Datasea DTSS 1.81 -0.23 -11.27 6.24 1.35 -8.6HershaHospitality Cl A HT 6.20 -0.77 -11.05 14.81 2.29 -55.2

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atwsj.com/graphics/track-the-markets

CommoditiesPricing trends on some rawmaterials, or commodities

Wednesday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 668.77 1.64 0.25 668.77 433.70 7.04 4.12TR/CCCRB Index 153.65 0.09 0.06 187.39 106.29 -14.79 -17.30Crude oil,$per barrel 41.45 0.09 0.22 63.27 -37.63 -27.43 -32.12Natural gas,$/MMBtu 3.031 0.082 2.78 3.354 1.482 16.58 38.47Gold,$per troy oz. 1860.70 -14.70 -0.78 2051.50 1453.40 27.30 22.45

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Wed YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0126 79.4344 32.6Brazil real .1855 5.3915 34.1Canada dollar .7656 1.3063 0.6Chile peso .001325 754.70 2.1Colombiapeso .000275 3639.00 10.9EcuadorUSdollar 1 1 unchMexico peso .0489 20.4688 8.1Uruguay peso .02333 42.8650 15.4Asia-PacificAustralian dollar .7279 1.3738 –3.6China yuan .1508 6.6320 –4.8HongKong dollar .1290 7.7549 –0.5India rupee .01344 74.432 4.3Indonesia rupiah .0000710 14085 1.5Japan yen .009485 105.43 –3.0Kazakhstan tenge .002340 427.35 11.9Macau pataca .1251 7.9930 –0.3Malaysia ringgit .2422 4.1295 1.0NewZealand dollar .6882 1.4531 –2.2Pakistan rupee .00632 158.350 2.2Philippines peso .0206 48.547 –4.3Singapore dollar .7411 1.3494 0.3SouthKoreawon .0008989 1112.49 –3.7Sri Lanka rupee .0054168 184.61 1.8Taiwan dollar .03505 28.527 –4.6Thailand baht .03294 30.360 2.0

US$vs,Wed YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004315 23176 0.01EuropeCzechRep. koruna .04457 22.436 –1.0Denmark krone .1582 6.3215 –5.1Euro area euro 1.1778 .8491 –4.8Hungary forint .003317 301.47 2.1Iceland krona .007266 137.62 13.6Norway krone .1101 9.0825 3.5Poland zloty .2627 3.8066 0.4Russia ruble .01298 77.062 24.2Sweden krona .1158 8.6348 –7.8Switzerland franc 1.0906 .9169 –5.2Turkey lira .1282 7.8007 31.1Ukraine hryvnia .0354 28.2500 19.3UK pound 1.3226 .7561 0.3Middle East/AfricaBahrain dinar 2.6532 .3769 –0.03Egypt pound .0639 15.6510 –2.5Israel shekel .2961 3.3773 –2.2Kuwait dinar 3.2679 .3060 1.0Oman sul rial 2.5972 .3850 0.01Qatar rial .2746 3.642 –0.04SaudiArabia riyal .2666 3.7506 –0.02SouthAfrica rand .0640 15.6336 11.7

Close Net Chg %Chg YTD%Chg

WSJDollar Index 87.64 0.18 0.20 –2.14

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average29397.63 t23.29, or 0.08%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratioP/E estimate *Dividend yieldAll-time high

29.18 20.71

23.46 18.38

2.05 2.22

29551.42, 02/12/20

23000

24000

25000

26000

27000

28000

29000

Aug. Sept. Oct. Nov.

Current divisor 0.15198707565833

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP

65-day moving average

S&P 500 Index3572.66 s27.13, or 0.77%

High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

39.81 24.02

25.15 18.65

1.74 1.88

3580.84, 09/02/20

3000

3100

3200

3300

3400

3500

3600

Aug. Sept. Oct. Nov.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW317000-1-B00700-1--------XA

B8 | Thursday, November 12, 2020 * THEWALL STREET JOURNAL.

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.125 U.S. 2 0.189 l 0.189 0.157 1.6700.875 10 0.964 l 0.964 0.777 1.942

2.250 Australia 2 0.116 s l 0.112 0.143 0.887 -7.3 -7.6 -78.31.000 10 1.006 s l 0.933 0.812 1.307 4.2 -3.1 -63.6

0.000 France 2 -0.654 t l -0.654 -0.668 -0.569 -84.3 -84.3 -223.90.000 10 -0.260 t l -0.239 -0.270 0.056 -122.4 -120.3 -188.7

0.000 Germany 2 -0.714 t l -0.705 -0.706 -0.612 -90.3 -89.4 -228.20.000 10 -0.503 t l -0.482 -0.522 -0.243 -146.7 -144.6 -218.5

1.000 Italy 2 -0.379 t l -0.368 -0.328 -0.072 -56.8 -55.6 -174.20.900 10 0.736 t l 0.761 0.723 1.263 -22.8 -20.3 -67.9

0.100 Japan 2 -0.137 s l -0.141 -0.126 -0.187 -32.6 -32.9 -185.70.100 10 0.039 s l 0.035 0.034 -0.065 -92.5 -92.9 -200.7

0.400 Spain 2 -0.554 t l -0.547 -0.540 -0.365 -74.3 -73.5 -203.51.250 10 0.161 t l 0.199 0.170 0.429 -80.3 -76.5 -151.3

0.500 U.K. 2 0.009 t l 0.011 -0.009 0.582 -18.0 -17.8 -108.94.750 10 0.415 s l 0.403 0.284 0.812 -54.9 -56.1 -113.0

Source: Tullett Prebon

Bonds | wsj.com/market-data/bonds/benchmarks

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bonds

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

n.a. n.a. Mortgage-Backed n.a. n.a. n.a.

n.a. n.a. GinnieMae (GNMA) n.a. n.a. n.a.

n.a. n.a. Fanniemae (FNMA) n.a. n.a. n.a.

n.a. n.a. FreddieMac (FHLMC) n.a. n.a. n.a.

587.37 3.8 MuniMaster 1.093 0.838 3.441

414.85 4.0 7-12 year 1.081 0.771 3.447

472.50 4.3 12-22 year 1.566 1.224 3.690

456.47 3.6 22-plus year 2.258 1.765 4.123

Global Government J.P.Morgan†

609.73 4.6 Global Government 0.640 0.390 1.060

856.90 6.6 Canada 0.910 0.590 1.740

416.96 4.2 EMU§ 0.143 0.050 0.794

788.45 3.9 France -0.050 -0.160 0.430

548.75 2.4 Germany -0.390 -0.740 -0.050

294.79 -1.1 Japan 0.300 0.040 0.320

613.05 2.9 Netherlands -0.300 -0.540 0.080

1058.02 5.3 U.K. 0.800 0.390 1.180

n.a. n.a. EmergingMarkets ** n.a. n.a. n.a.

BroadMarketBloombergBarclays

n.a. n.a. U.S. Aggregate n.a. n.a. n.a.

U.S. Corporate IndexesBloombergBarclays

n.a. n.a. U.S. Corporate n.a. n.a. n.a.

n.a. n.a. Intermediate n.a. n.a. n.a.

n.a. n.a. Long term n.a. n.a. n.a.

n.a. n.a. Double-A-rated n.a. n.a. n.a.

n.a. n.a. Triple-B-rated n.a. n.a. n.a.

HighYieldBonds ICEBofA

481.75 3.2 HighYield Constrained 4.837 4.655 11.400

428.80 -2.1 Triple-C-rated 10.149 10.002 19.071

3261.15 2.1 HighYield 100 3.892 3.589 10.740

433.99 3.0 Global HighYield Constrained 4.926 4.833 11.310

329.72 0.3 EuropeHighYield Constrained 3.418 2.464 8.183

U.SAgencyBloombergBarclays

n.a. n.a. U.SAgency n.a. n.a. n.a.

n.a. n.a. 10-20 years n.a. n.a. n.a.

n.a. n.a. 20-plus years n.a. n.a. n.a.

n.a. n.a. Yankee n.a. n.a. n.a.

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

*Constrained indexes limit individual issuer concentrations to 2%; theHighYield 100 are the 100 largest bonds † In local currency §Euro-zone bonds

** EMBIGlobal Index Sources: ICEDataServices; BloombergBarclays; J.P.Morgan

How to Read the Stock TablesThe following explanations apply to NYSE,NYSE Arca, NYSE American and Nasdaq StockMarket listed securities. Prices are compositequotations that include primary market tradesas well as trades reported by Nasdaq BX(formerly Boston), Chicago Stock Exchange,Cboe, NYSE National and Nasdaq ISE.The list comprises the 1,000 largestcompanies based on market capitalization.

Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.

Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recentfour quarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership orbeing reorganized under theBankruptcy Code, or securitiesassumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

NetStock Sym Close Chg

Barclays BCS 7.05 ...BarrickGold GOLD 25.79 -0.15BauschHealth BHC 19.41 -0.08BaxterIntl BAX 80.93 -0.62BectonDicknsn BDX 243.16 2.86BeiGene BGNE 285.00 2.49BentleySystems BSY 33.99 -3.12Berkley WRB 69.95 -0.64BerkHathwy A BRK.A 341260-1740.00BerkHathwy B BRK.B 227.37 -1.11BerryGlobal BERY 52.67 0.19BestBuy BBY 114.56 1.93BeyondMeat BYND 127.89 2.88Bilibili BILI 44.20 0.50Bill.com BILL 95.70 0.20Bio-Techne TECH 306.45 6.17Bio-RadLab A BIO 585.45 29.67Biogen BIIB 244.03 7.69BioMarinPharm BMRN 76.22 0.04BioNTech BNTX 109.45 -3.31BlackKnight BKI 93.84 2.20BlackRock BLK 670.62 10.02Blackstone BX 55.35 -1.76Boeing BA 182.15 -6.54BookingHldgs BKNG 2000.02 -7.42BoozAllen BAH 86.03 -0.56BorgWarner BWA 38.56 -0.24BostonBeer SAM 958.40 40.76BostonProps BXP 90.80 -1.73BostonSci BSX 37.40 -0.80BrightHorizons BFAM 168.02 0.92BristolMyers BMY 63.42 -1.10BritishAmTob BTI 36.51 0.58Broadcom AVGO 375.92 12.79BroadridgeFinl BR 148.83 2.58BrookfieldMgt BAM 37.70 0.29

s BrookfieldInfr BIP 50.85 -0.14BrookfieldPropREIT BPYU 15.78 -0.12BrookfieldRenew BEPC 74.04 3.35Brown&Brown BRO 46.97 -0.22Brown-Forman B BF.B 78.52 -0.13Brown-Forman A BF.A 72.63 0.25Bruker BRKR 46.37 -0.51Bunge BG 58.90 0.09BurlingtonStrs BURL 221.51-11.97CBRE Group CBRE 56.31 -0.22CDW CDW 138.70 1.17CGI GIB 71.09 2.36CH Robinson CHRW 93.33 -0.56CME Group CME 165.81 -2.90CMS Energy CMS 67.01 -0.10CNA Fin CNA 34.71 -0.48CNH Indl CNHI 9.81 0.30CNOOC CEO 112.58 2.98CRH CRH 39.94 0.15CRISPR Therap CRSP 100.64 1.94CSX CSX 90.04 -1.36CVS Health CVS 69.51 -0.72CableOne CABO 1893.39 8.17CabotOil COG 17.28 0.09CadenceDesign CDNS 116.68 4.29CaesarsEnt CZR 58.97 -1.31CamdenProperty CPT 100.00 -1.40CampbellSoup CPB 48.29 1.00CIBC CM 81.51 0.61CanNtlRlwy CNI 108.69 -0.40CanNaturalRes CNQ 21.41 0.60

s CanPacRlwy CP 328.10 0.81Canon CAJ 18.12 -0.40CanopyGrowth CGC 24.25 0.54CapitalOne COF 84.67 -2.01CardinalHealth CAH 56.23 -1.14Carlisle CSL 141.62 -4.21Carlyle CG 27.71 -0.28CarMax KMX 93.42 -0.89Carnival CCL 16.21 -0.52Carnival CUK 14.46 -0.32CarrierGlobal CARR 38.06 0.25Carvana CVNA 207.25 14.76CaseysGenStores CASY 192.69 -1.01Catalent CTLT 101.73 1.79Caterpillar CAT 169.46 -2.84Celanese CE 128.20 0.32

s Cemex CX 4.51 -0.05Centene CNC 69.40 -1.72CenterPointEner CNP 24.07 -0.03CentraisElBras EBR 6.43 -0.02

s CeridianHCM CDAY 97.00 2.35Cerner CERN 74.61 -0.11CharlesRiverLabs CRL 235.66 6.92CharterComms CHTR 636.92 10.04CheckPoint CHKP 118.00 1.42Chegg CHGG 69.68 3.59Chemed CHE 487.31 9.98CheniereEnergy LNG 53.91 2.41CheniereEnerPtrs CQP 36.90 0.25Chevron CVX 82.46 -0.61Chewy CHWY 63.96 4.04ChinaEastrnAir CEA 23.04 0.29ChinaLifeIns LFC 11.78 0.14ChinaMobile CHL 34.47 1.19ChinaPetrol SNP 46.70 0.60ChinaSoAirlines ZNH 31.02 0.13ChinaTelecom CHA 36.30 2.56ChinaUnicom CHU 7.14 0.37Chipotle CMG 1303.93 60.88Chubb CB 149.03 -2.47ChunghwaTel CHT 38.55 0.19Church&Dwight CHD 87.41 1.09ChurchillDowns CHDN 179.67 -2.39Ciena CIEN 42.90 -0.22

s Cigna CI 221.11 0.91CincinnatiFin CINF 84.52 -2.12Cintas CTAS 360.04 1.36CiscoSystems CSCO 39.33 0.61Citigroup C 48.93 1.28CitizensFin CFG 31.68 -1.12CitrixSystems CTXS 114.90 0.76Clarivate CCC 26.77 -0.98Clorox CLX 202.59 4.47Cloudflare NET 65.46 4.22Coca-Cola KO 53.58 -0.40Coca-Cola Euro CCEP 40.19 -0.51Cognex CGNX 72.23 2.63CognizantTech CTSH 76.76 1.66ColgatePalm CL 84.93 1.58Comcast A CMCSA 47.67 -0.10Comerica CMA 50.16 -2.89

NetStock Sym Close Chg

CommerceBcshrs CBSH 68.54 -0.06ConagraBrands CAG 35.51 0.53ConchoRscs CXO 51.15 -0.35ConocoPhillips COP 35.28 -0.25ConEd ED 81.72 -0.36ConstBrands A STZ 194.53 -6.03ConstBrands B STZ.B 199.78 -0.89Cooper COO 343.30 -3.09Copart CPRT 117.80 0.81Corning GLW 35.98 -0.04

s Corteva CTVA 36.63 0.40CoStar CSGP 898.67 12.54Costco COST 372.92 6.30CoupaSoftware COUP 288.00 12.81Credicorp BAP 119.42 6.50CreditSuisse CS 11.60 -0.09Cree CREE 68.32 4.80CrowdStrike CRWD 130.96 7.46CrownCastle CCI 164.64 4.22CrownHoldings CCK 94.34 0.16CubeSmart CUBE 33.70 0.48Cummins CMI 234.90 1.04CureVac CVAC 61.94 0.64CyrusOne CONE 72.58 3.33

D E FDISH Network DISH 30.35 1.47DTE Energy DTE 130.06 -1.94Danaher DHR 233.14 7.26Darden DRI 107.08 -6.27

s DarlingIngredDAR 49.00 0.31Datadog DDOG 86.83 -5.77DaVita DVA 106.32 -0.85DeckersOutdoor DECK 253.62 2.09Deere DE 249.35 -4.62DellTechC DELL 64.88 0.27DeltaAir DAL 35.02 -2.02

s DenaliTherap DNLI 66.17 6.17DentsplySirona XRAY 49.85 -3.11DeutscheBankDB 10.48 -0.24DexCom DXCM 347.50 7.97Diageo DEO 156.16 -0.73DigitalRealtyDLR 140.99 5.17DiscoverFinSvcsDFS 74.25 -2.09DiscoveryB DISCB 30.40 -1.53DiscoveryA DISCA 22.44 -0.48DiscoveryC DISCK 20.32 -0.41Disney DIS 137.82 -4.29DocuSign DOCU 208.55 10.24DolbyLab DLB 84.03 -0.08DollarGeneralDG 213.57 3.01DollarTree DLTR 94.32 -0.65DominionEnerD 85.68 -0.08Domino's DPZ 394.67 13.00Donaldson DCI 53.13 0.19Dover DOV 120.87 1.06Dow DOW 52.21 -1.25DrReddy'sLabRDY 64.49 1.53DraftKings DKNG 41.64 1.28Dropbox DBX 18.82 0.35DukeEnergy DUK 97.31 0.17DukeRealty DRE 40.33 0.76Dun&BradstreetDNB 26.60 0.46Dunkin' DNKN 106.17 0.03DuPont DD 60.31 -1.45Dynatrace DT 35.99 1.63ENI E 17.84 -0.36EOG Rscs EOG 41.91 -0.28EPAM Systems EPAM 326.97 14.37EastmanChem EMN 91.76 -1.64Eaton ETN 114.07 -0.79EatonVance EV 64.67 0.40eBay EBAY 47.71 1.17Ecolab ECL 209.83 -2.40Ecopetrol EC 11.07 0.09EdisonInt EIX 62.90 0.18EdwardsLife EW 80.03 -1.18ElancoAnimal ELAN 29.97 -1.24Elastic ESTC 101.00 -0.65ElectronicArts EA 119.78 0.85EmersonElec EMR 74.90 -2.54Enbridge ENB 30.47 0.06EncompassHealth EHC 70.10 -1.94EnelAmericas ENIA 7.61 0.04EnergyTransfer ET 5.35 -0.09EnphaseEnergy ENPH 120.43 11.04EnstarGroup ESGR 201.14 -2.83Entegris ENTG 87.60 1.60Entergy ETR 109.83 0.60EnterpriseProd EPD 18.18 0.11Equifax EFX 159.19 4.58Equinix EQIX 760.85 34.08Equinor EQNR 14.68 -0.22Equitable EQH 24.57 -0.14EquityLife ELS 62.44 0.38EquityResdntl EQR 59.59 -1.85

s ErieIndemnity A ERIE 247.34 9.29EssentialUtil WTRG 46.37 0.03EssexProp ESS 246.75-12.19EsteeLauder EL 248.23 0.88Etsy ETSY 130.59 11.16EverestRe RE 235.03 -5.17Evergy EVRG 57.30 -1.29EversourceEner ES 94.42 0.76ExactSciences EXAS 123.38 4.60Exelixis EXEL 20.70 -0.53Exelon EXC 43.84 0.84Expedia EXPE 119.70 -3.05ExpeditorsIntl EXPD 88.61 0.33ExtraSpaceSt EXR 117.99 2.48ExxonMobil XOM 36.48 -0.38F5Networks FFIV 159.66 1.75FMC FMC 108.81 -0.54Facebook FB 276.48 4.05FactSet FDS 335.15 12.05

s FairIsaac FICO 471.78 38.89s Farfetch FTCH 42.59 1.59Fastenal FAST 47.24 0.48Fastly FSLY 72.01 0.40FederalRealty FRT 90.32 -3.76FedEx FDX 267.81 0.54Ferrari RACE 209.27 4.67FiatChrysler FCAU 14.46 0.08FidNatlFin FNF 34.09 0.14FidNatlInfo FIS 143.55 -0.81FifthThirdBncp FITB 25.72 -0.62FirstHorizonNatl FHN 11.73 -0.21

NetStock Sym Close Chg

FirstRepBank FRC 134.90 0.06FirstSolar FSLR 84.20 3.45FirstEnergy FE 29.79 0.48Fiserv FISV 107.36 0.56FiveBelow FIVE 144.60 0.83Five9 FIVN 143.52 4.69FleetCorTech FLT 266.37-12.66Flex FLEX 15.65 0.42Floor&Decor FND 77.66 4.64FomentoEconMex FMX 70.26 2.25FordMotor F 8.33 -0.05Fortinet FTNT 114.59 3.29Fortis FTS 42.10 0.06Fortive FTV 70.00 0.20FortBrandsHome FBHS 83.05 3.35FoxA FOXA 27.46 0.61FoxB FOX 27.15 0.45Franco-Nevada FNV 133.14 -2.34FranklinRscs BEN 20.36 -0.40FreeportMcM FCX 19.53 -0.29FreseniusMed FMS 43.20 -0.34

G H IGCI LibertyA GLIBA 85.96 0.67GDS HoldingsGDS 92.83 2.66

s GFLEnvironmental GFL 22.98 1.18GSXTechedu GSX 71.86 1.52Galapagos GLPG 123.98 1.81Gallagher AJG 114.17 0.53Gaming&LeisureGLPI 41.24 0.03Gap GPS 22.80 -0.54Garmin GRMN 114.82 0.64Gartner IT 156.80 -0.64Generac GNRC 225.29 7.34GeneralDynamicsGD 150.29 -1.02GeneralElec GE 8.89 -0.09GeneralMills GIS 59.89 0.97

s GeneralMotorsGM 40.56 -0.52Genmab GMAB 36.29 -0.11Genpact G 40.45 0.13Gentex GNTX 31.27 -0.04GenuinePartsGPC 97.64 -2.18GileadSciencesGILD 60.10 -0.52GSK GSK 39.17 0.34GlobalPaymentsGPN 189.28 -4.19Globant GLOB 186.73 -3.51GlobeLife GL 91.99 -0.78GoDaddy GDDY 74.62 4.44GoldFields GFI 10.62 -0.37GoldmanSachsGS 218.05 0.58GoodRx GDRX 51.10 0.75Graco GGG 67.86 0.33Grainger GWW 403.39 -1.09Grifols GRFS 18.83 -0.18Grubhub GRUB 73.53 2.53GuardantHealthGH 116.89 4.72Guidewire GWRE109.00 0.26HCA HealthcareHCA 145.47 -6.64HDFC Bank HDB 66.49 -0.83HD Supply HDS 44.31 0.13HP HPQ 19.36 -0.51HSBC HSBC 25.31 0.85Halliburton HAL 14.18 -0.20HartfordFinl HIG 45.21 -0.61Hasbro HAS 86.53 0.88HealthcareAmerHTA 28.04 -0.05HealthpeakProp PEAK 29.08 -0.28Heico HEI 126.68 -3.09Heico A HEI.A 115.33 -3.24HenrySchein HSIC 63.58 -4.50Hershey HSY 153.66 1.40Hess HES 44.00 -0.79HewlettPackardHPE 9.95 0.04HighwoodsPropHIW 35.63 0.35Hilton HLT 103.75 -0.49Hologic HOLX 69.84 3.15HomeDepot HD 277.75 2.18HondaMotor HMC 28.36 0.30Honeywell HON 199.29 -2.69HorizonTherap HZNP 76.19 3.89HormelFoodsHRL 51.96 1.02DR Horton DHI 72.85 1.97HostHotels HST 12.82 -0.56HowmetAerospace HWM 22.28 -0.72HuanengPower HNP 16.50 0.93

s Huazhu HTHT 47.59 1.65Hubbell HUBB 157.20 -2.88HubSpot HUBS 345.00 4.65Humana HUM 426.00 -4.67JBHunt JBHT 127.96 -0.73HuntingtonBcshs HBAN 11.64 -0.49HuntingIngallsHII 158.04 -3.50HyattHotels H 65.15 -1.12IAA IAA 64.01 1.69ICICI Bank IBN 13.20 -0.05IdexxLab IDXX 455.06 13.83IHS Markit INFO 91.48 0.20ING Groep ING 8.49 -0.26Invesco IVZ 15.28 0.75

s IPG Photonics IPGP 209.74 3.22IQVIA IQV 167.88 1.88IcahnEnterprises IEP 51.96 0.20Icon ICLR 188.06 0.56IDEX IEX 191.44 -4.52IllinoisToolWks ITW 213.68 -3.86Illumina ILMN 302.35 0.79ImperialOil IMO 17.01 0.09Incyte INCY 82.76 -0.31Infosys INFY 15.09 0.55IngersollRand IR 42.61 -0.14Inphi IPHI 147.50 3.84Insulet PODD 256.74 -3.26Intel INTC 46.35 0.91InteractiveBrkrs IBKR 51.52 0.56ICE ICE 99.98 1.98InterContinentl IHG 58.95 -1.27IBM IBM 117.20 -0.71IntlFlavors IFF 109.20 -3.24IntlPaper IP 48.67 -0.15Interpublic IPG 20.77 -0.65Intuit INTU 352.40 10.14IntuitiveSurgical ISRG 737.55-11.95Invitae NVTA 46.59 3.54InvitatHomes INVH 29.05 1.00IonisPharma IONS 49.21 -0.97iQIYI IQ 26.13 -0.23iRhythmTechs IRTC 257.23 6.15IronMountain IRM 26.46 -0.70ItauUnibanco ITUB 5.30 -0.09

J K LJD.com JD 82.84 2.76Joyy YY 96.40 -0.11JPMorganChase JPM 114.78 -1.74JackHenry JKHY 161.08 0.56JacobsEngg J 98.85 -2.76JamesHardie JHX 27.32 1.77JazzPharma JAZZ 147.55 -3.07J&J JNJ 147.80 -0.48JohnsonControls JCI 44.00 -0.42JonesLang JLL 129.42 -4.23JuniperNetworks JNPR 21.51 0.03KB Fin KB 42.18 1.76KE Holdings BEKE 69.60 1.90KKR KKR 36.72 -1.66KLA KLAC 233.51 9.78KSCitySouthernKSU 188.02 0.23Kellogg K 65.60 1.41KeurigDrPepperKDP 29.40 1.02KeyCorp KEY 15.02 -0.53KeysightTechs KEYS 115.44 3.44

NetStock Sym Close Chg

KilroyRealty KRC 60.07 0.72KimberlyClark KMB 137.78 1.23KinderMorganKMI 13.03 0.14KingsoftCloud KC 36.48 2.13KinrossGold KGC 7.66 -0.08KirklandLakeGoldKL 44.56 0.39Knight-SwiftKNX 40.48 0.35KoninklijkePhil PHG 53.04 0.42KoreaElcPwrKEP 9.35 0.13KraftHeinz KHC 31.35 0.87Kroger KR 32.09 0.17L Brands LB 34.14 0.09LHC Group LHCG 219.43 3.78Line LN 50.83 -0.18LKQ LKQ 35.80 -1.21LPL Financial LPLA 87.84 -0.03L3HarrisTech LHX 187.71 -1.82LabCpAm LH 203.50 2.34LamResearch LRCX 424.00 16.13LamarAdv LAMR 74.13 -2.66LambWeston LW 73.78 -2.68LasVegasSands LVS 56.95 -1.62Lear LEA 136.17 -1.22Leidos LDOS 94.99 0.05Lennar B LEN.B 61.74 0.81Lennar A LEN 76.22 0.88LennoxIntl LII 292.59 -1.73LeviStrauss LEVI 16.85 -0.47LiAuto LI 24.97 -0.27LibertyBroadbandC LBRDK 149.52 1.24LibertyBroadbandA LBRDA 148.85 1.05LibertyGlobal C LBTYK 19.82 -0.30LibertyGlobal A LBTYA 20.44 -0.25LibertyFormOne A FWONA 37.12 -0.56LibertyFormOne C FWONK 40.51 -0.64LibertyBraves A BATRA 24.71 0.06LibertyBraves C BATRK 24.47 ...LibertySirius C LSXMK 40.35 0.67LibertySirius B LSXMB 39.96 0.70LibertySirius A LSXMA 40.06 0.67EliLilly LLY 144.76 -1.80

s LincolnElectric LECO 112.32 1.15LincolnNational LNC 41.29 -1.15Linde LIN 259.62 -2.42LithiaMotors LAD 266.37 -1.51LiveNationEnt LYV 63.69 -1.57LloydsBanking LYG 1.72 0.04LockheedMartin LMT 369.28 -2.00Loews L 41.35 -1.01LogitechIntl LOGI 82.85 4.72Lowe's LOW 158.00 2.29LufaxHolding LU 16.94 0.36lululemon LULU 336.68 14.49LumenTech LUMN 9.67 -0.12Lyft LYFT 36.41 0.36LyondellBasell LYB 77.16 -4.21

M NM&T Bank MTB 118.30 -5.62MGMGrowthPropMGP 29.99 0.26MGM ResortsMGM 23.98 -0.80MinisoGroupMNSO 20.72 -0.35MKS InstrumMKSI 128.53 2.83MPLX MPLX 19.38 -0.10MSCI MSCI 397.02 17.20MagellanMid MMP 38.61 0.26

s MagnaIntl MGA 60.07 0.25ManulifeFin MFC 16.41 -0.45MarathonPetrolMPC 37.19 -0.45Markel MKL 1033.88-11.78MarketAxessMKTX 544.91 19.87Marriott MAR 116.39 -2.09Marsh&McLenMMC 113.36 0.85MartinMariettaMLM 265.99 -0.03MarvellTech MRVL 42.27 1.95Masco MAS 54.65 1.08Masimo MASI 244.81 1.77Mastercard MA 332.39 -2.39MaximIntProductsMXIM 81.78 1.66McAfee MCFE 16.40 -0.07McCormick MKC 186.89 4.95McCormickVtg MKC.V 186.06 2.72McDonalds MCD 218.02 4.70McKesson MCK 177.81 -5.63MedicalProp MPW 19.44 -0.02Medtronic MDT 110.24 -4.32MelcoResortsMLCO 17.55 -0.55MercadoLibre MELI 1304.49 78.46Merck MRK 81.06 -0.05MetLife MET 45.51 -0.52MettlerToledoMTD 1134.40 8.94MicrochipTechMCHP 126.25 4.33MicronTech MU 56.36 0.95Microsoft MSFT 216.55 5.54MidAmApt MAA 131.22 1.06Middleby MIDD 131.61 -1.66MiratiTherapMRTX 229.36 5.30MitsubishiUFJMUFG 4.38 0.04MizuhoFin MFG 2.77 0.03MobileTeleSysMBT 8.34 -0.06Moderna MRNA 82.44 6.39MohawkIndsMHK 118.94 -3.86

s MolinaHealthcareMOH 219.01 -1.03MolsonCoorsB TAP 42.37 -0.43Mondelez MDLZ 57.74 0.65MongoDB MDB 245.09 15.03MonolithicPower MPWR 317.44 7.68MonsterBev MNST 84.50 2.92Moody's MCO 280.25 9.92MorganStanleyMS 56.34 0.59Morningstar MORN 213.61 1.16Mosaic MOS 17.65 0.03MotorolaSol MSI 169.73 2.93Mylan MYL 15.70 0.06MyoKardia MYOK 224.41 -0.14NICE NICE 246.00 13.43NIO NIO 43.08 1.53NRG Energy NRG 32.22 -0.39NVR NVR 4240.49101.49NXP Semi NXPI 145.07 4.83Nasdaq NDAQ 129.79 2.66NationalGrid NGG 63.33 0.63NatlRetailProp NNN 39.97 -1.12Natura&Co NTCO 18.21 0.47NatWest NWG 3.79 0.08nCino NCNO 71.49 0.48NetApp NTAP 49.27 -0.74NetEase NTES 89.59 2.04Netflix NFLX 490.76 10.52Neurocrine NBIX 89.29 1.71NewOrientalEduc EDU 174.26 0.29NewellBrandsNWL 19.67 0.41Newmont NEM 65.63 0.74

s NewsCorp B NWS 17.24 0.76s NewsCorp A NWSA 17.20 0.93NextEraEnergyNEE 77.54 1.55Nike NKE 127.66 -0.05Nikola NKLA 20.18 2.15NiSource NI 24.64 -0.43Nokia NOK 3.75 0.08NomuraHoldingsNMR 5.12 ...Nordson NDSN 202.24 5.06NorfolkSouthernNSC 233.09 -3.09NorthernTrust NTRS 89.21 -2.64NorthropGrumNOC 309.96 -4.55NortonLifeLock NLOK 20.09 0.74Novartis NVS 86.00 1.75NovoNordiskNVO 67.70 0.17Novocure NVCR 122.51 3.77NuanceComms NUAN 34.75 1.30Nucor NUE 50.81 -0.97Nutrien NTR 42.46 0.25

NetStock Sym Close Chg

NVIDIA NVDA 536.72 25.92

O P QOGE Energy OGE 33.95 -0.27ONEOK OKE 32.12 -0.42OReillyAuto ORLY 463.38 6.80OakStreetHealthOSH 51.57 2.04OccidentalPetrolOXY 11.90 -0.48Okta OKTA 219.41 6.07OldDomFreight ODFL 198.00 0.52OmegaHealthcareOHI 34.50 -0.39Omnicom OMC 57.23 0.23ON Semi ON 27.93 0.84OneConnectFinTech OCFT 20.72 -1.98OpenText OTEX 41.95 1.05Oracle ORCL 57.20 0.53Orange ORAN 11.79 -0.06Orix IX 74.70 2.56OtisWorldwideOTIS 66.12 0.38OwensCorningOC 69.26 1.03PG&E PCG 10.71 0.30PNC Fin PNC 125.44 -1.30POSCO PKX 53.47 0.29PPD PPD 34.27 0.91PPG Ind PPG 142.65 -0.17PPL PPL 29.41 -0.33PRA HealthSci PRAH 107.35 -1.93PTC PTC 95.31 1.07Paccar PCAR 90.17 -0.95PackagingCpAm PKG 127.89 -2.05PagSeguroDig PAGS 44.28 0.47

s PalantirTech PLTR 15.96 1.96PaloAltoNtwks PANW 252.80 10.08PanAmerSilver PAAS 31.84 -0.82ParkerHannifin PH 260.77 -0.39Paychex PAYX 91.55 0.26PaycomSoftware PAYC 381.46 3.78Paylocity PCTY 193.20 -2.94PayPal PYPL 192.34 8.98Pegasystems PEGA 123.34 2.03Peloton PTON 106.21 1.00PembinaPipeline PBA 23.97 0.39PennNational PENN 63.60 -0.28Pentair PNR 52.09 -1.69Penumbra PEN 263.99 2.84PepsiCo PEP 143.90 2.18PerkinElmer PKI 129.07 3.54Perrigo PRGO 47.12 -1.39PetroChina PTR 32.68 ...PetroleoBrasil PBR 8.78 -0.01PetroleoBrasilA PBR.A 8.45 -0.14Pfizer PFE 38.50 -0.18PhilipMorris PM 75.11 0.36Phillips66 PSX 58.98 0.84Pinduoduo PDD 111.46 8.37PinnacleWest PNW 89.59 -1.31Pinterest PINS 59.55 3.88PioneerNatRscs PXD 90.64 -1.11PlainsAllAmPipe PAA 7.50 -0.05

s PlugPower PLUG 23.00 2.99Pool POOL 346.07 6.36PostHoldings POST 100.54 -0.06PrincipalFin PFG 45.55 -1.69Procter&Gamble PG 142.07 1.81Progressive PGR 92.72 0.07Prologis PLD 102.02 2.08PrudentialFin PRU 73.02 -2.43Prudential PUK 33.32 -0.08PublicServiceEnt PEG 60.88 0.15PublicStorage PSA 235.82 1.78PulteGroup PHM 42.82 0.25Qiagen QGEN 46.51 0.42Qorvo QRVO 148.25 7.32Qualcomm QCOM 147.69 7.58QuantaServices PWR 67.54 0.96QuestDiag DGX 123.26 2.55Quidel QDEL 214.42 17.38

R SRELX RELX 23.73 0.05RH RH 409.86 30.12RPM RPM 89.48 -0.66RaymondJamesRJF 84.77 -1.04RaytheonTechRTX 65.85 -2.04RealtyIncomeO 63.44 -1.23RegencyCtrs REG 46.07 -0.68RegenPharm REGN 567.73 8.51RegionsFin RF 14.87 -0.36

NetStock Sym Close Chg

ReinsGrp RGA 111.86 -6.14RelianceSteelRS 117.22 -1.77RenaissanceReRNR 177.81 -2.45Repligen RGEN 194.71 7.81RepublicSvcsRSG 102.57 0.49ResMed RMD 215.83 3.72RestaurantBrandsQSR 57.41 -1.02RingCentral RNG 284.21 7.20RioTinto RIO 62.97 0.26RitchieBros RBA 66.03 -1.29RobertHalf RHI 62.97 -1.06RocketCos. RKT 21.06 -0.54Rockwell ROK 242.19 -6.86RogersComm BRCI 46.37 0.82Roku ROKU 231.43 14.45Rollins ROL 59.39 2.58RoperTech ROP 401.35 0.37RossStores ROST 104.18 -5.24RoyalBkCanadaRY 76.70 0.54RoyalCaribbeanRCL 70.88 -2.85RoyalDutchA RDS.A 31.39 -0.37RoyalDutchB RDS.B 29.72 -0.42RoyalGold RGLD 116.75 -0.61RoyaltyPharma RPRX 40.31 -0.29Ryanair RYAAY 107.12 -1.54SAP SAP 119.51 2.73S&P Global SPGI 343.97 8.87SBA Comm SBAC 298.59 7.95SEI Investments SEIC 55.07 -0.35SK Telecom SKM 23.11 0.44SS&C Tech SSNC 64.74 0.57StoreCapital STOR 31.14 -1.06SVB Fin SIVB 328.82 -7.73Salesforce.com CRM 254.18 6.52Sanofi SNY 51.62 1.45SantanderCons SC 22.32 -0.13SareptaTherap SRPT 134.73 6.35Schlumberger SLB 17.71 -0.60SchwabC SCHW 46.23 -0.19ScottsMiracleGro SMG 164.51 3.42Sea SE 169.13 12.60Seagate STX 54.63 -0.09Seagen SGEN 170.75 -1.03SealedAir SEE 42.42 -0.48SempraEnergy SRE 133.64 -2.32SensataTechs ST 46.51 -0.33ServiceCorp SCI 49.44 0.30ServiceNow NOW 503.36 22.08ShawComm B SJR 17.92 0.14SherwinWilliams SHW 727.48 5.07ShinhanFin SHG 30.38 0.77Shopify SHOP 947.18 61.42Sibanye-Stillwater SBSW 12.78 -0.57SimonProperty SPG 73.41 -5.43SiriusXM SIRI 6.18 0.19Skyworks SWKS 143.87 6.63SlackTech WORK 25.17 1.07SmithAO AOS 54.82 0.07Smith&Nephew SNN 41.30 0.20Smucker SJM 119.80 2.23Snap SNAP 38.46 -0.08SnapOn SNA 170.18 -2.49

NetStock Sym Close Chg

Snowflake SNOW 240.76 5.08SOQUIMICH SQM 42.07 -0.11SolarEdgeTech SEDG 235.19 9.68SolarWinds SWI 22.42 0.22Sony SNE 88.09 2.18Southern SO 63.92 -0.25SoCopper SCCO 54.14 -0.02SouthwestAir LUV 43.22 -1.59Splunk SPLK 194.12 6.24Spotify SPOT 261.04 11.05Square SQ 183.42 11.42StanleyBlackDck SWK 180.89 2.10Starbucks SBUX 95.04 1.12StateStreet STT 68.48 -1.57SteelDynamics STLD 33.84 -0.07Stericycle SRCL 71.79 -1.87Steris STE 189.18 -0.30STMicroelec STM 34.58 1.07

s StoneCo STNE 64.17 1.61Stryker SYK 225.24 -5.33SumitomoMits SMFG 6.03 0.06SunComms SUI 145.32 1.84SunLifeFinancial SLF 45.72 0.09SuncorEnergy SU 14.62 ...SunRun RUN 54.00 0.41Suzano SUZ 8.93 0.12SynchronyFin SYF 29.40 -0.21SyneosHealth SYNH 60.26 -1.98Synnex SNX 150.59 1.47Synopsys SNPS 224.90 5.57Sysco SYY 68.49 -3.79

T U VTAL Education TAL 69.11 -0.95TC Energy TRP 42.50 -0.19TE Connectivity TEL 108.62 1.74Telus TU 19.09 0.24TJX TJX 60.12 -2.14T-MobileUS TMUS 125.15 3.43TRowePrice TROW 140.46 3.56TaiwanSemi TSM 90.88 3.22TakeTwoSoftware TTWO 161.57 6.68TakedaPharm TAK 17.30 0.22Tapestry TPR 25.34 -0.66Target TGT 159.69 1.62TataMotors TTM 10.21 0.18TeckRscsB TECK 14.95 0.06TeladocHealth TDOC 182.55 10.11TeledyneTech TDY 367.25 -2.47Teleflex TFX 362.97 -5.48Ericsson ERIC 11.78 0.27TelefonicaBrasVIV 8.28 -0.14Telefonica TEF 3.95 -0.11TelekmIndonesia TLK 21.50 1.3410xGenomics TXG 136.62 7.62Tenaris TS 12.99 -0.03TencentMusic TME 15.31 0.36Teradyne TER 101.18 3.03Tesla TSLA 417.13 6.77TevaPharm TEVA 9.53 -0.09TexasInstruments TXN 155.70 4.21

NetStock Sym Close Chg

Textron TXT 41.85 -2.04ThermoFisherSci TMO 484.00 15.41ThomsonReuters TRI 84.58 1.253M MMM 169.21 0.07Tiffany TIF 131.40 0.23Toro TTC 86.34 0.26TorontoDomBk TD 49.75 0.39Total TOT 38.10 -0.97ToyotaMotor TM 142.48 2.54TractorSupply TSCO 133.04 3.21TradeDesk TTD 742.04 34.76Tradeweb TW 61.23 3.30TraneTech TT 142.96 -0.62TransDigm TDG 560.81-13.57TransUnion TRU 90.49 -1.34Travelers TRV 134.96 -1.40Trex TREX 69.64 1.89Trimble TRMB 57.40 -0.85Trip.com TCOM 35.50 -0.63TruistFinl TFC 48.82 -0.22Twilio TWLO 279.17 12.91Twitter TWTR 43.63 1.22TylerTech TYL 422.91 7.97TysonFoods TSN 61.11 0.65UBS Group UBS 13.65 -0.03UDR UDR 38.68 -1.24UGI UGI 36.61 -0.54US Foods USFD 28.75 -2.37Uber UBER 46.23 -0.77

s Ubiquiti UI 270.05 14.15UltaBeauty ULTA 255.42-10.07

s UltragenyxPharm RARE 120.68 3.20s Unilever UN 62.57 1.00Unilever UL 62.95 1.03UnionPacific UNP 200.00 -1.26UnitedAirlinesUAL 38.51 -1.54UnitedMicro UMC 5.54 0.15UPS B UPS 166.64 1.91UnitedRentalsURI 207.25 -2.02US Bancorp USB 43.75 -0.39UnitedHealthUNH 351.70 -1.99UnitySoftware U 105.58 5.92UnivDisplay OLED 212.41 2.98UniversalHealthBUHS 129.61 -2.90VEREIT VER 7.40 -0.08VF VFC 76.99 -0.54VICI Prop VICI 25.40 0.12VailResorts MTN 259.76 -0.56Vale VALE 11.84 0.11ValeroEnergyVLO 49.79 -0.17VarianMed VAR 173.43 0.13VeevaSystems VEEV 272.56 8.41Ventas VTR 48.43 0.04VeriSign VRSN 201.90 1.92VeriskAnalytics VRSK 199.83 4.73Verizon VZ 61.00 -0.10VertxPharm VRTX 216.72 1.37ViacomCBS A VIACA 31.61 -0.09ViacomCBS BVIAC 30.20 0.13Vipshop VIPS 20.90 0.21Visa V 212.70 -0.61Vistra VST 19.64 -0.54

NetStock Sym Close Chg

VMware VMW 140.56 0.61Vodafone VOD 15.69 0.10VornadoRealtyVNO 37.47 -1.55VoyaFinancial VOYA 54.33 0.29VulcanMatls VMC 141.64 1.62

W X Y ZWEC EnergyWEC 104.43 -0.42WEX WEX 166.10-12.39W.P.Carey WPC 68.80 0.10WPP WPP 48.77 -1.02Wabtec WAB 68.11 -0.90WalgreensBootsWBA 41.44 -0.91Walmart WMT 147.98 2.42WarnerMusicWMG 29.29 0.04WasteConnectionsWCN 108.83 1.75WasteMgt WM 122.80 -0.58Waters WAT 223.14 -2.17Watsco WSO 233.15 4.47Wayfair W 251.74 9.03Weibo WB 46.29 -0.13WellsFargo WFC 24.19 ...Welltower WELL 65.52 -2.32WestPharmSvcsWST 285.07 5.65WesternDigitalWDC 40.60 -0.67WesternUnionWU 21.03 -0.63WestlakeChemWLK 74.81 -0.20WestpacBankingWBK 13.63 -0.07WestRock WRK 41.22 -0.51WeyerhaeuserWY 28.39 0.61WheatonPrecMetWPM 44.63 0.48Whirlpool WHR 185.13 2.08Williams WMB 20.02 0.03Williams-Sonoma WSM 95.78 4.81WillisTowersWLTW 202.95 0.94Wipro WIT 5.06 0.14Wix.com WIX 269.78 25.61Woodward WWD 100.83 -2.75Workday WDAY 218.62 4.72WynnResorts WYNN 91.71 -4.95XP XP 39.52 0.20

s XPO LogisticsXPO 104.05 2.13XcelEnergy XEL 74.69 0.96Xilinx XLNX 127.06 4.61XPeng XPEV 33.53 0.63Xylem XYL 93.80 -1.31Yandex YNDX 61.19 -0.12YumBrands YUM 101.82 -1.17YumChina YUMC 58.84 1.51ZTO Express ZTO 29.93 -0.10

s ZaiLab ZLAB 98.40 12.32ZebraTech ZBRA 356.27 11.25Zendesk ZEN 123.56 2.19Zillow C Z 108.02 7.63Zillow A ZG 110.11 8.92ZimmerBiomet ZBH 149.40 -0.76Zoetis ZTS 164.95 2.39ZoomVideo ZM 413.34 37.33ZoomInfoTech ZI 41.16 1.06Zscaler ZS 135.49 7.73Zynga ZNGA 8.00 -0.14

NetStock Sym Close Chg

A B CABB ABB 27.03 -0.04AcadiaPharm ACAD 49.07 0.06AECOM ACM 47.37 -0.96AES AES 21.29 0.47Aflac AFL 40.88 -0.97AGCO AGCO 88.22 -0.86AGNC Invt AGNC 14.52 -0.34Ansys ANSS 328.96 9.53ASETech ASX 5.06 0.10ASML ASML 418.05 18.75AT&T T 28.73 -0.12AbbottLabs ABT 112.65 1.84AbbVie ABBV 98.15 -0.72Abiomed ABMD 269.28 0.44AcceleronPharma XLRN 119.77 4.77Accenture ACN 242.75 4.04ActivisionBlizATVI 76.55 1.43Adobe ADBE 467.75 15.75AdvanceAutoAAP 156.52 1.10AdvMicroDevicesAMD 81.28 3.29Aegon AEG 3.31 -0.07AgilentTechsA 109.41 -0.79AgnicoEagle AEM 73.03 -0.25AirProducts APD 280.84-29.13AkamaiTech AKAM 97.20 0.52Albemarle ALB 118.57 0.64Albertsons ACI 14.98 -0.01Alcon ALC 64.90 0.17AlexandriaRlEstARE 162.75 0.99AlexionPharm ALXN 127.62 0.53Alibaba BABA265.65 -0.89AlignTech ALGN 461.78 -2.54Alleghany Y 619.25-24.69Allegion ALLE 112.36 -2.79AlliantEnergy LNT 57.42 0.46Allstate ALL 94.37 -0.07AllyFinancial ALLY 28.77 -0.35AlnylamPharm ALNY 129.09 4.04Alphabet A GOOGL 1747.23 9.51Alphabet C GOOG 1752.71 12.32Alteryx AYX 115.16 5.26AlticeUSA ATUS 29.96 0.14Altria MO 39.76 0.17AlumofChinaACH 6.78 0.25Amazon.com AMZN 3137.39102.37Ambev ABEV 2.79 -0.07Amcor AMCR 11.93 0.07Amdocs DOX 63.53 2.83Amedisys AMED 244.40 5.09

s Amerco UHAL 404.00 2.00Ameren AEE 82.37 -0.09AmericaMovilAMX 13.80 -0.26AmericaMovil A AMOV 13.68 -0.12AEP AEP 91.15 0.36AmerExpressAXP 111.12 -4.83AmericanFin AFG 86.77 -0.19AmHomes4RentAMH 29.93 0.92AIG AIG 37.35 -0.88AmerTowerREITAMT 238.45 6.07AmerWaterWorks AWK 164.37 0.86AmericoldRealty COLD 35.79 1.27Ameriprise AMP 181.30 -1.87

s AmerisourceBrgnABC 107.33 -2.75Ametek AME 116.76 0.31Amgen AMGN 240.69 -0.91Amphenol APH 124.28 2.43AnalogDevicesADI 137.38 2.60Anaplan PLAN 61.47 1.99AngloGoldAshAU 23.63 -0.04AB InBev BUD 66.99 0.39AnnalyCap NLY 7.40 -0.21Anthem ANTM 323.37 -5.19Aon AON 201.42 1.34ApolloGlbMgmtAPO 42.87 -1.09Appian APPN 90.12 -6.55Apple AAPL 119.49 3.52ApplMaterials AMAT 71.16 1.77Aptargroup ATR 125.27 -2.34Aptiv APTV 111.03 2.19Aramark ARMK 34.94 -1.24ArcelorMittalMT 15.56 -0.19ArchCapital ACGL 34.73 -0.49ArcherDanielsADM 50.09 -0.06AresMgmt ARES 44.60 0.03arGEN-X ARGX 257.41 7.44AristaNetworks ANET 265.21 7.81ArrowheadPharm ARWR 69.56 0.88AscendisPharma ASND 160.00 -1.58AspenTech AZPN 119.31 -0.28Assurant AIZ 131.59 -2.57AstraZeneca AZN 58.02 1.45Athene ATH 41.71 0.80Atlassian TEAM 191.76 6.10AtmosEnergyATO 100.74 -1.71Autodesk ADSK 246.79 -0.43Autohome ATHM 104.17 2.07

s Autoliv ALV 85.87 0.23ADP ADP 171.87 0.80AutoZone AZO 1181.83 11.42Avalara AVLR 154.90 4.03Avalonbay AVB 168.82 -2.97Avangrid AGR 51.44 -0.41Avantor AVTR 26.67 0.55AveryDennisonAVY 151.78 1.08AxaltaCoating AXTA 27.63 -0.41AxonEnterprise AAXN 118.30 -0.70BCE BCE 43.14 0.36BHP Group BHP 53.54 -0.07BHP Group BBL 43.88 0.03BP BP 18.88 -0.22Baidu BIDU 143.06 -0.19BakerHughes BKR 17.56 -0.04Ball BLL 95.81 0.83BancoBilbaoViz BBVA 3.64 0.02BancoBradesco BBDO 4.04 0.02BancodeChile BCH 18.92 0.04BancSanBrasil BSBR 6.63 -0.17BcoSantChile BSAC 17.40 0.20BancoSantander SAN 2.71 0.02BanColombia CIB 29.35 0.07BankofAmerica BAC 27.34 -0.32BankofMontreal BMO 66.93 -0.27BankNY Mellon BK 38.60 -0.62BkNovaScotia BNS 47.07 0.07

Wednesday Nov. 11, 2020

BIGGEST 1,000 STOCKS

52-Wk %Stock Sym Hi/Lo Chg

ForwardAir FWRD 73.23 -2.2FuelTech FTEK 2.05 64.3GFLEnvironmental GFL 23.45 5.4GeneralFinNts25 GFNSZ 25.24 0.1GeneralMotors GM 41.77 -1.3GoodrichPetrol GDP 12.57 2.8GraybugVision GRAY 30.25 35.3HalozymeTherap HALO 39.05 -1.4HarmonyBio HRMY 52.74 -7.5HavertyFurn HVT 29.21 7.1HookerFurniture HOFT 30.78 2.4HoulihanLokey HLI 65.53 -0.2Huazhu HTHT 49.65 3.6HuttigBuilding HBP 3.80 1.3HyreCar HYRE 5.20 -0.4IPG Photonics IPGP 214.61 1.6Identiv INVE 7.48 5.9IndlTechAcqns ITACU 10.10 1.0InspireMedical INSP 181.59 4.1KinsaleCapital KNSL 222.71 2.3KornitDigital KRNT 77.14 8.4KuraOncology KURA 40.09 0.2KymeraTherap KYMR 49.66 1.3Lands'End LE 22.43 16.9LincolnElectric LECO 112.39 1.0Lydall LDL 24.07 2.7MYR Group MYRG 49.85 -3.8

52-Wk %Stock Sym Hi/Lo Chg

CelldexTherap CLDX 20.34 2.6Cemex CX 4.60 -1.1CeridianHCM CDAY 98.53 2.5ChartIndustries GTLS 96.59 -0.7Cigna CI 224.96 0.4ConstructionPtrs ROAD 24.59 9.4CorsairGaming CRSR 29.50 4.1Corteva CTVA 36.90 1.1Cowen COWN 23.75 0.5DZS DZSI 13.85 4.7DarlingIngred DAR 49.64 0.6DenaliTherap DNLI 66.47 10.3Digimarc DMRC 37.83 -0.8DixieGroup DXYN 2.00 14.8EasternBankshares EBC 13.19 1.3EdocAcqn ADOCU 10.12 -0.1EnsignGroup ENSG 70.00 1.2ErieIndemnity A ERIE 247.34 3.9EvoquaWater AQUA 26.91 1.1FairIsaac FICO 474.99 9.0Farfetch FTCH 44.73 3.9FarmlandPtrs FPI 7.66 5.2FateTherap FATE 54.50 1.5FifthThirdPfdB PNFPP 27.80 0.3Fitbit FIT 7.15 1.3FivePrimeTherap FPRX 24.00 237.1FormFactor FORM 36.52 3.1

52-Wk %Stock Sym Hi/Lo Chg

HighsAXT AXTI 7.10 8.9AlerusFinancial ALRS 24.40 0.5AllscriptsHlthcr MDRX 12.52 2.6Amerco UHAL 404.77 0.5AmerEqInvLifePfB AELpB 27.76 -0.4AmerisourceBrgn ABC 111.25 -2.5APi Group APG 16.52 -0.1ArcBest ARCB 37.76 -3.8ArtesianRscs A ARTNA 40.26 0.7ArtisanPtrsAsset APAM 47.68 -2.9AtlUnionPfdA AUBAP 27.63 1.6Autoliv ALV 87.37 0.3BeamTherap BEAM 41.19 0.5Betterware BWMX 39.37 -4.4BiohavenPharm BHVN 94.86 7.6BrightSphere BSIG 17.97 7.0BrookfieldInfr BIPC 69.89 0.2BrookfieldInfr BIP 51.86 -0.3Brooks Auto BRKS 72.29 12.1BurgundyTechWt BTAQW 0.67 -8.8CMLifeSciWt CMLFW 7.18 2.5CTS CTS 31.99 -0.1CanPacRlwy CP 332.91 0.2Cardlytics CDLX 108.66 1.9

Wednesday November 11, 2020

New Highs and Lows | WSJ.com/newhighs

SummitStateBk SSBI 14.24 0.7Ternium TX 23.89 2.7TraconPharm TCON 7.95 34.7Timken TKR 71.55 -1.4TwistBiosci TWST 103.50 6.2Ubiquiti UI 271.32 5.5UltragenyxPharm RARE 122.51 2.7Unilever UN 63.10 1.6UtdCmtyBksPfdI UCBIO 27.60 0.3Upwork UPWK 31.02 14.2Veracyte VCYT 47.50 8.4Vericel VCEL 25.27 -0.4WescoPfdA WCCpA 29.97 0.2WintrustFinPfdE WTFCP 27.38 0.6XPEL XPEL 33.37 -0.4XPO Logistics XPO 105.81 2.1YellowstoneAcqn YSACU 10.12 0.2ZaiLab ZLAB 101.00 14.3

LowsChurchillCapIVWt CCIV.WS 0.95 -2.0Dynatronics DYNT 0.52 -1.6EyegatePharm EYEG 3.20 0.3GlbBloodTherap GBT 36.49 -0.4HighPointRscs HPR 2.80 -3.5MultiPlan MPLN 6.20 -19.7MultiPlanWt MPLN.WS 1.02 -20.5NorthernStar STIC.U 9.87 -0.9Pareteum TEUM 0.23 -40.6PolyPid PYPD 9.51 -2.7PyxisTankersPfdA PXSAP 16.50 -7.0QualigenTherap QLGN 3.29 6.2ReinventTechWt RTP.WS 2.05 3.6SandbridgeAcqnA SBG 9.64 -0.6VitalFarms VITL 28.13 -3.2

MagnaIntl MGA 61.29 0.4MannKind MNKD 2.82 12.4MasterCraftBoat MCFT 24.00 8.7MerchantsBancorp MBIN 25.05 -0.3MeritMedical MMSI 55.38 -2.9MicroStrategy MSTR 193.22 3.2MolinaHealthcare MOH 224.00 -0.5MoneyGram MGI 6.68 -1.7NatrlOrderAcqn NOACU 10.32 1.1Neuronetics STIM 7.28 1.5NewsCorp A NWSA 17.21 5.7NewsCorp B NWS 17.26 4.6OFSCapNts2023 OFSSG 25.05 -0.3Olin OLN 22.90 0.4OncoSecMedical ONCS 5.75 10.8OpenLending LPRO 30.50 6.2OptimizeRx OPRX 24.27 5.3PacBiosciCA PACB 17.07 12.3PalantirTech PLTR 15.97 14.0ParTechnology PAR 47.37 9.3PlugPower PLUG 23.00 14.9QurateRetailA QRTEA 8.75 7.2R1RCM RCM 20.08 2.2Rafael RFL 23.88 2.2Retrophin RTRX 24.96 1.4SC Health SCPE.U 10.94 -1.4SanaraMedTech SMTI 34.75 1.2SandbridgeAcqnWt SBG.WS 0.93 31.6ShockwaveMed SWAV 88.81 2.4Shyft SHYF 23.92 1.4StaarSurgical STAA 83.63 1.7StepStone STEP 30.00 0.8StoneCo STNE 65.59 2.6StoneX SNEX 62.00 -0.1Strattec STRT 34.50 0.8

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSEAmerican and Nasdaq Stock Market stocks that hit a new 52-week intraday high or lowin the latest session. % CHG-Daily percentage change from the previous trading session.

Net YTDFund NAV Chg %Ret

American Century InvUltra 72.24 +1.19 38.5American Funds Cl AAmcpA p 37.73 +0.25 14.3AMutlA p 43.75 +0.10 2.2BalA p 29.96 +0.13 6.9BondA p 14.06 +0.01 9.2CapIBA p 60.92 +0.25 -1.1CapWGrA 55.73 +0.54 8.0EupacA p 63.10 +0.51 13.4FdInvA p 65.32 +0.54 7.8GwthA p 63.88 +0.75 24.9HI TrA p 9.89 ... 3.2ICAA p 42.52 +0.36 9.2IncoA p 22.94 +0.07 1.1IntBdA p 14.19 ... 6.7N PerA p 57.06 +0.60 20.7NEcoA p 56.03 +0.71 22.6NwWrldA 80.30 +0.46 13.8SmCpA p 70.71 +0.57 20.2TxExA p 13.44 ... 2.9WshA p 48.93 +0.09 3.2Baird Funds

Net YTDFund NAV Chg %Ret

AggBdInst 11.80 +0.02 7.3CorBdInst NA ... NABlackRock FundsHiYBlk 7.65 ... 3.2HiYldBd Inst 7.65 ... 3.2BlackRock Funds AGlblAlloc p 21.09 ... 13.1BlackRock Funds InstStratIncOpptyIns 10.18 ... 4.6Bridge Builder TrustCoreBond 10.92 +0.01 7.3CorePlusBond 10.68 +0.01 7.6Intl Eq 12.66 +0.17 5.6LargeCapGrowth 20.14 +0.25 27.2LargeCapValue 13.78 -0.04 2.1ClearBridgeLargeCapGrowthI NA ... NAColumbia Class IDivIncom I 24.83 +0.11 3.2Dimensional Fds5GlbFxdInc 10.89 ... 1.5EmgMktVa 26.64 +0.40 -5.2EmMktCorEq 22.08 +0.21 3.3

Net YTDFund NAV Chg %Ret

IntlCoreEq 13.50 +0.11 -0.8IntSmCo 18.58 +0.13 -1.2IntSmVa 17.55 +0.11 -9.0LgCo 27.44 +0.21 12.3TAUSCoreEq2 21.42 +0.08 7.6US CoreEq1 27.74 +0.13 8.4US CoreEq2 25.11 +0.10 7.4US Small 34.57 -0.14 -0.5US SmCpVal 31.00 -0.31 -9.2USLgVa 35.11 -0.15 -7.4Dodge & CoxBalanced 99.91 -0.13 1.5Income 14.81 +0.01 7.9Intl Stk 40.65 +0.25 -6.8Stock 184.97 -0.30 -1.5DoubleLine FundsCoreFxdIncmI NA ... NATotRetBdI 10.67 +0.01 3.3Edgewood Growth InstitutiEdgewoodGrInst 51.47 +0.91 33.6Fidelity500IdxInstPrem124.09 +0.94 12.3Contrafund K6 18.18 +0.31 25.7

Wednesday November 11, 2020

IPOScorecardPerformance of IPOs,most-recent listed first

%ChgFrom %ChgFromCompany SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-dayIPOdate/Offer price close ($) price close IPOdate/Offer price close ($) price close

Natural OrderAcquisition 10.11 1.1 ... SQZBiotechnologies 21.00 31.3 58.5NOACUNov. 11/$10.00 SQZOct. 30/$16.00

NorthernStarAcquisition 9.91 –0.9 ... NewBeginningsAcquisition 10.01 0.1 0.2STIC.UTNov. 11/$10.00 NBA.UTOct. 30/$10.00

EdocAcquisition 10.09 0.9 –0.1 CONX 9.94 –0.6 0.2ADOCUNov. 10/$10.00 CONXUOct. 30/$10.00

TS InnovationAcquisitions 10.00 ... ... Bull HornHldgs 9.89 –1.1 0.1TSIAUNov. 10/$10.00 BHSEUOct. 30/$10.00

RomanDBDR Acquisition 9.99 –0.1 ... AteaPharmaceuticals 28.25 17.7 –6.9DBDRUNov. 6/$10.00 AVIROct. 30/$24.00

Sources: DowJonesMarketData; FactSet

Mutual Funds Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes eand s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and rapply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Notavailable due to incomplete price, performance or cost data. NE-Not released by Lipper;data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.

ExtMktIdxInstPre 73.27 +0.62 14.8FidSerToMarket 12.24 +0.09 12.8IntlIdxInstPrem 43.51 +0.44 1.3MidCpInxInstPrem 25.36 +0.11 7.9SAIUSLgCpIndxFd 19.17 +0.15 12.2SeriesBondFd 10.72 +0.01 6.6SeriesOverseas 11.81 +0.11 9.6SmCpIdxInstPrem 22.10 ... 5.3TMktIdxInstPrem101.85 +0.79 12.8USBdIdxInstPrem 12.38 +0.01 6.7Fidelity Advisor INwInsghtI 38.71 +0.68 18.4Fidelity FreedomFF2020 16.99 +0.06 8.0FF2025 15.14 +0.07 8.4FF2030 18.83 +0.10 8.7Freedom2020 K 16.98 +0.07 8.1Freedom2025 K 15.12 +0.06 8.4Freedom2030 K 18.81 +0.09 8.8Freedom2035 K 15.97 +0.10 9.2Freedom2040 K 11.24 +0.07 9.6Fidelity InvestBalanc 27.01 +0.16 15.3BluCh 150.70 +3.45 45.8Contra 17.31 +0.30 27.1ContraK 17.34 +0.29 27.1CpInc r 10.33 +0.02 4.5DivIntl 45.31 +0.57 11.9GroCo 32.65 +0.81 52.9GrowCoK 32.72 +0.81 53.0InvGrBd 11.76 +0.01 8.1LowP r 47.16 -0.01 1.2Magin 12.62 +0.21 23.7NASDAQ r 148.90 +2.94 32.2OTC 16.24 +0.29 35.4Puritn 25.56 +0.27 15.9SrsEmrgMkt 22.96 +0.09 11.3

SrsGlobal 13.56 +0.11 3.0SrsGroCoRetail 27.47 +0.69 54.8SrsIntlGrw 19.78 +0.24 12.9SrsIntlVal 9.51 +0.07 -3.9TotalBond 11.18 +0.01 7.5Fidelity SAITotalBd 10.62 +0.01 7.1Fidelity SelectsSoftwr r 25.58 +0.42 33.0Tech r 27.92 +0.58 46.0First Eagle FundsGlbA 60.14 +0.14 3.8Franklin A1CA TF A1 p 7.69 ... 3.1IncomeA1 p 2.22 ... -0.5FrankTemp/Frank AdvIncomeAdv 2.20 ... -0.4FrankTemp/Franklin AGrowth A p 137.90 +1.47 22.9RisDv A p 76.89 -0.05 11.3Guggenheim Funds TruTotRtnBdFdClInst 29.87 +0.05 12.6Harbor FundsCapApInst 106.25 +2.74 40.3Harding LoevnerIntlEq NA ... NAInvesco Funds YDevMktY 49.38 +0.14 8.3JPMorgan I ClassCoreBond 12.37 +0.01 6.8EqInc 19.01 -0.06 -0.5JPMorgan R ClassCoreBond 12.39 +0.01 6.9Lord Abbett AShtDurIncmA p 4.19 ... 2.1Lord Abbett FShtDurIncm 4.18 ... 1.9

Metropolitan WestTotRetBd 11.59 ... 7.4TotRetBdI 11.59 ... 7.7TRBdPlan 10.90 ... 7.7MFS Funds Class IGrowth I 159.54 +3.28 25.5ValueI 44.06 +0.03 0.1MFS Funds InstlIntlEq 29.36 +0.25 5.4Old Westbury FdsLrgCpStr 16.49 +0.10 9.4Parnassus FdsParnEqFd 53.86 +0.52 15.1PGIM Funds Cl ZTotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NAHiYld 8.94 ... 3.1InvGrdCrBd 11.12 +0.02 5.0TotRt 10.90 +0.01 7.7PIMCO Funds AIncomeFd NA ... NAPIMCO Funds I2Income NA ... NAPIMCO Funds InstlIncomeFd NA ... NAPrice FundsBlChip 161.18 +2.69 29.6DivGro 57.63 +0.20 9.1EqInc 29.49 -0.09 -6.2EqIndex 94.98 +0.72 12.2Growth 94.15 +1.40 28.4HelSci 100.01 +0.91 22.8LgCapGow I 57.68 +0.77 30.9MidCap 109.58 +0.61 14.9NHoriz 85.87 +1.41 44.6R2020 23.90 +0.10 8.2

R2025 19.39 +0.09 9.1R2030 28.41 +0.16 9.7R2035 20.99 +0.13 10.3R2040 30.01 +0.19 10.9PRIMECAP Odyssey FdsAggGrowth r 51.63 +0.48 15.0Putnam Funds Class YStDurInc 10.10 ... 1.4Schwab Funds1000 Inv r NA ... NAS&P Sel NA ... NATSM Sel r NA ... NATIAA/CREF FundsEqIdxInst 26.35 +0.20 12.9VANGUARD ADMIRAL500Adml 330.19 +2.51 12.3BalAdml 42.90 +0.21 11.2CAITAdml 12.27 ... 3.5CapOpAdml r176.47 +0.87 11.9DivAppIdxAdm 37.22 +0.10 11.6EMAdmr 38.87 +0.14 6.8EqIncAdml 76.39 +0.02 -1.6ExplrAdml 112.75 +0.86 16.0ExtndAdml 108.92 +0.92 14.9GNMAAdml 10.69 -0.01 3.1GrwthAdml 122.39 +2.24 31.3HlthCareAdml r 94.92 +0.29 11.2HYCorAdml r 5.91 ... 3.5InfProAd 28.00 +0.04 8.5IntlGrAdml 144.72 +1.58 40.8ITBondAdml 12.56 +0.01 8.5ITIGradeAdml 10.62 +0.01 8.8LTGradeAdml 11.84 +0.02 11.9MidCpAdml 238.79 +1.56 9.6MuHYAdml 11.73 ... 2.8MuIntAdml 14.69 ... 3.7

MuLTAdml 12.08 ... 4.1MuLtdAdml 11.22 ... 2.8MuShtAdml 15.93 ... 1.6PrmcpAdml r156.13 +0.96 8.3RealEstatAdml119.46 +0.55 -6.9SmCapAdml 83.52 +0.12 6.2SmGthAdml 83.58 +1.09 20.1STBondAdml 10.85 ... 4.3STIGradeAdml 10.98 ... 4.5TotBdAdml 11.54 +0.01 6.5TotIntBdIdxAdm 23.25 +0.02 3.6TotIntlAdmIdx r 30.36 +0.25 3.1TotStAdml 88.84 +0.68 13.0TxMCapAdml186.09 +1.54 13.6TxMIn r 14.22 +0.14 2.1USGroAdml 159.94 +3.47 43.6ValAdml 44.30 -0.17 -3.0WdsrllAdml 68.42 +0.26 6.8WellsIAdml 68.52 ... 5.9WelltnAdml 78.87 +0.24 7.3WndsrAdml 70.99 -0.28 -0.7VANGUARD FDSDivdGro 32.93 -0.08 8.7INSTTRF2020 25.95 +0.10 7.6INSTTRF2025 26.75 +0.13 8.2INSTTRF2030 27.22 +0.14 8.4INSTTRF2035 27.68 +0.17 8.5INSTTRF2040 28.12 +0.18 8.7INSTTRF2045 28.50 +0.21 8.9INSTTRF2050 28.57 +0.21 9.0INSTTRF2055 28.68 +0.20 9.0IntlVal 37.12 +0.19 -1.1LifeCon 22.34 +0.08 7.6LifeGro 39.01 +0.25 8.8LifeMod 31.01 +0.16 8.3PrmcpCor 29.10 +0.10 4.2STAR 30.91 +0.15 13.8

TgtRe2015 16.22 +0.04 6.9TgtRe2020 35.00 +0.15 7.6TgtRe2025 21.45 +0.10 8.1TgtRe2030 39.50 +0.21 8.4TgtRe2035 24.44 +0.15 8.5TgtRe2040 42.53 +0.28 8.7TgtRe2045 26.92 +0.20 9.0TgtRe2050 43.36 +0.32 9.0TgtRet2055 47.06 +0.34 9.0TgtRetInc 14.85 +0.04 6.9TotIntBdIxInv 11.63 +0.01 3.6USGro 61.70 +1.34 43.4WellsI 28.28 -0.01 5.8Welltn 45.67 +0.14 7.2WndsrII 38.56 +0.15 6.7VANGUARD INDEX FDSIdxIntl 18.15 +0.15 3.0SmValAdml 55.02 -0.47 -5.2TotBd2 11.46 ... 6.1TotIntlInstIdx r121.42 +1.02 3.1TotItlInstPlId r121.45 +1.03 3.1TotSt 88.81 +0.69 12.9VANGUARD INSTL FDSBalInst 42.90 +0.21 11.2

DevMktsIndInst 14.24 +0.14 2.1DevMktsInxInst 22.26 +0.22 2.1ExtndInst 108.92 +0.93 14.9GrwthInst 122.40 +2.25 31.3InPrSeIn 11.41 +0.02 8.6InstIdx 319.14 +2.43 12.3InstPlus 319.15 +2.42 12.3InstTStPlus 76.01 +0.58 13.0MidCpInst 52.75 +0.35 9.6MidCpIstPl 260.16 +1.71 9.6SmCapInst 83.51 +0.11 6.2STIGradeInst 10.98 ... 4.5STIPSIxins 25.47 +0.01 3.7TotBdInst 11.54 +0.01 6.5TotBdInst2 11.46 ... 6.2TotBdInstPl 11.54 +0.01 6.5TotIntBdIdxInst 34.88 +0.02 3.6TotStInst 88.86 +0.69 13.0ValueInst 44.30 -0.17 -3.0WCM Focus FundsWCMFocIntlGrwIns 23.51 +0.41 24.3Western AssetCoreBondI NA ... NACorePlusBdI 12.50 +0.02 7.0CorePlusBdIS 12.49 +0.01 7.0

Data provided by

NOTICE TO READERSDue to the Veteran’s Day holiday,some tables were not available

for publication.Weekly energy tables will bepublished in Fridays’ editions.

P2JW317000-1-B00800-1--------XA

THEWALL STREET JOURNAL. * * * * Thursday, November 12, 2020 | B9

MARKETS

withdrawal agreement, therehave been clues markets werepricing in a hard Brexit.

Investors pulled $641 mil-lion from U.K. large-cap equityfunds in September, accordingto data provider Morningstar.The figure for August waseven higher, with net with-drawals of $1.6 billion. Thatwas the largest monthly out-flow since $1.8 billion left suchfunds in June 2019. U.K. equitymarkets struggling is primar-ily “a Brexit issue rather thana Covid issue, [but] I don’tthink Covid has helped mat-ters,” said James Beaumont,multiasset fund manager atNatixis Investment Managers.

In the wake of the pan-demic, the government has in-jected billions of pounds offiscal stimulus into the econ-omy, and the Bank of Englandsaid last Thursday it wouldstep up bond purchases as thesecond wave of infections andthe new lockdown threaten tocrimp the economy. The cen-tral bank forecasts the econ-omy will shrink 11% in 2020.

Government borrowing is pro-jected this year to climb toaround £350 billion, equiva-lent to $464 billion, or around17% of gross domestic product,according to an estimate bythe Institute for Fiscal Studies.

The U.K. has an “unenviablemix of one of the biggest fiscalspending packages in theworld, but one of the worstgrowth outcomes,” saidNatWest Markets’s GlobalHead of Desk Strategy JamesMcCormick.

“The U.K. equity market ap-pears to be great value at themoment, but the question is,is it a value trap?” said Mr.Beaumont, referring to maturecompanies delivering healthydividends for shareholdersnow, but with poor prospectsfor growth. He is slightly un-derweight U.K. stocks, seeingBritish indexes as full of old-line industrial and financialcompanies that have sufferedduring the pandemic.

Mr. Beaumont said the exo-dus of capital is mainly flowingto the tech-heavy growth stocks

that investors hope will outper-form. There are fewer fast-growing tech stocks in the U.K.

Sterling has gained groundin recent months, complicatingthe picture for companies. Itrose from $1.25 at the start ofJuly to a high of $1.34 onSept. 1, and is currently trad-ing at around $1.32.

The main equity indexeshave a high concentration offirms that make much of theirmoney outside the U.K. andbenefit from a weak pound. Ina typical year, around 70% ofrevenues generated by FTSE100 firms and around 50% forFTSE 250 companies is drawnfrom overseas operations.

“A lot of the U.K. stocks areessentially foreign stockslisted in the U.K., so theycould do well if sterling goesdown,” said Tristan Hanson,multiasset fund manager atM&G Investments.

Some investors are morepositive about the U.K.’s eco-nomic outlook and think nowis the time to buy. “The U.K.[market] is in the bargain

bin,” said Mr. Spencer, whobelieves there is a goodchance of some form of Brexitdeal before the end of theyear. “This could prove to bethe best buying opportunity in40 years.”

Meanwhile, this week’s pos-itive news regarding PfizerInc.’s coronavirus vaccine can-didate lifted U.K. equities. “Wesaw on Monday a vast rotationout of growth and U.S. tech[stocks] and into value[stocks],” said Mr. Beaumont,who added that the shift was a“drop in the ocean comparedto how much growth has out-performed value in the lastthree years.”

Mr. Beaumont hasn’tchanged his slightly under-weight U.K. equities positionand is likely to await a Brexitagreement before adjustinghis strategy. The pockets ofoptimism remain in conflictwith investor outflows. WithBrexit negotiations draggingand Covid-19 uncontrolled,“the U.K. has a problem rightnow,” said Mr. McCormick.

Europe, prompting OPEC tocut its demand forecast for thewealthy countries of the Or-ganization for Economic Coop-eration and Development by500,000 barrels a day.

Meanwhile, non-OECDcountries such as China are re-

covering faster than expected,with OPEC increasing its de-mand forecast for those na-tions by 200,000 barrels a day.

Chinese crude imports inSeptember rebounded to theirthird-highest level on record,beaten only by June and July

this year, though that figure isexpected to fall again in Octo-ber with independent refinershaving reached their quotasfor the year, the report said.

Growing production insideand outside of the cartel’smembership has given inves-

Oil prices and equities haveshot up this week on newsthat Pfizer Inc.’s and BioNTechSE’s coronavirus vaccine was90% effective in early tests.That has sparked hope amonginvestors that economic activ-ity will normalize in 2021.

Brent crude oil, the globalbenchmark, added 0.4% to$43.80 a barrel on Wednes-day—its highest close sinceearly September. Prices roseas much as 3.9% before givingback some of the gains late inthe session.

West Texas Intermediatefutures, the U.S. benchmark,rose 0.2% to $41.45 a barrelahead of government inven-tory data slated for Thursday.

The two benchmarks are up17% and 16%, respectively, inNovember, while shares of BPPLC and ConocoPhillips havealso surged.

Higher energy prices wouldbe a boon for the beleagueredsector that has suffered awave of layoffs and bankrupt-cies this year.

Even so, the short-termoutlook for the oil market re-mains gloomy. Fresh lockdownmeasures aimed at slowing thespread of the virus in Europeand rising oil supply presenttwo challenges in 2020’s finalquarter, according to GiovanniStaunovo, commodity analystat UBS Wealth Management.

Torpid transportation de-mand and a slower-than-hoped economic recovery inthe U.S. added to shutdowns in

tors cause for concern in re-cent weeks.

A combination of secondarysources used by OPEC putLibya’s production increase inOctober at 299,000 barrels aday after the country’s gov-ernment negotiated an end toan eight-month-long blockadeof its oil exports.

Libya’s national oil corpora-tion has since said that pro-duction has hit a million bar-rels a day and that the countrywon’t join production cuts un-til production is at 1.7 millionbarrels a day.

U.S. production is also in-creasing, with data on Fridayfrom Baker Hughes showingan increase in active rigs forthe seventh straight week.

Those factors had priceslooking shaky early last weekbefore The Wall Street Jour-nal reported that OPEC wasconsidering reversing or de-laying its plans to further re-lax production curbs by twomillion barrels a day startingin January.

Saudi Energy MinisterPrince Abdulaziz bin Salmanmade similar remarks whenspeaking at a conference inDubai this week, according toreports.

OPEC members are likely tobe watching further develop-ments on any vaccines as wellas the current virus infectionrates, as they weigh their op-tions ahead of their meetingwith non-OPEC allies such asRussia in early December.

OPEC Forecasts Weakening DemandEuropean lockdownmeasures, lowerconsumption inAmericas are cited

Libya says it won’t join production cuts until output hits 1.7 million barrels a day. A Libyan oil firm.

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cusing on the hurdles to mak-ing a vaccine widely availableand questions about the sizeof the next fiscal stimuluspackage. Coronavirus hospital-izations set a record in theU.S. on Tuesday, a reminderthat the pandemic is far fromover.

“What you are seeing overthe last 24 hours is a tug ofwar between those who seethe vaccine as a close-your-eyes moment and those whowant to look at the risks now,”said Jim McCormick, globalhead of desk strategy atNatwest Markets. “At the mo-ment, the former group iswinning.”

Shares of large U.S. compa-nies are also being supported

by an earnings season that hassurpassed expectations. Withmost of the S&P 500 havingreported results, analysts proj-ect third-quarter profits fell

7.5% from a year earlier, ac-cording to FactSet, a dramaticimprovement from the 21% de-cline they forecast at the endof September.

“There was a low bar that

corporations leaped over,”said Keith Buchanan, portfoliomanager at Globalt Invest-ments. “As you see the pan-demic continue to rage in theU.S. and globally, corporationsare dealing with it a lot betterthan investors expected.”

Among individual stocks,Lyft shares edged up 36 cents,or 1%, to $36.41 after the ride-hailing company said its reve-nue and number of active rid-ers climbed as lockdownseased in some cities.

U.S. bond markets wereclosed Wednesday for Veter-ans Day. The yield on 10-yearTreasurys has climbed for fourstraight days and ended Tues-day at 0.970%, its highestsince March 19.

In commodities, oil pricesextended their advance. U.S.crude rose 9 cents, or 0.2%, to$41.45 a barrel. Data from theAmerican Petroleum Institutelate Tuesday showed a largedrop in U.S. crude oil stock-piles, adding to the bullishsentiment on oil.

Overseas, the pan-continen-tal Stoxx Europe 600 rose1.1%.

At midday in Tokyo Thurs-day, the Nikkei 225 Stock Av-erage was up 0.4%, HongKong’s Hang Seng Index was-flat, the Shanghai Compositewas down 0.2%, South Korea’sKospi was down 0.1% and Aus-tralia’s S&P/ASX 200 wasdown 0.2%. U.S. stock futureswere 0.3% lower.

Altaf Kassam, European headof investment strategy and re-search at State Street Global

A d v i s o r s .“With the op-timism thatthe vaccines

could now come, [that] meansthat some of that money couldstart to drift back in.”

Still, some investors are fo-

ContinuedfrompageB1

WEDNESDAY’SMARKETS

Investors have lost their ap-petite for U.K. stocks amiddeadlocked Brexit talks, risingcoronavirus infections and asharp economic downturn.

The U.K.’s FTSE 100 index,the benchmark for the largestBritish companies, hasplunged 18% this year in dollarterms and the FTSE 250 hasdropped 13%. In contrast, thepan-continental Stoxx Europe600 has slid 3% in dollarterms, the French CAC 40 hasfallen 5% and the German DAXhas gained 5%. In the U.S., theS&P 500 has advanced 10%.

“Sentiment has reallysoured toward the U.K.,” saidPatrick Spencer, managing di-rector at U.S. investment firmBaird. “It’s basically univer-sally hated and under-owned.”

Investors say the Covid cri-sis has impacted the U.K.worse than many other majoreconomies. “The Covid situa-tion has definitely hit us ashard really as anybody else,[and] the nature of our econ-omy being heavily service-driven and consumer-drivenwill be definitely damagedmore than an export or manu-facturing economy,” saidJames Athey, senior invest-ment manager at AberdeenStandard Investments. “In thevery near term, I would saythe U.K. doesn’t look particu-larly attractive.”

Coronavirus cases were ris-ing by around 96,000 a day inEngland in October, accordingto Imperial College London,causing Prime Minister BorisJohnson to impose anotherlockdown in England to containthe spread. Brexit adds furtheruncertainty to markets, withless than two months to strikea trade deal with the EuropeanUnion before the U.K. loses reg-ulatory parity with the bloc bydefault.

Since August, when thelikelihood of reaching a dealdiminished, and after Mr.Johnson said in September theU.K. would break internationallaw to override last year’s

BY JEM BARTHOLOMEW

Investors Shun British Stocks as Brexit Deadline Nears

Investors pulled $641 million from U.K. large-cap equity funds in September. A closed restaurant in Covent Garden Market in London.

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0.8%Howmuch the S&P 500 roseonWednesday

Coronavirus lockdown mea-sures in Europe and weaken-ing consumption in the Ameri-cas will result in global oildemand taking a larger hit in2020 than previously ex-pected, the Organization ofthe Petroleum ExportingCountries said Wednesday.

In its scrutinized monthlyreport, OPEC deepened its

forecast for adrop in globaloil demand in

2020 by 300,000 barrels a dayto 9.8 million barrels, a 10%drop from last year’s levels.The cartel also softened itsforecast rebound in demand for2021 by 300,000 barrels a day.

Those cuts, when combinedwith the Vienna-based organi-zation’s resilient non-OPECsupply forecasts and its cut toits 2021 global growth re-bound forecast—now 4.4%from 4.5% previously—presenta dismal outlook for oil mar-kets in the coming months.

OPEC hedged its forecasts,saying that “further [eco-nomic] support, currently un-accounted for, may come froman effective and widely dis-tributable vaccine as soon asthe first half of 2021.”

BY DAVID HODARI

COMMODITIES

Tech StocksPropelS&P 500

California, New York andother states are revoltingagainst the U.S. Justice Depart-ment’s proposed settlementwith OxyContin maker PurduePharma LP, which is accused ofhelping fuel the opioid crisis.

The proposed pact comes upfor approval next week inbankruptcy court, where Pur-due sought refuge from litiga-tion. But a growing chorus ofcritics is warning the proposalwould short-circuit broadertalks about how to use Pur-due’s assets to address the ad-diction epidemic.

Purdue is set to plead guiltyto three felony counts includ-ing conspiracy to defraud theU.S. and conspiracy to violatefederal anti-kickback laws, aspart of the settlement. Thepact also calls for Purdue totransform itself into a companyto be run for the benefit of thepublic.

States including New Yorkand California said the settle-ment, if approved, ties thehands of other creditors thatwould prefer to sell Purdue.

Purdue was hit with an ava-lanche of lawsuits accusing itof pushing a highly addictivedrug into vulnerable and un-wary markets. It has deniedwrongdoing and filed for chap-ter 11 bankruptcy last year.

Some Democratic lawmakershave also warned Purdue’s pro-posed deal with the Justice De-partment is bad for the public,but this week bankruptcy ex-perts, dozens of states and law-yers for individuals with addic-tion-related claims againstPurdue weighed in against it.

Critics are urging delay sothe deal doesn’t crowd outother alternatives for state andtribal governments and othersthat have been contending withthe legal, social and medicalburden of opioid addiction.

In a statement Wednesday,Purdue said the deal must beapproved because, without it,“all of Purdue’s other creditorswould be at risk of gettingnothing.” The company saidthe proposed settlementdoesn’t dictate the outcome ofthe bankruptcy.

Members of the Sacklerfamily who own Purdue haveoffered to add $3 billion to abankruptcy settlement, an offerthat some states have accepted,but others have declined.

Representatives for descen-dants of Mortimer Sackler de-clined to comment. Represen-tatives of the RaymondSackler side of the familydidn’t respond to a request tocomment.

BY PEG BRICKLEY

Purdue’sOpioidDeal FacesOpposition

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B10 | Thursday, November 12, 2020 THEWALL STREET JOURNAL.

Apple Makes Big Chip BetIn-house processors for Mac have to go up against long-established rivals

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Virus Shot Is BadFor Goods Sector

Demand may ebb for products that made peoples’lives more livable during the pandemic

Demand for goods surged as a re-sult of the Covid-19 crisis. But withMonday’s vaccine news, some ofthat demand could go away rathersuddenly.

One of the many things that hasmade this recession so unusual ishow well goods industries haveweathered the tumult while the farlarger services sector, which usuallyholds up OK in downturns, hasborne the brunt of the damage. Thepandemic led many people to avoidsettings such as restaurants andmovie theaters while encouragingthem to buy things to make theirlives a little more livable, such as anew oven, bicycle or videogameconsole.

In September, Commerce Depart-ment figures show spending on ser-vices was 6.3% below its Februarylevel, before the crisis struck. Goodsspending, on the other hand, roseby 7.7% over the same period. Andwithin that goods category, spend-ing on durable goods—longer-last-ing items such as cars and washingmachines—increased by 15.6%. In-deed, spending on goods has beenso strong that it has more thanmade up for weakness in the spring,when shutdowns sent sales downsharply. In the seven months sinceFebruary, durable-goods spending

was 0.6% higher than its level overthe previous seven months. Thatcompares with a 10.1% decline inservices spending.

But with a vaccine on the hori-zon, some of the demand for goodscould ebb. Even though they mightnot be vaccinated for months, somepeople might decide that getting anew home-entertainment systemisn’t as urgent a need as before. Thesame goes for remodeling theirhomes, or getting a car to help themescape outdoors. Moreover, after avaccine is readily available, goodspurveyors and makers could findthat much demand for their wareswas sated during the pandemic, set-ting them up for an extended periodof weakness. Meanwhile, servicesbusinesses have reason to be hope-ful, but that hope isn’t going totranslate into increased sales justyet. Rather, with Covid-19 cases onthe rise, many state and local offi-cials are reintroducing restrictions,while households have renewed rea-son for wariness.

The result could be a lull, withthe goods sector experiencing soft-ened demand while the services sec-tor continues to suffer. The vaccineannouncement is great news, but itisn’t great news for the economyjust yet. —Justin Lahart

The death of the office has beengreatly exaggerated, at least inCentral London. But tenants arebecoming higher-maintenance, in atrend that could out last Covid-19.

This plays to the strengths ofpublicly traded landlords that areaccustomed to being hands-on. Itmay be less positive for private in-vestors paying top dollar for thecity’s real estate.

Rents for offices in Central Lon-don have been resilient, according tohalf-year results from two listedproperty owners. Great PortlandEstates said Wednesday that currentrents in its offices, as estimated byvaluers, fell 0.7% in the six monthsthrough September compared withtheir March level. Landsec, theU.K.’s largest real-estate investmenttrust, reported a 1% decline for itsoffice properties Tuesday.

Centrally located offices shouldfare better than out-of-town loca-tions, even as employees spendmore of their working weeks athome. Still, more pressure on rentsis likely in inner London. Take up ofnew office space over the sixmonths was almost two-thirds be-low the city’s 10-year average.

Moreover, companies increas-ingly want shorter leases on fullykitted-out offices. Great PortlandEstates thinks 19% of its buildingswill soon be let on flexible terms,almost double the proportion thistime last year. As tenants sign upfor just three years, churn willprobably increase. And the land-lord shoulders the full cost of re-furbishing the office. Luckily, ten-ants are willing to pay 33% morerent for the flexibility, offsettingthe owner’s higher costs.

Demand for sustainable build-ings is growing. Tenants face pres-sure from investors to meet envi-ronmental targets. It isn’t yet clearwhether a green premium on therent will cancel out the higher costof building sustainable offices. Butnot improving the energy efficiencyof buildings is more costly for land-lords: Offices with low environmen-tal ratings will become hard to let.

The big listed players in Londonare used to managing their build-ings closely. That may not be thecase for family offices and privateinvestors who like to buy officeblocks for the predictable, bond-like income they have traditionallyoffered. For them, returns couldsuffer if tenants become less will-ing to sign 10- or 15-year leasesand expect landlords to fork outfor refurbishments.

This isn’t yet reflected in therental yields on which property val-uations are based. For the bestLondon offices, yields are stablethis year. Middle Eastern investorAGC recently bought a centralproperty at an expensive 3.85%yield. Returns on London officesare currently higher than in Parisor Tokyo, making the city’s real es-tate relatively appealing in a worldwhere interest rates are so low.Great Portland Estates thinks upto £40 billion, the equivalent of $47billion, of investor cash is activelycircling the London office market.

Tenants are rethinking whatthey want from their office andsome landlords will need to re-think their approach too. Ownersthat prefer to just sit and collectthe rent could be the next businesscasualties of the pandemic.

—Carol Ryan

Prime office rental yields by city

Source: Colliers International

London

Madrid

Milan

Amsterdam

Frankfurt

Paris

4.0%

3.5

3.3

3.2

3.0

2.8

One of China’s main candidatesfor a Covid-19 vaccine is stalled inBrazil. This needn’t be a sign thatdevelopment will be halted—it mayeven bolster international confi-dence in China’s medical-export in-dustry over the longer term.

We don’t know for sure why Bra-zil’s public-health authority sus-pended trials of Sinovac’s vaccine,other than citing a “severe adverseevent” late Monday. Such circum-stances are common in late-stagevaccine development: AstraZeneca’svaccine had a similar delay.

Paradoxically, the holdup couldbolster confidence in the vaccine,since it suggests safety is beingscrutinized, at least for the over-seas clinical trials. China was criti-cized by some Western health ex-perts for allowing emergencydomestic use of Chinese vaccinesbefore clinical trials were com-pleted. Improving the country’s rep-utation for health-care exports isimportant, given the role it is likelyto play in global vaccination efforts.

This year, high-profile examplesof low-quality Chinese pandemic-re-lated products—masks, other protec-tive equipment and ventilators

grabbed headlines Monday must bestored at minus 70 degrees Celsius.Moderna’s challenger must be keptat minus 20 Celsius, an easier re-quirement, but below the tempera-ture of many ordinary freezers.

Sinovac says its vaccine—which isinactivated, meaning it lost the abil-ity to produce the disease—re-mained within effective levels aftermonths frozen between minus 2 andminus 8 degrees Celsius, and evenweeks at much higher temperatures.

Researchers behind the vaccine indevelopment by China’s Academy ofMilitary Medical Sciences andCanSino Biologics suggest it canbe stored at low subzero tempera-tures and can be stored at roomtemperature for at least a week. Inareas of the world with limited labor food cold-chain infrastructure,that will be a huge advantage.

Producing quality vaccines forharder-to-reach parts of the worldwon’t undo the distrust that built upbetween China and many countriesin recent years. But it could go someway to bolster its commercial repu-tation, and provide an example ofglobal cooperation that is desper-ately necessary. —Mike Bird

Vaccines Are China’s Chance to Regain Trustamong them—flooded headlines inWestern countries and promptedmore stringent customs checks byBeijing. For better or worse, that re-inforced concerns about the qualityof health-sensitive Chinese products.

But the reality is that many typesof vaccines will likely be needed.Hundreds of millions of peopleoverseas will likely receive a Chi-nese vaccine: Any alternative sce-

nario is bleak, since it would proba-bly take years longer to achievemass production and distribution.

There are other reasons to hopethe Sinovac halt is a brief falsealarm. Some Chinese vaccines seemto have a distinct advantage in termsof the logistical difficulties of deliv-ering vaccines to the poorest partsof the world. The Pfizer vaccine that

Making quality vaccinesfor hard­to­reachpartsof theworld could bolsterChina’s reputation.

That chip, dubbed the M1, will replace the processors from Intel that have powered the Mac lineup since 2006.

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With its star having dimmed inApple Inc.’s firmament, the Macmight seem safe for the company toshake up. But there is some risk tomessing with a 36-year-old business.

Apple on Tuesday introduced itsfirst Mac computers running onthe company’s own central proces-sor. That chip, dubbed the M1, willreplace the processors from IntelCorp. that have powered the Maclineup since 2006. It will start inApple’s smallest laptops—the Mac-Book Air and 13-inch MacBookPro—as well as the Mac Mini, allof which begin shipping next week.

Apple expects to transition itslineup of Macs to its in-house pro-cessors over the next two years. Go-ing in-house with a key componentshould give a boost to its profitmargins. Matthew Cabral of CreditSuisse estimates a 1.5% potentialuplift to per-share earnings oncethe entire lineup makes the switch.

Apple is hardly new to the chipgame. It has been designing itsown processors for the iPhone andiPad for a decade now. The timingis good. Taiwan SemiconductorManufacturing, which has beenfabricating Apple’s in-house pro-

cessors since 2014, leapt ahead ofIntel in chip-production technol-ogy. Apple’s M1 and the A14 chipsfor the latest iPhones and iPadswill be built on TSMC’s 5-nanome-ter manufacturing process. Intel’smost advanced chips are built on a10-nanometer process and delayswith its transition to 7-nanometerhave shaken up the chip maker.

The M1 chip puts Apple into adifferent competitive league. Themarket for smartphone processorswasn’t well-established when thecompany began using its own in-house A4 chip in 2010 so therewas less basis for comparison.

But the PC market has longbeen dominated by the x86 proces-sors produced by Intel and Ad-vanced Micro Devices. Processorsbuilt on the competing standardfrom Arm Holdings, used widely insmartphones, have had a very dif-ficult time penetrating the PCmarket due to trade-offs betweenpower consumption and perfor-mance.

Apple spent most of its eventTuesday arguing against this no-tion, boasting of the superior per-formance specifications of its new

chips. Only time will tell if thoseclaims hold up. Pierre Ferragu ofNew Street Research notes Appleis using a chip architecture “thatis fundamentally different fromwhat Intel and AMD do.” Alterna-tively, Stacy Rasgon of Bernsteinsays Apple’s success with its newin-house Mac processors couldserve as “existence proof” forother non-x86 chips in the PC andserver markets—damaging Intel’sposition even further.

Having generated $28.6 billionin sales for the fiscal year endedSeptember, the Mac ranks fourthamong Apple’s five business seg-ments in terms of annual revenue,just edging the iPad. But the re-cent surge driven by working andschooling from home brought awave of new customers: Mac reve-nue jumped 11% in the latest fiscalyear. Many customers snapped upthe Intel-based Air, which was justupdated in March but is now nolonger available on the company’sonline store, making room for thenew models.

When it comes to betting on itsown chips, Apple most certainlyhasn’t hedged. —Dan Gallagher

Consumer spending on goods

Source: Commerce DepartmentNote: Seasonally adjusted at an annual rate

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Jan. Feb. March April May June July Aug. Sept.

OVERHEARDWant to swim in cash during

the pandemic?Launched last year, Swimply is

like the Airbnb of swimmingpools, allowing owners to turn aprofit off an increasingly sought-after but costly feature of subur-ban homes.

Live in parts of the U.S. andAustralia, the company says ithas over 3,000 listings availableto over 250,000 users.

Co-founded by an OrthodoxJew, Swimply also offers its busi-ness through a sister websitecalled “Shvimply,” which it sayscaters to people from religiousbackgrounds who might be sensi-tive to some of Swimply’s mar-

keting, such as photos of patrons inimmodest bikinis.

Luckily, listings on both sites of-fer key details such as whether therental has a bathroom available for

use and if the homeowners andtheir neighbors will have an unen-cumbered view of your partywhile you swim.

Somewhat surprisingly, thepandemic has been a boon forthe business: Swimply says somehosts have been raking in$10,000 a month since June ofthis year.

It remains to be seen whetherSwimply can swim in the bigleagues, though.

According to PitchBook, whileAirbnb managed to raise over $7million within two years of clos-ing its seed round, last NovemberSwimply saw its own $2 milliondeal sink.

London Landlords WillWork Harder for the Rent

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