* * * * * * THURSDAY, OCTOBER 15, 2020 ~ VOL. CCLXXVI NO. 90 WSJ.com HHHH $4 .00

DJIA 28514.00 g 165.81 0.6% NASDAQ 11768.73 g 0.8% STOXX600 370.62 g 0.1% 10-YR. TREAS. À 2/32 , yield 0.721% OIL $41.04 À $0.84 GOLD $1,901.30 À $12.80 EURO $1.1748 YEN 105.16

BY LIZ HOFFMAN

GoldmanEarningsSoar 93%Amid theRecessionBig-bank profitsaffirm resilience astraders reap gains,loans get paid back

The Verdict on Trump’s Economy,Before the Coronavirus and AfterCovid dashed growth and a job market that had lifted many people

Months afterflattening thecurve ofcoronavirusinfections byimposing strictlockdowns, Europeis seeing casesrise, overtakingthe U.S. in a keymetric that tracksits spread. A9

Two Americans held hos-tage by Iran-backed Houthimilitants in Yemen were freedin a U.S.-backed trade that re-turned more than 200 of thegroup’s loyalists to the frac-tured Middle East country,U.S. and Saudi officials said.

A Royal Oman Air Forceplane carrying the two Ameri-cans and the remains of a thirdflew out of Yemen’s Houthi-controlled capital of San’a, onWednesday, hours after the jetand a companion flight broughtthe militants back to the coun-try after years stuck in Oman.

The deal secured freedom

for Sandra Loli, a U.S. humani-tarian worker held hostage bythe Houthis for 16 months, andMikael Gidada, a U.S. business-man held for more than a year,said Kash Patel, a deputy assis-tant to President Trump whoworked on the deal.

The Houthis also returnedthe remains of Bilal Fateen, athird American they had held.U.S. officials provided onlylimited information on thethree Americans, but said theyworked urgently to secure thedeal because Ms. Loli’s healthwas in decline. The deal alsoincluded delivery of medicalaid for Yemen.

PleaseturntopageA8

BY DION NISSENBAUM

For the first time in a quar-ter-century, Carol Barlow andher husband, Dale, won’t es-cape the Canadian winter.

Normally, the Barlows climbinto their car in November andhigh-tail out of Davidson, Sas-katchewan, a farming town inthe Canadian prairies wherethe winter temperature aver-ages about 7 degrees Fahren-

Goodbye, Florida. Hello, Winter.Covid Strands Canada Snowbirds

i i i

Closing of land border thwarts seasonalmigration of retirees to balmy places

heit. Their destination is sunnyMesa, Ariz., where they own amobile home.

Like many of the million-strong flock of Canadian snow-birds, the Barlows have beenthwarted by the coronavirus.In March, the U.S.-Canada bor-der was closed to land cross-ings by tourists going eitherdirection. A reopening isn’t im-mediately in the cards, Cana-

PleaseturntopageA10

BY PAUL VIEIRA

Donald Trump has presided over twoeconomies during his time in office.

In the first, which lasted until March, theeconomy reached historic milestones forjobs, income and stock prices. While it’s de-batable whether it was the best U.S. econ-omy ever, as the president has said, it waswithout question good and getting better formillions of Americans.

The second part, which arrived withCovid-19, was historically bad. It sent unem-

BY JON HILSENRATH

INSIDE

Goldman Sachs Group Inc.said its third-quarter profitnearly doubled, the latest con-firmation that even in a pan-demic and a recession, WallStreet can still make money.

Goldman’s quarterly profit of$3.62 billion on revenue of$10.78 billion was better thanstock analysts had forecast andsharply higher from a year ago.Since then, the global economyhas crashed, political turmoilhas continued and interestrates have dropped to nearzero—all things that shoulddent Wall Street profits.

And yet the nation’s biggestbanks remain profitable. Theirsecurities-trading desks have,remotely, hummed back to life.Big corporate bankruptcieshave leveled off. Depositors ha-ven’t pulled their money.

The emergency loans theymade to big companies in thespring have largely been paidback, thanks to appetite frombond investors and supportfrom the Federal Reserve. Andthey have added only modestly

PleaseturntopageA2

WASHINGTON—Judge AmyConey Barrett faced questionsranging from the constitu-tionality of Medicare to theextent of press freedom ather Supreme Court confirma-tion hearing Wednesday, butPresident Trump’s pick tosucceed the late Justice RuthBader Ginsburg repeatedlysaid it would be improper todisclose her views on mattersshe said she could be calledupon to decide.

“If I were to just say how I

thought I would resolve acase…it would be short-circuiting that whole processthrough which I should go andhave an open mind and beopen to persuasion,” JudgeBarrett said, under friendlyquestioning from Sen. JohnCornyn (R., Texas).

In the Senate JudiciaryCommittee’s second of twodays questioning Judge Bar-rett, Democratic senatorspressed the judge on a range ofcontentious issues while againhighlighting the fate of the Af-fordable Care Act, which comes

before the court next month.They also drilled deeper intothe legal arcana that define Su-preme Court doctrine, attempt-ing to paint Judge Barrett as athreat to a swath of widely ac-cepted rights.

The hearing is expected towrap up Thursday, and the com-mittee is expected to vote onthe judge’s nomination Oct. 22,with a full Senate vote in theweek before Nov. 3 elections.

Republicans, whose controlof the Senate all but ensuresJudge Barrett’s confirmation,focused on signaling the sig-

nificance of the nomination todifferent audiences. To thebroader public, which hasseen Democrats portray thenominee as a right-wing ideo-logue, they stressed JudgeBarrett’s promises to impar-tially apply the law, free ofany personal agenda.

Republicans cited Judge Bar-rett’s nomination as an epochalmoment for social conserva-tives. “This is the first time inAmerican history that we’venominated a woman who’s un-ashamedly pro-life and em-

PleaseturntopageA4

BY JESS BRAVIN

Barrett Closes Out Testimony,On Track for Senate Approval

Judge Amy Coney Barrett, President Trump’s nominee to the Supreme Court, finishes her second day of questioning.

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EuropeOutpacesU.S. Rise

Daily confirmedCovid-19 cases permillion people, seven-day rolling average

Source: European Centre for Disease Prevention and Control*Includes the U.K. Note: Data as of Oct. 13, Spain data Oct. 12

EU*

U.S.

200

0

50

100

150

March April May June July Aug. Sept. Oct.

EU country lockdowns begin

Release fromEU lockdowns begins

Two U.S. HostagesFreed From YemenIn Prisoner Swap

Heard on the Street: Goldmanadds polish to trading........ B13

BofA’s profit falls, butreserves shrink.......................... B1

Wells Fargo posts 56% dropin earnings ................................. B6

ployment to depths unseen in post-Depres-sion records before reversing itself quicklybut only partially, leaving the U.S. with anoutlook that’s especially hard to forecast.

The two economies will be factors drivingthe choices voters make in November. Thereality for Mr. Trump: Many achievements ofhis first economy have been wiped out bythe second.

The president’s economic record neverPleaseturntopageA10

Biden holds double-digit lead in poll................... A6

PERSONAL JOURNALOrchestra membersstruggle as pandemicdeals blow to theperforming arts. A11

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What’sNews

Barrett faced questionsranging from the constitu-tionality of Medicare tothe extent of press free-dom at her confirmationhearing, but the SupremeCourt nominee repeatedlysaid it would be improperto disclose her views onmatters she said she couldbe called upon to decide. A1 Two Americans held hos-tage by Iran-backed Houthimilitants in Yemenwere freedas part of a U.S.-backed tradethat returned over 200 of thegroup’s loyalists to the frac-turedMiddle East country.A1 New coronavirus casesappeared to be accelerat-ing in the U.S. this week.Meanwhile, Europe over-took the U.S. in a key met-ric that tracks the spreadof the pathogen. A7, A9 Biden holds an 11-pointlead over Trump less thanthree weeks from ElectionDay, a new Wall StreetJournal/NBC News poll ofregistered voters finds. A6 Twitter and Facebooktook the unusual step of lim-iting the sharing of New YorkPost articles that made newallegations about Biden thattheBidencampaigndenied.A4 Pelosi and Mnuchin con-tinued to haggle over policiesincluding testing strategyin their talks over anothercoronavirus relief package,while closing some distanceon how much to spend. A3 A federal prosecutor’sreview found no improperactivity in Obama adminis-tration officials’ “unmask-ing” requests around thetime of the 2016 election. A6

Goldman said its third-quarter profit nearly dou-

bled, the latest confirmationthat even in a pandemicand a recession, Wall Streetcan still make money. A1 BofA’s profit fell 16% inthe third quarter, thoughthe bank indicated it is wellpositioned to weather thecoronavirus recession. B1Wells Fargo said itsearnings dropped 56% inthe latest quarter but sig-naled it was prepared for awave of soured loans. B6More than 100 employeesof Wells Fargo were firedfor allegedly defrauding apandemic-relief program. B6 Starbucks said it wouldmandate antibias training forexecutives and tie their payto boosting minority repre-sentation in its workforce. B1Amazon struck a deal withthe NFL to stream a playoffgame this season, deepeningthe relationship between theleague and the company. B1 Vista Equity CEO Smithhas reached a $140 millionsettlement with the JusticeDepartment, ending a years-long criminal tax probe. B6 U.S. stocks fell, with theDow, S&P 500 and Nasdaqretreating 0.6%, 0.7% and0.8%, respectively. B12 United Airlines said itis positioning itself to rideout a long downturn in airtravel, as the companyposted a $1.8 billion loss. B3 A criminal probe into analleged bribe to secure a bail-out of troubled Ohio nuclearplants is looking at the energyfirm that prosecutors say sup-plied some of the money andnow owns the facilities. B3

Business&Finance

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P2JW289000-6-A00100-17FFFF5178F

A2 | Thursday, October 15, 2020 * * * * * THEWALL STREET JOURNAL.

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Citigroup Inc.’s third-quar-ter profit, which fell 34%, ex-ceeded Wall Street estimates.A front-page graphic and aBusiness & Finance headlinefor an article about the bank’sresults incorrectly said thatCitigroup posted a loss.

The Census Bureau saidthat 99.9% of 147 million hous-ing units had been counted asof Monday. In some editions

Wednesday, a U.S. News articleabout the census incorrectlysaid 99.8% of 147 million hous-ing units had been counted.

A model developed at Upp-sala University in Sweden andbased on work at Imperial Col-lege London pointed to thepossibility of 96,000 deaths inSweden from the coronaviruspandemic. A Review essay Sat-urday about science and the

pandemic incorrectly said theestimate for Sweden was madeby researchers at Imperial Col-lege.

Notice to readersWall Street Journal staff

members are working remotelyduring the pandemic. For theforeseeable future, please sendreader comments only byemail or phone, using the con-tacts below, 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

U.S. NEWS

IMF’s Fiscal Affairs Depart-ment, said in an interview.

The measures include di-rect spending, tax cuts, loansand guarantees, and directequity injections. Centralbanks, in addition to cuttinginterest rates, have also pro-vided $7.5 trillion in stimuluswith purchases of governmentand corporate securities.

Advanced economies andlarge emerging markets ac-count for the bulk of the re-sponse, in part because theycan take advantage of histori-cally low interest rates to fi-nance deficits, the fund said.

The IMF expects globaldebt to stabilize next yeararound 100% of GDP, thanksto continued low rates and aglobal economic rebound asthe pandemic subsides. Debtlevels are expected to rise inthe U.S. and China.

“This implies that for us,high public debt levels are

not the most immediate risk,”Mr. Gaspar said at a newsconference Wednesday.

“The near-term priority isto avoid premature with-drawal of fiscal support. Sup-port should persist at least

into 2021 to sustain the re-covery and limit long-termscarring,” he said.

The hefty fiscal spendingduring the pandemic has in-creased public debt by morethan 20 percentage points to

slightly above 130% of GDP inthe U.S. Still, Mr. Gaspar said,the U.S. has room for furtherfiscal spending to support therecovery.

The world economy is fore-cast to contract by 4.4% thisyear, the IMF said Tuesday,not as much as the 5.2% dropit projected in June but stillthe most severe downturnsince the Great Depression.World output will grow 5.2%in 2021, down from an earlierestimate of 5.4%.

In Wednesday’s report,IMF economists warned thatessential support to provideshort-term aid has longer-term implications.

For example, wage subsi-dies help to keep workers at-tached to employers but mayslow the movement of work-ers from ailing companies tohealthier ones.

Bringing the pandemic un-der control is essential eco-

nomic policy, they said.“Early insights suggest

that public health policiesthat quickly contained thespread of the disease also al-lowed for an earlier and safereopening, restoration of con-fidence, and economic recov-ery, reducing overall socialand fiscal costs,” the econo-mists wrote.

In contrast to advancedeconomies, many emergingmarkets, particularly lower-income developing nations,have limited ability to in-crease spending because ofhigh levels of indebtednessthat preceded the pandemic.They will need help in theform of debt restructuring orrelief, the IMF said.

The IMF expects 100 mil-lion to 110 million peoplearound the world to fall intoextreme poverty as a result ofthe downturn, reversing thedecades of gains.

WASHINGTON—Spendingby the world’s governments tofight the coronavirus and theglobal economic downturn willpropel public debt to a recordlevel, the International Mone-tary Fund said, adding thatmore will be needed to ensurea full recovery.

Governments have commit-ted $11.7 trillion, or 12% ofglobal output, as of Sept. 11,the IMF said in its semiannualFiscal Monitor report. Thatwill drive up budget deficitsby 9% of gross domestic prod-uct on average this year, withcumulative public debt ap-proaching 100% of global GDP.

“The fiscal action taken bythe authorities around theworld is truly unprecedentedand decisive, and extremelyimportant in avoiding a finan-cial and economic collapse,”Vitor Gaspar, director of

BY YUKA HAYASHI

Global Public Debt Seen Hitting a Record

2010 ’15 ’20

–6

–1

–2

–3

–4

–5

0

1%

Rest oftheworld

Emergingeconomies

Euro area

U.S.

China

Source: International Monetary Fund

Contribution tochange in global fiscalsurplus or deficit

to their reserves for expectedloan losses since June.

Goldman’s giant quartermakes plain that Wall Street re-mains a big moneymaker. Butbanks’ Main Street arms havefared better than the drumbeatof gloomy economic head-lines—millions unemployed,countless small businessesclosed, declines in consumerspending—might suggest.

Bank of America Corp.,which also reported earningsWednesday, said the improvingeconomy allowed it to releasesome money it had set aside forconsumer-loan losses. JPMor-gan Chase & Co. and CitigroupInc. said most of their cardhold-ers are paying bills on time.

Trouble might still lie aheadif unemployment stays highand congressional gridlock con-tinues to hold up another roundof stimulus spending that iswidely seen as critical to eco-nomic recovery. JPMorgan’sJames Dimon said on Tuesdaythe country was still at risk of adouble-dip recession, whichcould cost his bank an addi-tional $20 billion in loan losses.

But unlike the 2008 crisis,

ContinuedfromPageOne

TENNESSEE

Judge Rules AgainstState Abortion Law

A federal judge ruled that Ten-nessee’s 48-hour waiting-periodlaw for abortions is unconstitu-tional because it serves no legiti-mate purpose while placing asubstantial burden on womenwho seek abortions.

Tennessee’s 2015 law requireswomen to make two trips to anabortion clinic, first for counselingand then for the abortion at least48 hours later. In his rulingWednesday, U.S. District Judge

Bernard Friedman found that thestate couldn’t show the law fur-thers its purported goals.

“Women’s mental and emo-tional health is not benefited be-cause the mandatory waiting pe-riod does nothing to increase thedecisional certainty amongwomen contemplating having anabortion,” Judge Friedman wrote.“Further, the evidence demon-strates that at least 95% ofwomen are certain of their deci-sions, post-abortion regret is un-common, and abortion does notincrease women’s risk of negativemental health outcomes.”

—Associated Press

ST. LOUIS

Couple Who WavedGuns Plead Not Guilty

A St. Louis couple celebratedin some circles and vilified inothers for waving guns at pro-testers marching on their privatestreet pleaded not guilty to twofelony charges at a brief hearingWednesday.

Mark and Patricia McCloskey,who are both attorneys, were in-dicted by a St. Louis grand jurylast week on charges of unlaw-ful use of a weapon and tam-pering with evidence. They will

appear in court again Oct. 28.The McCloskeys have blamed

the “leftist” Democrats in St.Louis for their plight and havebecome folk heroes amongsome conservatives. They havereceived support from PresidentTrump and they spoke on videoduring the opening night of theRepublican National Convention.

—Associated Press

COLORADO

Winds Propel TwoRocky Mountain Fires

Strong winds fanned two

Rocky Mountain wildfiresWednesday, prompting newevacuation orders as one ofthem spread toward communi-ties that lie outside RockyMountain National Park.

Cool autumn weather hadbeen helping firefighters quellthe Mullen Fire in southeasternWyoming and northern Colorado,and the Cameron Peak Fire innorthern Colorado, but gusts of70 mph complicated overnightefforts. The Cameron Peak Firecontinued spreading into remotenorthern Rocky Mountain Na-tional Park.

—Associated Press

Smoke from the Cameron Peak Fire filled the sky Wednesday in Masonville, Colo., as it kept spreading into Rocky Mountain National Park. New evacuation orders were issued.

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when overleveraged banks tee-tered and clients pulled cash, to-day’s lenders look safe fornow—a sign that regulationsput in place after the last crashhave served their purpose. Thefive largest U.S. banks reported$23 billion in third-quarter prof-its. Their capital ratios, a closelywatched measure of soundness,have all held steady or increasedsince the end of last year.

“The markets continue tobenefit from the unprecedentedmonetary and fiscal support bycentral banks and governmentsglobally,” Goldman’s chief exec-utive, David Solomon, saidWednesday.

Goldman has had a notablyprofitable pandemic. With asmaller lending book—about$112 billion to JPMorgan’snearly $1 trillion—it is less ex-

posed to defaults. And it is moreheavily geared toward trading,which picked up this year as in-vestors scrambled to reset theirportfolios for a prolonged pe-riod of low interest rates andheightened economic risk.

Goldman shares rose 0.2%.Shares of Bank of America andWells Fargo & Co., which alsoreported earnings Wednesday,lost more than 5%. Those twobanks depend more on consum-ers, and both reported bigdrops in quarterly profit.

Goldman’s trading revenuerose 29% from a year ago, andfees from underwriting corpo-rate stock and bond offeringsincreased 60%. The bank’s ownportfolio of investments ralliedalong with the stock market.Profit rose 93%.

Those Wall Street businesses

were bright spots at rivals, too.Trading rose 30% at JPMorganand 17% at Citigroup. The out-lier was Bank of America,which reported a 4% bump thatexecutives chalked up to aweaker stomach. “Many of ourcompetitors will, say, take morerisk,” finance chief Paul Donof-rio told analysts. “Clearly thatcan create some differences inrelative performance.”

Goldman’s return on equity, ameasure of how profitably ituses shareholders’ money, wasits highest since 2010. And itcleared a capital requirementthat it had been in danger ofmissing. It helped that regula-tors have limited banks’ divi-dends and stock buybacks fornow, essentially trapping profitsthat help improve capital ratios.

The coronavirus scrambled

the stage for a major pivot un-der way at Goldman. Themoves—among them, growingits money-management armand joining with big retailers tosell credit cards and checkingaccounts—are aimed at steady-ing the firm’s revenue andsnapping its stock price out ofa yearslong sideways drift.

“If we execute, I assume thestock will follow,” Mr. Solomonsaid. As across Wall Street,Goldman employees are heavilypaid in stock and have moanedabout declining pay.

Some of those moves arelikely undisturbed by a reces-sion—and might even be aidedby it, such as a plan to raise$100 billion in new private-eq-uity funds by 2025. Investmentbargains will emerge from theeconomic wreckage and low in-

terest rates will drive investorstoward private-equity dealsthat offer higher returns.

Others, though, look riskierwith the economy in a funk.Goldman’s new consumer bankspecializes in unsecured loansand credit cards, bills that oftengo unpaid in hard times. Thatbusiness, for now, looks fine:Revenue rose 50% from a yearago to $326 million.

One cloud still hanging overGoldman is a yearslong investi-gation into its dealings with aMalaysian investment fund. Ithas agreed to pay up to $3.9billion to Malaysia’s govern-ment and is continuing negotia-tions with the U.S. Justice De-partment over a fine that couldtop $2 billion.

—Ben Eisencontributed to this article.

GoldmanProfit SoarsAmid Crisis

WASHINGTON—The Trumpadministration’s attemptedban on Chinese-owned TikTokthreatens to devastate thevideo-sharing app’s user baseand competitive position,lawyers for the company ar-gued Wednesday.

“Competitors have alreadytaken advantage of the gov-ernment’s highly-publicizedintention to shut down theapp to entice TikTok creatorsand users to switch plat-forms,” lawyers for TikTokInc. said in a filing to U.S.District Judge Carl Nichols.

TikTok made its state-ments in a request for JudgeNichols to stop the U.S. gov-ernment from imposing mea-sures that would essentiallyforce a shutdown of TikTok’sU.S. operations Nov. 12 bybarring companies from pro-viding it internet hosting,content delivery and otherservices.

The federal government isexpected to file its argumentsby Oct. 23, and oral argu-ments are set for Nov. 4.

TikTok has an estimated 50million daily active users inthe U.S., but President Trumpmoved to ban the app ongrounds that Chinese ownerByteDance Ltd. could shareinformation on its users withChina’s government. TikTokdisputes that it would do so.

TikTok contends that theU.S. government’s attemptedban is illegal and violatesconstitutionally protectedfree- speech rights.

—Kate Davidsoncontributed to this article.

BY KATY STECH FEREK

TikTokSays BanThreatensUser Base

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THEWALL STREET JOURNAL. Thursday, October 15, 2020 | A3

U.S. NEWS

WASHINGTON—The num-ber of migrants caught cross-ing the U.S.-Mexican border il-legally rose for the fifthstraight month in September,after the Trump administra-tion earlier this year launcheda pandemic policy allowingborder agents to immediatelyexpel anyone caught makingsuch an attempt.

Border Patrol agents caught54,771 migrants crossing theU.S. border with Mexico lastmonth and immediately ex-pelled 48,327 of them, makingit the busiest September at theborder since 2006, according tofigures released by the agency.

Apprehensions have beensteadily rising since hitting athree-year low in April of justover 16,000, the first fullmonth after President Trumpdeclared an emergency, autho-rizing border agents to quicklyremove nearly every foreignercaught crossing into the U.S.without giving them thechance to ask for asylum.

The total number of mi-grants caught at the borderfell by more than half to about400,000 in the government’s2020 budget year.

BY MICHELLE HACKMANAND ALICIA CALDWELL

IllegalCrossingsAt BorderAre Rising

make progress on certain is-sues, on certain issues we con-tinue to be far apart,” Mr.Mnuchin said Wednesday in anonline discussion hosted bythe Milken Institute. “At thispoint, getting something donebefore the election and execut-ing on that will be difficult.”

Mrs. Pelosi and Mr.Mnuchin spoke for roughly anhour Wednesday morning andhad a productive discussionclarifying details of proposalsthey exchanged over the week-end, Drew Hammill, Mrs.Pelosi’s spokesman, said onTwitter.

Mrs. Pelosi continued topress for $75 billion for test-ing and tracing of the virus, aswell as a national plan for im-plementing tests.

“The White House lacks anunderstanding of the need fora national strategic testingplan,” Mr. Hammill said. TheWhite House proposal in-cluded about $45 billion innew funding for testing andtracing, Mrs. Pelosi said overthe weekend.

The Trump administrationhas sent funds to states tospend at their discretion ontesting and contact tracing. Ithas helped states source sup-plies such as swabs and chem-icals used to process tests, andmore recently has placed largeorders of rapid tests to dis-patch to nursing homes, as-sisted-living facilities andstate governors to distributeat their discretion.

Administration officialshave said states are bestequipped to determine whatthey need and work with thefederal government on theirrespective testing plans. Dem-ocrats have said that approachhas been a failure that allowedthe virus to percolate ratherthan mitigate its spread andcalled for a centralized, feder-ally led approach to testingwith consistent data collectionthat they say would more effi-ciently route resources towhere they are needed.

—Andrew Duehrencontributed to this article.

WASHINGTON—HouseSpeaker Nancy Pelosi andTreasury Secretary StevenMnuchin continued to haggleover policies including testingstrategy in their negotiationsWednesday over another coro-navirus relief package, despiteclosing some distance overhow much money to spend.

The two are expected tospeak again Thursday. The$1.88 trillion proposal from theWhite House, formally submit-ted over the weekend, sparkedsome calls from Democratsthis week to accept the admin-istration’s newly boosted offer.But Mrs. Pelosi (D., Calif.) con-tinued to highlight her opposi-tion to policy components ofthe White House proposal,though its spending levelmoved closer to the $2.2 tril-lion legislation passed by theHouse earlier this month.

Mr. Mnuchin said that al-though he and Mrs. Pelosiwere making progress on cer-tain issues, disagreements re-mained not only on the size ofthe bill, but on policy mea-sures.

“There’s a lot of detailother than just the top-linenumber that we’re exchangingpaper [on]. We continue to

BY KRISTINA PETERSONAND KATE DAVIDSON

Test Strategy a StickingPoint in Covid Relief Bill

SWANTON, Calif.—As fireroared down a hillside of red-wood and Douglas-fir treeshere in August, the McCraryfamily readied itself once againto be a last line of defense.

The family, whose loggingoperation, Big Creek Lumber,stretches across roughly 8,000acres in the Santa Cruz Moun-tains, positioned its watertrucks and hoses, doused pilesof redwood logs, dug firebreaks and drove bulldozers to-ward the flames. The McCrarysspent a sleepless night as thelightning-sparked infernothreatened to engulf the land,and with it a timber companythat has long been a steward ofthe rural community.

Their efforts saved theirsawmill, more than 200 jobsand a 74-year-old family leg-acy. They have an even biggerfight ahead: rebuilding towithstand the next, inevitablyhotter and faster wildfire.

Fire and flood have been adrumbeat in the rhythm of lifein the forests of Swanton, anunincorporated communityalong the rugged Pacific Coastnorth of Santa Cruz, but theAugust conflagration was of adifferent magnitude. The CZULightning Complex firesscarred two-thirds of the Mc-Crarys’ land, engulfed 16homes and 20 outlying struc-tures in the family compoundand reduced much of SwantonRoad to charred remnants.

The McCrarys join timbercompanies across the state inthe struggle to navigate theenormous financial burden ofrepairing the forests they relyon for logging. Wildfires, whichhave consumed a record 4.1 mil-lion acres in California this year,pose the greatest threat to theindustry since the 2007-09 re-cession, which pushed lumber

harvesting and sales to recordlows, according to the CaliforniaForestry Association.

California’s logging indus-try has contracted for the pastthree decades, following envi-ronmental damage that wasmet with strict regulationsthat forced out many of thebig clear-cutting loggers andleft mostly family-owned oper-ations with smaller budgets.Industry employment and pro-duction steadily improvedsince 2010, but haven’t re-turned to prerecession levels,according to a report on Cali-fornia’s timber industry by theUniversity of Montana.

Experts expect timberyields to slump again, puttingthe industry on the edge evenas the debate over better for-est management through se-lective logging takes on newimportance in the face ofapocalyptic wildfire seasons.

As the air clears, the Mc-Crary family is taking stock ofthe enormous loss. Big Creekhad adjusted to the pandemic,which caused timber sales fornew-home construction to cra-ter but brought a flurry of newbusiness from do-it-yourselfprojects. The fire is another test.

“This will be in the history

books for the family,” saidJanet McCrary Webb, 60 yearsold, president of Big CreekLumber and daughter of itsco-founder, Lud McCrary. “It’shard to imagine when you’relooking at a lot of ash andbare ground what life is goingto look like in 10 years.”

Swanton residents say theyare looking to Big Creek to leadthe recovery. The McCrary fam-ily, with their heavy machinery,manpower and knowledge ofthe land have done the job timeand again. The McCrarys heldground in the 2009 LockheedFire that threatened Swanton,cutting fire lines through thick-ets of poison oak to help savethe cabin where Tiffany Wolt-ers and Stephen Wolters lived,and later rebuilt burned waterlines and held back floodwa-ters, Ms. Wolters said. Thistime, the Wolters’s home of 11years burned.

“As much loss as that was,the McCrarys saved that milland saved a lot of jobs and thenucleus of the community,”said Ms. Wolters.

For the McCrarys, savingthe sawmill involved nearlytwo dozen employees who vol-unteered to spend 24-hourshifts firefighting. It means

Big Creek Lumber can sur-vive—the modern zoning codewouldn’t allow a new sawmillon the same perch overlookingthe Pacific. But the cleanuptask is huge and costly, and in-surance doesn’t cover timber-land losses, said Ms. Webb.

“They are going to have toinvest in reforestation, andthose trees take 60-plus yearsto grow,” said Bill Stewart, aforest-management specialist atUniversity of California, Berke-ley. “It’s a big build, and thecompany has to do this all outof pocket. You are going to havedecades of lower cash flow.”

A timber mill is an ideologi-cal outlier in environmentallyprogressive Santa Cruz Countywith its hard-line regulations.

But local land managers,ecologists and fish biologistssay they are rooting for BigCreek’s full recovery, for fearthat the McCrary land, if sold,would be divided into smallerparcels and sold to developers,posing a greater threat to theforests, watersheds and habitat.

Many of Ms. Webb’s em-ployees and much of the fam-ily, including her 92-year-oldfather, Lud, lost their homes.But her husband, Steve Webb,61, said he saved the couple’s150-year-old house on SwantonRoad using a water truck and atractor to keep the flames at adistance. The ash left him un-able to see clearly for days.

Two days after the fire, Mr.Webb and his sonmade the firstpass down Swanton Road, send-ing word back to neighborswhen they came upon a surviv-ing house. That included Joanneand Jerry Piepmeyer, who hadhosed down their home beforedriving out through flames.They slept on the floor of thelumber-mill office alongside theMcCrary family. “They are al-ways the first ones there,” saidMs. Piepmeyer.

BY HEATHER SOMERVILLE

In California, Small LumberFirm Faces Hard Road Back

Big Creek Lumber’s sawmill survived a wildfire in August. ‘This will be in the history books for the family,’ said Janet McCrary Webb, below.

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A4 | Thursday, October 15, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X * * * * * * THEWALL STREET JOURNAL.

U.S. NEWS

Sen. Chris Coons (D., Del.) questioned Supreme Court nominee Judge Amy Coney Barrett, shown below, at Wednesday's hearing.

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braces her faith without apol-ogy,” the committee chairman,Sen. Lindsey Graham (R., S.C.),said early in the day.

Democrats portrayed theconfirmation process, whichRepublicans have made theirtop priority, as a power grabthat could frustrate the will ofvoters if they elect Democratsto the presidency and controlof the Senate next month.

“This unseemly and hypo-critical push to ram a Su-preme Court nominee throughwith just days before an elec-tion in which millions alreadyhave voted is not only an af-front to the American people,but it damages the Senate andour courts,” Sen. PatrickLeahy (D., Vt.) said after thehearing.

Democrats plumbed JudgeBarrett’s past writings as aNotre Dame law professorand, since 2017, on the Chi-cago-based Seventh U.S. Cir-cuit Court of Appeals, to por-tray her as the harbinger ofvast changes in accepted legaldoctrine. Judge Barrett re-peatedly refused to engage inwhat she called hypotheticalsor speculate on possible cases,saying it was inappropriatefor a sitting judge and pro-spective justice to indicate aview.

“President Trump did notnominate you to carry on Jus-tice Ginsburg’s legacy. Henominated you because hewants you to undermine orchange or shift that legacy,”Sen. Chris Coons (D., Del.) toldJudge Barrett, a protegee of

ContinuedfromPageOne

Array ofQuestionsFor Barrett

the late Justice Antonin Sca-lia, whose conservative juris-prudence frequently clashedwith Justice Ginsburg’s pro-gressive views.

Judge Barrett’s confirma-tion could have “huge conse-quences for education, forconsumer rights, for access tothe courts, for civil rights, forimmigration, for environmen-tal protection, for NativeAmerican rights, for workers’rights, for executive power,for reproductive rights, forfree speech, civil justice, eco-nomic development, privacy,government misconduct, pris-oner rights, capital punish-ment, gun safety, criminal jus-tice,” Mr. Coons said.

Judge Barrett sat unsmil-ing during Mr. Coons’s fusil-lade, but she rejected his ar-gument that she was ready todiscard precedent wheneverit didn’t comport with herview of the law. “I’ve writtenat great length about the vir-tues of stare decisis and thestability interests it serves,”she said, using the Latin termfor the court’s principle ofstanding by previously de-cided issues.

“I think what we’ve seentoday is an attempted borking

WASHINGTON—A loomingSupreme Court decision on theAffordable Care Act is pittingRepublicans who believe theparty should release a replace-ment proposal against otherGOP lawmakers and policy ex-perts who have played downthe need for a plan becausethey say the court is unlikelyto strike down the law.

The lack of a consensus Re-publican proposal has ani-mated Democrats who say theGOP push to confirm JudgeAmy Coney Barrett to the Su-preme Court poses a risk to 20million Americans who couldlose their health coverage ifthe law is invalidated. Demo-crats portray Judge Barrett asan opponent of ACA whowould give the court a 6-3conservative majority likely torule against the law.

President Trump has re-peatedly promised a healthplan that he says would be animprovement over the ACA.Last month he sketched out ahealth-care vision that, likethe ACA, would protect cover-age for people with pre-exist-ing health conditions.

“Obamacare will be re-placed with a MUCH better,and FAR cheaper, alternative ifit is terminated in the Su-preme Court,” he said onTwitter in September. “Wouldbe a big WIN for the USA!”

Behind the scenes, theWhite House has hammeredout some proposals based onvarious scenarios, according topeople familiar with the dis-cussions who declined to pro-vide specific details. The pro-visions would likely requirecongressional action. An earlyreplacement plan wasscrapped because White Houseadvisers decided it providedoverly generous federal subsi-dies to help low-income peo-ple afford health coverage.

Trump administration offi-cials say key elements of theirhealth plan are public. Centraltenets include compelling hos-pitals, doctors and insurers todisclose their negotiated ratesfor care, and the expansion oftelehealth and tax-free ac-counts for purchasing healthcare. Medicaid work require-ments and waivers that letstates change how Medicaid ispaid for, or how the ACA isimplemented, are part of theadministration’s push to de-volve more control of healthcare to the states.

If the law is struck down,Democrats could try to passlegislation increasing the ACApenalty for not having insur-ance from $0 to $1 or seek

legislation stating that thehealth law doesn’t rely on thepenalty. Either effort, if suc-cessful, would save the ACA,legal experts say.

Democrats have also saidthey would pursue their ownhealth plans. House SpeakerNancy Pelosi’s (D., Calif.) pro-posal would end health plansthat don’t comply with theACA and aims to lower health-care costs. Democratic presi-dential nominee Joe Biden hascalled for making more peopleeligible for Medicare andlaunching a “public option,” agovernment-run health insur-ance program that peoplecould opt to buy into.

Meanwhile, conservativepolicy groups including theHeritage Foundation and GalenInstitute have been workingfor almost three years on aplan that also includesbroader health overhauls.

The proposal, known asHealth Care Choices, borrowsfrom an earlier replacementplan floated when the GOPsought unsuccessfully in 2017to repeal the ACA.

Under Health Care Choices,federal subsidies that currentlygo to Medicaid expansion andACA tax credits would insteadbe converted into grants thatstates would get to supportcoverage for lower-income andvulnerable patients. The planwould expand the use of tax-free accounts to buy insurancethey can keep if they lose orchange jobs. Low-income peo-ple on government coveragecould use the value of their ex-isting plans to enroll in privatehealth plans.

Still, Republicans and con-servative health-policy expertsremain divided over whether areplacement plan is actuallyneeded. “The odds of the ACAbeing struck down is close tozero,” said Brian Blase, a for-mer special assistant to Mr.Trump on health-care policy.“Having specific legislationready to go makes zero sense.”

If the ACA is struck down,the time frame for when peo-ple who have coveragethrough the ACA could lose itwould depend in part on deci-sions made by states andhealth-insurance companies.

Democrats have criticizedRepublicans for the lack of areplacement plan or specifics.

“You mean President @real-DonaldTrump is suing to riphealth care away from millionsof Americans but doesn’t havea plan for what happens if hesucceeds?” Sen. Chuck Schumer(D., N.Y.) tweeted last month.“I’m shocked. SHOCKED.SHOCKED. Believe what theydo. Not what they say.”

BY STEPHANIE ARMOUR

GOPWrestlesWith Its PlansOn Health Care

of Judge Amy Barrett,” saidSen. Josh Hawley (R., Mo.),referencing President Rea-gan’s 1987 nomination of ahard-core conservative, JudgeRobert Bork, to replace thecourt’s then-swing vote, Jus-tice Lewis Powell. Judge Borkwas rejected by the Demo-cratic-led Senate.

Heated moments camewhen Democrats pressed thejudge to comment on widelyaccepted precedents, attempt-ing to force her to distinguishbetween legal principles she

accepted and others in whichshe could be open to changingthe law.

Sen. Dick Durbin (D., Ill.)asked Judge Barrett if thepresident has the right todeny people the right to votebased on their race. JudgeBarrett avoided a direct an-swer, instead citing laws and

the Constitution, including the15th Amendment, which bansdiscrimination in voting onthe basis of race.

“It strains originalism if theclear wording of the Constitu-tion establishes a right andyou will not acknowledge it,”Mr. Durbin said.

Judge Barrett responded,“It would strain the canons ofconduct, which don’t permitme to offer off-the-cuff reac-tions or any opinions outsideof the judicial decision-makingprocess. It would strain ArticleIII, which prevents me fromdeciding legal issues outsidethe context of cases and con-troversies.”

Democrats made someheadway. Judge Barrett didsay Brown v. Board of Educa-tion, which in 1954 struckdown school segregation, wascorrectly decided, as was Lov-ing v. Virginia, the 1967 caseoverturning prohibitions oninterracial marriage.

But she hedged on Gris-wold v. Connecticut, a 1965decision striking down a banon contraceptive sales to mar-ried couples under the court’sconstruction of a constitu-tional right to privacy. Ratherthan embrace the decision,she said it was “very unlikely”lawmakers again would seekto outlaw birth control, soGriswold was safe.

When Sen. Amy Klobuchar(D., Minn.) asked about an an-chor of press freedom, a 1964case requiring public officialsto prove intentional falsity orreckless disregard for thetruth to sue publications forlibel, Judge Barrett suggestedthe issue was too contestedto discuss.

Justice Scalia had said thecase, New York Times Co. v.Sullivan, was wrongly de-cided, and Justice ClarenceThomas recently called forthe court to reconsider theprecedent.

Heatedmomentscentered aroundquestions on widelyknown precedents.

spokesman Andy Stone said ina Twitter message.

Mr. Stone said the action isin keeping with rules Facebookannounced last year to preventelection interference. Facebooksaid in a blog post last Octoberit would temporarily reduce dis-tribution of certain content un-til the facts were better estab-lished to stem misinformation.“Quality reporting and fact-checking takes time,” companyexecutives wrote at the time.

The Post articles, publishedWednesday morning, citedemails it said were written andreceived by Hunter Biden. Onearticle included a copy of anemail said to be sent to HunterBiden apparently describing ameeting between his father andan executive at the Ukrainianenergy firm Burisma Holdings,on whose board Hunter Bidenserved. The Wall Street Journalhasn’t independently verifiedthe Post articles.

The Biden campaign saidthat no such meeting tookplace and said the Post didn’task the campaign about criticalelements of the story ahead ofpublication.

In response to questionsfrom the Journal, a Postspokeswoman provided a linkto a Post editorial condemningthe Twitter and Facebook ac-tions and saying that “no onehas disputed the veracity” ofits reporting. “Facebook andTwitter are not media plat-forms. They’re propaganda ma-chines,” the editorial said.

Alan Duke, a founder ofFacebook fact-checking partnerLead Stories, said that Face-book hadn’t asked its partnersto handle the Post articles dif-ferently from other content.

“This was really just thenormal process,” Mr. Dukesaid, adding that verifying theauthenticity of the documentsand events cited in the Postcould be difficult.

While all news articles onFacebook are eligible for fact-checking, Facebook pages andless prominent outlets gener-ally receive the bulk of the

platform’s scrutiny, accordingto interviews with fact-check-ers who work with the com-pany. If an article is judgedsubstantially false, Facebooksays it ceases recommendingthe content, appends the mate-rial with a notice about thefact-checker’s evaluation andassigns a strike to the publica-tion. If a publication is found torepeatedly publish false infor-mation, Facebook implementsmore systematic restrictions.

Sen. Josh Hawley wrote toFacebook chief Mark Zuckerbergthat the action “suggests par-

tiality on the part of Facebook.”Facebook representatives

didn’t respond to questionsabout how frequently its fact-checking partners review arti-cles from major news outletsand the specific processthrough which the Post storieswere selected for review.

According to the Post, theemails at the center of its arti-cles were found on a computerthat was abandoned at a Dela-ware computer repair shop. Acopy of the computer’s harddrive was then provided toRobert Costello, a lawyer forRudy Giuliani, the Post re-ported. Mr. Giuliani is Mr.Trump’s personal lawyer.

In an interview, Mr. Giulianideclined to discuss the circum-stances of how he obtained thehard drive. “Could it behacked? I don’t know. I don’tthink so,” Mr. Giuliani said. “Ifit was hacked, it’s for real.”

Investigations by the pressand Congress “have all reachedthe same conclusion: that JoeBiden carried out official U.S.policy toward Ukraine and en-gaged in no wrongdoing,” saidAndrew Bates, a Biden cam-paign spokesman.

Hunter Biden served on theboard of Burisma when his fa-ther was vice president andoverseeing a U.S. anticorrup-tion push in Ukraine. In a 2019phone call, Mr. Trump urgedthe newly elected Ukrainianpresident to announce an inves-tigation into the Bidens, a callthat led to his impeachment.

Facebook Inc. and TwitterInc. took the unusual step oflimiting the sharing of NewYork Post articles that madenew allegations about Demo-cratic presidential nomineeJoe Biden that the Biden cam-paign denied.

The Post said its reportswere based on email exchangeswith Hunter Biden, Joe Biden’sson, that were provided by al-lies of President Trump, whoin turn said they received themfrom a computer-repair personwho found them on a laptop.

Twitter blocked users fromposting links to the articles,initially citing a potential vio-lation of its rules regardinghacked materials. The companylater said the articles also vio-lated its policies on displayingprivate information like emailaddresses and phone numberswithout a person’s permission.Chief Executive Jack Dorseysaid the company’s failure togive context around its actionswas “unacceptable.”

Twitter’s move came afterFacebook also limited the dis-tribution of the articles on itsplatform, saying it was await-ing guidance from its third-party fact-checking partners—independent organizations thatroutinely review the accuracyof viral content. Facebook hasslowed the spread of the Postarticles pending a decision bythose partners, company

BY ROBERT MCMILLANAND JEFF HORWITZ

Platforms Curb Sharing of Story on Biden

The candidatedenied a NewYorkPost report aboutemails from his son.

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U.S. NEWS

zens mentioned in intelligencereports, which often includeintercepted communicationsof foreign officials under elec-tronic surveillance.

President Trump and Re-publicans in Congress hadsought to seize on the un-masking requests as evidenceof a plot by senior Obama of-ficials to spy on Mr. Trump’sincoming administration. Inparticular, they pointed to un-masking requests of conversa-tions that included Mr.Trump’s incoming national se-curity adviser, Michael Flynn.

The news was reported ear-lier by the Washington Post.

Justice Department spokes-woman Kerri Kupec declinedto comment.

Mr. Bash’s review, an-nounced in May, came as part

of a broader, continuing crimi-nal investigation Mr. Barr or-dered into the origins of theFederal Bureau of Investiga-tion’s Russia probe, led byJohn Durham, the U.S. attor-ney in Connecticut.

Mr. Bash was asked to re-view whether the unmaskingrequests were improper, andhis research was intended tobe folded into Mr. Durham’sprobe, officials said. Mr. Barrhas told top Republicans notto expect findings or new in-dictments by Mr. Durham be-fore the Nov. 3 election, deal-ing a disappointment to Mr.Trump and his supporters inCongress. They had hoped theprobe would shed new lighton the underpinnings of theinvestigation into links be-tween the Trump campaign

and Russian interference inthe 2016 election.

Reacting to news reportsthat Mr. Bash’s inquiry hadyielded no major findings ofwrongdoing, Mr. Trump saidin a Wednesday interviewwith Newsmax: “It’s ridicu-lous. It’s a disgrace.”

Mr. Trump has pressuredMr. Barr to prosecute his po-litical rivals in the weeks lead-ing up to the election.

“This much-hyped and mis-leading nonsense was a politi-cally motivated probe initi-ated by William Barr to pleaseDonald Trump, and now theyare just trying to quietly buryit,” said Nick Shapiro, whowas deputy chief of staff atthe Central IntelligenceAgency during the Obama ad-ministration.

A federal prosecutor’s re-view found no improper activ-ity by Obama administrationofficials who requested theidentities of Americans whosenames were redacted in classi-fied intelligence reports aroundthe time of the 2016 presiden-tial election, two officials fa-miliar with the matter said.

The prosecutor, John Bash,the U.S. attorney for the West-ern District of Texas, left theJustice Department last weekfor a job in the private sector.At the direction of AttorneyGeneral William Barr, Mr.Bash reviewed Obama offi-cials’ requests for “unmask-ings,” a common practice inwhich authorities request andreceive the names of U.S. citi-

BY SADIE GURMAN

Unmasking Probe Finds No Improper Acts

than their own economic gains.Some 50% say they are betteroff than they were four yearsago, compared with 34% whosay they are worse off. How-ever, 58% say the country isworse off than four years ago,compared with 38% who say itis better off. More than 60% ofvoters say the country isheaded in the wrong direction.

The No. 1 election issueamong those surveyed was theeconomy, and voters gave Re-publicans a 13-point advantageover Democrats as the better

AUSTIN, Texas—Countiesacross Texas broke their ownrecords for early voter turnouton Tuesday, the first day of in-person voting.

The state is in the middle ofseveral legal fights over earlyvoting and mail-in ballots.Texas this year has nearlythree weeks of early voting,which ends on the Friday be-fore the election—this year,Oct. 30. Many polling stationshad long lines on Tuesday.

In Harris County, the na-tion’s third-largest county,which includes Houston, turn-out surpassed record numbersset the first day in 2016 fivehours before polls closed, ac-cording to County Clerk ChrisHollins. By the time pollsclosed in the evening, 128,186people had voted in person,nearly double the 67,741 on thefirst day of 2016. Other coun-ties across the state also re-ported record-breaking first-day numbers.

Nationally, mail-in ballotsare fueling historic early vot-ing. Texas is one of a minorityof states that requires in-per-son voting unless a voter isover 65 or has a disability.

In Georgia, early votingMonday also broke records.

As of Monday, there were16.9 million Texans registeredto vote, up 300,000 from threeweeks ago and up 1.8 millionsince October 2016, accordingto the secretary of state’s of-fice.

In Travis County, which in-cludes Austin, 97% of esti-mated eligible voters are nowregistered, according to thevoter registrar.

Voters on Tuesday said thateven though lines will likelydissipate as early voting con-tinues, they didn’t mind wait-ing an hour or longer for anelection they consider critical.

“I’ve been waiting fouryears for this day,” said Rich-ard Wallace, 71, in Austin.

Mr. Wallace, who voted forformer Vice President Joe Bi-den, said he doesn’t usuallyvote early but considers thiselection far more importantthan others in the past. At theSouth Austin church where hewaited, emergency relief vol-unteers handed out friedchicken.

The high turnout followsnumerous statewide battlesover how voting would be con-ducted. Texas Attorney Gen-eral Ken Paxton, a Republican,fought to the state SupremeCourt to stop Mr. Hollins fromsending unsolicited absenteeballot applications to countyresidents.

Some Republicans sued thegovernor of their own party,Greg Abbott, to try to preventthe extra week of early votinghe added. Mr. Abbott has alsofaced challenges from voting-rights groups after an an-nouncement earlier this monththat he would limit absenteeballot drop-off sites to one percounty.

Matias Pasch, 25, a power-company worker reading“Olmsted’s Texas Journey” inline, said he wanted to get his“I Voted” sticker as early aspossible to wear until ElectionDay as a reminder to others.

BY ELIZABETH FINDELL

EarlyVotingBreaksRecordsIn Texas

under control.”The president captured Iowa

by 9.4 percentage points fouryears ago, though it was longconsidered a swing state. Iowaoffers six Electoral Collegevotes, a paucity compared withmore-populous states such as

Florida or Pennsylvania. Still,any signs of weakness in astate with deep agriculturalties like Iowa could suggestchallenges for Mr. Trump inneighboring battlegroundssuch as Wisconsin, a concernfor his campaign because his

path to victory in 2016 wentthrough the Midwest.

“He wouldn’t be coming outhere if he wasn’t worriedabout it,” said Doug Gross, alongtime Iowa Republican po-litical operative. Still, Mr.Gross said the state tends to

favor incumbents, adding: “Atthe end of the day, I expecthim to win Iowa, I expect himto pull it out.”

Recent polling shows Mr.Trump lagging behind Mr. Bi-den among women and se-niors. A Quinnipiac Universitypoll of Iowa taken Oct. 1-5showed likely voters disap-prove of Mr. Trump’s handlingof the Covid-19 pandemic, 51%to 45%.

Scott Brennan, a Demo-cratic National Committeemember from Iowa, said thepresident’s handling of thepandemic has hurt him in thestate and helped Mr. Biden.

“Going into this, we all as-sumed that it was not going tohappen, based on his 2016 per-formance here,” he said. “ButI’m somewhat optimistic.”

economic manager. Yet, thepollsters said voters this elec-tion cycle don’t seem to bevoting based on that issuealone.

“The economy is the No. 1issue. People are saying, ‘Yep, Ithink Trump is better on theeconomy,’ but he’s still be-hind,” said Bill McInturff, a Re-publican pollster who con-ducted the poll with DemocratJeff Horwitt.

Democrat Peter Hart, whoalso worked on the survey, saidvoters were considering morethan the economy. More thanhalf of those in the survey saidthey were concerned that Mr.Trump would divide ratherthan unite the country. “The2020 presidential electionfinds voters looking to healphysically, economically andpsychologically,” Mr. Hart said.

By 12 percentage points,voters view the RepublicanParty as better suited to han-dle crime. Voters split nearlyevenly on whether they want apresident who would confrontand challenge the establish-ment—a hallmark of Mr.Trump’s style—or someonewho would bring competenceand compassion.

Joe Biden holds a double-digit lead over PresidentTrump less than three weeksfrom Election Day, a new WallStreet Journal/NBC News pollof registered voters finds.

Mr. Biden is ahead by 11points in the national survey,53% to 42%, following a tumul-tuous few weeks that includedMr. Trump’s nomination of fed-eral Judge Amy Coney Barrettto the Supreme Court, the can-didates’ contentious debateand the president’s Covid-19diagnosis and hospitalization.

The survey finds Mr. Trumprebounding from a 14-pointdeficit in a poll taken immedi-ately after the debate with Mr.Biden, but still in a weaker po-sition than in September, whenhe trailed the former vice pres-ident by 8 points.

The poll holds warningsigns for Republicans down-ballot, as well. Democrats cameout ahead of Republicans by 8points when voters were askedwhich party they planned tosupport for Congress.

Voters appear to be moti-vated more by concerns aboutthe direction of the country

BY ELIZA COLLINS

Biden Leads by 11 Points inNational Survey of Voters

Source: WSJ/NBC News telephone polls, most recently of 1,000 registered votersconducted Oct. 9-12, 2020; margin of error +/- 3.1 pct. pts.

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Seeking to boost support ina state that has become an un-expected battleground, Presi-dent Trump appeared at a rallyin Iowa Wednesday night, de-claring: “Nobody’s going to dofor Iowa what I did for Iowa.”

Less than three weeks be-fore Election Day, Mr. Trumpspoke at an airport hangar inDes Moines, his third campaignstop after being treated forCovid-19. Polls show a tightrace with Democratic presiden-tial nominee Joe Biden, who isoutspending Mr. Trump ontelevision ads in the state thisweek. The nonpartisan CookPolitical Report rates Iowa atossup in the presidential race,along with Florida, Georgia,North Carolina and Ohio.

“You’re a big state to me,”Mr. Trump said before apacked crowd, many not wear-ing masks. “You have a tremen-dous influence and a tremen-dous power and you’ve neverlet me down.”

In a freewheeling campaignspeech that ran for roughly 90minutes, the president soughtto connect to the state, as hetouted aid for farmers, hailedstate officials and announcedhe would be awarding thePresidential Medal of Freedomto Dan Gable, an Iowa wres-tling legend.

He also repeatedly attackedMr. Biden and his son HunterBiden. And he spoke about histime in Walter Reed NationalMilitary Medical Center forCovid-19 treatment, saying,“You know it’s a little toughwhen you have a temperatureand you don’t feel good andthen the scarier part is youdon’t know where it’s going.”

Earlier in the day, Mr. Bidenput out a statement about thepresident’s visit. He said thestate had been “ravaged by thecoronavirus pandemic” andsaid Mr. Trump wasn’t “comingto the Hawkeye State to offerwords of comfort to those suf-fering, or a helping hand to theIowans who are out of a job, oran actual plan to get the virus

BY CATHERINE LUCEYAND JOHN MCCORMICK

A Tight Race Draws Trump to IowaJA

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Trump supporters rode in a motorcade last month in Des Moines. A Biden backer handed out placards at a fundraising event.

The Wall Street Journal/NBC Newspoll was based on nationwide tele-phone interviews of 1,000 registeredvoters. It was conducted Oct. 9-12,2020, by the polling organizations ofBill McInturff of Public Opinion Strat-egies and Jeff Horwitt of Hart Re-search Associates.

The sample was drawn in the fol-lowing manner: Individuals were ran-domly selected from national lists ofregistered voters and were chosen bya systematic procedure to provide abalance of respondents by sex. Re-spondents reached on their cellphonewere randomly selected from nationallists of cellphone numbers.

Of the 1,000 interviews in theweighted data, 590 respondents werereached on a cellphone and screenedto ensure that their cellphone was theonly phone they had. Interviews wereconducted in English and Spanish. Themargin of error is plus or minus 3.1percentage points.

Virginia’s voter-registrationwebsite went offline for muchof Tuesday, which was set to bethe state’s last day to registerbefore the Nov. 3 election. Offi-cials attributed the outage toan accidental cutting of a fiber-optic cable during work for aroadside utilities project.

Virginia has voted for Demo-cratic presidential candidatessince 2008 and is seen by elec-tion analysts as likely to votefor Democrat Joe Biden thisyear.

Some 977,373 Virginians hadvoted as of Sunday, includingby mail or in person, the Asso-ciated Press reported. That hasalready surpassed the totalnumber of early ballots that thestate received in the 2016 gen-eral election.

A federal judge extendedthrough Thursday Virginia’svoter-registration deadline, af-ter the state’s registration web-site temporarily went offlineTuesday because of what offi-cials said was an accidentallysevered fiber-optic cable.

“Register to vote now!!” Vir-ginia Attorney General MarkHerring, a Democrat, wrote onTwitter Wednesday morning af-ter the decision by U.S. DistrictJudge John A. Gibney Jr.

Civil-rights groups suedTuesday to extend the dead-line. State officials supportedthe lawsuit but said state lawdidn’t authorize them to ex-tend the deadline withoutcourt action.

BY ALEXA CORSE

Virginia Extends DeadlineFor Voter Registration

Biden’s CampaignPulls In $383 Million

Democratic presidentialnominee Joe Biden raised $383million in September, surpass-ing the record-breaking haul hecollected a month earlier.

Mr. Biden’s fall fundraisinggives his team the ability tocompete on the broadest general

election map against PresidentTrump and run a large advertis-ing campaign in the final weeksbefore the Nov. 3 election.

Jen O’Malley Dillon, Mr. Bi-den’s campaign manager, saidon Twitter that the campaignhad $432 million in the bank.She said $203 million of themoney raised during Septembercame from online donors.

Mr. Biden’s campaign raisedthe money along with joint

fundraising committees set upwith the Democratic NationalCommittee. Mr. Trump’s cam-paign hasn’t yet released itsfundraising totals for Septem-ber.

Mr. Biden brought in a then-monthly record of $364.5 mil-lion in August.

In all, Mr. Biden’s campaignhas raised nearly $890 millionduring the past three months.

—Ken Thomas

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THEWALL STREET JOURNAL. Thursday, October 15, 2020 | A7

U.S. NEWS

An outside-dining area of a restaurant in Madison, Wis., last month. A judge in the state halted newrestrictions on capacity in bars, restaurants and other indoor spaces.

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the past week, up 6.6% fromthe previous week, accordingto Johns Hopkins Universitydata. On Wednesday, the stateadded 1,709 new confirmedcases and reported 1,101 hospi-talizations.

The seven-day average of to-tal U.S. test results reportedhas reached new highs in re-cent weeks while the percentcoming back positive has risento an average of 5.1% over thelast seven days compared witharound 4.6% at the beginningof the month. The trend indi-cates more testing is needed todetect more people with undi-agnosed infections.

—Anthony DeBarrosand Adam Martin

contributed to this article.

facility at Wisconsin State FairPark as hospitals in the statebecome overwhelmed and suf-fer staffing shortages.

“It has been our ferventhope that we would never needto use the alternate care facil-ity,” said Julie Willems VanDijk, deputy secretary of theWisconsin Department ofHealth Services. “But in a cri-sis, such as a pandemic, wemust prepare for the worst andthen work to try and prevent itfrom coming to pass.”

Cases in some states thatexperienced surges over thesummer are now on the up-swing or spreading to morevulnerable communities. Ten-nessee has reported an aver-age of 1,922 cases a day over

experiencing record hospital-izations, with 959 patients inhospitals Tuesday, according tothe Wisconsin Hospital Associ-ation. The state reported a re-cord 34 deaths Tuesday, and anadditional 28 Wednesday.

“This just makes me feelthat the winter will be moreominous. I don’t think it’s goingto go down. It could, we havethe time for it to go down,”said Ajay Sethi, an associateprofessor of population healthsciences at the University ofWisconsin, Madison. “But youreally need to have a suddenand complete change in behav-ior across the state, and it’shard to believe it will occur.”

Health officials on Wednes-day opened an alternate care

and winter, school reopeningsand holidays were likely tobring many indoors.

“This is a really worrisomesignal,” said Andrew Pavia,chief of the Division of Pediat-ric Infectious Diseases at theUniversity of Utah. “This is ascenario we were worriedabout. It’s come earlier andstronger than we expected.”

“Covid is just an ever-chang-ing hydra,” Dr. Pavia added.“You think you’ve controlledone set of risks, and anotherset of circumstances pop upthat you hadn’t anticipated.”

Wisconsin, which has seenrising number of cases for amonth, reported more than3,000 new cases on Tuesdayand Wednesday. The state is

size. Together, they recordedan average of 78,000 cases aday over a seven-day periodending on Oct. 12, or 152 casesfor every million residents.The U.S. recorded 49,000 aday on average over the sameperiod, about 150 for everymillion residents.

Alaska, Kentucky, Montana,North Dakota, South Dakota,Utah, Wyoming and Wisconsinall experienced a rise in newlyreported cases of more than10% during the past week. InMontana, cases have increasedby 27.8% compared with theweek prior.

The increased spread hascome earlier than some epide-miologists anticipated—whencooler temperatures in the fall

The spread of the coronavi-rus appeared to be acceleratingthis week in the U.S. with a keyindicator in 44 of the 50 statesand Washington, D.C., flashingan “ominous” warning signTuesday, a health official said.

The seven-day average ofreported cases was higherthan the 14-day average in allbut six states, the most to re-cord such levels since July,and a sign cases are rising.

The U.S. trend corre-sponded with reports of risingcases in Europe. The 27 coun-tries of the European Unionplus the U.K. have overtakenthe U.S. while still accountingfor differences in population

BY JENNIFER CALFAS

Coronavirus Infection Trend Worsens Across Most of Nation

ison, said the conflicts in allthree states reflect the in-tense partisan divide, withDemocratic governors andone or both houses of the leg-islative branch controlled byRepublicans.

“What we have is just asort of state-level version ofwhat is sometimes called con-stitutional hardball,” he said.“Parties pushing the rules ofthe game and their interests

to the extreme that the sys-tem will allow, which wouldbe unfortunate if we weretalking about, say, fiscal pol-icy, but in the case of a genu-ine public-health crisis, istruly disastrous.”

On Monday, a state judgeupheld an order from Mr.Evers declaring a public-health emergency and requir-ing masks to be worn in en-closed spaces across the state.

Last week, Mr. Evers saidan alternate-care facility setup at Wisconsin State FairPark was expected to beginaccepting Covid-19 patientsstarting Wednesday. Officialsare trying to alleviate thepressure on area hospitals re-porting intensive-care units atcapacity, requesting transfersto other facilities or facingstaffing shortages as workersare exposed or infected.

Wisconsinites to stay homeand help us prevent thespread of Covid-19.”

The Tavern League of Wis-consin, a business group rep-resenting bars, restaurantsand other retailers of alco-holic beverages, along withlocal plaintiffs in the North-west Wisconsin county, filed alawsuit Tuesday seeking atemporary restraining orderagainst the measure. It ar-gued that the restrictionswould limit business so muchthat thousands of its mem-bers would be forced to close.

The lawsuit also allegedthat the order failed to followproper procedures for rule-making.

“The Tavern League ofWisconsin is committed tofighting the spread ofCovid-19, but will not standby and watch its members beforced out of business by un-lawful orders,” the group said.

On Tuesday, the state re-ported a record 3,279 newconfirmed cases of Covid-19and a record 34 new reported

deaths from the disease. Theprevious record was 3,132 setfive days earlier. The statehas now reported a total of1,508 deaths.

CDC data show Wisconsintrails Texas, California and Il-linois for new cases reportedin the past 7 days, althoughits population is much smallerthan all three.

The Wisconsin SupremeCourt in May struck down thegovernor’s stay-at-home or-der, leaving counties and cit-ies in the state to craft theirown policies.

In July, the governor issueda new emergency order, man-dating mask use in publicplaces across the state. Hehas since renewed that order,and it was upheld earlier thisweek at the circuit courtlevel.

Similar battles over gover-nors’ Covid-19 restrictionshave played out in Michiganand Pennsylvania.

Howard Schweber, a politi-cal-science professor at theUniversity of Wisconsin, Mad-

A Wisconsin judge tempo-rarily halted new restrictionson capacity at bars, restau-rants and other indoor spacesas the state continues to see asurge of Covid-19 cases andhospitalizations.

Sawyer County CircuitJudge John M. Yackel onWednesday issued a tempo-rary restraining order againstenforcement of the measureacross the state and orderedWisconsin health officials toappear on Monday to defendtheir actions, according tocourt documents.

The administration of Dem-ocratic Gov. Tony Evers putthe new rules in place lastweek, limiting capacity at theestablishments to 25%.

“This is a dangerous deci-sion that leaves our statewithout a statewide effort tocontain this virus,” Mr.Evers’s spokeswoman BrittCudaback said. “We will bechallenging the decision, andin the meantime, we need

BY JOE BARRETT

Wisconsin Judge HaltsRestrictions on Bars

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A8 | Thursday, October 15, 2020 THEWALL STREET JOURNAL.

U.S. NEWS

The study indicates keeping child-care centers open doesn’t contribute to transmission as long as they hew to sanitary guidelines.

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member of the Houthi politicalcouncil, said the Americanshad been held for taking partin suspicious activity in Yemen.

“There are a lot of Ameri-cans visiting the Republic ofYemen, and they work safely inYemen, but if those were justcitizens with no involvement insuspicious acts or law viola-tions they won’t be subjected toanything,” Mr. al-Houthi said.

U.S. officials dismissed theallegation of suspicious activ-ity as unfounded.

With U.S. support, SaudiArabia and its Middle East al-lies have for five years battledthe Iran-backed fighters in Ye-men, who toppled the govern-ment and seized the Gulf coun-try’s capital in 2014. The UnitedNations has repeatedly tried tobroker an end to the war,which the international bodyhas said is the world’s worsthumanitarian crisis.

U.S. lawmakers have criti-cized the Trump administra-

tion for providing Saudi Ara-bia and its allies withweapons, intelligence andother military support for thefight in Yemen, where the co-alition’s airstrikes have killedthousands of civilians. Underpressure, the Pentagon hasscaled back its support forSaudi Arabia’s fight in Yemen.

Most of the Houthi fighterswere flown to Oman severalyears ago for medical care aspart of a U.N.-brokered good-will gesture by the Saudi-ledcoalition meant to jump-startpeace talks. Once they got toOman, they were blocked bySaudi Arabia from returning.

Martin Griffiths, the U.N.special presidential envoy, hastried for two years to find away to end the war. His effortshave helped contain the fight-ing, but talks have suffered re-peated setbacks.

The latest deal was kept outof the public eye by the fami-lies of the Americans and the

U.S. government while officialstried to secure their freedom.

Saudi officials said theyagreed to help the U.S. eventhough Houthi fighters have sti-fled U.N. efforts to end the war.

Saudi officials said theywere especially concerned

about three dozen Houthifighters being sent back to Ye-men who they said had re-ceived specialized training inIran on drones and missiles.

“It’s a hard decision tomake because of the trainingthe Houthis have received,” aSaudi official said. “They willcome back and get introduced

to the current war efforts.”Mr. Patel said the U.S. made

sure the Houthis who returnedto Yemen weren’t on any U.S.terrorism lists. The U.S. blockedthe return of some Houthis be-cause they were consideredhigh-risk, he said.

The White House, FederalBureau of Investigation, CentralIntelligence Agency and theState Department, led by RogerCarstens, the special presiden-tial envoy for hostage affairs,all worked on the agreement.

Mr. Trump has made secur-ing freedom for U.S. citizensheld by overseas adversaries apriority. In a campaign videoaired at the recent RepublicanNational Convention, Mr. Trumpsaid he had freed over 50 Amer-icans held in 22 countries.

Yemen has proven to be anespecially challenging place forU.S. military operations in re-cent years. In 2014, U.S. com-mandos tried and failed to freea detained U.S. freelance jour-

nalist, who was killed alongwith a South African teacherduring the operation.

Days after becoming presi-dent, Mr. Trump authorized araid targeting al Qaeda mili-tants in Yemen that killed 14fighters, but also led to thedeath of a Navy SEAL.

The U.S.-backed deal be-tween the Houthis and SaudiArabia includes the largestknown agreement to allowarmed adversaries of the U.S.and its allies to return to anactive conflict zone.

Before becoming president,Mr. Trump criticized his pre-decessor, President Obama, foragreeing to free five Talibanprisoners from GuantanamoBay in exchange for the returnof Bowe Bergdahl, an Armysoldier who had been held bythe Taliban for five years afterwalking away from his post inAfghanistan.

—Saleh al-Bataticontributed to this article.

Saudi officials said they re-luctantly backed the deal, whichthey said would permit dozensof Houthi militants trained onadvanced drones and missilesto return to the battle zone. Mr.Patel said the U.S. worked toensure Houthis returning to Ye-men didn’t pose a major risk.

Houthi officials describedthe exchange as a “favor for afavor” and said those allowedto return from Oman includedYemeni students and civilianswounded during the war. In all,Houthi officials said 240 peo-ple returned on Wednesday.

Mohammed Ali al-Houthi, a

ContinuedfromPageOne

HostagesIn YemenAre Freed

Children in day-care pro-grams present virtually no riskof transmitting Covid-19 toadults, according to a newYale University study of morethan 57,000 U.S. child-careproviders.

The study, believed to bethe largest of its kind, indi-cated that keeping child-carecenters open doesn’t contrib-ute to transmission of the dis-ease caused by the new coro-navirus, as long as they hew tosanitary guidelines like handwashing, small group sizes andstaff wearing face coverings.

The research has broad im-plications for the U.S. econ-omy, parents who depend onday-care centers and child-careworkers. More than a third ofchild-care centers in the coun-try closed between March andJuly, according to Child CareAware, an advocacy group.

A June survey by the Na-tional Association for the Edu-cation of Young Childrenfound that child-care centerenrollment fell by 33% nation-wide and that 70% of provid-ers reported that parents toldthem they weren’t comfortablesending kids back to day care.

“For parents, it might be alittle bit of cold comfort, be-cause they’re worried abouttheir particular child,” said Dr.Walter Gilliam, a child psy-chologist at Yale and lead au-thor of the study, publishedWednesday in the journal Pe-diatrics. “But it’s clear thatchild care doesn’t pose athreat to communities.”

Risk of infection for child-care professionals appears tobe comparable with that forthe broader population.

The Yale study sought tocontrol for factors such as thelevel of infection in the com-munity where each center was

located, as well as the gender,age and ethnicity of providers.

“It doesn’t appear thatworking in child care leads tothe spread of Covid-19,” Dr.Gilliam said. “It is true thatmany child-care providers didget sick. Many of them evenwent to hospitals. But it wasnot the contact with childrenin child care that seems to be

the source of that infection.”The paper adds to growing

research showing that youngchildren aren’t major vectorsin Covid-19 transmission, saidDr. Kristin Moffitt, a physicianat Boston Children’s Hospitaland professor of pediatrics atHarvard Medical School.

Scientists aren’t sure whychildren under the age of 10

seem less likely to spread thevirus, but some theories haveincluded a smaller viral load intheir airways, smaller fluiddroplets expelled when theycough or sneeze, or simplythat small children are closerto the ground and thus lesslikely to transmit particles toadults’ airways.

Outbreaks have been more

common among high-schooland college students, in part,scientists believe, becausethey are more independentthan young children and inter-act more with peers.

“You would think that daycares would be hotbeds, butthey’re not, and this study isconsistent with that,” Dr. Mof-fitt said.

BY ROBBIE WHELAN

Day Care PosesLow InfectionRisk, Study Says

Houthi officialsdescribed theexchange as a ‘favorfor a favor.’

Paula GoldmanChief Ethical andHumaneUseOfficerSalesforce

Sebastian ThrunFounderPresident and Executive Chairman,UdacityCEO,Kitty HawkCorp.;Co-Founder,Google X

OCTOBER 28, 2020 | ONLINE

©2020DowJones&Co.,Inc.Allrightsreserved.

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THEWALL STREET JOURNAL. Thursday, October 15, 2020 | A9

WORLD NEWS

MOSCOW—Russia approveda second Covid-19 vaccine andsaid it was closing in on athird as Moscow attempts toestablish itself as a majorplayer in the global race toend the coronavirus pandemic.

President Vladimir Putinsaid Wednesday a vaccine de-veloped by Vector State Virol-ogy and Biotechnology Center,a former Soviet bioweaponsresearch lab, has received reg-ulatory approval. Officials saidthat a third vaccine could beapproved in December.

Russia became the firstcountry to approve a Covid-19vaccine in August, despiteskepticism from scientists andWestern politicians over thespeed with which it was devel-oped. Sputnik V, as it wascalled, received conditionalemergency approval after be-ing tested on only 76 subjects.Russian scientists have sincereleased positive data fromearly studies and embarked onlarge-scale trials, known asPhase 3.

Moscow has struck deals tosell Sputnik V to other coun-tries, including Brazil, Indiaand Mexico, in what analystshave said is a bid to use thevaccine to exert soft power.

buildings and deal with newsurveillance challenges duringthe lockdown.

“Common sense will tellyou that covert surveillance isnot straightforward on near-empty streets,” he said.

He said the securitythreats to the U.K. were be-coming more diverse and insome ways more difficult tospot.

“We face a nasty mix—ter-rorism isn’t going away, andstate-backed hostile activity ison the rise,” he said.

British officials have said inrecent years they have seengrowing spying by China onthe U.K. both on state and pri-vate-sector targets. Mr. McCal-lum said.

“The U.K. wants to cooper-ate with China on the bigglobal issues like climatechange, while at the sametime being robust in confront-ing covert hostile activitywhen we come across it,” hesaid.

He said the U.K. was facingan increased threat fromright-wing terrorism, thoughnot on the level of Islamistterrorism or on the scale thathas been seen in the U.S.

He said that of 27 late-stageattacks that had been foiled byMI5 and counterterrorism po-lice in the past four years,eight had been plotted byright-wing extremists.

McCallum said.“The global prize of having

the first usable vaccineagainst this deadly virus is alarge one, so we would expectthat a range of other par-ties…would be quite inter-ested in this research,” hesaid.

“It’s about how can we haveresearch that we can trust andhave high confidence in andprotect it from interference ei-

ther in its substance or in itsreputation.”

He said that as well as re-purposing research on toxicchemicals, the agency had ad-vised on the safe constructionof emergency hospitals, of-fered skills in data analyticsand modeling, and allowedmedically qualified MI5 offi-cers to step away from dutiesto directly help the health ser-vices.

Mr. McCallum said the virushad required other changes inhow the agency worked: Itneeded to maintain a rela-tively high occupancy of its

copy of her visa and flightconfirmation.

“I don’t know about the ef-fectiveness, but it looks safe atleast as of now,” she said ofthe vaccine.

Another female studentsaid she also was headed tothe U.K. for a master’s pro-gram in December and had yetto be given a date by Sino-pharm for getting vaccinated.Before the website went down,she had been given the choiceby text message of receivingthe vaccine in Beijing or Wu-han. She had signed up on thewebsite in late September.

The application process onSinopharm’s website didn’t tellregistrants that its vaccineshaven’t completed clinical tri-als, although those who spoketo The Wall Street Journalsaid they were aware of thatwhen they applied.

Ms. Chen said she was re-quired to sign a consent formwhen she went to get injected,which indicated the vaccinewas still in clinical trials andcould lead to side effects, in-cluding headaches and armpain.

Four of China’s vaccines arein the last phase of clinicaltesting on tens of thousandsof volunteers, with some of itsdrugmakers expected to pub-lish preliminary results in thecoming weeks. A Sinopharmvaccine trial in the UnitedArab Emirates is close to com-pletion.

But China has already in-jected hundreds of thousandsof people with vaccines out-side of clinical trials, includingthe two being developed bySinopharm, under an “emer-gency-use” approval that be-gan in July. The third vaccineapproved for emergency use isbeing developed by privateChinese firm Sinovac.

Chinese officials said in Au-gust that the emergency pro-gram covered people at highrisk of infection, such as medi-cal workers and customs staff.

China’s National HealthCommission and NationalMedical Products Administra-tion, the two regulators thatadvised the country’s StateCouncil on approving emer-gency use, didn’t respond torequests to comment.

the period, about 150 for everymillion residents.

That is the first time Eu-rope has outpaced the U.S.since the virus’s peak in thespring, when the disease wasspreading largely undetectedbecause of countries’ limitedtesting capacity. Europe hasnow reached a critical mass ofnew cases similar to what theU.S. faced in late June wheninfections skyrocketed fromFlorida to California.

Europe continues to trail theU.S. in average daily deaths per

capita. Over the same seven-day period, the U.S. recordedan average of two deaths a dayper million residents, doublethe European average.

Both sides of the Atlanticramped up testing over thesummer, allowing countries touncover far more cases. But inmany hot spots in Europe andin the U.S., the share of positivetests is also increasing, a signthat disease experts say indi-cates the virus might be spread-ing even faster than ramped-uptesting programs are showing.

Governments have adoptedtargeted measures in an at-tempt to contain the viruswithout inflicting the eco-nomic pain that comes withnationwide lockdowns. Euro-pean leaders have crackeddown on specific towns, citiesor demographics, such asyoung people.

The targeted approach,however, is running up againstthe cold math of burgeoningcaseloads. Countries includingFrance, Spain, the Nether-lands, Belgium and the U.K. re-

ported new daily infections inexcess of 250 per million peo-ple a day—higher than the U.S.reported during its July peak.

“It does seem like we are ata tipping point in terms of in-fection numbers,” said FlavioToxvaerd, an expert in theeconomics of infectious dis-eases from the University ofCambridge in the U.K.

Winter is coming, and pub-lic-health experts say govern-ments need to get a grip oninfections or risk overwhelm-ing hospitals with sick pa-

Europe has reached a tip-ping point in its fight to con-tain a second wave of the cor-onavirus, overtaking the U.S.in a key metric that tracks thevirus’s spread.

Months after authoritiesflattened the curve of corona-virus infections across Europeby imposing some of theWestern world’s toughest re-strictions on millions of peo-ple, the virus has crept backon the continent. Hospitals arefilling up. Bars and cafes areclosing down.

On Wednesday, France de-clared a state of emergencyand announced a nightly cur-few for the Paris region andeight other metropolitan areasacross the country.

“The message I want tosend this evening is that Ineed each of you, we needeach other, to find solutions,”said French President Emman-uel Macron.

The 27 countries of the Eu-ropean Union and the U.K. re-corded 78,000 cases a day onaverage over a seven-day pe-riod ended Oct. 12, or 152cases for every million resi-dents. The U.S. recorded49,000 a day on average over

By Jason Douglas,Stacy Meichtry

and Andrew Barnett

tients. High case numbers alsoincrease the workload of con-tact tracers charged withsniffing out potential carriersand breaking chains of trans-mission, hampering efforts tocontrol the spread.

“What all countries are try-ing to do now, the ones thatare in trouble, is buy time, totry to survive the winter. Andthat means getting the casenumbers down from the levelthey are now to allow theirsystems to be able to func-tion,” said Linda Bauld, profes-sor of public health at the Uni-versity of Edinburgh in the U.K.

Health experts are also wor-ried about a pickup in the rateof people testing positive forthe pathogen. The WorldHealth Organization says coun-tries should aim to do enoughtests to keep the share of posi-tive results around 5% or lower.

The share of coronavirustests coming back positive inFrance rose to 9% at the endof the September, according todata from the European Cen-tre for Disease Prevention andControl, three times the ratein the summer. In Spain, thepositivity rate reached 10%. Inthe U.K. in early October itwas almost 3%.

Another sign testing mightbe missing cases: Statisticalmodeling using a representa-tive sample of U.K. adults car-ried out by the country’s sta-tistics agency estimated thatbetween Sept. 25 and Oct. 1,around 17,200 people a day inEngland were getting infected.The official daily tally for thatperiod averaged 9,500.

Europe Outpaces U.S. in Key Case GaugeFrance declares stateof emergency, imposescurfew on Paris as virusflares up on continent

A closed bar in Paris kept its television set on while President Emmanuel Macron explained tough new measures to curb the coronavirus.

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China is expanding distribu-tion of its coronavirus vaccinesoutside of clinical trials, with astate-owned company offeringthem to students going abroadamid a campaign by officialsto boost public confidence inhomegrown inoculations.

China National BiotecGroup Co., a division of state-owned Sinopharm that is de-veloping two Covid-19 vac-cines, was giving them free toChinese students planning tostudy abroad, according to acompany website and studentswho applied for it.

The offer appears to be thelatest example of the companyusing an emergency-use ap-proval to distribute vaccines tohundreds of thousands of peo-ple outside of clinical trials.

Yang Xiaoming, the com-pany’s chairman, told state me-dia in August that the safety ofthe vaccines is “well guaran-teed.” He is among a parade ofChinese officials who havepublicly declared in recentmonths that they themselveshave been vaccinated, includ-

ing Wu Guizhen, chief expertof biosafety at the ChineseCenter for Disease Control andPrevention, and George Gao,head of China’s CDC.

As China prepares to rollout its vaccines for the publicas early as November, manyWestern health experts andpharmaceutical companieswarn that its government andcompanies are potentially en-dangering public health by re-leasing unproven shots.

“By China doing this, it’s set-ting a wrong example for theworld,” said Lawrence Gostin, aprofessor of global health lawat Georgetown University. “Peo-ple will assume it’s effective, sothey’ll let down their guard.”

Sinopharm’s announcementthat it was distributing vac-cines to students appeared ona website where people couldsign up to receive it. On Mon-day, the website told visitorsthat 481,613 people had takenthe vaccines while an addi-tional 93,653 had applied forthem. The website was downstarting Tuesday, with a noti-fication saying it was under“system maintenance.”

Health Times, a newspaperunder the official CommunistParty’s People’s Daily, reportedthat Sinopharm’s offer was“not real,” citing unnamedsources at the drugmaker. Thereport sparked confusionamong Chinese internet userson the Twitter-like Weiboplatform. The drugmakerdidn’t respond to a request to

comment.A woman who gave only her

surname, Chen, said she wasvaccinated with two doses onMonday after signing up onSinopharm’s website thismonth. She was headed to theU.K. in November for a mas-ter’s degree and said the com-pany had asked her to submither school’s admission letter, a

BY CHAO DENG

Chinese Firm Gives Students Experimental Vaccines

LONDON—The new head ofMI5, the U.K.’s domestic intel-ligence service, said theagency had shared knowledgeabout the dispersal of toxicchemicals in droplets to aidscientists studying the coro-navirus as he outlined effortsto protect the integrity of re-search into a Covid-19 vac-cine.

In his first public appear-ance since his appointment inApril, Ken McCallum told re-porters in an online press con-ference on Wednesday that theagency was alert to the possi-bility that adversaries wouldseek to steal intellectual prop-erty related to vaccine re-search and to interfere withtrial data.

MI5 was also on the look-out for efforts to sow disinfor-mation that would reducepublic trust in a safe vaccine,he said.

He gave no examples be-yond hacking efforts that theU.K., the U.S. and Canada at-tributed in July to the Russianintelligence services. Moscowsaid then it wouldn’t acceptthe allegations.

“We are seeing lots of in-teresting activity on the inter-net and sometimes it takestime to attribute that and beclear on where that activitymay be originating from,” Mr.

BY STEPHEN FIDLER

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path to balance its budgetsand pay down debt. Instead,deficits widened late in the ex-pansion, when deficits in thepast have tended to recede.

Mr. Trump’s tax cuts and apush to scale back regulationwere meant to spur private-sector investment and workerproductivity to set U.S. growthon a faster track for the longterm. It wasn’t clear that washappening. Productivity rose,but it didn’t approach levelsachieved during the 1960s, late1990s or early 2000s.

Business investment trav-eled a serpentine path. Afterjumping following the 2007-09recession and slowing later inthe Obama years, investmentrose again after the business-tax cuts. Then it slowed againwhen the U.S. challenged traderivals with tariffs. In all, thepace of investment wasslightly slower in the Trumppart of the post-2008 expan-sion than in the Obama part.

Now, another headwind to along-run growth pickup is re-asserting itself. Declining birthrates and retiring Baby Boom-ers have been restraining theexpansion of the workforce.

The period of low unem-ployment provided a respite,drawing new workers into theeconomy. The virus reversedthose gains. In the spring, thepercentage of working-agepeople who had a job or werelooking for one fell to its low-est level since the 1970s.

Growth went haywire asstates shut down economiesand then reopened at differentpaces. Washington’s salve wasan explosion of governmentintervention—trillions of dol-lars in payments to house-holds, small businesses, statesand the airline industry.

Even with this support, bysummer the U.S. output ofgoods and services was run-ning at an annual rate—$19.5trillion—that was $1.9 trillionbelow the year before.

Minorities, Low-Income Workers

A decade ago, Leroy John-son was working an $11-an-hour customer service job forUnited Airlines in Hartford,Conn. Over the next 10 years,Mr. Johnson, Black and single,worked his way up to being amanager in San Francisco,making nearly $100,000.

In the first three years ofthe Trump presidency, medianhousehold incomes grew, in-equality diminished, and thepoverty rate among Black peo-ple dropped below 20% for thefirst time since World War II.The Black jobless rate wentunder 6% for the first time inrecords going back to 1972.

“We saw over those threeyears that we could sustain aneconomy with much lower un-employment than had previ-ously been thought possible,”said James Stock, a Harvard

PandemicStrandsSnowbirds

FROM PAGE ONE

fully fit the black and whitestory told by either his ardentfans or his furious foes. Hisdetractors said his tax policiescatered to the rich, yet pov-erty and inequality fell. Minor-ities were big beneficiariesduring his first three years,though they have also beenbig casualties in the pastseven months.

His backers note that thegrowth rate accelerated as Mr.Trump said it would, but itdidn’t speed up as much or inthe ways he projected. Blue-collar towns reaped some ofthe revival his trade policyaimed for, but that revival wasfar from complete when it wasset back by the pandemic.

A lesson that became clearafter a health crisis knockedthe economy off the rails: Oneof the best ways to advancebroad-based prosperity is tokeep an expansion going. Goodthings tend to happen, espe-cially to those typically leftbehind, in the late stages oflong expansions. The one thatended in March was the lon-gest recorded in U.S. history,an accomplishment Mr. Trumpshared with his predecessor,Barack Obama.

Mr. Trump received highermarks on dealing with theeconomy than Joe Biden in aWall Street Journal/NBC Newspoll after their Sept. 29 debateand in general has outpolledhis rival on this issue. In addi-tion, a Gallup survey in Sep-tember found 56% of Ameri-cans said they were better offthan four years ago, higherthan Ronald Reagan or BarackObama polled the years theywere re-elected. However, inthe same poll, Mr. Trump re-ceived lower marks than Mr.Biden for being able to dealwith the coronavirus crisisthat hurt the economy.

Here are five takeawaysfrom the Trump economiesthat led to this point.

JobsA few weeks after Mr.

Trump was elected in 2016,Federal Reserve officials gath-ered to update their outlookand interest-rate plans. Theconsensus at the Fed andamong many forecasters wasthat the unemployment rate,then 4.7%, would level outaround 4.5% and sit there forthe foreseeable future.

Instead, by the end of 2019it had fallen to 3.5%. The paceof job growth had been pro-jected to slow and it did, butless so than many economistsexpected. It averaged 2.6 mil-lion jobs a year during Mr.Obama’s second term and 2.2million a year in Mr. Trump’sfirst three years.

One thing driving the job-less rate lower was a fiscalboost in 2017 and 2018, firstfrom corporate and individualincome-tax cuts and then froma February 2018 bill that resetspending caps Republicans de-manded in the Obama era.

“I remember thinking at thetime that the last thing theeconomy needed was a sub-stantial tax cut and fiscalboost,” said Janet Yellen, wholed the Fed early in Mr.Trump’s term. The worry wasthe economy might overheatand spur inflation. Instead, in-flation rose to the Fed’s 2%target in 2018, then receded.

Low unemployment pro-

ContinuedfromPageOne

duced cascading benefits.Wage growth accelerated, andopportunities for low-skilledworkers grew. People with dis-abilities or criminal records,for the first time in years,found themselves sought afterfor work. “It is hard to ac-complish those things untilfirms are really finding ittough to hire,” Ms. Yellen said.

As the jobless rate fell, Mr.Trump criticized the personhe’d chosen to replace Ms. Yel-len, Jerome Powell, for raisinginterest rates. The Fed re-versed itself after it saw infla-tion retreat. Then, when thecoronavirus struck, it cut ratesand flooded the financial sys-tem with funds.

The economic damage fromsocial distancing and states’shutdowns overwhelmed thegains from Mr. Trump’s firstthree years. The jobless ratehit 14.7% in April.

By September, it was fallingmore quickly than the Fed ex-pected, standing at 7.9% lastmonth. Still, five million morepeople were unemployed inSeptember than when Mr.Trump took office.

GrowthThe expansion that started

in mid-2009 was historicallyslow. Mr. Trump said he wouldchange that. His first budgetprojected that the growth rateunder his policies would pickup to 3% by 2020 and staythere. It did rise, but not asexpected.

During the expansion underMr. Obama, GDP grew at anaverage annual rate of 2.25%.It picked up to a 2.5% rate inMr. Trump’s first three years.

One important driver wasgovernment spending. It grewfaster during the Trump years,even before Covid-19, thanduring the Obama years. Ex-cluding the effects of federalspending, GDP grew at thesame rate in the Obama phaseof the nearly 11-year expansionas during the Trump phase.

Federal revenue didn’t keepup. Mr. Trump had said in hisfirst budget that faster growthwould combine with fiscal re-straint to put the U.S. on a

professor who studies busi-ness cycles and a formerObama economic adviser.

Some of these trends hadstarted to click in during Mr.Obama’s second term. Infla-tion-adjusted median house-hold income started movinghigher in 2013 after over a de-cade of stagnation.

Like other United Airlinesmanagers, Mr. Johnson, who is33, took a 20% pay cut afterthe virus struck and the ex-pansion ended. He escaped astorm of layoffs and in Junegot word he was being pro-moted to senior manager forairport operations, soon toearn more than six figures.

Many others haven’t hadthat good fortune. While mi-norities and low-skill workerstend to do best late in expan-sions as the jobless rate falls,they also tend to be hit first indownturns when some firmsdismiss the most recent hires.

The Black unemploymentrate in September was 12.1%,reversing all of the gainsachieved since 2014. The job-less rate for high-school grad-uates with no college was 9%,reversing the gains since 2011.

Trade and theBlue-Collar Job

Mr. Trump’s trade policieswere aimed at helping blue-collar towns hurt by competi-tion from China, Mexico andother low-wage countries. TheU.S. manufacturing sectorshed eight million jobs, morethan half its workers, between1979 and 2009. Manufacturingemployment began a modestascent in 2010 and extendedthose gains under Mr. Trump.

Covid-19 knocked manufac-turing employment down to alevel comparable to the 1940s.

The bicycle industry showsthe obstacles. The Trump ad-ministration imposed tariffsup to 25% on bicycles and bikeparts imported from China be-ginning in 2018. Trek BicycleCorp. makes custom high-endbikes costing up to $4,000 atits hometown of Waterloo,Wis. Moving its Chinese pro-duction of lower-end bikes toWisconsin, too, didn’t make

dian officials have said, andthe federal government has atravel advisory discouraging allnonessential travel abroad.

So this winter, Ms. Barlow isstocking up on sweaters be-cause she and her husband aretrading balmy Arizona sun-shine for Osoyoos, British Co-lumbia, just north of the Wash-ington state border, where theaverage winter temperature is32. “We think we are safer inCanada,” says Ms. Barlow, whois 77 years old. She knows itwill snow in Osoyoos, “but itshould be gone the next day,”she says.

The Canadian Snowbird As-

ContinuedfromPageOne

sociation says its members areretired or semiretired peoplewho travel outside of Canadafor 31 or more consecutivenights a year, mostly in thewinter. The group estimatesthat 60% gravitate to Florida,with sizable contingents alsoheading to Arizona and Texas.

“We really find winter to bevery unpleasant—not just theweather but the shoveling ofthe snow,” says Jacques Caron,71, a retired financial consul-tant from the Montreal area.“And the driving is god-awful.”

He and his wife, Elaine Poir-ier, spend half the year at aproperty they bought in 2016in Sebastian, Fla., on the Atlan-tic coast, and the rest in theirtrailer in a private campgroundabout 40 miles east of Mon-treal. “It’s a different lifestyle,but we love it,” Mr. Caron says.

The closed border has up-ended the plans of tens ofthousands of such RV-dwellingsnowbirds.

“Before Covid-19 happened,

we were booked solid forthis winter season,” saysLynda Phelps, co-owner ofthe Upriver RV Resort inNorth Fort Myers, Fla.“Now, we are very slow.”She blamed cancellationsfrom the Great White North.“We need the Canadians.”

Some RV owners are eyeingBritish Columbia, where winterisn’t as harsh. Canada’s west-ernmost province is home tosome 100 year-round camp-grounds with RV hookups,many of them on Vancouver Is-land and the Gulf Islands.

“The snowbirds have beenrelentless in their inquiries,”says Ian Kyle, owner of theMowhinna Creek Campgroundon Salt Spring Island, BritishColumbia. “They are blanketingthe area.”

Carolanne Ravizza-Faulknershivers at the idea of stayingnorth of the border. She andher husband, Jay Faulkner,sold their home in Barrie, On-tario, last year, and bought a

40-foot RV to tow down to aFlorida Panhandle campgroundin the snowy months.

Ms. Ravizza-Faulknerwants to head back to Florida.Although the land border isclosed, Canadians are allowedto fly into the U.S., so long asthey haven’t visited certaincountries and regions in the14 days before. She and herhusband are staying at hermother’s suburban Torontohome, scouring the internetfor a secondhand RV and usedcar in Florida before decidingwhether to book a flight.

“If we have to stay here,we will stay here,” she says.“But I will never learn to love

winter.”Mr. Caron, the retired fi-

nancial consultant, says hehas initiated Plan B. He hasbooked airline tickets toFort Lauderdale, landingOct. 22, and hired a shipperto take his Jeep Grand

Cherokee there. He has beenmonitoring Covid-19 casecounts in Florida’s Indian RiverCounty, where his winter homeis located, and says they arerelatively low compared withthe rest of the state.

Flying instead of driving “isthe most worrisome part,” hesays. “It’s a little barrier weare dealing with now.”

Jill Wykes, a newsletter edi-tor for SnowbirdAdvisor.ca,which caters to Canadian retir-ees, says snowbirds are worry-ing about the availability andcost of medical-travel insur-ance. Some providers have juststarted to offer coverage forillness related to Covid-19, shesays. “No one in their rightmind goes to the U.S. without

medical-travel insurance,” Ms.Wykes says.

Deb Russell is a retiredschool principal from Carman,Manitoba, about 70 miles northof North Dakota. Carman’s av-erage winter temperature isjust shy of 9 degrees. For thepast five years, Ms. Russell andher husband, a landscaper,have spent the winter in a two-bedroom rental home nearMcAllen, Texas, 10 miles northof the Mexico border.

Not this year, she says.Cases in Hidalgo County, whereMcAllen is located, remain toonumerous for her liking, andflying to Texas also doesn’t ap-peal to her.

Instead, she bought a re-cumbent bike to exercise in-doors. She says she might takeup curling again.

Meanwhile, there’s a moreimmediate need. “I was lookingin the closet the other day,”she says, “and I realized, Idon’t have that much in winterclothes anymore.”

sense to Trek.“In order to build in vol-

ume, you need a supply basearound you. Nobody is makingbicycle tires here, or crank-shafts or derailleurs or rims,”said John Burke, Trek’s chiefexecutive. “All of those partscome from Asia.” After Mr.Trump imposed bike tariffs onChina, Trek moved some pro-duction to Cambodia.

U.S. export growth slowedstarting in 2018 as Mr.Trump’s tariff battles rampedup. The U.S. trade deficit grewto $577 billion in 2019 from$481 billion in 2016. It wid-ened further after the corona-virus struck. Exports fell asthe global economy collapsed.

Also widening the gap wasa boom in U.S. demand for im-ported electronics, needed forclassrooms and home offices.

Wanted:Crisis Managers

In the 1970s and 1980s, re-cessions tended to be drivenby Fed decisions to raise inter-est rates to fight inflation. Asinflation receded, a differentthreat to expansions emerged:The unexpected shock.

In the early 1990s it wasIraq’s invasion of Kuwait. Inthe 2000s, it was a housingbust. Then it was Covid.

Mr. Trump says he re-sponded aggressively by curb-ing travel from China, gettingventilators to states and mar-shaling a financial rescue pro-gram. His opponents say heplayed down the severity ofthe virus, largely left states tofend for themselves and pro-vided a financial rescue onlywith the help of Democrats.

Republicans say governorsin states run by Democratshurt the economy by keepingshutdowns in place too long.Democrats say the economycan’t get back on track untilthe virus is contained.

One way to measure eco-nomic performance during thehealth crisis is by comparisonwith other countries. Ingrowth, the U.S. isn’t excep-tional.

Every major economy willshrink this year exceptChina’s, which is projected togrow 1.9%, says the Interna-tional Monetary Fund. TheU.S. contraction of 4.3% willbe in line with that of theworld as a whole, the IMFprojects. It expects the U.S. tooutperform some large rivals,such as Germany, Japan andCanada, but underperformothers, including South Korea,Australia and Taiwan.

On government debt, theU.S. is projected to take onmore than any other nation in2020, relative to size, accord-ing to the IMF.

Federal debt has increasedby $5.6 trillion on Mr. Trump’swatch. It is on course to sur-pass the debt added in theObama years by the end of2022, meaning in six yearsversus in eight.

Debt the U.S. has taken onin the health crisis, during Mr.Trump’s second economy, hascushioned the downturn. Withinterest rates very low, it ismanageable for now. The risk,economists say, is that thedebt level could hinder the na-tion’s ability to invest in thefuture, restraining the nation’spursuit of faster economicgrowth.

Better than ExpectedUntil Crisis Hit

Actual jobless rate vs. government projections Economic growth under theObamaandTrump administrations

Sources: Federal Reserve, Congressional Budget Office, Labor Department (jobless rate); Commerce Department (economic growth under Obama/Trump); Labor Department (Black unemployment rate,manufacturing employees)

Note: The unemployment rate in September is the current actual for 2020.

Black unemployment rate, quarterly

1973 '80 '90 2000 '10 '20

0

5

10

15

20%

RECESSION

U.S.manufacturing employment,monthly

2017 '18 '19 '20

0

2

4

6

8%

Before the Covid-19 crisis, the jobmarket was better than expected andminority employment flourished. Amanufacturing turnaroundwas incomplete and business investment lagged. The crisis left a legacy of debt.

Average growth inGDP, annual rate

GDP growth rateexcluding the effectsof federal spending

Business investmentgrowth

Obama recovery (June 2009 - Dec. 2016)Trump 3 years (Jan. 2017 - Dec. 2019)

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Jobless rate the Fed projected in Dec. 2016

Jobless rate Congressional BudgetOffice projected in June 2017

Actual jobless rate for year

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8

10

12

14

16

18

million

1940 ’50 ’60 ’70 ’80 ’90 2000 ’10 ’20

The TrumpEconomySplit in Two

There’s a Trumpeconomy up to 2020and another onepost­coronavirus.

Not southbound

President Trump speaking in Oshkosh, Wis., in August.

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THEWALL STREET JOURNAL. * * Thursday, October 15, 2020 | A10A

Amy Cooper, the whitewoman who falsely accused aBlack bird-watcher in May ofthreatening her life in CentralPark, was arraigned Wednes-day in Manhattan on false-re-porting charges.

Ms. Cooper also falsely ac-cused Christian Cooper, thebird-watcher, of trying to as-sault her, according to theManhattan district attorney’soffice.

“Using the police in a waythat was both racially offen-sive and designed to intimi-date is something that cannotbe ignored,” said Joan Illuzzi,executive assistant district at-torney.

“Over the next few weeks,we will be exploring with thedefense a program designed tohave the defendant take re-sponsibility for her actions butalso educate her and the com-munity on the harm caused bysuch actions,” Ms. Illuzziadded.

The case was adjourned fora month to allow prosecutorsand Ms. Cooper’s lawyer to ne-gotiate a disposition.

If convicted, Ms. Cooper,who isn’t related to the bird-

said that Mr. Cooper “tried toassault her,” according to Ms.Illuzzi.

Police in the park re-sponded to the scene, wherethey found Ms. Cooper. Duringquestioning by police, Ms.Cooper said that Mr. Cooperhad never tried to assault her,according to prosecutors.

Ms. Cooper, who was firedby her employer, money man-ager Franklin Templeton,shortly after the incident, saidin an apology video in Maythat she “reacted emotionallyand made false assumptionsabout his intentions when, infact, I was the one who wasacting inappropriately by nothaving my dog on a leash.”

The incident sparked na-tional outrage, with many peo-ple noting that it was the lat-est instance of white peoplecalling the police on Blackpeople.

On the same day, a videowent viral showing a whiteMinneapolis police officerkneeling on the neck of GeorgeFloyd, a Black man who diedshortly afterward.

Mr. Floyd’s death sparkednationwide protests againstpolice brutality and racial in-justice.

BY EMMA TUCKER watcher, would face up to ayear in jail.

A lawyer for Ms. Cooper de-clined to comment.

Mr. Cooper filmed the May25 incident, which began afterhe asked Ms. Cooper to leashher dog, as required by parkrules.

Video footage captured the41-year-old woman warningMr. Cooper that she would callthe authorities and “tell them

there’s an African-Americanman threatening my life.” Shethen proceeded to take out hercellphone and call 911, the re-cording shows.

Ms. Cooper told the emer-gency operator that Mr. Coo-per, whom she described asAfrican-American, was threat-ening her and her dog in theRamble, a section of CentralPark.

During a second call, she

Prosecutors say shefalsely claimed thatChristian Coopertried to assault her.

When Dave A. Chokshi wasappointed commissioner in Au-gust of the New York City De-partment of Health and MentalHygiene, the percentage ofNew York City residents test-ing positive for the coronavi-rus was at one of its lowestpoints, a promising momentthat put the worst days of thepandemic in the rearview mir-ror.

But only 10 weeks into histenure, Dr. Chokshi, a primary-care physician, has pressingworries.

With a resurgence of casesin Brooklyn and Queens—which have now required newlockdowns in several neighbor-hoods, including the one wherehe lives with his wife and tod-dler daughter—Dr. Chokshi isconcerned about controllinghot spots. He is troubled thatmisinformation about herd im-munity and the seriousness ofthe illness, as well as testing,has played a role in the spreadof the virus in Brooklyn andQueens.

“I’m worried that whatwe’re seeing with respect tothe increase in cases will turninto increases in hospitaliza-tions and more severe illness,”he said during a recent inter-view. “The science tells us thatas soon as cases go up, youknow there is a lag, but hospi-talizations will go up after thatas well.”

Dr. Chokshi, 39 years old,takes over the commissionerrole at one of the most pivotalmoments in New York City’shistory. He was appointed byMayor Bill de Blasio to succeedOxiris Barbot, a longtime pub-lic-health executive, who re-signed after clashing with Mr.de Blasio. So far, Dr. Chokshi

has overseen the health de-partment’s role in reopeninggyms, schools and restaurantsto some indoor dining.

Dr. Chokshi came to the jobafter serving as the chief popu-lation health officer of Health +Hospitals, the city’s public hos-pital system. Treating patientsat the city’s hospitals duringthe height of the pandemic inMarch and April and formativework experiences respondingto Hurricane Katrina in 2005and superstorm Sandy in 2012have given him the experienceto fill the commissioner role,he said.

Dr. Chokshi said he wasn’tstriving for the job and was

honored to be considered bythe mayor for the position. “Itfeels like the experiences andthe expertise that I’ve built upover the course of my careerare matched to the momentthat we’re in,” he said.

The health department it-self, with more than 6,000 em-ployees, has been strainedsince the start of the pan-demic, hobbled by the lack ofaccess to coronavirus testing.

There was considerable fric-tion over a May decision byMr. de Blasio to transfer thetracking and tracing ofCovid-19 patients from thehealth department to the city’spublic hospital system. That

work had long been a corefunction of the health depart-ment.

In her resignation letter, Dr.Barbot wrote that she was dis-appointed that the depart-ment’s “incomparable diseasecontrol expertise was not usedto the degree it could havebeen.”

Dr. Chokshi said his agencyhasn’t been sidelined in the re-sponse to Covid-19. A crisis ofthis magnitude, he said, re-quires the entire government,and the health departmentshould work with anyone thatcan rise to this challenge.

Addressing staff morale isamong Dr. Chokshi’s priorities.

cording to officials.Chief Pichardo, 43 years

old, is the first Dominican-American to reach his high-ranking position in the NYPD,and he often appeared at pub-lic events with Messrs. Sheaand de Blasio.

Police officials said that

Chief Pichardo offered his res-ignation after being sum-moned to City Hall for ques-tioning by Mr. de Blasio aftermissing calls from the mayorwhile the chief was workingovertime in the field.

Chief Pichardo met againwith Mr. de Blasio on Tuesday

after submitting his retire-ment request, according to theofficials. Mr. de Blasio askedthe patrol chief to remain athis post, the officials said, butChief Pichardo refused.

Ms. Glazer is expected toremain on the job until theend of October, according to

Two architects of New YorkMayor Bill de Blasio’s crimi-nal-justice approach resigned,the latest high-profile officialsto leave government as thecity has struggled with thecoronavirus pandemic.

Elizabeth Glazer announcedher resignation as director ofthe Mayor’s Office of CriminalJustice in an email to staffearly Wednesday. New YorkPolice Department Chief of Pa-trol Fausto Pichardo, who wasappointed to the role in Janu-ary, put in his retirement pa-pers late Tuesday.

Mr. de Blasio said Wednes-day that Chief Pichardo toldhim he had made a “personal

BY BEN CHAPMANAND KATIE HONAN

GREATER NEW YORK

decision” to leave. Chief Pich-ardo met with the mayor todiscuss the chief missing callsand messages from Mr. de Bla-sio recently, officials said. Butthe mayor said that didn’tprompt Chief Pichardo’s resig-nation.

“There was one thing Ineeded to talk through withhim where I think there wassome miscommunication, buthe and I have talked dozensand dozens of times and hadno problem communicatingand working through things,”Mr. de Blasio said. “It is un-usual, obviously—someonewho had a very bright futureahead, but he’s making a deci-sion for family reasons.”

Chief Pichardo declined tocomment.

Police Commissioner Der-mot Shea said in a televisioninterview that he and othershad tried unsuccessfully topersuade Chief Pichardo tostay. The patrol chief’s lastday will be in November, ac-

officials at the Mayor’s Officeof Criminal Justice. Ms. Glazerdeclined to comment.

A longtime adviser to Mr.de Blasio, she created some ofthe nation’s most aggressivecriminal-justice overhauls inNew York City, including aplan to close the Rikers Islandjail complex and replace itwith four neighborhood jails.

Part of that plan was dealta legal blow last month after aManhattan judge nullified nec-essary land-use approvals tobuild a neighborhood jail inManhattan’s Chinatown neigh-borhood, citing a number ofissues including the city’s ef-forts to collect community in-put and address potentialhealth concerns in the planneddevelopment.

Her departure follows thoseof other high-ranking officialswho recently left city posts,including Oxiris Barbot, theformer health commissioner,and Allison Hirsch, who wasan adviser to the mayor.

Two Senior Officials Leaving City PostsKey figures in mayor’scriminal-justice policyare latest to announcethey are departing

Staff have been working tire-lessly, with little reprieve, hesaid. He hopes to stave off anyhead-count reductions, trim-ming his health department’sbudget in other ways.

“Our economic recoveryflows through our publichealth response,” he said.

On a recent morning, Dr.Chokshi was delivering kudosto health-department staff at anewly refurbished space on theUpper West Side. At this city-operated health clinic, NewYorkers can get a coronavirustest with almost no wait time,with results in less than a day.

Central to these clinics isnew, state-of-the-art labora-tory equipment that makes iteasier and faster to do testing.The city rolled out the use ofthese laboratory machines,which are made by Cepheid, in2019.

The equipment was origi-nally used for rapid testing forchlamydia and gonorrhea. Withroughly $135 million in fundingfrom the federal government,more Cepheid machines arebeing added at health clinicsacross the city for the purposeof Covid-19 testing. When thepandemic passes, they can beused for other testing.

But with progress comes asetback: the city can’t getenough of the laboratory sup-plies, specifically the reagentsto run a test, to use the equip-ment at full tilt.

In speaking to staff at theclinic, Dr. Chokshi askedwhether it made sense to in-vite a person who tests posi-tive to come back to the healthcenter to conduct a tracing in-terview. After talking throughthe various steps with JenniferRakeman, who leads the city’spublic health lab, the idea wasquickly dismissed.

BY MELANIE GRAYCE WEST

Health Commissioner Sees Troubles Ahead

New York City Health Commissioner Dave A. Chokshi worries that more Covid hospitalizations are coming.

Video shows Amy Cooper calling authorities after a Black manasked her to leash her dog during a May incident in Central Park.

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New York Gov. AndrewCuomo threatened to withholdstate funding from several mu-nicipalities including NewYork City, if officials theredon’t work harder to enforcesocial-distancing mandates thestate imposed last week incoronavirus hot spots.

Mr. Cuomo again said hewas frustrated by media re-ports that some schools andlarge religious gatherings vio-lated new restrictions.

The new mandates closedschools and capped occupancyat houses of worship at 25% or10 people, whichever is fewer,in parts of Brooklyn, Queensand Rockland and Orangecounties that have had higherrates of the Covid-19 virus.

Most of these communitieshave a large ultra-OrthodoxJewish population.

“We know that there wereviolations where yeshivaswere operating. We knowthere were violations wherereligious gatherings were hap-pening that exceeded theguidelines,” Mr. Cuomo saidon a conference call. “We’llwithhold funding from thegovernment. I don’t like to dothat. Budgets are tough allacross the board. I don’t knowhow else to get them to actu-ally do the enforcement theyneed to do.”

A spokesman for Mayor Billde Blasio said the threat of asecond wave drove the city’senforcement—“not threats offederal or state funding cuts.”

At a news conferenceWednesday before the gover-nor’s remarks, the mayor saidthe city would continue en-forcement in areas with highercases of Covid-19. “The citywill be out in force in the ar-eas most affected making surethat we are supporting peoplewho are trying to do the rightthing, and folks who are notdoing the right thing, ofcourse, there will be enforce-ment,” Mr. de Blasio said.

Last weekend, New YorkCity authorities gave out morethan 100 summonses in state-designated restricted zonesfor a variety of violations, in-cluding holding mass gather-ings, officials said.

The number of New Yorkershospitalized with Covid-19 in-creased to 938 on Tuesday, Mr.Cuomo said Wednesday. Withinthe state’s hot spots, 6.2% ofthe coronavirus tests processedTuesday were positive.

Rockland County ExecutiveEd Day said the town of Ram-apo and village of Spring Val-ley weren’t cooperating withenforcement, and increasingstaffing to fill the gap “is notour preferred course of ac-tion.” Those two parts of thecounty have some of the high-est cases of Covid-19, accord-ing to state data.

A call to the supervisor ofthe Town of Ramapo wasn’treturned. A spokesman for theVillage of Spring Valley didn’trespond to an email seekingcomment.

BY JIMMY VIELKINDAND KATIE HONAN

State AidCould BeHeld FromHot Spots

Woman Made Second 911 CallAccusing Black Bird-Watcher

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Elizabeth Glazer, head of the Mayor’s Office of Criminal Justice, and NYPD Chief of Patrol Fausto Pichardo

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GREATERNEW YORKWATCH

CONNECTICUT

Prosecutor Concludes’19 Shooting Justified

Two Connecticut police offi-cers who shot a high school psy-chologist to death during a do-mestic violence call last yearwere justified in using deadlyforce and no charges will be filed,according to a state prosecutor’sreport released Wednesday.

Windham State’s AttorneyAnne Mahoney investigated theEast Hartford officers’ shootingof 43-year-old John Carras duringa violent struggle with him out-side his home on Sept. 5, 2019.She concluded the officers rea-sonably believed using deadlyforce was necessary to defendthemselves against Mr. Carras.

Officer Andre Lyew fired fiveshots and Officer Daniel Zaleskifired once as Mr. Carras chargedat Officer Lyew with his fistsclenched while screaming, Ms.Mahoney said. The shootingcame after Mr. Carras had chokedhis wife to unconsciousness, po-lice said. His wife survived.

An autopsy showed Mr. Carraswas shot six times and had fen-tanyl and other drugs in his sys-tem.

—Associated Press

NEW JERSEY

Officer BrieflyDragged by SUV

A police officer who ap-proached two men in an SUV inNewark was injured Wednesdaywhen the driver sped off anddragged the officer for a shorttime, authorities said.

The incident occurred around9 a.m. The Newark officer sawan SUV that he considered sus-picious, so he walked toward it,authorities said. The SUV’sdriver accelerated and brieflydragged the officer before driv-ing away. The vehicle crashed afew blocks away, and both menleft the SUV and ran off.

The officer suffered knee, neckand chest injuries and was beingtreated at a hospital. The twomen in the SUV remain at large,authorities said.

—Associated Press

For more than 50 years, JoeAllen has been one of thequintessential gathering placesin New York City’s theater dis-trict, a restaurant whereBroadway industry titans andshow-goers alike dine anddrink before or after perfor-mances.

But can Joe Allen survive ina district currently withoutany Broadway shows?

The establishment, situatedon West 46th Street’s Restau-rant Row, is reopening Thurs-day for the first time since thecoronavirus pandemicprompted a shutdown in mid-March.

And while the Joe Allenteam is hopeful that patronswill return for some of themenu favorites, including itsbeloved hamburger, to saynothing of the opportunity tounwind in the restaurant’s inti-mate, brick-walled setting,they know they could be fight-ing an uphill battle.

“It makes me feel good I cando something for Broadway,but I don’t know if it’s going towork,” said Julie Cronauer,who runs the dining spot withher father, restaurant name-sake Joe Allen.

Such is the dilemma for res-taurants in the theater district,the stretch of blocks that in-cludes the Times Square area.

Some of the locale’s otherprominent establishments,from tourist favorite Sardi’s tothe Italian family-style eateryCarmine’s to two locations ofthe deli-diner Junior’s, haven’treopened, given the obviousobstacles.

And owners indicate theymay be hesitant to do so untilBroadway shows resume run-ning, which is now not sched-uled to happen until May 2021at the earliest.

“There’s no one in TimesSquare,” said Jeffrey Bank,chief executive of Alicart Res-taurant Group, which ownsCarmine’s, the chain that alsohas locations outside the the-ater district.

Mr. Bank and others pointout that the situation goes be-

yond the loss of theater pa-trons. They note that most ofthe area’s office workers arestill not back at their desks, ascompanies continue to err onthe side of caution and allowthem to work from home. Alsomissing are the tourists whoflock to Times Square not nec-essarily to see shows, but justto take in the buzz and brightlights.

While some theater-districtestablishments have tried tomake a go of it, most concedethat business is down consid-erably from pre-pandemic lev-els. The current New Yorkstate restrictions limiting in-door capacity to 25% aren’thelping matters, restaurateurssay, but the issue remains thearea’s foot traffic—or lackthereof.

Julian Medina, chef andowner of Toloache, a Manhat-

tan minichain of Mexican res-taurants, said that he is doingjust 10% to 15% of his regularsales volume at his theater-dis-trict location. By contrast,sales at his two other loca-tions—one on the Upper EastSide, the other in GreenwichVillage—are in the 30% to 50%range, he said.

Theater-district restaurantsthat have reopened are tryingto get creative in their ap-proaches to drive volume.

In the case of Nizza andBouillon Marseille, two restau-rants on Ninth Avenue underthe same ownership, the din-ing spots are inviting theatri-cal performers with an Actors’Equity union card to dine after9 p.m. on an eat now, pay laterbasis. The area is indeed hometo many industry profession-als.

“Hopefully, everyone gets

back to work and they can payus,” said Robert Guarino, man-aging partner of the restau-rants, though he indicated hewasn’t going to enforce anykind of reimbursement sched-ule.

Mr. Guarino also said he be-lieves his Ninth Avenue diningspots are benefiting from be-ing a little west of the Broad-way theaters, so the locale isas much part of the Hell’sKitchen area as Times Square.As a result, the restaurantsaren’t as strictly reliant onshow-goers: “We’ve always hada neighborhood component” ofcustomers, Mr. Guarino said.

For Joe Allen, however, therestaurant is all about the the-ater world, said those con-nected with it. The dining es-tablishment hopes to weatherthe Broadway shutdown inpart by keeping costs in

check—for example, it will trimcertain items from the menuso that it doesn’t have to orderand prepare as much food.

If customers come in signif-icant enough numbers, Ms.Cronauer said she might con-sider reopening the other es-tablishments she has on theblock—Bar Centrale and theItalian restaurant Orso.

As it is, reopening Joe Allenhas been a costly proposition.Ms. Cronauer said she hasspent around $30,000 to getthe business going, though sheis grateful to provide workagain for nearly 20 of her em-ployees in the process. Part ofJoe Allen’s charm has alwaysbeen its steadfast team, shesaid.

“We have people who haveworked for us for 20 or 30years and have never called insick,” she said.

BY CHARLES PASSY

Theater District Mainstay Reopening

Without the lure of Broadway shows, Joe Allen’s team realizes it could be fighting an uphill battle to bring in customers.

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THE MIDDLESEATSCOTTMcCARTNEY

“We are very conscious of howwe make our program valuable toour customers, probably nevermore than now,” says Vasu Raja,American’s chief revenue officer.“There are a number of things weare looking at to make it, first andforemost, attractive to be in theprogram.” Availability of low-priceaward seats is part of that.

Tova Hornung of Seattle had afriend coming to visit from Reno,Nev., and found a round-trip ticketfor only 12,500 miles on AlaskaAirlines. She’s used to seeingaward ticket prices two and threetimes as high for domestic roundtrips. “Right now we can go any-where for like nothing,” she says.“All of a sudden, mileage ticketsare really cheap. I just wish we

Besides wearing a mask onan airplane, there’s oneother thing you shoulddefinitely do if you aretraveling this fall or overthe holidays: Use your

miles.A survey of pandemic award

prices finds airlines are makingaward seats available at verycheap prices in miles or points.First-class seats, which give you abit more social distance on board,are a particularly good value.

In its 10 busiest markets,United’s award seats for varioustravel dates in November averagedonly 12,833 miles round trip, abouthalf the cost of what traditionallyhas been a standard domesticcoach ticket of 25,000 miles. Jet-Blue averaged only 15,167 pointsround trip. For first class, Ameri-can was only 42,500 miles round-trip, Delta only 49,100 miles.

“The answer is a resoundingyes—it is a good time to use miles,especially for premium cabins,”says Jay Sorensen, president ofconsulting firm IdeaWorks, whichpriced available award tickets atU.S. airlines on Oct. 3 for Novem-ber travel, including Thanksgiving.

With travel depressed, airlineshave drastically reduced flights.While there are some eye-poppingcash deals for flights, the bargainsoffered in miles can be even bet-ter. Of course, for many people,big discounts are unlikely to over-ride fears of virus spread whiletraveling, not to mention restric-tions on crowds, restaurants andentertainment at destinations. Air-line capacity this winter will beonly one-third of last winter,schedule-tracker OAG says.

The airplane cabin itself ispretty safe in-flight, but concernsremain about airport crowds,boarding, deplaning, mask compli-ance and other parts of the jour-ney.

United says MileagePlus awardsthis November are almost 30%cheaper in miles compared withlast November. The percentage ofpassengers traveling on awards isup, says Michael Covey, managingdirector of the MileagePlus pro-gram.

“As demand has come down onsome of these routes, we’ve beenable to offer MileagePlus award

so both are a mix of peak and off-peak travel periods. “It’s a grapes-to-raisins comparison,” he says.)

American says its awards con-necting small cities are relativelycheap because of its strategy to flymore seats than competitors inthose markets, and awards in topmarkets include flights betweenhubs where planes are fullest.

“The award pricing is a functionvery much of that capacity strat-egy” offering lots of connectingflights through hubs, Mr. Rajasays.

Southwest ran counter to thetrend other airlines showed.Southwest’s November prices in itsbusiest markets averaged 15,502points, compared with 7,367 in the2019 survey. After reducing capac-ity and limiting passenger loads somiddle seats stay open, Southwestadvance-purchase fares haven’tbeen as cheap as in the past. Theairline prices awards based on thecash price. Southwest says it’s stillcommitted to low fares, whichmean low-price award tickets, butthe survey just happened to findhigher prices.

The pandemic survey alsolooked at the very busy New York-Los Angeles route and found aver-age economy tickets ranging from37,833 miles for Delta down toonly 23,933 miles round-trip atAmerican. United, which flies toLos Angeles nonstop from Newark,N.J., was also under 30,000 milesround trip on average.

Business class between NewYork and Los Angeles showed gooddeals and not-so-good. American’sbusiness class averaged 46,300miles for a round-trip awardticket, less than half of whataward tickets cost on average atUnited and Delta. American’s cashprice for business-class tickets onthe same flights was almost$1,400, so you’d get 3 cents foreach AAdvantage mile, very goodvalue for a domestic trip.

American’s Mr. Raja says low-price first- and business-classawards reflects the lack of busi-ness travelers buying those pre-mium seats.

JetBlue’s Mint cabin was pricedat 174,267 points on average—asteep cost at any time. In a state-ment, JetBlue said its pricing forawards aligns with demand. It’sseeing strong demand for the lim-ited number of Mint seats. “Re-demption values are directlylinked to fare prices and traveltimes such as the holiday peakstarting in November,” the com-pany said.

Awards Deals forWary TravelersCarriers are boosting frequent-flier travel with cheap prices in miles—will it be enough to bring back passengers?

cert, played for a full house. “Ev-eryone was crying,” he says. “Weall knew it was the last perfor-mance until who knows when.”

Recently, he has been workingat a bike shop, making much lessthan the $80 an hour he’d earn onBroadway.

Paris Myers, 24, was completinghis master’s degree at Juilliard andauditioning for orchestra jobs whenthe pandemic hit. He was preparingfor the semi-finals for a job playingdouble bass in the Detroit Sym-phony Orchestra. Now, he’s a mer-chandiser at Home Depot, dustinglight fixtures and driving a fork lift.“I’m at a point I never thought I’dbe—doing what I’m doing with amaster’s degree,” he says.

He is paid about $13 an hour—$23,000 a year, he figures—com-pared with $80,000 to $90,000 hebelieves he would have made in anorchestra.

When the Indianapolis symphonycut her pay and eventually her job,Ms. McLean flew to New Hampshireto spend quarantine with family.With her science degree, she got ajob as a coronavirus contact tracer.She’s planning to audition for or-chestras in Germany.

Lately, some orchestras havebeen experimenting with ways tokeep going. The Tulsa SymphonyOrchestra is performing live at abaseball park. In Jacksonville, Fla.,Dallas and Fort Worth, regional or-chestras have begun performingwith smaller ensembles and smalleraudiences to meet Covid-19 safetystandards. Others have been rene-gotiating contracts to cut musicianpay and eliminate jobs.

When auditions do get sched-uled, hundreds will be applying foreven fewer positions, says RictorNoren, a violin and viola professorat Boston Conservatory at Berklee.He steers students away from tradi-tional orchestra jobs and urgesthem to learn technology and busi-ness. “The satisfied ones are theones who diversify,” he says.

PERSONAL JOURNAL.TRAVEL & ENTERTAINMENT

could go to Paris.”IdeaWorks priced award tickets

at each airline’s 10 busiest domes-tic routes and found the highestaverage price among the six big-gest U.S. airlines was 21,800 milesat American. In IdeaWorks’s 2019survey, which covered May-Octo-ber travel dates, American aver-aged 23,700 miles, or 9% more.

The gap at United was farwider: The survey for travel datesthis November, including aroundThanksgiving, averaged 12,833miles, compared with an even25,000 miles in the 2019 survey.

(Though the travel dates aredifferent, Mr. Sorensen sees valuein comparing the 2019 survey to2020. Last year includes summertravel and this year Thanksgiving,

tickets at lower prices across oursystem,’’ Mr. Covey says.

More airlines adjust awardprices with the ups and downs ofcash prices. But offering bargainswith miles has taken on greatersignificance in the pandemic asfrequent-flier programs have lostso much appeal. Since few custom-ers are frequently flying, perks likeseating upgrades, early boardingand free checked baggage have lit-tle value now. Making miles moreuseful can keep the programs at-tractive to consumers and keepthem reaching for airline co-branded credit cards.

That’s particularly important toairlines that have used their fre-quent-flier programs as collateralfor billions of dollars in loans.

12,833Average cost of coach seatson select domestic Unitedflights in November

15,167Average cost of coach seatson select domestic JetBlueflights in November

42,500Average cost of first-classseats on select domesticAmerican flights in November

and they’ve been silenced. There’san emotional strain along with thefinancial hardship.”

For some, classical music is not achoice but a calling. A science ma-jor at Tufts University, Ms. McLeanhad planned a more practical path,but became hooked one night play-ing in Boston Symphony Hall withher youth orchestra. “The rest ofcollege was me doubling down onmusic,” she says, fueled by the newconviction that “I love playing in an

orchestra. I want to do it allthe time, and I will do what-ever it takes to do this asmy job.”

Hugo Valverde, a 26-year-old French horn player inthe Metropolitan Opera or-chestra, describes the shut-down as devastating: “Itfeels like something wasripped away from you.” He’dlanded his seat at the Metafter a blind audition at theage of 22 and last year re-ceived tenure. His financesforced him to return to hisfamily in Costa Rica. Therehe struggled to practice andlay staring at the ceiling

thinking, “What am I going to do?”Jon Carroll, 30, another French

horn player in New York, in Marchlearned that New York’s theaterswere closing as he was traveling toPittsburgh to play a concert. Sincegetting his master’s from the Juil-liard School four years ago, he’dbuilt a freelance career packedwith Broadway musicals, regionalsymphonies, his C Street Brassquintet. “Amazing Grace” was thelast piece in the Pittsburgh con-

Julia McLean’s orchestra job was cut afterCovid-19 hit. Jon Carroll’s music gigs vanished.

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Julia McLean took decades ofmusic lessons, spent thou-sands of hours practicing and

coped with constant grueling com-petition, and in January it all paidoff. She became a full-time violaplayer for the Indianapolis Sym-phony Orchestra.

She wasn’t yet out of gradschool, but “suddenly I was on theroster, playing with this wonderfulorchestra that gets amazing con-ductors—good pay, beautiful halland a beautiful follow-ing,” she recalls. “It feltlike this is it. I did it.”

In March, “Poof,” shesays. “I achieved all ofmy career goals andthen lost my entire ca-reer in five weeks.”

She played just twoof the orchestra’s ma-jor concerts before thepandemic forced Indianapolis andother orchestras around the worldto close their doors for whatwould become the rest of that sea-son and the next. “No one expectsan entire field to disappear,” saysthe 24-year-old graduate of NewYork’s prestigious Juilliard School.“It wasn’t just my job or my or-chestra. It was everything.”

The pandemic has dealt a wither-ing blow to the fine and performingarts in the U.S., according to Mi-chael Seman, a professor at Colo-rado State University and co-authorof a recent Brookings Institutionstudy of the pandemic’s impact onthe arts. It has battered music. Be-fore the pandemic, he calculates,there were about 630,000 jobs formusicians, DJs, composers and con-ductors in live performance, ingenres from classical to rap. Now

WHATHAPPENSWHENTHE ORCHESTRA STOPS

half of those have been wiped out,and it’s unclear how much of theloss is permanent.

Classical music is in crisis asCovid-19 safety concerns have shutdown live performances. Its audi-ence has been gradually slippingfor four decades, and now compe-tition for audience time and atten-tion from online pursuits has onlyaccelerated during the pandemic.Hope for a timely return to thestage ended three weeks ago whenthe Metropolitan Opera, which hadhoped to open on New Year’s Eve,

canceled the rest of itsseason until September2021. Others have fol-lowed suit.

While the in-definite inter-mission hastaken a toll onmusicians of allages, it is partic-ularly tough on

younger musicians who ha-ven’t yet established careersor teaching studios. Many ofthose with jobs have beenfurloughed or laid off as thenation’s 1,600 orchestrashave gone dark. Those whoare close to graduating havenowhere to go. Auditions,usually in spring, have beencanceled or delayed. Musical gigswith Broadway shows, regionalsymphonies, operas and balletshave vanished.

Pre-pandemic, about 160,000musicians played for orchestras,according to the League of Ameri-can Orchestras. “The thing thatkeeps me up at night is the indi-vidual hardship,” says SimonWoods, the League’s CEO. “Musi-cians’ lives are about playing mu-sic for people and communities,

BY BETSY MORRIS

‘No oneexpects an

entire field todisappear.’

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A12 | Thursday, October 15, 2020 THEWALL STREET JOURNAL.

Among the characters inthe new film, “The Trialof the Chicago 7,” is aU.S. Attorney Generalwho calls for a return tothe homespun manners

of his youth. But Aaron Sorkin whowrote and directed the starry film,which is set during the late 1960s,insisted that any similarities withthe present weren’t by design.“The script didn’t change to mirrorevents,” he said. “Events changedto mirror the script.”

”The Trial of the Chicago 7,”available on Netflix from Oct. 16,recounts the real-life events sur-rounding an anti-Vietnam War pro-test that degenerated into clashesbetween demonstrators and policeleading to one of the most notori-ous trials of the 20th century. Mr.Sorkin hewed as closely as hecould to the chaotic events of 1968by shooting the riot scenes at thesame Chicago locations where theyoriginally happened and intercut-ting his narrative with black-and-white documentary footage.

“The Trial of the Chicago 7,”starring Sacha Baron Cohen as theradical activist Abbie Hoffman andEddie Redmayne as his more but-toned-down collaborator and fel-low defendant Tom Hayden, joins aseries of projects tapping into thecurrent climate of civil unrest bylooking back at historical momentsof protest and advocacy.

These include the GloriaSteinem biopic “The Glorias” whichlanded on Amazon Prime lastmonth, Showtime’s new series“The Good Lord Bird” about thefire and brimstone abolitionistJohn Brown, the anthology minise-ries “Little Axe” about the BritishBlack experience from the 1960s tothe 1980s which premieres Nov. 20on Amazon Prime, and “Judas andthe Black Messiah,” a biopic aboutthe Black Panther Party chairmanFred Hampton, due to be released

cupation of Norway advances a little bit further.Some people decide that Russia is the flag to

hitch themselves to, while others become ardentpartisans who want violence. The central charac-ter is the prime minister of Norway who youwant to say is standing up for Norway. But overtime even his resolve is being chipped away. Ifound the series very compelling and eye-openingin terms of what actually can happen.”

An Expert Recommends:‘Hamilton’ (Disney+)

Tom Perrotta’s books include “Election,”which was the basis for the 1999 movie ofthe same name.

“It seems like American political stories—andmaybe all political stories—are about ambition.‘Hamilton’ gives you this energetic, immigrant,outsider character, and you watch him find hisway to ‘The Room Where It Happens,’ which tome is the central political song in the show anda true tour de force of art documenting the pro-cess by which history gets made.

I saw the show right after it moved from thePublic Theater to Broadway. It was a collectiveexperience: electrifying, physical, very in and ofthe moment. In retrospect, it was the signaturework of art from the Obama era: an inclusive,dynamic version of American history that feltlike it belonged to all of us. It was a story aboutdead white men, but it was also a story about

An Expert Recommends:‘A Face in the Crowd’(HBO Max, Amazon)

Thomas Schlamme was an executiveproducer and director of “The WestWing.” He returns to direct the HBO Maxspecial, “A West Wing Special to BenefitWhen We All Vote,” streaming Thursday.It features original cast members in astage adaptation of an episode.

“1957’s ‘A Face in the Crowd,’ is a film aboutan entertainer named Larry ‘Lonesome’ Rhodeswho is plucked from obscurity by a radio pro-ducer, Marcia Jeffries, and becomes an influen-tial national television personality. The idea ofwhat ego and hubris and a lack of a moralcompass can do to the individual and to thecommunity around that person—the journey ofAndy Griffith’s Rhodes—is particularly relevantright now.”

what’s so great about ‘The Bureau’ is that it’snot the big questions that drive the show. It’sthe characters’ relationship to each other andtheir negotiations of power within the office thatreally drive the show forward.”

An Expert Recommends: ‘Occupied’(Netflix)

Erik Larson’s bestsellingbooks include this year’s “TheSplendid and the Vile: A Sagaof Churchill, Family, and Defi-ance During the Blitz.”

“The more I read into the pastand write about the past, the more I see thatthere are patterns. People choose sides. Youwant to think that they choose the moral, up-right side. But in the end, people pursue what’sin their self-interest. And certainly that’s the casein ‘Occupied.’

Climate change is getting out of control, andNorway has figured out how to supply its ownpower needs through renewable means and hasunilaterally decided to stop selling oil. The Rus-sians do not like this. They seize some oil plat-forms and in each episode their slow-moving oc-

An Expert Recommends:‘The Bureau’ (Sundance Now)

Dr. Adom Getachew is a political theoristand an assistant professor of political sci-ence at the University of Chicago.

“Lately I’ve been watching a French showcalled ‘The Bureau,’ that’s basically about a smalloffice in the French equivalent of the CIA. Theshow centers around a spy who has just re-turned from working undercover in Syria. He de-veloped a very close relationship with a womanwhile he was there, and he can’t quite let go ofhis fake identity. The real action starts whenshe comes to Paris for work and they rekindletheir relationship, which generates a whole setof crises.

There’s politics all the way through the show:there’s geopolitical politics between allies like theU.S. and France, who are constantly suspicious ofeach other as well as larger geopolitical ques-tions that the show is also examining. But I thinkCL

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immigrants, told by a Latino and performed pri-marily by Black actors and in a Black musicalvernacular.”

—Edited from interviews withChris Kornelis

FOR ELECTION SEASON, POLITICAL FILMS AND SERIES THAT ARE STREAMING NOW

BY TOBIAS GREY next year. They follow the well-re-viewed miniseries “Mrs. America,”from FX on Hulu, which coveredsimilar ground as “The Glorias,”though from the perspective ofconservative activist Phyllis Schla-fly as played by Cate Blanchett.

Most of these projects were shotbefore Black Lives Matter protestsgripped cities across the U.S., buttheir historic themes already feltcontemporary for producers.“When CAA came to us with thisscript by Aaron Sorkin about racialinequalities, injustices and protest-ing the calcified establishments ofour government—how could younot want to be a part of that?”said Cross Creek’s Tyler Thompsonabout coming on board as a pro-ducer of the film.

Mr. Sorkin finished the firstdraft of his screenplay for “Trial”back in 2007 after being ap-proached by Steven Spielberg whowas then lining itup to direct. How-ever, the projectbecame almostimmediately side-lined when theWriters Guild ofAmerica went onstrike. It re-mained on holduntil 2017 andMr. Sorkin signedon as director.

Mr. Baron Co-hen reached outto the makers of“Trial” about therole of AbbieHoffman. Mr.Baron Cohen had been interestedin Hoffman since his college dayswhen his undergraduate thesis atCambridge University was aboutradical Jews in the civil rightsmovement. The British actordonned a curly wig and adopted aBoston accent for the role, captur-ing what Mr. Sorkin described asthe movie’s “Elvis character whereyou have to pay attention to physi-

cal and vocal qualities.”As Mr. Sorkin completed his

movie, “suddenly protesters werebeing met with tear gas, riot clubsand federal troops,” he said.“Watching the footage every nightof protesters clashing with the po-lice it looked exactly like 1968 allover again.”

Some off-the-cuff remarks Don-ald Trump made about a protester

Streaming Now:Civil Unrest

Aaron Sorkin’s new film, ‘The Trial of theChicago 7’ Comes to Netflix

became even more critical andmore important to get out and toshow all of the things that we’restill struggling with today.”

In “The Glorias,” Ms. Taymorsays she was especially determinedto highlight the role African-Amer-ican women, such as Dorothy Pit-man Hughes (Janelle Monáe) andFlorynce Kennedy (Lorraine Tous-saint), played in leading the secondwave of feminism that emerged inthe 1960s.

“There really is no equivalent toindividuals like Hayden and Hoff-man today because social mediadoes that job now,” Mr. Sorkin says.“Twitter just says get on the streetsand everybody does it so it’s not aswell-organized as it was. Of courseI understand the irony that I’mtalking about a protest being well-organized that ended in catastro-phe, but right up until the final mo-ment it was well-organized.”

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on the eve of the 2016 Nevada cau-cus also spoke to Mr. Sorkin’smovie in a way that he could neverhave predicted, he says. “Trumpstarted waxing nostalgic about the‘old days’ when they would havetaken that guy out of there on astretcher after beating the crap outof him,” Mr. Sorkin says. In “Trial”there is a true-to-life scene wherethe Black Panther Bobby Seale(Yahya Abdul-Mateen II) is shack-led and gagged in the courtroom atthe behest of a judge.

“The Glorias,” which stars AliciaVikander and Julianne Moore asyounger and older incarnations ofMs. Steinem, was also a projectthat its director and co-screen-writer Julie Taymor began devel-oping before Mr. Trump waselected, when she had thought thecountry would have its first femalepresident. “Obviously that didn’thappen,” she says. “So the movie

Above: ‘The Trial of the Chicago 7’ cast includes Jeremy Strong and SachaBaron Cohen, Left: Julianne Moore and Lorraine Toussaint in 'The Glorias.’

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ARCHITECTURE REVIEW

Building Up Their MemoryAmemorial honors the thousands of slaves who constructed the University of Virginia

The Memorial to Enslaved Laborers,designed by Höweler + Yoon, isinfused throughout with symbolism

THE STATE of the environment asapproached by television fre-quently becomes a subject fraughtwith terror, horror, guilt, forbid-ding carbon footprints and intima-tions of imminent incineration. But“The Age of Nature” is not just abeautifully made series, it’s also asurprisingly joyful one. It’s aboutrehabilitation—how humans arecorrecting environmental outragesfrom Panama to Mozambique toCentral China to YellowstonePark—and how forgiving MotherNature can be if we just pay hersome affectionate attention. Themixed message, of course, is thatyou’re tempted to push mom tillyou push her too far. But to judgeby the series, we haven’t quitedone it yet.

The best example of the Earth’sresilience might be the first loca-tion visited, Bikini Atoll—or, rather,the crater left by the 23 nucleardetonations the U.S. set off therefrom 1946-58. More than 60 yearslater, humans still can’t live in theimmediate area, but under theSouth Pacific’s surface, anemones,polyps, sharks and wrasses flourishin and around the coral reefs thathave somehow clung or sprung

back to life. (The camerawork, ledby director of photography GeorgeWoodcock, is exhilarating.)

Elsewhere around the globe,similar acts of restoration and rep-aration are taking place, or alreadyhave: In the ’90s, China’s LoessPlateau, a vast expanse of arablebut powdery soil, had been all butruined by deforestation and graz-ing, until a massive effort was un-dertaken to terrace the land andreforest it. Similarly, theGorongosa National Park in Mo-zambique, which once suffered themultiple threats of warfare, poach-ing, and poaching to finance war-fare, had to be restocked with cer-tain animals—200 buffalo, forinstance, and 180 wildebeest—butother species, such as lions, havere-emerged on their own.

“The Age of Nature,” from BrianLeith Productions Ltd. in associa-tion with BBC Studios Distributionand PBS (new episodes air Wednes-days through Oct. 28), is narratedby Uma Thurman with an earnest-ness that just might grate on one’snerves. But the stories are good,and the lessons sometimes poi-gnant: When cod fisheries in bothNorway and Newfoundland, Can-

TELEVISION REVIEW | JOHN ANDERSON

‘Age of Nature’:Back From the Brink

ada, were on the verge of collapsein the ’90s, Norway responded byceasing to fish, allowing stock toreplenish itself, and now providesthe world half of its cod. Canada

acted too late, exhausted its fisher-ies, and lost the industry for good.Public television is very rarely re-ferred to anymore as “educational”television but “The Age of Nature”certainly educates about one thing,which is that short-term sacrificeis sometimes the only route tolong-term sustainability. The series

reflects on projects that haveproven to work, which often meansthey aren’t happening in the hereand now. The lessons they impart,however, aren’t just timely buttimeless.

The Age of NatureWednesdays, 10 p.m., PBS

BRIANLE

ITHPR

ODUCT

IONS

A protected coral reef off thecoast of Belize

ARTS IN REVIEW

SANJA

YSU

CHAK(3)

trance. The center is empty andplanted in grass, forming its owntightly constricted lawn—morepointed commentary?—that servesas a space for public gathering.Viewed from above, the almostcontinuous circle does doubleduty; it is at once a reference toJefferson’s Rotunda and to a bro-ken shackle.

The most affecting part of thememorial is the fragmentary list ofnames inscribed along its innerwall, which recalls the mournfulroster on the Vietnam VeteransMemorial. But while those individ-uals are meticulously recorded,most here are represented only byfirst names, nicknames, and job

classifications. Blank lines havebeen left, to be filled in as new en-tries trickle in. But even the fullnames that we have tell us essen-tially nothing: What, for example,do we know of the life of Thrim-ston Hern? Still, to have recoveredtheir names from historical obliv-ion is a crucial first step.

Another set of inscriptions runsalong a low stone bench thatforms a second inner circle. Theseform a timeline of events from1619 to 1865, and the entries areappropriately lapidary. For exam-ple, “1850: Three students attack atwelve-year-old enslaved girl in afield near UVA. The students areexpelled.” There is no commentary,and only the imagination and em-pathy of the viewer can supply it.

These are the essential compo-nents of the memorial. Other ele-ments include a pair of nearbyfootpaths, one aligned with thesetting sun on March 3 (the datein 1865 when Union troops arrivedin Charlottesville) and anotherwith the North Star, which guidedthe escape route northward tofreedom. The grove of trees thatforms the setting, we learn fromthe memorial’s website, representsa “hush harbor,” the forest clear-ing where slaves “convened for re-ligious rituals, communal gather-ing and to arrange escape.” Andalong the inner stone bench runs achannel of water representing,among other things, escape byriver or sea.

In a lesser memorial, this hub-bub of symbolism (there is also abarely visible face on the outsideof the enclosure) might drown outthe central theme, as did the alle-gorical overkill of the EisenhowerMemorial in Washington, thisyear’s other important commemo-rative site. A successful memorialshould be self-explanatory, andstate clearly “this is what wehonor,” and not “the circus hascome to town.” Höweler + Yoonhave succeeded because of thestrength of their central motif. Ineffect, it is a cenotaph—the Greekword for empty tomb—the type ofmemorial you build when you donot have the body. It presents aformidable presence even as itspeaks of fathomless absence.

Mr. Lewis teaches architecturalhistory at Williams and reviewsarchitecture for the Journal.

from the lawn.In 2012, the university launched

a comprehensive study of that slaveforce, to assess its contribution andto identify as many individuals aspossible. This proved maddeninglydifficult. The overwhelming major-ity of that population remains poi-gnantly nameless, and the handfulof names we do know are usuallythe result of incidental mentions.Even the skilled builder who raisedthe mighty roof trusses of severalof the pavilions is recorded only as“Sam the carpenter.” The presentmemorial was created to give tan-gible expression to this great gap inthe historical record.

Höweler + Yoon, the architects

who headed the team that in-cluded Mabel O. Wilson, a scholarand architect who specializes inthe intersection of race and de-sign, found a site near Jefferson’sRotunda, which gave them theirpoint of departure. They repeatedits dimensions to make a circularenclosure, bounded by a wall ofgray Virginia granite and open tothe sky. The wall slants sharply, in-side and out, rising eight feet atits highest, a pointed reference tothe height of Jefferson’s famousserpentine brick walls, which hidfrom view the slave yard behindeach of his pavilions. At the otherend, the wall almost touches theground and parts to allow en-

Charlottesville, Va.IN A YEAR OF FALLING memori-als, it is surprising to see an ambi-tious one rise. The Memorial toEnslaved Laborers (2016-20) com-memorates the roughly 5,000slaves who built the University ofVirginia and toiled on its campushere until their liberation at theend of the Civil War. Such a trou-bling theme could easily have beenturned into political poster art. In-stead it has given us somethingrare these days, a memorial wor-thy of the name, one that standsboldly on the campus to speakmovingly of tragedy, suffering, andthe dignity of the human spirit.

The University of Virginia wasthe inspired creation of ThomasJefferson, whose campus is itself atextbook of architecture. Healigned ten pavilions, each in a dif-ferent classical style, to face oneanother across his celebratedLawn. Here, above their class-rooms, lived the professors, whilestudents lived in smaller roomsbetween the pavilions. All weredrawn together by a continuouscolonnade, culminating at one endin Jefferson’s great rotunda, aparaphrase of the Roman Pantheonthat served as the university li-brary. The other end was open to aview of the Virginia countryside,juxtaposing nature and civilization.The ensemble has been calledAmerica’s finest man-made objectand is justly famous. Less wellknown is that the campus literallyrested on slavery, the cellar ofeach pavilion housing its profes-sor’s own team of slaves, invisible

BY MICHAEL J. LEWIS

P2JW289000-0-A01300-1--------XA

A14 | Thursday, October 15, 2020 * * THEWALL STREET JOURNAL.

INABIND | By Alan ArbesfeldAcross1 Hindi honorific6 Bill stamp10 Woofer’s output14 Refrain from

singing15 Home to most

people16 Ornamental

plant with arosette of leaves

17 Broadcastnetwork, e.g.

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20 1960s hot spot,for short

21 Outlaw23 Revises24 “Ever hear of

that ‘Crazy LittleThing CalledLove’ band?”?

28 Big name inwater filters

29 365 giorni30 Recipient of 36

Tejano MusicAwards

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say?41 Speech ender,

at times42 1998 recipient

of the PGATour LifetimeAchievementAward

45 Part of a movingexperience?

48 Gold medalist inthe firstOlympicsdecathlon

51 Freedom fromworry

52 Bridge opening,for short

54 Fashionableshawl?

56 Pious58 Guadalajara

gold59 USA’s opponent

in the Ryder Cup60 Disastrous

promotion at aretail giant?

63 “FiveWeeks ina Balloon”author

65 John/Ricemusical

66 It’s about a foot67 Gilmore in the

Basketball Hallof Fame

68 Large quantity

TheWSJ Daily Crossword | Edited by Mike Shenk

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Solve this puzzle online and discuss it atWSJ.com/Puzzles.

T E S L A B A T H D U A LE S T E R A R E A I P S OS P O O F K I E V V O T ET O O N P E Z E R E N O W

D O T E R S N A R E R SF O U R W A Y S T O P SR U P E E A R T E S P NO C T E G G T O S S O R ES H O O R O O I S L E T

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70 Conundrums,or, if read asthree words, thispuzzle’s theme

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3 Pleasing,musically

4 It’s surroundedby eau

5 Chips variety6 Dweller alongthe Platte

7 Wood that canbe turned intoitself?

8 Rightmostnumber onsome faces

9 Input stuff10 Charlie

preceder11 Self-titled

debut album of1991

12 Did businesswith

13 Fluctuate wildly19 Sets sail22 Neighbor of It.25 Mastered, as

poker26 Hyundai

compact

27 River underthe Peter theGreat Bridge

31 “___ mezzodel cammin dinostra vita...”(start of Dante’s“Inferno”)

34 Offer forconsideration

36 Muscularpower

38 Morse morsel39 Doesn’t need

assistance40 Warmer, in a

way43 How an

effective teamworks

44 Lower45 Bar stock46 Listless47 “Bonanza”

setting49 Digs deeply50 Eustachian tube

end53 Missile-detection

org.55 Roger lost to him

atWimbledon in2019

57 Half a fl. oz.61 “So that’s your

game!”62 Unkempt do64 Southwest

terminal?

The University of SouthFlorida learned the hardway who the most es-sential workers in foot-ball during the pan-

demic are: long snappers.Long snappers are the unher-

alded specialists who hike the ballfor field goals and punts. At USF, afreak confluence of events, high-lighted by a cluster of Covid-19cases on the Bulls roster, quicklycreated a giant headache for headcoach Jeff Scott.

A knee injury knocked out SouthFlorida’s returning long snapper inpreseason camp. Backup Bryce Ber-nard—a freshman who the teamdesperately recruited from thevideo department—couldn’t travelto a game at Notre Dame due tocontact tracing after a coronavirusoutbreak on the team began. Theoutbreak also ravaged the team’sdepth, removing linebacker Anto-nio Grier as an emergency option.

So against Notre Dame on Sept.19, the job fell to Ian Deneen, theteam’s third stringer. His first twosnaps flew off-target, resulting in adesperate kick for a one-yard gainand a blocked punt. That’s whenScott did something unthinkable:he asked his quarterback to givethe “pooch punt” a college try, amaneuver of last resort that in-volves the signal caller kicking theball high and short with the hopesof minimizing the opposing team’s

their expanded rosters so theydon’t end up like Austin Peay. Sev-eral teams this year have usedvaluable protected spots on thepractice squad—which limits otherteams from poaching them—onlong snappers.

The Tennessee Titans wishedthey had stashed one away. For ateam that faced an uncertain futureamid an outbreak, it was theirmost uncertain position. When longsnapper Beau Brinkley was placedon the league’s Covid list, the Ti-tans suddenly worried about find-ing a replacement.

That wasn’t easy considering thereason Tennessee faced this prob-lem in the first place. It’s neverbeen more difficult to replace aBeau Brinkley. The team’s facilitieswere closed because of the virus.The team wasn’t allowed to holdin-person activities. There are alsosignificant restrictions on bringingplayers in for workouts, while anyplayer that’s brought in has to testnegative for several days beforejoining his teammates.

“That’s something we’ll have todeal with,” coach Mike Vrabel saidlast week.

But in the end, the team didn’thave to worry about Brinkley’s re-placement meeting his teammateswhen he stared between his legsfor his first snap. By the time theTitans returned to game action onTuesday after more than twoweeks off, Brinkley was allowed toplay.

BY LAINE HIGGINS AND ANDREW BEATON

Football’s Most EssentialWorkersThe pandemic has reminded teams that one position is a nightmare to replace—long snapper

WeatherShown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.

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Alabama coach Nick Saban

SabanTestsPositiveFor Virus

After skating through threeweeks of competition un-scathed, the SoutheasternConference was rumbled bythe coronavirus pandemic asAlabama’s 68-year-old headcoach Nick Saban tested posi-tive for Covid-19 and two ofthe league’s seven games thisweekend were postponed afteroutbreaks on the Vanderbiltand Florida rosters.

Alabama athletic directorGreg Byrne also tested posi-tive, the school said. He andSaban, perhaps the game’smost prominent coach, bothsaid in statements that theywent into immediate isolationafter receiving their results.

An SEC spokesman said thatSaturday night’s game be-tween No. 3 Georgia and theNo. 2 Crimson Tide in Tusca-loosa, Ala., one of college foot-ball’s biggest of the season, re-mained on track as scheduled.

Of the three major confer-ences currently playing games,the SEC outlasted the AtlanticCoast and Big 12 Conferencesin keeping its modified, con-ference-only schedule intact.However, it was never immunefrom outbreaks. Nearly half ofthe 14 teams in the leaguepaused workouts at somepoint in the months since ath-letes were welcomed back tocampus in early June afterclusters of Covid-19 casesemerged on the rosters.

Some of football’s bestcoaches represent one of thehigher-risk groups for con-tracting covid and for experi-encing complications. Theywork in close proximity to so-cially circulating college stu-dents, and they’re often intheir late 50s to late 60s. Sa-ban turns 69 years old laterthis month.

“At this time I do not haveany symptoms relative toCovid,” said Saban in a state-ment. “Offensive coordinatorSteve Sarkisian will overseepreparations at the complexwhile I work from home.”

BY LAINE HIGGINSAND RACHEL BACHMAN

return.Such mishaps are why the pan-

demic season is prompting footballcoaches to proclaim their respectfor the lowly long snapper.

“Ask any football coach in Amer-ica and…they might be the MVP ofevery football team,” said interimAustin Peay coach Marquase Lov-ings, who found himself in a simi-lar predicament when all three ofhis long snappers, and most of hispunters, were sidelined by contacttracing.

The long snapper is perhaps themost specialized—and most easily ig-nored—player onthe football field.They spend hoursbending over up-side down, chuck-ing balls betweentheir legs withspeed and pinpointprecision. Nobodypays any attention to them unlesssomething goes horribly awry.

But with the coronavirus maul-ing depth charts on short noticeand scrambling schedules, badsnaps are suddenly central to theoutcome of some games.

It’s a problem facing the small-est colleges—and the biggest NFLteams. More than a dozen playerson the Tennessee Titans havetested positive for the virus overthe past two weeks. There was onlyone for which they didn’t have abackup: their long snapper.

Blooper reel moments involvinglong snappers are especially glar-ing because they have one job andthey’re extraordinarily good at it.Over the past 10 NFL seasons,through last week, there have been42,417 long snaps. Only 40 havebeen so bad that the team wasn’table to attempt the kick, accordingto Stats LLC. That’s 0.09% of thetime. It also explains why it’s sucha disaster when anyone else has tostep in.

Even in college football, wherefans painstakingly bemoan the poor

state of their team’sspecial teams, thedata show the longsnapping is remark-ably accurate. Just259 or 0.20% of thelast 132,998 longsnaps attemptedsince 2012 have re-sulted in an abortedkick or punt. In the

small sample size that is the firstfour weeks of the 2020 season0.29% of long snaps have causedkicks to go similarly south—aseemingly minuscule number thatactually is a 61% increase over lastseason. That also doesn’t includetimes when teams still manage toget a kick off, albeit a sad one, af-ter bungling the snap.

That’s also why teams are takingextraordinary measures to safe-guard this position in 2020. MostNFL teams typically carry only onelong snapper. But they’re using

Nobody pays anyattention to themunless somethinggoes horribly awry.

South Floridalong snapperBryce Bernard

SPORTS

P2JW289000-2-A01400-1--------XA

THEWALL STREET JOURNAL. Thursday, October 15, 2020 | A15

Spires andSkyscrapersGod in GothamBy Jon Butler(Belknap/Harvard, 308 pages, $29.95)

BOOKSHELF | By Katrina Gulliver

A re you there, God? It’s me, Manhattan.In 1923, a visionary, tech-savvy deacon at Calvary

Baptist Church, on West 57th Street, rigged up a low-wattage transmitter to spread the gospel via the newmedium of radio. Calvary’s pastor, John Roach Straton, hadnational ambitions for his on-air ministry: “When I twistthe devil’s tail here in New York,” he boasted, “his squawkwill be heard across the continent.”

Many of the city’s churches followed suit, each chasingits dream of a cathedral without walls. Much of this activitywas short-lived, as low-power signals could not competewith the emerging superstations and network affiliates.But some kept at it: The Jehovah’s Witnesses’ station,WBBR, broadcast continuously from 1924 to 1984. New Yorkin the early 20th century was the center of media innova-tion, so it is not surprising that religious leaders would bequick to adopt new methods of evangelism. They pressedrecords of sermons and sold them by mail order, and someeventually became television pioneers as well.

In “God in Gotham: The Miracle of Religion in ModernManhattan,” Jon Butler considers these media innovationsas but one part of religion’s evolving role in the city. As the

urbanization of the 19thcentury created worriesamong religious leaders thatcity dwellers were losingfaith, churches adapted andthe role of religion inpeople’s lives changed. Mr.Butler, an emeritus professorof history, religion andAmerican studies at Yale,argues that far from being aSodom on the Hudson, NewYork was a center of religiousdynamism throughout the20th century.

Every creed saw the needto hold its followers’ attention

against the distractions of thecity. Synagogues founded libraries, concert halls and gyms;AME churches established lyceum societies where theirmembers could meet. Every Christian denomination foundways to stay involved in their congregants’ lives beyondregular services. The Catholic Church spread its influence byfounding educational and benevolent institutions. Mr. Butlerreminds us that New York was a center for Catholicreligious orders too, their numbers rivaling any city’sexcept Rome. By the 1920s, Brooklyn alone was home to 20orders of nuns that staffed hospitals, schools, orphanagesand missions to the poor.

Mr. Butler sees in midcentury Manhattan an “out-pouring of individual and institutional religious creativityunsurpassed in any other twentieth-century Americanlocale, urban or rural. [Mordecai] Kaplan, Abraham JoshuaHeschel, and Joseph Soloveitchik recast understandings ofJudaism. Dorothy Day, Adam Clayton Powell, and his sonAdam Clayton Powell Jr. asserted the worldliness ofreligion, finding in it a powerful motivation to politicalaction. Reinhold Niebuhr, Paul Tillich, Jacques Maritain,and Norman Vincent Peale transformed theological andcultural conceptions of religion in ways that have hadenormous, lasting impact.”

These and other charismatic leaders faced the challengesof the 20th century in their idiosyncratic ways. But asdifferent faiths lived cheek by jowl, New York also fosteredinterfaith cooperation. The National Conference of Jewsand Christians was organized in 1927. (In 1938, it becamethe National Conference of Christians and Jews, and in 1998the National Conference for Community and Justice.)Leaders of different faiths marched together for civil rights.

This tolerant, ecumenical spirit seems organic to a cityin which religious buildings are abandoned and then repur-posed by successive groups: today’s Baptist church may

once have been Presbyterian; yesterday’s synagogue maynow be a chapel. Different ethnic groups moved throughneighborhoods or eventually out of the city, only to bereplaced by newcomers in each generation. Worship hasalways taken place, too, in living rooms and storefronts,as members of smaller faith groups discover one another.The crowds of immigrants arriving in early 20th-centuryManhattan gave plenty of opportunities for outreach, asnew arrivals sought out co-religionists. The Catholic Churchfound itselfcreating not only many more parishes but alsosmaller churches within each parish addressing the needsof various ethnic and linguistic groups. These churchesthemselves became markers of the city’s evolution, asItalian names on memorials of the 1940s and ’50s gaveway to Vietnamese names by the 1980s.

Religion shaped and was shaped by modern culture inother ways too. Norman Vincent Peale, author of “ThePower of Positive Thinking” (1952) and a leading influenceon the Prosperity Gospel, was minister at Marble CollegiateChurch on West 29th Street. It makes sense that the self-help success-vision of Protestantism would thrive in thefinancial capital of the United States. Peale’s vision hasshaped generations of nondenominational Christiansacross the country.

Some strains of religious influence are now on the wanein Manhattan. Mainline Protestantism claims a muchsmaller percentage of the city’s population than it did acentury ago. But Calvary Baptist remains an example ofmelding traditional worship with the opportunities of themodern city. In 1923, Calvary was the first church tooperate its own radio station; it later sold its call lettersbut still hosts a weekly broadcast on WMCA AM 570 andrecently launched Spotify and YouTube channels. Its “sky-scraper” church fits more easily into an urban block than atraditional nave and spire, and part of its complex wasbuilt as a residential hotel to serve as a source of income.

Not all have been so lucky. Churches that weren’t blessedwith large endowments decades ago struggle with risingmaintenance costs and dwindling congregations. As in thepast, some of these churches will eventually become placesof worship for other groups, perhaps some yet to arrive.But Mr. Butler sees hope for the city’s religious future, in theform of evangelical Christianity, Orthodox Judaism and thearrival of new faiths from around the world.

Ms. Gulliver is writing a modern history of urban life.

Far from being a Sodom on the Hudson,New York was a center of religious dynamismthroughout the 20th century.

The Constitution Makes Beautiful Music

A utumn is here, which inmy neck of the NorthCarolina woods means

two things. First, nature’ssplendid beauty is on displayin the turning of the leaves.Second, my fourth-grade sonis wrestling with his multipli-cation tables.

I can certainly relate to thenightly struggles. Multiplica-tion wasn’t intuitive to me, ei-ther. I broke many a pencil infrustration during the Carteradministration.

Driven by a parent’s desireto help and no small amountof nostalgia, I searched the in-ternet for “SchoolhouseRock”—in particular, the“Multiplication Rock” epi-sodes. They did not disap-point, either artistically nordidactically, when I sharedthem with my son. Hopefully

they will bear the same fruitfor him as they did for meyears ago.

No child of the 1970s canreconnect with “SchoolhouseRock”—a series of educationalcartoons, set to catchy music,that ran between Saturday

morning shows on ABC from1973-84—without comingaway with a profound sense ofgratitude. What great pro-gramming! The contributionmay not exactly have beenBattle of Britain heroism, butWinston Churchill’s words stillsomehow seem right: Never

was so much owed by somany to so few.

The creative team that gavemy generation “MultiplicationRock” didn’t stop with arith-metic. “America Rock” taughtus to take pride in our na-tion’s glorious history. “Gram-mar Rock” strengthened ourreading and writing, prepar-ing us for the basic duties ofcitizenship. “Science Rock”even managed to make phys-ics seem cool!

How relevant are “School-house Rock’s” lessons to metoday? Let’s just say beforeusing the exclamation pointabove, I sang “Interjectionsshow excitement or emotion”softly to myself to confirm.And I’m surely not the onlylawyer around my age whofinds it easier to sing the Pre-amble to the U.S. Constitutionthan to recite it.

My quixotic walk down

memory lane uncovered onefinal point worth sharing.“Three is a Magic Number,”the pilot episode, was thebrainchild of an advertisingexecutive named David Mc-Call. He wanted to help hisown young son, a boy whocould remember rock-’n’-rolllyrics but struggled with mul-tiplication tables.

Tensions are running highin our great nation. This yearcontinues to test our mettle,with no signs of abating. But acountry where a father’s gooddeed echoes for decades, asMr. McCall’s has done, is morethan a land worth preserving.It’s a land worth loving.

It’s too bad “SchoolhouseRock” isn’t being producedanymore. That would make agreat episode.

Mr. Kerrigan is an attorneyin Charlotte, N.C.

By Mike Kerrigan

My son’s struggle withmultiplication led tomy rediscovery of‘Schoolhouse Rock.’

OPINION

T he 2020 campaign hasentered its stretch run.Though early voting

just began, at least 14.9 mil-lion people have already casta ballot. This points to anelection turnout that willeclipse 2016’s total of 138 mil-lion votes.

President Trump is nowtrailing nationally by doubledigits in public polls. Freshoff recovering from coronavi-rus, he returned to the trailMonday with a rally in San-ford, Fla.

In a campaign that has of-ten veered toward the darkside, Mr. Trump was a happywarrior that night, displayingenergy and pizazz. He clearlyenjoyed bathing in his sup-porters’ adoration and evenbriefly danced to the VillagePeople’s “YMCA” as the rallywrapped up. It was as if heunderstood, at least for onenight, that Americans want tosupport someone who thinkshe’s got a real chance and isfighting through to victory.

His attacks on his Demo-cratic rival, former vice presi-dent Joe Biden, were deliv-ered with a smile andreceived with laughter by thecheering crowd. Mr. Trumpwas more focused than usual,dwelling on differences overtax cuts, China, energy andthe Supreme Court. He alsomade his first sustained effortto call out Mr. Biden for Mon-day-morning quarterbacking

Trump Has No Time Left to Spareon Covid-19. Mr. Trump’s dis-cipline likely caused his staffto hope he’ll now reprise thedecisive closing weeks of2016, when he mostly stayedon script.

Closing the gap won’t beeasy. Mr. Trump must prose-cute the differences betweenMr. Biden’s very liberal state-ments during the primary(e.g., “We are going to get ridof fossil fuels” and “I’m goingto eliminate the Trump taxcuts”) and his attempts nowto make those comments dis-appear. Team Trump has donetoo little of that so far. Thepresident is a showman; heshould be able to drive thishome. For example, he couldhighlight problematic Bidenstatements by playing videosof them on a giant screen athis rallies.

The president must closeon his strength—the econ-omy—on which people trusthim more than they do Mr.Biden. Gallup recently askedAmericans if they are betteroff today than four years ago.An astonishing 56% said yes,despite the pandemic and re-cession. By comparison, 45%said yes as President BarackObama’s 2012 re-electioncame to a close and 47% atthis point in President GeorgeW. Bush’s 2004 campaign.

As for Mr. Biden, he con-tinues playing the prevent de-fense, trying to avoid sayinganything memorable as heflies to battleground states tomeet with important sub-

groups of the electorate. But alocation and a group are not amessage. Nor are ads a sub-stitute for one.

Mr. Biden’s spots are omni-present on television in bat-tleground states, the result ofa fundraising machine thatgenerates money almost asfast a Democratic Congresswould spend it. Team Bidenhas bought far more 60-sec-ond ads than any presidential

campaign in history, evidenceit has more money than itknows what to do with. Min-ute-long ads cost much morethan twice as much as 30-sec-ond spots.

The ads consist mostly ofgauzy footage of Mr. Bidenpromising normalcy or at-tacks on Mr. Trump that areoften fanciful or have beenawarded “Four Pinocchios”by liberal newspaper fact-checkers.

Despite Sen. Bernie Sand-ers’s comment that Mr. Bidenwill be “the most progressivepresident since FDR,” there’slittle pretense that the Demo-cratic nominee is running onan agenda. He’s running on amood. That may be enough towin, and even win big. But if

he’s elected, Mr. Biden wouldnot have much of a mandateto do anything except not beDonald Trump. If Mr. Bidenmoves to fulfill the Demo-cratic Party platform and the“Biden-Sanders Unity TaskForce Recommendations,” ex-pect Americans to rebuke theparty’s leftward lurch in a2022 rout that makes the2010 GOP midterm victorylook modest.

But first things first. Theelection is less than threeweeks away. The RealClear-Politics average has Mr. Bidenup nearly 10 points nationallyand ahead in all but a fewbattlegrounds, though Ari-zona, Florida, Georgia, Iowa,North Carolina and Ohio arewithin the margin of error.The Democratic nominee’s fa-vorables have also gone up.He’s in the catbird seat. Ofcourse, so was Hillary Clintonaround this time in 2016.

The situation today is moredire for Mr. Trump. Fouryears ago, he needed astraight—and drew it. Thistime he needs something likea royal flush. In such a bi-zarre year anything is possi-ble. But possible doesn’tmean likely. As insurance, Re-publicans better fight like hellto keep the Senate.

Mr. Rove helped organizethe political-action committeeAmerican Crossroads and isauthor of “The Triumph ofWilliam McKinley” (Simon &Schuster, 2015).

He finally showedsome discipline atMonday’s rally. Nowhe needs to keep it up.

By Karl Rove

Sen. DianneF e i n s t e i nwon’t ever re-peat thephrase shemade famousduring JudgeAmy ConeyBarrett’s 2017appeals-courtconfirmationhearing: “The

dogma lives loudly withinyou.” That is a line worthy of agreat drama, such as RobertBolt’s “A Man for All Seasons.”It will remain the most memo-rable thing Sen. Feinstein eversaid. And it should. The dogmalives loudly within you.

Though not even Sens.Mazie Hirono and Dick Durbinwill revive their antique Cath-olic stereotypes so close to anational election, Mrs. Fein-stein was onto somethingworth more discussion.

Clearly the senator wasstruck that sitting before herwas a relatively young womanof authentic and deep reli-gious conviction. If this werethe 1940s or ’50s, that wouldhave passed unnoticed. Notnow.

This week, the New YorkTimes published an article bythree cultural anthropologists(identified as reporters) whowere sent to the Midwest andSouth to discover the originsof Judge Barrett’s religiousbelief.

Days earlier, another exca-vation team from the Wash-ington Post produced a similarpiece, called “Amy Coney Bar-

Amy Coney Barrett’s Religiosityrett served as a ‘handmaid’ inChristian group People ofPraise.” By the Post’s model ofjournalistic insinuation, Peo-ple of Praise is about two re-moves from the Branch David-ian cult.

A Justice Barrett, writesthe Times, “will represent arising conservatism subtly dif-ferent” from the court’s fiveother Republican-appointedmembers. That subtle differ-ence, the paper notes, is her“Christian” conservatism.

This by itself is hardly con-sequential, but the Timeswriters make clear, repeatedly,that Judge Barrett’s religiosityis . . . well, how can one putthis? Let us just say that herreligiosity is conveyed as notwhat one would expect to findin polite company today. Atleast not theirs.

“Judge Barrett has beenshaped,” the paper writes, “byan especially insular religiouscommunity, the People ofPraise.” The group “has astrict view of human sexualitythat embraces once-tradi-tional gender roles.”

“Critics” say her life hasbeen spent “in a cocoon oflike-minded thinking that inmany areas runs counter tothe views of a majority ofAmericans.” For instance,“her family kept expanding,with a new child an averageof about every two years.”When Mrs. Barrett got a textmessage that Justice AntoninScalia had died, she “was in achurch vestibule after Mass in2016.”

Chasing Christians into theunderground went out in thefourth century, but with AmyConey Barrett’s nomination ithas apparently become neces-sary to revive it in 21st-cen-tury America.

This isn’t just about Roe v.Wade. That subject arriveslike the rain with every Re-

publican Supreme Court nomi-nee. What is reflected here isthe profound incomprehensi-bility of Amy Coney Barrett tothe caretakers of modern cul-ture. There is somethingabout her that is threaten-ingly traditional—the big fam-ily, the unapologetic Midwest-ern wholesomeness, a faiththat extends beyond going tochurch on Sunday to livingher religious beliefs each daythrough People of Praise.

The article in the New YorkTimes, like its companionpiece in the Washington Post,is one long dog whistle. Itswarning is not about JudgeBarrett herself, who will foldinto the life of the SupremeCourt, but the possibility thatothers who share or are at-tracted to her active religios-ity might be rising out therein the country to pose a threatto the secular dominance ofAmerica’s cultural mores thatbegan some 60 years ago.

The new counter-belief sys-tem back then argued thatshared community valuesgrounded in religious belief—or virtue of the sort evident inthe Barrett family—imposesunnecessary constraints onpersonal or private behavior.

Why this tension shouldhave divided eventually intoliberal versus conservativeisn’t immediately obvious.There still are many liberaltraditionalists. But it did. Sonow the possible appearanceof a “conservative Christian-ity” needs to be delegitimized,or canceled, before it spreads.Perhaps it is a sign of thedominant culture’s lack ofconfidence in the durability ofits own value system that itsmain tool of opposition isn’targument but suppression andcondescension.

Still, under the circum-stances one may ask: What hassecularist dogma achieved?

The demotion of an activelypracticed religion’s self-orga-nizing and self-discipliningfunction in American life hasbecome a sustained social di-saster. Though not intendedas a reply to Sen. Feinstein’sconcerns about belief, Attor-ney General William Barr de-fended the importance to free-dom of religious practice in aneloquent 2019 speech at NotreDame Law School.

This decline was less no-ticeable so long as public-school teachers still conveyedthe basic ABCs of right andwrong. But they stopped do-ing that, which left . . . noth-ing. The result is on America’sstreets—an increasingly ab-surd, often destructive chaosof half-formed personal andcivic sentiments.

And so with this one per-son, a nominee to the Su-preme Court, we arrive at Sen.Feinstein’s mystified asser-tion: The dogma lives loudlywithin you. That is true, sena-tor, with one small edit. Herfaith lives strongly within her.How sad if modern liberalismcannot abide the hopeful cen-ter of Amy Coney Barrett’slife.

Write henninger@wsj.com.

Sen. Feinstein wasonto something whenshe said, ‘The dogmalives loudly within you.’

WONDERLANDBy DanielHenninger

GRE

GNASH

/POOLVIA

REUTE

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Normalcy? Not From a Biden AdministrationRegarding Peggy Noonan’s “Biden,

Pence and the Wish for Normalcy”(Declarations, Oct. 10): If Joe Biden’sDemocratic Party eliminates frackingand fossil fuels via a Green New Deal,makes D.C. a new state to ensure a per-manent Democratic Senate majorityand packs the Supreme Court to enactleft-wing policies that would neverpass through legislation, how exactlywould that be a return to normalcy?

CHRISTOPHER MARTINSONSherman Oaks, Calif.

Ms. Noonan suggests that the issuessurrounding Hunter Biden are smallthings. Maybe she could explain to usdeplorables how anyone can hop a rideon Air Force Two to China and comehome with $1.5 billion in capital to in-vest; how it is easy to get a UkrainianNatural Gas Company to give you aseat on its board and pay you $83,000a month even though you know noth-ing about the business or how the wifeof Moscow’s then mayor sends $3.5

million to anyone who asks? A “gar-bage” issue for Ms. Noonan, but notfor me.

Political corruption is a cancer thatdestroys the freedom and prosperity ofthe average citizen.

DOUGLAS J. GABELBoyne City, Mich.

Ms. Noonan positions Joe Biden asnormal. Apparently her version of nor-mal is his full adoption of the BernieSanders’s plan and the selection of Ka-mala Harris as his running mate, inmany ways the most liberal of all sena-tors. For us Republicans, normalcymeans moving back to the center, notthe far left. We want to keep the cul-ture and institutions of our countrybecause we know they represent thebest of the best throughout the world.We are open to thoughtful, continuedimprovements supported by all Ameri-cans—not just the coastal liberal class.

MIKE BROWNChesterfield, Mo.

LETTERS TO THE EDITOR

“He just returned froma motivational seminar.”

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.

Copyright Law and iPhones Too Easy to UseIn “Is Your iPhone Too Easy to

Use?” (op-ed, Oct. 7), Kent Walker andBrad Smith worry that if the SupremeCourt allows copyright on certain as-pects of computer software, the resultwould stop progress. The authors failto understand how and why copyrightrights are enforced.

Here’s an argument analogous totheirs: We can’t possibly allow authorsof novels to prevent their books frombeing published and sold. The world ofliterature depends on publishers beingable to reproduce books in multiplecopies and books stores to stock anddistribute these copies. If authors hada right to stop these activities, booksand book sales would cease; thinkabout the loss of knowledge embodiedin books—surely we can’t allow au-thors to put a stop to all that.

And yet authors do have a right to

stop publication and sale of their booksunder the law of copyright. They don’tenforce those rights, though, preciselybecause it’s in their interest to allowpublication and sale to happen.

Similarly, the creators of the soft-ware interfaces (so-called applicationprogramming interfaces or APIs) at is-sue in the Google v. Oracle case willtypically have an interest in more,rather than less, use of their workproduct. Adoption of their work as astandard will increase the uses of theirown software and create economies ofscale. It’s in their interest not to pre-vent this adoption.

Messrs. Walker and Smith’s argu-ment unfortunately ignores this basicfact of copyright law.

EM. PROF. TROTTER HARDYWilliam & Mary School of Law

Williamsburg, Va.

Mental-Health Responders Can Help PoliceIn “Coronavirus Delivers an Octo-

ber Surprise” (Declarations, Oct. 3),Peggy Noonan dismisses as “ridicu-lous” Joe Biden’s suggestion duringthe debate that a psychiatrist re-spond to 911 calls involving personswith serious mental-health problems.The idea isn’t as ridiculous as youthink. While a psychiatrist is unlikelyto accompany police, responderstrained in mental health can andshould. In Manchester, N.H., the po-lice have joined forces with local so-cial-service agencies to implementAcert: Adverse Childhood ExperiencesResponse Team. When police respondto a domestic-violence call or a drug-related call, and so on, there are of-ten children present who have wit-nessed these events, and are likelyexposed to other social, physical and

psychological circumstances that canhave long-term consequences fortheir development. Trained child ad-vocates may either ride along withthe police on these calls or within24-48 hours will visit the premises totalk with the parents, make referralsfor counseling, etc. This approach isactually common in many countries,such as Australia.

Police responders either needtraining in handling people who arementally ill or they should be able tocall trained personnel for back up tohelp de-escalate the situation if pos-sible. Mental illness, like physical in-jury or illness, requires an expert re-sponse. The idea isn’t ridiculous atall; it is timely.

KATHLEEN THIES, PH.D., R.N.Bedford, N.H.

Pepper ...And Salt

Racism and the Only Right Way of ThinkingI appreciate the article “Race De-

bate Divides Illinois School District”(U.S. News, Oct. 7) about equity inEvanston’s schools. I have beenwatching the story unfold formonths. It has been deeply disheart-ening to see an area that needsmeaningful change to be polarizedas racist or antiracist. The schoolboard’s position that those whochallenge the district’s policies andprotocols are resisting equity andmaintaining white supremacy hasdestroyed any possibility for dia-logue and limited the change thatcan be effected. Saying this in Evan-ston earns you the label of racist. It

is an easy way to dismiss a voice.Evanston is an affluent commu-

nity. It is also a community thathighly values education. We havewatched the conversation on socialmedia allowing dialogue for onlyone view with no space for gray ar-eas or collaboration to find a betterway. Within Evanston is a silentgroup that doesn’t want to becalled racist. Many in this silentgroup are doing real equity work inthe community and have been foryears. Torn by the value of provid-ing the best educational opportuni-ties for their families and navigat-ing the current environment, theeasiest answers are to leave thecommunity or to find privateschools. Both outcomes deeply hurta community that has financial defi-cits and an exodus due to newfoundlocation freedoms.

I hope Evanston can find a placefor dialogue and a pathway forwardthat is equitable for all its children.Everyone can win if we can get pastthe zero-sum thinking of “resourcehoarding.”

TODD PAULEvanston, Ill.

Adams Considered People’sVote in 1800 and Ignored It

Can Sen. Joe Manchin please ex-plain the difference between a “be-fore the election” appointment andan “after the election” appointment(Letters, Oct. 12)? Is there somethingmagical about the time before anelection that makes it inappropriatefor a Supreme Court nomination? Oris the left wing arguing that the peo-ple should have their say in the elec-tion before any appointments aremade? Because if it’s this second ar-gument, then the Journal is makingan excellent point about the JohnAdams nomination and confirmationof John Marshall. Despite having lostthe election, President Adams stillappointed the new chief justice.President Adams carried out his du-ties as president until the last day ofhis term. He didn’t concern himselfwith the results of the election of1800. He was fulfilling the will of thepeople as expressed in the electionof 1796.

ELIYAHU KAUFMANDallas

Facebook’s Conservative Emergency

T he German Marshall Fund (GMF) is aninfluential think tank based inWashing-ton, D.C., named for U.S. Secretary of

State George Marshall’s 1948plan to help European coun-tries resist Communism.Whata shame that in 2020 the outfitis promoting political suppres-sion of conservative news,with state media as a recom-mended replacement.

This week GMFpublished a report under theheadline “New Study by Digital NewDeal FindsEngagement with Deceptive Outlets Higher onFacebook Today Than Run-up to 2016 Election.”Recall that Facebook was one of several scape-goats that the left fixated on for losing that elec-tion. This year corporations and activists havebeen waging a media and boycott campaignagainst the social-media giant to demand it cen-sor more content. The GMF report, which wasquickly amplified in theNewYork Times andAx-ios, is worth examining because it shows whatthe exercise is really about.

What are these “deceptive outlets” thatmostconcern the Marshall Fund researchers? In aword, they’re conservative. Engagement withpolitical outlets that “fail to gather and presentinformation responsibly—especially Fox, DailyWire, and Breitbart—has grown 293 percent,”the report claims.

While left-leaning sites are also labeled as de-ceptive in the GMFmethodology, “the top sitesare conservative,” the authors say. They add that“Fox News is of particular interest as it garnersthemost interactions of any of the sites.” Its “ir-responsible and misleading claims” include“that social distancing has not stopped thespread of the coronavirus.”

Such outlets allegedly “pose a threat to in-formed democratic discourse.” Their contentreaches readers because it is “often oppositionalto ‘mainstreammedia’ and so-called elite or con-ventional wisdom.” The horror!

Naturally, the report has a solution: StopFacebook users from seeing content that rudely

challenges elite views. The authors conclude that“de-amplifying—or adding friction to—the con-tent from a handful of themost dangerous sites

could dramatically decreasedisinformation online.” Pre-sumably Facebook can swap inunimpeachable sources likeCNN.

While there is genuinemis-information on Facebook, the

company has been cracking down. The censor-ship pressure against the company is about con-trolling political speech. Right-of-center siteshave grown in popularity online as alternativestomainstream news sites that have become re-lentlessly and almost uniformly left-wing, espe-cially in the last four years.

Yet respectable Washington hasn’t come totermswith theway the internet has changed themedia landscape, and still fantasizes about re-imposing its own information monopoly. TheGMF report suggests “a newPBS of the Internet,funded by a fee on online ad revenue.” Criticssometimes refer sarcastically to pro-Trump in-dependent outlets as “statemedia,” but liberalsare promoting genuine state media.

Social media has had a disruptive effect onAmerican institutions, for good and ill. But CEOMark Zuckerbergwas right to commit Facebookagainst political censorship in 2019. Unfortu-nately, he’s ceded ground since.

On Wednesday Facebook joined Twitter insuppressing links to a NewYork Post story con-taining emails related toHunter Biden’swork forBurisma, a Ukrainian gas company. A Facebookspokesman tweeted a link to a policy saying “ifwe have signals that a piece of content is false,we temporarily reduce its distribution pendingreviewby a third-party fact-checker.”The betterresponse would be let the story’s facts andsources be debated, rather than suppress it. TheTrump campaign does not benefit from such de-voted political protection from Big Tech.

The Marshall Fund report shows how con-cerns about socialmedia can be exploited for de-structive political ends.

A report shows how fakenews fears are exploitedto promote censorship.

California’s Next Big Tax Gulp

S ooner or later California’s public unionshad to hit up the hoi polloi to pay fortheir pensions after soaking what’s left

of the state’s millionaireclass, and here they come.

On Nov. 3, Californianswill vote on a “split roll” bal-lot initiative (Prop. 15) thatseeks to enact the biggest taxhike in state history. In 1978voters enshrined protections against runawayproperty taxes in the state Constitution (Prop13). Prop. 15 would abolish those protectionsfor businesses while maintaining limitations—at least for now—on homes.

Under current law, tax rates on residentialand commercial property are capped at 1% oftheir assessed value—i.e., the purchase price—and can increase by no more than 2% annually.If the property values of homes or businessesrapidly inflate, owners won’t see their bills in-crease by more than 2% per year.

This is the only balm in California’s oppres-sive tax climate and acts as a modest restrainton the government spending ratchet. Unionsknow that attempting to repeal this entirelywould spur a homeowner revolt, so they aretargeting businesses.

Their split roll initiative would allow com-mercial property with a current market valueof more than $3 million to be reassessed ev-ery year. If commercial property values rap-idly increase, tax bills will too. Taxes onbusiness property—including equipment—that hasn’t changed hands for decades wouldalso balloon.

California’s home prices have increasedninefold since 1978, and commercial real es-tate has also appreciated enormously, espe-cially in coastal areas. Unions say their initia-tive will only hit wealthy corporations, but noteven the Democratic-friendly NAACP believesthat whopper, which is why it and minoritybusiness groups are campaigning against the

initiative. Anyone who owns a couple of fastfood franchises would get walloped. Dittosmall dairies, wineries, orchards and manufac-

turers, though Democrats inthe Legislature have charita-bly proposed to exempt solarfarms.

Small businesses that rentspace note that landlordswould pass on the tax hike in

lease agreements. Less affected will be techtitans that recently purchased properties orare planning to down-size office space as theyallow more employees to work remotely. Face-book CEO Mark Zuckerberg is Prop. 15’s sec-ond biggest donor.

Perhaps he’s trying to atone for his wealth,but as the NAACP and minority businessgroups explained in a letter to him in August:“Unlike Facebook, restaurants, dry cleaners,nail salons and other small businesses can’toperate right now and many may never openagain. The last thing they need is a billionairepushing higher taxes on them under the falseflag of social justice.”

The state Legislative Analyst’s Office fore-casts Prop. 15 would raise property taxes by$8.5 billion to $12.5 billion a year by 2025,which is about twice as much as the state’s2012 tax hike on high earners. Unlike that ref-erendum, Prop. 15 revenues would supposedlygo directly to schools and local governments,which have been struggling amid swellingpension payments.

Since 2013, pension costs have grown 130%for teachers and doubled for other local publicemployees. Rising retirement costs are limit-ing wage increases at the bargaining table,and Prop. 15 is the union answer to keep thecash flowing. United Teachers Los Angelessays passing Prop. 15 “is key to winning theaggressive, comprehensive demands we willbring forward in 2022”—and as long into thefuture as their political dominance allows.

A ballot measure wouldrepeal the business halfof legendary Prop. 13.

Amazon Cancels Shelby Steele

A s a documentary, “What Killed MichaelBrown?” has everything going for it. Itssubject is timely, about the pre-George

Floyd killing ofMichael Brownby a police officer that set offriots in Ferguson, Mo., in2014.

It’s written and narrated byShelby Steele, the prominentAfrican-American scholar atthe Hoover Institution, and di-rected by his filmmaker son,Eli Steele. Its subject—race relations—is a ma-jor fault line in this year’s presidential election,one reason the Steeles scheduled their film forrelease on Oct. 16. Our columnist Jason Rileywrote about the film on Wednesday.

One problem: “What KilledMichael Brown?”doesn’t fit the dominant narrative of white po-lice officers killing young black men becauseof systemic racism. As a result, says the youn-ger Mr. Steele, Amazon rejected it for itsstreaming service. “We were canceled, plainand simple.”

In an email, Amazon informed the Steeles thattheir film is “not eligible for publishing” becauseit “doesn’t meet Prime Video’s content qualityexpectations.”Amazonwent on to say it “will not

be accepting resubmission of this title and thisdecision may not be appealed.”

On their website—whatkilledmichael-brown.com—the Steeles offerother options for people look-ing to watch their documen-tary. But it’s sadly tellingabout elite political confor-mity that an intelligent filmthat gives voice to a variety ofpeople, almost all black, whowould otherwise not be heard

is somehow deemed unfit for polite company.As Eli Steele puts it, “When Amazon rejected usthey also silenced these voices and that is thegreat sin of a company that professes to be di-verse and inclusive.”

We’re skeptical of the many calls in Wash-ington to break up large tech giants such asAmazon since that might do more economicharm than good. But political pressure is build-ing on the left, which dislikes Big Tech’s successand size; and on the right, which resents itsleftward bias in suppressing cultural messagesit doesn’t want people to hear. By canceling im-portant dissenting voices like the Steeles onsuch a vital subject, Amazon is inviting a politi-cal backlash.

The company won’tstream a film on the‘real victimization of

black America.’

REVIEW & OUTLOOK

OPINION

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W hy is the elephantafraid of the mouse?Your child’s teachermay not know, but hisunion does. In Septem-

ber the National Education Associa-tion, America’s largest labor union,produced an internal “opposition re-port” on Prenda, a tiny Arizona-based“microschool” provider. I obtained acopy of the document, which picksapart Prenda’s vulnerabilities but alsooffers a warning: “The Opposition Re-port has documented widespreadsupport for micro-schools.” Educa-tion Secretary Betsy DeVos is ex-pected to receive a presentationabout Prenda on Thursday at a char-ter school in Phoenix.

Midway between home schoolsand private schools, microschoolsbring together a small group of stu-dents, five to 10 a school at Prenda,usually at a private residence. In-struction is handled by an education-service provider like Prenda.

The company had been growingbefore the pandemic, but since Feb-ruary it has more than quadrupledthe number of students it serves. Af-ter U.S. schools shut down or movedonline, parents—one-third of them,according to a September EdChoicepoll—joined with neighbors to formlearning “pods.” A much smallernumber withdrew from traditionalschool altogether. Today Prenda ad-ministers around 400 microschoolseducating more than 3,000 students,says chief executive Kelly Smith.

The NEA opposition report citesan expert who thinks microschoolscan “address some of the structurallimitations of homeschooling,” suchas parents’ work obligations, and—this is Prenda’s innovation—take ad-

The behemoth NationalEducation Associationseeks to squash popularpandemic microschools.

OPINION

WeChatThreatensFree Speech

By Jason Loftus

T he Trump administration ispressing ahead with efforts toban WeChat, the Chinese so-

cial-media app, appealing a prelimi-nary injunction awarded in Septem-ber to the WeChat Users Alliance.There is good reason to view thisgroup, a self-described collection of“ordinary WeChat users” upset bythe government’s ban, with skepti-cism. Its lawyers include two fromDeHeng Law, a firm that was onceowned by the Chinese state and re-mains a close partner of Beijing’s.

It is true that a ban of the ubiqui-tous app would have a significant ef-fect on Chinese-Americans. WeChatis the primary communication plat-form for millions with family inChina, and also generates leads forcountless small businesses. The usersalliance argues that protectingWeChat is tantamount to protectingfree speech in America’s Chinesecommunities. But that hasn’t beenmy experience with the platform.

My wife, born in Northeast China,used WeChat to communicate withher family back home. The app alsobecame essential for our digital-me-dia business when we struck a deal in2017 with Tencent, WeChat’s parent,to publish our narrative videogameon its WeGame platform. Tencent se-cured approval for our title from twoChinese government ministries.

Then I began directing a docu-mentary, “Ask No Questions.” Thefilm tells the story of a former Chi-nese state-TV insider who was heldin a re-education camp and forced—through torture and brainwashing—to accept the state narrative on the2001 Tiananmen Square self-immola-tion, which he believed to have beena government plot. Beijing blamedthe public suicide on the Falun Gongspiritual movement and launched acampaign against it.

Amid our game’s launch on We-Game, a Tencent representativeasked if our company was involvedin something “not aligned with thegovernment direction.” She said theofficials had told Tencent to cut tieswith our company. I recorded thephone conversation. We had donenothing to breach our contract, butTencent immediately pulled ourgame and made it unavailable tothe WeGame platform’s 200 millionusers.

Next, my wife’s family contacts onWeChat were approached by their lo-cal Chinese public-security bureaus.They were told that authorities“knew what we were up to” overseas,a veiled threat. For good measure, a“player” on WeGame sent us a mes-sage saying we’d violated China’slaws and warning us to cut ties to“terrorist groups.”

My story is far from the only one.The Chinese government has usedWeChat to arrest many minoritiesand dissidents who trusted the plat-form. On Feb. 16, Chen Geng men-tioned Falun Gong in a private mes-sage on WeChat. That same day, hisaccount was blocked and he was ar-rested. In 2017, construction supervi-sor Chen Shouli used the app to senda joke about a government official toa chat group. He was detained by po-lice for five days. In 2016, several Ti-betan Buddhists were sentenced toyears in prison for organizing onWeChat a picnic to celebrate the Da-lai Lama’s birthday. And this past De-cember, the whistleblowing doctor LiWenliang was reprimanded forspreading “rumors” about a novelcoronavirus via a private chat withother physicians on WeChat.

The app is able to activate users’microphones and cameras and copytheir location data, address books,photos and private messages to itsservers at any time. All this personalinformation is then subject to disclo-sure to the Chinese government forpurposes of “national security.”

Some argue that banning WeChatwould make the U.S. no better thanChina, which has suppressed freespeech by banning YouTube, Face-book, Twitter and many other U.S.social-networking sites. I would ar-gue the opposite: Having millions ofAmericans subject to potential sur-veillance by the Chinese state is anaffront to free speech that benefitsan increasingly hostile foreign powerand pressures diaspora Chinese toself-censor.

Politicians shouldn’t aim to re-strict access to social-media plat-forms. It is reasonable, however, torequire that any platform operatingin the U.S. uphold the freedoms thatAmericans hold dear.

Mr. Loftus is CEO of Lofty Sky En-tertainment and the producer and co-director of “Ask No Questions.”

The defense of the Chinesesocial-media app gets itprecisely backward.

The Teachers Union’s Tiny New Enemyvantage of school-choice pro-grams to “alleviate some equityissues” posed by the cost ofhiring your own teachers. Thecombination could make homeeducation feasible for millionsmore families. (The NEA didn’trespond to multiple requestsfor comment.)

“We’ve partnered withschools that access state fund-ing so that we’re able to offer itfor free for the families,” Mr.Smith explains. Prenda stu-dents are registered in publicschools, usually charters, which re-ceive state funding for each pupil andthen pay some of it to Prenda to han-dle those kids’ education. The NEAframes this as Prenda “banking ontaxpayers to provide the lion’s shareof its revenue.”

The report cites a local advocacygroup’s research, which argues Ari-zona charter networks are “launder-ing state funds” to support micro-schools and kick money back toPrenda. Mr. Smith says public schoolsalready contract for curricula andtextbooks. Why not instruction?“Schools should be allowed to findpartners and get help,” he says. JasonBedrick, director of policy for Ed-Choice, adds that “the public hasagreed to a charter-school systemthat provides a diversity of options.Some are classical-education schools,some focus on economics, some areMontessori, and some now offer mi-croschooling.”

Charter schools are helping Ari-zona microschools take off, but theNEA report rejects the argument thatPrenda’s model changes the game. Tofind out why, it directs readers to apublic NEA document for “policy sup-port.” There, the union throws itshardest fastball: “We’ve already seenopportunity gaps widen for stu-dents—specifically Indigenous, Black,and students of color and studentsfrom under-resourced communities.The proliferation of pandemic pods,microschools, and home educationwill widen this gap and worsenschool segregation as well-resourcedfamilies will disproportionately bene-fit.”

It’s a strange pitch from the teach-ers union: Microschools are danger-ous—they help their students learnmore! This seems like a reason tobroaden access, not restrict it. Andthat’s what Prenda has done by elimi-nating tuition: make microschools ac-cessible to low-income families. TheNEA report doesn’t address thatpoint.

Teachers should love micro-schools, says Joseph Connor, chiefoperating officer of SchoolHouse, aNew York-based company thatmatches learning pods with teachers.“We allow them the freedom andability to get great academic out-comes in the way they think is best,”he says—and with small class sizes,too. Like most other microschools,SchoolHouse, which the NEA opposi-tion report mentions, must charge tu-ition. But the company says 92% of it,on average, goes to teachers, whoearn 10% to 20% more than at theirprior teaching positions.

The low overheard, a key micro-school advantage, is threatened byregulation. The New York State Edu-cation Department advises parents

who hire tutors for the majority ofinstruction that they are no longerdoing home education but operatinga private school. “There’s nothing inNew York law, either in regulation orstatute, that says that,” Mr. Connorinsists. If enforced, the regulatorychange would make it difficult to runmicroschools in homes and withoutlarger administrative staffs. “It lookslike they’re trying to scare people

away from operating a micro-school in New York,” Mr. Bedricksays.

In New York’s WestchesterCounty, a zoning board is trying to

deem a SchoolHouse microschool aday-care center, which is unlawful inits residential zone. Similar rules arepopping up all over. The PublicHealth Department in Austin, Texas,seems to suggest home microschoolswith four or more children must be-come “registered child-care homes”that meet “minimum standards” laidout in a 244-page document. A class,background check and home inspec-tion are also required. “The point isdeath by a thousand cuts,” says Mr.Bedrick. “Pile on as much regulationas they can get away with and makeit increasingly difficult for families toorganize—without any evidence thatthere is a problem that needs to beaddressed.”

In its policy document on micro-schools, the NEA says it “encouragesinnovative solutions that will allowstudents to have in-person instruc-tion and important opportunities forsocialization with peers”; but there’sa semicolon, then a qualification:“however, the NEA believes that suchcohort-style learning arrangementsshould be organized, implemented,and monitored under the authority ofstate and district education agen-cies.”

In other words, the union supportsonly alternatives that keep the moneyin the system, where it retains con-trol. It is understandable that ateachers union would think this way;it is less clear why anyone elseshould.

Mr. Kaufman is an assistant edito-rial features editor at the Journal.

By Elliot Kaufman

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Democrats Assured ACAWould Come Before ACB

D emocrats now claim they op-pose Judge Amy Coney Bar-rett’s confirmation because

they fear she will overturn the Af-fordable Care Act in California v.Texas, which is scheduled for oralargument on Nov. 10. But the case isbefore the Supreme Court now onlybecause Democrats insisted that thejustices consider the case straight-away. Their rush precluded a morecareful reconsideration that almostcertainly would have preservedmuch or all of the law.

The 2012 Supreme Court decisionupholding the ACA, NFIB v. Sebelius,found that the individual mandatecouldn’t be justified under the con-stitution’s Commerce or Necessaryand Proper clauses, but could be up-held as an exercise of Congress’ tax-ing power. Texas, 17 other states,and two individuals argued thatsince the 2017 Tax Cuts and Jobs Actset the mandate penalty at zerostarting in 2019, it no longer pro-duces revenue and is no longer a tax.Therefore, the plaintiffs say, themandate and the entire law are un-constitutional. The federal govern-ment didn’t oppose the action, butCalifornia, 16 other states and theDistrict of Columbia were allowed tointervene to defend the ACA.

A district court agreed the man-date was no longer a tax and wastherefore unconstitutional. Becausethe mandate was an essential part ofthe law, the court said, it wasn’t“severable,” rendering the entire lawunconstitutional.

The Fifth U.S. Circuit Court of Ap-peals allowed the Democrat-con-trolled House to intervene to defendthe ACA on appeal. The circuit courtaffirmed that the mandate was nolonger constitutional but remandedthe case to the district court to “con-duct a more searching inquiry into

which provisions of the ACA Con-gress intended to be inseverablefrom the individual mandate.”

Instead, the defending states andthe House petitioned the SupremeCourt for immediate review. Overthe objections of the federal govern-ment and the plaintiff states, thejustices agreed to hear the case.

Had the process played out with-out early Supreme Court interven-tion, it would have taken at least ayear for the district court to rule andthe Fifth Circuit to review the issueof severability. Meanwhile, the ACAwould have remained in effect.

The Fifth Circuit clearly thoughtfew, if any, of the law’s provisionswere inseparable from the mandate.It held the district court decision“inappropriately focuses on the 2010Congress’ labeling of the individualmandate as ‘essential’ to its goal of‘creating effective health insurancemarkets,’ . . . to designate the entireACA inseverable.” The district courtshould instead have focused on theintent of the 2017 Congress that re-pealed the mandate penalty anddone the “legwork” of explaininghow parts of the law are inextricablylinked to the mandate and thereforeunconstitutional.

The ACA has 10 titles and a multi-tude of provisions, most of whichhave nothing to do with the man-date. The severability analysis theFifth Circuit instructed the districtcourt to undertake would likely haveconcluded that most provisionscould be severed from an unconsti-

tutional mandate found in Title I.The mandate had little effect even

before Congress zeroed out the pen-alty. The original ACA undermined itby exempting many people and set-ting the penalty low. Adherence wasself-reported on tax returns andbarely enforced—the Internal Reve-nue Service never rejected “silent re-turns” on which the taxpayers failedto report if they purchased insur-ance. Those who failed to pay thepenalty weren’t prosecuted.

The four dissenting justices inNFIB v. Sebelius believed that themandate was an essential part of theACA and couldn’t be severed fromthe statute. Yet many of experts whoargued in 2012 that the marketcouldn’t function without the man-date and penalty now acknowledgein a friend-of-the-court brief that itwas clear by 2017 the penalty wasn’tnecessary. The stability in premiums,enrollments and risk pools followingthe 2019 penalty elimination “under-cuts the once widely held view thatthe ACA’s market rules, includingguaranteed issue, and modified com-munity rating, would be unsustain-able in the absence of an individual

mandate.” Based on their instruc-tions to the district court and on ac-cumulating real-world evidence, theFifth Circuit would likely have foundthese protections severable from thenow-unconstitutional mandate. TheSupreme Court would have likely af-firmed such a ruling, if it took up anappeal at all.

Protections for people with pre-existing conditions would have con-tinued while the judicial processplayed out. Instead, congressionalDemocrats and their allies in stategovernments sought immediate Su-preme Court review, perhaps antici-pating review while Justice RuthBader Ginsburg was still on thecourt. If there is a coming health-in-surance crisis, as Democrats claim, itis one of their own invention.

Dr. Zinberg, a surgeon and a law-yer, is a senior fellow at the Compet-itive Enterprise Institute and an as-sociate clinical professor of surgeryat the Icahn Mount Sinai MedicalSchool in New York. He served as se-nior economist and general counselat the Council of Economic Advisers,2017-19.

By Joel M. Zinberg

California and the Houseasked the Supreme Courtto fast-track Texas’challenge to the law.

Sen. Ted Cruz at Judge Amy ConeyBarrett’s confirmation hearing Oct. 14:

I wish Senator [Sheldon] White-house were here. My intention wasto have this discussion with him herebecause he just spoke and spokeabout all the connections. He had hischarts. I would note—I was feeling alittle bit bad that I didn’t have achart with sort of red, fuzzy yarnconnecting all the things that are thedeep conspiracies going on. . . .

Well, you know what? The FirstAmendment’s a great thing. . . .

The Democratic dark money ef-forts dwarf the Republican darkmoney efforts, which is why, withouta twinge of hypocrisy, Democraticmembers make this charge repeat-edly. And in fact, I will point to onespecific example, which is a judge,Judge John J. “Jack”McConnell, whois a judge in the state of Rhode Is-land.

Now, who is Judge McConnell?Well, he used to be the treasurer ofthe Rhode Island Democratic Partyand a director of the Rhode Islandbranch of Planned Parenthood. Well,how did Mr. McConnell become ajudge? Well, according to CQ RollCall, he contributed about $500,000to Democratic political committeesbefore becoming a judge.

This, by the way, is more than anyother judge nominated by Obama orTrump. So, Judge McConnell standsat the top—$500,000. He donated$12,600 to Senator Whitehouse. Hehosted a fundraiser for Senator

Whitehouse at his home in Provi-dence in 2006. Judge McConnell’swife gave another $250,000 to candi-dates and causes, so that’s $750,000.

And now Judge McConnell is ajudge, after Senator Whitehouse vig-orously led the fight to get him ap-pointed a judge. He sits on the Com-mittee on Code of Conduct of theU.S. Judicial Conference. And whathas he done on the Committee onCode of Conduct? He has helped leadthe charge to issue a new rule to tryto ban judges from being members ofthe Federalist Society.

And to the shock of no one look-ing at the red-yarn connections, afterJudge McConnell and the committeeput out this assault on the FederalistSociety to prohibit judges from sit-ting on—from being members, Sena-tor Whitehouse and six other Demo-cratic senators loudly cheered thateffort in writing.

Now, fortunately, that effort wasroundly denounced. Over 200 federaljudges signed a letter opposing this.Federalist Society takes no positions,doesn’t—doesn’t lobby, doesn’t fileamicus briefs, doesn’t take publicpolicy positions. Most of its eventsare debates where people on the leftare featured prominently. Every sin-gle U.S. Supreme Court justice—all ofthem—have spoken at least one Fed-eralist Society event. And thankfully,the assault on the Federalist Societywas withdrawn in the face of over200 federal judges and, I would note,29 senators roundly criticizing theattempt.

Notable&Quotable: Cruz

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A18 | Thursday, October 15, 2020 * * THEWALL STREET JOURNAL.

SYDNEY—Australia has aquestion for China: Have youimposed restrictions on one ofour top exports?

Trade Minister Simon Bir-mingham said the governmentis “working through normal dip-lomatic channels” to clarify re-ports in two trade publicationsthat Chinese authorities havetold several state-owned steel-makers and power plants tostop importing Australian coal.

Ken MacKenzie, the chair-man of BHP Ltd., on Wednesdaysaid some Chinese customersare asking to defer their cargoesof coal. The company, theworld’s largest miner by marketcap, is working with them to seewhether there are restrictionson imports of Australian coal.

“It would be concerning ifthe rumors are true,” he said.

Tensions between the twocountries have reached newheights in recent months. Af-ter Australia began seekingsupport from European leadersfor an investigation intoChina’s response to the coro-navirus—which first spreadwidely in the Chinese city ofWuhan—China put restrictionson imports of Australian beef,barley and wine. It alsowarned its people against trav-eling to Australia, saying racialdiscrimination against Chinesepeople was rising there.

China is Australia’s biggesttwo-way trade partner and topexport destination, and coal issecond to iron ore among Aus-tralia’s exports by value. Chinabuys 25% of Australia’s coal ex-ports. An outright ban on Aus-tralian coal could violate WorldTrade Organization obligationsas well as a free-trade agree-ment between the countries.

Traders say Chinese coalbuyers are behaving as if therestrictions are real: Demandfor Australian thermal coal inChina has slumped this week,and the Newcastle benchmarkprice has dropped sharply.

“We’ve heard both that thegovernment has given ‘do nottouch’ orders to buyers andalso that there will be re-freshed quotas soon. No oneknows,” one European coaltrader said. China sets quotason coal imports, meant to sup-port domestic miners.

“There have been examplesof Chinese traders resellingAustralian cargoes to otherdestinations, and prices havebeen pummeled,” the tradersaid. “But again, no one knowshow strict or enduring the di-rectives actually are.”

That the Australian govern-ment is seeking clarification“indicates the magnitude ofthe event,” said Tyler Broda, aLondon-based mining analystwith RBC Capital Markets.

“Coal now seems to be fol-lowing beef, barley and wine asa target for Beijing,” said Mi-chael Shoebridge, a former topAustralian defense-intelligenceofficial who is now a directorat the Australian Strategic Pol-icy Institute. “Even thoughChina’s coal production islower-quality and more expen-sive than Australian coal, theChinese government may bewilling to impose these costson Chinese steel and powerproducers for two reasons: tostoke demand for domestic coaland to put more coercive eco-nomic pressure on Australia.”

The reports driving theconcern include one from S&PGlobal Platts, which covers en-ergy and commodities mar-kets. It cited several unnamedsources saying Chinese state-owned utilities and steel millshad been told to stop import-ing Australian thermal andcoking coal immediately. Theother, from Argus Media, saidthe order applied to at leastsome state-owned steelmakersand power plants, but thatothers hadn’t been notified.One of the companies men-tioned by S&P Platts, HuanengPower International, told TheWall Street Journal it hadn’treceived the notice.

Australia’s coal industryhas played down the reports,saying trade with Chinachanges through the yearbased on a range of factors.

“Australia will continue tosee demand for its high qual-ity of coal and the medium-term outlook remains posi-tive,” said Tania Constable,chief executive of the MineralsCouncil of Australia.

BY RACHEL PANNETT

AustraliaFears CoalIs China’sNext Target

Thai activists hoping to keepup their campaign for democraticchange held a major rally in Bang-kok on Wednesday, amid con-cerns about a possible confronta-tion with police or rival groupssupporting the government.

Despite a large security pres-

ence and harassment from coun-ter-demonstrators, thousands ofprotesters marched from Bang-kok’s Democracy Monument to-ward Government House, the of-fices of Prime Minister PrayuthChan-ocha. Protest leaders saidthey plan to stay there for at

least three days.The protesters have drawn

attention because of their de-mands for reforms to Thailand’sconstitutional monarchy, whichthey say is not democratic.

That demand has caused con-troversy because the royal insti-

tution is considered sacrosanctand a pillar of Thai identity. It isprotected by a law that man-dates three to 15 years in prisonfor defaming the monarchy.

The protesters say Prime Min-ister Prayuth, who as army com-mander led a 2014 coup that top-

pled an elected government, wasreturned to power unfairly in lastyear’s general election becauselaws had been changed to favor apro-military party. Protesters saya constitution promulgated undermilitary rule is undemocratic.

—Associated Press

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WORLDWATCH

EUROPEAN UNION

EU Sanctions to HitPutin’s Inner Circle

The European Union will im-pose sanctions on members ofPresident Vladimir Putin’s innercircle in response to the poison-ing of opposition leader AlexeiNavalny, diplomats said, whileanother of Mr. Putin’s associatesfaces sanctions for his role inthe Libyan conflict.

The travel ban and assetfreeze will take effect Thursdaywhen the action is published inthe EU’s Official Journal, EU offi-cials said.

The move includes six seniorRussian officials and one un-known entity. In addition, EUdiplomats said Wednesday thatRussian businessman YevgeniyPrigozhin also will be targetedfor breaching EU sanctions,

based on United Nations mea-sures, which ban the supply ofarms, instruments of repressionas well as assistance to merce-nary forces in Libya.

Mr. Prighozin has defended theKremlin’s interests both abroad—through Wagner, a group of mer-cenaries that have fought inUkraine, Syria and Libya—and athome with a different organiza-tion that has allegedly threatenedand attacked members of the po-litical opposition. The EU’s deci-sion to sanction him now is linkedto his record of intimidation ofMr. Navalny, diplomats said.

The EU hopes that the sanc-tions will punish those responsi-ble for Mr. Navalny’s poisoningwithout sparking a fresh cycle oftensions with Russia. Moscow,however, has said that the movecould have serious repercussionsfor bilateral relations with the EU.

The Kremlin didn’t respond to

a request to comment Wednes-day on the EU action.

On Tuesday, the day after EUforeign ministers agreed to im-pose sanctions on Russian offi-cials and organizations, Russia’sforeign minister Sergei Lavrovsaid Moscow could freeze its con-tacts with the bloc in retaliation.

Those expected to be sanc-tioned on Thursday include Alek-sandr Bortnikov, director of Rus-sia’s Federal Security Service;Sergei Kiriyenko, first deputy chiefof staff in the presidential admin-istration; and Andrei Yarin, thehead of the presidential adminis-tration’s domestic policy director-ate. Aleksei Krivoruchko and PavelPopov, two deputy ministers ofdefense and Sergei Menyaylo, Mr.Putin’s envoy to the Siberian Fed-eral District, would also face sanc-tions, people familiar with thematter said.

—Laurence Norman

SPACE STATION

Russia-U.S. TeamOn Joint Mission

Three space travelers blastedoff to the International SpaceStation, using a fast-track ma-neuver that allowed them toreach the orbiting outpost in alittle over three hours.

NASA’s Kate Rubins withSergey Ryzhikov and SergeyKud-Sverchkov of the Russianspace agency Roscosmos liftedoff Wednesday from the Russia-leased Baikonur space launch fa-cility in Kazakhstan for a six-month stint on the station.

Aboard the station, they werewelcomed by NASA commanderChris Cassidy and cosmonautsAnatoly Ivanishin and Ivan Vagner,who have been aboard since Apriland return to Earth in a week.

—Associated Press

AFGHANISTAN

Army HelicoptersCrash, Killing Nine

Two Afghan army helicopterscollided while transportingwounded soldiers amid fightingagainst Taliban militants insouthern Afghanistan, killing nineservice members, the DefenseMinistry and local officials said.

The two Soviet-era Mi-17 he-licopters crashed due to techni-cal problems while taking off inNawa district late Tuesday, theDefense Ministry said. The ninedead were Afghan crew and sol-diers on the two aircraft.

The crash came amid fightingin Helmand province betweenthe military and Taliban. Attacksin other parts of the countrykilled at least six Afghan secu-rity forces and eight civilians.

—Associated Press

fection from abroad, calculat-ing that a Covid-19 resurgencewould be worse than the eco-nomic harm caused by keepingborders shut.

As a result, countries havelargely avoided opening upeven to other low-risk coun-tries in the Asia-Pacific region.Restarting relatively freetravel to Europe and the U.S.,where cases are high, remainsa nonstarter for most.

Negotiations for travel bub-bles have turned out to beslow and complex. It isn’t justabout comparing infectionrates, officials have found, butalso working out tricky details,such as swapping 14-day quar-antines with tests, agreeing tomutually acceptable testingstandards and designating lab-oratories to issue fit-to-flycertificates.

In Hong Kong, officials havetalked about 11 potential travelbubbles, but none have mate-rialized. The city’s persistentcases of local transmission, inmostly single digits daily, haveput a wrinkle in discussions

with mainland China. Tour-ism-dependent Thailand hasn’tcommitted to bubbles amidworries that even a careful in-fusion of travelers could re-verse its success in controllingthe spread. Australia’s opening

to New Zealand isn’t a bubblebut a narrow one-way street.

Where fast-track optionshave emerged for businesstravel, the trips often involvemultiple tests, some quarantineand lots of advance paper-work. Those wanting to fly forwork from Japan to Singaporemust be sponsored by a com-pany in the city-state, get testedbefore departure and after ar-rival and declare an itinerarybeforehand—and stick to it.

Short-term business travel-ers from South Korea to Japancan skip the two-week quaran-tine, but the list of conditionsis long, including as many asfour tests for a round-trip—within 72 hours before depar-ture and at the airport uponarrival in both countries. Trav-elers can’t use public trans-port during the visit and for

WORLD NEWS

two weeks after returning.Tracing apps should be acti-vated at all times.

International travel hasn’treally recovered except in Eu-rope, Macquarie Group Ltd.’swealth management divi-sion said in a September note.The European Union, eager tokick-start tourism, beganopening its internal borders inJune for the summer holi-days. But that contributed to acoronavirus surge, and coun-tries are snapping back curbs.

For travel bubbles, evenfinding the right partner isfraught. Singapore, for in-stance, wants to bubble up withlow-risk Vietnam, New Zealandand most of Australia. Butthese countries aren’t ready toopen to visitors from Singa-pore, which has averaged 4.6locally transmitted cases a dayin the past two weeks. NewZealand and Vietnam have re-corded no such cases for weeks.

China imposed strict re-strictions in March when itbanned most foreigners fromentering the country. Lastmonth it eased those restric-tions by announcing that for-eign residents of China whohave been stuck abroad couldstart to return. Returneesmust still take a test beforetraveling and quarantine for 14days after landing in China.

Hundreds of foreign busi-ness people from the U.S. andelsewhere have managed to re-turn to China in recent months,but after obtaining a complexseries of permits and a seat ona flight, and then undergoing atwo-week quarantine. Flightshave been expensive and inshort supply, with tens of thou-sands of Chinese students stilltrying to return home.

A few months ago, travelbubbles were the big idea forreopening skies across theAsia-Pacific region. Countrieswould strike deals with eachother to allow air travel withcertain restrictions, many offi-cials said, and those would ex-pand to regional pacts.

It is proving hard to do,even for countries that havelargely managed to keep a lidon the coronavirus.

Take Singapore, a city-statewhose economy is so depen-dent on its airport, officialsliken it to the lungs. Passengervolumes are languishing at1.5% of pre-coronavirus levels,threatening its status as anaviation hub and the invest-ment that comes with it.

The region’s other airportsare similarly quiet, accordingto the latest data from August.Hong Kong International Air-port saw 1.4% of passengertraffic compared with August2019. At Japan’s Narita air-port, international travelers inAugust were just 3.3% of theyear-earlier month. At SouthKorea’s Incheon InternationalAirport, passenger volumeswere 3.6%.

Across the region—which ishome to many of the world’stop coronavirus-conqueringcountries—strict travel cau-tion is seen as key to keepingthe virus in check. Govern-ments from China and Viet-nam to Thailand and New Zea-land, where the pandemic isunder control, are loath to riskintroducing new sources of in-

By Niharika Mandhanain Singapore

and Rachel Pannettin Sydney

Travel Bubbles Don’t Quite Float

A pilot enters Singapore’s Changi Airport, where passenger volume is at 1.5% of pre-Covid levels.

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Thai Pro-Democracy Protesters March Under Heavy Police Watch

Efforts to open airtravel among Asia­Pacific nations havebogged down.

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© 2020 Dow Jones & Company. All Rights Reserved. * * * * * THEWALL STREET JOURNAL. Thursday, October 15, 2020 | B1

When China rolled out itsown Nasdaq-style listingsvenue last year, the country’sregulators forced investmentbanks to buy stocks in thecompanies they took public.

That unusual requirementfor banks to eat their own cook-ing is now paying off big time.

In a measure meant to en-sure underwriters broughtgood deals to market at fairprices, authorities requiredthe most senior institutions onany deal on Shanghai’s Scienceand Technology Innovation

TECHNOLOGY: BLACKROCK BETS ON U.K. ELECTRIC-VEHICLE STARTUP B4

S&P 3488.67 g 0.66% S&PFIN g 1.07% S&P IT g 0.55% DJTRANS À 0.88% WSJ$ IDX g 0.17% LIBOR3M 0.230 NIKKEI (Midday) 23517.63 g 0.46% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

PROBLEM #3

Truckers arerejecting contractsThe decrease in trucking capac-ity drove up prices, promptingsome transportation companiesto reject existing contracts in fa-vor of last-minute orders athigher prices. Some deliverieswere delayed.

Trucking companies shranktheir fleets last year to improveprofitability. The fleet that re-mained was too small to handlethe March surge in demand.Though demand has moderated,food haulers remain busy.

PROBLEM #4

Corn is irreplaceableFood makers can substitute in-gredients in some products, likesoup or boxed dinners, when aningredient is scarce.

That’s not an option for themain ingredient in foods that arecanned individually, like peas orcorn. Importing from new suppli-ers, which worked for toilet pa-per and pasta, proved too ex-pensive for canned corn.

BRUCE

KLUCK

HOHN/A

PIM

AGES

FORGRE

ENGIANT

U.S. commercial vanshipping costs permile,monthly average†Spot rate Contract rate

2019 '20

1.50

1.75

2.00

2.25

$2.50

Amazon.com Inc. has strucka deal with the National Foot-ball League to stream a playoffgame this season, people famil-iar with the matter said.

The agreement, which theleague disclosed to team own-ers Wednesday during a videomeeting, deepens the relation-

BY JOE FLINT

ship between the nation’s pre-mier sport and the online retailand entertainment giant.

Amazon already streams 11Thursday Night Football gamesannually and has been lookingto carry more football on itsAmazon Prime Video platform.Amazon renewed its ThursdayNight Football deal earlier thisyear for three seasons in a pactworth at least $75 million an-nually, according to an industryexecutive with knowledge ofNFL media rights.

Terms for the playoff gameweren’t disclosed, but they aresignificantly higher than the

per-game range Amazon ispaying for regular seasonmatches, a person briefed onthe matter said.

The game Amazon willstream is one of the two newwild-card playoff games theNFL added to its postseasonschedule, the people familiarwith the matter said. Amazonwill be sharing the Jan. 10game with ViacomCBS Inc.’sCBS broadcast network andNickelodeon children’s channel.CBS Sports paid about $70 mil-lion for the rights to thatgame, which will include theability to stream it on its own

online platform, according topeople familiar with the situa-tion.

Comcast Corp.’s NBC Sportsacquired the rights to the sec-ond new wild-card game for$75 million. It will stream thatgame on its new Peacock plat-form as well as carry it on itsbroadcast network.

The Amazon deal comes asthe NFL is facing one of itsmost challenging seasons ever.The coronavirus has forced theleague to move games aroundafter players on the TennesseeTitans and New England Patri-ots tested positive for the vi-

rus. That created a domino ef-fect throughout the leagueleading to an extremely rareTuesday night football gamethis week so the NFL could tryto stay on track for its goal offinishing the regular season in17 weeks.

Although the virus hastaken center stage for theleague, the NFL has put a pri-ority on striking new long-term agreements with its me-dia partners including CBS,NBC and Walt Disney Co.’sESPN and has had some pre-liminary discussions on those

PleaseturntopageB2

Amazon to Stream NFL Playoff GameDeal to boost Primeplatform comes as theleague grapples withvirus crisis, ratings fall

Shortages of Canned Corn Show Impact of Pandemic on Supply Chains

PROBLEM #1

Sweet cornsupply is seasonalCorn for canning makes up thesecond-smallest portion of theU.S. crop. Fresh corn is cannedright after the harvest in latesummer, and that yield is theentire supply for the year.

PROBLEM #2

Land is limitedIn the spring, the two biggestvegetable-canning companies,Green Giant and Del Monte,pressed farmers to plant morecorn for this season due toCovid-19. But the relatively smallnumber of farmers who special-ize in growing sweet corn hadlargely set planting plans for theyear already.

PROBLEM #5

Corn is harvestedonce a yearCanned corn sales are up nearly50% since the pandemic began.Retailers quickly blew throughinventories. The next corn har-vest was months away, makingit hard to restock.

PROBLEM #6

Hoard mentalitySparse shelves begot emptyshelves, as people hoarded, fear-ing shortages. Many products ha-ven’t returned to prepandemic in-ventory levels. Canned-cornbrands expect to increase pro-duction 25% over last year. Butthey don’t know if it’ll be enough.

—Annie Gasparroand Stephanie Stamm

Del Monte, Green Giant race to catch up with consumer demand for the staple as the canning season starts

Sweet corn

Field corn(Includes animal feed,seed and industrial use)

FrozenFresh

= 1 billion poundsPounds of corn by type (2019)*

Canning

99.1% of total production

0.9%Weekly stock unavailabilitybyproduct**

April 2020 Sept.

0

55

10

15

20

25

30

35%

5% to 7% average out-of-stock range before pandemic

Frozen fruits,vegetables

Shelf-stablevegetables

Shelf-stable fruit

Note: Reporting based on interviews withcanning companies, trucking companies,retailers and the U.S. Department of Agriculture*Field corn data are marketing year (Sept.-Aug.) and sweet corn are calendar year.†Includes fuel surcharge**Data for the 23-week period ended Aug. 8Sources: USDA (production); DAT Freight &Analytics (shipping rates); IRI (stock)

Board, also known as theSTAR market, to take partthemselves. These banks,known as sponsors, must buybetween 2% and 5% of theshares sold, up to a maximumof about $147 million, andthen hold the stock for at leasttwo years.

Chinese and foreign bankswere wary of the risks thisposed, not least because thecountry’s markets have experi-enced a series of booms andbusts over the last decade anda half.

Amid a broader rally,however, things have worked

out well so far. Banks havemade hundreds of millions ofdollars in gains on STARstocks since the marketlaunched in July 2019.

To date, sponsors have in-vested nearly 3.5 billion yuan,the equivalent of about $519million, in the STAR market’s20 biggest initial publicofferings and secondary list-ings, Wall Street Journalcalculations show. As of Tues-day’s close, those holdings haddoubled in value to more than$1 billion.

The overall totals will bemuch higher, since more than

180 companies are now listedon the STAR market, accord-ing to Shanghai Stock Ex-change data.

Another major outlay willbe necessary when Ant GroupCo., the financial-technologygroup backed by AlibabaGroup Holding Ltd., goes pub-lic. It is preparing for a duallisting on the STAR marketand in Hong Kong, in a dealthat could rank as the world’sbiggest-ever IPO.

The banks largely opposedthe requirement in consulta-tions last year with the securi-

PleaseturntopageB2

BY XIE YU

IPO Rule Hands Chinese Banks Big Windfalls

Starbucks Corp. said itwould mandate antibias train-ing for executives and tie theircompensation to increasingminority representation in itsworkforce, becoming the latestcompany to set fresh diversitygoals in the midst of a na-tional conversation over race.

The coffee chain saidWednesday that it would aimfor at least 30% of its U.S. cor-porate employees—and 40% ofits U.S. retail and manufactur-ing employees—to be peopleof color by 2025. Starbuckssaid its metric included Blackpeople, other people of colorand Indigenous people.

Company figures show it fallsshort of those goals at nine ofthe 14 job levels it said it wouldtrack. The company has roughly200,000 U.S. employees andnearly 8,900 company-ownedstores in the U.S.

“They aren’t slam dunks,”Starbucks Chief Operating Offi-cer Roz Brewer said of the newtargets in an interview. “Theyare going to take some work.”

Starbucks is implementingthe diversity goals and trainingat a time of intense discussionabout race and representationin American corporations. Un-rest during the summer afterGeorge Floyd was killed in po-lice custody in Minneapolis re-kindled a national conversationover race during which somecompanies pledged to maketheir workforces more diverse.

The Trump administration isdiscouraging companies withfederal contracts from issuingspecific diversity-related tar-gets or conducting racial-sensi-tivity training. The Wall StreetJournal reported last week thatthe Labor Department is inves-tigating companies with federalcontracts that have includedspecific numerical goals in theirpledges to increase diversity.The White House has said itwould consider canceling con-tracts with companies that vio-late an executive order barringfederal grant recipients from

PleaseturntopageB2

BY HEATHER HADDON

StarbucksTies Pay toTargets forDiversity

shutdown. The bank saidthat its customers spentmore in the third quarterthan they did a year ago asthe economy reopened.

“We are seeing a return tothe fundamentals of a gener-ally sound underlying econ-omy but we won’t get thereuntil we have fully addressedthe health-care crisis and itsassociated effects,” Chief Ex-ecutive Brian Moynihan saidon a call with analysts.

While Bank of America,like its peers, has put awaybillions of dollars to coverloan defaults, its provisionshave been smaller. Now, thebank and its competitors sig-naled they are holding offfor now on more major re-serve builds. JPMorganChase & Co. on Tuesday saidits profit rose from a year

PleaseturntopageB6

Bank of America Corp.’sprofit fell 16% in the thirdquarter, though the bank in-dicated that it is well pre-pared to weather the corona-virus recession.

The Charlotte, N.C., lendersaid Wednesday that itearned $4.88 billion in theJuly-to-September period,compared with $5.78 billiona year ago and $3.53 billionin the prior quarter.

Profit amounted to 51cents a share. Analystspolled by FactSet had fore-cast 49 cents.

America’s second-largestbank has struck a more opti-mistic tone than some of itsrivals in recent months, say-ing that consumption isbouncing back after the ini-tial shock of the economic

BY BEN EISEN

BofA’s Profit Falls,But Reserves Shrink

INSIDE

PERSONAL TECHNOLOGY | By Joanna Stern

Brick or No Brick, Pick a Charger for AllFriends,

Journal read-ers and iPhoneowners, lendme your ears.I come to bury

Apple’s white iPhone-chargingcube, not to praise it.

On Tuesday, Apple said itsnew iPhone 12 models willno longer come with a charg-ing brick—or earbuds—in thebox. Now, Apple will only in-clude a USB-C-to-Lightningcharging cable. It will sell its20-watt charger for $19 anda new $39 MagSafe wirelesscharger, designed for thenew phones but compatiblewith older ones. Bye-bye, lit-tle brick.

There are two ways tolook at this:

Way #1: This is outrageous!A company worth over $2

trillion is selling phones thatcan cost nearly $1,400 a pieceand it wants us to pay moreto charge them?

Way #2: This is great! Bring

your own charger (BYOC!) iswhat you should have beendoing all along.

No surprise, I fall into #2.With the arrival of new tech-

nologies that sound like theybelong in a Defense Depart-ment briefing (i.e. GaN, PD,USB-C), the market isstacked with smaller, speed-ier charging bricks capableof simultaneously poweringall your gadgets. No morepacking a charger for eachdevice. Besides, there aresome handy new wirelesscharging options, too.

I’ve spent the past fewweeks testing nearly 30bricks and wireless pads.Whether you’re planning tobuy a new iPhone or stream-lining your power plan forolder gear, getting the bestcharger doesn’t mean run-ning up your charge card.

PleaseturntopageB4

The Anker PowerPort III 2-Port can charge a bunch of gadgets at once.

KENNYWASS

US/

THEWALL

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Apple counts on 5G to boostiPhone fortunes in China.... B4

TRANSPORTATIONUnited Airlines

prepares for a longdrought as passengers

stay home. B3

COMMODITIESOil recovery expectedto falter even as theworld burns througha glut in supply. B12

THEGRE

ELEY

TRIBUNE/AP

P2JW289000-5-B00100-1--------XA

B2 | Thursday, October 15, 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.

A

Alibaba........................B1Alphabet......................B4Amazon.com...............B1Apple...........................B4Arbor PrivateInvestment .............B12

B

Bank of America........................A2,B1,B12BHP Group................A18BlackRock....................B4British Land..............B13ByteDance...................B4

C

China InternationalCapital.......................B2

Citigroup .....................A2ColumbusManufacturing........B12

Comcast.......................B1Concho Resources.....B12ConocoPhillips...........B12

D

Derwent London.......B13Dick's Sporting Goods...................................B13DouYu International .B13

F

Facebook....................B13

Fastly...........................B4Fox...............................B2

G

Goldman Sachs......................A1,B12,B13Gold Standard Baking...................................B12Great Kitchen............B12

H

Haitong Securities......B2Hanesbrands.............B13Hennes & Mauritz......B2HomeToGo...................B4Huawei Technologies..B4HUYA.........................B13Hyundai Motor............B4

I

Idexx Laboratories......B6Inditex.......................B13Inmobiliaria ColonialSocimi .....................B13

J

JBS..............................B6J&F Investimentos .....B6JPMorgan Chase...A2,B6

K

Kia Motors..................B4

L - M

Levi Strauss..............B13

Macy's.......................B13Morgan Stanley........B13

NNFL..............................B1Nordstrom.................B13

SSinopharm...................A9Slack Technologies ...B13SL Green Realty........B13Starbucks....................B1Swancor AdvancedMaterials...................B2

TTarget........................B13Tencent......................B13Tractor Supply ..........B13Trek Bicycle...............A10

UUBS..............................B2UnitedHealth...............B3

VVale............................B12ViacomCBS..................B1

WWalmart....................B13Walt Disney................B1Wells Fargo ...........A2,B6

ZZoetis ..........................B6

INDEX TO PEOPLE

BUSINESS & FINANCE

General Data Protection Regula-tion requires strong privacyprotections for some kinds ofinformation, such as a person’shealth details, religion or politi-cal opinions. Some Europeanauthorities have previouslyfined employers for how theycollected workers’ data, statingthat their power imbalancemakes it illegal for employersto ask for employees’ consentto use that information.

Last year, the Hamburg reg-ulator learned through localmedia reports that a technicalproblem at H&M had inadver-tently exposed employees’ per-sonal data to others throughoutthe company over a few hours.The regulator then demandedevidence of the incident and re-ceived the 60 gigabytes of files.Managers had been recordingthe personal data since at least2014, and several employeesfrom the Nuremberg center ap-proached his office about theincident, the regulator said.

Stockholm-based H&M de-clined to comment on the fine,which the company said it isreviewing. H&M could still ap-

peal, as organizations have twoweeks to object to the regula-tor’s findings, but so far thecompany hasn’t responded withobjections, Mr. Caspar said. Thecompany also said in a state-ment on its website that it hasmade privacy improvementssince reporting its data-collec-tion practices to the Hamburgregulator last year. Those in-clude personnel changes, data-privacy training for manager,and using better technology tostore data in a way that com-plies with the regulation.

H&M will compensate em-ployees at the Nuremberg ser-vice center an undisclosedamount, which Mr. Caspar saidhis office suggested. H&M willreport monthly to his office onthe status of its data-protectionprogram, he added.

Under the rules, regulatorscan require companies to com-pensate anyone whose personaldata have been exposed. Butthe H&M case appears to be thefirst since the law took effect in2018 in which a business willcompensate its own workersfor those violations, said Henri

Lepoutre, general counsel anddata protection officer atAWVN, the Netherlands’ largestemployers’ association. Thefine against H&M, he said,“makes clear there has to be aboundary between private lifeand work life.”

Employee data can be a riskfor companies because theymight collect sensitive dataabout workers’ health situa-tions, ethnicity or families, saidAnn Bevitt, a partner in theLondon office of law firm Coo-ley LLP. Because some employ-ees work for a company forseveral years, HR managersmight keep that data for a longtime, and destroying so muchinformation could be a lot ofwork, she said. Employee-moni-toring appears to be up in re-cent years, Mr. Caspar said, andhis office has seen cases of datataken from car GPS systemsand phones, or of screeningworkers’ emails. “In manycases, complainants do notwish us to open a formal inves-tigation because they are infear of losing their position,” aspokesman for Mr. Caspar said.

Hennes & Mauritz AB’sfashion retailer, H&M, faces a€35.3 million ($41 million) finefor having recorded personaldetails of the lives of employ-ees at a German service centerfor several years, violating theEuropean Union’s privacy rules.

Managers at H&M’s servicecenter in Nuremberg had accessto troves of data about employ-ees’ personal lives—their reli-gion, health information anddetails about their families, thedata protection regulator inHamburg said after analyzing60 gigabytes of stored datafrom the center. Surveillance ofemployees is increasing, espe-cially while workers remain athome due to the pandemic, ac-cording to labor-union repre-sentatives.

Employers in Europe are us-ing new technologies to moni-tor employees or record per-sonal data about them,developments that need to bemonitored, Hamburg data pro-tection regulator Johannes Cas-par said in an email. The EU’s

BY CATHERINE STUPP

H&M Faces Fine of $41 MillionFor Violating EU Privacy Rules

Jan. Feb. March April May June July Aug. Sept. Oct.

1000

1200

1400

1600

1800

Abenchmark tracking the biggest listed companieson Shanghai's STARmarket has risen sharply this year.

STAR50 Index

Source: Wind

Note: the index was launched in July 2020.Its theoretical performance was calculated starting as of end-2019.

ties regulator, according toseveral officials at investmentbanks in Shanghai.

Bi Mingjian, then the chiefexecutive of investment bankChina International CapitalCorp., told a public forum inNovember the rule was uniqueto China and “goes againstmarket principles,” accordingto a recording of the event.

CICC has sponsored five ofthe 20 top deals. Its $207 mil-lion investment has turnedinto $440 million, according toJournal calculations. In itsfinancial results, CICC re-ported an equity-investmentgain of 1.5 billion yuan, equiv-alent to about $222 million,for the first half of this yearand said much of this camefrom STAR stocks.

In its half-year earnings re-port for 2020, HaitongSecurities, a major sponsor,said it had co-invested in fiveSTAR companies. Its invest-ments surged more than fivetimes in value to 1.39 billionyuan, the equivalent of $206million, it said.

To be sure, these are paper

ContinuedfrompageB1

H&M will compensate employees at the Nuremberg, Germany, service center. An H&M store in New York City.

NANCY

KASZ

ERMAN/ZUMAPR

ESS

gains and the brokerage firmscould be required to writedown these holdings in thenext year or so if there was amajor downturn.

Shen Meng, director of bou-tique investment bank Chan-son & Co., said banks had ben-efited from official moves toencourage more rational IPOpricing, which in practicemeant lower valuations forsome deals.

For example, he said onepricing mechanism sometimesused for STAR IPOs discardedorders from investors whoplaced the highest-priced bids.In some cases, he said, compa-nies were pricing deals atlower multiples of earningsthan their listed competitors.

Last month, Swancor Ad-vanced Materials Co. soldshares on the STAR board thatwere priced at 12.8 times 2019earnings, according to its pro-spectus. It said that comparedwith an average industryvaluation multiple of 30 timesearnings.

The rules are particularlychallenging for Western banks,which are expanding in China.Beijing in recent years beganallowing them to take controlof securities businesses; previ-ously, they were largely re-stricted to holding minoritystakes in joint ventures.

Lijun Sun, the co-head ofglobal banking for UBSSecurities, UBS Group AG’sChinese securities subsidiary,

said the rules were a challengefor most Western banks, be-cause they lock up capital andcreate conflicts of interest bymaking a bank act as bothseller and buyer.

Mr. Sun said Chinese andWestern banks were still urg-ing regulators to loosen theco-investment rules.

Western-backed brokeragesin China also have relativelysmall amounts of registeredcapital, and are reluctant todeplete this by investing indeals. UBS Securities is theonly foreign player to act as a

sponsor for a STAR listing todate. In that case, the securi-ties regulator let the parentcompany, UBS Group, makethe investment so the dealdidn’t reduce the mainlandunit’s capital, Mr. Sun said.

The STAR board has shakenup China’s capital markets inother ways, dispensing withpractices used elsewhere suchas unwritten caps on valua-tion, limits on first-day marketmoves and rationing of IPOsby regulators.

—Jing Yangcontributed to this article.

Banks WinOn ChineseIPO Rule

A

Andrae, Patrick...........B4

B

Batista, Joesley..........B6Batista, Wesley..........B6Bi, Mingjian.................B2Brewer, Roz.................B1Burrows, James..........B4

F

Ferreira, Fernando....B12Flechner, David.........B12

G - J

Galloreese, David........B6

Johnson, Kevin............B2

KKaufer, Stephen..........B4Kirby, Scott.................B3

LLefkowitz, David.......B12

MModesti, Marco.........B12Moynihan, Brian.........B1

RRyskin, Michael ..........B6

SScharf, Charles............B6

Scherr, Stephen........B13Shah, Neil....................B4Shen, Meng.................B2Sheridan, Gene ...........B4Shrewsberry, John......B6Siegel, Simeon..........B13Smith, Robert.............B6Steinberg, David.........B6Sun, Lijun....................B2Sverdlov, Denis...........B4

T

Torres, Phil................B12

W

Wren, Scott...............B12

White53.5%

Hispanic/Latino10.5

Black 8

Asian5.5Multiracial4.7

Other 1.3*

Source: the company

*American Indian, Alaska Natives, NativeHawaiian, Pacific Islander and others notspecified Notes: As of Aug. 23; Does not addto 100% due to rounding

Starbucks current U.S.employee breakdownbyrace/ethnicity

to do more to help employeesfrom diverse backgrounds risethrough the ranks, she said.

Starbucks said it would pub-licize progress toward its di-versity goals annually. Execu-tive compensation foremployees at the level of se-nior vice president and abovewould be determined in part bydiversity metrics, the Seattle-based company said. It didn’tsay exactly how compensationwould be linked to the metrics.

The company said it wouldalso offer an executive men-toring program for employeesof color starting this year andinclude antibias materials inhiring, development and per-formance assessments.

Ms. Brewer, who is Black,said she wished she had suchmentorship earlier in her ca-reer. “I can only imagine backin my own personal career if Ihad that opportunity,” she said.

conducting diversity training.The executive order has

caused confusion among busi-nesses with federal contractsand prompted some pushbackfrom some private companies.

Starbucks, the world’s larg-est coffee company by sales andstores, is a federal contractor.

Ms. Brewer said the com-pany was aware of the execu-tive order that is set to takeeffect next month and wouldimplement the targets andtraining regardless. She saidall Starbucks employees wouldbenefit from being part of amore-diverse workforce.

“It’s not impacting our pathforward,” Ms. Brewer said ofthe executive order. “We un-derstand some of the contro-versy around it, but it’s who weare. We are committed to it.”

Starbucks has navigatedcontroversy over race at othertimes in recent years.

In 2018, the arrest of twoBlack men who were sitting ata table in one of Starbucks’Philadelphia locations sparkedprotests. Chief Executive KevinJohnson apologized for the ar-rests, and the chain closed itsU.S. corporate stores for a dayto conduct antibias training.This June Starbucks made T-shirts bearing the “Black LivesMatter” slogan available toemployees after initially di-recting employees to not dis-play the slogan on their per-sons at work.

Ms. Brewer said the newstaffing goals arose from an as-sessment of the company’s di-versity levels following the ar-rests at the Philadelphia store.The company found that it had

ContinuedfrompageB1

StarbucksPresses onDiversity

diced its schedule to increasethe number of outlets withgames and create additionalrevenue streams. That is ex-pected again in the next roundof deals, and there is anticipa-tion that Amazon may negoti-ate to stream games on Sun-day afternoons, people closeto the talks have said.

Ratings for this season aredown slightly from a year ear-lier, which league and networkofficials attribute to the heavynews cycle, including a presi-dential election and the coro-navirus. Ratings for the NFLalso dropped during the 2016presidential election.

Even with the decline, NFLfootball still dominates the rat-ings. Since the season startedon Sept. 10, 18 of the 20 mostwatched telecasts were NFLgames. Only the presidentialand vice presidential debatesmanaged to crack that list.

deals. The current agreementsstill have some time left onthem. ESPN’s “Monday NightFootball” pact expires at theend of the 2021 season and theother contracts run throughthe 2022 season. However, theNFL and its partners typicallylike to strike long-term agree-ments well in advance of cur-rent deals expiring.

While it is expected thatthe primary TV partners willremain ESPN, Fox Corp.’s Fox,CBS and NBC, the league hasin recent years sliced and

ContinuedfrompageB1

AmazonGets NewNFL Deal

everyonedeserves a decentplace to live.

Learn more athabitat.org.

P2JW289000-4-B00200-17FEFF7178F

THEWALL STREET JOURNAL. * * * * * * Thursday, October 15, 2020 | B3

A criminal investigation intoan alleged bribe to secure a bail-out of troubled nuclear plants inOhio is looking at the energycompany prosecutors say sup-plied some of the money andnow owns the facilities, peoplefamiliar with the matter said.

Federal prosecutors havesubpoenaed Energy HarborCorp., asking executives toturn over documents and com-munications as part of an in-vestigation into whether any-one associated with thecompany understood that pay-ments made by it were part ofan alleged pay-to-play arrange-ment, rather than a legal lob-bying effort, the people said.

Energy Harbor and its for-mer parent company, Ohioutility FirstEnergy Corp., paidmillions of dollars to an entitythat former Ohio HouseSpeaker Larry Householder al-legedly used to fund supportfor the $1.5 billion bailout,which involves state subsidypayments to aid the nuclearplants, according to an FBI af-fidavit. FirstEnergy, whichpreviously disclosed it hadbeen subpoenaed, faces simi-lar questions as Energy Har-bor on what it knew about themoney paid, the people said.

Energy Harbor declined tocomment. FirstEnergy said it iscomplying with the investiga-tion. FirstEnergy has historicallymaintained a strong lobbyingpresence in the Ohio statehouseand made millions of dollars incampaign contributions to polit-ical candidates over the years.

Mr. Householder wascharged with racketeering inJuly. The U.S. Attorney for theSouthern District of Ohio ac-cused him and four associatesof taking $60 million in bribesbetween 2017 and 2020. Mr.Householder allegedly usedthe money to secure the bail-out, fund his campaign forOhio House speaker and quashan effort to repeal the law thatincluded the subsidy, the affi-davit said. Mr. Householderhas pleaded not guilty.

The nuclear plants are now

BUSINESS NEWS

day to $25 million, includingdebt and severance payments,down from $40 million duringthe second quarter.

There are some signs pas-sengers are gradually startingto return. The number of peo-ple passing through airportsclimbed to its highest levelsince mid-March on Sunday.Delta, which reported a $5.4 bil-lion loss on Tuesday, said book-ings are climbing for the holi-days and into winter.

Still, most predict a full re-covery is years away, and Mr.Kirby said the pandemic willcontinue to weigh on demandfor some time. Internationaltravel remains difficult or im-possible for many destinations,and companies have been hesi-tant to resume business travel.

cash for an eventual rebound.Chicago-based United onWednesday reported a quar-terly loss of $1.8 billion, com-pared with a $1 billion profitduring the same period a yearago. United’s sales fell 78% to$2.5 billion.

“We are now focused on po-sitioning the airline for a strongrecovery,” Mr. Kirby said.

Cash has become key for air-lines trying to make it throughthe most severe challenge inmemory, with demand fortravel languishing and littlerevenue coming in. United hasraised $22 billion since thestart of the pandemic, includingby mortgaging its frequent flierprogram in a $6.8 billion debtdeal. It has also reduced theamount of cash it burns each

United Airlines HoldingsInc. said it is positioning itselfto ride out a long downturn inair travel as a result of the cor-onavirus pandemic.

It was a brutal summer forU.S. airlines. Rising infectionrates triggered new travel re-strictions across the country,keeping passengers at home.United Chief Executive ScottKirby has been among the mostpessimistic about the depth andduration of the crisis, and theairline has flown less than ri-vals such as Delta Air LinesInc., American Airlines GroupInc. and Southwest AirlinesCo. throughout the pandemic.

The airline has said thatstrategy will help it preserve

BY ALISON SIDER

United Airlines Positions ItselfFor Long Downturn in Air Travel

The number of people passing through airports climbed to its highest level since mid-March on Sunday, signaling a gradual rebound.

DAVID

PAULMORR

IS/B

LOOMBE

RGNEW

S

UnitedAirlines quarterly netincome/loss

Sources: S&P Capital IQ; the company

$1.5

–2.0

–1.5

–1.0

–0.5

0

0.5

1.0

billion

’19 ’202018

3Q 2020t$1.84B

ple across the auto maker’sNorth American operations.

Unifor, the Canadian union,said it would share detailsabout the tentative deal at amedia briefing Thursday morn-ing in Toronto. Representativesfor Fiat Chrysler didn’t respondto a request for comment.

Before the Wednesday night

deadline, Unifor warned mem-bers to prepare for a strike,noting talks with Fiat Chryslerhad bogged down on issues re-lated to wages, health-care ben-efits and investment commit-ments at the Canadianfactories.

A work stoppage wouldbring to a halt assembly of the

company’s Pacifica and Voyagerminivans, Dodge Charger andChallenger muscle cars and aChrysler sedan. A strike wouldalso stop production of alumi-num die castings for severaldifferent Fiat Chrysler models,including highly profitable JeepSUVs and Ram pickup trucksbuilt outside of Canada.

for bankruptcy protection inMarch 2018 and struck a dealto separate from FirstEnergy.

Energy Harbor has beencriticized recently by state law-makers for returning cash toinvestors who took control of itthrough its bankruptcy. Thecompany has completed thebulk of an $800 million sharerepurchase program, people fa-miliar with the matter said.

Investor materials show thatthe company’s board, led by Mr.Kiani, authorized the buybacksthis year to return excess cash.The presentation cited low debtlevels and a growing retail elec-tricity business, as well as thecompany’s anticipation of “visi-ble cash flows supported byclean air zero emission credits,”the legislative term for the sub-sidy payments, which are slatedto begin in January. EnergyHarbor didn’t respond to re-quests for comments about thebuyback plan.

“If they had that muchmoney to reward their hedgefund managers, how on earthcould they come to us and askus to bail them out?” said Ohiostate Rep. Laura Lanese, whothis summer co-sponsored leg-islation to repeal the subsidy.

Energy Harbor was initiallya FirstEnergy subsidiary calledFirstEnergy Solutions. The ef-fort to separate the companyfrom FirstEnergy began inearly 2018, after federal en-ergy regulators rejected aTrump administration pro-posal that would have sup-ported nuclear and coal plantsstruggling to compete withcheaper power generators.

The following year, bothFirstEnergy and FirstEnergySolutions poured millions ofdollars into the entity alleg-edly controlled by Mr. House-holder, as FirstEnergy Solu-tions threatened to shut downits nuclear plants if it couldn’tobtain state support for them,according to an FBI affidavit.

Ohio Attorney General DaveYost filed a lawsuit last monthagainst Mr. Householder andhis associates, as well asFirstEnergy and Energy Har-bor, seeking to block the sub-sidy payments.

owned by Energy Harbor, aformer FirstEnergy subsidiarythat was spun off and re-named after filing for bank-ruptcy protection in 2018. Thecompany emerged from bank-ruptcy earlier this year withits assets partly subsidized byOhio utility customers, whowill annually contribute about$150 million to the companyfor seven years.

Among the Energy Harborexecutives asked to turn overdocuments are former hedge-fund investors John Kiani, thecompany’s executive chairman,and Stephen Burnazian, thecompany’s chief strategy offi-cer, the people said. Their for-mer funds, along with otherinvestors, bought hundreds ofmillions of dollars in companydebt, helped steer its reorgani-zation and became sharehold-ers upon its emergence.

Energy Harbor declined tomake Mr. Kiani or Mr. Burna-zian available for interviews.No companies, executives orinvestors have been chargedwith wrongdoing.

Energy Harbor’s investorsinclude Avenue Capital Group,where Mr. Burnazian formerlyworked, and Cove Key Man-agement LP, a fund co-foundedby Mr. Kiani. Avenue Capitaldeclined to comment. CoveKey, which is winding down itsinvestments, didn’t respond toa request for comment.

Mr. Householder’s arrestsparked a political backlashagainst the bailout. Ohio Gov.Mike DeWine has called forthe repeal of the subsidy, asentiment echoed by numer-ous lawmakers.

A repeal could upend whatwas shaping up to be a success-ful play for Energy Harbor’s in-vestors, some of whom boughtinto the company after it filed

BY KATHERINE BLUNTAND ANDREW SCURRIA

Ohio Bribery Probe LooksAt Nuclear Plants’ Owner

said it didn’t believe growingenrollment in its Medicaidplans stemmed from peoplesigning up after job losses.

The company reportedthird-quarter net income of$3.17 billion, or $3.30 ashare, compared with $3.54billion, or $3.67 a share, inthe same three-month perioda year earlier.

In the second quarter of2020, UnitedHealth postednet income of $6.64 billion,or $6.91 a share, and ad-justed earnings were $7.12 ashare.

On an adjusted basis, Unit-edHealth’s third-quarterprofit was $3.51 a share. An-alysts surveyed by FactSethad forecast an adjustedprofit of $3.11 a share. Reve-nue was $65.12 billion, up7.9% from $60.35 billion inlast year’s third quarter.

In the spring and earlysummer, UnitedHealth’s in-surance unit benefited finan-cially from cost savings as itpaid for fewer doctor visits,surgeries and hospital staysthis spring and early in thesummer. Hospitals and otherhealth-care providersstopped many procedures asthey braced for surges ofcoronavirus patients, andmany Americans steeredclear of clinics and emer-gency rooms.

Hospital inpatient costsand other types of carepicked back up in the quar-ter. Health-care activity wasat more than 95% of typicalbaseline rates, UnitedHealthsaid. The insurance unit’smedical-loss ratio, or theshare of premiums paid outin claims, was 81.9% in thethird quarter, compared with70.2% in the second.

UnitedHealth raised itsguidance for full-year ad-justed 2020 earnings to arange $16.50 to $16.75 ashare, from $16.25 to $16.55previously.

UnitedHealth Group Inc.’sprofit declined after outsizeresults in the previous quar-ter, as health care returnedcloser to normal levels aftera dramatic pandemic-relatedpause in the spring and earlysummer.

Based in Minnetonka,Minn., UnitedHealth, the par-ent of the largest U.S. in-surer, UnitedHealthcare, aswell as a sprawling health-services arm under the Op-tum name, said its third-quarter results were affectedby the cost of efforts to helpcustomers.

The company pointed towaivers of copayments forMedicare Advantage enroll-

ees and some premium dis-counts. UnitedHealth andother insurers have come un-der pressure from some reg-ulators and lawmakers todisburse some of the profitthey realized from the falloffin routine health care earlierthis year.

The company logged acontinued decline in com-mercial membership, to 26.35million in the third quarterfrom 25.77 million in the sec-ond quarter and 27.84 mil-lion in the year-earlier pe-riod, reflecting the loss ofsome employer-based insur-ance during the economicdownturn.

UnitedHealth said it hadseen declines in sectors in-cluding transportation, hos-pitality and energy. But it

BY ANNA WILDE MATHEWSAND MATT GROSSMAN

UnitedHealth PostsDrop in EarningsAs Costs Increase

Energy Harbor andparent FirstEnergysecured a $1.5billion bailout.

7.9%Increase in revenue atUnitedHealth from last year

Fiat Chrysler AutomobilesNV and the union representingabout 9,000 workers at itsthree Canadian factoriesreached a tentative agreementlate Wednesday night, avertinga strike that threatened to rip-

BY PAUL VIERAAND NORA NAUGHTON

Fiat Chrysler, Canadian Union Reach Pact to Avert Strike

H

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makes the key component formost GaN chargers.

When shopping for GaNchargers—often denoted inthe product listing—look attwo things: the ports and the

TECHNOLOGY WSJ.com/Tech

The new devices offer a retro design and prices roughly in line with last year’s iPhone 11.

ALE

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Top smartphone vendors bymarket share in China‡

50

0

10

20

30

40

%

2013 ’15 ’20

Huawei

OppoVivo

XiaomiApple

Apple's annual revenue*

Sources: the company (revenue); Canalys (market share)

*Fiscal years end in September †Includes China, Hong Kong and Taiwan‡2020 figures are for first half

$300

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50

100

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’13 ’14 ’15 ’16 ’17 ’18 ’19

Greater China† Rest ofWorld

Apple's revenue in China is down from recent highs as domesticrivals gainmarket share.

increasing technology national-ism among some Chinese con-sumers amid heightened tradetensions with the U.S.

A crucial battle for Apple isin the premium smartphonemarket Apple once ruled beforelosing ground to Huawei Tech-nologies Co. in recent years.

On Tuesday Apple unveiledfour versions of the iPhone 12capable of connecting to ultra-fast 5G networks. The new de-vices offer a retro design andprices roughly in line with lastyear’s iPhone 11, though asmaller 5.4-inch iPhone 12 Ministarts at $699 in the U.S.

At an Apple store in down-town Shanghai on Wednesday,the new iPhone wasn’t yet ondisplay, nor were any promo-tional posters, two days beforethe new device was availablefor preorder. Still, some Chineseconsumers said they were ex-cited about Apple’s first 5G

handset, and said they didn’texpect the trade tensions be-tween Washington and Beijingto sway their purchase decision.

“I think the overall upgradeon image and video function isquite significant this time,” saidZhefan Shen, a 27-year-old whosaid he plans to buy the iPhone12 Mini.

The flip side of Apple’s waitto enter the 5G-handset marketis pent-up demand among com-mitted iPhone fans in the coun-try, analysts say. Wedbush Se-curities estimates about 20% ofiPhone upgrades will come fromChina over the next year.

Homegrown rivals have beenchipping away at Apple’s mar-ket share in China for years,though the launch of its second-generation iPhone SE gave ship-ments a 14.1% lift during thefirst half of the year, accordingto market tracker Canalys.

Apple’s revenue in its

Greater China region fell 3.1% inthe first half of the year to$18.8 billion, while its overallrevenue rose 5.5%.

A worrisome trend for Appleis its shrinking share of China’smarket for high-end handsets.In 2017, Apple dominated thepremium $600-and-up smart-phone market with an 86%share, versus Huawei’s 5%, ac-cording to Canalys. But in thefirst half of 2020, Huawei con-trolled almost half the market,while Apple had fallen to 42%.

“In China’s premium market,there are only two vendors: Ap-ple and Huawei,” said Mo Jia,an analyst at Canalys.

Huawei is set to launch itslatest flagship device, the Mate40, later this month, likely fur-ther juicing sales in the shortterm, though the effect couldfade as U.S. tech restrictionsbite. Apple faces a challenge inthe deepening trade tensions

between the U.S. and China.Washington has added dozensof Chinese companies, includingHuawei, to its export blacklist.

More recently, the Trumpadministration has crackeddown on popular Chinese apps,including Tencent HoldingsLtd.’s WeChat and ByteDanceLtd.’s TikTok. Beijing is threat-ening to release its own “unreli-able entity” list to punish U.S.tech firms in response.

Apple continues to have astable of loyal fans in Chinawho will flock to the newiPhone now that it is 5G-en-abled and comes at an accessi-ble price, said Neil Shah, ana-lyst at Counterpoint Research.“Except for Apple, everyonehas” a 5G phone on the market,Mr. Shah said. “Now that it has5G capability, that will workheavily in Apple’s favor.”

—Lekai Liucontributed to this article.

Apple Inc. is playing catch-up in China with the launch ofits first 5G-enabled iPhones,seeking to supercharge unevensales in the company’s second-biggest market—where home-grown rivals dominate.

Apple’s first 5G-enabledhandset is a late entry in China,where local brands have longoffered a suite of 5G-ready gad-gets to use on the nation’s up-and-running next-generationnetworks. It launched as China’seconomy is rebounding fasterthan the rest of the world afterit contained the coronaviruspandemic, but also at a time of

BY DAN STRUMPF

Apple Counts on 5G Lift in ChinaThe company hopesto win back fans withits late entry despiteU.S. trade tensions

achieve profitability faster thanits rivals.

At the same time, Arrivalcould seek additional financingand potentially a public listingto further fund its growth plan,investment bankers have said.One way to achieve this goalcould be merging with a pub-licly traded special-purpose ac-quisition company, a route thathas proven popular with otherelectric-vehicle startups such asLos Angeles-based Fisker Inc.

Arrival declined to commenton any potential future fund-raising efforts.

service. Money for the latest fi-nancing will help fund Arrival’snetwork of what are called mi-cro factories in Europe and theU.S., including a new facility inSouth Carolina, which is part ofits U.S. expansion plans.

Currently, Arrival losesmoney as is typical for startupsthat are required to make majorupfront investments to launch abusiness.

However, it believes thelower investment cost of itssmaller-size factories and its fo-cus on the commercial electric-vehicle market will help it

majority-owned by Denis Sverd-lov, a former mobile-telecomexecutive. Arrival makes elec-tric-powered city buses andcommercial vans, claiming itsvehicles can travel up to 300miles without recharging andlower ownership costs by 50%,according to its website.

It currently has an order todeliver 10,000 vans to UPS inthe U.S. and Europe through2024. The company is also run-ning a trial of its electric vehi-cles with DHL Group, the Ger-many-based logistics company,and Royal Mail, the U.K. postal

faster with a 20-watt charger.Remember, while higher-watt-age chargers can have thatbenefit, charging speed isgoverned by the phone’s soft-ware, to protect the battery.And a 30-watt charger—or a100-watt charger—doesn’thave a huge speed advantageover a 20-watt one.

This new crop of smallchargers uses USB-C versusthe traditional USB port (akaUSB-A). USB-C is capable ofmuch faster power transfer.Plus, the ports and cables arereversible, so you never againhave to worry about the plug-ging-it-in-upside-down dance.And although—unlike virtu-ally every other gadget—iPhones haven’t moved toUSB-C, their new cords haveLightning on one end andUSB-C on the other, so they’llwork with the latest bricks.

Another big reason for thespeed? Power Delivery (orjust PD). This standard is likea conversation between thecharger and the phone. Oncethey’re connected, the chargerinquires about the phone’s

max power, then tries to sendthat. When the phone’s bat-tery hits a certain percentage,usually around 70%, thephone’s software regulates thespeed. From that point, thetime to 100% can take longer.

Best for All GadgetsCharging your phone is

easy. The real charger HolyGrail is that single brick thatpowers it all. Just picture it:one wall socket powering upyour phone, laptop, tablet,AirPods, smartwatch andsundry other tech-what-chamacallits, all at the sametime.

These multi-port chargershave gotten faster thanks toUSB-C, smarter thanks to PD,and smaller thanks to GaN, anew technology nicknamedafter a semiconductor madefrom gallium nitride.

Instead of the typical sili-con, gallium nitride is 40%more energy efficient anddoesn’t generate as muchheat when in use, said GeneSheridan, chief executive ofNavitas Semiconductor, which

wattage. I tested a number of60-watt GaN chargers withtwo USB-C ports. That wasenough to fast charge myiPhone 11 and iPad Pro at thesame time. It was fine forcharging a 13-inch MacBookPro on its own. My favoriteof all those was the $53Anker PowerPort III 2-Port.

But the newer 100-wattoptions will give you morepower to dole out—andthey’ve come down in price.Heck, the $57 100-watt AukeyOmnia Mix4 4-Port charger,with two USB-C ports andtwo USB-A ports, is smaller,cheaper and more powerfulthan Apple’s $69 61-wattMacBook Pro charger. Spot-ting differences betweenthese chargers on Amazon islike trying to taste the differ-ence between Poland Springand Aquafina. Even the test-ing results were similar.

I recommend buying fromestablished brands like Anker,Belkin and Aukey, all of whichoffer customer service andproper safety certificationsfor their chargers.

Best Wireless ChargersIt’s going to be years be-

fore you can do away withcords. Wireless charging stillhas limitations. OlderiPhones can get only 7.5watts of power wirelessly,and even with improvementsto the iPhone 12, it can getonly 15 watts when pairedwith a MagSafe charger.

A big issue with wirelesscharging is that if your de-vice isn’t aligned in thesweet spot of the chargingpad, it can’t get power effi-ciently, or at all. Many wire-less chargers pull plenty ofpower from the outlet thatdoesn’t make it to the device.

The iPhone 12s have a mag-netic disc that aligns themwith the MagSafe charger.While the MagSafe supportsthe Qi wireless standard—soyou can put an older iPhone orAndroid phone on it—youwon’t get the fast 15-wattspeeds; it’s limited to 7.5 wattsoutput. The craziest part?Even if you buy a MagSafe,you need a USB-C chargingbrick to plug it into the wall.

the potential of big profits.Tesla shares are up about

fivefold in 2020, and the automaker’s market value now ex-ceeds that of Toyota MotorCorp., General Motors Co. andFord Motor Co. combined.

BlackRock’s investment inArrival comes after the NewYork-based asset man-ager topped up its holding inJuly of Rivian Automotive LLC,an electric pickup-truck startupbacked in part by Ford. Rivian’sother backers include T. RowePrice Group Inc., Soros FundManagement LLC and FidelityInvestmentsThe two invest-ments also suggest BlackRockmight be hedging its bets, un-derscoring the challenges ofpicking the ultimate winners.Like Arrival, Rivian makes de-livery vans and those are slatedfor Amazon.com Inc.’s fleet.

The risks of investing in theelectric-vehicle sector were alsohighlighted by the controversyover the technology of U.S. elec-tric-truck maker Nikola Corp.That company’s stock is downalmost 70% since June amid al-legations that the company’sfounder, who resigned lastmonth, misled investors. He de-nies wrongdoing.

Founded in 2015, Arrival is

Electric-vehicle startup Ar-rival Ltd. said it has raised $118million from funds managed byBlackRock Inc., the latest inves-tor bet on new technology up-ending the auto sector.

The investment values theU.K.-based manufacturer ataround €3 billion, equivalent to$3.5 billion, according to a per-son familiar with the matter.BlackRock, the world’s biggestmoney manager, is joining ex-isting backers—auto manufac-turers Hyundai Motor Co. andKia Motors Corp. Those compa-nies together invested a total of€100 million in January.

BlackRock is investing at thesame valuation as Hyundai andKia. United Parcel Service Inc. isalso an investor but the amountit has contributed couldn’t belearned.

The four investors will ownan undisclosed minority stake,according to the person.

The fundraising is the latestin a wave of bets on the growthof electric vehicles as govern-ments and consumers push theauto industry to cut carbon-di-oxide emissions and the surgingstock-market valuation of in-dustry leader Tesla Inc. shows

BY BEN DUMMETT

BlackRock InvestsIn Electric VehicleStartup Arrival

Best Phone ChargerIf you loved Apple’s 5-watt

charger for its cute designthat didn’t block power out-lets, get ready to be happy:You can get four times thepower in the same size brick.

The Apple 5-watt tooknearly two hours to chargemy iPhone 11’s battery to 50%.The 20-watt $20 Aukey Om-nia Mini and Anker Nano took30 minutes. (Apple’s 20-wattcharger should be just as fast,but I haven’t tested it yet.)

Watt’s up with that? Liter-ally, watts. According to mytests, the iPhone 11 is capableof receiving up to 22 wattsduring its fast charging pe-riod—that is, to about the50% mark. It gets more power

ContinuedfrompageB1

Find aCharger forAll Gadgets

An iPhone 11 can get up to 22watts of power in an initial fast-charging cycle. How a higher-watt charger can speed it up:

Time fromempty to 50%battery, by charger

Sources: WSJ analysis of charging times

Note: To minimize variables, tests were donewith Airplane Mode enabled and screenturned off.

Apple 5W

Anker 10WPowerWaveWireless

Aukey OmniaMini 20W

Belkin Boost Charge 30W

Anker PowerPort III 60W

100minutes

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28

Fastly Inc. lost more than aquarter of its market valuelate Wednesday after the in-ternet content deliverer low-ered its revenue guidance be-cause of reduced use from itslargest customer, the video-sharing app TikTok.

The San Francisco com-pany didn’t name the cus-tomer in its news releaseWednesday, but it previouslyhas said its largest customerwas TikTok owner ByteDanceLtd. The U.S. has raised secu-rity concerns about TikTok,and President Trump hassaid he wants the app’s U.S.operations to be owned byAmericans.

“Due to the impacts of theuncertain geopolitical environ-ment, usage of Fastly’s plat-form by its previously dis-closed largest customer didnot meet expectations, result-ing in a corresponding signifi-cant reduction in revenuefrom this customer,” Fastlysaid Wednesday.

A TikTok representativecouldn’t be reached for com-ment.

In August, when Fastly re-ported second-quarter results,Chief Executive Joshua Bixbysaid TikTok representedabout 12% of Fastly’s revenuefor the first half of the year,with less than 50% of thatfrom the U.S.

Fastly increases the speedof content delivery over theinternet for customers likeTikTok, Vimeo and Pinterest.The company has benefitedduring the pandemic fromhigher demand for online ser-vices, with revenue rising 62%in the second quarter.Through Wednesday’s $123.18closing price, Fastly’s stockwas 10 times higher than itwas in March.

Fastly also said Wednesdaythat a few other customershad lower usage during thelatter part of the third quar-ter than it had estimated.

The company now projectsabout $70 million to $71 mil-lion in revenue for the Sep-tember quarter, down from itsearlier view of $73 million to$75.5 million. The companyalso said investors should dis-regard its previous financialguidance for the full year.

In after-hours trading,Fastly shares fell 27% to$90.39.

TikTok has become hugelypopular over the past year,particularly among youngpeople, and its downloadshave climbed through thepandemic. TikTok says theapp has more than 50 milliondaily active U.S. users and 100million monthly users.

Mr. Trump had ordered aban on downloads of the Tik-Tok app, which is beingfought in court, saying thedata TikTok collects from U.S.users could be shared withthe Chinese government. Tik-Tok has said it would neverhand over such data.

TikTok would become aU.S.-based company under aproposed deal with OracleCorp. and Walmart Inc.

Fastly is slated to reportthird-quarter results on Oct.28.

BY MARIA ARMENTAL

TikTokFalloutCuts ValueOf Supplier

U.K.-based Arrival Ltd. makes electric-powered city buses and commercial vans.

ARR

IVAL

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BANKING & FINANCE

lion, founded Vista in 2000when he was in his late 30swith $1 billion from a charita-ble trust established by thefamily of Houston businessmanRobert Brockman.

The commitment to Vista’smaiden fund came with thestipulation that a portion of theprofits Mr. Smith was entitledto be directed into an offshoreentity, structured as a charita-ble trust, according to a personfamiliar with the matter. Mr.Brockman had the power toseize control of the offshore en-tity at any point until the fundwas wound down, the personsaid.

The Vista chief paid taxes onthe portion of profits that wasdistributed directly to him butdidn’t pay taxes at the time onthe portion that was directed tothe offshore structure, the per-son said. The Justice Depart-ment said—and Mr. Smith hasultimately agreed—that heshould have paid taxes on thoseassets.

The money in the offshoreentity ultimately went intoFund II Foundation, a charityMr. Smith created in 2014. Thefoundation has made signifi-cant contributions to supportscholarships for minority stu-dents interested in science, en-gineering and math, researchon breast cancer in Blackwomen and the preservation ofMartin Luther King Jr.’s birthand family homes. It alsobacked Mr. Smith’s recently an-nounced Student Freedom Ini-tiative to ease the debt burdenof students at historically Blackcolleges and universities.

Mr. Brockman is the subjectof a larger investigation intopotential U.S. tax fraud,Bloomberg News reported.

The cases are the latest inthe government’s crackdown onundeclared offshore accountsheld by U.S. taxpayers. In 2008,Justice Department prosecutorstook banking giant UBS GroupAG to court, piercing the veil ofSwiss-bank secrecy. In 2009,UBS entered into a deferredprosecution agreement andagreed to pay $780 million.

In 2014, Credit Suisse GroupAG paid $2.6 billion andpleaded guilty to helping Amer-icans file false tax returns.

Between 2009 and 2018,more than 56,000 U.S. taxpay-ers with offshore accounts whowere at risk of criminal taxprosecution entered an InternalRevenue Service limited-am-nesty program and paid morethan $11.1 billion.

Of that, over $500 millioncame from 150 individualswhom prosecutors successfullypursued for hiding moneyabroad. A few defendants alsoreceived prison sentences. Todate, foreign banks and assetmanagers have paid more than$6 billion in connection withencouraging the secret offshoreaccounts.

Based in Austin, Texas, Vistahas more than $58 billion in cu-mulative capital commitmentsand more than 450 employeesin five offices around the coun-try. The firm has posted big re-turns by doing hundreds ofdeals for software companies,which it aims to improve by us-ing a proprietary playbook.

Mr. Smith hasn’t been shyabout deploying his consider-able wealth. He owns a $59million penthouse in Manhattanand two houses in Malibu, Ca-lif., valued at nearly $20 millionapiece, among other properties.He has made a splash with hispersonal philanthropy, mostnotably when he said last yearhe would pay off the collegedebt for the entire 2019 gradu-ating class of Morehouse Col-lege, a historically Black men’scollege in Atlanta.

—Laura Saunderscontributed to this article.

Robert Smith, the billionairechief executive of Vista EquityPartners, has reached a $140million settlement with theJustice Department, ending ayearslong criminal tax probe,according to people familiarwith the matter.

As part of the settlement,Mr. Smith will enter into a non-prosecution agreement, thepeople said. He will admit lia-bility for additional taxes owedand not properly filing foreignbank account reports but won’tbe prosecuted. He will agree toabide by certain conditions setforth by the government, thepeople said.

The settlement includes apenalty of $85 million, backtaxes of roughly $30 millionand about $25 million of inter-est, one of the people said. It isamong the largest knownagreements by a U.S. taxpayerto resolve issues involving un-declared offshore accounts.

The settlement is a result ofa four-year criminal inquiry byofficials in the Justice Depart-ment’s Tax Division and theU.S. Attorney’s Office for theNorthern District of California.At issue was whether Mr. Smithfailed to pay U.S. taxes on morethan $200 million in assetsfrom Caribbean entities set upby the sole investor in Vista’sfirst private-equity fund. Theseassets ended up flowing into acharitable foundation Mr. Smithcreated.

Much was at stake in the casefor Mr. Smith and Vista, whichpreviously told investors it wasn’ta subject of the investigation.

Institutions that invest inprivate-equity funds have be-come increasingly focused oncorporate governance when de-ciding where to put theirmoney. Depending on the lan-guage in Vista’s fund docu-ments, the firm’s existing inves-tors might have had the powerto pull their money if Mr. Smithhad been convicted of a crime,according to fund lawyers.

Mr. Smith, the wealthiestBlack person in the U.S., with anet worth of more than $5 bil-

BY MIRIAM GOTTFRIEDAND DAVE MICHAELS

Vista CEO Settles Tax ProbeWith DOJ for $140 Million

Robert Smith

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Wells Fargo & Co. firedmore than 100 employees forallegedly defrauding a federalpandemic-relief program.

A bank internal investigationfound that as many as 125 em-ployees made false representa-tions in applying for a type ofsmall-business relief programcalled an Economic Injury Di-saster Loan, a person familiarwith the matter said.

“We have terminated theemployment of those individu-als and will cooperate fully withlaw enforcement,” said DavidGalloreese, the bank’s head of

human resources, in an internalmemo. “These wrongful actionswere personal actions, and donot involve our customers.”

The Small Business Adminis-tration program has been pro-viding the loans to businessowners who lost revenue due tothe pandemic. The SBA inspec-tor general said in July that ithad been barraged with com-plaints about fraud. Financialinstitutions play no role in ap-proving or disbursing the loansbut monitor them when depos-ited into customers’ accounts bythe SBA. Nine of them reportedalmost $200 million in suspi-cious transactions, according tothe inspector general’s report.

The Wells Fargo firings, firstreported by Bloomberg News,follow an earlier disclosure byJPMorgan Chase & Co. that itwas investigating potentialwrongdoing involving anothersmall-business relief effort, thePaycheck Protection Program.

BY BEN EISEN

BankEmployeesFired OverSBA Loans

‘These wrongfulactions werepersonal actions,’said an executive.

$18.86 billion, down 14% from$22.01 billion a year earlier.Analysts had expected revenueof $17.99 billion.

Mr. Scharf is now a yearinto the job. He has said thebank should cut $10 billionfrom its annual expenses, be-ginning a process that is ex-pected to last well into nextyear and result in tens ofthousands of layoffs.

Noninterest expenses in thethird quarter totaled $15.23

tinues and further fiscal stim-ulus is uncertain,” Chief Exec-utive Charles Scharf said in astatement.

The bank entered the coro-navirus recession in worseshape than its peers, hobbledby declining revenue and abloated expense base. It hasalso been attempting to clawits way back from a four-year-old fake-accounts scandal.

In the third quarter, thebank reported revenue of

its consumer bank. That is sig-nificantly smaller than the$9.57 billion it set aside in thesecond quarter and $3.83 bil-lion in the first quarter.

Loan losses remained low,but the bank said they may bedelayed because it has offeredpayment deferrals during thepandemic.

“As we look forward, thetrajectory of the economic re-covery remains unclear as thenegative impact of Covid con-

Wells Fargo & Co. saidWednesday that its third-quar-ter profit fell 56%, though thebank signaled it was preparedfor a wave of soured loans.

The San Francisco-basedlender said it made $2.04 bil-lion in the quarter, down froma profit of $4.61 billion a yearearlier. Per-share earningswere 42 cents. Analysts polledby FactSet had expected 44cents.

Still, the results were animprovement from the secondquarter, when the bank lost$2.38 billion as it set asidemoney for potential bad loans.

The pandemic has curtailedearnings across the bankingsector this year by forcinglenders to set aside tens of bil-lions of dollars to prepare forloan defaults. Now, with mas-sive stockpiles in place, banksbelieve they have enoughstashed away to let them presspause.

Profit rose at JPMorganChase & Co. from a year agoand fell at Citigroup Inc., thebanks said Tuesday.

Wells Fargo, one of the na-tion’s largest consumer lend-ers, put aside an additional$751 million in the third quar-ter for sour loans, largely in

BY BEN EISEN

In the third quarter, Bankof America set aside $1.39billion.

That was far smaller thanits earlier provision of $5.12billion in the second quarterand $4.76 billion in the firstquarter.

Provisions included moremoney set aside for commer-cial loans in hard-hit indus-tries such as travel and en-tertainment.

Notably, the bank released$269 million of its reservesfor consumer loan losses,saying credit-card balances

are lower and the economy isimproving.

The bank posted revenueof $20.34 billion in the thirdquarter, down 11% from lastyear.

Analysts polled by FactSethad expected $20.8 billion.Revenue was down in all ofits divisions except trading.

Adjusted trading revenueof $3.34 billion was up 4%from $3.22 billion a yearago. Last quarter, the divi-sion posted revenue of $4.41billion.

Trading revenue jumped

30% at JPMorgan and 17% atCitigroup, with traders tak-ing advantage of uncertainmarkets.

The investment-bankingarm posted fee growth of15% from a year ago, led byunderwriting of stock offer-ings during what has turnedout to be a blockbuster fewmonths for initial public of-ferings.

Total fees of $1.77 billioncompared with $1.53 billiona year earlier. However, thebank also booked lower feesfrom mergers and bond issu-

ance.Superlow interest rates

have presented another chal-lenge for banks, eating intowhat they earn from lendingmoney.

Bank of America’s interestincome fell 17% from a yearago to $10.13 billion, whileits noninterest income fell4% to $10.21 billion.

Bank of America sharesfell 5.3% Wednesday. Bankstocks have tumbled thisyear, far underperformingthe broader S&P 500, whichis trading near record highs.

ago and Citigroup Inc. saidits profit fell, but both banksset aside less additionalmoney than in the previoustwo quarters for potentialloan losses.

ContinuedfrompageB1

BofA SaysProfit FallsIn Quarter

billion, roughly flat from ayear earlier. That included$718 million of restructuringcharges, which it said werelargely tied to severance pay-ments for employees. Thebank cut its employee headcount by 1,100 in the thirdquarter.

Expenses also included $961million of customer remedia-tion payments resulting fromthe bank’s ongoing efforts toresolve its sales-practicesscandal. The remediation pro-cess has continued longer thaninitially anticipated, and hasrecently focused on areas in-cluding auto loans, mortgagesand deposit accounts, Chief Fi-nancial Officer John Shrews-berry said on a call with re-porters.

Mr. Scharf said on a callwith analysts that the bank isplanning to leave some busi-nesses that it doesn’t considercore for its customers.

One example: The bank hasnotified customers that itplans to exit from the privatestudent loan business, Mr.Shrewsberry said.

Rock-bottom interest rateshave dealt another blow tobanks, reducing the incomethey can earn from lendingmoney. Wells Fargo’s interestincome fell 19% from a yearago to $9.37 billion, while itsnoninterest income declined9% to $9.49 billion.

The bank’s shares havefallen by more than 50% so farthis year. They were down an-other 6% Wednesday.

Wells Fargo’s Profit Drops 56%The results were animprovement from a$2.38 billion loss in thesecond quarter

The bank entered the coronavirus recession in worse shape than its peers, hobbled by declining revenue.

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THEWALL STREET JOURNAL. Thursday, October 15, 2020 | B7

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We are proud of our longstanding role in theelectoral process, enabling voting by mail inthousands of elections over the years—and weare confident in our capability and capacity todeliver in this election season.

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B8 | Thursday, October 15, 2020 THEWALL STREET JOURNAL.

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

5:01Acquisition 10.00 ... ... Social Capital HedosophiaHldgs IV 11.45 14.5 4.0FVAMOct. 14/$10.00 IPOD.UTOct. 9/$10.00

CodiakBioSciences 12.12 –19.2 ... Social Capital HedosophiaHldgsV 10.60 6.0 0.1CDAKOct. 14/$15.00 IPOE.UTOct. 9/$10.00

KronosBio 31.57 66.2 16.6 Social Capital HedosophiaHldgsVI 10.30 3.0 0.5KRONOct. 9/$19.00 IPOF.UTOct. 9/$10.00

LandcadiaHldgs III 9.96 –0.4 0.7 Shattuck Labs 19.20 12.9 –0.8LCYAUOct. 9/$10.00 STTKOct. 9/$17.00

SpruceBiosciences 17.85 19.0 5.0 AziyoBiologics 12.31 –27.6 –15.1SPRBOct. 9/$15.00 AZYOOct. 8/$17.00

Sources: DowJonesMarketData; FactSet

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 e and sapply. 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 r apply. v-Footnotesx and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incompleteprice, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund nottracked. NS-Fund didn’t exist at start of period.

Net YTDFund NAV Chg %Ret

American Century InvUltra 72.59 -0.62 39.2American Funds Cl AAmcpA p 37.09 -0.26 12.4AMutlA p 42.57 -0.19 -0.6BalA p 29.51 -0.11 5.3BondA p 14.09 ... 9.3CapIBA p 59.34 -0.13 -3.7CapWGrA 53.54 -0.26 3.8EupacA p 60.26 -0.16 8.3FdInvA p 63.64 -0.39 5.0GwthA p 63.60 -0.45 24.4HI TrA p 9.75 -0.01 1.3ICAA p 41.29 -0.26 6.1IncoA p 22.38 -0.05 -1.3N PerA p 56.22 -0.21 19.0NEcoA p 54.63 -0.47 19.5NwWrldA 76.90 -0.28 9.0SmCpA p 69.97 -0.20 18.9TxExA p 13.39 +0.01 2.3WshA p 47.25 -0.26 -0.4Baird FundsAggBdInst 11.86 +0.01 7.7CorBdInst 12.19 +0.01 7.5BlackRock FundsHiYBlk 7.53 -0.01 1.1

HiYldBd Inst 7.53 ... 1.2BlackRock Funds AGlblAlloc p 20.73 ... 11.2BlackRock Funds InstStratIncOpptyIns 10.12 -0.01 3.7Bridge Builder TrustCoreBond 10.97 ... 7.5CorePlusBond 10.69 ... 7.5Intl Eq 11.99 -0.04 ...LargeCapGrowth 19.87 -0.16 25.5LargeCapValue 13.01 -0.04 -3.6ClearBridgeLargeCapGrowthI 68.43 -0.69 25.3Columbia Class IDivIncom I 24.13 -0.11 0.3Dimensional Fds5GlbFxdInc 10.88 ... 1.4EmgMktVa 24.50 -0.13 -12.8EmMktCorEq 20.84 -0.08 -2.5IntlCoreEq 12.84 -0.01 -5.6IntSmCo 17.93 +0.03 -4.7IntSmVa 16.59 +0.02 -13.9LgCo 26.77 -0.17 9.6TAUSCoreEq2 20.56 -0.10 3.2US CoreEq1 26.79 -0.14 4.7US CoreEq2 24.14 -0.11 3.2

Net YTDFund NAV Chg %Ret

US Small 32.35 -0.17 -6.9US SmCpVal 28.57 -0.10 -16.3USLgVa 32.90 -0.15 -13.2Dodge & CoxBalanced 95.19 -0.38 -3.3Income 14.74 ... 7.4Intl Stk 36.81 -0.11 -15.6Stock 172.89 -1.11 -8.0DoubleLine FundsCoreFxdIncmI NA ... NATotRetBdI NA ... NAEdgewood Growth InstitutiEdgewoodGrInst 50.46 -0.57 31.0Fidelity500IdxInstPrem 121.05 -0.80 9.6Contrafund K6 18.28 -0.20 26.4ExtMktIdxInstPre 71.08 -0.39 11.4FidSerToMarket 11.93 -0.08 9.9IntlIdxInstPrem 41.12 -0.04 -4.3MidCpInxInstPrem 24.30 -0.09 3.4SAIUSLgCpIndxFd 18.70 -0.12 9.5SeriesBondFd 10.79 +0.01 7.1SeriesOverseas 11.46 -0.01 6.3SmCpIdxInstPrem 20.63 -0.20 -1.7TMktIdxInstPrem 99.25 -0.64 9.9USBdIdxInstPrem 12.45 ... 7.1

Net YTDFund NAV Chg %Ret

Fidelity Advisor INwInsghtI 39.01 -0.42 19.3Fidelity FreedomFF2020 16.66 -0.04 6.0FF2025 14.81 -0.03 6.0FF2030 18.36 -0.05 6.0Freedom2020 K 16.65 -0.03 6.0Freedom2025 K 14.79 -0.03 6.1Freedom2030 K 18.35 -0.04 6.1Freedom2035 K 15.48 -0.05 5.9Freedom2040 K 10.86 -0.04 5.9Fidelity InvestBalanc 26.52 -0.13 13.2BluCh 151.50 -1.26 46.6Contra 17.40 -0.19 27.8ContraK 17.43 -0.19 27.8CpInc r 10.15 -0.01 2.4DivIntl 44.36 ... 9.5GroCo 32.98 -0.33 54.4GrowCoK 33.05 -0.33 54.5InvGrBd 11.80 ... 8.3LowP r 44.82 -0.06 -3.8Magin 12.62 -0.11 23.7NASDAQ r 148.61 -1.21 31.9OTC 16.24 -0.12 35.4Puritn 25.41 -0.16 15.3SrsEmrgMkt 21.99 -0.08 6.6SrsGlobal 12.90 -0.03 -2.1SrsGroCoRetail 27.74 -0.28 56.3SrsIntlGrw 19.33 -0.04 10.3SrsIntlVal 8.81 ... -11.0TotalBond 11.21 ... 7.7Fidelity SAITotalBd 10.64 ... 7.1Fidelity SelectsSoftwr r 25.96 -0.24 35.0Tech r 28.24 -0.25 47.7First Eagle Funds

Net YTDFund NAV Chg %Ret

GlbA 57.89 -0.07 -0.1FPA FundsFPACres 32.05 -0.11 -2.3Franklin A1CA TF A1 p 7.64 ... 2.2IncomeA1 p 2.12 -0.01 -5.4FrankTemp/Frank AdvIncomeAdv 2.10 -0.01 -5.4FrankTemp/Franklin AGrowth A p 135.91 -0.97 21.1RisDv A p 74.67 -0.37 8.1FrankTemp/Franklin CIncome C t 2.16 ... -5.3Guggenheim Funds TruTotRtnBdFdClInst 29.89 -0.01 12.5Harbor FundsCapApInst 109.41 -1.14 44.4Harding LoevnerIntlEq 25.55 +0.03 7.4Invesco Funds YDevMktY 46.69 -0.31 2.4JPMorgan I ClassCoreBond 12.44 +0.01 7.2EqInc 18.16 -0.09 -5.1JPMorgan R ClassCoreBond 12.45 ... 7.2Lord Abbett AShtDurIncmA p 4.18 ... 1.7Lord Abbett FShtDurIncm 4.18 ... 1.7Metropolitan WestTotRetBd 11.63 ... 7.7TotRetBdI 11.63 ... 8.0TRBdPlan 10.94 ... 7.9MFS Funds Class IGrowth I 161.55 -1.68 27.0ValueI 42.00 -0.09 -4.6MFS Funds Instl

Net YTDFund NAV Chg %Ret

IntlEq 27.85 -0.05 ...Northern FundsStkIdx 40.00 -0.27 9.5Old Westbury FdsLrgCpStr 16.12 -0.12 7.0Parnassus FdsParnEqFd 53.03 -0.35 13.3PGIM Funds Cl ZTotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NAInvGrdCrBd 11.13 ... 4.8TotRt 10.93 ... 7.8PIMCO Funds AIncomeFd NA ... NAPIMCO Funds I2Income NA ... NAPIMCO Funds InstlIncomeFd NA ... NAPrice FundsBlChip 162.23 -2.06 30.5DivGro 55.61 -0.25 5.3EqInc 27.38 -0.10 -12.9EqIndex 92.67 -0.61 9.4Growth 93.79 -1.07 27.9HelSci 97.50 -1.16 19.7LgCapGow I 56.81 -0.72 29.0MidCap 106.48 -0.68 11.7NHoriz 85.41 -0.69 43.9R2020 23.36 -0.07 5.7R2025 18.89 -0.07 6.2R2030 27.58 -0.11 6.5R2035 20.31 -0.10 6.7R2040 28.96 -0.14 7.0PRIMECAP Odyssey FdsAggGrowth r 50.93 -0.33 13.4Schwab Funds

Net YTDFund NAV Chg %Ret

1000 Inv r NA ... NAS&P Sel NA ... NATSM Sel r NA ... NATIAA/CREF FundsEqIdxInst 25.68 -0.16 10.0VANGUARD ADMIRAL500Adml 322.11 -2.12 9.6BalAdml 42.30 -0.16 9.7CAITAdml 12.24 ... 3.1CapOpAdml r 173.48 -1.08 10.0DivAppIdxAdm 36.22 -0.17 8.6EMAdmr 37.36 -0.20 2.7EqIncAdml 73.30 -0.30 -5.5ExplrAdml 108.35 -0.69 11.5ExtndAdml 105.64 -0.59 11.4GNMAAdml 10.71 ... 3.1GrwthAdml 122.76 -0.98 31.7HlthCareAdml r 93.91 -0.64 10.0HYCorAdml r 5.85 ... 2.1InfProAd 28.23 ... 9.4IntlGrAdml 141.78 -0.04 37.9ITBondAdml 12.66 ... 9.2ITIGradeAdml 10.65 ... 8.9LTGradeAdml 11.96 +0.02 12.8MidCpAdml 229.73 -0.99 5.5MuHYAdml 11.67 ... 2.0MuIntAdml 14.65 ... 3.2MuLTAdml 12.03 +0.01 3.5MuLtdAdml 11.21 ... 2.6MuShtAdml 15.94 ... 1.6PrmcpAdml r 153.48 -0.80 6.5RealEstatAdml 114.76 -1.42 -10.5SmCapAdml 79.00 -0.36 0.5SmGthAdml 81.10 -0.55 16.5STBondAdml 10.88 +0.01 4.5STIGradeAdml 10.99 ... 4.4TotBdAdml 11.62 +0.01 7.1TotIntBdIdxAdm 23.34 +0.02 3.9

Net YTDFund NAV Chg %Ret

TotIntlAdmIdx r 28.86 -0.08 -2.0TotStAdml 86.58 -0.56 10.1TxMCapAdml 181.71 -1.14 10.9TxMIn r 13.47 -0.03 -3.3USGroAdml 163.22 -1.54 46.5ValAdml 42.04 -0.20 -8.0WdsrllAdml 64.84 -0.37 1.2WellsIAdml 67.55 -0.08 4.4WelltnAdml 77.18 -0.30 5.0WndsrAdml 65.54 -0.27 -8.4VANGUARD FDSDivdGro 31.89 -0.12 5.3INSTTRF2020 25.54 -0.05 5.9INSTTRF2025 26.22 -0.07 6.0INSTTRF2030 26.61 -0.08 5.9INSTTRF2035 26.97 -0.10 5.8INSTTRF2040 27.32 -0.11 5.6INSTTRF2045 27.61 -0.12 5.5INSTTRF2050 27.67 -0.12 5.5INSTTRF2055 27.78 -0.13 5.5IntlVal 34.24 -0.01 -8.8LifeCon 22.07 -0.03 6.3LifeGro 37.94 -0.15 5.8LifeMod 30.38 -0.09 6.1PrmcpCor 28.09 -0.15 0.6STAR NA ... NATgtRe2015 16.06 -0.02 5.8TgtRe2020 34.44 -0.08 5.9TgtRe2025 21.03 -0.06 6.0TgtRe2030 38.60 -0.13 5.9TgtRe2035 23.82 -0.08 5.8TgtRe2040 41.33 -0.16 5.6TgtRe2045 26.08 -0.11 5.6TgtRe2050 41.99 -0.19 5.6TgtRet2055 45.59 -0.20 5.6TgtRetInc 14.72 -0.02 5.9TotIntBdIxInv 11.67 ... 3.9

Net YTDFund NAV Chg %Ret

USGro 62.97 -0.59 46.4WellsI 27.89 -0.03 4.3Welltn 44.69 -0.18 4.9WndsrII 36.54 -0.21 1.1VANGUARD INDEX FDSIdxIntl 17.25 -0.05 -2.1SmValAdml 50.90 -0.13 -12.3TotBd2 11.54 +0.01 6.7TotIntlInstIdx r 115.40 -0.34 -2.0TotItlInstPlId r 115.42 -0.34 -2.0TotSt 86.55 -0.56 10.0VANGUARD INSTL FDSBalInst 42.31 -0.15 9.7DevMktsIndInst 13.49 -0.02 -3.3DevMktsInxInst 21.08 -0.04 -3.3ExtndInst 105.63 -0.59 11.4GrwthInst 122.77 -0.97 31.7InPrSeIn 11.50 ... 9.5InstIdx 311.33 -2.05 9.6InstPlus 311.34 -2.05 9.6InstTStPlus 74.07 -0.47 10.1MidCpInst 50.75 -0.22 5.5MidCpIstPl 250.28 -1.08 5.5SmCapInst 79.00 -0.36 0.5STIGradeInst 10.99 ... 4.4STIPSIxins 25.49 ... 3.8TotBdInst 11.62 +0.01 7.1TotBdInst2 11.54 +0.01 6.7TotBdInstPl 11.62 +0.01 7.1TotIntBdIdxInst 35.02 +0.02 3.9TotStInst 86.59 -0.56 10.1ValueInst 42.04 -0.19 -8.0WCM Focus FundsWCMFocIntlGrwIns 22.56 -0.11 19.3Western AssetCoreBondI NA ... NACorePlusBdI 12.49 ... 6.7CorePlusBdIS 12.49 ... 6.8

Net YTDFund NAV Chg %Ret

Wednesday, October 14, 2020

NetStock SymClose Chg

A B CABB ABB 26.76 -0.01AcadiaPharm ACAD 42.92 -0.34ADT ADT 8.08 -0.19AECOM ACM 45.66 -0.04AES AES 19.63 0.08Aflac AFL 36.98 -0.23AGNC Invt AGNC 14.12 0.09

s Ansys ANSS 351.40 0.09ASETech ASX 4.21 -0.07ASML ASML 398.03 -7.12AT&T T 27.49 -0.26AbbottLabs ABT 107.75 -0.26AbbVie ABBV 86.07 -0.58Abiomed ABMD 280.84 3.89AcceleronPharma XLRN 117.79 -4.39Accenture ACN 229.43 0.05ActivisionBliz ATVI 81.90 -0.08AdaptiveBiotechADPT 51.89 -1.26Adobe ADBE 506.31 -8.00AdvanceAuto AAP 156.58 -0.80AdvMicroDevicesAMD 84.21 -1.07

AgilentTechs A 105.06 -0.36AgnicoEagle AEM 84.18 1.02AirProducts APD 297.91 -3.19AkamaiTech AKAM 113.33 -2.13Albemarle ALB 94.59 -0.55Albertsons ACI 14.27 -0.43Alcon ALC 62.37 0.38AlexandriaRlEstARE 162.27 -3.35AlexionPharm ALXN 122.52 -1.23Alibaba BABA 301.04 -7.74AlignTech ALGN 333.10 2.28Alleghany Y 549.20 0.21Allegion ALLE 104.48 -0.56AlliantEnergy LNT 54.05 -0.03Allstate ALL 91.28 -0.51AllyFinancial ALLY 27.39 -0.21AlnylamPharmALNY 143.91 -2.75Alphabet A GOOGL 1563.44 -3.63Alphabet C GOOG 1568.08 -3.60Alteryx AYX 141.71 -2.25AlticeUSA ATUS 28.00 -0.35Altria MO 39.55 0.17AlumofChina ACH 5.40 -0.18Amazon.com AMZN 3363.71 -79.92Ambev ABEV 2.51 0.02

Amcor AMCR 11.40 -0.01Amdocs DOX 58.02 -0.29

s Amedisys AMED 250.46 -1.73Amerco UHAL 361.05 2.79Ameren AEE 81.35 0.20AmericaMovil AMX 12.93 0.02AmericaMovil A AMOV 12.73 -0.01AmerAirlines AAL 12.36 0.14AEP AEP 89.34 0.11AmerExpress AXP 104.81 -0.20AmericanFin AFG 70.16 -0.73AmHomes4RentAMH 29.37 -0.34AIG AIG 29.65 -0.17AmerTowerREITAMT 238.50 -3.91AmerWaterWorksAWK 155.76 -0.32AmericanWell AMWL 33.81 -1.00AmericoldRealty COLD 37.77 -0.77Ameriprise AMP 167.07 0.34AmerisourceBrgnABC 98.44 1.17Ametek AME 107.90 1.74Amgen AMGN 237.65 -1.69Amphenol APH 113.48 0.50AnalogDevicesADI 123.04 -0.55Anaplan PLAN 61.49 -0.96AngloGoldAshAU 27.97 0.50

NetStock SymClose Chg

NetStock SymClose Chg

Wednesday, October 14, 2020

HighsA-MarkPrecMet AMRK 37.55 -0.5Ansys ANSS 355.35 ...AXT AXTI 6.81 9.8Accolade ACCD 44.96 1.2AdaptHealth AHCO 28.10 3.4AdvDrainageSys WMS 72.51 -0.3AileronTherap ALRN 2.20 12.4Alphatec ATEC 11.38 -2.7AltairEngg ALTR 47.43 1.1Amedisys AMED 258.62 -0.7Ameresco AMRC 39.13 1.0AmicusTherap FOLD 16.80 ...Appian APPN 84.81 2.6AresMgmt ARES 44.57 -0.5ArtisanPtrsAsset APAM 46.64 0.6AssdBancPfdF ASBpF 27.75 1.2AvantorPfdA AVTRpA 80.86 -1.0BadgerMeter BMI 72.76 0.3BeaconRoof BECN 37.18 2.3BedBath BBBY 24.26 8.1BentleySystems BSY 39.03 8.4BestBuy BBY 119.90 0.2Bill.com BILL 120.77 ...BlackKnight BKI 93.72 1.6BlueprintMed BPMC 101.98 -0.9BostonBeer SAM 986.78 -0.9BrightSphere BSIG 15.88 1.3BuildersFirstSrc BLDR 34.69 -0.8BurgundyTechWt BTAQW 0.66 -7.7BurgundyTechA BTAQ 9.77 0.1CRISPR Therap CRSP 110.72 -1.6CadenceDesign CDNS 118.22 0.2CalliditasTherap CALT 32.07 -0.2CanNtlRlwy CNI 112.05 0.4CanPacRlwy CP 322.98 1.6CapitalOnePfdK COFpK 24.96 0.1Caterpillar CAT 164.82 0.9Cellectis CLLS 22.58 5.0CharlesRiverLabs CRL 250.29 -0.1ChartIndustries GTLS 84.46 11.1Cintas CTAS 358.69 -0.4Cloudflare NET 61.67 3.0Corteva CTVA 34.36 0.4Costco COST 383.87 -0.6CreatdWt CRTDW 1.25 19.0CrowdStrike CRWD 153.90 -3.3DadaNexus DADA 36.14 -3.8DarlingIngred DAR 44.87 -0.6Deere DE 240.66 0.5DellTechC DELL 71.45 0.2DenaliTherap DNLI 45.82 -1.6Dick's DKS 63.03 0.5DigitalTurbine APPS 42.36 3.4Dunkin' DNKN 86.17 0.8EPAM Systems EPAM 355.41 -0.5EatonVance EV 61.72 0.1eGain EGAN 20.88 -3.3EldoradoGold EGO 13.79 5.1EnergyFocus EFOI 11.60 -1.8EnsignGroup ENSG 61.98 0.7Etsy ETSY 154.88 -2.1eXpWorld EXPI 61.25 -0.3FedEx FDX 278.96 1.3FinTechAcqnIII FTAC 12.25 3.9FirstMidBncpPfdC FMBIO 27.78 0.5FirstRepBkPfdI FRCpI 27.85 -0.5FirstSolar FSLR 85.66 1.0FirstService FSV 138.86 -0.8Five9 FIVN 147.54 -0.85:01Acquisition FVAM 10.08 ...FiverrIntl FVRR 183.94 -0.9Floor&Decor FND 84.52 0.8FluxPower FLUX 12.49 6.5FreedomHolding FRHC 27.38 0.5Freshpet FRPT 125.96 -0.8GabelliEquityPfdK GABpK 27.05 1.1GabelliHlthPfdB GRXpB 27.25 3.4Globant GLOB 201.03 -0.8Graco GGG 65.94 1.4Grubhub GRUB 82.56 7.2

52-Wk %Stock Sym Hi/Lo Chg

HannonArmstrong HASI 46.38 1.5HavertyFurn A HVT.A 25.31 2.7HavertyFurn HVT 25.15 -0.7HookerFurniture HOFT 30.20 -2.1HorizonAcqnWt HZAC.WS 1.18 4.0IAA IAA 58.26 -1.0IdexxLab IDXX 430.86 -0.2iHuman IH 29.00 -3.9Immunomedics IMMU 87.58 1.0Infosys INFY 16.62 4.1InnovativeIndProp IIPR 136.63 -3.2Insulet PODD 255.39 -0.3iRhythmTechs IRTC 261.05 -5.3JanusHenderson JHG 28.75 0.8JinkoSolar JKS 68.90 8.6KBLMergerIVRt KBLMR 0.39 3.6KLA KLAC 223.54 -1.8KaixinAuto KXIN 2.19 266.7KismetAcqnWt KSMTW 0.84 7.7Kraton KRA 26.45 0.9KronosBio KRON 32.85 7.8KuraOncology KURA 35.18 -2.7LG Display LPL 7.17 2.4LHC Group LHCG 231.79 -1.3LifetimeBrands LCUT 11.20 1.2LincolnElectric LECO 100.40 0.6LiveOakAcqnUn LOAK.U 12.04 4.1LiveOakAcqn LOAK 10.85 2.8LiveOakAcqnWt LOAK.WS 2.98 23.8LiveOakBcshs LOB 32.15 1.7Lovesac LOVE 37.93 -2.4MDC Holdings MDC 51.42 1.0MYR Group MYRG 45.82 1.0MadrigalPharm MDGL 136.13 -4.9ManhattanAssoc MANH 106.17 -0.7Materialise MTLS 52.87 8.9MaxarTech MAXR 30.54 -1.2McDonalds MCD 229.48 0.1MedalistDivREIT MDRR 6.13 144.6MercadoLibre MELI 1283.96 -2.4MettlerToledo MTD 1044.83 -0.6MiratiTherap MRTX 199.54 -1.0MongoDB MDB 272.55 -1.1MrCooper COOP 24.71 0.2NIO NIO 26.96 22.6NationalVision EYE 41.83 -0.4NeoGenomics NEO 44.22 5.5NetfinAcqn NFINU 14.40 6.5NetfinAcqnA NFIN 12.00 3.1NetfinAcqnWt NFINW 2.63 12.2Nevro NVRO 154.74 -0.6NewFortressEner NFE 51.34 2.7NewbornAcqnWt NBACW 0.40 14.2NiuTech NIU 29.64 6.6NovaMeasuring NVMI 59.40 -0.2Novocure NVCR 140.89 1.4NuanceComms NUAN 35.43 -1.2OFGBancorpPfD OFGpD 27.02 2.2OakStreetHealth OSH 54.92 1.2OcularTherapeutix OCUL 12.42 -8.9OcwenFinancial OCN 27.81 1.0Okta OKTA 251.18 -1.6Oncorus ONCR 19.30 23.6OspreyTechUn SFTW.U 11.10 -2.0OtisWorldwide OTIS 66.00 0.7PJT Partners PJT 69.04 -1.5PRA HealthSci PRAH 113.41 ...PacBiosciCA PACB 14.09 0.1PacificEthanol PEIX 9.66 7.1PactivEvergreen PTVE 14.30 0.4PaycomSoftware PAYC 379.33 -0.2Paylocity PCTY 191.99 0.7Peloton PTON 135.31 0.4PennyMacFin PFSI 67.77 -0.6Pool POOL 363.44 2.4ProvidenceService PRSC 100.95 0.8PublicStoragePfJ PSApJ 28.10 -0.4PurpleInnovation PRPL 30.79 1.5PurpleInnovWt PRPLW 9.60 2.5Qualcomm QCOM 132.42 1.9QuinStreet QNST 17.48 -3.2Redfin RDFN 56.31 2.2Replimune REPL 46.30 46.8

52-Wk %Stock Sym Hi/Lo Chg

Rollins ROL 59.17 0.1Sea SE 176.90 -2.8SeresTherap MCRB 35.02 -5.3Shutterstock SSTK 60.51 0.5SiteOneLandscape SITE 137.73 -2.0SiTime SITM 93.07 -0.1SiyataMobile SYTA 5.50 5.2SleepNumber SNBR 61.40 -2.4SocCapHedII Wt IPOB.WS 7.86 17.3SocCapHedII A IPOB 26.56 10.0SocialCapHedIII IPOB.U 29.01 11.4SocialCapHedIV IPOD.U 11.79 0.4SpringWorks SWTX 63.31 -2.6SpruceBio SPRB 18.49 2.6Square SQ 193.44 -1.6StanleyBlackDck SWK 180.26 -0.2StitchFix SFIX 33.34 -0.7SurfaceOncol SURF 10.25 1.0TCR2 Therap TCRR 22.84 -4.2TRowePrice TROW 146.73 0.3TechTarget TTGT 51.18 -2.610xGenomics TXG 164.72 0.3TetraTech TTEK 112.56 ...ThermoFisherSci TMO 472.44 -0.1Toro TTC 88.96 0.6TractorSupply TSCO 157.07 -0.7TradeDesk TTD 675.00 0.5Trupanion TRUP 92.49 0.7Tucows TCX 76.00 -2.7TwistBiosci TWST 94.41 -2.8UltragenyxPharm RARE 99.25 -4.8Unilever UN 62.70 0.3Unilever UL 63.89 0.4Upwork UPWK 21.09 0.7VOXX Intl VOXX 11.70 31.0VaronisSystems VRNS 130.91 -1.0Veoneer VNE 18.90 -0.7Veracyte VCYT 43.94 -0.6Vertiv VRT 18.64 2.1VirtusInvtPtrs VRTS 159.48 1.7Waddell&ReedFin WDR 18.00 6.5Williams-Sonoma WSM 107.09 -1.3XPEL XPEL 31.98 -5.8

LowsAsana ASAN 22.93 -4.2AscendantDigA ACND 9.77 -0.6AspirationalCns ASPL.U 9.94 ...AziyoBiologics AZYO 12.08 0.5BEST BEST 2.60 -3.2CF Finance CFFAU 9.46 -9.9Canon CAJ 15.77 -2.9ChinaPetrol SNP 39.07 -3.1ChurchillCapIVWt CCIV.WS 1.18 -4.0CodiakBioSciences CDAK 11.99 -19.2ColonnadeAcqnA CLA 9.64 ...ConyersParkII Wt CPAAW 1.14 ...CumberlandPharm CPIX 3.05 -3.8D8 Wt DEH.WS 0.55 -1.7dMYTechA DMYD 9.80 -0.3DyneTherapeutics DYN 17.46 -7.1ExecutiveNtwk ENPC.U 24.95 -0.15:01Acquisition FVAM 9.99 ...FortressValueIIWt FAII.WS 1.46 -4.6FortressValueII FAII 9.79 0.2GoresV Wt GRSVW 1.20 -2.7GulfportEnergy GPOR 0.33 -5.3HighPeakEner HPK 6.01 -8.9HolicityWt HOLUW 1.25 -2.3HorizonAcqnA HZAC 9.83 -1.4KismetAcqnOne KSMT 9.67 -0.3Mack-Cali CLI 11.99 -2.4Marcus MCS 6.88 -1.5NewYorkCityReit NYC 11.25 -1.71347 Property PIH 3.26 -3.5PTK Acqn PTK 9.71 0.2PeabodyEnergy BTU 1.71 -0.6PolyPid PYPD 9.81 4.9PresidioProperty SQFT 3.60 2.4Psychemedics PMD 4.16 -2.3Q&K Intl QK 4.97 -12.6Reading A RDI 2.73 -6.1VastaPlatform VSTA 13.38 -1.6

52-Wk %Stock Sym Hi/Lo Chg

Wednesday, October 14, 2020

New Highs and Lows | WSJ.com/newhighs

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Americanand Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latestsession. % CHG-Daily percentage change from the previous trading session.

AB InBev BUD 57.33 -0.83AnnalyCap NLY 7.32 -0.03Anthem ANTM 292.34 -5.10Aon AON 210.09 -0.80ApolloGlbMgmtAPO 42.98 -0.15Apple AAPL 121.19 0.09ApplMaterials AMAT 63.98 -0.71Aptargroup ATR 116.44 -1.12Aptiv APTV 95.74 -0.33Aramark ARMK 27.50 0.15ArcelorMittal MT 13.96 0.19ArchCapital ACGL 30.46 -0.35ArcherDaniels ADM 48.85 0.02

s AresMgmt ARES 43.86 -0.24arGEN-X ARGX 276.94 1.71AristaNetworksANET 228.03 2.19ArrowElec ARW 83.57 0.07AscendisPharma ASND 157.75 -2.25AspenTech AZPN 133.08 -0.53Assurant AIZ 122.44 -0.08AstraZeneca AZN 53.19 -1.29Athene ATH 35.70 -0.22Atlassian TEAM 191.81 -1.18AtmosEnergy ATO 95.04 -0.37Autodesk ADSK 246.70 2.61Autohome ATHM 99.44 -1.39Autoliv ALV 83.17 1.00ADP ADP 148.51 -1.18AutoZone AZO 1169.03 4.44Avalara AVLR 155.93 -0.09Avalonbay AVB 153.62 -1.28Avangrid AGR 55.24 -0.29Avantor AVTR 23.72 -0.35AveryDennisonAVY 131.18 1.74AxonEnterprise AAXN 101.42 -0.33BCE BCE 42.71 -0.29BHP Group BHP 51.92 -0.13BHP Group BBL 42.57 -0.03BP BP 16.59 -0.09B2Gold BTG 7.05 0.14Baidu BIDU 136.07 9.02BakerHughes BKR 13.15 0.29Ball BLL 90.06 -0.20BancoBilbaoViz BBVA 2.62 -0.01BancoBradesco BBDO 3.38 0.01BancodeChile BCH 15.00 -0.11BancSanBrasil BSBR 5.64 -0.02BcoSantChile BSAC 13.59 0.17BancoSantander SAN 1.89 ...BankofAmerica BAC 23.62 -1.33

NetStock SymClose Chg

BankofMontreal BMO 61.43 -0.42BankNY Mellon BK 36.59 -0.29BkNovaScotia BNS 42.49 -0.25Barclays BCS 5.23 -0.02BarrickGold GOLD 28.31 0.35BaxterIntl BAX 80.04 -0.06BectonDicknsn BDX 233.69 -3.02BeiGene BGNE 303.93 0.70

s BentleySystems BSY 37.17 2.88Berkley WRB 61.71 -0.62BerkHathwy A BRK.A 316080-2889.00BerkHathwy B BRK.B 210.91 -1.40BerryGlobal BERY 50.15 0.26

s BestBuy BBY 118.44 0.23BeyondMeat BYND 188.73 1.11BigCommerce BIGC 105.99 3.85Bilibili BILI 43.69 -3.97

s Bill.com BILL 119.83 0.05Bio-Techne TECH 268.87 -0.71Bio-RadLab A BIO 557.39 -8.35Biogen BIIB 289.02 -2.44BioMarinPharm BMRN 78.79 -1.09BioNTech BNTX 86.86 -6.14

s BlackKnight BKI 93.50 1.45BlackRock BLK 639.85 0.89Blackstone BX 55.10 -0.26Boeing BA 163.24 1.10BookingHldgs BKNG 1732.60 -48.37BoozAllen BAH 82.37 1.38BorgWarner BWA 38.56 -0.39

s BostonBeer SAM 964.81 -8.50BostonProps BXP 79.61 -0.15BostonSci BSX 40.62 -0.30BrightHorizons BFAM 154.69 1.87BristolMyers BMY 61.00 -0.13BritishAmTob BTI 34.66 -0.61Broadcom AVGO 380.30 -1.19BroadridgeFinl BR 141.70 -0.38BrookfieldMgt BAM 34.00 -0.39BrookfieldInfr BIP 46.67 -0.30BrookfieldPropREIT BPYU 13.69 0.09BrookfieldRenew BEPC 65.45 0.50Brown&Brown BRO 46.98 -0.39Brown-Forman A BF.A 69.71 -0.95Brown-Forman B BF.B 77.49 -0.60Bruker BRKR 42.05 -1.03Bunge BG 52.15 1.21BurlingtonStrs BURL 210.53 -1.54CBRE Group CBRE 49.02 -0.03CDW CDW 129.52 -0.41

NetStock SymClose Chg

CF Industries CF 29.81 0.36CGI GIB 69.25 -0.66CH Robinson CHRW 104.82 0.21CME Group CME 166.70 -0.80CMS Energy CMS 64.79 0.03CNA Fin CNA 30.00 -0.28CNH Indl CNHI 8.42 0.02CNOOC CEO 95.63 -2.60CRH CRH 38.32 -0.26

s CRISPR Therap CRSP101.37 -1.69CSX CSX 80.47 1.28CVS Health CVS 58.51 -0.61CableOne CABO 1855.02 -14.98CabotOil COG 19.19 -0.11

s CadenceDesign CDNS 116.97 0.20CaesarsEnt CZR 55.33 -0.12CamdenProperty CPT 95.19 -1.25CampbellSoup CPB 49.46 -0.15CIBC CM 76.31 -0.24

s CanNtlRlwy CNI 111.21 0.47CanNaturalRes CNQ 18.02 0.18

s CanPacRlwy CP 322.06 5.06t Canon CAJ 15.79 -0.47CanopyGrowth CGC 18.34 -0.36CapitalOne COF 78.66 -0.88CardinalHealth CAH 48.37 0.45Carlisle CSL 126.25 0.23Carlyle CG 26.85 0.08CarMax KMX 91.58 -1.55Carnival CCL 13.97 -0.06Carnival CUK 12.00 -0.01CarrierGlobal CARR 32.51 0.02Carvana CVNA 213.22 -3.63CaseysGenStores CASY 182.80 -1.74Catalent CTLT 92.61 -2.27

s Caterpillar CAT 163.61 1.49Celanese CE 118.50 2.13Centene CNC 65.19 -0.18CenterPointEner CNP 20.79 -0.03CentraisElBras EBR 5.75 0.07CeridianHCM CDAY 89.45 -0.58Cerner CERN 74.23 0.98

s CharlesRiverLabs CRL 244.64 -0.34CharterComms CHTR 638.62 -11.33CheckPoint CHKP 128.03 0.90Chegg CHGG 84.00 -1.84Chemed CHE 494.47 1.22CheniereEnergy LNG 49.51 -0.35CheniereEnerPtrs CQP 36.54 0.82Chevron CVX 72.95 -0.45

NetStock SymClose Chg

Chewy CHWY 64.12 -2.74ChinaEastrnAir CEA 21.12 -0.72ChinaLifeIns LFC 11.57 -0.21ChinaMobile CHL 32.82 0.11

t ChinaPetrol SNP 39.17 -1.27ChinaSoAirlines ZNH 26.91 -0.36ChinaTelecom CHA 31.18 -0.39ChinaUnicom CHU 7.04 0.13Chipotle CMG 1321.37 -3.85Chubb CB 118.56 -0.01ChunghwaTel CHT 36.99 -0.03Church&Dwight CHD 94.47 -0.71ChurchillDowns CHDN 170.84 -1.70Ciena CIEN 42.07 0.39Cigna CI 174.49 -0.09CincinnatiFin CINF 78.77 -0.38

s Cintas CTAS 351.19 -1.49CiscoSystems CSCO 39.89 0.08Citigroup C 43.03 -0.65CitizensFin CFG 27.58 -0.44CitrixSystems CTXS 140.91 -3.12Clarivate CCC 31.15 -1.25Clorox CLX 218.93 -2.24

s Cloudflare NET 61.50 1.77Coca-Cola KO 50.12 -0.10Coca-Cola Euro CCEP 39.83 -0.15Cognex CGNX 67.36 -1.77CognizantTech CTSH 73.96 0.74ColgatePalm CL 79.86 -0.40ColumbiaSportswr COLM 92.50 -0.49Comcast A CMCSA 45.28 -0.61CommerceBcshrs CBSH 57.48 -0.91ConagraBrands CAG 37.69 -0.25ConchoRscs CXO 48.66 4.52ConocoPhillips COP 34.53 -0.35ConEd ED 82.24 -0.08ConstBrands A STZ 183.11 -4.42Cooper COO 353.87 -2.37Copart CPRT 115.80 -0.57Corning GLW 34.50 -0.37

s Corteva CTVA 33.82 0.12CoStar CSGP 869.41 -13.81

s Costco COST 378.34 -2.34CoupaSoftware COUP 312.06 -1.66Credicorp BAP 120.78 -1.21CreditSuisse CS 10.35 -0.10Cree CREE 71.38 -0.11

s CrowdStrike CRWD 147.79 -5.01CrownCastle CCI 165.03 -1.77CrownHoldings CCK 81.90 0.09CubeSmart CUBE 34.61 -0.22Cummins CMI 221.77 1.32CureVac CVAC 53.92 -0.47CyrusOne CONE 76.63 -1.96

D E FDISH NetworkDISH 28.06 -0.43DTE Energy DTE 119.40 0.33

s DadaNexus DADA 32.75 -1.30Danaher DHR 226.55 0.93Darden DRI 99.23 0.47

s DarlingIngred DAR 43.28 -0.26

NetStock SymClose Chg

Datadog DDOG 113.55 -3.32DaVita DVA 88.87 0.52DeckersOutdoorDECK 256.10 2.47

s Deere DE 238.47 1.25s DellTechC DELL 70.65 0.14DeltaAir DAL 31.76 -0.01DentsplySirona XRAY 45.60 0.62DeutscheBankDB 9.06 -0.05DexCom DXCM 394.01 -6.93Diageo DEO 139.72 -1.17DigitalRealty DLR 156.36 -1.62DiscoverFinSvcsDFS 64.33 0.20DiscoveryB DISCB 33.10 ...DiscoveryA DISCA 20.93 -0.64DiscoveryC DISCK 18.78 -0.56Disney DIS 126.59 -2.37DocuSign DOCU 237.10 -1.11DolbyLab DLB 68.16 -3.64DollarGeneral DG 220.10 -2.90DollarTree DLTR 95.16 -1.47DominionEner D 81.05 -0.52Domino's DPZ 403.21 -4.51Donaldson DCI 50.74 0.05Dover DOV 113.62 1.19Dow DOW 48.83 0.95DrReddy'sLab RDY 69.81 -0.23DraftKings DKNG 47.56 -3.62Dropbox DBX 19.84 -0.50DukeEnergy DUK 92.67 -0.25DukeRealty DRE 38.63 -0.94Dun&BradstreetDNB 27.46 0.16

s Dunkin' DNKN 85.99 0.70DuPont DD 58.77 0.45Dynatrace DT 43.71 -0.68ENI E 15.60 ...EOG Rscs EOG 37.62 -1.02

s EPAM Systems EPAM 346.89 -1.87EastmanChem EMN 85.61 1.09Eaton ETN 108.19 0.59

s EatonVance EV 61.21 0.08eBay EBAY 56.46 -1.13Ecolab ECL 201.31 0.26Ecopetrol EC 9.81 0.10EdisonInt EIX 56.24 -0.04EdwardsLife EW 85.17 1.23ElancoAnimal ELAN 31.87 -0.95Elastic ESTC 124.14 -1.52ElectronicArts EA 132.75 -0.19EmersonElec EMR 69.38 0.49Enbridge ENB 29.44 -0.17EncompassHealth EHC 67.30 0.63EnelAmericas ENIA 6.48 0.12EnergyTransfer ET 6.29 0.16EnphaseEnergy ENPH 108.97 2.32Entegris ENTG 82.43 -1.48Entergy ETR 105.76 -0.72EnterpriseProd EPD 17.11 0.07Equifax EFX 164.17 -0.72Equinix EQIX 817.40 -8.71Equinor EQNR 14.50 0.03Equitable EQH 20.30 -0.31EquityLife ELS 64.66 -0.74

NetStock SymClose Chg

EquityResdntl EQR 52.81 -0.69ErieIndemnity A ERIE 227.21 -2.11EssentialUtil WTRG 41.59 -0.51EssexProp ESS 206.89 -2.60EsteeLauder EL 222.84 -0.18

s Etsy ETSY 149.97 -3.23EverestRe RE 202.36 -0.15Evergy EVRG 53.45 0.53EversourceEner ES 91.83 -0.83ExactSciences EXAS 103.50 -3.55Exelixis EXEL 23.58 -0.42Exelon EXC 41.03 0.05Expedia EXPE 92.40 -1.92ExpeditorsIntl EXPD 93.75 0.88ExtraSpaceSt EXR 113.37 0.22ExxonMobil XOM 34.15 -0.07F5Networks FFIV 129.11 2.58FMC FMC 109.43 0.95Facebook FB 271.82 -4.32FactSet FDS 335.24 -0.31FairIsaac FICO 437.73 -2.44Farfetch FTCH 26.97 0.23Fastenal FAST 44.95 -0.40Fastly FSLY 123.18 -5.65

s FedEx FDX 276.24 3.50Ferrari RACE 185.76 1.57FiatChrysler FCAU 12.36 0.12FidNatlFin FNF 33.00 -0.46FidNatlInfo FIS 144.07 -1.89FifthThirdBncp FITB 22.73 -0.39FirstRepBank FRC 121.14 -2.61

s FirstSolar FSLR 83.72 0.79FirstEnergy FE 31.43 0.12Fiserv FISV 102.71 -2.05FiveBelow FIVE 136.09 0.94

s Five9 FIVN 144.67 -1.13s FiverrIntl FVRR 175.35 -1.65FleetCorTech FLT 250.19 1.43

s Floor&Decor FND 83.80 0.70FomentoEconMex FMX 58.35 -0.52FordMotor F 7.57 -0.19Fortinet FTNT 130.14 -0.47Fortis FTS 41.09 -0.43Fortive FTV 67.00 0.58FortBrandsHome FBHS 88.50 0.22FoxA FOXA 26.93 -0.30FoxB FOX 27.13 -0.34Franco-Nevada FNV 141.46 -0.22FranklinRscs BEN 23.41 0.25FreeportMcM FCX 16.94 0.12FreseniusMed FMS 42.79 0.41

G H IGCI LibertyA GLIBA 85.08 -1.43GDS Holdings GDS 82.66 -4.08GFLEnvironmentalGFL 22.42 -0.25GSXTechedu GSX 110.92 -3.72Galapagos GLPG 142.55 -3.26Gallagher AJG 107.83 -0.84Gaming&LeisureGLPI 37.41 -0.39Gap GPS 19.61 0.27

NetStock SymClose Chg

Biggest 1,000 Stocks | WSJ.com/stocks

How to Read the Stock TablesThe following explanations apply to NYSE, NYSEArca, NYSE American and Nasdaq Stock Marketlisted securities. Prices are composite quotationsthat include primary market trades as well astrades reported by Nasdaq BX (formerly Boston),Chicago Stock Exchange, Cboe, NYSE National andNasdaq ISE.The list comprises the 1,000 largest companiesbased 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 recent fourquarters.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 or beingreorganized under the Bankruptcy Code,or securities assumed 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.

Continued on Page B9

Data provided byMUTUAL FUNDS

COMMERCIAL REAL ESTATECAREERS

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THEWALL STREET JOURNAL. Thursday, October 15, 2020 | B9

DividendChangesDividend announcements fromOctober 14.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedAOSmith AOS 1.9 .26 /.24 Q Nov16 /Oct30

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off.

NetStock SymClose Chg

Garmin GRMN 98.49 -0.32Gartner IT 124.77 -3.23Generac GNRC 203.00 1.46GeneralDynamicsGD 142.89 -0.35GeneralElec GE 6.82 0.10GeneralMills GIS 62.09 -0.63GeneralMotorsGM 31.67 -0.20Genmab GMAB 37.99 -0.20Genpact G 38.92 -0.28Gentex GNTX 27.14 -0.19GenuineParts GPC 100.93 1.03Gerdau GGB 3.94 -0.01GileadSciencesGILD 64.05 -0.44GSK GSK 37.21 0.02GlobalPaymentsGPN 177.19 -2.84

s Globant GLOB 197.83 -1.55GlobeLife GL 81.52 0.20GoDaddy GDDY 77.01 -0.94GoldFields GFI 13.01 0.33GoldmanSachs GS 211.23 0.42GoodRx GDRX 51.27 -0.87

s Graco GGG 65.73 0.91Grainger GWW 386.24 2.08Grifols GRFS 18.35 -0.15

s Grubhub GRUB 81.29 5.47GuardantHealthGH 106.27 -2.89Guidewire GWRE102.83 -2.92HCA HealthcareHCA 134.66 1.72HDFC Bank HDB 56.41 0.70HD Supply HDS 42.23 0.03HP HPQ 19.50 -0.18HSBC HSBC 19.23 -0.54Halliburton HAL 12.72 0.18HartfordFinl HIG 37.42 -0.32Hasbro HAS 85.85 -1.04HealthcareAmerHTA 25.70 -0.40HealthpeakProp PEAK 27.51 -0.36Heico A HEI.A 94.81 -0.03Heico HEI 109.78 0.37HenrySchein HSIC 60.87 1.21Herbalife HLF 49.72 0.03Hershey HSY 149.47 0.62Hess HES 38.59 -0.06HewlettPackardHPE 9.76 -0.02HighwoodsPropHIW 33.65 -1.01Hilton HLT 88.30 -0.34Hologic HOLX 66.50 -1.17HomeDepot HD 287.09 -3.27HondaMotor HMC 24.00 -0.08Honeywell HON 173.47 1.92HorizonTherap HZNP 80.31 0.20HormelFoods HRL 50.23 -0.41DR Horton DHI 78.27 0.42HostHotels HST 10.95 -0.22HowmetAerospace HWM 18.26 0.41HuanengPowerHNP 16.45 0.73Huazhu HTHT 41.93 -0.92Hubbell HUBB 144.55 -0.09HubSpot HUBS 313.36 -5.97Humana HUM 423.00 -9.81JBHunt JBHT 140.01 1.52HuntingtonBcshs HBAN 9.46 -0.10

s IAA IAA 56.94 -0.55ICICI Bank IBN 11.13 0.26

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T U VTAL Education TAL 80.26 0.69TC Energy TRP 43.42 -0.20TE Connectivity TEL 105.65 -0.73Telus TU 18.23 -0.13TJX TJX 57.41 0.02T-MobileUS TMUS 116.67 -4.90

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Continued From Page B8

BIGGEST 1,000 STOCKSThis announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below). The Offer (as defined below) is made solely by the Offer to Purchase, dated October 15, 2020, and the

related Letter of Transmittal and any amendments or supplements thereto.The Offeror (as defined below) is not aware of any state where the making of the Offer is prohibited by any administrative or judicialaction pursuant to any valid state statute. If the Offeror becomes aware of any valid state statute prohibiting the making of the Offer or the acceptance of the Shares pursuant thereto, the Offeror will

make a good faith effort to comply with that state statute or seek to have such statute declared inapplicable to the Offer. If, after a good faith effort, the Offeror cannot do so, the Offeror willnot make the Offer to, nor will tenders be accepted from or on behalf of, the holders of Shares in that state. Except as set forth above, the Offer is being made to all holders of Shares.

Notice of Offer to Purchase for CashAll Outstanding Shares of Common Stock

of

AMAG Pharmaceuticals, Inc.at

$13.75 Per Share, Net in CashPursuant to the Offer to Purchase dated October 15, 2020

by

Covis Mergerco Inc.a wholly owned subsidiary of

Covis Group S.à r.l.Covis Mergerco Inc., a Delaware corporation (the “Offeror” or “we”) and an indirect wholly owned subsidiary of Covis Group S.à r.l., a Luxembourg private limited

liability company (“Parent”), is offering to purchase all of the issued and outstanding shares of common stock, par value $0.01 per share (the “Shares”), of AMAGPharmaceuticals, Inc., a Delaware corporation (“AMAG”), at a purchase price of $13.75 per Share, net to the holders thereof, payable in cash (the “Offer Price”), withoutinterest, less any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated October 15, 2020 (the “Offer toPurchase”), and in the related Letter of Transmittal (the “Letter of Transmittal” which, together with the Offer to Purchase, as each may be amended or supplemented fromtime to time, in accordance with the Merger Agreement described below, collectively constitute the “Offer”). Following the consummation of the Offer, and subject to theconditions described in the Offer to Purchase, the Offeror intends to effect the Merger described below.

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORKCITY TIME, ON NOVEMBER 12, 2020 (ONE MINUTE AFTER 11:59 P.M., NEW YORK CITY TIME,ON NOVEMBER 12, 2020), UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.

The purpose of the Offer is for Parent to acquire control of all of the outstanding equity interests in AMAG.The Offer is being made in connection with the Agreement and Plan of Merger, dated as of October 1, 2020, by and among AMAG, Parent, Offeror, and (solely with

respect to certain sections thereof) Covis Finco S.à r.l., the direct parent company of Parent (the “Debt Financing Borrower”) (as it may be amended from time to time,the “Merger Agreement”), pursuant to which, after the completion of the Offer and the satisfaction or waiver of certain conditions, the Offeror will merge with and intoAMAG, with AMAG surviving as a wholly owned indirect subsidiary of Parent (the “Merger”). At the effective time of the Merger (the “Effective Time”), each outstandingShare (other than Shares owned by AMAG as treasury stock, Shares owned by Parent or the Offeror, in each case immediately before the Effective Time, and Shares ownedby any stockholders who have properly exercised their appraisal rights under Section 262 of the General Corporation Law of the State of Delaware (the “DGCL”)) will becanceled and automatically converted into and will thereafter represent only the right to receive an amount in cash equal to the Offer Price, without interest and less anyapplicable withholding tax. As a result of the Merger, the Shares will cease to be publicly traded, and AMAG will become an indirect wholly owned subsidiary of Parent.

Parent, the Offeror and the Debt Financing Borrower are owned directly by certain equity fundsmanaged by ApolloManagement IX, L.P.TheOffer, theMerger and theother transactions contemplated by the Merger Agreement, but excluding, in any event, the related financing, are collectively referred to as the “Transactions.”TheMergerAgreement is more fully described in Section 11—“Purpose of the Offer and Plans for AMAG; Transaction Documents” of the Offer to Purchase.

The Offer is not subject to any financing condition. The Offer is conditioned upon, among others things, the following: (a) the number of Shares validly tendered andnot validly withdrawn prior to the Expiration Date, considered together with all other Shares (if any) beneficially owned by Parent and its affiliates (excluding any Sharestendered pursuant to guaranteed delivery procedures that have not yet been “received” (as such term is defined in Section 251(h)(6)(f) of the DGCL)), representing at leastonemore than 50% of the sum of (x) the total number of Shares outstanding at the time of the expiration of theOffer, plus (y) the aggregate number of Shares then issuable toholders of certain options to purchase Shares (the “Company Options”) from which AMAG has received notices of exercise prior to the expiration of the Offer (and asto which such shares have not yet been issued to such exercising holders of Company Options), except that Company Options, time-vesting restricted stock units andperformance-vesting restricted stock units cancelled in accordance with the terms of the Merger Agreement will not be included in such calculation, plus (z) the aggregatenumber of Shares issuable to holders of certain 3.25% convertible senior notes due 2022 issued under a supplemental indenture dated as of May 10, 2017 (the “ConvertibleNotes”) fromwhich AMAG has received valid notices of conversion to Shares in accordance with the Convertible Notes prior to the expiration of the Offer (and as to whichShares have not yet been issued to such exercising holders of Convertible Notes) (the “Minimum Condition”); (b) the expiration or termination of any applicable waitingperiod (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended in respect of the Transactions; (c) the absence of anylaw or order (including any injunction or other judgment), whether temporary, preliminary or permanent, in effect that enjoins, restrains or otherwise prohibits or makesillegal the consummation of the Transactions; (d) the accuracy of AMAG’s representations and warranties contained in the Merger Agreement (subject to de minimis,materiality and Company Material Adverse Effect (as this term is defined in the Merger Agreement)) (the “Representations Condition”); (e) AMAG’s performance orcompliance with its obligations, agreements and covenants as required under the Merger Agreement in all material respects; (f) the absence, since the date of the MergerAgreement, of any effect, change, event or occurrence that, individually or in the aggregate, has had, or would reasonably be expected to have, a CompanyMaterial AdverseEffect (the “MAE Condition”); and (g) the Merger Agreement not having been terminated. The Offer is also subject to certain other terms and conditions described inSection 13—“Conditions of the Offer” of the Offer to Purchase (the “Offer Conditions”).

TheOffer will expire at 12:00 midnight, New York City time, on November 12, 2020 (oneminute after 11:59 P.M. New York City time, on November 12, 2020) (such dateand time, the “Expiration Date” and the “Expiration Time”), unless the Offeror, in accordance with theMerger Agreement, has extended the offering period of the Offer, inwhich event the terms “Expiration Date” and “Expiration Time” will mean the latest time and date at which the offering period of the Offer, as so extended by the Offeror,will expire. Shares tendered pursuant to the Offer may be withdrawn by following the procedures set forth in Section 4—“Withdrawal Rights” of the Offer to Purchase forwithdrawing Shares in a timely manner, at any time on or prior to the Expiration Time, and, if not previously accepted for payment at any time, after December 14, 2020pursuant to Securities and Exchange Commission (“SEC”) regulations.

The Board of Directors of AMAG has unanimously (a) approved, adopted and declared advisable the Merger Agreement and the Transactions contemplatedthereby, including the Offer and the Merger, (b) determined that the Transactions, including the Offer and the Merger, are in the best interests of AMAG and itsstockholders, (c) agreed that theMerger Agreement will be effected under Section 251(h) of theDGCL, and (d) resolved to recommend that the stockholders of AMAGaccept the Offer and tender their Shares to the Offeror pursuant to the Offer.

If, as a result of the Offer, the Offeror holds Shares that represent at least one Share more than 50% of all the issued and outstanding Shares plus Shares issuable upon theexercise of certain CompanyOptions and the conversion of the Convertible Notes, Parent, the Offeror andAMAGwill, subject to the satisfaction or waiver of the remainingconditions set forth in the Merger Agreement, as soon as practicable, consummate the Merger (but in any event no later than the date of, and immediately following,the payment for the Shares tendered in the Offer) under the provisions of Section 251(h) of the DGCL without prior notice to, or any action by, any other stockholder ofAMAG. We expect the Merger to occur without a “subsequent offering period” within the meaning of Rule 14d-11 under the Securities Exchange Act of 1934, as amended(the “Exchange Act”). We do not expect there to be a significant period of time between the consummation of the Offer and the consummation of the Merger.

Subject to the terms and conditions of theMerger Agreement, unless theMerger Agreement is terminated in accordance with its terms, the Offeror is required to extendthe Offer from time to time as follows: (i) if on the then scheduled Expiration Date, the Minimum Condition has not been satisfied or any of the other Offer Conditionshas not been satisfied, or waived by Parent or the Offeror if permitted hereunder, then the Offeror is required to extend the Offer for one or more occasions in consecutiveincrements of up to ten business days each (or such longer period as may be agreed by AMAG and Parent) in order to permit the satisfaction of such Offer Conditions(subject to the right of Parent or the Offeror to waive any Offer Condition to the extent permitted under theMerger Agreement); provided, however, that the Offeror shall notbe required to extend theOffer and the then scheduled ExpirationDate to a date later than the EndDate; and (ii) the Offeror is required to extend theOffer for theminimumperiod required by applicable law, interpretation or position of the SEC or its staff or the NASDAQGlobal SelectMarket or its staff. If on any then scheduled ExpirationDate(i) all of the Offer Conditions have been satisfied (other than those Offer Conditions that by their nature are to be satisfied at the first time at which the Offeror irrevocablyaccepts for payment any Shares tendered pursuant to the Offer, but which conditions would be capable of being satisfied as of such scheduled Expiration Date) and (ii) thefull amount of the incremental senior secured term loans of up to $460 million, of which $140 million will be available to consummate the Offer and the Merger has notbeen funded and will not be available to be funded at the consummation of the Offer and theMerger, other than as a result of a breach or failure to perform by any of Parent,Offeror or Debt Financing Borrower of certain of their representations, warranties or covenants set forth in theMerger Agreement, then (1) the Offeror is required to extendthe Offer for two successive periods of up to five business days per extension (each such period to end at midnight (New York City time) on the last business day of suchperiod) and (2) thereafter the Offeror will have the right in its sole discretion to extend the Offer for additional successive periods of up to five business days per extension(each such period to end at midnight (New York City time) on the last business day of such period), the length of each such period to be determined by Parent in its solediscretion; provided that, if the Offeror so extends the Offer, the Representations Condition (solely with respect to representations and warranties qualified by reference toCompanyMaterial Adverse Effect) and theMAECondition will be deemed to have been irrevocably satisfied or waived from and at all times after any such initial extension.

The Offeror is not, however, required to extend the Offer beyond 11:59 P.M., Eastern Time, on the End Date. The “End Date” is January 28, 2021.Pursuant to the Merger Agreement, each of Parent and the Offeror has agreed that it will not, without the prior written consent of AMAG, (a) amend, modify or waive

the Minimum Condition; (b) decrease the number of Shares sought to be purchased by the Offeror in the Offer; (c) reduce the Offer Price (except to the extent requiredunder theMerger Agreement); (d) increase the Offer Price, except to the extent permitted under theMerger Agreement; (e) extend or otherwise change the Expiration Date,except to the extent permitted under the Merger Agreement; (f) change the form of consideration payable in the Offer; (g) impose any condition to the Offer in additionto the Offer Conditions; (h) amend, modify or supplement any of the terms of the Offer in any manner adversely affecting, or that could reasonably be expected to have anadverse effect on, any of the holders of Shares; or (i) take any action (or fail to take any action) that would result in the Merger not being permitted to be effected pursuantto Section 251(h) of the DGCL.

In order to tender your Shares in the Offer, you must (a) follow the procedures described in Section 3—“Procedures for Tendering Shares” of the Offer to Purchase or(b) if your Shares are held through a broker, dealer, commercial bank, trust company or other nominee, contact such nominee and request that they effect the transaction foryou and tender your Shares. If your Shares are held through a broker, dealer, commercial bank, trust company or other nominee, youmust contact such broker, dealer,commercial bank, trust company or other nominee to tender your Shares. If you desire to tender Shares, and certificates evidencing your Shares are not immediatelyavailable, or if you cannot comply with the procedures for book-entry transfer described in the Offer to Purchase on a timely basis, or if you cannot deliver all requireddocuments to American Stock Transfer & Trust Company, LLC (the “Depositary and Paying Agent”) prior to the Expiration Time, youmay tender your Shares by followingthe procedures for guaranteed delivery set forth in Section 3—“Procedures for Tendering Shares” of the Offer to Purchase.

For purposes of the Offer, the Offeror will be deemed to have accepted for payment and thereby to have purchased Shares validly tendered and not validly withdrawnif and when the Offeror gives oral or written notice to the Depositary and Paying Agent of its acceptance for payment of those Shares pursuant to the Offer. Payment forShares accepted for payment pursuant to the Offer will be made by depositing the Offer Price for those Shares with the Depositary and Paying Agent, which will act as agentfor tendering stockholders for the purpose of receiving payments from the Offeror and transmitting such payments to tendering stockholders. Under no circumstances willinterest be paid on the Offer Price for Shares, regardless of any extension of the Offer or any delay in making payment for Shares.

Shares tendered pursuant to the Offer may be withdrawn at any time on or prior to the Expiration Time, and, if not previously accepted for payment at any time, afterDecember 14, 2020, the date that is 60 days after the date of the commencement of theOffer, pursuant to SEC regulations. For yourwithdrawal to be effective, awritten (or, withrespect to Eligible Institutions (as defined in the Offer to Purchase), a facsimile transmission) notice of withdrawal with respect to the Shares must be timely received by theDepositary and Paying Agent at one of its addresses set forth on the back cover of theOffer to Purchase, and the notice of withdrawalmust specify the name of the personwhotendered the Shares to be withdrawn, the number of Shares to be withdrawn and the name of the registered holder of the Shares to be withdrawn, if different from that of theperson who tendered such Shares. The signature(s) on the notice of withdrawal must be guaranteed by an Eligible Institution, unless those Shares have been tendered forthe account of any Eligible Institution. If Shares have been tendered pursuant to the procedures for book-entry transfer, any notice of withdrawal must specify the name andnumber of the account atTheDepository Trust Company to be creditedwith thewithdrawn Shares. If certificates representing the Shares to bewithdrawn have been deliveredor otherwise identified to the Depositary and Paying Agent, the name of the registered owner and the serial numbers shown on such certificates must also be furnished to theDepositary and Paying Agent prior to the physical release of such certificates. If you tender Shares by giving instructions to a broker, dealer, commercial bank, trust companyor other nominee, you must instruct such broker, dealer, commercial bank, trust company or other nominee to arrange for the withdrawal of your Shares.

All questions as to the validity, form, eligibility (including time of receipt) and acceptance of any tender or withdrawal of Shares will be determined by the Offeror(which may delegate power in whole or in part to the Depositary and Paying Agent) in its sole and absolute discretion, which determination will be final and binding absenta finding to the contrary by a court of competent jurisdiction. The Offeror also reserves the absolute right to waive any defect or irregularity in the tender or withdrawal ofany Shares of any particular stockholder whether or not similar defects or irregularities are waived in the case of any other stockholder. No tender or withdrawal of Shareswill be deemed to have been validly made until all defects and irregularities have been cured or waived. None of Parent, the Offeror or any of their respective affiliates orassigns, the Depositary and Paying Agent, Okapi Partners LLC (the “Information Agent”), or any other person will be under any duty to give notification of any defectsor irregularities in any tender of Shares or notice of withdrawal or incur any liability for failure to give such notification. Withdrawals of tenders of Shares may not berescinded, and any Shares properly withdrawn will be deemed not to have been validly tendered for purposes of the Offer. However, withdrawn Shares may be retenderedby following one of the procedures for tendering Shares described in the Offer to Purchase at any time prior to the Expiration Time.

The receipt of cash in exchange for Shares pursuant to the Offer and the Merger generally will be taxable for U.S. federal income tax purposes, generally will betaxable under applicable state and local tax laws, and may be taxable under other tax laws. All AMAG stockholders are urged to consult with their tax advisors as to theparticular tax consequences to them of the Offer and the Merger.

The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 of the General Rules and Regulations under the Exchange Act is contained in the Offer toPurchase and is incorporated herein by reference.

Upon the request of the Offeror, AMAG has provided to the Offeror its list of stockholders and security position listings for the purpose of disseminating the Offerto holders of Shares. The Offer to Purchase and the related Letter of Transmittal are being mailed to record holders of Shares and will be furnished to brokers, dealers,commercial banks, trust companies and other nominees whose names, or the names of whose nominees, appear on the stockholder list or, if applicable, who are listed asparticipants in a clearing agency’s security position listing, for subsequent transmittal to beneficial owners of Shares.

The Offer to Purchase, the related Letter of Transmittal and AMAG’s Solicitation/Recommendation Statement on Schedule 14D-9 (which contains therecommendation of the Board of Directors of AMAG and the reasons therefor) and the other documents to which such documents refer contain importantinformation that should be read carefully before any decision is made with respect to the Offer.

Questions and requests for assistance and copies of the Offer to Purchase, the Letter of Transmittal and all other tender offer materials may be directed to theInformation Agent at its address and telephone numbers set forth below and will be furnished promptly at the Offeror’s expense. Neither Parent nor the Offeror will pay anyfees or commissions to any broker, dealer, commercial bank, trust company or other nominee (other than to the Depositary and Paying Agent and the Information Agent)in connection with the solicitation of tenders of Shares pursuant to the Offer.

The Information Agent for the Offer is:

Okapi Partners LLC1212 Avenue of the Americas, 24th Floor

New York, NY 10036Banks and Brokerage Firms, Please Call: (212) 297-0720

Shareholders and All Others Call Toll-Free: (844) 343-2621Email: info@okapipartners.com

October 15, 2020

P2JW289000-0-B00900-1--------XA

B10 | Thursday, October 15, 2020 THEWALL STREET JOURNAL.

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

3.00

3.50

4.00

4.50

5.00%

2019N D J

2020F M A M J J A S O

tNew car loan

tPrime rate

Selected ratesNewcar loan

Bankrate.comavg†: 4.14%First CommandBank 2.75%FortWorth, TX 888-763-7600

First SavingsBankofHegewisch 2.75%Chicago, IL 773-646-4200

CambridgeSavingsBank 3.24%Cambridge,MA 888-418-5626

PNCBank 3.34%Washington, DC 888-PNC-BANK

ChaseBank 3.84%NewYork, NY 800-CHA-SE24

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 1.75 -1.00Prime rate* 3.25 3.25 3.25 l 5.00 -1.00Libor, 3-month 0.23 0.23 0.22 l 2.00 -1.12Moneymarket, annual yield 0.22 0.22 0.22 l 0.73 -0.10Five-year CD, annual yield 0.62 0.63 0.62 l 1.53 -0.8430-yearmortgage, fixed† 3.03 3.03 2.93 l 4.22 -0.8315-yearmortgage, fixed† 2.52 2.54 2.48 l 3.57 -0.63Jumbomortgages, $510,400-plus† 3.07 3.06 2.93 l 4.42 -1.26Five-year adjmortgage (ARM)† 3.23 3.25 2.85 l 4.61 -0.16New-car loan, 48-month 4.14 4.14 4.14 l 4.56 1.07Bankrate.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 ICEWednesday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–10

–5

0

5

10%

2019 2020

Euros

Yens

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 3056.66 –9.19 –0.30 –6.0DJGlobal Index 447.72 –1.60 –0.36 3.2DJGlobal exU.S. 255.19 –0.02 –0.01 –3.2

Americas DJAmericas 814.45 –4.87 –0.59 7.0Brazil SaoPauloBovespa 99334.43 831.61 0.84 –14.1Canada S&P/TSXComp 16455.40 –55.43 –0.34 –3.6Mexico S&P/BMV IPC 38025.72 –106.06 –0.28 –12.7Chile Santiago IPSA 2524.90 6.69 0.27 –24.3

EMEA StoxxEurope600 370.62 –0.34 –0.09 –10.9Eurozone EuroStoxx 364.83 0.17 0.05 –9.7Belgium Bel-20 3316.16 –4.31 –0.13 –16.2Denmark OMXCopenhagen20 1435.11 –5.46 –0.38 26.4France CAC40 4941.66 –5.96 –0.12 –17.3Germany DAX 13028.06 9.07 0.07 –1.7Israel TelAviv 1370.38 6.25 0.46 –18.6Italy FTSEMIB 19607.73 49.05 0.25 –16.6Netherlands AEX 571.98 –0.48 –0.08 –5.4Russia RTS Index 1160.30 4.19 0.36 –25.1SouthAfrica FTSE/JSEAll-Share 55394.23 339.70 0.62 –3.0Spain IBEX35 6916.60 41.40 0.60 –27.6Sweden OMXStockholm 739.90 2.52 0.34 8.7Switzerland SwissMarket 10292.66 –43.70 –0.42 –3.1Turkey BIST 100 1189.29 14.59 1.24 3.9U.K. FTSE 100 5935.06 –34.65 –0.58 –21.3U.K. FTSE250 17950.41 59.41 0.33 –18.0

Asia-PacificAustralia S&P/ASX200 6179.20 –16.55 –0.27 –7.6China Shanghai Composite 3340.78 –18.97 –0.56 9.5HongKong HangSeng 24667.09 17.41 0.07 –12.5India S&PBSESensex 40794.74 169.22 0.42 –1.1Japan Nikkei StockAvg 23626.73 24.95 0.11 –0.1Singapore Straits Times 2555.59 –12.05 –0.47 –20.7SouthKorea Kospi 2380.48 –22.67 –0.94 8.3Taiwan TAIEX 12919.31 –27.82 –0.21 7.7Thailand SET 1263.99 –9.44 –0.74 –20.0Sources: 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 28792.56 28461.73 28514.00 -165.81 -0.58 29551.42 18591.93 5.6 -0.1 7.6TransportationAvg 11963.81 11816.81 11887.49 104.27 0.88 11887.49 6703.63 13.9 9.0 6.2UtilityAverage 881.22 870.11 875.19 -0.86 -0.10 960.89 610.89 1.8 -0.5 5.9Total StockMarket 36209.97 35723.54 35799.78 -232.15 -0.64 36434.12 22462.76 17.2 8.4 10.6Barron's 400 768.34 758.18 758.47 -4.46 -0.58 767.01 455.11 11.7 3.6 3.4

NasdaqStockMarketNasdaqComposite 11939.92 11714.35 11768.73 -95.17 -0.80 12056.44 6860.67 44.9 31.2 21.2Nasdaq 100 12159.21 11913.57 11985.36 -97.81 -0.81 12420.54 6994.29 51.3 37.2 25.3

S&P500 Index 3527.94 3480.55 3488.67 -23.26 -0.66 3580.84 2237.40 16.7 8.0 11.0MidCap400 2009.91 1984.13 1984.28 -8.79 -0.44 2106.12 1218.55 3.2 -3.8 2.9SmallCap600 930.28 917.03 917.35 -4.92 -0.53 1041.03 595.67 -2.9 -10.2 0.3

Other IndexesRussell 2000 1647.99 1621.56 1621.65 -15.20 -0.93 1705.22 991.16 6.3 -2.8 2.6NYSEComposite 13267.16 13135.90 13143.16 -68.79 -0.52 14183.20 8777.38 1.1 -5.5 2.1Value Line 491.32 486.13 486.14 -1.41 -0.29 562.05 305.71 -5.8 -12.0 -3.6NYSEArcaBiotech 5642.07 5541.11 5547.71 -71.06 -1.26 6142.96 3855.67 29.4 9.5 9.2NYSEArcaPharma 663.60 656.42 658.68 -4.36 -0.66 675.64 494.36 11.7 0.8 6.0KBWBank 78.70 76.75 76.81 -1.41 -1.80 114.12 56.19 -23.3 -32.2 -8.1PHLX§Gold/Silver 152.25 149.30 150.68 1.97 1.33 161.14 70.12 70.7 40.9 20.0PHLX§Oil Service 30.08 28.82 29.13 0.40 1.40 80.99 21.47 -54.9 -62.8 -40.5PHLX§Semiconductor 2445.12 2405.09 2417.20 -12.93 -0.53 2433.48 1286.84 50.9 30.7 25.6CboeVolatility 27.23 25.53 26.40 0.33 1.27 82.69 11.54 93.0 91.6 40.1

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6:30p.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 7,214.6 348.49 0.56 0.16 348.60 347.76Fastly Cl A FSLY 6,702.8 91.25 -31.93 -25.92 124.49 86.40BedBath Beyond BBBY 5,878.7 23.98 0.04 0.15 24.24 23.86NIOADR NIO 5,687.6 27.35 0.85 3.21 27.45 26.30

General Electric GE 4,636.1 6.82 ... unch. 6.85 6.82iSharesGold Trust IAU 4,467.3 18.16 0.05 0.28 18.18 18.11Finl Select Sector SPDR XLF 3,246.6 24.85 0.07 0.28 24.85 24.75Apple AAPL 3,183.0 121.14 -0.05 -0.04 121.25 120.13

Percentage gainers…ArrowheadPharmaceuticals ARWR 147.8 49.00 4.54 10.21 52.50 44.46SleepNumber SNBR 337.6 63.50 5.33 9.16 64.47 58.00fuboTV FUBO 193.5 9.98 0.66 7.08 10.24 9.32DouYu Intl ADR DOYU 290.8 15.88 0.66 4.34 15.88 15.13AnteroMidstream AM 140.2 6.61 0.25 3.93 6.85 6.36

...And losersFastly Cl A FSLY 6,702.8 91.25 -31.93 -25.92 124.49 86.40AtmosEnergy ATO 50.1 79.65 -15.39 -16.19 95.12 79.65VertexPharm VRTX 262.5 240.92 -30.54 -11.25 271.68 235.01Cloudflare NET 772.8 57.00 -4.50 -7.32 61.50 55.50ReplimuneGroup REPL 198.0 34.30 -1.95 -5.38 37.31 33.07

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume* 763,256,418 13,556,307Adv. volume* 329,675,003 8,112,004Decl. volume* 424,933,109 5,361,640Issues traded 3,142 273Advances 1,188 132Declines 1,859 131Unchanged 95 10Newhighs 88 0New lows 19 1ClosingArms† 0.71 0.71Block trades* 4,899 128

Nasdaq NYSEArca

Total volume*3,387,388,173 187,414,548Adv. volume*1,644,736,990 68,981,539Decl. volume*1,710,909,212 116,753,894Issues traded 3,555 1,416Advances 1,147 454Declines 2,300 931Unchanged 108 31Newhighs 154 81New lows 18 8ClosingArms† 0.52 0.74Block trades* 16,061 1,064

* 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

NIOADR NIO 379,321 266.6 26.50 22.57 26.96 1.36Apple AAPL 150,382 -13.6 121.19 0.07 137.98 53.15Medalist DiversifiedREIT MDRR 137,137 557215.9 2.85 144.64 6.13 1.03Bank ofAmerica BAC 126,994 119.1 23.62 -5.33 35.72 17.95Novan NOVN 108,311 411.7 0.57 24.13 3.72 0.22

General Electric GE 97,278 4.5 6.82 1.49 13.26 5.48Wells Fargo WFC 75,229 81.9 23.25 -6.02 54.75 22.00ProShUltraProShrtQQQ SQQQ 69,959 28.3 20.09 2.50 162.15 18.95KaixinAutoHoldings KXIN 60,135 39093.1 1.98 266.67 2.19 0.40FordMotor F 57,629 -7.8 7.57 -2.45 9.58 3.96* 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

iSh Int RtHdg LTCpBd IGBH 16,857 20582 23.67 0.30 25.38 14.55Energy Focus EFOI 8,116 11190 8.24 -1.85 11.60 0.81HuizeHoldingADR HUIZ 1,405 10181 7.80 -0.06 14.80 4.83ReplimuneGroup REPL 10,661 5372 36.25 46.82 46.30 8.58RadiusGl Infr Cl A RADI 1,009 4826 8.16 -0.97 9.75 7.00

Fidelity Intl Hi Div FIDI 553 4552 16.05 -0.06 22.10 12.62CCNeuberger I A PCPL 5,219 3602 10.19 -3.28 11.29 9.78IQ CandriamESG Intl IQSI 397 3518 24.48 -0.27 25.51 17.45iSh Int RateHdgdCorpBd LQDH 1,250 2974 92.47 0.30 96.29 69.04Cyclerion Therapeutics CYCN 7,235 2615 3.35 -52.95 14.77 1.69* 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 Index11768.73 t 95.17, or 0.80%

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:

36.45 23.86

31.24 21.25

0.76 1.04

12056.44, 09/02/20

8200

8850

9500

10150

10800

11450

12100

July Aug. Sept. Oct.

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 2474.500 0.520 0.550 1.870 0.400 8.16 5.32

U.S. Treasury Long, Barclays4836.690 1.370 1.460 2.370 0.980 17.33 11.25

Aggregate, Barclays 2278.130 1.180 1.220 2.410 1.020 7.36 5.16

Fixed-RateMBS, Barclays 2223.360 1.310 1.300 2.690 0.930 4.24 3.57

HighYield 100, ICEBofA 3196.434 4.429 4.598 10.740 4.235 2.692 3.778

MuniMaster, ICEBofA 585.053 1.119 1.117 3.441 0.838 3.896 3.831

EMBIGlobal, J.P.Morgan 898.459 4.683 4.792 7.480 4.523 3.934 3.684

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

ReplimuneGroup REPL 36.25 11.56 46.82 46.30 8.58 153.0InterpaceBiosciences IDXG 3.96 0.98 32.89 11.00 2.57 -50.4AllscriptsHealthcare MDRX 10.90 2.59 31.17 11.82 4.56 0.8VOXX International VOXX 11.32 2.68 31.02 11.70 1.82 163.3Oncorus ONCR 18.55 3.54 23.58 19.30 14.60 ...

NIOADR NIO 26.50 4.88 22.57 26.96 1.36 1715.1NanoDimensionADR NNDM 3.65 0.66 22.07 4.89 0.51 3.0NetElement NETE 8.88 1.53 20.82 20.08 1.47 95.6Humanigen HGEN 14.31 2.28 18.95 33.95 1.50 297.5ComstockHldgCl A CHCI 2.82 0.44 18.49 6.26 1.06 46.9

Betterware deMexico BWMX 25.81 3.87 17.64 37.82 5.67 ...Oblong OBLG 3.21 0.46 16.73 4.69 0.87 224.1ElectrameccanicaVehicles SOLO 3.23 0.46 16.61 6.00 0.89 81.5Trinity BiotechADR TRIB 2.61 0.35 15.49 3.28 0.56 203.0AnaptysBio ANAB 20.37 2.61 14.70 39.48 10.00 -43.8

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Cyclerion Therapeutics CYCN 3.35 -3.77 -52.95 14.77 1.69 -65.3CodiakBioSciences CDAK 12.12 -2.88 -19.20 15.00 11.99 ...Navistar Intl NAV 36.00 -8.46 -19.03 45.25 15.01 25.9Liquidia Technologies LQDA 3.34 -0.74 -18.14 12.10 2.65 -20.1EnzoBiochem ENZ 2.16 -0.45 -17.24 4.85 1.56 -33.7

AMCEntertainmentHldgs AMC 2.96 -0.58 -16.38 10.35 1.95 -68.3SorrentoTherapeutics SRNE 10.10 -1.85 -15.48 19.39 1.45 483.8Hexindai ADR HX 1.78 -0.30 -14.42 7.44 0.76 -58.1AdaptimmuneTherapADR ADAP 7.95 -1.25 -13.59 13.40 0.71 695.0Q&K Intl ADR QK 5.27 -0.76 -12.60 20.44 4.97 ...

Mercurity FintechADR MFH 2.59 -0.37 -12.50 5.20 1.00 6.1MedigusADR MDGS 2.55 -0.34 -11.76 5.15 0.83 40.1DynavaxTechnologies DVAX 4.59 -0.60 -11.56 12.44 1.80 11.7PreludeTherapeutics PRLD 35.01 -3.93 -10.09 50.19 23.69 ...Vaxart VXRT 6.90 -0.77 -10.04 17.49 0.27 1752.8

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 651.14 5.22 0.81 651.14 433.70 6.18 1.38TR/CCCRB Index 151.51 1.13 0.75 187.39 106.29 -13.41 -18.45Crude oil,$per barrel 41.04 0.84 2.09 63.27 -37.63 -23.09 -32.79Natural gas,$/MMBtu 2.636 -0.219 -7.67 2.881 1.482 14.46 20.42Gold,$per troy oz. 1901.30 12.80 0.68 2051.50 1452.10 27.78 25.13

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Wed YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0129 77.3997 29.2Brazil real .1788 5.5928 39.1Canada dollar .7604 1.3152 1.2Chile peso .001252 798.80 8.0Colombiapeso .000260 3839.00 17.0EcuadorUSdollar 1 1 unchMexico peso .0469 21.3049 12.6Uruguay peso .02345 42.6400 14.8Asia-PacificAustralian dollar .7164 1.3959 –2.0China yuan .1489 6.7151 –3.6HongKong dollar .1290 7.7502 –0.5India rupee .01364 73.304 2.7Indonesia rupiah .0000680 14698 5.9Japan yen .009509 105.16 –3.2Kazakhstan tenge .002330 429.13 12.4Macau pataca .1252 7.9885 –0.4Malaysia ringgit .2409 4.1505 1.5NewZealand dollar .6656 1.5024 1.1Pakistan rupee .00612 163.300 5.4Philippines peso .0206 48.643 –4.1Singapore dollar .7368 1.3573 0.8SouthKoreawon .0008717 1147.21 –0.7Sri Lanka rupee .0054130 184.74 1.9Taiwan dollar .03477 28.758 –3.9Thailand baht .03212 31.130 4.6

US$vs,Wed YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004315 23177 0.02EuropeCzechRep. koruna .04310 23.201 2.3Denmark krone .1578 6.3377 –4.9Euro area euro 1.1748 .8512 –4.5Hungary forint .003231 309.47 4.8Iceland krona .007188 139.13 14.9Norway krone .1082 9.2404 5.3Poland zloty .2602 3.8437 1.3Russia ruble .01286 77.776 25.3Sweden krona .1134 8.8215 –5.8Switzerland franc 1.0948 .9134 –5.6Turkey lira .1264 7.9101 33.0Ukraine hryvnia .0353 28.3500 19.7UK pound 1.3010 .7686 1.9Middle East/AfricaBahrain dinar 2.6522 .3771 ...Egypt pound .0637 15.6995 –2.2Israel shekel .2960 3.3779 –2.2Kuwait dinar 3.2705 .3058 0.9Oman sul rial 2.5978 .3849 –0.02Qatar rial .2747 3.641 –0.1SaudiArabia riyal .2666 3.7511 –0.01SouthAfrica rand .0605 16.5343 18.1

Close Net Chg %Chg YTD%Chg

WSJDollar Index 88.32 –0.15–0.17 –1.39

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average28514.00 t165.81, or 0.58%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

27.07 19.4124.78 17.412.16 2.28

29551.42, 02/12/20

23000

24000

25000

26000

27000

28000

29000

July Aug. Sept. Oct.

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 Index3488.67 t23.26, or 0.66%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

37.86 22.81

25.75 17.75

1.75 1.94

3580.84, 09/02/20

2900

3025

3150

3275

3400

3525

3650

July Aug. Sept. Oct.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW289000-0-B01000-1--------XA

THEWALL STREET JOURNAL. Thursday, October 15, 2020 | B11

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interestCopper-High (CMX)-25,000 lbs.; $ per lb.Oct 3.0500 3.0500 3.0475 3.0475 0.0050 1,215Dec 3.0415 3.0685 3.0380 3.0505 0.0060 138,711Gold (CMX)-100 troy oz.; $ per troy oz.Oct 1889.70 1910.80 1882.50 1901.30 12.80 2,870Dec 1895.40 1917.50 1885.00 1907.30 12.70 446,157Feb'21 1903.00 1925.10 1892.80 1915.10 12.90 47,909April 1903.20 1930.80 1900.20 1921.20 13.00 22,188June 1914.90 1936.50 1905.60 1926.50 12.90 15,937Dec 1923.20 1939.00 1914.20 1935.00 13.20 7,866Palladium (NYM) - 50 troy oz.; $ per troy oz.Oct … … … 2357.10 22.00 ...Nov … … … 2361.30 22.00 ...Dec 2334.90 2377.90 2323.80 2366.30 22.00 9,561March'21 2368.90 2386.00 2368.20 2377.10 23.90 308Platinum (NYM)-50 troy oz.; $ per troy oz.Oct 875.20 875.20 853.60 858.10 –9.10 284Jan'21 871.70 882.40 858.00 863.40 –9.90 49,459Silver (CMX)-5,000 troy oz.; $ per troy oz.Oct ... ... ... 24.364 0.278 139Dec 24.240 24.725 23.930 24.395 0.266 130,283CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.Nov 40.19 41.16 39.82 41.04 0.84 132,930Dec 40.49 41.43 40.12 41.34 0.85 392,158Jan'21 40.84 41.74 40.48 41.66 0.81 208,129March 41.42 42.32 41.15 42.24 0.72 149,666June 42.19 42.93 41.90 42.88 0.63 205,297Dec 42.73 43.33 42.46 43.30 0.51 219,317NYHarborULSD (NYM)-42,000gal.; $ per gal.Nov 1.1679 1.1949 1.1543 1.1925 .0235 80,561Dec 1.1755 1.2013 1.1628 1.1989 .0222 89,852Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.Nov 1.1780 1.2042 1.1651 1.1971 .0144 80,316Dec 1.1584 1.1839 1.1473 1.1795 .0162 101,440Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.Nov 2.761 2.771 2.610 2.636 –.219 130,337Dec 3.209 3.226 3.132 3.189 –.058 156,844Jan'21 3.345 3.365 3.274 3.332 –.047 200,252March 3.193 3.209 3.130 3.181 –.043 138,877April 2.889 2.914 s 2.861 2.898 –.007 86,491Oct 2.926 2.962 s 2.918 2.951 .005 87,865

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.Dec 391.00 397.50 388.00 396.50 5.25 758,710March'21 399.00 403.25 395.75 402.50 3.25 295,270Oats (CBT)-5,000bu.; cents per bu.Dec 285.50 288.25 283.25 287.75 3.50 4,618

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

March'21 290.00 290.75 288.00 290.50 2.50 635Soybeans (CBT)-5,000bu.; cents per bu.Nov 1043.00 1059.75 1039.75 1056.25 12.25 272,982Jan'21 1045.00 1060.50 1042.25 1057.25 10.25 290,624SoybeanMeal (CBT)-100 tons; $ per ton.Oct 367.80 367.90 367.80 358.40 –.10 35Dec 354.80 364.60 354.50 363.60 7.60 158,392SoybeanOil (CBT)-60,000 lbs.; cents per lb.Oct ... ... ... 33.72 … 1Dec 33.60 34.02 33.40 33.88 .26 157,483RoughRice (CBT)-2,000 cwt.; $ per cwt.Nov 12.24 12.56 12.22 12.43 .20 7,743Jan'21 12.41 12.75 12.41 12.63 .19 2,128Wheat (CBT)-5,000bu.; cents per bu.Dec 594.75 600.25 587.25 596.75 2.75 211,318March'21 596.75 603.50 591.00 600.75 3.50 72,345Wheat (KC)-5,000bu.; cents per bu.Dec 534.00 539.50 523.50 535.25 4.00 112,708March'21 542.25 549.00 532.75 544.25 4.00 64,482Cattle-Feeder (CME)-50,000 lbs.; cents per lb.Oct 138.300 138.800 136.975 138.375 .250 2,755Jan'21 134.075 135.000 132.775 133.325 –.900 17,753Cattle-Live (CME)-40,000 lbs.; cents per lb.Oct 108.850 109.050 107.850 108.375 –.450 6,979Dec 110.900 111.275 109.675 110.275 –.950 110,969Hogs-Lean (CME)-40,000 lbs.; cents per lb.Oct 78.050 78.425 s 78.000 78.425 .625 10,090Dec 66.750 68.675 66.650 68.425 2.275 91,152Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.Nov 540.50 554.40 540.50 548.90 13.50 1,870Jan'21 452.30 466.50 452.30 460.50 13.00 1,006Milk (CME)-200,000 lbs., cents per lb.Oct 21.23 21.33 s 21.13 21.30 .13 4,498Nov 20.64 20.64 20.17 20.45 –.19 4,875Cocoa (ICE-US)-10metric tons; $ per ton.Dec 2,378 2,410 2,360 2,391 10 80,230March'21 2,372 2,398 2,354 2,383 6 67,576Coffee (ICE-US)-37,500 lbs.; cents per lb.Dec 110.05 111.70 109.20 109.60 –.50 94,507March'21 112.60 114.25 111.75 112.20 –.40 70,723Sugar-World (ICE-US)-112,000 lbs.; cents per lb.March 13.96 14.26 13.93 14.20 .19 441,398May 13.54 13.77 13.50 13.71 .13 155,669Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.Jan 27.50 27.54 s 27.30 27.50 .30 1,720March 27.40 27.55 s 27.40 27.50 .10 2,503Cotton (ICE-US)-50,000 lbs.; cents per lb.Dec 68.82 69.39 68.55 68.93 .10 125,869March'21 69.64 70.14 69.34 69.72 .08 62,716Orange Juice (ICE-US)-15,000 lbs.; cents per lb.Nov 117.50 117.80 115.30 115.80 –2.00 4,619

Jan'21 118.00 118.10 115.25 115.50 –2.85 5,103

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%Dec 219-200 221-010 219-100 220-050 17.0 990,398March'21 218-250 219-060 217-250 218-140 17.0 2TreasuryBonds (CBT)-$100,000; pts 32nds of 100%Dec 175-050 175-220 175-010 175-120 6.0 1,198,870March'21 176-290 177-020 176-150 176-250 6.0 7,005TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 139-065 139-105 139-045 139-070 .5 3,243,996March'21 138-290 138-315 138-265 138-285 1.0 2,0995Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 125-277 125-297 125-270 125-285 … 3,111,741March'21 126-047 126-092 126-085 126-090 .5 1252Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%Dec 110-140 110-142 110-137 110-140 –.1 1,985,58230DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.Oct 99.9100 99.9125 99.9100 99.9125 .0025 215,336Jan'21 99.9300 99.9300 99.9250 99.9300 .0050 177,24210Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%Dec 102-060 102-080 102-020 102-030 1.5 131,876Eurodollar (CME)-$1,000,000; pts of 100%Oct 99.7750 99.7750 99.7700 99.7725 … 262,974Dec 99.7600 99.7600 99.7550 99.7550 … 988,007March'21 99.7950 99.7950 99.7900 99.7950 .0050 1,027,893June 99.8050 99.8050 99.7950 99.8050 .0050 846,857

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥Oct .9485 .9521 .9479 .9515 .0035 421Dec .9487 .9527 .9484 .9521 .0035 164,211CanadianDollar (CME)-CAD 100,000; $ per CADOct .7611 .7624 .7598 .7608 –.0002 191Dec .7612 .7625 .7597 .7609 –.0002 119,852BritishPound (CME)-£62,500; $ per£Oct 1.2942 1.3064 1.2865 1.3025 .0086 605Dec 1.2940 1.3069 1.2867 1.3028 .0086 144,846

Swiss Franc (CME)-CHF 125,000; $ per CHFDec 1.0946 1.0991 1.0933 1.0970 .0017 47,539March'21 1.0974 1.1017 1.0965 1.1001 .0017 136AustralianDollar (CME)-AUD 100,000; $ perAUDOct .7154 .7190 .7153 .7165 .0012 315Dec .7159 .7193 .7154 .7167 .0012 135,958MexicanPeso (CME)-MXN500,000; $ perMXNOct .04668 .04700 .04664 .04690 .00018 70Dec .04649 .04675 .04631 .04661 .00017 118,081Euro (CME)-€125,000; $ per €Oct 1.1750 1.1772 1.1721 1.1752 .0006 2,373Dec 1.1758 1.1787 1.1735 1.1766 .0006 635,674

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexDec 28577 28726 28343 28414 –171 88,054March'21 28527 28632 28260 28324 –173 1,921S&P500 Index (CME)-$250 x indexDec 3500.70 3523.20 3479.60 3480.90 –23.90 15,448March'21 … … … 3471.50 –24.00 26Mini S&P500 (CME)-$50 x indexDec 3502.00 3524.00 3472.00 3481.00 –23.75 2,450,104March'21 3492.50 3514.00 3463.25 3471.50 –24.00 21,085Mini S&PMidcap400 (CME)-$100 x indexDec 1989.40 2005.90 1978.30 1979.60 –10.40 56,363March'21 … 1993.60 1980.20 1978.10 –10.40 ...MiniNasdaq 100 (CME)-$20 x indexDec 12079.75 12178.00 11901.75 11974.25 –119.75 224,054March'21 12079.00 12167.25 11895.00 11966.00 –119.75 1,760Mini Russell 2000 (CME)-$50 x indexDec 1633.20 1647.10 1616.30 1619.50 –15.10 539,630Mini Russell 1000 (CME)-$50 x indexDec 1946.30 1966.90 1941.10 1945.30 –13.90 8,927U.S. Dollar Index (ICE-US)-$1,000 x indexDec 93.54 93.68 93.24 93.37 –.17 28,581March'21 93.53 93.53 93.25 93.35 –.16 616

Source: FactSet

Wednesday

Aluminum, LME, $ permetric ton *1841.0Copper,Comex spot 3.0475IronOre, 62%FeCFRChina-s 119.8ShreddedScrap, USMidwest-s,m 281Steel, HRCUSA, FOBMidwestMill-s 652

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.6175Cotton,1 1/16 std lw-mdMphs-u n.a.Cotlook 'A' Index-t *74.00Hides,hvy native steers piece fob-u 36.000Wool,64s,staple,Terr del-u,w n.a.

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 128Corn,No. 2 yellow,Cent IL-bp,u 3.7300Corn gluten feed,Midwest-u,w 123.4Corn glutenmeal,Midwest-u,w 429.0Cottonseedmeal-u,w 295Hominy feed,Cent IL-u,w 98Meat-bonemeal,50%proMnpls-u,w 220Oats,No.2milling,Mnpls-u 3.0325Rice, LongGrainMilled, No. 2AR-u,w 29.25Sorghum,(Milo)No.2Gulf-u 5.9650SoybeanMeal,Cent IL,rail,ton48%-u 362.60Soybeans,No.1 yllw IL-bp,u 10.3050Wheat,Spring14%-proMnpls-u 6.8600Wheat,No.2 soft red,St.Louis-u 6.0675

Wednesday

Wheat -Hard - KC (USDA) $ per bu-u 5.4525Wheat,No.1softwhite,Portld,OR-u 5.8000

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 180.58select 1-3,600-900 lbs.-u 168.89Broilers, National compwtd. avg.-u,w 0.6506Butter,AAChicago 1.5000Cheddar cheese,bbl,Chicago 220.50Cheddar cheese,blk,Chicago 272.00Milk,Nonfat dry,Chicago lb. 113.50Coffee,Brazilian,Comp 1.0280Coffee,Colombian, NY 1.5679Eggs,largewhite,Chicago-u 1.0450Flour,hardwinter KC 15.30Hams,17-20 lbs,Mid-US fob-u 0.65Hogs,Iowa-So.Minnesota-u 76.23Pork bellies,12-14 lbMidUS-u 1.7451Pork loins,13-19 lbMidUS-u 1.1489Steers,Tex.-Okla. Choice-u n.a.Steers,feeder,Okla. City-u,w 142.50

Fats andOilsCorn oil,crudewet/drymill wtd. avg.-u,w 43.0800Grease,choicewhite,Chicago-h 0.2950Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u 0.3451Tallow,bleach;Chicago-h 0.3200Tallow,edible,Chicago-u n.a.

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; 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 10/13

Source: Dow JonesMarket Data

CashPrices Wednesday, October 14, 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

EnergyCoal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750

Metals

Gold, per troy ozEngelhard industrial 1908.00Handy&Harmanbase 1910.05Handy&Harman fabricated 2120.16LBMAGold PriceAM *1920.80LBMAGold Price PM *1891.30Krugerrand,wholesale-e 1981.51Maple Leaf-e 2000.57AmericanEagle-e 2000.57Mexican peso-e 2305.22Austria crown-e 1870.58Austria phil-e 2000.57Silver, troy oz.Engelhard industrial 24.5500Handy&Harmanbase 24.2520Handy&Harman fabricated 30.3150LBMAspot price *£19.1000(U.S.$ equivalent) *24.9350Coins,wholesale $1,000 face-a 18597OthermetalsLBMAPlatinumPrice PM *869.0Platinum,Engelhard industrial 876.0Palladium,Engelhard industrial 2373.0

| wsj.com/market-data/commodities

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 0.137 t l 0.145 0.149 1.5930.625 10 0.722t l 0.731 0.679 1.732

2.250 Australia 2 0.163 s l 0.160 0.211 0.723 2.6 1.5 -87.11.000 10 0.849 t l 0.860 0.879 1.054 12.7 12.9 -67.8

0.000 France 2 -0.678 s l -0.687 -0.628 -0.625 -81.5 -83.2 -221.80.000 10 -0.303 t l -0.291 -0.197 -0.143 -102.6 -102.3 -187.5

0.000 Germany 2 -0.742 t l -0.731 -0.695 -0.708 -87.9 -87.6 -230.10.000 10 -0.579 t l -0.554 -0.477 -0.454 -130.1 -128.6 -218.6

1.000 Italy 2 -0.355 t l -0.339 -0.135 -0.243 -49.2 -48.4 -183.71.650 10 0.668 t l 0.668 0.972 0.913 -5.5 -6.4 -81.9

0.100 Japan 2 -0.134 s l -0.142 -0.141 -0.286 -27.1 -28.7 -187.90.100 10 0.031 s l 0.031 0.021 -0.179 -69.1 -70.1 -191.1

0.400 Spain 2 -0.561 t l -0.559 -0.468 -0.468 -69.8 -70.4 -206.21.250 10 0.138 t l 0.146 0.277 0.215 -58.4 -58.6 -151.7

0.500 U.K. 2 -0.042 t l -0.037 -0.093 0.507 -17.9 -18.2 -108.64.750 10 0.222 t l 0.241 0.197 0.640 -50.0 -49.0 -109.2

Source: Tullett Prebon

CorporateDebtPrices of firms' bonds reflect factors including investors' economic, sectoral and company-specificexpectationsInvestment-grade spreads that tightened themost…

Spread*, in basis pointsIssuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

NationwideBuildingSociety NWIDE 3.900 0.94 July 21, ’25 64 –11 n.a.AtheneGlobal Funding … 2.550 1.68 June 29, ’25 138 –9 150Barclays BACR 3.650 1.57 March 16, ’25 127 –9 131BPCapitalMarkets BPLN 3.814 0.70 Feb. 10, ’24 40 –9 n.a.

JohnDeereCapital … 0.400 0.27 Oct. 10, ’23 10 –9 n.a.Discover Bank … 4.250 1.44 March 13, ’26 114 –8 n.a.SvenskaHandelsbanken SHBASS 0.625 0.41 June 30, ’23 24 –8 30Apple AAPL 0.750 0.23 May11, ’23 6 –7 12

…Andspreads thatwidened themostEl PasoEnergy … 7.750 3.49 Jan. 15, ’32 278 22 n.a.JohnDeereCapital … 2.450 1.30 Jan. 9, ’30 58 12 n.a.Daimler FinanceNorthAmerica DAIGR 2.700 1.04 June 14, ’24 74 11 n.a.International BusinessMachines IBM 3.000 0.70 May15, ’24 40 9 31

PepsiCo PEP 0.750 0.33 May1, ’23 15 9 18ToyotaMotor Credit TOYOTA 0.500 0.40 Aug. 14, ’23 23 8 22BankofNovaScotia BNS 1.950 0.52 Feb. 1, ’23 35 7 31General Electric Capital … 5.875 4.30 Jan. 14, ’38 281 7 278

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

Transocean RIG 6.500 63.89 Nov. 15, ’20 95.470 3.97 n.a.LBrands LB 7.600 7.92 July 15, ’37 97.030 2.06 n.a.Navient NAVI 5.625 6.94 Aug. 1, ’33 88.999 1.50 87.420FordMotor F 7.400 6.59 Nov. 1, ’46 110.000 0.75 109.030

Royal Caribbean RCL 5.250 9.72 Nov. 15, ’22 91.750 0.75 88.200AmericanAirlines AAL 11.750 11.95 July 15, ’25 99.250 0.50 100.499Owens–BrockwayGlass Container … 5.875 3.09 Aug. 15, ’23 107.500 0.50 n.a.Sprint S 7.125 2.26 June 15, ’24 117.000 0.50 115.813

…Andwith thebiggest price decreasesPrimeSecurity ServicesBorrower PRSESE 5.750 4.91 April 15, ’26 104.000 –6.72 109.250Macy'sRetail Holdings … 6.650 13.24 July 15, ’24 81.000 –2.75 n.a.Marks&Spencer MARSPE 7.125 6.53 Dec. 1, ’37 106.125 –1.38 106.750DishDBS … 7.750 5.68 July 1, ’26 109.938 –1.06 110.271

AmericanAirlines AAL 3.375 7.27 May1, ’27 80.000 –0.97 n.a.CIT CIT 6.125 3.39 March 9, ’28 117.727 –0.87 115.500IntesaSanpaolo ISPIM 5.017 3.29 June 26, ’24 105.943 –0.77 105.904Apache APA 6.000 6.37 Jan. 15, ’37 96.250 –0.75 n.a.

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-runTreasury; 100basis points=one percentage pt.; change in spread shown is for Z-spread.Note: Data are for themost active issue of bondswithmaturities of two years ormore

Source:MarketAxess

BroadMarketBloombergBarclays

2278.13 6.9 U.S. Aggregate 1.180 1.020 2.410

U.S. Corporate IndexesBloombergBarclays

3379.47 7.4 U.S. Corporate 1.950 1.820 4.580

3071.48 6.0 Intermediate 1.290 1.230 4.400

4993.28 9.6 Long term 2.990 2.730 4.930

692.68 7.5 Double-A-rated 1.470 1.300 3.360

892.03 6.6 Triple-B-rated 2.310 2.210 5.350

HighYieldBonds ICEBofA

472.45 1.2 HighYield Constrained 5.259 5.151 11.400

414.31 -5.4 Triple-C-rated 11.081 10.735 19.071

3196.43 0.1 HighYield 100 4.429 4.235 10.740

426.08 1.1 Global HighYield Constrained 5.337 4.893 11.310

324.13 -1.4 EuropeHighYield Constrained 3.827 2.464 8.183

U.SAgencyBloombergBarclays

1865.85 5.4 U.SAgency 0.510 0.470 1.950

1625.07 4.0 10-20 years 0.390 0.340 1.850

4293.72 12.5 20-plus years 1.490 1.170 2.480

2889.71 5.7 Yankee 1.480 1.430 3.500

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 bondsTotalreturn 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

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

2223.36 3.5 Mortgage-Backed 1.310 0.930 2.690

2169.53 3.3 GinnieMae (GNMA) 0.750 0.290 2.660

1313.24 3.6 Fanniemae (FNMA) 1.510 1.110 2.690

2015.55 3.6 FreddieMac (FHLMC) 1.490 1.080 2.710

585.05 3.4 MuniMaster 1.119 0.838 3.441

413.09 3.5 7-12 year 1.122 0.771 3.447

469.44 3.6 12-22 year 1.619 1.224 3.690

452.32 2.6 22-plus year 2.353 1.765 4.123

Global Government J.P.Morgan†

615.91 5.7 Global Government 0.530 0.390 1.060

865.48 7.7 Canada 0.770 0.590 1.740

418.94 4.7 EMU§ 0.085 0.085 0.794

792.16 4.4 France -0.100 -0.160 0.430

552.44 3.1 Germany -0.460 -0.740 -0.050

294.81 -1.1 Japan 0.300 0.040 0.320

616.94 3.5 Netherlands -0.360 -0.540 0.080

1089.41 8.4 U.K. 0.580 0.390 1.180

898.46 1.9 EmergingMarkets ** 4.683 4.523 7.480

COMMODITIES wsj.com/market-data/commodities

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates October 14, 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 5.00 3.25Canada 2.45 2.45 3.95 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro 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 0.25 0.25 0.75 0.25

Overnight repurchaseU.S. 0.08 0.07 2.01 -0.07

U.S. government rates

Discount0.25 0.25 2.50 0.25

Federal fundsEffective rate 0.0900 0.0900 1.9200 0.0600High 0.1000 0.1000 1.9500 0.1000

Notes ondata:U.S. prime rate is the base rate on corporate loans 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 isas ofOctober 13, 2020. DTCCGCFRepo Index is Depository Trust&Clearing Corp.'sweightedaverage for overnight trades in applicable CUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.

Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Low 0.0500 0.0500 1.7700 0.0100Bid 0.0800 0.0800 1.7800 0.0100Offer 0.1000 0.1100 1.8500 0.0500

Treasury bill auction4weeks 0.090 0.085 1.720 0.00013weeks 0.105 0.095 1.640 0.00026weeks 0.115 0.110 1.620 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 1.913 1.988 3.388 1.75160days 1.939 2.023 3.403 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 3.75 2.00

Week —52-WEEK—Latest ago High Low

Commercial paper (AA financial)90days 0.10 n.a. 2.53 0.04

LiborOnemonth 0.14575 0.14700 1.87750 0.13950Threemonth 0.23013 0.22950 2.00325 0.21788Sixmonth 0.25325 0.25013 1.98588 0.23375One year 0.34400 0.34788 2.01200 0.34388

Euro LiborOnemonth -0.558 -0.569 -0.360 -0.621Threemonth -0.529 -0.521 -0.142 -0.539Sixmonth -0.507 -0.496 -0.052 -0.507One year -0.463 -0.441 0.008 -0.463

SecuredOvernight FinancingRate0.09 0.10 2.05 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.113 36.400 2.069 0.002MBS 0.123 40.300 2.093 0.011

Week —52-WEEK—Latest ago High Low

iShMSCI EAFE EFA 65.21 –0.17 –6.1iShMSCIEmgMarkets EEM 45.73 –0.67 1.9iShMSCIJapan EWJ 59.52 0.15 0.5iShNatlMuniBd MUB 115.33 0.02 1.2iSh1-5YIGCorpBd IGSB 54.94 0.01 2.4iShPfd&Incm PFF 36.90 –0.24 –1.8iShRussell1000Gwth IWF 227.21 –0.79 29.2iShRussell1000 IWB 195.16 –0.60 9.4iShRussell1000Val IWD 122.50 –0.41 –10.2iShRussell2000 IWM 161.09 –0.99 –2.8iShRussellMid-Cap IWR 60.81 –0.34 2.0iShRussellMCValue IWS 85.11 –0.18 –10.2iShS&P500Growth IVW 241.36 –0.67 24.6iShS&P500Value IVE 116.02 –0.50 –10.8iShShortTreaBd SHV 110.68 –0.02 0.2iShSilver SLV 22.54 0.22 35.1iShTIPSBondETF TIP 126.33 ... 8.4iSh1-3YTreasuryBd SHY 86.43 ... 2.1iSh7-10YTreasuryBd IEF 121.45 0.03 10.2iSh20+YTreasuryBd TLT 162.12 0.23 19.7iShRussellMCGrowth IWP 185.04 –0.74 21.3iShUSTreasuryBdETF GOVT 27.86 0.07 7.4JPMUltShtIncm JPST 50.79 0.02 0.7PIMCOEnhShMaturity MINT 101.96 0.02 0.4SPDRBlmBarcHYBd JNK 105.40 –0.23 –3.8SPDRBloomBar1-3MTB BIL 91.52 ... 0.1SPDRGold GLD 178.27 0.31 24.8SchwabIntEquity SCHF 32.16 –0.16 –4.4SchwabUSBrdMkt SCHB 83.20 –0.67 8.2SchwabUSDiv SCHD 58.33 –0.05 0.7SchwabUSLC SCHX 84.04 –0.59 9.4SchwabUSLCGrw SCHG 121.09 –0.81 30.3SchwabUSTIPs SCHP 61.56 –0.05 8.7

Closing Chg YTDETF Symbol Price (%) (%)

CommSvsSPDR XLC 61.24 –1.19 14.2CnsmrDiscSelSector XLY 153.68 –1.11 22.5CnsStapleSelSector XLP 66.11 –0.51 5.0FinSelSectorSPDR XLF 24.78 –0.96 –19.5FTDJ Internet FDN 199.80 –1.22 43.6GSActiveBetaUSLC GSLC 70.79 –0.60 9.5HealthCareSelSect XLV 107.64 –0.58 5.7IndSelSectorSPDR XLI 80.72 0.56 –0.9InvscQQQI QQQ 292.06 –0.84 37.4InvscS&P500EW RSP 112.98 –0.27 –2.4iSh3-7YTreasuryBd IEI 133.36 0.01 6.1iShCoreDivGrowth DGRO 41.14 –0.51 –2.2iShCoreMSCIEAFE IEFA 61.74 –0.16 –5.4iShCoreMSCIEM IEMG 54.67 –0.62 1.7iShCoreMSCITotInt IXUS 60.03 –0.27 –3.0iShCoreS&P500 IVV 349.19 –0.63 8.0iShCoreS&PMC IJH 197.78 –0.45 –3.9iShCoreS&PSC IJR 75.30 –0.57 –10.2iShS&PTotlUSStkMkt ITOT 78.86 –0.62 8.5iShCoreUSAggBd AGG 118.05 0.06 5.1iShSelectDividend DVY 85.85 –0.15 –18.7iShEdgeMSCIMinEAFE EFAV 69.22 –0.12 –7.1iShEdgeMSCIMinUSA USMV 65.58 –0.46 –0.0iShEdgeMSCIUSAMom MTUM 153.88 –0.66 22.6iShEdgeMSCIUSAQual QUAL 107.58 –0.59 6.5iSh5-10YIGCorpBd IGIB 61.06 –0.02 5.3iShGoldTr IAU 18.11 0.33 24.9iShiBoxx$InvGrCpBd LQD 135.71 0.10 6.1iShiBoxx$HYCpBd HYG 84.79 –0.25 –3.6iShJPMUSDEmgBd EMB 112.41 –0.04 –1.9iShMBSETF MBB 110.13 –0.03 1.9iShMSCIACWI ACWI 82.83 –0.48 4.5

Closing Chg YTDETF Symbol Price (%) (%)

Wednesday, October 14, 2020 SPDRDJIATr DIA 285.13 –0.56 0.0

SPDRS&PMdCpTr MDY 361.48 –0.50 –3.7

SPDRS&P500 SPY 347.93 –0.63 8.1

SPDRS&PDiv SDY 96.81 –0.28 –10.0

TechSelectSector XLK 122.02 –0.53 33.1

UtilitiesSelSector XLU 63.36 –0.13 –1.9

VanEckGoldMiner GDX 40.96 1.76 39.9

VangdInfoTech VGT 328.06 –0.56 34.0

VangdSCVal VBR 118.44 –0.37 –13.6

VangdSCGrwth VBK 230.86 –0.56 16.2

VangdExtMkt VXF 139.32 –0.49 10.6

VangdDivApp VIG 133.48 –0.43 7.1

VangdFTSEDevMk VEA 41.89 –0.21 –4.9

VangdFTSEEM VWO 44.92 –0.44 1.0

VangdFTSEEurope VGK 53.85 –0.28 –8.1

VangdFTSEAWxUS VEU 51.89 –0.33 –3.5

VangdGrowth VUG 238.46 –0.81 30.9

VangdHlthCr VHT 209.85 –0.78 9.4

VangdHiDiv VYM 83.64 –0.43 –10.7

VangdIntermBd BIV 93.48 0.12 7.2

VangdIntrCorpBd VCIT 96.19 0.05 5.3

VangdLC VV 162.69 –0.68 10.0

VangdMC VO 185.56 –0.44 4.1

VangdMBS VMBS 54.08 –0.04 1.7

VangdRealEst VNQ 80.98 –1.22 –12.7

VangdS&P500ETF VOO 319.64 –0.62 8.1

VangdSTBond BSV 82.95 –0.01 2.9

VangdSTCpBd VCSH 82.93 0.02 2.3

VangdSC VB 165.00 –0.45 –0.4

VangdTotalBd BND 88.19 0.06 5.2

VangdTotIntlBd BNDX 58.38 0.10 3.2

VangdTotIntlStk VXUS 53.69 –0.33 –3.6

VangdTotalStk VTI 177.81 –0.66 8.7

VangdTotlWrld VT 83.72 –0.44 3.4

VangdValue VTV 107.79 –0.44 –10.1

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

P2JW289000-0-B01100-1--------XA

B12 | Thursday, October 15, 2020 * * * * * THEWALL STREET JOURNAL.

Brazilian stocks, and Braziliancompanies compose a largeportion of emerging-marketsfunds, thanks mainly to thecountry’s big commodity pro-ducers such as miner Vale SAand oil company PetróleoBrasileiro SA, or Petrobras.

Concerns already are beingfelt in markets. Brazil’s Ibove-spa index is down 15% in theyear to date, a deeper declinethan Mexico’s main stock in-dex or India’s.

An increase in the amountof extra compensation inves-tors demand for holding Bra-zilian stocks, along with a rateincrease, could weigh on thestock market, said economistFernando Ferreira, head of re-search at XP Investimentos.

“The market is worriedabout that,” he said. Mr. Fer-reira said he still believes thegovernment will resume aus-terity after the pandemic andthat will allow the stock mar-ket to resume its rise.

The austerity efforts in-clude a reduced role in theeconomy for the Brazilian De-velopment Bank, or BNDES, amammoth institution thatbankrolled many of Brazil’scompanies for most of thiscentury by using vast amountsof taxpayer money to subsi-

dize loans at interest rateswell below market levels.

That started to come to anend in 2017, making room forthe central bank to reduce in-terest rates, says Phil Torres, asenior portfolio manager atAegon Asset Management, inChicago. “It’s a giganticchange…very healthy and re-ally very important to attractnew money from offshore,” hesaid, adding that BNDES’s loanportfolio has shrunk.

A BNDES spokesman saidthe bank is responsible for24% of all corporate financingin the country, down from 37%in 2015.

Brazilian companies in-creasingly have issued bothdebt and equity. But stocks arenow the go-to option for Bra-zilian investors because oftheir higher return, drivingmore initial public offerings,analysts say.

The pandemic upended themultiyear effort to get Brazil’sfiscal situation under control.The economy is forecast toshrink by about 5% this year,while the unemployment raterecently rose to 13.8%.

To remedy the situation,the government has alreadyspent the equivalent of $107billion on stimulus programs.

Brazil’s governmentspurred big gains in stocks inrecent years by pursuing aus-terity policies that allowed itscentral bank to cut interestrates to all-time lows. Now,some worry efforts to fightCovid-19 could unravel all that.

Brazil has more coronavirusdeaths than any other emerg-ing-markets country and itseconomy has taken a hit. Tocounter that, the government isramping up spending and ex-pectations are that it will haveto do even more, triggeringconcerns Brazil could slide backto populist spending that led tohyperinflation in the past.

The fear is that this willstoke inflation, eventuallyforcing the central bank to be-gin raising rates. From 2014 tothis August, it had slashed itsbenchmark funding rate from14.25% to 2%. A reversal coulddim the allure of Brazilianstocks, which had rallied to re-cords in recent years as Brazil-ians turned away from low-yielding debt.

Whether that happens mat-ters for more than just Brazil-ian investors. Foreign inves-tors hold about 46% of

BY PAULO TREVISANIAND JEFFREY T. LEWIS

Brazil Stimulus Efforts RaiseInflationWorries for Investors

MARKETS

Weak Bank Shares Dent StocksIndexes fall for thirdstraight session onearnings, lack ofprogress on stimulus

Bank of America shares fell 5.3% as low interest rates hurt its results and those of other large banking companies.

KEVIN

HAGEN

FORTH

EWALL

STRE

ETJO

URN

AL

The world is burningthrough the oil supply glutthat threatened to cripple theenergy industry a few monthsago, but spiraling coronavirusinfection numbers are puttingthe recovery in jeopardy, theInternational Energy Agencysaid Wednesday.

In itsmonthly oilmarket re-

port, the IEA said global oilsupply in September was 9%below the pre-pandemic aver-age of 2019. The amount of oilin expensive offshore floatingstorage has fallen sharplysince May, the nadir of theglobal crude crisis, the agencysaid.

The IEA forecast the dailybalance of crude supplies to be4 million barrels less in thefourth quarter than it is now.

But that decline is happen-ing from record-high levelsand the drawdown in oilstocks could falter in themonths ahead, with Covid-19cases sharply rising in the de-veloped world and the pros-pect of renewed restrictionson movement, the Paris-basedorganization said.

The climbing case number“surely raises doubts aboutthe robustness of the antici-pated economic recovery andthus the prospects for oil de-mand growth,” the IEA said.

Oil prices ticked upWednesday, continuing Tues-

day’s climb on bullish Chinesecrude-import data. Brentcrude, the global benchmark,rose 2% to end at $43.32 abarrel and West Texas Inter-mediate futures, the U.S.gauge, gained 2.1% to close at$41.04 a barrel. Both bench-marks are more than 8%higher than a month ago,lifted by storm-related supplydisruptions in the Gulf of Mex-ico. Lately rising coronavirusinfection rates and added sup-ply from Libya have keptprices from rising more.

In the context of the Organ-ization of the Petroleum Ex-porting Countries’ monthly re-port released Tuesday, inwhich the cartel cut its 2021demand forecast, the IEA’swarnings about further coro-navirus risk may concern in-vestors. The agency slashed itsdemand forecast for the thirdquarter of 2020 by 200,000barrels a day, but left its an-nual forecasts unchanged forthis year and next.

Behind September’s drop insupply has been a mixture ofevents causing outages amongnon-OPEC producers, such asmaintenance in Brazil andstrike action in Norway, theIEA said.

While U.S. supply droppedin August and is forecast to doso again in October—hurri-canes have forced precaution-ary closures of Gulf of Mexicoproduction—output increasedin September, rising by400,000 barrels from the pre-vious month.

That said, supply lossesfrom hurricane season andfrom further Norwegian indus-trial action in October will bemore than offset by resurgentsupply from Libya, the IEAsaid. The country’s govern-ment has reached a deal withrenegade Russian-backed com-mander Khalifa Haftar, whohad blockaded productionthere for eight months.

The agency said it expectsLibyan supply to rise to700,000 barrels a day by theend of 2020 from 300,000 bar-rels a day at its current rate.

While Libya remains ex-empt from the OPEC+ supplycuts agreed upon six monthsago, increased supply from thecountry could provide a head-ache for the cartel, which isstill planning to further easeproduction cuts on Jan. 1, theUnited Arab Emirates energyminister said Tuesday.

The U.A.E. slashed its out-put by 440,000 barrels a dayin September after ramping upproduction in the summer.

BY DAVID HODARI

Crude GlutEases butVirus RisePoses Risk

September’s supplywas 9% below thepre­pandemicaverage of 2019.

COMMODITIES

as well as businesses thatserve the sector, such as pack-aging and distribution compa-nies.

The firm takes controllingstakes in midmarket compa-nies, typically investing $100million to $250 million perplatform, according to co-founder and Chief ExecutiveGregory Purcell.

Arbor uses its mezzaninefunds to provide subordinateddebt to companies it backsthrough its private-equityfunds.

Mr. Purcell sees severalforces driving additional in-vestment opportunities in thesector, including an increase incorporate carve-out opportu-nities from large public com-panies seeking to divestbrands that have gotten stale.

Arbor Investments, whichhas backed food brands thatinclude baked goods companyGold Standard Baking anddeli meats producer ColumbusManufacturing Inc., is armedwith a fresh $1.67 billion forinvestments in the food andbeverage industry.

The Chicago-based firm haswrapped up fundraising fortwo new funds focused on thesectors, bringing in $1.5 billionin investor commitments forits private-equity fund, ArborInvestments V LP, and $168million for its second mezza-nine debt fund, Arbor DebtOpportunities Fund II LP.Shannon Advisors placed both.

Arbor targets investmentsin food and beverage brands,

BY LAURA KREUTZER

Arbor InvestmentsRaises $1.67 Billion

Stocks fell again, giving upearlier gains as investorsparsed earnings reports andthe latest haggling by lawmak-ers on coronavirus aid.

All three major stock in-dexes slid from their highs ina choppy trading session, withthe Dow Jones Industrial Av-erage, S&P 500 and NasdaqComposite ending in the redfor a second consecutive day.

Losses accumulated acrossthe market amid the impasse

between theWhite Houseand Congressover further

coronavirus-related stimulus.Treasury Secretary Steven

Mnuchin said Wednesday thata deal ahead of the electionwould be unlikely, while aspokesman for House SpeakerNancy Pelosi (D., Calif.) saidmajor disagreements remain,including the level of fundingneeded for coronavirus testingand tracing.

Stocks have been largelyrangebound during the latestround of stimulus talks, sug-gesting a growing market con-sensus that further aid isneeded to keep the economicrecovery on course.

Analysts say the dimmingprospects of a deal likelymean stocks will continue tofluctuate until at least theelection.

“It’s possible the electionbecomes the clearing eventand people will have moreclarity on the nearer term andon fiscal stimulus prospects,”said David Lefkowitz, head ofequities for the Americas atUBS Financial Services.

Some investors remain fo-cused on the longer term,pointing to an expected re-bound in corporate profits, aneventual deal on stimulus andthe likelihood that at least oneof the health-care companiesvying to create a vaccine ortherapeutic to treat the coro-

In the energy sector, Con-cho Resources jumped $4.52,or 10%, to $48.66 after a re-port of a possible deal with ri-val ConocoPhillips. Shares ofConoco fell 35 cents, or 1%, to$34.53.

In commodity markets, U.S.crude crude for November de-livery gained 84 cents, or2.1%, to $41.04 a barrel. Frontmonth Comex gold for Octo-ber delivery gained $12.80, or0.7, % to $1,901.30 a troyounce.

The dollar fell in currencymarkets. The Wall StreetJournal Dollar Index, whichmeasures the currency against16 rivals, lost 0.2%. The U.S.currency fell against the euro,British pound and Japaneseyen.

Overseas, the pan-continen-tal Stoxx Europe 600 edgeddown 0.1%.

At midday Thursday in To-kyo, Japan’s Nikkei was down0.5% and Hong Kong’s HangSeng Index was down 1%. U.S.stock futures were down 0.2%.

navirus will succeed.“The uphill climb from here

is likely to be more gradual,but we remain convinced thatthe next 15 months will ulti-mately bring new recordhighs,” said Scott Wren, a se-nior global market strategistat the Wells Fargo InvestmentInstitute, in a note to clients.

Wells Fargo has a midpointtarget of 3850 for the S&P 500by the end of next year, aroughly 10% gain from current

levels.The Dow Jones Industrial

fell 165.81 points, or 0.6%, to28514. The S&P 500 slid 23.26points, or 0.7%, to 3488.67,while the Nasdaq Compositedeclined 95.17 points, or 0.8%,to 11768.73.

Shares of fast-growingcompanies led the reversal.Communications stocks fell1.2%, while shares of techcompanies slid 0.6%. Stocks inthe consumer discretionary,

health-care and real-estatesectors also broadly fell.

Among individual stocks,shares of Goldman Sachs rose42 cents, or 0.2%, to $211.23after the bank reportedsharply higher profit for thethird quarter.

Bank of America and WellsFargo both reported profit de-clines, sending shares of thosebanks down $1.33, or 5.3%, to$23.62 and $1.49, or 6%, to$23.25, respectively.

-6 -5 -4 -3 -2 -1 0

Share-price and index performance,Wednesday

Source: FactSet

Wells Fargo

Bank of America

PNC Financial Services

PHLX/KBWBank Index

Citigroup

JPMorgan Chase

Goldman Sachs

Brazil Central Bank short-terminterest rate, known as Selic

Brazil’s iBovespastock index

Number of listed companies inBrazil’s B3 exchange operator*

Sources: Brazil Central Bank (interest rate); FactSet (stocks); B3 (listed companies)*As of August of each year

15

0

3

6

9

12

%

2016 ’17 ’18 ’19 ’20

1,250

0

250

500

750

1,000

2010 ’12 ’14 ’16 ’18 ’20

Weekly

120000

20000

40000

60000

80000

100000

2016 ’17 ’18 ’19 ’20

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BY MICHAEL WURSTHORNAND CAITLIN OSTROFF

year, and despite the fact thatBig Hit’s financial fortunes aretightly bound to its star act,the seven-man BTS.

The deal, which priced latelast month, raised about $840million. An investment bankeron the deal said while inves-tors had some reservationsabout the deal’s price, theywere persuaded by BTS’sglobal prospects, especiallywhen concerts resume. “Only afew artists in the world cansell out concert stadiumsacross major cities globally.BTS is one of them,” he said.

In August BTS became thefirst all-Korean band to topBillboard’s Hot 100 chart, withits first single entirely in Eng-lish, “Dynamite”. Forbes saysthe band took in $170 millionon the road in 2019, more thanany American band except Me-tallica. It ranked the group47th on its Celebrity 100 listfor 2020.

—Eun-Young Jeongcontributed to this article.

The world’s biggest boyband has unleashed a hit IPO.

Big Hit Entertainment Co.,the management company be-hind South Korean pop sensa-tion BTS, made its market de-but Thursday, capitalizing onthe global buzz about SouthKorean pop culture and a localfervor for investing.

Shares in Big Hit more thandoubled in early trading inSeoul from their initial publicoffering price, lifting the com-pany’s value to the equivalentof about $9.3 billion on a fullydiluted basis. For comparison,Warner Music Group Corp.,one of the world’s largest re-cord labels, is valued at nearly$15 billion and concert spe-cialist Live Nation Entertain-ment Inc. about $12 billion.

Investor orders for the IPOexceeded the shares on offer,even though the coronaviruspandemic has upended theglobal live-music business this

BY FRANCES YOON

Korean Pop BandReleases Hit IPO

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THEWALL STREET JOURNAL. * * Thursday, October 15, 2020 | B13

Cool Places for Clothes Sell GroceriesBrands can’t be picky these days, making Target, Walmart and Tractor Supply Co. the hot destinations for apparel

JulyJune Aug. Sept.

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Year-over-year change in foot traffic

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Note: In 2020, based on anonymized location data frommobile devices.

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Levi Strauss plans to expand its presence in Target to 500 of the retailer’s stores from 140 by next fall.

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Tencent is already very domi-nant in mobile games, but a game-streaming giant under its controlis a nice power-up—and could be anew way for the company to pro-mote its own content.

Chinese game-streaming plat-forms Huya and Douyu, equivalentsof Amazon’s Twitch in China,agreed to merge in an all-stock dealMonday to create a $10 billion in-dustry giant. Tencent, a substantialshareholder of both companies, willhave a 67.5% voting right in thecombined company. Huya andDouyu, which have more than 330million monthly active users whowatch top gamers play videogameson their platforms, together havemore than 80% of China’s game-streaming market. The combinedcompany will without a doubt bethe biggest game-streaming plat-form in China. Tencent will also foldits smaller platform, Penguin es-ports, into the combined company.

A growing esports marketclearly appeals to Tencent: Huyaand Douyu’s revenue have bothgrown more than 40% in the firstsix months of 2020 from a yearearlier, with the pandemic helpingdrive bored homebound people totheir platforms. Combining Huyaand Douyu will give the new com-pany better bargaining power: a bigpart of their costs is incentives andbonuses for the best streamers.

With a bigger user base and abacker like Tencent, the combinedcompany may be able to explorenew ways to make money from theiraudience too. Both Huya and Douyumake most of their money from fansbuying virtual gifts for their favoriteplayers. That is unique to the Chi-nese market: Platforms like Twitchand YouTube make money mostlyfrom advertising or subscriptions.

The merger will also help fendoff competition from new entrantslike Bytedance, the owner of Tik-Tok, and Bilibili, which counts Sonyas its shareholder. These compa-nies are competing for eyeballs forgame-streaming specifically andonline entertainment more broadly.

A dominant platform will meanmore than just more revenue fromgame streaming. Tencent could usethe platform to promote its owngames, keep gamers playing anddistribute new games. That could bethe bigger game Tencent is playing.

—Jacky Wong

Target, Walmart and TractorSupply Co. might not seem likethe coolest places to sell apparel,but brands can’t afford to be pickythese days.

Levi Strauss is the latest to em-brace them: The denim brand plansto expand its presence to 500 from140 Target stores by next fall.Levi’s had been selling its lower-priced brand Denizen at Target foralmost a decade, but began sellingits more expensive main label atthe big-box retailer last year and ishappy with the results. It is alsolaunching a partnership with Dick’sSporting Goods, another relativewinner during the pandemic.

These partnerships come as de-partment-store sales remain de-pressed. In the most recent re-ported quarter, Macy’s andNordstrom saw sales decline by36% and 52%, respectively, com-pared with a year earlier.

At the same time, mass mer-chants are winning more apparelbusiness. Apparel and accessoriessales jumped 11.7% at Target in thequarter ended Aug. 1 comparedwith a year ago, while Walmart-owned Sam’s Club saw its home andapparel revenue grow 10.8%. EvenTractor Supply Co. saw double-digitpercentage growth in apparel.

Steve Madden is another brandthat gave a shout-out to big-boxretailers in its latest earnings call,saying those vendors would be its“growth customers” in 2021. Wal-mart and Target accounted for31.5% of Steve Madden’s accountsreceivable last year, and the ap-parel brand said in a late Julyearnings call that sell-throughrates at those wholesalers had re-

turned to pre-pandemic levels.For apparel companies losing

business at traditional departmentstores, jumping on the bandwagonof relative foot-traffic winnerssuch as Walmart and Target seemslike an obvious solution. Yet manyremain hesitant to make thatswitch because they are afraid ofbrand dilution, notes Paul Lejuez,analyst at Citigroup.

That stance will get tougher thelonger sales remain muted. Somebrands prefer to sell to off-priceretailers instead, but those salescome with low margins. Levi’s ex-perience with Target shows that it

is possible to sell full-priced itemsat big-box retailers, contrary tothe assumption that mass mer-chants could sell only budget ap-parel. The brand said on lastweek’s earnings call that the aver-age price of a unit sold at Targetwas higher than the rest of itswholesale selling channel. More-over, Levi’s products didn’t canni-balize the brand’s own longstand-ing budget line Denizen at Target.“These are two different consum-ers,” Levi’s chief executive said.

It is possible that those full-price apparel consumers are pick-ing clothes up at mass merchants

best,” with its most expensive prod-ucts being reserved for its mainlinestores. The shift could be even eas-ier for brands that sell more basic,less fashionable items, says SimeonSiegel, analyst at BMO Capital Mar-kets. Hanesbrands is one example;Walmart and Target are its twolargest customers.

As Mr. Siegel notes, brands arealways walking the “tightrope ofstaying cool while also trying tobecome ubiquitous.” If the quintes-sential denim brand shows that itcan do it, plenty of others couldfollow suit.

—Jinjoo Lee

to consolidate their shopping trips.As long as the pandemic persists,consumers will continue to preferretail locations that sell necessitiesover those that sell only discre-tionary items. Department storeswere losing foot traffic to big-boxretailers before Covid-19. It isn’tdifficult to imagine a post-pan-demic world in which people be-come accustomed to picking upfashionable jeans with groceries.

Shifting more sales to big-box re-tail seems very doable for brandsthat have obvious price tiers withintheir product lines. Levi’s breaksdown its selection to “good, better,

TencentPowers UpIn GameStreaming

City Offices Are a Safer Property BetEven if big corporations do shrink their offices, they will arguably still want to be in city centers

As long as Covid-19 fears keepcommuters away, city skyscraperswill remain empty. If remote work-ing really takes hold, though, theowners of out-of-town offices mayhave more to worry about.

The number of people using pub-lic transport in London and NewYork is still down 47% and 40% re-spectively compared with pre-pan-demic norms, Google mobility datashows. Offices in built-up areas lessaccessible by car are in hibernationmode. British Land, which ownsmany central London properties aswell as some shopping malls, saidlast week that just 18% of its officetenants’ workers are at their desks.

An obvious worry for landlords isthat companies and employees gettoo comfortable with remote work.Big banks have already said publiclythat they will need less real estatein the future. Facebook expects halfof its employees will work remotelyin five to 10 years’ time. That is abad sign considering tech compa-nies signed almost one-quarter ofmajor office leases in the U.S. lastyear, according to Green Street.

In the U.S. and U.K., 5% or less of

the workforce was fully remote be-fore the pandemic. Even if thatdoesn’t increase dramatically, moreworkers might get the permanentoption to work from home once ortwice a week. This could reduce de-mand for office space by up to 15%,Green Street estimates.

So far, prime office valuationshave been stable in many markets.

That probably reflects a dearth oftransactions as well as low interestrates. Shareholders in Europe’slisted office landlords such as Der-went London or Inmobiliaria Colo-nial are more skittish. Their stocksare trading 27% and 37% respec-tively below the value of their port-folios. Shares in SL Green, Manhat-tan’s biggest office landlord, have

also taken a dive this year.If the impact of e-commerce on

retail property is anything to go by,though, city offices could provemore resilient than regional ones.While retailers like Zara’s owner In-ditex and H&M are closing shops insecond-tier locations as sales moveonline, many are increasing the sizeof flagship stores on the busiestshopping streets. Retail propertyvaluations have diverged accord-ingly. City office landlords are al-ready collecting more rent than re-gional peers, reflecting the blue-chipnature of their tenants. BritishLand received 91% of what it wasowed in September, compared withthe U.K.’s national average of 65%.

Even if big corporations doshrink their offices, they will argu-ably still want to be in city centersfor client meetings and close totransport hubs for the swellingranks of part-time commuters. Of-fice landlords face a reckoning asremote working becomes more com-monplace. But those that own theemptiest city center properties to-day look less threatened by vacan-cies longer term. —Carol Ryan

OVERHEARDSlack’s ticker is “WORK,” not

“PLAY.”Now that remote workers

have flocked to the online com-munication tool, Slack is tryingto get offline traction. Itteamed up with Cole Haan ona sneaker seemingly brandedfor today’s tech elite.

It should stick to e-threads.The reception for the $120 lim-ited edition shoes has beenpoor—perhaps because the knitdesign is Slack’s “octothorpe”logo—cooler on a web browserthan as a fashion statement.

Twitter users mused whetherthey make a ding sound whenthe wearer walks or if an invitewas necessary for purchase. Thecollaboration of a young techcompany with a brand known forits old-school office vibe certainlydoesn’t scream “2020.” Slackcould have teamed with Adidasfor an athleisure suit. Even Crocs,cool enough again to at least beworn by at-home workers, wouldhave been a better fit.

Goldman Sachs Adds Polish to TradingWhen it comes to Wall Street

trading, Goldman Sachs Group isdoing more with less.

Another big quarter for tradingdesks across Wall Street was goodat Goldman Sachs, too, with trad-ing revenue up 29% from a yearearlier. Often though, investors dis-count this kind of outperformance.Not only can trading results varygreatly quarter to quarter, but suc-cessful trades can be built on asurge in risky assets and balance-sheet consumption that depressesa bank’s ultimate return on equity.

This doesn’t appear to be whatis happening right now at Gold-man. The firm has been trendingtoward more efficient productionof markets revenue, and it made abig leap this quarter. Net earningsfrom markets were up 130% from ayear earlier, even though the busi-ness had only 3% more equity cap-ital allocated to it. Compared withthe second quarter, capital allo-cated to the business actually fellslightly. This helped improve theannualized return on equity forglobal markets to nearly 20%, upmore than 11 percentage points

from a year earlier.Helping drive this is a shift of

revenue within trading from fi-nancing—lending to clients toboost their returns—to intermedi-ation, or pairing up buyers andsellers, which uses less capital.This is also the fruit of invest-ment in technology to quickly exe-cute trades.

In the third quarter, fixed-in-come intermediation revenue rose65% year over year, but financingrevenue fell 9%. Equities tradingmoved in the same direction.Trading “was really done with aneye toward high velocity turn onthe balance sheet,” StephenScherr, chief financial officer, toldanalysts on Wednesday.

A less-exposed trading businesscan also help the bank’s stress-testresults, which in turn can free upmore capital for future buybacksor acquisitions. Mr. Scherr said thebank was “in a good position” withits submission for the Federal Re-serve’s special continuing exam.

More durable earnings and bet-ter stress-test results are also bigreasons why Goldman, and Mor-gan Stanley, are pushing furtherinto investment management andconsumer financial services. Gold-man’s stock is still priced at a dis-count under 10 times forwardearnings, according to FactSet,compared with S&P 500 banksoverall at 12 times. More quarterslike this could help narrow that.

—Telis Demos

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GoldmanSachsfixed-incomeandequity trading net revenue, quarterly

Source: Visible Alpha

Use of public transportation in New York is down 40% from pre-pandemic norms.

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B14 | Thursday, October 15, 2020 THEWALL STREET JOURNAL.

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