* * * * * * TUESDAY, FEBRUARY 9, 2021 ~ VOL. CCLXXVII NO. 32 WSJ.com HHHH $4 .00

DJIA 31385.76 À 237.52 0.8% NASDAQ 13987.64 À 0.9% STOXX600 410.78 À 0.3% 10-YR. TREAS. À 3/32 , yield 1.159% OIL $57.97 À $1.12 GOLD $1,831.90 À $21.00 EURO $1.2052 YEN 105.23

BY CAITLIN OSTROFFAND REBECCA ELLIOTT

TeslaMakesBig BetIn BitcoinElectric-car makerbuys $1.5 billion of thedigital money, plans toaccept it as payment

Thousands Protest inMyanmar BeforeMilitary Bans Rallies

DIVIDING LINE: Riot police on Monday face off against demonstrators in Naypyitaw, Myanmar, protesting the military coup.Thousands attended rallies before the military rulers issued decrees banning protests in the country’s two biggest cities. A9

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SYRACUSE, N.Y.—DestinyUSA is New York’s largestshopping mall, a six-storystructure by Onondaga Lake.Its feature attraction is Won-derWorks, a 40,000-square-foot theme park where chil-dren can experience asimulated earthquake, learnabout space travel wearingan astronaut suit or play la-ser tag.

They could, that is, untilthe state made the mallclose many of the attractionsin November for the secondtime last year to counterCovid-19. Only 18% of thespace leased to entertain-ment tenants is open cur-rently, said a spokesman forthe mall’s owner, PyramidManagement Cos.

The day Robinhood MarketsInc. brokerage restricted trad-ing in GameStop Corp., a howlrose among the small-timetraders looking to take aswing at Wall Street big shotsduring the market’s end-of-January frenzy.

The trading folderol caughtthe attention of Robin Hoodenthusiasts in Nottingham,England, where legends swirlof past campaigns to squeezethe rich.

Bob White, at home thatday, Jan. 28, was the first tosee opportunity. His phonestarted beeping and wouldn’tlet up. As chairman of the

PleaseturntopageA11

Trade FracasSnares WrongRobin Hood

i i i

Historical societymistaken for theonline brokerage

BY JAMES HOOKWAY

Adding theme-park-likeattractions was a strategythat Pyramid viewed as cru-cial to drawing foot trafficand reversing the yearslongstruggles of mall operatorsbattling online shopping.Now, the strategy looks lesslike a lifeline and more like amillstone.

Even as new pandemicmeasures have allowed themall’s stores to reopen, regu-lations have kept many of itsentertainment attractionsclosed. Pyramid, which is pri-vately held, borrowed heavilyto expand and to build enter-tainment extravaganzas atDestiny USA and anothermall, Palisades Center inWest Nyack, N.Y., and thebills are coming due.

In April, the Pyramid enti-PleaseturntopageA11

BY ESTHER FUNG

The Bill Comes DueForMall Theme ParksOperators spent billions to woo shoppers

with entertainment. It’s made matters worse.

WASHINGTON—Lawyers forDonald Trump argued it is un-constitutional for the Senate tohold an impeachment trial for aformer president and denouncedthe case as “political theater,”while Democrats said Mr. Trumpwas trying to escape account-ability for allegedly inciting lastmonth’s riot at the Capitol.

The pretrial filings came aday before the Senate trial for-mally begins, with a brief debateand vote on the constitutionalityof trying the former presidentset for Tuesday, followed by

Impeachment puts Trumpback in center of GOP.......... A4

Warnings of Capitol riotweren’t acted upon.................... A6

Tesla Inc. said it bought$1.5 billion in bitcoin, a disclo-sure that follows Chief Execu-tive Elon Musk’s promotion ofthe cryptocurrency and otherdigital-currency alternativeson Twitter.

The electric-vehicle com-pany said it expects to startaccepting bitcoin as paymentfor its products soon. Bitcoinprices jumped more than 10%after the announcement, ac-cording to cryptocurrency re-search and news site Coin-Desk.

Tesla disclosed its bitcoinpurchase in its latest annualreport, saying the move aimsto “diversify and maximize re-turns on our cash that is notrequired to maintain adequateoperating liquidity.” Tesla saida board committee approvedchanges to company rules oninvestments, adding it can alsoinvest cash in gold bullion andgold exchange-traded fundsamong other assets.

The bitcoin purchase, likelyamong the largest by a publiccompany, comes after a rallyin 2020 when the price morethan quadrupled. Tesla is join-ing a handful of other compa-nies that have disclosed bit-coin holdings. Software

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TOKYO—SoftBank GroupCorp.’s massive tech funds arefinally starting to producegolden eggs. That is howMasayoshi Son, SoftBank’sebullient chief executive, char-acterized a record-breakingquarter for the Japanese com-pany’s signature $100 billionVision Fund.

That fund, along with asmaller successor, rode red-hot markets to investment

gains of $13 billion in the threemonths ended December, theirbest quarter ever. Those gainsunderpinned a net profit of¥1.17 trillion for SoftBank,equivalent to about $11 billion.

Mr. Son said he expectedSoftBank’s funds—which haveinvestments in 164 companieswhen a third capital pool fo-cused on Latin America is in-cluded—could produce be-tween 10 and 20 initial publicofferings a year.

“We’ve finally entered theharvest phase” for the funds,

Mr. Son said at a Tokyo newsconference, standing in frontof a slide showing a goose lay-ing golden eggs, representingSoftBank’s hit IPOs and exits. Alater slide depicted the goldeneggs marching out of the gooseto the tune of Tchaikovsky’s“March of the Toy Soldiers.”

A successful run could revivethe reputation of Vision Fund,after missteps and the market’sdecline early in the pandemicleft it with a nearly $17 billioninvestment loss for the yearended March 2020. Good re-

turns are critical for Mr. Son,who hopes to roll out a seriesof successor funds, but hasfound investors too skeptical ofthe first fund’s performance tocontribute to a second.

Anticipation of strong re-sults pushed SoftBank’s stockprice up 4.4% to ¥9,485 Mon-day, a level last seen in Febru-ary 2000, when the company’sshares peaked during the in-

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BY PHRED DVORAKAND MAUREEN FARRELL

Tech-Fund Turnaround PowersSoftBank to $11 Billion Profit

China rebukes Tesla onquality issues.............................. B1

Heard on the Street: Bitcoinpurchase raises concerns... B12

Heard on the Street: SoftBank’svision when markets rise.... B12

Netanyahu Pleads Not Guilty in Corruption Case

Israeli Prime Minister Benjamin Netanyahu, right, speaking to a member of his legal teamin court in Jerusalem, pleaded not guilty Monday to charges of corruption. A10

Trump’s LawyersLay Out DefenseOn Eve of His Trial

several days of presentationsthat could include witnesses.Mr. Trump, who last month be-came the first president to beimpeached twice, is the first for-mer president to face a Senateimpeachment trial.

In their brief Monday thatoffered the fullest picture oftheir defense, the former presi-dent’s team argued that theSenate can’t convict Mr. Trump,a Republican, because he is no

PleaseturntopageA6

BY REBECCA BALLHAUSAND LINDSAY WISE

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CONTENTSArts in Review... A14Business News...... B3Capital Journal...... A4Crossword.............. A14Heard on Street. B12Markets..................... B11

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What’sNews

Lawyers for Trump ar-gued it is unconstitutionalfor the Senate to hold animpeachment trial for a for-mer president and de-nounced the case as “politi-cal theater,”while Democratssaid Trump was trying toescape accountability for al-legedly inciting last month’sriot at the Capitol. A1 The elaborate nationalsecurity network set up after9/11 to identify and thwartthreats failed ahead of theCapitol riot, as law enforce-ment didn’t act on intelligenceabout potential violenceand prevent the assault. A6 House Democrats re-leased the biggest piece oftheir coronavirus relief bill,offering a measure thatwould extend a $400-a-weekunemployment insurance bo-nus through Aug. 29 andsend $1,400 per-person pay-ments tomost households.A3WHO officials expressedconfidence that AstraZeneca’sCovid-19 vaccine can preventsevere casesof thedisease, de-spite questions about theprotection it offers againsta fast-spreading strain firstdetected in South Africa. A9 U.S. prosecutors are in-vestigating Honduras’s pres-ident for allegedly acceptingbribes to protect drug traf-fickers who shipped tons ofcocaine to the U.S., accord-ing to a court filing. A10 The acting U.S. attorneygeneral plans to ask hold-over U.S. attorneys ap-pointed by Trump to resign,exempting two top prosecu-tors overseeing politicallysensitive inquiries. A6

Tesla said it bought$1.5 billion in bitcoin, a

disclosure that followsCEO Musk’s promotion ofthe cryptocurrency andother digital-currency al-ternatives on Twitter. A1 The electric-vehiclemaker has been summonedby Chinese authorities cit-ing consumer complaintsabout quality issues. B1 SoftBank posted netprofit of about $11 billionfor its latest quarter, un-derpinned by investmentgains at its Vision Fundand a smaller successor. A1 Boeing’s board failed tochallenge Muilenburg on thesafety of the 737 MAX or hiscampaign to counter nega-tive news reports betweentwo fatal crashes, according toa lawsuit by shareholders. B1Major U.S. stock indexesclosed at records, with theS&P 500, Dow industrialsand Nasdaq rising 0.7%, 0.8%and 0.9%, respectively. B11 Raising the federal min-imumwage to $15 an hourby 2025 would lift 900,000Americans above the pov-erty line but cost 1.4 millionjobs, a CBO study said. A2The DOJ dropped its chal-lenge to California’s net-neu-trality law, in what may sig-nal a shift back to an Obama-era policy aimed at equalaccess to the internet. A3 Reddit, which played arole in the recent stock-trading frenzy, doubled itsvaluation to $6 billion in anew round of funding. B1 Electronic Arts said itis acquiring Glu Mobile ina $2.4 billion deal. B1

Business&Finance

World-Wide

P2JW040000-6-A00100-17FFFF5178F

A2 | Tuesday, February 9, 2021 * * THEWALL STREET JOURNAL.

Quest Diagnostics Inc. is alaboratory-service provider. APage One article Mondayabout governments and busi-nesses assessing the long-termimpact of the coronavirus in-correctly called Quest a testmanufacturer.

Alex Kearns, a customer ofRobinhood Markets Inc.,killed himself on June 12. APage One article about theonline trading platform inSaturday’s edition incorrectlysaid that he took his life onJune 14.

Notice to readersWall Street Journal staff

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

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

CORRECTIONS AMPLIFICATIONS

10-minute intervals

Tesla share price

Sources: FactSet (share price); CoinDesk (bitcoin)

$880

780

800

820

840

860

Feb. 1 Feb. 2 Feb. 8Feb. 8

Bitcoin price

$44,000

32,000

34,000

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40,000

42,000

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ternet bubble.The push to harvest gains

looks set to make SoftBank amajor supplier of startups tothe public markets this year.An eagerly anticipated listingis that of South Korean e-com-merce company Coupang,which is expected as early asMarch at a valuation thatcould reach in excess of $50billion, people familiar withthe matter said. At that valua-tion, Vision Fund’s 38% stakein it would be valued at about$19 billion, seven times whatthe fund paid for it.

Coupang didn’t respond torequests to comment.

Soaring markets are al-ready buoying Vision Fund’sprospects. The fund’s 12listed portfolio companieshad generated about $25.5billion in realized and papergains as of Feb. 5, SoftBanksaid Monday. That included again of $5.2 billion on UberTechnologies Inc., which isone of Vision Fund’s biggestinvestments and whose shareprice had flagged followingits IPO, weighing on thefund’s performance.

Vision Fund’s smaller suc-cessor, in which SoftBank issole investor, had an estimatedpaper gain of $5.3 billion onits three listed portfolio com-panies, SoftBank said.

Two recent star VisionFund performers were food-delivery company DoorDashInc. and German online used-car dealer AUTO1 Group,which both listed in the pastfew months and had generatedpaper gains of $10.7 billionand $1.8 billion, respectively,as of Feb. 5.

SoftBank also has rolled outor filed listing applications forat least four special-purposeacquisition companies, blank-check firms that go public firstand then find a company totake over the listing later. Intotal, the four are slated toraise as much as $1.4 billionwhen they list.

Two of the biggest questionmarks in Vision Fund’s portfo-lio are Chinese ride-hailing gi-ant Didi Chuxing TechnologyCo.—its largest investment at

ContinuedfromPageOnedeveloper MicroStrategy Inc.acquired about $425 million ofbitcoin last summer, and itsCEO, Michael Saylor, becamean outspoken proponent.

Companies holding bitcoinin their treasuries face an ac-counting risk: Because bitcoinand other digital assets areconsidered “indefinite-livedintangible assets,” rather thancurrencies, any decrease intheir value below what thecompany paid for them—evena temporary one—can force acompany to write down thevalue, taking an impairmentcharge. MicroStrategy posteda loss in the third quarter of2020 because the price of bit-coin dropped in September.

Tesla said it would analyzeits holdings in the cryptocur-rency each quarter to seewhether impairments are war-ranted based on bitcoin prices.“If we hold digital assets andtheir values decrease relativeto our purchase prices, our fi-nancial condition may beharmed,” the company said.

Sharp changes in the digitalcurrency’s valuation might bewhy companies have acquiredmillions, rather than billions,of dollars worth of the crypto-currency, said Michel Rauchs,founder of Luxembourg digi-tal-assets consulting firm Par-adigma Sarl: “It is definitelygreater risk but greater re-ward there.”

Bitcoin recently tradedMonday at $43,602.68, accord-

ContinuedfromPageOne

U.S. NEWS

from a widely cited 2019 CBOstudy. While many Americanswould see raises, the analysisshowed a minimum-wage in-crease would cause prices torise, the federal budget deficitto widen and overall economicoutput to slightly decreaseover the next decade.

Whether to include theminimum-wage increase in the$1.9 trillion Covid-19 reliefpackage has divided Demo-crats, who can’t afford to losea single vote in the evenlysplit Senate. Sen. Joe Manchin(D., W.Va.) has publicly said heis opposed to raising the mini-mum wage to $15 an hour,while progressive lawmakershave pushed for the increase.

Higher wages would increasethe cost of producing goodsand services, and businesseswould pass some of those costson to consumers in the form ofhigher prices, resulting in re-duced demand, the CBO said.

“Employers would conse-quently produce fewer goodsand services, and as a result,they would tend to reducetheir employment of workersat all wage levels,” the reportsaid. “Young, less educatedpeople would account for a dis-proportionate share of thosereductions in employment.”

While more than one mil-lion would lose jobs, the re-port said 17 million U.S. work-ers, or about 10% of the laborforce, would have their pay in-creased. An additional 10 mil-

lion workers who earn slightlymore than $15 an hour couldalso potentially see pay rises.

The study assumes a June 1effective date for the bill, rais-ing the federal minimum wageto $9.50 an hour. Under theplan, the wage would be in-creased annually until reaching$15 an hour in 2025, afterwhich, the pay floor would beadjusted based on the change tothe median wage of all workers.

From 2021 to 2031, the planwould increase payments toworkers by a net $333 billion,after accounting for wage in-creases and job losses, thestudy found. That would allowlow-income workers to spendmore, but would increase laborcosts for businesses and raiseprices, especially at restau-rants. The loss of jobs would

cause a modest negative over-all impact on economic growth.

The study found a muchsmaller impact on the federalbudget. The cumulative federalbudget deficit from 2021 to2031 would increase by $54billion if a $15 federal mini-mum was enacted largely be-cause higher prices for goodsand services would contributeto an increase in federal spend-ing, the report found. That im-pact is small relative to the lastfiscal year’s $3.1 trillion deficit.

That includes increasedhealth-care expenditures. Thestudy noted that by 2025there are expected to be threemillion workers in the homehealth-care and nursing-careindustries who would earnless than $15 an hour, if thelaw isn’t changed. Many of

those workers are paidthrough programs such asMedicaid and Medicare.

The study found the gov-ernment would spend more onhealth-care programs, unem-ployment insurance compen-sation and Social Security, andthat a relatively small numberof federal workers could re-ceive a raise. Those increasedoutlays would be only partiallyoffset by less spending on nu-trition programs, the earned-income tax credits and by

higher taxes paid by workerswho would receive raises.

Businesses are divided onthe $15 minimum wage. Some,including Amazon.com Inc.and Target Corp. have raisedtheir starting wages to $15 anhour. Other businesses haven’tendorsed a $15-an-hour payfloor, especially those in ruralareas where the cost of livingis lower. Walmart Inc., the na-tion’s largest private em-ployer, starts workers at $11an hour.

Raising the federal mini-mum wage to $15 an hour by2025 could deliver raises for27 million workers and lift900,000 Americans above thepoverty threshold—but thepolicy would cost 1.4 millionAmericans their jobs over thenext four years, according to astudy released by the nonpar-tisan Congressional Budget Of-fice on Monday.

President Biden and manyDemocrats are pursuing legis-lation to more than double thecurrent federal minimum wageof $7.25 an hour in phases, say-ing it would lift many low-wageworkers out of poverty and de-liver pay increases to many es-sential employees during thepandemic, including workers atgrocery stores and warehouses.Republicans and some busi-nesses and economists havewarned that such an increasecould cost jobs as the U.S. re-covers from pandemic layoffs.

While the CBO study findspoverty-reducing effects, itsbroader findings could make itdifficult for proponents of anincrease to rally enough votesamong moderate Democratsand Republicans in Congress toraise the federal minimumwagefor the first time since 2009.

The study reaffirms a find-ing that a $15 minimum wagecould cost the U.S. jobs, slightlyincreasing a job-loss estimate

BY ERIC MORATHAND ANDREW DUEHREN

Wage Rise Would Cut Jobs, Study Says

2021 ’25 ’30–2

0

2

4

6

8

10

12

$14 billion

Projected net changein deficit spending

Source: Congressional Budget Office

2021 ’25 ’30–2

0

2

4

6

8

10

$12billionFederalspending

Tax revenue

Estimated effect of raisingthe federalminimumwageto $15 an hour by 2025

ing to CoinDesk. Its price aver-aged $34,730.12 in Januaryand is currently more thaneight times higher than bit-coin’s 2020 low of a little un-der $5,000.

Mr. Musk has shown inter-est in bitcoin, including chang-ing his Twitter biographyaround Jan. 29 to “#bitcoin,”which sent prices for it higher,before removing that refer-ence.

“I think bitcoin is really onthe verge of getting broad ac-ceptance by sort of the con-ventional finance people,” hesaid last week on the social-networking app Clubhouse.Mr. Musk said he needed to becautious with his public state-ments about cryptocurrenciesbecause “some of these thingscan really move the market.”

Tesla didn’t respond to arequest to comment. The com-pany said in its report that itupdated its investment policyin January but didn’t disclosethe exact timing of either itsboard decision or its bitcoinpurchase.

“He’s already telegraphed itto the market,” said MeltemDemirors, chief strategy offi-cer at London asset manage-ment firm CoinShares, refer-ring to Mr. Musk’s mentioningbitcoin in his Twitter biogra-phy. “One of the world’s larg-est corporations doing this—Ithink it opens the floodgates.”

Tesla previously struggledto maintain cash while ramp-ing up vehicle production. Butits shares soared some 480%in the year ended Friday as in-vestors piled into electric-ve-hicle makers and Tesla re-ported a string of quarterlyprofits. The company took ad-vantage of that surge by sell-ing billions of dollars in newstock, shoring up its cash po-sition. Its cash holdings to-

taled around $19.4 billion atthe end of last year, up fromaround $6.3 billion at the endof 2019.

Mr. Musk’s tweets havedrawn regulatory scrutiny, in-cluding from the Securitiesand Exchange Commissionover a 2018 post in which theCEO said he secured fundingto take Tesla private. Mr. Muskand the SEC settled in a dealrequiring Tesla to sign off onany written statements hemade that could be deemedmaterial. He has since usedTwitter to mock the regulator.

Tesla didn’t respond to arequest to comment aboutwhether Mr. Musk sought ap-proval for his bitcoin com-ments.

The SEC is unlikely to chal-lenge Mr. Musk over his bit-coin tweets, said John CoffeeJr., a Columbia University lawprofessor who specializes insecurities law, especially aftera federal judge rebuked theagency when it sought to holdthe CEO in contempt in 2019.

Recently, Mr. Musk’s tweetsabout dogecoin, a cryptocur-rency started as a joke in 2013,have helped drive up its price.

Mr. Musk tweeted in early2018 that he didn’t own cryp-tocurrency other than a quar-ter of a bitcoin that a friendgave him. At today’s valuation,that would be worth morethan $10,000.

Payments company SquareInc., which shares bitcoin advo-cate Jack Dorsey as its CEOwith Twitter Inc., acquiredabout $50 million worth for itstreasury in October. Massachu-setts Mutual Life Insurance Co.acquired $100 million worth inDecember to hold in its generalinvestment account.

The added wrinkle withTesla is the plan to accept bit-coin from customers. Fewcompanies now accept bitcoindirectly as payment; Over-stock.com Inc. is among thefew that do. A number of largecompanies experimented withbitcoin payments in 2014 and2015, like Dell TechnologiesInc. and Expedia Group Inc.,but most dropped it for lack ofuse.

While Tesla’s move wouldbe high profile, a more sub-stantial development is ex-pected later this year, whenPayPal Holdings Inc. plans toallow its customers to usetheir bitcoin holdings for pay-ments.

—Micah Maidenbergand Paul Vigna

contributed to this article.

Tesla Buys$1.5 BillionIn Bitcoin

$11.8 billion—and its South-east Asian equivalent, GrabInc. Both were hit by the pan-demic, and late last year theirvaluations were still below Vi-sion Fund’s cost, a person fa-miliar with the matter said.Still, both could list in the sec-ond half of this year, the per-son said.

Didi has largely recoveredfrom the pandemic lockdownsand its China operations arenow profitable, said a personfamiliar with the business. Thecompany expanded into sixnew overseas markets in 2020,the person said.

A Didi spokesperson saidthe company doesn’t have anIPO plan.

Grab’s ride-hailing business,likewise, has started to re-cover from the pandemic, andit has been pushing moreheavily into food delivery.Moody’s Investors Service,which last month gave Grab arating of B3, six levels belowinvestment grade, said itsride-hailing businesses wasbreaking even but it didn’t ex-pect the company to be profit-able before 2023.

A Grab spokesperson de-clined to comment on the pos-sibility of an IPO.

Vision Fund also facessome big challenges in gettingits performance back on track.So far, it has returned to in-

vestors a fraction of what itneeds to generate—$15.2 bil-lion as of the end of Decem-ber. The fund might have togenerate as much as $190 bil-lion by the end of its 12-yearterm to achieve a 20% return,according to a Wall StreetJournal calculation, althoughthat amount could be a lotlower if the fund pays back in-vestors quicker.

About half of the VisionFund is invested in a handfulof big companies, some ofwhich—such as office-sharecompany WeWork and Indianhotelier Oyo Hotels & Homes—have seen their value plummetas the pandemic exacerbated ahost of business troubles. TheVision Fund could struggle todeliver high returns if thosebiggest bets don’t performwell.

One blemish last quarter:Performance wasn’t so good atSoftBank’s newest investmentunit, an asset-managementfirm named SB Northstar runby Mr. Son that invests inlisted tech companies. Theunit, in which Mr. Son has aone-third stake, made waveslast year when it made a bigoptions bet that the stockprices of some large tech com-panies would go up.

Those bets racked up steeplosses, and the unit wounddown its options trades at theend of last year, people famil-iar with the matter said at thetime. Between its derivativestrades and stock investments,SB Northstar posted an invest-ment loss of almost $1.6 bil-lion, in the latest quarter.

Mr. Son said he was stilltesting out SB Northstar andas of Monday it was postinggains.

SoftBankProfit Hits$11 Billion

SoftBankVisionFunds’ gross profit/loss on investmentthroughDec. 31, 2020

Note: Includes Vision Fund 1 and 2Source: the company

DoorDash

Beike

Uber

Guardant Health

Private companies

Opendoor

RelayTherapeutics

Slack

PingAnGoodDoctor

Vir Biotechnology

10xGenomics

Seer

OneConnect

ZhongAn

$8.31 billion

5.08

3.67

2.42

2.05

1.22

0.86

0.67

0.43

0.41

0.31

0.11

–0.01

–0.16

Budget Gap GrowsAs Spending Surges

WASHINGTON—The U.S.federal budget deficit widenedsharply last month, the Con-gressional Budget Office said,as the latest coronavirus-reliefpackage from Congress sentdirect stimulus payments tomillions of Americans.

The monthly deficit widenedto an estimated $165 billion inJanuary, compared with $33 bil-lion in January 2020 and $144billion in December, the nonparti-san CBO estimated on Monday.

For the first four months ofthe 2021 fiscal year—whichstarted Oct. 1—the federal bud-get deficit rose 90% to $738billion, the CBO added.

Federal spending surged inJanuary as elements of the

$900 billion aid package signedinto law at the end of 2020began taking effect. Among thecostliest provisions was $142billion in stimulus checks paidout in January and $25 billionin rental-assistance grants tostate and local governments.

Spending on unemploymentbenefits rose to $34 billion lastmonth from $28 billion in De-cember and $3 billion in January2020, before the pandemicstruck the U.S. economy.

The surging deficit comes asthe Biden administration negoti-ates another round of Covid-19aid with Congress, with criticssaying it jeopardizes the U.S.’slong-term fiscal health. Policymakers including Treasury Secre-tary Janet Yellen say the poten-tial costs of doing too little toprop up the economy are greaterthan the risk of doing too much.

—Paul Kiernan

Vision Fund hasreturned to investorsa fraction of what itneeds to generate.

P2JW040000-2-A00200-1--------XA

THEWALL STREET JOURNAL. * * * * * Tuesday, February 9, 2021 | A3

U.S. NEWS

Election workers opened mail-in absentee ballots for tabulation in Lawrenceville, Ga., on Jan. 6, a day after two Senate runoff races.

SUEDORF

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funding for K-12 schools, $40billion for colleges and univer-sities and $39 billion for child-care providers. Mr. Biden hasalso proposed offering fundsfor vaccine distribution, unem-ployment programs and stateand local governments, amongother measures.

The legislation will also in-corporate a minimum-wage in-crease to $15 an hour althoughsome Democrats, including Mr.Biden, have questioned whetherit would be possible to pass inthe final legislation.

Rep. Kevin Brady of Texas,the top Republican on the com-mittee, criticized the plan. “Ourfocus should be on crushing thevirus and rebuilding our econ-omy,” he said. “Unfortunately,the bill placed before us at thislate hour doesn’t fit that effort.”

One of the largest pieces isthe $1,400 payments, which aresimilar to the $1,200 checks is-sued after the March economic-relief law and the $600 pay-ments issued after December’slaw. This round of paymentswould total $422 billion.

There are some key differ-ences, however. This time, chil-dren and adult dependentswould be eligible for the full$1,400. Those adult dependentshaven’t been previously eligible.

A married couple with twochildren under 17 would get asmuch as $5,600, compared with$3,400 from the first round ofpayments and $2,400 in thesecond round. A single parentwith a college student wouldget up to $2,800, comparedwith $1,200 from the first roundand $600 in the second round.

Compared with previous ver-sions, the payments phase outfaster as incomes rise, respond-ing to lawmakers’ concernsabout higher-income householdspossibly getting money. Accord-ing to a committee summary, in-dividual payments go to zeroonce individual income reaches$100,000 and married couples’payments go to zero when in-come hits $200,000.

WASHINGTON—House Dem-ocrats released the biggestpiece of their coronavirus reliefbill Monday, offering a measurethat would extend a $400-a-week unemployment insurancebonus through Aug. 29 andsend $1,400 per-person pay-ments to most households with-out lowering the income thresh-olds from earlier rounds.

Democrats have been debat-ing whether to reduce those in-come levels, but the versionheaded for a Ways and MeansCommittee vote this week givesthe full amounts to individualswith incomes up to $75,000 and

married couples with incomesup to $150,000. The legislationalso expands the child tax credit,broadens child-care assistanceand bolsters tax credits forhealth insurance.

It will be combined withpieces advancing through otherHouse committees with the aimof getting through the fullHouse later this month. To-gether, the measures make upPresident Biden’s $1.9 trillionaid plan, which Democrats aretrying to push quickly throughCongress.

“Our nation is struggling,the virus is still not contained,and the American people arecounting on Congress to meetthis moment with bold, imme-diate action,” said Rep. RichardNeal (D., Mass.), the committeechairman whose panel will be-gin considering the bill onWednesday.

Other sections of the reliefplan will provide $130 billion in

BY RICHARD RUBINAND ANDREW DUEHREN

House PlanKeeps ChecksAt Same Levels

The Covid­19 reliefmeasure would send$1,400 per person tomost households.

losers to game the system.Georgia held two recounts and aforensic partial audit and foundno widespread fraud. “Those[Republican] policies are notbased on any kind of evidence,”said state Rep. Bee Nguyen, aDemocrat from Atlanta.

Former President Donald

Trump’s defeat—and his re-peated, unsupported claimsthat the election was rigged—have amplified a long-runningpolitical debate over electionlaws. Proponents of addingvoter requirements or restric-tions often say they are neededto guard against fraud. Oppo-nents of the restrictions sayfraud is rare and such lawsmake it harder to vote.

Georgia has allowed no-ex-cuse absentee voting under a2005 law passed by a Republi-can-controlled Legislature. Thepandemic caused this methodto surge in popularity. About849,000 of the 1.3 million resi-dents who voted by mail choseMr. Biden; about 450,000 votedfor Mr. Trump. The Democratwon the state by about 12,000votes out of five million cast.

Several bills proposed byRepublican Georgia state legis-lators would change rules formail-in voting, including onethat would require voters tosupply a reason to vote absen-tee. Other bills would ban ab-

sentee-ballot drop boxes andset limits on who can mail ab-sentee applications to voters.

One proposal would requirepeople to provide proof ofidentification when applyingfor mail-in ballots and whenthey send in ballots. Peoplevoting in person in Georgia arerequired to provide an I.D.

GOP-backed legislationstretches beyond voting bymail, including proposals toend automatic voter registra-tion when people get a driver’slicense and to expand pollwatchers’ access in tabulatingcenters.

Similar fights are brewing inother states that flipped bluein the November election. ARepublican-backed bill in Penn-sylvania would dial back provi-sions the GOP-controlled Legis-lature passed two years agoallowing all voters the optionto request and cast a mail-inballot without giving a reason.A GOP-sponsored measure inArizona would require mail-inballots to be notarized.

ATLANTA—Georgia lawmak-ers are gearing up for a brawlover proposed election-lawchanges, following key Demo-cratic victories in this longtimeRepublican stronghold.

Republican lawmakers arepitching new bills that wouldadd requirements or restric-tions to mail-in voting, whichwas used heavily by Georgiavoters during the coronaviruspandemic and helped PresidentBiden and two Democratic sen-ators secure wins.

Republicans say changes areneeded to shore up shakenpublic faith in the voting pro-cess. “There has been so muchnoise and misinformationabout the election that I thinkwe’ve got to restore confi-dence,” Georgia state Sen.Larry Walker III, vice chairmanof the Republican Senate cau-cus, said in an interview.

Democrats said the proposalsare attempts by recent election

BY CAMERON MCWHIRTERAND JON KAMP

Post-Election Battle Over Mail-InVoting Rules Set to Begin in Georgia

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another Democratic commis-sioner can be confirmed bythe Senate.

Under former PresidentDonald Trump, the FCC rolledback the Obama-era net-neu-trality regulations in 2017,with the support of much ofthe telecommunications indus-try.

Telecom companies arguedthat the sweeping Obama-erarules would deter broadbandinvestment. The Trump FCC

substituted new rules that re-quired providers to be trans-parent about practices that fa-vor or disfavor particularcontent.

In response, Californiapassed its own net-neutralitylaw.

The Justice Departmentchallenged that law, ongrounds that the federal gov-ernment and not states hassole authority to regulate theinternet.

and network machines, SheriffGualtieri said in an interview.Though the utility hadswitched to a different tool sixmonths ago, he said, theTeamViewer program re-mained in place but unused,providing the door throughwhich the intruder enteredand gained full access to thesystem.

The intrusion was brief, andthe operator didn’t think muchof it because his supervisorand others remotely access hiscomputer screen to monitorthe system, Sheriff Gualtierisaid at the news conference.Then at around 1:30 p.m. Fri-day, someone again entered

the system remotely. A plantoperator observed the in-truder opening various soft-ware functions that controlthe water being treated in thesystem, the sheriff said.

One of them regulates thelevel of sodium hydroxide, orlye—a main ingredient ofdrain cleaners that also isused to control water acidityand remove metals fromdrinking water, Sheriff Gualt-ieri said. The hacker increasedthe amount of lye from about100 parts per million to 11,100parts per million, he said.

“This is obviously a signifi-cant and potentially dangerousincrease,” Sheriff Gualtieri said.

Even if the employeehadn’t caught the intrusion,other checks in place wouldhave alerted operators ofproblems ahead of water be-ing released to residents. Sothe public was never in dan-ger, the sheriff said.

The sheriff’s officelaunched a criminal investiga-tion, and a digital forensicsunit is trying to find out howthe breach occurred and whois responsible, Sheriff Gualtierisaid. It is unclear whether theintrusion originated in the U.S.or outside the country, or whythe Oldsmar plant was tar-geted, he said. No suspect hasbeen identified.

A water-treatment plant inOldsmar, Fla., was hacked, andthe intruder briefly increasedthe amount of lye used totreat water to a dangerouslevel, authorities said Monday.

A plant operator noticedthe alteration Friday and im-mediately reversed it, avoidingadverse effects on the city’swater supply. But the breachhighlights the exposure of util-ities to cyberattacks.

“Water systems, like otherpublic utility systems, are partof the nation’s critical infra-structure and can be vulnera-ble targets when someone de-sires to adversely affect publicsafety,” said Pinellas CountySheriff Bob Gualtieri at a newsconference Monday about theincident.

The hacking began on Fri-day morning at the plant inOldsmar, a city of about 15,000people in the Tampa Bay area,Sheriff Gualtieri said. Around8 a.m., a plant operator no-ticed that someone remotelyaccessed a computer systemhe was monitoring that con-trols chemicals used to treatwater as well as other func-tions. The computer systemhas a software program thatallows authorized users to ac-cess it remotely.

The intruder got into theutility’s industrial control sys-tem through TeamViewer, atool that allows engineers tomonitor and repair computers

BY ARIAN CAMPO-FLORES

Hacker TampersWith FloridaWater System

The amount of lye used to treat water at the plant was briefly raised to a dangerous level.

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WASHINGTON—The JusticeDepartment dropped its chal-lenge of California’s net-neu-trality law, in what may signala shift back to an Obama-erapolicy aimed at equal access tothe internet.

The Federal Communica-tions Commission’s actingchairwoman applauded theJustice Department decision,which was conveyed through a

one-sentence notice in federaldistrict court in California thatthe case was being dismissed.

“By taking this step, Wash-ington is listening to theAmerican people, who over-whelmingly support an openinternet, and is charting acourse to once again make netneutrality the law of the land,”said Jessica Rosenworcel, whowas designated as the FCC’sinterim leader by President Bi-den.

Net-neutrality rules areaimed at preventing internetproviders—mostly cable andphone companies—from favor-ing some internet content overothers, for instance throughhigher speeds.

Reinstating the Obama-erarules has taken on added im-portance for some advocatessince the Covid-19 pandemic,because the regulations, whichtreated carriers like utilities,could help form the basis for

addressing broadband afford-ability problems, for instancethrough eventual rate regula-tion of the service.

But the path forward on netneutrality for the Biden ad-ministration remains unclear.

The FCC is currently dead-locked along party lines at 2-2,making it unlikely that anynet-neutrality rules could beapproved in the short term.That leaves possible next stepsup to Congress, at least until

BY JOHN D. MCKINNON

U.S. Drops Challenge to California’s Net-Neutrality Law

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CAPITAL JOURNALBy Gerald F. Seib

including Ohio Sen. SherrodBrown, have lined up to sup-port Ms. Baradaran, while oth-ers back Mr. Barr. Mr. Brownchairs the Senate BankingCommittee, which will have togreen-light the nominee.

Mr. Biden has emphasizedbuilding a diverse leadershipteam and has made a numberof barrier-breaking selections.Progressives have been push-ing candidates for several keyposts with some, but not com-plete, success—looking for di-versity and left-leaning re-

cords or skepticism ofbusiness and finance. Their fo-cus on financial regulatoryposts stems from their viewthat the Obama administra-tion’s response to the financialcrisis did too little to helphomeowners and relied heav-ily on people from Wall Street.

“An immigrant of color iskey, and particularly in thismoment,” said freshman Rep.Jamaal Bowman (D., N.Y.).

Yet Mr. Biden’s other ap-pointments—including Obamaand Clinton alumnus Gary

White House wants and whatRepublicans think is neces-sary is yawning.

Once again, the risk is thatthe outcome could set a par-tisan tone that colors the restof the Biden term.

A dministration officialssay they hope thatisn’t the case. Even if

the stimulus plan is passedunder special reconciliationrules in the Senate to avoid aRepublican filibuster and al-low it to be passed with onlyDemocratic votes, officialshope it still will pick up someRepublican votes, giving it atleast a patina of bipartisan-ship.

Perhaps more important,officials say that they will

continue to pursue bipartisanoutcomes—and that otheritems on the early to-do listshould attract support inboth parties.

Indeed, at least in theory,there should be grounds forcross-party cooperation onsome big items on the coun-try’s post-pandemic list ofneeds. In the more populist,Donald Trump-influenced Re-publican Party, there is sup-port for the kinds of help formanufacturing industries thatPresident Biden has promisedin his so-called “Build BackBetter” economic plan, aswell as for his calls for buy-American steps to lure manu-facturing and supply chainsback to the U.S.

Likewise, there is discern-

ible support in both partiesfor a big plan to improveAmerican infrastructure. Inparticular, heartland lawmak-ers in both parties want aplan to expand broadbandservice in rural sectors. Thegrounds for a bipartisan ef-fort in both areas were therein the Trump years, but bit-terness over Democratic in-vestigations of the presidentgot in the way.

There even is the basis forsome bipartisanship on build-ing up the country’s so-called“green infrastructure”—a net-work of charging stations forelectric cars, for instance, andan expanded solar-power net-work. Increasingly, the busi-ness community, a traditionalcore element of the Republi-

can base, sees movement to-ward green energy as inevita-ble, and it wants governmentsupport.

Two obvious obstaclesstand in the way of post-stimulus bipartisanship. Thefirst is that there simplywon’t be enough money left.The new coronavirus packageis just the latest of a handfulof such pandemic plans fi-nanced, in effect, with bor-rowed dollars.

Republicans, having essen-tially looked the other way ata sea of red ink unleashed inthe past four years, now arepaying more attention to therising federal debt load. Butso are some Democrats.

The broader risk is thatthe stimulus debate, kicked

U.S. NEWS

Biden’s Aid Push Need Not Kill Bipartisanshipoff in the opening hours ofthe Biden term, will set atone of partisanship thatsticks.

Maybe partisanship is in-evitable in today’s divisivepolitical climate; maybe it issimply naive to think other-wise. The partisan divides of2021 aren’t created simply byattitudes but by the changingnature of the Democratic andRepublican parties from theground up.

T he Pew Research Cen-ter last year produceda broad study of the

changing faces of the twoparties over the past quartercentury, which chronicledhow they increasingly are di-vided along racial, genderand educational lines.

“The Republican and Dem-ocratic coalitions, which boreat least some demographicsimilarities in past decades,have strikingly different pro-files today,” the Pew analysisconcluded. It found “profoundshifts” in party identificationover the past two decades.

The Democratic Party is in-creasingly racially diverse, fe-male and focused in urban ar-eas along the coast. TheRepublican Party is increas-ingly male, populated by vot-ers without college degreesand focused in the heartlandoutside of coastal urban ar-eas.

Yet even within thesechanges lies some hope forcommon ground. The new Re-publican Party is full of work-ing-class Americans whoshould share Democrats’ af-finity for government helpduring the pandemic, and Mr.Biden’s promises to helpmanufacturing in the longrun. The trick will be to pre-vent hopes for bipartisanshipfrom being extinguished inthese early days.

The risk is that the stimulus debate in the opening hours of President Biden’s term will set a tone of partisanship that sticks.

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When President BarackObama took office in 2009,the country was in the throesof a financial crisis requiringimmediate action. The resultwas a quick, $831 billion eco-nomic stimulus plan, pushedthrough Congress in less thana month.

The plan was passed al-most entirelywith Demo-cratic votes;not a singleHouse Repub-lican sup-ported it, and

just three Senate Republicansdid so. Politically, the prob-lem with that outcome wasthat it set a partisan tonethat lingered, making it hardfor the Obama administrationand Republicans to come to-gether on subsequent initia-tives. The residue of mutualbitterness and mistrust hadlasting effects.

Fast forward to 2021, andthe capital is in a similar situ-ation. The Biden administra-tion has taken office in crisismode, facing a coronaviruspandemic that it believes re-quires immediate action—specifically, a new economicstimulus plan that can be inplace before supplementalfederal unemployment bene-fits expire on March 14. Onceagain, there is the prospectthat action will be taken en-tirely, or almost entirely, withDemocratic votes, becausethe gap between what the

election challenges, or havingto comment on his often con-troversial pronouncements.“Members definitely don’tmiss it,” said one GOP Senateaide. Some Republican law-makers and strategists are pri-vately hoping Mr. Trump’s ex-ile from Twitter might make iteasier for the party to moveon from him to focus on thepolicy issues at hand—and oncountering Mr. Biden.

But the start of Mr. Trump’strial this week not only haskept the former president atthe forefront of the Washing-ton agenda but means SenateRepublicans face another pub-lic test of their loyalty to him,with base voters watching.

The former Republican pres-ident will stand trial after theHouse impeached him for incit-ing the Jan. 6 riots on CapitolHill, as lawmakers were certi-fying President Biden’s electionwin. Mr. Trump and his allieshave denied any wrongdoing.

Charlie Shaffer, the formerchair of the PiscataquisCounty Republican Committeein a GOP stronghold in Maine,said he still supports Mr.Trump because his drain-the-

swamp messaging in 2016 wasrefreshing and he thinks it is awinning message for Republi-cans. “He had a vision, and hehad the personality to carry itthrough,” Mr. Shaffer said,adding that Democrats arepressing for conviction in theimpeachment trial to damageMr. Trump politically. “Whyare you concerned with himrunning again? Let him go!”

Tami Martinek, co-chair ofthe Boone County Republicansin central Iowa, said she wantsher state’s Republican sena-tors—Joni Ernst and ChuckGrassley—to vote to acquit Mr.Trump. “It is a complete wasteof time, it is unconstitutional,and I think they have morepertinent things to be focusingon,” Ms. Martinek said.

Stewart Peay, chair of the

GOP in Utah County, Utah, saidthe outcome of the loomingSenate trial shouldn’t dictatethe future of the party be-cause Republicans should fo-cus more on policy. “Regard-less of who the leader is, weneed to get back to pushingconservative ideals and awayfrom personality-based poli-tics,” he said.

According to a Marist pollconducted in late January, afterMr. Trump left office, 90% ofRepublican voters surveyed saidthe Senate should acquit Mr.Trump, compared with 5% whothought he should be convicted.

Other polls of Republicansgive a mixed picture. Surveysby Remington Research Groupshowed Mr. Trump’s popularityamong Republicans holdingsteady in several House dis-tricts after Jan. 6. For example,in South Carolina’s 7th Dis-trict—home to Rep. Tom Rice,one of 10 House Republicanswho voted to impeach Mr.Trump—83% of GOP primaryvoters gave Mr. Trump a favor-able rating Feb. 1. But a na-tional Quinnipiac poll releasedJan. 18 indicated Mr. Trumphad a 73% approval rating

among Republicans nationwide,down from 89% in December.

Mr. Trump has been barredfrom many social-media outletsand has put out only a handfulof statements. He has kept intouch with top Republicans,from House Minority LeaderKevin McCarthy of Californiato freshman Rep. Marjorie Tay-lor Greene of Georgia and Sen.Lindsey Graham of South Caro-lina, who said he talked to thepresident in recent days.

Sarah Chamberlain, presi-dent of the centrist group Re-publican Main Street Partner-ship, said that Ms. Greene’spromotion of conspiracy theo-ries had replaced Mr. Trump’stweets as a political headwindfor the GOP, particularly insuburban areas.

“Marjorie Greene is suckingup all the air,” Ms. Chamber-lain said. “Trump is gone, heis out of office and out of theday-to-day, but he has been re-placed by her.” She pointed toads in competitive districts bythe Democratic CongressionalCampaign Committee, theparty’s House of Representa-tives campaign arm, featuringMs. Greene.

Gensler to head the Securitiesand Exchange Commission—suggest he favors experiencein Washington. Ms. Baradaranhasn’t previously had a regula-tory role in Washington, whileMr. Barr served in the Trea-sury under Barack Obama andhelped craft the 2010 Dodd-Frank Act.

Sen. Elizabeth Warren (D.,Mass.), in a 2014 book, de-scribed Mr. Barr as a “hero”for helping create the Con-sumer Financial Protection Bu-reau as part of the legislation.

“Michael has consistentlycome down on the side of theunderserved,” said Bill Bynum,the chief executive of HopeCredit Union in Jackson, Miss.,who has known Mr. Barr sincethe 1990s, when they workedtogether to boost investmentin impoverished communitieswhen Mr. Barr served in theClinton Treasury.

The OCC is an independentbureau of the Treasury. It over-sees about 1,200 banks with to-tal assets of about $14 trillion,some two-thirds of the total inthe U.S. banking system, mak-ing it a powerful regulator.

After The Wall Street Jour-nal reported that Mr. Barr was

the likely pick to lead the OCC,progressive politicians and ac-tivists organized on social me-dia to raise questions abouthis record dealing with the2008 financial crisis and itsaftermath.

In op-ed articles and lettersto Mr. Biden, lawmakers pro-moted Ms. Baradaran’s creden-tials, including her calls to of-fer financial services throughpost offices to reach peoplewho lack bank accounts orcredit cards. Though banking-industry groups oppose theidea, Mr. Biden embraced it onthe campaign trail.

The contest also reflectsgrowing attention to the bur-geoning financial-technologyindustry. Mr. Barr served as anadviser to financial-technologyfirms Ripple Labs Inc. andLendingClub Corp. Some crit-ics on the left say he is tooclose to the industry and thathis ties could conflict withOCC’s supervision.

Mr. Barr’s defenders say thealleged conflicts are contrived.He advised both firms on con-sumer protection and financialinclusion and had no responsi-bility for running the firms,they say.

WASHINGTON—A disputeover the choice of a top bank-ing regulator is highlightingfault lines among Democrats—on issues from racial diversityto ties to the Obama adminis-tration—as President Bidenfills out his leadership team.

Michael Barr, an Obama andClinton administration alum-nus who leads the University ofMichigan’s public policy school,is the leading contender tohead the Office of the Comp-troller of the Currency, whichoversees companies includingJPMorgan Chase & Co. andWells Fargo & Co.

But some progressive Dem-ocrats are making a last-ditcheffort to install Mehrsa Bara-daran, an Iranian-born lawprofessor at the University ofCalifornia, Irvine and authorof “The Color of Money: BlackBanks and the Racial WealthGap.”

Their records suggest thatMr. Barr and Ms. Baradaranare likely to pursue racial eq-uity and expand financial ser-vices in low-income communi-ties. Several progressives,

BY ANDREW ACKERMANAND BEN EISEN

Pick of Bank Regulator Divides Democrats

WASHINGTON—A reportercouldn’t even finish sayingformer President DonaldTrump’s name before Sen.John Cornyn (R., Texas) inter-rupted mid-question.

“So, Donald—”“We’re still doing that?”

said Mr. Cornyn, cutting off aTV journalist asking about de-velopments ahead of Mr.Trump’s Senate trial.

Nearly three weeks afterPresident Biden stepped intothe Oval Office, Republicansare still adjusting to life beingshut out of power in the WhiteHouse and both chambers ofCongress. Republicans on Cap-itol Hill, where the Senate isbeginning on Tuesday its sec-ond impeachment trial of Mr.Trump in two years, continueto hone what the GOP repre-sents with Mr. Trump out ofoffice but broadly popularamong the party rank and file.

They have found functionalupsides. Republicans are forthe first time in four years liv-ing without fear of presiden-tial tweets inviting primary

BY JOSHUA JAMERSONAND LINDSAY WISE

Impeachment Puts Trump Back at Center of GOP

WASHINGTON—Sen. Rich-ard Shelby (R., Ala.), the topRepublican on the Appropria-tions Committee, said hewouldn’t run for re-electionnext year.

Mr. Shelby, 86 years old, iscurrently serving his sixthterm in the Senate. He is thelatest in a string of Senate Re-publicans to announce thatthey don’t plan to run for re-election in 2022, joining Sens.Richard Burr of North Caro-lina, Pat Toomey of Pennsyl-vania and Rob Portman ofOhio.

While Republicans are ex-pected to retain Mr. Shelby’sseat in Alabama, the seats inPennsylvania and Ohio are ex-pected to be competitive,given that Democrats hold oneseat apiece in those twostates. North Carolina also hasplayed host to tight races inrecent elections.

So far, no Democrats up forre-election have announcedtheir retirements. The partysplit in the Democratic-con-trolled Senate is currently50-50, with Vice President Ka-mala Harris able to break anyties.

Mr. Shelby was first electedto the U.S. House in 1978 as aDemocrat, before switchingparties and running as a Re-publican in 1994.

Mr. Shelby said he hasserved in the Senate longerthan any other senator fromAlabama.

“Although I plan to retire, Iam not leaving today. I havetwo good years remaining tocontinue my work in Washing-ton,” Mr. Shelby said Monday.“I have the vision and the en-ergy to give it my all.”

BY KRISTINA PETERSON

ShelbyWon’t RunAgain inAlabama

Some Democrats are pitching Mehrsa Baradaran, left, rather thanMichael Barr to head the Office of the Comptroller of the Currency.

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Senate Republicansface another publictest of loyalty to theformer president.

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U.S. NEWS

Workers on Monday repair glass on the East Front rotunda doors that was damaged during the deadly Jan. 6 assault at the U.S. Capitol.

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The elaborate national se-curity network set up after the9/11 terrorist attacks to iden-tify and thwart threats failedahead of last month’s Capitol

riot, as law enforcement didn’tact on intelligence about po-tential violence and preventthe assault.

Offices spread across thecountry that share intelligenceamong federal, state and locallaw enforcement pointed outalarming online discussionsabout weapons in the days be-fore the Jan. 6 rally in Wash-ington. A Federal Bureau of In-vestigation field officereported a rallying call for warand the sharing of maps of theCapitol. The Department ofHomeland Security warnedabout the heightened potentialfor violence in the rally’s run-up, though mentioned no spe-cific threat for Jan. 6.

While the information wasshared, this multipoint warn-ing system broke down, failingto generate sufficient follow-up, as officials spotted anddismissed these signals whilemissing others entirely, ac-cording to interviews withcurrent and former officialsand a review of internal gov-ernment documents.

The result: The extensivelocal and federal law-enforce-ment network that protects

By Rachael Levy,Dan Frosch

and Sadie Gurman

Washington was never fullyprepared, leaving the usuallyheavily guarded city centervulnerable to attack. That as-sault came Jan. 6 when a pro-Trump mob stormed the Capi-tol as Congress was preparingto certify President Biden’selection victory.

“Nothing significant to re-port,” read a Jan. 5 nationalsummary from DHS’s Office ofIntelligence and Analysis thatwas sent to law enforcementacross the country, accordingto a copy reviewed by TheWall Street Journal. The officeis responsible for monitoringthreats online and sharingthem with federal, state andlocal law enforcement.

Some of the Jan. 6 violence,in which five people died, wasspontaneous and chaotic. Butthe government’s prosecutionsof alleged rioters cite some ev-idence of coordination andplanning to disrupt Congressby members of far-right fringegroups such as the ProudBoys, Oath Keepers and ThreePercenters.

“There’s no explanationthat I can give for the failureto produce analytical productsthat would have predictedwhat was going to happen.You could see it building,” saidFrank Taylor, a retired AirForce brigadier general wholed DHS’s intelligence branchfrom 2014 to 2017. “And thefact that we didn’t means thatwe failed, along with severalother agencies. This was a sys-temic failure.”

Four government watch-dogs and several congressionalcommittees are now scrutiniz-ing a response that amountsto one of the biggest lapsessince the federal security ap-

paratus was overhauled fol-lowing the Sept. 11 attacksnearly two decades ago. Thatrestructuring created DHS andits intelligence branch, amongother changes, to better pin-point threats and coordinateresponses.

There were many reasonswhy the mob was able toreach the Capitol and over-whelm a security force chieflymade up of members of theCapitol Police. Washington,D.C., Mayor Muriel Bowser onJan. 5 urged federal agenciesnot to send additional forceswithout consulting local po-lice, after racial-justice pro-tests in which heavily armedsecurity forces clashed withprotesters outside LafayetteSquare near the White Houselast summer. The Capitol Po-lice declined Pentagon offersof National Guard reinforce-ments ahead of time, though asmall group of D.C. Guardtroops was deployed to aug-ment policing in other parts ofthe city.

But the inability of law en-forcement to fully mobilizedemonstrates how a systemchiefly designed to protectagainst terrorist attacks ema-nating from abroad strugglesto confront violent domesticextremism, which the FBI andDHS have identified as amongthe most serious terror threatsfacing the country.

Combating domestic terrorvexed law enforcement longbefore Jan. 6. U.S. officials areconstrained in their ability tomonitor communications be-tween those who may be in-tent on violence, lacking thesweeping surveillance powersagainst U.S. citizens that theycan use overseas. No catchall,

federal domestic terrorismstatute gives officials greaterpower. That means authoritiescan do little to intervene pre-emptively without evidence ofa planned violent act or othercrime.

The torrent of online andsocial-media communicationsalso means it can be difficultto distinguish online bravadofrom a genuine threat. Andsome current and former offi-cials pointed to a broad reluc-tance to take any pre-emptiveaction against President Don-ald Trump’s supporters whocame to Washington for a per-mitted political rally on the El-lipse near the White Housewhere Mr. Trump spoke.

Both the FBI and DHS saidthey didn’t issue a joint intelli-gence bulletin—a widely dis-seminated alert to law en-forcement nationwide—because they had no specific,credible threats about Jan. 6.Both agencies said they sharedinformation they had withother law-enforcement agen-cies. The FBI, aware of the po-tential for trouble, discour-aged some people thought tobe violent agitators from trav-eling to Washington. It set up24-hour command posts at theWashington field office andheadquarters about a milefrom the Capitol and put tacti-cal teams on standby, which it

hadn’t done for two earlierpro-Trump marches.

A spokeswoman for DHS’sintelligence unit declined tocomment on the Jan. 5 sum-mary the unit issued. She saidthe unit didn’t know in ad-vance what Mr. Trump wouldsay at the rally and that “na-tional figures would be en-couraging action against theCapitol and government offi-cials.” Mr. Trump has deniedresponsibility for the violence,and his lawyers have said hedidn’t incite it.

Justice Department andCapitol Police officials havesince said that they underesti-mated the potential for Trumpsupporters to rampagethrough the Capitol, thinkingthe event would be like twoother recent pro-Trump ralliesin Washington, which saw onlyisolated violent incidents.Mayor Bowser has acknowl-edged security failures oc-curred and called for Congressto appoint a nonpartisan com-mission to hold officials ac-countable.

One change implementedalmost two decades ago to im-prove intelligence-sharing be-tween local, state and federallaw enforcement and emer-gency-response agencies wasthe creation of “fusion cen-ters” in every state and terri-tory. On Jan. 4, the heads ofthe fusion centers convened arare national call to discussalarming information theywere gathering about the com-ing Trump rally.

The offices were seeing anunsettling amount of onlineposts about people planning tobring weapons to the event,raising the potential for vio-lence, said one participant in

the call. As is protocol, theparticipant said, the informa-tion was funneled through theWashington, D.C., fusion cen-ter to the federal and localagencies handling security forJan. 6.

“We all assumed there weregoing to be problems based onthe various issues we werehearing,” the participant said.The fusion centers have no sayin how their intelligence isused, and it is unclear whatsteps were taken in responseto sharing the information.

The DHS intelligence agencyspokeswoman declined to saywhether the department,which participated in the call,took any action based on theinformation. The FBI said itdiscussed the likelihood thatprotesters would come armedduring a separate phone callwith other law-enforcementagencies the same day that thefusion centers held their call.The FBI said such informationwas widely known.

“The issue here was not thelack of intelligence or the lackof information,” ChristopherRodriguez, a Washington, D.C.,official who oversees the dis-trict’s fusion center, said incongressional testimony. “Theissue here was the inability, orthe unwillingness, to act onthe intelligence.”

The chief of the Capitol Po-lice, Steven A. Sund, who hassince resigned, said the de-partment lacked intelligencethat suggested a coordinatedattack on the Capitol was be-ing planned, according to aletter he sent to congressionalleaders this month.—Michelle Hackman, WarrenP. Strobel and Brett Forrestcontributed to this article.

Capitol Riot Warnings Weren’t Acted OnSystem broke downas officials dismissedor missed indicatorsof potential violence

tol “did so of their own accordand for their own reasons.” Thelawyers said that in Mr.Trump’s speech that day heused the word “fight” a “littlemore than a handful of timesand each time in the figurativesense,”making no explicit men-tion of rioting. The lawyers saidthe president was exercisinghis First Amendment rights.

Much of the brief focused onthe argument that a formerpresident can’t face an im-peachment trial. Trump attor-ney Bruce L. Castor Jr. said inan interview the defense is ar-guing that “we are in the samespot as we would be if DonaldTrump had died and they werestill trying to impeach him.” Le-gal experts have noted that re-moving a president from officeisn’t the only consequence ofimpeachment; the Senate couldalso vote to disqualify a personfrom holding future office.

The lawyers made no men-tion of the unfounded claims ofelection fraud that Mr. Trumppushed for months after Elec-tion Day, and Mr. Castor said hedoesn’t plan to raise them. “It’ssuch a polarizing issue, I don’tsee any tactical advantage ininjecting a problem into thecase,” he said.

The Democratic House im-peachment managers, acting asprosecutors during the trial, re-sponded in their own five-pagebrief, saying Mr. Trump “has novalid excuse or defense” for hisactions. “His efforts to escape

longer in office. Democrats havesaid they are on solid constitu-tional ground, writing in a brieflast week that Congress wasn’trendered “defenseless against apresident’s treachery in his fi-nal days…simply because he is alame duck.”

The House voted to impeachMr. Trump last month, alleginghe encouraged the mob thatstormed the Capitol on Jan. 6as part of a last-gasp effort tooverturn President Biden’s elec-tion victory. The article of im-peachment cites a speech Mr.Trump gave at a rally precedingthe riot where he urged sup-porters to “fight” and march tothe Capitol.

Some of that day’s violence,in which five people died, ap-pears to have been spontane-ous. More than 170 people havebeen charged, and the prosecu-tions of alleged rioters citesome evidence of coordinationto disrupt Congress by mem-bers of far-right fringe groups.

On Monday, Mr. Trump’slawyers said Mr. Trump didn’tincite the crowd and that therioters who breached the Capi-

ContinuedfromPageOne

Trump’sTeam LaysOut Case

accountability are entirely un-availing,” wrote Rep. JamieRaskin (D., Md.) and the othermanagers.

The managers also said thatMr. Trump’s alleged incitementwas itself “a frontal assault” onthe First Amendment.

The case against Mr. Trumpis about inciting insurrection,not about protected speech, themanagers wrote. “The Housedid not impeach PresidentTrump because he expressed anunpopular political opinion. Itimpeached him because he will-fully incited violent insurrec-

tion against the government.”Senate Majority Leader

Chuck Schumer (D., N.Y.) said hehad reached an agreement withSen. Mitch McConnell of Ken-tucky, the chamber’s GOP leader,over the parameters for thetrial. “All parties have agreed toa structure that will ensure afair and honest Senate impeach-ment trial of the former presi-dent,” Mr. Schumer said. Hecalled the Trump team’s claimsthat the trial was unconstitu-tional a “fringe legal theory.”

Mr. Trump’s office issued astatement saying it was pleased

that there was bipartisan sup-port for the structure. It saidthe structure will allow his de-fense to show that it is “absurdand unconstitutional to hold animpeachment trial against aprivate citizen.”

The trial will include up tofour hours of debate on theconstitutionality of the trial,followed by a vote at a simplemajority threshold, and start-ing on Wednesday, up to 16hours per side for presenta-tions by Mr. Trump’s defenseand the House managers, act-ing as prosecutors.

House impeachment managers walked through the Capitol Rotunda to the Senate chamber Monday.

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‘This was a systemicfailure,’ said aretired Air Forcebrigadier general.

Acting Attorney GeneralMonty Wilkinson plans to askholdover U.S. attorneys ap-pointed by former PresidentDonald Trump to resign, offi-cials familiar with the mattersaid, as the Biden administra-tion moves to put its stamp onthe Justice Department.

Exempt from the decision,however, are two top prosecu-tors overseeing politically sen-sitive inquiries, including Dela-ware U.S. Attorney DavidWeiss, whose office is conduct-ing a criminal tax investigationinto President Biden’s son,Hunter Biden, a senior JusticeDepartment official said.

Another prosecutor, JohnDurham, is expected to remainas a special counsel oversee-ing a wide-ranging inquiryinto the origins of the FBI’s2016 Russia investigation,while relinquishing his posi-tion as Connecticut’s U.S. at-torney, the official said. For-mer Attorney General WilliamBarr named him special coun-sel in October and announcedthe decision in December.

The planned action was re-ported earlier by CNN.

BY SADIE GURMAN

ProsecutorsTo Be AskedTo Resign

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go to work, to motivate thosearound him, or to offer fa-therly advice,” his campaignsaid Monday.

Mr. Wright was starting hissecond term in Congress. Hepreviously served as a memberof the Arlington, Texas, CityCouncil and as chief of stafffor former Rep. Joe Barton, afellow Texas Republican whopreviously represented thedistrict, south of Dallas.

Mr. Wright hadn’t receivedthe Covid-19 vaccine, hisspokesman said. It wasn’t im-mediately known why the law-maker hadn’t been vaccinated.

Members of Congress havebeen eligible to be vaccinatedsince mid-December, and lead-ers from both parties publicly

announced that they had re-ceived the shots.

Brian Monahan, the attend-ing physician of the Capitol, no-tified lawmakers in mid-De-cember that the NationalSecurity Council had notifiedhim that Congress would beprovided with vaccines for pur-poses of continuity of govern-ment. Since then, many law-makers have been vaccinated.

In late December, GOP Loui-siana Rep.-elect Luke Letlowdied of Covid-19, just days be-fore he was set to be sworn inas a new member of Congress,at the age of 41.

Mr. Wright, often seensporting a bow tie, spent morethan a decade as a congressio-nal staffer before becoming a

lawmaker himself. This year,he voted to object to PresidentBiden’s electoral victories inboth Arizona and Pennsylvaniaand voted against the im-peachment of former Presi-dent Donald Trump.

He had been undergoingcancer treatment for the pastfew years, while continuing towork in both Washington andin Texas, his office said.

“Throughout his time inCongress, he worked to savesmall businesses, honor ourveterans, and protect our mostvulnerable citizens,” HouseMinority Leader Kevin McCar-thy (R., Calif.) said Monday.

More than 50 lawmakershave tested positive for thecoronavirus, even after con-

Rep. Ron Wright (R., Texas)died on Sunday after contract-ing Covid-19, his campaign of-fice said, making him the firstmember of Congress to diefrom the coronavirus in office.

Mr. Wright’s death at theage of 67 came two weeks afterhe was admitted to Baylor Hos-pital in Dallas, his campaignsaid. He said on Jan. 21 that hehad tested positive for Covid-19after coming into contact withsomeone who was infected. Hewas also being treated for can-cer, his office said.

“Despite years of painful,sometimes debilitating treat-ment for cancer, Ron neverlacked the desire to get up and

BY KRISTINA PETERSON

Texas Lawmaker With Virus DiesU.S. NEWS

gressional leaders have insti-tuted new practices intended tocurb its spread, such as holdingHouse votes in smaller groups.

“While his tenure in theHouse was brief, his servicewill be missed,” House

Speaker Nancy Pelosi (D., Ca-lif.) said of Mr. Wright onMonday.

Mr. Wright is survived byhis wife, Susan, their threechildren and nine grandchil-dren.

Rep. Ron Wright (R., Texas), 67 years old, was starting hissecond term in Congress and had also been treated for cancer.

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Giuliani AssociateGets Prison Term

A federal judge sentenced abusinessman to a year and a dayin prison for lying to federal elec-tion authorities and for duping in-vestors in a fraud-insurance com-pany after convictions thatstemmed from an investigationthat ensnared several associatesof Rudy Giuliani.

David Correia pleaded guiltylast fall to one count of makingfalse statements to the FederalElection Commission about thesource of a $325,000 donationto a pro-Trump super PAC andto one count of conspiracy tocommit wire fraud in connectionwith the fraud-insurance com-pany, Fraud Guarantee.

Mr. Correia admitted to work-ing with Mr. Giuliani’s associate,Lev Parnas, to persuade investorsto put more than $2.3 million intoFraud Guarantee. The companynever got off the ground, andMessrs. Parnas and Correia usedmuch of the funds to pay for per-sonal expenses, prosecutors said.Mr. Parnas has pleaded not guilty.

Messrs. Correia and Parnaswere arrested on campaign-fi-nance charges in October 2019,and the investigation expandedto include scrutiny of Mr. Giu-liani’s business affairs and his ef-forts to push for investigationsin Ukraine that could benefit for-mer President Donald Trump.Those efforts helped lead to Mr.Trump’s first impeachment; hewas acquitted by the Senate.

Mr. Giuliani was never chargedand has denied wrongdoing.

Mr. Correia also must pay$2.3 million in restitution. A law-yer for Mr. Correia declined tocomment.

—Rebecca Davis O’Brien

WASHINGTON, D.C.

Suit Over Ex-Aide’sBook Is Dropped

The Justice Departmentmoved to dismiss a lawsuitagainst a onetime aide to formerfirst lady Melania Trump thathad sought the proceeds of hertell-all book, in the latest Bidenadministration shift away fromthe priorities of the Trump era.

In a brief one-sentence order,the agency said it “voluntarilydismisses this action,” filed inOctober against Stephanie Win-ston Wolkoff.

The lawsuit accused Ms.Wolkoff of violating a nondisclo-sure agreement she had signedwith the government. Ms.Wolkoff argued the provisionsended when the White Houseterminated her job, and that thesuit was an effort to silence her.

—Aruna Viswanathaand Sadie Gurman

PHILADELPHIA

School ReopeningIn Hands of Mediator

A mediator will decide if Phila-delphia teachers must return totheir classrooms despite safetyconcerns as the district plans toresume some in-person instructionlater this month.

Teachers protesting outsidetheir buildings Monday said theyfeared the ventilation systems inthe city’s aging schools weren’tsufficient to address the potentialspread of the coronavirus.

The district had ordered lower-grade teachers to report to theirschools Monday, but then backedoff while a mediator reviewed is-sues raised by the teachers union.

Later in the day, the city an-nounced a joint effort with Chil-dren’s Hospital of Philadelphia tostart vaccinating teachers andother school staff in late February.Mayor Jim Kenney said the cityplanned to hold pop-up vaccinationsites at schools.

—Associated Press

OF THE WSJ GLOBAL FOOD FORUM

SINCE ITS INCEPTION IN 2016

PRATT INDUSTRIESIS PROUD TO BE

THE FOUNDING SPONSOR

NEW AMERICANFOOD FACTORIESHAVE BEEN BUILT

6,800

SOURCE: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages 2020

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A8 | Tuesday, February 9, 2021 THEWALL STREET JOURNAL.

TAMPA, Fla.—Car hornsblared into the wee hours ofthe morning. Large crowdsspilled into the streets. Fansgathered for a historic SuperBowl celebration—many with-out face coverings in thethroes of this Covid-19 pan-demic.

The Tampa Bay Buccaneersbecame the first NFL team toever win the Super Bowl on itshome field when the teamthrottled the Kansas CityChiefs 31-9 Sunday night. Itwas a cause for such wide-spread celebration that some,including Tampa Mayor JaneCastor, are now expressingconcern about potential coro-navirus spread in the wake ofa night of partying that was

ing measures that take housingor access to transportation intoaccount when identifying com-munities for more-targeted out-reach. A social vulnerability in-dex by the Centers for DiseaseControl and Prevention pro-vides an algorithm with 15 fac-tors that identify more vulnera-ble populations.

The CDC under the Trumpadministration also called formore-equal vaccine distribu-tion, and while the federal gov-ernment largely isn’t forcingstates into any action, it canchoose which pharmacies getvaccines first.

Myriad reasons exist for thedisparities, so there is no one-size-fits-all fix. Each state hastaken its own approach to therollout because the Trump ad-ministration allowed state gov-ernments to determine vaccina-tion strategies.

“You have to balance effi-ciency in getting the vaccineout with equity,” said Arkansas

Republican Gov. Asa Hutchin-son on Jan. 26.

Finding the balance isn’teasy. In Washington, D.C., earlydata indicated people in lower-income and minority neighbor-hoods more affected by the vi-rus weren’t getting vaccinatedas frequently as residents ofmore affluent neighborhoodsthat have seen fewer cases.

The district in mid-Januarybegan allowing only individualsin specific, generally lower-in-come ZIP Codes to register onsome days. When the districtfailed to publicly clarify thatadditional appointments wouldsoon be available to all seniorresidents who were eligible,some were “angered andalarmed,” City CouncilwomanMary Cheh said in a Jan. 15tweet.

Walter Olson, a senior fellowat the Cato Institute, said pol-icy makers need to tread care-fully because excluding peoplefrom getting vaccinated be-

populations, and ensure dosesdidn’t go unused.

The expansion departs fromrecommendations late last yearby the Advisory Committee onImmunization Practices, agroup of external medical ex-perts that advises the Centersfor Disease Control and Preven-tion. Because initial supply wasexpected to be limited, thecommittee suggested vaccinesfirst go to health-care workersand long-term care facility resi-dents, with adults 75 and olderand essential workers next.

But the U.S. “kind of threwthe ACIP recommendations outof the window,” said MarcusPlescia, chief medical officer ofthe Association of State and

Territorial Health Officials.Although state officials often

cite limited vaccine supply,manufacturers are producinglargely on schedule. Pfizer Inc.and Moderna Inc. since Decem-ber have supplied about 60 mil-lion doses, nearly one-third ofthe 200 million the companiestogether must deliver by theend of March. The firms arealso ramping up to supply an-other 200 million combineddoses in the spring. The U.S.could see more doses shouldJohnson & Johnson’s vaccine,now under review for emer-gency use, be cleared in thecoming weeks.

Responding to demand,some local providers have de-

layed governors’ prioritizationplans to focus on people previ-ously eligible. Some countiesare requiring people to proveresidency. Some hospitals arecombing patients’ records toinoculate those most in need.

Gov. Tom Wolf said Jan. 19that Pennsylvania would ex-pand eligibility to people 65and older, as well as peoplewith serious medical condi-tions—a move that some pro-viders say came with no ad-vance notice. Chuck Kray,owner of Hershey Pharmacy,said the announcement trig-gered about five to six calls andone to two emails a minute ateach of two locations. His stafflogged about 10,000 vaccine re-

quests in three days.“The sudden change did cre-

ate a significant amount ofchaos,” Mr. Kray said. “It liter-ally shut our business down. Allwe were doing was answeringvaccine questions.”

As a result, he said, peoplein their 70s or 80s who mightnot be computer-savvy havebeen crowded out by youngerpeople.

Mr. Wolf said at a recentnews conference that the stateexpanded eligibility under theassumption that the federalgovernment would increasesupply. “That didn’t material-ize,” he said.

In Maryland, Gov. Larry Ho-gan expanded eligibility on Jan.

U.S. NEWS

18 to people 75 and older andgroups including educa-tors—860,000 people. A weeklater, he opened eligibility toadults 65 and older and essen-tial workers—773,000 people.

Mr. Hogan expected supplywould increase, a spokesmansaid, and also consulted withpublic-health officials two daysbefore to get input. But thestate received only 10,000doses a day, and local providerswere inundated with phonecalls and emails.

“Most of us were somewhattaken aback” by Mr. Hogan’sdecision, said Howard CountyExecutive Calvin Ball.

The county is still workingthrough the more than 70,000health-care workers, teachersand others in earlier groups be-fore vaccinating adults 65 andolder. It’s impossible with thecurrent supply to vaccinategroups recently prioritized,said Maura Rossman, the How-ard County health officer. “It’slike, ‘Which 65-year-old do Ipick?’ It’s impossible math.”

Missouri Gov. Mike Parsonexpanded eligibility to seniorsand adults with comorbiditieson Jan. 14 because of theTrump administration’s sugges-tion and promise of more sup-ply. But his decision was madewithout consulting a panel ofhealth experts, said panel mem-ber Larry Jones, executive di-rector of the Missouri Centerfor Public Health Excellence.

CoxHealth Chief ExecutiveSteven Edwards said Missouri’sexpansion is helping ensuredoses don’t go unused. But dueto high demand and limitedsupply, his hospital network willprioritize high-risk segments.

—Julie Wernaucontributed to this article.

Federal guidance to rapidlyexpand eligibility for Covid-19vaccines has caused skyrocket-ing demand in some states,overwhelming local providersand frustrating people seekingshots.

In Pennsylvania, vaccine de-mand has local health officescontending with crashed ap-pointment systems and floodedphone lines. In Maryland, somecounties and providers struggleto handle newly authorizedgroups. In Missouri—where of-ficials made vaccines availableto first responders on a Thurs-day last month, and then tomillions more the followingMonday—one provider has100,000 residents on a waitinglist with no more doses to give.

“It’s like the Hunger Gamesfor Covid vaccines,” said Clar-ence Lam, a state senator inMaryland, which opened eligi-bility to large pools of peoplelast month. “People are justdesperate to find a vaccine.”

The free-for-all stems fromgovernors and public-health of-ficials implementing recom-mendations made Jan. 12 bythe Trump administration—andcontinued by the Biden admin-istration—to immediately makepeople 65 and older and adultswith comorbidities eligible tostart the two-shot vaccine regi-men. The federal governmentwanted to speed up vaccina-tions, particularly for high-risk

BY JARED S. HOPKINSAND ARIAN CAMPO-FLORES

Demand for Shots Overwhelms StatesFederal guidance tobroaden eligibility hascreated a free-for-all;‘like the Hunger Games’

The Covid-19 vaccine being administered to drive-through participants inside Broadbent Arena in Louisville, Ky., last month.

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Newly reported coronaviruscases in the U.S. fell below100,000 for the first time thisyear, and hospitalizations con-tinued to decline, as vaccina-tion rollouts picked up speed.

The U.S. reported 88,044new coronavirus cases for Sun-day, according to the latestdata compiled by Johns Hop-kins University. Overall, morethan 27 million people in theU.S. have tested positive forCovid-19 since the pandemicbegan, accounting for morethan a quarter of all confirmedcases world-wide, according toJohns Hopkins data.

The U.S. also reported itslowest daily death toll from thedisease since the beginning ofthe year. The country added1,276 fatalities to the death toll,bringing the total to more than463,000, according to JohnsHopkins.

While supplies of Covid-19vaccines are still limited, statesare ramping up vaccinations.About 9.5% of the U.S. popula-tion has been given at least onedose. The rates vary from stateto state, from roughly 6% of thepopulation in Alabama to morethan 12% in Alaska, accordingto data from Centers for Dis-ease Control and Prevention.

There were an average of 1.1million doses administereddaily in the U.S. for the weekended Saturday.

BY DAVID HALL

New CasesDip Below100,000Daily Mark

cause they live in a specificarea could raise legal concerns.

In another case, DallasCounty commissioners in Janu-ary decided to prioritize vac-cines for eligible people in ZIPCodes that included minorityneighborhoods. But the TexasDepartment of State HealthServices told the county itsvaccine allocations could be re-duced if it solely prioritizedcertain ZIP Codes.

The commissioners had torescind the plan. A state healthdepartment spokesman saidprioritizing vaccines is fine butthe county can’t bar peoplefrom getting a shot based onwhere they live.

Some Texas commissionersdisagreed. “We had alreadyerred in the other way prettybadly of it going to mostly richwhite people, and we were go-ing to prioritize these hard-hitcommunities,” said J.J. Koch, aRepublican commissioner whobacked the plan.

pediments could draw reactionfrom other communities.“There may be pushback,” Dr.Fauci said. “That’s unfortu-nate.”

The virus has killed Black,Latino, Native Americans andPacific Islanders at double therate of Asian-Americans andwhites, according to adjustedmortality rates from APM Re-search Lab, which analyzes na-tional data.

The Biden administrationhas said addressing those dis-parities is crucial for its em-phasis on health equity.

Race and ethnicity informa-tion was known for only abouthalf of the individuals vacci-nated. From the known data,5.4% of individuals vaccinatedduring the first month of therollout were Black and 11.5%were Latino, based on availablefederal data, which showed thatabout 40% of those vaccinatedoverall were racial and ethnicminorities.

Roughly half of the stateswith publicly available vaccina-tion plans factored addressingracial disparities into theirstrategies, according to a No-vember analysis by the KaiserFamily Foundation.

“Covid-19 took advantage ofwhere there are gaping inequi-ties,”Marcella Nunez-Smith, anassociate professor of medicineand epidemiology at the YaleSchool of Medicine who is headof Mr. Biden’s new Health Eq-uity Task Force, said in an in-terview.

The Biden administrationwill ask some states to revisetheir vaccination plans by add-

President Biden took officepromising to address the pan-demic with plans that includeda swifter nationwide rollout ofvaccines and a focus on gettingthem to minority and lower-in-come people who have been hithard by Covid-19.

As new variants increase theurgency for vaccinations, com-peting pressures are testing hisadministration’s capacity to ac-complish both goals.

The administration has saidit wants to notch 100 millionvaccinations in its first 100days, has increased its weeklyvaccine supply to states to atleast 10.5 million doses, and isbuying enough doses to inocu-late most of the U.S. populationby the end of the summer.

At the same time, the ad-ministration is launching a planto send about one million vac-cines a week to pharmaciesthat initially will be selectedbased on proximity to minorityand underserved communities,where people have been hitharder than the broader popu-lation. These communities havepopulations that traditionallyhighly distrust medical treat-ments and broadly have less ac-cess to everything from digitaltechnology to easy transporta-tion.

“You’re talking about peoplewho don’t have access to com-puters, don’t have good trans-portation, don’t have a motorvehicle,” said Anthony Fauci,chief medical officer for the Bi-den administration.

But focusing on those im-

BY STEPHANIE ARMOUR

Differing AimsTest Vaccine Push

A Covid-19 vaccine was given at a site in Greenville, Miss., on Jan. 15.

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preceded by a week of grow-ing crowds inside the city.

“I’m worried now that wemight see another surge,” saidMarissa Levine, a professor ofpublic-health practice at theUniversity of South Floridaand former state health com-missioner in Virginia. “Wenever know until after the factif an event has been a superspreader.”

This Super Bowl itself was atestament to pandemic-relatedsafety measures in numerousways. The NFL reached thispoint as scheduled only afterpouring tens of millions ofdollars into daily testing forits personnel, contact tracingfor infected individuals andprotocols that mandated socialdistancing and mask wearinginside team facilities. The

game itself featured a reducedcapacity crowd of 24,835,which included 7,500 vacci-nated health-care workers.

But that couldn’t control thethrongs of fans eager to cele-brate Tom Brady and RobGronkowski after the entire cityteemed with mounting antici-pation throughout the week.

“It is a little frustrating be-cause we have worked sohard,” Ms. Castor said Mondaymorning of those who opted tonot wear masks. “At this pointin dealing with Covid-19, thereis a level of frustration whenyou see that because it can bepassed on to those individualswho are least likely to recoversafely from it.”

This is the second pan-demic championship forTampa Bay after the NHL’s

Lightning won the Stanley Cuplast fall. That celebration alsofeatured crowds that raisedeyebrows, including when fansjoined in on drinking from theactual Stanley Cup.

Ms. Castor and the citymade concerted efforts in an-ticipation of the Super Bowl’sbreadth. The mayor notedmask giveaway efforts and anexecutive order she signed inJanuary that temporarily re-quired face coverings in cer-tain outdoor areas and enter-tainment districts surroundingSuper Bowl event zones.

The majority of individualsunderstood the significance ofwearing a mask, Ms. Castorsaid, adding that the excite-ment around the game wasalso a boost for local busi-nesses.

BY ANDREW BEATON

Bucs’ Win at Home Spurs Worry of a Spreading Event

Fans celebrated in the streets of the Ybor City area of Tampa,Fla., after their team’s Super Bowl win Sunday night.

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TAIPEI, Taiwan—Early clin-ical trial results from severalcountries showed that aCovid-19 vaccine candidatejointly developed by the Chi-nese military and a privateChinese firm was 65.7% effec-tive at preventing symptom-atic cases of the coronavirus,potentially giving China athird effective vaccine candi-date in fighting the pandemic.

The results from late-stagetrials—which were first madepublic in a tweet by Faisal Sul-tan, special assistant on na-tional health to Pakistan’s primeminister—come as global pub-lic-health experts have calledfor more transparency fromBeijing and Chinese drugmakerson the efficacy and safety oftheir Covid-19 vaccines.

The single-shot candidate,developed by CanSino Biolog-ics Inc. in conjunction withthe Chinese military, is beingtested in five countries: Paki-stan, Russia, Argentina, Mex-ico and Chile.

Based on a multicountryanalysis, Mr. Sultan tweeted,CanSino’s vaccine is 90.98% ef-fective at preventing severediseases. He wrote that theglobal analysis included30,000 participants and 101confirmed cases of Covid-19,though he didn’t disclose de-tails of what was considered asymptomatic case, and whichof those would then count assevere.

A person familiar with thematter confirmed the efficacyfigures. The Chinese militarycouldn’t be reached to com-ment after working hours.

A headline efficacy rate of65.7% would put CanSino’svaccine above the 50% re-garded by international public-health experts as the thresh-old for a vaccine’s ability tocontrol the spread of a virus.

BY CHAO DENG

Trials ofChina’sNew ShotShowHope

WORLD NEWS

vere cases less often.“Looking at the evidence on

the AstraZeneca vaccine,across a number of trials, it isvery clear that [the AstraZen-eca vaccine] has efficacyagainst severe disease, hospi-talizations and deaths,” saidKatherine O’Brien, director ofthe WHO’s immunization pro-gram.

Dr. O’Brien and other seniorWHO officials suggested thatthe body would list the Astra-Zeneca vaccine—seen as a cor-nerstone in the world’s fightagainst the pandemic thanksto its low cost, high-volumetarget and easy storage—foremergency use this week.

“There was a very positiveview about proceeding withthe use of the vaccine, includ-ing in settings where variantsare circulating,” she said. TheSouth African strain has beendetected in at least 32 coun-tries, including the U.S.

Emergency-use listing fromthe WHO would serve as a rec-ommendation for a range ofcountries, particularly poorerones, to move forward withadopting the vaccine, speedingits path to widespread usearound the globe.

It would also allow for thefirst shipment of some 340million doses of the vaccinefrom the WHO-supported Co-vax facility to poor countries,including several in southernAfrica where the B.1.351 vari-ant has driven powerful wavesof infections in recent weeks.

“It is vastly too early to…bedismissing this vaccine,” saidRichard Hatchett, chief execu-tive of the Norway-based non-profit Coalition of EpidemicPreparedness Innovations,which is funding Covid-19 vac-cines. “This is a very impor-tant part of the global re-sponse to the currentpandemic.”

Recent trials of otherCovid-19 vaccines in South Af-rica, including for shots devel-oped by Johnson & Johnsonand Novavax Inc., also foundlower efficacy rates againstthe new variant, comparedwith predecessor versions ofthe virus. That has promptedvaccine makers to begin work-ing on new shots to better tar-get emerging coronavirusstrains.

Large-scale human trials forCovid-19 vaccines already inuse, such as the ones devel-oped by Moderna Inc. andPfizer Inc., were largely com-pleted before more contagiousnewer versions of the viruscame to drive infections in theU.K., South Africa and Brazil.Drugmakers say new vaccineswill be ready in comingmonths, and updated shotscould come to serve as annualboosters, altered based onemerging characteristics of

the virus.Many countries’ hopes are

riding on the AstraZeneca vac-cine, developed in collabora-tion with the University of Ox-ford. AstraZeneca haspromised to deliver moredoses this year—roughly threebillion—than any other vac-cine maker. The partners saidlast week they hope to have anupdated version of the vac-cine, targeted at new variantssuch as the South African one,ready by autumn.

South Africa said it wouldspeed up the deployment ofthe J&J and Pfizer vaccinesuntil it has more data aboutthe AstraZeneca shot’s effecton severe illness. Other coun-tries in the southern Africanregion, such as Zambia, Ma-lawi or Mozambique, havefewer options. They are almostentirely dependent on free As-traZeneca doses from the Co-vax facility.

World Health Organizationofficials expressed confidencethat AstraZeneca PLC’sCovid-19 vaccine can preventsevere cases of the disease, aswell as hospitalizations anddeaths, despite questionsabout the protection it offersagainst a fast-spreading strainof the virus first detected inSouth Africa.

The remarks followed a re-lease of information over theweekend about a small clinicaltrial of the vaccine in SouthAfrica, which prompted thegovernment there to halt aplanned rollout of the shot.

The preliminary data, whichhasn’t been published in de-tail, suggested the vaccinemay not prevent mild andmoderate cases of Covid-19from a new variant that hasbecome the dominant versionof the virus in South Africaand the broader southern Afri-can region.

The WHO’s director-gen-eral, Tedros Ghebreyesus, saidthe trial’s findings were“clearly concerning news,” butstressed that they came with“important caveats.”

Those included the smallnumber of volunteers in thetrial—around 2,000—and theirrelatively young median age ofjust 31 years. WHO officialsand outside researchers saidthe trial was too small and itsvolunteers too young to drawclear conclusions about thevaccine’s efficacy against thevariant, known as B.1.351, es-pecially when it comes to pre-venting more severe cases ofCovid-19. Younger people tendto suffer from milder versionsof Covid-19 and experience se-

By GabrieleSteinhauser

in Johannesburgand Jenny Strasburg

in London

WHO Backs AstraZeneca VaccineOfficials say efficacyagainst severe casescould clear agent foremergency use soon

People on Monday lined up outside a hospital in Pretoria, South Africa, as the nation grapples with a new variant of the coronavirus.

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are warning against measuresthat could hurt Myanmar’spoor and civilian businesses,such as withdrawing EU trad-ing preferences.

EU officials said the blocwill explore all options. TheEU considered doing just thatin 2018 over human-rightsconcerns. In the end, it didn’tact against Myanmar.

If the trade benefits disap-pear in response to the coup,factories would be forced toclose, Mr. Aung said. His fac-tory makes mainly shirts, sell-ing 85% of its production toEurope.

“I will consider switching toanother business” if EU ordersfall, he said.

Western countries seekingto pressure the generals don’thave much leverage. The U.S.says it is reviewing its aid toMyanmar, but most of themoney goes to civil societyand no programs directly ben-efit the military. Senior mili-tary leaders are under sanc-tions for a deadly 2017military operation against thecountry’s Rohingya minority.

According to State Depart-ment officials, the U.S. is re-viewing its sanctions posturetoward companies associatedwith military leaders, whichare involved in industries in-cluding mining and construc-tion. But even targeting mili-tary interests has to be donedelicately, Western research-ers and consultants familiarwith Myanmar’s economy said,as they include ports andother infrastructure used bycivilian industry.

SINGAPORE—A decade ago,as Myanmar was turning to-ward democracy from militaryrule, Western governments be-gan dropping crippling sanc-tions—drawing fast-fashion la-bels to the country. Factoriessprang up, employing hundredsof thousands of people makingshirts and dresses for consum-ers in Europe and elsewhere.

Last week’s military coupthreatens to turn back theclock. Factory owners fear po-litical instability will pushWestern clients away, and thatany Western efforts to pressurethe generals by restoring broadsanctions or withdrawing tradepreferences would be crushing.

“I am very afraid of goingback to that time because I al-ready know what the situationwas like with sanctions,” saysAung Myo Hein, who opened agarment factory in Myanmarin 2013, when the EuropeanUnion gave Myanmar’s gar-ment exports duty-free access.

On Monday, protesters tookto the streets to oppose themilitary’s seizure of power fora third straight day, with tensof thousands attending ralliesand marches. They includedteachers, engineers, retailworkers and others respond-ing to activists’ strike calls. Amessage on state television inthe afternoon said actionwould be taken against thoseseen as disturbing the nation’sstability and authorities laterissued decrees that effectivelybanned public protests inparts of the country’s two big-gest cities.

Only a third of the 1,200people Mr. Aung employs re-ported for work on Monday,while others joined the dem-onstrations, he said.

The coronavirus pandemichas wiped out orders andcaused layoffs. Before it hitlast year, apparel exports hadbeen rising sharply—to about$5 billion in 2019, 15 times the2010 total—creating an indus-try that employed 700,000people. Brands include fast-fashion retailers Hennes &Mauritz AB of Sweden, Mango

BY JON EMONT

Coup and Coronavirus HinderMyanmar’s Garment Factories

Protesters in Yangon held portraits of Aung San Suu Kyi on Monday.

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of Spain, Next PLC of the U.K.and Primark, a retailer withstores across Europe.

Myanmar’s garment indus-try has a small share of theglobal business, but it has beenseen as a promising, low-costalternative to China for cloth-ing from simple shirts to morecomplex jackets and coats.

Retailers buying clothesin Myanmar haven’t yet saidwhat they will do about themilitary takeover. Primark hasno current plans to change itssourcing strategy, it said, butis closely monitoring the situ-ation. H&M said it is con-cerned but wouldn’t commenton how it will respond. Nextand Mango didn’t answer re-quests for comment.

As Western governmentsweigh their options, experts

Myanmar's apparel exports

Source: U.N. Comtrade

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’11 ’13 ’15 ’17 ’19

Copyright © 2020 Deloitte Development LLC. All rights reserved.

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A10 | Tuesday, February 9, 2021 * * * * THEWALL STREET JOURNAL.

WORLD NEWS

sought to divide the U.S. andthe EU, its biggest tradingpartner, exploiting wariness insome EU capitals about eco-nomic sanctions imposed onMoscow after Russia’s 2014 in-tervention in Ukraine.

But last week’s developmentshave given an opportunity tothe Biden administration. Sec-retary of State Antony Blinkensaid last week that Washingtonwants to coordinate closelywith its European allies overMoscow’s handling of Mr. Na-valny, who last week was sen-

tenced to 3½ years in prison,sidelining him from growingprotest against the rule of Pres-ident Vladimir Putin.

U.S. officials joined EU, U.K.and other counterparts onMonday to discuss Mr. Navalny.

“Russia has long had an il-lusion that it can deal with in-dividual capitals construc-tively but that Brussels is theunreliable actor here,” saidAndrey Kortunov, head of theRussian International AffairsCouncil, a government-sanc-tioned think tank. “Looking at

RISING WATERS: Rescue workers help people after several daysof rain caused the Charente River to overflow in western France.

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venge or to reduce their sen-tences.”

Mr. Hernández wasn’tnamed in the court filing byname. Rather, he was de-scribed as CC-4, or co-conspir-ator 4, in a court documentfiled late Friday in the South-ern District of New York.

The document said the U.S.investigation was targeting“high-ranking officials, such asCC-4,” identified as thebrother of Juan Antonio“Tony” Hernández, the presi-dent’s younger brother. Theyounger Mr. Hernández isawaiting sentencing in NewYork after being convicted in2019 of trafficking 200 tons ofcocaine to the U.S.

President Hernández, whowas also named as an unin-dicted co-conspirator in hisbrother’s trial, hasn’t beencharged with any crime.

One of the poorest countriesin the hemisphere, Hondurasposes a difficult challenge forthe Biden administration. Thenew administration says itwants to focus on loweringcorruption and improving therule of law as part of a drive tolower illegal migration fromthe Northern Triangle coun-tries of Central America—Hon-duras, Guatemala and El Salva-dor.

it from Washington’s perspec-tive and its desire to boost thetrans-Atlantic partnership, thetrip went quite well.”

Later Friday, as three hoursof talks with Mr. Lavrov wereending, Mr. Borrell learnedfrom social media that Russiaplanned to expel diplomatsfrom Sweden, Poland and Ger-many for allegedly attendingpro-Navalny rallies.

On Monday, Sweden, Ger-many and Poland said theywere each kicking out a Rus-sian diplomat in response.

The European Union’s latestclash with Russia has pre-sented an opportunity for theU.S. to advocate a joint posi-tion on Moscow, as officials

on both sides of the Atlanticconsider how to hold theKremlin accountable for thetreatment of opposition leaderAlexei Navalny.

EU foreign-policy chief Jo-sep Borrell visited Moscow lastweek, the latest move in a pushto bolster ties with Russia ledby French President EmmanuelMacron that has promptedanxiety among some memberstates that border Russia.

But Russian Foreign MinisterSergei Lavrov used a joint newsconference to scold Mr. Borrellfor criticizing Mr. Navalny’ssentencing. Hours later, Mr.Borrell learned during a meet-ing with Mr. Lavrov that Mos-cow was expelling three Euro-pean diplomats. Mr. Borrell onSunday wrote in his blog that“Russia is progressively discon-necting itself from Europe andlooking at democratic values asan existential threat.” He saidthe bloc could impose sanctionsover Mr. Navalny’s jailing.

Moscow in recent years has

By Laurence Normanin Brussels

and Thomas Grovein Moscow

Russia Snub Gives U.S. an Opening

The jailing of opposition leader Alexei Navalny has intensified tensions between Moscow and the West.

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MEXICO CITY—U.S. prosecu-tors are investigating the presi-dent of Honduras for allegedlyaccepting bribes to protectdrug traffickers who shippedtons of cocaine to the U.S., ac-cording to a court filing.

The latest filing came in thecriminal case of an allegedHonduran drug trafficker, Geo-vanny Fuentes Ramírez, whoprosecutors say paid PresidentJuan Orlando Hernández largebribes to fund the Honduranleader’s 2013 presidential cam-paign in exchange for protec-tion of his drug business.

While the Honduran leaderhas been implicated in severaldrug trials in the U.S., the fil-ing marks the first time Amer-ican prosecutors have madepublic that they are investigat-ing the president.

The Honduran governmentdenied the allegations. “Theclaim that Pres. Hernándezsupposedly accepted drugmoney from a Geovanny Dan-iel Fuentes Ramírez, or gaveprotection or coordination todrug traffickers is 100% false,”said the Honduran governmentTwitter account. The allega-tions, the government said,were “based on lies of con-fessed criminals who seek re-

BY JOSÉ DE CÓRDOBA

Investigation TargetsHonduran President

ISRAEL

Netanyahu FormallyPleads Not Guilty

Israeli Prime Minister Benja-min Netanyahu formally pleadednot guilty to charges of corrup-tion Monday, setting the stagefor a lengthy legal fight to de-termine the political fate of thecountry’s longest-serving leader.

In his second appearance inthe Jerusalem courtroom sincethe trial began in May, Mr. Ne-tanyahu referred to his defenseteam’s submission to the courtdenying wrongdoing.

The charges center on allega-tions that he accepted expensive

gifts from rich businessmen inexchange for official favors andoffered two media moguls regu-latory and financial benefits inexchange for positive news cov-erage. He faces up to 10 years inprison if convicted of bribery, themost serious charge.

—Dov Lieber

CHINA

Censors Appear toBlock Audio-Chat App

Beijing’s censors appeared toslam the door on Clubhouse, Sili-con Valley’s latest social-mediahit, after a frenzied week in whichthe audio-only chat app helped

spark a rare outpouring of free-wheeling debate on taboo topicsin the Chinese-speaking world.

On Monday evening, Club-house users from Beijing toShenzhen said their chats weredisconnected mid-conversation,replaced by an error message.

Calls to Beijing’s internet reg-ulator, the Cyberspace Adminis-tration of China, went unan-swered.

—Wenxin Fan

UNITED NATIONS

U.S. to Resume Ties toHuman Rights Council

The Biden administration said

it would resume cooperating withthe United Nations Human RightsCouncil and seek to overhaul thegroup, which critics say amplifiesrights concerns about Israel, whilesweeping apparent violations byother countries under the rug.

Secretary of State AntonyBlinken said Monday the U.S.would begin working with thecouncil as an observer in the im-mediate term. He didn’t saywhether Washington would seeka seat on the council when a po-sition becomes available.

The Trump administrationwithdrew from the council in2018, saying it was a failure andcalling it hypocritical.

—William Mauldin

WORLDWATCH

WSJ.COM/BUILDWATCHLIST

Need a quicker way to check thosedaily swings? Use ourwatchlist toolto create a custom portfolio withreal-timemarket data.

Monitorthe Market

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THEWALL STREET JOURNAL. Tuesday, February 9, 2021 | A11

FROM PAGE ONE

Mall operators began looking to experiential games and rides to woo foot traffic; waterslides at the American Dream mall in New Jersey after it reopened in October.

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the World Wide Robin HoodSociety explore the legacy ofthe outlaw’s legend, compilingstudies about how the talesoriginated. The group alsosells felt green hats and re-lated souvenirs online.

“The story of Robin Hoodabsolutely speaks to what’sgoing on in the markets, orthe headline news at least,about the small guy taking onthe hedge funds,” Mr. Pollard

said. “It’s not just the name ofthe app.”

With its newfound celeb-rity, the Robin Hood society ispublicizing Nottingham andthe surrounding area, where,legend has it, Robin Hood,Maid Marian, Little John andFriar Tuck and others amongthe merry men in SherwoodForest went toe-to-toe withthe Sheriff of Nottingham.

Ezekial Bone, who blends

The BillComes DueFor Malls

World Wide Robin Hood Soci-ety—a band of some 10 peo-ple—Mr. White handles thegroup’s Twitter account,@robinhood. Most days, hesaid, he gets one or two pings.

Furious traders messagedhim as the feud between Red-dit users and Wall Street blewup, thinking his was the Twit-ter account of Robinhood, thebrokerage, not Robin Hood,the legendary outlaw’s boostergroup.

“The thing was just goingping, ping, ping, ping,” the 77-year-old author and amateurhistorian said. “All these mes-sages were just scrolling offthe screen, about how theycouldn’t trade these stocks.”

Mr. White and his associ-ates decided to use the case ofmistaken identity to spreadthe word about their RobinHood, the one who stole fromthe rich to give to the poor.

ContinuedfromPageOne

“Lovely to have all these newfollowers,” another member,Lisa Douglas, tweeted from thegroup’s Twitter account.

“We only know about oldfashioned stock I’m afraid,”Ms. Douglas said in anothertweet, referring to the woodenrestraints used to shame crim-inals back in the day.

Many who wrote to com-plain decided to follow the so-ciety’s Twitter account afterlearning it was connected tothe Robin Hood of lore. Thegroup’s Twitter feed balloonedto nearly 62,000 followersfrom 350 or so.

Among those joining thebandwagon was Four SeasonsTotal Landscaping in Philadel-phia, the outfit confusingly se-lected—instead of, say, thecity’s Four Seasons hotel—fora news conference to claimfraud in the Nov. 3 presiden-tial election.

“Huzzah! Let us know ifSherwood Forest needs anytree pruning done,” a companytweet said.

“All sorts of people havebeen getting in touch,” saidTim Pollard, 56. Before thepandemic lockdown, hedressed as Robin Hood and ledhistorical tours of Nottingham.

Mr. Pollard and others in

performance, history and com-edy while leading his own citytours, hopes the attentionhelps local tourism once thepandemic eases. “This couldbe the moment we have beenwaiting for,” he said.

Local tourism chiefs arekeeping close watch.

“We noticed that our web-site traffic increased quite alot, about 24% up on the pre-vious week, so we sat downand had a bit of a think abouthow we could take advantageof this,” said Sophie Milne,who works with Visit Notting-hamshire, a regional group.

Townspeople are upbeat,too. “It’s been a dreadful fewmonths with the lockdown andeverything, so this has been agood distraction,” said LindseyHall, 51.

If all goes well, Nottinghammight be able to catch suchpopular visitor spots as Oxfordand Cambridge. Data from2019 shows that besides Lon-don, Liverpool lures touriststhrough its association withThe Beatles, while Manches-ter’s draw is its soccer teamsManchester United and Man-chester City.

“Robin Hood is the biggestname in England, though,” Mr.Bone said. By chance, Notting-

ham Castle is set to reopenthis spring, after a £30 millionrenovation (about $41 mil-lion), he added.

Historians suspect theremight have been outlaws whooperated in the forests aroundNottingham hundreds of yearsago. Traveling troubadourslikely augmented the storieswith the idea of sharing spoilswith the poor, as well as add-ing new characters, said Mr.White, who gathers historyand lore for the Robin Hoodsociety.

New merry men continue tosurface. In the 1980s, a BritishTV network made a series thatincluded a mysterious fig-ure known as the Sara-cen, who was captured andbrought back to England dur-ing the Crusades before join-ing Robin Hood’s band of out-laws. The character showed upin the Kevin Costner movie,“Robin Hood: Prince ofThieves,” and was played byMorgan Freeman.

“Even our lifetime, thestory is still evolving,” saidMr. Pollard, the tourguide. “Who knows, maybe in100 or 200 years, there will bea bunch of day traders addedto the story instead of themerry men.”

ties that operate the two mallsbecame delinquent on securi-tized debt called commercialmortgage-backed securities, orCMBS, according to real-es-tate-data provider Trepp LLC,eventually negotiating exten-sions and deferrals.

It’s a plight facing anotherprivately held major mallowner that bet on on-site en-tertainment, Triple FiveGroup. It owns Mall of Amer-ica in Minnesota and a NewJersey mall, American Dream,that have invested heavily inattractions from giant water-slides to an indoor ski slope.

Pyramid and Triple Fivehave gone much further thanother mall owners in addinggrand spectacles to their big-gest U.S. properties, rackingup debt they are now havingtrouble repaying. Last year,three of their four big U.S.malls defaulted on some CMBSdebt, according to Trepp; thefourth mall is delinquent onsome local-government bills.

Among all CMBS mall loansthat ratings firm DBRS Morn-ingstar tracks, about 14% of$50.6 billion were delinquentat the end of 2020, up from2.7% at 2019’s end.

Entertainment typicallydraws foot traffic, but today ithas become an unsustainable

expense, said Nick Egelanian,president of retail-consultingfirm SiteWorks. “This is one ofthe great dilemmas,” he said.“You think about all the thingswe’re experimenting with totake the place of the depart-ment store anchor, entertain-ment is the most expensive.Anything that requires massgatherings isn’t a good ideaduring a pandemic.”

These burdens will becomebenefits again after the pan-demic, Mr. Egelanian said, as-suming vaccines are effectiveand something akin to normallife can resume.

Pyramid and Triple Fivehave more payments comingdue this year without a clearidea of how long Covid-19 re-strictions will affect revenue.A Triple Five spokespersondidn’t respond to requests forcomment.

Pyramid Chief ExecutiveStephen J. Congel said he isconfident Destiny USA willmake it through. During thesummer, he said, when DestinyUSA reopened, traffic was ashigh as 80% of its year-agonumbers, as overworked par-ents and bored childrenstreamed through its doors.

They will again, he said, af-ter the vaccine becomeswidely available. “That seg-ment has been hit hard,” hesaid of the entertainmentbusiness. “But it will eventu-ally return to be healthy.”

While many factors, such as

ContinuedfromPageOne

retailer bankruptcies and com-petition from nearby proper-ties can contribute to a mall’sdefault, analysts said, ownersthat borrowed to build enter-tainment attractions are morevulnerable in the pandemic.Still, they said, lenders areless inclined to foreclose onmalls with large-scale enter-tainment venues because tak-ing the keys back means tak-ing on the complexities ofrunning such a center or find-ing another buyer.

The pain goes further atPyramid, which owns 14 malls:Entities that operate 11 ofthose malls, including the bigtwo, missed repayments start-ing April on $1.2 billion oftheir $1.6 billion in CMBSdebt, according to Trepp. Des-tiny USA defaulted on $430million and Palisades Centeron $418.5 million.

Pyramid negotiated exten-sions and deferrals with itslenders and resumed makingpayments in November, ac-cording to Trepp. Pyramid saidits remaining three mallsaren’t in default.

“These difficulties are veryconsistent with the entire mallindustry,” a Pyramid spokes-man said. “We expect to workout financial restructurings, asneeded, as we have done sosuccessfully in the past.”

Mall malaiseMalls have been staples of

suburban life since the 1950s,but big department stores andretailers started closing out-lets as consumers shifted to-ward shopping online and atindependent stores, andspending on experiences in-stead of goods. Of the roughly1,500 U.S. properties that wereonce enclosed shopping malls,at least 500 no longer are,said Ellen Dunham-Jones, aGeorgia Institute of Technol-ogy professor who studies theretrofitting of dying malls.

Mall operators began look-ing to experiential games andrides to woo foot traffic andhelp cure the mall malaise. Sev-eral hundred malls now featurea few attractions—minigolf,karting, bowling lanes, gamingarcades—that consumers can’treplicate at home. For most

malls, these attractions are asmall piece of business: Enter-tainment tenants occupy about2% of U.S. mall space, accord-ing to CoStar Group, a providerof commercial-real-estate dataand analytics.

Pyramid and Triple Fivehave bet more. About 12.5% ofDestiny USA’s square footageis entertainment attractionsand about 12.2% of PalisadesCenter’s, said the Pyramidspokesman. Pyramid’s other 12malls are in smaller marketsand have entertainmentsquare footage ranging from3.8% to 18.1%, he said.

When American Dreamopened in 2019, Triple Fivesaid it would feature 55% en-tertainment. It said that yearthat Mall of America in Bloom-ington, Minn., which opened in1992, has 25% entertainment,including roller coasters and agiant sea aquarium.

Mall of America’s roller-coaster rides closed in March,reopened in August, closedagain on Nov 21 and reopenedon Jan 11.

Triple Five missed multipleMall of America mortgagepayments on its $1.4 billionloan last year. After negotia-tions with its lenders, the loanwas modified and it securedinterest-only repayment termsuntil maturity and is deemedcurrent since December, ac-cording to Trepp.

Triple Five’s AmericanDream, in East Rutherford,N.J., across the Hudson Riverfrom Manhattan, became oneof the first U.S. malls to de-vote more space to entertain-ment, restaurants and theme-park rides than to traditionalretail when the $5.7 billionproject opened—the costliestU.S. mall ever, analysts said.

Attractions include a 1,000-foot-long indoor ski slope andit planned to open a giant in-door wave pool in March butclosed that month under pan-demic restrictions. The mallpartially reopened in October;two-thirds of its stores are op-erating, its website says. Thewater park, Nickelodeon themepark, minigolf and the iceskating rink are open. Otherattractions have yet to openeven for a day, because theyare either still under renova-

tion or are waiting for morepeople to get the vaccines.Other attractions that haven'topened include the aquarium,Legoland and mirror maze.

Triple Five is on the hookfor $2.7 billion in loans, includ-ing through municipal bonds,for the mall, according to mu-nicipal-market informationprovider Electronic MunicipalMarket Access. The Journalcouldn’t determine whetherTriple Five was delinquent onany payments on that debt; thefirm didn’t take out any CMBSfor American Dream.

American Dream is delin-quent on payments of $1 mil-lion in 2019 and $2 million in2020 in a payment-in-lieu-of-taxes deal with East Ruther-ford, said Anthony Bianchi, theborough’s chief financial offi-cer. Triple Five, of Edmonton,Alberta, also operates a mallin Canada.

Pyramid’s betMr. Congel’s father co-

founded Pyramid in 1968 as aSyracuse construction com-pany. It built its first mall, inNew York, in 1971 and by 1976had completed 22. In 1990, itopened a mall on a formerscrapyard, naming it CarouselCenter for the merry-go-roundthat was the main feature. In2012, Pyramid expanded it by883,000 square feet to its cur-rent 2.4 million, renaming itDestiny USA.

To help fill the space andwoo traffic, it added experi-ences typical of amusementparks: indoor go-kart opera-tion, the WonderWorks themepark including a ropes course.Destiny USA’s foot traffic in2012 rose by more than athird, and sales per squarefoot were 25% over the prioryear, Pyramid said.

Destiny USA, which alsoadded laser tag, a mirrormaze, bowling and simulatedrides, became a tourist attrac-tion. Shoppers from Buffalo,N.Y., and Canada drove hoursto experience it. “People werecurious to see what it wouldbe like,” said Frank Cerio, whogrew up nearby and is chiefoperating officer of 5 Wits,which runs interactive andfantasy games at Destiny USAand other Pyramid malls.

Pyramid began offering daypasses for access to entertain-ment sites at Destiny USA anddeveloped a 209-room Em-bassy Suites hotel nearby. GirlScouts held sleepovers atWonderWorks. Pyramid spenthundreds of millions bringingon more entertainment attrac-tions to Destiny USA and otherproperties, Mr. Congel said.

The mall’s net operating in-come rose 16.7% from 2010through the first quarter of2014, according to a Standard &Poor’s report in 2014. But Des-tiny USA suffered declining netoperating income every year af-ter 2016, and Pyramid’s Pali-

sades Center has experienceddeclining income since 2017, ac-cording to Standard & Poor’s.

A Pyramid spokesman said:“While Pyramid has not beenimmune to the past decade’sfluctuation trends, which wereexacerbated by the pandemic,we have confidence in thelong-term outlook, based onour diversification strategy.”

When New York state im-plemented shutdowns inMarch, Destiny USA closed.Tenants struggled to pay rentsand Pyramid became delin-quent on the repayment of itsmortgages for Destiny USAand Palisades Center startingApril. Pyramid secured defer-rals on debt service paymentsand delayed the maturitydates for the loans.

“We’re concerned about thesurvivability of the businesshere,” said Nicole Montgom-ery, general manager of Won-derWorks at Destiny USA, re-ferring to the theme park’soperations.

Destiny USA is now around70% occupied, down from ashigh as 97% in 2013, said thespokesman. A J.C. Penneystore shut in October, Lord &Taylor closed there in Decem-ber as part of its bankruptcyand Best Buy said it is closingits Destiny USA store inMarch. Macy’s and TJ Maxxstores are still there, men’sapparel maker Untuckit said itis in talks about openingthere, and Women’s clothingretailer Anthropologie said itis opening a store this year.

Depending on each tenant’ssales and circumstances, Des-tiny USA said, the mall hasagreed to consider grantingrent reductions.

One afternoon in December,yellow tape cordoned off themall’s arcades, shutters weredown on a laser-tag area and apeek inside Dave & Buster’ssports bar and videogamerooms revealed mostly dark-ness. The arcades and Dave &Buster’s remain closed.

Adam Liu, a 22-year oldSyracuse University student,stopped by Destiny USA butsaid he wasn’t taking chanceswith the ropes course, the onlypart of WonderWorks openthat day. “Not today,” he said,“because of the pandemic.”

FootfallQuarterly vacancy rates at U.S.malls were already rising…

*change from year earlierNote: Destiny USA was closed between late March and early July.Sources: REIS Moody’s Analytics (vacancies); Placer.Ai (foot traffic)

…when the pandemic hit foottraffic* at theDestiny USAmall.

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TradersAim at theWrong Guy

‘We’re concernedabout thesurvivability of thebusiness here.’

Ezekial Bone, a Robin Hood performer, posing in costume.

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A11A | Tuesday, February 9, 2021 * * THEWALL STREET JOURNAL.

Connecticut investigatorsare searching for clues in thefatal shooting of a Yale Uni-versity graduate student, NewHaven Police Department offi-cials said Monday.

Kevin Jiang, 26 years old,was shot to death in a car atabout 8:30 p.m. on Saturday inNew Haven’s East Rock neigh-borhood, the police officialssaid. Mr. Jiang was a second-year student in the forestryprogram at the university’sSchool of the Environment, ac-cording to university officials.

Mr. Jiang’s killing was thecity’s sixth homicide of theyear, police officials said.

New Haven Police Depart-ment Chief Otoniel Reyes saidat a Monday news conferenceoutside the department’sheadquarters that officers dis-covered Mr. Jiang with gun-shot wounds after several 911callers reported hearing gun-fire and seeing a man injured.

Mr. Jiang was operating avehicle when he was shot mul-

GREATERNEWYORKWATCH

CONNECTICUT

State Weighs LettingMore Staff Give Shots

Connecticut legislators wereurged Monday to pass a bill thatwould allow certified medical as-sistants to perform vaccinations,with the Connecticut HospitalAssociation noting the “difficultundertaking of vaccinating everyresident of the state” with theCovid-19 vaccine without moretrained staff.

But the concept is receivingsome pushback, especially fromnurses, who question whethercertified medical assistants areproperly trained for the task andwould receive adequate oversight.

“Certified medical assistantsare a valuable part of the healthcare team, however the adminis-tration of a medication requiresmore than technical skill of in-serting a needle,” said JohnBrady, a registered nurse andvice president of the union AFTConnecticut, during a publichearing held by the General As-sembly’s Public Health Commit-tee. “It requires the ability to as-sess the patient before, duringand after the administration ofthat medication.”

He noted that training for acertified medical assistant canvary greatly.

The Connecticut Hospital As-sociation suggested that certi-fied medical assistants first berequired to complete a vaccina-tion training program approvedby the state Department of Pub-lic Health commissioner.

The bill awaits further actionin the General Assembly’s PublicHealth Committee.

—Associated Press

NEW JERSEY

Fleeing Motorist’sDeath Is Probed

State officials launched an in-vestigation after a motoriststopped by police ran off andwas struck and killed on a high-way in New Jersey, officials said.

The 26-year-old drove away

after being stopped by CamdenCounty police on Saturday night,the attorney general’s office said.The driver crashed in an under-pass, ran up an embankmentonto Interstate 676 and wasstruck by several vehicles andkilled, authorities said.

Authorities haven’t releasedthe man’s name.

—Associated Press

CENTRAL NEW YORK

Brindisi Concedes inCongressional Race

Democratic U.S. Rep. AnthonyBrindisi conceded Monday that itwas “time to close the book onthis election,” hours after NewYork officials certified RepublicanClaudia Tenney’s razor-thin vic-tory in the nation’s last unde-cided congressional race.

The statement came threedays after a state judge ruledthat Ms. Tenney won the racefor central New York’s 22nd Con-gressional District by 109 votes.Mr. Brindisi said he congratulatedMs. Tenney and offered to makethe transition as smooth as pos-sible after several months of le-gal wrangling over the results.

Justice Scott DelConte on Fri-day directed New York to certifyresults immediately. Commission-ers with the state Board of Elec-tions approved the results Mon-day in less than two minutes.

Ms. Tenney had been the dis-trict’s representative for oneterm, until she was defeated byMr. Brindisi in 2018.

Justice DelConte’s ruling cameafter he spent three months re-viewing ballot challenges andtrying to fix a series of problemswith vote tabulations.

—Associated Press

ART FOR ART’S SAKE: Visitors looked at paintings Monday at the Metropolitan Museum of Art,which is open at reduced capacity. Visitors must reserve timed tickets online and wear a mask.

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New York City’s public mid-dle schools will reopen forsome in-person learning on Feb.25 after their students had beenreceiving fully remote instruc-tion for more than two months,Mayor Bill de Blasio said.

About half of the city’s 471middle schools will operate ona five-day-a-week schedule,city officials said. The otherhalf will operate on a remoteor hybrid basis until they areready to fully reopen.

City officials said they arestill formalizing a plan forwhen high schools can reopen.

Mr. de Blasio closed all pub-lic schools in November afteran increase in the number ofCovid-19 infections. Elementaryschools reopened for some in-person learning in December.

Under the plan announcedMonday, middle-school teachersand staff will return a day earlyto prepare the schools and willbe vaccinated on a prioritizedbasis at city hubs during theFeb. 12 to Feb. 21 winter breakfor public schools, the city’s Ed-ucation Department said.

“When we talk about thecity coming back strong, somuch of it depends on our pub-lic schools,” Mr. de Blasio said.

The announcement comes asthe mayor aims to have fivemillion New Yorkers vaccinatedby June, which he sees as acritical benchmark toward re-turning the city to business asusual. Reaching that also wouldmove the city’s Education De-partment closer to its goal toreopen schools for the city’snearly one million students forfive-day-a-week, in-person in-struction by September.

Schools Chancellor RichardCarranza said the agency ishiring additional staff to con-duct weekly Covid-19 testing inmiddle schools and continuethe testing already being donein elementary schools. Mr. deBlasio said the city “had thepieces we needed” to reopenmiddle schools, but that the re-opening of high schools wouldbe “a more complex situation.”

“I want to get our highschools back during the courseof the current school year, butthere’s going to be more work

needed,” Mr. de Blasio said.The mayor said parents

would still have the option tokeep their children fully remote.

Mr. de Blasio said the Feb.25 reopening date means edu-cators will be asked to returnbefore receiving their secondvaccination dose but that“schools are amongst the saf-est places in all of New York.”

Mr. Carranza said that theroughly 235 schools that mightnot be immediately ready tooffer in-person instruction toall students will give priorityto students with disabilities,multilingual learners andthose living in shelters.

Mr. de Blasio said the cityhas the capacity to conductweekly testing at middleschools, having already reacheda citywide testing capacity ofabout 120,000 tests a day.

Michael Mulgrew, presidentof United Federation of Teach-ers, which represents 120,000DOE employees, said the UFT“will be monitoring to ensurethat the testing regimen, thepresence of personal protec-tive equipment and social-dis-tancing requirements arestrictly adhered to as newgrades and buildings reopen.”

Mr. Carranza said that evenwhen schools are able to re-turn to full-time in-person in-struction, some form of re-mote learning will “stay withus well beyond the end of thepandemic.”

“We’re looking at this beinga component of what the newnormal looks like post pan-demic, in a good way,” he said.“Not to replace in-personlearning, but to keep the bestparts of what we really built.”

BY LEE HAWKINS

MiddleSchoolsTo ResumeIn-PersonClasses

SomeNYC studentswill be allowed toreturn to classroomsstarting on Feb. 25

in crime because it hasstrained peoples’ finances andleft them stranded at home.

“We wouldn’t be seeing thesignificant increase in violentcrime around the nation had it

ing that school officials wereworking with authorities onthe investigation, and thatcounseling would be madeavailable to students and staff.

Mr. Jiang was engaged tobe married and had served inthe U.S. Army National Guard,Mr. Salovey said. The victim’sLinkedIn page said he servedas a tank operator in the Na-tional Guard and was servingas an officer at the time of hisdeath. Representatives for theNational Guard didn’t respondto a request for comment.

Mr. Salovey said Mr. Jianghad a keen sense of public ser-vice and had volunteered at ahomeless shelter.

Mr. Jiang’s research at Yalehad recently focused on thepresence of mercury in fishfrom the Quinnipiac River, hesaid.

“The Yale community isgrieving right now,” Mr. Sa-lovey said. “This is the loss ofan extraordinary young man.He was committed to applyinghis talents to improving theworld.”

not been for Covid,” Mr.Elicker said. “There’s a lot ofspeculation as to why exactlythat’s happening.”

Yale University PresidentPeter Salovey said at the brief-

tiple times, according to policeofficials.

Chief Reyes said police areinvestigating whether Mr. Ji-ang was the intended target ofthe shooter and whether thekilling may have been relatedto a conflict involving anothermotorist.

Mr. Jiang’s family couldn’tbe reached for comment.

New Haven has seen a risein crime in the past year, ChiefReyes said. Police officials re-corded 122 shootings and 20homicides in 2020, up from 77shootings and 11 homicides in2019.

The dozen shootings re-corded in the city so far thisyear outpaces the same periodin 2020, Chief Reyes said.

“We’re experiencing a spateof violence, but I have full con-fidence that we’re going toturn this around,” Chief Reyessaid.

New Haven Mayor JustinElicker said at Monday’s brief-ing that he believes the coro-navirus pandemic is one of thedriving factors behind the rise

talking about our economycoming back, our life comingback, I think you’re thinkingabout this summer and fall.”

The mayor also announcedthat a new mass-vaccinationsite would open Wednesday atCiti Field stadium to vaccinateQueens residents, taxi driversand food workers.

The optimism—and plan-ning—come as the state’sseven-day rolling average ofpeople testing positive forCovid-19 fell to 4.4%, a ratenot seen since November anddown from a recent Januaryhigh of 7.9%.

About 7,700 people are hos-pitalized across the state,which is lower than a post-

holiday peak of 9,200 peopleon Jan. 19.

At the same time, 391 NewYorkers per million residentsare hospitalized, according todata from the Covid TrackingProject. Only Arizona hasmore residents hospitalizedper million, with 413 people.

Mr. Cuomo previously saidNew York City restaurantscould roll out indoor dining onFeb. 14, operating at 25% ca-pacity. That had frustratedsome restaurant owners whosaid they could, and needed to,open sooner.

Indoor dining in the cityhas been restricted since earlyDecember.

Randy Peers, Brooklyn

Chamber of Commerce presi-dent and chief executive, ap-plauded Mr. Cuomo’s decisionto move up indoor dining, say-ing it offers “a few days’ headstart for struggling small busi-nesses and workers to earn alittle more money to supportthemselves and their families.”

Mr. Cuomo also said Mon-day that approximately 10 mil-lion New Yorkers are eligibleto get a vaccine, but the com-petition is extreme, and frus-trating, as people vie forroughly 300,000 doses a week.

New Yorkers who havehealth conditions that are con-sidered comorbidities forCovid-19 will be able to signup for a vaccine at one of the

state’s sites on Feb. 14, withvaccinations to begin state-wide for that group on Feb. 15.

New Yorkers will have toprovide proof of eligibility forthe pre-existing condition,which could be a doctor’snote, medical information not-ing the comorbidity or asigned certification, the gover-nor said, adding that the statewill audit health departmentsto make sure the eligibilityrules are followed.

“This is a precious re-source. There will be fraud,there will be mistakes, therewill be inefficiency,” said Mr.Cuomo. “Everybody wants thisvaccine, but the rules shouldbe followed.”

New York City restaurantscan begin indoor dining withlimited capacity on Friday, twodays earlier than planned, anda program to provide live-artsprogramming will begin laterthis month, New York Gov. An-drew Cuomo said Monday.

The moves came as both Mr.Cuomo and New York CityMayor Bill de Blasio expressedoptimism for the months ahead,saying that arts and culture arekey to the state’s reopening andreturn to normalcy.

Mr. Cuomo said testing forCovid-19 would be crucial toreopening Broadway, notingthe success of a recent BuffaloBills game where 7,000 fanswere tested beforehand andallowed to watch in-person atBills Stadium.

“You can open a Broadwaystage with a set percentage ofoccupants, where people havetested prior to walking in,”said Mr. Cuomo. “Would I gosee a play and sit in a play-house with 150 people? If the150 people were tested, and allnegative, yes, I would do that.”

The state’s new arts initia-tive is a baby step toward re-starting live performances, with300 free pop-up performancesacross the state that will beginon Feb. 20 and run through thesummer. The idea is to havelots of performances all overthe state with small audiences,the governor’s office said.

In rolling out a separatearts initiative that permitsoutdoor performances on NewYork City streets, Mr. de Blasiosaid Monday that “if you’re

BY MELANIE GRAYCE WEST

GREATER NEW YORK

NYC Indoor Dining Returns FridayCuomo moves up thestart date by two daysas both state, city planlive-arts programming

New York City restaurants had been set to resume indoor dining at 25% capacity on Valentine’s Day, but the date has been moved up.

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BY BEN CHAPMAN

Police Hunt for Killer in Yale Student’s Death

New Haven police officials are investigating the death of KevinJiang, a 26-year-old graduate student found fatally shot in a car.

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THEWALL STREET JOURNAL. * * Tuesday, February 9, 2021 | A11B

national framework forstruggling countries and terri-tories to more easily restructuretheir debts and obtain financialrelief, according to the activistgroup, which includes Centerfor Popular Democracy and NewYork Communities for Change.

Members of the group em-phasized that New York is hometo many immigrant communi-ties from countries in whichsovereign restructurings weredrawn out by financial investorsseeking to boost recoveries.

“New York has the power tocompletely change and restruc-ture the way vulture funds op-erate across the world,” saidSen. Rivera. “That’s why I amcurrently working on a piece oflegislation that will hold multi-billion-dollar hedge funds ac-countable for the destructionthat comes with betting on anation’s economic failure andclose some of the loopholesthat allow these hedge fundsto rake in such profits.”

Democrats control the NewYork Senate and Assembly.Representatives for AssemblySpeaker Carl Heastie and Sen-ate Majority Leader AndreaStewart-Cousins said theywould review the legislation.

A spokesman for Demo-cratic Gov. Andrew Cuomoalso said he would review it.

A risk of the legislation isthat investors would sue tochallenge it because it couldretroactively change certaincontracts already in place.Changing contract rights can bejustified under certain circum-stances, if doing so advances acompelling state interest.

Bill components also in-clude giving new lenders pri-ority over a nation’s existingcreditors, mandating an auditbefore any restructuring, andempowering the New YorkState Department of FinancialServices to oversee elementsof the negotiating process.

—Jimmy Vielkindcontributed to this article.

Some New York lawmakersare planning legislation de-signed to blunt hedge funds’ability to resist sovereign-debtrestructurings, while easing fi-nancial settlements for gov-ernment borrowers in distress.

New York state Sen. GustavoRivera and AssemblywomanMaritza Davila, both Demo-crats, plan to introduce legisla-tion as soon as this week to al-low a supermajority of anation’s creditors to amend orrestructure its debt contractsand bind any dissenters thatcould otherwise hold out.

Many sovereign bonds inLatin America, Africa, andother emerging markets con-tain collective-action clausesthat require all creditors tohonor agreements that a ma-jority of them make with theborrower. But others lack suchmechanisms, leaving no readyway for settlements made withmajority support to becomebinding on all members of acreditor class.

This means that financialinvestors can buy distressedsovereign debt at a discount,then refuse to accept a re-structuring negotiated byother creditors, push for ahigher recovery and possiblylitigate for full repayment.

Unsustainable sovereigndebt burdens can limit accessto capital markets, drive upborrowing costs and restrict adeveloping nation’s ability tofund capital projects or fi-nance essential services.

Prolonged debt restructur-ings also have exacerbatedhardships for the populationsof struggling countries, includ-ing deepening a famine in theDemocratic Republic of Congo,according to activists who sup-port the New York legislation.

Since roughly half theworld’s sovereign debt is gov-erned by New York law, the leg-islation could provide an inter-

BY ALEXANDER GLADSTONE

Sovereign-DebtTactics UnderScrutiny in N.Y.

to issue a notice to proceed,pushing the start of construc-tion to winter 2013.

The authority hired HNTB,an engineering firm, to helpoversee the process. TZC saysin the lawsuit that HNTB re-peatedly interjected in theconsortium’s design activitiesin a way that was inappropri-ate for a design-build project.

The company isn’t a partyin TZC’s lawsuit. An HNTBspokeswoman didn’t respondto requests for comment.

In an April 2014 letter to theauthority, TZC expressed con-cern that the authority was re-quiring its approval of all TZCresponses to the authority’scomments before design workcould progress. The authority“regularly performed unneces-sary, detailed reviews of TZC’sdesign, which significantly im-peded and disrupted the de-sign-development process, inbreach of NYSTA’s obligation tocollaboratively work with TZC,”the suit says. TZC also says itasked for time extensions aftersevere weather events and acrane collapse. The requestswere denied, leading contrac-tors to hasten their work at ahigher cost, the suit said.

the most experienced compa-nies away from doing businesswith the State.”

The authority has spentroughly $3.7 billion for thebridge and plans to borrowanother $312 million this yearto pay for it, according to au-thority budget documents ap-proved in December. Highertoll rates took effect in Janu-ary for vehicles crossing theCuomo bridge, with discountsfor local residents. Non-E-ZPass users across the 570-mile Thruway system also arepaying higher tolls to coverrising debt-service costs.

If successful, the suit wouldincrease the cost of a projectthat Gov. Andrew Cuomo namedin honor of his late father andhas touted as a model for a ma-jor infrastructure project com-pleted “on time and on budget.”

In 2012, the Thruway Au-thority selected Tappan ZeeConstructors—a consortium ofFluor Enterprises Inc., Ameri-can Bridge Company, GraniteConstruction Northeast Inc.and Traylor Bros. Inc. Theconsortium says in the newlawsuit that delays began al-most immediately when theauthority waited three months

said Monday the authoritydoesn’t comment on litigation,adding all valid invoices fromthe consortium had been paidin full and the consortium’sclaim is still being evaluated.

“The Authority is commit-ted to protect the interests ofits toll payers and the publicby making certain that its con-tractors perform in accor-dance with all contract re-

quirements,” Ms. Givner said.In a letter sent to the author-

ity last week, Sam Choy, theTZC executive in charge of theproject, said the authority hadbreached the contract and dam-aged the consortium members.

“Ignoring debts due doesnot make them go away,” Mr.Choy said in the letter, whichwas reviewed by The WallStreet Journal. “Interest ac-crues and the behavior drives

A consortium of contractingfirms that built the Mario M.Cuomo Bridge sued the NewYork State Thruway Authorityon Monday, accusing the au-thority of interference in theconstruction of the $4 billionproject, leading to delays andextra expenses.

Tappan Zee ConstructorsLLC is seeking more than $961million in the suit, plus inter-est, which the consortium sayscame after nearly three yearsof efforts to settle the disputeprivately. The lawsuit wasfiled in the New York StateCourt of Claims, which han-dles legal actions against thestate and certain authorities,including the Thruway.

The Cuomo bridge was com-missioned by the Thruway andcarries the highway over theHudson River north of New YorkCity. It fully opened in 2018 andreplaced the Tappan Zee Bridge.

Thruway officials have saidthe consortium’s allegations,which were referenced in a2020 TZC lawsuit seeking doc-uments from the authority, area negotiating tactic. Thruwayspokeswoman Jennifer Givner

BY JIMMY VIELKIND

Bridge Builders Sue N.Y. AuthorityThe New York State Thruway Authority has spent about $3.7 billion to build the Mario M. Cuomo Bridge, which fully opened in 2018.

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Thruway interfered inCuomospanproject,leading tohighercosts, lawsuit says.

GREATER NEW YORKNY

Millions of Americans lost their jobs in thepandemic, and now millions more children

are facing hunger.

Your donation can help. NoKidHungry.org

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A12 | Tuesday, February 9, 2021 THEWALL STREET JOURNAL. © 2021 Dow Jones & Company. All Rights Reserved.

PERSONAL JOURNAL.HEALTH &WELLNESS

says filters should be replacedwhen they are damp or soiled. Dr.Volckens recommends masks witha permanent built-in filter.

I have an N95. Should I wear it?More experts are recommendingwearing an N95 if you have one tobetter protect against new vari-ants, although the CDC has saidthey should be reserved for medi-cal workers. Legitimate N95s canbe difficult for regular consumersto find.

The risk level of your setting isimportant, says Joseph Allen, direc-tor of the Healthy Buildings Pro-gram at the Harvard T.H. ChanSchool of Public Health. You proba-bly don’t need to wear an N95 ifyou’re going on a walk with a friendor to the playground outside. But ifyou’re working indoors in a restau-rant or grocery store, or going to anindoor location with many people,it’s a good idea to wear one.

What’s the difference between aN95, KN95 and KF94? Is one bet-

ter than the other?Dr. Allen says a close second toN95s are KF94s, a mask certifiedin South Korea that American con-sumers can easily find online. “Wecan have a lot of confidence inthese masks,” says Dr. Allen. “Theycapture 94% of particles and theyare a lot more comfortable.”

Another popular option is theKN95 masks, the Chinese equivalentof an N95. But Dr. Allen warns thatthere are a significant number offake KN95s on the market. “Thesemasks concern me, because if youdon’t do your homework you mayend up getting a mask that is worsethan a cloth mask,” says Dr. Allen.The Occupational Safety and HealthAdministration warns againstKN95s from China unless their man-ufacturer has certification from theU.S. National Institute for Occupa-tional Safety and Health (NIOSH).

Do I need to be worried aboutcounterfeit N95s, KF94s or surgi-cal masks?In the U.S., NIOSH certifies the

companies that makeN95 respirators, whichmust have an approvedlabel on or within thepackaging. If there isno marking or TC num-ber or NIOSH is spelledwrong, that’s a redflag. So far, experts saythey’re not aware ofwidespread counterfeit-ing of KF94s or stan-dard surgical masks,but it’s wise to remainvigilant about labeling.

How effective are thewidely available bluesurgical masks?The filtration of bluesurgical masks canvary. Look for ASTM

certification on surgical maskboxes. “Those are very good at fil-tering out aerosols of all sizes,”says Dr. Marr. Level two and threeare especially good. The downsideof surgical masks is they don’t fitsnugly on most faces. “There areinevitably gaps on the side sothey leak like crazy,” says Dr.Marr. This is where double mask-ing can be helpful.

How can I tell if my mask has agood fit?When you breathe in, the maskshould press in or flex into yourface with the air flow. You can alsobreathe out. There shouldn’t be airgaps coming out the mask’s sides.If your glasses fog up, that meansair is escaping around the top ofyour mask by the nose bridge, saysDr. Volckens. If you don’t wearglasses, put on a pair of sunglassesto see if they fog up.

Another good test: Stand infront of a mirror and breathe outforcefully. Did you blink? If so,that means air hit your eyelids andis escaping around the mask.

More experts are recommending ‘double masking’ to better protect against the virus.

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mon way that women without part-ners seek to preserve their options.NYU Langone’s Fertility Center inNew York reported a 33% increasein women starting egg-freezing cy-cles year-over-year between Juneand November 2020. Shady GroveFertility, which has 36 clinicsacross the U.S., saw a 22% increasein egg freezing retrievals from Jan-uary to November last year com-pared with the same period in 2019(figures for December aren’t yetavailable). Kindbody, with clinics inlocations including California, NewYork and New Jersey, says it saw a“tremendous uptick” in egg freez-ing in 2020.

Some increase in interest likelystems from pent-up demand afterspring lockdowns, but the numbersare higher than many fertility ex-perts expected. “We thought we’dsee a decrease in people coming tous as starting a cycle might not bea priority in a pandemic,” says

Brooke Hodes-Wertz, a reproduc-tive endocrinology and infertilityspecialist at NYU Langone.

Dr. Hodes-Wertz says she hasseen more single women comingto her since this past summer. “Alot of women in New York Citywho have stable incomes have hadtime to reflect during the pan-demic, and they’ve also had thephysical time to start a cycle be-cause they’re not traveling.”

Following a fertility assess-ment, a consultation where a spe-cialist evaluates the health of awoman’s reproductive system,usually via blood work and an ul-trasound, Ms. Wheeler decidedthat she would freeze her eggswith a view to having themthawed in about three years if sheis still single. She would then havethem fertilized with donor spermand implanted.

“Because I’m not rushing towork every day, the pandemic has

Clockwise from near left: LindsaySmith booked fertility assessment;Victoria Mathew aims to pursueadoption and fostering; KelliWheeler plans to freeze eggs.

New Fertility DecisionsFor Some Single WomenThe pandemic has made dating tougher and fueled more introspection

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IT’S TIME TO up your mask game.As new, more-contagious coro-

navirus variants circulate, doctorssay it’s important to improve theeffectiveness of your mask prac-tices—such as by “double mask-ing” to wear two at once. Numer-ous studies have found that maskshelp protect the wearers as well asthose around them from the virusthat causes Covid-19.

“Now more than ever, the nextfour to six months are the mostcritical time to reallyup your mask,” saysJohn Volckens, a pro-fessor of mechanicalengineering at Colo-rado State Universityin Fort Collins, Colo.

But how exactlydo you mask better?And what other guid-ance on masking has changed?Here’s what you need to know.

What is double masking and whyare people talking about it?Double masking is wearing onemask over another. This blocksmore particles, because you havetwo layers and the fit is moresnug, creating a tighter sealaround your face with fewer gaps.“Double masking is really short-hand for improving your mask,”says Linsey Marr, a professor ofcivil and environmental engineer-

ing at Virginia Tech.

What’s the best way to doublemask?Most experts say a cloth maskover a surgical mask is the way togo. A cloth mask can also helpwhen worn over a KF94 mask,which are certified in South Koreato filter at least 94% of very smallparticles, says Dr. Marr. KF94s canbe somewhat loose on the sides, soa cloth mask can help pull ittighter to your face.

A second mask is generally notnecessary when wearing an N95,which are certified to filter out atleast 95% of very small particles, ora KN95, the Chinese equivalent of an

N95. But it couldhelp protect theN95’s material andextend its use.

It’s importantto maintainbreathability whendouble masking,says Dr. Volckens.“If a mask isn’t

breathable, one of two things hap-pens,” he says. “If there’s too muchresistance the mask will leak, or ifit’s too uncomfortable you will takeit off.”

What about clothmasks with filters?A large filter that fits over yournose and mouth can improve fil-tration, says Mark Rupp, chief ofthe division of infectious diseasesat the University of Nebraska Med-ical Center in Omaha. But if the fil-ter is covering only a small area,it’s probably not very helpful. He

Mask Strategies toCombat Covid Variants

YOURHEALTHSUMATHIREDDY

Kelli Wheeleralways knewshe wanted tohave children.But in April,her boyfriend

broke up with her rightas the pandemic set offsocial-distancing man-dates that make datingmuch more complicated.The 34-year-old decidedshe would have to re-think her path to moth-erhood.

“Even if I met a guyquite quickly, I was threeor four years away fromhaving kids because I’dwant some time where itwas just the two of us,”says Ms. Wheeler, a digi-tal-content producer inLos Angeles. “I beganlooking into ways I couldtake control of my fertil-ity, without a man.” Shebooked a consultation ata fertility clinic andplans to freeze her eggsthis spring.

Ms. Wheeler is one ofmany single women intheir 30s and 40s whohave found themselvesreassessing their plansfor having children inthe past year. The pan-demic has both made itharder to meet a partner and pro-vided time for introspection. Forsome women, that has sparked arealization that they want to pri-oritize motherhood, regardless ofwhether they are in a relation-ship. Plenty of men, of course,have had similar epiphanies, butbiology forces women to take ac-tion within a more limited win-dow of time.

“For a single person whothought they wanted to have chil-dren within an established rela-tionship, Covid has put a year-long hold on their ability to meetsomeone,” says Laura Lindberg,principal research scientist at theGuttmacher Institute, a researchand policy organization. “Thatmay lead to some difficult deci-sion making.”

In a June report from Gutt-macher, more than 40% of womensurveyed said the pandemic hadchanged their plans about when tohave children and how many theywanted to have. The survey lookedat women overall, not singlewomen specifically. Thirty-fourpercent of women said they wereputting motherhood on hold orplanning to have fewer childrenbecause of the disruption causedby the virus.

Yet for other women, the pan-demic has accelerated fertility deci-sions. A number of fertility clinicsacross the country say they haveseen an increase in egg freezing re-trievals. These patients aren’t allsingle, but egg freezing is one com-

BY ELLIE AUSTIN

given me the time to sit down andprocess big decisions about myfuture,” she says. “Could I be asingle mother? I know it wouldn’tbe easy and I’d like to meet some-one before I have to makethat decision, but givingmyself the choice feels sopowerful.”

Freezing eggs without thesupport of a partner can bedaunting, both financiallyand emotionally. The cost ofegg freezing ranges fromaround $6,500 to $18,000,fertility clinics say, depend-ing on factors such as howmany eggs a patient wantsto freeze and for how long.Many insurance plans don’t fullycover elective egg freezing, if at all.Some larger employers, however,have expanded their fertility bene-fits in recent years.

For Lindsay Smith, her 38thbirthday in November was a tip-

ping point. She had dated on andoff throughout her 30s but hadn’tbeen in a serious relationship fora decade. In March, she left herapartment in New York City forher parents’ home in West Ches-ter, Pa., where she has been livingever since.

She spent the first few monthsof the pandemic consumed by herjob in program management for amedical device company—oftenworking 100-hour weeks, she says.By the time November came

around, she found her-self in a more intro-spective mood.

“Although I lovedso much about my life,I was feeling down be-cause I didn’t have afamily of my own,”she says. “The pan-demic pushed me tothe brink from a workperspective, but it’salso given me the timefor a lot of soul-searching around analternative approachto what my life couldbe in the future.”

Ms. Smith is hopingto undergo a cycle of

embryo freezing, where her eggswill be fertilized with donorsperm soon after they are re-trieved. Her doctor advised thiscourse so that she knows immedi-ately whether she’s capable of cre-ating healthy embryos beforespending thousands of dollars tostore her frozen eggs.

Victoria Mathew, a 43-year-oldscience teacher in Baltimore,spent 2020 wrangling with a di-lemma which had dominated thesecond half of her 30s: How wouldshe have children when shecouldn’t find a partner whowanted the same future as shedid? All her closest friends hadchildren and as the holidays ap-proached, she felt increasingly iso-lated. “Experiencing Christmas on

my own in a pan-demic just set meoff,” she says.

She decided shewanted to pursue fos-tering and adoption.“I thought, ‘I want tostuff a stocking. Iwant to cook a bigChristmas meal formy children,’” shesays. “I decided thenand there that Iwasn’t going to wait

around for a man anymore. I’m go-ing to provide a home on my ownfor kids who really need one. Thispandemic makes you put your lifeunder a microscope and get to thecore of what you really want. I’mnot wasting any more time.”

33Percent rise inwomen startingegg-freezingcycles at NYULangone FertilityJune to November2020 versus theyear-earlier period

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THEWALL STREET JOURNAL. Tuesday, February 9, 2021 | A13

has been a stress reliever duringthe pandemic. “It’s been great formy mental health,” he says. Mostlyworking from home, he says sneak-ing in a midday workout betweenZoom calls brings his energy back.“It delivers that quick jolt of dop-amine so you can push through therest of the day,” he says.

Mr. Thompson had been work-ing out on his deck, but recentlymoved his DIY boxing bag into thebasement to prevent the waterfrom freezing.

The WorkoutMr. Thompson’s workout takes 30to 45 minutes and generally con-sists of a combination of jumpingrope to warm up, body-weightsuspension exercises using theTRX, resistance-band work for theshoulders, floor work and two tofour rounds of heavy-bag work.He completes nine to 11 sets ofthree-minute rounds with oneminute in between.

Mr. Thompson uses an appcalled Interval Timer to trackrounds. He aims to get in four tofive workouts a week. “I keep a logto keep myself honest,” he says.

Round 1: Jump rope warm-upRound 2: Band work for shouldersRound 3: 15 fly-to-chest pressesfollowed by 15 high shoulder pullswith the TRXRound 4: TRX tricep extensionsand biceps curlsRound 5: One-legged TRX squats,15-20 per leg and regular squatsRound 6: 50 hip thrusts followedby 100 superman leg liftsRound 7: Freestyle on the bagworking on combinations to get

Breakfast: Yogurt and muesliSplurge: A thick steak with a glassof pinot noir

Essential GearJump rope: $6 from WalmartHeavy bag: Polyform LD-3 low-drag buoy $51Mat: “I bought a moving blanketfor $5,” he says.

PlaylistOld-school metal or punk rock

the heart rate up to 130-140 beatsper minuteRound 8: More bag workRound 9: 50 leg-raised crunches,50 toe touches and plank pose

The DietSeasonal Flux: “We grill in thesummer, but during the winter weeat less healthfully,” he admits.“I’ve definitely gained the Covid10” [pounds].Essential Food Group: CoffeeDA

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Is it safe to visit the grand-parents once they have beenvaccinated against Covid-19?

The bottom lineThe risks of getting sick arelower for grandparents afterthey have been vaccinated.But vaccination doesn’t elim-inate risk—to grandparentsor to their visitors—so it’s agood idea to assess your cir-cumstances, continue to takesome precautions and makesure everyone is comfortablewith the terms of the visit.

The detailsThe virus that causesCovid-19 continues to mu-tate, raising the prospectthat certain variants maymake the vaccines less effec-tive. And it’s not yet clearhow much protection vac-cines offer against transmis-sion of the virus—so it maybe possible for grandparentsto spread Covid-19 to theirvisitors even if the vaccinekeeps them from getting sickthemselves.Vaccines from Pfizer and

Moderna have been shown tobe highly effective in prevent-

mission after one dose, thefirst data to show a vaccinemight be able to slow thespread of the disease, notonly prevent people from de-veloping symptoms of it. Butthe data was preliminary andnot peer reviewed.At the same time, spend-

ing time with family is im-portant, too—especially withgrandparents who have beenisolated for months and maynot have many years left tosee their loved ones. “That’snot trivial,” says Arthur Ca-plan, director of the divisionof bioethics at the New YorkUniversity Grossman Schoolof Medicine. “Some are think-ing…‘I’m not sure I’ll be hereanother year,’ ” he says.If you decide to visit, it’s

still a good idea to take pre-cautions, such as masking ormeeting outdoors. If an out-side visit isn’t possible, stayingmore than 6 feet away, addingventilation and washing handscan help reduce risks.And don’t just show up.

Come to a consensus aboutwhat each generation iscomfortable with before themeeting, says Dr. Caplan. De-cide how long you’re staying,determine the exact locationand make sure everyone isclear on whether you’re stillplanning to social distanceand wear masks. “It needs tobe a mutually agreed uponvisit,” he says. —Alina Dizik

VISITING GRANDMA

GET

TYIM

AGES

Talk with grandparents before a visit to make sure everyone is comfortable with the terms.

ing disease. And those vac-cines, which were cleared foruse in the U.S. in Decemberbefore certain new variantswere identified, appeared toprovide at least some protec-tion against emerging strainsin lab tests. Yet they weren’ttested in humans exposed tothe new strains. And vaccinesfrom Johnson & Johnson andNovavax recorded lower ef-fectiveness levels in studiesin South Africa that tookplace after a new variant wasidentified there, compared

with their performance inother regions. (Vaccine mak-ers are readying new shotsthat would zero in on thenew variants more precisely.)Scientists also don’t yet

have enough information tofully determine how muchprotection the vaccines offeragainst transmission. Oneencouraging sign came re-cently when researchersfrom the University of Ox-ford said its Covid-19 vaccinecould have a substantial ef-fect on curbing virus trans-

ASK PERSONALJOURNAL

It’s safer, but notrisk­free, to visitgrandparents oncethey’re vaccinated.

we develop certain elements of ar-thritis, he says. Dr. Boublik esti-mates that 30% of his patients intheir 60s have some form of symp-tomatic knee arthritis either causedby repetitive trauma over the yearsor a specific injury. To help thesepatients, he recommends nonimpactactivities such as biking and swim-ming, as well as stretching andstrengthening exercises. “The goalisn’t to regain the knees you had inyour 20s but to stay active andmanage the symptoms,” he says.Riley Williams, a sports-medicine

surgeon at Hospital for Special Sur-

gery in New York and medical di-rector for the Brooklyn Nets bas-ketball team and Red Bulls soccerteam says he encourages patientsto strengthen the quadriceps,hamstrings, gluteal muscles andthe core muscles of the abdomenwhen dealing with debilitatingknee pain.Dr. Boublik says lifelong run-

ners don’t have to give up thesport, but he suggests decreasingmileage and intensity, incorporat-ing recovery days, replacingsneakers every 200 to 300 milesand running on softer surfaces.

TAKING CARE OFYOUR KNEES

“As people age and begin toexperience knee pain, they

usually don’t want to exerciseanymore, which is the oppositeof what they should be doing tohelp their knees,” says MartinBoublik, an assistant professor inthe department of orthopedics atthe University of Colorado andteam physician for the DenverBroncos. As we get older, we ex-perience loss of muscle mass andour joints begin to get stiffer as

James Thomp-son is proofthat a homegym doesn’thave to cost afortune or

take up a ton of space.When Jim McNallyBoxing in North Read-ing, Mass., closed inMarch due toCovid-19, Mr. Thomp-son set up a boxinggym at home for lessthan $300.

Instead of investingin a heavy punchingbag, he made his ownfrom a commercialfishing buoy filled with water andhung it from his back deck. “Themajority of boxing brands sell wa-ter-filled heavy bags, marketingthem as having more give and beingeasier on the arms and shouldersthan traditional bags,” he says.“They all looked identical to thebuoy but with a price tag more thanthree times what I paid.” He alsobought a jump rope, a TRX suspen-sion trainer, a resistance band andboxing gloves.

Mr. Thompson and his wifehave four sons aged 18 to 27. Heis the general counsel of a publiccompany in Cambridge, Mass.,and says the demands of his jobrequire an efficient, effectiveworkout. Boxing combines cardioand strength and doesn’t aggra-vate age-related body aches, hesays. “I have a lot of knee andshoulder issues from a universefar, far away when I was a com-petitive swimmer and water poloplayer,” he says.

Mr. Thompson, who is 60 yearsold, jokes that he doesn’t dream ofturning pro. “I’ve never hit anyoneand I don’t relish the thought of be-ing hit,” he says. Hitting the bag

WHAT’S YOUR WORKOUT? | JEN MURPHY

He Spent LessThan $300On aDIYGym

Mr. Thompson with his TRX suspension system,above, and the punching bag he made himself.

PERSONAL JOURNAL. | HEALTH & WELLNESSNY

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ARTS IN REVIEW

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

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Amsterdam 25 18 pc 30 18 pcAthens 66 53 r 66 53 sBaghdad 71 47 pc 74 47 pcBangkok 86 74 sh 86 72 sBeijing 45 16 s 53 17 sBerlin 21 11 c 21 13 cBrussels 22 14 pc 25 16 pcBuenos Aires 75 68 pc 77 69 tDubai 78 63 pc 80 63 pcDublin 36 31 sf 37 33 pcEdinburgh 34 24 sf 33 20 sf

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The distinctive voice ofBritish rapper Slowthaiis simultaneously asqueak and a scream.It’s as if the 26-year-oldMC, born Tyron Framp-

ton, knows that making his vocaltone slightly annoying will alsomake it impossible to ignore. Hismoniker is unrelated to his eth-nicity—Mr. Frampton grew up be-ing called Ty in council estates inand around Northampton, Eng-land, and he spoke slowly; hisroots are Irish, English and Bar-badian. And he will never be mis-taken for an American—his ac-cent is thick, and some of hisslang is incomprehensible to non-Brits. But if certain phrases arehard to make out and some im-ages difficult to decode, thedeeper meaning of his music isclear: It’s fueled by anger, while

keeping open the possibility ofredemption.

In 2019, when Slowthai re-leased his debut LP, “NothingGreat About Britain,” that ragewas directed at the political situa-tion in the U.K., specifically thecountry’s pending exit from theEuropean Union. He vented aboutincome disparity and violentstreet life, but leavened his grimytales with moments of optimism.He called his tour the “Brexit Ban-dit,” and in his homeland he be-came a star as his album wasnominated for the Mercury Prizeand hit the U.K. Top 10. But he re-mains a promising curiosity in theU.S., respected by his Americanpeers and more dedicated fans ofglobal hip-hop but obscure to themainstream. His new record, “Ty-ron” (AWGE/Interscope/Method),comes out Friday and is unlikely

to make a big commercial splashon these shores. But it’s an excel-lent collection of songs thatbuilds on and broadens the soundof its predecessor while maintain-ing the artist’s essential identity.

In an interview with the Britishmagazine Dazed from June,Slowthai described the new workas reflecting “two sides of Tyronas a person,” by which he meantthe person he used to be and theperson he hopes to become. Thestructure of this album makes theconcept literal. Its 14 tracks aresplit into two halves: The songson the first are driven by furyand resentment, while those onside two are comparatively tenderand nuanced.

This division works on “Tyron”because the songs are tight andfocused, with few weak momentsin the record’s 35 minutes. The

opening “45 Smoke” finds therapper spitting his words defi-antly over an ominous, bass-heavyU.K. drill beat by Kwes Darko,who handles most of the produc-tion here. He raps lines about be-ing misunderstood as evil but alsodrawing power from being feared,using it as a kind of armor. Thefollowing “Cancelled” likelypoints to a controversy from early2020 where he acted boorishly atan awards show, and it features achorus and verse from British MCSkepta, whose voice is deep, con-trolled and forceful. They are ex-cellent partners as vocal oppo-sites, and though the track seemsat first a straightforward riffabout “cancel culture,” Slowthaialludes to his role in the dust-upand expresses regret.

When “I Tried” begins the re-cord’s back half, we’re instantly in

another world musically, onewhere samples of old soulgrooves and fingerpicked guitarsare welcome. But though thesonic backing and subject mattertake a turn, Slowthai’s voice pro-vides the through-line. Instead ofprojecting outward, these songslook within to find pain and flick-ers of hope. “With broken dreamsand broken bones / If walls couldscream / Ears would bleed,” goesa section of “I Tried,” and the lyr-ics in this half of “Tyron” are gen-erous, empathetic and sharply ob-served. “Terms” features cameosfrom a pair of Floridians—a cho-

rus from singer Dominic Fike anda few phrases from rapper DenzelCurry—on a song that exploresself-acceptance in the face of self-loathing.

It’s a risk when an artist knownfor spitting bile takes a softer andmore emotional turn. The musiccan easily come off as manipula-tive or overly precious. “Push,”which features acoustic guitarand a chorus by Los Angelessinger Deb Never, comes close tocrossing that line. At first listen,it sounds like a generic indietune, but Slowthai’s energy offersjust enough contrast. “Feel Away,”the record’s penultimate track,moves the billowy emoting of“Push” to a more fruitful placeand might be the best song on“Tyron.”

The rapper gives half of “FeelAway” over to English singer-songwriter James Blake, whoseviscous tone radiates sadness. Ac-companied by glitchy productionfrom Dom Maker of the experi-mental electronic duo Mount Kim-bie, Slowthai raps about the per-ils of an intimate relationship andthe difficulty of giving yourself toanother, and his call is answeredbeautifully by a lovely melodyfrom Mr. Blake. “I leave the dentin my car / To remind me what Icould‘ve lost,” the latter sings. It’sone of several poignant coupletsthat encapsulate “Tyron” as awhole, capturing the heady mix ofrighteous indignation and humblegratitude that are the essence ofSlowthai’s art.

Mr. Richardson is the Journal’srock and pop music critic. Followhim on Twitter @MarkRichardson.

DD1/ZU

MAPR

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The British rapper TyronFrampton, who performs asSlowthai, in 2019; his new album,out Friday, is ‘Tyron,’ below

HERECOMESTROUBLE! | By Evan KalishAcross1 Ophthalmologist,informally

7 “Never ___ Iever...”

11 Visibilityreducer

14 Portugueseexplorer Vasco

15 “I’ll do thatASAP!”

16 Prez on apenny

17 Like the moderneconomy

18 Like medievalcastle halls

20 Source of shadein a glade

21 Bringing on23 Intermission

preceder

24 Palestinian whoshared a PeacePrize

26 “Wait, could youclarify that?”

28 Glazier’s section30 Golden

goal-scoringopportunity

32 “Last WeekTonight” hostJohn

34 Primary35 Malbec or merlot38 Sickle wielder40 Aromatic rice

variety42 Key to quitting?43 Level45 Eggs rarely

servedindividually

46 Like fan fictionwriters

48 Wordless “Overhere!”

49 “Be right withyou”

52 Origami ridge

54 Avoid a guiltyverdict

55 Voices views

57 Pickup part

60 Foolhardy

62 Royalresidence

64 Angsty genre

65 Site of theKarakum,Thar and Gobideserts

66 Full

67 Clatter

TheWSJ Daily Crossword | Edited by Mike Shenk

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14 15 16

17 18 19

20 21 22 23

24 25 26 27

28 29 30 31

32 33 34 35 36 37

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67 68 69

Previous Puzzle’s Solution

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

C A R P A L O O F E B B SO M A R P U R G E S L A PR E P O R T C A R D P A R EA S T R O C L E O A C R E

A D L I B R A N K E DJ U S T S O C A R O BO N C E D E V O I L O S TS I R K E Y W O R D A L AS T A T E E S P Y B R U T

T U N E S E R O D E SM A C R O N S U S A NA C H E E S P N C A G E SR O P E S T I C K Y N O T EI R A N C E L L I Z A N EA N D S O W L E T A D A M

68 Webmaster’smedium

69 Emmy winnerGilda

Down1 Boundary

2 Pronoun with anapostrophe

3 Incessant self-Googler, perhaps

4 Smidgen

5 Home of TDAmeritrade’sheadquarters

6 The 656-mileRoute 1 runsalong it

7 Good that fliesoff the shelves

8 Shortly, quaintly

9 Ornamentalclimbing plant

10 “And more,”for short

11 Gandolfini’son-screen spouse

12 Posthumouswrite-ups

13 “Funny joke,right?”

19 Impose amoratorium on

22 Cardi B specialty

25 Guns on thestreet?

27 Group that givesout IQ Awards

28 Urbi et Orbiaddress deliverer

29 Tap selections31 Apprehend33 Words on a

Wonderland cake35 Cause a

commotion, anda hint to afeature of 3-, 6-and 9-Down

36 HHH37 Tacky gossip39 Lunar New Year

celebration41 Postseason

honorees, forshort

44 Soloist’sshowcase

46 Inquires47 Catering vessel49 Possessed50 Tennis star Osaka51 LeAnn’s “Written

in the Stars”collaborator

53 Yoga posture56 Stiffly formal58 Realty measure59 Ballpark

beverage61 ___-jongg63 Inc., in England

MUSIC REVIEW | MARK RICHARDSON

ARapper’s Two SidesSlowthai tries to reconcile his angry past with his hope for a more grounded future

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make it a thing, but it never hap-pened.

“They stepped up to the chal-lenge,” Brady said of his team’sdefense.

Nine points? No touchdowns?Nobody does that to the Chiefs. Itwas the lowest scoring output inMahomes’s professional career.That Bucs defense—names likeDevin White, Shaq Barrett, JasonPierre-Paul, Lavonte David, led by

Tampa Bay defensive coordinatorTodd Bowles—became a force inthese playoffs, winning on the roadin New Orleans vs. Drew Brees,then Lambeau vs. Aaron Rodgers,then finishing it off at home, mak-ing a potent defending Super Bowlchamp seem mortal, pressuringand overwhelming a patchworkChiefs line and giving Mahomes lit-tle room to operate.

“The worst I think I’ve been

beaten in a long time,” Mahomessaid afterward.

It was a rough and tumble mas-terpiece. The Tampa Bay D de-serves a bow. And perhaps, the Su-per Bowl MVP.

Of course, the way it works infootball is that the quarterback isthe CEO, who gets the blame, andalso the credit, and the MVP. Bradydid more than simply steer the gal-leon into port, however. He was

SPORTS

ing these playoffs, has remainedthe engineer of elite offenses inNew Orleans. Aaron Rodgers wascrowned MVP this year after turn-ing 37. The oldest MVP: Bradythree years ago.

It’s no coincidence that thegreatest passing era of all time hasaligned with an unprecedented runfor quarterback longevity. In thesame era that NFL teams have em-braced passing more, and passinghas become more efficient, quarter-backs are protected unlike ever inthe game’s history.

Quarterbacks were sacked onjust 5.9% of dropbacks in 2020,near the lowest in league history.Net yards per pass attempt are thehighest in the Super Bowl era.Passer ratings reached an all-timehigh. It’s a progression that hasbeen the undercurrent of Brady’scareer.

It was in 2002, fresh off Brady’sfirst Super Bowl title, when theNFL accelerated a series of reformsdesigned to improve playersafety—and quarterbacks in partic-

ular. A minor tweak made it il-legal to hit a quarterback

helmet-to-helmet anytime after a change ofpossession. But itforeshadowed yearsof far more exten-sive overhauls.

Low hits on quar-terbacks, when theycould be avoided,

were banned in 2006.In 2007, the 2002 change

was amended to include hitsto a quarterback’s head not just byan opponent’s helmet, but alsofrom their forearm and shoulder.Those were just some of the 50changes the NFL has made since2002 to protect players in recentyears, with the vast majority ofthem protecting offensive players.

Tom Brady entered professionalfootball at a moment when it wasgetting safer than ever before to beTom Brady. His body absorbedfewer, and less crushing, blowsthan his predecessors. Brady hassuffered just one injury in his en-tire career that kept him out of ac-tion, a knee injury in 2008.

Brady has been sacked on 4.7%of his dropbacks in his career,which is 11th lowest rate ever, butwhat’s more telling is the rest ofthe list. Of the top 15 quarterbacksin that stat, seven of them haveplayed since 2015. This is an erawhen quarterbacks are simply hitless, and that doesn’t include theother blows that have been weededout of the game.

There are two ways offenses and

the quarterbacks who run themhave exploited this phenomenon.They both happened to be on dis-play in this Super Bowl.

One is embodied by Mahomes,the forefront of a generation of mo-bile and freewheeling quarterbacks.They run more than their predeces-sors. They run side-to-side morefor the purpose of passing. Theycan do this both because modernoffenses increasingly embrace thisstyle—and because they’re shieldedfrom so many of the crushingblows that would have once beenleveled on them.

“I want to play as long as theylet me,” Mahomes said ahead of thegame. “In order to do that, I haveto take care of my body as much asI can and leave everything else onthe field.”

Brady plays nothing like Ma-homes. He leads a group that hastaken advantage of football’s

sweeping changes to avoid hits inthe pocket and play longer thananyone at his position ever has.The four quarterbacks with thelowest sack percentage this season:Ben Roethlisberger, Brees, Bradyand Philip Rivers. They’re all 38 orolder. They all made the playoffsthis year.

The difference: Brady was betterthan them.

He beat Brees and the New Or-leans Saints in the NFC divisionalround.

He beat Rodgers and the GreenBay Packers in the NFC Champion-ship.

Then, to top it off, he beat the25-year-old Mahomes in the SuperBowl.

There was a brief time, in be-tween Brady’s Super Bowl win twoyears ago with the New EnglandPatriots and his one Sunday, whenthe traits that made his game tai-

lor-made to longevity were to hisdetriment. He dumped off shortpasses, threw the ball away toavoid hits and his numbers sufferedlast year.

Then, when he became a freeagent, he chose the perfect team tobreathe new life into his career.The Buccaneers had one of theNFL’s best offensive lines and thepassing weapons he sorely lackednear the end of his Patriots tenure.That was clear in the Super Bowl,when he completed 21 of 29 passesfor 201 yards with three touch-downs while getting sacked onlyonce.

Brady has long suggested that hewanted to play until he was 45, anidea that once seemed crazy. Aheadof Sunday’s game, he was asked ifhe would consider playing longer.Suddenly, his answer doesn’t seemso crazy. “I would definitely con-sider that,” he said.

What Tom Brady’sdone is absurd. His ca-reer was absurd beforethis, of course, mock-ing the standard trajec-tory for a football

quarterback, but the absurdity hastruly become something to behold.

He’s really gone and done itnow. The Brady reverence was suf-focating in the weeks heading intothis Super Bowl, and it will be evenmore suffocating now that he’sdone it, won Super Bowl No. 7,with a new team, in a new city, ina new conference, after leaving BillBelichick and a Patriots dy-nasty…and even still, I wonder ifwe’re moderately underselling it,how amazing it is, what he’s ac-complished, at the defiant age of43.

With Tampa Bay, Brady’s addeda deeply personal chapter.

To win and win throughout yourcareer, but to do it in the sameshop, repeatedly, a bit mechani-cally, to the point that people startto wonder if it’s more about theshop, and less about you, and thento leave, bittersweetly, for anothershop, a new coach, and a wholefresh set of co-workers, and win itagain, right away?

Brady is not the type of athleteto publicly parse his emotions, butit’s got to be one of the most satis-fying feelings in sports.

Not revenge—something moreelevated, sweeter.

And yet, Tampa Bay’s defensewon that game. I think that’s animportant thing to say, up high.Brady may tell you that himself,that the Buccaneers offense livedup to its expectations Sunday, andthat it was the defense which de-livered the critical edge. KansasCity got shut down early, andstayed shut. Patrick Mahomes isthe most magical talent in the NFL,and he never got going. I keptwaiting for the Chiefs to surge, torally for 21 in five minutes, and

JASON GAY

How About That Tampa Bay Defense?

On a warm Sunday after-noon almost 20 yearsago, New York Jetslinebacker Mo Lewislowered his shoulder

and delivered a brutal blow to aNew England Patriots quarterbackscrambling to the sideline. DrewBledsoe crumpled to the ground.Soon, a little known 24-year-oldnamed Tom Brady stepped onto thefield.

Football was never the same.Brady, now finishing his first

season with the Tampa Bay Bucca-neers, won his record seventh Su-per Bowl on Sunday in a dominant31-9 thumping of Patrick Mahomesand the Kansas City Chiefs. The ti-tle follows six championships hewon with New England.

Looking back, the one play thathappened to launch football’sgreatest career wasn’t simply agrisly hit. It explains why Brady,now 43, is still atop the sport tothis day: football’s rules changed tosafeguard players like himright as he embarked onhis unrivaled career.

Brady changed theNFL. The NFL alsochanged in waysthat helped extendBrady’s greatness.

“I haven’t had alot of time to thinkabout all the thingslike that,” Brady said ofwinning this Super Bowlat this stage of his career.“I’m just blessed.”

He’s blessed because his careerhappened to dovetail with an evo-lution inside the sport that hasnever made it more sustainable toplay the game’s most important po-sition for longer. As Brady rewrotefootball’s record book, the leaguerewrote football’s rulebook to pro-tect its players—and particularlyits quarterbacks.

The NFL wanted quarterbacksafety. It has produced Bradyclaiming four Super Bowls—afterhe turned 37. Quarterbacks likeBrady, and a host of his peers, havelasted longer than ever becausethey’re hit less often and lesshard. Brady has also credited hiswell-publicized diet and trainingmethods for his durability.

Brady is only the forefront of anera of quarterbacks who have per-sisted and played better at an olderage than anybody could have imag-ined in the wake of these over-hauls. Peyton Manning won his sec-ond Super Bowl five years ago at39. Drew Brees, who turned 42 dur-

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fairly impeccable Sunday: 21 for 29,201 yards, no interceptions, threetouchdown passes. Those numbersare a fraction of his Super Bowlheights, but he doesn’t need bigstats to prove a point anymore.Brady plays within his limits—hedoesn’t try to exert his will on thegame; he will take the incompletepass and simply move on to thenext play—and maybe that’s reallyhis secret, not the protein shakesor deep-tissue massages.

Aging can be tough, but wisdomis a formidable counterweight.

Brady found The Gronk, RobGronkowski, twice for touchdowns.That had to be an awkward feelingup in New England, watching thatcombination do it again in the firstweek of February, in new laundry,for some other town.

That’s the risk of letting a leg-end walk out the door.

The retelling matters now. An-other Super Bowl will fade into therear view, and the NFL will pushon to a new season and a fresh setof Roman numerals. Before weknow it, what happened on Sundayis going to look like another grayset of stats on a page, and we aregoing to have to be the ones whoremind that Tampa Bay won thisgame because its defense was mag-nificent, and so was the new guyunder center, who got another one,in Florida, after leaving it all be-hind.

It’s a perfect exit, were he toexit. Tom Brady is not on script.He indicated on the championshipstage he wants to keep going, atage 44—“Oh yeah, we’re comingback”—so it appears we will get itagain. There’s never been anyonein sports quite like him; we don’treally have the language for whathe’s doing. Let’s stick to “absurd.”More absurdity, due this fall.

The Tampa Bay defense kept thehigh-powered Chiefs offense out ofthe end zone in Super Bowl LV.

34‑11Tom Brady’s postseasonrecord, after going 4-0

in this season’splayoffs

HowTomBrady Lasted toWinA Seventh Super Bowl at Age 43

The NFL began changing its rules to protect quarterbacks at the start of his career. It helped him claim another ring.

Tom Brady has long suggested that he wanted to play football until he was 45, an idea that once seemed crazy.

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THEWALL STREET JOURNAL. Tuesday, February 9, 2021 | A17

JohnstownAfter DarkSmalltimeBy Russell Shorto(Norton, 259 pages, $26.95)

BOOKSHELF | By Bryan Burrough

Do we really need another Mafioso-in-the-family memoir?I mean, seriously, we’ve had books that could be calledMafia Wife, Mafia Dad, Mafia Son, Mafia Stepdaughter,

Mafia Uncle, Mafia Dachshund, Mafia Goldfish—okay, well,I made up a couple of those, but you get the point. When AlCapone’s purported grandson publishes a memoir, and he has,I think it’s safe to say we’ve reached saturation.

Which is why I was surprised how thoroughly I enjoyedRussell Shorto’s “Smalltime: A Story of My Family and theMob.” Even more so once I realized a more accurate subtitlefor the book would be “Searching for Grandpa: Second-in-Command of the Johnstown (Pa.) Mob.” In other words, thisis not Mafia history that will send Geraldo Rivera scramblingto open a Shorto family safe anytime soon.

And that, oddly, is part of the book’s charm. The authorof well-received histories of Amsterdam and New York City,Mr. Shorto has produced something that feels altogetherfresh, a street-level portrait of how his late grandfatherhelped build what amounted to a Mafia small business—or

businesses, actually, every-thing from the numbers andrigged card and dice games(Grandpa’s specialty) to poolhalls, a cigar store, bars,bowling alleys and pinballarcades. There’s a murdermystery here—there has tobe, right?—but make nomistake, this is a spry littlebook about small business.

As Mr. Shorto tells it, he hadonly the vaguest notion of hisnamesake grandfather Russell“Russ” Shorto’s career until anelderly cousin buttonholed himand urged him to write a book.Mr. Shorto is reluctant—“not my

thing,” he avers—but soon finds himself in a JohnstownPanera Bread, surrounded by a gang of ancient, white-hairedwise guys dying to tell him about the old days. Grandpa Russ,it seems, had a long run as a mid-level Mafia bureaucrat,running a sports book and crooked card games among otherthings, until his drinking got out of control and the law finallycame calling.

For Mr. Shorto, the challenge is Grandpa Russ’s personality,or lack of one. He was a quiet man and, despite all the Panerachats, remains a cipher for much of the book. The story opensup once Mr. Shorto goes in search of the public Russ, tracinghis family from its Sicilian roots and cataloging his newspaperclippings and arrest and FBI records. What emerges is thegritty tale of a talented card-and-dice cheat who gets hisbreak in the late ’30s when a buttoned-down Mafioso namedJoseph “Little Joe” Regino, who made his bones in Phila-delphia, marries into Russ’s family and opens a Mafiafranchise in Johnstown.

This was industrial-age Pennsylvania, and postwar Johns-town was a city of steel factories, whose workers quicklycottoned to the backroom gambling and after-hours placesRuss and Regino opened. Russ’s masterstroke was somethingthey called the “G.I. Bank,” a thrumming numbers operationthat proved a cash machine. They invested the profits in adozen local businesses and paid off the mayor and cops,while allowing them to make periodic “raids” to sate thenewspapers. A handful of foot soldiers would get pinched,a few hundred dollars in fines would be paid, and theywould do it all again the next year.

This is the kind of backwater Mafia business that doesn’tmake it into many history books, yet it thrived in places as farafield as Rochester, N.Y., and Hot Springs, Ark. What hits youin “Smalltime” is the near-wholesale absence of violence. Yes,the occasional debtor gets beaten up, but it’s not like Reginoand Russ rule by fear. They were providing a service—the“juice” of Johnstown nightlife, Shorto calls it—and for ahalcyon 15 years it was all good.

That murder? It’s really an anomaly, the only one Mr.Shorto even mentions, and it’s a bit of a MacGuffin anyway.There was never any serious evidence Grandpa Russ wasinvolved, but the incident proves a useful device to explorethe fringy lives of scads of forgotten characters who peopledthe mob ladder many rungs below the Capones of the world.

Much of the fun in “Smalltime” is accompanying Mr.Shorto into nursing homes, retirement communities andtumbledown rowhouses as he gently grills these wheezingoctogenarians—everyone seems to be on oxygen—about thedetails of bygone sitdowns and arrests and, yes, that singlemurder. My favorite is the 89-year-old, a notorious leg-breaker back in the day, who chuckles as he reminisces ofpistol-whipping those behind in their debts. Ah, good times.

When Mr. Shorto summons the courage to ask if this mancould be the murderer he is seeking, the old gent replies: “Me?I didn’t want to get involved in killing. I was too good-natured!I was mean . . . but I was good-natured.” And then, for thethird or fourth time, a look comes over his face and he says,“What’d you say your name was?”

Grandpa Russ’s Mafia career ended around 1960, when anew mayor, inspired by Bobby Kennedy, began to clean upthe town. It’s at this point that the book loses a measure ofits energy, focusing more on Russ’s boozy downward spiraland his tangled home life; according to Mr. Shorto, he siredat least two illegitimate sons, one discreetly raised by hispartner Regino. This kind of thing proves startlinglycommon, the author discovers; these people move childrenamong families like checker pieces.

The weakest sections of the book crowd toward the end, asMr. Shorto describes his efforts to suss out his ailing father’sinvolvement in all this. Family lore holds that Grandpa Russforbade his son from entering the Mafia; the truth turns outto be more complicated. There are strained father-and-sondiscussions, leading to the inevitable hospital vigil, but thethrill of sleuthing family history ebbs.

I didn’t much mind. Mr. Shorto is a terrific storyteller,especially in his brevity. His sentences are short, crisp andunshowy; few of his words are wasted, a delight these days.Extra details are sunk into footnotes. At 259 pages, “Small-time” is a book you can knock back in a couple of flights—that is, if we ever take flights again.

Mr. Burrough’s next book, “Forget the Alamo: The Riseand Fall of an American Myth,” written with Chris Tomlinsonand Jason Stanford, will be published in June.

A distinguished author’s search for Grandpa,a raffish ‘supplier of nightlife’ to aMafia-runbackwater in central Pennsylvania.

Biden Fumbles Early on Opioid Addiction

Among the Trump admin-istration’s last and bestdecisions was to allow

almost all physicians to pre-scribe buprenorphine, one ofthe most effective treatmentsfor opioid addiction. Previ-ously, only doctors who hadcompleted an eight-hourtraining course and obtained alicense from the Drug En-forcement Administrationcould do so. Only 7% of physi-cians are certified to prescribethe drug, and more than halfof rural counties lacked a sin-gle prescriber as of 2018.

President Biden had prom-ised during the campaign toabolish the licensing require-ment, known as the “X-waiver,”which President Trump’s De-partment of Health and HumanServices moved to nix a weekbefore he left office. AfterFrance eliminated a similarregulation, the number of pa-tients receiving buprenorphine

increased tenfold, and opioidoverdose deaths dropped by80% in four years. Yet to theastonishment of the medicalcommunity, the Biden adminis-tration abruptly reversed thechange on Jan. 27, arguing itdidn’t pass legal muster andthe White House budget officehadn’t signed off.

We hope this about-facewasn’t political. But if theonly issue is procedural, whynot let the change stand untilCongress passes legislation toregularize it? There is everyreason to do so: Nearly 130Americans die of opioid over-doses on an average day, anda bipartisan bill has alreadybeen proposed, with plans forreintroduction.

The X-waiver stems from

regulators’ concerns about us-ing buprenorphine, an opioid,to treat opioid addiction.There is no similar require-ment for prescribing opioidsto treat pain. As physicianswho prescribe buprenorphine,we can see why treating opi-oid addiction with an opioidmight invite concern. But itmakes sense. Buprenorphine’schemical structure allows it toreduce cravings for other opi-oids like heroin while decreas-ing the risk of overdoseshould patients relapse onthem. Just as impressive, itdoesn’t cause the intense eu-phoria of other opioids, and itis usually formulated in com-bination with naloxone, amedication that blocks bu-prenorphine’s effects if in-jected, making misuse rare.

Given busy schedules, in-timidation stemming from theunusual training requirement,and DEA scrutiny of buprenor-phine prescribers, convincingphysicians to obtain an X-waiver is a daunting task.

Hospitals are so desperate formore prescribers that someare paying physicians nearly$750 to complete the X-waivercourse. The federal govern-ment has also tried to im-prove buprenorphine accessby extending prescribingrights to nurse practitionersand physician assistants whocomplete 24 hours of trainingand obtain an X-waiver. Still,the need for the treatment faroutpaces supply.

Perhaps the Biden adminis-tration will eliminate the X-waiver in its own manner. Buthow can it justify further de-lay with overdose deaths in-creasing amid the pandemic?If the administration lacks thecourage to act now, we im-plore Congress to do so. Itshould use the next Covid-19relief package as an opportu-nity to end the X-waiver’sdeadly reign.

Dr. Barnett is a psychiatristand Dr. Weleff is a resident inpsychiatry in Cleveland.

By Brian BarnettAnd Jeremy Weleff

He rolls back a Trumpreform to increaseaccess to treatment.

OPINION

As the Senatec o n v e n e sTuesday totry DonaldTrump for“inciting vio-lence againstthe Govern-ment of theU n i t e dStates,” thebig question

isn’t whether he’s guilty. It’swhether the Senate has theright to try him at all.

Questions about the con-stitutional legitimacy of thisimpeachment are a good hintwhy the nation is moving fur-ther away from the healingand unity Joe Biden called forin his victory speech. Cer-tainly the policies of the Bi-den administration will takethe country in a new direc-tion. But if divisions betweenAmericans deepen, it will beless because of the policiesthemselves than the meansused to ram them through.

Start with impeachment.Given the Constitution’s lackof clear-cut language on theissue, there are legitimate ar-guments for impeaching andtrying a president who’s al-ready left office. Surely, how-ever, an honest debate wouldbegin by at least concedingthat one reason there are somany unresolved questions isthat what we have in thiscase is so outside the norm.

It wasn’t until 1868, 79years after George Washing-ton’s first inaugural, that thenation had its first presiden-tial impeachment, of AndrewJohnson. It took another 130years until President BillClinton’s impeachment in

How to Keep America Polarized1998. But in the space of 13months, Speaker Nancy Pelosihas managed to impeach Mr.Trump twice, equaling all theprevious presidential im-peachments in U.S. history.

Both impeachments havebeen rushed affairs, the firstlaunched by the speaker’s de-cree rather than a vote of theHouse. As Sen. Mitch McCon-nell complained that first time’round, “the House Democrats’impeachment inquiry is break-ing critical precedents, deny-ing the administration impor-tant rights that were affordedother presidents, and violat-ing basic rules of due pro-cess.” This time is no better.The ranking member of theHouse Rules Committee, Rep.Tom Cole, points out thatDemocrats chose “to race tothe floor with a new article ofimpeachment, forgoing any in-vestigation, any committeeprocess or any chance formembers to fully contemplatethis course of action beforeproceeding.”

Adding to the aura of ca-priciousness is that the wholepurpose of impeachment is toremove a president from of-fice. Again, there exists a re-spectable argument that apresident who has left officecan still be impeached, if onlyto bar him holding office inthe future. But there is alsoan argument that impeachingand trying a president afterhe has left is gratuitous andwill set troubling precedentsof its own.

Unfortunately, impeach-ment isn’t the only areawhere the extraordinary hasbecome the order of the dayin Mr. Biden’s Washington.

From lawmakers’ calls toabolish the Electoral Collegeor kill the filibuster to Presi-dent Biden’s flurry of execu-tive orders and the unprece-dented move by Democrats tostrip GOP Rep. Marjorie Tay-lor Greene of her committeeassignments over flaky state-ments she made before enter-ing Congress, today’s Demo-cratic majority has nopatience for any rule, prac-tice or convention that standsin its way.

This is especially true forrules designed to encouragecompromise and ensure thata majority cannot simply runroughshod over the minority.Even the losers can acceptthe outcome of a fight inwhich they have been fairlyvoted down after being al-lowed to make their case. Butwhen people believe they lostbecause the rules of the gamewere changed, it makes themstart looking for revenge, andthe tit-for-tat can turn ourparties into Hatfields andMcCoys.

Take the $1.9 trillionCovid-19 relief package thatpassed the Senate with a tie-breaking vote cast by VicePresident Kamala Harris. Thiscould have been a bipartisanbill. But that would have re-quired some give and take.Democrats decided they

weren’t going to give.Instead, they opted to use

the budget-reconciliation pro-cess to get around the 60votes they would haveneeded to overcome a filibus-ter. Though reconciliation ispermitted—and both Republi-cans and Democrats haveused it before—it isn’t un-bounded. The Byrd Rule, forexample, limits the process tomeasures such as taxes andspending, which have a directeffect on budget outlays orspending. This is to preventsenators from using reconcili-ation to sneak through extra-neous items they’d otherwisefind difficult to pass.

Some Democrats now findthe Byrd Rule too confining,and they want to throw itoverboard because some ofthe measures they hope to in-clude in the relief package—e.g., a $15 hourly minimumwage—would likely fall afoulof it. So some are calling onMs. Harris to overrule theSenate parliamentarian,opening the door to usingreconciliation to pass allmanner of legislation unre-lated to the budget process.

Republicans and Demo-crats are never going toagree on the big policies. Butwhat people want and whatthey will settle for are twodifferent things. The realhope for unity isn’t that oneside will surrender to theother’s policy agenda but thatboth will work within a clear,fair and honest process.

But it can’t work if themajority gets the outcomes itwants by changing all therules of the game.

Write to mcgurn@wsj.com.

Democrats are happyto throw over any rule,custom or conventionthat gets in their way.

MAINSTREETBy WilliamMcGurn

In his firstmajor for-e ign-pol icyaddress aspresident, JoeB i d e ncouldn’t havebeen clearer:There’s a newsheriff intown. Notonly did his

speech last week announcereversals of high-profileTrump policies; it criticizedthe neglect “and, I would ar-gue, abuse,” of American alli-ances in the, ahem, recentpast. In describing a recentphone conversation with Rus-sian President Vladimir Putin,the new commander in chiefsaid he conducted himself “ina manner very different frommy predecessor.”

The Biden team is drivenby conviction. It really be-lieves that America’s leadingposition in the world rests onglobal admiration for U.S. val-ues. The administrationthinks America’s alliance net-work is based on those valuesand Washington’s commit-ment to a multilateral ap-proach. President Trump’s“America First” foreign policy,in this view, was an all-out as-sault on the foundations ofU.S. power.

Let us hope that Mr. Bi-den’s leadership willstrengthen alliances and rallythe rattled forces of democ-racy against rival authoritar-ian great powers. But talk iseasy; work is hard.

No president in recent de-

The Antidote to Trump Isn’t Obama Reduxcades made as many inspiringspeeches about democracyand human rights as Presi-dent Obama—and yet no ad-ministration in recent decadessaw authoritarian powersmake so many gains. In 2011Mr. Obama put down amarker in Syria: “The timehas come for President Assadto step aside.” A decade later,propped up by Russia andIran, Bashar Assad is stillthere.

It is very well for Mr. Bidento say he isn’t Mr. Trump, butwhat he needs to demonstrateto the world is that he isn’tMr. Obama. The Obama ad-ministration’s mix of toughwords and fumbled deeds inplaces like Egypt and Syria—along with its serial failuresto curb Russian and Chinesepower plays from Crimea tothe South China Sea—badlydiminished American prestige.The prospect that the new ad-ministration will similarly dis-sipate Washington’s energyand credibility in empty ges-tures and moralistic word sal-ads quietly worries U.S. allies(and delights and encouragesAmerican adversaries).

Mr. Biden made two cleardemands in his speech, callingon Russia to release AlexeiNavalny without conditionsand Myanmar’s military toroll back its coup. The inevita-ble question: What happensnow? If this turns out to beanother empty “Assad mustgo” moment, then many ob-servers around the world mayconclude that Obama Syn-drome has again taken hold in

Washington. America willposture and strut, but it willnot or cannot act.

And it will be hard for Mr.Biden to make these particu-lar demands stick. With re-gard to the Kremlin, economicsanctions have so far donenothing to change its policyon Crimea, Syria or anythingelse. If anything, Moscow ismore defiant than ever. Rus-sia is escalating cyberattackson the U.S.

When EU foreign policychief Josep Borrell defied hu-man-rights campaigners inEurope by refusing to cancel ascheduled meeting with Rus-sian foreign minister SergeiLavrov after the Navalny ar-rest, Mr. Lavrov responded bytreating Mr. Borrell with ex-traordinary rudeness. AfterMr. Lavrov called the EU an“unreliable partner” at a jointpress conference, the haplessMr. Borrell learned from Twit-ter at a working lunch withMr. Lavrov that Russia wasexpelling three European dip-lomats. These are not the actsof a government worriedabout Western opinion.

Despite Russia’s economicproblems, Mr. Putin evidentlybelieves he has little to fearfrom the West. Oil prices are

up by more than 50% sinceOctober and are likely to risefurther as the Covid-19 reces-sion ends. Probably this willmore than offset the effect ofany new sanctions. Shuttingdown the Keystone XL pipe-line while work on the NordStream 2 pipeline from Russiato Germany resumes sends amore powerful signal to theKremlin about Western inten-tions than empty demandsabout Mr. Navalny.

In Myanmar, unless streetprotests succeed in overturn-ing the coup, American op-tions are limited. Beijingstands ready, checkbook inhand, to demonstrate itsworth as an ally not only toMyanmar but to regimes any-where on earth concernedabout U.S. human-rights di-plomacy. India and Japanview their relationships withMyanmar’s military as criticalelements in their anti-Chinastrategy. Under the circum-stances, the generals may feelthey have even less to fearfrom President Biden than Mr.Assad had to fear from Presi-dent Obama.

Human rights and democ-racy promotion have a neces-sary place in American for-eign policy. But it is extremelydifficult to succeed at them.The world will be watchingRussia and Myanmar to assessthe new president’s foreignpolicy skills. Mr. Biden’swords must lead to deeds,and his deeds must driveevents. That is how his ad-ministration can rebuild U.S.power and prestige.

U.S. allies worry thatBiden may turn out tobe all posturing andtalk, no action.

GLOBALVIEWBy WalterRussell Mead

P2JW040000-0-A01700-1--------XA

A18 | Tuesday, February 9, 2021 THEWALL STREET JOURNAL.

Truth, Not a Truth Ministry, Will Set Us FreeRegarding your editorial “Liberal-

ism’s Ministry of Truth” (Feb. 4): Iam struck again by how much closerour political environment is now tothat described in George Orwell’sbook “1984” than when I first read itin the 1960s. I recently reread it andfound disturbing how rapidly we aremoving to the world Orwell imagined.Anyone who read “1984” years agoand forgot about it should reread itnow. It is depressingly prescient.

JAMES R. DANIELFredericksburg, Va.

I find your editorial extremelyfrustrating, especially after readingthat the Republican members of theHouse did nothing to rebuke Rep.Marjorie Taylor Greene’s opinionsthat have been broadcast on socialmedia and in the news over the pastfew years. Your editorial gives peoplelike her free rein to express whateverthey choose. I won’t pass judgmenton content, only that there has to bea filter for information that is false,slanderous, racist, derogatory and in-flaming.

To say that liberals are trying tocensor conservatives is missing thepoint. Everyone should be working atstopping the spread of disinformationand oppose usurping democracy andthe promoting of suppression.

ROGER PARRISHTaos, N.M.

What citizens and taxpayers wantto know are the facts. Truth has be-come subjective in left-wing and pro-gressive circles. We all want to knowthe facts, whether or not we everlearn the truth. There is a differencebetween facts and truth. Truth can-not be looked up in a reference book.

JOHN MCGILLFrankfort, Mich.

Regarding the suggestion that weneed a “reality czar” to determinewhat is acceptable speech, and con-servatives need not apply: Only theNew York Times, the bastion of truth,could propose this with great sincer-ity. Has anyone ever reminded thepeople there that when the Bolshe-viks took over Russia, journalistswere one of the first groups taken tothe wall and executed because the

Bolshevik vanguard elite, the chosenones, would be the definers of truthgoing forward and would harbor nocompetition.

This harks back to my old combatdays in Vietnam when I heard: “Wehad to destroy the village to save it.”Keep up the good work.

BILL KLEINSpringfield Ill.

In “YouTube Cancels the U.S. Sen-ate” (op-ed, Feb. 3), Sen. Ron Johnsonsays that Dr. Pierre Kory stated be-fore a Senate committee hearing thatan antiparasitic drug, ivermectin, pre-vented Covid in health-care workersin Argentina. What he doesn’t men-tion is that the Argentinean studyused ivermectin with another pre-sumed antiviral drug, Iota-carra-geenan, so the results don’t show thativermectin was the effective drug.

The NIH is currently looking ativermectin and its effect on viruses,and in particular the Covid-19 adeno-virus. Up to this point, there are noU.S. or world-wide studies that havebeen completed.

There may be a good reasonGoogle removed the YouTube video ofthe Senate committee meeting thatwas hearing testimonies on the treat-ment of Covid-19.

ROY LEVIT, M.D.New York

To threaten physicians with sanc-tion, firing or some form of retribu-tion is the way of politics. To act inthe best interest of one’s patients hasalways fortified doctors to make deci-sions in context, acting as the pa-tient’s guide and advocate. As an em-ployee in many, if not most, health-care corporations or a virtualemployee of the government in a so-cialist single-payer system, thethreats to any physician who deviatesfrom the financial, political or currentsocial orthodoxy adds interveningnonmedical threats to decision-mak-ing. For the medical profession to ac-quiesce to these political or corporat-ist demands will destroy theprofession and the very institution ofmedicine in the eyes of our citizens,their patients.

ALLAN DOBZYNIAK, M.D.Eastport, Mich.

LETTERS TO THE EDITOR

“When you’re at a loss for words,the trick is to stop talking.”

THEWALL STREET JOURNAL

Letters intended for publication shouldbe emailed to wsj.ltrs@wsj.com. Pleaseinclude your city, state and telephonenumber. All letters are subject toediting, and unpublished letters cannotbe acknowledged.

Inflation’s Fire Next Time May Soon Be HerePhil Gramm and Mike Solon make a

convincing case for looming inflationin “The Risks of Too Much ‘Stimulus’”(op-ed, Feb. 3), yet the Federal Re-serve appears clueless about the dan-gers. The Federal Open Market Com-mittee projects that personal-consumption expenditure inflationwon’t even reach 2% until 2023.Someone is very wrong here, and ba-sic monetary theory suggests it is theFederal Reserve.

The Fed now totally ignores mone-tary trends. It still publishes the data,except for the M3 aggregate whichwas discontinued in 2006. As a resultof this lack of analysis, it has failed torealize that much of the recent mone-tary increase is in household accounts,as stimulus checks have and are beingsaved and deposited. This is entirelydifferent from the quantitative-easingjolts to the accounts of bond tradersand financial institutions. All that isneeded is a rapid increase in the ve-locity of money to cause rapid in-creases in aggregate demand.

The attainment of herd immunityto Covid-19 will guarantee a release in

pent-up demand that will drive veloc-ity higher. This will occur in an econ-omy that is in reasonably good shape,contrary to the portrayal by hystericalmedia elements.

What happens when we get a newround of stimulus checks, along withrising costs due to a weak dollar inimport markets, a surge in antibusi-ness regulations and perhaps an in-crease in the minimum wage? Add inthe 28% increase in M2 last yearwith more to come, and the result isclear to anyone who remembers theinflation of the late 1960s and the’70s, and to anyone who has studiedthe monetary analysis of MiltonFriedman.

EM. PROF, ROBERT F. STAUFFERRoanoke College

Salem, Va.

I laughed out loud reading “TheRisks of Too Much ‘Stimulus.’” To theprogressive mind, there is no suchthing as “too much.” If the spendingfails to achieve its objectives, thenprogressives will simply say: “Itwasn’t enough.”

EDWARD J. KMIECBlack Mountain, N.C.

Pepper ...And Salt

Look for Huge Job GainsAhead for Reprogrammers

Regarding the New York Sun edito-rial cited in “Program” (Notable &Quotable, Jan. 28) on reprogrammingTrump deplorables: I live in Califor-nia and my sisters live in Missouri.We haven’t seen each other for sometime. May we respectfully requestthat we be placed in the same repro-gramming camp?

JUDY HOVISLincoln, Calif.

The Filibuster Really Isn’tMuch Help for Democracy

In “The Senate’s Byrd Call” (Poto-mac Watch, Jan. 29), Kimberley A.Strassel defends the filibuster as ameans of achieving bipartisanship,and she further argues against under-mining the so-called Byrd rule, whichplaces limits on the Senate’s use ofbudget reconciliation to circumventthe filibuster.

But the mere invocation of formerSen. Robert Byrd illustrates pre-cisely why the filibuster should bedone away with. Byrd infamouslyspoke for over 14 straight hours in afutile attempt to derail the CivilRights Act of 1964. He presumablycame to reject his regressive resis-tance to racial equality, but the ex-ample serves to illustrate that thepoint of the filibuster is not—andhas never been—to achieve biparti-san consensus; it is instead a toolthat aims to, and succeeds at, disem-powering the majority.

In short, the filibuster is pro-foundly and effectively antidemo-cratic. For that very reason, it shouldbe buried in the ash heap of history,regardless of which party controlsthe Senate.

PROF. DAVID R. DOWUniversity of Houston Law Center

Why Democrats Want a Trump Trial

T he Senate on Tuesday begins the secondimpeachment trial of Donald Trump,now the former President. Democrats

say the trial is crucial to pun-ishing Mr. Trump for the Jan.6 Capitol riot, but it seemsmore likely to do the oppositeby acquitting him. It alsolooks like a needless partisanexercise that will further po-larize America’s political factions.

i i iAs we’ve said several times, Mr. Trump’s ac-

tions that day and after the November electionwere disgraceful. He made false claims abouta stolen election and later about overturningthe Electoral College count. He also misled hissupporters about Vice President Mike Pence’ssolely ceremonial role in presiding over thevote count.

By rallying his supporters to march on theCapitol in the false hope of overturning theelection result, and then refusing for hours toask them to stand down, Mr. Trump toleratedan assault on a constitutional branch of govern-ment. Republicans who think this is impeach-able conduct will get no criticism from us.

Yet the House impeachers don’t limit them-selves to that charge. In their single and sloppyimpeachment article, they accuseMr. Trump of“incitement of insurrection.” This is a stretch,not least because Mr. Trump called on themarchers to behave “peacefully.” The Housemanagers mention this only in passing in theirtrial brief. It is doubtful that Mr. Trump’s Jan.6 remarks would qualify as incitement underthe criminal code.

The assault on the Capitol was a riot, and aviolent one, but it wasn’t an “insurrection.” Itwasn’t a coup. Law enforcement was over-whelmed but it was all on the side of the Con-gress. Once the mob was dispersed, the Mem-bers returned to the House chamber to countthe votes. There was never any chance that JoeBiden would not become President on Jan. 20,whatever the fantasies of Mr. Trump and hiscourtiers.

We advisedMr. Trump to resign and take re-sponsibility for the events of Jan. 6, but he rodeout his term, was impeached by the Housewithin a week, and is out of office. The relevantissue three weeks into a new Presidency is whatpurpose does a trial serve now?

Democrats say it will deter future impeach-able acts late in a President’s term, but that isunlikely if Mr. Trump is acquitted, as he likely

will be. He will claim vindica-tion. The greater rebukewould come from letting himsuffer in isolation, withoutpower and with the stigma ofa bipartisan House impeach-ment vote.

Democrats say a conviction would also allowa simple majority vote to bar Mr. Trump fromholding federal office again. That is temptingto some GOP Senators who know Mr. Trump’sparty dominance has cost them control of theHouse and Senate. But he probably won’t beconvicted, and in any case voters should decideif they want him in office again. Mr. Trump’selectoral defeats are amore compelling rebukethan a partisan ban by Congress.

Most Senate Republicans seem poised tovote for acquittal on grounds that impeachinga former President is unconstitutional. Thereare good arguments on both sides of the ques-tion, but the courts are unlikely to rule on thematter. The prudential point is that the trialwon’t have the deterrent or censuring effectthat Democrats claim to want.

i i iSo why hold this trial? The answer is trans-

parently political. Hatred for Donald Trump isthe Democratic Party’s single most unifyingprinciple. Democrats have prospered politicallysinceMr. Trumpwas elected, and they’d like tokeep him as a foil for as long as they can.

They know he divides Republicans, and theyhope a trial will cross-pressure the GOP in 2022.Witness the state party censures of Rep. LizCheney and Sen. Ben Sasse for their criticismof Mr. Trump’s post-election conduct. If GOPSenators vote to convict, they will face Mr.Trump’s wrath in future campaigns. If they voteto acquit, Democrats will run against them asapologists for the Capitol riot.

Perhaps the trial will turn up some new evi-dence thatmoves the Senate toward conviction.But don’t count on it. The House rushed im-peachment without hearings, and the only wit-ness themanagers have called isMr. Trump—anobvious political stunt. The irony of this trialis that Republicans would like tomove on to de-batingMr. Biden’s agenda, but Democrats can’tlet Mr. Trump go.

They already know theresult, but they think itwill hurt the GOP.

Reality Check for a $15 MinimumWage

P resident Biden says his priority is creat-ing new jobs and he wants “to grow theeconomy for all Americans.” But look at

how theCongressional BudgetOffice sizes up his proposal fora $15 federal minimum wage.Phasing in this mandatorywage floor by 2025, accordingto the CBO’s new average esti-mate, would result in a loss of1.4 million jobs.

The idled workers would be disproportion-ately younger and less educated, and CBO proj-ects that half of themwould drop out of the la-bor force. Prices would also rise for goods andservices that rely on entry-level labor, “such asfood prepared in restaurants.”The federal bud-get deficit through 2031 would increase $54billion, CBO says, as the government spentmore on unemployment benefits and health-care programs.

Low-wage employees lucky enough to keeptheir jobs would get a raise. CBO says 17millionworkers would be “directly affected” by the $15minimum, andpoverty “wouldbe reducedby0.9million.”This is not a free lunch, nomatter howoftenMr. BidenandBernieSanders say so. Thosegainswouldcomeatahighcost for theyoungandunskilled who will have a harder time grabbingthe first rung of the economic ladder.

Even those figures are a guess, since settingtheminimumwage at a high of $15would essen-tially put the country through an economic ex-periment. Thiswouldmean imposing the urbanlabor costs of San Francisco andManhattan onevery out-of-the-way gas station in rural Amer-ica. TheU.S. economy ismade up of local and re-gional labormarketswith prevailingwage rates

that depend on varying standards of living, thekinds of employers, and the availability and skillof the workforce. Some 20 states have a mini-

mumwage no higher than thecurrent national minimum of$7.25.

The good news is that the$15wage’s route throughCon-gress looks bumpy. Mr. Bidentold CBS he’s willing to push a

$15 wage floor in separate legislation, but hedoesn’t think it’ll pass buried in his $1.9 trillionCovid bill: “Apparently that’s not going to occurbecause of the rules of theUnitedStates Senate.”

Mr. Biden is referring to the Byrd Rule. TheSenate aims to approve his Covid bill using thebudget reconciliation process, which bypassesa filibuster and requires only 51 votes. Under theByrdRule, however, the Senate parliamentarianshould and probably will say a $15 minimumwage isn’t germane to the budget.

Itwon’t be for lack of trying. “Wehave a roomfull of lawyers,” Bernie Sanders said over theweekend, “working as hard as we can to makethe case to the parliamentarian that, in fact,raising theminimumwagewill have significantbudget implications and, in fact, should be con-sistent with reconciliation rules.”

If the parliamentarianwon’t bend, Democratscould hold a vote to overrule her. But in an inter-view lastweekwith theBipartisanPolicyCenter,Sen. JoeManchin put his cards on the table. “I’mnot going to let the Byrd rule be decimated,” hesaid. Can you blame him?West Virginia’smini-mum wage is $8.75 an hour. Its median hourlywage, $16.31 in the 2019 data, is only a tick abovewhatMr. Sanders insists starting sandwich art-ists must be paid.

How many jobs for theyoung and unskilled doDemocrats want to lose?

Biden’s Yemen Gamble

T he State Department told Congress Fri-day that it will reverse the Trump Ad-ministration’s designation of Yemen’s

Houthi rebels as a foreign ter-rorist organization. By SundayFoggy Bottom was asking thegroup to stop behaving like aterrorist organization.

“As the President is takingsteps to end thewar in YemenandSaudi Arabia has endorsed a negotiated set-tlement, theUnited States is deeply troubled bycontinuedHouthi attacks,” a State Departmentspokesman said Sunday. “We call on theHouthisto immediately cease attacks impacting civilianareas inside Saudi Arabia and to halt any newmilitary offensives.”

Yemen’s civilwar has been ahumanitariandi-saster since the Iran-backedHouthis seized thecapital city of Sana’a more than six years ago.Saudi Arabia, with U.S. assistance, has led a co-alition to support the country’s internationallyrecognized government. Democrats and someisolationist Republicans, critical of Saudi con-duct, tried and failed to force theTrumpAdmin-istration to end its involvement.

LastweekPresidentBidenannounced theU.S.

would pull its assistance for “offensive opera-tions” and cancel “relevant arms sales.”Mr. Bi-den paradoxically promised the U.S. still would

help Saudi Arabia defend itselffrom Houthi attacks.

The State Department alsoappointed an envoy to begin afresh push to end the conflict.Seeking a negotiated peace fora war that has killed nearly a

quarter-million people is important. But in theMiddle East, adversaries read unilateral conces-sions as weakness unless they aremade from adominant position.

These earlymoveswill have ramifications be-yond Yemen. In an interview recorded Friday,Mr. Biden said theU.S. won’t lift sanctions untilthe Iranian regime ends its violation of the 2015nuclear deal. Supreme Leader Ayatollah AliKhamenei responded that Iran won’t complywith the accord until sanctions are lifted. TheIranians believe Mr. Biden will blink first.

Backed by an Iran that expects to be courtedby the U.S., the Houthis think they’re winningandwill try to gain ground as America retreats.Undermining friends and emboldening adver-saries is not a good formula for peace.

The Houthis escalateagainst the Saudis after

a U.S. concession.

REVIEW & OUTLOOK

OPINION

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THEWALL STREET JOURNAL. Tuesday, February 9, 2021 | A19

Statesman of the Centuryand Foreign Minister EduardShevardnadze.

“Trust is the coin of therealm,” Shultz believed, anadage he used as the title foran essay reflecting on his100th birthday in December.With trust, good things hap-pen. Without it, they don’t.Characteristically, whenShultz called out China onthese pages last August for“wrecking Hong Kong,” heemphasized that China had“lost international trust,”making it “difficult to formfuture deals with China’sleadership.”

Even before Mr. Gorba-chev’s ascent, Shultz beganbuilding trust with the Sovi-ets on human rights, an is-sue on which there was noagreement on fundamentals.To resolve an impasse over agroup of persecuted Pente-costal Christians shelteringin the U.S. Embassy in Mos-cow and seeking asylum,Shultz made a deal to getthem out of the Soviet Unionin exchange for Reagan’spromise not to “crow” aboutit. “It was significant,” he said yearslater, “that Ronald Reagan’s first dip-lomatic achievement with the Sovi-ets—largely unknown to the public—was on an issue of human rights.”

That small success provided thebasis for a larger one under Mr. Gor-bachev—a breakthrough wasreached on the emotionally and po-litically charged issue of the “refuse-niks,” Soviet Jews who had longbeen denied permission to emigrateto Israel.

The confidence established be-tween Reagan and Mr. Gorbachevand their foreign ministers was sostrong that Shevardnadze told Shultzprivately in the fall of 1987, almostfive months before the public an-

nouncement, that the Soviets wouldleave Afghanistan. That made it pos-sible to begin discussing how the twocountries would deal with their re-spective Afghan allies after the So-viet withdrawal.

Shultz’s successors would do wellto remember three aspects of his di-plomacy. First, he knew that diplo-macy requires strategy, setting goalsand working toward them over time.“Confronting tremendous problems”on coming into office, Shultz wrote,“the economist in me asked, ‘Whereare we trying to go, and what kind ofstrategy should we employ to getthere?’ recognizing that results wouldoften be a long time in coming.’ ”

Second, he understood that strat-

egy requires reflection. Thatmeans confronting whatShultz’s friend and colleaguePaul Nitze, called the “ten-sion between opposites”—between reflection and ac-tion. The flood of decisionsdemanding the secretary’sattention leave little time tothink about the big picture.Accordingly, Shultz createdhis “Saturday seminars,” towhich he would invite a di-verse group of experts to ex-plore with him for severalhours key aspects of impor-tant issues.

Third, even with the besteffort to set the right direc-tion, many factors are out-side a diplomat’s control.For him, it was a pursuitmore like gardening than ar-chitecture or engineering,where you can build accord-ing to a plan. “If you keepthe weeds out and apply fer-tilizer regularly,” he wouldsay, amazing things maygrow. He was anything butflashy: The press corpsmight have preferred excit-ing speeches, but Shultz was

more interested in results than head-lines. And he remembered that signon Reagan’s desk.

Shultz displayed so much energyand good humor at the teleconfer-ence celebration of his birthday lastDecember and he was writing sothoughtfully, even in his 100th year,that it seemed reasonable to hope wecould have the benefit of his wisdomfor a few more years. Fortunately wecan still learn from his writings andfrom his example.

Mr. Wolfowitz served as assistantsecretary of state for East Asian andPacific Affairs (1982-86), ambassadorto Indonesia (1986-89) and deputydefense secretary (2001-05).

By Paul Wolfowitz

TERR

YSH

OFF

NER

G eorge Shultz was perhapsthe 20th century’s mostconsequential secretary ofstate, a group that includesGeorge Marshall, Dean

Acheson and Henry Kissinger. Be-tween 1982 and 1989 Shultz and Pres-ident Ronald Reagan forged a rela-tionship with Soviet leader MikhailGorbachev that brought a peacefulend to the Cold War and relative free-dom to some 400 million Soviet sub-jects—an impossible dream whenReagan took office in 1981.

Reagan had a sign on his desk:“There is no limit to what a man cando, or how far he can go, if he doesn’tmind who gets the credit.” Shultzwas happy to credit Reagan for theirjoint achievements, which the secre-tary attributed to the president’swillingness to challenge conventionalwisdom and change “the national andinternational agenda on issue afterissue.” Shultz viewed his role as pro-viding the diplomacy to realize thatvision and to improve it. Sometimesthat meant telling the president hewas wrong, as with the Iran-Contrascandal or the president’s erroneousstatement that there had been “fraudon both sides” in the 1986 Philippineelection.

Shultz would be the first to say hewas lucky to work with a great leader.Both men recognized they were luckyto have Mikhail Gorbachev as a coun-terpart. Shultz seized that luck toforge a trusting relationship betweenthe two leaders and between himself

Strategy, reflection andrestraint made GeorgeShultz one of the greatestdiplomats of his era.

The PoliticalLogic of theTrump Trial

By Charles Lipson

OPINION

Will Biden Stop Trump’s Afghan Retreat?

On the list of crises confrontingthe Biden administration, Af-ghanistan has steep competi-

tion. Amid a pandemic, a superpowercontest with China, and a scourge ofdomestic extremism, policy makerscould be forgiven for missing the dayswhen Washington’s biggest worry inthe world was an insurgency in Cen-tral Asia.

Yet as much as the White Housemight prefer to set aside Afghanistan,the conflict there cannot wait. Thanksto the flawed deal the Trump admin-istration struck with the Taliban ayear ago, the Biden team inherits aticking time bomb it must quicklydisarm.

Specifically, the Taliban agreementcommitted Washington to withdrawall its forces from Afghanistan by theend of April—less than 100 days fromnow. In exchange, the Taliban pledgednot to allow terror groups to use Af-ghan territory to threaten the U.S. orits allies.

The U.S. has upheld its end ofthe bargain to the point that only2,500 American troops remain inAfghanistan.

The Taliban, on the other hand, hasmade no sign of splitting with alQaeda. The U.S. Treasury Departmentwarned last month that al Qaeda in-fluence in Afghanistan is actually in-creasing under Taliban protection.Taliban officials now speak of hostingal Qaeda members as “refugees”—thesame rationale they used to shelterthe group before 9/11.

Far from facilitating a wider peacein Afghanistan, the U.S. drawdownhas coincided with a surge in violence

shocking even by Taliban standards.Insurgents have launched a KhmerRouge-style campaign of targetedmurders against journalists, judges,human-rights activists and civil ser-vants in Kabul. The strategy behindthis killing spree is clear: to extermi-nate, as a class, the modern-mindedAfghan professionals who oppose theTaliban’s extremist agenda.

The Biden administration says it isreviewing whether the Taliban is liv-ing up to its obligations. If, as publicevidence suggests, it is not, the obvi-ous consequence should be to sus-pend the U.S. exit.

Some in Washington may betempted to acquiesce. This would en-able Mr. Biden to extricate Americafrom “forever war,” while blaminganything that goes wrong on the dealleft behind by Mr. Trump.

Yet this would be a historic mis-take. Turning a blind eye to the Tali-ban’s continued entanglement withterrorists would all but guarantee thereturn of an extremist sanctuary toAfghan soil. Before Mr. Biden’s termis out, it is a safe bet that Afghani-stan will again explode, draggingWashington back in—at much greatercost than the U.S. presence there nowentails.

Abandoning Afghans would alsosend the message that despite Mr. Bi-den’s rhetoric on democracy and hu-man rights, Washington can be intimi-

dated into betraying these principlesand the people for whom they are amatter of survival.

The better approach is to tell theTaliban that the price of peace withthe U.S. is a complete, verifiable breakwith al Qaeda and other terrorists—and that Washington won’t be bulliedinto withdrawal.

Mr. Biden should further insist theU.S. won’t leave Afghanistan untilthere is a durable negotiated settle-ment between the Taliban and therest of Afghan society.

This wouldn’t require Washingtonto send tens of thousands of combattroops back to Afghanistan. Afghansthemselves are bearing the over-whelming burden of this fight. But theWhite House should entertain modestadjustments to U.S. force posture, ifrecommended by the commander onthe ground.

The Biden administration can alsopress U.S. allies to increase their con-tributions to the Afghan mission. ANATO ministerial later this month willprovide a forum to do so.

Above all, American leadership isindispensable—most concretely, in thewherewithal to keep a sustained, sus-tainable counterterrorism presence inAfghanistan. That’s a measure Mr. Bi-den rightly endorsed as a candidate.

Too often in foreign policy, the in-stinct of a new administration is toreverse the strategy of its predeces-sor, provoking a crisis. In the case ofAfghanistan today, it is the essentialfirst step toward defusing one.

Mr. Serchuk is an adjunct seniorfellow at the Center for a New Ameri-can Security and executive director ofthe KKR Global Institute.

By Vance Serchuk

The Taliban has given everysign that it will harborterrorists again after April.

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W hat do Democrats hope togain from Donald Trump’simpeachment trial? A con-

viction could prevent him from hold-ing federal office again, but it isn’tclear they benefit from keeping himoff the ballot. They beat him in2020, and his looming presencecould impede a new generation ofRepublican candidates.

But a trial will galvanize andunify the Democrats. It keeps thehated Mr. Trump in the spotlightand distracts from the central issuedividing Democrats: How progres-sive will President Biden’s agendabe? Even more important, they ex-pect the trial to split the other party.Divide and conquer—pit pro- andanti-Trump Republicans against eachother, not only now but for comingelections.

To recapture Congress next yearand the White House in 2024, theGOP needs not only to retain Mr.Trump’s voters but to add to them.Republicans seen as anti-Trump fearlosing contested primaries. In thegeneral election, Trump supporterscould lose swing voters. For theDemocrats, by contrast, trying Mr.Trump seems a low-cost gesture.The only price, they believe, will bea brief delay in approving Mr. Bi-den’s nominees and momentary dis-traction from his agenda.

This isn’t to deny the bipartisanoutrage over the assault on CapitolHill, or the Democrats’ genuine be-lief (shared by many Republicans)that Mr. Trump’s actions after Nov. 3breached the bounds of constitu-tional propriety. It is simply to rec-ognize that Democrats and Republi-cans are political creatures whomust make hard-nosed political cal-culations.

Yet the Democrats may end uppaying a higher political price thanthey anticipate. The trial won’t onlydelay Mr. Biden’s program. It willtarnish his image as a “unifier” ea-ger to work across party lines. Thatidentity will be much harder to sus-tain after Democratic senators votein lockstep to convict Mr. Trump andpush through a mammoth Covid re-lief bill without any Republicanvotes.

With all or almost all Democratssupporting Mr. Trump’s conviction,the president will be pressed to de-clare his position. Whether Mr. Bi-den speaks out or not, he signaledhis position when he refused to dis-suade Mrs. Pelosi from transmittingthe House’s article of impeachmentto the Senate. The speaker wouldn’thave done so over the new presi-dent’s opposition.

As the trial unfolds, Mr. Biden andVice President Kamala Harris (whohas begged off from presiding overthe trial) will try to keep a low pro-file while avoiding any criticism ofthis party-line effort to denounceand convict Mr. Trump. That tacitapproval will be universally ap-plauded by Democrats and their me-dia allies. But it leaves Mr. Biden fac-ing backward, avenging grievancesfrom the Trump years, not forward,advancing his own program. Partisanrevenge is hard to reconcile with bi-partisan restoration.

Joe Biden and the Democratssurely understands these costs butwill pay them anyway because theyexpect to impose far higher ones onRepublicans. That political logicdrives the impeachment trial.

Mr. Lipson is a professor emeritusof political science at the Universityof Chicago, where he founded theProgram on International Politics,Economics, and Security.

Democrats seek to divideRepublicans and see littledownside. That may turnout to be a miscalculation.

Talk About Putting Politics in the Bedroom!

G reat conflicts are many yearsin the making. It’s often a rev-olutionary spark or an unac-

countable misjudgment that tumblesthe participants into all-out strife.But the long descent into hostilitiesis usually marked by events, largeand small, that serve as grim histori-cal milestones on the road to war.

Some of these are self-evidentlyconsequential, large political actsthat drive the wedge deeper betweenthe parties. But some are symbolicyet capture more vividly the widen-ing cleavage.

The British Parliament’s passageof the Townshend Acts in 1767 and1768 imposed onerous levies on theAmerican colonists and fueled the se-cessionist zeal. But it’s the BostonTea Party most people think of whenthey seek an image of war made in-evitable by intolerable acts. Morethan 80 years later, the Kansas-Ne-braska Act hastened the path to civilwar by abolishing the Missouri Com-promise on the admission of newslave states. But John Brown’s Raidon Harpers Ferry still does more tofire the imagination, enshrined inpopular memory as the moment thejust cause of abolitionism made con-flict necessary.

When historians look back at thedisintegration of the U.S. in the 21stcentury, I wonder if they might iden-tify the Great Pillow Fight as one ofthose symbolic moments that pre-saged a looming catastrophe.

Last week David Hogg, a survivorof the 2018 Parkland, Fla., schoolshooting, announced a dream tolaunch a pillow-manufacturing com-pany. In a series of tweets Mr. Hoggpromised a product that would beunion-made, support progressivecauses and, above all, “not attempt awhite supremacist overthrow of theUnited States government.”

His target—rhetorical and com-

mercial—is Mike Lindell, the founderof My Pillow, who recently movedfrom the other side of the commer-cial break on right-leaning televisionnews programming to become a vo-cal promoter of Donald Trump’s ef-forts to nullify the election.

Americans, it seems, will nowhave to be identified by the brand ofdowny fluffiness they rest theirheads on at night. Do you go to bedwith a progressive pillow or a con-servative counterpane? Do I need toreplace my white-privileged mattressor shall I just get a futon that pro-motes racial equity? Where does thisend? What do I do in the next toilet-paper shortage when all that’s avail-able in the local store is a brand thatreifies the patriarchy?

I might be overreacting. The Pil-low Wars may not amount to much inthe end. Our politics are at an unusu-ally contentious moment amid a pro-longed public-health and economiccrisis. The temperature may drop.Deepening conflict, secession and all-out fighting are not inevitable.

But the trends are not promising.Societies cannot cohere when differ-ences over politics penetrate everycrevice of their members’ lives. Ifsimple, quotidian acts of consumer

choice, workplace relations or inter-actions with neighbors are to be sub-ordinated to our divergent ideologi-cal outlooks, it no longer even makessense to speak of a community.

A Los Angeles Times columnist re-counted a harrowing story last weekabout her experience at the hands ofa family of Trump supporters. Itseems the Republican neighbors at

her country residence had—unbid-den—plowed mountains of snowaway from her driveway. The trauma-tized writer compared this act ofsimple human kindness to somethingthe Mafia might do.

Underlying her disorientation wasthe evident cognitive dissonance inher mind that Trump supporterscould possibly be kind people. In thiswe have the very distillation of ourcurrent plight: What were once thelittle acts that bonded us as a com-

munity are now manifestations of themalevolence driving us apart.

There’s blame on all sides for ourdisintegrating social compact. Mr.Hogg is entitled to his progressivepillow enterprise. It’s impossible notto have some sympathy with a youngman whose life-altering tragedy washijacked by a future member of Con-gress whose publicly professed skep-ticism about the outrage helped pro-pel her to Republican stardom.

But the underlying problem is thesoft progressive totalitarianism thatseeks to compel submission to itscreed. A powerful cultural establish-ment, now reinforced by political do-minion in Washington, won’t toleratedeviance. Instead of learning to liveat peace with the reality of pluralism,the essence of a successful democ-racy, it demands concordance withall of its ever-changing strictures. Itascribes dissent not to honest dis-agreement, differing experiences, di-verse intellectual traditions or thebasic human instinct for autonomy,but to malice and ignorance.

It won’t succeed—at least not inits monolithic objective. It will suc-ceed only in driving us further andfurther apart, clutching our ideologi-cally congenial pillows.

Activist David Hogg sayshe’ll start a pillowmakerto compete withMikeLindell.Where does it end?

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BUSINESS&FINANCE

struck in its response to Chi-nese regulators differedsharply from the stance ChiefExecutive Elon Musk has takenin the U.S. when he has comein for government scrutiny. In2018, he sparred with the Secu-rities and Exchange Commis-sion, which investigated histweets about taking Tesla pri-vate, a move that didn’t hap-pen. Last year, he battled with

local authorities in Californiathat temporarily ordered hislone U.S. car plant closed toslow the spread of the corona-virus.

When a U.S. car regulatorthis year requested the recallof some Model S and Model Xvehicles, Tesla agreed to fix af-fected models, but said it dis-agreed that touch-screen fail-ures constituted a defect and

called the agency’s rules“anachronistic.”

China’s highly public mes-sage of dissatisfaction withTesla’s quality issues comes asthe Palo Alto, Calif., electric-carmaker ramps up production ofthe Model Y compact crossovervehicle at its plant in Shanghai.It also follows recent global re-calls of the U.S.-made Model X

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FOOD DELIVERYDoorDash is acquiringa robotics startup toautomate productionprocess more. B3

SHIPPINGContainer lines arelooking for alternatepaths to get aroundbottlenecks. B5

Reddit Inc. doubled its val-uation to $6 billion in a newround of funding that comes asthe social-media company hasadded users through the pan-demic and more recentlygained attention for its role inthe Wall Street trading frenzy.

Reddit on Monday said itraised $250 million in a late-stage funding round led byventure-capital firm Vy Capi-tal. Previously it was valued at$3 billion after its last fundinground in February 2019, ac-cording to PitchBook, a pro-vider of private market data.Current investors in Redditalso include venture-capitalfirm Andreessen Horowitzand internet conglomerateTencent Holdings Ltd.

The company, founded inPleaseturntopageB2

BY SARAH E. NEEDLEMAN

RedditDoublesValuationIn Funding

Electronic Arts Inc. saidMonday it is acquiring GluMobile Inc. in a $2.4 billiondeal aimed at expanding anarea of business in which thevideogame giant has hadmixed success.

The all-cash deal, which isexpected to close in the June-ended quarter, will bring Glu’smobile games such as “KimKardashian: Hollywood,”“Diner Dash” and “MLB TapSports Baseball” to EA. Glushareholders will receive$12.50 a share, representing a36% premium to Glu’s closingprice Friday, EA said.

Glu shares rose 34% to$12.56 in extended tradingMonday.

“We did this deal becausewe believe mobile is the fast-est-growing platform on theplanet” for videogames, EAChief Executive Andrew Wil-son said. “The combination ofthese two companies creates amarket leader in lifestyle andsports.”

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BY SARAH E. NEEDLEMAN

EA to BuyMaker ofMobileGames

sprawling web of more than2,000 subsidiaries, affiliatesand shell companies.

Three publicly listed compa-nies controlled by HNA, includ-ing its flagship carrier HainanAirlines, said in late Januarythat billions of dollars weremisappropriated from theirbusinesses and that their cof-fers were drained by HNA’s ac-tivities. The three firms saidtheir assets were also used toguarantee debts of HNA and itsrelated entities.

An HNA spokeswoman de-clined to comment.

The recent disclosures arejust the tip of the iceberg. HNA

creditors, which include state-owned financial firms, haveasked a court in Hainan to reor-ganize the company and disen-tangle the many complex fi-nancing arrangements thatonce powered its aggressiveglobal expansion. HNA, whichwas sunk by massive debt, saidit would submit to the legalprocess.

Gu Gang, a top official atHainan’s state-owned develop-ment agency who was recentlynamed as the top CommunistParty official overseeing HNA,said in an open letter that thecompany’s problems began ac-cumulating well before the cor-

onavirus pandemic dented itscore airlines business.

Mr. Gu, who heads a workinggroup that spent much of thepast year developing a plan todefuse the company’s risks,said HNA found itself in a deephole because of its wild growthand poor past decisions. “WhenI thought about having to ex-amine each and every assetthat was lost as a result…Iwould be filled with anger andresentment. How did such agood group become like this to-day?”

The company grew out ofHainan Airlines, which startedoperating in the early 1990s. It

became China’s biggest privateairline by expanding and ac-quiring other regional airlines,and added other businesses,from travel agencies and hotelsto shipbuilding and logistics.

The group made headlinesglobally over the past decadewhen it bought stakes inDeutsche Bank AG and the Hil-ton hotel chain and took con-trol of California-based elec-tronics distributor IngramMicro, among a multibillion-dollar portfolio of trophy assetsit assembled. During its heyday,an HNA executive comparedthe firm with Warren Buffett’s

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From 2015 to 2017, as theChinese conglomerate HNAGroup Co. collected stakes inoverseas hotels, financial insti-tutions and office towers in a$40 billion deal-making frenzy,a question lingered: How didthe company get so muchmoney to spend?

Now, following the downfallof one of China’s most acquisi-tive companies, the findings ofa provincial government work-ing group are shedding somelight on the unorthodox waysthat money was moved aroundwithin HNA, which has a

BY MARTIN MOU

Deal-Making Spree Catches UpWith HNAHainan Airlines is one of three listed carriers controlled by China’s HNA. They said billions of dollars were misappropriated.

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Menlo Park, Calif., startup andwill be scrutinized in a hearingon Capitol Hill next week. Ini-tially, many investors assumedthe firm’s decision to limitbuying GameStop shares wasdirected by hedge funds thathad bet against the stock or byhigh-frequency trading firms.

In fact, the move wasprompted by something moremundane—a $3 billion margin

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When Robinhood MarketsInc. and other brokers abruptlyrestricted trading in GameStopCorp., it cast a spotlight on anormally obscure corner of thefinancial markets: the clearing-house that processes U.S. stocktrades.

Robinhood’s move infuri-ated its customers, prompteddozens of lawsuits against the

BY ALEXANDER OSIPOVICH

Stock Clearing ProcessChallenged on Speed

SHANGHAI—Tesla Inc. hasbeen summoned by Chinese au-thorities citing consumer com-plaints about quality issues, awarning for the electric-vehiclemaker in a country where ithas enjoyed a welcome rarelyseen for foreign companies.

The State Administration forMarket Regulation, China’s topmarket regulator, said Mondaythat it and four other regula-tors had instructed Tesla toabide by Chinese laws and reg-ulations and strengthen inter-nal management to ensure thequality and safety of its prod-ucts.

It was a rare rebuke forTesla, the first foreign automaker to operate a whollyowned plant in China.

In a statement late Mondayin China, Tesla Shanghai said it“sincerely accepted the guid-ance of government depart-ments.” It said it had “deeplyreflected on shortcomings” andwas working on strengtheningits operations. It also said itwould investigate Chinese con-sumers’ complaints and abideby Chinese laws and regula-tions.

The tone the car maker

BY TREFOR MOSSAND YOKO KUBOTA

China Rebukes Tesla on Quality Issues

A sales assistant driving a Tesla Model Y last month in Shanghai, where production is ramping up.

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HNAGroup grew rapidly byacquiring assets around theworld, before it was forced todownsize under the weight oflarge debts.

Note: 1 trillion yuan=$154 billionSource: S&P Capital IQ

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Boeing Co.’s board failed tochallenge then-Chief ExecutiveDennis Muilenburg on thesafety of the 737 MAX or hiscampaign to counter negativenews reports between two fatalcrashes that claimed 346 lives,according to newly releasedportions of a shareholders’ law-suit that cites internal companydocuments.

About two weeks after the

initial crash in late 2018, Mr.Muilenburg devised “a publicrelations, investor relations andlobbying campaign,” accordingto the lawsuit, partly designedto push back against the badpublicity and criticism by U.S.airline-pilot groups attackingBoeing’s disclosures regardingthe jet’s design. He discussedthe plan with then-lead direc-tor Kenneth Duberstein andboard member David Calhoun,now Boeing’s CEO, according tointernal emails cited in the suit.

Around the same time, Boe-ing was publicly pointing to pi-lot and maintenance errors asimportant factors in the fatalplunge of Lion Air Flight 610 inIndonesia, even as it was pri-vately beginning work on a fix

to an automated flight-controlsystem implicated in thatcrash. The system, calledMCAS, later also led to a sec-ond MAX crash in early 2019 inEthiopia.

The new details, containedin a recently amended versionof a shareholder lawsuit filedagainst Boeing’s board in Dela-ware’s Court of Chancery, in-cluded inner workings at thehighest levels of the companyas it became embroiled in oneof the biggest corporate crisesin modern American history.U.S. regulators late last year al-lowed the MAX to resume pas-senger flights, ending a nearlytwo-year grounding.

A Boeing spokesman onMonday said the company was

seeking to dismiss the share-holders’ suit, which he saidlacked merit. He said Boeingwas dedicated to safety, qualityand integrity and that the com-pany’s senior management andboard had engaged in “robustsafety oversight,” including ex-tensive reviews of engineering,airplane-development and pro-duction processes. He said Boe-ing had improved safety, qual-ity and compliance since theMAX crisis.

“It should come as no sur-prise that a filing by plaintiffsseeking to gain advantage in alawsuit presents a misleadingand incomplete picture of theactivities of Boeing and itsboard of directors,” the spokes-man said. Mr. Muilenburg de-

clined to comment. The com-pany declined to make currentexecutives and directors avail-able. Former directors and ex-ecutives either declined tocomment or couldn’t bereached. After the crashes, Boe-ing revamped its internal struc-ture to give the board greateroversight of safety matters.

The Wall Street Journal pre-viously reported on an earlierversion of the suit that hadbeen heavily blacked out. Thesuit, which relies on a trove ofinternal Boeing documents, in-cludes communications such asemails among executives anddirectors during the nearlyfive-month period between thetwo crashes and their after-

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BY ANDY PASZTORAND ANDREW TANGEL

Boeing Board Draws Fire on CEOShareholders insuit saydirectors failed tochallengeMuilenburgonpostcrashmediaplan

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B2 | Tuesday, February 9, 2021 * * * * 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

Advance Publications.B2Alibaba......................B12AMC Entertainment........................... B11,B12Apex Clearing............B10Apple...........................B4Auto1 ..........................A2

B

BlackBerry.................B12Boeing .........................B1

C

CanSino Biologics.......A9Cargill ..........................B3Chowbotics..................B3CMA CGM....................B5Codemasters Software.....................................B4

D

Dell Technologies .......A2Depository Trust &Clearing...................B10

DoorDash.............B3,B12

E

eBay............................A2Enel............................B11Engine No. 1.............B12E*Trade.....................B12Expedia........................A2Exxon Mobil ..............B12

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Facebook......................B2Ford Motor................B12Foster Farms...............B3

GameStop...............B1,B10,B11,B12General Motors.........B12Grubhub.......................B3

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Hennes & Mauritz......A9HNA Group..................B1

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Interactive Brokers...B10International BusinessMachines.................B11

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JBS USA......................B3JPMorgan Chase.........A4

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LendingClub................A4Loews........................B11

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Massachusetts MutualLife Insurance...........A2

MicroStrategy.............A2

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Next.............................A9

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Occidental Petroleum...................................B12

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Palantir Technologies...................................B11Paradigma Sarl...........A2PayPal .........................A2Perdue Farms..............B3Pilgrim's Pride............B3

Primark .......................A9Pyramid ManagementA1

QQuest Diagnostics......A2

RReddit...................B1,B12Ripple Labs.................A4Robinhood Markets........................A2,B1,B10

SSanderson Farms........B3Smithfield Foods........B3SoftBank......A1,B11,B12Space ExplorationTechnologies.............A2

Square.........................A2State Street..............B11

TTD Ameritrade..........B12Tencent........................B4Tesla........A1,B1,B11,B12Twitter...................A2,B2Tyson Foods................B3

UUber Technologies............................. B3,B12

VVolkswagen..........B2,B12

W - XWebull Financial.......B10Wells Fargo.................A4WeWork ....................B12Wirecard....................B11XPeng..........................B2

INDEX TO PEOPLE

BUSINESS & FINANCE

according to the suit, “theboard supported the public re-lations campaign” of Mr.Muilenburg “to attack accuratemedia coverage respecting the737 MAX.”

Among the news articlesdiscussed inside the companywas a Nov. 12, 2018, Journal ar-ticle that said Boeing withheldinformation about the MAX’snew flight-control feature fromairline pilots. That feature waspart of the FAA’s initial safetycertification.

The following day, accordingto the latest version of the suit,Mr. Muilenburg sent an updateto the board calling the Journalarticle “categorically false.”

By early December 2018, ac-cording to the suit, Mr. Muilen-burg instructed Anne Toulouse,then the company’s chiefspokeswoman, to “keep push-ing back” on coverage by theJournal, telling her “the onlyengineering and PR problemwe have is the pseudo problemfabricated by the WSJ!”

A Journal spokesman said:“The Journal’s reporting onBoeing has been fair, accurate,and we stand by our conclu-sions. We will continue tocover Boeing in the same re-sponsible manner.”

Earlier this year, Boeingstruck a $2.5 billion deal withthe U.S. Justice Department tosettle a criminal investigationcentered on two company em-ployees who allegedly misledFAA training specialists aboutthe suspect flight-control sys-tem.

As part of that settlement,Boeing acknowledged that por-tions of its flight manuals gavepilots false, inaccurate and in-complete information.

In discussing an emergencysafety bulletin the FAA issued

point when looked at from aflying public—the passengersand voters—point of view,” shesaid in the March 14, 2019 note.

She encouraged Mr. Muilen-burg to “start the journey torebuilding our reputation—which we will and have donebefore with real data and notbased on our tendency to wantto only see the good.”

In a March 15, 2019, emailexchange between board mem-bers Arthur Collins and Mr.Calhoun, Mr. Collins discussedhow when he was CEO ofMedtronic PLC, the medical-de-vice maker, every board meet-ing started with a product-safety discussion. He suggestedBoeing focus an entire boardmeeting on reviewing quality,according to an email cited inthe suit.

Mr. Collins said: “I recognizethis type of approach needs tobe communicated carefully soas to not give the impressionthat the board has lost confi-dence in management (whichwe haven’t) or that there is asystematic problem with qual-ity throughout the corporation(which I don’t believe thereis),” Mr. Collins wrote to Mr.Calhoun, who previously servedon Medtronic’s board.

The lawsuit said Mr. Cal-houn forwarded the emails toMr. Muilenburg, who said hewould address the issues inboard materials.

In April 2019, vice presi-dents in charge of engineeringand safety for the commercialaircraft unit provided theirfirst report directly to theboard, according to the suit:“The presentation opened witha primer titled: ‘What is Certi-fication?’”—Alison Sider contributed to

this article.

math. Previously redacted por-tions of the earlier version ofthe suit became public Mondayafter the Journal asked thecourt to release the informa-tion.

Morgan Zurn, vice chancel-lor of the Delaware state court,said in her Feb. 1 order thatBoeing’s internal “communica-tions are at the very heart ofthis board oversight case.” Say-ing that little had been re-vealed about how Boeing’sboard responded to the MAXcrashes, she added: “The publicinterest favors disclosure.”

The lawsuit sheds light on akey period of Boeing’s recenthistory that resulted in Mr. Cal-houn, a director since 2009, be-coming Mr. Muilenburg’s suc-cessor as CEO. A former topexecutive at aircraft enginemaker General Electric Co., Mr.Calhoun became the board’schairman after the second MAXcrash before directors oustedMr. Muilenburg in December2019.

After the Lion Air crash inOctober 2018, which was soonfollowed by the Federal Avia-tion Administration’s conclu-sion that MCAS “posed an un-acceptably high risk ofcatastrophic failure,” the suitalleges directors didn’t orderan immediate safety investiga-tion of the system or how itwas approved by regulators orinvestigate its safety. Instead,

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BoeingBoardDraws Fire

after the Lion Air crash, thesuit said that Mr. Muilenburgwas more concerned with po-tential cash-flow disruptionsthan safety matters. “We needto be careful” that the FAA’s in-terest in the contents of flightmanuals, he wrote to GregSmith, the company’s chief fi-nancial officer, “doesn’t turninto a compliance item that re-stricts near-term deliveries.”

The risk-management up-date to the board after the firstcrash didn’t include oversightof airplane safety, according tothe suit, nor did safety issuessurface as part of a December2018 meeting of the board’s au-dit committee.

The committee, then headedby director Larry Kellner, a for-mer airline executive who isnow Boeing’s chairman, dis-cussed a plan to further rampup MAX production and sup-plier disruptions that affectedaircraft deliveries, according tomeeting materials cited by thesuit.

Safety concerns gainedprominence internally with theMarch 2019 crash of EthiopianAirlines Flight 302. Just dayslater, Mr. Muilenburg’s chief ofstaff, Ann Schmidt, urged theCEO to address safety problemsobjectively, telling him not to“drink [Boeing’s] own bath wa-ter.” The reputation of Boeingand the 737 “has been severelyhit if not destroyed at this

Mr.Muilenburg’schief of staff urgedhim toaddress safetyproblemsobjectively.

Berkshire Hathaway Inc., TheWall Street Journal previouslyreported, seeking to model it-self after the Omaha, Neb., con-glomerate’s collection of profit-able, diverse and cash-generating businesses.

But unlike Berkshire, HNApiled on debt as it made acqui-sitions, getting loans from do-mestic and foreign banks andselling bonds that often didn’thave credit ratings. At onepoint, HNA estimated that ithad the equivalent of around$100 billion in debt. Chineseauthorities began scrutinizingits activities, prompting foreignlenders and investors to backaway. Under government pres-sure, the company shed the ma-jority of its overseas assets.

HNA was one of a number ofsprawling, hyperacquisitiveconglomerates that have fallenfrom favor in China, alongside

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Beaver, Jeremy...........B2Braun, Markus..........B11

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Caldwell, Jessica.........B2Calhoun, David............B1Cascarilla, Charles....B10Christopher, Paul.B4,B11Contopoulos, Michael...................................B11

EEichelmann, Thomas B11

FFreis, James..............B11

HHuffman, Steve..........B2

M - PMorris, Daniel......B4,B11Muilenburg, Dennis....B1Musk, Elon.....A1,B1,B12

Pao, Ellen....................B2Peterffy, Thomas......B10Pirrong, Craig............B10Pozmanter, Murray...B10

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Smith, Greg.................B2Son, Masayoshi..........A1

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Tenev, Vlad................B10Wood, Cathie ............B12

“This whole event is show-ing the power of large commu-nities of everyday people,” saidMr. Huffman. “Not just massiveinstitutional and professionalinvestors get to participate inthe stock market.”

Social-media companieshave long grappled with howbest to moderate and curatetheir content and now face theprospect of lawmakers’ chang-ing how they do business. Onepossibility is an overhaul ofSection 230 of the Communica-tions Decency Act, which since1996 has shielded social-mediacompanies from civil liabilitypotentially resulting from con-tent that users post on theplatforms. A congressionalhearing on the recent marketgyrations has been scheduledfor Feb. 18. Mr. Huffman saidFriday he hadn’t yet beenasked to participate.

Reddit’s relationship with itsvolunteer moderators hasn’t al-ways been harmonious. Hun-dreds of communities shutdown in 2015 to protest thesudden firing of a popular Red-dit employee. The company’sCEO at the time, Ellen Pao,apologized for how Reddit han-dled the matter and resignedshortly after. Mr. Huffman tookover the position.

Reddit in June banned“The_Donald,” a community de-voted to former President Don-ald Trump, saying moderatorsfrequently ignored content thatviolated the platform’s rules.“It was a political communitydedicated to a president, sothere’s a heavy weight to that,”Mr. Huffman said. “We gavethem many opportunities to begood citizens of Reddit, andthey were never able to do so.”

The membership of Wall-StreetBets alone more thanquadrupled to 8.7 million sub-scribers this year.

its employee headcount thisyear to around 1,400, Mr. Huff-man said, noting that one rea-son the company raised newfunding was to help it attracttalent. Reddit recently hired ahandful of executives who willstart in the coming months, headded, declining to specifytheir titles or name them.

The financing deal comesafter Reddit’s WallStreetBetscommunity gained attention assome members successfullyegged on people to buy sharesof heavily shorted stocks suchas GameStop Corp. U.S. regula-tors are probing whether theensuing market upheaval re-sulted in securities-law viola-tions.

The incident has helpedbring Reddit millions of newusers as well as new advertis-ers, which provide the com-pany’s main source of revenue,Mr. Huffman said.

The 37-year-old Reddit co-founder recently changed hisReddit profile image to Wall-StreetBets’ cartoonish mascotof a Wall Street trader with so-called diamond hands, in ashow of support for the group.

Reddit lets users rate allposts and comments on theplatform and relies on tens ofthousands of its own users tovoluntarily police speech. Bycontrast, larger social-mediaplatforms such as FacebookInc. and Twitter Inc. relymainly on algorithms and paidhelp to do that kind of work.

The most recent user num-bers from Reddit put the dailyaverage at 52 million as of Oc-tober, which was up 44% fromthe same month a year earlier.

Mr. Huffman said the Wall-StreetBets episode has demon-strated the durability of thecompany’s model, as it maturesand grows.

The toy diamonds represent ‘diamond hands,’ or holding a stock forthe long term, and an image WallStreetBets users have embraced.

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AL2005, has raised roughly $800

million since its inception.“It’s a good market to fund-

raise,” Reddit Chief ExecutiveSteve Huffman said in an inter-view. “Valuations are very highright now. It never hurts toraise money when there’s anopportunity to do so and Red-dit had a strong year.”

For example, advertisingrevenue for the company shotup 90% in the quarter endingin December from a year ear-lier, he said.

San Francisco-based Redditis known for its messageboards on a multitude of topicsas well as its “ask me any-thing” digital town halls withcelebrities, politicians and sub-ject-matter experts. The com-pany, which isn’t profitable,was sold to Condé Nast in2006 and the magazine pub-lisher’s parent, Advance Publi-cations Inc., spun Reddit off in2011 and remains a share-holder.

Mr. Huffman said Redditplans to use the new fundingto invest in areas such asvideo, advertising and con-sumer products as well as toexpand into international mar-kets. Late last year Redditbought video-sharing app Dub-smash to expand its presencein user-created video, one ofthe hottest corners of the in-ternet, for an undisclosed sum.“Our strategy isn’t materiallychanging,” Mr. Huffman said.

Reddit also plans to double

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RedditStands byApproach

others such as Anbang Insur-ance Group, Dalian WandaGroup and CEFC China Energy,which also spent heavily onoverseas deals before beingreined in by authorities.

In February 2020, when thecoronavirus pandemic ravagedthe airline industry, HNA waseffectively taken over by theHainan government, which senta working group to take controlof the company’s board andcomb through the books andshareholding structures of nu-merous HNA-linked companies.

The goal of the court-ledbankruptcy and reorganizationis to return HNA to financialstability so it can continue tooperate as China’s fourth-larg-est aviation company.

In all, HNA and related com-panies obtained about 60 bil-lion yuan, the equivalent of$9.3 billion, in funding and loanguarantees from Hainan Air-lines, Ccoop Group Co. andHNA Infrastructure InvestmentGroup Co., the filings from thethree mainland-listed firmsshowed. The units said fundswere misappropriated, becausethe money didn’t go towardtheir own operations.

—Jing Yangcontributed to this article.

Deal SpreeCausedHNAWoes

Boeing’s ex-CEO, Dennis Muilenburg, right, at a 2019 Senate hearing on the crashes. In the back, family members hold up victims’ photos.

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Chowbotics’ kiosks with their meal-making robots can create and dispense a customized salad.

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Some plant workers and advo-cates said meat companies lostcredibility after what criticscalled their slow or weak effortsto protect workers as infectionsspread through plants last year.

“There is this distrust in thecompany,” said Magaly Licolli,co-founder of the worker-advo-cacy group Venceremos, whichworks with Arkansas chicken-plant employees. Ms. Licollisaid she is encouraging workersto be vaccinated, but said meatplants shouldn’t mandate theshots.

Meat companies said theyhave spent hundreds of millionsof dollars on Covid-19 safetymeasures, providing workerswith masks, screening them forsymptoms and spacing out cafe-teria seats. Some company offi-

cials say certain jobs can’t be so-cially distanced, due to howprocessing lines are designed.Infection rates among workershave declined, companies say, al-though plants continue to sufferoutbreaks.

Chicken company FosterFarms and beef producer CargillInc. temporarily closed plants inDecember after infectionsspread among workers. JBS inNovember removed hundreds ofemployees from a Coloradoplant after an outbreak.

At Sanderson Farms, thethird-largest U.S. chicken com-pany, Chief Executive Joe Sand-erson received a Covid-19 vac-cine in mid-January while acamera rolled. The Mississippi-based company will soon playthe video, with doctors ad-

dressing common questionsabout the vaccine, in breakrooms and training sessions.

Last year, Sanderson ana-lyzed employees’ acceptancerates for the free flu vaccinesthe company has offered atplants in years past. The datashowed that fewer than 10% ofworkers took them, promptingSanderson to begin a campaignpromoting the Covid-19 shots.“There were a lot of miscon-ceptions,” said Mr. Sanderson,73 years old, referring to theflu shots on a December confer-ence call. “We do not want thatto happen with the Covid vac-cine.”

At Tyson, Mr. Brower saidemployee surveys show a ma-jority have interest in the vac-cines.

Meatpacking workers areamong the next wave of peopleeligible for Covid-19 vaccina-tions in some states. Theirbosses want to make sure theyget the shots.

Meat-industry officials saidvaccines now being provided tosome essential workers offerthe best chance of ensuringsafety for employees who cutmeat, standing shoulder toshoulder, for hours at a stretcheach day. Vaccination ratesamong plant workers could de-termine whether the $213 bil-lion U.S. meat sector can movebeyond the crisis that has up-ended the industry this pastyear, sickening thousands ofworkers and killing more than130, according to labor unionestimates.

Many meatpacking-plant em-ployees remain unsure of thevaccines’ safety and effective-ness, according to company sur-veys, worker groups and someworkers. Some worry about hav-ing to provide proof of immigra-tion status to get a shot, workeradvocates said, while others whodon’t speak or read Englishmight struggle to find out whereto get one.

“There is no doubt that if wecan get very high acceptance ofthe vaccine, it will be instrumen-tal in helping us bring the pan-demic under control,” said TomBrower, senior vice president ofhealth and safety for TysonFoods Inc., the largest U.S. meatprocessor by sales. The Arkan-sas-based company last weekadministered vaccines to 45 em-ployees in a North Carolinachicken-processing plant, amongthe first shots offered to thehundreds of thousands of U.S.meatpacking workers.

So far, meat companies havesaid they won’t require workersto be vaccinated. Instead, com-panies including Tyson, Pil-grim’s Pride Corp., SandersonFarms Inc., Smithfield FoodsInc. and Perdue Farms Inc. areproducing educational videos,posters and presentations topromote the shots, joining em-ployers in other industries intaking a bigger role to sharepublic-health information withworkers. Pilgrim’s and JBS USAHoldings Inc., the country’s big-gest beef processor, will offeremployees cash bonuses for get-ting vaccinated, and about 500have taken the shots so far, aspokeswoman said.

Trust could be an issue, too.

BY JACOB BUNGE

Meatpacking Workers Are Wary of VaccineMany industry employees remain unsure of the vaccines’ safety and effectiveness. A Smithfield Foods plant in Sioux Falls, S.D., last year.

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mid-October, up from one-third a year earlier, giving it alead over Uber Eats, GrubhubInc. and other rivals.

Food-delivery companiesexpanded their offerings dur-ing the lockdown. Uber agreedto buy alcohol-delivery service

Drizly for $1.1 billion lastweek. Both Uber and Door-Dash made forays into gro-cery-delivery last year.

The crisis pushed themoney-losing industry to con-solidate. Grubhub agreed tomerge with the U.K.’s Just Eat

Takeaway last year while Uberacquired Postmates Inc.

Founded in 2014, Hayward,Calif.-based Chowbotics’ sig-nature robot, called Sally, has22 compartments that can beused to stock greens, vegeta-bles, fruits, nuts and more.

DoorDash Inc. said it is ac-quiring robotics startupChowbotics, signaling in-creased interest in automatingfood production when order-ing in is at a high.

The companies didn’t dis-close the terms of the deal.Chowbotics was valued at $46million in 2018, when it lastraised money, according todata firm PitchBook.

Chowbotics’ technology canwhip up salads and poke

BY PREETIKA RANA

BUSINESS NEWS

bowls, among other things,and DoorDash is exploringhow to deploy it across restau-rants, a person familiar withthe matter said.

Ideas include using thetechnology to help restaurantsexpand their menus or to al-low a salad bar to try out newlocations, such as at an airportkiosk, without the need formore manpower.

“We’re working on solu-tions to help merchants growin an ever-challenging andchanging landscape, and withChowbotics we hope to en-hance that level of support,”DoorDash said in a blog postannouncing the acquisition.

The company said Chow-botics installed its meal-mak-ing robots in hundreds of loca-

tions, including universities,hospitals and grocery stores.

While automating food pro-duction could save restaurantstime and cost, it’s unclear howamenable potential diners areto these technologies.

Uber Technologies Inc. in-vested in building deliverydrones for its Eats business,but dialed back those ambitionsamid a restructuring last year.

Food delivery grew at ablistering pace during the pan-demic. DoorDash Chief Execu-tive Tony Xu said in Decemberthat the company becamemore operationally efficientduring the crisis, resulting infaster deliveries.

The San Francisco companycontrolled almost half of theU.S. food-delivery market as of

DoorDash to BuyMeal-Prep StartupChowbotics purchaseis part of growinginterest in automatingfood production

Dodge has some popularmuscle cars, but many modelshaven’t been redesigned inyears. Meanwhile, attempts toreboot Alfa Romeo and Maser-ati in the U.S. remain a workin progress. While Alfa Romeohas had some recent sales suc-cess, the two premium Italianbrands together still ac-counted for less than 2% of theU.S.’s total luxury market in2020, according to J.D. Power.

Mr. Kelleher said he hopesMr. Tavares will give priorityto the better-known U.S.brands, such as Chrysler andDodge, that have heritage butneed more models and fresherofferings.

“I don’t want to see themdie on the vine, but right now,they are limited,” he said.

The brand challenge Stel-lantis faces in the U.S. mirrorsone that Mr. Tavares will con-front globally: In merging thetwo car companies, he willhave to figure out how tomanage a collection of 14 au-tomotive brands—some ofthem in need of repair, indus-try analysts say.

The auto maker, now theworld’s third largest by sales,is also competing against ri-vals that have over time culledtheir brand lineups, in part be-cause they were too capital-in-tensive to sustain.

Ford Motor Co. began sell-ing off brands during the fi-nancial crisis, a move thathelped it avoid bankruptcy.General Motors Co. halved thenumber of brands it sold dur-ing its government-led re-structuring in 2009.

Other major car makers, likeToyota Motor Corp. and HondaMotor Co. have long only soldtwo brands: a luxury make andone for mass-market models.

Former CEO Sergio Mar-chionne, who took control ofChrysler from bankruptcy in2009, had a different tack. Hereintroduced Fiat and Alfa Ro-meo to the U.S., hoping to ex-pand global sales of those tobrands and fill factories in It-aly that were being underused.He also splintered off Ramfrom the Dodge lineup in2009, making it into its ownseparate truck-focused brand.Mr. Marchionne died in thesummer of 2018.

Mr. Tavares has said hewants to refocus investmenton low-priority marques anduse the group’s engineeringheft to quickly redesign modelsand freshen stale lineups.

“You will see some of thosebrands rebound based on theclarification of the vision,” hesaid.

U.S. auto dealers sellingChrysler, Dodge, Fiat and otherbrands under the recentlyformed auto-making companyStellantis NV have a messagefor the new leadership: Help usfix the ailing parts of thelineup or consider cutting back.

For years, Fiat Chrysler Au-tomobiles NV, the car companythat recently merged with Peu-geot-maker PSA Group to cre-ate Stellantis, has operatedseven vehicle brands in theU.S.—more than many of itsclosest rivals. While somemarques like Jeep and Ramhave thrived, others have with-ered in recent years, dinged bya lack of new investment, ag-ing models and sluggish sales,analysts and dealers say.

The question of how to re-vive Fiat Chrysler’s weakerbrands has lingered for years,and it now falls to StellantisChief Executive Carlos Tavaresto answer it. Mr. Tavares has

said he doesn’t plan to cut anybrands, and a Stellantisspokesman added that thecompany values its diverselineup of brands, ranging fromoff-roaders at Jeep to family-haulers at Chrysler.

Chrysler, a nearly 100-year-old badge that once was thecompany’s namesake, nowsells three models—two mini-vans and a large sedan—abouthalf the number of nameplatesit sold in showrooms a decadeago. Its U.S. sales have steadilyslid: last year, it sold roughly110,500 vehicles, about one-third its volume in 2015, ac-cording to company figures.

Fiat, a maker of small carsreintroduced to the U.S. in2011, has also struggled with alimited lineup, quality woesand a sharp drop-off in sales.

“I don’t think anyone wouldcry if Fiat left the U.S. market-place,” said David Kelleher, aChrysler, Dodge, Jeep and Ramdealer in Pennsylvania whoalso chairs the auto maker’sU.S. dealer council.

But there are still somedealers who have sunk moneyinto stand-alone Fiat-brandstores, and would like to see areturn on that investment, hesaid.

BY NORA NAUGHTON

Stellantis DealersSeek Brand Fixes

Jeep and Ram have thrived in recent years while other brandshave struggled.

Stellantis U.S. vehicle sales by brand

Source: Edmunds.comNote: Excludes Maserati sales

1,000,000

0

250,000

500,000

750,000

2015 ’16 ’17 ’18 ’19 ’20

Jeep

Ram

Dodge

ChryslerAlfa RomeoFiat

The auto maker hasto compete againstrivals with smallerlineups.

P2JW040000-5-B00300-1--------XA

B4 | Tuesday, February 9, 2021 THEWALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

fast and easy to set up. I’vebeen testing a prerelease ver-sion for the past few days,unlocking my iPhone whilewearing all sorts of masks, inall sorts of conditions. In an-ticipation of your questions,I’ve gathered the answers:

How Does It Work?If your watch is unlocked

on your wrist and youriPhone can’t read your face,your watch will gently buzzand your iPhone will unlock.And it does it really fast.Check out the stats:

Unlocking with no mask,using Face ID: 0.8 second

Unlocking with mask,using watch trick: 1.4 seconds

Unlocking iPhone SEwith Touch ID fingerprintscanner: 0.7 second

Unlocking with a pass-code: a year. Fine, threewhole seconds

Here’s what’s happeningbehind the scenes: The arrayof sensors in that notch at

the top of your iPhone’sscreen—what Apple calls theTrueDepth camera—tries toidentify you as usual. If itcan’t see your nose andmouth, it looks for your un-locked watch to unlock youriPhone. If it doesn’t see anyface—or sees an unmaskedface it doesn’t think isyours—it stays locked.

How Secure Is It?This solution is only as se-

cure as your passcode. Re-member, this isn’t using bio-metrics to authenticate you.

But let’s pretend some badguy stole your Apple Watchand thought that was histicket into your iPhone. First,he’d have to put on yourwatch and enter your watchpasscode. (It locks wheneveryou remove it from yourwrist.) Then, to get thiswhole auto-unlock trick towork, he’d have to enteryour passcode. At that point,he’d realize he didn’t need

your watch in the first place!Still, it’s a good moment

to remember the cardinalrule: Don’t share those codeswith people you don’t trustwith your life. And choosestrong numeric passwords.

A more realistic fear? Thata masked person picks upyour phone and is able to un-lock it just by being close tothe unlocked watch on yourwrist. While the iPhone doescheck for the presence of aface, it could be anyone underthe mask (and your eyes don’teven have to be open). I testedthis with several people.

The person would have tobe pretty close—withinabout 10 feet, according tomy tests. The proximity, likemuch of this software, isn’tfinal, an Apple spokeswomantold me. Apple also seems tohave anticipated this: Youget an alert on your AppleWatch saying your iPhonehas been unlocked. You cantap a button in the alert to

A new iOS feature lets your Apple Watch unlock your iPhone while you're wearing a mask.

KENNYWASS

US/

THEWALL

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PERSONAL TECHNOLOGY | By Joanna Stern

Unlock iPhone When Face ID Can’tApple in

2017: “Noth-ing has everbeen simpler,more natural,more effort-

less. We call this Face ID.”This is an actual executivequote, from back when thecompany introduced facialrecognition on the iPhone X.

Apple in 2021: “Nothinghas ever been…less naturalor more difficult. We callthis Face No ID.” This is avery made-up quote, reflect-ing the breakdown of facialrecognition now that masksare essential apparel.

The pandemic threw awrench into Apple’s cutting-edge, lickety-split mug scan-ner: Our faces can’t be ourpasswords when our facescan’t be seen. And typingpasscodes in full view ofstrangers and co-workerscan be a security risk.

Well, mask or no mask,Apple’s Face ID worksagain—sort of.

With the iOS 14.5 update—released Thursday throughthe company’s public betasoftware program, and ex-pected to go into wide releasethis spring—you can unlockyour iPhone without typing apasscode, even if your face isobscured. Just one expensivelittle catch: You need an Ap-ple Watch—and it needs to beunlocked and on your wrist.Talk about a well-engineeredApple trap. That aside, thissynergy is great.

I’ve followed the develop-ments of this crucial, life-al-tering struggle for nearly ayear now. Last April, therewas an effort to create FaceID-compatible masks. (Sur-prise! They didn’t catch on.)Soon after, with iOS 13.5, Ap-ple made the passcodescreen come up faster whenthe phone can’t see yourface. (It’s still a pain.)

Compared with those, thisnew watch-dependent solu-tion is almost as good as thenaked-face real thing. It’s

lock the phone again.Plus, this Apple Watch

shortcut is good only for un-locking your iPhone. Ifyou’re wearing a mask whiletrying to buy something viaApple Pay, App Store oriTunes, the phone will stillrequire your passcode.

You know what does allthat and doesn’t require anextra $200-and-up acces-sory? A fingerprint sensor.That’s obviously a better op-tion when wearing a mask,but the only current iPhonethat still has Touch ID is thelow-price iPhone SE. Accord-ing to my reporting andwhat others have written,Apple is considering addingan in-screen fingerprint sen-sor along with facial recogni-tion to future iPhones. Sam-sung’s latest Galaxy alreadyhas both. Apple declined tocomment on future products.

How Do I Get It?This feature requires your

iPhone to run iOS 14.5 andyour Apple Watch to runWatch OS 7.4. Once you havethat software, turn on thefeature by going to Settings> Face ID & Passcode > Un-lock with Apple Watch.

While Apple says the soft-ware is coming this spring,you can get it now if yousign up for Apple’s beta pro-gram, where you test newsoftware versions and pro-vide feedback. Anyone canjoin at beta.apple.com. Afteryou sign up, you’ll need toinstall a special profile toyour iPhone and follow thesteps. You’ll have to do thesame for the Apple Watch.

Usually, I guide the unini-tiated against this. There canbe bugs and battery drainwith unfinished software.That said, I’ve been using itfor five days, and haven’tseen these issues so far. Forthose who constantly wearmasks, and who own both aniPhone and Apple Watch, Ican understand wanting toget rid of Face No ID ASAP.

Mr. Wilson added that Glu,which has about 800 employ-ees, will be able to buildgames based on EA’s intellec-tual property and take advan-tage of its marketing expertiseand global presence to grow.Glu will be integrated into EAbut continue to work indepen-dently on the games in itsportfolio, with Chief ExecutiveNick Earl, who once served asthe head of EA’s mobile divi-sion, remaining in charge.

“As successful as they’vebeen, they haven’t had greatinternational reach yet,” Mr.Wilson said. “This is an oppor-tunity for us to help them un-lock that door.”

EA is the second-largestU.S. videogame publisher bymarket capitalization after Ac-tivision Blizzard Inc.

The videogame industry hasbenefited greatly over the pastyear from pandemic-fueled de-mand for at-home entertain-ment, which has led to a surgein investment and acquisitionactivity.

Mobile games accounted forabout half of the nearly $175billion that consumers world-wide spent on videogame soft-ware last year, according toestimates from analytics firmNewzoo BV.

Last week, both EA and Ac-tivision reported holiday-quar-ter results showing increasedrevenue and net bookingsfrom a year earlier that ex-ceeded Wall Street analysts’expectations.

On Monday, Take-Two In-teractive Software Inc. alsoreported increased revenueand net bookings for the De-cember-ended quarter.

Glu on Monday said itsfourth-quarter revenue rose25% from a year earlier to$141.4 million, while net book-ings rose 15% to $124.8 mil-lion.

Profit more than doubledfrom the year-earlier period to$23.9 million.

ContinuedfrompageB1

EA to BuyMobileGame Firm

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Whomakes up yourmost importantcommunities, and howdo youconnectwith them?

Ourmost important communitiesare our stakeholders, the customerswe work for, the communities wehelp grow and the society we livein. We strive to create a culture oftechnology-led innovation wherediversity of thought is celebrated —empowering our associates, clientsand partner ecosystem across theworld to RiseTM.

Our associates are at the core ofeverything we do, and their well-beingis our top priority. When it comes tocustomers, we provide an elevatedexperience to each one of them.Weput them at ease by focusing onhyperpersonalization by adapting tothe specifications of their industryand speaking in their language.Wealso work in the areas of education,employability and disability throughour skill development programs,which have impacted over200,000 beneficiaries.

Howdid your organizationovercometheadversitiesCOVID-19brought on?

Strong leadership, people-centricityand our mantra of “Survive, Revive &Thrive” were the key enablers insteering us through uncertaintimes. While “Survive” leveraged

our existing infrastructure to keepemployees safe and ensure businesscontinuity for our customers, “Revive”aims to reintegrate our workforcewith workplace safety by practicingphysical distancing, enhancedcleanliness and adoption of new techsolutions. “Thrive” will reimagine theworkplace of the future with science-based solutions that integrateemerging technology to deliver safetyand higher levels of mental andphysical well-being.

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P2JW040000-0-B00400-1--------XA

THEWALL STREET JOURNAL. * * * * Tuesday, February 9, 2021 | B5

The backups have tied upinventories for weeks in somecases as ships wait to reachberths while cargo that hasbeen unloaded sits for longperiods at packed freight ter-minals, where operations haveslowed as dockworkers havecoped with an outbreak of cor-onavirus cases.

The supply-chain stressesare rising as a backup ofships waiting to get into theneighboring Southern Califor-nia ports has grown beyondthe number that were an-chored during labor strife in2014.

According to the MarineExchange of Southern Califor-nia, which monitors ship traf-fic at the state’s ports, 37container ships were an-chored off the sprawling LosAngeles and Long Beach com-plex on Feb. 2, while 27 ves-sels were at berths, loadingand unloading cargo. In thefirst week of February a yearago, the group counted oneship waiting offshore and 17at the docks.

Paris-based shipping re-search group Alphaliner esti-

mated the ships waiting off-shore at the start of thismonth had capacity for336,500 20-foot shipping con-tainers.

“The waiting time to dockis up to seven days on aver-age, depending on the shiptype,” said Mario Cordero, ex-ecutive director at the Port ofLong Beach, which handled arecord 2.4 million containersin the fourth quarter of 2020,up 23% from the year-earlierperiod.

The backups have grown asstrong demand has persistedsince the middle of last sum-mer as retailers started to re-stock inventories depleted inthe early days of the coronavi-rus pandemic. Shipping vol-umes that usually wind downclose to the holidays and inthe early part of the year haveremained highly elevated.

Cargo handling has slowedas Covid-19 has depleted dock-worker ranks. Port of Los An-geles officials said last monththat nearly 700 dockworkershad tested positive for the dis-ease, leaving cargo terminalswith fewer handlers.

Some container lines andtheir importing customers arelooking for alternate paths toget around bottlenecks at themain U.S. trade gateways inSouthern California, where anarmada of cargo vessels is an-chored offshore at the con-gested seaports.

Shipping lines have startedmoving some operations tosmaller ports and have can-celed some sailings altogetherto avoid the backups that havetied up dozens of ships andhundreds of thousands of con-tainers stuffed with goods offthe ports of Los Angeles andLong Beach.

France’s CMA CGM SA, theworld’s fourth-largest con-tainer operator by capacity,said it was replacing a weeklysix-ship service from China toLos Angeles with a separatesailing to Oakland, Calif., andSeattle.

“The new Golden GateBridge service does not in-clude L.A. because of the con-gestion,” a company spokes-man said.

BY COSTAS PARIS

Lines Bid to Bypass Busy California Ports

BUSINESS NEWS

ing competition in the boomingChinese electric-vehicle marketfrom domestic rivals. Chineseelectric-vehicle startup NIO Inc.unveiled a fourth productionmodel last month. Two rivalChinese electric-vehicle start-ups that listed in the U.S. lastyear are also building momen-tum. Li Auto Inc. has one modelon sale and has said a secondwill become available next year.XPeng Inc. has two models inproduction, and has announcedplans for a new sedan.

Vehicle recalls are commonin the auto industry. However,Tesla has often performedpoorly in quality surveys con-ducted by market-researchcompany JD Power. In one suchsurvey last year, it placed lastout of 32 vehicle brands interms of quality.

While vehicles built inShanghai weren’t affected bythe latest recalls, the summonsby regulators was seen as awarning to Tesla to get its acttogether as it expands localoutput, said Tu Le, managingdirector of Sino Auto Insights.

Some of China’s biggeststate-owned banks were instru-mental in funding Tesla’s oper-ations in the country, while lo-cal authorities issued permitswith unusual speed, allowingTesla to start making theModel 3 sedan at its Shanghaiplant only a year after the Jan-uary 2019 groundbreaking.

—Rebecca Elliottand Raffaele Huang

contributed to this article.

up to eight friends and familymembers. “We didn’t want torestrict it to just family, likepoints pooling traditionallydoes, because we know that GenZ and millennials love travelingwith friends,”Mr. Krishna said.

Air travel largely remainsgrounded by the coronavirus.The International Civil AviationOrganization last month re-ported 1.8 billion passengerstook flights in 2020, comparedwith 4.5 billion in 2019.

Container ships anchor off the Port of Long Beach, where the wait time to dock is a week on average.

LEONARD

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G/ZUMAPR

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U.S. trucking-company fail-ures nearly tripled in 2020from the previous year as fall-out from the pandemic deep-ened pressure on smaller oper-ators while well-capitalizedbigger truckers held on andfound stronger financial footingas the economy reopened.

Some 3,140 fleets shut downlast year, a 185% jump from2019, according to transporta-tion industry data firm Brough-ton Capital LLC. Roughly half ofthe 2020 failures came in thesecond quarter, when freightvolumes plummeted amid wide-spread shutdowns aimed atlimiting the spread of Covid-19.

“We had a record number goout of business in the secondquarter and a record number inthe month of May,” said DonaldBroughton, Broughton Capital’smanaging partner.

Smaller trucking companieswere particularly hard hit. In

2020 the average size of failedfleets was 40% smaller than in2019, when the shutdowns in-cluded Celadon Group Inc., alarge national truckload carrierthat operated some 3,300trucks.

Independent truckers andsmall trucking companies makeup the majority of U.S. freightcarriers, with 91% of fleets op-erating six or fewer trucks and97% operating 20 or fewer, ac-cording to the American Truck-ing Associations, an industrygroup.

Those smaller operators typ-ically have slimmer marginsthan big truckers, which canuse economies of scale to lowerpurchasing costs for items fromtires to employee health insur-ance. Small trucking companiesalso tend to get more businessfrom the spot market, whereshippers book last-minutetransportation and prices tendto be more volatile than in con-tractual arrangements with

steady customers.That left some U.S. truckers

already buffeted by slackeningfreight demand in 2019 heavilyexposed as the coronavirus pan-demic jolted supply chains.Many of those hardest hit wereone-truck carriers or operatorswith only a handful of trucks,said Todd Spencer, president ofthe Owner-Operator Indepen-dent Drivers Association, whichrepresents independent truckers.

“The market can be prettybrutal,” Mr. Spencer said.“When the pandemic hit…itcreated almost overnight a tre-mendous overcapacity. Thetrucks were all there, but whatthey had to move was cut byabout half,” he said.

The average cost to hire abig rig on the spot marketplunged 12% in April from theprevious month, to $1.64 amile, and bottomed out in Mayat $1.60, according to onlinefreight marketplace DAT Solu-tions LLC.

BY JENNIFER SMITH

Pandemic DroveMore TruckingOperators Out of Business in ’20

U.S. airlines are updatingtheir loyalty programs to appealto younger consumers, both de-spite and because of the pan-demic’s effects on travel. Somecarriers are adding perks suchas e-book and virtual-exercisesubscriptions, while others areoverhauling the way frequentfliers earn and spend air miles.

Younger fliers care moreabout quick, flexible ways to re-

deem and spend air miles thanthey do about their steady, pre-dictable accrual, and they alsocare about the perks that comewith membership in loyaltyprograms, said Sid Krishna,head of loyalty and co-brand atSpirit Airlines Inc.

“They want that instantgratification,”Mr. Krishna said.

Spirit on Jan. 21 updated itsFree Spirit frequent-flier pro-gram to shift its emphasis fromdistance traveled to how much

members spend. Members canearn credits from buying up-grades for baggage and seat se-lections as well as flights. Theswitch aims to help customersaccrue points and more quicklyimprove their status level inthe program, gaining access tobetter perks, Mr. Krishna said.

The airline also introduced a“points pooling” program thatlets premium Free Spirit mem-bers with Spirit credit cardscombine and share points with

BY KATIE DEIGHTON

Airlines Lure Younger Mile-SeekersSpirit Airlines updated its Free Spirit frequent-flier program last month to emphasize the amount spent over the distance traveled.

SPIRIT

AIRLINES

sport-utility vehicle and ModelS sedan, which affected im-ported models in China.

The China market, where Mr.Musk has been widely feted, hasbecome increasingly importantfor Tesla. Deliveries in the coun-try last year helped the com-pany achieve roughly 500,000vehicle deliveries globally, a re-cord. And Tesla said the in-crease in Model Y production inChina would help offset lowervolume of Model S and Model Xvehicles in the U.S. as the com-pany transitions to introducingupdated versions of those mod-els.

Public scrutiny of Westerncompanies that cater to Chi-nese consumers isn’t unusualand is often fueled by state me-dia. Chinese broadcasters haveput the spotlight on Apple Inc.and Volkswagen AG over someof their business practices inthe country.

Starbucks Corp. has comein for criticism related to pric-ing. All three companies re-sponded with conciliatorystatements.

The scrutiny for Tesla comesat the same time it faces grow-

ContinuedfrompageB1

Tesla GivenWarningIn China

BUSINESS OPPORTUNITIES

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B6 | Tuesday, February 9, 2021 THEWALL STREET JOURNAL.

OUR MISSIONTo build and donate specially adapted custom homes nationwide for

severely injured post-9/11 Veterans, to enable them to rebuild their lives.

Homes For Our Troops is a national, publicly funded 501(c)(3) nonprofit organization that has been evaluatedas one of America’s Top Rated Veterans and Military Charities.

ELEBRATING OUR

Give Now At: HFOTUSA.ORG - 866.787.6677

ELEBRATING OUR

Give Now At: HFOTUSA.ORG - 866.787.6677

CArmy SGT

Nathan ShumakerHillsboro, MOSeptember 2020

You can helpprovide homes toinjured Veterans

P2JW040000-0-B00600-1--------XA

THEWALL STREET JOURNAL. Tuesday, February 9, 2021 | B7

Get real-time U.S. stock quotes and track most-active stocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com

ConsumerRates andReturns to InvestorU.S. consumer ratesA consumer rate against itsbenchmark over the past year

0.00

1.00

2.00

3.00

4.00%

2020M A M J J A S O N D J

2021F

t

30-year fixed-ratemortgage

t10-year Treasury

note yield

Selected rates30-yearmortgage, Rate

Bankrate.comavg†: 2.86%AstraBank 2.63%Scandia, KS 785-335-2243

Prairie StateBankandTrust 2.75%MtZion, IL 800-597-2977

RaccoonValleyBank 2.75%Perry, IA 515-645-3521

WSBMunicipal Bank 2.75%Watertown, NY 800-870-8510

TBKBank, SSB 2.85%Dallas, TX 214-365-6900

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 -1.25Prime rate* 3.25 3.25 3.25 l 4.75 -1.25Libor, 3-month 0.20 0.20 0.19 l 1.71 -1.62Moneymarket, annual yield 0.10 0.10 0.10 l 0.50 -0.23Five-year CD, annual yield 0.48 0.47 0.47 l 1.39 -1.0830-yearmortgage, fixed† 2.86 2.90 2.83 l 4.22 -1.4715-yearmortgage, fixed† 2.36 2.37 2.32 l 3.43 -1.40Jumbomortgages, $548,250-plus† 2.89 2.95 2.85 l 4.36 -1.73Five-year adjmortgage (ARM)† 3.18 3.22 2.85 l 3.69 -1.00New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.46Bankrate.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 ICEMonday Close

t

One year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–10

–5

0

5

10%

2020 2021

Euro

s

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 MSCIACWI 675.53 4.97 0.74 4.5MSCIACWI ex-USA 341.13 2.54 0.75 4.5MSCIWorld 2795.89 22.44 0.81 3.9MSCIEmergingMarkets 1399.81 4.46 0.32 8.4

Americas MSCIACAmericas 1533.02 11.35 0.75 4.4Canada S&P/TSXComp 18330.26 194.36 1.07 5.1LatinAmer. MSCIEMLatinAmerica 2413.81 3.51 0.15 –1.5Brazil SaoPauloBovespa 119696.36 –543.90 –0.45 0.6Chile Santiago IPSA 3066.99 25.73 0.85 7.3Mexico S&P/BMV IPC 44197.51 51.81 0.12 0.3

EMEA StoxxEurope600 410.78 1.238 0.30 2.9Eurozone EuroStoxx 411.29 1.37 0.33 3.5Belgium Bel-20 3832.50 –1.64 –0.04 5.8Denmark OMXCopenhagen20 1467.62 –7.36 –0.50 0.2France CAC40 5686.03 26.77 0.47 2.4Germany DAX 14059.91 3.19 0.02 2.5Israel TelAviv 1612.83 –5.48 –0.34 7.6Italy FTSEMIB 23425.92 342.50 1.48 5.4Netherlands AEX 656.39 3.15 0.48 5.1Russia RTS Index 1462.22 30.46 2.13 5.4SouthAfrica FTSE/JSEAll-Share 65059.16 769.68 1.20 9.5Spain IBEX35 8219.00 4.30 0.05 1.8Sweden OMXStockholm 813.40 3.87 0.48 5.9Switzerland SwissMarket 10778.83 23.36 0.22 0.7Turkey BIST 100 1534.91 7.74 0.51 3.9U.K. FTSE 100 6523.53 34.20 0.53 1.0U.K. FTSE250 21086.55 19.68 0.09 2.9

Asia-Pacific MSCIACAsiaPacific 214.75 1.96 0.92 7.4Australia S&P/ASX200 6880.70 40.17 0.59 4.5China Shanghai Composite 3532.45 36.11 1.03 1.7HongKong HangSeng 29319.47 30.79 0.11 7.7India S&PBSESensex 51348.77 617.14 1.22 7.5Japan Nikkei StockAvg 29388.50 609.31 2.12 7.1Singapore Straits Times 2931.40 24.30 0.84 3.1SouthKorea Kospi 3091.24 –29.39 –0.94 7.6Taiwan TAIEX 15802.40 … Closed 7.3Thailand SET 1516.43 19.82 1.32 4.6Sources: 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 31386.10 31191.20 31385.76 237.52 0.76 31385.76 18591.93 7.2 2.5 9.6TransportationAvg 12894.87 12782.84 12874.92 86.41 0.68 13126.00 6703.63 18.5 2.9 8.2UtilityAverage 873.85 862.75 865.41 -6.84 -0.78 960.89 610.89 -7.4 0.1 10.1Total StockMarket 41459.93 41223.33 41459.82 385.82 0.94 41459.82 22462.76 21.2 5.7 15.8Barron's 400 929.78 907.39 929.77 15.00 1.64 929.77 455.11 27.8 9.1 10.7

NasdaqStockMarketNasdaqComposite 13987.74 13894.15 13987.64 131.35 0.95 13987.64 6860.67 45.3 8.5 27.3Nasdaq-100 13698.41 13607.96 13695.02 91.06 0.67 13695.02 6994.29 43.9 6.3 29.5

S&P500 Index 3915.77 3892.59 3915.59 28.76 0.74 3915.59 2237.40 16.8 4.2 14.9MidCap400 2517.02 2481.37 2517.02 40.35 1.63 2517.02 1218.55 22.1 9.1 11.8SmallCap600 1287.27 1256.86 1287.27 34.52 2.76 1287.27 595.67 28.0 15.0 13.0

Other IndexesRussell 2000 2289.76 2234.35 2289.76 56.43 2.53 2289.76 991.16 37.3 15.9 16.1NYSEComposite 15226.65 14975.43 15226.61 157.01 1.04 15226.61 8777.38 8.9 4.8 7.5Value Line 624.95 609.06 624.95 11.08 1.80 624.95 305.71 15.4 9.9 5.4NYSEArcaBiotech 6326.54 6148.70 6319.77 81.84 1.31 6319.77 3855.67 22.3 10.1 12.8NYSEArcaPharma 701.79 699.09 701.95 1.32 0.19 725.03 494.36 4.9 1.8 10.4KBWBank 108.12 106.62 108.08 1.80 1.69 110.43 56.19 -0.5 10.4 0.6PHLX§Gold/Silver 145.05 142.99 144.57 3.05 2.15 161.14 70.12 40.6 0.3 21.9PHLX§Oil Service 52.68 51.48 52.58 1.57 3.07 65.40 21.47 -17.0 18.6 -27.3PHLX§Semiconductor 3079.28 3010.71 3078.48 93.47 3.13 3132.17 1286.84 62.6 10.1 36.2CboeVolatility 22.07 21.23 21.24 0.37 1.77 82.69 13.68 41.2 -6.6 -14.1

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

Zomedica ZOM 27,178.8 2.42 -0.28 -10.37 2.85 2.20Zynga ZNGA 12,012.6 11.83 0.81 7.35 12.50 10.95KinrossGold KGC 7,271.4 7.39 ... unch. 7.39 7.36Intel INTC 4,878.0 59.45 0.29 0.49 59.45 58.90

Microsoft MSFT 4,785.1 242.32 -0.15 -0.06 242.54 232.13TencentMusic EntADR TME 4,281.0 26.20 -0.02 -0.08 26.22 26.03DuPont deNemours DD 4,102.4 76.25 0.49 0.65 76.64 75.75ICICI BankADR IBN 3,972.7 17.65 ... unch. 17.65 17.60

Percentage gainers…GluMobile GLUU 3,774.9 12.50 3.11 33.12 13.65 9.39SelectQuote SLQT 129.1 27.65 3.29 13.51 28.08 24.36Protalix BioTherapeutics PLX 64.5 6.36 0.54 9.28 6.38 5.76Catabasis Pharmaceuticals CATB 1,090.0 3.80 0.30 8.57 4.29 3.41NavideaBiopharm NAVB 454.5 3.02 0.21 7.47 3.90 2.70

...And losersInfinity Pharmaceuticals INFI 799.5 3.94 -1.42 -26.49 5.41 3.68Zomedica ZOM 27,178.8 2.42 -0.28 -10.37 2.85 2.20DHTHoldings DHT 306.4 5.61 -0.54 -8.78 6.19 5.54T2Biosystems TTOO 627.1 3.55 -0.24 -6.33 3.79 3.50SPI Energy SPI 159.8 11.72 -0.69 -5.56 12.41 11.24

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume* 970,335,088 71,692,590Adv. volume* 716,739,401 70,326,498Decl. volume* 243,045,418 1,364,566Issues traded 3,308 281Advances 2,353 229Declines 861 50Unchanged 94 2Newhighs 315 33New lows 2 1ClosingArms† 0.98 0.05Block trades* 5,647 428

Nasdaq NYSEArca

Total volume*8,379,601,412 190,921,095Adv. volume*7,384,283,665 164,129,354Decl. volume* 977,060,379 25,936,930Issues traded 4,051 1,477Advances 3,107 1,262Declines 874 194Unchanged 70 21Newhighs 706 538New lows 9 48ClosingArms† 0.47 1.48Block trades* 60,998 935

* 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

Ocugen OCGN 711,147 1033.0 15.81 201.14 18.77 0.17CastorMaritime CTRM 512,573 318.5 0.99 31.03 2.60 0.11Sundial Growers SNDL 502,184 11.6 1.28 13.27 1.70 0.14Zomedica ZOM 383,839 145.6 2.70 41.36 2.91 0.06AEternaZentaris AEZS 211,993 2239.1 3.34 200.90 3.62 0.29

Tonix Pharmaceuticals TNXP 147,921 431.6 1.55 22.05 2.46 0.39InspireMD NSPR 131,946 1157.1 1.22 48.78 1.34 0.28AMCEntertainmentHldgs AMC 127,393 13.5 6.18 -9.52 20.36 1.91NakedBrandGroup NAKD 107,668 -50.8 1.14 3.64 3.40 0.07Nxt-ID NXTD 103,248 324.1 1.67 36.89 2.12 0.21* 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

ARYASciencesAcqn III ARYA 13,544 24923 22.43 100.09 25.89 10.06NemauraMedical NMRD 6,233 8032 9.78 40.92 16.50 3.00NextGenAcquisition Cl A NGAC 12,652 7455 13.49 29.34 16.00 9.70TortoiseAcqn II Cl A SNPR 20,061 3804 17.24 33.64 18.33 9.46Churchill CapVClA CCV 2,288 3769 11.95 -1.97 13.88 11.13

HennessyAdvisors HNNA 464 3083 11.09 28.51 12.50 5.69Atlas TechConsultants ATCX 2,098 2829 8.77 -5.60 14.14 4.95BiomX PHGE 594 2321 7.01 1.89 11.05 4.52GoresHoldingsVI Cl A GHVI 10,639 2003 13.48 9.95 13.50 10.50Esports Entertainment GMBL 7,387 1750 11.98 55.18 13.50 2.40* 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 Index13987.64 s 131.35, or 0.95%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

39.55 28.43

30.06 24.13

0.73 0.92

13987.64, 02/08/21

10800

11350

11900

12450

13000

13550

14100

Nov. Dec. Jan. Feb.

65-day moving average

EQUITIES

CREDIT MARKETS

CommoditiesPricing trends on some rawmaterials, or commodities

Monday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 792.54 10.98 1.40 792.54 433.70 34.92 8.33Refinitiv/CCCRB Index 183.55 2.16 1.19 183.55 106.29 8.69 9.39Crude oil,$per barrel 57.97 1.12 1.97 57.97 -37.63 16.95 19.48Natural gas,$/MMBtu 2.882 0.019 0.66 3.354 1.482 63.19 13.51Gold,$per troy oz. 1831.90 21.00 1.16 2051.50 1477.30 16.33 -3.23

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2420.900 0.700 0.650 1.590 0.400 4.129 5.387

U.S. Treasury Long, Barclays4454.950 1.820 1.710 2.050 0.980 4.461 10.172

Aggregate, Barclays 2267.970 1.210 1.170 2.310 1.020 4.487 5.676

Fixed-RateMBS, Barclays 2233.570 1.230 1.180 2.690 0.930 3.105 4.394

HighYield 100, ICEBofA 3355.375 3.400 3.747 10.740 3.358 4.589 5.729

MuniMaster, ICEBofA 599.202 0.758 0.768 3.441 0.758 4.237 5.109

EMBIGlobal, J.P.Morgan 925.735 4.447 4.468 7.480 4.295 3.029 5.293

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Ocugen OCGN 15.81 10.56 201.14 18.77 0.17 2723.2ARYASciencesAcqn III ARYA 22.43 11.22 100.09 25.89 10.06 ...CRHMedical CRHM 3.92 1.74 79.82 4.40 0.86 -9.9BSQUARE BSQR 5.69 2.50 78.37 8.80 0.83 321.5BaoshengMedia BAOS 8.86 3.86 77.20 10.20 5.00 ...

Alset EHome International AEI 10.55 4.50 74.38 17.48 4.60 ...Sino-Global ShippingAmer SINO 11.00 4.32 64.67 11.30 1.37 430.1voxeljet ADR VJET 36.00 13.57 60.50 36.00 2.92 304.3Esports Entertainment GMBL 11.98 4.26 55.18 13.50 2.40 135.8OutlookTherapeutics OTLK 3.31 1.13 51.83 3.62 0.50 227.7

OpGen OPGN 3.55 1.18 49.79 5.76 1.45 101.7Marker Therapeutics MRKR 3.19 1.04 48.37 3.35 1.32 18.6Purple BiotechADR PPBT 6.99 2.23 46.85 7.19 0.22 926.4Bit Digital BTBT 25.60 8.09 46.20 33.00 0.28 6306.4aTyr Pharma LIFE 8.06 2.52 45.49 8.33 2.13 103.0

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

ErytechPharmaADR ERYP 9.55 -2.03 -17.50 13.95 3.50 44.5DAVIDsTEA DTEA 4.43 -0.87 -16.42 7.45 0.32 238.8MicSecUSBigOil 3X InLv NRGD 3.22 -0.58 -15.26 304.72 3.15 -93.6DirexionS&PBiotechBear LABD 12.47 -1.86 -12.98 575.00 12.47 -94.5WahFuEducationGroup WAFU 6.58 -0.97 -12.85 15.39 1.20 183.6

DirexionS&POil GasBr DRIP 15.17 -2.23 -12.82 596.52 15.02 -82.8CNEnergyGroup CNEY 5.10 -0.64 -11.15 8.80 4.58 ...MOGUADR MOGU 2.75 -0.34 -11.00 6.85 0.88 38.2Yellow YELL 4.57 -0.54 -10.57 6.56 1.29 97.8CBAKEnergyTechnology CBAT 7.28 -0.84 -10.34 11.40 0.36 989.5

Hall of FameResort Ent HOFV 2.80 -0.30 -9.68 12.31 1.09 ...PubMatic PUBM 50.13 -5.34 -9.63 58.60 22.42 ...CPSTechnologies CPSH 20.38 -2.16 -9.58 30.00 0.88 1517.5AMCEntertainmentHldgs AMC 6.18 -0.65 -9.52 20.36 1.91 -9.0Freeline TherapeuticsADR FRLN 15.70 -1.64 -9.46 21.69 14.62 ...

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

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0113 88.1700 4.8Brazil real .1864 5.3660 3.3Canada dollar .7850 1.2739 0.02Chile peso .001360 735.50 3.5Colombiapeso .000280 3571.00 4.4EcuadorUSdollar 1 1 unchMexico peso .0497 20.1109 1.2Uruguay peso .02348 42.5850 0.5Asia-PacificAustralian dollar .7705 1.2979 –0.2China yuan .1551 6.4487 –1.3HongKong dollar .1290 7.7524 –0.01India rupee .01371 72.935 –0.1Indonesia rupiah .0000714 14000 –0.4Japan yen .009503 105.23 1.9Kazakhstan tenge .002388 418.81 –0.6Macau pataca .1251 7.9910 unchMalaysia ringgit .2448 4.0855 1.6NewZealand dollar .7220 1.3850 –0.5Pakistan rupee .00625 160.125 –0.2Philippines peso .0208 48.070 0.1Singapore dollar .7503 1.3328 0.9SouthKoreawon .0008951 1117.23 2.9Sri Lanka rupee .0051279 195.01 5.3Taiwan dollar .03572 27.995 –0.3Thailand baht .03336 29.980 –0.2

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004350 22988 –0.4EuropeCzechRep. koruna .04691 21.315 –0.7Denmark krone .1620 6.1721 1.3Euro area euro 1.2052 .8298 1.4Hungary forint .003360 297.60 0.2Iceland krona .007809 128.05 0.2Norway krone .1176 8.4999 –0.9Poland zloty .2692 3.7149 –0.5Russia ruble .01345 74.368 0.5Sweden krona .1192 8.3889 2.0Switzerland franc 1.1122 .8991 1.6Turkey lira .1415 7.0693 –4.9Ukraine hryvnia .0362 27.6500 –2.5UK pound 1.3743 .7276 –0.6Middle East/AfricaBahrain dinar 2.6525 .3770 –0.01Egypt pound .0639 15.6597 –0.5Israel shekel .3068 3.2598 1.5Kuwait dinar 3.3018 .3029 –0.4Oman sul rial 2.5974 .3850 ...Qatar rial .2746 3.642 0.01SaudiArabia riyal .2666 3.7514 –0.01SouthAfrica rand .0672 14.8806 1.3

Close Net Chg %Chg YTD%Chg

WSJDollar Index 85.68 –0.07–0.09 0.80

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average31385.76 s237.52, or 0.76%

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

31.37 22.80

20.61 18.48

1.94 2.15

31385.76, 02/08/21

25000

26200

27400

28600

29800

31000

32200

Nov. Dec. Jan. Feb.

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 Index3915.59 s28.76, or 0.74%

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

43.92 26.10

22.71 19.11

1.50 1.81

3915.59, 02/08/21

3300

3425

3550

3675

3800

3925

4050

Nov. Dec. Jan. Feb.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW040000-0-B00700-1--------XA

B8 | Tuesday, February 9, 2021 THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.Feb 3.6475 3.6775 3.6460 3.6790 0.0400 2,110March 3.6390 3.6745 3.6225 3.6660 0.0400 135,339Gold (CMX)-100 troy oz.; $ per troy oz.Feb 1816.30 1836.70 1806.20 1831.90 21.00 10,265March 1816.60 1838.70 1806.60 1833.00 21.10 2,364April 1818.10 1840.60 1807.30 1834.20 21.20 394,342June 1818.90 1842.20 1809.90 1836.80 21.20 60,621Aug 1820.70 1844.50 1812.10 1838.90 21.10 18,042Oct 1820.00 1845.00 1814.00 1840.50 20.80 7,635Palladium (NYM) - 50 troy oz.; $ per troy oz.Feb … … … 2335.40 10.40March 2344.50 2357.50 2322.00 2336.70 10.40 6,987Platinum (NYM)-50 troy oz.; $ per troy oz.Feb 1172.40 42.10 1April 1138.70 1186.90 s 1137.50 1175.20 42.20 63,061Silver (CMX)-5,000 troy oz.; $ per troy oz.Feb 27.280 27.540 27.280 27.570 0.556 550March 27.200 27.700 26.930 27.576 0.557 111,454CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.March 57.06 58.14 s 57.00 57.97 1.12 365,668April 56.95 57.98 s 56.86 57.83 1.13 274,078May 56.57 57.69 s 56.54 57.55 1.15 211,560June 56.16 57.28 s 56.15 57.15 1.14 257,140July 55.79 56.80 s 55.79 56.68 1.12 140,971Dec 53.47 54.32 s 53.36 54.23 0.96 292,795NYHarborULSD (NYM)-42,000gal.; $ per gal.March 1.7149 1.7530 s 1.7148 1.7478 .0341 108,631April 1.7085 1.7434 s 1.7063 1.7386 .0333 66,935Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.March 1.6517 1.6800 s 1.6517 1.6748 .0255 114,670April 1.7601 1.7877 s 1.7553 1.7835 .0297 80,557Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.March 2.909 2.985 2.844 2.882 .019 242,021April 2.880 2.946 2.822 2.862 .021 112,777May 2.895 2.961 2.850 2.892 .025 110,109June 2.941 3.000 2.900 2.941 .028 57,094Sept 2.986 3.038 2.956 2.992 .032 62,678Oct 3.004 3.057 2.974 3.010 .032 130,611

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.March 548.75 565.75 s 548.75 563.75 15.25 553,608May 548.00 563.50 s 548.00 562.00 14.50 503,837Oats (CBT)-5,000bu.; cents per bu.March 349.50 358.00 349.50 355.00 5.75 2,786May 349.25 356.00 348.00 354.25 6.00 1,285Soybeans (CBT)-5,000bu.; cents per bu.March 1368.75 1392.50 1364.75 1387.75 21.00 270,906May 1367.25 1389.75 1362.75 1386.00 20.25 206,118SoybeanMeal (CBT)-100 tons; $ per ton.March 430.50 438.80 428.50 436.60 6.10 120,171May 429.50 437.40 427.50 435.60 6.10 108,226SoybeanOil (CBT)-60,000 lbs.; cents per lb.March 44.89 45.77 s 44.66 45.63 .97 143,166May 44.26 45.04 s 44.07 44.93 .88 128,638RoughRice (CBT)-2,000 cwt.; $ per cwt.March 13.00 13.10 12.97 12.97 –.03 7,758May 13.30 13.35 13.26 13.23 –.04 1,956Wheat (CBT)-5,000bu.; cents per bu.March 643.00 657.50 642.50 655.75 14.50 142,273July 634.00 645.25 633.50 643.00 11.00 106,271Wheat (KC)-5,000bu.; cents per bu.March 627.75 642.00 626.25 639.50 14.25 77,829May 633.75 646.50 631.50 644.25 14.25 69,983Cattle-Feeder (CME)-50,000 lbs.; cents per lb.March 138.325 138.800 137.200 137.450 –.825 17,157

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

April 142.250 142.750 141.150 141.475 –.725 7,463Cattle-Live (CME)-40,000 lbs.; cents per lb.Feb 116.450 117.200 116.200 116.575 –.150 19,409April 123.650 124.775 s 123.425 123.950 .175 144,226Hogs-Lean (CME)-40,000 lbs.; cents per lb.Feb 71.475 72.325 71.150 72.175 1.200 11,288April 80.700 81.075 s 79.950 80.650 .350 101,053Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.March 950.00 951.00 s 905.60 940.00 24.40 1,574May 805.00 810.00 s 780.00 788.40 –6.30 741Milk (CME)-200,000 lbs., cents per lb.Feb 15.60 15.73 15.52 15.61 –.03 3,331March 16.74 16.91 16.35 16.54 –.15 3,524Cocoa (ICE-US)-10metric tons; $ per ton.March 2,597 2,614 2,555 2,577 –10 41,967May 2,473 2,476 2,433 2,445 –27 96,979Coffee (ICE-US)-37,500 lbs.; cents per lb.March 124.20 124.80 123.30 124.10 –.40 72,394May 126.15 126.85 125.40 126.25 –.40 76,850Sugar-World (ICE-US)-112,000 lbs.; cents per lb.March 16.46 16.61 16.26 16.27 –.15 309,359May 15.72 15.88 s 15.60 15.61 –.09 280,059Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.March 29.55 29.55 29.55 29.55 .20 889Cotton (ICE-US)-50,000 lbs.; cents per lb.March 83.00 84.76 82.73 84.28 1.54 69,043May 84.32 85.85 84.05 85.60 1.58 87,328Orange Juice (ICE-US)-15,000 lbs.; cents per lb.March 112.40 113.70 111.25 113.20 1.95 7,562May 114.90 115.75 113.80 115.35 1.60 3,916

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%March 200-010 201-250 199-050 201-110 1-00.0 1,095,903June 197-310 200-010 197-170 199-210 1-00.0 401TreasuryBonds (CBT)-$100,000; pts 32nds of 100%March 166-220 167-120 166-030 167-040 13.0 1,178,123June 165-020 165-240 164-160 165-180 13.0 5,754TreasuryNotes (CBT)-$100,000; pts 32nds of 100%March 136-215 136-250 136-145 136-220 3,510,059June 135-185 135-230 135-130 135-200 80,4925Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%March 125-260 125-260 125-225 125-237 –1.7 3,469,960June 125-155 125-162 125-130 125-142 –1.7 44,8702Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%March 110-161 110-162 110-155 110-157 –.3 2,174,994June 110-156 110-156 110-147 110-150 –.3 15,11930DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.Feb 99.9350 99.9375 99.9300 99.9350 184,701April 99.9300 99.9350 s 99.9250 99.9300 141,30410Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%March 94-230 95-015 94-205 94-310 .5 136,093Eurodollar (CME)-$1,000,000; pts of 100%Feb 99.8225 99.8250 99.8150 99.8175 –.0075 226,858March 99.8400 99.8400 99.8350 99.8400 … 1,185,742June 99.8400 99.8450 99.8350 99.8400 –.0050 1,061,927March'23 99.6950 99.6950 99.6750 99.6850 –.0100 993,708

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥Feb .9472 .9515 .9465 .9505 .0020 648March .9493 .9521 .9466 .9507 .0020 187,794CanadianDollar (CME)-CAD 100,000; $ per CADFeb .7839 .7852 .7824 .7849 .0017 558March .7838 .7854 .7824 .7849 .0017 150,399BritishPound (CME)-£62,500; $ per£Feb 1.3707 1.3749 1.3681 1.3745 .0016 693March 1.3738 1.3751 1.3681 1.3746 .0016 161,657

Swiss Franc (CME)-CHF 125,000; $ per CHFMarch 1.1135 1.1143 1.1097 1.1138 .0012 50,894June 1.1165 1.1170 1.1127 1.1166 .0012 781AustralianDollar (CME)-AUD 100,000; $ perAUDFeb .7700 .7715 .7653 .7704 .0035 211March .7673 .7716 .7653 .7705 .0035 138,350MexicanPeso (CME)-MXN500,000; $ perMXNFeb .04952 .04972 .04940 .04968 .00004 35March .04956 .04962 .04921 .04952 .00004 151,082Euro (CME)-€125,000; $ per €Feb 1.2052 1.2068 1.2022 1.2058 .0012 1,006March 1.2054 1.2075 1.2029 1.2065 .0012 659,443

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexMarch 31126 31296 s 31050 31268 226 98,034June 31019 31174 s 30938 31154 228 325S&P500 Index (CME)-$250 x indexMarch 3882.60 3910.20 s 3885.40 3908.10 27.80 22,005June … … … 3897.80 27.70 22

Mini S&P500 (CME)-$50 x indexMarch 3889.00 3911.25 s 3885.50 3908.00 27.75 2,586,070June 3879.50 3900.00 s 3876.00 3897.75 27.75 41,878Mini S&PMidcap400 (CME)-$100 x indexMarch 2481.70 2517.50 s 2477.20 2514.00 39.90 51,353June 2434.40 2500.10 s 2484.20 2523.20 39.20 1MiniNasdaq 100 (CME)-$20 x indexMarch 13623.75 13693.00 s 13596.00 13683.00 85.00 228,628June 13625.25 13678.50 s 13585.00 13670.00 85.25 3,281Mini Russell 2000 (CME)-$50 x indexMarch 2234.00 2290.30 s 2230.80 2285.80 55.50 559,774June 2237.00 2284.20 s 2226.20 2280.70 55.70 538Mini Russell 1000 (CME)-$50 x indexMarch 2208.90 2218.00 s 2203.50 2218.00 15.90 10,249U.S. Dollar Index (ICE-US)-$1,000 x indexMarch 91.00 91.23 90.88 90.92 –.11 35,008June 90.93 91.19 90.85 90.89 –.11 930

Source: FactSet

Monday

Aluminum, LME, $ permetric ton *2007.5Copper,Comex spot 3.6790IronOre, 62%FeCFRChina-s 159.8ShreddedScrap, USMidwest-s,m 460Steel, HRCUSA, FOBMidwestMill-s 1180

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.6575Cotton,1 1/16 std lw-mdMphs-u 0.8228Cotlook 'A' Index-t *90.90Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 180Corn,No. 2 yellow,Cent IL-bp,u 5.5300Corn gluten feed,Midwest-u,w 170.7Corn glutenmeal,Midwest-u,w 616.5Cottonseedmeal-u,w 460Hominy feed,Cent IL-u,w 155Meat-bonemeal,50%proMnpls-u,w 333Oats,No.2milling,Mnpls-u 3.7000Rice, LongGrainMilled, No. 2AR-u,w 27.38Sorghum,(Milo)No.2Gulf-u 7.7375SoybeanMeal,Cent IL,rail,ton48%-u 435.10Soybeans,No.1 yllw IL-bp,u 13.7650Wheat,Spring14%-proMnpls-u 7.5525Wheat,No.2 soft red,St.Louis-u 6.9325

Monday

Wheat -Hard - KC (USDA) $ per bu-u 6.6450Wheat,No.1softwhite,Portld,OR-u 7.2500

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 196.56select 1-3,600-900 lbs.-u 181.91Broilers, National compwtd. avg.-u,w 0.8222Butter,AAChicago 1.2800Cheddar cheese,bbl,Chicago 150.00Cheddar cheese,blk,Chicago 166.50Milk,Nonfat dry,Chicago lb. 112.50Coffee,Brazilian,Comp 1.1706Coffee,Colombian, NY 1.7453Eggs,largewhite,Chicago-u 1.2650Flour,hardwinter KC 16.65Hams,17-20 lbs,Mid-US fob-u 0.65Hogs,Iowa-So.Minnesota-u 72.84Pork bellies,12-14 lbMidUS-u 1.5643Pork loins,13-19 lbMidUS-u 0.9672Steers,Tex.-Okla. Choice-u 114.00Steers,feeder,Okla. City-u,w 155.75

Fats andOilsCorn oil,crudewet/drymill wtd. avg.-u,w 43.2500Grease,choicewhite,Chicago-h 0.3800Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u 0.4688Tallow,bleach;Chicago-h 0.4300Tallow,edible,Chicago-u 0.5300

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA;W=weekly; Z=not quoted. *Data as of 2/5

Source: Dow JonesMarket Data

CashPrices Monday, February 8, 2021These 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.

Monday

EnergyCoal,C.Aplc.,12500Btu,1.2SO2-r,w 55.650Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.300

Metals

Gold, per troy ozEngelhard industrial 1833.00Handy&Harmanbase 1835.25Handy&Harman fabricated 2037.13LBMAGold PriceAM *1808.55LBMAGold Price PM *1802.95Krugerrand,wholesale-e 1908.09Maple Leaf-e 1926.44AmericanEagle-e 1926.44Mexican peso-e 2220.10Austria crown-e 1801.37Austria phil-e 1926.44Silver, troy oz.Engelhard industrial 27.5000Handy&Harmanbase 27.5550Handy&Harman fabricated 34.4440LBMAspot price *£19.3800(U.S.$ equivalent) *26.5300Coins,wholesale $1,000 face-a 21124OthermetalsLBMAPlatinumPrice PM *1121.0Platinum,Engelhard industrial 1165.0Palladium,Engelhard industrial 2371.0

| wsj.com/market-data/commodities

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates February 8, 2021

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.

InflationDec. index ChgFrom (%)

level Nov. '20 Dec. '19

U.S. consumer price indexAll items 260.474 0.09 1.4Core 269.226 –0.09 1.6

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 4.75 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 0.00

Week —52-WEEK—Latest ago High Low

Treasury bill auction4weeks 0.030 0.055 1.575 0.00013weeks 0.035 0.065 1.550 0.00026weeks 0.050 0.070 1.510 0.050

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.010 1.975 3.017 1.75160days 2.046 2.001 3.081 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 3.50 2.00

Commercial paper (AA financial)90days 0.08 n.a. 2.53 0.04

LiborOnemonth 0.12050 0.11300 1.65850 0.11300Threemonth 0.19538 0.19550 1.71313 0.19088Sixmonth 0.20750 0.21500 1.72538 0.20700One year 0.30638 0.30550 1.81275 0.30413

Euro LiborOnemonth -0.579 -0.579 -0.360 -0.621Threemonth -0.538 -0.543 -0.142 -0.574Sixmonth -0.539 -0.533 -0.052 -0.540One year -0.495 -0.511 0.008 -0.511

SecuredOvernight FinancingRate0.02 0.06 1.64 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.062 52.000 1.720 0.002MBS 0.090 51.600 1.703 0.011

Notes ondata:U.S. prime rate is the base rate on corporateloans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable;lending practices varywidely by location;Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate is as ofFebruary 5, 2021. DTCCGCFRepo Index isDepository Trust&Clearing Corp.'sweightedaverage for overnight trades in applicableCUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates asof 5:30 p.m. ET.Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Switzerland 0.00 0.00 0.50 0.00Britain 0.10 0.10 0.75 0.10Australia 0.10 0.10 0.75 0.10

Overnight repurchaseU.S. 0.03 0.07 1.65 -0.07

U.S. government rates

Discount0.25 0.25 2.25 0.25

Federal fundsEffective rate 0.0800 0.0800 1.6100 0.0600High 0.0900 0.1200 1.6500 0.0900Low 0.0200 0.0100 1.5800 0.0100Bid 0.0800 0.0800 1.6000 0.0100Offer 0.0900 0.1100 1.6300 0.0500

Week —52-WEEK—Latest ago High Low

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 0.111 s l 0.105 0.135 1.3990.875 10 1.159t l 1.168 1.105 1.578

5.500 Australia 2 0.116 t l 0.117 0.079 0.762 -0.2 0.4 -64.11.500 10 1.281 s l 1.207 1.100 1.056 12.0 3.8 -52.8

0.000 France 2 -0.650 t l -0.637 -0.669 -0.588 -76.7 -75.0 -199.10.000 10 -0.222 s l -0.222 -0.316 -0.130 -138.2 -139.1 -171.4

0.000 Germany 2 -0.710 t l -0.709 -0.697 -0.636 -82.7 -82.2 -203.90.000 10 -0.440 s l -0.446 -0.518 -0.382 -160.1 -161.5 -196.6

0.050 Italy 2 -0.420 t l -0.395 -0.405 -0.206 -53.7 -50.8 -160.90.900 10 0.515 t l 0.541 0.529 0.947 -64.5 -62.8 -63.7

0.100 Japan 2 -0.125 s l -0.132 -0.121 -0.144 -24.2 -24.6 -154.70.100 10 0.070 s l 0.060 0.039 -0.036 -109.0 -110.9 -161.9

0.000 Spain 2 -0.522 s l -0.527 -0.575 -0.401 -63.9 -64.0 -180.41.250 10 0.133 s l 0.126 0.035 0.288 -102.8 -104.3 -129.6

0.125 U.K. 2 -0.040 t l -0.014 -0.137 0.496 -15.7 -12.7 -90.74.750 10 0.479 t l 0.484 0.288 0.596 -68.2 -68.4 -98.8

Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

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

MarathonOil MRO 6.600 4.31 Oct. 1, ’37 235 –22 n.a.

International BusinessMachines IBM 3.500 1.59 May15, ’29 43 –13 63

DeltaAirlines, Inc. RetirementPlan … 4.500 2.65 Oct. 20, ’25 218 –11 242

DuPont deNemours DD 2.169 1.86 May1, ’23 175 –11 176

UnitedAirlines UAL 4.875 4.26 Jan. 15, ’26 407 –11 n.a.

GeneralMotors GM 6.250 3.75 Oct. 2, ’43 180 –10 193

WestpacBanking WSTP 3.350 0.95 March 8, ’27 n.a. –10 58

EntergyUtilityAffiliates … 5.590 0.56 Oct. 1, ’24 37 –9 49

…Andspreads thatwidened themostSumitomoMitsui Financial SUMIBK 1.474 0.89 July 8, ’25 41 7 50

Toronto–DominionBank TD 3.500 0.25 July 19, ’23 14 7 15

Daimler FinanceNorthAmerica DAIGR 1.750 0.45 March 10, ’23 34 6 36

Caterpillar Financial Services … 0.800 0.78 Nov. 13, ’25 31 5 34

GeneralMotors Financial … 1.700 0.68 Aug. 18, ’23 57 5 66

Credit Suisse CS 3.625 0.57 Sept. 9, ’24 38 4 42

Chevron CVX 0.426 0.31 Aug. 11, ’23 20 4 20

LockheedMartin LMT 7.000 0.55 Sept. 15, ’23 44 4 42

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

Transocean RIG 6.800 17.24 March 15, ’38 43.000 2.00 37.500

UnitedAirlinesHoldings UAL 4.875 5.06 Jan. 15, ’25 99.348 1.35 96.440

GenworthHoldings … 4.800 6.29 Feb. 15, ’24 95.970 0.97 93.812

Carnival CCL 6.650 5.27 Jan. 15, ’28 107.946 0.92 106.625

LBrands LB 6.750 4.80 July 1, ’36 121.000 0.75 115.000

Springleaf Finance … 7.125 3.22 March 15, ’26 118.200 0.70 117.450

IntesaSanpaolo ISPIM 5.710 2.54 Jan. 15, ’26 114.602 0.54 113.130

AmericanAirlines AAL 11.750 6.96 July 15, ’25 118.000 0.50 116.500

…Andwith thebiggest price decreases

AmericanAirlines AAL 4.000 6.64 July 15, ’25 90.000 –1.00 91.250

CIT CIT 6.125 2.25 March 9, ’28 125.250 –0.82 124.485

Netflix NFLX 5.875 2.43 Nov. 15, ’28 124.270 –0.53 125.000

HCA HCA 5.375 1.96 Feb. 1, ’25 113.000 –0.38 112.250

FordMotor Credit … 3.664 2.35 Sept. 8, ’24 104.500 –0.13 103.500

Navient NAVI 5.875 3.73 Oct. 25, ’24 107.375 –0.13 106.625

Sprint Communications S 11.500 1.42 Nov. 15, ’21 107.625 –0.11 107.688

Bombardier BBDBCN 6.125 4.65 Jan. 15, ’23 102.688 –0.06 100.750

*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

2267.97 -1.0 U.S. Aggregate 1.210 1.020 2.310

U.S. Corporate IndexesBloombergBarclays

3406.94 -1.5 U.S. Corporate 1.880 1.740 4.580

3103.07 -0.3 Intermediate 1.170 1.080 4.400

5017.10 -3.3 Long term 3.030 2.730 4.930

686.03 -2.2 Double-A-rated 1.600 1.300 3.360

911.07 -1.2 Triple-B-rated 2.120 2.010 5.350

HighYieldBonds ICEBofA

501.39 1.2 HighYield Constrained 4.024 4.024 11.400

472.78 3.5 Triple-C-rated 7.090 7.090 19.071

3355.38 0.8 HighYield 100 3.400 3.358 10.740

451.92 1.0 Global HighYield Constrained 4.108 4.108 11.310

342.08 1.3 EuropeHighYield Constrained 2.609 2.464 8.183

U.SAgencyBloombergBarclays

1860.92 -0.3 U.SAgency 0.550 0.460 1.700

1624.77 -0.2 10-20 years 0.420 0.340 1.610

4185.76 -2.1 20-plus years 1.850 1.170 2.180

2905.08 -1.0 Yankee 1.480 1.370 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

2233.57 0.1 Mortgage-Backed 1.230 0.930 2.690

2173.31 -0.2 GinnieMae (GNMA) 1.130 0.290 2.660

1320.77 0.2 Fanniemae (FNMA) 1.260 1.110 2.690

2026.48 0.2 FreddieMac (FHLMC) 1.250 1.080 2.710

599.20 0.6 MuniMaster 0.758 0.758 3.441

424.78 0.7 7-12 year 0.747 0.747 3.447

486.13 0.8 12-22 year 1.131 1.131 3.690

474.45 1.3 22-plus year 1.735 1.735 4.123

Global Government J.P.Morgan†

606.92 -1.4 Global Government 0.700 0.390 0.930

849.05 -1.7 Canada 1.070 0.590 1.470

416.71 -1.0 EMU§ 0.160 0.010 0.794

782.47 -1.4 France 0.040 -0.160 0.430

545.53 -1.2 Germany -0.340 -0.740 -0.120

293.99 -0.4 Japan 0.340 0.040 0.340

609.37 -1.4 Netherlands -0.240 -0.540 0.080

1054.29 -3.8 U.K. 0.840 0.390 1.130

925.73 -0.9 EmergingMarkets ** 4.447 4.295 7.480

Key InterestRatesData are annualized on a 360-day basis. Treasury yields are per annum,on actively traded noninflation and inflation-indexed issues that areadjusted to constantmaturities. Data are fromweekly Federal ReservereleaseH.15.

WeekEnded 52-WeekFeb 5 Jan 29 High Low

Federal funds (effective)0.07 0.08 1.59 0.04

Commercial paperNonfinancial1-month 0.07 0.07 1.60 0.072-month 0.07 0.08 1.57 0.073-month 0.08 0.09 1.84 0.08Financial1-month 0.10 0.12 2.15 0.082-month 0.13 0.13 2.27 0.083-month 0.12 0.14 2.44 0.11

Discountwindowprimary credit0.25 0.25 2.25 0.25

Treasury yields at constantmaturities1-month 0.04 0.06 1.61 0.013-month 0.05 0.07 1.58 0.01

WeekEnded 52-WeekFeb 5 Jan 29 High Low

6-month 0.07 0.08 1.57 0.061-year 0.07 0.09 1.49 0.072-year 0.11 0.12 1.42 0.113-year 0.18 0.18 1.40 0.135-year 0.45 0.42 1.42 0.217-year 0.80 0.75 1.52 0.3910-year 1.14 1.06 1.61 0.5520-year 1.72 1.63 1.91 0.99

Treasury yields (secondarymarket)1-month 0.04 0.06 1.58 0.003-month 0.05 0.07 1.55 -0.016-month 0.07 0.08 1.53 0.06

TIPS5-year -1.79 -1.74 0.41 -1.797-year -1.41 -1.38 0.35 -1.4110-year -1.03 -1.04 0.35 -1.0520-year -0.49 -0.55 0.47 -0.70Long-termavg -0.40 -0.44 0.62 -0.50

Notes on data:Federal-funds rate is an average for the seven days endedWednesday,weighted according to rateson broker trades;Commercial paper rates are discounted offer rates interpolated fromsales bydiscounted averages of dealer bid rates on nationally traded certificates of deposit;Discountwindowprimary credit rate is charged for discountsmade and advances extended under the FederalReserve's primary credit discountwindowprogram; rate is average for seven days endedWednesday;Inflation-indexed long-termTIPS average is indexed and is based on the unweighted average bidyields for all TIPSwith remaining terms tomaturity of 10 years ormore;

Sources: Federal Reserve; for additional information on these rate data and their derivation,please see,www.federalreserve.gov/releases/h15/data.htm

COMMODITIES wsj.com/market-data/commodities

P2JW040000-0-B00800-1--------XA

THEWALL STREET JOURNAL. Tuesday, February 9, 2021 | B9

DividendChangesDividend announcements fromFebruary 8.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedActivisionBlizzard ATVI 0.5 .47 /.41 A May06 /Apr15Avista AVA 4.4 .4225 /.405 Q Mar15 /Feb19Exponent EXPO 0.9 .20 /.19 Q Mar26 /Mar12GileadSciences GILD 4.2 .71 /.68 Q Mar30 /Mar15Hartford Financial HIG 2.8 .35 /.325 Q Apr02 /Mar01KansasCity Southern KSU 1.1 .54 /.44 Q Apr07 /Mar08Microchip Technology MCHP 1.0 .39 /.3685 Q Mar08 /Feb22Monolithic Power Systems MPWR 0.7 .60 /.50 Q Apr15 /Mar31PennyMacFinl Svcs PFSI 1.2 .20 /.15 Q Feb25 /Feb12PioneerNatural Resources PXD 1.7 .56 /.55 Q Apr14 /Mar31Piper Sandler PIPR 1.5 .40 /.375 Q Mar12 /Mar03Prudential Financial PRU 5.7 1.15 /1.10 Q Mar11 /Feb16Rexnord RXN 0.9 .09 /.08 Q Mar08 /Feb19

ReducedSabineRoyalty TrUBI SBR 6.6 .1553 /.16714 M Feb26 /Feb16

InitialPactiv Evergreen PTVE 2.6 .10 Feb24 /Feb14

ForeignAutohomeADR ATHM 0.6 .87 A Mar05 /Feb25BancoBradescoPrefADR BBD 3.5 .003 Apr08 /Mar03Brookfield BusPartners BBU 0.6 .0625 Q Mar31 /Feb26Brookfield Infr Pfd. A 14 BIPpB 4.9 .1875 Mar15 /Feb26Brookfield RenewPfdA 17 BEPpA 4.9 .32813 Q Apr30 /Apr15Cent Ele Brasil pfd. ADR EBR.B .26914 Feb11 /Centrais Elet Brasil ADR EBR .24285 Feb11 /Lazard LAZ 4.5 .47 Q Mar02 /Feb19OpenText OTEX 1.6 .2008 Q Mar26 /Mar05RenaissanceReHldgs RNR 0.9 .36 Q Mar31 /Mar15RenaissanceRePfd. E RNRpE 5.3 .33594 Q Mar01 /Feb26RenaissanceRePfd. F RNRpF 5.2 .35938 Q Mar01 /Feb26Royal DutchShell ADRA RDS.A 2.9 .333 Q Mar29 /Feb19Royal DutchShell ADRB RDS.B 3.6 .333 Q Mar29 /Feb19

SpecialPiper Sandler PIPR 1.5 1.85 Mar12 /Mar03

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split andratio; SO: spin-off.

How to Read the Stock TablesThe following explanations apply to NYSE,NYSE Arca, NYSE American and Nasdaq StockMarket listed securities. Prices are compositequotations that include primary market tradesas well as trades reported by Nasdaq BX(formerly Boston), Chicago Stock Exchange,Cboe, NYSE National and Nasdaq ISE.The list comprises the 1,000 largestcompanies based on market capitalization.

Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.

Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recentfour quarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership orbeing reorganized under theBankruptcy Code, or securitiesassumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

NetStock Sym Close Chg

Autohome ATHM 129.47 -0.75Autoliv ALV 94.98 0.49ADP ADP 167.92 0.64AutoZone AZO 1224.95 4.52Avalara AVLR 176.60 4.60Avalonbay AVB 173.33 1.11Avangrid AGR 47.40 -0.45Avantor AVTR 29.74 -0.12

s AveryDennisonAVY 174.89 1.80s AxonEnterprise AXON 182.39 5.21BCE BCE 43.65 0.22BHP Group BHP 69.65 1.87BHP Group BBL 58.13 1.58BP BP 22.03 1.22

s Baidu BIDU 276.60 6.47BakerHughes BKR 22.55 0.65Ball BLL 89.72 0.33

s BallardPower BLDP 40.99 2.31BancoBilbaoViz BBVA 5.42 0.13BancoBradesco BBDO 4.24 0.02BancodeChile BCH 20.78 0.25BancSanBrasil BSBR 7.52 -0.22BcoSantChile BSAC 21.00 0.43BancoSantander SAN 3.44 0.09BanColombia CIB 36.76 0.32BankofAmerica BAC 33.09 0.72BankofMontreal BMO 76.79 0.15BankNY Mellon BK 41.95 -0.08BkNovaScotia BNS 55.59 0.74Barclays BCS 8.09 0.06BarrickGold GOLD 22.46 0.13

s BauschHealth BHC 28.86 0.73BaxterIntl BAX 77.60 0.30BectonDicknsn BDX 256.82 2.14BeiGene BGNE 369.05 -2.84BentleySystems BSY 46.34 -0.34Berkley WRB 66.11 0.36

s BerkHathwy A BRK.A 3571002699.00s BerkHathwy B BRK.B 237.42 2.26BestBuy BBY 117.90 3.37BeyondMeat BYND 169.09 0.17Bilibili BILI 144.04 5.06Bill.com BILL 179.01 -5.68Bio-Techne TECH390.57 9.90Bio-RadLab B BIO.B 635.00 51.80Bio-RadLab A BIO 628.68 12.20Biogen BIIB 268.93 3.84BioMarinPharm BMRN 86.29 1.07BioNTech BNTX 119.50 1.93BlackKnight BKI 86.73 0.93

s BlackLine BL 148.10 -0.41BlackRock BLK 726.45 0.12Blackstone BX 70.55 -0.29Boeing BA 211.95 4.02BookingHldgs BKNG 2099.56 3.14BoozAllen BAH 81.95 -0.14BorgWarner BWA 43.44 0.34

s BostonBeer SAM 1151.38 28.05BostonProps BXP 95.35 3.23BostonSci BSX 39.57 0.61

s BridgeBioPharma BBIO 72.35 4.07BrightHorizons BFAM 172.60 1.47BristolMyers BMY 60.23 -0.69BritishAmTob BTI 37.43 0.19Broadcom AVGO 472.70 6.69BroadridgeFinl BR 143.09 -1.04BrookfieldMgt BAM 41.22 0.31BrookfieldInfr BIP 53.69 -0.26BrookfieldPropREIT BPYU 18.00 0.13BrookfieldRenew BEPC 56.94 0.44Brown&Brown BRO 45.50 0.73Brown-Forman A BF.A 70.19 0.93Brown-Forman B BF.B 75.89 1.33Bruker BRKR 57.91 2.15

s BuildersFirstSrc BLDR 43.41 0.82s Bunge BG 74.11 1.02BurlingtonStrs BURL 263.85 7.86CBRE Group CBRE 67.93 0.51

s CDW CDW 150.39 -0.58CF Industries CF 43.97 0.83CGI GIB 79.45 -0.68CH Robinson CHRW 89.97 1.13CME Group CME 191.74 0.35CMS Energy CMS 56.44 -1.01CNA Fin CNA 42.69 1.93

s CNH Indl CNHI 14.39 0.22CNOOC CEO 111.13 1.51CRH CRH 43.18 0.25CRISPR Therap CRSP 169.23 0.42CSX CSX 87.26 -1.29C3.ai AI 150.80 4.20CVS Health CVS 72.98 0.80CableOne CABO 2064.24 0.86CadenceDesign CDNS 137.58 1.78CaesarsEnt CZR 82.85 -0.03CamdenProperty CPT 101.96 0.16CampbellSoup CPB 47.12 -0.38CIBC CM 88.90 0.41CanNtlRlwy CNI 106.37 0.26CanNaturalRes CNQ 25.69 0.44CanPacRlwy CP 355.43 -0.63Canon CAJ 22.73 0.21CanopyGrowth CGC 43.87 0.94

s CapitalOne COF 116.00 1.52

NetStock Sym Close Chg

CardinalHealth CAH 52.91 -1.35Carlisle CSL 151.47 -0.47Carlyle CG 36.61 0.01CarMax KMX 126.85 0.68Carnival CCL 21.61 0.30Carnival CUK 18.86 0.11CarrierGlobal CARR 39.70 0.55Carvana CVNA 288.16 0.01Catalent CTLT 113.50 -0.03Caterpillar CAT 197.45 4.45Celanese CE 130.04 3.40Cemex CX 6.43 ...CenovusEnergy CVE 6.46 0.11Centene CNC 58.24 -0.64CenterPointEner CNP 21.03 -0.37CentraisElBras EBR 5.68 -0.08CeridianHCM CDAY 102.00 0.16Cerner CERN 78.50 -1.32CharlesRiverLabs CRL 276.65 0.89CharterComms CHTR 615.53 -2.12CheckPoint CHKP 117.65 -0.61

s Chegg CHGG 102.00 -0.15Chemed CHE 510.46 0.89CheniereEnergy LNG 67.13 0.74CheniereEnerPtrs CQP 39.34 0.76Chevron CVX 91.48 2.22Chewy CHWY 107.76 -2.94ChinaEastrnAir CEA 21.83 0.33ChinaLifeIns LFC 10.54 -0.05ChinaPetrol SNP 49.03 -0.13ChinaSoAirlines ZNH 31.16 1.13Chipotle CMG 1504.00 -2.88

s Chubb CB 166.18 3.63ChunghwaTel CHT 38.98 0.01Church&Dwight CHD 82.33 -0.54

s ChurchillDowns CHDN 216.07 -3.66Ciena CIEN 56.26 0.93Cigna CI 206.05 2.62CincinnatiFin CINF 87.66 0.95Cintas CTAS 349.15 4.17CiscoSystems CSCO 48.94 0.86Citigroup C 63.65 1.07CitizensFin CFG 40.48 0.54CitrixSystems CTXS 134.07 2.25Clarivate CLVT 29.75 ...Clorox CLX 190.00 -1.25

s Cloudflare NET 91.13 5.57Coca-Cola KO 49.92 0.27Coca-Cola Euro CCEP 50.81 0.14

s Cognex CGNX 88.58 1.56CognizantTech CTSH 75.85 1.35ColgatePalm CL 79.70 -0.17Comcast A CMCSA 51.85 0.74Comerica CMA 63.20 0.56CommerceBcshrs CBSH 72.42 1.36CiaSiderurgica SID 6.46 0.31ConagraBrands CAG 34.80 0.18ConocoPhillips COP 46.78 2.36ConEd ED 71.28 -0.22ConstBrands A STZ 228.63 1.45ConstBrands B STZ.B 224.80 12.03ContextLogicWISH 28.21 -0.39Cooper COO 384.92 -2.05Copart CPRT 120.78 1.39Corning GLW 37.68 0.26Corteva CTVA 43.61 -0.29CoStar CSGP 900.34 -7.84Costco COST 359.83 4.66CoupaSoftware COUP 359.65 8.65Credicorp BAP 159.06 0.97CreditSuisse CS 13.78 0.15Cree CREE 123.02 5.29CrowdStrike CRWD 222.36 -1.17CrownCastle CCI 160.90 -1.36CrownHoldings CCK 93.69 0.94Cummins CMI 238.61 8.98CureVac CVAC 126.29 5.86CyrusOne CONE 75.09 0.42

D E FDISH Network DISH 31.52 0.31DTE Energy DTE 121.00 -0.72DadaNexus DADA 46.36 -0.08Danaher DHR 235.65 0.06Darden DRI 130.27 -1.71

s DarlingIngred DAR 71.80 4.06Datadog DDOG 116.42 1.52DaVita DVA 110.20 1.02DeckersOutdoor DECK 320.20 3.47

s Deere DE 317.04 7.80s DellTechC DELL 79.94 0.33DeltaAir DAL 43.24 2.09DenaliTherap DNLI 76.96 6.39DentsplySirona XRAY 55.88 0.64DeutscheBankDB 10.56 0.24DevonEnergyDVN 18.75 0.85DexCom DXCM 403.30 -7.73Diageo DEO 163.92 1.10DiamondbkEner FANG 68.93 4.48DigitalRealtyDLR 146.37 0.81DiscoverFinSvcsDFS 94.34 1.50DiscoveryB DISCB 43.24 0.57DiscoveryA DISCA 43.25 0.58DiscoveryC DISCK 37.00 0.58

NetStock Sym Close Chg

s Disney DIS 190.00 8.84DocuSign DOCU 248.90 -1.47DolbyLab DLB 92.03 0.92DollarGeneralDG 198.38 4.56DollarTree DLTR 107.07 1.43DominionEnerD 73.83 0.09Domino's DPZ 380.06 2.83DoorDash DASH 177.43 -3.80Dover DOV 120.89 -0.17Dow DOW 57.35 0.11DrReddy'sLabRDY 65.92 0.33

s DraftKings DKNG 61.97 -1.90s Dropbox DBX 24.82 -0.02DukeEnergy DUK 93.60 -1.14DukeRealty DRE 41.61 0.23Dun&Bradstreet DNB 24.78 -1.05DuPont DD 75.76 -0.08

s Dynatrace DT 56.11 0.65ENI E 21.20 0.51EOG Rscs EOG 59.41 2.80

s EPAM Systems EPAM 390.33 12.90s EastWestBncp EWBC 65.88 1.58EastmanChem EMN 107.46 2.96Eaton ETN 120.22 -1.72EatonVance EV 71.32 0.62eBay EBAY 63.84 1.61Ecolab ECL 217.05 4.27Ecopetrol EC 12.37 0.24EdisonInt EIX 57.73 -0.92EdwardsLife EW 86.08 0.98ElancoAnimal ELAN 28.45 0.07Elastic ESTC 165.00 -1.83ElectronicArts EA 142.46 1.24

s EmersonElec EMR 86.52 0.41Enbridge ENB 35.81 0.64EncompassHealth EHC 82.06 -0.19EnelAmericas ENIA 7.73 0.12EnergyTransfer ET 7.06 0.34EnphaseEnergy ENPH 197.87 4.67Entegris ENTG 96.70 2.33Entergy ETR 94.47 -2.16EnterpriseProd EPD 21.38 0.34Equifax EFX 179.41 0.77Equinix EQIX 747.41 -6.88Equinor EQNR 18.47 0.18Equitable EQH 27.18 0.43EquityLife ELS 63.07 0.28EquityResdntl EQR 66.08 1.12

s ErieIndemnity A ERIE 258.71 1.18EssentialUtil WTRG 47.86 -0.27EssexProp ESS 260.57 2.47

s EsteeLauder EL 280.54 7.73Etsy ETSY 231.69 0.57EverestRe RE 225.19 5.79Evergy EVRG 54.22 -0.67EversourceEner ES 85.51 -2.29ExactSciences EXAS 148.48 3.89Exelon EXC 43.74 0.06

s eXpWorld EXPI 150.19 15.22Expedia EXPE 145.42 4.02ExpeditorsIntl EXPD 94.64 1.73ExtraSpaceSt EXR 117.18 0.56ExxonMobil XOM 52.10 2.15F5Networks FFIV 205.79 6.65FMC FMC 116.65 1.47Facebook FB 266.58 -1.52FactSet FDS 320.95 2.98FairIsaac FICO 477.68 -0.24Farfetch FTCH 63.32 -3.19Fastenal FAST 47.47 0.17Fastly FSLY 111.65 -1.50FateTherap FATE 108.50 3.31FedEx FDX 257.45 2.44Ferrari RACE 208.68 6.00FidNatlFin FNF 39.07 0.31FidNatlInfo FIS 133.43 1.20FifthThirdBncp FITB 32.57 0.48FirstHorizon FHN 15.53 0.38FirstRepBank FRC 156.34 0.55FirstSolar FSLR 100.33 2.93FirstEnergy FE 32.13 -0.15Fiserv FISV 113.40 1.18FiveBelow FIVE 192.20 1.40Five9 FIVN 174.72 1.50

s FiverrIntl FVRR 279.50 5.21FleetCorTech FLT 258.23 0.87Flex FLEX 19.55 0.81Floor&Decor FND 105.29 1.72FomentoEconMex FMX 69.00 -0.55FordMotor F 11.56 0.05

s Fortinet FTNT 159.43 3.95Fortis FTS 40.48 0.08Fortive FTV 67.68 -1.22FortBrandsHome FBHS 91.57 3.04FoxA FOXA 32.69 1.27FoxB FOX 31.55 1.24Franco-Nevada FNV 122.50 1.44FranklinRscs BEN 26.59 0.73FreeportMcM FCX 32.12 0.39FreseniusMed FMS 34.10 0.05Futu FUTU 128.00 12.00

G H IGDS HoldingsGDS 108.50 -2.10GFLEnvironmentalGFL 30.00 -1.01GSXTechedu GSX 91.40 1.63Gallagher AJG 117.68 -0.72Gaming&LeisureGLPI 43.10 -0.51Gap GPS 22.27 -0.38Garmin GRMN 124.14 3.81Gartner IT 168.11 3.61Generac GNRC 279.00 8.42GeneralDynamicsGD 159.64 0.82GeneralElec GE 11.61 0.21GeneralMills GIS 57.70 0.30

s GeneralMotorsGM 56.88 2.47Genmab GMAB 40.56 -0.01Gentex GNTX 35.28 0.40GenuinePartsGPC 103.58 1.93GileadSciencesGILD 67.97 -0.49GSK GSK 35.46 0.20GlobalPaymentsGPN 200.33 2.06Globant GLOB 218.34 2.83GlobeLife GL 94.10 0.44GoDaddy GDDY 89.32 2.28GoldFields GFI 9.44 0.15

NetStock Sym Close Chg

GoldmanSachsGS 300.15 6.65GoodRx GDRX 55.59 -1.04Graco GGG 72.21 0.42Grainger GWW 378.81 10.91Grifols GRFS 17.41 0.18GuardantHealthGH 162.08 -0.51Guidewire GWRE 123.70 2.33HCA HealthcareHCA 178.94 2.15

s HDFC Bank HDB 82.50 0.55s HP HPQ 27.30 1.15HSBC HSBC 26.83 0.09Halliburton HAL 20.04 1.06HartfordFinl HIG 50.31 -0.13Hasbro HAS 93.15 -4.13HealthcareAmerHTA 28.61 -0.20HealthpeakProp PEAK 30.26 -0.24Heico HEI 131.84 2.87Heico A HEI.A 116.41 2.76HenrySchein HSIC 70.78 0.65Hershey HSY 149.33 2.73Hess HES 60.38 3.44HewlettPackardHPE 13.50 0.36HighwoodsPropHIW 41.09 1.00Hilton HLT 112.32 0.65Hologic HOLX 82.28 -0.52HomeDepot HD 280.03 1.17HondaMotor HMC 28.76 0.57Honeywell HON 203.86 0.94

s HorizonTherap HZNP 88.46 3.24HormelFoodsHRL 49.80 0.74DR Horton DHI 82.96 2.94HostHotels HST 14.30 0.11HowmetAerospace HWM 27.74 0.61HuanengPower HNP 13.14 0.24

s Huazhu HTHT 58.32 0.77Hubbell HUBB 164.23 2.32

s HubSpot HUBS 418.99 3.64Humana HUM 378.34 -0.96JBHunt JBHT 146.02 1.37HuntingtonBcshs HBAN 14.22 0.15IAA IAA 65.11 1.65

s IAC/InterActive IAC 251.54 2.98s ICICI Bank IBN 17.65 0.09IdexxLab IDXX 495.76 -6.88IHS Markit INFO 89.42 0.10II-VI IIVI 88.73 0.73ING Groep ING 9.45 0.15

s Invesco IVZ 22.28 0.32IPG Photonics IPGP 243.12 4.69IQVIA IQV 186.91 0.81IcahnEnterprises IEP 60.58 0.87Icon ICLR 202.19 2.01IDEX IEX 198.43 6.08IllinoisToolWks ITW 204.24 2.05Illumina ILMN 451.06 22.15ImperialOil IMO 20.38 0.15Incyte INCY 93.62 3.38Infosys INFY 17.96 0.33IngersollRand IR 44.05 0.27Inphi IPHI 169.33 3.83Insulet PODD 280.89 -0.28Intel INTC 59.16 0.98InteractiveBrkrs IBKR 71.98 0.06ICE ICE 113.46 -0.73InterContinentl IHG 69.02 -0.75IBM IBM 123.61 1.82IntlFlavors IFF 127.25 0.19IntlPaper IP 47.84 0.81

s Interpublic IPG 26.61 0.63Intuit INTU 389.74 0.36IntuitiveSurgical ISRG 769.99 7.74Invitae NVTA 50.81 1.11InvitatHomes INVH 30.09 0.07IonisPharma IONS 59.73 -0.46iQIYI IQ 23.55 0.34IronMountain IRM 33.09 0.69ItauUnibanco ITUB 5.13 -0.10

J K LJD.com JD 94.57 -2.07

s Joyy YY 119.29 4.51JPMorganChase JPM 140.14 2.16JackHenry JKHY158.21 5.30JacobsEngg J 109.13 1.68JamesHardie JHX 31.36 0.89JazzPharma JAZZ 166.01 9.10J&J JNJ 164.92 0.47JohnsonControls JCI 51.71 0.66JuniperNetworks JNPR 25.15 0.60KB Fin KB 39.79 0.61KE Holdings BEKE 62.20 -0.42

s KKR KKR 45.27 0.62KLA KLAC 302.26 14.23KSCitySouthernKSU 203.95 -5.23Kellogg K 57.74 -0.29KeurigDrPepperKDP 32.10 -0.43KeyCorp KEY 18.92 0.35KeysightTechs KEYS 144.70 1.75KimberlyClark KMB 132.19 0.02KinderMorganKMI 14.73 0.58

s KingsoftCloud KC 67.44 3.49KinrossGold KGC 7.39 0.15KirklandLakeGoldKL 39.29 0.95KoninklijkePhil PHG 56.39 -0.47KoreaElcPwrKEP 10.80 0.25KraftHeinz KHC 33.91 0.11Kroger KR 33.28 0.13

s L Brands LB 50.78 1.39LKQ LKQ 38.24 0.33LPL Financial LPLA 123.85 -1.83L3HarrisTech LHX 186.27 3.44LabCpAm LH 225.97 -0.58LamResearch LRCX 532.78 23.02LamarAdv LAMR 88.28 0.78LambWeston LW 79.71 0.21LasVegasSands LVS 55.30 -0.27Lear LEA 160.06 4.35Leidos LDOS 108.09 1.33Lemonade LMND 141.79 -3.03

s Lennar A LEN 95.22 4.26s Lennar B LEN.B 76.35 3.38LennoxIntl LII 283.78 9.52LeviStrauss LEVI 19.45 -0.54LiAuto LI 30.36 -0.04LibertyBroadbandC LBRDK 150.03 1.42LibertyBroadbandA LBRDA 147.90 1.27

NetStock Sym Close Chg

LibertyGlobal B LBTYB 24.92 0.92LibertyGlobal A LBTYA 24.98 0.36LibertyGlobal C LBTYK 24.78 0.42LibertyFormOne C FWONK 45.14 0.81LibertyFormOne A FWONA 40.60 0.73

s LibertyBraves A BATRA 30.07 0.64LibertyBraves C BATRK 29.32 0.60LibertySirius C LSXMK 42.94 0.17LibertySirius A LSXMA 43.69 0.31LightspeedPos LSPD 72.01 -0.48EliLilly LLY 205.77 4.00LincolnNational LNC 52.55 1.47Linde LIN 257.34 -0.03

s LithiaMotors LAD 378.05 8.80LiveNationEnt LYV 76.39 2.05LloydsBanking LYG 2.02 0.04LockheedMartin LMT 337.84 0.80Loews L 48.42 0.62

s LogitechIntl LOGI 113.82 1.97Lowe's LOW 179.17 4.14LufaxHolding LU 17.25 -0.10lululemon LULU 339.71 5.63LumenTech LUMN 12.37 0.14

s Lyft LYFT 53.41 0.29LyondellBasell LYB 95.52 2.26

M NM&T Bank MTB 142.90 2.50MGMGrowthPropMGP 32.82 -0.15

s MGM ResortsMGM 35.60 1.35s MinisoGroup MNSO 34.77 4.47MKS Instrum MKSI 149.24-13.09MPLX MPLX 23.94 0.38MSCI MSCI 422.73 -7.08MagellanMidMMP 40.60 0.01MagnaIntl MGA 77.17 0.70

s ManhattanAssoc MANH 134.49 4.03ManulifeFin MFC 19.20 0.30MarathonPetrolMPC 49.48 1.83MaravaiLifeSciMRVI 34.98 0.49Markel MKL 1090.13 -9.38MarketAxessMKTX 569.72 -1.94Marriott MAR 129.09 -0.39Marsh&McLenMMC 113.87 0.27MartinMariettaMLM 300.91 3.31MarvellTech MRVL 51.60 1.55Masco MAS 57.33 0.91Masimo MASI 261.82 1.53Mastercard MA 337.03 -1.72

s MatchGroup MTCH 159.00 -0.82MaximIntProductsMXIM 91.58 2.38McAfee MCFE 20.27 -0.30McCormickVtg MKC.V 89.58 -0.28McCormick MKC 90.83 0.54McDonalds MCD 211.58 -1.00McKesson MCK 183.80 0.74MedicalProp MPW 22.23 0.35Medtronic MDT 118.07 -0.33MelcoResortsMLCO 17.53 0.16MercadoLibreMELI 1900.89-17.24Merck MRK 75.04 -0.76

s MetLife MET 54.18 1.60MettlerToledoMTD 1209.27 14.07MicrochipTechMCHP 152.47 7.03MicronTech MU 84.01 2.91Microsoft MSFT 242.47 0.27MidAmApt MAA 135.49 0.77MiratiTherapMRTX 210.15 2.62MitsubishiUFJMUFG 5.00 0.14MizuhoFin MFG 2.96 0.09MobileTeleSysMBT 9.14 -0.09

s Moderna MRNA 185.98 9.74s MohawkIndsMHK 153.10 0.58MolinaHealthcareMOH 202.54 -2.16MolsonCoorsB TAP 48.72 -0.26Mondelez MDLZ 56.02 -0.19MongoDB MDB 410.78 -1.88MonolithicPower MPWR 368.62 9.11MonsterBev MNST 90.88 -0.22Moody's MCO 278.39 1.42MorganStanleyMS 74.23 1.01Morningstar MORN 238.81 1.46Mosaic MOS 29.09 1.44MotorolaSol MSI 182.54 0.45NICE NICE 279.38 8.35NIO NIO 59.07 2.40NRG Energy NRG 42.07 0.23

s NVR NVR 4740.93 72.52s NXP Semi NXPI 188.12 6.13Nasdaq NDAQ 142.45 -0.14Natera NTRA 118.56 -0.51NationalGrid NGG 58.24 -0.40Natura&Co NTCO 18.89 0.06NatWest NWG 4.72 0.12NetApp NTAP 69.73 2.35NetEase NTES 124.13 0.11Netflix NFLX 547.92 -2.87Neurocrine NBIX 117.63 1.49NewFortressEnerNFE 51.73 2.12

s NewOrientalEduc EDU 186.93 2.39NYTimes A NYT 50.59 -0.22

s NewellBrandsNWL 26.56 0.43Newmont NEM 60.42 1.12NewsCorp B NWS 21.40 0.58NewsCorp A NWSA 21.70 0.48NextEraEnergyNEE 83.40 -0.20NielsenHoldings NLSN 22.82 0.13Nike NKE 143.41 -1.70Nikola NKLA 23.50 -0.10NiSource NI 22.32 -0.26Nokia NOK 4.26 0.04

s NomuraHoldings NMR 5.90 0.23Nordson NDSN 190.00 1.93NorfolkSouthernNSC 243.80 -1.86NorthernTrust NTRS 97.65 0.49NorthropGrumNOC 300.13 1.34NortonLifeLock NLOK 20.56 -0.51Novartis NVS 91.00 0.47

s Novavax NVAX 319.93 29.75NovoNordiskNVO 70.89 -0.51

s Novocure NVCR 183.96 8.11s NuanceComms NUAN 50.51 0.13Nucor NUE 53.70 0.72

s Nutrien NTR 54.77 1.21NVIDIA NVDA 577.55 33.91

NetStock Sym Close Chg

O P QONEOK OKE 43.43 0.59OReillyAuto ORLY 452.50 4.21OakStreetHealthOSH 53.62 0.09OccidentalPetrol OXY 25.45 2.89Okta OKTA 281.15 -1.79

s OldDomFreight ODFL 212.25 2.80OmegaHealthcareOHI 36.34 -0.51Omnicom OMC 66.75 0.87

s ON Semi ON 39.81 1.42s OpenText OTEX 49.26 0.52OpendoorTech OPEN 27.30 0.70Oracle ORCL 63.11 -0.49Orange ORAN 11.87 -0.07Orix IX 86.82 -1.22OtisWorldwideOTIS 63.73 -0.20OwensCorningOC 84.58 2.43

s OzonHoldings OZON 66.64 3.65PG&E PCG 11.89 0.03PNC Fin PNC 158.79 1.85POSCO PKX 60.53 1.06PPD PPD 35.57 -0.01PPG Ind PPG 140.22 0.11PPL PPL 27.87 ...

s PTC PTC 142.92 0.19Paccar PCAR 96.77 0.51PackagingCpAm PKG 133.03 -0.27PagSeguroDig PAGS 57.23 1.01PalantirTech PLTR 36.05 2.00

s PaloAltoNtwks PANW 385.40 5.55ParkerHannifin PH 278.64 -0.83Paychex PAYX 91.71 0.08PaycomSoftware PAYC 429.48 -4.74Paylocity PCTY 207.64 4.60

s PayPal PYPL 282.17 12.73s Pegasystems PEGA142.79 2.81Peloton PTON 144.99 -3.31PembinaPipeline PBA 28.26 0.62PennNational PENN 121.23 -7.68Pentair PNR 56.04 0.88Penumbra PEN 268.77 9.40PepsiCo PEP 140.40 -0.56PerkinElmer PKI 144.55 -0.48PetcoHealth WOOF 26.74 0.39PetroChina PTR 31.41 0.30PetroleoBrasil PBR 10.61 -0.46PetroleoBrasilA PBR.A 10.48 -0.33Pfizer PFE 34.82 -0.10PhilipMorris PM 85.99 1.71Phillips66 PSX 75.79 3.75Pinduoduo PDD 188.26 -7.90PinnacleWest PNW 76.94 -0.84Pinterest PINS 79.81 -2.15PioneerNatRscs PXD 133.05 4.81PlainsAllAmPipe PAA 9.27 0.34Playtika PLTK 32.30 1.30PlugPower PLUG 66.19 0.42Pool POOL 359.40 0.08PrincipalFin PFG 54.06 1.45Procter&Gamble PG 129.17 -0.40Progressive PGR 86.17 -1.30Prologis PLD 107.08 0.38PrudentialFin PRU 80.91 0.75Prudential PUK 34.06 0.54PublicServiceEnt PEG 58.81 -0.51PublicStorage PSA 232.51 3.17PulteGroup PHM 49.26 1.13

s Qiagen QGEN 55.78 1.75Qorvo QRVO 170.76 3.62Qualcomm QCOM 147.38 1.54QuantaServices PWR 76.58 0.63QuestDiag DGX 121.64 -0.15Quidel QDEL 232.88 -4.12

R SRELX RELX 25.26 0.07RH RH 500.01 13.08RLX Tech RLX 22.04 -2.19RPM RPM 87.30 0.84

s RaymondJamesRJF 110.22 0.81RaytheonTechRTX 72.49 0.16RealPage RP 86.74 0.04RealtyIncomeO 60.90 -0.28

s Redfin RDFN 88.67 5.97RegencyCtrs REG 48.96 -0.15RegenPharm REGN 494.90 -4.08

s RegionsFin RF 19.54 0.61RenaissanceReRNR 161.13 1.78Repligen RGEN 219.14 -2.92RepublicSvcsRSG 91.78 0.85ResMed RMD 201.55 -0.62RestaurantBrandsQSR 59.90 0.29

s RingCentral RNG 409.24 2.07RioTinto RIO 80.29 1.81RobertHalf RHI 72.10 1.28RocketCos. RKT 21.62 -0.01Rockwell ROK 247.26 4.37RogersComm BRCI 46.74 0.38

s Roku ROKU 434.63 -5.26Rollins ROL 37.23 -0.32RoperTech ROP 407.16 2.21RossStores ROST 120.66 1.94RoyalBkCanadaRY 84.09 0.57RoyalCaribbeanRCL 70.70 -0.88RoyalDutchA RDS.A 38.53 1.05RoyalDutchB RDS.B 36.26 0.99RoyaltyPharma RPRX 48.36 1.32Ryanair RYAAY 106.21 1.69SAP SAP 131.50 1.21S&P Global SPGI 325.44 1.42SBA Comm SBAC 267.01 -6.85SEI Investments SEIC 56.40 0.48SK Telecom SKM 24.99 -0.33SS&C Tech SSNC 68.92 -0.47StoreCapital STOR 32.39 -0.58

s SVB Fin SIVB 504.16 13.25Salesforce.com CRM 238.93 0.04Sanofi SNY 48.63 0.42Sasol SSL 13.62 0.23Schlumberger SLB 25.99 0.98SchwabC SCHW 55.85 0.11ScottsMiracleGro SMG 239.52 2.99

s Sea SE 263.46 6.70Seagate STX 71.41 1.97

NetStock Sym Close Chg

Seagen SGEN 177.15-13.46SempraEnergy SRE 124.85 -1.39SensataTechs ST 54.77 1.90ServiceCorp SCI 52.53 0.06

s ServiceNow NOW 587.91 -1.82ShawComm B SJR 17.75 0.04SherwinWilliams SHW 724.01 7.43ShinhanFin SHG 29.30 0.80

s Shopify SHOP 1345.09 57.34s Sibanye-Stillwater SBSW 17.27 0.42s SignatureBank SBNY 195.43 12.53SimonProperty SPG 98.94 2.19SiriusXM SIRI 6.06 -0.05Skyworks SWKS 181.57 2.62SlackTech WORK 43.24 ...

s Smartsheet SMAR 76.49 0.30s SmithAO AOS 61.38 1.38Smith&Nephew SNN 43.11 0.24Smucker SJM 115.12 0.66Snap SNAP 63.78 0.14SnapOn SNA 185.48 1.11Snowflake SNOW 304.50 -1.55SOQUIMICH SQM 55.04 2.58SolarEdgeTech SEDG 318.83 10.59Sony SNE 115.62 -1.09Southern SO 60.73 -0.15

s SoCopper SCCO 71.23 -0.23SouthwestAir LUV 52.24 2.19Splunk SPLK 169.56 -0.68Spotify SPOT 323.79 13.02

s Square SQ 259.97 19.59StanleyBlackDck SWK 175.68 -0.96Starbucks SBUX 106.26 -0.22StateStreet STT 76.07 1.30Stellantis STLA 16.49 0.32Steris STE 183.85 0.67StitchFix SFIX 80.73 -1.33

s STMicroelec STM 41.93 1.41s StoneCo STNE 88.58 2.87Stryker SYK 242.45 3.67SumitomoMits SMFG 6.80 0.27SunComms SUI 147.29 -1.53SunLifeFinancial SLF 48.02 0.30SuncorEnergy SU 17.66 0.40SunRun RUN 75.40 0.32Suzano SUZ 12.31 -0.11SynchronyFin SYF 37.67 0.38SyneosHealth SYNH 77.24 0.62Synopsys SNPS 276.48 3.56Sysco SYY 76.92 -0.16

T U VTAL Education TAL 79.92 -0.45TC Energy TRP 43.16 0.03TE Connectivity TEL 129.99 1.93

s Telus TU 21.39 0.27TJX TJX 69.97 1.64T-MobileUS TMUS 126.10 0.82TRowePrice TROW 163.39 3.53TaiwanSemi TSM 132.55 4.77

s TakeTwoSoftware TTWO213.34 5.85TakedaPharm TAK 17.42 0.24

s Tapestry TPR 38.35 0.80Target TGT 193.95 5.09

s TataMotors TTM 23.37 1.83TeckRscsB TECK 19.42 1.09

s TeladocHealth TDOC 294.54 9.51TeledyneTech TDY 387.06 1.90

NetStock Sym Close Chg

Teleflex TFX 398.63 -0.14Ericsson ERIC 13.33 0.18TelefonicaBrasVIV 8.90 -0.09Telefonica TEF 4.64 0.01TelekmIndonesia TLK 23.57 0.0110xGenomics TXG 181.70 -3.84Tenaris TS 17.21 0.65TencentMusic TME 26.22 0.57Teradyne TER 129.09 2.97Tesla TSLA 863.42 11.19TevaPharm TEVA 12.71 0.47TexasInstruments TXN 175.12 5.19Textron TXT 49.74 1.68ThermoFisherSci TMO 495.76 3.20ThomsonReuters TRI 83.50 -0.713M MMM 180.76 1.75Toro TTC 99.99 1.81TorontoDomBk TD 58.97 0.53Total TOT 43.51 1.19ToyotaMotor TM 152.93 2.07TractorSupply TSCO 157.25 5.75TradeDesk TTD 852.31 -2.75Tradeweb TW 66.28 1.28TraneTech TT 148.98 -0.37TransDigm TDG 600.17 -4.83TransUnion TRU 93.64 0.05Travelers TRV 146.20 1.36

s Trex TREX 103.44 3.45Trimble TRMB 73.99 1.72Trip.com TCOM 35.40 0.48TruistFinl TFC 52.97 0.28

s Twilio TWLO 399.51 -0.55s Twitter TWTR 58.20 1.42TylerTech TYL 427.42 5.30TysonFoods TSN 67.95 1.77UBS Group UBS 15.34 0.41UDR UDR 40.96 0.89UWM UWMC 9.51 -0.48

s Uber UBER 59.29 0.71Ubiquiti UI 346.64 7.64

s UltaBeauty ULTA 315.95 13.92UltragenyxPharm RARE 165.84 3.62UnderArmour CUA 17.70 -0.04

s UnderArmour AUAA 20.77 0.07Unilever UL 55.02 ...UnionPacific UNP 204.12 -0.08UnitedAirlines UAL 44.35 2.21UnitedMicro UMC 10.06 0.44UPS B UPS 163.45 -0.93

s UnitedRentalsURI 272.23 6.50US Bancorp USB 47.40 1.05UnitedHealthUNH 324.34 -0.17UnitySoftware U 124.89 -3.75UnivDisplay OLED 235.83 4.83UniversalHealthBUHS 131.45 0.76VEREIT VER 37.29 0.01VF VFC 81.70 -0.16VICI Prop VICI 26.73 -0.22VailResorts MTN 286.28 4.81Vale VALE 17.65 0.39ValeroEnergyVLO 64.79 3.07

s VarianMed VAR 176.36 -0.04Vedanta VEDL 10.01 0.17VeevaSystems VEEV 297.57 -0.58Ventas VTR 48.15 -0.32VeriSign VRSN 200.52 1.00VeriskAnalytics VRSK 188.86 1.43Verizon VZ 55.05 -0.27VertxPharm VRTX 214.37 -0.89

NetStock Sym Close Chg

ViacomCBS A VIACA 54.57 0.51ViacomCBS BVIAC 54.50 0.46Viatris VTRS 18.00 0.11Vipshop VIPS 33.70 0.60VirBiotech VIR 75.20 8.48VirginGalactic SPCE 56.25 1.91Visa V 206.89 -1.88Vistra VST 21.04 -0.01VMware VMW 146.80 1.08Vodafone VOD 18.45 -0.14VulcanMatls VMC 154.18 1.24

W X Y ZWEC EnergyWEC 85.17 -1.65WEX WEX 207.69 8.71W.P.Carey WPC 68.25 0.39WPP WPP 56.01 0.08Wabtec WAB 82.54 1.95WalgreensBootsWBA 49.93 0.12Walmart WMT 145.03 0.67WarnerMusicWMG 38.48 0.56WasteConnectionsWCN 98.95 0.01WasteMgt WM 114.38 0.65Waters WAT 284.50 1.02Watsco WSO 254.35 12.12Wayfair W 289.48 0.18Weibo WB 52.66 1.59WellsFargo WFC 33.40 0.84Welltower WELL 63.21 -0.81

s WestFraserTimber WFG 70.52 1.58WestPharmSvcsWST 294.46 3.11WesternDigitalWDC 62.12 2.38WesternUnionWU 23.25 0.28WestlakeChemWLK 85.82 1.57WestpacBankingWBK 17.16 0.21WestRock WRK 42.72 -0.36

s WeyerhaeuserWY 35.16 0.76WheatonPrecMetWPM 41.63 0.99Whirlpool WHR 200.43 6.86Williams WMB 22.50 0.41Williams-SonomaWSM 128.64 -0.11

s WillisTowersWLTW 225.70 1.79Wipro WIT 6.59 0.16Wix.com WIX 282.21 5.08

s Workday WDAY 272.79 8.84WynnResortsWYNN 117.41 0.42XP XP 48.73 0.18XPO LogisticsXPO 120.47 2.53XcelEnergy XEL 62.25 -1.19Xilinx XLNX 141.43 4.95XPeng XPEV 47.61 0.68Xylem XYL 100.96 2.77Yandex YNDX 68.38 1.40

s YatsenHolding YSG 23.20 -1.35YumBrands YUM 103.36 -1.98YumChina YUMC 59.66 2.27ZTO Express ZTO 36.61 1.25ZaiLab ZLAB 183.60 6.08

s ZebraTech ZBRA 420.31 13.20Zendesk ZEN 155.97 -2.03

s Zillow C Z 163.27 6.50s Zillow A ZG 169.08 5.32ZimmerBiomet ZBH 159.81 -0.08Zoetis ZTS 160.02 0.74ZoomVideo ZM 410.81 -8.78ZoomInfoTech ZI 57.41 -0.67Zscaler ZS 215.87 -0.91

s Zynga ZNGA 11.02 0.34

NetStock Sym Close Chg

A B CABB ABB 29.08 0.26AcadiaPharm ACAD 51.28 -0.42AECOM ACM 55.22 0.85AES AES 27.68 0.82Aflac AFL 46.28 0.83AGCO AGCO 121.84 2.15AGNC Invt AGNC 16.28 -0.02

s ANGI Homesvcs ANGI 18.07 1.82Ansys ANSS 381.97 2.49

s ASETech ASX 8.19 0.39ASML ASML 564.00 11.19AT&T T 28.77 -0.16

s AbbottLabs ABT 124.50 0.47AbbVie ABBV 106.84 -1.89AbCelleraBio ABCL 45.03 -1.52Abiomed ABMD 325.86 -1.99Accenture ACN 257.31 3.77ActivisionBlizATVI 101.19 -0.42AdaptiveBiotech ADPT 61.36 ...Adobe ADBE 493.76 1.64AdvanceAutoAAP 158.44 1.16AdvMicroDevicesAMD 91.47 3.57Aegon AEG 4.32 0.01AffirmHldgs AFRM 122.76 19.31AgilentTechsA 123.41 0.23AgnicoEagle AEM 72.56 1.57

s Agora API 98.72 -0.28AirProducts APD 253.64 0.49Airbnb ABNB 200.43 5.12AkamaiTech AKAM 117.28 2.61Albemarle ALB 161.56 4.39Alcon ALC 74.78 -0.88AlexandriaRlEstARE 170.42 -1.28AlexionPharm ALXN 154.50 0.58Alibaba BABA 262.59 -3.08AlignTech ALGN 602.44-18.01Alleghany Y 604.69 3.51Allegion ALLE 117.03 3.24AlliantEnergy LNT 49.06 -0.62Allstate ALL 107.38 0.46AllyFinancial ALLY 41.77 0.13AlnylamPharm ALNY 165.15 0.04

s Alphabet A GOOGL 2084.52 -4.31s Alphabet C GOOG 2092.91 -5.09Alteryx AYX 135.99 2.69AlticeUSA ATUS 36.95 0.08Altria MO 42.97 0.50AlumofChina ACH 8.58 0.49Amazon.com AMZN 3322.94-29.21Ambev ABEV 2.83 -0.09Amcor AMCR 11.47 ...Amdocs DOX 76.53 1.52Amedisys AMED 305.02 6.19Amerco UHAL 493.43 16.97Ameren AEE 72.59 -1.61AmericaMovilAMX 13.51 -0.01AmericaMovil A AMOV 13.73 0.25AmerAirlinesAAL 17.77 0.58AEP AEP 80.98 -1.21AmerExpressAXP 127.99 1.71AmericanFin AFG 103.04 2.89AmHomes4RentAMH 31.38 0.44AIG AIG 42.29 0.61AmerTowerREITAMT 232.79 -0.20AmerWaterWorks AWK 162.22 -2.79AmericanWell AMWL 35.24 0.17AmericoldRealty COLD 36.19 -0.33Ameriprise AMP 213.31 2.25AmerisourceBrgnABC 108.49 -1.20Ametek AME 119.89 2.89Amgen AMGN 237.57 1.25Amphenol APH 132.30 2.80AnalogDevicesADI 153.20 4.44

s Anaplan PLAN 82.99 2.54AngloGoldAshAU 23.35 0.30AB InBev BUD 65.07 -0.56AnnalyCap NLY 8.63 0.06Anthem ANTM 287.70 -3.15Aon AON 225.64 2.42ApolloGlbMgmtAPO 50.94 0.25Appian APPN 207.37-18.97Apple AAPL 136.91 0.15ApplMaterials AMAT 106.19 5.48

s Aptargroup ATR 141.98 1.32Aptiv APTV 148.77 1.64Aramark ARMK 37.00 0.31ArcelorMittalMT 23.05 0.84ArchCapital ACGL 34.15 0.35ArcherDanielsADM 53.65 0.72AresMgmt ARES 49.11 0.44arGEN-X ARGX 367.10 -3.91

s AristaNetworks ANET 320.09 -1.82ArrowheadPharm ARWR 88.41 -2.06AscendisPharma ASND 153.93 1.21

s AspenTech AZPN 157.03 5.59Assurant AIZ 135.44 1.08AstraZeneca AZN 50.06 0.33Athene ATH 45.27 0.82

s Atlassian TEAM 244.38 0.58AtmosEnergyATO 89.08 0.03Autodesk ADSK 302.81 -3.05

Monday, February 8, 2021

BIGGEST 1,000 STOCKS

52-Wk %Stock Sym Hi/Lo Chg

Chegg CHGG 105.12 -0.1ChemoCentryx CCXI 68.93 3.4Children'sPlace PLCE 78.46 4.0Chimerix CMRX 10.83 7.3Chubb CB 166.28 2.2ChurchillCapCorp.V CCV.U 13.75 1.5ChurchillDowns CHDN 221.80 -1.7Chuy's CHUY 43.35 4.7CimarexEnergy XEC 50.52 4.3CitiTrends CTRN 66.03 4.1Clarus CLAR 17.92 2.6CleanEnerFuels CLNE 18.42 37.8ClearSignTech CLIR 4.75 2.5ClearwaterPaper CLW 43.30 3.6Cloudflare NET 91.95 6.5CodaOctopus CODA 8.65 5.2Cognex CGNX 88.60 1.8Coherent COHR 227.18 13.6ColliersIntl CIGI 99.21 1.0Collplant CLGN 22.90 20.1ColonyCapital CLNY 5.56 2.0ColumbiaBanking COLB 43.19 3.6ColumbusMcKinn CMCO 49.00 4.5ComfortSystems FIX 64.80 11.5CommVehicle CVGI 10.28 5.9CommVaultSys CVLT 68.16 1.5CorceptTherap CORT 30.98 3.9Criteo CRTO 25.94 -0.6Cronos CRON 12.93 6.7Cubic CUB 70.22 10.0CustomersBancorp CUBI 26.14 5.0Cutera CUTR 31.10 5.3D&ZMedia DNZ.U 10.88 -0.2DPCM Capital XPOA.U 13.12 -1.6DPCM Cap A XPOA 11.96 -0.8Dana DAN 23.57 6.7Danaos DAC 34.50 0.3DanimerSciWt DNMR.WS 44.23 3.3DanimerScientific DNMR 62.54 -1.4DarioHealth DRIO 27.59 8.5DarlingIngred DAR 71.87 6.0Decarbonization DCRBU 22.81 10.2DecarbonizaPlusA DCRB 19.95 7.6DecarbonizPlusWt DCRBW 6.05 14.4Deere DE 317.19 2.5DelcathSystems DCTH 21.45 8.8DelekLogistics DKL 41.00 2.5DellTechC DELL 80.71 0.4DelwindsInsA DWIN 10.29 0.3DelwindsInsWt DWIN.WS 1.35 -8.0Denbury DEN 34.13 1.6DenisonMines DNN 0.88 11.0DermTech DMTK 61.46 3.1DesktopMetal DM 34.94 7.2DesktopMetalWt DM.WS 22.87 22.3DicernaPharma DRNA 28.50 2.6Dick's DKS 78.39 2.5DigiIntl DGII 25.28 2.6DigitalMediaWt DMS.WS 3.19 42.9DigitalMedia DMS 15.27 17.0DigitalTurbine APPS 91.29 3.3Disney DIS 190.64 4.9DixieGroup DXYN 4.40 -1.8Domo DOMO 79.00 -1.0Donaldson DCI 62.23 1.2DonnelleyFin DFIN 20.89 3.9DormanProducts DORM 102.59 2.8DraftKings DKNG 64.78 -3.0Dropbox DBX 25.70 -0.1DuckCreekTech DCT 56.36 ...DuddellStreetA DSAC 11.20 5.9DuddellStreetWt DSACW 2.75 26.8DycomInds DY 93.49 1.7DynagasLNG PfdB DLNGpB 22.45 1.8Dynatrace DT 56.62 1.2EDAP TMS EDAP 9.15 5.6EPAM Systems EPAM 391.23 3.4EVI Industries EVI 41.50 1.5EagleMaterials EXP 119.39 1.3Eargo EAR 71.32 9.2EastWestBncp EWBC 65.94 2.5EksoBionics EKSO 14.98 25.3ElevateCredit ELVT 4.90 8.2EmersonElec EMR 87.07 0.5EmpowerWt EMPW.WS 1.68 -6.9EncoreWire WIRE 64.65 3.7

52-Wk %Stock Sym Hi/Lo Chg

AxonEnterprise AXON 182.48 2.9AxosFinancial AX 44.69 1.1BCLS Acqn BLSA 12.77 0.5BJsRestaurants BJRI 53.15 0.9BK Tech BKTI 3.87 12.2BOK Fin BOKF 81.81 1.1BOS BetterOnln BOSC 3.79 10.2BRP DOOO 75.80 3.0B RileyFin RILY 54.92 1.5BTRS BTRS 18.03 3.9BTRS Wt BTRSW 6.12 9.2Baidu BIDU 282.00 2.4BallardPower BLDP 41.16 6.0BaoshengMedia BAOS 10.20 77.2Baozun BZUN 50.33 4.1Barnes&NobleEduc BNED 8.26 -0.4BauschHealth BHC 28.89 2.6BeamTherap BEAM 126.90 4.0Belden BDC 53.94 3.8BerkHathwy A BRK.A 357100 0.8BerkHathwy B BRK.B 237.56 1.0BerryGlobal BERY 59.73 4.1BetterWorld BWAC 10.70 ...BigRockPtrsWt BRPAW 16.30 27.8BioAtla BCAB 51.98 4.1BioLineRX BLRX 4.23 14.6Birks BGI 1.99 3.2BlackLine BL 154.61 -0.3BloomEnergy BE 44.95 0.7BlueWaterAcqn BLUWU 11.00 0.4BlueLinx BXC 44.16 4.9BlueRiverAcqn BLUA.U 10.73 -0.2BoltBiotherap BOLT 34.88 1.4BostonBeer SAM 1180.00 2.5BostonOmaha BOMN 43.65 5.3BoydGaming BYD 54.64 2.9BridgeBioPharma BBIO 72.73 6.0Bridgetown2 BTNB 14.00 0.7BridgewaterBcshs BWB 14.16 1.0BrilliantAcqn BRLIU 11.57 2.1BrilliantAcqnRt BRLIR 0.59 13.1BrooklineCap BCACU 10.70 0.5BuildersFirstSrc BLDR 43.77 1.9Bunge BG 75.05 1.4BurgundyTechWt BTAQW 2.59 ...CA Healthcare CAHCU 10.49 -0.1CBRE Acqn CBAH.U 11.25 1.9CCNeubergerII PRPB.U 12.00 ...CCNeubergerIII PRPC.U 10.84 0.2CDK Global CDK 55.51 1.9CDW CDW 153.95 -0.4C4 Therap CCCC 46.58 -2.4CIIG MergerWt CIICW 10.70 0.3CITICCapAcqn CCAC.U 12.93 -0.2CITICCapAcqnA CCAC 11.49 0.9CNH Indl CNHI 14.45 1.6CONSOL Energy CEIX 10.00 9.4CONXWt CONXW 2.27 2.9CalWtrSvc CWT 58.10 0.6CallawayGolf ELY 32.40 3.1Calyxt CLXT 11.98 7.7CambiumNtwks CMBM 43.07 6.1CambridgeBncp CATC 80.00 6.2Camtek CAMT 28.52 5.1CapitalOne COF 116.91 1.3CapitolInvtV CAP.U 10.90 -0.5CapitolInvV A CAP 10.47 -0.2Capri CPRI 47.09 1.0Cardlytics CDLX 152.84 4.1CarGurus CARG 35.18 1.8CarneyTechII Wt CTAQW 2.48 4.0CarneyTechII CTAQU 10.98 0.4CarParts.com PRTS 21.94 7.9CascadeAcqnA CAS 10.44 0.3CastleBiosci CSTL 99.85 0.1CathayGenBncp CATY 37.19 2.8cbdMD YCBD 5.46 11.9CedarRealtyPfB CDRpB 25.75 0.4Celestica CLS 9.38 2.7CelldexTherap CLDX 25.73 1.7CentennialRsc CDEV 3.51 1.8CentrusEnergy LEU 30.97 6.0CenturyComm CCS 63.07 3.9Cerence CRNC 131.80 -3.9ChannelAdvisor ECOM 24.55 5.9ChartIndustries GTLS 147.55 3.9

52-Wk %Stock Sym Hi/Lo Chg

HighsAAON AAON 80.64 3.6ACI Worldwide ACIW 41.02 1.2ALJ Regional ALJJ 1.42 3.0ANGI Homesvcs ANGI 19.17 11.2ARC Document ARC 2.36 5.0ARYASciencesAcqIII ARYA 25.89 100.1ASETech ASX 8.32 5.0ASGN ASGN 92.83 4.1A10Networks ATEN 11.41 7.1Azek AZEK 43.60 2.4AbbottLabs ABT 125.80 0.4Abercrombie&Fitch ANF 26.67 -2.1AbsoluteSftwr ABST 13.97 0.8AcaciaComms ACIA 114.89 0.1Accuray ARAY 5.75 5.8AckrellSpacUn ACKIT 10.44 -0.4Acushnet GOLF 47.25 1.8AddusHomeCare ADUS 129.01 2.1AEternaZentaris AEZS 3.62 200.9AffiliatedMgrs AMG 132.78 17.5Agora API 108.98 -0.3Agrify AGFY 21.24 0.3AkernaWt KERNW 2.49 9.5Alkermes ALKS 23.32 3.2AllianceBernstein AB 39.52 2.7AllscriptsHlthcr MDRX 17.53 2.3Alphabet A GOOGL2115.00 -0.2Alphabet C GOOG 2123.55 -0.2Alphatec ATEC 16.25 -1.5AlsetEHome AEI 17.48 74.4AltaEquipment ALTG 10.96 4.2AltairEngg ALTR 67.25 1.3AltimarAcqnII ATMR.U 10.94 -0.4AltitudeAcqn ALTUU 11.40 -0.4AltusMidstream ALTM 56.15 2.5Ambarella AMBA 117.99 4.6Ameresco AMRC 69.62 4.1AmericanAxle AXL 11.03 6.7AmerEagle AEO 25.75 -0.5AmericanRscs AREC 7.55 19.2AmerCarMart CRMT 131.07 ...AmkorTech AMKR 19.27 7.8AmnealPharm AMRX 6.10 13.7Ampco-Pitt AP 8.80 8.6Ampco-PittsWt AP.WS 1.72 23.0AmtechSystems ASYS 8.39 6.6Amyris AMRS 13.80 10.0Anaplan PLAN 83.11 3.2Andersons ANDE 26.63 2.8AndinaAcqnIIIWt ANDAW 1.70 3.7AndinaAcqnIII ANDA 14.00 -2.2AngioDynamics ANGO 21.09 4.3AnixaBiosci ANIX 5.63 17.3AntaresPharma ATRS 4.77 0.6AnteroResources AR 8.15 7.2AptIncmREIT AIRC 41.85 2.5Aphria APHA 19.14 13.9AppliedMolecular AMTI 45.00 7.4Aptargroup ATR 142.00 0.9ArcBest ARCB 51.64 1.9ArcusBiosci RCUS 42.07 2.2AristaNetworks ANET 324.67 -0.6Asana ASAN 40.20 2.4AscendantDigital ACND.U 12.24 2.2AscendantDigA ACND 11.32 3.6AspenAerogels ASPN 25.92 8.8AspenTech AZPN 157.12 3.7AtkoreIntl ATKR 62.82 7.0Atlas ATCO 12.81 3.7AtlasCrestInvt ACIC.U 12.49 0.2AtlasCrestInvtWt ACIC.WS 2.55 ...Atlassian TEAM 251.28 0.2Atomera ATOM 47.13 12.6AtriCure ATRC 61.58 1.3aTyrPharma LIFE 8.33 45.5AudioEye AEYE 44.15 34.0AutoNation AN 79.40 2.8Avaya AVYA 25.83 4.2AveryDennison AVY 175.58 1.0AviatNetworks AVNW 60.60 -0.2AvidBioservices CDMO 19.11 1.5AvidTechnology AVID 23.40 10.6Aware AWRE 5.44 14.2

Monday, February 8, 2021

New Highs and Lows | WSJ.com/newhighs

Progyny PGNY 50.69 1.5PropSolnsWt PSACW 4.96 8.0ProspectCapital PSEC 6.96 -1.8ProtalixBio PLX 5.87 18.5Prothena PRTA 15.73 6.9PublicStoragePfdO PSApO 25.75 0.4PulseBiosciences PLSE 45.82 0.3PurpleBiotech PPBT 7.19 46.8PzenaInvtMgmt PZN 9.56 4.1QAD A QADA 74.13 5.5QEP Resources QEP 3.46 6.9Q2Holdings QTWO 143.75 0.7QellAcqnA QELL 15.53 2.1QellAcqnWt QELLW 4.44 3.6QellAcqn QELLU 16.90 2.0Qiagen QGEN 59.00 3.2QuakerChemical KWR 287.81 3.9Quantum QMCO 8.72 7.8Qudian QD 3.29 6.7Qumu QUMU 10.45 12.1RENN Fund RCG 2.20 6.8RMGAcqnII RMGBU 13.14 -3.1R1RCM RCM 28.76 1.7RadaElectronic RADA 12.69 11.5RadiantLogistics RLGT 6.65 3.4RadiusHealth RDUS 23.56 2.5Rafael RFL 29.79 6.1RaymondJames RJF 110.85 0.7RayonierAdvMatls RYAM 9.00 9.4Rayonier RYN 34.21 2.5RealNetworks RNWK 3.10 -4.0Realogy RLGY 17.21 3.1RedRockResorts RRR 28.06 4.1Redfin RDFN 89.29 7.2RegionsFin RF 19.55 3.2ReinventTechA RTP 14.40 7.1ReinventTechPtrs RTP.U 15.34 8.0RekorSystems REKR 17.25 4.9RenalytixAI RNLX 29.12 0.2RenewableEnergy REGI 114.34 13.0Rent-A-Center RCII 52.71 6.2RepublicFirstBncp FRBK 3.44 3.0ResideoTech REZI 26.21 4.1ReWalkRobotics RWLK 4.19 18.6RibbonComms RBBN 10.68 19.8RigNet RNET 10.42 6.4RiminiStreet RMNI 8.67 8.0RingEnergy REI 2.39 41.1RingCentral RNG 420.00 0.5RiotBlockchain RIOT 32.90 40.2RocketPharm RCKT 67.48 2.7RodgersSilicVal RSVAU 19.99 5.5Roku ROKU 449.19 -1.2RothCHAcqnI ROCH 27.98 9.5RothCHAcqnIWt ROCHW 14.00 23.4RothCHAcquisitionI ROCHU 38.90 20.9RothCH II A ROCC 11.39 0.5RothCHAcqnII ROCCU 12.28 1.5RothCH II Wt ROCCW 2.65 13.1RotorAcqn ROT.U 10.90 1.3RubiconTech RBCN 10.75 7.3RumbleON RMBL 53.00 9.3SCE V Pfd SCEpK 26.27 0.1SCVX SCVX.U 12.08 -0.6SI-BONE SIBN 33.45 1.0SLM SLM 15.54 -1.9SMART Global SGH 42.83 4.2SM Energy SM 12.08 5.8SVB Fin SIVB 504.90 2.7SVF Invt Wt SVFAW 6.10 10.9SafeBulkers SB 2.39 -4.2SafeBulkersPfdC SBpC 22.49 2.3SafeBulkersPfdD SBpD 23.00 2.4Safehold SAFE 80.17 0.9SalariusPharm SLRX 2.35 33.5SandersonFarms SAFM 149.63 5.8SandRidgeEnergy SD 5.40 12.7ScholarRock SRRK 66.72 -5.9Schrodinger SDGR 104.75 4.9ScientificGames SGMS 48.62 -2.1Sea SE 269.14 2.6SeelosTherap SEEL 3.58 5.1SelectInterior SIC 9.01 2.9SeniorConnectI SNRHU 11.01 0.2SequansComms SQNS 9.57 -7.0ServiceNow NOW 598.37 -0.3SesenBio SESN 2.72 17.2SharpsCompliance SMED 14.50 2.1Shift4Paymts FOUR 81.12 3.1Shopify SHOP 1348.26 4.5Shyft SHYF 34.73 3.0Sibanye-Stillwater SBSW 17.46 2.5Sientra SIEN 8.93 36.6Sigmatron SGMA 5.70 3.1SignatureBank SBNY 196.18 6.9

SilenceTherap SLN 26.24 4.6SiliconLab SLAB 145.92 4.5SiliconMotion SIMO 64.13 7.1SilverBowRscs SBOW 6.79 1.2SilvergateCapital SI 155.36 14.7SimulationsPlus SLP 90.92 3.3SixFlags SIX 40.49 2.7SkylineChamp SKY 42.58 3.9SleepNumber SNBR 120.14 4.2SmartSand SND 2.50 15.3Smartsheet SMAR 79.17 0.4SmithAO AOS 61.42 2.3SmithMicro SMSI 8.05 -4.2Sonos SONO 32.00 1.2SoCopper SCCO 73.19 -0.3SouthwesternEner SWN 4.43 6.8SparkEnergy SPKE 12.16 3.1SparkNetworks LOV 8.09 14.6SpringValleyAcqn SVSVU 13.01 6.3SpringValleyWt SVSVW 2.85 28.6SpringValleyA SV 12.27 5.7SpringWorks SWTX 94.48 5.2SproutSocial SPT 74.57 1.2Square SQ 264.27 8.1St.Joe JOE 55.37 3.5StaarSurgical STAA 124.23 6.0StableRoadUn SRACU 33.50 4.8StableRoadAcqn SRAC 27.97 3.1Stantec STN 39.22 0.7StarPeakEner STPK.U 45.16 8.5StrPeakEnerA STPK 40.35 16.4StrPeakEnerWt STPK.WS 16.99 13.7StarboardValue SVACU 11.75 2.8StifelFinancial SF 55.87 1.2STMicroelec STM 42.08 3.5StoneCo STNE 88.79 3.3Stratasys SSYS 56.95 5.1SummitTherap SMMT 12.30 24.9SunlinkHealth SSY 2.04 10.3SustDevtAcqnI SDACU 11.39 0.3SutroBioph STRO 28.30 4.2SwitchbackEnerWt SBE.WS 21.44 2.5Synlogic SYBX 4.95 17.2SyprisSolutions SYPR 3.90 23.6Telus TU 21.40 1.3TLG Acqn One TLGA.U 10.44 1.2TPGPaceBenWt TPGY.WS 11.95 11.3TPIComposites TPIC 73.90 4.7TTEC TTEC 88.20 3.7T2Biosystems TTOO 3.79 22.3TZP Strategies TZPSU 10.59 0.6TailwindAcqn TWND.U 12.28 -0.2TailwindAcqnWt TWND.WS 2.25 -1.4TailwindAcqnA TWND 11.13 0.6TakeTwoSoftware TTWO 214.91 2.8Tapestry TPR 38.72 2.1TasekoMines TGB 1.48 7.4TastemakerAcqn TMKRU 10.62 -0.7TataMotors TTM 23.38 8.5TechTarget TTGT 93.01 4.5TejonRanch TRC 17.86 3.5TeladocHealth TDOC 296.36 3.3TenetHealthcare THC 52.59 3.3Teradata TDC 49.99 30.1Terex TEX 40.62 4.2TernsPharm TERN 19.89 7.6TetraTech TTI 2.52 11.1TexasPacLand TPL 1020.00 2.7TexasRoadhouse TXRH 89.88 1.0ThayerVentures TVACU 11.35 2.0The9 NCTY 29.24 6.2ThimblePoint THMAU 10.62 1.63D Systems DDD 52.88 9.2360DigiTech QFIN 20.98 2.8ThunderBridgeIII TBCPU 10.80 -0.4Tilly's TLYS 11.20 2.2Tilray TLRY 30.60 17.0TitanMachinery TITN 24.79 2.0TivityHealth TVTY 24.46 4.0Toll Bros TOL 55.63 2.6TopBuild BLD 223.83 3.1Tortoise II A SNPR 18.33 33.6Tortoise II Wt SNPR.WS 6.16 62.9TortoiseAcqnII SNPR.U 19.70 37.4TowerSemi TSEM 32.24 2.7Transalta TAC 9.14 1.4Transcat TRNS 44.46 1.0TransGlobeEner TGA 1.32 3.9TranslateBio TBIO 34.64 11.0TransMedics TMDX 27.78 14.6TrecoraResources TREC 7.43 1.6Trex TREX 104.46 3.5TriPointe TPH 22.09 3.3TridentAcqnsWt TDACW 3.25 1.0TrinityBiotech TRIB 6.82 11.6

TrinityIndustries TRN 32.39 2.3Trinseo TSE 57.66 2.0TripAdvisor TRIP 37.00 1.1TriplePtVent TPVG 14.69 -1.2TriumphBancorp TBK 66.03 2.8TriumphBncpPfdC TBKCP 27.95 -0.5Tronox TROX 18.87 1.4TurningPoint TPB 56.63 2.7TurningPtTherap TPTX 141.30 5.0TurtleBeach HEAR 31.29 5.8Twilio TWLO 407.77 -0.1Twitter TWTR 59.60 2.5UMB Fin UMBF 77.74 1.1US Lime&Min USLM 136.70 5.1US PhysTherapy USPH 137.47 3.6Uber UBER 60.11 1.2UltaBeauty ULTA 316.21 4.6UltraClean UCTT 46.98 5.7UnderArmour A UAA 21.05 0.3UnitedRentals URI 274.12 2.4USComdtyIndxFd USCI 34.90 0.9Upwork UPWK 53.83 3.4Usio USIO 6.62 -1.9UtzBrands UTZ 25.80 6.3VPCImpactA VIH 20.26 12.4VPC Impact VIHAU 22.84 13.3VaalcoEnergy EGY 3.06 -0.7ValleyNatlBncp VLY 11.49 3.1ValmontInds VMI 220.42 3.6VandaPharm VNDA 15.72 3.0VarianMed VAR 176.44 ...VaronisSystems VRNS 194.12 -3.5VentouxCCM Rt VTAQR 0.94 53.0VentouxCCMAcqn VTAQU 11.60 3.5Veracyte VCYT 80.29 5.8Vericel VCEL 49.78 5.3VerifyMeWt VRMEW 1.80 16.7Veritone VERI 48.10 6.6Veru VERU 15.70 27.8VillageFarms VFF 16.83 9.4ViomiTech VIOT 8.56 12.1VirtuosoAcqn VOSOU 10.60 1.3Vishay VSH 24.26 4.2VoceraComm VCRA 49.18 4.6VolitionRX VNRX 6.50 20.4voxeljet VJET 36.00 60.5VyGlblGrowthA VYGG 12.63 0.2VyGlblGrowth VYGG.U 12.99 0.1Welbilt WBT 15.06 0.5WescoIntl WCC 89.53 3.0WestFraserTimber WFG 70.73 2.3WestAllianceBcp WAL 75.90 2.7WestportFuelSys WPRT 12.95 40.6Weyerhaeuser WY 35.19 2.2WholeEarthBrds FREE 13.30 0.5Wiley A JW.A 50.96 1.8Willdan WLDN 54.82 3.1WillisTowers WLTW 226.02 0.8WirelessTel WTT 2.59 18.3Workday WDAY 273.34 3.3Workiva WK 110.20 -2.3WorthingtonInds WOR 59.41 3.6WyndhamDest WYND 51.71 0.7Xencor XNCR 53.91 5.3XerisPharm XERS 7.94 -0.4Xunlei XNET 6.87 23.1Yalla YALA 37.35 0.9YatsenHolding YSG 25.44 -5.5YellowstoneAcqn YSACU 11.20 -0.4Yelp YELP 37.94 5.9YunhongIntlWt ZGYHW 1.41 64.0ZimIntShipping ZIM 15.40 2.8Ziopharm ZIOP 5.78 6.7ZaniteAcqn ZNTEU 16.97 4.0ZaniteAcqnA ZNTE 14.95 1.8ZebraTech ZBRA 420.31 3.2Zedge ZDGE 11.70 29.8Zillow A ZG 169.27 3.2Zillow C Z 164.85 4.1ZionsBancorpPfdH ZIONN 26.46 0.5Zix ZIXI 10.15 1.9Zomedica ZOM 2.91 41.4Zumiez ZUMZ 47.96 3.6Zynga ZNGA 11.19 3.2

LowsAckrellSpacI Wt ACKIW 1.20 -3.2AngionBiomed ANGN 16.00 7.2CarLotz LOTZ 8.89 -5.3E2open ETWO 9.58 -4.6GlobisAcqn GLAQ 10.12 -0.5HH&L Acqn HHLA.U 10.36 -0.5MarqueeRaineA MRAC 10.51 -2.8ViveonHealth VHAQ 10.09 -0.5

NatlEnerSvs NESR 12.30 3.3NatlEnerSvsWt NESRW 2.22 9.7NatlPrestoInds NPK 98.74 4.8NaviosMaritime NMCI 6.85 1.9NaviosMaritime NM 5.40 6.4NaviosMaritime NMM 18.00 3.7NavSightA NSH 10.86 -0.7Neogen NEOG 88.41 2.7NescoWt NSCO.WS 1.60 10.6NetScout NTCT 31.46 2.8NeuBaseTherap NBSE 12.10 8.1NewFrontierWt NFH.WS 2.44 8.0NewOrientalEduc EDU 189.60 1.3NewProvidenceA NPA 20.55 16.0NewProvidenceWt NPAWW 6.66 19.1NewProvidenceAcqn NPAUU 23.58 10.6NewAge NBEV 4.07 13.2NewellBrands NWL 26.62 1.6NewtekNts2026 NEWTZ 27.67 5.6NexGenEnergy NXE 3.96 6.0NextGenAcqn NGACU 15.95 34.7NextGenAcqnWt NGACW 4.55 107.4NicholasFin NICK 11.49 0.4NicoletBankshares NCBS 73.76 3.2908Devices MASS 75.34 5.2NobleRockAcqn NRACU 10.59 0.3NomuraHoldings NMR 5.93 4.1Novan NOVN 1.82 26.8Novanta NOVT 139.19 2.9Novavax NVAX 329.99 10.3Novocure NVCR 189.68 4.6NovusCapII NXU.U 11.36 -0.4NuSkinEnts NUS 61.85 2.4NuanceComms NUAN 51.62 0.3Nutrien NTR 55.21 2.3ODP ODP 48.24 1.6OFSCapNts2023 OFSSG 25.50 0.6OaktreeAcqnIIWt OACB.WS 2.70 0.8OaktreeAcqnII OACB.U 12.51 -2.7OasisMidstream OMP 16.14 -1.2OasisPetrol OAS 50.60 6.1OccidentalPetrolWt OXY.WS 11.84 16.3Ocugen OCGN 18.77 201.1OfficePropNts2050 OPINL 27.05 -0.5OldDomFreight ODFL 214.00 1.3Omnichannel OCA.U 12.01 3.0OmnichannelA OCA 11.06 1.2OmnichannelWt OCA.WS 2.28 0.5ON Semi ON 39.96 3.7one AONE.U 12.50 -0.91LifeHealthcare ONEM 57.10 2.1111 YI 15.18 9.7OneStopSystems OSS 6.41 13.7OneMain OMF 56.23 1.2OpenLending LPRO 41.95 6.1OpenText OTEX 49.99 1.1OpiantPharm OPNT 13.95 3.8Oppenheimer A OPY 38.01 0.8OptimizeRx OPRX 53.65 -0.4OrganiGram OGI 3.37 41.0Organogenesis ORGO 13.75 5.7OrmatTech ORA 124.99 3.3OutlookTherap OTLK 3.62 51.8OutlookTherapWt OTLKW 3.49 109.0Ovintiv OVV 20.16 7.7OysterEnts OSTRU 10.35 0.8OzonHoldings OZON 68.77 5.8PDC Energy PDCE 27.61 6.3PTC PTC 144.83 0.1PagerDuty PD 57.32 2.0PaloAltoNtwks PANW 390.90 1.5ParatekPharma PRTK 8.33 5.7ParkNational PRK 116.85 2.9PartyCity PRTY 9.21 -2.3PatriaInvts PAX 23.27 2.7PatrickIndustries PATK 78.02 3.2PayPal PYPL 282.70 4.7Pegasystems PEGA 147.91 2.0PenskeAuto PAG 67.46 2.3Perficient PRFT 62.82 2.0PeridotAcqnA PDAC 13.75 2.2PerionNetwork PERI 23.82 4.5PershingSquare PSTH 33.55 6.6PetraAcqn PAICU 12.74 2.4Phreesia PHR 77.52 3.7PinnacleFinPtrs PNFP 74.70 2.0PorchGroupWt PRCHW 10.43 23.8PorchGroup PRCH 22.00 10.8PowerbridgeTech PBTS 4.20 4.8PPlus GSC-2 PYT 24.46 0.9PremierFinl PFC 29.66 2.6Primerica PRI 149.96 1.9PrimoWater PRMW 17.85 0.5PrimorisSvcs PRIM 32.81 1.7ProfoundMed PROF 28.97 -0.7

Kforce KFRC 47.41 4.6KimballElec KE 25.12 4.7KingsoftCloud KC 70.76 5.5KingswoodAcqn KWAC.U 10.74 0.8KludeInIAcqn INKAU 10.80 -0.2Knowles KN 21.35 ...Kohl's KSS 51.46 3.1Kopin KOPN 8.25 4.5KornFerry KFY 53.72 4.5KornitDigital KRNT 101.45 3.2KuraSushiUSA KRUS 26.47 3.8L Brands LB 51.04 2.8LCI Inds LCII 151.94 4.9LGL Systems Un DFNS.U 12.70 -5.4LGLSysAcqnWt DFNS.WS 2.79 9.4LGLS ysAcqn DFNS 11.40 0.7LMFAcqnOpps LMAOU 10.58 0.2LakelandFin LKFN 64.22 3.5LakelandInd LAKE 42.42 13.4Lantheus LNTH 20.20 4.3LendingClub LC 14.28 1.0Lennar A LEN 95.60 4.7Lennar B LEN.B 76.65 4.6LibertyBraves A BATRA 30.07 2.2LigandPharm LGND 209.95 2.6LindbladExped LIND 19.10 4.6Lindsay LNN 158.39 4.8LiqTechIntl LIQT 12.70 9.3LithiaMotors LAD 385.96 2.4LiveOakAcqnII LOKB.U 13.38 1.8LiveOakII A LOKB 11.98 2.3LivePerson LPSN 72.23 -2.4LogitechIntl LOGI 114.75 1.8LongviewAcqn LGVW.U 27.49 22.2LongviewAcqnA LGVW 24.00 18.2LongviewAcqnWt LGVW.WS 9.72 30.6LouisianaPacific LPX 42.20 1.0LuciraHealth LHDX 34.28 15.7LunaInnov LUNA 12.00 4.6Luxfer LXFR 18.95 -2.9Lyft LYFT 54.75 0.5Macom Tech MTSI 66.11 3.0MDC Holdings MDC 61.21 3.3MDC Partners MDCA 3.36 0.3MDH Acqn MDH.U 10.42 1.3MEI Pharma MEIP 4.58 12.8MGM Resorts MGM 35.70 3.9MGP Ingredients MGPI 65.00 4.2MI Homes MHO 56.34 6.8MinisoGroup MNSO 35.19 14.8MSA Safety MSA 169.58 2.3Magnite MGNI 59.98 6.7ManhattanAssoc MANH 134.92 3.1Manning&Napier MN 6.70 1.4MarathonPatent MARA 32.07 42.4MarqueeRaineWt MRACW 3.40 4.5MarroneBioInnova MBII 2.90 14.9MasonIndlTech MIT.U 10.48 1.1MasoniteIntl DOOR 111.44 3.4MasTec MTZ 86.41 -1.9MatadorRscs MTDR 19.80 8.0MatchGroup MTCH 162.97 -0.5Materion MTRN 72.53 4.0MaxeonSolar MAXN 52.20 8.1Maximus MMS 82.30 2.4Medifast MED 259.20 2.8Medpace MEDP 153.09 4.0MercerIntl MERC 12.76 4.3MeridianBiosci VIVO 30.44 -0.9MetaFinancial CASH 44.03 4.1MetLife MET 54.26 3.0MicroStrategy MSTR 1050.00 29.2MicroVision MVIS 15.53 27.6MiMedx MDXG 10.66 5.0Misonix MSON 20.71 4.2MissionProduce AVO 21.28 2.0Moderna MRNA 189.26 5.5ModineMfg MOD 14.80 6.9ModivCare MODV 180.86 4.9Mogo MOGO 7.54 28.3MohawkGroup MWK 42.00 20.5MohawkInds MHK 154.36 0.4Morphic MORF 40.25 5.1MotiveCapA MOTV 10.87 1.8MotorcarParts MPAA 26.42 4.6MountainCrest MCACU 16.10 25.8MountainCrestRt MCACR 1.42 8.8MountainCrest MCAC 14.15 10.0Movado MOV 24.41 2.4MudrickCapII MUDSU 10.90 1.8MusicAcqn TMAC.U 10.88 0.9NV5Global NVEE 101.60 1.4NVR NVR 4806.54 1.6NXP Semi NXPI 188.15 3.4NantKwest NK 27.00 13.0

GridDynamics GDYN 14.82 2.6GrowGeneration GRWG 62.97 8.3HDFC Bank HDB 82.62 0.7HEXO HEXO 8.72 11.2HP HPQ 27.36 4.4Haemonetic HAE 141.39 0.2HalozymeTherap HALO 50.53 3.0HamiltonLane HLNE 85.26 2.5HarrowHealth HROW 11.10 12.2HarvardBioSci HBIO 5.21 5.7Hawkins HWKN 60.53 6.8Headhunter HHR 33.75 2.9HealthCatalyst HCAT 53.44 2.9HealthSciences2 HSAQ 13.52 13.8HeliosTechnologies HLIO 62.05 3.0HennessyAdvsrs HNNA 12.50 28.5Herbalife HLF 56.00 3.7Heska HSKA 206.44 7.3HibbettSports HIBB 61.82 0.5HimaxTechs HIMX 15.16 20.3Hims&HersWt HIMS.WS 12.99 6.7Hims&HersHealth HIMS 25.40 2.0HinghamSvg HIFS 250.00 2.6HireQuest HQI 14.44 -2.1HolicityUn HOLUU 24.02 8.0HolicityA HOL 22.08 9.2HomeBancShares HOMB 22.56 0.8HomeStreet HMST 41.07 1.7HorizonAcqnA HZAC 11.21 2.4HorizonBancorp HBNC 17.50 1.5HorizonTechFin HRZN 14.40 2.9HorizonTherap HZNP 89.05 3.8HovnanianPfdA HOVNP 13.35 2.7Huazhu HTHT 59.23 1.3HubSpot HUBS 430.53 0.9HudsonExecUn HECCU 14.10 0.3HudsonExecWt HECCW 3.30 4.0HudsonExecA HEC 12.45 -0.1Huntsman HUN 29.41 2.7HysterYaleMatls HY 100.74 3.9IAC/InterActive IAC 252.81 1.2ICICI Bank IBN 17.67 0.5IDEAYA Bio IDYA 21.07 8.8IDT IDT 19.30 8.1IG Acqn Wt IGACW 2.50 1.9IG Acqn IGACU 13.48 1.5InsuAcqnII INAQU 21.33 8.9INSU Acqn II Wt INAQW 6.00 13.2INSU Acqn II A INAQ 19.37 8.5Invesco IVZ 22.37 1.5icad ICAD 18.24 1.7Ichor ICHR 43.34 4.1iClickInteract ICLK 18.60 4.8Immersion IMMR 15.78 10.3Immunocore IMCR 58.92 30.4Immunogen IMGN 8.33 7.4Impinj PI 65.58 3.7InariMedical NARI 115.50 1.5IndlTechAcqns ITACU 11.50 1.2InfinityPharm INFI 5.49 36.4InMode INMD 69.75 2.9Innodata INOD 7.23 6.8InnovativeIndProp IIPR 217.49 1.7InsightEnt NSIT 85.58 1.8InspireMedical INSP 233.44 0.4InspiredEnt INSE 8.00 11.6InspireMD NSPR 1.34 48.8InspireMD Wt NSPR.WS 0.42 100.1InspireMDWtB NSPR.WS.B 0.08 49.4InsteelInds IIIN 28.75 4.7Intellicheck IDN 15.45 13.5IntelligentSys INS 52.94 8.0Interpublic IPG 26.65 2.4Intra-Cellular ITCI 38.09 6.5Intricon IIN 21.28 1.8IridiumComm IRDM 54.65 0.8iTeosTherap ITOS 42.28 7.3ItiquiraAcqn ITQRU 10.50 0.8JMPGroup6.875%SrNt JMPNZ 24.56 ...JoffFintech JOFFU 10.75 2.3Joyy YY 132.25 3.9JawsMustang JWSM.U 10.96 -0.3JohnsonOutdoors JOUT 127.79 2.4Joint JYNT 38.19 6.8JounceTherap JNCE 14.08 -2.2JuniperIndustrial JIH.U 15.11 2.4JuniperIndlA JIH 13.62 2.0JuniperIndlWt JIH.WS 3.50 7.1KB Home KBH 45.21 5.9KinsTechWt KINZW 1.87 13.8KinsTech KINZU 11.20 1.2KKR KKR 45.43 1.4KKR Pfd C KKRpC 64.73 1.5KarunaTherap KRTX 126.06 5.2KelsoTechs KIQ 1.21 42.4

Endava DAVA 87.64 0.2EnduranceIntl EIGI 9.51 0.1Energous WATT 4.90 14.2EnergyFuels UUUU 5.60 15.0EnergyFuelsWt UUUU.WS 3.20 26.0EnlivexTherap ENLV 29.40 21.6EnovaIntl ENVA 29.08 1.7Entercom ETM 5.70 5.2EnvivaPartners EVA 53.01 1.7ErieIndemnity A ERIE 265.88 0.5EsportsEnt GMBL 13.50 55.2EsportsEntWt GMBLW 8.49 68.2EstablishLabs ESTA 59.75 3.8EsteeLauder EL 284.66 2.8EtonPharm ETON 10.29 1.7EvaxionBiotech EVAX 10.34 0.6Everi EVRI 15.55 -1.4Evogene EVGN 9.40 10.2EvolentHealth EVH 20.00 3.0EvolvingSystems EVOL 2.90 17.0ExOne XONE 55.08 35.9eXpWorld EXPI 156.22 11.3ExperienceInvt EXPCU 17.48 0.2ExtremeNetworks EXTR 10.07 9.0FARO Tech FARO 81.97 3.8FB Financial FBK 39.20 1.2Fabrinet FN 90.61 0.7FarPeakAcqn FPAC.U 11.65 1.7Fathom FTHM 46.70 16.2FibroGen FGEN 54.69 2.2FinTechAcqnV FTCVU 11.79 -1.3FinVolution FINV 4.46 9.5FirstBank FRBA 12.09 9.6FirstCitizBcshA FCNCA 692.44 3.6FirstFinBkshs FFIN 41.78 2.2FirstInternetBncp INBK 34.75 0.3500.com WBAI 22.98 14.4FiveStarSrLiving FVE 9.25 2.9FiverrIntl FVRR 286.45 1.9FlexShopper FPAY 3.75 12.4Fluent FLNT 7.90 3.8FocusFinPtrs FOCS 53.20 2.2FootLocker FL 51.48 2.9Forestar FOR 24.09 3.9Forterra FRTA 21.87 2.8Fortinet FTNT 160.93 2.5FortressBioPfdA FBIOP 23.70 -1.4FoxFactory FOXF 141.34 2.9Franchise FRG 37.80 -0.8FranklinElec FELE 75.62 3.4FreedomHolding FRHC 57.64 17.4FreightCarAmer RAIL 4.55 5.9FrequencyTherap FREQ 58.37 8.2Freshpet FRPT 165.36 3.6FuelCell FCEL 26.52 10.3FulgentGenetics FLGT 167.91 14.5FullHouse FLL 7.41 8.8FutureFuel FF 15.83 8.5FVCBankcorp FVCB 18.18 3.4GAMCO Investors GBL 20.22 4.1GAN GAN 30.86 8.3GATX GATX 98.82 2.3GOAcquisitionUn GOAC.U 11.35 1.3GoAcqnWt GOAC.WS 1.95 -2.7G1Therapeutics GTHX 30.78 7.9G Squared I GSQD.U 11.20 -0.2GTY Tech GTYH 8.28 0.6G Willi-Food WILC 25.00 2.9Gaming&Hosp GHACU 10.49 0.5GeneralMotors GM 57.05 4.5Genesco GCO 44.88 2.1GenesisParkAcqnUn GNPK.U 13.15 2.1GenesisParkA GNPK 11.75 1.7GenesisParkWt GNPK.WS 3.40 3.5Genetron GTH 29.50 2.6Genprex GNPX 7.72 22.7GeoVaxLabsWt GOVXW 2.95 38.2GIIIApparel GIII 29.94 1.0GilatSatellite GILT 19.09 21.7GladstonePfdD LANDM 26.14 -0.8GladstoneLand LAND 17.51 3.1Glaukos GKOS 97.19 0.9GlobalWaterRscs GWRS 17.81 5.7GlobisAcqnWt GLAQW 1.70 -0.9GoldenFalconAcqnUn GFX.U 11.35 2.4GoodTimesRest GTIM 3.99 6.2GooseheadIns GSHD 153.33 0.7GoresVI A GHVI 13.50 10.0GoresVI Wt GHVIW 4.54 13.6GoresVI GHVIU 14.25 10.7GoresHoldingsV GRSVU 12.44 0.9GrahamHoldings GHC 598.71 1.3GreatLakesDredge GLDD 15.12 4.7Greenbrier GBX 43.88 4.8GreencityAcqnWt GRCYW 1.10 -0.6

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSEAmerican and Nasdaq Stock Market stocks that hit a new 52-week intraday high or lowin the latest session. % CHG-Daily percentage change from the previous trading session.

P2JW040000-0-B00900-1--------XA

B10 | Tuesday, February 9, 2021 * THEWALL STREET JOURNAL.

Net YTDFund NAV Chg %Ret

American Century InvUltra 79.80 +0.50 5.1American Funds Cl AAmcpA p 41.11 +0.25 5.1AMutlA p 45.84 +0.23 2.8BalA p 30.86 +0.18 2.2BondA p 13.67 +0.01 -0.7CapIBA p 64.43 +0.34 2.3CapWGrA 62.12 +0.32 4.6EupacA p 72.61 +0.55 4.7FdInvA p 72.14 +0.54 4.3GwthA p 71.80 +0.48 6.3HI TrA p 10.33 +0.02 2.4ICAA p 46.22 +0.25 4.1IncoA p 24.26 +0.14 3.0N PerA p 64.09 +0.49 6.0NEcoA p 63.07 +0.35 6.0NwWrldA 94.10 +0.72 7.0SmCpA p 86.65 +1.08 8.9TxExA p 13.73 +0.01 1.0WshA p 51.87 +0.35 3.4

Net YTDFund NAV Chg %Ret

Baird FundsAggBdInst 11.65 +0.01 -0.9CorBdInst 12.03 +0.01 -0.7BlackRock FundsHiYBlk 7.84 ... 1.0HiYldBd Inst 7.83 ... 1.0BlackRock Funds AGlblAlloc p 22.24 +0.14 2.7BlackRock Funds InstStratIncOpptyIns 10.41 ... 0.6Bridge Builder TrustCoreBond 10.67 ... -0.9CorePlusBond 10.53 +0.02 -0.5Intl Eq 13.99 +0.12 4.7LargeCapGrowth 21.51 +0.13 4.6LargeCapValue 15.30 +0.16 3.9Columbia Class IDivIncom I 26.65 +0.24 3.3Dimensional Fds5GlbFxdInc 10.90 ... 0.1EmgMktVa 30.09 +0.20 5.0

Net YTDFund NAV Chg %Ret

EmMktCorEq 25.96 +0.16 7.0IntlCoreEq 15.14 +0.16 3.9IntSmCo 21.24 +0.25 4.7IntSmVa 20.02 +0.23 4.7LgCo 29.38 +0.21 4.4TAUSCoreEq2 24.47 +0.30 6.4US CoreEq1 31.52 +0.36 6.2US CoreEq2 28.85 +0.37 7.0US Small 43.77 +1.10 13.9US SmCpVal 40.12 +1.04 16.5US TgdVal 27.15 +0.68 15.1USLgVa 39.90 +0.58 6.3Dodge & CoxBalanced 106.63 +1.24 4.8Income 14.60 +0.01 -0.3Intl Stk 45.64 +0.49 4.4Stock 206.61 +3.51 7.3DoubleLine FundsCoreFxdIncmI NA ... NATotRetBdI 10.69 +0.01 0.1Edgewood Growth Instituti

Monday, February 8, 2021

iShCoreS&PMC IJH 251.10 1.61 9.3iShCoreS&PSC IJR 105.78 2.77 15.1iShS&PTotlUSStkMkt ITOT 91.23 0.88 5.8iShCoreUSAggBd AGG 116.83 0.10 –1.2iShSelectDividend DVY 102.62 1.11 6.7iShESGAwareUSA ESGU 90.38 0.74 5.1iShEdgeMSCIMinUSA USMV 68.03 0.46 0.2iShEdgeMSCIUSAMom MTUM 175.80 0.97 9.0iShEdgeMSCIUSAQual QUAL 118.84 0.70 2.3iShGoldTr IAU 17.45 1.04 –3.8iShiBoxx$InvGrCpBd LQD 135.37 0.43 –2.0iShiBoxx$HYCpBd HYG 87.78 0.30 0.5iShJPMUSDEmgBd EMB 114.22 ... –1.5iShMBSETF MBB 110.16 –0.02 0.0iShMSCIACWI ACWI 95.20 0.75 4.9

Closing Chg YTDETF Symbol Price (%) (%)

ARKInnovationETF ARKK 153.31 2.58 23.2CnsmrDiscSelSector XLY 173.21 0.57 7.7CnsStapleSelSector XLP 66.01 0.38 –2.1EnSelectSectorSPDR XLE 44.34 4.18 17.0FinSelSectorSPDR XLF 31.29 1.29 6.1HealthCareSelSect XLV 115.81 0.12 2.1IndSelSectorSPDR XLI 89.75 0.85 1.4InvscQQQI QQQ 333.58 0.67 6.3InvscS&P500EW RSP 134.10 1.17 5.1iShCoreDivGrowth DGRO 46.02 0.66 2.7iShCoreMSCIEAFE IEFA 71.43 0.63 3.4iShCoreMSCIEM IEMG 67.58 0.28 8.9iShCoreMSCITotInt IXUS 70.67 0.71 5.2iShCoreS&P500 IVV 392.05 0.75 4.4

Closing Chg YTDETF Symbol Price (%) (%)

Monday, February 8, 2021 iShMSCI EAFE EFA 75.23 0.70 3.1iShMSCI EAFESC SCZ 71.56 0.77 4.7iShMSCIEmgMarkets EEM 56.34 0.18 9.0iShMSCIJapan EWJ 70.49 1.79 4.3iShNatlMuniBd MUB 117.63 0.07 0.4iSh1-5YIGCorpBd IGSB 55.08 –0.02 –0.2iShPfd&Incm PFF 38.14 0.10 –1.0iShRussell1000Gwth IWF 252.94 0.59 4.9iShRussell1000 IWB 222.28 0.75 4.9iShRussell1000Val IWD 143.49 1.10 4.9iShRussell2000Gwth IWO 334.41 2.37 16.6iShRussell2000 IWM 227.31 2.55 15.9iShRussell2000Val IWN 151.74 2.66 15.2iShRussellMid-Cap IWR 72.99 1.02 6.5iShS&P500Growth IVW 66.87 0.48 4.8iShS&P500Value IVE 133.15 1.05 4.0iShShortTreaBd SHV 110.52 –0.01 –0.0iShSilver SLV 25.39 1.76 3.3

Closing Chg YTDETF Symbol Price (%) (%)

iShTIPSBondETF TIP 127.83 0.09 0.1iSh1-3YTreasuryBd SHY 86.37 –0.01 –0.0iSh7-10YTreasuryBd IEF 117.88 0.04 –1.7iSh20+YTreasuryBd TLT 148.68 0.44 –5.7iShRussellMCGrowth IWP 109.55 0.81 6.7iShUSTreasuryBdETF GOVT 26.94 0.04 –1.1JPMUltShtIncm JPST 50.79 ... ...PIMCOEnhShMaturity MINT 102.10 –0.01 0.1SPDRBlmBarcHYBd JNK 109.56 0.27 0.6SPDRBloomBar1-3MTB BIL 91.52 ... ...SPDRGold GLD 171.52 1.01 –3.8SchwabIntEquity SCHF 37.28 0.70 3.5SchwabUSBrdMkt SCHB 96.22 0.91 5.7SchwabUSDiv SCHD 66.82 1.20 4.2SchwabUSLC SCHX 95.52 0.78 5.0SchwabUSLCGrw SCHG 135.60 0.45 5.6SchwabUSSC SCHA 101.51 2.25 14.1SchwabUSTIPs SCHP 62.21 0.11 0.2

Closing Chg YTDETF Symbol Price (%) (%)

SPDRDJIATr DIA 313.89 0.75 2.6SPDRS&PMdCpTr MDY 458.38 1.56 9.2SPDRS&P500 SPY 390.51 0.72 4.4SPDRS&PDiv SDY 110.37 0.90 4.2TechSelectSector XLK 136.74 1.05 5.2UtilitiesSelSector XLU 63.10 –0.77 0.6VanEckGoldMiner GDX 35.22 1.76 –2.2VangdInfoTech VGT 374.95 1.15 6.0VangdSCVal VBR 156.84 1.98 10.3VangdSCGrwth VBK 297.82 1.64 11.3VangdExtMkt VXF 185.21 1.82 12.5VangdDivApp VIG 142.83 0.72 1.2VangdFTSEDevMk VEA 48.88 0.64 3.5VangdFTSEEM VWO 54.78 0.51 9.3VangdFTSEEurope VGK 61.80 0.28 2.6VangdFTSEAWxUS VEU 61.30 0.54 5.0VangdGrowth VUG 266.50 0.57 5.2

Closing Chg YTDETF Symbol Price (%) (%)

VangdHlthCr VHT 234.42 0.60 4.8VangdHiDiv VYM 95.41 0.93 4.3VangdIntermBd BIV 91.83 –0.01 –1.1VangdIntrCorpBd VCIT 96.27 0.09 –0.9VangdLC VV 184.14 0.73 4.8VangdMC VO 219.65 0.84 6.2VangdMBS VMBS 54.08 –0.02 0.0VangdRealEst VNQ 88.59 0.54 4.3VangdS&P500ETF VOO 359.07 0.74 4.5VangdSTBond BSV 82.74 ... –0.2VangdSTCpBd VCSH 83.13 0.04 –0.1VangdSC VB 215.74 1.79 10.8VangdTotalBd BND 87.06 0.11 –1.3VangdTotIntlBd BNDX 57.99 –0.04 –1.0VangdTotIntlStk VXUS 63.25 0.62 5.1VangdTotalStk VTI 205.94 0.90 5.8VangdTotlWrld VT 97.32 0.69 5.1VangdValue VTV 123.92 0.93 4.2

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

Mutual Funds Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes eand s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and rapply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Notavailable due to incomplete price, performance or cost data. NE-Not released by Lipper;data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.

EdgewoodGrInst 54.94 +0.39 6.1Fidelity500IdxInstPrem135.88 +1.00 4.4Contrafund K6 19.64 +0.12 4.0ExtMktIdxInstPre 93.94 +1.66 12.5FidSerToMarket 13.66 +0.13 5.8IntlIdxInstPrem 46.86 +0.41 2.7MidCpInxInstPrem 28.77 +0.32 6.5SAIUSLgCpIndxFd 20.49 +0.15 4.4SeriesBondFd 10.65 +0.01 -1.0SeriesOverseas 12.61 +0.06 1.7SmCpIdxInstPrem 28.98 +0.72 16.0TMktIdxInstPrem113.99 +1.06 5.8USBdIdxInstPrem 12.29 +0.01 -1.1Fidelity Advisor INwInsghtI 39.50 +0.27 4.8Fidelity FreedomFF2020 17.70 +0.09 3.1FF2025 16.00 +0.09 3.6FF2030 20.07 +0.14 4.1FF2035 17.42 +0.14 5.1FF2040 12.43 +0.11 5.8Freedom2020 K 17.69 +0.10 3.2Freedom2025 K 15.97 +0.09 3.6Freedom2030 K 20.05 +0.14 4.1Freedom2035 K 17.39 +0.14 5.1Freedom2040 K 12.43 +0.11 5.8Fidelity InvestBalanc 29.46 +0.22 4.2BluCh 179.18 +1.68 9.9Contra 17.49 +0.10 4.3ContraK 17.53 +0.10 4.3CpInc r 11.02 +0.03 3.1DivIntl 48.98 +0.30 2.7

GroCo 36.16 +0.48 10.0GrowCoK 36.25 +0.48 10.0InvGrBd 11.82 +0.01 -0.6LowP r 51.87 +0.56 6.7Magin 13.33 +0.07 2.1NASDAQ r 175.61 +1.65 8.5OTC 18.90 +0.15 7.9Puritn 27.13 +0.18 4.3SrsEmrgMkt 27.43 +0.10 9.9SrsGlobal 15.01 +0.10 4.7SrsGroCoRetail 25.07 +0.34 10.1SrsIntlGrw 18.18 +0.13 2.2SrsIntlVal 10.42 +0.12 3.3TotalBond 11.24 +0.02 -0.5Fidelity SAITotalBd 10.68 +0.01 -0.5Fidelity SelectsSoftwr r 28.43 +0.15 4.8Tech r 29.21 +0.33 8.7First Eagle FundsGlbA NA ... NAFranklin A1CA TF A1 p 7.87 +0.01 0.9IncomeA1 p 2.35 +0.02 3.0FrankTemp/Frank AdvIncomeAdv 2.32 +0.01 2.6FrankTemp/Franklin AGrowth A p 141.25 +0.67 4.3RisDv A p 81.48 +0.63 1.6Guggenheim Funds TruTotRtnBdFdClInst 29.45 +0.07 -0.6Harbor FundsCapApInst 111.19 +0.90 6.7Harding Loevner

IntlEq 29.31 +0.32 3.1Invesco Funds YDevMktY 57.53 +0.44 7.6JPMorgan I ClassCoreBond 12.16 +0.01 NAEqInc 20.22 +0.14 NAJPMorgan R ClassCoreBond 12.18 +0.01 NALord Abbett AShtDurIncmA p 4.22 ... 0.5Lord Abbett FShtDurIncm 4.22 ... 0.5Metropolitan WestTotRetBdI 11.09 +0.01 -0.7TRBdPlan 10.40 +0.01 -0.7MFS Funds Class IGrowth I 168.65 +0.89 4.3ValueI 46.32 +0.35 2.7MFS Funds InstlIntlEq 31.14 +0.24 1.6Northern FundsStkIdx 43.83 +0.32 4.4Old Westbury FdsLrgCpStr 18.05 +0.11 5.3Parnassus FdsParnEqFd 55.41 +0.50 3.3PGIM Funds Cl ZTotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NAInvGrdCrBd NA ... NATotRt 10.51 +0.01 -0.6PIMCO Funds AIncomeFd NA ... NA

PIMCO Funds I2Income NA ... NAPIMCO Funds InstlIncomeFd NA ... NAPrice FundsBlChip 173.71 +0.58 4.9DivGro 60.99 +0.40 1.6EqInc 32.96 +0.42 5.5Growth 103.30 +0.36 6.6HelSci 105.95 +1.08 7.2LgCapGow I 65.65 +0.18 7.3MidCap 118.52 +0.99 4.8NHoriz 87.00 +0.75 5.7R2020 23.44 +0.10 3.0R2025 20.05 +0.11 3.5R2030 29.61 +0.18 4.1R2035 22.22 +0.15 4.6R2040 31.98 +0.24 5.1PRIMECAP Odyssey FdsAggGrowth r 61.19 +0.89 14.0Schwab Funds1000 Inv r NA ... NAS&P Sel NA ... NATSM Sel r NA ... NATIAA/CREF FundsEqIdxInst 29.35 +0.27 5.6VANGUARD ADMIRAL500Adml 361.78 +2.66 4.4BalAdml 45.68 +0.27 3.0CAITAdml 12.40 ... 0.5CapOpAdml r194.79 +2.60 9.7DivAppIdxAdm 38.76 +0.28 1.1EMAdmr 45.34 +0.30 8.8EqIncAdml 82.09 +0.71 3.5

ExplrAdml 131.55 +1.96 9.9ExtndAdml 140.45 +2.49 12.6GNMAAdml 10.72 -0.02 -0.1GrwthAdml 137.21 +0.77 5.2HlthCareAdml r 93.61 +0.42 2.9HYCorAdml r 5.99 ... 0.6InfProAd 28.41 +0.03 0.3IntlGrAdml 175.96 +1.33 9.8ITBondAdml 12.44 ... -1.0ITIGradeAdml 10.38 ... -0.6LTGradeAdml 11.28 +0.04 -4.0MidCpAdml 272.19 +2.45 6.2MuHYAdml 12.10 +0.01 1.5MuIntAdml 14.93 +0.01 0.7MuLTAdml 12.30 ... 0.8MuLtdAdml 11.29 ... 0.4MuShtAdml 15.96 ... 0.1PrmcpAdml r166.98 +2.26 8.5RealEstatAdml125.52 +0.65 4.3SmCapAdml103.37 +1.85 10.9SmGthAdml104.80 +1.71 11.5STBondAdml 10.85 ... ...STIGradeAdml 11.02 ... 0.1TotBdAdml 11.46 ... -1.2TotIntBdIdxAdm 23.18 -0.01 -0.8TotIntlAdmIdx r 33.97 +0.27 4.7TotStAdml 100.24 +0.92 5.8TxMCapAdml207.26 +1.71 4.9TxMIn r 15.72 +0.14 3.2USGroAdml 183.97 +1.45 8.2ValAdml 48.33 +0.45 4.1WdsrllAdml 72.88 +0.84 6.1WellsIAdml 68.76 +0.25 0.2WelltnAdml 78.07 +0.30 1.9

WndsrAdml 75.56 +0.88 5.8VANGUARD FDSDivdGro 33.11 +0.13 -0.4INSTTRF2020 26.82 +0.11 2.2INSTTRF2025 28.20 +0.15 2.7INSTTRF2030 29.03 +0.17 3.2INSTTRF2035 29.79 +0.19 3.7INSTTRF2040 30.57 +0.21 4.2INSTTRF2045 31.28 +0.24 4.7INSTTRF2050 31.38 +0.25 4.7INSTTRF2055 31.46 +0.25 4.7IntlVal 41.68 +0.36 3.6LifeCon 23.01 +0.09 1.5LifeGro 41.89 +0.30 4.1LifeMod 32.53 +0.18 2.8PrmcpCor 31.43 +0.47 8.5STAR 32.31 +0.22 4.0TgtRe2015 15.94 +0.04 1.3TgtRe2020 35.03 +0.14 2.2TgtRe2025 22.13 +0.12 2.7TgtRe2030 41.85 +0.25 3.2TgtRe2035 26.15 +0.17 3.7TgtRe2040 46.12 +0.33 4.2TgtRe2045 29.51 +0.23 4.7TgtRe2050 47.59 +0.37 4.7TgtRet2055 51.66 +0.40 4.7TgtRetInc 15.10 +0.04 1.1TotIntBdIxInv 11.60 ... -0.8USGro 71.03 +0.56 8.2WellsI 28.38 +0.10 0.2Welltn 45.21 +0.17 1.9WndsrII 41.08 +0.47 6.1VANGUARD INDEX FDSExtndIstPl 346.60 +6.15 12.6

IdxIntl 20.31 +0.16 4.7MdCpGrAdml 96.84 +0.70 6.1SmValAdml 67.41 +1.30 10.4TotBd2 11.30 ... -1.2TotIntlInstIdx r135.86 +1.10 4.7TotItlInstPlId r135.89 +1.10 4.7TotSt 100.20 +0.92 5.8VANGUARD INSTL FDSBalInst 45.69 +0.27 3.0DevMktsIndInst 15.74 +0.14 3.2DevMktsInxInst 24.60 +0.22 3.2ExtndInst 140.44 +2.49 12.6GrwthInst 137.22 +0.77 5.2InPrSeIn 11.57 +0.01 0.3InstIdx 346.01 +2.55 4.4InstPlus 346.03 +2.55 4.4InstTStPlus 78.26 +0.72 5.8MidCpInst 60.13 +0.54 6.2MidCpIstPl 296.54 +2.67 6.2SmCapInst 103.37 +1.85 10.9STIGradeInst 11.02 ... 0.1STIPSIxins 25.75 -0.05 0.5TotBdInst 11.46 ... -1.2TotBdInst2 11.30 ... -1.2TotBdInstPl 11.46 ... -1.2TotIntBdIdxInst 34.79 ... -0.8TotStInst 100.26 +0.93 5.8ValueInst 48.33 +0.45 4.1WCM Focus FundsWCMFocIntlGrwIns 25.96 +0.20 4.9Western AssetCoreBondI NA ... NACorePlusBdI NA ... NACorePlusBdIS NA ... NA

Data provided by

Robinhood CEO Vlad Tenev seeks real-time settlement of trades instead of the current two-day period.

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call from the Depository Trust& Clearing Corp.

Robinhood and others arenow calling for a moderniza-tion of the way DTCC pro-cesses nearly $1.7 trillion of se-curities trades each day to helpprevent such an occurrencefrom repeating.

The DTCC is responsible forclearing and settling U.S. stocktrades. In other words, afterevery trade, it ensures that theshares are delivered to thebuyer and cash is delivered tothe seller, a process that takestwo business days.

To protect against the riskthat a buyer or seller will de-fault during those two days, aDTCC subsidiary known as theNational Securities ClearingCorp. maintains a multibillion-dollar fund to be tapped incase of such a failure. The fundis maintained by deposits frombrokerages including units ofmany Wall Street banks as wellas Charles Schwab Corp. andRobinhood.

Each day, the NSCC adjuststhe fund’s size based on suchfactors as market volatility andtrading volume, and it can de-mand additional funds fromany of its member brokerages.Typically such margin calls arerelatively small, but in extremecases brokers have a matter ofhours to put up large amountsof cash.

Last week, Robinhood ChiefExecutive Vlad Tenev called forthat two-day time frame,known as T+2 settlement, to bereplaced with real-time settle-ment—or immediate process-

ContinuedfrompageB1

BANKING & FINANCE

The family of a 20-year-oldstudent who took his own lifeafter believing he racked upbig trading losses on Robin-hood Markets Inc. filed alawsuit against the company,saying its “reckless conductdirectly and proximatelycaused the death of one of itsvictims.”

The father, mother and sis-ter of Alex Kearns, a Robin-hood user and an undergradu-ate at the University ofNebraska-Lincoln, said in acomplaint filed in Californiastate court on Monday thatRobinhood contributed to hisdeath through “misleadingcommunications” about hisinvestments and “virtuallynon-existent” customer ser-vice. They are seeking un-specified damages.

“We were devastated by

Alex Kearns’ death,” a Robin-hood spokesman said in anemail. “We remain committedto making Robinhood a placeto learn and invest responsi-bly.”

Robinhood was one of thebiggest beneficiaries of theboom in retail trading duringpandemic lockdowns, whichreached new heights lastmonth with the mania aroundGameStop Corp. and otherstocks favored by Reddit’sWallStreetBets forum.

The company amassedabout 20 million users by theend of last year, and execu-tives have told investors thatRobinhood is planning an ini-tial public offering in thefirst half of 2021, The WallStreet Journal previously re-ported.

But amid Robinhood’sgrowth, the company at timesfailed to give priority tothings like customer service,communications and riskmanagement.

Mr. Kearns initiated a so-phisticated options tradethrough Robinhood in whichhe believed his maximum loss

was limited to less than$10,000, the complaint said.One weekend in June, Robin-hood emailed Mr. Kearns toalert him that he needed todeposit about $178,000 in afew days’ time to help rectifya negative balance, which theapp showed was roughly$730,000, according to thecomplaint.

Mr. Kearns emailed Robin-hood’s customer-supportteam three times overnightasking for more informationbut received only auto-gener-ated replies, the complaintsaid. He wrote a note to hisfamily asking how someone ofhis inexperience was allowedto trade so easily, then killedhimself, the complaint said.

Robinhood’s emails failedto inform Mr. Kearns that thenegative $730,000 balancemay have referred to only oneleg of his trade and that hehad offsetting options that hecould exercise that wouldhave “more than covered hisobligation,” the complaintsaid. Robinhood doesn’tmaintain hotlines for custom-ers to call, so Mr. Kearns

didn’t have the option ofreaching a live agent byphone.

“Though Alex’s panic andconfusion were clearly causedby Robinhood’s misleadingcommunications, Robinhoodwas impossible to reach atthe most critical moment torepair the damage it had cre-ated,” the complaint said.

Since June, Robinhood hasadded more tools and educa-tional materials around op-tions and revised its eligibil-ity requirements for optionstrading, a spokesman said inan email. The company alsochanged its customer-serviceprotocols to escalate requestsfor assistance with the exer-cise and early assignment ofoptions and added a “livevoice support” for customerswith open or recently expiredoptions positions, he said.

Robinhood is also facingclass-action lawsuits fromdozens of customers over itsdecision last month to re-strict trading in GameStopand other highflying stocks.

—Kirsten Grindcontributed to this article.

BY PETER RUDEGEAIR

Robinhood Sued Over Trader’s SuicideUser panicked overnegative $730,000balance, got no replyto queries, family says

Alex Kearns thought his maximum loss was capped, the suit says.

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ing of trades. The current sys-tem forces cash to be tied upat the clearinghouse while in-vestors are left waiting fortrades to clear, Mr. Tenevwrote in a blog post.

Such a stance could helpRobinhood deflect blame as itsactions are probed by regula-tors and politicians. Still, manyon Wall Street say Mr. Tenev isright about T+2 settlement.

“In this day and age, there’sno reason it should take thatlong,” said Charles Cascarilla,chief executive of Paxos, acryptocurrency startup that isleading a pilot project to settleU.S. stock trades on block-chain, the technology behindbitcoin. “You can order any-thing from Amazon, from toiletpaper to toothbrushes, and getit in one day. But you can’t set-tle stock trades.”

The DTCC, which is ownedby a financial-industry consor-tium, says it is in favor ofspeeding up the settlement cy-cle for stock trades, though ithas argued for next-day orsame-day settlement, ratherthan real-time settlement.

Even a modest accelerationof the settlement processwould be a heavy lift involvingregulators and numerousbanks, brokerages and finan-cial-software providers, whichwould all need to update theirsystems to prepare for thechange. It took years to pushthrough the last big adjust-ment to the process, whenWall Street moved to two-dayfrom three-day settlement in2017.

“We are very supportive ofshortening the settlement cy-cle, and to the extent that it’sbecome a larger topic of con-versation in and around the in-dustry, we see that as a netpositive,” Murray Pozmanter,the DTCC’s head of clearingagency services and globalbusiness operations, said in aninterview.

Robinhood wasn’t alone inreceiving steep margin callsfrom the DTCC. Other firms,such as Apex Clearing, facedsimilar problems. Apex pro-vides clearing services to suchbrokers as Webull FinancialLLC, which also curbed tradingin GameStop.

Mr. Tenev has said Robin-hood’s operations team learnedof the DTCC’s $3 billion de-mand at 6:30 a.m. ET Jan. 28,an unusually large margin callprompted by customers pour-ing into a few volatile stocks.After Robinhood agreed to im-plement the trading restric-tions, lowering its riskiness ac-cording to the DTCC’sformulas, the clearinghousecut its demand to $700 million.Robinhood has since thenraised $3.4 billion in a hastyfundraising spree, helping toensure it can meet future col-lateral requirements.

Robinhood could have han-dled the situation better, ac-cording to current and formerbrokerage executives. For in-stance, Robinhood could havehad larger credit lines in placewith its banks to handle mar-gin calls, or it could havemoved earlier and more gradu-

ally in imposing trading curbson GameStop, they said.

“They should have been bet-ter prepared for this eventual-ity,” said Thomas Peterffy,chairman of Interactive Bro-kers Group Inc., which re-stricted trading in some popu-lar stocks. “Markets do getvolatile, and when they havelarge positions they must beable to meet such calls by theclearinghouse.”

The episode has fueled anarcane debate over whetherclearinghouses, rather than be-ing a stabilizing force, can con-tribute to risk in the financialsystem.

Proponents of central clear-ing say that requiring firms tofunnel trades through clearing-houses bolsters market cer-tainty and ensures a swift,clean resolution if a financialinstitution defaults. But someeconomists and financial-lob-bying groups say central clear-ing can fuel volatility duringtimes of market stress.

That is because clearing-houses seek to amass thickerbuffers against losses whenmarkets are volatile. Thatleads them to issue margincalls to banks and brokerages,

which might need to sell assetsquickly to raise cash—poten-tially exacerbating selloffs.

Last February and March,for instance, a coronavirus-fueled nosedive in many mar-kets led clearinghouses world-wide to demand hundreds ofbillions of dollars in additionalcollateral, according to FIA, afutures-industry group. That“contributed to an abrupt anddisorderly ‘dash for cash’across the financial marketsthat caused extreme disloca-tions in the U.S. Treasury mar-kets,” FIA said in an Octoberreport.

Something similar happenedin miniature with DTCC margincalls at the peak of GameStop’srally, said Craig Pirrong, a pro-fessor of finance at the Univer-sity of Houston. He pointed tosharp swings in the S&P 500and the Cboe Volatility Index,or VIX, around the time Robin-hood and other brokers werewrestling with the collateraldemands.

“It shows that some oddballstocks can have consequencesthroughout the financial sys-tem,” Mr. Pirrong said. “Insome respects, that is evenmore sobering.”

ClearanceChallengedOn Speed

WordPress VIP is buyingcontent analytics companyParse.ly in a move aimed atboosting its customers’ accessto information on how theircontent performs on socialmedia.

WordPress VIP, which isowned by Automattic Inc.,didn’t disclose the terms ofthe deal, but Automattic ChiefExecutive Matt Mullenwegsaid in an interview that thedeal is Automattic’s largest bycost and revenue. Automatticis also the parent of mediaplatforms Tumblr and Long-reads.

Companies use platformslike WordPress VIP to publishand manage articles and othercontent online. The platformcan cost companies anywherefrom $25,000 a year intoseven figures. Automattic alsoowns blogging site Word-Press.com.

The deal will allow custom-ers of WordPress VIP to accessdata analytics from Parse.ly,whose customers include or-ganizations like the NationalBasketball Association andBloomberg. Parse.ly’s custom-ers can see how many peopleare viewing their content.

Parse.ly customers will gainaccess to WordPress VIP’splatform.

In adding Parse.ly, Word-Press VIP’s customers com-bined will total around 800,more than half of which willbe from Parse.ly, WordPressVIP CEO Nick Gernert said inan interview.

BY ALLISON PRANG

WordPressBuys ContentAnalyticsFirm Parse.ly

P2JW040000-1-B01000-1--------XA

THEWALL STREET JOURNAL. * * * * Tuesday, February 9, 2021 | B11

The yield of the 30-year U.S.Treasury bond pushed past 2%Monday for the first time sinceFebruary 2020, before the coro-navirus pandemic roiled gov-ernment-debt markets.

The move comes amid a re-cent surge in yields of longer-term Treasury bonds comparedwith short-term debt, as trad-ers bet that government stimu-lus will accelerate a rebound ineconomic growth.

Bond investors closelywatch the differential betweeninterest rates on short and lon-ger-dated Treasurys as a bell-wether for growth and infla-

tion, both ofwhich can pushbond yields up asthe Federal Re-

serve raises short-term ratesand investors demand higherreturns to lend out capital.

That bodes well for corpora-tions, consumers and the banksthat lend to them but poorlyfor investors who buy Treasurybonds in the near term.

“You get these psychologicallevels and 2% is a big one forthe market,” said Michael Con-topoulos, director of fixed in-come at Richard Bernstein Ad-visors LLC.

When 30-year yields exceed2% and inflation starts to pickup at the same time, they serveas clear leading indicators ofeconomic growth, he said.

The 30-year yield hasbreached an important techni-cal level, “which now opens theway towards [a range of]2.44% to 2.47%,” Citigroup Inc.analysts wrote in a researchreport. “We expect the yieldmove can extend in the me-dium-term.”

While long-term Treasurybond yields are rising, short-term yields remain near all-time lows, reflecting concernsabout a resurgence of Covid-19cases in recent months and anaccompanying economic slow-down.

The Fed is keeping short-term interest rates low toboost activity.

The yield spread betweentwo-year and 10-year U.S.Treasury notes rose as high as1.074 percentage points Mon-day, the widest since thespring of 2017, according todata from Ryan ALM andTradeweb ICE. The yield on the10-year note rose as high as1.2% before subsiding to 1.159%Monday, compared with a closeof 1.168% Friday, while theyield of the 30-year bondpeaked at 2.006% Monday,then retraced to 1.943%, com-pared with 1.973% at Friday’sclose.

Bond yields rise when pricesfall, and the widening differen-tial indicates that the investorshift away from haven assetsto riskier securities is pickingup pace, analysts said.

BY MATT WIRZ

Yield onLong BondTrades at2% BeforeRetreating

CREDITMARKETS

rally, pushing Brent crude fu-tures above $60 a barrel forthe first time since January2020, before the pandemic.The global energy benchmarkrose 2.1% to settle at $60.56 abarrel. The oil rally helpedmake energy stocks the best-performing sector of the S&P500. Ten of the index’s 11 sec-tors ended Monday in positiveterritory, with only utilities, atraditionally defensive play,declining.

The market is in the midstof a broad “reflation trade”that is fueling gains in sectorsthat were beaten down by lastyear’s coronavirus slowdown aswell as small-cap stocks andemerging markets, said PaulChristopher, head of global

market strategy at the WellsFargo Investment Institute.

He chalked up investors’bullish mood to stimulushopes, substantial savings thathave piled up among U.S. con-sumers during the pandemicand hopes that Covid-19 vacci-nations will let that moneycome pouring back into theeconomy later this year.“There’s a lot of dry powder onthe sidelines waiting to bespent,” Mr. Christopher said.

Bitcoin jumped 15% to$44,597, according to Coin-Desk, after Tesla said it had in-vested $1.5 billion in the digitalcurrency. The electric-vehiclemaker also said that it expectsto begin accepting bitcoin as aform of payment. Tesla shares

AUCTIONRESULTSHere are the results ofMonday's Treasury auctions.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

13-Week 26-WeekApplications $169,204,508,400 $158,506,244,200Accepted bids $60,098,038,400 $56,760,040,200" noncomp $648,691,200 $665,470,000" foreign noncomp $476,000,000 $380,000,000Auction price (rate) 99.991153 99.974722

(0.035%) (0.050%)0.035% 0.051%

Bids at clearing yield accepted 54.71% 29.77%912796A25 9127964B2

Both issues are dated Feb. 11, 2021. The 13-week billsmature onMay 13, 2021; the 26-week billsmature onAug. 12, 2021.

MARKETS

month.The combination of strong

quarterly earnings reportsfrom some of the biggest U.S.companies and the possibilityof more relief for the economyhas given markets a shot in thearm, according to Daniel Mor-ris, chief market strategist atBNP Paribas Asset Manage-ment.

“It’s like your birthday andChristmas on the same day,and the markets are all happy,”said Mr. Morris.

Another round of stimulusspending in the U.S., a net im-porter, also would be a boonfor overseas stock markets, ac-cording to Mr. Morris. “Ifyou’ve got your…motors ofgrowth in the U.S. and Chinadoing very well this year, thathelps everyone,” he said.

Treasury Secretary JanetYellen told CNN on Sundaythat the U.S. could return tofull employment next year iflawmakers pass Mr. Biden’sstimulus package.

Markets also have beenbuoyed by an upbeat set ofearnings for the holiday quar-ter from large U.S. companies.Of the 295 companies on theS&P 500 that had reported byearly Monday, 81% had beatenanalysts’ expectations forearnings growth, according toFactSet.

Shares of Loews gained 62cents, or 1.3%, to $48.42 afterthe insurance, hotel and en-ergy company reported an in-crease in profit.

Oil markets continued to

rose $11.19, or 1.3%, to $863.42.In other corporate news,

Palantir Technologies surged$2, or 5.9%, to $36.05 after thedata-analytics company said itwas partnering with Interna-tional Business Machines oncloud applications for busi-nesses.

Some stocks heavily favoredby online traders on Reddit fo-rums continued to shed value,after steep losses last week.GameStop shares fell $3.77, or5.9%, to $60. AMC Entertain-ment dropped 65 cents, or9.5%, to $6.18.

Overseas, the Stoxx Europe600 rose 0.3%. Early Tuesdayin Asia, Japan’s Nikkei was up0.4% after rising 2.1% on Mon-day. Nikkei Asia reported thatJapan will consider lifting acoronavirus state of emergencyin some prefectures ahead of anew deadline. Also early Tues-day, the Shanghai Compositewas up 0.8% and South Korea’sKospi was up 0.7%. U.S. stockfutures were up less than 0.1%.

Stocks rose to records as in-vestors wagered that a newround of stimulus spendingwould bolster the economy.

The Dow Jones IndustrialAverage added 237.52 points,or 0.8%, to close at 31385.76,continuing its climb after theblue-chip index posted its big-gest one-week advance sinceNovember.

The S&P 500 rose 28.76points, or 0.7%, to 3915.59,while the technology-heavyNasdaq Composite gained131.35 points, or 0.9%, to

13987.64. Allthree indexesended the day atrecords.

Stocks have powered higherin recent sessions, putting thevolatility sparked by swings inGameStop and other individ-ual stocks in the rearview mir-ror. Investors are focusing onthe prospect for a new batch ofgovernment spending. Theysay that could boost growthwhen large companies are re-porting robust profits but thebroader economic outlook ispatchy.

Democrats took a series ofvotes last week unlocking aprocess called reconciliation,which will allow the party toapprove President Biden’s $1.9trillion relief plan without Re-publican support in the Senate.House lawmakers are aimingto finalize and vote on a reliefbill before the end of this

BY JOE WALLACEAND ALEXANDER OSIPOVICH

All Major Indexes Rise to Records

9:30 a.m. noon 4 p.m.

0

0.5

1.0

1.5

2.0

2.5%

Index performance,Monday

Source: FactSet

Russell 2000

Nasdaq CompositeDowJonesIndustrial AverageS&P 500

MONDAY’SMARKETS

Too much money chasingtoo few assets is creating somestrange phenomena at theheart of European markets.

One stark example: Somecompanies and most banks cannow borrow at rates that arelower—and further belowzero—than the rate set by theEuropean Central Bank.

Italy’s Enel SpA, one of Eu-rope’s biggest electricity pro-ducers, has short-term com-mercial paper that recentlyoffered an annualized yield ofminus 0.61%, according toFactSet: That is 0.11 percent-age point lower than the ECB’sdeposit rate of minus 0.5%.

When interest rates are neg-ative, borrowers pay back lessthan they were lent when theirdebt comes due. At Enel’s rate,if it borrowed $100 for a year, itwould pay back $99.39. For thelender, in this case the money-market funds that buy commer-cial paper, the opposite is true.They get back less money.

“It took a couple of yearsfor clients to get their headsaround the idea that they’dhave to pay to leave money ina safe spot,” said Kim Hoch-feld, global head of StateStreet’s cash business. StateStreet’s EUR Liquidity LVNAVFund—worth €6.6 billion,equivalent to $7.9 billion—yields minus 0.68% after fees,but that compares with totalcosts on large bank deposits of

up to 1%, she added.Borrowing costs below the

central bank rate in any econ-omy are unusual. There areparallels with other distor-tions in financial markets thatemerged since central banksunleashed massive monetarysupport to help economiesthrough Covid-19 lockdowns.Distortions include soaringprices for stocks and high-riskassets such as bitcoin.

Negative rates have been areality in the eurozone since2014, but in money markets,they were driven even lowerduring the pandemic by theECB’s bond buying and cheaplending programs. This pushedsome long-term governmentbond yields below the depositrate: German 10-year yields

spent most of the time sincelast September lower than thedeposit rate although theymoved back above it this month.

Central-bank support helpedcompanies to issue recordamounts of longer-term bonds,giving them enough money toget through the loss of normalrevenue when economies arein lockdown. Some are sittingon mountains of cash.

The stop-start style of socialand economic life has curtailedspending by consumers andbusinesses, leading to a buildupof savings. European money-market funds, often used as analternative to bank deposits,have hit record levels of €1.4trillion, according to ECB data.

Companies and banks don’tneed the cash these funds have

to offer. A rolling four-weekaverage of weekly commercial-paper issuance is down almost40% since the start of 2020,according to CMDportal, abond- and money-market dataaggregator.

Average rates plunged inresponse, to about minus0.55% during January, accord-ing to David Callahan, money-market fund manager at Lom-bard Odier InvestmentManagers. “There is a lot of li-quidity sloshing around andrates are very low,” said Mr.Callahan. For investors whoput their money in commercialpaper, “it feels a bit like deathby a thousand cuts,” he said.

Enel is one of Europe’slarger commercial-paper issu-ers and has more than €2 bil-lion outstanding in differentmaturities. It has a short-termcredit rating of A2 and a nor-mal credit rating of BBB-plus,near the lower end of invest-ment grade. An Enel spokes-person said the company wouldkeep using commercial-papermarkets when it is the most ef-ficient source of funding.

Market borrowing costs be-low the ECB’s interest rate arevisible in other areas. In repomarkets, where overnightloans are secured against gov-ernment bonds, the rate onborrowing against Germanbonds, for example, is minus0.634% annualized.

That is partly down to ashortage of bonds to use as

collateral, which Bank ofAmerica analysts worry couldworsen as the ECB keeps buy-ing more debt. At the end ofthe year, when Europeanbanks want to shrink their bal-ance sheets to meet regulatorytargets, the rates can dropsharply. The overnight reporate using German bondsdropped to minus 2.3% at theend of 2020.

It is a similar tale in unse-cured interbank lending mar-kets, a core part of financialplumbing where banks lend toeach other. Rates such as theovernight euro short-term rateand longer-term Euribor arebenchmarks for lending acrossthe economy, including busi-ness loans, mortgages andcredit cards.

Since mid-December, bor-rowers have often been able toget a lower rate for a week—minus 0.566% on average—than for overnight loans, atminus 0.562% on average, ac-cording to FactSet. That is oddbecause it is riskier to lendmoney for a longer periodthan a short one.

Bas van Geffen, quantitativeanalyst at Rabobank, said thisis a sign that banks in particu-lar just have too much cash andare shifting it around to wher-ever they can minimize thelosses from negative rates. “It’sa bit like passing on the hotpotato,” he said.

—Caitlin Ostroffcontributed to this article.

BY PAUL J. DAVIES

Flood of Cash Cuts Borrowing Costs in EU

2007 '10 '15 '20

0

0.5

1.0

€1.5 trillion

Total assets in euro-areamoneymarket funds

Source: European Central BankNote: €1 is $1.22

been haunted for years by me-dia reports detailing allega-tions of accounting irregulari-ties. Going into the job, Mr.Freis had been aware of the re-ports and of skepticism aboutthe company by a small groupof investors. But it wasn’t untilhis first day, when he wasgiven access to internal docu-ments, that he realized theproblems facing the companywere larger than its biggestskeptics might have imagined.

Reviewing Wirecard’s fi-nancials from a hotel roomoutside Munich, Mr. Freis dis-covered something wasn’tright with the company’sclaims that more than $2 bil-lion was held in trust accountsin the Philippines. “I rapidlycame to the conclusion thatthere was fraud here, but thatit involved internal fraud,” hesaid. It didn’t take special ex-pertise to reach that determi-nation, he added. The nextday, Mr. Freis placed an early-morning call to ThomasEichelmann, the chairman ofWirecard’s supervisory board,to report his findings.

During an emergency meet-ing later that day, the boardousted Wirecard’s longtimeCEO, Markus Braun, and askedMr. Freis to take over.

It was the beginning of awhirlwind sequence of eventsfor Wirecard and Mr. Freis, anAmerican who previously servedas managing director of Ger-many’s Deutsche Börse Groupand as head of the U.S. TreasuryDepartment’s anti-money-laun-dering watchdog. Within days,the company—once valued at al-most €24 billion, equivalent toabout $29 billion, on Germany’sleading stock index—was filingfor insolvency.

Prosecutors in Munich areinvestigating whether several

former Wirecard executivesengaged in wrongdoing rang-ing from accounting manipula-tion to money laundering.Prosecutors have said theysuspect that Mr. Braun, formerChief Operating Officer JanMarsalek and others colludedto inflate the company’s re-sults by booking fake incomefor years before the collapse.

Former Wirecard head ac-countant Stephan von Erffaand Oliver Bellenhaus, the for-mer head of one of Wirecard’sDubai-based businesses, alsohave come under investigation.

Messrs. Braun, von Erffa andBellenhaus were arrested in Julyand remain in custody. Mr. Mar-salek remains at large and is onInterpol’s most wanted list.

Burkhard Ley, a formerWirecard finance chief, alsowas arrested in July. He wasreleased on bail in Novemberafter prosecutors concludedthat most of the alleged mis-conduct happened after he leftthe company’s managementboard in 2017.

Lawyers for Messrs. Braun,Marsalek and Ley declined tocomment. Lawyers for Messrs.von Erffa and Bellenhausdidn’t respond to requests forcomment. Mr. Braun has previ-ously denied wrongdoing.

Wirecard’s business, whichfocused on extracting fees forprocessing credit-card and on-line payments on behalf of otherbusinesses, was largely unregu-lated when it began. Once itreached a certain size and pro-vided financial services in multi-ple countries, the companyneeded a different type of man-agement and control structure,

Mr. Freis said. The companyoutlined a series of changes toits management structure inMay 2020 when it announcedthe appointment of Mr. Freis toa seat on its management board.

Mr. Freis believed he wouldbe given the support to help en-act real change at the company.His responsibilities included se-curing banking licenses for thegroup in countries such as theU.S. “It was not meant to be,‘We have some problems; bringin someone to clean up,’ ” hesaid. “It was the entire strategic

direction. It was, ‘We need peo-ple who can lead us in that di-rection.’ ”

Instead, Mr. Freis becamethe executive who would leadthe unwinding of Wirecard.The company faced a $1.3 bil-lion revolving line of creditthat was coming due soon af-ter he became CEO.

Mr. Freis, working with thesupervisory board, ultimatelydecided that Wirecard shouldfile for insolvency, which it didon June 25, a week after hehad begun.

A German court-appointedadministrator has since sold astring of the group’s businesses,including units in the U.S., U.K.and Brazil, as it attempts to re-cover funds for lenders andbondholders, who are owedabout €3 billion, according tothe administrator’s report.Members of the supervisoryboard, including Mr. Eichel-mann, resigned in August.

Former members of Wire-card’s now-disbanded supervi-sory board declined to com-ment, citing confidentialityobligations or continuing inves-tigations. Other top executiveswho oversaw the company’s fi-nancials, internal controls andlegal affairs didn’t respond torequests for comment.

When James Freis agreedto oversee Wirecard AG’s le-gal and compliance functions,he saw it as an opportunity tohelp bring managerial order toa fast-growing fintech startup.Instead, he found himselfthrust into a much differentpredicament.

Mr. Freis was due to join theGerman payments company’smanagement board on July 1,but he was called in early, onJune 18, when Wirecard said itcouldn’t verify $2 billion in as-sets. With Wirecard’s auditorsrefusing to sign off on the com-pany’s financials, Mr. Freis wasasked to assess the situation.

He reached a conclusionthat he says others shouldhave made much earlier: Thehighflying fintech companywas ensnared in a massivefraud. “So many people couldhave and should have steppedup and said something,” Mr.Freis said in a recent interviewwith The Wall Street Journal—one of the few he has givensince relinquishing his last re-maining responsibilities withthe company in December

Wirecard, once a darling ofthe German tech sector, had

BY DYLAN TOKARAND PAUL J. DAVIES

Wirecard Executive Says Warning Signs Were Clear

CEO James Freis

JAMES

FREIS

Mr. Freis was calledin when the companycouldn’t verify$2 billion in assets.

P2JW040000-4-B01100-1--------XA

B12 | Tuesday, February 9, 2021 THEWALL STREET JOURNAL.

2019, may finally be turning a cor-ner. The company is in talks tocome to public markets to combinewith a special-purpose acquisitioncompany, The Wall Street Journalreported last month. Buoyantstocks mean SoftBank may keeplisting some of its investments athigh valuations, bringing addi-tional windfalls.

SoftBank’s net asset value, how-ever, fell by $37 billion last quar-ter, mostly because of the troublesof the company’s biggest invest-ment, Alibaba. The Chinese e-com-merce giant’s stock fell 21% in thequarter as the company was em-broiled in antitrust investigations.

SoftBank’s share price nonethe-less has continued to go up: It isnow just 6% off its record duringthe dot-com boom. SoftBank’s as-set sales and buybacks last yearhelped narrow the discount of itsmarket value to its net asset value.

Everything looks rosy whenstocks keep going up. With a newround of stimulus and the FederalReserve in the market’s cornerthat could continue for a while.SoftBank probably has moregolden eggs to serve up in themeantime. —Jacky Wong

Exxon Joins Carbon-Capture TrendU.S. energy companies are getting into the business in time to help their reputations and their bottom lines

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Japan’s SoftBank, a big investorin technology companies, has cer-tainly regained its confidence aftera humbling 2019. Whether thatconfidence persists through thenext market downturn is anotherquestion.

SoftBank’s founder MasayoshiSon is clearly upbeat. During Mon-day’s earnings briefing for thequarter ended in December, hecompared SoftBank to a producerof golden eggs. It is surely produc-ing a few lately. Food-deliverycompany DoorDash netted $8.3billion for SoftBank’s $100 billionVision Fund after an initial publicoffering in December was well re-ceived. The 40% rise in Uber’sshare price last quarter alsopushed up the fund’s paper profitsin the ride-hailing company to $3.6billion. And SoftBank is in the pro-cess of selling chip designer Armto rival Nvidia. The Japanese com-pany booked ¥1.77 trillion of in-vestment gains last quarter, equiv-alent to $16.7 billion, mostly fromthe Vision Fund and its $10 billionsuccessor.

Even WeWork, the office-shar-ing company that produced spec-tacular losses for SoftBank in

Easy Markets Access Has RisksGameStop mania was the wrong way to ‘democratize’ finance

GameStop mania was a wake-upcall, but now the capital marketshave truly reached ludicrous mode.

Electric-car maker Tesla said in asecurities filing Monday that it haspurchased $1.5 billion of bitcoin andthat it expects to begin acceptingpayment in the cryptocurrency forits products in the future. Teslashares and bitcoin both tradedhigher after the announcement. Thisfollows social media posts by theauto maker’s influential boss, ElonMusk, that already had helped drivebitcoin’s price to a record. The an-nouncement added roughly $100 bil-lion to the combined market valueof bitcoin and Tesla on Monday.

The investment is more thansymbolic for the company, beingequivalent to Tesla’s research-and-development tab for 2020. Andwhile uniting two of the most pop-ular investment themes under oneroof is undoubtedly a winner to-

day, the decision introduces evenmore risk to owning what is al-ready one of the most speculativestocks of the current bull market.

As Tesla itself said in the filing,

prices for digital assets such asbitcoin have been volatile in thepast. Cryptocurrencies are a fairlyrecent development and theirlong-term adoption by consumers,

investors and businesses is highlyuncertain. That adds to the specu-lative fervor already grippingTesla’s stock price in a feedbackloop. Indeed, the manager of themost popular active fund recently,Cathie Wood of ARK Invest, hasmade big bets on both Tesla and atrust that owns bitcoin, fueling arecord pace of inflows.

At a market value of about$800 billion, Tesla trades at about6.5 times the combined value ofFord and General Motors, despitecontrolling a fraction of the globalauto market. And Tesla lately hasbeen losing market share in West-ern Europe to competitors includ-ing Volkswagen, which has begunto compete aggressively in theelectric category. The news ofTesla’s bitcoin investmenteclipsed a negative headline forthe company Monday about qual-ity issues identified in the impor-

tant Chinese market.While digital assets are rela-

tively new, a tour of financial his-tory suggests similar speculativeuse of an industrial company’sfunds aren’t—and they have endedbadly. About a century ago, Gen-eral Motors required a bailout dueto the stock speculation activitiesof founder William Durant. In the1980s, widespread corporate spec-ulation on Japanese land priceshelped drive a stock bubble thateventually collapsed.

Those cautionary tales aren’tlikely to concern investors who areenjoying a giant stock-market party.But Tesla’s monetary experiment,coupled with the individual-inves-tor-driven stock-market madness ofrecent weeks, should have investorsconcerned that the consequences ofstaying at the party too late will beworse than leaving early.

—Charley Grant

Natural-gasprocessing

FertilizerSynfuel

Powergeneration

BioethanolHydrogen

U.S. large-scale carbon capture,utilization and storage facilitiesby application

Source: International Energy Agency

25

0

5

10

15

20

million tons

1980 ’90 2000 ’10 ’20

The company said it expects to accept bitcoin for its products in the future.

ERIC

GAILLA

RD/R

EUTE

RS

Was the Reddit mania a win for“democratizing” investment? Or wasit a demonstration that too muchpeople power in financial marketsstokes dangerous bubbles? As withall democracy, it will depend on theoutcome for those less powerful.

On Monday, GameStop closedat $60, 88% below its peak on Jan.28. Other companies recently tar-geted by individual investors on-line, such as AMC and BlackBerry,also deflated. The Treasury De-partment concluded on Thursdaythat “the core [market] infrastruc-ture was resilient.”

The real fallout may be to come.Officials are investigating financialmisconduct, particularly by broker-age firms that restricted purchasesof some stocks last week. Politicianslamented that professional specula-tors were protected at the expenseof small traders. Brokers said theyonly took action because of risk lim-its imposed by clearing firms.

An explicit goal of Reddit gam-blers was to torpedo hedge funds’short bets, which they see asfraudulent manipulation by a WallStreet cabal. Yet trades by theReddit gang ended up benefitingmany asset managers, includinghedge funds. But focusing on

whether amateur or professionalinvestors won or lost more in theGameStop saga risks missing thepoint. Most asset managers maketheir money through fees.

The S&P Dow Jones SPIVA in-dex, which tracks active funds,shows 78% of large active funds inthe U.S. underperformed the S&P500 over five years. Hedge funds’access to shorting and other com-plex trades doesn’t appear to givethem an edge: The EurekahedgeHedge Fund Index returned 65%over the past decade, comparedwith 250% for the S&P 500.

Savers are fleeing to cheaper ser-vices. Over 90% of 2020 net fundflows went into index-tracker funds,according to data provider Morn-ingstar. E-traders such as TD Amer-itrade and E*Trade have been re-ducing fees for years. Fintechplayers like Robinhood, launched to“democratize finance,” helped usherin commission-free trading.

That can be great for investors,but it forces companies to findother revenue sources, potentiallycreating conflicts of interest. Bro-kerages earn a lot of money bycharging wholesalers to direct or-ders their way—a practice now un-der scrutiny. More worryingly, it led

to a surge in trading volumes by in-dividual investors, and pushed themto dabble in derivatives like options.

Research overwhelmingly showsthat day traders tend to lose rela-tive to more patient holders. FromJanuary 2000 to December 2019,investors who missed out on thebest 20 days of the S&P 500 madezero returns, according to J.P.Morgan Asset Management.

Robinhood and other brokers arepartially responsible for tripping uptheir clients, by allowing easy ac-cess to leveraged trades only tostop the party when their own—in-sufficient—resources got stretched.

Low fees are good, but not whenaccompanied by opaque pricingpractices, overly loose capital re-quirements for brokers or giving in-dividual investors access to complexproducts without suitability re-quirements. If people lose too muchmoney on their “free” trades, abacklash could prompt changes thatgive power back to middlemen.

“Democratizing” finance shouldbe about allowing small savers toinvest their money without beingripped off. Enabling full-on gam-bling undermines that very goal.

—Jon Sindreuand Rochelle Toplensky

All the cool kids are doing car-bon capture.

Exxon Mobil is the latest to em-brace the trend, announcing on Feb.1 that it formed a new business unitto commercialize its low-carbontechnology portfolio, mostly com-prising carbon capture and storage.The move comes on the heels of re-ports that a pair of activist inves-tors are pushing the company forchanges. One of those, Engine No. 1LLC, reportedly is planning a proxyfight for board seats.

Exxon’s timing fits a pattern.Occidental Petroleum launchedits low-carbon business—dubbedOxy Low Carbon Ventures—in2018, a year after shareholderspressured it to assess the long-term climate impacts of its busi-ness. As the industry faces ques-tions about its role in the energytransition, many in the oil-and-gassector have announced some formof investment in the technology.

Both Exxon’s and Occidental’smoves followed shareholder pres-

sure, but they are timely for otherreasons, too: The stars are aligningjust so on the policy front.

The oil-and-gas industry has infact been using carbon capturewell before global warming be-came a concern, mainly to produceeven more hydrocarbons. Since the1920s, the industry has used it tosift out unprofitable carbon diox-ide that naturally occurs in natu-ral-gas reservoirs from valuablemethane. Starting in the 1970s,drillers began using it to squeezemore oil out of reservoirs.

The difference today is thatcompanies are committing sub-stantially higher dollar amountstoward advancing expensive tech-niques for capturing carbon diox-ide that is more dilute than theconcentrated forms that can befound in natural-gas processing.

Exxon said its low-carbon busi-ness unit plans to spend $3 billionthrough 2025 and it is looking atprojects and partnerships thatcapture carbon from other sectors,

too. The company spent more than$10 billion on lower-emission in-vestments since 2000, so the newcommitment means the companywould be increasing its investmentinto the space by roughly 20% onan average annual basis.

start capturing carbon.The stars have aligned in other

policy areas, too. A federal taxcredit for carbon capture has beenaround since 2008 but only be-came a substantial carrot for newinvestment since 2018, when ruleswere amended to increase the tax-credit value and to remove annualcaps on the amount of capturedcarbon that could use the subsidy.A tax-extender bill from last yearalso pushed out the term of thetax credit by two years to Jan. 1,2026. On a state level, Californiain 2019 began allowing capturedcarbon to qualify for tradablecredits under its low-carbon fuelstandard.

Drillers are familiar with expen-sive bets with uncertain payoffs.Compared with their normalcourse of business, carbon captureis a modest investment with pre-dictable returns—if not in dollars,then in investors’ peace of mind.In other words, a no-brainer.

—Jinjoo Lee

That sounds like a lot but,based on the conservative end ofExxon’s spending program, its allo-cation toward low-carbon technol-ogy would amount to roughly 3%of its capital expenditures overthat period. Even if the payoff isunclear, spending $600 million ayear is a relatively modest pricefor calming investors’ sustainabil-ity concerns and hedging againstany future costs that could beplaced on carbon emissions. Forcontext, a sentiment-driven 1%price swing for Exxon means again or loss in market capitaliza-tion of more than $2 billion.

Oil-and-gas companies havebeen laying the policy groundworkfor some time: Exxon was amongthe first oil companies to lobby fora national tax on carbon. Placing aprice on it would certainly in-crease compliance costs for energycompanies, but it also opens up anentire market of emitters—includ-ing cement, steel and chemicalsplants—that also would need to

SoftBank’s VisionIs at Its ClearestWhen Markets Rise

Percentage of active fundsoutperformed by their benchmark†

0 100%25 50 75

U.S.

Canada

Europe

Japan

Australia

1-year 3-year 5-year

Purchase of equities byU.S. retail investors*

Sources: VandaTrack (equities); S&P Global SPIVA index (active funds)*10-day rolling data †Data as of June 30, 2020

$8

0

2

4

6

billion

’19 ’20 ’212018

Tesla Buys $1.5 Billion in Bitcoin—What Could Go Wrong?

Buoyant stocks mean SoftBank may keep listing some investments at high values.

PHILIP

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